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■ 'SttriSnfatBHH. 

•AtetlorrrttSto^a-tetSHJM. 


No. 27,497 


Tuesday February 28 1978 **is P 


\ rtmlai 


ck 


CC^mHBfTAI. .SBJJWS rwcgt >QSTW MUUUM TrJ.S; PENMARK Kr- 3 . 5 ; FRANCE ffj. 0 ; CgMANY DM 2 JJ; ITALY L. 5 M; NeTH EXLANDS FI .2.0; NORWAY Kr. 3 . 5 ; PORTUGAL EaeaO: 


"R. 


mmm 


Job creation plan 


ael Equities may include 


ms 


off 2.4; 
Wall St. 
lower 

• GILTS came under pressure 


Plan for 
recovery 
by Reed 
Paper 

By Nicholas Colchester 


short-time subsidy , I0rei 

*7 BY JOHN WICKS IN BL_ 

^ REED PAPER. the Canadian 

BY GUY OE JONQU1ERES AND CHRISTIAN TYLER naSl^estcVday^noiiSreS. :X“ E .2Si| 1,1,,r Sh- e «'t 

measures to eliminate its proh- °^,.^" n “ untt?d J 1 ,u £ h - ' 

: ipm< The companv announced ’ PRChase of measures to keep tun 

A subsidy for short-time working could form part of a Government package; extraordinary losses of j l R^nb S >.- i 1^ e ri r* lv ' ss 
of further spending on job creation and protection expected to be unveiled ; ,l.T 21 u *? n ii owmiinc counted some moves 1 ^ 7 “Friday 

with in tho upvt two wooltc wall ha(A»a tha Anril 11 Rndorat ’! |.._ C ’_r cron m ..miinnW ihn but decided at ihe week-end they 


ForYour More important 
J5L Machine Tools 

m VAUGHAN ASSOCIATES LTD. MACHINE TOOL SPECIALISTS 

Vm-JtStV- 4 II 

PCM.40; SWEDEN Ki-J-ZS; SWITZERLAND Fr.2.0; EIRE 15p 

Swiss harden 
moves to bar 
foreign funds 

BY JOHN WICKS IN BERNE AND NARY CAMPBELL IN LONDON 


within the next two weeks, well before the April 11 Budget. 

The new scheme would replace the outlines of a possible settle- reached or 


iems. .The company announced 


loss of $C 20 m. It ouitinrd the 


™° SWISS FRANC 
™ against the$ 


! nuin pilmpnl^ «.f a rwnvm were insufficient to cope With 
whether to lake I " a ‘" of a r ™°' ery [what it regards as last weeks 


as doubts about economic pros- ^ n»w wwrae woum replace me ouiunes ot a possible settle- reacnca or wnemer to taKe — - -- iwnat it resards as last week s 

• __ partially or totally the current rnent to his Cabinet colleagues Britain to rouri for violation of pr _ 7 Tan, , in ’ „ . , i" completely unrealistic devclai>- 

v Uhem Begin, IsraeTs Pe ttS m idermtaed stock market Temporary Employment Subsidy and the two sides of industry the Rome ireaiy. The losses confirmed the I !iu . n i w iht* exchange rate." 

■- tints ter, has rejected senttment, bnt prices later and. could end the row between during the next few Uavs. While thi; decision rests with market s worsi rears after a | Y . . 

atest proposals for re- regained some ground- Short Britain and its EEC partners Briti , h wptv ,.. ore the Coiumisiiun, it cannol ignore I P^nod of inlense speculation ! des . rilj .. d l) v onL"spniur Njtinnal 

the deadlock on the gilts,. in particular, staged a ^uktries* lrEVn^ S iri' f p 3 tiful^* V ias , fa^eni S? 

5 * ./ dn ■■ — - ■ 1 sidy for .certain industries. E a^harj 5 £ Tern-! ^res-^nd after ah.nch.lme ; 


split in the' Israeli 

i ? now closer to an.open . 
tion with the U. 9 . over 
al issue of its settle- 
he occupied territories, 
life. Egypt has with- 
* the special privileges 
y Palestinians living in 
■ ry. Syria has refused 
i ' ; Air. Alfred Atherton, 
ler-Secretary of State, 
s ongoing shuttle in the 
: . ist. Back and Page 3 

warns Front 

yn Rees, Home Secre¬ 
ted the National Front 


further negotiations would be » “S“ n “!««. They include a ban on A\\ U T 

Employees on short-time work- needed. Bur the U.K has told B 01 "!* &«£££' and Mime of Reed's lastitu- I purchases by non-resident - 50 NkiJ/Lr 

ing would be subsidised by a,c Commission that it would h« included in tus orafi budpei shareholders— Reed foreigners of all Swiss franc JTV. .. 1.1 

having their pay made up to jii^ a final resolution bv March P lans Ed f a ** P er tead subsidy “■JJnalioMlshare orire weni domestic securities — whether , i - . V 7 , 1 ■ 

that for a full week’s work. The 15 s0 that the ncw scheme could Eor J est *le. clothing and footwear- . dese ai lOUp a rise “hares r, '‘ bonds—and the re- 1977 1978 

present arrangement subsidises bc introduced from April 1 . workers to counter the British of p 2 noier th? tSv.- ^ : introduction or limits iof which - 

the employer and thus, it. is u*hi,h cnkmiitMi' n« s cbeiJie. .... . .. The eviraordiriarv rhar*o ' *be details still hu\e to lie from swncliin^ from one 

claimed. Ihe output of inefficient TheJJ.R.. which submitted its In Britain, the thinking is that 5 ndudcd o^c? of SC 211 m idetermined* on foreisn pur- security into .mother as well as 

__ __.n lSStlo'rdo^r,'^^;. !n»« 0 f_ S»I M !v«uv b.mt tan, Mr no, hold- 


i FI GOVERNMBIT 
I SECURITIES INDEX 

|tfl 77 i I • fltfeflr _ 

SEP OCT NOV DEC JAN- FEB 


I opposition 


TUC. Brussels should lie told in Commission. 


SCI 621 m. 


businesses markets. The rale for the U S. foreign 


ck nr new paper «»n 
he •luine-fhc market is 
mean that u litnii on 
purchases uf Swiss 


thounht to be concerned that the advance of subsidies 10 be paid Other subsidies whose life; wh,rt) the company plans to 1 dollar ru-=c to Sw Frs.l R 025 and franc denominated issues by 

nuafifvlng-procedures would be lo firms with more than 50 cnuld bc extended after March' co 1 = l, " ue wi °n which good- -11100511 it fell bark later, the foreign borrowers, provided it 

too complicated and anxious that employees and that anv firm 31 are the earlv retirement orj u, *!. has been wriMpn *‘ ff - i losing raie of Sw.Frs.lS 900 was was not ton stringent, would not 

the Government does not give in benefiting from the scheme for '-job release" scheme and the There is a general provision hiqher than has been seen for for Ihe time being :t\ least 


to EEC pressure. more than six months roust small firms employment subsidy.' 

, _. . .. It is believed that the .differ- submit a reorganisation plan. The TUC. as well as insistinp j -- --- ----- ---- 

-eating aisiuroauces.m recovery which continued eoces between-the Government Other Governments will he that the Temporary Employment which Reed Is attempting lo 
SSS aftS tSTSdtS close of trad- aod EEC Commission on job consulted directly at a meeting Subsidy he left untouched, is ■ round. 

me Th fl itt protection have narrowed signifi- to-raorrow, when the U.K. and asking that the job release; Thc .°P c ^ h, j? losS «as in 

? 8 ’ iff . -X? 1 * cantly following a visit to the Commision will present their scheme apply for two years h 1 *** wilh Reeds earlier fore- 

as taking .nreats matte ties Index registered a fall of Brussels by Mr. Albert Booth, arguments concerning the shape before statutory retirement age, ***•*- Thf ma,n elements in 


to* employment subsidy.! SClOm. to voter possible 1 more than a week. reduce foreigners capacity in 

UC. as well as insisting j ■<»** °» marginal operations I Before , he annoiinceinent c.r borrow nn this market Swiss 

Temporary Employment »™ch Reed Is attempting to !, h m{ .asures the dollar had f rjnt bond i^ues—and more 

he left untouched, is 1 l . n |J round. ; Fallen back lo Sw Frs 1 S * >-, 5 impnilanl!y Privaie placements 

that the job release Tb c operating loss was in . Frida Vs dose’ of “have been an important source 


rent during the Ilford 0.51 to 74 - 20 . 
tpafgn “very seriously," 


the Employment Secretary. of the proposed new scheme. It instead of one and that the small J *h c J deficit were losses at |, 0 t . u ‘, )l;| 


railed back lo Sw Frs 1 S-’-'S importantly private placements 
' rnm FridaVs o -bavc been an important source 

iSpriTRWn rtr ^biial for inlernational 

: In move'aimed particularly bo 5 ?J?; i c ‘* r * Ci SlLt «ten m 


tpaign very seriously, • Commission officials suggesled will iben be up to the Com- firms subsidy * be widened m | 

Dt propose any changes ^ EQUITIES steadily recovered that enough progress had been mission to decide whether an cover all manufacturing in all j 
lb ”. c Drder Ac r fronLthpir initial weakass. The made for Mr. Booth to present acceptable selllcmem can. be areas of the country. 

1 FT 3 B-Sbare Index, down 7.1 at 

' ' 10 'KJBt., closed, at 441 . 8 , off 2.4 I 

%’& score on the day. Pressure to .tfiange _ ' ! 

Railways and unions meet 

re-estafclishing Mrs. • STERLING gained .20 points •/ 

:India's former Prime against the dollar to * 1 . 9320 . . m-u •m • -u 

*-■ “ r to-day m strike peaco bid 

digS widened to 5.09 ( 4 J 5 ) per cent .. ** ... M. * 

-M-ckhnkHi ■ rtf* exchange rate system ' 

l^d^ of ■ Page 6 ’ by nick garnett. labour staff 

has'etied after beh^in G ® u> -. raStf 75e to 5 WLI 25 . OFFICIALS of Ihe three rail His 1^1 ion might wish to put .Mr.* Len Murray, the TuC 
with cancer. Emigrants • WALL STREET fell *7 89 Lo umom* and British Kail are forward different proposals, and general secretary, again acted as • 

new settlers in South _ _ nvmi . expected Hi meet to-day in a last he was nol optimistic about a an intermediary between the two; 

5 year for the first ^ eoneemo vcl- inflation. ^ la prevcm lhe series of solution. • unions, holding Uiks with both, 

W years. Page 3 “2 tonsuiner oneway train drivers' strikes. The dispule has lleen WUiied the- ASLEF executive and NUR ; 


me deficit were losses at 1 ..... ,:~ k r‘ Hllws „ f Frenrh rorei-ners raised 5 >smhii. on 

! Doden pulp milt, another loss- IntJode lbis ,n3 '* rt ,n lh ’' fir<!t six w«ks 

making year for the decoraliie . ^ ,,F lhK >'«r ns bonds 

i produce division, losses in lh- L imd0 [ P "; «-nd «a20in. in private place- 

• packaging and ctmiainerboard :\ hieni-l. In 1977 as a whole the 

[ business a „d the considerable Mumm ' w:, ' siTbn - 

I cost or Ihe company’s (Ichi. j'imil.ir rulin, was in fnrwe for ( , n lht . tM ,. a <i„ n when 

The kej to Reed's recovery 1 : ‘> P! ! P frnm A PJ ' 11 ' ■** H r h -'J nmHas were in furce. fifi per cenl. 

prueraninit-is a dectsfnn lo sell 1 ,b,,n M nf -issues by forei-.-n Ivirrnv-er* 

husinesM-s with sales Iasi year ’'uunienna a How oT lire into h :|J [ , 0 h( . 1(l Swiss rcsidems 

nf SCSI. 4 m., which geneniled tno unun c . wnh ^5 per ••■•nt.. available tn 

■ _ _ _ _ I In a > I'rt La H I IhOIVI'lCA VITO Ml'ICC 1 ■ a 


hisses totalling Sf .'6 
company has anno 
name of only one 
interests — Reed 
Dranery. a. ih-rorali 
cnnipaiiy. The sole 
is being negoiiaied. 


BY NICK GARNETT. LABOUR STAFF 


. £&£,.? U5 M,,sumer 5 -ShOT,» b ^“ EF ewcu " vp a, " i NUR : 

00fraud - * MBU1 rate union r, t: sru,rt£5,r*'*c; h .s:^ a ^sr "z 

igh College’s domestic at the weekly auction: threes ASLEF. the drivers union, has guards who collect fares, an dav 3l TUC hPadnuarters . Tbe - The management has 1 fnrcirn hank deposits announced 
Irs. Elsie Peaeey, was 5.429 10 . 400 ), sixes 6.709 ( 6 . 755 ) agreed to modified peace pro- agreement which ASLEF says s j, ualil>n was - ven . difficult.'' ! rierentraliseil amltorlty into the last Friday, 
or three years at per cent.' . posal 8 bjsed ™ inquiry and breaches the industry s 1974 pay- Th diapute has been threaten- operating divisions l Vorcipners are nol Ihmiaht to 

and her husband and ^ , 1S prepared to suspend the restructuring arrangeineni*. ■ t , J urMi of la|ks 0Q a neu , Ncws Analysis Page 23 have been subsn.nl.:. purejmaere 

Mr. Rich ? ^Pe«ey,. •***£?*” “ft 2 K iC 3 T A**\i**T* .The NUR reaffirmed lust night pay and productivity deal for the Lex Back Page 


I Isfhiinnp 1 .IS »* ^ *r).»ih are ,„at«,fr 

! sa“ n 2* ^ K £.T S u. ' in'- vvill swell ihe intlows imo 


Vesioj-rlay’s J-inanre .Ministry 
i-iiiiim«»nbioe >a-.< that hath . 
Government and monel arv 
iiiilhi'rilie< are nmvinced or lhe 
impoi-iance of im-ie:«seri inicr- 
Pali rmul cu-finerationT in Ihe 


or three years -at per cent. “ posals based on an inquiry, ann- 

and her husband and ^ , is prepared to -suspend’ the 

Mr., Richard _Pe'acey, • JAPAN may make some new strike providing the National 


controls have hHped hrlna \vrv in cmin'rr lhe sharp rise miinmrv SPl ., lir . » 

about a positive cash Dow in I.T* ,ch -JJllJ. h;, ~Jrirflnnl “S fn a separate deve/.-mt.-pt. fhe 
the fourth quarter. Hdh'»r re# ndtoii« on Federa| CouncU a1 ils nie elins 

The management has 1 foreign bank deposits announced veslen j av pasSPC i a Bill for 
decentralised amltorlty into lhe ln .the revision nf the law lov- 

ope rat big divisions u. ‘ i.Jnil m-c-h^e rs ern i n i; lhe opera; in ns of ihe 

News Analysis Page 23 !?r '?,l lli Hie Natinn:i 1 Bunk. Thw draft 

Lex Back Page ^ s < Icvislatinn. which will now co 

• shortage nf drum -on offer has Ka , r „,._ Pnl .n : . n , pnl 


operaiuig divisions 

News Analysis Page 23 
Lex Back Page 


before F.-irhaincnt, would allow 


f in New York 


-4 mactm nri ShfiU. IU 2 .y Gilt * ASLEF 10 and pa y' lral, i agreement. JbouUhe^astmTnute cam-etiation 

i mastered . J SffiSf ^slef and The aciual wordj uf (hc b> ASLEF rif last Th Uredays 

^iber of civil servants, refinery OlltOUt fortiSit ouL d h ° f P eaet? P™j>osal app^rs to have meeting of ihe Railway Staff; 

ached a record 747.000 J U ^ Ul Mr Sid WuiEhell NUR general sorae vlenient uf doubt on botn National Council. . ; 

1976 after rising by • ROYAL DUTCH/SHELL is £ „id last nicht that it ronditions. Mr. Tom . enkins general sec - 1 

a year, fell bX: 8 . 200 'to conadcringcutting the.operating ^ 1 ? no Sans SS that his Mr. Weighell said there could Z clary ° r .JL 3 ' 

r Sn P ^ltterdam bl bv ,e S , ilv fiJ tS **0ctrthe- due to discuss the sit- be some tough tansing ahead, and ^Uatiop ° It made “a farce" of 

c VeI ‘ : S,nce ISir^RF^Svinnrp S Suation before the joinT union to-da^’ might prove “long and Jbe jojm negotiatin'’'maebinerv. 
01975, Jage 6 - . '-AkR BP mnueedla meeting, will agree to lhe rough" British Rail said it would IDl J ° ,m _ * 

accused for a? mniry's terms of reference. considertAe position. News Pafte 7 

;!■*1 . 1 ' «®dtaLT-*Mk-P**e. 8 wne Miwb -—- > 

gf,^Irtteraatipnai; gea oflfieWs may he left un- 

Commercial Union’s U.S. profit 

Tunisia has been •. COURTAULD 3 director, Mr. 

T^y'- tbe rhleriafw'nal Richard ^TWorris, is to become : by ERIC SHORT 

3 ^linI £ mSJouS^W COMMERCIAL UNION Assur- for ' U.S. insurance brought a now closed to new business 

1 alters m breach of Inter- seconded by the company for an» one of the largest general pr^i.ofttJjL, the best for the JJjeraU prftUx SSSblerf “"2 
“Labour Orsanlsatkm four years. Pages insurance groups in the U.K., U.S. since 19 1 2 . earning or u uuuoien in 

gas ' reported yesterday a return to y r> Emms said yesterday that i 99 >m. and Lbi. 6 m. respectively. 

. •, INDUSTRY Secretary. Mr. underwriting profitability in the tb0 underlying trend in results The prohiein area in general 

s briund over Eric.-Varley. came under strong U^. last year, after three years ovcr t j, c vpar showed a steady insurance last year was Holland. 

• -v~• criticism in the Commons after of substantial, losses, and an i moroV eineni in ooeralins ratios, with an underwriting loss of 


about the last minute cam-ellation 


.! h n‘un'.nJTl 1 nf lhe^vaiT ^ Nutlonu 1 Bank lu !e^ minT- 
!|.ave tak.-n up ninsl nF Ihe aia.l- munj r( . seiTI , s nn ^.nmenaal 

I u ^i fr ' . h:ink<* ilenn.«it< and Iheir arowh. 

U.-'i'w nr swii. rn.5; «^ r l ' in,, v ,i 'V s - ,h " 


new law would e\ti*nd lhe con- • 


. '•* - «.• s> -*p ^ . 'l^m.-stic, securities- tral bank's power l n buy and sell 

... . •I.'I- Wwi. shares li was not clear last <m . liri ,:os- 


;i -i- night whelhpr ihe new measures 
'.. 1 would effneiively ban foreigners 


securities: 

Editorial emnment Page IS 


Commercial Union’s U.S. profit 




knuckledusters , .and a ummw coadema steel hysteria, ujt its largest icrriiorial the' Uilrd and fourth nuaners laoi 10 grant adequate increases 

hat: were used. -.Pager . account. offer lading he hind in Lhe first ? nd thprn^^miensc enmpeti- 

r:'_" •••••.- 1 . Ac -i resull it took drastic w .* r " 5 .- lion. Rate increases in the 

hf. B . • LEYIAND will build a £ 17 m. corredive action,. closing * e Jt, u 0 itc w .,c nuiunin and in January should 

_ plant at Chorley/Lancashire, to - ri s reducing siaff and Tbp turnround m lhe L.S. was a jj PV i ate t |, c position this year. 

prm police dragged centralise its truck and hoa gSSftv reSSSn fs" chicr dominaUng factor in world- Mr . Emms expressed optimism 
parts operations. Page 6 . Shop SESSSivo Mr Gordon UuSop. wide underwriting losses being for ^ixs this year, though ho 
?id.Easl Berlin, 51 ^- 3 ^ w-fll urge Leyland k v «_ Enmis. The direc- c,,t by tivo-thirfc in 19 ^/ to H - a med of difficult conditions in 

J_ m protest at the Shah s manual workers to rciect the iJr ..—j Hicfinea th* £ 20 . 9 m. from £ 59 .Sm. in 1976 . Australia. 





■outh-s were remanded in 


company’s new incentive scheme. am ur|t paid to Mr. Dunlop, but Investment income improved Motor experience in the U.K. 1 
Page 7 . The Japanese Govern- 1 * ^,1 cjvea In the accounts only marginailytin sterling terras had deteriorated over the final "*^ x 


SSSS8 


Thirty people were f-iJ'^SSScti^Sd 80 ^ yearsaw further benefits which subsidiary Delta Lloyd and a expected, and tbe share price 
i'vhen a boiler exploded af ha -S ^ together with the improved marked increased contribution closed 5 o higher at 14 .»n. 

iill P nearly SI enndttions generally from the Northern Life account. Details Page 23 . Lex Back Page 


Last with good results from the Dutch results, which were better than 


- Coventry plants during Easter oporatio*, 
, j.- rFA Cup,. 5 tit round re-, week. Page fi . 

. ■ y’, lyth Spartans 1 . Wrexhmu ^ 

' ,*ea 1 . Orient 2 . Nottingham • NEGOTIATIONS for a new 
"- . >’ J 1 . Queen’s Park Rangers 1 national pay agree ment for the 

txar-lime). 5 th. round: engineering industry have • 
v■ t hrougb 2 , Bolton 0 . broken down. Rack Page Wuropeai 


conditions generally 




CONTENTS OF TO-DAY’S ISSUE 




I E&r" 


F-PMCE CHAH6ES YESTERDAY 

in pent-e unle*b otherwise Contain (R.) . 240 - 8 

indicated.) Daify Mail. A . 27 S — « 

Douglas. {Robert 31 .) 893 — Si 

Erode .. 68-4 

. Trurt . 7 < + IS' Finlay CJ.) . 260 — 13 

•ham Pallet ... S 3 -r 7 Gill & Duffus 190 - 10 

reial Union ... 143+5 F* 3 £™“ «■>.'S “ I 

r Accident ... 206 + 4 MtrirhM^ „ 162 ~ jj 

rt Irish ... . 584 -+ l 3 i Rataerg f-Jewellers) - S 7 — 8 

Shanghai BlL 260 + fl Kedtilt & Gcrfman -i; JJ5 " *° 

* Suear 14 + 4£ Rowntrep Mackintosh 34a — 7 

m + r im. aw a - u 

Hnpmal - 8 SS + 30 Savoy A . 0 C — 4 

.. + * sas^sgr^r: SS - J 

: ' ' Trust Houses Forte .. 160 — t» 

rjr.UK 19 lN)_£ 109 i - l Vosper . .130 - 10 

rv i 0 |% 1999...£805 l Walker (-M .. 6 * - c 

Dairies . 20 S - 7 Stebena a'JC) . 244 - |4 

NirknlK SO - 6 St. Helena . 776 - 21 


* Sugar. H + 4S 

ies Sims . 140 + 7 

tlnental ■. 825 + 30 

ntcin ..-S33J + l 


European news . 2 

Overseas news. 3 

American news .:. 4 

Home news—general ...... 5-6 

—labour . 7 

—Parliament ... S 


Old fiyslems at the SE 

under siege .. 18 

Society To-day: Elections 
and Law and order . 19 


World trade news . 4 

Technical page . 10 

Management page . la 

Arts page . t” 

Leader page. 18 

U.K. Companies. . 20-23 


FEATURES 

The bailie for LiUe. 

Australian offshore explora¬ 
tion . 

EEC trade barriers: 

The mass transport system 


Mining . 

Inti. Companies . 

Euromarkets . 

Wall Street . 

Foreign Exchanges . 

Fanning, raw materials 
UJv. stork market . 


Australia gets tough . 
Crisis at Chrysler ..... 



V New to the Olympia range - the 
I _ superb Omega 303 dry-toner copter. 

f Its copies - line or lone - ate so sh 2 i p. 

clean anti black, you'd Ihmk they were made 
D ■ by an expensive plain-paper copier. 

J iel it's yours for an uncopioble £995 ie>c.i. VAT). 

Instant, automatic operation. Two simple 
• confrols. Mo warming -up delays. Serf -vetoing 

copv counts with 21 positrons, including 
continuous. 12 c-i rn.T'-'copiej per minuto. 

Economical- automatic gr.nffolincr cuts lo any (englh 
from A5 lo ur And buiff vvilr. ell lhe precision, 
ruggtdness and reliahilifv you evf«rct I ram Olympia 
-Europe's largest ni anulacture: ol non-xerogiaphio 
copies. 


Stesruj. 


The new Omega 303. 
Unbeatable copies. Uncopiable price. 


Brixtol 


Ask your local Olympia 
dealer lor a demonstration. 
- Or contact Olympia direct 


ry. 13 * 7 , 195 N>-£ 109 i - l 
rv i 0 |% 1099...£805 I 

Dairies . 20 S .— 7 

NirknIK - SO 6 


ABMlnunents ....... 

WMnmui A4n» 

Badness 0 pN«, . 

Ddcjiwh J ■ • 
EMartsiiHD««t CuWa 
FT-Aebuiles Indices 

Letters ..- 

Lex- . .. 


aailurd . 1ft Unit TnUB . 31 

ten and Hauer* ... 11 WeaUter . 34 

irnoy Market ....« 23 wise . Ift 

art kb . U WarM Value eT £ . 22 

::: Ja-B STATeMEUTS 

today's events.. . » BuIIokbS .... 28 

V and Radis .. . 1ft Csminorclai Union . 20 

For latest Share. Index phone tJi-346 8/KX 


* .. j t - " ” • 

ft ciipt-pv I'. ’ Ask your loc 

dealer to, aa «r 

.:. . " OrcurtaclOlyn 

>«ceat .... 21 m 

s-e- i Olympia 


emcest .... 21 

Thas. French 21 

Cl Northern Invest. 23 

‘Itmeey Tmsi .. 28 

INTERIM STATEMENT 
Belli. M. Dstiglu . 23 

Bate Undies RUM 31 



SQ4U TODAY - HO STAMP NEEDED 

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Financial Times Tuesday February ?6; 





■EUROPEAN-NEWS 


Crucial decision for 
Italy’s Christian 
Democrat party 


Danish PM 
denies 
French poll 
intervention 


[THE BATTLE FOR LILLE 


Eggg ggfl 


BY DAVIDlpi^ 


Depression in the Socialist 


French poll r*£i-r: jus wafts* ^y ihirs- «a v “TSp.; 

• A reward for passing his city’s Flemish and Burgundian the region south of the Com tempruousiy- ,, Communist and sol*tfte reel, 

intervention EStaiireat His tat memories affixations. munast terrttones around Vaien- Local industry ^ IgS-witt of Boulogne; 

llllCl VCUUUIl of wciaUsm were of Sundays, But above alJ Lille and its ciennes. Of the 37 ^ seats m the SoaalisC but it ts wiUiout do^t , ^ 

Prime Minister Anker Joergensen w hen the women went to church hinterland is the Socialist heart- region, the Socialists hold 16. fairly, pleased:with Maurtv- ~ Dunjdrk itself blit.its ■'Satixfat, 
yesterday issued a statement and t he men of the village, of land of France. Based on the The Maine, of Lille—a I?2Qs feeling is that the son « open j* area, with the tMSKICttaSfl 
denying that he intervened in the cartignies used to parade in the coal industry, Socialists have monument of concrete and red socialism represented oy wauxuy 0 f TlsinoC, .threats 


BY DOMINICK J. COYLE ROME. Feb. 27. denying that he intervened in the cartignies used to parade in the coal industry, Socialists have monument of concrete arid red', 

nrmrrnrc ^ On h«i R french elwtion campaign or had 5 ^^ y 0 g i n g the Internationale. nUed this area for 60 years. brick—looks lihe an uneasy cpm- 

pEPUTIEb and Senators of none. On uie basis of recent any intention of doing so. Hilary He til j f re q Uen ti v makes the re is a moderate, social demo- promise between a railway 

Italys inn?-rulinu Christian opinion polls, these might not Barnes vrrites from Copenhagen. ^ ^ ^ “south” from Lille crat traction The Socialists station and a highlands hotel. ' 
Democrat partv went into snecial alter radically the present Par* The French Government has pro- 00 near the Z ™^.aiharbIIv anii ‘Cnmt it is. surmounted hv a : 

s^yss’Mysa jffi/wejsvi £?,H£Sii SuSTfe-s is»"t z*£, ss gjs-KSsk' 

of whether to accept, the com- to be followed by a meeting of p^screDomthathe had said he spectacles, is Ma*or of Lille.. «-=- * - 

miimst Party in a new Parlia- the Christian Democrats central „£StedM Mitten-and to win the Resident of the 'Regional 
m «! lJ,r - v majority. com mi nee Many Christian Demo- e!e ^ joil and Mid he had been Council. MP for part of the city 

The Communisi*. Italy s crat backbenchers are resisting mi,interpreted. and the second man in the 

second largest parly. was strongly a deal involving a 0 Danish consumer prices rose by French Socialist Party, 
supported bv more than one in formalised Parliamentary am- | ew than 0 _3 pe r renL during French politics Is vertically In- 
three voters in Ihe last general attce with the Communists for January. the Government’s tegratedr ihe traditional combi- 

election. They insist that Ihe the first lime in 30 years. Bureau of Statistics said on Mon- nation is Mayor. MP and 

price of their backing for a new Sig. Giuiio Andreotii.' the day. A.P.-D.J. adds. The Bureau's Minister. In a*'political world 

minority Christian Democrat Prime Minister-designate, has index—J 0 B 4 equals too—for where local power bases count. 

Administration is iheir inclusion already reached a measure of January was 292 7 against 291.8 particularly in the Socialist Party 

in ihe soverning majority, all-party agreement on a new f°r December, a rise of 0.4 per w5th heterogeneous origins. ------ — -■ - - - 

though they would not be repre- economic programme for Italy, ^cni. The January index mm- Pierre Mauroy ranks with . . . Socialists to a man) who are 


■"5CSS S ms as s - sssraarA-fe 

"HS art wsm ss ~ 

L I.ssue is tne question cominue imo icraorrow ana W R M joergensen said he denied round-faced behind almost square Communist and Independent 

r to accept, ihe Lom- to be followed by a meeting of p^screnomthathe had said he spectacles, is Ma*or of Lille.. «-=- -* 

rty in a new Parlia- ^Mun Democrats central ex ^cted^l Mhterrand ?o win the Resident of the 'Regional 


supported ov more than one in formalised parliamentary am- | ess than 0.3 per cent during French politics is ver 
three voters in Ihe last general aflce with the Communists for January. the Government’s tegrated; the tradition; 
election. They insist that Ihe the first time in 30 years. Bureau of Statistics said on Mon- nation is Mayor, r 

price of their backing for a new Sig. Giuiio Andreotii.' the day. A.P.-D.J. adds. The Bureau's Minister. In a’'politic 



The January index turn- 


sen led in a new cabinet as such. But ihe Communists refuse to Pared with 2R9 9 for January 1977. f; a " s t n n Defern? in Marseille as tional from which Mauroy linked with industry and busi- 


The town council is Socialist, 
Communist and Independent. 
Mauroy is the man of unity who 
has supported faithfully the 
strategy of Union of the Left 
espoused by Francois Mitterrand. 
the Socialist leader. At last 
year’s local elections be headed 
a union list which brought, for 
fhe first time. Communists into 
the town hall. 

But. characteristically, he atso 
invited the Independents fnon- 
Socialists to a man) who are 


The alternative, after six confirm their commitment to ■ ™ eani " z **l at consumer prlres one 0 

weeks without a government and this outline package until they J’ 3 ' 'rf 5 ? r « cen *' ■ 2 T * r the party, 

against a background of escalat- are .satisfied that political con- » 1 ' rc ^ u jj"*, _ Mai 

in? violence in many cities. vw>iuns will be forthcoming ® 0 ° e | ess nali ; n ' y e sierday-a rto « > 

would appear to be new elec- from the Christian Democrats, -jj-hour .mii-nicofine exercise >’ e3rs 


ie of the biggest barnns in the &n !!*ged. ness, to continue their alliance region a a a Je aruTthe uneasv relati 6 ris;betviiei 

rtv Th e Socialist predominance with him to run the city. As a Socialist dominated. The steel ? 'JJ? cSllSa-iri'd thtCeiSwii 

Mauroy 1 r a pnlltiral genera- does not extend to the region result. seven Independents workers have gone bin tiy Com ^dition ofTl#Te^ra 

m younger than Deferre- His us a whole. The Socialist fiefs joined 13 Communists and four munlst. at least “-the f ■■ bitter ha 5 tilto,€betwe 


ness, to continue their alliance region as a 


• v _ -• Left 

The Gaullista in the region ^ 
by-tradition liberal-and^SKuli 
^ Their.bade strength- 

-Do nrjJm3BSgSp r ’ Catholic, J’lemjsh.. coputr^ 

<>/.. But they are fighting tQ j 

fe^^^ -'Pualais ^ to their urban . seatSr : Tl 

^^^QBoutoqne ^ Lille seat held by the Postsrai 

' %^L3fe Telecommunications 

mSf M ” M. Norbert Segard, ^ 

“““- A* enough, but the TourqphiK;^ 

CanArai*. ' stituenicy and! Lille No. ‘-3- ; ^6 

vulnerable, and . Camoepf^-'a 
W r ■ .Valenciennes, could 

fn A n u t :■ hands. ^ 

m Defending : nine, 

.— * Government - faces 

_'_’_ fi^ht In no fewer than-:i&;.s 

-- . 111 • them, a fight complicated by 41 

But if LiUe is Socialist, 'the personal rivalries 

ojon as a whole is far from erupted ,in some jco^tl^a 


FRANCE- 


Communications dispute 
may affect Irish posts 


BY GILES MERRITT 


DUBLIN. Feb. 27. 


Slimmed to cost 1.3m. kroner Pusneo mm imo w «» . 

f92«3m.i in Inst taxes. Rcuicr hierarchy and at 49. he is ihe mental s 
reports. The T;.x Minister. Mr. party s organisation man But three, bo 
Jens Kampmann—a pipo and his great talent w for buman the Govi 
cigar smoker—is an ardent sup- contact rather than the assimila- 0 { the ci 
pnrl«r nr the rampaicn launched tinn of dossiers. His closest Socialist, 
by the Danish Society for the aides are reconciled to the fact 
Prevention of Cancer. Millions of that he will always he better in 
pamphlets on the dangers of the bistro than on the box. ~| — 

smoking have b-en circulated and ^ 4m ole in the 

-mokers have been urged to send __ ,__ m _j __j -n.,- 


Communist . ■ strongholds 


IRELAND'S telephones and 
Telex dixputo entered its fourth 
week to-dav amid threais of more 


releohones and ignored hy Mr. Padraig Faulkner, 'he cash they H«mld have spent J, ro, “urhinh fn'™ thi» rptrinn BA »rsEUT 

nlered its fourth the Minister for Post and Tele- on tobacco- to the society. j£5* ! ?S,? .IL?™ com Sire BY ° UR ° WN CORRESPONDENT 


party's organisation man Bur three, both in Lille, are held Tor Conservative coalition. are wminuuw ^ tacular auarrels in! 

his great talent Ls for buman ch e Government, then the rest Since then the Communists around the tug. traditional steel .vi, i S ,, in «| n iy beani»*1milisfl 
contact rather than the assimila- 0 f conglomeration is solidly have lain fairly low. “They do centre of \alenmCTpei and Uiw re „ acd it as 
tinn of dossiers His closest socialist nothing but read out speeches lack only the last Gaulltst outpost re»«a 

aides are reconciled to the fact nniver«lh? a 

rhat he will always he better in ' _ « ' qniveraa^ -mtt-j 

Parties vie- over minimum wage, increase 

l r L. aI, .L. P “ ___ PARIS, Feb. 27.- roOnfl «en tr the shirts 


week to-day amid threais of more graphs, who is insisting on a 

disruptive strike action than return to work hy all technicians C-.^—’ c l J 

before jnd reports that postal hefore negotiations con hepin 'jpaniSll Sieei uenlO 


to an agreement at* 


services will also »>o afifveted. In answer to walk-outs this morn- More than 100.000 workers from 
Durinp ihe oust 10 davs lele- ina 1,9 technicians at a number the Northern Asturias mining 
communications links have been T« io " demon Mraied here yestcr- 


• men; units wnne nis personal wing pieage to increase toe mini- uas ureiueu. cCTo Af J. ~ wiWictor of >hr- 

In answer to walk-outs this morn- More than 100.009 workers Trom domaine of Lille itselF numbers mum wage by about 37 per cent. He has resorted to a parable wage of FYs_.,4Q0 was poaGtble Minister Of tne. 
ing by technicians at a number the Northern Asturias mining nn j v 1 90.000 inhabitants. to Frs.2.400 a month immediately to get the message home: his by the end or next year.- M. owir et-capn • pre^wes;^- 


LlU-rinS Ihe ria^r lU flyvs p e- : : \ . . ■■ ... nim iimduiuiiud. UJ rr n ujuiilii miuicuioicij l --7-^ •-, _ _ . , . _ _ >_ _. 

commurnritiririR links have been of telecommunications centres, region demonstrated here yestcr- Thp _ poion suffer i nE Coal tiiev come to power barber would have to sack.two Barre has promised only to raise problem.:- . ^ ''i.-v.'v. 

w the Department suspended a dav in an attempt to persuade .1, tlwiS P of bin three employees if he had the minimum wage proportion- He faces ft lire challen^ 

h! FhJ! further 100 men, bringing to the Government nm m clow down ^el. text lies— Mch has known The magic figure of Frs.2.400 t0 ^aise their wages from ally faster than average earnings including, candidates for yfij&i 

C n^:L n /"‘^ T-Iif l - 200 ,he number of engineers steel factories as part of itv plan nr ,s "J lhe thrnes of ^® 15 - T h t e was proposed hy the Communists. p rSi i.goo to Frs.2.400 a ntbnth. he to reach Trs'^,400 within the Struggle.' the -• .Worker?•'? jJ 

iepartment r.f Po t-, and i i - and t ec hnicians now under sus- 10 streamline the Troubled inrfus- unemployment rate is two points The Socialists at first snick at announced IM. Georges Marchais. five-year term of the National Peasants Uriion for' .Wcficiari 

pension. That total represents try. Rcuier reports from Madrid, above the national average and Frs.2,200. saying it would be lhe Communist leader, wbo has Assembly. ' . Democracy, and 

Bui Wllh lhe deadlock betV'.een . _ .... ^ a it lc ncu-tnnod that enme 70 nor- - -;_ 11 .. nn . .. _ ... _£_____.its..* a- 


S ri noi^nnnli and technicians now under «us- 10 »treaniline the troubled indus- 

k, | P 11 . r '^ n “5 er Hir, «T e v^? n -2f« pension. That total represents to - . Rcuier reports from Madrid. 
Bui wnh ihe dead lock between ah(jut fifth Qf thg ipnEU’s A reduction in domestic demand 

a " d 'S i l H lk !h! membership and the conflict ? nd tighlening up of anti-dump- 
lechnKirtns still unresolved, the aDnp _ r _ havp hardened inlo a m - ,n l>pain > mam export 

latter are understood to be widen- HM^ cnnfromatinn betwepS the "larfcels—the U.S. and ihe Eurn- 
ina their action. S5”5IJ“2?J*' % ?!!J .?! ncan Common Market—have 


„ r .. , u Fianna Fail Government and the ^ nMd lhe J lee] - mduslrt , mo . It is a region with its own M. Raymond Barre. the Prime been compromised by hesitations not quick enough. ' in .name*irfgt 

A call for peace talks by the technicians, in which the original crj( . js * identity, quite apart from the Minister has launched a furious in the ranks of the Centrists who The Gauflists have, by and Right to..Idleness." M. ,Gre\ 

Trish Post Office Engineering dispute over new work rules has Meanwhile. Mr. Christopher van characteristics stamped on it by 3 tt- jC k on this promise. The in- are afraid that the Left has found large, sat this issue'out, with SL hopes_to collect no'Ut:| 
union clPOEU) was to-day been lost from sight. d ^ r Klnauw arrived in Madrid the industrial revolution. Lille crease would put about half a a .vote-winner. M. Jean-Jacques Jacques Chirac; their leaflet, after .{til,..-for "hrs ;sjipnqrter 5 ; 

_ last nicht on a two-day official has been Flemis+i longer than it million filial I companies into Servain-Schreiber. the Radical speaking only vaguely of the, make tjie effort to goto Jhe ; po’ 

vklt. the first b’ a Hutch Foreicn has been French and the steep bankruptcy, provoke unemploy- leader Nvho has emerged as-the need to improve the lowest wo a! d .betra y. ; the’" T-pruft 
11 l w t ii Minister since the 1936-39 Spanish pitch of the roofs, the contours ment, and create such inflation mam figure in the rather bereft salaries. 'S' ", :.•■■■ iiHewity; of'hfe eaBSe-'"'.": 

,/lnKi i*Ahnnlyarl Airnr \ nrih civil war.. _____ - ' •• -•_;_-••• •••-- — "•••- •• ^ 


Mobil rebuked over North 
Sea oil platform fire 


OSLO, Feb. 27. 


Dissidents in hospital Third in<111 

A group of Soviet workers who nQTTlPfl in 
formed an independent trade llillllCU UI 

union to defend their rights said ___i • 1 

yesterday that two member® had L^VOrilS iri 3 l 
been sent to psychiatric hos- „ * ^ , 


West Germany faces metalwortes^ ^^ 


BY FAY GJESTER OSLO, Feb. 27. union to defend their rights said p trial BY JONATHAN CARR " - * ;. ;27V 

MOBIL, operating company on 44 With a North Sea accident, an beer/ se^t to psyehiatrfc 8 hos- . • _ WTEST GERMANY is facing the at regional level and is carried and the unions are saying ttey mflitant by the standaor^C 

the North Sea Statfjord field, hour is an ocean of time, and nitais while their founder and By Our own torresponoinc tfarea, of a potentially highly on at varying speeds. If one area mrfsi have 5 percent..'./' " : .Britain. afJeast rauefi less tioci 

where five men died in a platform may mean life or death for many fbur others were missing, pre- NLUObiAj. ieo. -f. damaging strike in the metal- seems to be about to produce-*. .It is constantly -. emphasisefl He|r Bigen Loderer,: head- - 

fire at the week-end, has been people," he pointed out sumed detained, Reuter reports EVIDENCE of a tfer'd; man seen working sector in which some result compromising slower oesq- tijfat this process is, and, most-^EG Me tall, has an especially ttd 

sharply rebuked by Stavanger’s The five men who died on the frDm Moscow. with' the two men accused of the 4m. workers are employed. fiatrnns in another, a brake is remain, free of ^remment job.- ^'^iniotr. has somt Z3: 

chief or police for failing to give Statfjord platform were working murder of Mr. Yousef el-Sibal. wage negotiations between promptly applied. One of the interference. -Chancellor Helmut Tnembers activet inv esvery- fie 

immediate warning of the in 0 n e of its high-risk areas— J-«««* “• employers and thp . trade union, many problems is to distinguish. Schmidt said this week-end that having' something to do nri 

accident to Norwegian deep down in one Df the three •jpafn S DISHOpS meet was introduped by toe prosecu- j G detail, in two key regions between a tactical slowdown and he would prefer to rerign ralher metal :work.. ..That me&ns jh 
authorities. concrete supporting pillars. Spain’s Roman Cat ho He bishop* nm^narv 10 inauirv S at Nico-ia hav 'f broken down Official media- a firm diggine-in of heels. Ihan to'see the freedom !of the some aich'as thie:bo 6 i 

Mniiil officials did not contact In the event the fire was dis- m e t yesterday to elect a new nStrict Court^to-day Mr el-Sibai tion elTorl5 have failed and the In the metalworking industry, neaotiating partners undermined, fng automobae r . industry, am 
the emergency rescue centre at covered purely by chance—by an President to lead the church was assassinated at the" Nicosia union "s national executive com- the key negotiating regions are But that-does_#not iitpp.vthe .afford^tp. pgy; A higher wage 1 

Sola Airport, near Stavanger, off-duty worker taking exercise through a difficult period of Hilton Hotel on February 18. mlrtee seems likely to agree on North Rliin^-Westphalia fin- Government presenting ;what;It crease than, say, meitium-sia 

■ mill t ii/A knn ee iftnr (Via #v F nAAif nt*!i.'lVADau Qoiitnr Minnnt^ r«i ■» __r W aH fl OCtl a v tft n ctril-fl Knllnt filurf'mn tVin T>ti1ii , \ fin f Via aiiA "nm'rtnfbHftn r^i _LtniTflafh' PlTtill PT*i ftff l»T1 PAn Tla 


MOBIL, operating company on 44 With a North Sea accident, an been sent to psychiatric hos- _ • r - - _. . 

the North Sea Statfjord field, hour is an ocean of time, and nitais while their founder and ^ ° ur 

where five men died in a platform may mean life or death for many r °ur others were missing, pre- imiluslAj. J?en t -f. 

fire at the week-end, has been people," he pointed out sumed detained, Reuter reports EVIDENCE of a tljgjd; man se 

sharply rebuked by Stavanger's The five men who died on the FrDm Moscow. with' the two men accused of t 

ch icf or police for failing to give statfjord platform were working mS'IEJS J* r ;*15 f 

"SttT w ,r‘ ns Norwegian ft Spain’s bishops meet g 

authorities. concrete supporting pillars. Spain’s Roman CathoHc bishops Sm"nJ^ inquiry 8 at NicS 

Mniul officials did not contact In the event the fire was dis- met yesterday to elect a new District Court to-day. Mr el-Sil 

the emergency rescue centre at covered mirely by chance—by an President to le<ad the church ,«, e cmatnrt a* rho' Ni»»n 


cenLre must be informed of fire-fighters, but it was two hours Madrid and President of the to-morrow, is expected to last air is thick with recrimination. resir 1 Is—nr lacVipf ^hetp—here wagft |n^rg»ses pushwg^b&osd'tl 

North Sea accidents immediately, before they could subdue the Episcopal Conference since 1971, several days. Police took extra- That said, it must be stressed send an almost ifreSisiihle signal Trot exceed 5 Per cent, if.arm-Unfit' ! wft!ch be knows" employe 

and before anyone else. blaze sufficiently to reach the t(>ld bishops the approval of ordinary security measures as the that a strike can still be avoided. Tn the rest of the country. And of a 3.5 per cent, real btow^ tit eah-rpay.. 

An alert operator at the centre trapped men—by this time dead * d ^ t ipamsh Coiretrtution two accused were brought to \vhil e the tone of exchanges is it is here that the current GNP is. tn he achieved.;- • - Finally, tiie tiegotiations tt 

had by that time already learned from lack of oxygen. ush* in an f mvport^t^ra^ir Started wlrewasptaoSdvound t 0 Ug Jj er than uaed t0 be * is Problems loom most large. In ' Herr .Schmidt -himself has year ire also betag hamper 

of the fire—from overhearing It is not yet clear whether the t h e church. thp court entrance durine the niuch t0 ° early to suggest that North Rhine-Westphaha the been placing an Important .role bv the Jack of a reallv outs tan 

radio conversations — and accident will still further delay hearing Only lawyers and West Germany’s relatively peace- employers offered a 3 ner cent. —ofreh behind' the scenes. He ing leader on the employers’ sic 

reported it to the oil directorate, the start-up of production from journalists were allowed into the rul ,a b<mr-management relations wage increase. In North Wuert- has advised both sides' to be That is chiefly because of-ti 

the police, and Statoil, the state the giant Statfjord field, at pre- dssdlock courtroom. 3X6 slipping towards anarchy. temhers and North-Baden it was moderate, which means that a mtrrder by terrorists''lasf vC 

oil company. sent scheduled for late 1979. Con- According to immigration Collective bargaining here 3.5 per cent. The union Social Democratic Chancellor is tober. of Dr 'Harms"-Mart 

"An accident in the North Sea stniction or the field’s first plat- A ■strike at the U.S.-owned 0 fis 0 iaj s who testified before the has lon K be , en a cross between a demanded 8 per cent, in both telling unions not to fly too high Schley er . He was In. the met 

is not the private business of the f°™—the Jargest offshorepro- judge . Mr . PetrDS Michaelides, *■"“ of *» ker - requiring steady areas just as he is proddine the roan- working field and' while- 

oil company concerned," Oscar dition instatiatmn any-where in Xr maSaeemern union talS the two accused. Samir Mohamed perves. and one of chess, demand- At first sight there Is an almost acemem. into not sticking too unions bad tough negotiate 

Franck, the police chief, com- ** world-has been p agued by a « er managemen^union talfcs 2g a Jordanjaxli and mg intellectual concentration, unbridgeable gap. Already In low. - with him . ther also achieSj 

memed. " it ,s for the Norwegian delays and soaring costs. m*n <Sd a" meeting called this Za >' ed Hussesin al Alt. 26, a The last move ,n the latest game North Rhine-Wertph^lla. the Most union leaders in West agreements which ,in ■ the tffl 

authorities ro decide what assist- Installation work on the plat- momin* ended in total failure. Kuwaiti, arrived in Cyprus sep- nas not y. eI “f 0 ma . de — employers are pnvately suggest - 1 Germany are having a harder run . provpd eminently satis?; 

ance is needed—not the company form was continuing normally to- Reuter "reports from Strasbourg! arately on February 13 and 14 everyone i s s uil playing to the ing they could not manage more time than they used to. The tory for fioth sides. Dfi-ScltlgS: 

alone." day, except in the fire-damaged The dispute at the plant, which respectively. They flew from ru ^*- than an increase of 4 per cent, rank anfl file has become if"not. is sorely .missed. > ‘ ' J '. 

Mr. Franck, a member of the area. But union officials have makes automatic gearboxes. Athens, checked Into separate r i0 foreigners, the West ’- 'V.'S 

inquire commission Into the urged that no further welding began last Tuesday when some Nicosia hotels and slated that Gern ian negotiating process often . ... - ....... 7.. m ;- f; 

Bravo blow-out. recalled that the should be allowed in the shafts SOO of the 2.0fiO workforce walked their next destination would be see . ms stylised and unreal. The • ^j 'W ■ _ j_• _•_ _ • -'jt *— -j ‘ 

centre had not hern told tramedi- until the cause of the fire has out to support demands for 30- Beirut. u ">° n presents its wage demand ■ Iff ID flTBT fllTo 1 v!TmR‘ 1FI Til Q fill TCI'/'TlliS'ElW 

ately abnui that accident either, been discovered. minute snacks breaks and shorter The third man was named as * ,lh sophisticated economic and UlillV UOJLUUlOUl 111 111 dll 111. d.LLIl B I IK 


BY OUR OWN CORRESPONDENT 


ately about that accident either, been discovered. minute snacks breaks and shorter The third man was named as sophisticated economic and .1^1111%/ H 01111 

working shifts. ' Riyadh Samir al Ahad. 30, who financial argument supported by 

i , , ,, - held an Lraqi passport and gave ?°P' 0US data ;. Th J‘ e m P Io y e « do 

No Greenland drilling this year eec coal output S SS??**«ft,i n »R2S , 2ibJS BY OUR OWN CORRESPON ' 

HILARY BARNES COPENHAGEN. Feb. 27. *• Zl‘^ It “SSSScFl KS 

^ ssnsr.TS'sr sajjs k ,„ ld sjii ■Sr'vsS^si aas^'S'dT^sss 

coast uf Greenland in 1978. The disappointing. Although there is year ago. Commission fij-aires oub- al Ahad left the hotel early on ® lde ® appointed. If he at ■ ac ory oui no not appear 

Ministry for Greenland has c o far no basis so far for concluding li-'hed on Monday showed. AP-DJ February IS and flew to Athens [ al]s - 1300 *“* ^O 11 ca ” a?ree «o pa e mUt !ll °P l,in > s P' about 

received no ripplirattons from con- that the oil companies have reports from Brussels. January about three hours before Mr. 1° a S0cre ^ ballot if a strike is to ineir prospects over lhe next 


Little optimism in manuf acturing 


SY HILARY BARNES 


THERE Wn.L b* 


COPENHAGEN, Feb. 27. 


their prospects over ihe next 


cession holders for drilling this definitively abandoned the search coal nroduction totalled 18.340.000 el-Sibai was shot dead in a c or-p e ca ^ d at -'*® as * ^ P er 0ent - months, according to_ the 


cummer which, in nryciicc. rules for oil and gas off West Green- metric rom down from 23.014.000 ridor of rhe hotel ™ e *nhership must vote in 

out any rtrillinc this year, accord- land, the optimism with which tons in December a-nd up slightly The Cyprus Government has f avour - 

ini io Ministry sources. they started the search has, as from 18.171.000 tons in January refused Egypt’s demand to hand T * 1 ' 5 process involves 

The lirsi exploration wells nff sources pur it. evaporated. 1977. over the two men. numerous breaks for cooling off. 

- ---- —-Strong nerves are required to 

'" ' decide at which point everything 

* possible has been squeezed out 

of one's negotiating opponent or 
—as he is described in Germany 

I—\ 4 I p| !• • D' b-* • I. A —one's “ social partner." 

Deutsch-Skandinavische Bank AG sSsSSHS 


Deutsch-Skandinavische Bank AG 


vote in lalest surrey of business 
opinion by Uie IFO Institute 
involves of Munich, 
ding off. Reporting on its findings 

ired to during Jannarv, IFO says that 
Ty thing most companies reported a 
zed out decline in new orders that 
ieni or month, althougli current pro- 
frmany duction remained unchanged 
from December. 

lective Two other conclusions tend 

in the to elash with the cautious pre- 
s place dictions of a pick-up in the 


economy being made by official 
sources: IFO reports that few 
companies have any reason to' 
expect an increase in produc¬ 
tion in the- next few- months, 
and there is little chance that 
the demand for skilled' labour 
will increase. This last point, 
the institute stales. Is 
measured hv the number of 
respondent firms with unfilled 
vacancies, a figure which in 
January was only 5 per cent, 
above its average level for the 
whole of 1977. 


In the capital goods sectur, 
often regarded as the most 
important category in assess¬ 
ing the economic-ouMnok.TFO 
found general agreement that 


; BONN, Feb, 27t”’ 

- 1 ... •; • • ’ r l - i m m r5» 

-the Improvement 
" recorded, jjh the ^nia] : 
of last: year had not- cbutih^W 
. and that carrency’"'unC«rta3jo 
ties now'.weigh heavily 'ho'jc^S 
parties’ export; pr^spectsJ^^t 
The mechanical enginfeeAi 
electrical- ' 
meta l - construction 
reported . imfavoui^e!! : '^a 
■ nes&: conditions,. 
picture rematifs - tte-i'Jnqfo: 
Industry, both fdr pwtffe ean 
and commercial iwiBfcJes; 
eompnter&^aiP^iffiee:’ equip 
ment, electrical i 
ances aifd^-fd 
among^ tiifcviilhe'r". .1. 
enloying' Jierter times. 

VX ,''■ 


Highlights from our Balance Sheet 6.^0^ 

Business Volume _ 

Balance Sheet Totals_ 

Credit Volume___ 

Share CaprtaJ_ 


1,0331‘ 

1,025 (id;:' 
558;S#i 

4o‘s:ft^r'; 


IG—Druck steps up pressure 


During its first full financial year the Banl^ 
established in 1976, could substantially 
strengthen its position as specialist for 
Scandinavia. 

^ In addition to loan financing, including a 
fortait activities, money dealing and foreign 
exchange transactions, the Bankentered into 
fixed-interest securities trading 


Through the two shareholders, Bayerische 
•Landesbank CirozentraJe and Skandinaviska 
Enskilda Banken, the Bank Has direct access to 
local markets around the world. 

We shall gladly send you a copy of the full 
Annual Report Simply call or write to: 


Deutsch-Skandinavische Bank AG 

Alte Rodho'fetr. 8 ■ D-6000 Frankfurt/Main 
Telephone: 2 04 71, Telex: 4-13413 deskf d 

Foreign Exchange:Tel.: 28 06 71,Telex: 4-11188 desk d ■ Money Dealing: Tel.: 2806 75/6, Telex: 4-T1188 deskx d 


BY ADRIAN DICKS 

THE WEST GERMAN printers' 
union. 1G-Druck und Papier, 
stepped up pressure on the print¬ 
ing employers to-day with- a 
sitries' of stoppages that were 
expected to block publication of 
at least 15 morning newspapers 
on Tuesday. The printers' action 
was the lalest round in the con- 
tinuine and increasingly bitter 
dispute over the introduction of 
electronic, cold-type technology 
to the industry, with the conse- 
nuent changeover of many tradi¬ 
tional craft jobs. 

At the same time. IG-Druck 
was organising ballots among its 
memher.s in .selected plants all 
over West Germany, in which 
rhe leadership is seeking 
authority to launch long-term 
strike action. Results of the 
ballots were not due until early 
Tuesday, but the National Execu¬ 
tive was thought likely to-dav tn 
secure, in at least some houses, 
the 75 per cent, majority needed 
for an official strike' to be 
declared. 

The three employers’ federa¬ 
tions issued a restrained state¬ 
ment. to-night .dcplorine the 
Fresh sroppases. and accusing 
IG-Druck of trying to provoke 


lock-outs in order to build up 
support for a strike among its 
rank-and file. The employers 
declared that “in the interests 
of social peace.” they would not 
make use or the “ entirely legal 
defensive measure" which the 
lock-out would constitute. 

The employers are. however, 
hinting that (hey may take legal 


.v;;- 

A TEAM from Turkey’s- State. 
Planning'Organisation rlSPO; i*y 
believed to be working on ’a-' 
package or" economic measures 
aimed-at stopping further' falls , 
in the value of the lira-:' • 

However, SP0 sources would 
not confirm speculation here ' 
that the package also includes a ; 1 , 
substantial devaluation, of- the--' 
lira against major fore gin cur- 
rences, ■ 

The mass circulation Turkish 
newspaper Gunaydm reported 
tha! a 15 per cent, devaluation’ 
of the lira against the D-mark 


-Ot individual newspapees - ^nion!s -positfon ls 

HmSI 1 * - hous f as 1 ??®eat* . putting ^ v presSuti 

_re: Indivldual~flrhi>~ 

the- union; following ^ them vin - fiirw ~-t^ ; pergiradl3? && 
the bre2kdowi of national-tiegoti-... federations') to’ /.'jegmiaffli 
ations over the introductibn of national 
new technology. .On ..the ’ent- 
ployers federations oeders,' how- have - sought ro 

mao «-vs 

thc-draff ha^qnal' _____ 
the. new [technology wiUcii^ 

r^r)fi ,t^e Swiss&ng -4 ®* p 


nationj 1 ■.Moheta^^Fund ^iMFL'. kvaihwttW 

the talbc endorf-. nrfftinn* - vS 2 « 


















iancial .Tftnfe^Tuesflay February. 28 1978 



K. SHARMA ; • " v { 

captured the southern 
; Karnataka yesterday, 

' a GandhPs CangtessOl 
" - poised this evening to 
hr and . totally - unex- 
' dory in 'Andhra state 
j results came in, Mrs. 

. taily was steadily win- 
^ .hards of the seats In 
-- ra assembly, in . much 
-manner as it 'swept 
yesterday. 

• irly re-establishes Mrs. 
a major political force 

' s that the - Karnataka 
»’ no freak victory.. If, 
' keeps up the winning 
lian politics will be 
■ 6 ’ferment. • 

• ’ rDdhl's victories have' 

virtual decimation of 
jss Party, from which 
away last month. The 
of the Congress. Mr. 
Ida . Reddi. resigned 
tis morning saying he 
^ sporisibility for the 
defeat. 

ignation eaiue before 
ira results started 

• ’ ithus making it a 


i heads for second win s ?j ia 

NEW DELHI. Foh. L*7. FClUSCS 


Cairo limits Palestinians 


NEW DELHI. Feb. 27. ( A VI UkJV>-iJ 

double humiliation for ; Mr. Reddi. for the, choice pfjhe party’s can- also. Mrs. Gandhi herself looked; A fVlAI^-An 
Andhra js his -home. state, and didates. Many of these. like Mr. farraofe cheerful than she has 1 

k Congress victory was thought Chandra Shekar. are former snnfce her defeat in the general 
*?*£?’* „ Googressmen deliberately chosen elections boa March. 

Tne poll.debkew has plunged by him in a bid to counter the The magistrate agreed to her VlMl 
Congress into a- deep crisis and influence of the other /actions in application lor bail after there . _ 

unless it retrieves its position the Janata, notably the Jana was .no opposition to this from Lou,s Farc * 
in Maharashtra—the.^ third Sanah and the-former Indian the prosecution. Mrs. Gandhi DAMASCUS, Feb. 27. 

southern state where -elections People’s party. does not now have to appear SYRIA has rejected a request 

were held—its futuxe is bleak. Sifrnifipanilv a former ccneral a g a *h in court until the dav of from Mr. AHred Atherton. UA 
In spite of indications that the a former general j* dgment By that Ume ln(lian Assistant Under-Secretary of 

Congress, was doing, better in the EJjKLJJ!r Kiri. tnSw Sued poUtice may have changed Slate, to visit Damascus during 
eastern-estates of Assain and EJrtLHSS 1 entirelv his present Middle East shuttle, 

Meghalaya, where elect! onshave « 1 rhLdrn 'rnLufST Mrs. “Gandhi hascalled a meet- “because his present mission 

also been held; Its reverses in 2?J3 ^h®£. ing of her Congress parliament- does not serve the cause of a 

the south suggest that five-party iiiES? thl ary party on Saturday and it will just and lasting peace." accord- 

organisation will fall into Mrs, J* j2£, „ iiK*iy in?l ine fh ^ k „ avm Aether it will »ng to the government dally 
Gandhi’s hands.: LS HTSR." be the official opposition in the newspaper Al Tishrln. this 

Mrs. Gandhi’s surprise re- upheaval in the nest few days. Lgj- g 3 jjh a (lower house of morning, 

emergence as a powerful political The Karnataka victory was parliament!. “His present mission * does 

figure has cast its shadow also very much evident this room ing The indications are that a hgryeJI not concern us in ahy way," 

on the Jan^la party, which' had when Mrs. Gandhi appeared number of Congress MJPs are now { commented the political editor 
hoped to establish some,kind of before a Delhi magistrate on ready lo shift their allegiance | writing a lew days after the 
a base in the south. Janata charges of refusing to testify to her. and-it Is possible that the i visit of President Hafez al 
leaders are already wrangling before the Shah Commission ndw present leader of the opposition. I Assad to Moscow, where the 
and in private are blaxftlng each inquiring into charges of abuse Mr. Y. B’ Chavan. will lose hisj Syrian leader appears to hate 


BY ROGER MATTHEWS 


CAIRO. Feb. 27. 


|. Assad to Moscow, where the 
| Syrian leader appears to hate 
I received-' fulsome political 


other for mismanaging : the elec-of power by her during her post. Mr. Ghavan’s stronghold is) received fulsome political 
Hons. •- emergency rule. She was cheered Maharashtra,- and the results of hacking as well-as a rommit- 

In serious danger is theJanata loudly by large crowds waiting the election there could dictate menl lo new weapons supplies, 
party president, Mr. Chandra outside the court, although there his future. These should be Major-General Hikmal shi- 
Shekhur, who was responsible were jeers from her opponents known by to-morrow. hahl, Syrian Chief of Staff, 


EGYPT,is to withdraw all the for residency permits. j» change sited to-day that the status of 
special privileges of the estj- a certain amount of foreign cur- the Palestinians, in Egvpt would 
mated 30.000 Palestinians living rency when entering the country, be subject to review. According 
in the country. -The decision and are almost certain to lose in some sources this was a clear 
was announced to-day by tlie their rights to he treated. as warning that if (hero were any 
Prime Minister, .Mr. Mamdouh Egyptians in matters or employ- further attacks on Egyptian per-' 
Salem, and follows mounting ment. pensions, housing and sonalitie-; nmre drastic action 
official and public anger at the commercial activities. might be taken. Since 1956 

suspected role of Palestinian Mr. Mamdouh Salem’s state- Palestinians have enjoved the 

elements in the murder of ment to the People’s Assembly same rights as Egyptian' citizens 
the newspaper Editor-in-ChieJ: came as a shock lo some sehior but cannot take part in political 
Youssef Sibai in Cyprus nine Egyptian officials who had pri- activities such as voting or- belnc 
days ago and the subsequent vately predicted a review of nominated for Parliament 
debacle at Larnaca airport in relations with the Palestine However Mr Salem said that 
which 15 Eayoiian commandos Liberation Organisation but bad £» vp r would never abandon ihe 
were shot dead. emphasised That there was no p a i es tioiam. living fo the 

To-dayTs decision cast a further real quarrel between the occupied territories who had 
blur on Ihe almost stalled efforts Palestinian and Egyptian supported President ‘Sadat’s 
m get Israel and Egypt to agree peoples. peace moves E-’vot would also 

on a declaration of Middle East *» a!so confirms the extent of „ ntinu „ m back'fhe hu of 

peace principles that would President Sadat’s anger over the ™ to ihefr ow°« 

allow for formal negotiations to tailing nf Mr. Sibai. a personal g l t , f , n historic and 
resume. Senior officials stated fnend. and the las* uf Egyptian j' 1 iS. on , SSeS 

to-dav that Envoi has not m,nps. Mr. Yasser Ararat, the eT^wouVi ni^r ^ HenLtif 
hardened its negotiating position. PLO Chairman. accused Mr. s J] d ltj pi vin cted ’ 
contrary to Israeli reports, nor Sadat last Friday of sowing ® Reuir S 
had it come under increasing hatred of ihe Palestinian people Dnzens^f heavilv armed nSiii 
pressure from' other Arab among ordinary Egyptians. This, jSSSrt thTSurt u££ £ the 
countries. - said the guerilla leader, was in Man of ihe P^hmirSn heJrine 

The decision on the Paleslin- preparation for the day when frir lhc twc. P Arjbs o?cuid o? 


iderof. . 
£ protest 
p dies 

rd Simon 


1 £- i ’ NESBURG. Feb. 27 

f - ^ 1 i' <eri' Sobukwe. t 

* '«■ Y; founder of ^ 


,, icrl" Sobukwe. the 
founder of ^he 
■an^Afrlcan Congress 
ed- in Kimberley last, 
r a long illness. Be 

bukwe broke away 
ifrican National Con- 
1958. and became 
or the PAC tbe fol- 
car. He led . the 
of passive resistance 
'■oath Africa's pass 
6l) which resulted in 
g by polici*. of 69 
demonstrators at 
f. In May last year, 
ienteuced to. three 
rtsonment for iiicite- 

r being released he 
sted and held for six 
bout trial in the 
Rohbeu Island. He 
;ed hi 1969. but was 
th a banning order 
tricted binr to lbe 
area amt prohibited 
-from quoting him. 

_.oining the PAC. Mr. 

, whs a lectorcr iii’ 
- , jtgnaees at JV Uni- 


S. African emigrants top Nk « 

number of new settlers u,s 

ove 

BY BERNARD SIMON _ . ' „ 

JOHANNESBURG, Feh. 27 By Mic 

FOR THE first time in^many sion&ls. In setting an annual 
vears, the number of emigrants real growth target of 5 per MR J0 
from South Africa in 1877 ex- cent... the latest economic lea j er , 
ceeded the number of* new development programme as- ,pp, 
settlers’. This wgs disclosed to- Burned a net annual inflow of h \ 
day by the Department pf Sta- no fewer than 30.000 . irami- inent j, 
tis tics, in tlie wake of publication grants. efforts ti 

of a .Parliamentary Bill ;which Nonetheless, there has been problem. 


Nkomo queries 
U.S. role 
over Rhodesia 

By Michael Holman 

LUSAKA. Feb. 27. 
MR. JOSHUA NKOMO. joint 


received- fulsome political hardened its negotiating position. FLO Chairman, accused Mr. fh .. p,"Jc, f f,. c 

hacking as well-as a commit- contrary to Israeli reports, nor Sadat last Friday of .sowing A - 

ment lo new weapons supplies, had it come under increasing hatred of the Palestinian people dmmw «r hpVviiv S 

Major-General Hikmal Shi- pressure from’ other Arab among ordinary Egyptians. This. gS* the Hun ffSS? S^SZ 

hahl. Sjnan Chief .of Staff, countries. ' said the guer.Ka 'eacier. was m lh , nrSin^'^ r !™ 

teri today with an important . The decision on the Paleslin- preparation for the day when ^ r l he fwo P Arabs 
military delegation to the I j 3ns n „» ans they are to be treated Egypt would shed any responsi- killing jhe E-nmian newsoaner 
soviet Union. It is his secoud i}jx-p other visitors from an Arab bility for ihe Palestinian cause, editor” Mr Youssef Sihai a close 

,n ,C!iS tha “ !^"^y. They Will have to apply Mr. Mamdouh Salem empha- friend QfPresSf .^warSada? 


two months. : 

The local Press commented ! 
on the good understanding [ 
shown by the Soviet Union - 
during Mr. Assad's visit about ! 
Ihe need for establishing a : 
strategic balance between Syria 
and Lsrael “in al! fields." In : 
1 another related development a ■ 
[ high-level Soviet delegation is | 
i expected to arrive in Damascus ' 


in VUJ ex- cenv. me ^ Qf the p atnotic From! ihiVweek to dlscmss rarther 

r of - new development programme as- p P 1rw i-v mipstiom>d tho L-un-i in,s *. !? fl,sc “ ss mnner 
isclosed io- sumed a net annual inflow of riof p'ri nf ih U S (Lem- economic collaboration. 

„ A.U.-I»r than .moon immi- nnued , role .. of th . e ,,,,Virn i Reuter, reports from Kuwait: 


Anglo-American 


Renter, reports Trom Kuwait: 
Jordan might Join direct peace 


efforts to resolve the Rhodesian; miks between Egypt and Israel 
problem. '! if the Jewish State publicly 


will compel immigrants “under strong reaction from opposition Elaborating a\ a Press enn-j committed Itself to vithdniw- 


tn become South African quarters 


CftniK l --- . . . „ __ _ ' IVIIUIIIIILU 111 * »» *U n»ui«'u»»- 

Kouth j ferenco on criticism of thaUS.' j nft completely from occupied 


, - .-7-— -— __ , | “■■ - ■ ■■ -v m. vx. mil cumpieictv iruiu occupiru 

citizens to. retain tneir .rights African Citizenship Amendment made in a joint Press statementi Arab lands and to recognising 
to permanent residence.. Bill, which provides that white j MUe d by_ the PF in the Muzam-j the national rights of the 


According to the Department, immigrant men under the age bique capital or Maputo last! Palestinians. Mr. Modar 

the neT ernigration loss last year Df 25 must become South w< . ok Mr. Nkomo said: “We arc- Badran, Jordan’s Premier, was 

was 1.178 compared lo a net gain African citizens within two n0 | V ejry certain whether the: quoted as saying to-day. 

in 1975 and 1976 of 49J209' and years of entering the country, u.s. should continuetn take part.; He said in an interview puh- 


30,598 respectively. Tn December or face loss of their permanent were told that they were just 1 Hshed in Uie daily newspaper 
alone, there wer* 2.149- qmi- residence rights. When the Bin Britain’s adviser, but they seem i AI-Ral’ al-Alam That Jordan 
grants but only 1.687 immigrants, becomes law. it will not .apply lo jjg raa king independent atqte-i would not yield to pressure to 
against a net gain of. 30$ settlers to immigrants already in South menIS about uur country and we 1 take part in the stalled nego- 


Singapore budget includes j Hua report 
new tax incentives i discussed 


BY GEORGE LEE SINGAPORE. Feb. 27. j *...— 

SINGAPORE'S Finance Minister, a concessional 20 per cent tax j PEKING. Feh. 27. 

Mr. Hon Sui Sc-n. In his annual rate (compared to the current | CHINA'S first parliament in 

budget .«tateniem to Parliament rate of 40 per cent.) for over-1 three years, officially opened 

to-day introduced several new seas-oriemed sales and service j h“rv yesterday by Yeh Chien- 
tax concisions tu further stimu- companies. Other measures pro-] vine, the Defence'Minister and 

late the growth of the Republic's vide for accelerated depredation; chairman of tlie National 

manufacturing, servicing and allowances for industrial build-1 Peoples’ Congress, appeared to 
finance industries. inas. and the abolition nf iaxi.be in temporary recess to-day. 


By Yvonne Preston 

PEKING. Feh. 27. 
CHINA'S first parliament in 


finance indusiriej. incs. and the abolition of »n\i. 

Besides corporate tax ineen- charges on dividend distributions I 
tives. the Finance Jlinister also oiil of offshore orofits. 1 


vine. Ihe Defence Minister and - 
chairman of tlie National 
Peoples* Congress, appeared to 


announced that he is changing 
personal income tax for the 


investment 


The 3.450 delegates are 
assumed to have spent the day 
disrussiug the contents of a 
3!-hour '■ SlatV of the Nation" 


from 7.S per cent, to 1S.S per 
cent, for private individuals. 

Tax increases were imposed on 


premier's report, the highlight 
of the opening session, is ex¬ 
pected to be passed uuani- 


>-v Tr-fk , * Imi ft JIJSUSkvs diu* WJi* 

i; 21 ^ i! i t { 111HI I I'Tlie Wllwatersrimd. 
^ •• ‘ * I 'k l Ml vi t.ulf*xcA frnm Rnbhcn 


*«-kiraiie from Robben 
• turned down an 
work at-the Ramu 
i(ion Department in 
•j hut was allowed to 
rticles with a black 
■i the city. 

. iniiK orders . were 
t year lo enable him 
. APe Town lor chest 


in December 1976 and of;SJS84 Africa. object to that very strongly." 

in tbe same month of 1975. One consequence of the Bill j} U t Mr. Nkoinn did not set 
Immigrants last year -totalled —and apparently its main aim down preconditions on continued 
24.S22, about h*lf the figure for —will be to make settlers xj.S. participation: “ We want to 
1976. About BOO a month .came eligible for military service, hear wbat the Americans have to 
from Rhodesia. Other principal Resentement has been growing Sit y about this.” 

countries of origin were Britain, in some quarters against young ——— — — — 

Mozambique. Zambia. Portugal immigrants being exempted 

.and’ West Germany. £ome from military' service. At the 

?*i.Ono people emigrated from National Party’s provincial con 
South Africa hut. taking-into ac- cresses last year, there were _ 

coiint those whivleft permanently repeated calls, for the com pul- H 

without classifying tberosflvps sory enlistment of young inuni- . 

as enuGrants, the actual drain -grant men. H HBWi 

was probably greater. The main The Johannesburg Rand Daily S H| 

destinations for emigrants were Mail to-dav labelled the Bill as M 

Britain, Australia. Israel, the U.S. a farce. It said the provision 
and West Germany. . ■ “makes a nonsense of what we 

The reversal of the raigrition have always thought was this 

figures-is-viewed with concern ! Government’s prime aim on 

■ bv - both Government and immigration—lo swell The ranks 


object to that ver>' strongly." ' Ualitms. But he said that the . tionai" increases in taxation on 


But Mr. Nkoinn did not set j Kingdom might join the peace 
>wn preconditions on continued I talks after consultations with 
,S. participation: “We want to' other Arab parlies, including 
»ar wbat the Americans have to | the Palestinians, if its eondi- 
y about this." ' lions were met. 


tiersumi liiL-uuif IUJ lilt- t.-hpine will m>rmit a i-ertain ."wie ui mt 

first time in several years which L rei , nla „ c 0 f P ( i, e fixed invest-1 address By tbe country’s Prime 
Will result in tax cuts ranging JSiJ ,onravid n S?ierts in hi . Kuo-feng. The 

from 7.S per cent, lo 1S.S per “f" 1e °. r ! Premiers report, the highlight 

cent, for private individuals. h j. deS? MftteSaK to> of t,l »* ^ nin 5 s,>ssion ’ is «“ 
Tax increases were imposed on UC ii a i pected to be passed uuani- 

a number of consumer goods and n ,nanu 'J mottsly by the rubber-stamp 

services but this year the ** tradi- ,aclunn =- Industrie.. ; parliament, but the formula of 

tionai " increases in taxatidh on The abolition of the tax charge j debate may need to. be 
luxury items such as tobacco, on dividends paid out of offshore: observed. 

beer and spirits, were excluded, profit will particularly benefit I _ 

The tax concessions for :be operators in the Asian dollar 1 Mm. puMlifcrd jufr (Kept Son- 

eorporate sector include an in- market as well as the reinsurance 

vestment tax credit scheme and industry. • sni»u cl« wj *i s-i* v-rn. n.v! 


figure*- is -viewed with concern I Government’s prime atm on 
bv - both Government and * immigration—io swell The ranks: 
pnvare sector. A high propor- of'white residents in This coun- 
nion of’ those. leaving are try and s..’ shrink the racial 
thought 'lo be . skilled profes- imbalance." 


'One is looked after by a 
l-tuned team’ 



;ALIAN OFFSHORE EXPLORATION 

il search on the fringe 


Authentic passenger statement 


• - -X 

• - v . - ■ v 


», k ??1 


If i >V 


' urveying began this 

• Australia's Exmoutb 
bich_ the petroleum 

• ■■ s cniuc to regard as 

v's last hope ' for a 
nil accumulation. It 
1 to. he oil. and il 
I to be bia. for the 
, is 25-2W)kni off 
north-west coast in 
. :is of 300-3.000 metres, 
n the frin're of drill- 
itlopv and bevefnd 
irnrtuninn tochnoloay. 
uns of oil companies 
itfcil 1 to spending- 
ex pi oration, over the’ 
,-<ars, building up from 
jjljis financial year to 
four years. With 
verement encourage- 
oil companies will 
■is minimum enmmir- 
tanihilly —S40ftm. is 
1 ‘user to the mark. 

irbalf tbe outlay will 
- ;h .. lhc Exxon-BHP- 
i. which produces 65 
f Australia's nil from 
«• . Strait, off Victoria. 

‘ ’ bid successfully for 
five'Exmouth Plateau 
.own open for inter- 
-fidpr in January last 
bids closing in .July 
? allocated in October. 

executive general 
f BHF’js oil and gas 
r c. Des Wiltwer, points 
measure of Australian 
•t's .anxiety lo 1 find 
. .1 decisions were made 
In u series of snb- 
ocuraenting the need 

i taxation concessions. 

1 ustry lobby-warned of 
ndiEenous oil reserves 
jospect of an annual 
•f Ing io $4bn. by tbe raid- 
1 !■ 

*■ paign succeeded. The 
i industry was singled 
incentives, introduced 
ks before bids closed 
nouth Plateau, and gas 
nt studies began on 
nt North West ShelL 
: of policy changes 
four-year rundown in 
exploratiun. 

.rih West Shelf bas- 


BY DON UPSCOMBE IN PERTH • 

tended to overshadow all other 
effort, its S3bn. cost estimate 
making it the country’s niosl 
expensive industrial project. But 
if the’ Exmouth Plateau proves 
rn be oil-bearing ti would call 
for at least another 838m. to 
produce oil from such a great 
depth of water so far offshore. 
Of nothing worthwile is found 
there In the next three, years, 
AuA-fralia will need to revise 
drastically its energy assump¬ 
tions and associated balance-of- 
pavments questions.) 

The smie of the project is very 
large- .The first seismic contract 




• X ::*vvd*#*v«jpw /*' m » 


EXMOflTH 

PUTEAU 


T“gg? b . 

IA w r.STER N. 


VI’ S'T-RALI A 


is for a 13.000 square km survey. 
One contract, by one -operator 
thus represents 40 per cent, more 
than all the seismic surveys 
throughout Australia last year. 
Geophysical Surveys Inter¬ 
national. which has this initial 
job. excited geologists’ interest 
two years ago after persuading a 
group of companies to under¬ 
write a-preliminary survey. 

Bv way of comparison. North 
West Shelf blocks are .up to SO 
times bigger than Those oh the 
North Sea. The Ove on Ihe 
Exmouth Plateau divide its 
161,530 sq. km. into roughly equal 
. segments, and arc thus bigger 


still. In more familiar lernis. the 
block are just under Sm. acres 
each. * the combined total -or 
Britain's five biggest counties or 
more than half as big again as 
ail of Wales. 

Companies drilling «-ff 
Australian shores have exclusive 
exploration rights. Successful 
bidders make a work commii- 
inent but no actual payment to 
governments. This carries 
through to exclusive production 
rights Tor blacks that are. by 
then, substantially reduced in 
size. This easy ccress meant 
little' when Australia s crude oil 
price" was one-fifth of the world 
rate. But if has proved attrac¬ 
tive to producers of new oil who 
arc'promised* world price parity. 

North Rankin, which is to be 
the main producing reservoir on 
the North West Shelf, provided 
the-’first clues to tile oil .possi¬ 
bilities of Exmouth Plateau. Its 
Trlassic structures proved unex¬ 
pectedly to be in world class, 
but producing gas ralber than 
oil. - Must Australian onshore 
sands have good reservoir 
qualities but have been Hushed 
our with fresh water. So the 
Exmouth Plateau explorers, 
beaded by Exxon, Phillips, 
Hudson Bay and Wobdside, are 
Rambling on the theory lhat sedi- 
menu that have generated gas 
onshore and in the beavily- 
fauited shallow offshore waters 
have, created oil farther, offshore 
In .trigger structures- 

Exxon's Australian exploration 
manager. Mr. Ken Richards, who 
has been one of the most entbu- 
siastit advocates of the Plateau's 
prospects—and for ■ the next 
eotiple of years .will be pre^- 
cupied- with locating, any oil— 
sees exploration as a daunting 
task -bat still relatively simple 
compared with production. 

: M -It we find anything, the 
technology required will be 
simitar to what was needed to 
put a man on the moon,” he says, 
"afid.it. mferbr well cost nearly 
as much." Firms selling .North 
Sea technology, already proving 
right’ fo p the demanding North 
West" Shelf, should find the 
Exmoutb Plateau a happy bunt¬ 
ing ground. 



v 4 : *' 


JosM’rcc, immudhtle reservations can now be made for over 45 boleb in France, 

1 Tench Wfcsl Indies, French Guyana, Dominicu, .- 
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\MKRICW NKVVS 


WOULD TR A DR' NEWS 


funds out 


p«U Senate will delay 
at decision on Miller 


Consumer 
prices rise 
steeply on 


rrrnT 


over Stevens for thorough inquiry new index 


of Japanese eari to U.K 


BY CHARLES SMITH 


TOKYO. Feb. 27, 


By John Wyles 

NEW YORK, Feb. 27. 
SOME U.S. trade unions have 
withdrawn (heir funds from 
Manufacturers Hanover Trust 
Company, a major New York 
bank, in a bid to force the 
removal.of two directors of J. P. 
Stevens from the Board of the 
bank's parent company. 

This is a new tactic in the U.S. 
union movement's campaign to 
organise Stevens, the second- 
largest textile producer in the 
U.S.. and the symbol of resist¬ 
ance by southern employers to 
unionisation. 

Although U.S. unions have used 
thr.’ir pons on iuad invL-a Linen is in 
the past to penalise companies 
with investment in South Africa, 
the current move is believed to 
be the first time that ordinary 
funds have been used as a 
weapon in a domestic issue. 

The move to unseat the two! 
directors—Mr. James Finlay, thej 
Stevens chairman, and Mr. David 
Mitchell, a director of the textile 
company—began last March at 
the bank's annual meeting, it was 
led by the Amalgamated Clothing 
and Textile Workers' Unioo, 
which is in tbe vanguard of the 
fight against Stevens. However, 
the union initiative failed to 
muster sufficient support. 

Since then, the Betuuakers and 
Allied Workers' Union bas closed 
its trust account at Manufac¬ 
turers Hanover, which handled 
S6.4m. of investments for the 
union's health and welfare funds. 

This intiative was followed last 
month by the defection from the 
hank of a branch of the Auto 
Workers' Union which closed its 
$50,000 current account Of 
greatest signifiance, however, is 
the fact that the International 
Association of Machinists, led by 
ihe Left-wing Mr. William Winpi- 
singer, will decide in April 
whether to place the management 
of its 5160m. funds in the hands 
of another bank. 

At the same time, other unions 
are advocating a general boycott 
of the bank, which claims in its 
defence that it is being drawn 
into a dispute “ to which it is 
not a party and which it cannot 
resolve." 

Succession of 
rail accidents 
causes concern 

By Stewart Fleming 

NEW YORK, Feb. 27. 

A SUCCESSION of railway 
accidents, in which 17 people 
have died and more than 100 
injured, is causing concern 
about the safety of sections of 
rail track in the U.S. and the 
freight rolling stock using it. 

On Sunday, about 47 freight 
cars and five locomotives in a 
140-car freight train were de¬ 
railed near Youngstown, Florida, 
spewing a cloud of deadly 
chlorine gas over surrounding 
roads and swampland. Vehicles 
on a nearby road stalled and 
crashed as the chlorine 
enveloped them and cut off the 
supply of oxygen to their 
engines. Local authorities said 
that eight people died and 67 
were taken to hospital as a 
result of breathing chlorine. 

On Friday, near Waverly. 
Tennessee, nine people died 
when a tank car containing pro¬ 
pane gas exploded as attempts 
were being made to unload its 
cargo following the de-railment 
of a freight train. The explosion 
occurred as spectators were 
watching the exercise 


BY JUREK MARTIN, US. EDITOR WASHINGTON, Feb. 27. 


EARLY Senate action on the 
nomination of Mr. G. William 
Miller to be tbe next chairman 
of the Federal Reserve Board 
appeared less likely to-day when 
the chairman of the key Congres¬ 
sional committee said that there 
would be no vote until all ques¬ 
tions relating to Textron’s alleged 
payments to Iranian officials had 
been answered. 

Mr. Miller is due to testify 
to-morrow for the second time on 
whether or not he, as the chief 
executive of Textron, was aware 
of payments made to an Iranian 
agent of Textron’s Bell Heli- 





Hr. William Hiller 

copters subsidiary. The agency 
concerned was reported to have 
been secretly controlled by the 
former head of the Iranian Air 
Force. 

This morning. Senator William 
Proxmire, chairman of the 
Banking Committee, opened a 
session, at which past and present 
Textron and Beil officials were 
to be cross-examined, by reading 
a statement which said that there 
would be no committee vote on 
the nomination until it could be 
ascertained with certainty that 
Mr. Miller was unaware of who. 
in fact, was receiving the 52.9m. 
payment. 

"If nervous Nellies'and weak 
sisters are frightened by this 
kind of thorough investigation." 
Mr. Proxmire said. “ so be it. 
The Government is better off 
without them." Textron's pay¬ 
ment. which the eompanv acknow¬ 
ledges. constituted " a bribe," he 
added. 

Some Senators on the com¬ 
mittee criticised Mr. Proxmire 


for engaging in “ a fishing expedi¬ 
tion." On the other hand, there 
is a prevailing Congressional 
sentiment that the confirmation 
process must be thorough on this 
occasion and that the sort of 
perfunctory deliberation given- a 
year ago to tbe appointment of 
Mr. Bert Lance. President 
Carter's erstwhile Budget Direc¬ 
tor, must be avoided at all costs. 

Dr. Arthur Burns, the out¬ 
going Fed chairman, has been 
privately warning that delay aver 
confirmation in office of Mr. 
Miller can only barm U.S. 
prestige abroad, and possibly 
help bring down the value of tile 
dollar. But the decline in the 
dollar is not a subject which has 
impressed itself heavily on Con¬ 
gressional opipion so far and 
certainly not when matched 
against probes into personal, 
private or corporate malfeasance. 

In his testimony last month. 
Mr. Miller was adamant that he 
did not know that Air Taxi, the 
Iranian agency, was secretly 
controlled by Gen. Mohammed 
Khateini, former head of the 
Iranian air force and a confidant 
of the Shah. 

However, a former Iranian 
agent of Bell has testified that 
this information was known in 
Textron's headquarters. In 
addition, the New York Times 
reported to-day that the Senate 
Banking Committee staff, which 
has been investigating tbe pay¬ 
ments. has unearthed an internal 
Textron memorandum that 
appears to contradict earlier 
statements by Tex-rron officials, 
who expressed ignorance of the 
Khatemi connection. 

At the same time, it appears 
that the parallel investigation 
into Textron's overseas pay¬ 
ments. being conducted by the 
Securities and Exchange Com¬ 
mission (SEC) is widening in 
scope and likely to take more 
rime. There have been reports 
that Textron's auditors believe 
that at least four of the com¬ 
pany's divisions may have made 
questionable overseas payments 
and the SEC has expressed con¬ 
cern that tbe company did not 
conduct the kind of internal 
audit which might have identified 
such procedures. 

The SEC probe could well take 
another six months to complete, 
and it was in pari acknowledge- 
.ment of this that the New York 
Times yesterday, in a surprising 
editorial, urged Mr. Miller to 
withdraw his nomination. For 
his part. Mr. Miller has 
repeatedly claimed that his 
conscience is clear. 


Colombia poll abstention 


BY SARJTA KENDALL 

PARTIAL results give the 
Colombian Liberal Parly a sub¬ 
stantial majority in the congres¬ 
sional elections held yesterday— 
more than 55 per cent, of all 
votes having been counted. But 
abstention was high at more than 
70 per cent, of registered voters. 

Sr. Julio Cesar Turbay Ayala 
appears to have taken the Liberal 
party presidential nomination 
comfortably, with a two-to-one 
victory over his rival, a former 
President. Sr. Carlos LLeras 
Restrepo. 

The main challenge in the June 
presidential election will come 
from the Conservative Party 
candidate. Sr. Beiisario Betaneur. 
But the Liberals are traditionally 
the stronger electoral force and 
Sr. Turbay is an able tactician- 

Sr. Alberto Santofimio Botero. 


BOGOTA. Feb. 27. j 

president of the House of Repre¬ 
sentatives and a leading Turbay 
supporter. had a personal 
triumph in Tmima department, 
being elected Senator with a big 
majority. He is currently in jail j 
on multiple charges of fraud and! 
forgery. I 

Despite bombings of several 
political parly headquarters and 
some arrests on charges of vote¬ 
buying, heavilj-armed military 
patrols ensured a peaceful elec¬ 
tion day in most .of the country. 
Bands played and chanting sup¬ 
porters tried to whip up'enthu¬ 
siasm in the streets of Bogota. 
Although Left-wing groups were 
among the most energetic cam¬ 
paigners. they have captured 
much less than 10 per cent, of 
the vote from tbe well-financed 
machinery of the traditional 
parties. j 


By jurek Martin 

WASHINGTON, Feb. 27. 
THE - Carter Administration 
to-day received an unpleasant 
reminder of the inflationary 
pressures In the economy with 
an announcement that con¬ 
sumer prices rose in January 
at twice the rate of the preced¬ 
ing few months. 

The newly revised Consumer 
Price Index For All Urban 
Consumers went up by a 
seasonally adjusted 0-5 per 
cent, in January, with about 
two-thirds of the rise 
accounted for by higher food 
and housing costs. 

At the same time, the com¬ 
bination of inflation, higher 
social security taxes, and 
reduced economic activity 
brought about by bad weather 
and the coal strike produced 
the biggest monthly drop in 
the real buying power of the 
American worker (3 per cent) 
since these statistics were first 
compiled 14 years ago. 

Administration officials re¬ 
main confident that the impact 
of tbe bid winter on the 
economy will not be lasting 
and that the- recent sharp 
declines in both retail sales 
and industrial production will 
soon be reversed. Neverthe¬ 
less. the most recent figures 
do demonstrate the urgency of 
ending the coal strike as soon 
as ' possible before deeper 
damage is inflicted on the 

economy. 

Bad weather, which inter¬ 
fered with shipments, con¬ 
tributed to the 1.2 .per cent, 
increase last month in the food 
price component of the cost of 
living index. Meat, poultry, 
eggs, fresh fruit and vegetables 
all rose sharply in price. 

The overall cost* of bousing 
rose hy 0.8 per tent, in 
January, but with homeowners, 
as opposed to rent-payers bear¬ 
ing more of the burden 
because of Increases in house 
prices and mortgage rales. 

: Other serv ice sectors also 
showed appreciable rises, with 
the cost of medical care lead¬ 
ing the way. The clothing 
sector was one of the few- 
recording relatively modest 
price increases. 

Jr the January price rises 
were reflected throughout the 
year, the annual price increase 
would come close to 10 per 
cert.—considerably above the 
underlying 6 per cent, rate of 
inflation witich the Adminis¬ 
tration believes is running 
through the economy. 

The Janaary returns also 
mean that over the last 12 
months the retail cost of living 
has gone up by an nnadjusted 
6.7 per cent. 

The new index is reckoned In 
he a more accurate gauge of 
consumer spending lhan.the 
otd Consumer Price Index. The 
survey has been extended la 
cover' ail urban consumers as 
opposed fo Ihe original sample 
which was limited to urban 
wage earners and clerical 
workers. 

The Administration niay 
argue that to-day's statistics, 
particularly those on real 
spending power, demonstrate 
the need for the 3-4.5bn. tax 
culs proposed last month by 
President Carter. But It is also 
clear that they will cause 
public and political attention 
to focus critically on current 
anti-inflation policies—or 
rather the lack of them. 


■ . -■ -snorts As a result, the British ambaa- CONSTRUCTION 

THE MINISTRY of International ft bout the issue of car ^ Instructed to make in She Middle, 


Trade and Industry, according to t0 .££ a ^ ^ng some ’effort . rep[re«ntetions to cHguta 
local Press reports, intends to . tU though so far,we Japanese Government... 
order Japanese motor manufae- £^^ 0 ^ idea," the SBSAJSL 


tdll! 




oraer .j juvav* --h ave -no concrete luea, VWjT . nra-im 

turers to provide it with monthly gangsman added. ; - take the 

figures of their car exports to P j n a public comment on the caf -because the MiJ?time 
Britain. It also plans to “warn jg ^ e P j apjLn - 5 Minister, for'tab-' urgent 5? 255 ■!*.•**• 

any companies which allow their External Relations, Mr. Nobuhiko to £o through the-normal EELIjq Eprcrpean-w^ea 
exports to grow too rapidly. rfshiba said to-day that Japanese channels. . . , ' ■ companies. 

Both moves are said to be car makers were ready to accomr- ' Japan's 'basic ™ t£t«Sr 

intended as a response to the modate British demands for car.export issue, skeins to be.that Philippine, 

demands from the British Gov- restraint "as much as possible It > impossible^ to^place dwrt Japanese comj»ntt& 

ernmeot that Japan should place ... if there is an agreement restraints on the levels pfregis lo^-ones. - - 

some effective restraint on its our industry will be able to. carry traihms of Ja P? n ^ 0 5*7U*S: compasaffl^ 
motor exports to the OK. it out." ' .-UK las was demanded^ toe jj^ereS by -Was* ^ 

a joint communique issued society of Motor Manufacturerstax'-housing—* 
of after industry-to-indiistry talks in Traders in tte Tokyo talks):| allowan ces r Jir 

transmitted to tne Minister or j. ebrnary deluded egressions of t at in theory, UJS. walkers *«m i 

E'TffiSK 1 ’SrS i-.teSTy theJ.pane^ no, £ E&UV 2&X2&** 

British amS^or Sir Michael *"■ w •”"£ . 

Wilford, about too *» a*o. «*£, Kfffi ^regarded aa ESortaJf®? 

A spokesman for the Europe an insufficient j guarantee by g* P aT nbng indittduftl wotor 3J, nt 15 per cent' 
section of Mm' 5 International (among! others! the UJx. Depart- in japan and |£ScLm ^*wnK r;: tt 

Trade Policy Bureau, which is ment of Trade. . ■ “tSE: heca use of the strength iiSSr flitir' .. 

directly concerned with U.K. Further generalised “forms of 

trade relations, toki toe Fin- words” on the car export issue of _temana rer ^■- : ;V'- ' 

ancial Times that he could not offered by the Ministry of.Inter- onwiri- 

comment on Press reports about national Trade and Industry after It seems tMtMTrl ! Ijllf CIV’Will 

MlTl-s export curbing plans. He the indusm-leeel talfcswe « so study ing ^ bf Cb rowmg^jy I^UI-V.11 
admitted, however, that the apparently rejected by the DOT weght behind Testraints-oa snip- n -_-l-^p 
Ministry was "greatly concerned’’ as insufficiently concrete. v 

.• " ■ _ - . "-•** -” gy Charley 

New offers to EEC predicted 

BY OUtt FAR IAST EDITOR • ' 

JAPAN "hopes to make some cedures for imported pharma- initiative and etrfcrepwneurabip 

_ .. . Uo «i«es caid that th» In-'itAiiin? tft Janan ” • 


External Economic Relations. air,mea - He said be understood that the and satid; " 

Mr. Nobuhiko Ushiba. told Mr. Ushiba said he felt there eec Commission had been given Ballast-Nedanv 7 InteQS&S 

foreign journalists to-day. were misconceptions in Europe a mandate to conduct the current and Overseas 

The concession, however, will aba “ t the s, | Di f can ^ e * round of trade negotiations with paily join Ely 

not be particularly dramatic earlier round of trade talks with j apan by . the -Councfl ■ of (£!4nU Order to Iffilft flrpeS 

since most of whit Japan has to SteJ'fh-.’ufactory at KbOTlta Tu#3 
give to its trading partners in ^lAStd Sat'h^ ESSE*«££$$& 

the way of global import con- t0 Europe | n interests” but a?ei£S' I 

Sf^rS? uTam lnc fuded new measures of global ^ 

SS-jSSS :Sffl U bVb,'iS?" u w S Nigeria buys U,K.pl 

” ^eoutcome D . g . g! fgU.Bg SS . IB. Poltatiwi t*#*'** 


“SJS? rt u“S^sr?.iS 


The Minister also warned 


«... lum. w*. .. , w j.j h nmciflii- starts I'ouutioa comroi-sn^ 

of the Geneva MTM negotiafiobs. The Mjni6ter also waniea that ^o^ow-o^ “e Danish S** r sui ^S ! SS 

As an example of what might over-dramatisation " would not. Foreign Minister, Mr. fioege .Powell Duaryn Group, 
come out of the Japan-EEC talks, solve the problem of the Europe- Andersen, in bis-capacity '.*s to supply an v 

Mr. Ushiba instanced simplifica- Japan trade imbalance. “We president of.the.KEC Council of. di^iosaL plant and 
tions in the inspection pro-hope Europe will show greater-'Ministers. Rackagfe: to'the Uagos-^iSte-.. 

- _____ r .~- '■ ■ ^ ernmeot in Nigeria. PD- 

• , COtttrUK.acUa? as-a'isonsuita 
--■j. - ;■ - • u-iil heln to-create.dreamst 

West German Price minima fixed for v 

ph mnqnipc , , , , , • V..'... vehicles and. equipment 

lUIlipaUlLS nlimk/xriKrl nii'K/ilinriAn UNS . 


West German 

companies 

optimistic 


Price minim^jfixedfor 
chipboard purchases 

BY RAY PStMAN, SCOTTISH CQRRESPONOENT -' 


Vietnam imports sh 


(SPANISH AND Swedish chip- has beehsqueezedbitween cheapj 
WEST GERMAN companies are board manufacturers have givejr-jniports and a falling domestic 
increasingly optimistic about, wparate undertakings to the ifiarket- .An important producer 
their sales prospects in Britain.|European Commission that they >weo* : into Ikpridation?Iaiftt year. 
according to a survey by the* will observe minimum price- and seVeral’ mojre. were under 
German Chamber of industry (levels, after allegations. against financial strain. ' kLmUJm wllTt 

and Commerce in the U.K. .them of dumping in EEC The industry sees the' new 'S5SSS; 

Nearly seven companies out of markets. agreements ks ..a significant, SrST” 

10 m the survey said their level; Last year Britain, Denmark, advance, particularly fts 'they, 

of orders was higher than before'the Irish Republic and West' Were' fbached amfcaMy..Wlfh the w.-nenwff..- v- ^ 

or was increasing. That com-: Germany asked tbe Commission'European Commission .coatimung, c» A j ' ^ 

pared with about half durkie the: to investigate Swedish prices but to monitor prices, the UJEC. mar* oUlOruMIiail.'jiaUKS'flD 


MASS TRANSPORTATION 


Costly ticket to ride 


BY NANCY DUNNE IN WASHINGTON 


WHEN PRESIDENT CARTER 
sent his energy programme to 
Congress last year, the very 
complex, far-reaching proposals 
seemed to contain one glaring 
omission: no provision was made 
for large-scale development of 
public transport systems. 

Beginning in the early 1969s, 
Congress bad authorised billions 
of dollars for urban mass iransk, 
and it was then conventional 
theory—supported by Democrat 
and Republican presidents alike 
—that large underground 
systems and vastly expanded bus 
services held the key to control¬ 
ling the problems of pollution, 
energy and urban congestion. 

. But President Carter's omis¬ 
sion was no accident. Ever 
budget conscious and aware of 
the vast cost overruns in the 
building of tbe San Francisco 
and Washington D.C. Under¬ 
grounds, the President eyed 
large-scale rail projects with dis¬ 
favour. Many systems were 
“ grossly overdesigned." he said, 
and subway tunnels were 

“ anathema.” 

Last September, Mr. Richard 
Page, responsible to the Presi¬ 
dent for urban mass transit 
administration, predicted, “ we 
have probably seen tbe last of 
the big regional subway 

projects." 

New rail programmes planned 
in Atlanta, Baltimore, Buffalo 
and Miami apparently will not 
be abandoned but might be 
curtailed. A close study of all 
possibilities would be required 
for continued federal assistance. 

It was thus no real surprise 
that the new administration's 
highway and mass transit pro¬ 
posals sent to Congress early 
this month offered tittle more 
money for urban transport. It 
was a typical Carter programme 
—short on new cash outlays and 
long on emphasising savings by 
consolidation. 

In the Past supporters of high¬ 
way development and mass 
transportation systems have 


clashed frequently, each urging 
the necessity of having priority 
for federal cash. The legislation, 
introduced by Mr. Brock Adams, 
the Secretary of Transportation, 
combined funding requests of 
$50bn. over the next five years 
for both. 

“We must redirect our high¬ 
way and public transportation 
programmes and gear them to an 
era of scarce dollars, costly 
energy, changing rural require: 
ments and growing urban needs,” 


that saving one mile per gallon 
in cars conserves more fuel than 
doubling mass transit system use. 
Transit proponents, however, 
contend that public transit's fuel 
saving advantage over the car 
will widen as urban traffic con¬ 
gestion increases. 

Meanwhile, early assessments 
of the two most recently com¬ 
pleted large underground systems 
are not encouraging. San 
Francisco's bay area rapid transit 
has been carrying far fewer pas>- 


President Carter’s energy programme omitted any 
mention of public transport—but it was no mistake. 
The capital cost of new schemes makes investment 
in public transport extremely expensive. 


the Secretary told a Congres¬ 
sional committee. 

The legislation would combine 
the existing federal highway 
administration and urban mass 
transportation administration 
planning funds into a single 
transportation planning fund to 
be apportioned to states and 
municipal agencies. Additional 
planning funds would be made 
available to urban areas. 

With inflation driving construe- 1 
tion costs up rapidly, Secretary 
Adams wants Congress to acce¬ 
lerate work on the interstate 
highway system and set a com¬ 
pletion date of 1990. States wish¬ 
ing to withdraw non-essential 
urban segments of the interstate 
system could use tbe funds for 
mass transit. 

Tbe emphasis on highway 
funding was opposed by transit 
backers. They say car users 
should be discouraged by stiff 
parking fees in downtown areas 
and higher petrol taxes, from 
which the vast sums needed for 
mass transit could be raised. 

Administration policy-makers 
believe boosting automobile effi¬ 
ciency through tougher fuel¬ 
using standards is a priority 
short-run objective. They say 


senders than experts had 
estimated and profitability baa 
receded into. the far distant 
future. The Costs of the new 
.Washington system have esca¬ 
lated by mode than S3bn. over its 
planned S2bn. price tag. and 
users have complained about the 
frequent breakdowns of its 
sophisticated equipment. 

The President's distaste . for 
large urban undergrounds found 
■unexpected support in a Congres¬ 
sional budget office report 
released last autumn. “ Of 3II 
the commonly held notions about 
energy efficiency,” the report 
said, “probably the most mis¬ 
guided are those concerning 
rapid rail transit Tbe findings Of 
this study indicate that, under 
typical conditions, new rapid rail 
systems actually waste energy* 
rather than save it.” 

Tbe energy consumed in the 
construction of. rail systems, the 
need for commuters to drive cars 
to the terminals, and the 
circuitousness of most rail travel 
“ offers little aid to the nation's 
efforts to save fuel,” the report 
concluded. 

While advocating car and “ van- 
pools." the budget office agreed 
that expansion of the nation's 


bus systems might be the 
cheapest, most energy efficient 
means of moving about urban 
and suburban Americans. 

However, most bus systems 
bave had their share of problems- 
In the early 1970s many- private 
companies, finding they could not 
compete with the automobile, 
faced bunkrupicy. Cities and 
regional agencies took over 
operations and fared little better. 
Inflation, labour disputes and 
rapidly rising workers’ wages 
forced costs up, bringing about 
service cut-backs and usage 
decreased. 

Between 1971 and 1977. the 
total deficit for tbe country’s 
urban transit systems rose from 
5300m. to more than Sl.Sbn. Des¬ 
pite federal subsidies, almost all 
large .American cities are wrestl¬ 
ing with financial troubles in 
their bus systems- 

The ad minis tra don is looking 
hard at " light rail" systems, 
which are cheaper than Under¬ 
grounds but may add to conges¬ 
tion problems. Light TaH trains 
are a modern adaption of trolley 
cars which still run in San 
Francisco but were abandoned 
years ago in other large cities. 
Planners say such systems would 
run. on tracks separated from 
automobile traffic, sometimes on 
median strips or on elevated 
platforms. 

Urban transportation consumes 
about one quarter of tbe nation's 
petrol—or about IQ per cent, of 
all its energy producing fuel, if 
the U.S. is to make progress in 
conserving energy, this area cer¬ 
tainly cannot be ignored. 

The President's planners are 
hoping expansion of bus systems, 
increased car efficiency and some 
light rail will be sufficient. Tbe 
country, they believe, simply can¬ 
not afford The hu?.e expenditures 
required for conventional and 
Underground rail transit, and the 
American people are increasingly 
less willing to pay for pro- 
Srarnmes they feel they cannot 
afford. 


panies were confident that ibe> | sot under way. A ceiling was and Spanish decisi^ns;^ jjtrtw Yprf|^Sng ; ^er^ a Jbrthlgbt’i 

would be competitive in future, j agre&d od shipments during Frenqh : .produceand:vug t^rge curaipns on: increasing twqs 
compared with only 59 per cent.. February and new minimum' Belgian supplier of .ptiipboard tra^e, R; K. Sbarma writes t 
a year earlier. prices, believed to be more than have also' withdrawn their price New Delhi. China.is’1 b tore 

Th- mort important reason ; £eo 9 culjic metre ir » tfa e U.K., lists and are considering: n'ew : ia . baying iron ore. -pig-J 
given for improved business wasi"'^ 1 °P eral e ? n ati imports from U.K. prices. The E^uropeftn Chip- 4i.elia<\ rubber and- man?; 
the ex Da nil on of distribution to-morrow. ’ board manufacturer^ assoefition, tured items such .as stedtltt 

networks or n.w “nvBtHiem For SpHn. where Britain PESTA;- fl Uliely .rt. vie ihe Heel products, rainiai ' .^ 
such as ihe settina uo of new brou sht the complaint alone, an Spanish agreement as a basis for ment, earth-movmg equipm 
subsidiaries ' agreement on similar lines was tacktijig low-price imports''from ail drilling rigs, tractors, quad 

Although tn ner nf reached in Brussels last week. Comecon countries; particularly tools and dyes' and 'dye-h 

respondents Mi£d “It i£ The British chipboard industry Poland and Romania. • mediate^ Good. ( offered;• 

proved economic conditions and fSous metals, tiiv^SS?; Jt 

„ c y re ° cles h ,^ * . newsprint, hasie-c&^I^ 

gMrfS'W'asia Dar es Salaam delays ' 

as*UiS C jI?ta reason 1 * ^or^had BY MICHAEL HOLMAN LUSAKA,-Feb. 27. 

business. EN SPITE of inter-Govemmental months. Senior Zambian officials 

--- efforts the backlog of Zambian visited the port last month in an The complete puzaping i® 

Hlinsrarv side Tamaim cargo at the Tanzanian port of effort to ease congestion. lation for a- bjg'~dry : 4 duk 

Th* wiirJarian Dar * B Sa,aam at ■. . In mid-January the Tanzanian S with Korea fstp.toeln^ 

hShHnl a “ Critical" level, according to the Government announced stihstan- w «ir PumjW .ih Gl^>T«^; 

S5nOm a 1USrins rpfin P ^ rim,to ?*“ bian freight agents Leopold tially increased storage charge AlSoa , for more thafrSStfc 

James iriS fro? Wni^ton it Wa,ford ' l l * u « s } ssue S S y th< ? ™th effect from 1 midyear in^n The order,-for the KCH^ttl 

HH" S*TF!r mmmjxse 'p.'kks msst'szssegs 


Mexican and 
aluminium smelters. 


EEC BARRIERS 


i -'.j-:'.- ■ • 


Australia gets 


BY CHRISTOPHER PARK^ .. . ^ 

to Australian exports has taken (they call them 2 “ repreJenu! ^ em ‘ ent 

on a more abrasive tone. In tions’* in AuxtraHa Hr»T£i pre_EEC A«ff,0O9-lQiiS€f- gilidelineK ^Most ofithe^ 

striking contrast to the early, th ” EEC’s activities ^ wnrW ^, arke * t f ? r butter has dia- major- .sugar . prodneersv^ 

diffident approaches of Mr. John markets and inflaterJ deal?n« Aus ^ ali !? ; ch . eese is Sgned aad agreed X6 

Howard, the first Australian with Australi!? now unknoTwr nr Britain, afltrT«ngah>-rm)du^n'aM oqgfS 

Minister responsible for trade sales of 100X00. tonnes of fttt 

w th the EEC, the new man, Mr. Sk *bis miSw f eef ^ sbrunk *** t6 W'- prices^ 

Victor Garland, has a self- 1 5 ^ nns ' • tonnes. v ' 

confidence usually detected onlv Then, the biggest shot in Aus* “We are among (he vfotUTs ^ 

m negotiators from across the tra''a s locker was the threat that cheapest exporters of ', apricut r^ 5 - bands this y^ ^xesfefia 
Atlantic. unless toe Common Market made tural produce fn^t can»i : 3h>.-:tDnnes-, ^ 


.-- “““Ml.- UUCUCU UIIIV 

m negotiators from across the 
Atlantic. 


—, ~ "m uis luiBtti i-iiaL vutapni eipuriers 01 . agneut -‘“uus .bus yve - 

unless the Common Market made tural produce ^tti we raSH : ^tonnes-', 1 % 

way for Australian agricultural .get aecesaj’MHrr Ga vianA Suhsidiring>'-aj« 

exports (beef in narticularl Aiis. Tjindnri tact nraair . amount oirl' -lim. :..nai 


-j 




tions to the list of charges possibIe - But worst bring toe 

already drawn lip against the Since then, however, the scope not stop there he^affafedi The .edi&e'-ifafh 

®e«>ber governments of Canberra’s case has widened 

CommSion 3 ^ ^ ^ BrUS5e,S 

The latest of these concerned *—*■ may . provided Sg 

the Community's pi M l0 start .prelimin^ c^t 

subsidising trade in steam coal ^.Australia la now convinced 05 world., markdte. “ wBS fw «ibsiSs^ SSriiSf 

a,"!5£s st‘jk agesssfa sssmiSe^S^SSS^ 
sawme »aanaae55siS^®sy? 

its frontiers to imports then jhe present it is £lb“ a 

w0^ , <i ’ , tra( * e of «*■*» * 

European measures to support While everyone knew that Jras'sSbas^^ 
and protect the steel industry Britalfr’s ,-entry into ThZ rS RtalBtaftrSy. 

ta b "’ 0d PreSS “ re ? tnHBUonUWto 

lands tnp to the EEC was to seen-in the past five years, hr ''Tn • - cwisideraWa,.*v 

Sm 1t J n J°™ all J the ^?, ple he said AustrSia once sS i t ^ 

will be facing during full nego- tonnes of wheat a year in the 'aSSS 

*"“* “ April - Ust now it MOB JS 



















«•'. ** ;V V- 


^majicial Times Tuesday; February - 28 197S 


NEWS 


few Zealand sued 



a imported butter 



- 




5 *'.?*. 


j.- 


-V 

l-.w-:"- " 


A;>\ ;.U 

Uv, “‘ 


V" 


fs i< 


,u£l> 


;..y V#« - 


s*»- •>- 


ft VI'tA. 
ai-- - j- f ; 

if* 


3AVfO CHURCHILL. 

JONISTRAITVE error by 
toms and Excise has led 
' action to recover £15m. 
y underpaid in butter 
levy by the New Zealand 
:oard in 1975. 

Customs said yesterday 
.' spite of a mix-up over 
documents the' UaiTy 
was still liable to ' pay 
ra levy. Following the 
to reach a negotiated 
rat with the Board; the 
s'-has taken- out. a writ 
■ cm in the High Court. 
Uspute arose in Decem¬ 


ber,. 1975; over-a consignment of 
butter from New Zealand due to 
be .unloaded at Sheenxesg and 
Cardiff. The Dairy Board is said 

'to have presented. th* .-relevant 
import documents on which the 
levy is based before* the ship 
actually docked. :• 

These were approved by the 
Customs; but .by the. ..time the 
ship had docked in tbeVU.X the 
rate of import levy*' on New 
Zealand butter had-.been in¬ 
creased. The Customs therefore 
asked the-Daily Board for. the 
extra £L5m. 


tina clay production 
wn by 5,000 tonnes 


NCjAL TIMES REPORTER 

CLAY production in the 
: -the quarter ending‘ in 
showed a slight 'doum- 
5,000 tonnes to 668.000 
mmpared with the same 
ast year. 

Is -rose 2,000 tonnes to 
onnes but home produc- 
.30.000 tonnes was down 
,nes..- 

ignificance should be 
io the downturn, the 


China Clay Association-said yes¬ 
terday, adding that the" shortfall 
io the quarter equalled about 
half a- boatload. 

Last year's production figures 
for- china day. which .goes Into 
paper, ceramics; rubber and 
paint, showed a 12 per cent, rise 
to 2.8m. tonnes. 

English China 1 CIays, ; . based at 
St Austell. Cornwall, ^accounts 
for about 80 per" cent of U.K. 
production. 


Courtaulds man to join 
Enterprise Board 


A DIRECTOR of Courtaulds with 
experience in chemical engineer¬ 
ing and general industrial 
management is to be deputy 
chairman of the National Enter¬ 
prise Board. He is Mr. Richard 
Morris, 52, seconded by Court¬ 
aulds for four years. 

His appointment was announced 
announced yesterday by Mr. Eric 
Varley, Secretary for Industry. 
He fills the post vacated by Sir 
Leslie Murphy, who became 
chairman of the NEB last 
August in succession to Lord 
Ryder. 

Mr. Morris’s salary will be 
£27,550 a year. The main pur¬ 
pose of tus secondment is to 
protect his pension rights with 
Courtaulds, where he bus worked 
for 27 years since gaining a 
chemical engineering degree at 
Birmingham University. 

But the secondment arrange¬ 
ment also means that - a fairly 
small difference between Mr. 
Morris’s existing salary and that 
at the NEB is to be made up J>y 
Courtaulds. 

The four-year period will take 
him beyond the retirement age 
of Sir Leslie Murphy. 62, and 
Mr. Mortis could therefore 
succeed to the chairmanship. 

His background in the troubled 
textile industry has given Mr. 
Morris special experience of the 
usefulness of Government inter¬ 
vention in industry. 

He said yesterday: “There are 
too many sectors of industry 


which need some sort of assis¬ 
tance either through the injec¬ 
tion of cash or :he rearrange¬ 
ment of their business. 

“ff we don’t do something 
about this then one by one dif¬ 
ferent sectors of industry will 
collapse and atrophy away. 

“There are plenty of examples 
nf under-ln vestment, of prob¬ 
lems in overseas markets, and 
of a lack of sufficient organisa¬ 
tion to cope. In these areas, 
friendly help is needed from an 
organisation with a low key 
and business-like commercial 
approach.” 

These views of the function or 
the NEB arc very similar io 
those of Sir Leslie, who recom¬ 
mended Mr. Morris t<i Mr. Vjrloy 
from a short list uf five. Initially 
Mr. Morris, who joins the NEB 
on April 10, was found by rmn- 
pany. employed by the Depart¬ 
ment of Industry. 

His basic industrial experience 
will complement Sir Leslie’s 
banking background. He will 
have overall co-ordinating 
responsibility for the companies 
owned by the NEB. apart from 
British Leyland and Rolls-Royce. 

He will be chairman nf the 
NEB's two regional hoards in 
Newcastle and Liverpool, and 
be responsible for co-ordinating 
the Board’s acquisitions, especi¬ 
ally among smaller and medium- 
sized companies. 

Mr. Morris is a p.nri-iima 
director of British Nuclear Fuels, 
a member of the Advisory 
Council on Energy Conservation 
and is this year’s president nf 



lh.* Institution of Chemical 
Engineers. 

In the 1950s he held works 
management sod then senior 
executive appointments m 
Courtaulds companies such as 
British Guianese. National 
Plastics and. later. British Lego. 

Ho joined the main Courtaulds 
Board tn 1966, but for most of 
his career has had more to do 
with the group's technical work 
Ilian its mainstream textiles 
business. 

Under his direction there 
have been various technical 
breakthroughs, including most 
recently development cf Cour- 
tauMs’ absorbeni cellulnsic fibre. 
Vilolf. ■ 


Imperial 
cuts jobs 
as market 
falls 

By Stuart Alexander 

MORE JOBS will be lost this 
year at Imperial Tobacco's two 
manufacturing divisions, W.D. & 
H.O. Wills and John Player. 
Wills has factories at Bristol. 
Swindon. Newcastle-upon-Tyne 
and Glasgow; John Player is 
based at Nottingham. 

The moves come at a time of 
difficulties for Imperial in a fall¬ 
ing cigarette market. In the 
12 months to October, tobacco 
accounted for less than half of 
Imperial Group profits for the 
first time in the company's 
history. 

Imperial said last night that 
the companies would continue io 
balance (he labour force with 
production needs and this would 
be achieved through a policy of 
natural wastage and no recruit¬ 
ment. It could not give an indi¬ 
cation of the extent of the cuts. 

At John Player, working 
parties have been set up with 
employees representatives to 
arrange a limited number of 
voluntary redundancies or early 
retirements, and the gift voucher 
departments at both Wills and 
Player have been run .down as 
the demand for coupons has died. 

.Most of the reduction will be 
, 3tnong production workers. 


Tea price-controls 
to be implemented 
at wholesale level 

BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 



TEA BLENDERS will have to 
cut prices by 5p a quarter under 
Government plans published 
yesterday. 

The controls, spelt out in a 
| consultative document, are to he 
' imposed at the wholesale level 
(and the maximum permitted scll- 
jing price will be related to the 
! price being charged last week. 

| The plan follows the Govern- 
| men is failure tu persuade the 
four major companies—Brooke 
> Bond 0\o, Lyons Tetley. Typhou 
Tea and the Co-operative Whole¬ 
sale Society—to reduce their 
prices volunta ri ly a s recom¬ 
mended in ihe Price Com¬ 
mission's report published ia-st 
week. 

The powers are being taken 
under the 1974 Prices Act which 
until now has only been used to 
set maximum prices on food 
receiving a Government subsidy. 

The tea companies were still 
hoping yesterday that their 
lawyers would be able to 
establish that the Prices Secre¬ 
tary has no legal basis for ustnc 
the Act in this wa?. though the 
. Department of Prices has 
I apparently advised that this is 
J a perfectly proper use of the 
’ legislation. 

! The retail price will not be 
controlled by the order, though 
the trade has already promised 
to pass on any reductions in full. 

Shops must be given at least 


a month to clear stocks of tea 
bought at the higher price 
before being asked u- make any 
reductions, blenders said. 

Under the proposals circulated 
yesterday, the tea blenders 
would not be able to sell blended 
teas at prices exceeding those 
charged un February 22. The 
maximum price would be related 
to whatever price any particular 
trade customer was paying fast 
week. 

The retail price will not be 
controlled by the order, but the 
irade has already promised to 
pass on any reductions in full. 
Yesterday, they warned, how¬ 
ever. that the’ shops must be 
given at least a m<mih to clear 
stocks of tea bought at the 
higher price before being asked 
Id make any reduction.-, 

The Government evidently 
hopes to implement the controls 
as soon as possible—ptrhaps 
before the end of March. The 
lea companies arc tn see nlficials 
from the Departmcm of Prices 
again nn Thursday and 
interested partie-, been 

given until next Tuesday to 
make represent)ions. An order, 
subject only to negative resolu¬ 
tion. will then he laid. 

Though the tea companies 
showed no signs yesterday of 
giving into the Government- the 
Department is still! hopeful that 
they will eventual]*- co-operate 
voluntarily. 


arclays rejects 
ied for ‘corset 5 


inw ]iu-d k<r 

fH-tYfLiMA 


ICHAEL fiLANDEN 

IS no immediate need 
eminent measures to 
he money supply, either 
the re-imposition of foe 
'corset controls on banks 
gh a rise in .short-term 
rates, says Barclays 

ink's economists see a 
• however, that ' foe 
es could be pushed into 
.ited action by the 
;bich the big clearing 
.ve.been making to pro-, 
em selves against a 

rei ntroduction of foe. 

latest issue of the. 
U.K. financial survey 
tat there shonld not be 
tie problems for- the 
ent in keeping within 
/ supply targets for the 
year. 

he -increase in sterling 
i month to mid-January, 
lies that to hold the 
itbin the top end of: foe 
cent official target foe 
’s’ ean allow a further 
nly about 2 per cent, in 
; months to mid-April, 
iff for rises in bank 
to the private sector, 
estimates that foe 
lector contribution to 
credit expansion Would 


have to he limited to some 
£500m. over the ’ last three 
months of- the year, to hold 
money supply growth' down to 
13 per cent. 

With the public sector'borrow- 
ing requirement expected to be 
£6.5-7bn. • for foe . full year, 
implying an-upper limit; of. £2bn- 
for the final quarter, this means 
that net sales- of public sector 
debt'foe non-bank private sector 
would haye to approach £1.5bn 
.over the rest of the year, 

“Such a requirement -iis 
modest by recent /. standards,” 
Barclays comments. In. foe-year 
to foe third quarter of 1977,. foe 
average quarterly take-up cf 
public sector debt by foe non 
bank private sector .exceeded 
£L2bn. “ These figures, there¬ 
fore, do not point to a need for 
an'early re-introduction of foe 
supplementary special deposits 
scheme (foe. corset) nor for sny 
. immediate increase in short-term 
interest rates.” - . . 

_ Looking ahead to next year, 
the survey argues that lending 
io industrial and' .commercial 
companies will not significantly 
exceed this year’s 10 per cent 
growth rate. But the personal 
sector could see .an expansion of 
25 per cent and provide the 
main -source of loan demand- 


ange in balance-sheet 
es recommended 


•iRISTINfi MOlR 

HES should include in 
racial statements events 
ecur after the balance 
tie while accounts are 
■epared if .those events 
lv alter foe conditions of 
id liabilities at that date. 

similar events have 
which do not affect the 
at the balance sheet 
do represent abnormal 
to assets or liabilities 
at date, then companies 
'lot revise tbeir accounts 
uld disclose details in 
o foe accounts, foe 
□g Standards Committee 

indi ■ - 

rst sort of event- would 
payment of an insurance 
lich was being negotiated 
•alanec sheet date. The 
might be loss of stock 
of flooding which 
. after the balance sheet 

latest exposure draft. 


the committee also recommends 
■that events which occur during 
this interim period between the 
financial year end and the 
publication of foe-results which 
do not alter foe balance sheet 
but whicb need to be taken into 
account if the company is to be 
fairly evaluated, should be dis¬ 
closed in notes.. 

The draft will be open for 
comment until August l. - One 
area where comment is invited 
is how long foe post • balance 
sheet period shonld be. The 
prescat notion is that it should 
last until “ the date on which foe 
accounts are approved by 
directors "—but this needs inter¬ 
pretation. 

ED22; Accounting for post 
balance sheet crenis; Accounting 
Standards Committee. PO Box 
.433. Chartered .. Accountanti 
HaU. Moor gate .Place, London 
ECS. : . 


nd for private house 
ildiog critically short 

ICHAEL CASSELL, BUILDING CORRESPONDENT 

‘or private house building 
rating '. critically short. 
iB in some of the 
s largest housing con- 


Volume Housebuilders’ 
Iroup. which represents 
ajor housing construction 
:es. says that the land 
Is deteriorating, in spite 
rnmem. statements to the 

tement issued yesterday 
group blames the Coin- 
Land Act and develop* 
uid tax, but claims that 
to factors 11 are relatively 
Yhen compared with the 
ftransigencc. procrastina- 
■i lack, of comprehension 
jfit of the planning 
ies.” . 

' jbuUders say that in 1976 
7 they just managed to 
a* land banks at reason- 
vels—largely by buying 


plots from other builders or from 
failed contractors — but they 
doubt whether the sltuatioh can 
be repeated over the next , two 
years. 

The consequences or the land 
shortage will be rising prices fox 
development -sites and a slow? 
down }□ ihe already- low level of] 
private housing output 

The - supply of new houses' for 
sale voir fan rapidly in foe 
second half of 1979 and 1980 and 
selling prices. “win inevitably 
increase at a faster rate than at 
present.” Unemployment will 
increase - fo i construction 

sector.’ 

The groujy added; “it is 
difficult to reconcile our own 
experience and the fact that land 
prices are rising rapidly with the 
Department of foe Environment 
view that- the' position ' is not 
serious and that adequate .land 
is being made available.'* 





Price €175 


Every week 

until March 31st, 
al978Morris 

can be had for the same price. 

This is the Centennial year of the birth of William Morris. More than anyone else, he created 
the British car industry. And he did it by offering outstanding value for money. ^ 

Things haven't changed: the Morris name still stands tor unbeatable value. We chink that's 

worth celebrating... 

The Morris Centennial Celebration. 

If you place a firm order fora new Morris Marina before theendot March 197S, youcan enter our 
Centennial Competition. We're giving away a prize a week during the two-month period from the 
beginning ot February to the end ot March: the prize is your new Marina at the 191J Morris Bullnose 
priceof just £175, a saving of over £2000. 

Today’s Marina value. 

Tire choice of prize is no accident. In 1913, the first Morris production car at £175 represented 
the best motoring value vou could get. Convert thar£i / 5 into today s prices and you end up with a figure 
of £3022* Yet rhe 1978 Marina range starts at well below £3000. 

Not only that, but in 1978 Morris are building cars that are unmistakably a result of William 
Morris's philosophy: cars with uncomplicated, reliable engineering, classic anduntussy styling, usetiil 
space, low tuel consumption and high specification. 

' = To that we now add Supercover protect ion, and the back-up service ot over 2000 Morris oude us. 

Win a vintage Morris or £3022cash. 

Even though you may not be buying a new Marina, you can still enter the Morris Centennial 
Competition simply by visiting your Morris showroom and collecting your Entry' Form. V ntil 
March 31sr, you could win a real vintage Morris or the current equivalent ot the 1913 Bullnose price, 
£3022 in cash. 

Tbur Local Celebration. 

Apart from the two Centennial Celebrations, you’ll find lors going on at Morris showrooms 
throughout the country. Visit yours soon. 

You’ll find that, more than ever in Morris Centennial Year, Morris means value tor money. 




SLd Morris Marina We haverit lost our sense of values. 





7 








reman rial Times,. Tuesday -February 2S-1S7S 







Britain ‘should 
eep up her 


Takeover 


FT CONFERENCE ON WORLD BANKING 1978 


Panel I Time to replace floating rate 


BY RAY PER MAN, SCOTTISH CORRESPONDENT 

FRITATX SHOULD import nil iuOm. and rJOm. tons a '-car of 
from the Middle East oven when North Sea -.rude beins exported 
the Xortb Sea produced more The net improvement in foal- 
than our total annual consump- anee of payments might tberc- 


■By Margaret Reid 


BY DAVID FREUD 

THE INTERNATIONAL fluatms rates had provided only partial 
exchange-rate system hay fulfilled assistance in adjustment, 
none of the boosts onghially Despite the degree or shock 
claimed for it- Mr. Harold -Lever. ^bsurption in present exchange- 
chancellor uf the Ducny of Lan- rHle arrangements. the rates, of 
easier, said yesterday. change in world production and 

On the first morning of rhe two- trade had resulted in a rise in 
dav Financial Times conference pressures for protectionism. tn 
on’ world banking ut 1971. Mr. many countries. 

Lever said that another few years " Even bilateralism is ugain 
of unemployment and currency 5.^,0, respectability. After Ihe 


non nr crude, the Scottish fore lie of ihe order of i'4fon. LORI* SHAW CROSS denied ' instability would lead to serious years spent in ifee 1930s .creat- 

OiuncM for Development and to £5.5bn. per annum.’* the coun- v es i CE dij\ thal the Citv Takeover inroads into The -financial and jng _ a multilateral system al 

Industry, says in a review of the L -u Panel, of which he is chairman, political co-operation uf the wes- lratfe and -payments. 


L.K. consumption. whereas a j r pollution legislation, such a^ 
North Sea crudes were mostly th* United Slates. France. 


wat to cliange us procedure for Lern " Ul lu - ■‘Similarly, the rates nf 

considering certain complex .instead of floating -rates, the change in world production anil 
cases where large share blocks in West must develop a system to trade have been constrained by 
a com pan;, were ht-my acquired, enhance international monetary continuing 'inflationary expecta- 
Thcrc lias been -swne »ug- and economic co-operatmn. lions .and intractable cares Uf in¬ 

gestion tluri the full panel, as The world's economic health flatten in many countries," Dr. 


-inuntie to import ahoul 55 per mdusiry Mas bound in reduce a parlj. or parties acting inflicted long-term harm cm their ^aken sovereign powers, had 

■cm. of the heavier Middle m,. overall benefit 10 thn Uh loyeliter, acquiring a stake of 80 own economies, and injured 1,01 Ptrminea at to ptay its 

Eastern produOs. haiancc ,.f payments. Ev the I«c> cem. ,,r more in a company's world trade. 

Surplus production from the mid- 10 latc-LHGOs. the total net voting capital must make a ~ Th „ level or international co- '^eiary system iur 

North S-'u should be exported effect courd he between i'o.Thn. general bid to all shareholders. -.. v-i..u 1—1-4 -.u »i«- -““■ 

mainly a& crude. and t'Sbn. a year. Lord Shawcrosi spoke against 



Number 
of civil 
servants 
down 
8,200 


MR HAROLD LEVER 
. . •seeking new system 


“On the other band..we ..arei v auL^ 

faced with intricate and, tn a 
Large extent. Lrans-nallonal pro- 

Mr. Norman Robertson, senior ffiil wWlw 
vice-president of the Mellon ’* *■ 

Bank, Pennsylvania, estimated 

that the U.S. current account I AAA 

deficit would increase from 1 JlC /111* . 

SlSbn. tast year To abaut S23bn.1 

tins year. j ^ 

Lack oE spending on new plant I goVETCVSIEOT statistics cut 
and equipment threatened to cut' t h™ that the 

short present economic expan. Jr3LSS ££ 

slop and also had sombre tinpli- f*®® 

capons for the longer term. This fallen to Its lowest level SpT 
wag because there was '"more over two years, 
uneasiness -and uncertainty The figures, to be published in 
about the longer run economic t h e Monthly Digest of Statistics, 
future than sr- any time since; ghow J there 

A seconreason *Was a dec.in® dro^ofaS 

m corporate profitability, which drop of almost 

meant that internal, cash genera- S—00 o Q the previous January s 
tion had barely been adequate figures and the lowest since 
to maintain- existing facilities, I October 1975. 
let alone embark on major pro-1 Moreover the figures show 
grammes of modernisation or Diat t he .size of the service fell 
expansion. by 3.300'alone, m the last quarter 

Mr. Robertson expected short- of last year—-indicating that the 
term U.S. ■ interest rates to re¬ 
main od a rising.trend, climbing'- . '■ ■ m 


1 a>niy .-i*, crude ^ and ibbn. a tear. Lord Shawcrosi spoke as 

" By ihe mid-lOSUs. this could C'.K Uil mid Cus Situation the background of rulings 


^holders. O pcrauon which backed the de- The MnnetaT* -five-year programme to The Euro- £SK? P V f «U percentage ^ uetue ANALYSIS 

kc against ^lopmcnt of miecdependence F d wouid^ soon^^lre pean -Cotmcil designed to lead to b ^£ e ^aching their, • nt1B3 MnALTDI® 

dings that m the first 20 years of the post- T , tn?ngtfaenedi j^wever as its n^on. cyclical peak. A solid per; - __ __ 


mean about fiOn*. ton- a year of Ri?/.-i(.*u:. -Scotrnh Council /or m, full-scale bid need be' made ^“period tadinmiitad ^nd n -for H»se ^guin in res 1 growth national | BY DAVID CHURCHILL - 

Middle Ea-t and other .'Hides Development end h,du*trn. 1. m the i-«,moles affair of Wilkrn- has Tn be restored. ^f_ e _ pr r eSS J. n l-I a _L. C .iS Product in 197g wag likely, but 

h,-m 5 imported and between Castio St-ccr. Edinburg, 1. £175. Match, nr of Regional Pro- -. Jbe alternative is that we w,II 7enl “STIhe jSSu qi£S 1 ™ u ' d - ^ 

P m,c :- r- h "" “ . rJ . c f a ‘ J™; lap^e into protectionism, that re-total Of approximately i35to. mutual‘assistance machinenes Moco „ haail I^ ,v f nu S cnt - s line ens 

-» T n ■ u ; > nends Provident Life Ofhce a . lrii;tinns 0T1 trade will grow. u. Francoises vier -Drtali, fln d -prim: consuttarion on tv," 18 : 1 M«era. head of Civil - Service manpower tm 

f BmQV -ho ! v-a * * nn, . ,u "« , i '| , “. s L r l , ^ h A. and the ability to use Ihe skills vice-president of tbe EEC Com* national, short-term economic £ te ^ nn “ s . t0 


North Sea fields may foe 
left undeveloped 


BY RAY DAFTER ; review. Iwlh by the panel and ^' lronc ,mical sum, in 

ih.' cxecu ixt. each cw i> dealt arR onK Un> peiW n 

North SE.\ oil nperamr* may The**#- comments follow a ioocu." -.Iht-n'm'tUm'L-d , of J 

he forced 10 leave undmeluperi recent warning troni Lord Kear- , (| ih r i-xecutivc" annual wcallh-Lreaiion in me 

a number of tireahle fields ml i«m. ch.ni-man oi British National i n ih-- t-a>e of Ttv'ional Pro- world" 

and ;as ei|ii!pmeni suppliers Oil Corporation, who mid a p crll ,. v where HientD Provident Small as this proportion was. 


were vurned jesu-rd.ij 

1.J1I emu pa nte.- are bein 2 unless a dramatic rise in oil am T"";'r' "ivgk.nVl "Vharehoide'L-s aderjuatelj threatened ' the p^ion. H wouid ease tteTeturn Herr Manfred Lahnstein, top Fund shou id'pla'rtiie roi'eTof ion-! S* m W teSSteHon ^amd^UEh 

squeezed bciwcon risinc develop- prices occurred, the North Sea agree, aho subscribing for -D3m. world's enure financial and 10 steady expauaiun and -a s ails- mvil servant tn the West German trailer of the growth of inter-!„ M mXrMnt rwiniii™- 


■Jonimuns Select Comniiru-c thal j> ukinc j ncar-30 per cent, slake our 


1 as this proportion was. economic lurces u* wur*. Jreciy SBap out of uj Is m m 
faiiui-e to respond in a ,ar S c market nearmg com- pessimism." Mr. Ortoli said 
telv threatened the Ptetioa. it would ease The Teturn Herr Manfred Lahnsiein 


»n ipehnioue S, i./ T“ “ L : service grew by more than 91.000 

Eurone has a 1]< ? uld ! lJ - ^ “ nder . .^‘ienipJoyees, or-about 7 per cent 

tiUrope nas a circumstances, herp towaraslof the talai 

1st organise th s long-term adjnsrment. The advan-j AiThou'oh hist under half this 

_ ___ _ cannot do this tane* pan he seen nr thinbinni Alt v 0U S“ Jy* 1 unoer najl Tills 

economy." he said. “By-eaabUng unless we pull ourselves together a «.ai n ofschemeVof iimiterl ey- S|: cj 'f b due to ihe_ipdufioa 

s. economic forces to work .freely snap out or this mood of change rate fleShSiti™ ” ? of the Manpower Services Cow- 

Ortoli said. Thl ImwnatSmal^‘Monetarv “ ,ss,on mXhl ? the C,vU 1 ? en * re ' 

r..ihn«ioin tan r.i A.." Monete’T | the rest was due to a combination 


menl costs and a drop, in real bonanza could be u\er. 


of converting debenture stock, economic 


it-rnis. in oil prices. Mr. Bob Within the oil industry, it is which if converted latxrr would *' Irresponsible. 


achievement, factory level .nf .empk^raart. Finance Ministry, believed there national monw and of req ^ lB *' 

self-serving "By increasing the effective- should be a two-tier Community of last resort 1 manpow er. 

s us nntv a ness of -demand maBasement tnr a .neriorL nrr r^„„r. This urgent need for more 


ill' MIC- "»IU t ■ 111 * * tu 1 “ CQUIO ULVUuni TUI aiHlUl I« r * uuaia nine UISI 111 »*'o- —”r ^ - , _ .- .* ---- cvmuvuij a gu lUfg kUULCi u ovrilncifm n f ipu- 

as«uming lhar development costs per ce nt. uf Western European question, the combined effecl of In his .opening address as Comnussion u rn M &n Jilete integration was an un- fault on a Coundaton of interde- 

continue to escalate, operators drilling activity this vear. Mr. which would have been to give chairman. Dr. Irving S. Fried- forced ts recognise 'Got Jtmneai- xeau&tic prospect. pendence. co-operation and acri0 ° oy ,J 11 ^. . _.5_*5 

will have to by-pass ever-larger Scott said. " the U.S. group Allegheny Ludlum 1 man. senior vice-president of at * union was not a pr a ct ical "Ihe similarities are not friendship- • was twofold-.. in the are t piaoe 

fields, because even though they Of the 230 wells likely to be industries 51 per cent, of Wilkin- Citibank. New York, said that, proposition. Too -mapy differ- there. It is enough to jook at - The destrnctioa of this foirnda- a fr ®* ze . H®*'- _P«oed ao nw 
may contain reserves ’.\hich last drilled on the U.I\. continental -ion. v.ithout a general bid being despite etasticity in present -ences still remained.. ite performance of the different tion -would lead to'the destruc- re _ c r ull,T,enl 111 e ”fy lo7o 


year would have b^en considered shelf, most would be cmi.-erneri . made 
commercial, higher costs will wnh 01! field development' The plan 
make them non-paying ventures." rather than exploration. thai Allegiv 


made exchange-rate arrangements, gov- But if Economic and Monetary icnuntrjes. I cannot 'find the tion »f world economy; • ■■ 1 when manpower reached tfcB. 

Thr plan was changed so ernmenis had been obliged 10 rnion Eouid not he imphsiiftnted political climate that would Mr." Shapur M. SHtr'azi.- vtce-i pf 747,600r ea« 

thai Allegheny would end up: borrow in the international immediately, it was still the right enable us lo make progress in governor of the Bank' Markazi; tteparttneirtwas asked^TO pot for- 
wiih only +1.4 per cent, of money and capital markets at coal in the medium term. The fields such as defence or puTe Iran, also addressed the con-j ward measures aimed Rt cutting 


Wilkinson. 


• record rales. Floating exchange Commission had submitted a politics. 


ference. 


Leylasid plans Slim. 
track parts unit 


Massey Ferguson 


Tougher 
standards 
for new 
teachers 

Financial Timas Rtgjorter 


Steel industry set 
to disobey EEC 
order on protection 


BY JOHN LLOYD 


2U w»fl posts by the end of the 
decade. 

Secondly, the Gov eminent 
instituted a. vigorous campaign 
j of pruning the running casta «f 
1 administration, including mah- 
1 power. The latest - evidence of 
this was the memorandum from 
the Prime MiuSsaer-xo all Wfeite- 
tmU departments to make saving* 
of fBOm. in administration over^ 
the next two Fears. 

Apart from These specific 
measures, responsibility for 
ensuring that the bureaucracy 
stays under control rests vrftb a 
small team of about’-4€0 dvfl 
servants, called Staff Tnspectnrt. 

{ .Their j oh is to examine pveiy 


LEYLANP is in build a £17m. number of distributors nf a tJ M1DVWVJ » J M J . _ of fSOm. Sn administration w 

ccnlraliscd pari-, complex for its system named Tablet/Truck and A t 11 IT TlcW ' ' the next two rears. 

4,800 workers * . nriW-nn nrntoniinn n^ 1a LSSS»^S 

manufacruic of parts for oui-uf- able lo process within three, Yf VlllViKy fxkO OI O.^X O li • It TSJa, UUfil 

production \chicles lo a new hours orders for vehicles off the IVavllLIS Sf v cS,^TSrtp?«inSfl 

purposc-buill Factor-.- al the road in any part of the world. | BY ARTHUR SMITH, MIDLANDS CORRESPONDENT - - stays under «nrtrol a 

nearby Common Bank industrial Within ihc U.K.. it has sei up , ,, , . . _ , . Financial Tim« Rtmart»p BY JOHN LLOYD small team _of goonr-w i nvil 

c>;!ale" from iis present Choricj a daily drop van service and in bHuR I AGE i>l- deniand will Jarly the L.S.. Turkey and ; servants, called Staff Thspertark. 

site. conjunction with the cars parts »orw Massey Ferguson to halt Pakistan. . PF ,, P[ F w .vm-n -m h^p'-mnr ^ u * v , , { .Their job i? to exgnrine ^risiy 

The parts con. plex wilt make operation, hus campaigned to Production and lay off nearly Mas5cy Ferguson said last duj,u te .between the Bn Ush sreatjy ovarstepped. the limits bf- CM I Service post audits rela- 

oxtensive use of computers and persuade more repairers lo buy 4-S00 al its Coventry plants dur- ni J ir Qj at layoffs would aJmost i steel industry and the European ^ DsngHon r'ltionihip to depsrtmenufl -proce- 

mechanisaiion in a bid to reduce their parts direct from Ley land ,n =, Ea.uer veek. certain tv have to be effected ^ fM-.irl h-iHflift.nino *^iriino 'Commwsion worsened yesterday . Tfre stockholders association- dures and then to decide if it is 

the time la? between orders With the centralisation al The company also warned'hop J; riior 'than planned because of wSnl' when it became clear that the iette L wtuch ^ched . most | j^jiy hecessaiy. * ' 

being received and despatched. Chur Icy and a forecast growth stewards yesterday Hiai similar a disputc at GKN San key. which SSSa'rv^7nr ^Education^^has 1 ^teei producers and the stock- raem ^ rs . yesterxiay, tells; staff inspection a routin* 
It will cover ail the marques m ihe pans business. Leyland action would aln«n»t certdinly be <lipn ,i„, 3 wicl(J rang;e 0 f C0Ul . ,S: LmL?- .■ tb t0Ck members to ignore reports of the^management control technique 

of Ley land i ruck*, buses and expects to increase its stockhold- necessary before the end or po „'p nls decided in a mote to li«,hten up holders association were un- EEC's position, and asks stock-1 developed after the last war. 

tractor*. Field trials have ing by SO per cent, over presem Apiil. . , nrn ieacn..-ig suraaarn*. ..-‘'Kriy to obey an EEC directive holders to sign-The agreements:) Before then, not one addirioftal' 

already been completed with a levels. Mr. bentl Glover, director of Interna onai Har «J«t 0 From September 19SD, all. to drop plans to protect the U.K. The letter -says that boih!clerk or deaner. let aloneanvo»* 

_. . _ _ ihe Coventry faciones. luld the Great Britain announced t«u applicants for initial teachers’; steel industry. British Steel and the indepen-' of «m!s^s3S rant«Sdhte 

_ _ _ ! unions: “At present. I cannot curint? the .raming courses must have anj ^ National AMflf . iaIin n ft f dent producers sunporTTe* 


Employers are warned 


«»£ 

; f«MSi;Sr pniraintnet. W •S**?**™™ .... STSSU,^ 


BY ERIC SHORT 


fact, a number of mart-ets will Massey Ferguson traditionally show"They haVe' reached the same '^ aLDl - e - “ai one secuon of the ““' "f-“if. AWer f h p war the procedure 

need io improve m support our battles with Furd For leadership SI* l b “J V™ »to J® Commission should attempt lo " v rf 0 J^i? JJ*'dispute, but it islnroyed unworkable.as the Oil 

preseni production r^rogra mines." in the U.K market, hut suffered. ™ **° n * destro >' ^ ^ of another. Wg&A*™** ireTPWed fn «top. hut fo 

P The company has promised to Iasi year from a damaging Jl- J® rinn".'*r!°Ii«!Si *** week M - Raymond Vouei. al 1 ?' ^SSon«n?*hi B J - tJral -3***smy 

provide a forecast of sales earl> week strike and an occupation of CorapetiUon Commissioner, wrote P ® d 1 P rodurers retained some control thfc 

in Ann! fur ihe ending 12 tbe nlast. Lmrt.^hiv to * e Eritish Sl eel Corporauon agreemenls ' '.' ' • . ;.«tgni mspection 

months Over recent week* the Gownrry ^rain'^^mubly.fito tejdber.^ ^ British independent -- ■ - - -- ' - - ipix^Jucpd ■ ■ 

Ihe Cnvent.■> plants account factories have sought maKe ; Stee[ Producers’ Association, D^nrlc Jlfcnnrwdhility for srpff insneq,- 


TntreKjucsed . _ • ' 

H^cnnnRlhilify for srpff in^neg- 
i f nn wa*« snhwnapntJv.tjBifcen irwer 
h v the Civil Sprvrrp DfcpprfTfipnt. 
There-- are .nov. about- -WO fdH- 


EM PLOY ERS who fail to inform the certificates, will nol be able «n aphi tur me ensuing i- uw . iraMrii administer enuitablv Bm teacher 1 0 Gorporauon . ■ ; ' - 

&hV*rS,m?V W SR Sr Kii lif " 111 trer ° re ,1,Jl m T!. , . h *c M -«.o pum, ,«.«». f.S^~ XdJSff ‘S’.;: Pnnrlslnhhv ^SSSyS-i »« 

Pial date »-dj b.? Dao!^ P'^:»ay em^ployers »'ishing to con tract 11'' ? -j i *5'i OuO "^c r.^ n f i.-onf- info the ^knwInE'week^forabmiP Ae new regulations will cover j urges Ml ■■ 

in!v n «ntfibS',oSl h ‘* lK ' r ‘ nSUr ' gf 1-^0 employees in the machine ;|Jtrante to all^raduate and post- steel from WJuSs and sell rOUtC SWttcfa ' ’ cSj|" 

ibe.r own ocn-uni but aiso for Under these arrangemems Cv mtend-, m find The move endorses the pro- producers list prices. ^ 

their emuio.ec-. mU , Sl ^ Vv Fcrsuwm ha, been pari.cularlj work on" ma'inteuanWand stock PO«!s of the 1W7 Advisory ^‘^JjSteeL the independent ^Sj.aTS^ort £S& YS3 760™****° — ---- 

Th;? Iwoilit:- is disclosed in »PPhca ions to the Board by VU | R);l .-. h i n 1h> . dornuirn in taking for some people durmg Committee on the Supply and “ nd JJ* 1%**} Stock ' S NcwcasUe. i? SSL M? -■ _ 

I'-aSicl aPJ. issued l.u inc Depart- March 23. and specifically asked l n U . rDa ;iuniil oiark-t*. pa it leu- the shutdown .Traming erf Teachers. Until now iaea>. who supported theagree- wiUlam^nrtSpwt 

mcnr explaining the special for the certificate io take effecl oiari.i- p.itieu me snuoio m. _ , it has been up to individual ;™rat. claim thal they are acting £2J3S_ Ro * B1rs ^ e mq ^ 


,ir range* men is for employers who from April 6. 

do noi receive their conlracling- They can then anply lo pay 

out certificates by April 5. ihe lower-rate i. , oninbun&n? 

The Occupational Pensions applicable in contractcd-uui 
Board, responsible for issuing schemes. 


airport 


subsidy ended Community aids j Campaign to attract 

M CH«L DONNE, AER05PACE CORRESPONDENT offi-WarC IHakCr ! industry tO Bristol 

^r uL c 0 ^ mmer si 


t it aas oeen up TO inaiviouai; use* are at-uxig „i__b l 

training colleges to -apply fbEirl-»° spirit oF the plans drawn SSSfffe Ml north FrSm Yor? 
own entry standards. up br Tnscount Davignon, the ol a iwTtKt 

—-— Commisstener. SSL »d'te'^iS SMtV? | ■ 

. M. \ouei claims that they have westerly-route. 

Coal and Steel _ ---- 


Inheritance is a main : 

r> . 1 *1 m ; BY MICHAEL DONNE. 

source oxinequalitv’ ! . I4 

* w ‘THL Civil Aviation Auth 

THE INHERITANCE system is incomes. Mr. -Tones, an actuary. step Raj’ng for air tra 
.< main source uf inequally. Mr. pointed out in a progress report ftTiirnfllrmn 
Elfrs-n a member of ih* to the Insti.ulc of "T., 

Royal (Jommisjinn on the Dii- Actuaries. ! 1 ™ ‘jll’J* 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


13K T5 TS T?. *78 


iribut’.on of Income and Wealth. 


Companions "‘"iin earnings ^ revenue fieri"ed rrvm other air- 

figjrts -hriwcd thal Britain s EaCrMintton of the Magnitude ,» un u.st-rs elsewhere, 

nlutecrate r-nuld n..i potsihly of Ac cumulated und Inherited * T „ 

have ss ,ved up all their' asset^. M'eaWi. bp Ellnm June, F ft.: • J *eA^^rpon Action 
The top 5 per i-ent. of all wages ncailabfe Trc*m Ulc Irjniiuie oi ' _ k [ r ihp' 0 "; Cn«pd"i?-=“«- 
and earners accounted Aouturics. .Staple Inn Hall. High ] ,n . d / ' 

only f.,i- about a fifth of all Hollwra. London. IV.C I. ■ l 1 .S' 'Ll 1 *?? 1 ??™* 


io stop paying for air iramc con- receoi Airpuns Finance ' ' Corpoxarion hasl ..* \ 

trol facililies ai Bournemouth p c-.ic;. Aurte Paper arranged a loan of£120JJQ0 from nc . . _ _ ^ J , . .. ^ 

(Hurn» airport from March 31. Mr - -**. Newman uhairman of European Coal ur,ri Steel 1 BKI51 " L yesterday launched a Dock development was ah' 1 fame inspectors operating 
next year. After thai ihc local ‘ h e group, says that "in an area Community Jar Abrahams, of. carn Pa>g^ at attract more indue- example of. the success the all -Government^ departments, 

iiuthonr;- will be responsible for cl -' ,n 1 » 00 ,;s feeI 50 Ear as local Gsfleshead." a glass and mnlal ^ 10 the city with the. opening authority Had achieved. fwith-a further Win ’fine Dejficrt- 

ihcsc charges, lotallmy several employment is concerned. 1 the gtfWan' producer, h will use exhibition in London. Bristol want* n»w Tnannf■«»»..!■ o 160 *- w ^o monitor the staff 

hundred thousand pounds a year. ‘ 1 “' er "W n v ‘ :11 W‘ d * the five-year loan to help finance Thc e »*3r felt that it suffered j riRndustey andSi?l5hibfti^i i ^ c5too Process."- > other 

Thr avianna aiuhon-v n9 ? d “ d J&D " exnansion of lead ratal manu-. compared with nearby aulhori- n {? l0 * al? Se vS 

that if should noi corinuc' tv Dihcr pmnis in ,‘arour of ex- facuiring. ties in South Wales from its lack ? ac n{f ies ^ available The function of the staff 

-jubiidise ai>- nan—>'irin «rrvirr^ p,,as:on arc ^ ^ develppme® industrial and Commercial of assisted-area status. It saw fa ^l itie !: ■"- inspector, aiL defined l^r*tfMS 

S RouSi-mmiS Sn '^rh ,-il1 ^ bc within the exist- mairnrSi S' H,n5 P a,ll,!5 encouraged to Wales . *** Board « dl eoosider all Department, is to get. the «aan- 

revenu^ 1 tlt-r -'ld K m aiV m 7 boundaries, a new Sed^um^^ and^tenTtet^MoilSl ; and lben awarded with develop- development from conference isatiOnPiiumber* and gra^s' 

^nu-t-rs el sevbe-r ™ ^ built, and SilercoS™ aSSlni- area grants. facHities and tourism to. manu- right. It -is not .tmendedaS 

_ ' ' * ' no arable land v ill be destroyed, cie-s sneeial tnan Fneiliiies Frnm CNr Charles MerretL leader of facruring. an afWtrary staff-euttteg- 


ior smaller cunipurntm. dumiui- r, „ .. , , teenirima 

siers Special loan farilUies from ? ,lr Charles MerretL leader of ‘acruring. 


arbitrary : staff-cutttng- 


ip 5 ;>er i-ont. of ail wages ncaffabfc 7rc*m ifit* /ti7iz:uie oi I U j !:, , r i? " nd employed are the types of business. 

:!ila:"-- earners accounted Actuaries. .Staple Inn Hall. High.*™, ' r '" r ' L,;i - n ' :p -3 locally who are at The k 

fur about a fifth of all Holborn. London. W.C I. 1 ^ ^ ^r^-r'- C “'t' 1?f v - -' rk - There wi!I capita, 

_-_-_________— neieimi.npnr oi tna; a.rport not be -j huge :nfius of workers jobs in 


"The people wno v-Hi be ;he Comnutnitv for private Bristol city council, said yestcr- Bristol City.council is makingUoechanism. ■ ■■ . ; 

ii Pi eyed are the types of business. ‘ day that the city had never land available within the city I ^. 1 ?. s P eet ? rs yw. to r eview ettefr 

:r-on .ivir.g locally who are al The loans are available for received Government financial boundaries and opening sites at j. 11 Staff Job every three 

eiiini out of work. There will capital projects creating new .’help. It had had to go-it-alone nearby A von mouth. It is building >' ears « although in practice-this 
it bff -j huar rnfluL- of workers jobs in areas with redundant' to attract industry and com- lilHO square foot nursery units I neaTer to four nr -five years. 


,:n. pNssvnger, ;.c«r from ico into the i.rea‘.” Mr. Newman said, miner; and steelworkers. 


To thc Holders of 

Williams & Glyn’s Bank Limited 

Honting Rate Unpiial Nolen lf'5i 

fn at-i.-iiivjanvh '-vith the provi-iuns uf the above Xoles. 
Irving- Tru.-l. Company, as Principal Paying Ayent has 
been iv-tiiiei! lliai. Ihe Rale ef Jntere.-t applicable to th*_- 
Interest Peri'.d February 24. 197S through August 24. 
1078 is eight and one sixteenth percent ISG-'. » per 
annum. The Dollar Amount payable on tVmpon No. -'5 for 
each 51,000 face amount Bond is Forty anil Fifty Four 
Cents (540.54) and the Interest Payment Date is August 
24,1078. 

IRVING TRUST COMPANY 

Pr/ne'ipolPa-iing Age”l 

February CP, lfMS 


Drink trade blames tax for sales drop 


BY KENNETH GODDING 

THE DirH'TLTlLS raced h> 
Britain's wine and spirit 
iradur> Him »«*ar are rclln-led 
in Cuslom*. and Escihe 
<tiilislics which show lolal 
spirits sab— riuwn It per rnnL 
compared y.iih IHTfi and a drop 
ur nt-arl> K.j pi>i- criil. ill wiue 
clearance-, from bond. 

Both * ulijs qf ihc iradn 
Illume high duiv rates For The 

liei-liii'-. Mr. John Plowman, 
chairman of ihe Wing and 
J'pirii A'Siii'iniinn. said: "The 
wine Hade lias *lri;l;ired time 
and lime again uj rhe Uun- 


cpUor of Ihc Exchequer that 
o> cr-tnxation of wine strangles 
busincsg. 

"Tile same point has heen 
pui rcpeatedJ> hi ihe EEC 
Commission. M'ine is u major 
agricultural pruduci within the 
i.ommuniu and our partners 
are understands hi % iraic when 
ihc L K. gites apparent prefer- 
cjut to ite own products.” 

Mr. Adam Berlins, chair¬ 
man of the Scou-h Whisks 
Avsneiaiion's Informanon and 
Pr-.clupmeni Comroiitce. said: 
"The Go'vmmcnt has 


seriously miscalculated the 
extent i 0 which the public 
would be prepared tu dig into 
llivir pockets lo help balance 
thr nation's accounts." 

The Wine and Spirit Associ¬ 
ation insists that trade has 
stagnated at a level effectively 
below that or 1873 and that 
Treasury receipt* from wine 
han: fallen while—because 
unrniplot nient rn the trade 
increased 5 per vent, last year 
—exprnditure on unemploy¬ 
ment benefits has increased- 

Customs and Excise statistics 


repeal that clearances from 
bond of table wines fell by 
6-2 per cent, or 2.46m. gallons 
lo "7.5m. gallons Iasi year com¬ 
pared with 1976. Heavy wines, 
mainly port and sherry, were 
dowm 23 per coni, or 3.7m. 
gallons to !3J2nm. gallons. 
Sparkling wines slipped in per 
cent, or 303,000 gallons ta 
2.Sm„ gallons. 

This resulted in imported 
wine clearsmccs falling 822 per 
cent. 'However. British “ made '• 
wines—sherry and port types 
produced from imported grape 


jnice, recovered . from recent 
doldrums and . saw a 4.7 . per 


Thc Royal Portbury lo encourage small companies. They emphasise th^t tt is not : th6 

ctvti servant holding b particular 

- job who is onder senitinj^.lnrt 

the Job itself. 

no M But the system of staff 

I iff fill inspection has worked renson- 

L VP ably well since the war in hclp- 

XT in* ' to improve - Civil Service - 

- efScieocy. ij failed to stoo- the 
.= ' •• •:• 5urge.-iii sutff .giwtb in.ibtf 

ieice, recovered from recent _ r Th _ _, 

doldrums and^ saw a 4.7 per new jegjsJatjoj, aotl |^ r 

eent. Tise. or 529JJQ0 gallons, to , extra staff to cojte isdtb 
liAm. gallons. unemployment, staff inspectors 

As for. spirits, Scotch whisky ron .?f 11 a lo&ipg batTle in- cotj. 

blends were down 17 per cent..-t t t d !]r :i fi ifidividu^ 3dparttfieW§ J 

jrSsi 1 

_® p Jf 5”*' lo ^ Uons . inspectors found thaf.flie 

and Vodka recorded a 7.4 per manager - who kept manpower 
rent, fail to 3-Zm. saflons. Rnm down to a tntnlrauin and. 'theoV 
was down-12 per cent to Jost ' con ^ d not -cope with ap ttuefi," 
under 3m. gaDons and brandy ibfsSS 8 ® r 

SS 13 per ta ^ s. f0und 10 h ™ a £ e mS- 


■v 

















: TfinesVTues&y^Feta'aiy' 28 * 1978 

■ 



Jnions j Reject incentive scheme 


dndemn 

deel 



iy Perm an, 

: sh Correspondent 

SCOTTISH and Welsh 
uedtihg in Manchester yes- 
called oq the Government 
i British Steel Corporation 
; be influenced ■ -by the 
la whipped up” over the 
of'.the industry. and to 
in the programme of 
tent jin new steelrnakrag 

agreed that redundancies 
osures qj 0 ld plant under 
iwick jprposals should re 1 
iubject to' discussion be- 
mannsement and unions. 


say Leyiand stewards 


BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 

by 


LEYLAND CARS shop stewards campaign 
are to recommend rejection of stewards. 

incentive 


many 


shop by the company at least offers 
the opportunity to rai.se earn- 
ihe company’s new. incentive Levland has proposed a six- inps - Eilher - side ca n give four 
scheme in a ballot ofvthe 100,000 month trial period for the incen- H ‘ eek ** n . ot,c S at any time t0 end 
maAual .workers. . live scheme. The initiative was perio f‘ ■ 

The 200 senior stewards taken to break the deadlock in •Talks on alternative employ- 
deddied in Coventry yesterday to negotiations, which have dragged P] e 5£J£r 
oppose the deal, which the man- on since last November. n t f .„, a «„„u™ S 

we«fc - The company is taking a hard threatened by 550 workers who 

“-*? bonus * wtme. r«r each Juj e m pressing for genuine pro- arp losing their jobs. The corn- 
employee. * ductivity .improvements. The pany is setting up a more modern 

Fears that tire proposed pro- main division between manage- tea-packing factory at Mo ret on. 
ductivity scheme would expose raent and unions centres upon near Birkenhead, in an assisted 
the workforce, to further redund- the issue of " mutuality "—put area. 

amaes was an important factor simply, the right of the workers Mr. David Bowers, production 
in swaying opinion, according to to exercise joint control over director of Typhoo. and Mr. G. 
Mr. Grenville Hawley, National manning levels and the pace of Peters, personnel director, met 
Automotive Secretara for the production line. Mr. Ken Cure, engineering union 

Transport and General Workers However, workers may take divisional nfficer. and Mr. Terry 
Union. tbe view that the deal proposed Austin, Transport Union officer. 

He said that stewards were 1 


suspicious of plans to improve 

___.....output performance ,*t a time 

joint meeting considered j whe n M r. MMdraei 

■eat to the Scottish and chairman of British Leyiand had 


Water workers settle 


BT PAULINE CLARK, LABOUR STAFF 


Guards feel short-changed 



previous targets. -. - 

yesterday when a delegate con- nftpr consultations 

T'connmenVs SI jLIoi ■w’orkere^uSi'oi mlm- ""Mr^HirV'Martin. national 

T“,To f 7Sn?„°‘ ,ateSt r^WU f °U’d“ b ^oXre 5 

*2“ ST-SMST * % 

meeting . the political 
ons of the Scottish and 


peoples, 
neeting agreed that trade 
should \>e able to demand 
epresentation on -the com- 
‘of fhe'Social Fund of the 
in Economic Community. 


Hawley said. Generafand Municipal Workers* 25-man conference. He said the 

Opposition from the shop Union, the biggest in the employers’ promise io review 

stewards does not .necessarily industry, to recommend accept- grading structures by the 

mean £he issue wiU he lost in a ance in a ballot of their mem- autumn would increase water 

ballot. Last October, Leyiand hers among a total of 23,000 supply workers' determination 

gained a 3—2 vote intfavour of water supply manual workers. not to be shackled to further 
its plans (o reform .industrial The National Union of Public tight wage restrictions after 
relations, an spite of a hostile Employees, which claims some July. 


THE RAIL dispute which has 
kept Mr. William Rodgers, Trans¬ 
port Secretary, occupied for the 
past week and has been watched 
with mounting concern by the 
Prime Minister, has its roots in 
a 1974 pay restructuring 
exercise. 

Two points, crucial at least aL 
the start of the row, arose out of 
the exercise. 

1— In an attempt to end the 
constant bickering between staff 
grades which had dogged the 
railways, all separate bnnus-pay¬ 
ments were consolidated. 

There was also a firm commit¬ 
ment from all sides that there 
should not be unilateral pay 
deals between the British Rail¬ 
ways-Board and any individual 
group of rail worker. 

2— The exercise left the grow¬ 
ing number of pay-train guards 
with a strong sense of having 
been short-changed. 

These guards carry out the 
same train-safety work as others 
on passenger and freight trains. 
At die same time, however, they 
were expected also to collect 
fares and issue tickets, for which 
they were not paid extra money. 

Growing anger 

The pay-train guards' annoy¬ 
ance simmered for more than a 
year befre the National Union 
of Hailwaymen submitted a claim 
to the Railways Staff National 
Council, the highest tier in the 
industry's negotiating structure. 

The claim was dismissed but 
growing • anger among guards 
persuaded the union to submit 
a new claim, this time at a lower 
level in the negotiating frame¬ 
work. 

That claim has been processed 
and agreed and would gii r e 3,600 


guards, sharing S00 turns or shift 
a day, payments varying from 
£2 50 to about £5 s week. 

The system is based on a mixed 
measurement of tickets issued 
and money collected. British Rail 
estimating that average payments 
would be less than £3 a week. 

British Rail appears to- have 


that, unless something was done 
to meet tbe guards' claim, there 
was a real possibility of indus¬ 
trial action by the union, not 
necessarily nationally but 
certainly on pay-train services. 

On the other hand, there was 
a risk lha (the Associated Society 
of Locomotive Engineers and 


NICK GARNETT 
analyses 

THE RAIL DISPUTE 


changed its attitude to the 
“ commission ’• payments—it says 
they are not bonuses—for two 
reasons: 

FIRST, the pay-train guards 
have been doing the work under 
sufferance and an increasing 
number were not carrying out 
ticket-issuing In protest. 

The number of pay-vrains had 
grown and British Rail was 
losing a lot in revenue through 
fraudulent travel- Officially. 
British Rail puts the figure at 
about £100.000 a year, although 
estimates have run as high as 
£4m. 

The new agreement was 
designed to help combat this loss 
and a new dutv for the guards— 
examining and collecting tickets 
bought by travellers at normal 
ticket-issuing offices—was incor¬ 
porated. 

SECOND, rail management 
had to weigh the various risks of 
industrial action from the unions. 
It was here that the British Rail¬ 
ways Board appeared to have 
made a serious misjudgment 

There was certainly a feeling 


Firemen, the drivers' union, and 
the only militant of tho three 
rail unions, would kick up a 
fuss. 

Tbe 1974 agreement includes a 
rather woolly clause that certain 
special pay issues might be dis¬ 
cussed separately from national 
arrangements, but there was an 
obvious danger, recognised by 
tbe board, that the society would 
view tbe guards' deal as a breach 
of the 1974 agreement. 

Management took the view 
that the risk of a reaction from 
the society was worth taking, in 
view of the difficulties on pay- 
train services. 

It was a measure of the way 
the British Railways Board 
underestimated tbe position that 
it was sur;vised, not to 6ay 
shocked, when executives of the 
society plumped for a series of 
24-hour strikes. 

Mr. Ray Buckton. the society's 
general secretary, has been 
adamant that the issue is solely 
about a sectional payment which 
has infuriated his members. 


British Rail says that the deal 
is.nor-a bonus arrangement for 
a specific g.ViUp of railmen but 
a commission payment for a cer¬ 
tain turn of duty. 

Privately, however, some rail 
managers believe the society has 
a valid Point. 

British Rail believes that the 
speed and intensity of the 
society’s response has been 
governed more by the need tcv 
improve Its bargaining position 
during present talks on pay and 
productivity than by drivers 
anger. 

De-manning has been a serious 
issue for rail unions, particularly 
over tbe last two years, since tbe 
Opportunity for Change manning 
reductions were brought in. The 
present productivity proposals 
are based on an offer of 75p a 
man per week, based on present 
earnings, for every one per cent 
improvement in performance. 

Performance will be based c-n 
a formula linking increases in 
revenue and freight movement 
with staff reductions and it is 
the latter part of the proposed 
arrangements which is worrying 
unions. 

There is also considerable dis¬ 
quiet over the cash value of the 
deal. British Karl admits that 
the present productivity offer 
would have meant nothing in 
cash terms to staff if it h'ad been 
applied between 1974 and 1976. 

The society might have more 
to lose on tbe issue of de-man¬ 
ning than the other unions, par¬ 
ticularly on train services using 
assistant drivers as well as 
drivers. 

It is on the manning Issue that 
British Rail believes the society 
intends using the present 
squabble as an extra bargaining 
lever. 


it bonus plan 
oes not affect 
trident rate 


OHN LLOYD 

figures on raining aom- 
.how no indications that 
icentive scheme, now 
is., at most British pits 
-made mining ... more 
us. - 

argument that accidents 
‘increase as miners 
precautions to win 
'ionuses was one of the 
tints of opponents of the 

indications show, if any- 
he reverse. Figures for 
Nottingham, which 
an incentive scheme in 
er—-the first large coal- 
do so—show an accident 
isiderably lower than in 
s years. 

ecember, 338 accidents 
-eponed, of which 315 
underground: this com- 
with 355- in December 
- which 323 were under- 

luary, 188 accidents were 
l^.oJT which 177 were 
auncL 

:da] Board said that there 
J Insufficient evidence to 
le a definite trend. For 
it is thought that the 
i rate in the North Not- 
nhire coal field.is slightly 
than the previous year. , 
3oard said, however, that' 
:lear that there had been 
iatic upsurge in accidents 


resulting from tire boms scheme ] 
as had been feared. 

Mr. John Clarke, ‘a safety 
inspector from the Philadelphia) 
Mines Inspection Board, said' 
in his quarterly report that 
mining safety standards were 
now so widely accepted by 
miners Chat there was no reason 
why incentive scheme ssbould 
cause a deterioration^ 

Before self-advancing roof 
support systems were intro¬ 
duced, the main cause of Seri¬ 
ous underground accidents had 
been insufficient care in shor- 
ring up the roof before ex trad¬ 
ing the coal. 

Turks worry 
stewards 

GOVAN Shipbuilders shop 
stewards last night asked British 
Shipbuilders to cancel perniisi 
sion for the training of 37 
Turkish managers at the Clyde¬ 
side yard.- 

They told Mr. Michael Casey, 
British Shipbuilders’ chief execu¬ 
tive. that they feared the plan 
could lead . to the export of 
British shipbuilding technology 
to countries liable to be future 
competitors for orders. 


>rd Shepherd to head 
ivil Service pay board 


3AVID CHURCHILL 

-TRST chairman of the 
ervice Pay Research Unit 
is to-be.Lord Shepherd, 
Lord Privy Seal and 
/r responsible for the day- 
' running of the Civil Ser- 

'Board-is being set up to 
ir - reintroduction of the 
search system next year 
il Service pay. Under this 
Civil Service pay awards 
iked to the pay level of 
■able Jobs in the private 

‘ system was suspended 
incomes policy was Intro- 
in 1975. It had been criti- 
for not being subject to 
'■ scrutiny. Although the 
■esearch Unit emphasised 
dependence, the Govern¬ 


ment decided to set up a top-level 
Board to monitor its work. 

The Prime Minister, announc¬ 
ing Lord Shepherd’s appointment 
yesterday, said that he hoped 
soon to be able to announce 
appointment of the four other 
independent Board members, 
who would be chosen to repre¬ 
sent a wide range of 'outside 
experience. 

Lord Shepherd, who will 
receive no salary in tbe new post, 
is deputy chairman of the Ster¬ 
ling Group of companies. 

Mr. David Enoals. the Health 
Secretary, announced that talks 
were far advanced on introduc¬ 
tion of new pay and conditions 
negotiating machinery for over 
Ini. National Health Service 
workers. 




andstill at East Coast 
)rts may be averted 

PHIUP BASSETT. LABOUR STAFF 



S WERE high yesterday 
. pay- rtrike due to start 
.-it which could bring the 
•f London and three other 
'oast:ports to a standstill 
be called off. 

chant Navy officers whn 
be cutters which take pilot* 
'• waiting ships planned to 
. the strike last Friday/but 
■ed it until 5 p.m. to-day 
peace talks were arranged. 

icrrlay. Mr. Stanley Clinton 
. Trade Under-Secretary, 
representatives from the 
>s' employers. Trinity 
and Mr..Harold Walker, 


Minister of State for Employ¬ 
ment. 

The officers’ union, the Mer¬ 
chant Navy and Airline Officers 1 
Association, was hopeful that a 
settlement had been reached in 
the dispute- which involves 
officers on fewer than 100 pilot 
cutters hut could stop ships 
entering the Thames. Felixstowe. 
Harwich and Ipswich. 

Hie dispute is over non-pay¬ 
ment of money in a productivity 
deal, awarded on top of a Phase 
Two increase last November. 
Trinity House has said it has not 
bad Department of Trade clear¬ 
ance to pay the money. 


Off the’plane and straight behind.the wheel of a 
clean, thoroughly serviced Ford-a Fiesta, Cortina, 
powerful Granada or another fine car. 

It’s taken you a lot less time and trouble to get 
there from touch down. 

That’s our No. 1 priority.. 

Because we know ifs yours. 

Once youVe sampled Hertz No. 1 treatment you’ll 
want to join the No. 1 Club? It’s free...and it saves time.. 

As a Hertz No. 1 Club member you just ’phone 
your travel agent or Hertz before you leave. You’ll 


arrive at your destination anywhere in Europe to a car 
ready and waiting, your forms filled in ready " -»sign. 
No penpushing. Just show your drivers licen. 
sign and go. 

If you want to, you can pay by any well-known 
charge card. Or get a Hertz charge card (you pay no 
interest). Whatever method you choose, you won’t be 
kept hanging about 
Thats your No. 1 priority. 

That’s our No. 1 
priority, too. 

"in Germany, the Hertz VIP Club. 


trike shuts docks again 


GOW DOCKS were closed 
■day by a Ihird 24-hour 
of the port's 700 manual 
■rs in support of. an IS per 
pay claim hy Glasgow's .500 

T e . 

■ « 

t, stoppage, which' baited 
on ffiVCTi ip-'seK was con- 
.ed by Hr. .Tames Davidson, 
gras director and deputy 


chairman of the Clyde .“Part] 
Authority. 

He said the authority could 
not improve on its 10 per cent, 
offer. 

“ At a lime when wp have to 
compete for every tonne «f 
cargo, they arc doing irreparable 
damage in the trade of the. port 
and jeopardising the loDg-iermj 
job security of everyone in tbe 
port,*' 


Hertz No J Club. 
Phone. Sign. And go. 


LONDON MANCHESTER 
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BIRMINGHAM 
021-643 8991 


GLASGOW 
041-248 7733 



LLJfA 













s 


FSnaacial Tiiaes Tue^y 


1‘ARI.IA\1 i:\T AM) I’OIlilCs 


Varley denies House 


, fierce clash on immigration 







Tempers flare <... as 
debate law and order gglgj 


BY 1YOR OWEN, PARLIAMENTARY STAFF 

LEGISLATION is to be intro- Government intended to make taking place" with the benefit resulted in massive 
dueed after Easter increasing the a statement on steel before of hindsight and on an unfair ancies. hTe arbitrary 1 
borroH-ia,t' powers of the British Easter, probably on the same day basis. He was adamant that both eight old plants and pe 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


intended to make taking place" with the benefit resulted in massive redund- the^Depali- Commons yesterday at the start 

t on steel before of hindsight and on an unfair ancies..hTe arbitrary closure of ,. 5 t s :,l er „f the Conservative debate on 

ably on the same day basis. He was adamant that both eight old plants and perhaps one ment of 1 duster last ^ ort jer as Mr. Keith 



Conservative demands for his Governments position. Mr. casting of BSC and the Depart- tended that Ministers snouia ••.'J niarioec to -vert steel th* Snoaker Mr fieorse 

resignation. Varley ma.ntained that the mem *of Industry had been have been more frank in adrou ; ^f Q D d n aQ g^ d t0 a ^ S£ jZSLs had to interveTe 

sir Keith Joseph, shadow Political otmmitments requiring grievously erroneous to Jbe ^Rsr ro'r sociaS servative MPs of adopting a restore’law and order in the 

Industry Secretary, joined with the retention of older andio* P_olhc of negtigimee. The bj' 50C1 “hypocritical position. 1- It was chamber, as Mr. Speed, red- 

Tory backbenchers in mounting making steeF plants couldnnC government * failure t° uke n °!* r nd ^renHecJ- “You unfortunate, be said, that some raced with anger, repeatedly 

3 fierce attack on the failure of be abandoned withou the atre- action to deal \nth the Lorpora- Mr. ' 3r ' c - J oH ^ ca i com- Labour backbenchers serving on hammered the Despatch Bos and 
Vinistprs to reflect the full evtent mont of the uniona concerned, tions financial crisis was due to should know tnat political ^ Select Committee nad. n nmB cw,»j a ™ 

n T f' D the StenoSting financial Xegotiahons were now taking political and not industrial con- beforcT el hrou S h"an abeTaS" ^ 

position of BSC-its losses are P^e w,th the unions and ^derations, he said. h % L r fl L m p I I have never ported criticism of the .Minister. Mr R ees accused SlTSpeed of 

Sow approaching £2m. a day-in Progress had been made. Mr. Varley retorted that Con- \ c n r .^Vo ?once3i that ' Mr. Varley agreed that the s^ng in hfs coStituen^ o 

S r r ons stat ™ ents 10 lbe c f M L- JiSa "SSS.2S. ’SiS S3SS.JW “l 0 £ C Z« .L W «, g-gsss? ^ia&rTr “ h 0 r ^ JSSS 

They were particularly critical WfS ^cleTnTbc Flnaic'al ‘ Tta,I we want in can 

ot Mr. Gerald Kaufman. Industry “*2^°,r ^ L r hi! SsSS Tn LS arbitrarily on Monday which referred to the only _do it h.. discuaSion, ne watcher. the Conservative 


Committee 


\ 011 hammered the Despatch Bos and 
nad * bellowed at the Home Secretary. 


XT, c-Cooper and Ly brand to support muni ties in Scotland. Wales 3nd take account of »he uaain^ "* , 

r TJj'!rli?r^inJlSSS his claim that Tory MPs were England were affected by steel article in the Financial Tunes we 

Ge ^ ! f pursuing Mr. Kaufman over his closures. To have arbitrarily on-Monday which referred to the only do 

Minister of State, who * i^s^d USfi of [he phrase "an iwtura wielded the axe would have effectiveness of BSC s internal deUared. 


by Sir Keith to have misled the usc U1 “ lc 

House by referring to the upturn 

which was taking place " when he Ty "B T| 

knew that an upturn was not 3 T 9 TSfa ifil / 

taking place.’* H jbT~ W if aTR 11 Is B I 

Mr. Varley bluntly denied that w»- 

Mr. Kaufman bad misled the 

House. He pointed out that at FEWER SPECIFIC conditions M 
tbs time Mr. Tim Renton <C., may be attached to the next in- was 


.Mid-Sus«ex> had praised -ur. jecnop. of public money into Leyiand would require oiuiv . "“* ,; J, “ 1 -.J manaeement in tacklinz Chamber uwb.c»«ovio«i*j- 

Kaufman for giving "an honest British Leyiand Mr Eric Varley, public finance. The actual form Mr. Solomonl anding vo maDnin ,| velSi Mr . Varley Eventually, tempers cooled thp y 1: 

answer. Industry Secretary, indicated m wnicli the mone;. would be not be credible. recalled that the Prime Minister and Mr Speed was able to "fitting the Op 

Mr. Renton interjected that at There were immediate protests put into British Leyiand would After indicating hi? preference h a i rea dv announced Support explain 'that the Conservative l? r - WM ' 


praised Mr. jecdon of public money into Leyiand 


Lelded’ the axe would have effectiveness of BSC's internal declared. leader, to deny that he said it. 

At this, Mr. Speed jumped to 
-« r-wr-^ • the Despatch Bos and shouted 

nncf! firnfpQt rav 8 ones ;.v^v 

M 7 -»>- tion. Mr. Speed’s words were - “action plan-" must have been _wji- 

Jl lost amid the uproar, but Labour police protection tiiatd 

t&snim Ajytsas &8*S’&g S S*tT«rS^E*SSSI»& , ^i 


ENT . ; 

intention,", he 

administer .a sherL."Shar^isfioeJ 
Police would] be give n^il^ ii 
and conditions 
improve their morale- 
early resignations- . 
magistrates would be 
; give the widest range, ^'of;®e5j 
ties. Juvenile* courts. wc^lSi 

reorganised. tQ giye hacSro^S 

to the magistrate" and 
problems” of the -prisoff.?^^ 
would be- tackled. 

.* Mr. Whitelaw said that Haa*g 

tions from police forcea^b 
England" and Wales had 
from -2,701- in,1975 to';5j€S^ 
'year." Metropolitan v A lSfc 
resignations alone last yea£|f|§ 
been almost 1,300. 

He gave. Mr- Rees and,-®§Bjg 
Commissioner Sir."•David"- 
every credit for the 
the IHord > operation .oa.-.iSeSff 
day. _ Bnt' as 'the: 
force was nearly" 4,TTO0 -^e^ 
its already unreatiEAie^e^^pES 
. put Tory meat, many- areas- 
tn." must -have been "vers 

police protection that 
The. statistics disgh&ei^a^h 
onservatiyes more worrying situatipa4a^«(& 


assurances — ‘our old friend wold support the British.Ley. a od 


had already announced support explain that the Conservative 


ffome : Secretary's salary should ' evere " lossof - 'exit's 
be reduced by £1,000 a year. Uce officefS through 
Putting the Opposition case, ti on , s being offset 
Mr. WUIiam WMtelaw, shadow that it j s by the remiftro 


vould be dealt with when, in Questioning whether the men t jf Was i 00 e arlv io say whether it could sel 
iccordance with normal prac- altarhment of conditions relating v-hat decision would" be made hv in lh»* market plae 
lice, tbo Government issued a to efficiency, industrial relations t i ie fjnvernmont in the Ii a ht of of fair competition, 
iVhite Paper replying to the and productivity was the best thc . x EBs recommendations. Amid Labour 

three reports by the Select way of proceeding. Mr. Varley stressed- “ \nt on 

Committee which has been commented: **I don't think it is Mr. Norman Lamont. another u pt:h p r ' £ 5 Q m u 

examining the finances of BSC. entirely realistic to suggest all Conservative industry spokes- thp 

He insisted that the normal that" man. had earlier asked for ah wee _ K or ueeh dr 

orocedure should he followed in Sir Keith Joseph, shadow assurance that ir remained the Welcoming the 
■lealins with the Select Com- Industn- Secretary, challenged: Government's policy that no more approach. Mr. GeolT 
nittee’s reports and did not rake “Are you saying that if more money should be advanced to iLab. Coventry N'W 

jp a suggestion by Sir Keith money is requested from the lax- British Leyiand without there the attachment.of r 

■hat there should be a special payer for British Leyiand. it i* being a definite improvement in to the release of put 

wo-dav debate on the issue. to be given without any ccndi- both productvity and industrial " psychologically coi 


erti^lW-as too earlv lo say whether it could sell its products oomplaceur remarks on the fu . Jur ® Africa It^wouJd have to^look at 1 ^ le P rotec ti 0D our of undermining- 

rial decision would be'made hy in th* market place in the face ° f alara^mon^ t£? situation again. TheSore, citizens demands to-day. . observance , of 

e Gnvernmont in the light of of fair competition. np. Jrc ~ the Home Secretary's remarks Presenting an .'^ction pro-. Whitelaw said: 

e NEB's recommendations. Amid Labour cheers, he p rnmnlprelv unreDentant Mr were totally untrue. gramme" which a Conservative fails to attack the. judge^TO 

-Wr K.m..n lamont another stressed: “Not on the basis of v-rlev »Sn iSmined that Mr. Rees replied that he had Gotfermneat would introduce, he ever they produce «:&#!* 
! ,n L Jrrr' nni-p- whether £50m. is cumins next momenTs ? drama" obtained bis information from a outlined a set of proposals, most wbicb does, not acreiA. wifir; 

in *™? x ? -, i ' n - dus . l , r ^ ^ e5 ; week or the week after." C eSg on Tbefher '-- ^ newspaper account of Mr. of which were familiar from own .poGtical viewk .A*^ 

Minister's Government would 


A dramatic rise ihT^Hje 
among boys and ;gir}s .war.tta 
Government’s responsibility,. .Xi 
society failed them, they saw 


to be given 


Mf. Varley reaffirmed that the tions? " 



sgaa-aBSM -^g^ggas stenar *s wtajs.m§^ 

^ ees g| yes ‘ wa ^ c [j jf J 

-•' ---ry 








rant 


warning to x tunt « 

For the Government. Mr. Rees munity. I say on behalf of the The public expenditure for* 
announced that after long con- Government and the decent casts envisaged a growth of 4 per. 
sideration he had rejected sug,- people of this country * watch iL-’ cent, over the five years to 1881- 
gestions that be should take, over “ At the etid of the day, the 82 on police expenditure. There 
the power to ban political mass of the people of this would be an increase in real 
marches under the 1936 Public country will decide- there is terms of £86ra. in total law- aadl 
Order Act. going to be peace on the streets.” order expenditure over fee hixt 

He had decided that this power People iike Mr. Webster were five years. Any extra 
was best left with the Metro- not going ,to determine what would be in addition^tp-'fheso 
politan Police Commissioner and would happen, . - sums. 

with the various chief constables. Mr. Eldon Griffiths (C. Bury There were 7,500 moire^polke- 

in. _ - _ 1 . 1 . <*. raj___n—i,_._ a-_ __• _ .iUMrWL: 







ew 









These incentives couid transform your Ideas 
about your own company's investment plans: 

Jk Capital grants of 20% or 22% for new buildings and, 
in many places, for new plant and machinery, 
sk Loans on favourable terms or interest-relief grams. 

Factories with rent-free periods, low rentals. Leases 
of 99-years can be purchased. 

Removal grants. 

These are available in the Areas for Expansion. 

If you are a manufacturer considering expansion, you couid gain from 
these incentives. Companies already in the Areas for Expansion and others 
expanding or moving into them should take advantage now of the help available. 

In Northern Ireland selective capital grants up to 50% are obtainable. 
Telephone one of our Industrial Expansion Teams today for further 
information or send in the coupon for our free booklet. 

London tel: 01-211 6486 gf |sa =k=b* sssraaBaaass satsa sb asisa bbess 

24-iuiur.tnr.'-'er-ser\icc for booklet enquiries onii: 0I-£j4 2026 & « f~~~ 

Scotland. » g 

Glasgow,iel:041-2482855 g 

Tel: Cardiff 621 j! (STD code 0222) 9 | To:^i e Industrial ExpansionTwni, 

Scwca R s^^uT>Tie24722 | I S ^ P ^ QL V -/ 

Northwest. ^ evailsbk in the Areasfor Expansion. / 

Yorkshire & Humberside. ^ Name----- ; / 

^TD code 0752^ or j f||||||| ^ Nature of Bus!ness _____ 

(STD code 0272) ’[ THE AREAS j B , ,, 

London & South East lEXpSsiON V* “ * -- -—— -— 

London, tel: 01-605 2060 Ext 22! I - ro b ON f g 

Eastern Region. — r * -» El — —- — ■____ 

Londoa iel; 0]-605 2070 Ext3591360 ** W 

Northern Ireland. a - _ 

Tel: Belfast 5+48S (STD code 0252) V g 

or London 01-495 0601 H_ 

ThC Areas for ExiaaiSSitfSH 1 .... lss yEOBYTHE DEPARTMENT of industry FT27/2G 

_ | .na.sT,u,:,,-.nvim I h:Scoui::l 1 fc,M.,om l ,Pi ; ,i 1 nin--ncp,r l mcni3nd^ 

■inrrinrTWTi~rTTrii ii m -*-IS88 BH BBH BH cteto Kgq wnmwHwwnna M - 


of the Home Secretary.” naxt General Election, the police. Metropolitan police.. -He didVnot: 

He did not think that a Horae might be faced with a set of disguise, however, ihat there#^ 
Secretary should say “ l don’t like dangerous contingencies. He a real problem caused by poher 
that march. I don't like the suggested that the parties at leaving the service after ab3V 
people who are marching. They Westminster should get together four or five years- .. 
will cause trouble in that area ” and issue joint advice to the ' 

The Home Secretary went on police on what they should do /-*« . ^■'■i 

to give a strong warning to Mr. in these circumstances. \mflI CATO ; • ^ 

Martin Webster, of the National Mr. Rees toid him that there OlCCi »>vli^-v?» 
Front, over remarks he had made were 500 fascists in Ilford North ' • *’ ' •' 

about the forthcoming by-election on Saturday. But when there rbll#* 

»o Brixton. were 635 constituencies at stake UUi.. IJilf X r V-*.-r*^vV^ 

In Mr. Rees's opinion there in a General Election, thev might _ -, ' r * v *.*1 

was little difference between the be thinner on the ground* If the . 

National Front and the Mosley other parties in the House had L.81 A M Itrllijr 

fasasts of pre-war days. He said any views he would take them • ‘ . 

. VVe . bste, ; . b3d , «nto account in dealing with any ' By Rubert Cornw«lL Lobby SyfVL 

Ff f ** a J; ^ North trouble that might arise. \tr naviD STF*FT, -• /Ih'AtaJ 

! {J5.« a feM Je" re U b r U X°: 

B^;',on ? ■ PU, “ P 8 Ca ° di,i3,e ' n XlST^Tr"' RSSSr.* t^MbSESE 

Mr. Rees went on- "If that is than in 1974 ^in iS-TX f 11 * the “^ lder statements.^: 

■ <» .0 the Sim- &r n f 5 oi hSdhSilSSt a Ma,iol> “ Fron! - - 


this, a National Front- ,v r 
Mr. Steel Was spw^l 
rally in support- of the 
candidate in this wepk-,. 

North by-e lection,. 
party, will reckon to 5 ^ ’ 

Well if .it keeps .Tfre 
Front , out of. third-pjn 
with far, fewer than.. tb&. 
votes the' Liberals'&wi qfea jp* 
October L 1974; '•*'.; 1 

Mr. Steel said, that .-MR 
Freeman.- the liberal! caa 


Welsh support ‘will beat 
Assembly wreckers’ 


BY ROBIN REEYES, WELSH CORRESPONDENT 

ANTI-DEVOLUTION MPs wpre was nnt c :. . 1 ^ i-ieeumv.- lud uiueim 

accused yesterday of “destruc- to build in^rnnlntto™^hiS u l “iS" 
live Fanaticism ” and of imoerll- transcendert narir™ n nn K by ^ National FronL-.f- 
bnc some of the mSst'S S£E££ - ***> poU ^ GLC alMtlm: In 

mental ronronfc in th« ___ - . ahead of. them-in-the 


U - K/S ssnssrSiiSSS 
«S a s?.^,."asu n '%ZT*™™T at 

chairman of the “ Wales for the ™ Y,?les ® llJ 1S a less radi- F nj* the liberal 
Assembly Campaign" and TSnS thC Sc °S. n , d '«l5S Sft 

former Labour Home Office an asaenlhly th Front was 

Minister. The Wales devolution W J? es ^ cuts , ve J Powers 
Bill is to stan its committee ^“eas Scotland would have a renla^ 
stare in the CommonT iSS l 0Ay '*£'&**** ■Pwws.-Ssf* 
row—St. David's Dav f “f- Morgan^.m confi- SS!L s S3s. 

Mr. Morgan said that' by ^ : These vio^s^ were^ 

stipulating a threshold of 40 ^ ^ the vasT;ma}ority 

per cenL of the electorate to ontnbutmn lo Twonie. -but beranW 




™ au ^ 0i “ e t0 democracy.’' “ w "“* y “ uu “ w people, 'but .hemp*? 

carry the proposal “the ff e added- “if will-an«hi<i pre« 0 M» of the TJ: 

''^ < J e . rs - ,Q , iheir destructive massive transfer nf Frbpag^ndai 

fanatiasra, have .imposed an from the Welxh^fifficp 8 misfed into 'BeEfewi 
over-riding condition which has merit department ; vras simply ^ patriotic: 

not been attached to any other ffIfiS^said; 
measure—constitutional or bo*v dS3J S ia Tiom^ 

SihT^T 1 " ,I be h »story of Weish people” y -^ Politiriansriff lbe 

Er im h h p0 ? tlCS ' A major concern was ■ that 8h ° Uki ^ 

^ But he was confident that the opponents: of the referpp dn m.' ~ffifldgF»rst_ 

JfJS 1 * mainly - j n Wales would haye'accSs-: to*SSSS'' toeyaUon&.Frqia?* 
°thp batk t . he . asserabl >'- tiai advances from the : CBT arid « 
ine campaign s executive com- such orsanissti/iTi'i " Mr Mnmn insteaiL we^shtkflH. 

and^iherjfl S r S ' arBe,y °- f Lab ° Ur ^ 

\?ekh *v«il? Pr r S f ntS,llVeSl The appealing. ot.theT^oplS orwS^ 

spicuSus^ absent 8re C0D ' S the money coming SS *' 

sprcuousiy absent. from outside Wales. The aim 

Mr. Morgan claimed that this was to raise £50 000 : • declined and’ MTljl 




Nature of Business. 
Address__ 



ther.'The 

1 m migrants.- .were wMfee 
are- the faete.!'- :• 


Tpl! 


Blacklist case cost criticised 

THE Appeal Court "blacklist” Th4 Torv> MP'called m fh«i 
case in which the Attorney- Attorney-General “Vn tfSjj: 

SSi^lk *£ s sS S?S^5A5SS £ :r 


mce in court. Mr. Renton titvitc ftnmctThn^ TOlttfeh 

described ,he r„ra «, -, B SZ. SSS?' *52- 


viu an an extra- response'" and had u -•••- '.wt---* 

ordinary waste of taxpayers - gyed .-a increases. last Jyfi 

money- p>s deal m the langVjateS.jtpt^-the# 













, , Nw • 'pr-c* iit~ 

kJBfejdL 


Map by George Philip and Son Lid. © 197S. 


____ i map ay ueorge rrniip ana oun lju. w 

A range of International 

ervices no other bank can offer. 


f ! \ ! •• ■.{ » ’ W ‘ 

V* fi'v r ‘ -1 " 


national Finance. Competitively. ■ "# 

Short-term and fixed rate medium-term h H 

covered by ECGD guarantees. 

Negotiating or discounting bills, Acceptance 
Eurocurrency finance. Export factoring. 

International leasing and Instalment finance. 

national Branch Network. Competitively. 

Being the exclusive U.K. member of European Banks 
itional (EBIC) Midland can offer their clients the complete 
js of seven major independent European banks with 10,000 
es throughout Europe and a world-wide networkof joint 

5S. 

national Transfers. Competitively. 

Foreign exchange, spot and forward contracts. 

Clean payments, mail transfers, telegraphic transfers, drafts. 
Bills for collection, documentary credits. 

national Corporate Travel. Competitively. 

Exclusive to Midland,direct access to the world’s largest 
company—-Thomas Cook—a member of the Midland Bank 
). 

The fastest growing company in business travel providing 
>st comprehensive business travel service including foreign 
lge in 150 currencies, travellers cheques, V.I.P. Service 
and 870 offices in 145 countries. 


Competitively. 


International Merchant Banking. 
Competitively. 

A complete range of international financial services 
from Samuel Montagu, a major Merchant Bank and 
a member of the Midland Bank Group. 

Eurocurrency credits, bond issues, corporate and 
investment services. 

Samuel Montagu are also major market makers 
in bullion, foreign exchange and Eurobonds. 

International Insurance. Competitively. 

Every aspect of insurance and reinsurance. 

International Marketing Services. 
Competitively. 

A unique range of marketing and export finance 
services through the London American Finance 
Corporation Group, operating in over 100 countries. 

Information on regulations, tariffs, documentation 
procedures and exchange control. 


lU To ensure your company 
■ jJ *• makes the most of its 
international opportunities, 
you really should talk with us. 

For a prompt answer, contact 
George Bryen, tel: London 
6069944. Ext4057. Telex 
888401 or contact any of our 
branches throughout the U.K. 

TESTUS. 


Midland Bank International 

Midland Bank Limited, International Division, 60 Gracechurch Street, London EC3P 3BN. Tei: 01-606 9944. 



Delivers. 














II 


is a portable uoit which can he a SAFETY • INSTRUMENTS 

operated from a 13 amp socket, 

SifSi?''”” Roof supports moved by Shows up the leak 

O PBOCFSSFS The smallest unit is stated to . A 11 OFFERED by Vartan ls_ a. gauge gas. present in a normal leak- 

* - be particularly Suitable for the rPITlftflP PftlllTrtllPT which: fitted fo vacuum systems freeeystem atany pressure. 

-g-n -B • 1 . P , removal of oil grease. «av and iVlUUlC tUilU UIICI will show tf a leak is occurrine, The gauge Is connected to an 

KJ aril ye |r other solvent snluhie soils ir . enable its location to he found, electronics box which booses a 

Wj fMfiO IS KPTIF IrPSil can be used wfSi fluorfnated or INCREASED safety in mining console can be up to 100 metres and indicate if air or water meter on which either pressure 

Rv3 XVW'lJFl, li chlorinated solvents and mcnr operations is provided by the away from the first of the sup- vapour is enterfne or if some in Torr or percentage of nitroaen 

Derates solvim ,rerlamarinn Gullick Dobson advanced tech- ports. internal component is outeassina. can be displayed. 

•il a -f, ,, nology mining {ATM) powered Many variants can be provided Thus, a high nitrogen oercent- 

WlTilOI’B'tf" TTAOTinOT Solvent capacity is 1.7 gallons. ro0 f support system, thanks from these components. but the „ JL£" rS£22SS ££' 886 Indicates an air leak and a 

TV II All ,he Ia *ger models have larzely to its remote control unit cnntrol console, woicb contains Smart Gauge and can be used lDW onc the Dresence Q { an un - 

O two stainless steel tanks. Three which permits the positioning of the complete system decision hy even the most Inexperienced wanted gas such as water vapour. 

nnswAt-An ... „ , . . . . . . _ , . . . , aw designed for heavy duty a number of hydraulic roof logic and sequence control, pro- operator to interraot a process Qo th e other hand a high pres- 

~X^r 1A "■Y 1 " allow food in internal and external bacterial production applications, and the supports along a longwall face vides the operator with command before a valuable run is lost. sure with correct nitrogen per¬ 

il p ru Tf SOrS 10 s ° ,p fresh cocas development or discoloration. other three (with similar capa- to be supervised from’ a distant in either automatic or manual The gauge is flange-fitted to centage shows that internal cod- 


• INSTRUMENTS 

Shows up the leak 

OFFERED by Vartan ts_a gauge gas present in a normal leak- 
which: fitted fo vacuum systems free' system at any pressure, 
will show tf a leak is occurring. The gauge Is connected to an 
enable its location to he found, electronics box which booses a 


BHTED BY ARTHUR BENNETTAND TED SCHQETERS 

____.w_ _ j i _aa ^ ni/ vtiAnrc ■ in rrm innir 



for 

construction 

01-9951313 


i« nology mining (ATM) powered Many variants can be provided - high percent - \ * - — 

p lty is 1.7 gallons. roQf sup p orl system, thanks from these components, but the It has consequently been called ue t nd j cates aQ a ir leak and a ^ rnMPONENTS 

All the larger models have largely to its remote control unit cnntrol console, which contains Smart Gauge and can be used low one the Dresence Q f an un- • GUlTlr vivfciv ■ 

two stainless steel tanks. Three which permits the positioning of the complete system decision even the most Inexperienced wanted gas such as water vapour. Tpv ^ 
are designed for heavy duty a number of hydraulic roof logic and sequence control, pro- operator to Interraot a process on the other hand a high pres- | SJT1 VC 

□ reduction annliratinnc an«t lh» cnnnnrfc ilnna a Innmirall face ViripS thp ODBratOT with Command betore a Valuable run IS (OSt. eiira with i-nnwH nltrnoan npr- 


Go Hick Dobson advanced tech- ports. 


internal component is outgassing. can be displayed. 


processors to ship fresh goods development or discoloration. other 
continents without the The double-walled aluminium cities* 


new ° f al M ^rf 1 ** 1 * an > crea 5 es containers have been tested in cabinets and intended for use This remote control nnit is also gives information on support of an improved Penning cell and Once the leak is indicated. OllWl M.UU 
npi-LhJh?!idwuae markets .or various parts, of the world with in clean rooms. built by Instem around a micro condition, as required, from an optical system with filter that probing round the outside of the . • 

invfn if e rff 0fT } m0aitJe ^' acc °ra- avocado*, chicken, chry.santhe- computer—Intersil 6100—which monitor signals on the selected is tuned to the spectral line of vacuum system with a gas other T1*|TT1 

* to us aeveioDcrs, Liruminan. mums. iamb, limes, mushrooms, conforms to Grnup 1 intrinsically roof support units. nitrogen and permits measure- than nitrogen will show where i»R IRk-i 

Dormavac creates a cold, but mangoes, papaya, peppers, pine- a WELDING safe standards because of its low Emergency stops on each roof ment oF the partial pressure of the leak is: a change in meter LAUNCHING AN attack on the 

above-freezine environment, with apples, pork, shrimps, strawber- w power levels and can be quickly support control unit signal their this gas in the system. Percent- reading shows that tbe gas has £3nm.-a-year U K. market for 

high humidity and very low air rics and carnations. -w-* » reprogrammed to meet changed position to the console, should age of nitroeen in the residual entered the orifice. metallic and nlastic decorative 

pressure, with an atmosphere p Qr t », as a nnrTna i cold stor- §< DnC TAr O conditions. they be caused to operate. At gases can then be determined More from Varian Associates. h t mm C H Industrials 

.constantly changed inside an a „ 6 ijf* Q f about seven davs 1U1 u The roof support equipment the same time, self-checking is making use of the well estah- 28. Manor Road. Walton os r.rouu has amalgamated two of 

aluminium container that can be Using Dormavac pork remains - . developed with the approval of built into the computer control listaed ratio of nitrogen to total Thames. Surrey (09322 43741). its ^o mDan i es __% e tta Manufac- 

by . roa l ra,l J sea - fresh for over three weeks—with fnimn mh the NCE and inspectorate. is program so that operation stops turiag ^ compra Plasties—to 

-kLJES®"* 15 1? scnbed « no evidence of slime, discolora- 8.U&1H11 uU built up from a number of sup- as soon as a malfunction occurs. offer a comprehensive service in 

nypooanc storage. tion or off^dour. poultry is b«»t- ° J port units and their controllers. Further details on the con- _ ^ field 

Under development hv Gram- ter protected aaainst bacterial ESAE will present to the offshore emergency stop units, telephones trailer from Instem. the Mount I TPA1T1 wintto The Group says that the new 

man Allied Industries since TS74. development than with chill industry in May three new weld- and warning systems and various Industrial Estate, Stone, Staffs, 1 M dM l.d il Lrill «H« |»N company, called Compra Trim 

the process has been extensively packing, the company asserts, ing rods with hizh impact connectors. The central control STlo SLX. j ^ _- — , and Nameplates alreadv holds 

researched and developed to addinz the blanket claim that ihe strength at low temperatures AN ACCLfRATC Swiss-made d | gi- (nterface/dlsplay nnlt with I m d 10 ner cent of this ex- 

masss7sssjsssrj& sa wili con!l, " n ' impact sS"fr'r o s ^ sssw«ffSs d ",?^ f "n e n tL 

™ ‘ r “ t,on - 1 , . ssr trEez - ® DATA processing set S 'srss sjas^i w mss ^ 

have been huill which’con'fam More on thi, proeesv. which icnl ninnins chaTact'eri^Uraln'Ili T-. • l K A. nvrtonfl !h“ bv“sune^lnd GeMr^U di^iSM iP a l n'f) f alj mMUiiT’irin tage i^dLS^era°and° the^mml 

0%am?S at, ” na ‘vneei^f, a o r „ d5 ^ehro^ft ule “fo“o5 SS ’’ T™' , 1 611111031 DlSKer 10 6X03110 ^ Ife “c a^ea of Se'^mn" paV has plans to become thi 

“AS'S TR.WSDATA. British tee tcnn.naL m arhet and in the da,. on ^t?u«,fM S'StdVWl! TS’S «£ “ladv 

Sevond*anv*douht h fn rSfmllfJn? Eftionki VnT BrSdbent Ho-ire" u 'S uld for applications minal equipment and micro- communications systems market J ^Sial motion unit portioned to ^rtangnlar co-ordinates to invested £300,000 in a Factory ex- 

StaSl thJ? M G sSS'or SlrSeL LonZ whore impact strength is computer systems manufacturer. It will also be the key to the Sv desired point of Veference. give map references. This can tension and new plant and 

mike mata7?irniIuTlt» l l v?'i nJS 3«7 aueiuoo r equ, " d »* temperatures down u preparing for a major ex*an- development of Transdata’s ILrreuading points are then dlgi- be done with a large number of equipment 
tional storage andtamniwrt ^ tfnn" George Hub icke ’ 1° T“nt C =oil' 0n thc other sion programme, following the flexible microcomputer systems, ti sed t0 g\ ve p 0 i ar co-ordinates closely spaced points to yield In particular, its plans include 

methods “ George Kumcke. hand. OK 53.68 is an excellent rec ent signing of a marketing such as the Cx400, which is }V ad iu S f™ the reference point areas enclosed hv curves. the development of new 

Each War more than in nw electrode for node welding, but agreement with Plessey Europe, aimed at the OEM market as and ang i e from a reference More from the company at Fir-materials and new applications 

cent of wholesale commnditip^ m n or 1-%-xr «T«*s the same impact strength under whicb Plessey will market well as other micro-based ra disl) croft Way. Edenbridge, Kent for present materials outside 

worth bUHansTfdoll^swhich 1^162111112 DV down to de *- c - TransdataX products throughout systems The bead is connected via an (0732 864111). .... what may b c described as the 

move through grocery ’ stores ° " 1 " ne tbird welding rod. the Europe. Russia and Comecon Transdata is now turning over conventional uses. These include 

supermarkets, hotels restaurants J ESAB OK 73.68 fAIVS E 8018-C1) countries. £1.5m. worth of business a year trim on a wide range nf domes- 

and institutions, are' !os‘f due to I s a 24 per C0T!t - n^kel alloyed. Transdata is settinc ud a 5 000 and is b “ d geted to double tic and office equipment, from 

affat-«* SUU,,U SSS-.,-2S* re 'te' ^”S?SSS , %d“ p d;4iS? •*«?•■«? X— 2 ; Ia^aI AAi.fmllar 


white point. 


mode of over 250 supports. It almost any location: it consists taminants are outgassing. 


sheet 3nd 


Under development hv Gram- ter protected azainst bacterial ESAB will present to the offshore emergency stop units, telephones trailer from Instem. the 

man Allied Industries since TS74. development than with chill industry in May three new weld- and warning systems and various industrial Estate, Stone, Staffs, 

the process has been extensively packing, the company asserts, ing rods with hizh impart connectors. The central control ST15 SLX. 

researched and developed to addinz the blanket claim that the strength at low temperatures 

establish the commercial via- average extension of storage life along with consistent impact 

bility of this method of storage i* some six times compared with values. 

and transportation. other methods including freez- Two are unalloyed, hydrozen ® DATA PROCESSING 

Six 40-foot prototv-pe units * n2- controlled electrodes with excel- _ 

have been built which conform More on this process, which lent running characteristics in all nvmnvtfl 

to International Standards will undoubtedly cause, raised positions. g pI*|T||J|Q| JT|ggrPr fQ CXU3.I1G 

Organisation specifications, eyebrows in the food chain The main difference between ********* ^ **** 

^nr a n™H?A hou r iof I'-fiL'"#fS2T the tw ° & that OK 13 TR.ANSDATA. the British ter- terminal, market and in the data 

«^. aDhshe . d I„°” TJr^rfh^n? gn, «" w ? uld u sed for applications minal equipment and micro- ctvmm uni eat ions systems market 


developed with the approval of built into the computer control lished ratio of nitrogen to total Thames. Surrey (09322 43741) 
the NCB and the inspectorate, is program so that operation stops 
built up from a number of 6up- as soon as a malfunction occurs, 
port units and their controllers. Further details on thc con- 


sas Dst3 from maps 


tiODal storage and transportation George Kubicke. 
methods. 

Each year more than 10 per -->« m -> 

cent of wholesale commodities a iDOmrUT 
worth billions of dollars, which v/ivflilllltak LI V 
move through grocery stores. * 

supermarkets, hotels, restaurants J 

and institutions, are lost due to SOU II(8 
spoilage. Poor temperature and •'****■* 


hydrogen controlled basic 
covered electrode, the covering 


srsss ,, i l . a sS!,«"; I j*s s F Ey ^ w s"r»r" «*sxsi °i « < «ur: o#w stan<i 

maior problems cleaners have been launched by f 0 fi t into this new range nr rods _^"! pa > s existing {aunched 

The Grumman process should C LnndoS 5° r < low '™t' er ? r ? T * applications. Production plant More Momaam 

make it possible to store com-'’SnS^aSif' L d Tlis an all position electrode de- Now being converted and data on 01-240 2713. 
modifies which retain all the 05U ,0 i-S9_ bioit. positing a weld metal havtnz hizh equipped, it Is expected to De 

characteristics they had at thc The largest machine has a impact strength down to—60 deg. ready hv the summer, and Trans- 

time of harvest or slaughter— capacity of 1.653 lb. of steel/hr.. C. data will he using it to broaden jVT 

flavour, appearance and firmness, and requires a three-phase ESAB. Fa«*k S-402 70 Gotben- the company's range of terminal 1 v C W Clio 

There is also a marked reduction power supply, while the smallest hurg. Sweden. pmducts. both in the printer 


“HaniT of ^ CX400 alone now stand SoTp IaVPi OOllITO’IICl" internal and external, vehicle 

existing at 0Per 1500 ■ 000 since it was IV ▼ VI VI/I1UU11V1 trim, and for instrument panels 

launched. _ INTRODUCED BY Robertshaw example to the grain industry— and dials. 

More information from Trans- Sf?j j iR a capacitance-based device and produces a de output which Among processes available is a 
? d data 0D 01 ‘“ 40 2713, intended to control the level of is proportions! to the capaci- printing method developed in the 

' f liquids and granular materials in f ^ t&j- S jgnal is fed’ ch « by a *^12 of 

t T i T^T !• 1 tanks and other containers. building-up" runs produces 

broaden ]V] p-xwr rflCTIlQ V Known as the Level Tel Model tp a re lay unit and power supply textured finishes ' and an 

ermmal 1 iC ff U13Uld Y 3158 it is based on the principle which Is mounted remotely and "engraved" metal appearance, 

printer n —- * that there is an increase in can be usfed to give high and 0.tfaer finishes include woodgrain 

-Trrttn E S< \/l capacitance between a probe and low switching for alarm or con- and leathercloth. Compra, which 

LI ill JULJIt J. the surrounding container when trol purposes. describes itself, as “based bn 

ththtf nicPT iv ct,.inn the fotter is being filled or More from the company at printings is aiming to widen the 

h a H JJ E LSi S, ?^«.,2^' aod l“ emptied. Greenhey Place. East Gill- market for its materials to cover 

I'imrai"US“SJ2, The sensing circuit is Intrinsic- brands. Skelmersdale. MN8 9SB surfaces in applications ranging 

Generai Systems Division of * safe _fi importance for (0695 23671). from architecture to furniture. 

.. . , Developments include a 

u Th ,o y M a I^, two fcl D t w method of laminating aluminium 

the IBM 5251 which provide 960- foil to rigid FVC to provided 

character displays and offer the MATPDIAI 6 wide range of textures, colours 

capabilities of the previously # MATERIALS and finishes. This material will 

? u Mode . Is 11 and 1 n -a i . . withstand a i inch draw, 

with 19.0 character screens and h|i^- cfrnTKT Tftw developments in progress 

:he^ IBM 5-52 dual display jjj'QtUClIv Ulll 511 l/ll^ include a ceramic finish on thin 

This unit allows separate jobs AS PREDICTED in tee Financial can also be used 3aims to^have^wacSd 1 ^? 


New display 
from IBM 





mar 



character displays and offer the .- rn , . - e 

capabilities of the previously O MATERIALS 
? nnunced Models 11 and 12 

with 1.920 character screens and Cvm4-liA^S a 
the IBM 5252 dual display oVninCllL 


, 0 4 ..'. 

mi 

I ifr j* ■// 

• ' . 1. 


r,- ->$ 0 £k 

K " 



r .-v' -K v -.-j..... - 

'wmmm 


_ — _ _ station offers functions tl 

fl flAUl elude field highlighting an 

laVimU* *The‘52S1 Model 1 att»« 

If you really want to own gold, this is >Se fra***? uSSTii 1 
the way to do it Get yourself a 100 oz. I to the system unit it can 
bar ($16,350 at this writing plus appli- j Model *2 provides comn 
cable sales tax), plop it on the coffee aotli 

. i i i .. j i, . , , allows the attachment of 

table, make sure it aoesn t get stolen, I eight additional workstati 

i l j. . • t , j i . More on 01-935 6600. 

lock it up at night—and you ve got 

yourself a real conversation piece. If WholeSalil 
the pnee of gold goes up 10%, you ve 
made yourself $1,635 minus the sales SGjillpIUCIlt 
tax and assay fees. Or you could buy # 

gold and have a bank keep it for 2SJ"J55JSSS '?o s 1^ 

you. Same $16,350—plus sales tax SSSi" s,ri on 3 

and storage costs—but no conver- a ?;“ d t u b c r “ ,n pn ^ er : 

sation niPPP phersls The<!e are the O 

oaUKJl I CPI 10. the Okidata CP21C 


with 1920 character screens and CirfltilDfip fkllf cfmilQ Tftw developments in progress 

:he^ IBM 5-52 dual display iJj-DtUClIv Ulll ijli l/ll^ include a ceramic finish on thin 

This unit allows separate jobs AS PREDICTED in the Financial can also be used for photocopy to^have^cracked^^ho 

—such as order entry and Times last month, BXL Synthetic masters, when continued use win technical problems and is now 
accounts payable—to be executed Paper Division has launched a not cause it to bl ?®^J^ p ^* ared * concentrating 0 n economic pro* 
concurrently. The dual station translucent grade of Polyart. unlike traditional materials. duction. Heat resistant (It is 
attaches ro the IBM System/34 Retaining the printing per- initially it is available on the 5 ^^ at 450 de& q. its appear- 
system unit or the IBM 5251 formance of the original synthe- reel ar 1 In sheet 100 microns ance is 8lmUsr to vitreous 
model 11 or 12 displays. The tic paper, all known printing .thick, 97 gram/sq. metre..but it enamel. It is said to be flexible. 
5252 can function as the system processes can be used, and tonal could be produced at other am j iess liable to chip or crack 
console when attached to the gradations up .to 175 screen. It weights if required.’ than vitreous enamel, but doe* 

S.stem /34 system unit The new 15 resistant to tearing and flexing Detail from Bakelite Xylonite not have such a high abrasion 
station offers functions that in- and «? waterproof. 0 n 0255 20561 or from the distri- resistance. When the material la 

elude field highlighting and data . Major application is «pected . launched later this year tbe 00 m- 

edifing to be for pomtjof-sale material bufor.tneRol«rtHonie Group of ^ |{ tQ have applicil . 


tions ranging. from cooker 
finishes to wall tiles. 

At Com bra, all processing is 
in-house, and includes offset litho 
- and semi-automatic silk screen 
r printing.' colour anodising, photo- 
graph? and artwork: and a ntif£e 
of machining facilities, fricludfiig 
a press shop with presses up (n 


Wholesaling 


2.Gold Stocks. 


This is another way to enter the mar¬ 
ket but bear in mind that some North 
American “gold stocks” actually make or lose most of their money from other 
minerals, while many of the other mining companies are located in a country 
with a rather shaky political outlook. Of course, the quality of corporate manage¬ 
ment and many other factors affect the value of any stock. 

3.Gold Futures. 

This, in our opinion, is the most intelligent way to participate. No sales tax. No 
assay fees. No storage costs. In fact you don’t even own the gold. You own the 
right to buy (or sell) it at some future date at a pre-determined price. In futures 
trading you put up a deposit of less than 10% of the value of the gold. So if you 
bought a 100 oz. contract and the price went up 10%, you could double your 
money by merely closing out the contract Needless to say, if the price went 
down, you would lose money—a risk inherent in any form of investment. 

To learn more about the exciting prospects in gold futures, send in the coupon 
below or call toll-free 800-243-5000. In Connecticut call 1-800-882-5577. 


■■■■Mail-in Coupon .. , 

CHICAGO MERCANTILE EXCHANGE 

International Monetaiy Market Associate Mercantile Market 


The”5251 Model 1 attaches fo particularly back-lit posters. It Companies on 0604 495333.. tions ranging from cooker 
the Sy.srem/34 system unit or finishes to wall tiles, 

the IBM 5251 Model 11 or 12 At Combra, all processing 'is 

display. When attached directly • In-house, and includes offset fitho 

to the system unit it can serve £ HANDLING -and semi-automatic silk screen 

as the system console. ' r .printing; colour anodising, photp. 

Model 2 provides comraunica- \T 71. - -.1 _ J mawtaw aIiavta! grapby and artwoffc 4bd * rgi&e 

tions capability with the VVlIf^GlGfl HOWfil SI1OV01 of machining facilities, mdndSrtg 

Svstem/34 via SNA/SDLC and ▼ T HttlVU F V ” V1 aUVTV1 a press shop with presses up to 

allows the attachment of up to LATEST MACHINE from Clark bucket is 83$ inches and the 75-ton capacity.. This enables 

eight additional workstations. Michigan is a wheeled shovel break out force is 12,099 lbs. company to meet almdst any 

More on 01-935 6600. for buckets up to 14 cubic yards. Cycle time is stated to be 10.5 foreseeable demand. 

powered by a 74 hp six-cylinder seconds. Details from Compra, Eatter 

w-wttj engine. It has three forward and Marketing is by SLD Olding, Bray. Dunstable. Beds. (0525 

Wholesaling ^ reverse S eia top H^eld. Herts (Hatfield 62333). 220342). -TONY FMMgg 

equipment mechanical follow up to 3 1 PEOPLE IN POWER SHOULD 

X-DATA which claims to be Brt- movement of 35 degrees to either ■ \#|OIT IPHFX 7R 

tain’s first computer equipment direction. Clearance circle, with w I Irl m SJ . 

wholesaler, plans to supply com- bup £ et * p carrying position, 

nuter equipment to technically * s S3- 15 «*ct- . . •- -- 

self-sufficient users on a true Dump height, with full lift and. 
wholesale basis. 45 degree discharge. Is jost over aR 

First products in the X-Data 100 inches, while the reach is H 

ran^e are three printer peri- 34 inches. Cutting edge of tbe ■ H ; . 

phersls. These are the Okidata - H ^ 

CP110. the Okidata CP210. and - ■ ■• •• ,'. . 2 

the Oki DP100. The CP110 
is a lightweight hard-copy 
printer which can use “corner 
-hop” media. printing 80 Static and 

fmS fit - 

with a hizh volume of on-line fTOrn 3KyAto750KVA. jf Vp * . 

financial transactions. prints BaSe'OaCi,Standby Jf| II 21;^ 

mpnts without operator adjust I I I PH EX 78—The International Pneumatics and Hydraulics 

ment. The dpi on prims 132 rr ^ ^ - Exhibition Incorporating Compressors and PowerTransmissim'’ 

rniumns ar 125 lin/min.. and has ivianutacturea Equipment ' 

a long-life print mechanism by 

zuaranteed for 750 hours, or leighst.waishawbury 

50Om. prim characters. Lancashire. ehglano 

T-Data is at 24 Windmill ISKMiSLI 434 

Road. Brentford. Middlesex. 


PEOPLE IN POWER SHOULD 
VISIT IPHEX 78 ^ 


in 




static and 
transportable units 
from 3 KVA to750KVA. 
Baseload, standby 
or no brake systems. 
Sale or rentaL 
Manufactured 
by 

LEIGH ST. WALSHAW BURY 
LANCASHIRE. ENGLAND 
TEL 081-761 1434 
TELEX 668850 



- 1 



f 



hn 

IB 



I 


IPHEX 78—The International Pneumatics and Hydraulics 
Exhibition incorporating Compressors and Power Transmission-? 
Equipment ' 

IPHEX 78—In Just one day Management aid Senfor Techn^&» 
Personnel can compare and assess the latest develop men ts ift~ - 
power transmission and control equipment techndogy. ^ 

IPHEX 78 gives full coverage to the related Pneumatics, K :. 'i 
Hydraulics Compressors and the Mechanical PowOrTrans- - • 5 
mission industries. Conveniently, 1 EA/ELECTREXis being held * 
in adjacent halls on the same dates. Vf .- 

IPHEX 78 is sponsored by tiie Assoctatiorrof Hydraulic 
Equipment Manufacturers.the British C o mp res sed Air.SOcItfty^ 
and the British Gear Manufacturers* Association, and is orgahtseil 
by Industrial&Trade Fairs Ltd. 

. IPHEX 78—13thto 17th MARCH 1978 

Open dally:09^0 hra-18.00hrs 

National Exhibition Centre BiiWnghami 



Your name 


Your address 


Please drde those commodities you're interested in. Send to CME. 444 W. Jackson Boulevard. Chicago. Illinois 60605. DepL C.'-’E 

7~-13 

Live cattle 

Frozen skinned hams 

(J.S. sliver coins 

Canadian dollars 

French francs 

E-gs 

Feeder cattle' 

Boneless beei 

United Slates treasury bifls 

Bntish pounds 

Dutch guilders 

Mrlo 

Lire hogs 

Copper 

Deulschemarks 

Swiss Irenes 

Lumber 

Buber 

Frozen pork bellies 

Cold 

Japanese yen 

Meacan piesos 

Pusset Eurbank peta!ices 

TuTheys 


'% P^mbranDevelopmentCorporattonTias 
Sir, l most of the problems eaconn tered 

*• A b vindustTTdorlnican»lartwrelocation. 
-VLtAlready more than 170 companies have 
■ 71 ,-«tiled here. 

The Corporation'a current building 
- MKi \V^ programme will provide* wide choicg 
«“*■'•* ' : ~~ of industrial premises in 1978 -from 

Ba Smell ‘nursery units'to factories and 

BgjKp*' 1 ’ -.va.-ehouses up to 20.000 square feet. Leasehold 

serviced sites are available immediately. 

Government grants are available end substantial rent 
concessions may apply. Housing will be previded for all; and the 
Ley roan who coma with new industry cum be housed 
immcdiatelv. 

Modem do'ksare close at hand, and fast new motorways and. 
truck roads link Cwrobran's modern factories with every part 
of Sr;tain - Birmingham Ic 90 minutes b}-MS0'M5, London In 
Jittle more than two bouts by >H,or9Q minutes by tbs new 
Tflzh Sored Trains. 

Get the face? about Cwmbran, where 45,000 people enjoy every 
ficilitv for work and leisure. Flense use the coupon, or write 
orLelephcne today. 


!'■ II H—rittt. M.C., General Alanaorr, 

fc.h-nn Onroraecn. Gwent House. Town (TenO- 0 . 

riTJ«r.-rrr. '.■rrni vrj 3~J. Wales. TC( 4 pban« CErmbran STT77 


C?ir.p-w- 




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11 


j'Fifiancial Tim^:^fesday Kabroasy^28-1978 


i 


\ .1 Jl» *t+, , - . _ a- 


FINANCIAL TIMES SURVEY 


Tuesday February 28 1978 


aw 


, Bristol is a proud and prosperous city with an important place in British history 
dating as far back as the Saxon era. It has a record of steady growth and a 
diversity of industry that is the envy of most other parts of the U.K. 


: -y' 


ntroltor 


arts 


mm 


Survey was written 
QBfN REEVES 

lENTtJIUES, Bristol was 
'■“only to London' as 
d’s main port and com- 
1 centre, tn 1497. John 
<aired from Bristol in the 
-iew " to discover the 
American mainland. Sub- 
■ •£•■ generations - of Bristol 
• . n't ‘ venturers played a 
'e in exploring and set- 
. le frontiers of the then 
, : world and developing 
■f'as eventually to become 
~~tish empire, 
unlike a . number of 
" historic cities, Bristol 
rer chosen to' sink back 
: !* sJebpy and r slfghfly 

rlsbed provj ffctal" etist- 
qppient.. to A dream of 
^-■.glories. The magnifi- 
r ‘orgian terraces of Oifton 
district tjf HotweUs bear 

- - to the; spirit‘of enter- 

3. a later era. The city 

- Cfith their unique floating 

and SS Gri?at_ Britain 
. -5rst . iron clad screw- 
e- .tf' - steamship in - the 
-and jthe Clifton suspen¬ 
ds* are among a.iiumber 


of reminders of the pioneering 
role played by Bristol in the 
industrial revolution- and the 
heyday of Victorian enterprises. 

To-day, Bristol/ remains a 
modern, bustling icity and 
regional centre for-the whole 
of the West of England. It 
boasts its own"* university, 
several colleges of higher edu¬ 
cation and training, three 
theatres, a concert bin, a zoo, 
several museums --.and ail 
galleries and an abundance of 
other amenities associated with 
modem urban-living^.' 

■ The greater Bristplfarea has 
a population of jfeft over 
900,000. which since local 
government reorganisation has 
been drawn together- in the 
new county of Avon. Rela¬ 
tions between the new county 
and the old city's council are not 
ideal. -This is partly because 
Bristol, which now has district 
council status, is■; .Labour- 
controlled, while Avon is in the 
bands of the. Conservatives. 
But it is - also obvious that 
stripping powers from- the city 
authorities, with' centuries of 
tradition - behind them, and 
giving them to a totally new 
body was bound to cause fric¬ 
tion. The settling-down process 
is also not being helped by 
Government suggestions that 
the old city councils may be 
granted a return of their 
former powers.' In Bristol’s 
case, this would'undermine the 
whole raison d'etre behind the 
creation of Avon. 





m 


j'B'MU* 


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The Oval, with the University buildings (top, left) in the background. 


Steady 


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■ ' But these-are matters 1 which 
do not really impinge'on tire 
'economy of Bristol; which-hd^a 
■Record of-steady growth yand 
diversity, of activity that is'.the 
envy of most other.parts':# the 


U.K But before examining this 
problem and the remedies being 
applied, it needs, emphasising 
that the--problem is relative. 
Bristol’s traditional spirit of 
enterprise has continued to 
serve the local economy overall 
very well indeed so far in the 
20th century, and it will be sur¬ 
prising if it does not do so in 
the future, given the long- 
awaited general economic 
recovery. 

• TK^ is'most notably true or 
'the setting up. in 1910, of the 
Bristol Aircraft company. From 
it has flowed growth, employ¬ 


ment and prosperity from gener¬ 
ations of famous aircraft and 
: aero-engines, beginning with the 
■•Bristol” Boxkite—the first 
heavier than air aircraft to be 
used in British army manoeuvres 
—continuing with the Bristol 
Blenheim, Beaufort and Braba- 
zon and culminating in the 
Anglo-French Concorde. The 
British centre for the design, 
development and production of 
the plane which has taken civil 
aviation into the supersonic age 
has been the Bristol suburb of 
Filton. 

True. Concorde is almost cer¬ 


tainly the end of one particular 
line, but Bristol continues to be 
intimately associated with trying 
to push back the frontiers of 
technology though what began 
as the guided weapons depart¬ 
ment of BAC and is now the 
dynamics group of British Aero¬ 
space—concerned with advanced 
missile systems and space satel¬ 
lite engineering. 

Bristol's long and dose asso¬ 
ciation with the aerospace indus¬ 
try from its beginnings has in 
turn provided the foundation for 
a highly skilled and exception¬ 
ally diverse engineering indus¬ 


try. In the West of England as a 
whole there are over 500 engin¬ 
eering concerns, varying from 
large factories to small com¬ 
panies specialising in small sub¬ 
contracting work, the majority 
of them concentrated in the 
Bristol area. 

Skill in precision engineering 
has also been a vital ingredient 
in some of Bristol’s other 
important industries. 

The city might not have estab¬ 
lished itself as an important 
centre for the paper and board 
and packaging industries with¬ 
out the backing of engineering 


skills able to produce the 
specialised, precision machinery 
required. 

Wine, tobacco and chocolates 
confectionery are three more 
industries associated with 
Bristol which, of course, have 
their origins in the city’s mari¬ 
time past. The port of Avon- 
mouth has also given Bristol an 
important stake in the grain 
and animal fee dings tuffs busi¬ 
ness. petrochemicals and base 
metals. 

Clothing (notably uniforms 
and foundation garments) and 
boots and other leather goods 
are also traditional activities 
which have only recently de¬ 
clined in relative importance. 

Commerce 

The most important growth 
area in the 1970s has been in 
commerce and distribution. Be¬ 
fore the present recession, Bris¬ 
tol was chosen by five major 
companies as the location for 
the large-scale decentralisation 
of their offices from London. 
Warehousing and distribution 
also assumed increasing im¬ 
portance, attracted by the inter¬ 
change of the M4 and Mo to the 
north of the city, which gives 
easy and direct access to 
London, the Midlands and 
North. South Wales and South 
West England. 

Excellent communications 
have always been a vital 
ingredient in Bristol's economic 
success. For centuries they 
were maritime. To-day. besides 
having such comprehensive 
motorway links, Bristol con¬ 
tinues to enjoy one of the fastest 
' and most frequent rail services 
with London of any provincial 
city—only one hour 20 minutes 


on British Rail's High Speed 
Trains—and direct Inter-City 
links with other U.K. centres. 
Bristol (Lulsgate) airport has 
regular scheduled services to 
other parts of the British Isles 
and the Continent. But if these 
are not convenient, then Heath¬ 
row is tittle more than an hour 
and a-haifs drive a way. • 

At the same time. Bristol has 
determined to try to maintain 
its sea trade tradition by build¬ 
ing a Grand new dock across 
the river from Avonmouth suit¬ 
able for modern container and 
roll-on. roll-off traffic, named 
Royal Portbury dock when it 
was opened by the Queen last 
year. 

The construction of this 
£37m. facility, with the biggest 
tidal lock in the UK, remains 
controversial. There are those 
who say that Bristol can never 
hope to compete with other con¬ 
tainer ports which, for the most 
part,' are more conveniently 
located and have faster .turn- 
round times. They fear that 
Royal Port bury will remain 
a permanent loss-maker tn 
Bristol. The proponents of the 
new dock are banking on its 
unique direct access to the MS 
motorway only a mile away and 
1,000 acres of surrounding land 
as selling points. 

In view of the extraordinarily 
' long gestation period for build¬ 
ing the new dock—it was first 
decided upon by the city’s docks 
committee in 1962—most people 
would wish it well. But so far, 
it has succeeded in winning 
only two regular customers, 
though it may yet prove an im¬ 
portant influence in attracting 
new industry to the Bristol area. 
This is very much Bristol’s con¬ 
cern at the moment. The city 


CONTINUED ON PAGE lit 



UNDER 






The chances are you are probably squandering away ;. 
hundreds, perhaps thousands of pounds of your company’s 
money - under the door. 

If you want proof here is a little test. Put out the lights in 
your office and look at the bottom of the door. That light you see 
coming ir. under the door is an indication where all the expensive 
heat, and your profits, are pouring out. 

Get up and go outside your factory, walk outside your 
warehouse, your work shops and then round the whole office 
block. Everywhere there’s that tell tale light under the door. V: 
That is a waste of energy and hard earned money. ' '■/://■ 

We, at Kleeneze, specialists in industrial brushes, decided 

to find an answer to this waste. Our industrial company soon ; 
came up with a simple and ingenius answer-SUP ERSEAL, an 
industrial sealing system, brush strips that plug that gap and help 
save your profits. ^ . 

Nobody else can justifiably claim to seal any door of any 
size, shape or type. We can, and can prove it. Everythingfrom 44 
hanger doors to office doors and our technical back-up service 
can help you. •. -' 

For instance the Governments latest “Save it” campaign 
posters feature a concertina door. The slogan is “Close Doors”. 
That’s only half the story. We are the orily company who can plug 
the gap at the bottom of concertina doors. > 

It will only cost you a phone calf, or a stamp and a few V 
minutes of your time to find out more. It could save you a lot of 
money.. \ .■ - .’.v- - : 4v-;• 4: 

When we come just show us the door. 


j ■" V 


•• 4^^ 


'/J IV;-- 








D „ tty 





















































12 


Financial Times Tuesday. February 2S 1978. 




SOCIETE GENERALS 

The internationally minded French Bank 


^rnm 



7 h* ilhttnu S|iii|ii'iniiiTi PU'Irl*'. Bnjhil— 

H.v iUusitauyi Lnutfui Adi*. ISM 

Brunei's masterpiece was opened in 1S64. the same 
year as another British railway pioneer. Sir Edward 
Blount, helped to found the Socieie Generale. of 
which he was Chairman for 30 years. 

Since that time the Socieie Generale' has been 
“bridging the Channel 1 ’ by financing international 
business and specialising in foreign exchange. 

It has now become one of the top ten banks in the 
world and is represented in over 50 countries. 

The recently opened branch in Bristol is part of the 
international network of the only French bank with 
three full provincial branches and a merchant bank 
ip. the U.K. 

Bristol branch: 37 Corn Street. Bristol BS99 7ET 
Tel: <027:2) 299501 

Main UK branch: 

105-10S Old Broad Street. London EC2P 2HR 
Tel: (01-1 58$ 3911 

Head Office: 29, Bd Haussmann. 75009 Paris, France 
Tel: (010 331) 266 54 00 

Birmingham. Bristol. London and Manchester 


You don’t want a big Advertising 
Agency. Or a small one. 

You wont both. 

It's always best to have it both ways if you can. 

.And you can. 

If you like. Brunnings is an international 
mammoth billing fib million with a Bristol office 
and seven others nationwide. 

You don't like? 

Then Brunnings is a co-ordinated network of 
eight local agencies with a fib million backup 

What it boils down to is that Brunnings will never 
outgrow vim. 

And you will t tew r mu grow Brunnings. 

You gel the strongest possible firepower behind 
your products Whether you're picking off local and 
specialised markets with a snipers rifle, or need 
heavierartiIler\ fora national blit/. 

Tony Male and Mike Rich reckon that if you can 
sell an advertising agency you can sell anything! 
Fighting talk but they're in earnest.. ~ 

Why not ask them to arrange a 
demonstration'.' Telephone them 
on Bristol 290920. 

Brunnings 

Brunntng Advertising'and 
Marketing. 

Washington House, 

Great George Street, 

Bristol BS15SA. 



© A restoration by Haslemere Estates. Ltd. 

30 Queen Square 
simply 

the finest building 
in Bristol 
14,300 sq.ft 
TO LET 

Full carpeting 

v Automatic passenger Lift 
# Full central heating 
Suites Irom 2,400sq.ft, available 

(%j\ Healey & Baker 

’ EsMMwniecaxtaiW 

29 9l G««rQe Street tMwawr Square. 
London W1A 38G OWKMB292 


HartneB,/Taylor/Cook 


The Ms*amon.Bn«lolBS8 «Oft. ktaOhon»CB7j-»Oei 


AVONMOUTH BRISTOL 
IS MOVING TO LONDON 

Now you can see one of the best sites in the Bristol 
area on your doorstep, and find out for yourself the 
advantages of your Company moving to the West 
Country. So join us at the Hartnell/Tayior/Cook 
stand at the City of Bristol Exhibition in the 
London Press Centre, any day between the 2$th 
February and the 3rd March. The Johnson and 
Boswell Rooms will be open from 11 a.m. to 6 p.m. 


BRISTOL 



Local industry 


Aerospace 


ALTHOUGH Bristol ha* a re- such as the Anglo-Gemiai 
markable diverse economic Italian muliirole combat air¬ 
base. the aerospace industry is craft (MRCA). Tornado, and the 
still the largest single source Anglo-French Jaguar, and even 
of employment and there is an the F-I6. the U.S. fighter being 
understandable preoccupation purchased b> Belgium. Den- 
in tlie city with the industry’s mark. Norway and the Nether- 
orospects. lands. 

What seem certain in be the n has also won stringent 
last two Concordes off thp pro- pentagon approval as a main- 
duction line—Nas. 14 and 16— renance centre for U.S. .Airforce 
are due tu fir later this year aircraft and equipment. That 
and there is. as yet. no guaran- sa jd_ jjj e group still regards a 
tee that another major project major new aircraft project as 
will take its place. essential in order to underpin 

Even so. the signs are that future employment prospects, 
the end of the Concorde produc- There are several possibilities, 
tion run Is nor going to result though a firm decision on any 
in enforced redundancies. This choice will rest inevitably with 
is due. in no small measure, to the Government. In the biddins 
the use BAC (since January 1 are the HS-146. a new design, 
the Aircraft Group of British four engine, SO seater feeder 
Aerospace) made of the breath- liner, either a new version of 
ing space provided by the the Boeing 737 io be built in 
Government over the past three partnership with the U.S.. or 
years or so. the A-200. a joint European 

For ono thins, the numbers “ l?™ 1 ^ » sma " er 

loO-seat version of the airbus. 



r 


s 




. 


There is, finally, the all- 
British XII. a new and larger 


Concorde on Us way to New York. The last two air¬ 
craft wilt come off the production line later this year. 
After that , unemployment Jor many of the Filton 
workforce must be a serious threat. 



Weapons 


Just down die road. Rolls- developing the Harrier's Pega 


employed have already been re¬ 
duced. At the peak, some 6.000 
people were working on Con- 

corde at Filton and a Further version of the BAC 111. 

400 at the fliqlu testing centre 
at Fairford. Gloucester. 

Tn-day. the total is down to 

around 4.200 a reduction which No uncertainty surrounds 
has been achieved fairly .pain- prospects in the dynamics group 
lessly and certainly without of British Aerospace, formerly 
hard redundancies. Bur another BAC's guided weapons divi- Boyce's two Bristol factories are sus vertical take-off engine for 
and perhaps more interesting sion. immediately next door, also fully occupied. The Olym- which it hopes there will be a 
reason is that BAC ha? gone out Since it started as a small de- pus engines for Concorde never large export potential, and con- 
deliberatelv to seek new mar- partment of BAC in 1949. it has occupied more than 10 per cent, tinuing work on the RB-401. a 
ketE for the advanced tech- gone from strength to strength, of the workforce, even if they new generation, lightweight en- 
nology developed as part of the supplying guided weapon sys- represented the main research gine. 

Concorde programme, and to terns to the British armed ser- and development effort in the Obviously, the overall pros- 
find customers—not necessarily vices and to armed forces in 1960s. pecis for Bristol's large aero- 

in the aerospace field—for the many other countries. It is To-day Rolls-Royce's main space industry are heavily tied 
advanced electronic and enyin- heavily involved at present in Bristol production effort is the up with the development of the 


eering facilities at Filton. 


Breakthrough raissi,es to Irsn 


fulfilling a £400m. contract for manufacture of the RB-199 for market worldwide and. Con- 
tracked Rapier surface-to-air the Tornado. There are firm corde apart, this has not been 

orders for over 300 of these as buoyant as was once pro- 
aircraft. It is also continuing mised. But aerospace is still a 
to produce the Viper engine growth industry - and one which 
which powers a whole range of should continue to serve Bristol 
small, military and business jets, well. 


However, the-work is not ail 
military. In the 1960s it had a 
notable success in Skylark, a 


The wine trade 


An important breakthrough 
I was the decision of London 
Transport io buy automatic „ . 

testing equipment developed by s^all scientific research rocket. 

BAC for Concorde, to tost its J 80 of which have been built. 

!increasingly .sophisticated roll- Recently the group won a £13ni. 

ling stock. Bur equally. BAC cooler ir. design and build 

has been seeking customers for so ' ar P ane,s , ror s space 

I its unrivalled expertise in en- telescope pio.ject. a recognition 
•ineerin" fields as varied as of rhc expertise the group has SHERRY- IS not only the must The company’s reputation was 

'mechanics Hinmt dp built up in satellite engineer- popuiar alcoholic drink in the built up on the expert blending 

■ign criteria, noise and vibra- ^ u is of sweet, full-bodied, sherry, 

tion control, computer-aided A wide range of space and vnopytnom with Bristol The blend for which tt is best 

geometrical design, adhesive guided weapon projects in the Tfle ur - °" es . 11 ■ . original known. Bns.ol Cream, was 

bonding and chemical contour- pipeline means that full ent- *5..™ Ji 1 * tra . dlt ‘°“? 1 i™* l H 

ing. to name but a few. ployment in this sector is "" " '* *"* ~.“ 


A major problem has been to assured well into the 1980s. In- 
i dispel the impression among in- deed, the dynamics group's 
! dustrialists at large that use of problem at present is recruit- 
such facilities is bound to be ing suitably qualified engin- 
prohibitively expensive. eers. Some have come over 


Bordeaux and the Iberian the Bristol area long before it 
Peninsula: and to-day this con- began to be appreciated by a 
auction lives on through wider audience. 

Bristol's traditional and long- To-day, Bristol Cream is brand 
established wine merchants. leader in the U.K, with a 30 per 
Easily the biggest of these is cent- share of the market, and. 


At the same rime. BAC's from Concorde, but there are John Harvey and Sons whose according tn Harveys, it is also 
[Filton Factory continues to still insufficient around with the "Bristol Sherries" are now sold the biggest selling single brand 
I attract work packages arising right combination of electronic in more than 100 different sherry in the world. 
jFrom current aircraft projects, and hydraulic know-how. countries throughout the world. The U.K sherry market 

amounts to a little over 10m 
gallons a year, which works out 
at around 60m.. bottles, nr 
slightly more than one bottle 
for every man. woman and child 
in the U.K. every year. It is 
also a drink which is consumed 
by- every class and income 
group, even if for many it re- 
mains a Christmas treat only. 



Bristol's a thriving c±y. there's nodoubt aboiit.'rate?V : 
Tha& where we ha ve part of our Head Office. Op^atipgin 
36 cottnhies of the wotitiancKvilh a premium 
incorri&pf3P(KMK10^0d,\ve'renot doirigso ■ ' : 

• badly, either.: 

‘ . FHOENlX A5SU3UNCL CO. LTD- LONDON AND BRISTOL.-... ’. 1? 


Sweeping success 


Grip 

Sherry's firm 


| BRUSH MAKING was always a household products, and a only effective way to seal con- 
traditional activity in Bristol, measure of the company's certina and glass doors, and it 
|But one brush-making company, impact is that, in a marketing haj a number of advantages as 
Kieen-e-ze. will always have a survey, 94 per cent of people a draught excluder on ordinary 
I special niche in the City’s questioned had heard of the doors: nne being that nylon is 
1 history. Started in the early name Kieen-e-ze and asso- seif-lubricating. 

1920s, ia a few square yards ciated it with brushes and The company calculates that Sherry's firm grip on the 
under a staircase in an old direcr selling. insulation of an aircraft hangar aperitif market is clearly eyed 

Bristol furniture factory, ir rose This side of the business with strip brush, for example, enviously by makers of alterna- 

in a few years to become a remains very mueh the back- can pay for itself within one to tive products, notably of Italian 
household name throughout ground of the company, and it two years in reduced fuel and French vermouths. Cer- 
Bn'tain. continues to grow slowly but costs. In warmer climes, notably tainly. they have spent a great 

The secret of the company's steadily. But. starring with a the Middle East, it is finding deal of money over the years 
success was the introduction nf foray into the industrial market markets for strip brush seals trying to cultivate new habits, 
what was. at the time, a revo- for brushes just before the war, as an insulation against dust. But Harveys are confident that 
lutionary new marketing Kleen-e-ze has developed fasci- sand and bugs. sherry will continue to more 

concept—the direct sale of an naling markets in the most Of course, the product is. on than hold its own. It offers good 
essential household requisite unexpected places for its exper- the surface, relatively easy to value for money and does not 
exclusively through iudepen- rise, using the brush as a seal produce and Kleen-e-eze is now have to be mixed, they say. 
dent t self-employed) duor-tu- rather than something to sweep exporting strip-brush-making The company, in common with 
door agents. It succeeded up crumbs. machinery under royalty. Bur it a number of other Bristol mer- 

because. in those days a brush is confident that it has an irre- chants, continues to maintain a 

was a fairly expensive, largely f.ftgctlVC placeable expertise in specifica- traditional wine merchant ser- 

hand-marie item of expenditure. v lion and application: Tor ex- vice, supplying fine wines to 

and because Kleen-e-ze chose What has now become a ample, choosing the gauge and the more exclusive end of the 
I to produce' a top quality common" engineering applica- type of nylon suitable for differ- trade. Clients include West End 
product who«o advantages tion is the use or a ring brush ent applications -and in tricks clubs. Service messes, Oxbridge 
could he given practical as perhaps the only effective of the trade such as introdue- colleges and certain hotels and 
demonstration in the home. peal available on a revolving ing whiskers of silver to earth restaurants. For Harveys, thi.s 
Conditions have obviously .shaft. But new applications of static. side of the business is inevitably 

changed considerably since the strip brush in precision The company is still exploring dwarfed by sherry, but it is an 
those early years. Mechanisation engineering are being dis- the potential market and admits important parr of the image and 
and plastics have reduced the covered at regular intervals, to having had some failures, continuity with the past. It is 
cost nr a brush immeasurably The product even found its way But it is equally sure that it nnt without good reason that 
in real terms. But some 3.500 into Concorde as a seal. has only begun io scratch the Bristol will be playing host later 
Kleen-e-ze agents still pl.v the Energy saving has also begun surface of the market for sue- this year to the world Wine Fair 
I country 's doorsteps with an to open up a large new market, cessful applications of the strip and Festival, the first time it 



S ■ 


Chartered Surveyors 

Valuations 


"r- 


.. 







37 Queen Square, Bristol. BSl 4QS TeU0272l2( 

and at' ' r "'1VX 

London, Bedford.'-Hitcbin. Ampthill 


extended range of high quality Strip brush, it turns out, is the brush principle. 


has visited Britain. 


Cigarette centre 


TOBACCO 


HAS been closely The industry in Bristol, in anticipated a long time tn 
associated with Bristol ever common with the tobacco advance, and absorbed in a 
since it was first brought io industry elsewhere in the marketing battle arising from 


was traditionally strongest in 

- .... the medium and small-sized 

industry elsewhere tn the marketing battle arising from brands — is now claiming 
Europe from the New World co “" tr> .’ if! preseilU > r wrestling the change-over. The previous second place among the market 
bv Sir Waller Raleigh. Tu-dav . cotlse ^ uea 1 ce> ° r the system meant that the price of leaders with its Embassy King 

the fiitv still boasts the latest change m tobacco tax a- cigarettes was geared very. Size hehind Galiaher’s Benson 

the Ut> still boa, is the l« 0 e*r rion brought aooui by Britain's closely to the amount of and Hedges. And it has just 

cigarette fsc.orj in Europe, the EEC membership. Until last tobacco they contained. The introduced a night shift at 
Hancliffe factory of W..B. and December, tobacco was levied new arrangement has broken Hartcliffe in order to keep up 
HI 0. Wills, which turns out an Excise tax of £6.40 a pound this link and greatly narrowed with demand. 

4m. cigarettes a week.- ^ ir n,oved *J ut of bond- From the price gap which tradition- «... , 

This company was rounded io li^w'iih’the res'ror /he’ Com f" 1 ' *1'?™ bet *' ttn S ’? a " and edl^ hel™itoteanX 
Bristol io 1796 and now forms Jon JU?km bs slitcl/ne over' h 1 , 1 ?' fil,er «*“«“«■ *'» try shroroff recent ““opMiSt 

part of the Imperial group. But l0 an * end product tax S * wti»"f^ tK 60 m«ir l7,UCh bCtt6r nient over New Smoking 
although the head office nF Theoretically, a^, a j 0 r conse- alue to ^ smoker - Material (\*SM). Tobacco men 

Imperial, w-ith us diversified quence of this move should ■» K . 
interests in food, packaging and have been a massive one-off Markctl!! 0, 

brewing, may b« in London, improvement in the cash flow of iriai hCl , m b , ^ 

rice, the cash flow benefit was V\ ills, after a late start—n Education Council. 


South. 


will poim to a number of 
reasons why NSM cigarettes 
have not caught on but they 


Tfrf- 

•r -H 




EAST BRISTOL 

DECENTRALISED^ 

14,700;•% ^ 




Features include:— . 
Modern brick building. 
Car parking 60 cars 
Heating 

Life-'- - 


. - . .V-Ti-e-?! f ■ 


■■- 'v : Easy ' 

- - :-P addingtoff '-only' 

• • * frorfr Parkway Station. ’ ~ 

" '-'Mm; 


Convenient lo«I shop, 

V for sale or io Idit Cl;- 

. ’’’;: : : •’LK•' 


9273 39061 : 


03 





- O .Sales andRurohases 
!' a rranged 

4 bystnessesiriye^gaie^isy 

[f'Q iscreet 

• ^’.Picfng.qf' 

jtnd secretari^W6f{c?^bTaa ft'^^ 
• f-.of yitaf fecoT8s,^>.0--;; 

‘ Broarf Qtta 





















-•1 +V* 


4 


& 



FmaMcisLl ' Times Tuesday February 28 1978 


BRISTOL III 



to cope 




TOI# HAS never been a, f. 

/hich has suffered terribly 
unemployment." Its-diver- 
manufacturing .base and 
jth in service- industries 
always managed to. protect. 
i the worst of the country’s, 
mic problems. . There, are 
of jobless in the. older, 
n-down parts of the city, 
en at the latest count ip j 
liddle of this .njontb^'the - 
ir cent, out of "wbrfr:wair 
^-.just ■ above the- national- 
For several years'nowi . 

_ has been experiencing 
ne sort of retationship.'to. 
itional figures and has 
a lot better than - the 
;e for - the South-West (74: 

are difficult areas* par- 
finding jobs for bbys * 

, school, for younger men 
roup and for some; of the 
1 coloured population, 
types .of sklUcjd crafte- 
__£so almost name.-tbetr jj 
<bnt despite-the fact fhft- 
jare only. 1.500 vacancies 
me 21425 out' o! work,.- 
It’s -.authorities do‘ not 
^-that their situation is 
as in some of. the., 
ifflcuit parts of Britain, 
lysicte or Wearside), nor 
as in some other parts 
e. ■ reman, - particularly • . • 

rtpp and Plymouth- dosed as industry, has lncreas- higher percentage of piacings 
’uJties with school ingty mechanised.. than to offices not linked by 

% as everywhere, peak to Strangely, this situation con- transmission equipment, 
tod'August 1 ' and at the fronts many young nreh as well 



__ _ .. • ■ 

t-theyare approaching as' school leavers. ; Official K61T3II11D2 
Sr's .low point- In the estimates suggest that nearly ■ ° 

bf the South West there 44 - per cent, of the men un- It is in retraining, though. 
bahJyabout 4,000 to 5.000 employed are under fne age? of that much of the success to 
i looking for a job now, 29. Usually, it is ’tfie older providing jobs to match the 
m around 1,000 are to worker who finds the: greater worker will be measured, 
itself. Most Of these difficulty in obtaining a job, but There is little doubt that the 

the estimate is some to Bristol-only. 22 peri eent of miss-match now occurring—ton tac ’’ nTy - 
the large number‘of the over-30s:are oil t-of work, many skills that are not One of 
and disreibutionout/ Surprisingly, also, the&ctore is wanted, too few skilled men for factors of this train in, 
it easier to find places not very different; for. the the vacancies— will have to be »* **-•»* 

.girls. " ‘ -- coloured community even overcome if tlie economy is to Jobs 

though in other cities the pro 


in Bristol there is only one 
woman. Training on a carpentry 
course. This is not very sur¬ 
prising. given thar women do 
r,.uch of their training in col¬ 
leges of further education for 
skills which are hardly classified 
as manual. But it is felt that 
if the centres are to fulfil their 
krnle properly they should be 
able to attract more women. 

Another. area where women 
are greatly outnumbered by 
men is in the Employment 
Rehabilitation Centre. This is 
the organisation which trains 
people back to a useful life after 
they have been involved to 
serious accidents. The Bristol 
centre has a capacity for 100 
people, although the authorities 
feel that they are doing their 
work better if they restrict entry 
to a little under this figure. At 
the moment there are 85 people 
in the centre, of whom 12 arc 
women, and a typical entrant 
would' be a youngster with bead 
injuries suffered in a motor-bike 
crash. 

The success in placing people 
from these courses is not nearly 
as high as in the retraining 
field. The Bristol placement 
figure is 52 per cent 

Rather more success in the 
in 12 months, although a few city has come about following 
courses are shorter. The range the work experience schemes, 
of courses offered is wide, rang- These are the plans by which 
ing from building to canteen the young jobless have the 
catering, and surprisingly many opportunity ■ to work for a 
of the people who seek places period, usually six months, with 
on these courses are not unem- a firm. Although not a large 
ployed. A proportion sees that number have been placed with 
its skill lies in a declining or firms, some of the leading 
obsolescent sector of industry names in the city, such as 
and opts to retrain in another Wool worth. Gateway, Debenham 

and the Co-op. have all co-oper- 
the encouraging ated and they find that the 
is that re?ponse From the entrants has 
the level at which trainees find been good, 
is high. In Bristol the 


benefit Bristol has a Skill- placement rate is about 70 per 


The advantage of such courses 
is not only that it gives 





portion of uib*n blacks without centre with a capacity for 345 cent.which is about average- vounesrers the opportunity to 
... . - . - . . work is considerably. higher trainees, with the possibility for the whole country. Last \ vnr *.~ bl j. jt ..j£[ 2 j VPS Tbe 

l: tfe academically leas^,than that of whites. Perhaps it of taking another 74 in an ad- weekend five left the Bristol emD , ov6ra ^anee tolssess the 
-a who experience the-js this factor which contributes joining annexe. Wlth ^ ob * and 0QC abilities of the person he has 

irpblems in finding work;Vtb the; racial harmony to ihe At a SkiUcentre men and vvlth an ‘Oterview. 'temporarily • engaged. One 

Igriy since the constracj-:^- * \women train to the level of a One of the admitted defied- national chain of %tores. for 

*”'jSSy“55ieSi : * 0ther fact0rs **^8 f.I*?! SL??. C I s - t ? al instance, has taken on 250 


traditionally went into** 1 * * young are 


discernible. skilled craftsmen level) they attract very lew women— youngsters via this method and 

has kept on 230 of them. In 
a world where it is still difficult 
to find a job if the basic skills 


ryou are in 
;ommerce or 
nriustry and need: 


5 

J.R.EWSS 


utomade Vending 
Stefan Equipment 
foil Planning and 


i i ; .ii’' 


Mealtfa and Safety 
'.antral 

, budgeted Quality 

Sutcliffe 
Catering 


£>« Grtham Hill 
*. ristol 8S6 6LB 
. ,• i '.'elephone: 30232 

'L* 


City 


irThniiS Kht Probably nine out of every ten 
u S jobs in building, but . ^ uv addition to 

. 8 

SS2 

around them, . this group 
appears to be constant The 
second is that there has been 
a cut to the number of appren¬ 
tices being trained and it is CONTINUED FROM PAGE I 
not quite dear why this has ... . . .. . , 

happened. Partly it is a reflec- bas **** so used to enjoying a Bristol companies packing up 
tion of the general economistog buoyant local economy, rela- lock, stock and barrel and 
that firms have undertaken,-but unaffected by the econo- moving to development areas 

it has happened as well because nAe cycle in the rest of the are hard to pin down, although 
of the depressed view of the country, that the experience o! over 80 manufacturing concerns 
future that so many companies ai level of unemployment, which are said to have disappeared 
have and a sheer mism a tch is j u «i above the national from the Bristol area in recent 
between the standards available average has come as something years, either because they went 
and what c om panies require: of a shock even though some broke or moved elsewhere. 

In order to overcome these bodies like the Bristol Chamber it j$ certainly true, for 
problems Bristol was the first 01 Commerce and Industry were example, that Avonmouth might 
to BriSn to iSvTa Job- ^ by now have a larger petro- 

centre network linking era- chemicals sector had regional 

plovers’ vacancy notifications by thJ aid ~ 20 peT cent * Df tbe “P* 1 * 1 

electronic facsimile trans- JSSna 1 £ ^ c0St — been available for con- 

mission. By this means any yf brtan *=- population. struction. But significantly, 

vacancy can be displayed within Obviously, the nm down of there is no evidence of large 
minutes in the seven Job- tbe Concorde programme has numbers of Bristol-based cora- 
, centres and three employment been an important contributory panies either moving their 
offices. This might seem the factor. While the Dumber of operations or concentrating 
logical thing to do, -but Bristol redundancies among those em- their expansions on the other 

! pioneered the scheme and the ployed directly on developing side of the Severn bridge, so 

result is claimed to have and manufacturing the aircraft a< . t0 advantage of Wales’s 

proved its worth by a far has been kept surprisingly low. - ... 

1h® roll-down has inevitably 


are missing thi6 at least is an 
encouraging statistic 


Getaway 
tofiefter offices 
Hi Bristol 




Sr 1 


m e 


rgjseiafg 


INTER CnY HOUSE 

B3.000s0.tt. 
JotntApent: 
Richard EHis 
Tib 01-499-7151 




TEMPLEWAY 

80,000 sq.ft. 


WHITEFRIARS 

142,000 sq-tt. 




Each development is air-cohditioned, 
fully carpeted and available now, 
as a whole or in part. .'. - 


1-4 PORTLAND SQUARE 

35^00 sq.ft. 


BROS & PARH AjW 


64 Queen’s Road, Bristol BS8 

Tel: 0272-290731 < v . 



P-D 


□3 ON TOE 



ROADS OF BRITO 

Trist Draper Ltd with HQ in Bristol, serves the transport industry 
from a nationwide network of depots: 

□ Brake trueingD Brake linings 

□ ClutchliningsD Railway 
brake blocks□ Disc brake pads 

□ Automatic transmission parts. 

□ Sole U.K. Distributors for 
’s^Vsroquip hydraulic hose and 
fittings in the replacement market 

Trist Draper Limited 

804-818 Bath Rd. 

Bristol BS4 5LH 
Tel: 777093 
Telex: 44665 





- 


THINKING OF MOVING 
OFFICES? 

Bristol area offers many advantages over its 
* npetitors. Haslemere Estates have two excellent 
^ce developments in the City Centre, ready for 
V mediate occupation. So join us at the Hartnell/ 
. \Vylor/Cook stand at the City of Bristol Exhibition 
the Lon4on Press Centre any day between the 
_h February and the 3rd March. The Johnson and 
swell Rooms will be open from 11 a.m. to 
i.m. 


machinery, rather than 
'expanding their labour force. 








.0 


- y -a - '? 


M. 


r.. 

~r * ‘ 
!;*V> *" 

- Jr 

lj+ ” ’ 



alusage 

JMIMUM WINDOWS AND DOORS 

ere is more to 
or windows than 
ist good looks! 

- r further information 
. ase contact our 
,i«3sdeparinKrt: 

'f'/MalagoRoad 
.rdminster 
■:?stolBS3<W5 
^ • *ephoAe 
■',7263B02/66Sm 


development area status. Indeed, 
the ll-year-oid Severn Bridge 


taken its toil among sub-con- seems t 0 have had surprisingly 


tractors who have been unable 
to find new business. But the 
unemployment is also a reflec¬ 
tion of the impact of the pre¬ 
sent recession unparalleled in 


little impact on the city’s 
economy, beyond perhaps aiding 
the .growth of Bristol as a dis¬ 
tribution centre and encourag¬ 
ing shopping expeditions and 


its depth and intensity since the l0 the zoo by people from 


1930s, on small businesses 
generally. There is a widespread 
feeling that even when the ro- 


South Wales. 
In view of 


its employment 


eovery arrives, it is not going problem, Bristol has finally de¬ 
ft) result in quick inroads into to a deliberate effort 


the level of unemployment. 

: : The signs are that many 
employers will be aiming to 

expand their capacity by invest- n«t 

mg in more labour-saving Hn-ching. ■- LooJon. its Bret- 


to attract new industry. A year 
ago, the City Council appointed 
an industrial development 
officer, and this month it is 


ever industrial promotion exhi 
y bilion. Besides underlining Bris¬ 
tol’s excellent infrastructure, the 
is now better able to 


1,000 square feet in inner city 
locations for small manufac- 


• In this climate..long-standing c jty 

irritation at the special arrange- guaranlee an adequate supply 
ments grmited by the Govern- Q f labour and land for 

i^iit to development areas, not- dcvelopmenL It is ^so promot- 
ably just across toe Severn j small nursery onils oI up t0 
Estuary in South Wales,- has 
.become stronger. 

n « finnly cMOMei , l0 ttcir bu51 . 

thlt Souft ■Wules pol.t.val pres- ness » hc " ouua To , bls 

sure was ntlrumental in t he enb , the L . omloil , s al5Q preplred 

more recently Toyota decided to re ra,s * 

abandon a plan to use Port bury The aim is to get the insured 
for the import and finishing of population employed in manu- 
their cars after Government factoring industry from the pre- 
moves to try to persuade the sent 29 per cent back up to the 
Japanese company to use a port national average of 35 per cent.. 
in a development area. where it was ten years ago. 

Government has at its dis- There have already been 40 
posal a fairly effective weapon inquiries for industrial space 
for directing industry away so far this year, 25 per cent, of 
froin Bristol or indeed any area them from overseas companies 
—the withholding -of the Indus- looking for a U.K. manufac tor- 
trial Development certificate tog base. Combined with en- 
requrred for all projects using couragement to local manufac- 
more than 15,000 square feet of turers to explore their own 
factory space—and these days opportunities for creating more 
its use is obviously resented jobs, the signs arc that Bristol 
more fiercely by Bristolians. will achieve its target without 

Yet specific instances of too much difficulty. 



pleasure of your Company 
at the London Press Centre, 
28 th February~3rd March. 


Now you can see the best of Bristol in- 
London. 

, Our latest Exhibition demonstrates 
graphically the benefits of industrial expansion 
in and around our fair City. Sites are on offer 
at most attractive rates and are immediately 
available. Communications are second to none. 
And there are many other advantages we 


can’t go into here. . 

Be assured, however, that Bristol could 
prove to be the very best company for your 
Company. And that we’d welcome .the 
pleasure of yours at the London Press Centre, 
any day bee ween 2Sth February and 3rd 
March.:Piease post the coupon for details. 



3 

’In 

PQ 


I aiu interested in attending the City of Bristol Exhibition on 


(date) 


n 


Name. 


[ 


Company. 

Position— 


Address. 


To M. H. West, Industrial Development Officer, The Bristol Exhibition, - 

The London Press Centre, Shoe Lane, London EC4 I 


Lf 




* 




















14 


Financial Times Tuesday 


Assets of 
£570millions 
prove 

that ! i million 
investors 
must be right 


BRISTOL IV 


Bristol & West 

©QJJDDJDDGa© ©@©DtlW 


A GREAT WEST COUNTRY INSTITUTION 

A MEMBER Of IX BUUWJO SOOET1ES agOOOBOH 


Head Office: 

V- . Broad Quay. Bristol, BS99 7AX 

•C - Now over 100 Branches and 400 
/-Agencies from Penzance to Aberdeen. 



BRISTOL? 


Find out the why’s and wherefores of moving 
your Company's offices to the Bristol area, where 
the Graylaw Group have several interesting office 
developments. So join us at the Hartnell/Taylor/ 
Cook stand at the City of Bristol Exhibition in the 
London Press Centre any day between 2Sth Febru¬ 
ary and the 3rd March. The Johnson and Boswell - 
Rooms will be open from 11 a.m. to 6 p.m. 


THE LONG-AWAITED opening 
far business of the Royai Pnrf- 
bury dock at Avonmouth will 
mark what many Bristolians 
hope will be yet another 
successful chapter in Bristol's 
centuries-old connection with 
the sea. Although the dock was 
scheduled to open last year, 
industrial problems hare so far 
delayed the start of operations. 

It "is not without good reason 
that the phrase “ship-shape 
and Bristol fashion" is firmly 
anchored in the English lan¬ 
guage. Bristol entered the 
shipping business in a big way 
as early as 1239 when quays 
were built along the river 
Frmue in what is now the city 
centre. For centuries it was 
England's second port, rivalled 
nnly by London. John Cabot 
sailed from Bristol in 1497 to 
discover the mainland of North 
America and the city's mer¬ 
chant adventurers subsequently 
played a key role in the 
development oF international 
maritime commerce and the 
settlement of the New World. 
At the beginning of the nine¬ 
teenth century, the city under¬ 
took another major engineering 
feat by impounding the three 
miles of the course of the Avon 
to make a “floating harbour” 
and diverting tidal waters into 
the "New Cut." a channel two 
miles long and 200 feet wide, 
quarried down to solid rock. 

But by the middle of the last 
century, the trend towards lar¬ 
ger ships was beginning to tell 
against the city docks, a trend 
ironically begun by Brunei's 
revolutionary iron-bulled screw 
propelled steamship. SS Great 
Britain, which was built and 
launched in Bristol itself in 
1842. 

The first dock to be built at 
M’hat is now Avonmouth was a 
private venture completed ju<t 
over 100 years ago in 1877. 
Seven years later, it was ac¬ 
quired by the Bristol City Coun¬ 


cil, together with another dock 
undertaking which had been 
built a few years before at Port- 
ishcad. a little down the coast 
from Avonmouth- 

But it was not until the be¬ 
ginning of this century that 
ideas for turning the whole 
course of the Avon up to the 
city into docks were abandoned 
and Avonmouth became firmly 
established a? the location for 
Bristol's future dock develop¬ 
ments. 


Decision 


It is interesting to note that 
the decision to enlarge Avon- 
mouth by building the Royal 
Edward dock, opened in 1908, 
was at the time surrounded by 
considerable controversy. Many 
Bristolians thought it would 
never pay and remain a perman¬ 
ent burden on the city's finances. 
As it turned out the dock paid 
uot only [or itse'f but also tor 
a number of extensions, includ¬ 
ing the addition of an oil basin 
for the refined petroleum trade 
and the provision of the grain 
terminal facilities. 


The controversial decision to 
press ahead with the building 
of a new dock complex on the 
West bank of the Avon, named 
the Royal Pnrrbury dock and 
officially opened by the Queen 
last August, needs to be seen 
against this background. 

It was recognised soon after 
i war that the days of the city 
docks as a commercial port were 
nbered and that if Bristol 
was to have a chance of remain- 


ins: competitive as a port it 
would have to develop new 
ueepwater facilities. And, alter 
touring the Continent the City 
Council's docks committee 
decided as early as 1962 to 
build Royal Purtbury. 

Nobody dreamed that another 
2 years would pass before the 
project reached completion. The. 
first i£27m.) scheme submitted 
to the Government in 1964 was 
rejected in the Transport Policy 
White Paper of 19§6. A second 
scheme for a smarter dock, cost¬ 
ing" flam., was also rejected in 
1968 and a parliamentary' Bill 
promoted by Bristol Corporation 
was thrown out by the Commons 
alter passing through the Lords. 

There was considerable sus¬ 
picion at the time, confirmed 
by the Crossman diaries, that 
political pressure from South 
Wales against the scheme was 
mainly responsible for the 
Government obstruction — 
because of the competition it 
presented to South Wales ports. 
And. as it happened, when the 
Conservatives came to power in 
1970, a revised plan was quickly 
given Government blessing and 
the necessary B.1I - passed 
through Parliament. Work 
bes-.n in 1972 and was com¬ 
pleted last year. The cost has 
been at least £37m. 


finishing Dine.^which has established a 

a the idea West;. . InternatlOdal Freight T» r j st _'i 
w of strong Terminal.. to develop. 0arL ;! qf,f-"^ o V 
e Govern- the dock for container and I . rom 


There have also been other set¬ 
backs. Working operations at 
the new dock were held up, and 
labnur problems have still not 
been totally ironed out. 
Because of. a six month¬ 
long boycott by Avomnouth’s 
1.300 dockers, pending negotia¬ 
tion of a satisfactory agreement 


Ship&gn Avonmouth docks. / ' v.i-' 

on wages and conditions for ampi£; space for modern cargo 
manning the new facility. -handl&g method?: and a.xpecial_ waste 

.. __road: .-finking. directly wtth.the .tfiat^tfie 

Then there was the ms mWorway ju^ overoneinile look 'ia'.terpis 

affair. The Japanese car cop*- away -B aI . so far.thereare only J 

pany proposed at one two.firm customers,-" 1 ^awayrfroct _ t 

using the new dock as its main . __ jv, nPf ‘twill 

U.K. import depot, with facili- . On^is^theSwedish-bH-nelTor. agail ^^ 
ties for putting the finishing Line.^which has establisbed a 5 • 

touches to its cars, 
eventually abandoned 
but not before a show 

opposition from. the . . . ... . ... . .- .• - . .— 

rnent. which wanted the scheme on n&ffcbff services. 1 It sees-Port- '/,Ro.vaIPortbniys^.‘Sup|rpr't^^ 
lo be located in Liverpool or burjr'fis.a natural adjunct to its on the 

another development area port operations at Felixstowe 'anff. liniqtte advantage'^cf^.rdj te efc: 

The net result is that the knmingham. And one of fs'acc^s . tp.-. 

. . , .. customers, Cast Transportation., way ~ netivork.' The ‘uiiHsreh&i 

citizens of Bristol have, for. their of Canada. had already decided between ^'e'MS'a^d'lSC'is % 
£37m. investment a new dock t0 tJS&.-Portbury on a six-month than" ten mfies:a5^;g^^ 
with the biggest tidal lock in trial' basis after becoming dis- to 
the U.K.. capable of taking enchanted with Liverpool.; .. East or South: WafejiV 
vessels up to 70,000 tonnes dead- - The ’ other is a Norwegian. ’-.Thfiy feel Certain-'tfist; .7HTSF 
weight (two or three times the concern, Gearbulk, which> pro- fee development -6? A^o&lnpijW 
limit in size for Avonmouth); poses, using the dock for jhe at' ifeg of the 
six berths and an adjoining import of timber prtiduetsLf-'.;. wiD p»e. a 'worthwhSefm^^^; 
industrial development site; Clearly Portbury needs tajlnd ment and po sitive 
eventually stretching to 1,000 other, .".regular customers, to. attracting, industty"antT\ jxwifc*; 
acres, which certainly provides beconie viable: And. there >re nftite 

still Bristolians to be found who remains to. be?'sfeeh 



m 


We Request 

the Pleasure of 
your Company 




J.T. Group 


BRISTOL EXHIBITION 



LALONDE 

BROS&R\RHAMj 


3rd March 


As agents, builders and developers to 
industry in Bristol and the Southwest 
we invite you to visit the Johnson Room 


London International Press Centre a * the London International Press 


Shoe Lane. 
London EC4. 


Centre, between February 28th and 
March 3rd, 

Full information and advice will be 
available on factories and warehouses, 
both for sale and to let in the region. 


AFTER AT least four very diffi¬ 
cult years. Bristol property mar¬ 
ket seems once again to he on 
the move. There is nothing 
heady about the recovery, in- 
deed, statistically. Bristol looks 
to have more than enough new 
office space to meet demand in 
the foreseeable future. But 
most immediately available in¬ 
dustrial and warehousing space 
has been taken up over the oa*r 
six month, after a long period 
of inactivity. 

In the offices sector, around 
600.000 square feet of new space 
stands empty, varying in size 
from a major Laing develop¬ 
ment—Whrtefriars — totalling 
142,000 square feet down to a 
few thousand square feet in sev¬ 
eral units in the 10-11.000 square 
feet bracket. But local agents 
take the view that only about 
one-third of the available space 
can be described as prime loca¬ 
tion and that as the market 
picks up a wider gap will open 
in rents for prime and secon¬ 
dary locations. 

At present Bristol office rents 
vary between £2 and £325 a 
square foot, depending on loca¬ 
tion. amenities and finish. There 
may be cheaper space to be 
picked up in Birmingham and 
Leicester, but as far as the area 
West of London is concerned, 
Bristol now feels very competi¬ 
tive with potential rivals such 
as Cardiff. Swindon and the 
Poole-Bournemouth area. 


Growth 


Bristol has around 9m. square 
feet of office space in total, of 
which about 4m. square feet, 
in units of more than 10,000 
square feet, were built in the 
ten years up to 1976. Initially, 
developments reflected the 
economic growth of Bristol 
itself but as the London 
property market went into orbit 
in the early 1970s. Bristol 
Found increasing favour as a 


Company 


Prestige Offices 

Temple Cols Ion House, 

Temple Back, Bristol 
84,000 sq ft remaining 
A Development by 171601/ 
Offices Company Lid. 

Howard House. Queens 
Avenue. Clifton. Bristol 6000 
sq.ft remairung. 

On Instructions from Legal & 
General Assurance Society 
limited 

WKtefnarS. lewins Meed. Bristol 
A Development by Laing 
Developments LW W2.G00 sail. 
GreyfiSare. Lewtns Mead Bnstol 

43.000 sqJL remaning. 

A Development by Farrow 
properties Ud 

5t. Lawrence House Sroad 
Street, Bristol Oty Centra 
Suites from L910 so H to 
U290 sq« 

On Instructions ^orn lie 

Imperial Group Ltd 


103-10* Temple Street. Bnsiol 
■ 10.000 sq ft 

On Instructions from the 
Imperial Group Ltd 

Factories & Warehouses 

Beecnes industrial Estate. Yale 
Weston-Super-Mare Industrial 
Esijle 

Development bv Slough 
Industrial Estates Ltd 
Nailsea Central Trading Estate, 
Nr Bnstol 

On Instructions from A tied 
Breweries (U.K.) Ltd. 

£*h;®v H4I Trading Esiatc, 

Bristol 

*"• Development tft- Pearce 
Developments Ltd 

Thri-ntxin. Indusinni 
M> UVjlQl 

Or. instructions lr yn North 
Avon District Council 




m 


M 


Chartered Surveyors Established 1760 *sons 

Head Office (Bristol) 

24 Berkeley Square, 

Bnstol BS8 mu. 

Tel: (0272) 26691 
Telex: 449157. 


2 Wood Street 
Queen Square. 
Bath BA1 2JG. 

Tel (0225) 29005 


37 Regent Circus, 
Swindon SNl 1QD. 
Tel: (0793) 33155. 


relocation centre for a number 
of major companies in insur¬ 
ance and banking who wished 
to move from the metropolis. 

The attractions were obvious. 
One was Bristol's unique posi¬ 
tion close to the interchange 
between the M4 and M5, giving 
quick and easy access to 
London, the Midlands, the 
North and South Wales. 
Another was the increasingly 
rapid tram service berween 
Bnstol and London. British 
Rail's High-Speed Train has 
now reduced the journey to 
Paddington to 1 hour 20 
minutes, bringing the city 
effectively within commuting 
distance of London and 
certainly near enough to allow 
anyone to do a full day's busi¬ 
ness in the capita] and return 
the same day. 

Uncertainties arising from 
the recession obviously halted 
this trend. But having had the 
taste of this influx of new com¬ 
mercial employment, Bristol is 
anxious to see more, and par¬ 
ticularly to dispel any impres¬ 
sion that local staff recruitment 
might prove difficult. One of the 
leading local agents, LaJonde 
Brothers and Parham, not long 
ago went as far as to commis¬ 
sion a Bristol staff availability . 
survey in order to establish a 
precise picture of the local 
labour, situation. 

The survey indicated that 
good-qualiiy clerical staff were 
not difficult to find providing 
firms were prepared to offer 
competitive rales, though there 
was always a shortage of good 
shorthand typists even in times 
of high unemployment. At the 
same time, one private agency 
evej supplied evidence that the 
South West was the most popu¬ 
lar area in Britain to which 
people would like to move to 
work. 

Obviously, Jetting of the pre¬ 
sently available office space is 
going to depend very largely on 
a recovery in economic confi. 
denre generally. But with com¬ 
parative London rents in the £8- 
to-£l5 bracket. Bristol's pro 
perty men are hopeful that u 
'rill not be very long before the 
flow of new tenants resumes. 

In the industrial and ware¬ 
housing sector, as already men¬ 
tioned. the market is beglnnine 
to Juok very tisht. Space which 
had stayed empty for two years 
or more has suddenly been 
raken up, and the interest of 
local agents is beginning to 
focus on pre-letting to clients 
prepared to commit themselves 
to a purpose-builr unit. At the 
same rime, the tight conditions 
ire expened to encourage some 
new speculative developments: 
though after their recent experi¬ 
ence developers are bound 
move cautiously. 

There is no differential 
rents as between space for 
warehousing and light industry 
Let lines In Bristol are currently 
running at between £1.35 and 
£1-40 a square font. Avonmouth 
lends to work ou* a li’tlc 
cheaper at £1.25 lo £1.30 a 
square foot 


There are two particularly 
interesting developments in the 
pipeline. The first is the com¬ 
prehensive redevelopment of 
the city docks area as a result 
of the cessation of commercial 
shipping activities. The County 
and City Councils have between 
them preduced a comprehensive 
IncaJ plan for revitalising the 
whole area, through a mixture 
of residential, recreational'and 
light industrial arid commercial 
activities, while retaining its 
unique character. But the pro¬ 
posals are still very much at 
the consultative stage, and it 
promises to be same time before 
developments begin to take 
shape. . - 


Estate 


The second is the develop¬ 
ment oF a large new estate 
immediately next door to' the 
M5-M4 interchange to the north 
of the city. The 170-acre site, 
to be called Hampton Lane, has 
already beep designated by 
North Avon district council, 
which proposes developing it in 
partnership witb Laing Develop¬ 
ment. 

Laing was also responsible 
for the highly successful Patch- 
■ way estate, further in towards 
the city, which has developed 
almost exclusively as a ware¬ 
housing and distribution centre. 
Patchway is now virtually full. 
Hampton Lane promises to 
attract similar interest—Uni¬ 
lever has reportedly already 
expressed interest in 2 m, cubic 
feet of space—in what some are 
describing as one of the prime 
sites in the country. 

At the same time. North Avon 
is anxious that Hampton Lane 
should nnt be all taken lip in 
warehousing. It is planned to 
devote at least 35 acres to low 
density office development and 
the Council alsn wants to attract 
some light—more labnur Inten¬ 
sive—industry in order to 
improve local employment pros¬ 
pects. 





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and to most places in Great 
Britain. Contact Vince.Spalding, .• 

Marketing Manager, Western Region. 

National Carriers Limited, RoseStreet,' Bristol. 
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modern, well-equipped and sensibly priced warebousi 
and offices from Cornwall right up to - Glouces 
Worcestershire. They’re the cream of wh&tfa oo 
area—so you can be sure that if. you want^to- ipi 
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goose chase. 


Just telephone or write—we’ll send your'^ 
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J1NCE its ** economic miracle ” 
early 20 years ago,/West Ger- 
jaaJdng system has been inter- 
y.regarded as a model of bow 
efaU'needg of t notion's industry 
. est ■ be met.. In Britain, where 
cs bare often been accused of 
ss tfean tbey mtebt to Aelp 
and .fund industrial invest- 
e German system has taken on 
st apocrypha) reputation, as- 
in some of the evidence snij- 
tt - the -Wilson Committee. "■ 

. these generalisations, surpris- 
fee consideration has been: given 
■the; hanking Jndasfay .retetlou- 
&sfn practice; in <nrd$r'fo'shed 
9ht wthe day-tO'day.dSfferenees 
-Jthe ; way German apod-' British. 


banks -deal with their industrial ensto- 
- raers — especially In the provision of 

loan finance and advice — we vtU be 
patting (me bank in each, country under 
a microscope in a series of articles over 
the heat; few weeks — Commerzbank In 
Germany, Barclays in Britain. 

To choose the two candidates for com¬ 
parison wad an extraordinarily difficult 
task, because of the disparities between 
the countries’ hanking systems Of the 
British Bfg- Jfour. Barclays seemed the 
-most suitable because of its particular 
emphasis inrthe past Ift to 15 years on 
'expanding its corporate business. 
' throngh theiComplete range of size, from 
small ti>,eartfemeJy large. Barclays also 
parallels the, German banks in its 
intense efforts to expand overseas cor¬ 
porate business. 


The first two articles will investigate 
some of the main s t r uc t u ral differences 
which influence the two banks’ relation¬ 
ship with business; these range from 
their overall organisation to the way 
they train their employees to deal with 
industry. To-day’s article is on the 
Commerzbank; the second will concen¬ 
trate on Barclays, though both are also 
comparative. 

The third article will compare the im¬ 
pact of these differences on day-to-day 
banking practice. 

Any comparative assessment or the 
two countries* banking systems, and 
■ particularly their role in the service of 
industry,, is fraught with danger. A 
multitude of factors, many of them often 
disregarded in the perennial debate 


about generalities. Influence the prac¬ 
tice of the banks. 

Host obvious is the German “ uni¬ 
versal ** banking system itself, under 
which the banks engage in all areas of 
financial activity, including deposit 
taking, investment banking and dealing 
In securities. In recent years British 
hanks — notably the Big Four 
** clearer* ’’ — have moved into mer¬ 
chant and investment banking, thus 
assuming some claims to •• universality.” 
Bat there is still a major difference in 
the way that German universal banks 
act as representatives of shareholders 
whose deposits of stock they manage. 
They also hold major stakes in indus¬ 
trial companies in their own right, 
though they have become increasingly 
disenchanted with this. 


At the same tune, critical assess¬ 
ments of banking systems often pay ton 
little attention to their different origins, 
subsequent developments and in-bred 
attitudes. As banks themselves point 
out. insufficient consideration is also 
given to the contrasting attitudes of 
company managements towards banks. 

Among the many other influential 
factors are the power that different 
types of financial institutions in both 
countries, such as insurance companies 
and bnilding societies, exert in attract¬ 
ing funds: the varied demands made 
upon banks by legislation: and the his¬ 
toric role of Britain's stock market as a 
dominant source or long-term equity 
funds, in contrast to the minor role 
played by German stock markets. 
Several of these factors produce a 



M 


Finding finance for industry: 
the Anglo-German divide 


greater flow of long-term funds t# dW 
German “ universal" banks than t|.d|> 
British ’* clear ers.” Ail this iggSk. 
economic and social factors, whiett 'Slot: 
only reinforce national difference* in 
the way banks conduct and plan their 
business, bnt also subject them to a 
process or continual change. 

This short series of articles does not 
pretend to weigh up all these factors, and 
produce a comprehensive analysis; no 
single study of Anglo-German banking 
practice, however lengthy nr authorita¬ 
tive, has yet managed this Herculean 
task. The purpose of the series is to get 
behind the well-worn cliches and 
generalisations, and. as an illustration, 
to examine the practical workings of. 
Barclays and the Commerzbank as they 
affect the industrialist. 






ZBANK IS the third clay’s and even there the con- 
: what are known as cept of shared responsibility is 
hree' German cominer- not so pronounced (this is ex- 
the category closest plored in the third article!, 
if structure to British The Frankfurt head office re- 
banks. tains a large measure bfedlrect 

- nal business consisted control over corporate ^finance 
financing the foreign activities, eltbough muchof the 
Hamburg merchants, straightforward business,in this 
he outset, it has been area is handled directlyhy the 
with business in a Jnain branches and some of 
y; in many respects the larger sub-branchefc such 
led a UJC merchant business includes modest' loans 
Deration in its early for capital investment at home 
• cr than the domestic or advice on capital structures, 
jeh banking network Anything larger or more corn- 
customers which was Plicated becomes head office 
fc of what is now the responsibility: examples here 
..sint stock banking are loans for overseas invest¬ 
ment, raising of new equity and 
a, n* it. mo,..,, w, arranging syndicated Joans, 
business Srtor has Further decentralisation_of cor- 
- man K->*,b’c mnc i porate finance is planned. Syn- 

3 t pr - . , • dicated loans and international 

have become in- 

rfTnr/ha. tael, creasiOffly important for Com- 

Sfl h X. bt t£imcrebank io the last ten years, 
icttog the private The COI1JOntle Bmmce depan- 

~ •, .. »* merit is also heavily involved 

' '■ "rt^nriud# ^ rS ** medium- and Jongetterm 
• lending of funds. which Com- 

menM .raises by issuing 


■ ■ ■ ■■ . . . ■■■ " ■ ■ ■ ■■ — ■■■ ■■ job"). two month .$ on the tech- a picture of itself as a financial 

Nirhnlnc Tpdif>_in ihe first nf a nf nica! “P** 1 ' nf «n»o rt finance institution which bas developed 

i^icnoias Leslie in me nrsi Ol a senes or and ont . year 0 „ corporate and very successfully since the last 

articles—puts Barclays and Commerzbank more general aspects of export war and which has gone through 
r j .i J . finance. some fairly dramatic phases in 

under tne microscope. The neH - training centre is its evolutionary process—for 

' reserved Tor the hrighier and example, when it went into 

more senior personnel and domestic retail banking in a big 
American practice it now people aged about 24 and up- executives, and more than 2,000 way. It has had to develop new 
reckons it is -in some respects wards: the training is done pre- of them are likely to attend a skilLs and techniques to meet 
at least equal if not ahead of dominantly by relatively senior one-week course each year— ine growing and more sopnisn- 

the field and that it is attract- personnel who will often them- about one in nine nf total staff, ^ed demands of its industrial 

ins bankers from abroad to selves have undergone a train- This perhaps illustrates the clients, as well as its private 
^dy it“5rtiSSEs. tog course in teaching lech- intensity of the nomine drive customers, and to do thm has 

VnTf thTh n «t,v (W nioues at Commerzbank. Bur while The drawn upon the strengths of 

m toot For university graduates. the « Ms it pays dividends otoers.^orticuloriy British and 

would have been unheard of training process is a kind of ,n tor . ms ° r \ he breadth of 


ten years ago is the marketing speeded up version of the expertise it has developed, j n financing Industry’ Corn- 
department. Examples of the general programme, involving a there d° Cil s f em 10 ” e a nterzbank has adopted policies 

wav it Javs the ground for the 2 to 2j year course at a much suggestion mat it could run w hich have made it extremely 

development of the bank's higher level of instruction. This ,mo a promotion bntilenecK if &c tive across a wide range of 

hnsinpsc services are \u anarai- course is alio open to those who 11 continues at such a pace. facilities. Its general orienta- 


In financing Industry’ Com¬ 
merzbank has adopted policies 


business services are its apprai- course is also open to those who 
sals of each branch's economic come in at an earlier age and 


r>n the other hand, ii is also tion. 


com Dan son 


potential, and its assessments of are showing particular promise, experiencing difficulty in per- Barclays, certainly favours the 
the financial needs of small and The emphasis is heavily on suading German nationals tu industrial customer, but .this 
medium-sized companies. It may corporate finance: the curricu- take on overseas assignments in must be set against a back- 
then tailor special credit pro- hi® embraces four months on sufficient numbers to keep pace ground of different political 
grammes for them. The depart- domestic banking, two months with the bank’s international and economic factors, as well as 
ment also monitors the per- on securities dealings (most expansion. the very basic fact that its 







Commerzbank's Frankiurt head office 


bonds and ether secures to 
|W toe pubbC; This to™ of bank 

Iff iJls r wMch they bad f“ nd IS unknownto 

9 « * placed.on the Brutish-banks. On the other 

mi -be. picked up by haJM3 * when British banks lend 
^ Tim |3V above aB the Big term money they are occasion- 
! n 1 ■ ally prepared io allow a ten- 

#1* 1 liyaLof restrictions on S** 1 repayment period, whereas 
r m ^ ^ at present Commerzbank almost 

h removal of tax always limits itself to seven 

% yU \ enjoyed by savings years. - 
I fin !• further influencing German ianks are more or. 
# ^etss‘tied to current capital maW 

S1SvZ e ?nto° £ 

fiffirS? dedstot, .fzJSS 

•*er to the industrial Commerzbank is at present 

taStabMDI LS* h JL“n'l, f .« tofive a tow 
3 AvtAnt from he€n dovim to five fi jcw 

nsrsTJSs 2»» a*° d up - te ° in 

, 5ch H SS ,l ?*eSS! Significantly, corporate bank- 
/^SfhhSnnhM ^ irvg personnel consider them- 
jj, Berlin is srives to ** 30 within the 

r Hanised bank and are reco S nised “ 511011 

'* by their colleagues in other 

.. * departments; ho such distinc- 

latlOnal tion is recognised at Barclays. 

At Commerzbank, it is not felt 
international side, niakes merchant bank- 

mtred in Frankfurt. j n g ^ aw fcv«ird fit wititin the 
. e ,e f n ^?. rapld - general banking structure, a 

^ en y® 31 ® or , so ’ situation which contrasts' 
" P t reS ““bL e s“«to delays experi- 
iSS en«^ncctoeB U iko£&,gI«d 

■ ^ H v F’ * s with other bonks, de “ dod in . . 
j - nart of the and other J° mt banks G»e 

w^JSr With all dear to develop merchant 
vanish and French *»nk business. 

^ " Another very centralised aeti- 

l brandies and sub- ^ * the Commerzbank is 
Jrithin Germany and its treasury, which handles 
3 range in size from foreign exchange and money 
a handful of staff market transactions, both op be- 
» large offices which half of the bank and for clients, 

,rs tK wiRsus 

• to S “S »«r «T toe ^ 
.-^'.tness, securities and and have been partb fashioned 
■ rs. and credits and on Anglo-American lines U is 
A similar arrange- perhaps symptomatic of Com- 
* Uy now being tried merzbank’s extreme competitive- 
.k branch level with ness that while admitting to 
om mitmcn t by Bar- learning from Brilidt and 

. —ADVERTISEMENT- 

TSIDE HOUSE 
□SITING NOW 



;ti 



in West Berlin 
rganised. 

aational 


V as 

A ' 


formanccs oE managers and if training here is done 
they are not active in the cor¬ 
porate field, it will want to know 
why. 

Studies are made of local 
industry structures and 
approaches will be made to 
potential customers even if they 
are with a competing bank. Each 
branch works within a given 
credit limit but these can be 
exceeded in exceptional circum¬ 
stances. albeit in a roundabout 
way which spreads with the 
load across a package, including 
money from the bank’s instal¬ 
ment credit or mortgage bank 
subsidiaries. 


on the Overall. Commerzbank paints origins are completely different 


Training 


s’j, (iufr 


lATED 


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While much of what Com¬ 
merzbank does. and the 
structure within which it 
operates, has parallels with 
British practice, a noticeable 
difference exists between the 
career structures and training of 
the two. Commerzbank is un¬ 
deniably more selective in its 
recruitment, a feature which has 
attracted wry comment outside 
the bank about it being ’’stuffed 
full of intellectuals.” JJp to 
about four years ago. It was 
prepared to recruit 16-year-olds 
with the equivalent of ’’0”-leve] 
education, but with the change 
in the employment situation it 
primarily takes recruits with 
a minimum ’* A ’’-level standard 
of education, in contrast witb 
Barclays, which still only stipu¬ 
lates a minimum of four **O 
level passes. 

Commerzbank recruits are 
now- usually aged IS or 19 and 
begin with an apprenticeship 
lasting about two years. This 
will include periods spent learn¬ 
ing-banking on a day-release 
basis at special municipal 
schools (these exist for engin¬ 
eering and many other subjects 
within what is known as 
Germany’s “ dual system ” of 
education). At the end of the 
apprenticeship the bank can 
decide whether or not it feels 
an Individual is up to scratch 
and whether he or she will be 
taken on permanently. 

The best of the apprentices 
will subsequently be drafted 
into corporate finance, money 
markets and exchange dealing. 
The-remainder will move into 
other, areas, such as retail and 
credit business at local 
branches, and the belter quali¬ 
fied will move on to a scries of 
additional regular training 
sessions that take place at 
regional training centres, 
usually based in hotels. There, 
apart from broadening their 
technical knowledge of bank¬ 
ing.; they will learn about 
such things as marketing and 
what, approach they should 
adopt- with customers. Each 
person mainly studies four 
main 'areas of banking: cor¬ 
porate finance: export finance: 
securities dealing: and personal 
banking. 

Although (he bank feels that 
it offers employees a choice nf 
career path, it nonetheless 
appears that for the large 
majority who are not the most 
gifted, the reality is a very 
limited choice: there is little 
likelihood of their being able 
to switch tracks even from per¬ 
sonal banking to securities deal¬ 
ing, let alone into corporate 
finance, or money and exchange 
dealing. 

Commerzbank’s commitment 
lo training is exemplified by its 
new training centre near Frank- 
flirt, which it built two years 
ago at a cost of DMlfim. 

This is used for 
more advanced training for 






»?rnsp a 






■ • ’ v * v M 









fsm 




Dep. London 1100 Are.New\brkl33fv 



Have you seen 
today’s 

New\brk times? 


Pan Ams people % to New York 
twice daily at convenient times for onward 
connections. 

Also, we’ve got the biggest fleet of 747s 
in the world (you’ll find one scheduled for 
every transatlantic flight), the nicest bunch 
of people in the business and our own 
Woridport terminal at JFK. Aiiport You 
couldn’t ask for anything more, but if you 
t hink of anything, please do. 


Pan Amis People.W>rld^s most experienced. 


V*-’" 

















16 

LOMBARD 



kids of 


Lesser-known delights 


Financial Times Tuesday-February 


x -Tt * 


BY ANTHONY HARRIS 

THE exchange of discourtesies 
between Mrs. Thatcher and Mr. 
Callaghan over the Sunder land 
shipyard workers last week 
showed both partv leaders 
thoroughly off form. Mrs. 
Thatcher asked a silly question 
—not least because the two 
halves of it, concerned with 
redundancy pay for Sw an Hunter 
workers and the fall in real 
wages were completely unrelated. 
Mr. Callaghan missed the oppor¬ 
tunity for u crushing answer 
which Sir Harold, fur all his 
faults, would have seized. Her 
implied criticism of the Govern¬ 
ment was based on questionable 
figures and questionable logic. 


The fiqures were nf minor 
importance, but the Government 
really should not let their 
opponents get awav with quoting 
a maximum figure for redund¬ 
ancy pay— nnl> 3 handful of very 
long service craftsmen will get 
flOlGOO. and the average entitle¬ 
ment under the ship>ard scheme 
is about £2.000. The logic is 
much more important, but l 
doubt whether Ministers them¬ 
selves understand it. 

Mrs. Thatcher argued that it 
was silly to offer large redund¬ 
ancy pay to tbose who didnt 
want to work: and the answer is 
very simply that it is much better 
to lay off those who want to go 
than those who want tn stay. If 
onlv their manners were not so 
bad. It would he rather more 
obvious that the Sunderland men 
arc helping to fill an embarrass¬ 
ing gap in the Government s 
shipbuilding policy—the lack of 
any plan to carry out the reduc¬ 
tion in capacity which has oeen 
agreed internationally. 

I am not of course suggesting 
that the boilermaker# were act¬ 
ing to a deliberate ptan. and 
going on strike to compel their 
employers to offer the voluntary 
redundancy which has been so 
readily accepted in a number of 
steelworks, and now looks like 
disarming the Leyland militants 
at Speke. I am merely suggest¬ 
ing that they were not nearly 
so stupid or so blind as many 
commentators made nut at the 
time. It is quite impossible to 
imagine that the strikers did not 
know that they Vere putting 
their jobs at risk when they re¬ 
fused to reach the agreements 
which would have kept part of 
the Polish ship order in Sunder¬ 
land: it is perfectly clear that 
ihev didn't care. 

Ministers find such an idea 
hard tn grasp, hecause if you 
have, put a great deal of 
effort and negotiation into the 
-triumph" of preserving some 
jobs temporarily, with the aid 
n£ 'heavy Subsidies, if is only 
human to expect those subsidised 


tn he grateful. Jr does not seem 
to occur to these benefactors 
that job satisfaction and the 
dignity of labour are not really 
very 'adequately provided by 
transparent handouts nf the kind 
contained in the Polish contract. 
Those young enough ty entertain 
some hope for the future, and 
those old enough to think that 
early retirement might make 
sense with a nice lump sum to 
start it. are right to be less than 
grateful. 

There is. however. 3 second 
reason for Ministerial blindness. 
Those who sppnd their lives in 
Whitehall wrestling with the 
problems of depressed areas soon 
attain a state of mind in which 
they cannot believe that anything 
over happens in such places 
unless they have personally 
arranged that it should. Vet 
even in Sunderland most things 
that happen are the result of 
individual decisions and indivi¬ 
dual enterprise. The jobs “ lost 
(rhniich in fact they have been 
gained in G ovan. which now- 
stands a ►lightly better long-term 
chance of survival 1 have not been 
lost for ever. People move, new 
opportunities arise—and the few 
who get the full £10.000 may- 
even have ideas for starting 
businesses of tbeir own. Every 
recent study shows that in any 
reasonably buoyant economy, a 
good percentage of the redun¬ 
dant redeploy themselves much 
faster ihan regional trends would 
suggest 

Differentials 

This points to the second 
truth which Labour Ministers 
find it so hard to grasp: the 
present level of unemployment 
is not just a matter of the level 
of economic activity. It .has 
quite largely been created by 
Ministers and Trade Unionists 
—notably the recently- 
canonised Mr. .lack Jpncs—who 
have campaigned so long for 
the low paid. The army of the 
unemployed is largely an un¬ 
skilled army, who have been 
priced out of a job by unions 
who .s/tould have been demand¬ 
ing Sr3te handouts—notably 
higher child benefits—rather 
than lower differentials, and 
Ministers from Mr. Heath on¬ 
wards who have mishandled 
incomes policy. Perhaps it 
would not. after all. be reason¬ 
able to expect Mr. Callaghan to 
give a straight answer to Mrs. 
Thatcher; bur l Fancy the 
volunteers or Sunderland could 
soon have explained to her why 
they are so cavalier about 
their subsidised, dead-end jobs. 
Preserve jobs for a short time 
when there's ail that money 
going r»r leaving? She must be 
joking. 


TO MANY people Graves 
signifies a white wine, but The 
best, or at least the most inter¬ 
esting, arc red. Curiously 
enough, though, these have not 
reputations equal to that of the 
finer classed Me does, in spile uf 
the fact that they are headed by 
the first-growth Haut-Brion. 
Historically too they have 
marked precedence over the 
Me doc. which was only effec¬ 
tively drained and planted in the 
17th century: and what is prob¬ 
ably the oldest vineyard of 
repute in the Gironde, is a 
Graves: Pape Clement, named 
after the archbishop of Bordeaux 
who became ari Avignon pope. 

Bordeaux itself is in the 
Graves, and from within its 
mediaeval walls the vines spread 
to the surrounding gravelly land 
that gave its name to the district. 
Moreover. Haul-Brion is cer- 
faini» ih«> first premier cm m 
have been mentioned in English 
literature, when Pepys in 1663 
referred to *Ho Brien.’ 

In the process of urbanisation 
'many vineyards have disappeared 
in - the Bordeaux suburbs, not 
least within this century leaving 
Haut-Brion and its neighbour. La 
Mission-Haut-Brion. as islands of 
vines among the villas and lower 
blocks. It was only tn 1953 that 
the leading red and white Graves 
were admitted to classified status, 
and the 13 red wines and 8 white 
(five of the chateaux are in both 
lists 1 include ail the estates of 
importance,, which are confined 


to the communes in the :• trinity 
of Bordeaux: Pessac, Talence, 
LCOgnun, Martiilac and Cadaujac. 

These red . Graves differ in 
style from the classed-yrowth 
MOdncs. tending to be'dryer and 
bavins what is called 3 (foist de 
ierroir. This earthy taste mu>1 
derive from the character nf the 
gravelly, soil, for the grape 
varieties are the same as in the 
Modoc, except that there tends 
to be less Cubernet-Sauvignon 
and more Meflnt. Wine similes 
are notoriously difficult to 
establish, but the aroma of these 
ntd Graves often reminds me of 
the. smell of bricks'and brick 
dust: and they do havo an earthy 
flavour. 

The two leading growths are 
ccnainljr Haut-Brion' in Pessac, 
and ’ La-Mission-Haut-Brion. 
mostly in TaleDce. and they 
form a good example of the dif¬ 
ferences in style of wines grown 
next to each other, for their 
vineyards are separated only by 
'the main road to Arcacbon. 

Although bulb have The true 
Graves aroma and flavour. Haur- 
Brion is more elega.tr. La- 
Mission more robust and a 
“bigger" wine. 

Attempt? in recent years to 
set one against the other have 
really been wide of the mark, 
if this means marking them 
relatively. Obviously Haut-Brion 
has the special qualities and 
style that made it a first-growth, 
and in my view it has been 
making remarkably fine wine in 
the last 'JO years;' even a very 


acceptable '6S, in that disastrous 
year. 

But then L-a-Mission-Haut- 
Brion, run until his death in 
1974 by one of the most com¬ 
mitted Bordeaux- proprietors. 
Henri Woltaer. also has long 
made outstanding wine, and if 
one is looking for off-years as 
the sign of a grower's skill, then 
the '55 La-ifission is still very 
fine. La-Mission usually takes 
longer to mature than its more 
elegant, lighter-seeming though 
full-bodied neighbour, also 
directed by one OF the leading 
experts of Bordeaux. Jean 
Dolmas- It was at Haut-Brion 


Both at Haut-Brion and La 
Mission the- 76 is lighter than 
the 75—a particularly big wine 
at the latter. 

The nest best red Graves is 
probably Pape-CWment of Pessac. 
IT is rather an aristocratic, 
subtle wine with a certain 
austerity that detracts. nothing 
from its finesse. During a recent 
visit to Bordeaux I made a short 
tour of most of these leading 
Graves, tasting in each case the 
*75 and 76 vintages,still in cask.: 
After the two growths already 
mentioned, the Pape-Cl&nent, a 
big wine with a good deal of 
tannin, was possibly the best.- - 


WINE 

BY EDMUND PENNING-ROWSELL 


that the first stainless steel 
fermentation vats were installed 
Ln I960. Across the road Henri 
Woltner had started to put in 
vitrified steel vats before the 
last war. It must be said that 
both wines have turned out 
highly successful after being fer¬ 
mented in what were regarded 
as dangerously revolutionary 
types of vat. 

The La-Mission estate also 
owns in Talence the adjoining 
La-Tour-Haut-Brion. a heavier 
type of wine, but nonetheless 
Graves-like and capable of very 
long lifei ■ It deserves to be 
better known here in Britain. 


Of similar quality' are the 
small estates of -Domaine de 
Chevalier and Haut-Bailly, both 
in Leognan.. where six. of the 
classed-growths . lie-' : " Chevalier 
also makes a. really fine white 
Graves, as do Haut-Brion and 
La-Mission-Haut-Brion; the latter 
in the separate vineyard of 
Lavilie-Haut-Brion. Chevalier is 
a wine much appreciated by 
claret amateurs. Tor it has great 
distinction, but it only produces 
40-45 tonneaux (= 100-dozen 
bottles apiece) of red wine, as 
against 120-130 tonneaux in.good; 
years for Haut-Brion and Pape? 
Clement. 


It is not found in Britain as 
commonly as it should be; and 
that applies also to Its neigh¬ 
bour,' • Haut-Bailly,. -though 
Gilbey’s fIDVi did-a good deal 
to increase the latter’s distribu¬ 
tion a few years ago. It fends 
to be a lighter, but very well- 
balanced wine, compared with 
some of the other Graves. It 
made very fine *66 and 70, and 
the/7S lias a great deal of--sfyie. : 

Another L6ognan is historically 
one o£ the most celebrated 
Gra'vesr'-Carbohnteux. Its white 
wine vial probably, better . known 
thaaitired. for some time 
seemed: rather undistinguished, 
but-It Has certainly-improved in 
recetfe’ears. and“the. 74, no 
great ^Sear .was •; excellent: when 

sampled • at the..:' ’ charming 
c h at? ail: So was -Ihe! 75, pot 
a big/wine -and'-, fairly tannic. - 

Although, la , ray . vi^w,. that 
completes the .list of leading 
wines^ the other -six are- well 
worth- “looking at/'- as:-.the tasi 
tera phrase goes.. . T>est -known 
probably now, owing to American 
ownership since ^1868, •. is". Boas' 
cant: the only Cadaujac cJtassed- 
growfb.- Also/ avxed-undrwhite 
-producer, it baajmproved a good 
deaT in recent years: thanks .ta 
replanting and :tfce- supervision 
of M. Delraas of Haut-BrjtorL But 
I woiifld not yet put It in the 
first '.division.' ; 

Olivier in Leognan and SmltB- 
TJautiafftte of Martiltac are 
both.owned by the Bordeaux flxnt 
of Eschenauer. and- are reason- 
ably^well known here; the first 


principally, for Its white. wi®*. 
Both produce sound•rather thajY 
exciting' wine; but-sburrdh<i&.a5i: 
consistency are not'-^uatitibs 
be desp fseef- ' Another - EschetfS 
auer property in ilartillacrisfh#c 
n on-classified ' LaGafffe' 
makes 7 - excellent^ MhmmIIwC* 
flavours' red wine. . v *i^. 

Of the .'other tiaree ' cla^se^: 
growths’. . La-Tour-KarWllac ^ 
owned by another.' -demote#- pitt? 
prietoc, Jean ■Sressmkff..bf 
well, known Bordens.-yritw 
family; - This is. ah tim e r 
reliable wine, .fairi^-ivvefrfero^ - 
in Britain. The two^easaiaih^ 
LGognans, Fietxzel *. 

Lagravifire are iess fa mBi gr; 
former, after" a Tariff fire 1 periSJ^- 
(hanged ' hands in-TS^-and-l^ 


latter's wines I am not -w. ma?-. 
mi fait, though - 1 have' ViSrfe^ 
the estate." . Those 

drunk have not seemed; 
lariy , -distinguished,".; 
dkrds change,'arid ife - pw<^f?aiSfc. 
moderate.- >j /■'■ ' 

1 hope' that this-.' ne^^riff" - 
concise 'account of the : ,- x 'tead&fe:' 
red Graves'Will ehedurageref^^ 
drinkers io reach fOr^iheiiiw^.,: 
lists to see whai they; 

up. Apart from:the mortf eip|fir'; ; 
sive Haut-Brian“fltid I^tissl^Jir 
Haut Brion. prices 6F the: - 

leading estates are very sip ii^ . 
to those' of the- focond-gfowg:- 
Bifidocs. the Qthersiwrtfr the low^ - 
ranks; As. hpweveri they^'are ms?, 
well known here, they are oftsfe- 
cbeaper.... . . : 


Rocket can beat Rodman 


NO ONE should take it for 
granted thar tbe season’s leading 
four->ear-old. Rodman, is goina 
ro be" the comfortable winner nf 
this afternoon's Ward Hill Tnp 
Table Hurdle at Huntingdon, for 
which he will be at prohibitive 
odd.*. 

The handsome Uplands colt, a 
hay son of France's 1963 Derby 
winner. Relko. has not run since 
hearing Morning Lee in Chep¬ 
stow's Finale Hurdle a few days 
before Christmas and Fred 


RACING 

BY DOMINIC WIGAN 


Winter has been anxious to get 
a race in him for some time now. 

If. as seems more than likely. 
Winter has left a fair bit to 
work on ihe possibility' of Rod¬ 
man “blowing up” close home 
in what seems sure to be yielding 
conditions cannot be ruled out 
For this reason 1 would not care 
to take long odds on about John 
Francome's mount, and instead 
prefer to rely on Oriental Rocket. 

An extremely smart performer 
«>n the. Flat—and a much better 
one in that sphere than Rodman 
—Oriental Rocket was tbe six 
lengths winner of Ascot's valu¬ 
able Sandringham Handicap, in 


which he defeated Bright Fire, 
in the early part r,f last season 
before tearing Lily Lanetry 
almost a.* easily in Newmarkets 
Suffnik Handicap. 

Oriental Rocket, considered 
forward enough to make a brave 
attempt at this. bi.« run over 
hurdics. could represent Ene 
each wav value ai odds of about 
7-1. 

Josh Gifford almost always 
does well with the runners he 
sends to Huntincdon from Fin- 
don. Sussex, and it is nor surpris¬ 
ing to find him with a powerful 
team in action to-day. ' His half 
dozen—Mister Fantasy. Road- 
head, Shore Captain. Beige 
Prince. Modesty Forbids and 
Monk's Flyer—could produce a 
treble in Mister Fantasy. 
Modesty Forbids and Monk's 
Flyer. 

As expected. Fort Devon .was 
all the rage in the Cheltenham 
ante, post market yesterday. 


being well laid at both 3-1 and 
11-4. 

The Piper Champagne Gold 
Cup favourite i* now top quoted 
at the latter price, and if we see 
an impressive performance by 
Midnight Court at Newbury on 
Saturday it is more than prob- 
ahle that . the neighbouring 
chasers will have the market 
virtual! v to themselves on 
March 16. 

Full Cheltenham Gold Cup 
betting: 11-4 Fort Devon, 7-2; 
Midnight Court. 7-1 Brown Lad. 
11-1 Bachelors Hall and Royal 
Frolic. 14-1 Fort Fox. 20-1 Gay 
Spartan and Tied Cottage. 

HUNTINGDON 
2.00—Polo Boy 

2.30— Oriental Rocket*** 
3.00—Mister Fantasy* 

3.30— Rotomar Boy 
4.00—Carnival Dav 

4_30—Modesty Forbids** 

5.00—Monk's Flyer 


Books and 
£56,423 at 


SALEROOMS had a quiet day 
yesterday. At Sotheby’s, printed 
books brought in £23.S17. 

Best prices were the £900 for 
the three limited editions of 
Swinburne, and £720 for a first 
edition of Dr. John Dee's 
Conversations with the Spirits. 

An antiquities sale brought in 
£32,606. with top price of £620 
for a South Italian Greek pottery 
bell krater. 

A large mason's ironstone 
dinner service decorated in the 
oriental style in. blue, pink, 
green and orange.vrith pheasants 
perched on flowering peony, was 
bought anonymously for £3,500 
at Christie's £55,406 sale of 
English and continental 
ceramics. 

A large composite ironstone 


dinner service decorated in ~the 
Imari style in iron-red, blue and 
gflt,'yent t o Graham and Oxley, 
the London dealers, for £L900. 
It had been sent for sale by the 
Earl Of Stair. 

Duncan Smith. another 
London dealer, paid £3.000 for 
a pair of Paris bleu-du-roi 


SALEROOM 

ANTONY THORNCROFT 


ground two-handled ice pails,' 
covets and liners. 

Graham and'Oxley gave £1,800 . 
for- a pair of two-handled sauce 
tureens and xovers: Amoug. 


Tugs free grounded oil rig 


TWO tuss mvned by a Dutch 
salvage company yesterday 
pulled the grounded oil rig Orion 
dear of its barge on rocks off the 
Guernsey coast. 

The company acted to save the 
rig from further storm damage 
after fears that the barge , was 


becoming dangerously unstable. 

The rig was driven on to rocks 
during a storm while on tow' 
from Rotterdam to Brazil earlier 
this month. 

It is now planned to tow the 
rig to a Continental port for 
repairs. 


Rare sale of stirrup i 

• ' ! \p. af : ' .V ' V. M * 


oontfnefltai buyers. Ntekrta»K 
front Germany paid £1,400 ftxr-^vae 
late Meissen" tete-S4ete.- painted* 
irr colours' - with figures: --iRp 
harbour scenes. .ii& 

British buyers were-doraixtaxh®: 
and prices • con.sisteijtiy topptssl 
estimates; at a Phil tips'. sale-afir 
19th-century English and Cuo<. 
-tinentaL paintings which, totalled^ 

£100420, with only S per cefiV 

unsold. • / zzA 

.Patterson, paid £4^00-for.>»■ 
pVcturw of timber c tearing ' ins. 

' Surrey by Edward Henry Holder,- 
dated 1S71 (estimate £1.000)1 , ;f . 

The FfHaoe Fair by Thorny 
Webster was sold, for £4.000-to 
Belcher^. RicHey paid £4.000. 5tfc 
a landscape with shepherd amt- 
sheep ’by Otto GeblCT. A^hilBp&i 1 .. 
salfc-of furniture KriaHed_£33^St 

MM 

; * .. 72 -:•. 









BBC l 


t Indicates programme In 
black and white 
6.40-7.35 a.m. Upen University. 
9.10 For Schools. Colleges. 12.45 

E .m. News. l.OH Pebble Mill. L45 
!i"timc. 2.00 You and Me. 2.14 
For Schools. Colleges. 3.20 Pobol 
Y Cwm. 3.53 Regional News for 
Knalaod lexcepi London). 3.55 
Play School las BBC-2 11.UO a.m.). 
4J0 Wally Gator. 4.25 Jackanory. 
4.40 Playhouse. 5.05 John Craven's 
N'ewsround. 5.15 Star Turn. 

5.40 News. 

5.55 Nationwide (London and 
South-East onlyi. 

6Jo Nationwide. 


6M Young Musicians of the 
Year. 

7J0 The Rockford Files. 

3.10 The Good Old Days. 

9.00 News. 

9.25 Play for To-day: "Bar 
Mitzvah Boy" by Jack 
Rosenthal. 

10.40 To-night. 

J 1-20 The Engineers. 

H.45 Weather-Regional News. 
AH Resrions as B8C-1 except at 
the following times:— 

Wales — 2-32-2217 p.m. For 
■Schools. 555-6220 Wales To-day. 
6.50 Heddiw. 7.10 Pobol Y Cwnt. 
7.40 Ryan A Ronnie. 8.10-9.00 
Festival of Welsh Mixed Choirs. 
11.45 Nv'i s and Weather for 
WaJrs. 


F.T. CROSSWORD PUZZLE No. 3.605 


mu 

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m 

wm 


m 


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fgf 

lilH 



27 

■ 


ACROSS 

1 Contribute to membership fee 
with writer i5»i 
fi Thwart peevish hybrid (5) 

9 Artefact ft^jid io barrel I 
catalogued (5“» 

10'Dail} grind in source of news¬ 
print iv-i) 

11 Term of endearment alwtit a 
- monarch is unreliable 1 10 1 

12 Look forward* and backwards 

14» 

14 Roused prison radical l*» 

15 Sediment coming frora top 
ride (7) 

17 Vise Men state it's ncn'O- 
mantir ►7» 

19 Tsarist leader und his money 
creating annoyance i7i 

20 Left frequently in attic t4'» 

22 Propriety teems to embrace 

marriage certificate ( 10 j 

25 Finnish school session in a 
note 191 

26'Angry. - that is. about rodent 
<5> 

27 Chemical can returned to 
Soldiers nr $ toi 

28 Made an appointment outside 
school and set off (Rt 

DOWN 

1 Parts' pur up for a thone (5i 
3 Swallowing hut being un¬ 
naturally vile inside iR> 

3 Male bird gening su cereal is 
a monster fioi 

4 Suaw s,ed litilo devil gave a 
false impression t7j 


5 Explain about former unit of 
currency (7i 

6 Twist copper right and left 
(41 

7 Love to donate a pointed arch 
lai 

8 Chemical to cure favourite 
.«rjlters or 27 f 9 * 

13 Resistance to work-place < 10) 

14 Easy to name initially but a 
fool (9» 

16 Absent out could be the 
occupant i9) 

15 Draw fi?b up on tbe sheltered 
side ?7i 

19 Eastern politician in trial by 
Shakespeare f71 

21 Original tree oo ruad i5) 

23 Lay oui for oddsun finish (5i 

24 Iron I left inside tn polish (4l 

Solution lo Puzzle No. 3.604 


ananas a^siasTiag 
vi n m a m ■ ra a 

3 -’S- s a e q . *3 a 

3 e ® m Ej e r 

-snggas^ gnEB 

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□ Q E- E' r«. D'-fi 

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R a e n r r 


Scotland—5.55-6.15 pan. Report¬ 
ing Scotland. 9.15 A Party 
Political Broadcast by the Scot¬ 
tish National Party. SJS5 Join 
BBC-1 London for Nationwide. 
11-45 News and Weather for Scot¬ 
land. 

Northern Ireland —- 3.53-3.55 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 11.45 News and 
Weather for Northern Ireland. 

England—5.55-6.20 p.m. Look 
East (Norwich): Look North 
i Leeds. Manchester. Newcastle»: 
Midlands To-day tBirmingham i: 
Points West «Bristol): South 
To-day (Southampton): Spotlight 
South-West (Plymouth). 

BBC 2 

6.40 -7.30 a.m. Open University. 

11.00 Play School. 

2.15 p.m. Other People's 
Children. 

2.30 Having a Baby. 

T3.00 Propaganda With Facts. 

5JO The Living. City. 

4.55 Open University. 

7.00 News on 2 Headlines. 

7.05 On the Rocks. 

7.30 Newsday. 

8.10 International Pro-Celebrity 
Golf. 

9.00 Pebble Mill Showcase. 

9JO The Man Alive Report: 
MPs Rule OR"’ 

Iff JO Poems and Pints. 

10.45 Late News on 2. 

10.55 The Old Grey Whialle Test. 

11JJ5 -TI.40 Closedown. Richard 
Bebb reads “The Girls of 
Llanbadam." by Dafydd 
ap Gwilym. 

BBC-3 Scotland Onlv: T1J55 p.m. 
Parry Political Broadcast by the 
Scottish National Party. 

LONDON 

ft-30 a.iu. Schools ProsTammes. 
17.54 Felix the CaL 12.00 Paper- 
play. 12.10 p.'m. Daisy. Daisy. ]2J)V 
Kitchen - Garden. 1.00 News plus 
fT index. 1J0 Help! 1JU Crim-n 
Court. 2.00 After N'non. 2^5 Sam. 
"JO Tlie Rolf HarrLs Show. 3.50 
Couples. 1.20 Get It Together. 
4.45 Magpie. 5.10 Sportsceue. 


RADIO 1 «'•" 

(S) Sumphmie krwMcast 
MB ajm. As Radio 7.02 Noul 

Edanmds. MO Simun Balffi. UJ1 Paul 
Biimvtt with Lhls wiiti s new Top H 1 itbsc<. 
indudlDK 12JO p.m. N'liwslJe.U. 2.H) Tuny 
r-lacWbuni. 4^ Dave Lee Tram includ¬ 
ing 5J0 Newsb-.-aL 7.00 Folk '7S <S> 
ijcms Kadio 2i. iajn John Peel iS>. 
13-90-12-06 a.Bt. A< Radio 2. 

VHF Radio* t and 2—4.90 a.m. who 
R adio 2. toclltdjris iJS p.m. flood Ust-;o- 
imt. 10 M With Radio l. 12.D9-12.W a.m. 
With Radio 3. 

RADIO 1 1,500m and VHF 

4J0 a.m. Men's Summary. 4JS Cnc«*f»: 
Second Test—New 7.i-alar.d v. Knr.lanrt 
f r*non>. Ml-Ka; .ttooru with Thi- Early 
Show >S'. ineiudlni: &.1S Pnn>=.> for 

Thnuwh: 7J2 iJrn+.'i: Sei-ond' Ti.'ti 1 lOnv,'. 
uf-play r.!iuin. 7JJ Titt' Wumu’i iSi 
tiK'ludmK SJT Racing Bulletin aud 4.15 
Pan**; t«r Thnugijt. ibjd jimm: - Youni: 
■ S . 1245 P.m. WauKonenr V.’alk. 12.9) 
P«t- Murray'* Open Uouw *S> includlm; 

Snorts Dusk. 2J0 David TT^ruiliuii 
*S> mi.indioB 2-45 and 345 Snorts D'.-sfc. 
4J0 Watwonors 1 Walk. 0.45 Spons Desk. 
4.47 John Uilhn 'Si tucludlne 5.45 
Sports Desfr. 64? Sports Ocsfe. 
7.D2 Folk 'TS proeiiu Ttii. Wui-i 
la Concert iS». 7J0 On Tlie Third 
Bea: iS*. 1.02 Hubert at The 

Dondou TheatTi:. pan rn: Vlrrona Haiaw." 
Old Vk. 5.02 .vuianc Your Souvenirs .5.. 
9J5 Snorts Desk. HUE Be*t The R. turrt. 
UJO Dolores Gray sai» Be ilr i.iuest. 
u.tc Cndc-'f: Second Tes: irenorf. 11.05 
Brian Manheu- v.'ith The Lat.* Sbon. 
U09-12JM* a.iri. Sews Imlurilnc fneVel— 
S«o*nil Test ifaniu-r ri'pam. 

RADIO 3 464m.SterenS.YHF 

t Medium Wave enty 
t*JB a.m. Weattier. 7.00 .News. 7.0S 
O^r.un; *S... 8.00 Nows. MS JtOrcirw 
Concert >51 . MO .noh-s. <U» This Wyeh'« 
Compoier: Weber >S>. 945 Academy of 


5.45 News. . wrtF 

fi.OO Thames at 8. 

640 Crossroads. tjs 

7.03 Dave Allen. itwma 

7J5 Charlie's Angels. HTt 

8J0 Armchair Thriller. -fervic 

9.00 Wilde Alliance. 

10.00 News. 7.05-7. 

10JSO A Change In Mind. Gaiwt 

11.15 Glbbxvillc. Xcti,Jl 

32.15 a.m. Close: Frances Corn- ht\ 

ford's poems - read bj' J®" p; 
Crsula Ha stray. ■ b ’" ,a - 

All TEA Regions as Lnndnii 

except at ihc followinR times:— 125 

ANGLIA £& | 

IJS a.m. .tu^lj.-i N*".s. 2 JO Papurplar. ; 

3J0 Thr' Ck'Linc Thoatre Sbnv. 5J5 Scott k 
Emmerdalc rarru. 4.00 About Anglia. ProbU 
1105 Quincy. 12.15 a.m. Anthology. D*ic 

ATV La:e 

1U5 a.m. R<?rc Z20 pan. Art.' 

74«wsdcs|c. JJM OuicV *.n the Draw. 5AS UO 
Larerne and SI uric.-. 6.00 ATV Today, party. 
7.00 Emmcnlaln Firm. 7JO Dare Allen. 520 ( 
UB RPburv NV'i. cUplin 

BORDER US?' 

-lJO p.iu. Bnrdrr :.Wj. 2.00 House* tvesrsJ 
nsriv 120 Kriemit -if Man. 5.15 lnd»nr 
I.huin. 1 . MO Lnnte.ir«und Tuesday. 625 

Many Poltlu.-aI Broadcast by the- Scnnsh p.20 
Nanonai Parc. 7.00 Emmerdale Farm. North 
“JO Dare Allen 8.00 Ftvbln'^ Ktyi. UJS Nmb 
Barenn. {12.10 a.m. Border N■-*ws The > 

Summary. ; 

CHANNEL Farm. 

1.15 p.m. Channel i.n-wtitlcie Newv and Nesu 

Mill’s On When.-. US WUfi You Were ■ 

Here." 5JS Tlte FUm^vnes. 6JM Rer^tr: 

Ai. Six. 7JI5 Trea'un? Bunt. ifijg - , M 

Cbannr-I Lai t News 1U5 Dan August. „ 1P ,. 
n.10 a.m. CnmmeotarrtfS - er-prcclstons - 17*5^. 
MeiroruloRiuues. fc.05 ' 

GRAMPIAN' Emme 

9J3 p.m. Firrt Tliiis. 1.30 P.m. J 
Graar.-iiin Si-w, Ueadlinis. UD Women 3^ ■ K,K, 
On!?. J.0S Cartoon Time. 5.25 H'rnss 
'n' Thiau*. 6.00 Grampian T-iday. 6.10 
C'Simiry Faces. Us Parry PnliUeal , 
Rrojdca,t by the Smt;:rb Nftuomal Party. *■”. 
U.I5 Redeetlnn*-. UJ9 Fobi i> W->man. wl *“ 

GRANADA 

L20 P.m. TViii 1- Your Ri_l!U us N..-W-. 
?3r. atiJ .Mr. 5.10 -Tla.. Is V-uir Hum faitli 
■. C'-und rJiancc l" .K Li nJ V.'msiiuiiL') ’< 
nr-j^ramaie .,r advice-. 5AS Cn-sn^d-. 

6JO Uranad'i Rf>r...ris 6J0 Jtiimterdale 1J1 
Farm. 11JS PJas ihr G.in>e. . JI.45 Boh Party 
Williamson at Die Wh„'-li:Lpp , ;rs. 1 Etnl,-: 

r I ti ’ Kiiuii'.- 

•> 1 » Hnbur 

UO p.m. Repi-iri IV'.-t Headli-.,-:. IJS Henrr 
Report Wale' H•ra■illtle■■. 2.00 Sympll 


party. 3JO Tbe Electric Theatre Show. 

545 Slnbad Junior. SJO Crossroads. 

6.00 'Report West. •' 648 Report Wales. 

6J5 Emmerdale Form. 11.15 Police 

Woman. 

MTV Cy mra/Wa let—A s MTV General 
Service except: U0-U5 p.m. penawdau 
Netryddion Y Dydd. 4Jo Miri Mawr. 

OW* Seren Wib. 6J0-6J6 V Drtd. 

7.05-735 Countryside. UJQ Brwyd: . .. vjc • <_ 

Galwed v Tyvysos. Xus Wnrld la ' ■ . ^ . "■;• , ; • 

Action. U.85-U30 e.m. Celebrity Squares. • * v.. . .• 

MTV West—As HTV General Service A PRIVATE collection of 38 fox- 
excepi. uo-ijo p.m. pw>rr wvk Head- head stirrup cups is included in a 
63*435 Report west. saJe of English ant i foreign silver 






f-vx-r 

in-/- 





>.'V 


A pair of Wnilam IV stirrup caps und, centre, a George XV ^* 
. stirrup cap. 


011 March 16 at Sotheby's. Only and physiological investigations Swedenborg's . cranium, -.-Suti 

Mr .M 3ii‘”«! PIBCI ajf fwJS SooraScflof 86 collec - concerning the ‘ English ' skull together they give so strdBg dW-’ 
5Jo croicroadi 6.00 scouand Today. a °n appear ai aucunn. have not been able-to funusfa, tndicanon in -this .direction,Un«» 

v«?,r The CU P S date frora 1770—tbe individually,, final proofs of they may. be.regardedjg'pnatn£lr> 
ProSir 7 J» *SE*ti£ tjo earliest known examples were identity of this skull with ally conclusive.”.- ; . 

o*iv Atico. a no RoWn’i .\«r. ms made in 1769—to 1834 and in- 1-" 

Late c^il 1130 Rush. elude work by Paul Storr, Hesteri . - ™..7 

SOUTHERN Bateman, James Phipps, Thomas V -co 

UO P.m. Southern News. 2.00 House- Wallis, Philip Rundell and . . /. ^ 

party. 330 Survival. 535 Belly Boop. Thomas PittS, Who Was onB Of the \ i ' 1 ''- 

cSin^ os S»w£j» r L°* too ^Cmmwdate c J rI jest and most prolific makers ' : ■ ■■- 


Kanu. 730 Dare Allen. MB Robin'e DI Stimip Cups. 
So«. 1135 Southern -News Estra. lUS Tha 
Wcsulde MetUcaL most MX 


TYNE TEES 


The most important lot is a 
pair of fine William IV silver-gilt 
stirrup cups by Paul Storr dated 


- - ■ _ . . aLiuuy tups uj jretui oiuji uaieu 

The Guod Word followed by 1334 Thpv arn 14 inches hi?h 
Norih East New^ Headlines. 130 p.m. 10 V' IDe> T®, 7* } n “.es_ Dl^n 
North e^si News and Lookaroond. 33B and are expected to fetch £5,000- 
The odd Coupir. 535 Nobody s House. Another important piece is a 

rl?rn Sl ? TUP inot P 
Nest. 11.15 The Coiiabonwors. n» b> Philip RundeU, London, 1821, 
Eodoaue. which is expected to fetch about 

ULSTER £2.5oo- 

130 Pjm-L u Bcmim e. 330 Mr. and Mrs. Some nf the runs bear insrrin. 
03S incur News Headlines. 5.15 Friends rt e “ ' C “£ S 

nf Mau. 6.00 Ulster Television News. £005. One U> P. A- and W. 
6 . 0 s crossroads. 636 Reports. 730 Bateman, dated 1803, is inscribed 

arssgfp b? a l j e nec rt k to Fo f 

5n-.wker followed by Bedtime. Hunting and all Fnends round 

M/TCTWADn thc WreWn ” This inscription is 

_ L v ^ 3 v v found on many stirrup cups, the 

hem* »ne by TbOTn^ 
H'lsb Vou Were Here. 535 The Flint- "IMS, luO. 




6.M Westward Diary. 735 
Tr-.jsure Hum. huh W^rward La:^ 
T.'-w-. 1135 Duo Auauit. 1230 a.m. 

I anil f.,r Life. 

YORKSHIRE 

130 P.m. Calendar New*. 33Q House- 


Another cup is engraved 
“Uostyn Hunt Races Wone by 
Mr. John Bawcuttis br f 26 March 
1S17-” Sir Thomas Mostyn was 
Master of the Bicester Hunt 


the EBi. - 1 S*. 1035 tu.'iquln .ii-hut jitu 

piano n«;il4l U.as vatiyhan WiiliBmc 
1 S 1 . 32.05 p.m. Luci-rceir- Fcsorjl jwr. 

part 1: Sitn-bus. snlin-n ,S,. Un ,n, tyj. 

IJS Tbe Arm ll'oridwidt-. 1JQ Locvrar 
1 estival nn. pan u: Klaml, s:h>:liiu is>. 
2.85 Bcrrlirn-n from llristyl >>■. 330 A 
Link Lichi Musit fS*. 4.00 Raco Pona 
sonar r.-i-lioi is-. ajs Tlie - \anshaii 
Willlacis 5ymphnnl--> >Ri. 535 .fjrr. 
Today iS>. js.M Ilcmewurd Hound 
on records. 16.65 \-;wy. 1430 ifome- 

ward Houti'l ii-pmiru-if.-. J630 Llfirllnc': 
W.-rk and 7rain<n;. 730 Tn- Art .if 
Pool Si-lioHI. r mi tv- nrd 1 .. 3.H Royal 
PliiUipmuink- 'Veil --ira. p.irr I'ruito- 
Iwv. K-ichntvnlpnv .s,. 0J5 i indinu A 

Voice, pan l; l}.-ri |;-,::il,r-.lv. 8.55 

Ruyol Philbarmoiii.- iinli. »ir.:. port 
Kiraiitns -.S- 9JB TIP Km.! .uni th. Bonk 
bj Kotn-n rtrnv.iicu far: I 1035 Rnyiln 
anrf Ttefriinri-ir |i«ira» rw |l3l >5. • 11‘w- 
U.3S Am! Tp-nuhi'n .Scaub-n simss - iSi 
iiHln llas 1135 :\-v.v 
Radio 3 VHP only-fc.00-T.oa a .m. and 
5.45-730 p.m. opi-n L'tiiv^ran - - 

RADIO 4 

4Wm. 330m. 285m and VHF 

635 *-m. N-wh. 6.1T Kantiuu Tcidar. 
635 i. : p To Th- iluttr. 632 ivuy. 
R-jiaoual 7.DC News. 730 Tud.iJ. 

735 Lp Tn The hour i«on:inu-d>. 7J2 
• VPhi Hcp.toual iVi-v.h. B.so K.-u-s. 830 
Today including ni'wn hp.tdlini*a. i-cmher 
paunre. ^pon. B.45 Veiurday In Pnrlia- 
nu-nL 4.00 ?:ews. 74-05 Tuesday Call, 
moo Vi-W*;. JUL05 Ri'iind Europe Oui;. 
1030 Dally Sryvict. UQAS Unnnmt Story. 

.\^f. 111JS Thin;-\flnuie 

TJb«trc. & 131 ThntUKh Afrfvan Eyu!. 
12.09 Nvivf. 124)2 p.m. Veil anB Vours. 
liJO Desert Hand Discs. *1235 WVathr.r. 
prnrramnti. n-v.< V'RF icsr-m Lundoti 
fid SE' Rc3ipn.it U» Thr World 

it “itc. 130 The Arvhrrs. 1.4$ Wnm.iu's 
HOdr i:fn>m X.llff. including 2JHWJI2 
?>V6. 32.45 List.'n With Moiher. 3JH) 
Nwi. 3JIS Thv WiHtdJanders iSi. 4.00 
Nwa. 4J5 Gardeneri 1 ' Queitom Time 


18 ?° “J 1829- He 

Kium,rti :i i.. p-jm,, 7 jo 0avc An -»n. 8jm presented a large stirrup cup by 
U,IS criehriiy Concert: William Bateman, 1S1B, to 
afSlS"- GenO^men Yeomen ot several 

—-—--- hunting counties, which bears the 

pCi n.vn^ na c 5f " r ^ Tln,e - s -» inscription to this effect. Sir 
uvath.^ orol'S S ''. vu^. ^otuas. who was a weli-knowu 
Rcsiotui xews. 6.00 N - m. 6js just \ eccentric, also had an eye-glass 
7 -“. n, -“ £ - ^ Arebors. fixed in his hunting crop which 

£3 ^'^^E^JSSS-E '■=”«<*“* quizzing ^ss. 

*■?•* j* Weather. 10.00 The o , _ _ • 

M arid Toulglit. 1038 Not Now. I’m Listen- oWfiddlborff Clrnfl 
Inc A^JD. 11.00 A n. W k A, Beditaie. MiUll 

KfiK ( Wo K; - 1138 - On March 6. the sknU of 

far Schools (VHF only] 4 jh *.Fn-12.M fcKlalluC l Swedenborg, the 

amt 7.00.J.S0 o.m celebrated Swedish scientist 

BBC Radio London Philosopher and theologian, wUl 

206m and 94 9 YiiF offered for s* l e by Sotheby's. 
6 J» a.m. Radm-J. 4J8 Swedenboi^, whose followers 

9 .W n. „ s Es'ra. 9.29 undnn Luv. ujb *punaed the New Jerusalem 
Town - p-«"- >-Aii in. 2 .K Church, wluch still flourishes in 

8J0 An Thar Ja iz. 10.03 Lat* \tehi 1 led ,n 80^ Was buried in 

l.nnrlnn 17 nn rw*. “ ,nl th« rt ...—l t T._■_ 





mm 


m iSSI 


x ■" 1; [ ' - • • .'••• / *.'g: 

Anam&thafc’s Mtx^ised 

envy or, in tHis case;, confident: ; ^452^^^ 
its a: name with' a reputation frir-a 
only the best, and mmntaihing^ieli®i 
standards. An assurance for the wihe-bi^^ 
that his choice has been expertly selert^i^d^ 
carefully shipped. .. V.:; ■■ ~ - 

. ; -A - TOtjjr -good 

Distinguishing it from the ranks ofrali^the resfr:'^ 
hi other words-apia: 
spmetinies' be all-thi&^ 

Becausewhenit sayj 
the label, it says a lotifbj 


Ltminn. 12.00 Closf-! .V; Radio ‘ 

London Broadcasting 

261 m and 97J -YHF 
S-W- mi. Morniim -Musli;. 6.8B A.M - 
mjn-itnu ui; W5 . travel, sport, r-t r^ws", Stv« 
i D?™n ,ljn- U *?° ? rian hojes. 1.00 p.m. HOW 
I «._ Rc . Bor<s indmUn* GeaniF Gales rtuti 
•; Call. 0-00 Alter $ Political ’' au 

5S^ la |: 9-98 Nlshilme. L0B-5JW am;. >'eai 

nisni-Exira uitb Adrian Scan. was 


the Swedish Church in Princes 
Square. London. 

In 1908 his remains • were 
removed at the request of the 
Swedish Government and are 
now displayed in Upsala 


•; o call. 8-oo Ai^r ? Poutieai ‘-'athedral. However, only a few 
^ ln |t 9-M Nistiuinu. u»-5J» am;, years after his death his grave 
n isni-Extra Kim Adnan scon. was opend and his skull stolen. 

Capital Radio a0d it is generally known that the 

IMm and S5.S VHF view . Upsala is a 

fc.00 a.m. Graham Dene's PrtaWasi ^^StilUte. 

_The “ English * akuti, as tiie' 


fi v % c r Or a ?S2SSM k ? n 14 ko °^ haB ^ :: 

RourliHr 

Li Vo n'Ti.Ss T0 0 %” a T; W , h, c c}l . wa5 published by. -^^vM-VUSIJL 

; s ' intiadms mo .Moment of Terror H* e ® -0 - va l Soaety of Sciences of . . Bwguhdy specialists tout 

in a.m. Duncan Johnson* sight Fbsbt J-P“‘a Ml I960, states “Tbe ’ 85‘EBURY 
S '- hirtoncal, Matomlcil, chmtol . 













% 


& .%wwlal •'Eines! Tuesday February:2S. 1978 


17 



by DENTS'. SU T T O N,Editor of Apollo 


eth Qai-kVnew book. An these relationships,'wblcb are of clamorous, irrepressible tiling— Clark is interesting about the 
ctton io Semoronat (John fundamental importance for an the self.” .artist's financies. He observes 

fpJB), which is based understanding. of Rembrandt’s One -interesting'section in the that he seems to have been on 
ieries of television pro- worjc.: He also; famines the book deals with Rembrandt’s re- excellent terms with his 


Festival Hal! 


Gil Evans 


by KEVIN HENRIQUES 


Elizabeth Hall 


Pia de’ Tolomei 



a raw on xoeiinamgs or on 
research; such as Horst 
? revision of the master’s 
and the results of investi- 
that have taken place in 
ch archives. . 
of.the many Dleasores 
by Lord Clark's small 
U illustrated volume is 
presents a view of Rezn- 
wrhich. is dear and wlth- 
many technicalities:. It 
stimulating introduction, 
titer who overwhelms-us. 

>n. of his rich humanity, 

-Ui of hie fee l i n g and L the 
r of his imagination. - 
.adt never palls. 

.nb; Clark is.able to timid 
between sensibility and 
ge-Reliance-on “feeling’* 
discussing a work of 
o longer sufficient, as it 
he - 18905 wben K. A. M. 
n - could, write about 
tz in such an affectionate, 
msiastic way. Nowadays 
to be admitted, rather 
iat” the body of "litera- 
'* variable about almost 
' rtist is so considerable 
■ task of mastering it and 
vhting a personal Inter- 
i is exceedingly difficult 
critic bows out, the 
\ marches in. 

aps that await the critic, 

> r not-endeavour to keep 
of scholarships, are 
■s. In the past it was 
timed that the decline 
I randt’S fortune occurred 

V : the Kloveniers Com- 

* ’ ho had commissioned 

* ” >,t Watch, were dissatis- 
,. the result but, as Clark 

i no evidence supports 
- ention. 

h Clark way brought 
in age when formal 
was considered to be 
* object of the .critic. 
?ngage in this pursuit 
l, as is shown by his 


Kembrandt s - choice 


Last year brought some soprano MaszareUi at the behest 
Donizetti disappointments—first of the Venice president. Count 
Camden Festival's production of Berti. The role. Pia's brother 
n coatello- di Kcnilicorlfi, which Rodrigo, is inessential to the 
[introduced to us an olmosT action, and tbe music Donizetti 
Canadian-born composer/ Suite; and played bv his all-: “| ,re ^vedly duli work. and thpn composed for him is mostly 
arranger/pianist Gil Evans has acoustic octet, was ‘far morei$ e Covent Garden revival of undistinguished. 

__ _ . _ . ..become a legend in jazz, first riveting. Mario Stuarda. very dully per- But by Pia. her husband Nello 

of years, of Saskia's life, she cn- special clause that "any mem- for his work with the Claude w-.thmit m 1Pt ,inn «i*niw ! Ir™ Bul the current “ nn <> (baritone!, and the treacherous 

bers who had been sold up iTbornbill band in the 1940s. then TracSv ta theoutstSSSJ2 , ?“If ef ? 0,W K ,f Ghino denorl. and by their 

could under no circumstances be later, and more illustriously, for t ? a % Tnt w„^ ) il!iH. and t^ 1 i® ^ und Sy s con ‘ :e I?. r ^ n ? l U°P by . emotional entanglements. a 

allowed to carry on a trade." I hisLP™ "bonllcS^ mS- SS! ha produced JSd ^ J?*5S chord «• the com- 

Fortunately. Hendricke Stoffels, j peter Miles Davis. Since his SSfcln ttoeeMS? tea? eMd'K- u p0pt 7 t * f n tts fi st poser: for he demonstrated un- 
who had an angelic disposition, last album with Davis more than J s °uvtfcine ?e P ha?'wrirten S °°ltl Bn V s J l per (° 1 ™ ance *■* JJJ: usual tenderness and delicacy in 
and his son Titus sold all his then years ago. Evans’ recorded JJJ“offI?V honitinelSS wliji veal 5 d -* n Donizett lhe b'rlcal phrases he gave to 

works, formed a company and I outwit has not been nrnlifle but 5 *L® ^P™^? rt J?iS!? l,ork ... m .which the musical each, unusual care about mateb- 




gave Rembrandt free board and 
lodging. . 

Kenneth Clark's skill in com¬ 
municating visual pleasure Is 
shown in the account of The 
Syndics in the Rijksmuseum, 
Amsterdam. He relates 
preliminary drawings to 


reM SftSE !*W3 K«st5sS^F^ 'T'ttTF^ = “S-EM 

h, h?d produced that though oM^e Itam " hS' 1 « SUl! P ^ Cr ' bM "^ «'«“?■ etanew. aud unusual 

still _ preoccupied with band appeared with Louis Armstrong 
sonorities he was moving into London) in which a tempered 
the rock and electronic fields, rhythmic pulse supports three 
vide the album of Jimi Hendrix soloists, Don Weller. Harry 
the I tunes. Beckett and: Malcolm Griffiths, 

the. This drift was confirmed at Here as iQ the rther 


full! 


to 

____ __ unusual (for 

tion. and in which the high level Donizetti) insistence on sustain- 
of invention sustained for long ing mood. There are few 
stretches. . trumpery cabalettas or egregi- 

Pm, first given at Venice in ously aggressive strertas. Tbe 
1837, is Donizettis 56th opera. m usic has been described as 
It was produced in that fertile Bellinian in cast; and certainly, 
period which had already j n such numbers as the E major 
brought forth Lucia and Bell- duet of reconciliation for Pia 


Rembrandt's seif-portrait 


LEJtOC¥ 



finished picture, and refers to his Festival Hall concert on m^ts Tree“v’switting is 

If th, S !n a S c ' Saturday tone of six . on bis of sunrises and it is thickly tex-i*“™ and which was to continue and Rodrigo, the twin'ing of 

J-t,®“J® r * m T f^ flfst tour of England) when he hired in the ensemble passages.! Wltb Roberto Derereux. After soprano and mezzo voices in 

He neips us to understand me an d his band were rapturously He is never afraid to use! the 1967 Siena staging, the first i ons . ravlstaingly tender chains 

way in wmen the picture was received by an audience which, unusual devices and he eschews this century. Andrew Porter of thirds and sixths shows 

planned. :in t h e main, was probably the predictable. For instance> wrote in lh ^ se columns of “an kinship with “Mira, o Norma.” 

Rembrandt's ability to vary bis unfamiliar with tbe writing the final movement began with a | opera unusually interesting and But the blend of simplicity, 

way of painting Is not the least (which made Evans such an ini- long bass solo. A drum solo'rich by any standards.” In the seriousness, and open (yet. un¬ 

remarkable of his achievements.' ponant figure in jazz all those was rucked away in the middle. ] Donizetti vogue of the 60s and predictable) Itaiianate confabilc 
There is, as Clark notes, a dif-i decades ago. • Then, to increase the tension as i 70s the fact that the work has such as one hears in the duet 

fcrence between the surface of| <ji fae reason for this entfau- the Suite neared its conclusion.! been given scanty attention by for Pia and Chino in Act 2, is 

those pictures in which paint ; s ta 5m W as not hard to find With tenorist Don Weller took' a roar- i comparison with Maria Stuarda inimitably Donizettian. It is an 

seems to speak in “its own [three keyboardists (inciudln" ins stop-chorus. ; or Devereux may be explained opera one would love to see 

right ” and is able to heighten j Wm £ lf> K as s guitar and drums For Traccv—and for Evans-i by^irs dramatic weaknesses. . grandly cast, or to explore 

“our emotions by its rich lan -1 comprising five parts of tbe 13 - listeners around tbe country I . Cammaruo’* libretto is further in a grandly sung 

guasc and those in which its | iec ^ Un ^ up . ai J UT ,duly heavy, have to thank the efforts of the 1 slender in dramatic interest— recording, 

purpose is to iwora visual 1 almost, overbearing but pre- Jazz Centre Society and the Arts! Pm. slandered as an adulteress, Sunday's cast. Id major part 

penence. The distinction may! sent]y popular, rhythmic force Council's Contemporary Music! is poisoned before her innocence that of the 1976 Pro Opera 

be felt to be a fine one. but 11 dominated the 90-minute set Network for what was. despite, is revealed to her husband. The ilfaria di Rohan, was strong. Lois 

is there. ! Whereas in the past Evans personal misgivings, one of the'plot was diluted further when McDonall, though she has not 

Rembrandt Is a gifted story j seemed concerned to achieve best-value concerts (three hours) at a late stage the composer the warm, lambent timbre of an 

subtle texturing via unusual London has heard for a long.!was forced to introduce a Italian soprano, is now a Dorn* 
Instrumentation-French boras long time. breeches part for the mezzo- zetti interpreter of real distinc- 

Elizabeth Hal! ^£rf I 

j to colour it with countless 

rhjthmlc explorations and ^ eloquent touches. Her Lucrezia 

in the forthcoming ENO Due 
Foscari should, on this evidence, 

undirected bvThicher^ower"I evoc . a ^ on moods in Evans' ^ p 0pu i srity of a couple weary “Ye that pasen by." The sfinn^riy! 1113 ^/hough Anthony 

He aooosifdv ciMnowes^aiT^etcii- * IT1 ^f ic * . , _ .. . . of Purcell’s important Odes has demands they make on the Roden’s tenor is not an open, 

K Though several .of his band caused the others to be unfairly stivers are by no means neglt- romantic instrument, his hand- 

■ni S* *ii» .°«hh « *nw» B h*r 0ul,w on various instruments neglected: it was good to have glble. and Louis Halsey’s rhoir lmg of the music was sensitive; 
mg Uie .niipeis wua-a poem oy i nQ , enough use was ma d e 0 f this Lore’s goddess sure teas blind, skilfully negotiated the diffi- in his opening solo, a slowly 

1 available versatility. Clearly t he 1692 Queen Mary Birthday t-ulties. bringing deft rhythms descending chromatic scale in 
Evans’ interest at present is in ode. as the major work >n Louis to the skittish Carol and a fine equal note-values (similar to the 
One masterpiece that resulted)tbe sounds obtainable from Halsev’s concert on Saturdav climax to the grim little vision one which comes near the close 
from Rembrandt's study of the j synthesisers, clavinets and other evening. There are two ravish- “A death.” of the aria "Vivi, ingrato" in 

keyboards; This was straightaway j n g duets (crisplv dispatched The evening hgd heeun with Derereux) was poetically voiced, 
indicated by the opening number here by John York Skinner and Handel’s Coronation Anthem Let in firm tones that gave full value 
on Saturday, a whimsical. funDy- p au i Elliott!, a hilarious soprano thy hand be strengthened• to each note, 
noises version of the Thelonious ar ja using Queen Mary’s accompanied hy the orchestra of The central trio was completed 
Monk composition. “Rhythm-a- favourite folk .song as a ground baroque instruments which had by Jonathan Summers, vigorous, 
ning." bass (firmly protected bv Jean been gathered together for the passionate, full-mettled of voice 

In the main the front-line Knibbs. with Francis ‘Baines occasion. The solidly sustained as Nello lust as in everything 
soloists had to battle against the working away with inexhaustible voices of the choir did not seem he does. When the sound is so 
barrage behind them but full- gusto on the bass line), and an responsive to the lighter exciting, would not an explore- 

blowing tenorist George Adams, ethereal, deeply moving quartet style of the instrumentalists, tron of the lower dynamrrs. a 
who had most of the solo duties, which interrupts the final jolli- however; such increasingly less persistently hard-hitting 
was more than equal to the task, ficatory chorus. common mixed mnmages delineation of nhrases make it 

It was surprising, though, that - - - between conventional voices and even 

little 
new 


teller, who found constani in¬ 
spiration in the Bible. Kenneth 
Clark is illuminating wben be 
notes that the master's etchings 
and especially his drawings show 
that he was .greatly attracted 
by those incidents in which 
simple people realised that 


Henry Vaughan which 
written when the artist was alive.! 


fortissimo sounds from the three 
trumpets and three saxophones. 
No longer is there beauty or 


Louis Halsey Singers 


>tirm 


Kemoranat IS tne mosi automo- repiaceu wnen nenarKrjJve in _ lv v ic,i a l imaeM in existenee 
)n National Gatiery. is hical of painters whose Stoffels, a younger woman, }"*g v f u _ a ‘SS s 

ned a baroque Picture of ^.portraits otter us. joined the household. Clark sug- Li Jnt S 

is not, “the tow of as lt were< a visual account of Bests that Geertghe was the ™ 1 compassio 
;, characteristic of this four stages of mail. By model for the luscious Woman in The range and variety of 
absent, he prefers to studying the changing features Bed in the National Gallery. Rembrandt's art is astonishing, 

arobean." This is an 0 f Rembrandt, a born rebel, we Edinburgh, and supplies details He shows us the landscape' of 

description and one are somehow made mort poig- about the calamitous end of his Holland and that of his own 

also be applied to Q^ntlv aware of tile’s -froubles liaison with her. She sued him features, paints masterpieces of 

• Caravaggio’s painting. aa d dramas. His is an iit that for breach of promise. In romanticism, such as The Polish 

does detect a baroque enlarges out experience; and general. Rembrandt managed to Rider fn the Frick Collection. 

■ - in-Rembrandt’s Hope even in-looking at his works in work without paying overmuch lakes us into the world of the 

■rin* in Berlin, which reproduction something of his attention lo the ups and downs underdog and interprets roe.„—, --- vyLlK ol IIieuicV a, »u. u » 

ort of painting that magic can be sensed. Kenneth of fortune, but in this insiance. familiar stories of the Bible. He Marvin Hannibal Peterson who sacred and Profane- quite out hai? 

French eighteenth- Clark sums up. the character of he was deeply upset and nothing draws on memories and the un- did not get a chance until the end 0 r their time these 1975 nieces „hi, 

Tj ,-rtists. . . 'Rembrandt’s self-portraits when in hLs oeuvre dates from 1R49 conscious, and ....*- - - - whl ' 

u *» of Rembrandt are writing: “His appetite’for life when he lost his case 

1 the powerful Italian urged him to gobble np bis own Geertghe. The first works .. . . .. ... 

on their hero. This image, but the detachment freed did on recovering his equanimity pretatton and scholarship, will 

rated the subject of him from all evasions, excuses were tbe exquisite etching of a delight those for whom Rent- 

lark’s Wrightsman’s and self-pity which are the shell and some landscape draw-hrandt is the most majestic and 

iad fie a gain-points to normal human reactions to that ings. human of all artists. 


more sn? Della Jones’s 


Sr;, til The other comparative rarity old instnin ,ent s are frauaht with trim me/ro and urgent, vibrant 

" «r rSI iLLtlr ,n the Prosramme was Britten’s pmhlems. Stephen Preston's manner found much in Rodrigo’s 

in H?nniha1 piter2i? P whi ^ oE J ™ ed # ieva! settm ^ account of Bach's Second Suite two showj- numbers: the bass. 

Sacred and Profane: juite out h a< j a chamber-music quality John Tomlinson, was in com- 

1 R4Q conscious and enriches our * »n chni/ E ^hat C »^matter of mfarwe of their 1mie ' 19,5 P'.eres which was unhappily contra- mandinq form. The opera was 

irith ^nderatandincof l?fe Lo^d t f nuance could sure i y have been written d ,- C ted by the full body of most sympathetically conducted 

hi n«S? hook 8 a blend of imer- d fiena ^ s he ,s - at any date m the last 2a years, accompanying strings, while hy Leslie Head, though in the 

s ne Liarx s book a oiena qi inier , ««. u .v the enthusiastic Thev will never reolare the Martin Nearv seemed more second nart the Dacine tended 


Sate 




Though the enthusiastic They will never replace the Martin Near?' seemed more second part the pacing tended 
audience was amply satisfied by marvellous Hymn to St. Cecilia nervous in his solo Handel to be less alert than in the first, 

the contemporary rock feeling of or Rejoice in the Lamb in the Organ Concerto (Op. 4 No. 2) A pity only that, in this chorally 

Gil Evans’ music—for me the choral repertory, but some of than he did when providing distinguished Donizetti opera, a 

first half, devoted to a perform- the eight isolated movements are excellent harpsichord cnntimio more confident men’s chorus 

ance of Stan Tracey’s latest ex- gems, particularly the angular playing in the rest of the could not have been assembled, 

tended work. The Salisbury “ Lenten is come ” and the concert. NICHOLAS KENYON MAX LOPPERT 





The Maid of Orleans 

' y~".\ by ELIZ ABETH FORBES 

rs are beholden to even restores Joan’s historical revelatory of .. the character's obstinacy of the weakling, as well 
CoBeae Opera for the death at the stakq — in both emotions. Indeed all Joan’s as his desperation, very clearly, 
mieres of several chi- Schiller and- Verdi she is killed music echoes . her passionate Larole McKenzie made a volup- 
lev among them in battle. Though very unlike sincerity, and at the GuUogTate, tuous-voiccd Agnes Sorri, whose 
second opera. Dew Shaw's simple peasant girl with Dianne Stafford transmitted both offer to give up her jewels for 
ol and VetdTS her dnsSbl* faith in a divine the girl’s belief in her own voca- the King's cause is expressed in 
Now the soedetyhas mission. Chaikovsky’s Joan is a tjop and the ^widerment intro- smooth, Gounod-esque idiom 
ir debt by staging the theatrically convincing figure, dured by herfeclimgs for Lionel. Thibaut, Joan's father and a 


tively produced by characters in Schiller) she con- JSSftiLJSl “ " ** * Raimond. Joan’s ex-suitor, 

r Renshaw. with Peter siders herself guilty and cannot *** w " * showed a Little more compassion, 

lourful sets as back-refute her father’s accusation of Tom McDonnell imposed nis ^ ejt Taylor-Craig was a bluff 
Miki Van Zwanen- witchcraft own brand of bonest conviction Dunois. The patriotic choruses, 

agcniously designed Composed just after the com- on the potentially cardboard Glinka-inspired, were rousing I y 
pletion of Eugene Onegin, tbe figure of Lionel so powerfully sung; in tbe introduction to Act 
... h+ _ nwn niT+ score of The Maid grows out of that Joan's emotional dilemma 3. a battle-picture foreshadowing 
' s ms o ju i ui i a centra i jQto for its female became perfectly credible: other- similar representations in Pro¬ 
drama the Jungjrau. protagonist, as does the earlier wise the best-drawn character in kofiev’s War and Peace, the 
ns, Chaikovsky keeps opera. Joan’s narrative to the the; opera is that of Charlos.'Ti orchestra played with roof- 
ib original than Solera court at Chinon of her call to tenor role. Geoffrey Pogson sang raising energy, but Guy Wooi- 

lis adaptation of the God’s service may not be as this most unherolc King with, fen den. the conductor, shaped 

Verdi’s Gionaima musicaHy rewarding at Tatyana's on Occasion, rather too heroic a the more reflective moments in 

The Russian composer Letter scene, hut is equally self- timbre, but brought out the the score with sensitivity. 




tall 

Deep Throat 

ANTONY. THORNCROFT 

Ir.Theqe. -daysjjx I the -nakedness. provided a cl imax: In 
hiff- aiKolutcJy every' Deep Thtfoot it is regarded as the 

Ai'ftinrist—noilti« at natural state;of things and, since 
e- tocrist- pottticg.at there 4s n0 ^jpgue sustaining. 

>Hoae interest /puts -z --strain on . thei 
the middle; and now performers. 
ear Trafalgar Square, to a great extent thqy come 
insatlonal Bex Revue g ut ^ jt very well, maintaining 
ry at the Whitehall a miraculous precision as they 
go through the charades of 
iroat as a title might everyone’s presumed sexual 
lure in the innocent fantasy, from motor bikes to 
out it is really Intended jackboots. They also manage lo 
/Uzbse'-who know their .look healthy and happy as they 
id' Linda Lovelace. Not twirl each other around, feinting 
particular sexual in- and fondling, but never getting 
is given' much pro- anywhere near reality. The men 
a stage; in fact nothing make tbe most of their small 
much prominence on parts, but in the need to keep 
as a stimulant Deep the right side of decency shows 
small be«rr~but,it is a like Deep Throat are nothing 
a show of gymnastics, more than heavy footed exercises 
ijjducer Paul Raymond in contemporary danee for nio&t 


Festival Hall 


Beethoven’s Ninth 


l by DAVID MURRAY 

Beethoven's '‘Choral” Sym- just eight winds, who can do 
phony is oDt a work that anybody without _ a conductor, - and its 

5 *° Mpe ™TM.r,!,h SSSSf ^SSe''ttTJoSl? tSE 

daringly experimental though an d much more than a foil—for 
the- music is. A merely routine the expansive Beethoven. This 
performance, on the other hand, time tbe LSO Wind Ensemble 
constitutes another kind of blurred its stern proportions a 
offence. Ripe mastery on tbe There was assured’ play- 

.... n r in § to the later movements, but 

podium is the best guarantee of thfi 0 p eaing Allegro Is the crux, 
t be Ninth, which wt/l answer the afJd t j, ey at t00 hastily to 
peculiarly sharp expectations it measure its proper weight, 
arouses. Euqen Jochuim the Lon- At any rate> the Symphony 

leureateTfl’s the bill W , ^ - 

and mi Sundav nicht there was sparing attention. If there were 
a full house to welcome him. negligible faults in ensemble in 
Finding a suitable work to pre- the odd place. Jochum drew 

n_i_ I- „ inloncolv onram ttnil ntaxTinif and 


mucer raui naymona in comemporiir.'* uhik.l- jur .»«i>i,cede the Ninth Sjtmphonu is a 

knows much morewbat of the time, just occasionally \ problem; and ar^dmc^rithaut^S roougb 

ese visitor wants than becoming thrillers with the last J piece is the conventlona ^olu- * jertme without rncRs. tnougo 

Id have thought it chapter lost when the.Pro«l»cer j it ^cts grudjng roda for 


would ..... _______ 1 _ _ 

for the dozen attractive removes all the surplus; bodies j rehearsal-lime, 
i lose their clothes so from the stage and ‘* *“* 

At least in Hair tbe more sentimental pas 


ientfmcntoi pas de deux, an Inspired choice: it employed ‘ ji 7n “ t ^ f 2 


iam T s 


na Jurinac by ronald crichton 


had sat down' comfortably a few 
pages earlier, which felt wrong-1 
Some conductors think first of 
ihe overall tone to be set for 
each movement, and adjust the 
details accordingly; with Jochum 
it was the continuing argument 
which held the foreground, bar 

f the most beloved The Mary Queen of Scots songs artists, too of . Ie n M . in fuiiy^pread out^nd^ret^agatairt 

f the post-war years, were prayers in recitative—had expression, as in Auf oinor * 0 ^ r TheR , was n ^ t an 
Me was warmly greeted it not been for surpassingly good Burg. Confidence u returned nor anything which 

.•cital on Sunday and diction one might have said the partly with the final Frhhlings- : nsi _ t _j too much 
ith flowers at the end. voice was a vJo)a. Frauenliebe nacht.” wholly with the encores, • ’ . 

- - - - - * - . —-Robert Holl called the singers 

passionate, con- 

.. _^ __ . .. Ha mart and Stuart 

o sing beFowTheYo«- kann’s nicht fassen")- go toore the piano was exeinplaiy. Wynd-Burrwswond^ ym fei™^ 
ne flexibility was never easily now than slow or moder- hatna Is good for song recitals, and Kin t«'Kanawa capped tbe 
' frina* trump cards- are ones-the feeling for .phrase but the' Vocal Art. Appreciation quartet with exerting confidence. 
W “nd th, ,rt of binding gbnscs Society should onconrogo the Tho London Symphony Chorus 

” • -*- t beg ire staff noi to rhatter in ear- made a splendid noise (with too 

shot of tbe auditorium and not-litUe help from, their tenors), 
■dim the lighis so that words scaling a genuinriy heart-stirrins 
songs cannot be, read. performance^ 




ENTERTAINMENT GLIDE) 


CC.—These theatres accent certain crea-t 
curds bv telephone or at the box oAce. 

OPERA ft BALLET 

COLISEUM Credit cards 01-240 5258. 

Reservations 01-056 0161. 

-ENGLISH NATIONAL OPERA 
Tomsht ano Sat 7.10 Tosca: Tomor and 
Frl 7M Don Gtovannl; Thurs 7JO Duke 
Bluebeard’s CasHe-Glannl Schlcchl nebu 
prodn ’■Visionary. . - G«n. "Plerrty of 
Wit’ Tins. 104 balcony seats always 
available oay of ee-formancc. Now booK- 
Ino for Aapll pertoimances. 


COVENT GARDEN CC. 240 1066. 

(Gardrncharoe CmUt Caros 836 6903s 
the royal opera 
T onight Frl. & Mon. 7.30 P.m. Manama 

, “t* rf,r YHt KOVAL BALLET - 
TBmor. 7.30P.m. La Bayadere. A Month 
lo the. Country. Elite' Syncopations- Tttur. 
& Sat. 7.30p.m. Swan Laka- 85 Anwhr 
seats lor all oerfs, on sale from 10a.m. 
on day ot pert. 

COVCMT GARDEN 
SUNDAY CONCERTS 
This Sun. 8p.m. 

Teresa Beroanaa 
Tickets £1-65. 


SADLERS WELLS THEATRE, Roseberv 
Ave.. EC.1. 837 T672. Last week. 

BALLET THEATRE CONTEMPORAIN 
Evs. 7.30. Sat Mats. 2.30. Until Thur«.; 
The Foot Temperaments Balloon. 
VioJostries and Hooop. (Frl. and Sat. 
final peris.)' The Four Temperaments. 
Solsttre. Autumn and 'oekms French 
Mar. E to 10 BALLET RAMBERT. 


THEATRES 

A DELPHI THEATRE. CC. C1-R36 7611 
Evps. 7 Jo. Mats.'Thais. 3-0 Sat. * 0. 
“ LONDON'S BEST NIGHT OUT. 

■ RIME 

THE MUSICAL MUSICAL „ 
SPECTACLE. CAPTIVATING TUNES 
AND RACY COMEDY." b People. 
IRENE 

INSTANT CONFIRMED CREDIT CARD 
BOOKINGS OH 01-836 7611. 


DRURY LANE. 01-836 BIOS. Eicrv Night 
8.00. Matinee Wed and Sal. 3.00. 
A CHORUS LINE 

"A rare aevatUVne. attonUhing 

stonner.*' Sunday Times. 


DUCHESS. 838 834S. Mon. to Thurs. 
Evps 8.00 Fn.. Sat 6.is and 9.00 
OHI CALCUTTA! 

"The Nudity it it inn no" Dally Tel. 
8 th SENSATIONAL YEAR. 


DUKE OF YORK'S. 01-836 S132 

Prers Ton't. & Tomor. at 8 open* Thurs. 
at 7 Subs, evs 8. Mi:. Sat. af 3 Jenn 
Gleloud In Jollan Mitchell'* HALF-LIFE. 
A National Theatre Production. "A daxrfe 
ol high comedy-" tj. C. Trewln.) instant 
credit card reservations. Dinner and too 
price seat £7410. 


FORTUNE. 836 2338. Evgs. 6. Thurs. J. 
Sal. 5.00 and 8.00. 

Muriel Pillow as MISS MARPLLS In 
MURDER AT THE VICARAGE 
Third Great Year 


GARRICK THEATRE. 01-836 4601. 

Evgs- 8-0 Weo Mar. 3.0. Srt 5 15. B-30 
JILL MARTIN. JULIA SUTTON 
ERIC FLYNN and ROBIN RAY 
In the 

—BRILLIANT MUSICAL 
ENTERTAINMENT " People. 

BIDE BY SIDE EV SONDHEIM 
"GO TWICE" S Morlev Punch. 

• GO THREE TIMES." C. Barnes. NYT . 

GLOBE. 01-457 1592 Cw. 8.0 Mats. 
Wed. ai 3 0 

BARRY FOSTER. CLIVE FRANCIS 
DONALD GEE. JERFMY IRONS and 
SIMON WARD i- 
THE REAR COLUMN 
"SIMON GRAY'S <<ne n'av rarefy have 
i seen a show u perfectly :ast.” Time*. 
Directed By HAROLD PINTER. 


GREENWICH THEATRE. 01-858 7755 
Eras 7.30. Mat. Sals 2.30. AN IDEAL 
HUSBAND bv Oscar Wilde. ”Wr applaud 
an entertaining evening." D. Tel. 


ALBERT. 836 3*70. Credit card bkRS- 
836 t07i (except Sat.i. Mon-Frl. 7.45. 

Thera, mat. 4.30. Sats. 4.30 and 8-00. 

“ A THOUSAND TIMES WELCOME IS 
LIONEL BART5 

MIRACULOUS MUSKgL.- Fin. Times. 

with ROY HUDD. JOAN TURNER I -«, 7^" 

'■CONSIDER YOURSELF LUCKY TO BE ) HER MAJESTWS. CC. 01^30 6606. 
ABLE TO SEE IT AGAIN.” Dally Mirror.. E*8*- 8.00. _Wed. * Sat. _3.00 & 8.00. 
NOW BOOKING THROUGH 1978. 


HAYMARKCT. 01-930 9832. Evgs. 8.0 
Mat. Weai. 2.30. Salt- 4.30 and 8.00. 
INGRID BERGMAN 
WENDY HILLER 
DEREK DORIS FRANCIS 
GODFREY . HARE CUKA 

WATERS OF THE MOON 
” Ingrid . Bergman makes rite Stage 
radiate—u'aSMUabSi <-iian*ma ” D mp'I 
•'Wendy Hiller is superb.” Sun. M rror. 


MERMAID. 248 7656. Rev 24H 2835 
Tom CONTI J*he ASHER .n 
WHOSE LIFE IS 17 ANYWAY 
d»«ns Mar 6. 7. Prevs Irom Mar 1 8-15 
, Stall lYlrets 11.2s Ip £3 50 . 

Combined DinnerniK-airr T-rkrt 15.95 


OLD VIC. 


928 7616 


PROSPECT AT THE OLD lAi 
Spring season to March 2S 
in rep- 

ANTONY E CLEOPATRA today. Tue»- 
weo. 7 30. Sat. 2.30. 

HAMLET Thurs. Fri. Sat 7.30 
ALL FOR LOVE returns March 6 
SAINT JOAN returns March 11 
Sunday March 26 at 7.30 
THAI MIGHTY HEART 
with Barbara Jett ary John Turner. 


OPEN SPACE. 01-367 6969. Opens Tont 
7.0 Subs >Tues.-Sun.) 8.0. Mat. Sat. S.O 
unrtf March It PENTA Dutch Sweat 
Theatre ol movement. From March 14 
STEPS. NOTES AND SQUEAKS 
Berlonova. Gielgud. Louther. Sleep. 


PALACE. 01-437 6834. 

Mon.-Thurs. 8.00. Fr,.. Sat. S.Oft A S.40. 
JESUS CHRIST SUPERSTAR 


PHOENIX 01-336 8611 

LOW PRICE PREVIEW TONIGHT AT 8 
FRANK FINLAY In 
The l esfle Vricussr Man cal 
KINGS AND CLOWNS 
Directed by Me> Shapiro 
Open Tomorrow at 7,0. Suns Eras 8.0 
Wed. mat 3.0 Sat. 5 and 8 


PICCADILLY 437 4506. Craplr card Bkps. 
836 1071. E»gs. 8. Sat. 445 ang 8.15. 
_ Wed. Mai. '3 D 
BEST COMEDY OF THE YEAR 
Evening Sto- Anaiil ana SWET Award 
Royal shaKeoeaiL- Company in 
PRIVATES ON PARADE 
by Pei?r Nichols 

(Perhaps Nor Suitable tor Children) 
"HUGELY ENTERTAINING 
EXTRAVAGANZA." V Times. 


ALDWYCH. 638 6404. Info 836 5332. 

ROYAL SHAKESPEARE COMPANY in 
repertoire. .Tonight 7-30 Congreve’s TBE; S 
WAY OF THE WORLD .sold OKI. RSC 
also THE WAREHOUSE <see under W> and 
at w»e Ptccadiny Theatre In Peter NkMUs' 
PRIVATES ON PARA0E. 


PRINCE OF WALES. CC. 01-930 B681. 
Monday to i ridjr ji a p.m. 

Sat. 5.30 and 8.45. Mat. Thurs. 3.00. 
"THE STAGE Is aGlOVJ.” 

Daily Tolegraoh. 

RICHARD S£CKINSALE 
in 

I LOVE MY WIFE 

"NAUGHTY BUT NICE WITH A LOT 
OF LAUGHS.” News ol lhe Wurtd. _ 
INSTANT CONFIRMED CREDIT CARD 
■ BOOKINGS ON 01-930 0846. 

Ioucen'-s theatre. 01-734 1166. 
I CraL B.o. Set. 5.0. 8.30. Mat. Wed. 3-0 
ALEC GU1NNE5S 
BEST ACTOR OF THE YEAR 
Variety Club O* GB Award In 
THE OLD COUNTRY 
A New Play bv ALAN BENNETT 
Direct** by CLIFFORD WILLIAMS 
BEST PLAY OF THE YEAR 
Plays and Players London critics award 


TALK OF THE TOWN. CC. 734 50S1. 
8.00. Dmlna Dancing 9 30 Super Revue 
RAZZLE DAZZLE 
and at M o.m. 

JACKIE TRENT E TONY HATCH 


THEATRE UPSTAIRS. 730 2564. 

Evrs 7 SO. Last Week. 

IN THE BLOOD 
ov Lenka janlurek 


VAUDEVILLE. 835 9988. Eras, at B. 

Mats. Tues. 2 45. SaK 5 and 8. 

Dinah SHERIDAN Dulcle GRAY 
Eleanor SUMMERFIELD Jlmn GROUT 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNIT HIT - 
bv AGATHA CHRI5TIE 
Re-enter Agatha with another who¬ 
dunit till. Agatha ChrUtle Is stalking 
the West End vet again wiih another 
pf her fiendishly ingenious murder 
mysteries. ” Few* Barter. Era. News. 


WAREHOUSE Donmar Theatre. 836 6B08. 
Royal Snakesorare Comaany. Tonight. 
Tmr. B.O Charles Wosa'i DINGO 
•'Brilliant." Guerdun. All seats £1-54]. 
Adv. BLes. Aldwyth. 


WESTMINSTER THEATRE. CC. 01-834 
0283. Evon-ngi 8.00 Mat. Thurk 3.30. 
Saturdays 5 and B 
Tlck^s Cl.50 ID U.OO 
PAUL JONES In 
DRAKE’S DREAM 
MUST END MARCH 4. 


WHITEHALL. 01-930 6692-7765. 

Evgs. a 30. Sat. 6.45 and 9.0. 

Paul Raymond oresents the Sensational 
Sex Revue or tne Century 
DEEP THROAT 

Now live on Stage. Limited Seiun. 
12-week season price to World Tour. 


WINDMILL THEATRE. CC. 437 6312. 
Twice Nldhilv SO entf 10 0 
OPEN SUNDAYS 6 00 and 6:00. 
Paul Raymond aments 
_ RIP OFF 

THE EROTIC EXPERIENCE OF THE 
. „ ^ MODERN ERA 

‘Takes to unorecedentm limits what. la 
permissible on our iiages.” Era. News. 
You may drink and smoke In tbe. 
A ud'tor i urn. 


WYNOHAMV. 836 M2B. Credit Card 
hookings 836 tort rexceat Sat.J. Mon,* 
Thurs. 8. Fri. and Sat. S.T5 and 8.30. 
” ENORMOUSLY RICH. 

VERY FUNNY.” Evening News. 

Mary O'Mal'ev’s smashing Comedy. 
ONCE A CATHOLIC 


YOUNG VIC 'near Old V.cJ 928 6363. 
Ton riant at 7.45 TWELFTH NIGHT. 


AMBA55ADORS. 01-836 1171. 

Eras, a.aiL^Mat, Tues. 3.00. 
QUENTIN CRISP 

Tickets £3 and £2.50 Inc. Bless of wine 
"This Is-without doubt ;iw most extra¬ 
ordinary entertainment In London " 


trtalnment 
Evg. News 


APOLLO. 01-457 2663. Eras. 8.00. 
Mae. Thun. 3.0Q. Sae. 5-00 and 8.00. 
DONALD SIN DEN 

I. - 'Actor of the Year ” E. Sstandard) 

- IS SUPERB.” N. of World. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
“WICKEDLY FUNNY - TinMS. 


GLYNI5 JOHNS _ 

LEE MONTAGUE HELEN LINDSAY 
•n TERENCE RATTIGAAFS 
CAUSE CELEBRE 

PATTI GAN REVEALS MIS MASTERY. 

Tel. "GLYPHS IOHNS plara .---- 

brilliantly.“ 0. Tel. Last week. Ends Sat.! RAYMOND revuebar cc. oi-734 1593 

At 7 p.m.. 9 oJn. IJ o.m. (Opens Suns.1 


CINEMAS 


, Ay». 836 8661. 

WK. and 


HER MAJESTY'S CC 01-930 6606. 
Opening March 23 
BRUCE FORSYTH 

In Leslie Bneuis* and Anthony New lev's 
TRAVELLING MUSIC SHOW 
with OEREK GRIFFITHS 
Directed by BURT SHEVELOVE 
Previews from March 16. 


KING'S ROAD THEATRE. 352 7488. 
Mon. to Thurs. 9.0 Fri. Sat. 7-iO, 9.30 
THE ROCKY HORROR SHOW 
NOW IN ITS Sib ROCKING YEAR 
- ROCK - 


THE GREAT 


W ROLL MUSICAL 


LONDON PALLADIUM. 01-437 7373. 
MARCH 70m TV/D WEEKS 

GINGER ROGERS 
ano Special Guest Star 
DONALD O'CONNOR 
and CHARLIE &MITHERS 
ARTS THEATRE. 01-836 2132. A GREAT EVENING'S ENTERTAINMENT 

TOM STOPPARDS WITH HOLLYWOOD'S FOREMOST 

DIRTY LINEN _ 1 MUSICAL COMEDY STARS 

"Hilarious . . see It.” Sunday Times. BOOK NOW—Seals £2-L6.. 

Monday to Thursday 8.30. Fr<day «d i---—- 

Saturday a: 7 00 and 8.15. I LONDON PALLADIUM.^CC. 01-437 7373 


THE TWO RONNIES „ 
FROM MAY 25 la August 19 


l»t WO 


ASTORIA THEATRE. Charing CraM Road. 

Ol J734 4291. Nearest Tuba Tottenham ---——— -— 

Court Rjf. M0n.-Thurs. 8.0 p.m. Fri. «nd 1 LYRIC THEATRE. 01-437 3685. Evs. 8 0. 

- Mau. Tnura. 3.0. Sara. S.O ana 8.30. 

JOAN PLOWRIGHT 
COLIN BLAKELV 
and PATRICIA HAYES In 
FILUMlNA 

By Eouarm de fit.poa. 

Dj'rtKd bv FRANCO ZEFFIRELLI 
” TOTAL TRIUMPH " Ev. NeWi. 

*' AN EVENT TO TREASURE ” 0 M-rner- 

may it fill the lyric for a 

HUNDRED YEARS." Sunday Tune*. 


and 8 as. 

etV,S ___ ; 

Ticreta E1.SO-C5.SO. instant Cradit 
Cord Rea. Eat In our *ullv licenced I 
Rmcaurant or Bullet Bar lunchtime and . 
before pr after snow—bookable In 
advance. Combined dinner ano too pneoj 
ticket <8.50. 

'■UitectiiMS. ■ppeeling. foot -Stomping and 
beart-thumplng." OWerver. k 

BEST MUSICAL OF fH£ YEAR [- 

EVENING STANDARD AWARD l MAY FAIR. 


PAUL RAYMOND OftleMi 
THE FfA'tvAL OF 
EROTICA 

Fullv Air Cmp 'Ion d. You mav 
drink and smoke in the auditorium. 


ROUND HOUSE. 267 2564. Era. B. 
THE LIVERPOOL PL AY MOUSE CO wjtlJ 
James AUBREY and Don WARRINGTON 
in London Premiere ol 
STREAMERS 
pv David Rabe 

■•A red hed production . .captures 
marvellously the atmMpnrre Gdn. - ' The 
Company Play suoerblv FT One o* 
the three best olavs in London . . . awe- 
tome strength “ Obs. ___ 


ROYAL COURT. 730, 1743. Era. 8. Sat. 5 
and B-30. THE BEAR bv Chekhov. THE 
KREUTZSR SONATA by Tolstoy. See also 
Theatre Unea rs. 


ABC 1 and 2 Shaftesbury Ai 
Seo Pens. All seats bkble. 

1: THE SILVER BEARS IA] 

Sun las S DO a.00. 

2: ABBA—-The Mo-le »UJ. Wk. and Sure 
2.00 . S.1S. 8.15 Ha st 2 davsL_ 

CAMDEN plaza iopp Camden Town 
Tubei 115 2443 Robert Bresson's 

masterpiece THE DEVIL. PROBABLY (Xi 

bookaVI. *■“' 9 “- n o °- SEATS 


ROYALTY. CC. , 01-405 B004 

Mondav-Tharsdav. Evening 8 00. Fj^tt- 
5-30 and 8.4S- Saturdav 3 00 and 8.00. 
London cnt.cs »cte_ 
BUBBLING BROWN SUGAR 
Best Mpnl ol 1977 
Tel. Dkgs, accepted- Malor credit cards. 


CLASSIC 1. 2. S. 4 Oxford St. (Oap. 
Taltenham Court Rd. Tube) 636 0310- 
1: ABBA THE MOVIE >U) Stereonhoric 
Suunil Progs. 1.30. 3 50 6.10 8.30. 

2: THE HIDING PLACE .Al SeP. Perta. 

2 00 5 DO 8.00 

3: Last 2 days 1 THE DUELLISTS IAL 
Progs. 1 20. 3.05 5.40. 8.15. 

4: HOLOCAUST 2000 (X). Progs. UO. 

3 40. 6-0S. 8.35. _ 

CURZON. Curzon Street. W.l. 499 3737. 
PARDON MON AFFAIRE |X>. lEnglHh 
sub-si»es.i ” A sparkling Mew. French 
Comedy. Directed with hnesse by Ywes 
Robert,” Sundar Express. Progs, at 1.50 
■ not Sun.'. 3.35. 6 10 and 8.30. 


SAVOY. 


01-636 8BBB 


GATE TWO CINEMA. G37 B402.’1177. 
iFormerty E M.l iniematlgnal.l Russell 
Square Tube. DEREK JARMAN'5 
JUBILEE K>. Sep. Peris. 1.00. 3.00. 
S.OQ 7 00 9.10. THE MARATHON 

MAN iX< 11.15. 


Nigftrt’y at B p.m. Mats, Wed. 2-30 and j lcicestsu square theatre <930 S2S2) 
5i ' jNW', B j STAR WARS '.Ul Sea., progs. Dly. J.oo. 


at n 

pj&arzs&JB&ihm. 


. CC. E29 3036 

Moo. ta Frl. S.O. Sir. 5.30 and 8.45- 
GORDON CHATER ” Brilliant,- £.N. In 
THE ELOCUTION OF 
BENJAMIN FRANKLIN 

by Steve J. 5pears- 

A compassionate timny fierrely doouent 
Nay.” Gdn. "Hilartoas.” E. St “Wickedly 
■musing ” E. News. “SCMdlbindlKi.- OM. 


rnuBQY 01-930 2S7B | NATIONAL THEATRE .928 2262. 

^& u S M i 

Mirt»^C»L^wiAV? , Oerm«^SlSK trtft^rw]%riHcej»linn stage): TphT 
“TW?wtrlordimbY^romedy.ihrHler ” DM i 7.45 BEDROOM FARCE by Alan Avck- 
MURDER AMONG FRIENDS bourn. Tgmor 7.45 The GuanbiRao. 

GENUINELY FUNNY.” D. Mall. ( COTTE5 LOE f sirall autKori^ 1 '^ Tljmar. B 


LOVR LETTERS ON 


PAPER 


CRITERION. 


CC. 


... 

*■ iDMKMble . ■ -AISSJ**-" S T,B, W 

i n SEXTET - 

.'HILAINOUStY FUNNY." N, 0* World 


01-930 3216-1 Arnold Weaker. Tbur B Last Sumomr in 


JOHN FRASER 

LADY MARRY 
An unusual suspense drama 
by Norman Krasna 

Prices Mats £t 'a £ 3. Evg*. £1 to £4. 
Credit booking accepted._ 


SHAFTESBURY. S36 6S95. 

□pens Mar. 2Ju- 

Ju hn Reardon and Joan Diener In 
KISMET 

The legendary musical. Previews trom 
13 Mar. 8 p.m. Sat. 3-00 and 8-00. 


SHAW. 01-300 1394. 

tm. 7^30. (No pert. Mon.) Mat. Thurs. 

AN INSPECTOR CALLS 

“HJgb1$ Y EntertainTH. 
Low Pr***. Easy Parking. 


STRAND. 01-636 2660, Evenings B.OO. 
Mat, Tbur. 3.00. Sets. S.iO and 6.30. 
NO SEX PLEASE— 

WE'RE BRITISH 
THE WORLD'S GREATEST 
. LAUGHTER MAKER 


5.15 8.35. Seat* bkble. for 5 15 and 
8 35 Drool wk*. and all progs. Sat. and 
Sun MOVES TO ODEON. MARBLE 
ARCH—2nd MARCH! 


ODEON, HAYMARKET <930 2738-2771*. 
jane Fonda. Vanessa Redorave in a Fred 
Zinnermann film JULIA 1A1. Sep. props. 
Dlv. 2.J0. S as. 8 4 5. Feature Dir. 
2.45. 6.00. 9 00. All seats bkble. • 


ODEON. LEICESTER SQUARE. (9 SO 8111.7 
THE DEEP iAi. Sen. Drags, every day. 
Seats may be booked. Doors open at 
3.20. 4.30. 7.45. 


Ouflm**. fRehearsee reaalno. »U se>3 
SOpi: 

Many M.-elleit cheia wars ail 3 theatre; 
dtv- of pert. Car j park. Renaurant 926 
2032. Credit' card M« 926 3C52. 


ODEON MARBLE ARCH. (723 2011-21. 
AUDREY ROSE tAAi. Sep. progs. Wta. 
2.30. 5 30. 8J30, _| 

PRINCE CHARLES. Le<e. So. 437 6181. 
Final weeks must end March 8- SALpN 
KITTY i x>. Sep. Perffc. Dly. fine. Simi.l 
2.45. 6.1 S. 9J10. Late Show Fri. and Sat. 
Tl.SS. Seats ftfeeis. Lic'd Bar. From 
Marco 9 SWEPT AWAY tXi. Box CWkA 
Now Open 

_ _ . _ - SCENE 2. Lrieester Square Wardour Sr.). 

ST. MARTIN'S. CC 835 1443 Eyj. 8 00. 439 4470. THE PINK PANTHER 

Mat. Tun. 2.45. Sat. A Gaed Fri. SAB. STRIKES AGAIN <U). Sun.-Thur. 1 JO, 
AGATHA CHRISTIE'S | S.35 9.35. Fri. inri Sat 12.40. 4.45. 

THE MOUSETRAP THE REYUIIN OF_THE PINK 

WORLD'S LONGEST.EVER BUN PANTHER 'U'. 5o«.-Thur» S.2S. 7.M, 
26th YEAR. *“ .. . 


Fri. ano Sun. 2.35. 6.40. 1040. 








-"Financial Times Tuesday 




- is 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Fljmntimo. London PS4. Telex: 886341/3, 883897 
Telephone: 01-248 8000 


Tuesday February 2S 1978 




DEVELOPING NATIONS hare 
regularly voiced demands for 
a cancellation or rescheduling 
of their debts since their 
current accounts plunged 
deeply into the red in 1974 
. under the double blow of the 
increase in oil prices and the 
world recession. The West's 
response has been unsympa¬ 
thetic. The majority view 
among industrialised nations 
has been to consider requests 
for relief on a case by cast* 
basis but to cold-shoulder any 
suggestion of a whole-scale 
cancellation. It is thus some¬ 
thing of a surprise that British 
Ministers are now looking at 
a proposal put up within White¬ 
hall for reducing the payments 
oo principal and interest on 
past loans to the poorest nations 
as an extension of the aid 
programme. 

A rough ride 

Much of the pressure for this 
has undoubtedly come from the 
example of the Swedes, the 
Dutch, the Swiss, and the 
Canadians who la»r year decided 
to write off some of their 
official loans to the least 
developed. But other Western 
governments are now thinking 
along i he same lines. The 
policy i< a good one. The ques¬ 
tions come over the timing of 
such a move and which of the 
poorest should bene lit from it. 

The reason for welcoming the 
policy is that over the next two 
years the developing nations are 
in for a rough ride that could 
provoke another nasty clash 
with the West of the type that 
initiated the so far fruitless 
North/South dialogue. Develop¬ 
ing nation current account 
deficits are likely to widen 
further with the slow-down in 
the Western economies and the 
reduced demand tor commodi¬ 
ties and raw materials. Exports 
'il manufactured product? arc 
likely 10 Jie hu by ihe upsurge 
nf protectionism. The sen-ice of 
debt incurred after the 1974 
crisis will reach a peak. The 
richer developing nation? will 
pull through largely on the hack 
of further borrowing. For the 
poorer, without access to the 
commercial markets, it will be a 
squeeze. 

The cost to Britain of waiving 


payment on principal and inter¬ 
est from nations with an income 
per head of under $280 is about 
£55m. a year. This is the equiva¬ 
lent of about one-eighth of the 
bilateral overseas aid budget 
Moat of it would be offset by 
a reduction in flows to richer 
developing countries, thus Im¬ 
plying a minimal increase in 
public expenditure. Much of the 
debt would have bad to be re¬ 
scheduled anyway because coun¬ 
tries like Pakistan dn nor at the 
moment have the capacity to 
make the payments. The impact 
of such relief measures on the 
international credit structure — 
more alarmist bankers fear that 
it could trigger off a chain 
reaction of default — would in 
practice be marginal. 

Even within the band of 
countries with an income per 
head of under $280. care would 
be needed in selecting which 
were eligible for relief. It would 
be silly to naive debt from an 
oil producer like Indonesia as it 
would be morally wrong to make 
such concessions to Uganda 
under President Amin. The 
main disadvantage of using such 
a measure as a form of aid i* 
that it benefits most, anti in an 
arbitrary fashion, nations like 
India which have run up the 
largest obligations in the past. 
But if lias the merit of being 
a quick and inexpensive means 
of easing the balance of pay¬ 
ments problems of those nations 
most likely to feel the pinch of 
a shortage of foreign exchange. 
It is also the type oF gesture 
that could help deflect the 
orchestration of demands over 
commodity price stabilisation or 
the restructuring of inter¬ 
national institutions such as the 
IMF where the West is less 
ready for concessions. 

A unilateral move by Britain 
at next week's UNCTAD minis¬ 
terial meeting in Geneva would 
be premature, however, and 
disruptive of the unity of the 
West nvi-r parallel Nnrth/South 
i.-viiies. It is also worth trying to 
involve the OPEC states in such 
a relief operation. The right 
timing could well be in the 
run up to the UNCTAD V con¬ 
ference in Mauiia next year 
which will be the occasion for 
a full review of the progress in 
the North/South dialogue. 


Old systems under siege 
at the 



BY NICHOLAS COLCHESTER 


- - • .V'X " 1 i~ 

. '•- * ()*->-; - »«r m 

•*».> r:-. 

' .-l-.'-V?*- 







THE U.S. dollar, which has 
continued to drift steadily lower 
recently, despite the derision 
taken at the beginning of the 
year to support its rate in the 
foreign exchange markets, has 
recovered a little ground in the 
past couple of days. This is 
almost entirely due to action 
taken by the Swiss authorities 
to discourage further the heavy 
inflow of funds from abroad. 
On Friday they cut interest 
rates and extended the scope of 
the negative interest rate levied 
on foreign deposits. Yesterday 
they introduced measures 
designed in prevent foreigners 
from investing in Swiss 
securities. 

But measures of this sort, 
though they may conceivably 
■make it easier for the Swiss to 
manage their own economy, are 
unlikely by themselves u.» have 
a lasting effect on the climate 
uF opinion about the dollar. 
Indeed, they seem to have been 
introduced partly to discourage 
a move into Swiss francs not 
out of dollars but out of French 
francs, ahead of the coming 
elections. The continued weak¬ 
ness of the dollar during the 
past few weeks has been attri¬ 
buted to a number of factors, 
including the U.S. coat strike 
and a delay in the change of 
leadership (which itself, when 
first announced, caused some 
disquiet) at the Federal 
Reserve, But the more funda¬ 
mental factors remain what 
they have been since the Carter. 
Administration took over. 

Oil imports 

Two of these, in particular, 
have been particularly influen¬ 
tial. The first is uncertainty 
about the Administration's 
foreign exchange policy. Its 
decision to intervene in the 
markets helped for a short time 
to mitigate the damage caused 
by the idea of benign neglect 
But it is far from clear that 
such intervention is intended to 
do mort than smooth out un¬ 
usually violent fluctuations in 
the markets. Certainly Adminis- 
lration officials are no longer 
seeking actively to talk the ex¬ 
change rate down; but they 
would not deny that, under a 
system of floating exchange 
rates, •» country in heavy bal¬ 
ance of payments deficit can 
expect to see ib rate fall and 


hope to gam some trading ad¬ 
vantage thereby. 

This uncertainty about U.S. 
exchang k rate poiicy is, of 
course, strongly coloured by the. 
running and public dispute be-] 
tween the Administration and 
the governments of surplus 
countries like Japan and Ger¬ 
many.' The dispute between the 
U.S. and German Governments 
bas been particularly bitter and 
fruitless. Though there is pro¬ 
bably something to be said for 
both points of view—the rela¬ 
tively fast U.S. rate of growth 
Is helping to support the world 
economy and the Germans have 
already taken such steps to re¬ 
flate their own economy as they 
consider compatible with keep¬ 
ing inflation under control— 
there is no advantage for anyone 
in open acrimony. The fact that 
the U.S. bas made so little pro¬ 
gress on this front has not 
helped the reputation of the 
Administration or confidence in 
the dollar. Perhaps yesterday’s 
OECD meeting will help to 
bring about a change of ap¬ 
proach. 

Investments 

The other factor which tends 
to upset confidence, inside as 
well as outside the U.S., is the 
medium-term economic pros¬ 
pect. There are two separate 
facets which are relevant- The 
first is the heavy balance of 
payments deficit which the U.S. 
is running and which may well 
increase this year. It may be 
said that this is a necessary 
and worthwhile price to pay for 
a relatively fast rate of growth, 
but a large part of it is due 
simply to failure to contain oil 
imports. Congressional action 
On energy-saving, even if it, 
were to have little immediate 
effect, would do much for ihe 
dollar. The other facet is that, 
partly because of doubts over 
future profitability, the capital 
investment needed to sustain 
the present rate of growth may 
not—despite yesterday’s survey 
—be forthcoming. As Mr. 
Norman Robertson summed it 
up at a world banking confer¬ 
ence yesterday, the outlook for 
1978 may look reasonably good 
but 1979-80 may well be a differ¬ 
ent story. Caught between un¬ 
easiness about the present trade 
deficit and about a future down¬ 
turn m business activity, the 
dollar \s in an unhappy position. 


A REMARKABLE pressure 
is building up -to change 
the way in which 
London's Stock Exchange pro¬ 
vides a market for securities. 
The credibility of the old 
system is now in question. The 
Monopolies Commission will 
shortly publish a scrutiny of tbe 
jobbing business. The Office of 
Fair Trading is committed to 
examine the Exchange’s restric¬ 
tive practices, including its 
fixed commissions. The inter¬ 
nationalisation of the securities 
markets is making it difficult 
for the Exchange to preserve 
its different way of doing 
things. And from Wall Street 
comes an infectious atmosphere 
of upheaval. 

These pressures have already 
bad some effect. Il is notable 
how widespread, in the City, 
talk of the end of the old 
system has already become. 
There is au almost fatalistic 
belief that the days of stock 
jobbing and fixed commissions 
are numbered. The Exchange 
itself is defensively stressing 
its flexibility. A committee of 
senior partners of its member 
firms is arguing about the 
future in wide-ranging terms. 
Above all. the membership is 
increasingly trading securities 
in ways that make the exchange 
floor and the present trading 
principles look irrelevant- 

Competing 

jobbers 

The essence of the present 
system of trading lies in the 
twin principles of “ single 
capacity ” and “ competing mar¬ 
ket makers.’’ The first estab¬ 
lishes that members of tbe 
Stock Exchange act either as 
market-makers — jobbers — in 
specific securities, or as agents 
approaching those market- 
makers on behalf of the invest¬ 
ing public. They do not do 
both. Tbis minimises the 
chance that an im-estor places 
an order with a broker having 
a vested interest in the price 
of his security. The second 
principle is that there should 
he competing jobbers for each 
security, otherwise the investor 
is merely exposed to vested 
interest at one remote. 

These principles evolved in 
the second half of the last cen¬ 
tury. Tbe imminent Monopolies 
Commission report on tbe 
planned merger of Smith 
Brothers and Bisgood Bishop, 
two major jobbing firms, will 
mark the centenary of a Royal 
Commission that studied the 
Stock Exchange in 187S. This 
Commission found that the job¬ 
bing system provided a satis¬ 
factory market in securities so 
long as turnover in them was 
sufficient. But it also found 
that tlie distinction between 
jobbers and brokers was 
blurred—especially in the mar¬ 
ker for Foreign securities. 

Despite repeated attempts to 
make the division between the 
two functions a firm one. it 
was not until 1908 that the 


principle of single capacity'was 
formally made part of the Stock 
Exchange rules. The nub of the 
matter was that single capacity 
was impossible to uphold unless 
commission rates for brokers 
were fixed. An Exchange Com¬ 
mittee reported sadly in 1911: 
11 it is impossible fully to 
enforce the rule restraining the 
dealer from trading with a 
non-member if he is able to 
employ a broker at nominal 
remuneration to pass his bar¬ 
gain through” In 1012 fixed 

commissions were introduced— 

on the basis of a narrow 
majority—and have remained 
inextricably bound up with 

single capacity ever since. 

Tbe most damaging question 
hovering over the jobber- 
broker system is the simple one 
of its viability, A combination 
of exchange controls, tbe rise 
of the investing institutions, and 
the increasing cost of financing 
market positions bas made tbe 
business of pure market-making 
in British securities much less 
attractive. Stock jobbing has 
long been a declining profession. 
Whereas in the 1920s, Stock Ex¬ 
change membership was equally 
divided between brokers and 
jobbers, to-day only 12 per cent, 
nf the membership belong to 
jobbing firms. As the number of 
jobbing firms has dwindled to its 
present total of 14 the principle 
of competing market-makers has 
been eroded and tlie value of 
the broker's function as an in¬ 
dependent agent has therefore 
decreased. 

The more unsatisfactory tbe 
market on the exchange floor, 
the more the broker can attract 
clients by looking for a market 
away from it. This is what is 
happening in London to-day. A 
growing proportion of stock ex¬ 
change business is being trans¬ 
acted by “ put-throughs,” where 
brokers bring together institu¬ 
tional buyers and sellers them¬ 
selves. In specialised sectors of 
ihe market—investment trusts, 
for instance—the put-through 
probably accounts for two-thirds 
of trading volume. 

The letter of the Exchange 
rule book is upheld by inform¬ 
ing the jobbers of put-throughs 
and by paying them money to 
make the appropriate riskless 
entries in their books. But the 
spirit of the rules is stretched. 
Brokers often act as principals 
in such dealing—by committing 
themselves to buy stock before 
they have found a buyer, for 
instance. If. at the end of an 
account, they are left with a 
block of stock on their hands, 
skilful backroom manoeuvres 
put off the day when stamp 
duty must be paid. 

In short, brokers are already 
approaching " dual capacity ” 
in such trading. They are mak¬ 
ing profit through a combina¬ 
tion of broker's commission 
and dealer's “ turn.'’ 

The second factor under¬ 
mining the jobbing system is 
the contrast with international 
security markets. where 
secondary trading tends to take 
place between broker-dealers. 


with nr without exchange floors. 
British jobbers and brokers 
want to compete on an equal 
footing In these markets, and 
equally, foreign broker-dealers 
want to trade in their own way 
in that select group of British 
securities that axe attractive to 
tbe international investor. 

There are London brokers 
who feel that the London Stock 
Exchange has deprived its 
membership of international 


VT" m .~S -■ - ' . ‘ — 

- ' ■<, “»*■ ..V 

f. ri;.* 


now effectively acting as 
hrokeixlealers, working through 
correspondents in foreign "fin¬ 
ancial centres and- therefore by¬ 
passing the British brokers who 
should in theory act as agents 
for them- Brokers claim that the 
same is happening in inter¬ 
nationally accepted stocks like 
BP. ■ , 

British Government bonds are 
another example of a univers¬ 
ally acceptable security which 


’ secondary markets for secun- 
tie* Jftom the middle 1960s 
when tiie Wall Street broking 
industry luxuriated in a com¬ 
bination of fixed commissions 
and an institutional cult for 
equities, the Securities : and 
Exchange Commission cam¬ 
paigned constantly against the 
“dub.” It,wanted to remove 
the broking industry’s right -to 
fix: co mm issions. It sought ti) 
create a national market. for 




the 


Terra Kirk 

An active day on the London Stock Exchange floor, bat there is- widespread belief, that tins . 
days of stock jobbing and fixed commissions are numbered. 

securities, rather than one 
d omina ted by the New York 
Stock Exchange. 

Negotiated commission rates 
were introduced in "New York 
on HIay Day. 1975 and. .with 
devastating effect. Coinciding 
With' a general .disillusionment 
about equity - investment, the 
move led to a price war.and 
a spate .of mergers and shut¬ 
downs in the broking business. 
Only now. after three years, are 
major investment banks making' 
their first tentative attempts to 
stabilise commissions. 

In' its-' second aim;- 
creation of a national seci 
market, the ;SEC*& campaij 
faltered. The :.rule that al 
to preserve the main market in 
U.S. shares for the New York 
Stock Exchange is “'ride.SSjff.” 
The SEC was set to abolish this 
role but has new given it a 
reprieve. A tittle taken aback, 
perhaps, . by what it had 
achieved already; xt dfedded not 
to undermine, the present mar¬ 
ket system on Wall Street with¬ 
out having a clear idea of what 
should emerge from the rubble. 

■ This is a summary of events 
that are of significance to tbe 
London Stock Exchange. Mr. 
Robert Fell, the chief executive 
of .tfie Stock Exchange, recently 
travelled to the UB. to see their 
consequences. He shares a wide¬ 
spread feeling that the U.S. 


business in its attempt to pre¬ 
serve single capacity. They cite 
the Eurobond secondary market 
as an example of a lost 
opportunity. 

Foreign lack 
of interest 

They can find a limited his¬ 
torical justification for saying 
this. The growth of the Stock 
Exchange in the second half of 
tbe lust century, before single 
capacity was fully established, 
was due in large measure to its 
rise as a trading centre for in¬ 
ternational bonds. But it is diffi¬ 
cult to believe that Stock Ex¬ 
change restrictions have been 
anything more than a minor 
irritant when compared with 
the relative decline of the 
British economy and with tbe 
Exchange Controls that shore it 
up. These led to an insuperable 
combination of foreign lack of 
interest in British securities and 
British inability to buy foreign 
shares. 

It is precisely where there is 
an international interest in Ex- 
change-ouoted securities that 
the single capacity system 
comes under pressure. British 
jobbers have been forced to 
follow the market for gold¬ 
mining shares abroad. They are 


could lead the single capacity 
system to collapse in the 
scramble for business. Gilt- 
edged trading accounts for 90 
per cent, of the cash turnover 
of the Stock Exchange. ■ It is a 
vital support for the jobbing 
system. Merchant banks would 
like to make markets in 'gilts, 
using the Ariel computer 
trading system as a direct link 
with institutional . clients. 
American investment banks 
would like to deal directly with 
market-makers rather . than 
through London brokers. Tbe 
brokers, too. would like to mafc« 
markets using their gilts « 
collateral to obtain ' the 
necessary finance from banks or 
institutions. Already, a substan¬ 
tial part of gilt trading takes 
place by way of put-throughs. 

So far. pressure from ihe 
Bank of England has' contained 
the centrifugal tendencies in the 
gilt market. The Government 
Brokers* ability to regulate the 
gilt market would be threatened 
by a free-for-alL . This great 
vested interest in the status quo 
makes the future of the'gilts 
market a key consideration in 
the top level discussions of the 
future of the Stock Exchange's 
trading system. - 

A third factor . challenging 
the present system is the 
American precedent ’’ for 
Government intervention in the 



Government’s 

workings al VfaM‘ffc^«p8ki 
over Into the 
Whitehall. Just 
Pair Trading 
polies 

followed WashingtooVlBk^-ij 
probing the securttie^^n^Bj 
“ club “ - so tb* 
swept through WaU $&«&*** 
the SECTs second 
discourage the Britisfc -as^eri 
ties from . ordering- ; . «rid^: 

.c hang e. : c 

The Stock Esshange-ffdiieife 
ship has to any case* 

•down more lightly than* 1 **™ 4 *' 
Street 'counterpart TB 
the challenge _of ArieL.,__ 
puter trading system 
institutions, an^alternaltte3gay 
of trading securities. tote.S$u*k 
Exchang e git its comhds&Hi 
rates eariy in 1973 tovi’wij 
which, together with. lalefr'ttS; 
justments reducedd*** 5 "^' 
for those institutions. 

- To-day,'these Comni ,, 
fixed at > level that., 
few complaints front s 
tional/investors, and- at: 

services .-for the safelF 
are already* nlidiy si .... 

At the same .time,, the fcomw 
price scale leayesthe' London 
s'toriebroking ;• Star 
enough -to'-.change 'its ways.; ft 
has turned its dining room tefe 
a block-trading rpqm; Ttr U tty* 
tog to sell- the, ontput . of 'jhi 
research depart® ent to-.indihrt^f 
and Tor cash,, instead, of to Ca¬ 
veators foreommIssiens.It;a 
moving hack into ihe bastaees 
of corporate finance which Tr 
surrendered >to the' merchant 
banks in toe iar years-of'tim 
1950s and 1960s... — 

Soundproof 

wafl 

For the moment; it ; is this 
economic- pressure^ father than 
any Gavemment diktat, that it 
forcing -the pace of -change -ph 
the' stock- exchange^. By.$4 
accounto a thugh debate^ ia^afe 
tog place in toe senior, partners 
committee. There Is stiff TCSlsP 
ance to the Idea 61 "doubifc- 
capaCity’* — which is really 
dual-capacity'-with a soundproof 
wall between the broker parfrpf 
toe business and the. market- 
making p*rL..^ .. 

The arguments against 3qd-» 
den change-iare strong- The 
American experience has shown 
how one stock trading: eixtel 
can be abolished ' only tb- give 
way to the' threat urahothfri 
a small circle, of market-making 
investment, banks, tt has town 
that fifity. negotlsted dommi* 
slons put prices up -^natdoWn 
—for the; small investor. 5ud r 
den change would also be 
threat to the prbbhy of.jS?* 
London- Stock market, fpr th^. 
Exchange’s restrictive practice*: 
are closely bound up. with ita* 
powers of self-regulation. v 

Yet these arguments can esbq 
aet as sea-anchors eh fleveto^r. 
ments. • The odd unapswerjfblir 
argument for. changes'-' lh •= 
trading system is that they-fee; 
effectively taking pise*; ^resK^.* 

———■■■ » ■ ' n ii 'rV fi * ' ■; 



AND MATTERS 


Didcot debate: 
over to Evans 

WHEN secretary-general Jack 
Jones clears out bis desk at 
Transport House, and hands 
over any bits of unfinished 
business to successor Moss 
Evans, it is a fair guess that he 
will be glad to see the las! of 
the Didcot dossier. It has just 
cost him a stiff rebuff from Sir 
Michael Swann. BBC chairman, 
and caused s tetchy series of 
exchanges with XUR secretary- 
general Sidney Weighell — 
which the luckless Evans will 
have to carry on with. 

This column first wrote three 
months ago about the pressures 
exerted on private companies 
by some officials of the Trans¬ 
port and General Workers 
Union to force the closure of 
the Didcot rail distribution 
centre. The officials, mainly 
Southampton docks’ shop 
stewards aud organisers of lorry 
drivers. have succeeded 
superbly (by their own stand¬ 
ards): the centre has just been 
reduced in size by 85 per cent. 
They have also brushed aside 
protests from the National 
Union of Railwaymen. who 
rightly see the “fixing or Did¬ 
cot” as bad for them. 

It must be riling for Jones 
that the BBC has totally 
rejected his demands for ‘‘a 
full public retraction" of a 
Tonight programme that laid 
bare the whole Didcot story. 
This comes hard on the heels 
of his Festival Hall farewell at 
which Premier Jim Callaghan 
praised his efforts in sustaining 
the Government “almost miracu¬ 
lously." I was told yesterday 
by the BBC that since the pro¬ 
gramme was screened, railway, 
men have rune up saying that 




o# 

LAW 

i ANP 

| orper 

1 T^lggj gggS 
** To he spent on Starsky and 

Hutch, I suppose!" 

M T and G pressure tactics'* of 
the Didcot variety are going on 
elsewhere. Several calls came 
from South Wales. “We get 
the impression that Didcot is 
just toe tip of an iceberg.” says 
Roger Bolton, deputy editor of 
Tonight. 

Over at the -S'UR they say 
they are still awaiting a 
response from Jones to their 
latest request for his explana¬ 
tion. All he has done so far is 
to give Sid Weighell a copy of 
the TGVrU transport policy. 
" That does not satisfy us,” the 
NUR assured me. “ We want to 
make sure what happened at 
Didcot is not repeated. You can 
be sure we ll be asking Moss 
Evans.** 

Eastern magic 

A swift rejoinder to my sug¬ 
gestion that more American 
hankers may start deserting the 
City comes from the Rainier 
National Bank. It says jt has 
just celebrated ten years in the 
square mile—and has no 
thoughts of leaving iu ’’Many 


U.S. banks still think the City 
is toe best place to conduct their 
business,” says manager George 
L. Ellis. 

Rainier is just about to move, 
but only to new premises in 
Moorgate; indeed, it will take 
over those being vacated by the 
United California Bank, which 
as I disclosed was lured by lower 
rates into bigger and more 
lavish quarters in WC2. But 
then. Rainier may be the least 
likely to “go West'’: except for 
London, all its 12 branches out¬ 
side the U.S. are in the Far 
East. 

Wynne’s win 

Economists often feel maligned 
when financiers and politicians 
say it is easy to throw out 
theories; one who tries to refute 
the “more words than deeds" 
accusation is Wynne God- 
ley, the former Treasury 
adviser now at the Department 
of Applied Economics io Cam¬ 
bridge. Godley is perhaps best- 
known for the often contro¬ 
versial and cassandra-like views 
in the publications of the Cam¬ 
bridge Economic Policy Group, 
which he edits. But this week, 
Godley has gone into prist with 
a jubilant account of how he 
has made some real money—so 
real that it is in yen. He ends 
his contribution to the Vickers, 
da Costa survey on the British 
economy like this: “I should 
finally like to report that my 
speculation on the yen in com¬ 
bination with an investment in 
Japanese oil shares (reported 
in ray note of last August) went 
like a bomb: I got out with a 
profit fiye times my stake 
money.” There should be some 
high living in the Fens just 
now. 


Flue view 

If you are lacking a flue, David 
Tench is worried for you. 
Tench, a lawyer who chairs the 
Domestic Coal Consumers 
Council (DCCC), bas. just 
launched a nationwide survey 
to find out how many bouses in 
toe land have been built with¬ 
out a chimney. Intrigued to 
learn more, I questioned him 
on the purpose—tbe survey is 
being mounted with taxpayers' 
money. ••Simple,” he says. -‘‘The 
past five years have shown how 
dramatically energy costs can 
change. We think that it is a 
risky policy to build a house 
without a flue—houses last 70 
years or more and we may all 
have to turn to solid fuels 
long before tbat. Britain 
should keep its options open.*’ 
Tench reckons that if you 
want to insert a chimney In an 
average house to-day, it will 
cost you upwards of £500. He 
also told me that the DCCC was 
created in 1946, when toe coal 
industry was nationalised,- but 
has not been too active until 
lately. “ We think we are in a 
growth scene now" he says 
blithely. 


Measured words 

A French visitor whose weight 
has increased rather noticeably 
since he was last here in 1975, 
tells me that the Savile Row 
tailor who made % suit for him 
then and is making another one 
now displayed' exemplary tact 
during a fitting last week. .“You 
wiil see; sir." he said, “that on 
this occasion I have given you 
just a suggestion-of waist at the 
back, but none at all'to toe 
front.*’ 


Observer 



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j^tnaiKial Times Tuesday February 28 1978 


SOCIETY TO-DAY 


politics of crime and punishment 








>W looks as if this will 
*b*r year for uninformed 
tn&tions about “law -and 
* As xny acquaintance in 
BI. total me on the tele- 
from Washington yester- 
Hell, we always have that 

cdbn years. .-Sty hympa- 
buddy.” Last- night’s 
hi the Commons was 
.T aimed at the Ilford- 
by-eiecefon on Thursday, 

‘ • tta<T speeche s . and scare 
&at are Hkeiy to appear 
. . the nest^ew moix&s will 
rat be‘aimed at a : general 
n cT 'iiiifcnowo daie. ' 

. of this will probably be 
ited by the Conservatives. 

- olte tell them that they 
= relatively weak ground 
hey argue about inflation, 
s cuts they jcall for will 
t in. part be "delivered,by 
taley,. Their bid for the 
- of- potential owner- 
;rg has been met by a 

counter-bid. On many 
issues the difference 
n them-and the present 
mint is hardly- discern* 

2 , are just about. three 
eft. in which they m^ht 
; find the tiniest piece 
uhd ‘ remaining on Mr. 
an’s’right: immigration, 
id order, and capital 
nent Itsohappens that 
re the three issues that 
Is say .win votes for the 
;atlyes. Over the past 
.eks the first two have 
ought into the arena: if 
- Tory politicians now 
iking sympathetic noises 
ie rope the foundation 
. strategy for 1978 will 
for all to see. 

— ,‘ouble with this strategy 
• ir contains a built-in 

. :on tcrstir up ill-feeling. 


Most. .people.-; probably believe. 
that there has been a sharp rise 
in the crime rate, that football 
hooliganism is on the increase, 
and that unruly political demon¬ 
strations are commonplace. The 
demagogue’s way of extracting 
a payoff from such beliefs is to 
feed .them with dubious statis¬ 
tics and promise dire punish¬ 
ments for offenders," It sounds 
’"tough,** but.as most politicians 
know, or should fenny, the truth 
about law and order is not quite 
so simple, V. 

Let' me say at once-that I do 
not approach 'tilts matter from 
the point of view of * bleeding- 
heart liberal. - People who 
regard criminals as victims and 
ignore the sufferings of the real 
victims are too far removed 
from reality to take seriously. 
If it could be demonstrated that 
in such-and-such an area a par¬ 
ticular type of crime had 
increased and that tfiis or that 
custodial sentence would reduce 
it, then we should certainly find 
the money for the new jails that 
would be needed and -fiU them. 

Do not bother 

The difficulty lies in finding 
such easy prescriptions. The 
number of indictable—Relatively 
serious-—offences recorded as 
known to the police tnse again 
last year, after an 'apparent 
levelling-off in 1976, The grand 
total Increased from some 1.5m. 
in 1969 to a probable.2.4m. or 
so last year (figures for England 
and Wales). But what "does this 
mean? Some recent studies sug¬ 
gest that the amount’of actual 
crime, as opposed KK that re¬ 
ported to the police and re¬ 
corded by. them, is relatively so 
large that it might remain con¬ 


stants. whale .the .“recorded" 
figures go up every year. If a 
handbag is snatched and the 
police do nothing about it, the 
story gets around and it could 
be that two or throe other 
people, the victims of similar 
incidents, do not bother to re¬ 
port. 

Two of the areas in which 
the tendency to report may be 
erratio—burglary, and theft and 
handling stolen goods—together 
make up more than three- 
quarters of all the indictable 
offences, and about two-thirds of 
the increase since 1969. As for 
robbety, the latest editioo of 
the Home Office’s “Criminal 
Statistics” comments on the “ab¬ 
normally high figures being re¬ 
corded in 1975 in certain police 
areas of robberies from school- 
children by other schoolchild¬ 
ren.” 

Yet it would be. foolish to 
ignore the crime statistics alto¬ 
gether. Their tendency to in¬ 
crease has been reported for 
more than 20 years now. The 
number of recorded offences 
per 100,000 population nearly 
quadrupled between 1957 (tod 
1976. It may be that a signifi¬ 
cant proportion of this is ac¬ 
counted for by a greater propen¬ 
sity to report crimes in working- 
class communities, or more 
assuidity in police record¬ 
keeping, or the several changes 
in tiie law that have “-created” 
new crimes, or a combination of 
all three: but even so. it seems 
fair to assume that the steady 
statistical increase, year after 
year, is indicative of some real 
change. . . 

The question is, bow much of 
this Matters, and how much of 
it matters so much that we are 
prepared to do something about 
it? The number of murders— 


homicide^—in England and 
Wales is still running at about 
500 a year, with half the vic¬ 
tims still related to. living with, 
or a lover of the murderer. We 
may bemoan this figure, but 
there seems to be no way of 
reducing it. 

The FBI win tell you that it 
is much worse in the L f .S. In 
1976. when we recorded 493 
homicides, they had higher 


This remains the position if 
one mores down the scale-from 
murder to “violence against the 
person.” It is true that accord¬ 
ing to the records the number 
of such offences, ranging from 
punch-ups to stabbings, has 
risen from 52,000 in 1972 to an 
estimated 80,000 or more last 
year. The records on this are 
likely to be less firm than they 
are for murders (by and large 


be the result of changing atti¬ 
tudes in society so that fewer 
offences are reported.” 

The sharpest increase re¬ 
corded—“criminal damage"— 
includes arson and damage that 
puts lire in danger—but also a 
great deal of W'hat is better 
called ‘■vandalism.” The chart 
shows how this has more than 
doubled, according to police re¬ 
cords. since 1972, but the total 


ISC.%V1& 


SERIOUS CRIMES 


POLICE FORCES 000 


Violence against 
the person 

.-*• / 


Criminal 

Damage 

\> 


Sexual - 
Offences 
_ F 




Establishment 
A _ 


4 1 ® 


1 L~~ 


V 

Strength 


Robbery 


O 1 -k-1-*-1-1-1-1-) £ I-i_l_i_!_i-:_!—:_:_:-> o 

1969 ’70 '71 ’72 *73 *74 *75 ‘76 'J7, ^1966*67 '68 '69 ’70 *71 *72 *73 *W *75 76 77 


figures in al least four of their 
cities alone than we bad in the 
whole of England and Wales. 
New York -led with 1,622; 
Chicago followed with 814; then 
Detroit. 663 and Los Angeles, 
501. Their total for 1976 was 
18,780 — some 86 per million 
of their population as against 
ten per million for us. Even 
allowing for different defini¬ 
tions and statistical methods, it 
Is plain that any politician who 
tried to associate our condition 
with the American one as 
depicted on television would be 
using phrases — “violence" — 
“unsafe streets 1 ’ — ‘’mugging” 
— in a misleading manner. 


people tell the police when 
there has been a murder) but 
it must be assumed that there 
has been a serious increase. 

Yet it would still be mislead¬ 
ing to make political capital 
out of associating these figures 
with the TV image of violence 
in the U.S. In 1976 they re¬ 
corded nearly half a million 
aggravated assaults, giving them 
a record of unpleasantness so 
much worse than ours that it 
is still reasonable to dissociate 
our experience from theirs. As 
for sex offences there has been 
a steady fall; the Home Office 
statisticians comment that 
“these reductions may in part 


number of recorded offences'is 
still only one twenty-fourth of 
all offences known to the police. 

It can be seen from this 
brief summary of the salient 
facts that there are pans of the 
“ law and order ” problem that 
may be soluble by a democratic 
Government, and pans that 
may remain intractable. It is 
theoretically possible to reduce 
the amount of housebreaking 
and street theft by putting 
more policemen on the beat, 
but this is frankly a matter of 
economics. Those who have 
been burgled will be under¬ 
standably distressed: the rest of 
the community will calculate 


the cost uf protection against 
such incidents. 

One study in the U.S. showed 
tliar if you saturate the New 
York subway with policemen 
you drastically reduce the 
amount «>r theft on the subway. 
Bui in ihai case most of the 
criminals went to the buses— 
and the cost worked out at 
some S35.000 per deterred 
offence, as against an average 
raking bv robbers on trains of 
S»5U. The recent Home Office 
working paper “ A rrrferr ol 
Criminal Justice Policy i.97fi." 
which recounts the case, also 
tells of some uf the difficulties 
with other popular solutions. 
For example research in both 
this country and abroad over 
many years has failed to un¬ 
earth evidence that longer 
sentences produce better 
results than shorter sentences. 

On the other hand, well-publi¬ 
cised shock sentences can 
reduce a certain type of crime 
for a certain period as a 
number of iudges have 
demonstrated. Where the diffi¬ 
culty lies is in finding hard 
solutions for the increase in 
crime committed by young 
people. By 1974 the number of 
boys aged 14 to 16 found guilty 
of or cautioned for indictable 
offences had risen to more than 
8.000 per 100,000 population— 
eight times the figure for men 
aged 21 and over. It so happens 
that this figure fell slightly in 
1975 and 1976 (the equivalent 
has fallen in the I’.S.), but it 
remains uncomfortably high. 
Even ir much of it represents 
mere hooliganism, or petty 
pinching from houses with doors 
or windows left open, it is 
clearly a social problem ibat 
cannot be left untackled. 

According to the Deputy 


Leader of the Conservative 
Party. Mr. William Whitelaw, 
in the Commons yesterday, the 
Tory way of tackling it would 
be tu reorganise juvenile 
courts. “ uphold standards in 
our schools" and encourage 
voluntary organisations for boys 
and girls. Fine. But does this 
do anything for minority groups 
in city centres? Docs it affect 
the laser attitudes of modem 
parents of all classes ? The 
Tories should produce an 
answer to the first question: no 
democratic politician can cope 
with the second. 

1 do not blame Mr. Whitelaw 
for failing to have Impossible 
answers to such unfathomable 
social questions: the fault lie* 
in giving the impression that 
the Conservatives have a mono¬ 
poly of hard-nosed “solutions” 
to an easily quantifiable “ law 
and order problem.” The Home 
Secretary, Mr. Merlyn Rees, 
was floundering just as much 
yesterday: he suspected tele¬ 
vision (and so do I) hut could 
not say what to do about it. 

Both parties are awaiting the 
report of the current review of 
police pay. and it should be 
obvious that: (a) this should be 
increased: while (b) incentives 
to keep senior officers in the 
service should be increased by 
a particularly large amount. 
Labour has its rising Home 
Office hudgei to quote: Mr. 
Whitelaw calls for more 
rigorous sentencing but fails to 
calculate the cost of providing 
more jail space. On this one 
the las! word must he with the 
Home Secretary: he did not 
believe the law and order 
problem would be altered by a 
change in government, he said 
yesterday. Nor would it. 


Joe RogaJv 


Letters to the Editor 


resources, it is almost Incapable of 77 passengers per aircraft 
'. pnCe of responding to Increased (that is not 8i7). 

r j demand by bringing forth In- The capacity of the Gatwick 

and creased supply. ■ runway is 160,000 movements 

“ The price of land will always per aaauia. Allowing, however, 

yW. tfiiucn. • - - be a problem, in fact, the most carg0 movements are to- 

ist ; so long sis land may fundamental problem In econo- ^ § 4,000 commercial 

t'and sold like bncks. mics. until the effective monopoly for 7977 ^ annual re- 

nc„ or any other man- of land ownership is broken rt {or 1979.77 shows that last 
-iduct. its price- will be This simple reform Is needed; of # total of 199,342 move- 

jd by the law of sui*:>ly and the need for it cannot be ^ *h ere werC 27.839 non- 
-iand. Where land is removed or b ? *“}’ commercial flights—that is over 

and- fundamentally scheme of ’“terterenceL one-quarter of movements were, 

un all other objects of evpr clever or comprehensive it rivate _ training and positioning 
idrements is that its appear. flights, etc. This reduces the run- 

fixed—both in quantity A. 31. Hoare. _• . way availability for commercial 

fiogrephlc location. If «£ Bui Uj rook Drive. Builbrook. flights from 160,006 to appraxi- 
trtbng bricks, cement, Bracknell Berkshire. - mately 420,000 movements per 

**.'I run the risk that ' - annum. 

Actuaries - .-“SSSJS 

.wS disagree . ■ 

SSl risk is From Mr! T. Lowborn seem to be unreasonable’—to 

ritercftiieaisetJji debt Sir.-With reference to the 

-competitors can only letter from Mr. Cr M. OTJrien ls i»\ a .figure 

. -land as 1. do not pwn. (February 24) written m ha g-MJM ^ to be 

it; ..words, alternative JJKjtiite Actuaries 1 °really handled,'that is only 2m. more 
.ti mane are limited A SSrt it o 5 3 than the I 6 m. capacity of the 

•eality of geography; J“ h ^ he-?bviously did hot existing terminal- So is it really 
however unlimited, is l b f verv careful?”* my letter worth building a 9m. capacity 
: nd everywhere .c° n * f^w Jch te wfer* terminal which will be restricted 

- by a supply.' 10 e J S : “Mr. Laybom by runway capacity to handle 

. older than mankind. d ril ^ ^e Government 2m- passengers per aonum. and, 

. viable solution to our J«cnb« if how is it justified? 

, or tend is a policy s0me . /. Had he . however, read if, say. 10,600 cargo flights 
^es boarding land not my j ener u -rth the care J think are included In the 1877 com- 
' speculation for ^ Reserved. I merely repeated mercial flights, this makes the 

’ually unpossime. verbatim paragraph 58 of the average number of passengers 
ution to this age-old nth report of tbe Expenditure carried on passenger flights of 
•' ous -problem is simple, committee in -which the offend- 57 . correct—but that, in turn, 
rid _ avoid the mis- ing word “awesome" appeared, leaves a runway capacity o£ only 
nterfercnce with bank His quarrel should therefore be HO.OOO movements per annum 
vjich Mr. Bradley (Feb- with that august body- the available for passenger flights, 
advocates. Stop lax- Expenditure Committee of the gjj tjj e projected shortfall of pas- 
tes.*-'capital * and - *con- House of Commons, and not with sengers handled per annum by 
tax land instead. Not myself. 1990 still stands. 

«^t land, butall land. . ^ J|JS In a letter to me. dated Feb- 

•/ceases to amaze me imporSS ^ Airports 

n. is continue to put up ® theone in question Authority ws (referring to 

I m which, discourage S“ever be left to Smds Heathrow) . . when major 

K talma' nmiltwHnn ' STlri 5DOn " “ , ____ milnronanw hie bs^n Carried 


The price of land will always 


per annum. Allowing, however. 


annum.. 

Mr. Mnikem suggests that an 
average passenger load growth 
of “ little less than double what 
•* they are at present does not 
seem to be unreasonable-’—to. 
the say. 150 passengers per aircraft 


■i. 

;* * • 

V'- 



i IT-Tt IS 3 U^ 5 ««w.-u -v. 59 0 f Thg report, the nmway* M U«i 

J efa**; more just, and committee notn that . the operated with a single rnnway 
t. ffisW^woold onsne-Jf ActuSv and Its own for periods of several weeks at 

at ite rental VSuS. » ^ fc The Government 

to^ab^tt^l^elof White Paper -Airports Policy ” 
adjustment which ' should be P«re.. states (retewing -to 
RltJMlfaic .-reatri<SSous-„ a rta .*n aivti eftrvnnts’ salaries Gatwick) . . the British Air- 


f•• would certainly thic ic ^ n rU l siv<» proof that there resurfacing of the runway at 
lUilF^ajik’S problem as ^ validity in my sugges- Gatwick without any internto- 
-p^dty-.with its surplus ij0D tion to services and there 19 no 

ET': these were i to -be ‘ _ . . reason to suppose this bannot 

I providing , loans for T - A* E - Lajbore. continue . - -” 

MdMe.' hvase.-yticis A f Mflrjw KrwJteW goad. - But, on experience at Heath- 
after all. bouses aye Putney HtU, S.U.lo. fQw ^ nerhaiw there is very good 

Sn ^upermarketor—tney ,r "' ", ' reason why Gatwick cannot con- 

^foand on a piece PgQeStTIBD tihue uninterrupted? 


,V(t ■ Gray and J; 
; it / /Swnary-231 abb-point 
« j .Awi solution w the 


tion to services and there 19 no 
reason to suppose this teannot 
continue . - ■*’ 

'.-But, on experience at Heath¬ 
row, perhaps there is very good 
reason why Gatwick cannot con¬ 
tinue uninterrupted? 

Robert Beveridge. 

Little Soon Bom, 

Bdalemere, Surrey. 


-jr -a __■ - 11 _- - nooert uevenage. 

T. walkway 

/ N*' /*ruary 23l also point From Mr. B. Engert Hostemere. surrey. 

•V 1e solution to the sir,—Despite the letter (Feb- TT , , , 

'"'C ruar>- 24) from Mr. Garry May ;. FTnoergrOlUlCi tO 
“Lombard" , article of British Airports Authority I .21.**“ ® 


joenjr ana jutucc viu given by signs, wameu rrom me f rom Jar. w. nauon. . . 

• V. mnd to the tews which booking hall of Heatiirow Central - sir—As a frequent traveller 

underground station to Terminal from Sydney loLondou. I read 
? a]on f. with inter^t your article ‘♦The 

- ' to jt is ? often made footpath which was totally devoid Undereround to Heathrow,” 
■ ;- yily difficult, of any walkway. Perhaps there February 13) on the British 

; required is a policy are two ways from the ^central Airways flight 225 from Amster- 
*.es holding land expen-station to Terminal - but tms ^ London, 

J - .. _«■ 1 , whniM. urac not made clear to _ . _ 


J .■ '.tuyina of k cheap: 
; -ch. . ‘ ./ ■ 

J'te Road. 

:\V.15. 


dioiee was not made clear 10 
many passengers. 

B. Engert, 

Engert and Rolfe. 

Barchester Street. E.14. 


a <F,,n» w Capacity of 

ts that tbe Government airrinrtc 
. -tervene 10 reduce the dll jJUl lb 


- Being somewhat of an adven¬ 
turous soul and bearing is mind 
the fuel crisis In London at the 
moment I-thought I could “give 
It a go.” and try the railway link 
from "Heathrow to Gloucester 
BOad, particularly *s I was stay¬ 
ing at an hotel 200 yards or so 
from tbe station. My comments 
may be of some use to .London 
Transport and to those travellers 
who nave not yet experienced 
the new.rail link from Heathrow. 






ET . “ . lransport ana 10 Travellers 

. . • credit made available From me YiceChamtum, who nave not yet experienced 

-'; purchase.. H*' sees this. Horiemere District Aircraft . the new rail link from Heathrow, 
v 0 prevent a land price Disturbance Action Group. Kttrt ^ t WM impressed 

Liiiiriine are currently Sir—I would suggest, with by the fact that I could. Wheel 

nS of distance respect, that the figures given my baggage compriadag one 
: A *■ Stelftter (February 21) from 5am, briefcase, airways bag 

fllire uMble to afford Mr - John Mulkem. managfaig and duly free bag all the way 
r Itfon tteir owri ' - . ” director of BritiBh Airports down to the ticket counter. 
L ’Vibe above schemes. Authority, need some qualifies- When 1 reached the ticket relleo- 
different in theS tion. The 1877 Gatwii* figures tion point, however, I could no 
1 isjmnlv one common Quoted are . 6 *n. passengers longer take my bags through but 
j/SSS the price of land; handled on 84.000 commercial had 10 put them on a roller 
kiy? that other flights. This suggests an average system and then eany them 


from there to the train.! should 
say. here, that the escalators 
were not working so that 1 bad 
to carry the four pieces of 
baggage down a fairly narrow 
escalator. 

The train ride .In was. of 
course, flne and l can see the 
advantages for travellers who 
arrive about 7.30 a.m. and who 
do not want to get caught up in 
the peak hour traffic on the road 
into London. ^ J 

On arrival at Gloucester Road 
station, however. I was con¬ 
fronted with a climb of two 
flights of stairs before l caught 
the lift to street level and then 
the 200 yards or so walk to the 
hotel. 1 am afraid 1 am not as 
voting as 1 used to be and 1 
found this last walk just a tittle 
too much. . ,,, 

May 1 suggest to make life a 
little simpler for the passengers. 
London Transport provides a 
ramp from tbe ticket eheck-in 
point to the platform level. That 
would at least make life a tittle 
easier. Perhaps, with a little bit 
of ingenuity, something can even 
be done with stations like 
Gloucester Road to allow passen¬ 
gers with baggage to reach street 
level without too much difficulty. 

To sum up, in roy opinion, toe 
railway link between Heathrow' 
Airport and stations on the 
Piccadilly line is good for the 
traveller with one or two pieces 
of baggage, but for long distance 
international travellers, taxis are 
still the best bet from the air- 
port to the Cily. 

W. Watton. 

Si Suttie Bond. 

Double Bay 2 02$, 

Tv'etu South Woles, Australia. 

Town at the end 
of a runway 

From the CHatnmm, • 

Campaign Against the 
Re-activaLioii of Greenhorn 
Airbase. 

Sir,—Your comments (Men and 
Matters, February 23) about the 
Greenham Airbase scandal are 
welcome, but the reasons for 
local anger are not confined to 
noise and property values. 

The noise would, indeed, be 
intolerable to most of tbe 10,000 
people living within two miles of 
the runway, especially the very 
voting and the very old. On top 
of that, we now face the 
possibility of a caiastropmc 
accident within our community. 

As you point out, there are 
three other adequate bases that 
do not have a town at the end 
of tiie runway. But the plans to 
re-open Greenham should also be 
seen as a national scaadal. The 
Ministry of Defence can be 
charged with gross deception; the 
U.S. Air Force has deviously 
delayed Its request In order to 
limit tbe time available for pro¬ 
test: the Department of the 
Environment has so far shown 
no sign of interest. 

Even the small minority of 
people who support the re-open¬ 
ing of Greenham agree that the 
authorities concerned deserve 
the mast severe censure. 

D. J. Smith. 

Birohmead. Tudehams. 

Newbury. Berks. 

Competition in 
accounting 

■ From Mr. E. Wright 

Sir.—Michael Lafferry (Febru¬ 
ary 22 ) writes that sensible 
managing partners compile lists 
of possible future clients, and 
partners and ' staff are en¬ 
couraged to use their best 
endeavours . to bring In new 
business. He concludes that the 
business- of running a . big 
accounting firm is far more 
professional than It used to be. 
More commercial, perhaps. More 
professional, certainly not. 

E. RennOth Wright 

Old Orchard, Seoewafes Road, 
Iphthorn, Seoenoahs, Rent 


GENERAL 

Two-day meeting of European 
Space Agency begins, Paris. 

Institute of Directors’ annual 
convention. Royal Albert Hall, 
S.W.7. Speakers include Lord 
Shawerogfi, Lord George-Brown, 
Mr. Enoch Powell MP, Mr. Michael 
Heseltine MP and Mr. Harry 
Oppenbelmer. 

Mr. Gordon Wilson MP. Scottish 
Nationalist Party leader, speaks 
on u Scotland and Europe ” at 
lunch organised by London 
Europe Society. Waldorf Hotel. 
W.C2. 

Transport and General Workers* 
Union Midland representatives 
end nro-dar investigation into 
recommendation by union's 
Oxford district that two leading 
shop stewards at British Lev-land's 
Cowley plant be suspended. 

Second- and final day of Finan- 


To-day’s Events 


cial Times conference on World 
Banking in 197S. Grosvenor 
House. W.l. Speakers include 
Professor Giovanni Magnlfico, 
economic adviser. Banca dltalia. 
Dr. D. F. Lomax, economic adviser. 
National Westminster Bank, and 
Lord Robbins, former Professor 
of Economics. London School of 
Economics. 

Mr. Michael Foot. Lord Presi¬ 
dent of I he Council, addresses 
public meeting in Ilford North 
by-election campaign. 

Institute of Building annual 
dinner. Guildhall. E C-2. 

Buildec *78 opens. Wemblev 
Conference Centre (until March 
2 ). 

National Stamp Exhibition 


opens. New Horticultural Hall. 
S.W.l I until March 4). 
PARLIAMENTARY BUSINESS 

House of Commons: Remaining 
stages of Housing (Financial Pro¬ 
visions) (Scotland) Bill and Civil 
Aviation Bill. 

(loose of Lords: Refuse Disposal 
(Amenity > Bill, report stage. 
Second reading of Cheshire 
Coumv Council Bill. County of 
Merseyside Bill, West Midlands 
County Council Bill, and West 
Yorkshire Bill. Resolution on the 
Crown Agents. Industrial and 
Provident Societies Rill, and 
Domestic Proceedings and 
Magistrates Court Bill, report 
stapes. Debate on restoration and 
modernisation of Government 


buildings in and around Whitehall, 
and proposed new buildings nn 
Westminster Hospital and other 
sites. 

OFFICIAL STATISTICS 
Bricks and cement production 
1 January >. 

COMPANY RESI LTS 
Imperial Metal Industries (full 
year). National Westminster 
Bank (full yean. 

COMPANY MEETINGS 

Rerisford iS. and W.l. Toner 
Hotel. E.. 12. Manchester Ship 
Canal Co.. Free Trade Hall. Man¬ 
chester. 12 
OPERA 

Royal Opera production df 
.Madame Butterfly. Covent Garden. 
W.C.2. 7.3(1 p.m. 

English National Opera perform 
Tosca. Coliseum Theatre. W.C2, 
7JS0 p.m. 


Now: Qantas are 
fast Down-Under 

everyday 

eJ r jhjJ 

Qirrl-nAtr 


Fast to Sydney 


Fast with che only two-stop 

service to Sydney. _ — -^ . 

Choose one ot ten long-haul 747B’s gt 

a week with morning or evening departures. ~ ” -is 

Fast to Melbourne 

Fast every day of the week. 

With more 747B’s to Melbourne 
than anyone else - choose morning or 
evening departures. 

Fast to Fferth. jjjjjj 

Fasr three times a week 
with the only overnight, one-stop t 

service to Path- __ 

All in the comfort of a long haul 747B. 

Fast to Darwin and Brisbane. 

Fast twice a week, two stops j 

to Darwin, or three to Brisbane II [ftp 

by Jumbo 747B. 

Fly Qantas Down-Under. jaBESSF % 

’Phone01-9951344 for reservations. 








m 


THEAUSTRALIANAfFUJNE 



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. \ 















* :FioanHa2' , nmes 



COMPANY NEWS+COMMENT 


DIVIDENDS ANNOUNCED 


Ransomes Sims profits ahead by £230,000 


AS PROJECTED, taxable profits 
nr machinery manufacturers 
Ransomes Sims and Jefferies 
improved in 1077 and finished 
ahead from £ 2 . 02 m. in £2.Z5m. 

At the interim stage they showed 
little change at fi. 02 m. 

Yearly earnings per £1 share 
are given at 30.1 p compared with 
30.5p and the dividend total is 
raised from 7.727p lo S.jSSp uilh 
a final payment of fi.OHSp net. 

Sales of the crass machinery, 
harvesting machinery and truck 
divisions were well up on last 
year while the tillage division 
showed no real growth. Trading 
profit held up reasonably well at 
a time when works were still 
operating below capacity. Group 
profits vvre. however, adversely 

influenced by looses in marketing division which sells largely to ing its relentless pursuit to 
subsidiaries in France and South local authority and commercial establish Campari as a major 
.Africa, Mr. C. \l\ Bone, chairman, operators. The group’s electric group in the leisure industry not 
say.s. truck also had a better year xs only in the U.K. and the Common 

He says that at ilie present time conditions improved in the Market, but also in the rest of 
spies prospects Tor the miiority mechanical handling industry. Western Europe. 
of the company's products arc However, demand for agricultural The interim figures contain 
encouraging, and he will be dis- equipment is generally thought to sizeable setting-up costs in. 
appointed if results for the be prill declining from its peak Germany and Sweden where the 
current year do nor show a year in IP74 and judging by directors see a very strong_ grow- 
further improvement over those recent reports 
now reported. suppliers the 

A property 

resulted in a surplus of £3.25m. 


INDEX TD COMPANY HIGHLIGHTS 

* 


Company 

Page 

Col. Company 

Page 

Col. 

Amey Roadstone 

20 

4 Douglas (PL M.) 

20 

5 

Armour Trust 

21 

1 Granada Group 

21 

1 

Baynes (Charles) 

20 

8 Manganese Bronze 

20 

6 

Bids and Deals 

22 

4 Mining News 

23 

4 

Bullough 

23 

4 Moorside Trust 

21 

5 

Campari 

20 

2 Ransomes Sims 

20 

T 

Commercial Union 

21 

3 Standard Life 

20 

5 


Current 
payment 

Charles Baynes .■.■■■• 2.1 

Campari ....:.int. 2 

Commercial Union ......... 5-0S 

Robert M. Douglas ■■■int 0BS 

Ransomes Sims . 8-04 —„ - r - . . , . 

Dividends shown pence per share net except where otherwise staled. 
* Equivalent after allowing for scrip Issue, f On capital increased 
mg a subsidiary to penetrate the j,.. rights and/or acquisition issues. 

German market, while the newly 


Date Corre- Total - 
of -spending for' 
payment div. year 

— 2 3.35 

0.99 ' — . 
4.32 7B5 

OBO* — 
5.43 ' &54 


Apr. 7 
May 17 
Apr. IP 
May 16 


Total 
last-'. 
. year, 

3 

'1.S2 

fiiH- 

3.1* 

7.73 



L. Ryan to 




created Swedish subsidiary could 
be contributing significant profits 
by the year end. In. the UJv the _ 
near eighth- increase in turnover' 
ro around £o.5m. was mainly 
attributable to price Increases 
rather than any. significant up* 
turn in volume suggesting that 
Campari was overhauled by slug¬ 
gish consumer spending in home 
markets as well. And with 90 per 
cent - of its goods imported 
Campari is naturally watching mTH 

n v n a* inn^ Ivlin 


Little change for 
Robt. Douglas 


TURNOVER cut from 


The'directors of L. Ryan Hold- Ordinary shares at Gp^per sbar, 
tags, will make an early applies- to accordance wiyttoe sresotafia 
tfon to th* London- Stock EX- passed on November,^ 
change .for a re-quotation of the Interest warrants/ baye^bae 
group’s Ordinary-ahare& ■ despatched to turfdOrS v bf BL pe 

.- TheCardiff-based coal-recovery, cant. Unsecured Loan Stock i 
plant lure, engineering and tran- . payment of thre^ years!.-sHy«u 
‘ sport group-Ha subsidiary of the of interest to Sepfwaher 
Hodge.Group—emerged from_re- It is hoped.tjhfe gr&Sp's atxOuni 
cehership on- December 9,1977. for the period -to Decent bw S', 
, as ‘ a result of this and of 1977, w* be ftwyaitfed-to men 
resolutions passed- -at the EGM bees In march l£P78. , Y Tb^.anflw 
on November. 3. a number-of de- meeting is convepeii^foE April. 
On pension arrangement 'Stan- velopments have takep' place. 7- 

A, for executive pension , TJbe' resignations, became cnee- MILBURY-RIGHTS* 


the shares stand on a prospective of Robert M." Douglas Holdings, schemes, the' rate on annual 'five.of seven directors: Mr. • U . Saint . PiraiiV-" subsJAiarj 
P-e of 6 .o and yield 8-1 per cent., civil engineering, building and premium contracts is also Ryanj .Sir Richard. Brooke. Sir Ma^ury hasannouncCd acnejfot 

Amey well 
ahead at 
six months 

PRE-TAX profits of Amey Road- Profit for all last year was a rate nearly double that of the 


contracting group, declined from improved to £5.25 per cent, com- William CrswshAT, Mr.- E. G. rights 1 'issue td raise.Sbou 
£l. 4 Sm. to £ 1 . 45 m. in the six pound from £5 per cent.-and-on Evans, Mr. J- Ryan and BIT. S. E. wsqooo.,--T bis .will'be spfidl .a 
months to September 30, 1977. single premium policies the. new Taylor. ’. buying farther* prime sttesifliiadi 

.Mr. J. R. T. Douglas, Chairman, rate is £4.73 per cent, against ' Mr.-G. M. Metcalf was appointed tothe landbank, 
says the figures reflect the effects £4.50 per cent, previously. chairinao. Mr. J. Bowen as man- Piran . w ai be 4»*$fe'-: u v | 

of reduced U.K. Government ex- The main pensions.business of■ 3 gmg„directqr and f 0 ™.* .its-full- entitlement .tt>..ifce/.fce* 

penditure on national infrastruc- the company—group life and Jtin&as tedunrej director. . "'shares. . 

ture. and increasing competition controlled funding schemes-r . AJrv.;S. E. Taylor resigned Production / atvSainU^Jflj^n;. 

rath -Crofty" mine fe rtiffireasht; 
and the- directors^ 
announced that the prof' _ 
of fiim. for the year ttf 


In the Middle East, partly from hare bonuses ailoted- every three secretary amEM^. D. Wynne was snath 'Crofty" mine te-tafeeishi: 
Far Eastern countries. But it is years, the previous triezmimn end- appointed in.his place- ._„ nH tIje - directors^- ^sestettini 


anticipated that the current year ing on December 31,. 1970. Then . .. 

will have a satisfactory outcome, the company declared a bonus (Holdings)- . has 

8-2001)00 Ordinary 


. »31 
■coznfoaablj 


I'.-OlfD . 

Profit before Ut . 

Taxation ■ . . . 

Eviranniin.-iry cre-in 
ArtrlhuMbl? 

Prefereno- <UvM--nd- 
Snpolementary jure fins! . 

fmcrim Ordknars' . 

Final . 

* Assessed in j'TcorHanrr 
comparative figures adjusted. 

• comment 

After a flat tirst halt Ransomes. 
Sims and Jefferies' pre-tax profils 
nvc 25 per cent, in the second 


____ __ __ _ _____ _ shares: In- Ihe . 

from tractor ine market for the group's - pro- stone Con»oration. a subsidiary of record £32m. Halftime results previous declaration three years group at 6 p j«r 5p share. ^The A ff 0 “ 

agricultural ducts. Consolidated Gold FiekK jumped include associate company results before. Standard Life declared agency has . afco 

revaluation has machinery industr>' could be The forward order book is well from £S.07m. to £13.98m. for the only to the extent of dividends re- record rates of bonus for 1977 on medtam-termlOM ttf SOTS.UW^aiW r - • tf . 

faring difficult trading conditions ahead of last year. However, be- $ix months to December 31. 1977. ceived. individual business last week.. Mr.,:A. B. Powell of .the wnA. sioiary '■ 

in ih«? current year. However. RSJ cause of current uncertainty re- on turnover ahead to £128m. He says the value of the for- 
-hares climbed 7p vosterdav to garding restrictions of merchan- against £73.9m. Profit for the "^ rd work load has also been 
HOp on the better than expected dlse movement between the 1976/77 year was up by £4.5m. to affected adversely by the diffi- 

results. The shares yield 9.7 per Orient and Europe, “we view the £l8.13ra. cult economic circumstances. The 

cent, while the p c U 4.B. 


WIT 

i'lWW 

nw 

2.253 

«nj 

rs*. 

I.»i 


IWK 

imii) 


4 

l.'n 

■VT3 

wim 


T ATI 
s' 

IM 

'.’SI 

ED19. 


Campari to 
pay interim 
of 1.996p 


Manganese 
Bronze up 
so far 


Saint. Piran’s pros 
Jdiary- -in Comwal 
given permission by tl 


ha Mr. be j n Bwe^had 3 sSSted authorities to-stort ^^gJnvesti 
for 200.000 Ordinary shares, and gations iti ; the WoI^OTl-a^mB.a■ 
ilr.-- g. Totaldns foe 100,000- Castle-ah-Dmss. 


Midland 


next few months with cautious p«;„i, E inr-iurlp for rh*> companies in the specialist con- 

optimism." Profits for the 1976-77 ,.,5? fi?™ rolaiini to die S tractin S division, however, have 
year came lo a record £1.65m. StiS mUrSall l^n^rn overa3J level of 

• comment 1977, L to Sy 61 ^ 1 fts boJding ^ b c 0 rap r a nies in il ^the^coDstnifr SO T2F Statistics compiled by the by the ULC, which rafeed^Bm 

The goodies promised by leisure company. Also during the period [f e dirision in ^he AHdSe^East M^Sd l Rank show that the last March udth; an-^sue -.df-lS| 

group Campari for the rull year a further substantial American S D roSdta- hSi and should PRE-TAX profit of Manganese of “new. money ” raised per cent.. seven-yesr"starit. 

could rake the form of a divl- company. Hydro Conduit Corp. produc? a ^orttwhUe ajntriba Bronze Holdings rose from £0.32m. h?^,ital issuL in theU.K.Jast The iffidland Baatf Rerow'la^a 
dend boosting rights issue or less « as acquired for SUS4am. 1\irn- Sm “hen ultimately ^roueht t0 £U4tn. for the six months to 5L?at £L5bn. was higher than the view that,company issues;arr 
U u e ' y K^ ac ? u,s 'V° n - “ ea "* me over and pre-tax profit from'toese t tanSSSanoTSS January 31197S on turnover ahead ttJLre for lfiTG^by . f37m. likely. to get-eff tb,a' slow start 

shareholders have to resign them- operations amounted to £32-02m. accordance with at against £14A4m. Profit for StbS the latest figure is ^oly this year. Thereasxming.bchimi 

■v- — K- ’** * ■- - 7 IMPOPTFRS and riu*rihnrt>rs nr 5 e,ve * J® * performance and £1.44m. respectively. Adlantage^has been taken of the 1976-77 year rose from £L2Sm. three-ouarters of the 1975 peak of this.foreost fe that talerest 

baK making a cam for 4 he year of aAd^boating Directors state that prospects improred conditions in AixsSaHa to a record £2.63 m. iiSbn. the 1977 total isthe on AtnMaflir bank 

SibGSdS^oTTn.SSwwiS !S"OT‘ i Pj9»F.a.'»» 1 "* » reasonable TSS* -’"i'—>"1. N«w Zeolanb .nd the torn,- _5» -?«•_«« S! second highest amount recorded, standi^uk^ 



money 

thp high food prices- charged afrer 
a very poor liarv^-I in 197H. How¬ 
ever. sales of litfegc equipment, 
usually bought later in the year, 
were very flat as farmers became 
more cautious about prospects for 
the 1977 harvest. Bui the much 
better growing -Mison last year 
did help the crass machinery 


- However, the composition of leyd ta relation ta the eost'.ol 

customary proportionate advance thp 7077 results show significant bowowung ..from - wtemabn 
but, given stable conditions, re- h j ' sources.••• - . 

suits should be comparable .to the ““P® a mount of money raised" by .;H*we«r.ias tfce ^vmU- n«ri 
latter half of last year. co^anto dSdiSed for the second SS 

The better result for the six year runnings At -£947Jm. com- .R>ve«mentbuildsHip later 

be 3 ^available HoMan^^hTch" so^ar^haL^ oro- ttie“volume'of work available, the elsewhere overseas are being pur- months came mainly from a reduc- Janies ralsed £214m. less than in ^ 
e vear end/' duced virtu Jly all the overias directors say. and this is reflected sued. . • tion in interest, from £0.41m. to BSHtad £63Llm. below the ^ **■*??>* 

' aucea .1" h!ir nf m the improved results of prac- The result is subject to tax of JEO^fim. directors say, and trading •. . ' 

a ** -. ,i-‘- ajj D f the company’s £687.000 f£691.000) .which leaves profit was hindered by industrial P public bodies — the 

(£785.000) relations problems-disputes at e ]^nt betaTtacal a?thorlti»= ^ 

however Earnui Ss oer 2^p share are shown two factories seem now to have liTnL. - rwnnt amount of new » year 7 s 8 - ..... 

Overseas al 9 3 P ( 97 P>- been resolved, they add. in To?? ArS -Sri' the - ^ ; ^ 

be Profit was struck after depre- Demaud and pe'rformauce at ell SSfis more toa^a SSwover 

ctation of £733.000 (£W3.00<1| and units was satisfactory, particularly rtCprevious peak-inToM and .tS^ta^SsTsS, 

Uiterest ™k. b „ of 


more ‘aoodies' wi 
for shareholders at the 

fn the seven months to profits.. .— .— — . ... 

December .11. 1977 pre-tax profit the current year contributed tiC .? 1 
rose from £723.035 to £812,866 on around £200,000 of the pre-tafi activities, 
turnover of £7.88ra. against total. That market has turned Production facilities, 
£7.fllm. sluggish as retailers control stocks remain underutilised. 

Mr. Benscher tells members during a time of slack consumer performance continues 
that the group has been continu- demand. Campari is now develop- satisfactory, they add. 


to 


Commercial Union 

Assurance Company Limited 

The Board announces unaudited profits for 1977 of £67.6m. after providing for taxation. 


Premium Income 

Investment income 
Life profits 

Underwriting result (Table below) 
Loan interest 

Profit before Tax 
Taxation and minorities 

Profit attributable to Shareholders 

Earnings per Share (Note (b)) 

Shareholders’ Funds 

Underwriting Result 
United Kingdom 
United States 
Australia 
Canada 

Western Europe 
Remainder 


NOTES fa) The results far 1976 hare been restated in view o/ 
the change made in the Company's policy for 
dejerred ta-ration announced in /yoretnber J977. 
(b) Earnings per share are calculated on the “net" 
basis and for 1976 have been adjusted to take account 
of the vonus element included in the Rights Issit> 2 . 
(ci The results of the Company's overseas operations 
have, as usual, been concerted at rates nf exchange 
prevailing a: the close of the years reported above. 

World-wid» non-liL? premium income in sterling 
terms shows a reduction of 7%.. After allowing for 
changes in rates nf exchange and the effect of the sale 
of our Austrian and German companies during 1977. 
there was a growth in premium income of approxi¬ 
mately 6%. 

In the United Kingdom the underwriting result has 
been arrived at after taking credit for approximately 
£3m. arising from the change made this year in the 
method of calculating unearned premium provisions. 
There has been a deterioration in results during the 
fourth quarter due to poor fire experience and an 
increase in the incidence of motor claims. 

In the United States a substantial underwriting 
profit was mad} in the last quarter bringing the results 
for the year as a whole into profit. All major classes 
have contributed to this profit except workers' com¬ 
pensation, the experience of which, however, continues 
to improve. The statutory operating ratio for 1977 was 
98.2% compared with 106.4% in 1976. 

Underwriting results in Australia were profitable 
but. less so than at nine months. Conditions remain 
difficult because of severe competition, continuing 
inflation, although at a reduced level, and uncertainty' 
created by adverse legislation in certain States. The 
Canadian underwriting results show little change on 
last year after provision for the estimated effect of the 
current regulations of the Anti-Inflation Board. 

The poor result foe Western Europe was largelv 
due to underwriting losses in the Netherlands, where 
all rates, but particularly those for motor, have been 
seriously inadequate. Substantial rate increases applic¬ 
able in 19«S have now been approved and these will 


1977 

Unaudited 


£m 

1,072.5 

127.7 

112 

(20.9) 

( 21 . 2 ) 

99.0 

(32.2) 

67.6 

19.40p 

£584m 


£m 

(1.7) 

3.3 

.4 

.1 

(19.9) 
(3.1) 

(20.9) 


1976 
Restated 
(Note (a)) 

£m 

1,148.9 

123.9 

7.9 

(59.8) 

(24.7) 

47.3 

(13-2) 

34.1 

10.S4p 

£410m 

£m 

(6.S) 

(26.S) 

(4.7) 
.3 

(17.4) 
(4.4) 

(59.5) 


help to improve underwriting results, although further 
increases will be needed. 

Investment incom' 1 for 1977 was increased by the 
acquisition of Estates House Investment Trust Limited 
and reduced to a greater extent by the sale of our 
Austrian and German companies. Moreover* ehanges 
in rates of exchange further reduced the sterling value 
of group investment income by approximately f 10m. 

Without these factors, investment income would have 
shown an increase of 13%. 

Dividend 

The directors recommend for payment on 17th May 
197S a final dividend on the ordinary shares of the 
Company of 5.0S1O (1976 4.387p). This, together with 
the interim dividend of 2.564p (1976 2.525p) per share 
paid in November last, gives a total dividend for the 
year of 7.645p (1976 6.9i2p) per share. U,K. resident 

and certain foreign shareholders will be entitled to an I thmun nuawr fes vansttnei maimmm 
imputation tax credit of 3.938p (1976 3.619p) per shar?i I w™ ,l,led - araou, “- DOr of «"■ 

at current rates of tax. making a gross dividend for the 
year 1977 of 11.583p (1976 10.531p). an increase of 
10%. The comparative figures for 1976 include the 
additional interim dividend which was paid in 
November 1977 because of the change in the rate of 
Advance Corporation Tax. 

Including preference dividends for 1977. these 
dividends require £29.9m. (1976 £21.6m. including the 
additional interim dividend referred to above). The 
balance of profit for 1.977 amounting to £37.7m. has 
been added to reserves. 


The Report and Accounts for 1977 will be posted 
to shareholders on 22nd March 1978 and the Annual 
General Meeting will be held on 17th April 197S. 


Insure with 
Commercial Union 
Assurance 


(£333.000). 

The interim dividend 
from an 

0-SSOop net, and will absorb mand can be detected in certain 
I74.7S4 after waivers. After areas, they add. 

adjustment for the _one-for-four Norton Villiers Triumph has not 
scrip issue last year's total paj* yet been, able to report that ihe 


. . companies, and the restate may be decrease In the araouta of 

im dividend is lifted considered up to expectations, the money raised by companies' Jwutijm'rf Rank - - 

.OjSOWp ‘o directors say. But a_weakening de- " n eW l 9 T 7 m n^reSctedfa?the ~ t ; , : - - 

J u “ j-*--*~j — -* actnai number of Issues. Tbesfc" 

figures remained- similar. ' Last.. 


out was 3.09S8p. 


Standard Life 
lifts pension 
bonuses 


funds collected by tlie receivers 
and liquidators can be used to dis- 


year there was 173 issuer (bcliiti- c - Peak.£D39m. 
ing 130 rights), compared;Ac* ■ ' 

108 (130 rights) in 1978. ■■;. lOi LllflHcS :' r.^ 

The most striking/feature of 


charge its obligations to bankers. .. Tb . e Q ?r IJn^n Ac ‘ 

Until this repayment is achieved )£ e -K21 VUGS - -. • r .\- 

the directors say'they cannot use- 25.,E 'S.PtMn profli o£ hadksaw blat 


;ui»wwi-aUiey rauiwi use- nilh1if . nartimlariv local' - Pr^&C profit of^hacksaw blade 

fully reconsider the need to main- KoriS whSS^^Sed^ makers CJferies Baynes was lifted 

STtavi4?nl S 0n made SST^SvaSS ^from K £2^4 to a reooAJOBV64 

n.-SIf5 lmenL *fc *. _. azures to pusti their prbportfon to: the^ Decemlier 31,. I37T- year. 

. Directors say that extraordinary ■ __j *- fjionv • ■TiffUCrtr of against 

One of the leading U.fC pension ’ t ® rns - t° be detemined at. the Within that, - the ' amount £1 in.dudesexports. of £0.«4ai. 

companies. Standard Life Assnr- year-^nd. will include the amount attributable: to > howrf■ Agues . ww' compared with fft.42m. last time, 

ance Company, has announced of £288,120 being the dividend S^v iower a^mff ^T^dfiectort are prwM&tag a 

increased bonus rates for 1977 in arrears on Norton Villiers Triumph gSEy i?hite tL stSk four-for-one scrip 

eertaln Qf 115 p<fnsl0D received on S ^eftal yearW fe.yuhject 

contracts. October 31 19 m. Tbe:^^nutnber 'of Issues also td tax of £304JJ08 (JEU4;B29). 

SK montiu reflected this change- • At- 227 leaving -net proGt at- HS8550 
1 ^mo 8 1 mnT bond issues were; .17 Fewer than (£114,655), Earnings per lOp share 
laoro msot in 1976 while the number.of Stock are givfen at 2G.92p (16JSp). 

»s- at? issues jumped from 4^.tb 27-. Vnfe:final dividend of 2.1p against 

« For- the third, successive, year 2p k taKes' the total to 335p pet 
i.iS the is ruesT stock, issue was made (3p). - 

33S 


On its money purchase schemes 
—Stanplan M and Stanplan MS- 
used for lopping-up arrange- Tnnwr p r 
ments, the rate is lifted, to £3.25 D^ciaaon" 
per cent, of the sum assured or Leasing 
accrued pension benefits plus *“ :eresI 
attaching bonuses from £5 per PraHt 

cent previously. i'f 


548 


4m 

438 


RESULTS AND ACCOUNTS IN BRIEF 


ASSOCIATED FISHERIES—Result® Tor 
war to Swemher 30. 1877. reponed 

rfoniair 3 in full prellnunarj- Kaiemem. 
uuinnan-s comments on prospects 
reported February ib. Croup Bxed assets 
'tiT^gnL.i. »r current assets 
na.TTbi. i£io.s#m.i. Compensation paid 
for loss of office in subsidiary £ 28 . 000 . 
Mei.-ilnc, Savoy HoUe. W.C., on Jfarch 16 
at noon. 

t d A ,V^ l . iah AWD "rtERMATIONAL 
TRUST—bet revenue fur ,ix months to 
January 31. 19TS. £100.930 (£T?.r40i. afler 
lax wS.273 i£71^301. liiieiim dividend Ip 
,!Jr_ and ,. - 7p final*. Net asset value 
lOfi ip ■ Ul^fpi. 

BOUGAINVILLE COPPER-Flnaf tUvl- 
aend 4 Toea. payable May 4, maldnii 

Toea for 1977. 

BURMA MINES—Cross income for 1977 
Kfi.W*4 (£19.6411. Set income £3.701 
i£1.434 1 a/ler lax credits £1.731 tf4jmi. 
Earnings D.02p fO.Olp) per t73p share. 
No dividend (same* 

CARRINGTON INVESTMENTS — Net 
pretax prnfil 07.000 (£24.000 1 for six 
momlis lo September 30. 1977. Tax 
£19.000 f £7.000 >. Net profil £19.000 
£17.000). 

CITY AND FOREIGN INVESTMENT 
COMPANY—No dividend isame) for 1977 
R«venue El2.128 Moss M.M3> after tax 
£364 IX2.7S71. Net asset value per Zap 
sbure Wp '73o> 

CLAVERHOUSE INVESTMENT TRUST 

—Results for 1977. already reported Value 
or Investments In UJC. £10 14m. (£6.9m.). 
outside U.K ££77.071 rf«6l-M0i. Unlisted 
068.640 (£i09^»k Meeting. S. Crosby 
Square. E.C.. on March 7, at 22 30 

CORNELL DRESSES—Turnover CL57m 
(El.6310.1 for 197T. Pre-iaa profit £23.10] 
£28.029) Including £12.669 from assodatc. 
Earnings 0-57p <0.45p> per 5p share after 
lax. £6.029 (£14.386'. No dividend (stogie 
interim 09p net'. 

COLONIAL SECURITIES TRU5T COM¬ 
PANY—Results for 1977 already known. 
Investments lined ai market value U.K. 
£5 j?tn. (f 4.09m. I and else where £2.45m. 
£3.23m.l.. and unlisted at directors* 
valuation £0.lm. :f£ 0 .siiro. Nei current 
la £0.53m. (EO-jm.l. Meeting, 
117, Old Broad Street. EC. March 15 at 
12.15 p.m. - ■ 

ESSEX WATER COMPANY—Pre-tax 
surplus for 1977, £3.25 (ELfifim.), balaoct 
carried forward lurm. i£L49m.t Ever 
Increaslntr costs, togeiber with reduction 
Industrial vraier demand, make in- 
orcast; in charges Ineiliabte from April 
1978. Provisions ror Water Charges 
Equalisation Act become effective !rwn 
April l. and is expecud company will re¬ 
ceive £48.000 :n I97S. for benefit of domes¬ 
tic consumers. Fixed assets M? 37m. 

(£44.73m. i. net current assets flJ.Tlrn. 
£2.5801.1. Net capital expenditure dunng 
year £2.Mm. raises historicai lotal to 
£46.S7m. Auditors unable ro form opinion 
as to adequacy of transfer from revenue 
account to contingency fund for year, al- 



tlDEency fund al year-end amounting to 
£2.8m. Meeting, Caxton Hall. s.W. 
March M., at noon. 

equity Consort investment 
TRUST—A t January Jt, 1978. nel asitrt 
value P«r Urdiflao £7 share. !78p. and per 
deftrred 50p share I37p. 

F. AND C. EUROTRUST—Net revenue 
for stx months to December 31. istt, 
15.360 <£22.I«i a/icr rax £14.200 i£:>.100 1 . 
Xei aaei value b0.4b tsamei per 3jp 
share, rtros revenue n 12.400 i£s;.4«i.. 

EWART NEW NORTHERN 'property 
development!—Pre-tax lass hair-year in 
Ociober 31. 1377. £1.614 iproHi £L5.Ml 
and El7.60s for yean Tax £1 457 ■ £ 1 , 7991 . 
Surplus on iale of property £3.371 iruh 
Loss in lets man esptcred ai start oi 
year. Durioa second half heavier repair 
charges and increased wages are ex¬ 
pected m k-ad to Punher toss. 

FLEDGELING INVESTMENTS—Total 
income £29Uoi (£!5RJM3> rnr year in 
January 2f. 1973. Deduct management 
expenses £9.798 i£19.213>. debenture lu- 
ttrfcQ. £ 31-3 50 ' jamei. Interen on over¬ 
draft C3,J (£33 ji and Ux E66.2B6 iI73J34i. 
iWpi 315 ** 1 valuB pcr Ordinary share 74p 

LMD0H '"VEST- 
„TRUST—Net reveatio for 1977 
fSfii.661 >. after tax £42,314 
2£p -hare D,ndeud ^ 3d ‘1.5d25oi net per 

fur E is- l> VE / r ^ EMT TR UST —Results 
fnr 19,, aifejdy ktioivn. Quoted tnv»*r- 

V .n ,i ! 9V ma J rt((;l *4lue iS.oetn. 
— 97m. 1 and unquoted at directors value- 


non t5 .boo i£3.500>. Liquidity, increased 
by f0.52m fill.24m. decrease!. Mr.’Robin 
Brook, chairman, says It ls dtffleufi to 
be entbuslastfc about' outlook . for 1978. 
but as Far as UJL Is concenjed;he sees 
no ground for undue pessimism. Heeling 
44. Bloomsbury Square. W.O, Mart* 30 
at 11 a m. 

MELDRUM INVESTMENT TRUST— 
Resuho far 1977-already raportad. U.K. 
quoted investments- al. 'market -valuation 
£11.92m. i£7.68m.f. Utranoied-at directors' 
valuation, fellow subsidiaries £39.545 
f £35.877), other £49j»0 <H90fL The 
directors are reasonably optimistic and 
hare entered 1978 fully Invested and with 
3 portfolio constructed to fake-advantage 
of freedom from dividend, restraint i-heti 
It occurs. The company is tS per conr 
owned by British and Comntnnwealrb 
Shipping Company. Meet Inc, 2. Sl Alary 
Axa. E.C.. on Uarch 21 . at IU0. 

NEW YORK AND GARTMORE IN¬ 
VESTMENT TRUST— income, from divi¬ 
dends and Income ror 1977 f 173.874 
1 £194.338>. prnRI 157.977 f£l3.42*i after 
lax E32.M0 (£19 5151 . Earnings per 25p 
share 0 33p «0.17pi and dividend n.4p 
tfl'.3p» net. abyirbs E32.0Oa ina.IIOfli 
Total funds at market value, net of 
tTUilH-cun-etiry loan and deferred tax, 
0:91 m. 113.59m. 1 . Net asset value per 
«hare 34 4p i44.9pi. - - 

RIGHTS AND ISSUES INVESTMENTS 
TRUST—Gross income XI48 «l f£tf9.5B0i 
fnr 1977. Tax £37.239 <£3«-849>. Bannnss 
per 25n income share 3JlBp i?.UIp) and 
25p capital share O.IG8p i0 IWo'i. Net 
dividend on Income dures ?J25p >1.9375o> 
and capital shares 0.1l625p iQ096875di. 
Nel asset value on Income shares. 33So 
tlLSlpi end 45p (Snspi on capita! -shares. 

SID LAW INDUSTRIES—‘Results'for year 
to September 30. and comments on cur¬ 
rent year reported January 14 . -Group 
fixed assets £11.03m' f£l9.43m.-). Ner cur¬ 
rent assets E5.03m. (£4J2m.). Meetlna. 
Dundee. March 10. noon. 

STEWART AND WIGHT—Turnover 
£245.737 (£214,575) for half-year to -Sep¬ 
tember - 25. . 197f. and profit £19387 
(£14.164) after Ux Of £5.045 (£10.300). 
Interim drvtdend 7p (same) per share, 
parable April 2 



Year ended3t st December 1977 

- £40.425,624 
£2,038,752 


Value of assets 
Gross revenue 

Per25p stock unit:— 
Net asset value 
Earnings 
- Dividend 


117. Op 
2.90p 
2k65p 


- '1976U7- 

£39,637,890^ 

£1,870,059*: 




tv- 


The Chairman, Mr. S. G.Brooksbank, F.C.A., tbifiipprita : '.: 

In terms of income available for the ordinary stockholders,7 V 
The increase oljusTunder 20 percent, is reasonable. On the r” 
capital side the result is disappointing. ..... , ~v\ r . 

The ca use is simple to pinpoint; It is the substentiaT- :• 

proportion of investments held overseas, jhe factors whichliaira; 
in.the last few years operated to the advantage of the (xtimerfey-.. 
stockholder have all declined irrl 977. It remains the Boaids rHy"* 
policy to maintain i is investments in North Americasinceycm.^fi^'.- 
exe mi nation of fundamental investment criteria, the outldokior.- 
the American stock market and the economy of 
appearssuperior to that of the U.K. 

in the light ofthe income position the BoardiaeTs jtisBfi:s?. sgn J. 
recommending a final dividend of 1,85p making atotal for .Siefr^'.. 
year of 2.65p which represents an increase of 1 ZTlpei cenCTwt' 
last years’ total dividend of 2.35p. \ '^C: .' 

Copies qf the Report and Accounts are available from 
Lazard Brothers.& Co. United, 21 Moorfieids. Londprt^CiZff 2hfT K >V 





_ 



(Pronounced BULL-OH, is the holding company fora ' %' 

broadly based engineering Group! 

Points frtm.the accounts for the year ending 


• Dividend per share Increased ta5.6p* 

• Assets increased to £10 miirion. -• 

• Annual rate of growth of earnings per share hais 

over last ten years. j :■. 

• The outlook is for further progress jh the current ye^t: 

PRpFIT BEFORE TAX - COflO: ; T ^ EARNINGS 

* 1 '~' ' 


3000 




1000- 


■ 1075 ■ 



I I 
■ 1 



. Copies Of the Rap&taiid£cCDuritsareava3ebfefm~m - 

The Secretary, 85. -fesr Sfnest Epso^So^k^??^ 



•. -A-Vv'-Vf 





















V Xw‘-_ 


'Ah t financial Times Tuesday February 28 "1978' 
wifci m; 

• % 


for colour Commercial Union gets 

boost from U.S. 


TT COLOfJT? Television in 56 
cent, of- UJC. borne* there k 
C onsiderable scope for 
ad a TV. Rentals to grow as 
. economy , improves. Lord 
3stein, chairmen of Granada 
up. says in his statement. 

Qd In the not-too-distam 
re new markets are expected 
develop wrth the arrival of 
lucts such as Teletext, 
«iata, video tape, recorders 
.video discs. “Rental is the 
1 wax dor. such new .items to 
n -• rapidly into homes, com- 
• 2 G and industry and Granada 
■ell. placed to share fully in 
e developments” he says. 

Td Bemsrein says difficulties 
to be overcome in the year 
■d -on’ October SL' 1977, 
tag largely to .high inflation, 
npioyment and consequently 
ced consumer spending, 
t record turnover of £SZm. 
profits or £13.1m. (£l«t29m.) 
achieved In the U.K. He 
. the number of people 
’mug to rent rather than buy 
ir television continues to 
and. Granada's share of this 
■et has increased, 
the year the borrowings for 
aurchase of Spectra Rentals 
repaid, and the integration 
>ectra was completed, 
made TV Rentals Overseas 
has 27 showrooms in Canada 
93 in Europe, and the 
/ ess is well established, he 
l ' Profits climbed from flMffim. 
33m. . 

inada Group profits were a 
d £25.13m. f£IR.l5m.) for The 

• inada Television increased 
from 14.53m. to IfiJ2m., 
y owing to a rise in adver- 
revenue, which ' continues 
■. buoyant. 

nada will be investing £3m. 
. e next two years to intro- 
to its Manchester head¬ 
ers new technologies now hi 


use.in the U.S. for the production 
and transmission - of television.-■ - 
' ■ Bingo - Social - Clubs . bad a 
record year and cinema profits 
increased. - Motorway operations 
had a hard trading year with a 
cut-price -petrol - war and the 
economy reducing mororinj* 
traffic and the -spending of motor¬ 
way centre risiiors.'" 

Lord Bernstein Says that the 
current rates of Interest and im¬ 
proving demand for City office 
space has justified-the principle 
adopted- towards property valua¬ 
tions by the. Boant:of the 67.74 
per cent, owned . Barranquilla In- 
vestments. A 1975 valuation 
showed a total figure of 147.42m. 
against a 1973 figures included in 
accounts of £5o.49m. The directors 
did not consider, the- lower value 
represented a permanent diminu¬ 
tion in the . value of-the properties 
—totalling some 800 . 001 ) square 
feet of offices—and ' made no 
alteration lo book values. 

Granada Publishing had a pood 
trading -year' and' the insurance 
subsidiary, L’Etoile,-saw an in¬ 
crease in premium -Income in all 
branches of its business. 

Transatlantic Records was not 
profitable and was /sold in the 
year. Record and tape operations 
for' six months of 1977 produced a 
£215.000 loss and in ail 1976 a 
£334.000 deficit. Accounts show a 
£300,000 loss on the disposal of a 
subsidiary. 

Accounts shots a drop in loans 
and finance advances from 
140.06m. to £26.29ra. and a decrease 
in accounts due to. hankers from 
£21.87m. to X19.09m. : 

.Contracted capital spending for 
the current year- is.' shown at 
16.38m. (£5.07m.), and authorised 
spending at 114.15m.' fill.63m.). 
Of the total. £15.Sm. {£12.45m.) is 
for television sets. £ 

Meeting. Golden Square, W, op 
M arch 22 at 12.30 pjso. 


prjFLpCTIMG a reduction in the 
underwriting lo>s" from £59-8m. 
to £20.9m.. pre-tax profits of 
Commercial Union 4*isuranct; 
Company - more • than doubled 
from £47.3(0. tn a record £99.8m. 
for 1D77. Ai the halfway stage 
the company was ahead from 
£17m. to £8S-2m. and had climbed 
to £68.7m. at nine months com¬ 
pared with £2Sm. 

In the U.S. a substantial under¬ 
writing profit was made in the 
last quarter producing a tum- 
round from a loss of £26.8tn. to 
a profit of £3-3m. for the year. 
All major classes contributed to 
this profit except workers’ com¬ 
pensation. the experience of 
which, however, continues to 
Improve. 

On capital increased by last 
November’s £73.8m. one-for-six 
rights issue, stated net earnings 
are up from 10.S4p to 19.4p per 
23p share and (he dividend is 
stepped up to T.MJip (,6.912p i 
with a 5.0glp net final. 


Pwnkmi Ineamc.. 

invest, income . 

UU- proflls .. 

UnrtiTwrmnc loss - 

u K. . 

V s 

Australia .. — 

Cnnadj .. .. 

W. Europe .... 

]f«J 

Loan totems! .. 

PrC-tax Profit .. 

Ta* an<l nw nor hies .. 

AiirfbuiaOk- 
• hesiairii on company's deterred rax 
potlcr ctiaasc. i Profit. 

In the. ILK. the underwriting 
remit was arrived at after taking 
credit for some £3m. arising from 
the change made this year in the 
method of calculating unearned 
premium provisions. There was 




£m. 


Lm. 


1.01X5 


1.M5.0 


12 C-0 




S.r 


*3.3 




^0.1 


to.» 


IS. 1 * 


17 4 


24.7 






17.7 


S7.lt 


Ml 


BOARD MEETINGS 

Ttic foilpwiaa cnntpsni-s hiv- notlffe-l 
dai.-i* of hoard mi—tins* to ih. 
Excbjiitfi-. hurh ir..-i-iii«> arc usually 
h’-id for ths puro'M’- of uotuidcrliw divi¬ 
dends. oflii.-ial indlcallons >m nol avail, 
able nbcihur dtvulrnd* n>aii>roud ar» 
mu-rims or iinn].s and IP>- iiCi-Jiviflun-. 
sbob-n below on- based maiUy on Iasi 
year's Uznuiablv. 

TO-tWtY 

inurims:—Kaioc Kngmecnns. RosgHl 
Finals:—T 1 . P. and j. H Brume. Broad- 
stone Invesraicm Trust. First Scottish 
Americas Trust. Ilona Kobe and Shanghai 
Banking. Imperial MoLai Industries. Inter- 
oailonal Investment Trust. MeUlru. 
Mount Oiarlone investments. \'a banal 
Westminster Bank. Scdewli-k Forbes. 
Waierford Class. Woodbouae and Hixson 
FUTURE OATES 

I sic rtras: 

Bampaon industries ..._.._Mar. $ 

Finals:— 

Bearwood .... Mar. M 

PaH-'On »W. I.Mar. h 

Scottish Eaaiem Investment Trust Mar. S 
Sharp" fW N . .Mar. S 


a deterioration In results during 
the fourth quarter due to poor 
fire experience and an increase 
in rhe incidence of motor claims. 

Underwriting results in Aus¬ 
tralia were profitable but less mj 
than at nine months. Conditions 
remain difficult because of severe 
competition, continuing inflation, 
although at a reduced level, and 
uncertainty created by adverse 
legislation in certain States. 

The Canadian underwriting 
results show lit Me change after 
provision Tor the estimated effect 
of the current regulations of the 
Anti-Inflation Hoard. 

The poor result for Western 
Europe was largely due to under¬ 
writing losses io the Netherlands. 
where all rates, bur particularly 
those for motor, have been 
seriously inadequate. Substantial 


rate increases applicable in 1975 
have now been approved and 
these will help to improve under¬ 
writing results, although further 
increases will be needed. 

World-w ide non-life premium 
income was down by 7 per cent, 
but aficr allowing for changes In 
rates, of exchange and the effect 
of the sale of the Austrian and 
German companies during 1977. 
there was a growth in premium 
income of some 6 per cent. 

Id vestment income for 1977 was 
increased by the acquisition of 
Estates House Investment Trust 
and reduced to a greater extent 
by the sale of the Austrian and 
German companies. Moreover, 
changes in rates of exchange fur¬ 
ther reduced the sterling value of 
group investment income by some 
110m. Without these factors, in¬ 
vestment income would have '■ 
shown an increase of 13 per cent.' 
it is stated. 

See Lex 


CRESCENT JAPAN 
INVESTMENT TRUST LIMITED 
Summary of the report of the Directors 
for the year ended 31st December 1977 


Moorside 

Trust 


The combination of low Inflation, 
additional tax incentives and an improve¬ 
ment in business confidence as die 
government is seen co act decisively 
should stimulate the private sector of the 
Japanese economy. By die second half of 
-1978 it would be reasonable to expect 
the reflationary measures introduced by 
the new cabinet co begin to have a v 
beneficial effect on corporate profits. 

Liquidity, particularly in the hands 
of the domestic Institutional investors, is 
now high, so that significant amounts of 
money are potentially available for 
investment in Japanese equities as 
confidence in die recovery of the 
economy percolates dirough to the 
investment community. 

The portfolio is structured to 
take advantage of better stock markets 


in 1978, although share prices can be 
expected to remain highly sensitive to 
changes in exchange rates. The intention 
has been to concentrate on chose areas 
where Japan now has a dear lead, 
especially in the Reid of electronics- 
Particular emphasis has also been given 
to those sectors where increased 
consumer and government expenditure 
should have the greatest Impact on 
corporate earnings. 

The reciprocal loans of the 
company now amount to S6,000,000 
($12,530,000 at 31st December 1976). 

The revenue account shows a 
surplus of £37,639 for 1977 which 
compares with an adjusted deficit of ’ 
£91,729 for 1976. No dividend is 
recommended for 1977. 


At 31st December 
1977 


At 31st December 
1976 


As already known pre-tax 
revenue of Moorside Trust rose 
from £843,687 lo £754,221 for 1977 
and Mr. Edward Davies, the chair¬ 
man. says in bis annual statement 
that the company will continue 
its effort.-, to improve on its 
performance during the current 
year. 

The chairman believes that with 
a return ot confidence in U.S. 
equities the company's loan port¬ 
folio will prove rewarding. 

Net liquid funds decreased by| 
£128,109 (£189.589). 


NET ASSET VALUE PER SHARE 

(After allowing for the exercise of 
outstanding warrants) 

Issued Ordinary Share Capital 

Outstanding Vterrants to subscribe 


152.5p 


181 .Sp 


14B.8p 175.6p 

6,263,130 shares of 50p 
486,870 warrants 


Copies of the Report and Accounts may be obtained from the Managers and Secretaries, 
EDINBURGH FUND MANAGERS UMrTED, 4 Melville Crescent, Edinburgh EH3 7JB, where the 
Annual General Meeting will be held on Tuesday. 21st March 1978 at 12.00 noon. 


jrmour £154,000 profit 
1 first half 


UNDERLYING improvement 
trading position of Armonr 
noted by Mr. C. R. 
■time, rtte chairman in his 
sent with the 1976-77 
its has continued ' and is 
ed in the figures for the 
;ar to October 31. 1977. 
rover for the period 
led from £3-01m. to £&68m. 
e-'ax profits advanced from 
* to £154,000. For ail 1976- 
here was a lots of £43.000. 
is interim report, the chair- 
ays that the confectionery 
diet;.helped by more stable 
-a! and produotion costs 
Hade good progress and a 
able Increase in profits .for 
R year is anticipated. The 
•on interests have ' also 
an improved contribution 
is trend is expected to con- 

aoKcy'of selling the group’s 
. injf- properties Has"''coni 
satisfactorily and the pro- 
.realised are approximately 
o written down book value, 
‘ugh proGts are now beine 
■d. the directors do not (cel 
iropnare to declare an 
dividend. Consideration 
be .payment of a final divi- 
will be given when rhe 
. ..for..the full year are 


tin 



Half year 

Year 


1S77- 

19TB 4*76-77 

,1 . 

I00<1 

raw 

EOOO 

II. 

3.63J 

3.WH 

5.602 

'.ter* tax 

19*- 

as 

♦4 i 

4 

ft 

TtUW 

3 


4 

)J. cfcajrge* 

_ 


B30 

1 Mo 

132 

•6 

•>S0 

i(/r« for the 

!*Stf toil/ r-.-ar have 

|VMu«U>4 to 

conform 


the 




oallcies adopted in rile aadllnd 
L to .Vprtl W. 1WT 'Lr*s 
> Lam bourne tejfr members 
re reason for the . group’s 
>inting_ performance over 
, sl few" years has arispn 
ily from its involremem in 
.■ty and in particular Euro¬ 


pean property. The directors have 
decided to terminate these activi¬ 
ties. and . out . of extraordinary 
charges of; £S50,00Q a total of 
£ 811,000 relates to'these decisions. 

As the European property com¬ 
panies have ceased trading, it is 
considered misleading :to consoli¬ 
date- these activities into the 
group’s - accounts. Full- provision 
has been made -for aD. terminal 
Tosses and the investment in throe 
companies - h?s been written off. 
Claims, have been made against 
Donaldsons and Donaldsons SA, 
the former managing, agents of 
the Belgian * subsidiaries arising 
out of their management of those 
subsidiaries and . proceedings 
have been instituted .against 
them. 

The in vest mem in the asso¬ 
ciated company. Armour 
Edgworth, has -been written, off 
.and.- .provision .-made ■ in-'Alip 
.account*, against- advances mam? 
lo that company. These advance's 
which amounted to- IIJ011.000 at 
Aoril SO. 1977. arc euarameed by 
Mr. P. V. G, Newton. Discussions 
are taking place regarding the 
settlement of this obligation. 

The accounts for The year to 
April 30, 1977.' reveal that con 
fectionery contributed £4.48m. to. 
turnover and 1385.000 lo profit; 
television rental, sale, and finance 
£1:08mand a loss of X198.0Q0: 
and property investment and 
development £40.000 and a loss 
of £63.000.' Holding company 
management and interest charges 
absorbed £147.000. 

The .television rental, sale and 
finance loss is staled after 
charging ... exceptional Items 
amounting to £221.000. 

On April 14. 1977, lhe group 
rc-hogouated - Its short-term loan 
from Slater, Walker as an 
interest free term loan repayable 
in monthly instalments over a 
period ending March 31. 1U80. 


lR£The Royal Bank 
Mof Scotland 

The Royal Bank of Scotland Limited 
has been appointed Registrar of 
THE PENINSULAR AND ORIENTAL STEAM 
NAVIGATION COMPANY 

■ Transfers and other documents for 
registration may be lodged and enquiries 
made at 

The Royal Bank of Scotland Limited 
Registrar’s Department 
PO Box 27 

31 St Andrew Square 
Edinburgh EH2 2AB 
- Telephone: 031-556 9151. 
or . 

The Royal Banik of Scotland Limited 
... Registrar’s Department' 

16 Old Broad Street 
London EC2N1DL 
Telephone: 01 -588 6234. 






w 

yi* 


THOMAS FRENCH & SONS LTD. 

“Ruffletler brand Curium Styling Product* 

K-Flex" brand Electric Surface Healing Products 

PROFITS £1,270,032 in 15 months to 1st 
October 1977 (£1,004.292 in previous 12 
months). „ 

DIVIDEND maximum permissible 33.9%. 
FORECAST increased profit in current year. 

From Address by Chairman . T. J. French. 

at-AGMon24J2,7S - ■ 
Comprehensive Re-equipment Programme 

Urde-\V* r ay.' . - " 

Sales and Marketings agement being 

Expanded- . 

Statements of Confidence m Long-term Future ** 


She Finance Director’s 
ivouritebuilder 


Telephone: 

01-423 3488 .. 


vis Construction limited 


The London Money Centre 
is built round the Pyramid* 


The Pyramid is the symbol of one of the world’s 
most influential market makers. Bankers Trust. 
Equally, it’s your guarantee of a rapid, efficient and 
continuing service provided through the Bankers 
Trust London Money Centre. 

- - Direct access to a total money 
..... market service.. 

Foreign exchange, Eurocurrency dealing, ster¬ 
ling instruments, CDs, the London Money Centre 
handles it all. 

- Asa miaj'or buyer and seller iit spot and forward 
foreign exchange markets on a global scale, we get 
fastj -acciirate information on opportunities and 
trends. Indeed, working with other Bankers Trust 
foreign exchange traders in North and South 


America. Europe and Asia, we are in business 
around the clock, around the world. Which is why 
we can provide corporate customers with the fast, 
accurate, decision-making information they need 
on trends and opportunities. 

All this is done directly through our Foreign 
Exchange Customer Advisory Group, working 
within the London Money Centre as an integral 
part of its function. 

The London Money Centre Eurodollar desk 
provides-a substantial dealing operation for Euro¬ 
currencies, extending out to Five years. 

; Equally, the sterling desk provides a highly 
efficient and competitive sterling deposit function. 
Finally, as a primary dealer-bank for U.S. Govern¬ 


ment securities, we make the finest net prices in 
London and are well placed to obtain new issues. 
Which complements our activities as one of the 
most active dealers in the secondary market. 

At die London Money Centre 
or wherever you encounter the 
Bankers Trust Pyramid, you're 
dealing with a full service bank in 
the fullest sense of the word, with 
the capacity to raise, lend and man¬ 
age money anywhere in the world. 

Bankers Trust Company 

London Moncv Centre, 9 Queen Victoria Street, EC4P 4DB* 
Telephone;01-236 5030. Telex: 8S8191/2. 






























in 


ipw 



SINKING FUND REDEMPTION NOTICE 
to the holders of 


AND DEALS 


.*■ ;. •. .J, 1 V 


General Cable International N.Y. Friends Provident backs to mendly an s 


Guaranteed Floating Rate Loan Notes 1980 

NOTICE IS HERESY GIVEN, pursuant to the terms of said Notes and the Fiscal Anency 
Agreement dated as of September SB. 1910 among General Cable Internationa* N.V_ General 
Cable Corporation. Guarantor, and Imnjr Trust Company. Fiscal Aaent. that General Cable 
International N.V. intends to and will redeem on March 31.1978 by operation of the Sinking 
Fund provisions of said Notes S2.0M.tW0.00 principal amount of General Cable International 
N.V.'s Guaranteed Floating Rate Loan Notes I960 at -100S of the principal amount thereof, 
which hare been selected for redemption by Irving Trust Company, as'Fiscal Agent under 
said Fiscal Agency Agreement, as provided in said Notes as follows: 

Notes in the principal amount of S1.000 bearing the prefix M to be redeemed in w hole. 


14 

625 

2965 

3536 

4143 

4765 

5318 

■ 5845 

6328 

6790 

7239 

7936 

8476 

5937 

9270 

9673 

24 

628 

2971 

2560 

4144 

4777 

5328 

5354 

6330 

6799 

7344 

7941 

3432 

8943 

9274 

9633 

43 

630 

2930 

3601 

4147 

4731 

5334 

5366 

6335 

-6308 

7347 

7964 

£493 

8046 

0377 

9663 

43 

631 

3020 

3627 

4154 

4789 

5335' 

- 5861 

6356 

6821 

7359 

7977 

3504 

8952 

92S9 

9695 

35 

636 

3027 

2630 

4171 

4815 

5351 

5872 

6372 

6825 

7394 

7937 

8515 

8966 

9294 

9698 

61 

671 

3MB 

3663 

4172 

4326 

5373 

5832 

6377 

6840 

7410 

S 012 

6538 

8973 

9297 

9700 

66 

691 

3029 

3664 

4178 

4330 

£333 

5854 

63S1 

6847 

7420 

8026 

2545 

3373 

9200 

9726 

95 

704 

3050 

3667 

4133 

4341 

5385 

5943 

6384 

6870 

7437 

8053 

3352 

3983 

9313 

9727 

10 * 

712 

3067 

3669 

4203 

4847 

5393 

.5944 

6383 

6875 

7446 

S067 

R554 

8985 

9335 

8732 

113 

732 

30S1 

3671 

42:2 

4865 

5394 

5951 

6404 

6880 

7448 

B073 

3572 

8993 

9339 

9738 

123 

744 

3089 

3630 

4226 

4S97 

5400 

5952 

6411 

6891 

7467 

£074 

R?«3 

9005 

9341 

9740 

127 

765 

3109 

3696 

4243 

4698 

5412 

5956 

6415 

6896 

7504 

S077 

8557 

901B 

9364 

9755 

141 

780 

3115 

3724 

4261 

4910 

5442 

5959 

6416 

6899 

7570 

3037 

8590 

9019 

P372 

9757 

151 

787 

3144 

3742 

4262 

4{G5 

5445 

5966- 

6419 

6914 

7531 

8126 

8603 

9029 

9376 

9765 

179 

789 

3145 

3752 

42S0 

4933 

5455 

5936 

6424 

6952 

7539 

8129 

3604 

9022 

9377 

9777 

191 

SOS 

3160 

37E1 

4307 

4955 

5459 

6002 

6428 

6955 

7573, 

S135 

8612 

9033 

9361 

97S3 

193 

• 834 

3189 

3738 

4324 

4961 

5461 

6007 

6443 

6958 

TSBS' 

3139 

8620 

9039 

?3£5 

9764 

£02 

848 

3191 

3790 

4326 

5004 

5463 

6025 

6455 

6968 

7590 

8142 

8626 

9042 

93^2 

9787 

230 

850 

3213 

3807 

4332 

5009 

5465 

6027 

6457 

6981 

7605 

S153 

8651 

9052 

9596 

9799 

236 

. 874 

3225 

3317 

4245 

5011 

5469 

6037 

6463 

6986 

7614 

8153 

5661 

9060 

9413 

9800 

216 

SSI 

3251 

3313 

4246 

5022 

5439 

6053 

6450 

6983 

7644 

8170 

8659 

9066 

9419 

9EQ5 

249 

893 

3269 

3347 

4373 

5033 

5511 

6067 

6493 

6989 

7664 

£184 

8701 

9069 

94J5 

9E13 

272 

912 

3281 

. 3354 

J404 

5035 

£521 

6075 

6-194 

7001 

7665 

SI 92 

8712 

9070 

9474 

9825 

236 

935 

3286 

0 S 60 

• 4411 

5054 

5544 

6079 

6495 

7013 

7666 

SI 93 

3732 

9079 

9477 

9S23 

325 

946 

3295 

3869 

4421 

5071 

5566 

6083 

6506 

701S 

7669 

SI 96 

8741 

90E5 

94E0 

9838 

341 

959 

3303 

2370 

444-1 

5072 

5591 

6090 

6512 

7C32 

7695 

8210 

3743 

9087 

9481 

9839 

348 

-982 

3306 

2896 

4447 

5032 

5594 

6120 

6521 

7059 

7703 

8254 

8743 

90CS 

9487 

9841 

355 

919 

3318 

J°?7 

4451 

5090 

5599 

6159 

6532 

7064 

7729 

8259 

8751 

9035 

9490 

9846 

382 

1006 

3348 

2923 

4499 

5101 

5604 

6159 

6533 

7063 

7752 

S270 

S754 

9123 

9494 

9854 

3S8 

1014 

3351 

3930 

4608 

5104 

5614 

6163 

6571 

7037 

7771 • 

8289 

8760 

0126 

9501 

9872 

403 

1042 

3354 

3923 

4525 

5107 

56-13 

6171 

6591 

7093 

7772 

8297 

8770 

9127 

9505 

9BS1 

419 

1055 

3363 

3924 

4559 

5108 

56J7 

6176 

6593 

7123 

7733 

8301 

8785 

9186 

9505 

9833 

443 

1057 

3373 

3937 

4604 

5131 

5649 

6184 

6599 

7131 

7791 

8303 

87-99 

9158 

9522 

9390 

463 

1059 

3396 

3944 

4623 

5143 

5651 

6192 

6605 

7140 

7805 

8325 

8792 

9164 

9539 

9399 

471 

1066 

3399 

3959 

4525 

5173 

5659 

6194 

6607 

7157 

7807 

8342 

8308 

9166 

0542 


473 

1069 

3414 

3973 

4637 

5185 

5662 

6205 

6627 

7160 

7815 

8350 

9336 

9167 

9564 


483 

1106 

3418 

3979 

4645 

5213 

5663 

6203 

6637 

7166 

7813 

8372 

883S 

9168 

9577 


499 

1109 

3423 

3980 

4650 

5220 

5695 

6213 

6642 

7163 

7329 

8408 

8945 

9169 

9587 


519 

1122 

3435 

3993 

4660 

5230 

5704 

6236 

6644 

7201 

7834 

S4l3 

£861 

9174 

9588 


522 

1124 

3438 

4007 

4668 

5235 

5720 

6257 

6662 

7205 

7354 

8415 

837-3 

9173 

9595 


540 

1147 

3449 

4015 

4697 

5250 

5738 

6264 

6711 

7242 

7832 

S417 

3835 

9182 

9601 


543 

1155 

3453 

4022 

4698 

5264 

5779 

6281 

6734 

7243 

7334 ■ 

8424 

ESS 5 

9186 

9606 


544 

1169 

3471 

4026 

4724 

528-1 

57E5 

6292 

6737 

7247 

7E88 

8438 

8392 

9191 

9615 


561 

1166 

3495 

4028 

4731 

5287. 

5799 

6301 

6746 

7266 

7892 

3441 

8897 

9205 

9622 


584 

1180 

3511 

4052 

4743 

5295 

5808 

6319- 

6756 

7279 

7896 

8451 

3912 

9232 

9630 


597 

2946 

3515 

4090 

4761 

5299 

5311 

6321 

6761 

7302 

7923 

6454 

8915 

014-1 

9653 


611 

2957 

3520 

4126 

4764 

5313 

5S39 

6324 

6768 

7336 

7935 

8453 

8920 

9262 

9639 



Notes in the principal amount of S10.WHI bearing the prefix X 
and the principal amount to be redeemed. 


Serial 

Amount 

Serial 

Amount 

Serial 

Amount 

Serial 

Amount 

Serial 

Amount 

Srrla) 

Amount 

Number* Redeemed 

Number* Redeemed 

Number* Redremed 

Numbrn Redeemed 

Number-, Redeemed 

Numbers Redeemed 

59... 

.*2.000 

825.. 

.51,000 

1232.. 

..51,000 

1310. 

. .$2,000 

1346.. 

.52.000 

1339. 

...52,000 

207... 

. 1,000 

863.. 

. 4.000 

1247.. 

.. 1.000 

■1311. 

.. 1.000 

1351.. 

. 1.000 

1392. 


209... 

. 3,000 

926.. 

. 1.000 

124S.. 

.. 1.000 

*1312. 

.. 1.000 

1353.. 

. 3.000 

1393. 

Bff w 

266_ 

. 1.000 

1062,. 

. 1.000 

1266.. 

. w 0 > rB 

•1313. 

.. 2.000 

1355.. 

- 2.000 

1394. 


314... 

. 1.000 

1096.. 

. i .000 

1277.. 

HKjCjTiv 

1314. 

.. 1.000 

1363.. 

. 2.000 

1395. 

HE m 

365... 

. 1.000 

1102.. 

. 4.000 

1282.. 


1319. 

.. 1.000 

1372.. 

. 1.000 

1397. 

... 3.000 

555... 

. 2.000 

1125.. 

. 3.000 

1290.. 

. 1.000 

1322. 

.. 1.000 

1378.. 

. 2.000 

1398. 

... 1.000 

746... 

. 3.000 

1141.. 

. 1.000 

1297.. 

. 1.000 

1327. 

.. 2.000 

1381.. 

. 1.000 

1399. 

... 1.000 

778... 

. 2.000 

1181.. 

. 1.000 

1299.. 

. 1.000 

1338. 

.. 2.000 

3384. . 

. 2.000 

1402. 

... 1.000 

7S4... 

. 2.000 

“1198.. 

. 2.000 

1304.. 

. 1,0 00 

1339. 

.. 3.000 

1386.. 

. 2.000 

1403. 

... 1.000 

795... 

. 2,000 

■1201.. 

. 1,000 

•1308.. 

. 1,000 

1341. 

.. 1.000 

1387.. 

. 2,000 




a ln be redeemed for the 3/31/77 Sinking Fond 
X1198. .$1,000 Xt30S..S1.000 ' X1312. .$1,000 

X12011,000 X1311.. 2,000 X1313.. 1,000 

Notes in the principal amount of SIOO.OOO bearing the prefix C 
and the principal amount to be redeemed. 


Serial 

Amount 

Serial 

Amount 

Serial 

Amount 

Serial 

Ameunt 

Serial 

Amount 

Serial 

Amount 

Numbers Redeemed 

Numbers Redeemed 

Numbers Redeemed 

Numben Rndeemed 

Numbers Redeemed 

Numbers Redeemed 

•421...5 8.000 

•424.. 

.$13,000 

429.. 

.$10,000 

432.. 

.$11,000 

435.. 

..$14,000 

438.. 

..513,000 

*422... 

12.000 

427.. 

. 12.000 

430.. 

. 15.000 

433.. 

. 15,000 

436.. 

,. 15,000 

439.. 

.. 17,000 

•423... 12,000 

423.. 

. 10.000 

431.. 

. 10,000 

434.. 

. 15,000 

437.. 

.. 17,000 



*to be redeemed for the 3/31/77 Sinking Fond 
C421. .$6,000 C422..$12,000 C423. .$10,000 C424. .910.000 

Notes in the principal amount of $300,000 bearing the prefix D 
and the principal amount to be redeemed. 

Serial Amount Serial Amount SI rial Amour I Serial Amount Serial Amount Serial Amount 

Numbers Redeemed Numbers Redeemed Numbers Redeemed Numberi Redeemed Numbers Redeemed Numbers Redeemed 

68.. .559.000 71.. .561,000 74...$61.000 77... $57,000 SO...555.000 S3 $68 000 

69.. . 56,000 72... 57.000 75... 63.000 78... 70.000 81... 59.000 f ’ 

70.. . 65,000 73... 40,000 76... 54.000 79... 45,000 82... 59,000 

The above listed Notes selected for redemption 'or portion of the principal amount of 
any Notes to be redeemed in part onlvi shall become due and parable on March 31. 1978 and 
thereafter interest thereon will cease to accrue. The aforesaid redemption price payable with 
respect to the Notes or portions thereof selected for redemption will be paid upon presenta¬ 
tion and surrender thereof together with all appurtenant coupons maturing subsequent to 
March 3L 197E in such coin or currency of the United States of America as at the time of 


new xorK. new ron: iuuw or at its omce in London or at the office of S. G. Warburg 
& Co. Limited in London or at the office of Banque Internationale a Luxembourg in Luxem¬ 
bourg as provided in paragraph 1 of said Notes subject to the restrictions stated therein. 

The holder of any Note winch is redeemed in part only upon surrender thereof as above 
provided may obtain in exchange for the unredeemed portion thereof at no additional cost 
an equal aggregate principal amount of Notes of authorized denominations. 

Unpaid interest instalments which shall have become due on or prior to March 31 1978 
shall continue to be payable to the bearers of the coupons which shall have matured, and the 
amount payable to jtlie holders of Notes presented for redemption shall not include such 
unpaid instalments of interest unless coupons representing such instalments shall accompany 
the Notes presented for redemption. 

GENERAL CABLE INTERNATIONAL N.V. 

By IRVING TRUST COMPANY, Fiscal Agent 
Dated: February 28,1978, New York, New York 


W 


II Aorinfial Properties ' ■ 

Mgiuum a i upci ties . a, 

of Sogonrana, which - is A2& per . financial --, advisers 

BY JOHN BRENNAN. PROPERTY CORRESPONDENT %£*£%** fit 

. rontrary to some expectations, the 

Friends Provident Life Office Brothers, will call for an Extra- business in which both Clarke purchase is entirely friendly. - . ^wJtttotner 
has stepped in as an institutional ordinary General Meeting to Chapman and International First reactions to the'purchase : ^ ,1 

backer of Regional Properties, consider the proposals. Combustion have competed In had iwilsided speouiataon that the- 1 Pz*e 

Friends Provident has bought, or If shareholders agree to the Africa. fkmoan Goodrieke • group. AUgttSt. iqtiy 

r. ry —^^ u..., mint .if rifthdnfiiPA iccito Frtrnrfc Prnn. Thw ic Anil 9 a tiappAW marb^f t •* • • PflW A r2U1S.On%OftVvwnMnyw; 


by James Bartholomew 




a creed to buv. C9.9 per cent, of debenture issue. Friends Provi- There is only a narrow market had joined Rothschild Jawestoepf pfacesa yahig on “thfr ; 

Resionafs voting shares, and H dent has arranged to buy roughly in ICAs shares in London. The McLeod Russel and Sip^ vnns^r . 

plans to subscribe for an £fhn.. half of non-executive director .Mr. suspension- price yesterday was saT® rodders on the Harrisons .thw he_rela 


1981. Regional s advisers commented NFW COM PA IVY FOR ”BuFon the contrary, the WDG *^ 1V1 r.Aio^xuww.^tf. 

The life office has bought out last night that the issue “forces nnFWI ORATION companies onl? asrewMobay the FOR DFCCCT 

the DanzJeer Family s 20.9 per a bnk between Regional and a OIL E.VrLOKAIiOIN shares after ascertaining: that the Dnnbee*Combex-SIaix few 

cent, interest In Regional s voting major institution and provides Oil Exploration (Holdings) has Sogmnana Board had. no Objec- £405.000 in cash for' Beccft.“ ttirV ' 
shares and has taken its stake in significant long term capital to set up a new subsidiary, Bates *ions. And. far from objecting, t}JY wholesaling sufeiidiarpi®- 

the group's “ A ” Ordinary non- enable Regional to continue its Production Company, to operate soeomaha has invited a represen- -wall Paper^taimfactEOTrs, jsati»r-r 

voting shares to 5.i per cent. The recovery and expand its busi- oil leases in the U.S. in which of the buyers to Jfrin the- Reed fertenratibiML 

insurer paid I00p a share for the ness. Lazard.s also revealed that another subsidiary, Bates OH Cor- WDG has described the ^e" acquisition was Vjpfc ?* 

voting shares and 70p for the Regiccal has now reached agree- p0 ration, has a non-operating purc hase, which, was iroima-group nawteed in 

“A” shares, 2.1 p and 6lp above ment with UUbank to roll-over majority interest . Jf institutions ■ through stock- Sow known that 

the stocks' respective market repayment of a t?..wn. loan, which The oil leases, which are m brokexs WJ. Carr.as “ akragterm wfalc-h the 

prices last night. was due in April this year, for a Kansas. Oklahoma and Texas, were investment/ 1 ; — ;V • - basetare at least 

Asreement has been reached on further three years. previously operated by Southern ^he friendliness with H-. and-Crfigure do^ not 

the terms of an £Sm. Debenture States OU Company In which ^ not intended to go so far as stential : surplus 

Stock that Fnends Provident can NORTHERN Sates Oil Corporation has an make the WQG..companies been Unwmf m*.qririfevafaafiim 

convert into Sm. Ordman shares F\/7HVFFP7iMf^ interest, All Southern States Oil “concert parties" with H and C. two:freehold prapfo-rtotf--• 

between August 31. 19S1 and JtmrINttKIlNG administrative and field staff will ■wdG took legal advice befpre DCM 7 

August 31, 1B8 i. On conversion Northern Engineering Industries now be employed by Bate Fro- huyiry .fhe shares believes Peccb;' 

of more than 30 per cent, of the has begun tbe rationalisation or duction and certain of its ttve rgfeHnnship -wMlmot.be con- jmii hardware?■^'r-seiv>r%..«c.cflSfcCT : 
stock. Regional has agreed to put its overseas companies following operating assets are also being strued m that way. saler 

proposals Cor the enfranchisement the acquisition late last year of handed over at a price of £2714)00 This is particularly'important 'of £&n.-or^ 

of its non-voting shares. International Combustion Hold- CS52S.000). The money has come as far as H and C in concerned., DCM^s"-^owri--DrV- - • 

Tbe Takeover-Panel has agreed mgs. from the Oil Exploration group’s Sogomaba is' not considered a 

that. providing shareholders Yesterday, the shares of Inter- internal U.S. cash resources. M concert party" with H and C ■ • : ■*AtiH 7 

approval is given to the terms of national Combustion .Africa, in Mr. Robert E. Fox, managing ^ far-as the Takeover Panel is _- 

the issue. Friends Provident which ICH owns a fraction less director of Edinburgh-based OU concerned despite the 42JR per - < REASOP€4B£E^<30EEER?'li , : : 
would not. on conversion of the than 50 per cent., were suspended Exploration, and president of cent stake But if H and C 

Debenture stock, he obliged to bid on both the London and Bates Oil. said yesterday the WDG were considered to be-act- 7 

for the outstanding capital. Johannesburg markets, pending a setting un of a new one ratine sub- h.« nn )rt thmtho-H amt o • 


DCM PAYS 1Q4M. 

FOR. DECCO" - ’ 1:1^ 

Dnnbee-Combex-SIata: 


for the outstanding capital. Johannesburg markets, pending a setting up of a new operating sub- jng in concert then the' H ami C 

Regional shareholders wiB merger with Clarke Chapman sidiary would help the group to holding In Sagn maM . would rwa 

receive a circular containing Africa, a subsidiary of Northern, improve production from its exist- to over 50 per cent. -Jap 3neste*day oB:tirea®*is : .tlM(t 7 || : j*-. 

details of the agreement within The move marks the first stages ing leases and would also provide jn these circumstances' It’- 

the next few weeks. At that time, of a re-organisation of the boiler- a good base from wbicb to expand thought that tbe Panel would- ■•)£fo'<heiaL£i 

the group, advised by Lazard making and heavy engineering its interests in North America. havetb regard Soeomana -as' a ..^aM-T(^^grot^^ugaac.aBStaS^:;; 


enemeeriug us interests in ixortn America. have to regard Sogomana os *”\ 3 gT-svwi»».au«i«L w a » aa ^ 

concert party of H and Q-.'«^3&jSS|£Sl£2S^J@5S5£I©fe’ 

Drake & Scull’s S. African sale 

win completely to comply fully .with-this, account- cent.^^JHME 




; H-anff C has Just 

Drake and Scull Holdings, the result we win completely to comply fully .with-this:, account- cent. ofiHME but^SdgPnMita^ ^ 

engineering ctoud involved in a eliminate our financial risk and ing standard could have a per.^ant. -stAfce wouldT'Hl^ : lT;^p^f' a ^^^ F?^^ 0: y 

legal dispute with Tarmac over commercial exposure in Southern material effect on the value of That vital triasrartevel: 7 *E* ‘, 

the sale of its suhsidiarj- Holland Africa.” work in progress and.hence the h and C has shown ho sim lif • 

Hannen & Cubitts yesterday Funds would now be released value of assets employed; it wanting to.bid for HME ^t^hiS r 

issued its annua! accounts for use as additional working appears unlikely that there would staEeand hasbee«caref ifl iiiett S ■ 

together wkh details of the sale «ptol or for any future acquisi- be a significant effect on the re- £g£3w 

of its interest in South African tion. suits of this year.” cormranir to steirbS^+h*^0 w 

subsidiary Drake and Scull Africa The sale document shows that Drake and Scull considered the ceSTfriggOTieTOL- : ^ ; ' 

fProprietary). £343,643 of the consideration has possibility of restoring Ordinary ■•*•••: '• vT t.' .'.^r -... • nf * •' 7 

*nie sale document seeks share- already been received, while the dividend payment for the year in rctttv JK''«SMTrer.'" ; - v -'> • tinued 

holders approval for the Boards accounts show that the net cur- the form of a modest final divi- JvEEl> <&■ SMITH., , ■ 

decision to dispose of the 7a per ren t assets of Drake and Scull dend. - However it was decided to St Begfa Papef-of the lLS. has' 


uc.ihiuii hjsiju.t-c un <«# ire* rent assets ot uraae ana t>cuu aena. nowever it was aeaaed to oi. uas Da«*mTKii--T 3 iwf “ • - • . —’v* : 

cent, holding in Drake and Scull Africa at October 31 were £950.000. delay any dividend recommenda- completed Re purchase of Reed 

Africa, whose prmicpal artivincs Com men ting' on the Tarmac tion until our interim announce- »ffd Snritfi Holdings, a-ILfCtnantt, -t. ^ _Q nc mon Mvpie. 

comprise mechanical and elec- payment row Mr. Abbott said In ment for the current financial facturer and proctor ,of- paper 

trical engineering in South Africa his review that the group “found year when, in the absence of nn- for tie packaging’,industry. • : Marker ievei ■ : J t rF t 

and neighbouring countries. it necessary to issue proceedings foreseen circumstances, it Is The directors of St. Regis lnter- oyer £45tHW» -' -’ ■ 

This sale excludes Drake ana a g a j ps t Tarmac Limited in the hoped that ordinary dividends nat i o n al, the Str Regis Paper sub- :.-i' 

Gorham (Zambia) which has oeen absence of (hat company's pay- may be resumed,” said Mr sidiary .through which the ideal has • 1 • c-r 

transferred to the groups u.k. ment of a further instalment due Abbott been ‘transacted,, and Reed and • CRQD'A' - ■" ‘ 

ownership. on September l. 1977. for the The AGM and EGM. to approve Smith beljeve . that merging the > ^- r--. 

«^[ 0 Ar d i rert 7 ? Tnnv HRrri nJ purchase of Holland Hannen and the sale of the Drake and Scull operation.-.that primarily vmaim-’ 

fS Cubitts. Tarmac have indicated Africa holding, wfll be held on factures-^corrugated medium ^ 

rh^ -? r ™ for a total *^ hat the - v be counter claiming March 22. 1978. the^ (Hants that, convert .it mto ,• 

tne ia per cent, stake tor a total - fl iip-r P ri h-earhe* n' cerrain packaging material will prove to II acquut-jor cash 

consideration of £ 1.1 bm. wnrMnfsii- ~ be of a conaderahle advanta^'-^ 1 * dfetrfijutive- Jnteiwtts; -- 

Explaining the group's decision B4INBRIDGF FNfr - * to'<the dndustrv throusrhonr 'the -excluding certain floine and sngar - 

to sell the holding, which con- « r h3S 22^ ^ UffOUg^fT. mStl'': 

tributed £464.000 to the group's B0 * keen served. U-K * • ' ' ' - : .'>PW.JHefluilsJiijf Cambenweli; ^ 

ooerating profit and £322.000 to . For the time being no altera- unconditional its offer for Baiir- TFltilVCrtV CTC P tiF IVlCsubsidiary - .'.of r Ranks . 
the share of profits of associated 1100 . . has been made to Die bridge Engineering. Acceptances JOHlN^W^ItmElVS ^McDougaH^’ -, v ^V 

companies. Mr. Michael Abbott, P™! 15 * 0 ". °i £ljn - raa f e > n the amount to 94.48 per cent The Shareholders . in -tjloucesterC •. Hie acquisition '-will- gtran gthey *" 
chairman, said that there were a 3 ^' 6 audited accounts in respect oner remains open. based engineers Gordon Johnsonf-tfie market posttloh nf London; 


number of political and economic of amounts receivable from the 
factors taken into account before sale of Cubitts torallmg £2^om^ 


reaching the deasion. he added. ®IT PREF. company's ' chairman, ' advising ' TTie transaction representsJesK - 

"But the major reason.'* he The accounts, which show pre- Black Diamonds Pensions* offer them to take no action- with; than. 5 per cent, of the assets o€ 
stressed, “was your Board's real tax profits increased from £S79.000 for the 3.675 per cent Preference regard to the takeover bid from either, group. . -v'-. .y . ;• -*■ 

concern that South African Ex- to £262m.. have been qualified by Stock of British Investment Trust ^ 1 ' ' 1 i ' . ■ ;<~f : ' i ■ 't~ ' 

change Control regulations would Peat Marwick who refer to the has been accepted m respect of • - . -. . •■> <y - • . ; -T ~' /• L*" ff" '- 1 

become even more stringent in uncertainties which prevent the £1.677.599 nominal of Stock, re- f - TIia nit'cir m^n’qftlinrlpv - - ¥■ idasSp 

197S-79 thus making it mcrr.is amount receivable from the sale presenting 79.89 per cent The Hiau oUUIIUM • • X jdgsgirr 

incly difficult to remit future of Cubitts being ascertained. offer has now closed. :. ; . i ’’•*> i 'TZ 

profits from th3t company to the The Auditors also say that the - * ii’ 

IUK. accounting policies do not comply r x , u;mi , . rrr 

“I considered that the opnor- in all respects with SSAP 9. “ In Vj» M. VV tllLh I : - . Wm JL _ y rj£l 

tunhy of divesting the South particular only certain overseas In Saturday’s summary-of £ike* ; . ■.’'■■■ 7-- ’ : ^ . -"jS pA ‘ ~ 

African company for a considera- subsidiaries recognise any profit overs the bidder for G. M. Wbflej Boyis Cd ast TOCtioP T-irnire ri • flw HR 

tion approximating to the current attributable to the stage of com- was incorrectly given as Care now - asm* ~ . 1 . 

book value of the group's invest- pletion of long terra contracts. In This should have been Associated TdepuC]ie:or-4Z234-88 M*. . 

ment should not be lost. .-Vs a our opinion the failure at present Paper. ■■■■ ■■ I ii. ... ■» j . i ,■■■■ ' n—; 


Stephens have received a /ierter Oil Medina in sendcinff-' r " 

from Mr-' Broeat HarbotUe, the catering hrdusfry." -y" _' ■:: ; 
rnmmnv's ' ehnirmsn. - ' nikrlcinfi' ' Tho tfancaftinn mi.iwiMifli 1 in. ■ — •" 


IhetH^yBi^builder i 


Bovis Construction Limited 

Telephone: or -422 348 S 






Bftiwood 

Oanico 




A programme of sound commercial investment is 
essential to keep Britain's ports competitive and 
profitable. That's why the British Transport Docks Board 
is investing millions of pounds every year in its ports to - 
help Britain's overseas trade. Much of this money will 
be spent on specialised new berths-like the one just 
completed at Southampton for the United Kingdom- 
^ South Africa container trade. The rest is being 
pH used for improving facilities and installing ■ 

Gnriufrv _ new equipment in South Wales, on the 

Humber, and at other Docks Board ports. 
P|||Ig In a highly competitive market the 

Docks Board has succeeded in 
BSE!: S increasing its share oftrade.and 

Suitcn today its nineteen ports handle 

Sl-mpan - 5 ^ SBOICMf^ 


one quarter of Britain's seaborne traffic.-At the. 
same time the Board is generating,the cash jQp^v: 


from its .own operations, without recourse 


return on capital of l5- 5 pef centin 



Docks Board* 






Melbury' House, MelburyTerrac 
Telephone;01-4866621 Telex:23913:^; 

ContaineroperatioiisatSotilliaiaptQii;---'^yfVvy. --Zl -^ 




ImZ 























%’maicial Times Tuesday February ZB 1978 

. ... . • NEWS ANALYSIS-rREED PAPER 


recovery 


MINING NEWS 


Soared oil Paper, 

■ng to yesterday's staie- 
» confident that it has thO 
ry management and flnan- 
j&gt&s to ensure a steady 
to. profitability.. -Bu£ it 
hare bo Idem that a re thru 
/ptable profits- will he 
jwt op a -recovery in the 
a economy and inter- 
u pulp prices, as well as 
rous management action. 
* statement, presents a 
’ picture of .the current 
I. position of Reed Paper; 
adian .public ' company 
s.99 per cent ovmed by 
Teraafionai of the UX 
tftioxr to the. forecast loss 
:atibn&. bf SSOita-, . share- 
funds hare bees further 
i by extraordinary losses 
.5 646.2m. These consist 

321.ini. write - down 6n 
ies to be discontinued, 
■jt full provisions for 
costs, - 

5162m. provision against 
and certain deferred 

. SlOra. provision against 
. 1 ' operations which 
pent is attempting to 
' nd—but which could still 
further hatchet work- 
result. shareholders’ 
ave. fallen from $199m. 
oi, — or §97m. if. the 
ig goodwill is excluded, 
uity base is supporting 
ain of debt. Long term 
ness has fallen a little 
year to $l4ira., but bank 
■ lgs bave all but doubled 

geems a long way from 
stadia I Improvements in 
-which the" previous 
e waive of Reed Paper 
ectiffg as recently as last 

Background to this dUt- 
3 erf 0 rma-.ee starts, .with 
"ig.' heavy losses la 
; 'e products, an area. Into 
■ Reed was ■ expanding 
•y during the early 


F^UNCIALTMCJ REPORTERS 

1970s, Pre-interest losses here 
totalled $8,7m. ±n 1677. At the 
same time, the weakness in the 
international pulp* and paper 
markets has -knocked away 
-Reed's main support;—-tits forest 
pl-oducts businesses. where 
profits slumped from Si 9m. to 
just over $3nu The rest of the 
damage is explained by a sharp 
jump in interest -costs from 
glim, to 315m, 

Reed management has already 
taken some painful - 'steps to' 
rwntfe'' its financial balance. In 
’ addition to the well rpubllcl sed 
. departure last year of former 
chief executive Mb Robert 
Billingsley, the corporate office 
staff has been cut by 80 per cent, 
from the levels' of January, 1977. 
Corporate overheads have been 
cut by more than 65m. at an 
anmutr -.rate, and Reed claims 
that, tougher financial controls 
led to a net cash inflow from 
operations ia the final quarter of 
.1977. Management authority has 
been . decentralised, and capital 
expenditures have been cm—to 
more than 610ai. below -the 
originally .planned levels. 

However, more far-reaching 
-actions are going to -fed.required 
if Re«d is to cauterise its wounds. 
Reefi National Drapery, a com¬ 
pany which brings 'together 
Reed’s Sanderson operation with 
Its fabric Interests, will be closed 
on April 5 unless a buyer can be 
found: And a further programme, 
of divestments and closures has 
been approved-at Board level. 

Financial analysts In-Toronto 
believe, that any disposals - in 
Canada will have to .be accom¬ 
plished oh a piecemeal basis, 
and speculation has been rife 
In recent weeks about the likely 
outcome. 

The largest single property, 
and one which has been a con¬ 
sistent money maker, Is the news¬ 
print mill in Quebec City, the old 
Anglo-Canadian Pulp and Paper 
-Co. mil h In the opinion of the 
analysts this would be a desir¬ 
able acquisition for any company 
hut the question is who could 


afford it. Replacement value of 
such a mill, which produces 
about 640,000 tons of newsprint 
a year, would be about $300m. 
In the present market, however, 
a buyer might expect to be able 
to acquire it for between $120m. 
and SISOm. According to some 
estimates Quebec performed well 
in 1977, and it is expected to 
produce further satisfactory 
results In the current year. 

The most likely buyers would 
be Canadian owned newsprint 
producers already based in 
Quebec. American forest pro¬ 
ducts companies are written off 
by outsiders as likely buyers 
because they are shying away 
from any new Canadian invest¬ 
ments, especially in Quebec 
because of the political situation, 

Reed's joint venture projects 
in British Columbia, might be 
move easy to sell. These include 
a 50 per cent interest in Prince 
George Pulp and Paper and a 35 
per cent interest In Interconti¬ 
nental Pulp. 

Reed’s share of .earnings on 
the Joint venture mills fell from I 
.SS.4m. to 96.3m. last year, and 
the final quarter brought in only 
Slra. i 

Another major property Is a 
mill at Dryden, Ontario, that 
manufactures market kraft pulp, 
kraft converting and fine paper. 

Falling pulp prices bad what 
is described as “a major adverse 
impact ” on the Dryden mill last 
year, and Reed says that the suc¬ 
cess of current attempts to 
improve productivity together 
with market improvements are 
“ essential to the future of the 
Dryden operations." 

Yesterday's statement stressed 
Reed's intention to strengthen its 
forest products businesses. 

the measures which it will 
take to achieve this have vet to 
be revealed in detail. But it 
seems clear that if ail goes well, 
Reed Paper is going to emerge 
as a much smaller, much less 
diversified business. 


Uranium price boost to 
Rio Algom earnings 


BY KENNETH HAR5TON. MINING EDITOR 


NET EARNINGS for 1977 of the J97G output was depressed by a Every year the TYust has been 
Rio Tlnto-Zlnc group's 51 per three months' strike. paying out more. It gains Its 

cenL-owncd Canadian subsidiary. Since the end of the financial income from royalties, at a rate 
Rio Algom, have advanced to year, there has been Unle relief which changes with the iron ore 
SC42.Sra. (£10.9m.). or 312 cents for Brunswick. There ha> been price, because of an 80 per cenL 
(I45p) per share, from $C31.63m. —- - holding in the Griffith Mine, which 


(I45p) per share, from SC3l.63m. . .. . _ 

In 1976- A major factor in this . . is leased and operated by Steel 

good performance has bean the , an ^ l,neBunei! _ Company of Canada. 

renegotiation of the company's - . ' 

uranium export contract prices, a L/OTlQOn p a upoli v nvpC 

“significant" proportion of which j tAIrlr DULL u| VLO 

related to 1976 production. igo- AWitJ rl lv.C /=i— HPTAII C OF 

Against tbe background of JLj DLlAILo wr 

'recession in the world steel Jr r fHIFFSFf’ I OAN 

industry, the groups Atlas Steels ,P A-Cfftiv 

lifted profits. And marked '* D ■ The Toronto group. Campbell 

Improvements in operating effici- M I* Chlbougamau Mines, has released 

enclas were achieved at the Tracy ,1 / details of the financial assistance 

plant In Quebec where 1976 M lyLi^J_it is to receive from the Quebec 

I results had been depressed by a ,ou / T ^ Government as part of a scheme 

[nine-week strike and weak mf to keep two copper-gold mines 

markets. Higher sales and / open. John Soganicb reports from 

modest increases in profit margins 150 -11 -Toronto. 

were recorded at the Atlas Alloys The agreement shows that 2fi 

service centres. * ) extra jobs will be provided and 

On the other band, the Lornex ^^riiST71 1978 18° others will be maintained. It is 

copper-molybdenum operation in sip OCT nov dec jan fib the fi sn of its type to bo signed 

British Columbia suffered a fall — ■ - ■ by the provincial Government with 

in 1977 net .profits to SCT.TSm. Continuing to dance to the tune a mining company and follows 

from $C15.9m. jn the previous 6 f the u.S. dollar, the price of gold three months of discussions, 

year. the. results being hit by low recovered ar yesterday's morning The lH ° m ‘ n es involved are 
copper prices and an escalation nx | n _ to S1B2.1D per ounce from Henderson. Tor which Campbell is 
in operating costs. Rio Algom ^ reaction to S180J7S on P^Panns an exploration and de- 

were £161 yesterday. Fridky ^rttich had followed a rally 

in the U5. currency. After yester- of 5^ 

LOW ZINC PRICE firm cVon*S rt v .*° ld SGSU1-300 being made available by 

I ‘ *“f. d <° S180JW, but m the Uter the Quebec Government. The 

HITS BRUNSWICK dealings when the dollar began to balance of the funds is for equip- 

lose ground again, the price mem and the development of ex- 
The decline in international hardened to ciose 75 cent* higher iiting ore reserves, 
zinc prices last year has taken its on balance at 81.125. Meanwhile Campbell will repay the loan at 
toll of the profits ut Urunswlck the bullion market awaits the out- 5 per cent, interest" from future 
Mining and Smelting Corporation, come of to-morrow’s International cash flow at Cedar Bay. This mine 
a unit of Norand*. the cLiier.siHad Monetary Fund gold auction. trill be kept open at least for IJ 

Canadian group. Net income last | n die gold share market U.S. months and Henderson will be 
year was 8C2Am. (Il.llm.). com- buying in the after-hours’ business 01*" at until Septem- 
pared with SLi-jm. in 19iG. coupled with the strength of the bcr Provided monthly losses do 
The position would have been investment currency premium n01 exceed SC100.000 for two con- 
worsc had it not been for the , rab |e d priees to reaver from a sec utive months 
higher prices received for silver sW he , essier 0 , to dofe with 

and lead. The weaker Canadian mod „ t over>1| The Go|d i RECOVERY AT 

ing” “ 0 sa ' a * Mines index put on 1.0 to T583. FRAJSCANA OIL 

SCH7.7ni. wit^fact 34 percent. markeTTheTrwlucers arc agim Can# . da '* Fr S n “ na 'J* 1 8l ^, C ; as ’ 
higher than In 1976. Zinc concen- CUJt in S ihcir price*, the JaTe^i p3 5‘ 2 f l . h ? ““‘‘so' 1 Bay .Mining 
trate production Increased to be m g Hudson Bay Mining and and Sn,efIin 3 group wbwh. in 
390.363 tons from 355.359 tons, but smelting which yesterday t ‘i rn ' c V n,es un ^ er ^ auspices 

1 (announced a reduction or 15 fZi ra !! s !?°r a 1 1°^ 

cents to 31 cents a pound. Sr-u 


London 
Gold Price 


19771 I I p978| ] 

StP OCT NOV DEC JAN FIB 



ery large assistance 


if England MbHauim . . 
g Rate of 6{ per' cent 
January 6. 1978) 

II on the long tap 10J 
; Exchequer 1995 slock 
_ major factor behind a 

* of. funds in the London 
' avket yesterday. .• This, 
-.gefajed by unexpeefed 

i" balances carried over 
nks from Friday, a net 
ke-up of Treasury bills, 
-ighi nse in thg note 
1 . On the .other 

• prbmcnt disbursements 


slightly exceeded revenue pay¬ 
ments to the Exchequer, 

The authorities gave more than 
enough assistance to the market, 
which helped to sooth sentiment, 
even though fixed period Interest 
rates were slightly firmer, as a 
reflection' of continued nervous¬ 
ness in some quartern. Seven-day 
mottey wwsTeryifitpetwLve in the 
imemanir market, rising to 6i-6S 
per cent*, compared with rates of 
around 5|-6i per ceoti on Friday. 

The Bank of England gate very' 
large hrip by buying a very large 


amount of Treasury bills From the 
discount houses, and a small num¬ 
ber of local authority blits. 

Discount houses paid up to 6 
per cent, for secured day-to-day 
loans in place?, but closing 
balances were taken al 44-3J per 
cent. 

In the Interbank market over¬ 
night loans opened at 61-6i per 
cent., and touched 7-6} per cent.. 
before closing at around 3 per 
cent. 

Rates ‘m the table below arc 
nominal in some cases. 


ROBERT M. DOUGLAS 

HOLDINGS LIMITED 

Civil Engineoring and Building Contractors 
INTERIM STATEMENT 
Thu Directors report as follows:— 

1-The unaudited profit of the Group for the half-year to 
30th September, 1977 and corresponding figures for the 
'half-year to 30th September, 1976 are as follows 
(figures to nearest E'OOO):— 


Year to 


1977 

E'OOO 

32,618 

1976 

£000 

37.367 

31 Mar 77 

food 

7Q.648 

1,452 

1.476 

3.201 

687 

691 

1.475 

765 

785 

1.726 

093,517 

8,093.517 

3,093.517 

9.5p 

9.7p 

21.3p 


LOW ZINC PRICE 
HITS BRUNSWICK 


Further 
growth for 
Bullough 


emV n *» l o n H of South Afrf«. earned a net 

.ems io 31 cents a pound. SCSiam 5as! veari This 

compares with a re->:ated toss of 

ROY AI TIPS FOR scisim. in ikb. 

nuiALima run Thp improvemern reflects 

RFNT-A-M1NF increased production and higher 

nU 1 ^ iIint producr prices. The 1976 low 

Canada * rent-a-mine organisa- resulted partly from the change 


Turnover 

Profit before taxation 
Taxation 

Group profit after taxation 

Ordinary shares in issue 
at end of period 6 

Earnings per Ordinary 
share of 25p 


2. It is Group practice lo incorporate intenm profits of 
Associated Companies omy to the extent ot any 
dividends received from those Companies. 

3. The figures for turnover and profits reflect the eflects of 
reduced Government spending on national infrastructure 
in the Lfnited Kingdom and of increasing competition in 
the Middle East, partly from Far Eastern countries, but it. 
is anticipated that the current year will have a 
satisfactory outcome. The value of the forward work load 
has also been affected adversely by these difficult 
economic circumstances. The companies in the 
specialist contracting division, however, have maintained 
the overall level of their activity. 

The work being carried out by the companies in the con¬ 
struction division in the Middle East is proceeding'well 
and should produce a worthwhile contribution when 
ultimately brought into account in accordance with our 
normal policy. Advantage has been taken of improved 
conditions in Australia and New Zealand and the form¬ 
work subsidiaries there have increased their profit 
slightly. The formation of new joint companies in Saudi 
Arabia and £gypt is at last virtually complete and oppor¬ 
tunities in these countries and elsewhere overseas are 
being pursued. 

4. The Directors have declared an Interim dividend in 
respect of the year ending 31 st March, 1978 on the capital 
as increased by the capitalisation issue of one new share 
for every four shares made in October, 1977, of 0.8805p 
per Ordinary Share of 2Sp, absorbing £74,794, an increase 
of 10% compared, subject as mentioned below, with the 
1977 interim dividend (£74,033), which will be payable on 
19th April, 1978 to members on the Register at the close 
of business on 28th March, 1978. This dividend together 
with the imputed tax credit will be equivalent io 5.34% 
gross on the issued Ordinary shares as compared with 
1977 interim dividend of 6.1% gross. Notices of waiver of 
99.9% of the dividend have been received in respect of 
1,624,001 Ordinary Shares and the amount so waived is 
£14,285. But for these waivers the total amount ot the 
interim dividend payable would be £89,079. 

27th February, 1978 J. R.T. DOUGLAS. Chairman. 


! (.-mtitaq** interiMm*. 


...j 6ig 6 Sb 

-.1 6fcj6>a 


. W* Lo* Avtn 
A ortbarUi uesnUabte , 
lApttfr few*** 


' Bi» Bii i - 


Fumn n 
Suwf 
Pernrit* 


IHwutlQi 
Uum 4 .*al -> nrnrkfti 
ItapAiif* ^ 


Vint Ln,i 
• »»»•* 


“pi*' 


•M. 

-::i l%l* 


64,-61* 
74»H { 

^“S 1 * ( 

7u-6Si 
87* | 
Bi«e < 


! 

Sta-tt* 
63«7- 
7J, 7U 
7f«8U. 

ai B 

as, 


thoriiir* and finance How* seven (Ur,' notice'. Otftfti* uvon dar? fixed. “ Loni-ierm local iinbornr morts^e rate 
icoc yean* ioj w?r cent.: lour rears W-IM wr MK.r nye yi-ara JO* Per t/ein. *BsnX biU raies In table are 
--Sor-tB-Hue paper. - enyJagTWw'for tOBWaonib ban* BIS* « Pfr ctn(.: rour-Aonib trade Ulfc »1 per cent. 

ntAMik Mild c? mile afi* (wfu ■ .>1 Apr hpnM 3 hi 1 fhrnf—mivnvh 


•• ^ r V-'- > 


Bovis 


rJUtes ifor email nma at Mven days* noticev 3 per cent. Oeartag Bank Ratu for leading Si per cent. Treasury 
tender rate* of discount 5JT3S per efiut. •' ._ 


The 

Great Northern ... .. 

Investment Trust 
limited 

Salient Points from tho report and accounts for the Year'onded 30* November, 1977. 


011110 till 11 ,ion - ,ron Ba > Tri***- contmu- in the Indonesian production I 99.9% of the dividend have been receive! 

O i»3 a high level of distributions .sharin;; contract which required I 1 624001 Ordinary Shares and the amour 

THE OUTLOOK for engineering to Its unit holders. A di-tribu- Franmna'p .17 per eent.-ow ned | cid or*; But for lhP*« wnivern the total 

group Bullough is for further pro- tion of 13 cents (6G4pi per unit Trend Explm-atlon to make a I interim dividand oavahle would be £89 079 

3 re.«s in the current year after was planned for yesterday, fol- special payment to the Indo- I interim dividend payable would be UJ9,0/a. 

the 42 per cent, pre-tax profit losing on the heels of a record nevan Srate-owned oil agency. ■ oyrh r07a i ot nntifsi 

ri¥e to £3,03m. in the October 31. pay-out of 31.43 cents per unit Pertamina. m 27th February, 1978 j.r. i.uouui 

1977 year. f° r { he whole of 1077 In addition. Franc-ana's 1076 

Mr. D. P. Jenks. chairman, .-ays From Toronto, Joi.n Sogann-h results suffered from a Further 

In his statement with account* reports that total distribution* eharce aaainst earnings rcsuhinc 

lhat some decrease in the profit f r ° m IU89 r ° the end of 19n wore Tram 3 reassessment of reserves 
of B and B Trailers is expected. SC2S2 a unit. Last year the in Indonesia in the liaht or pro- 
owing to overstocking in the money paid ont was SC1.3m duction esoerience and moditica- 

caravan trade. But this will be «“04.000). _ tinns to contract*. _ ' _ 

more than offset by oilier corn- —1 

ptitilM. Directors also look for- 

^rlZZlZ A FINANCIALTIMES CONFERENCE 

supply of jacks and other equip-- 

menl to the i-eblde and fartn 
machinery industries, and .Hr. 

Jenk* says export actmliea 
appear capable of further 
development and there are 
opportunities for collaboration 
with a number of group com¬ 
panies. 

In the year Beanstalk Shelving 
and Project Office Furniture pro- 
[ duced record results with Bean¬ 
stalk increasing exports to more 
than 30 per cent, of turnover, 
while Project was unable to keep 
pace with incoming orders. 

A major extension of capacity 
has been approved to meet grow¬ 
ing demand for office fumirure. 
and about one third of this j-ear’s 
Bm. capital spending (£lm.) is 
earmarked for the Project expan¬ 
sion. 



ESS 


III 


HONG KONG CONVENTION CENTRE 

APRIL 3-4 1978 


-Tenth successive increase 

rdirory-dwi lend tor the year.as proposed, is- 

Sai.k iafltf equjVaiehE to a grow dWWend of 53G4p 

--.-'.if. : - - 

cs-Substantial rise in value - ... 

' •' e ohhe year The value of net assets was £67i 

.-.rABmilnon). Of this £2S.rriBton.(£1.7 rrfiWo __ 
lie for -rrinediate investmsht. Of the total 7?31w 
. /Jas held tn the 'J.K.: ‘ ' 

Changes-D«velopm«nc of overseas 

eat content of the portfolio has b«n ir, creased 
esir:«r,tof U.S. S2 4 million drawn since 
'Irora a-heN loan facility on U.S. S4D million. 

. # -ie decline ir. the U.S. market there was a surplus 

. . 


. at the dose of the year on thii borrowing. Purchases ar>d' 

’ sates- of other overseas holdings financed through the 
currency premium mailen largely matched each other, The 
man changes being the realisation of £0.6 million from 
Canada and the investment of £0.8 miHion in japan. 

In the U.K. Q.-0 rnilTioh was realised from the insuraruze 
. sector and £0.7 mdtotrfrom the very successful holding in 
London & Scottish Ma rate Oil which is still one of the 
Jj-gesr investments ;n tfte porrfoJio.The search to assist In 
the financing of new ventures Within "the U.K, continues to 
play a part m the Company's philosophy. 

Copies of tbe report and accounts are available on 
requeue from the Secretary, D.M. Briggs, CA-, 

90 Mbaditfl Street; Glasgow G13NQ. 



ART GALLERIES 


COLNACMI'S. 14. Ola Bqm! StraaC W.l. 
491 7408. A Loin EaJilD.non oi Works, 
tn StflAST IANU RlCCI in Britain in 
Ud Ot tho UDINE. ART RESTORATION 
l-UNU- until 0 Marcn. Mon.-Fn. 9.30-b 

S »t. IB-1. _ 

FOX GALLERIES E*HIWt*on Ot the Mini. 
Inos By Brll.in and Suropcao ArtlyU, 
from l?OU- 1«r5. W. Cprt Street 
London. W.l. T«i. 01-734 2628. Weak- 

gays 10-B. 54M. 1Q -T._ 

MALL ART CALLER Its. Tne Mall. 
S.W.T. -'HAPPY ' BIRTHDAY." Palm, 
inflS Bv POU7SY. 10-5. Sits. 10-1. 

JUrW Mar^b._ 

THE PARKER GALLERY. 2. AlBcmarl? 
Strati PIccad'Kv. W.l EvBibUlBi-. ol Old 
marwio. mfliur* and koorrin* and tqso- 
Rraoh'Cal print* and oalntlnss ana sfna* 

mofiei*. . — - ■ — —~ «—■ 

WATERCOLOURS ON THE MALL. 
Rcnral Iriillute'S 166tn Annual Eatian 
Mill Art baii«rln. The „ Moll S.w.T. 
Dally Inc. Sundays 10-5. Until 2 
March. A dm. 2op. 







Sir Denys Roberts 
XB£. QC. JP 


Y. B. Tun Tan Siew Sin 


The Financial Times is organis/ng, in conjunction 
with the Investors Chronicle, an Asian Business 
Briefing to be held at the new Hong Kong 
Convention Centre on April 3 and 4. 

The 1978 Briefing has attracted a panel of 
speakers of considerable distinction and the pro¬ 
ceedings will provide the occasion for a high- 
level assessment of the economies of North East 
and South East Asia. Problems in the worldwide 
environment will also be studied and particular 
emphasis will be laid upon the challenges to the 
developing industrial economies of the region 
posed by the increasing trend towards protect¬ 
ionism in the industrialised countries. 

The co-chairmen will be Mr. David Newbigging, 
Chairman, Jardine, Matheson & Co. Ltd., 
Mr. A. D. A. G. Mosley, Executive Director. 
The Hongkong and Shanghai Banking 
Corporation. 


New Issue 


This announcement appears as a mailer of-record only. 


February 1973 





GROUPEMENT DE L’INDUSTRIE SIDERURGIQUE 





. DM40,000,000 

Yr.l '^i% Deutsche Marie Notes.of 1 978, due 1983 
’ t.: ' - : j>v 1- ■ ■ V: Private PJdcement 


Professor Dr. Sumitro 
Djojohadikusumo 


Dr. Garret FitzGera/d. TO 


The list of distinguished 
subjects includes: 

Opening Address 
Sir Denys Roberts. 

KBE, QC. JP, Chief 
Secretary, Hong Kong 


South East Asia - 
The Business Outlook 
Y. B.Tun Tan Siew Sin, 
Financial Consultant 
to the Government, 
Formerly Finance 
Minister, Malaysia. 
Chairman, Sime Darby 
Holdings, Ltd. 


speakers and their 

Whither the North - 
South Dialogue ? 
Professor Dr. Sumitro 
Djojohadikusumo. 
Minister of State for 
Research, Indonesia 

Protectionism in the 
industra/ised World - 
its Intensity and its 
implications 
Dr.Garret FitzGerald TD 
Formerly Irish Foreign 
Minister and now 
Leader of the Fine 
Gael Party 


BAYERISCHE HYPOTHEKEN- UND 
WECHSEL-BANK 

BERUNER HANDEIS- UND 
•?v FRANKFURTER BANK 


SOCIETEGENERALE 
BAYERISCHE VEREINSBANK 


DRESDNER BANK 

. ; Ai hffngfiSl licroB 


* v - 

The Financial Times Ltd., Conference Organisation. Bracken House, 

10 CannSn Street. London EC4P 4BY. Tel: 01-236 4382. Telex: 27347 FTCONF G 
Please send me further details of ASIAN BUSINESS BRIEFING. 

Name (Block Capitals Please )—— ----- Tirle - 

Compa ny_----—r— : —-— : -:-— -*—' 

Address__^——- - -—-- - - - 























24 



international financial and company news 


4 

i, 

% 


NORTH AMERICAN NEWS 


Chesebro’ 
sees new 
record 


NEW YORK, Feb. 27. 


AMC less definite over 
plans for foreign link 


r ., French supermarket 

Siebens i # 

involved in tODS CamillgS expect 


MW 


™*'* *'- BY JOHN VYYLES NEW YORK. Feb. 27. - - - . uvutcrvu a. r«Bws indicating the role 

MONTREAL Feb **7 supermarket concern, surpassed a change in the company a neat •£. 

CHESEBROUGH-FOND'S, which AMERICAN MOTORS Corpora- Mr. Gerald. Myers AMC's pre- although be said he hoped lo .: ' .expectations for both profit and meat of.the special tax SSSatoEOYerbUt^Smented 

recently reported record earn mgs C10n bas retreated from cent sident, revealed that such unmake some agreement before APPROACHES have been 'turnover last year. As arautt and, hypermarkets. ■'dteiCTea _to 

and sales for Mu. expects to statements that a broadly-based arrangement was in the offing the end of this year. made io the ^ntreUing share- 'A increase the dividend of protectswU " ta * u S ft SL tb f 

have another record year in 19 »S. affiliation with a foreign auto in an interview published early His earlier, and more definite holders of S tehees oil mid gas, the parent .company by a quarter first time it-has ^^"rrefoiH^s 

Mr Ralpo E. Ward, president manufacturer was likely ft. be last week by the Los Angeles statements had helped boost }£"£,cnSiairtuSl «U Sto FrsfiO per share^meaning a OTOTision for ttft.pnorat^lg ft 5^Smarkett^haVe^^^ 

and ch'ef executive office.-, told ^recd with ihe next few Times. His remarks were con- AMC’s share price from S4.125 JJ® ^devetop^tgroup, : total payout of Frs 75 per share wfll • be jiue on the 

AP-Dow Jones. The diversified „ IO nfe S . firmed by AMC spokesmen on a share to a high of S5m. But “f h f^ew to a Sver bid! ! Grinding: the tax-bonus. ■ ■ . calculated from>SS>. 

manufacture! of health und .\i the end of a less than fell- Tuesday, who sought however the subsequent backtracking and S!ebens ' major shareholders The results of the parent over. This isof Shneh tife^’coinpaitf^et^^S'' 

5!?r P^lic rfla- to give the-inipression that the general imcertainty smroimdi^ ; re be , he Hudson’s ^7 Com- j£?“L £ ISSS^JSLT 1 toVtaLeu in 


bid talks 

By Robert Gibbens 
; MONTREAL. Feb. 27. 

APPROACHES have beei 


BY DAVID. CURRY 


FARIS^FOb!. 27. 


'CARREFOUR, France's leading One feature of the irfuBJJto - 
supermarket concern, surpassed atau HSt 


are the Hudson's Bay Corn- 


double its-''success in cpntfbTIihg 


Mr. Ward declined to make a ber of foreign manufacturers, but Myers remarks had suggested, stemming from dwindling sales 

specific earnings projection fur is no longer standing firm on the AMC officials were even more of its passenger cars 

this year, but said that first prospect of an arrangement with inscrutible at a week-end Press So far the only foreign manu- 

quarter earnings will top the a foreign company which would conference when Mr. Myers de- faciurer to have publicly con- 

Sl5.2m or 47 cents a share of ihe involve the manufacture and dis- clined to offer a timetable for firmed that it is talking to AMC 

1S77 first quarter- iribution of fnreign cars by AMC. concluding any possible deal, is Peugeot. 

CRISIS AT CHRYSLER 

On the ropes but still fighting 

BY JOHN WYL£S IN NEW YORK 

AS CHRYSLER ruefully re- and launch of its new four wheel But at the same time.* this is a ing an extraordinary gain of 
minded its stockholders last drive small cars, the Omni and distinctly crowded sector of the $4ti.2m. in 1976. But in 1977 a 

week, rt is tough to he Number Horizon, were a factor in last market, which is populated not sharp f-all in Income from the 

Three. Last year’s volume sales year's fourth quarter loss, just as only with strong selling GM and subsidiary in France, coupled 
of U S. produced passenger car- similar costs associated with the Ford models but also with with the South American losses 

were j.he second highest in launch of a new light duly truck highly successful cars produced and the $17.6m. which was 

history and enabled C.M and will con tribute to the first by To>oU. Datsun, Honda and Chrysler's shares of' the V-K. 

Ford to return record sale* and quarter loss in 1978. Volkswagen. com pane's losses, brought an 

earnings. Yet Chrysler's sales Bur it i-: also vitally important Chrysler's survival is not yet overall “loss overseas of 832.6m. 


western Canada and explora- i 2SS™ RS55I™ 
tion in ihe North Sea and the ; st ~ ro ar ^omptesmg._ 


ore at Compieene. Other : provisions - have little - - L 

Operating profit was more sub- changed; from the previous year Banque- 


Rothscffildv;.-}. Ws 


offer had been received. paniiS * down atTJB. CEBIffiKfattttiWOTfi#■ 

The company, in the first , u ,g.P. aeainst FrsJ31.5xn. Frs.urm: against FTsJ7^m. and aiid Iong;teim-flnaaca^jfeT^J- 
quarter of the current year, !aft amortisation of Frs.l03m. feepr(msk<n for paid holidays is estateojHjra6oas. Ithasthr^- 
spent nearly SCldm. on oil and ! “S,« t Sr • Frs.35.lm. against Frs.2fl.4fli,; i subsidiaries:. ; „■■.~- 

eas exploration, up 73 per ; a*"*" 1 - * ^-v--:-=— —- - - .. 


gas exploration, up 73 per 
cent over the year earlier. 


Beatrice Foods 
cautious 


Dutch SE rebukes^ com^ahigi 


BY CHARLES BATCHELOR- 


AMSTERDAM,Fe^;^7.V 


rHir_.no *>7 !tHE AMSTERDAM . Stock during.bourse hours Sed tobectic “neLprtjfit gains of. -per eeti-; 

' " '.Exchange Association has sent .trad in g. - . _ : pe.nt,,re- 

BEATRICE Food will report strongly-worded reminder to - “The Boards of puhMc com--- The^hank’s balance 
“another goodI year^ for the , publicly-quoted companies, to panusj-must ask themselves roseper cent. to. ; . .. 

fisca 1 year ending February 28, : p r0vid e jutt information to the whether information released Lendi^ ^rese ,^ 

n?t hSh* ' Excbance on any developments internofiy is not also of interest. 

net income are a Utile high • m-t.hr iffoni rtit-ir cVvare fr«r jntiMrrjrs. 7 ’ the association- —, per centiTo FlS«5.7bn ? . - 


c-ii I.— ■' j n - its lack of new models to pitch pany requires S7.5hn. over the things Chrysler U K. must cease 

nf ( ;m and ForS for ne« fi»e years tt derelop ehe . dS e. t eoC.” 

O-ty.lUl. loss* IDC lounn Ih( a nmrlp Vfttir cFiriinn Incr r^linftfdnv piyH nnw mndn c __ _ -.i___ * 


SfiAbn. he said. = P ! directors to fee workforce of a a company ^gazdne vfei^ fflg^SiSv 

In fiscal 1977 Beatrice 'company. These are often not appears some tune Jafer, must J A-neV 

earned a restated Sl95m. or .'made available to the genera not be allowed to mislead the ^ final.sfct‘mDnths. V 
S2.15 a share on sales of S5.5bn. : public until they appear several mvestang public.’ ; .p ro gts per nk5fl nomiaal share - 

For the first nine months of ; weeks later in such as a com- rose .to Fls-A5.76 from Fls^iilT, ' 

fiscal 1978 ended November 30, ipany magazine. In fee mean- TVTH/I”B . it. .4 adjusted for..-the-.increase in 


In the U.-S.. Chrysler faces a 
lumber of intimidating financial 
■ nd marketing problems. In 
■ommou with its two rivals the 
mm pany has been put in a strail- 
fleket by the federal govern- 
nent’s rut-] consumpiion and 
miission rcsutalions which, 
tccordiug to some estimates, will 
ost the industry 550bn. jn re- 
carcb and development, reiool- 
ng and new plant construction. 


The company's fortunes 
this year now depend 
very considerably on the. 
success of the Omni and 
the Horizon, its new small 
cars. This is a distinctly 
crowded sector of the 


market, which is popu¬ 
lated not only with strong 
selling GM and Ford 
models, but also with 
highly successful cars 
produced by Toyota. 
Datsun. Honda and 
Volkswagen 


In it-? somewhat anxious stale- - 0 f t h e nast few months ^60 cents a share, to reflect a 

neni to stockholders. Chrysler no til January. In the meantime and management resources are h ‘ . reduction in fee value of fee 

ias In effect said that it inusl Giirysler'* existing intermediate going to be under treinenduus / -.,, r ^ e tne start y*'* r assets -of the subsidiary- Total 

nvest at double its recent annua! and small cars, which represent pressure. ; «..mysier has suffered the investment in the subsidiary was 

ate in order K, stay in the fee bulk nr its oulpui. fared Chrysler'* competitive pro- S3 - 8m - 

oluine ear game. Mr. Juhn .1. P'wrly in eoiuparison with new blems in the US. have obvious ?l a "“ pl u ^f T 10 be , „ subject -- 

ticcardn. Chrysler's chairman, rival domestically produced implications for fee companv’s c ‘ an “"ywoninenTal Protection _ 

ptimistically claimed at a Press models, and also with imports. overseas operations which, again Agency allegation of perpeirat- PiUsbuTV-Cook talks 

nnference that two-thirds of the A* a result the company has j Q eonfeast to the experience of '";. a aes,g11 flaw ia lts Dlotor ' D , IICDrpv - f , .. . omin . lto ^ 

b.abn. needed over the next five repeatedly been forced ro shut- Ford and General Motors, had a L u PILLbBLRi CO. has lerannut a 

ears would be financed out of down some of ils assembly V er\ pour year in l { t77 allegation- w as upheld by negotiations wife Cook lndustr.-a 

ash flow. How thiv is to be done plants in order lo reduce stocks. ' 1 / / administrative law judge just Inc- regarding fee purchase by 


M j-j r r nscai i»<o enuea nomnoer w, i paiu miga/aur. m luc u. M u- TyTHiffT* _ . . . i *_adjusted for Jhe increase in 

able candidate for closure. Beatrice reported oet income j time a limited numoer of people J\JVxD OltlSiTiPS TapitM - 

Not only must fee company of SI 72.1m. or SL89 a share 'has access lo -privileged- s^MB.oroooses aiFLf fecreafiB ’ 

retain market share, and finance AP-DJ j information. ITlQinr Ylifolc "In Wu trusi divirf#«nrf navtnp^m. 

and develop a new generation of . -- | The_exchange is aUo perturbed HlaJOr riYaiS” . -v5L“J 

vehicles, but it must also win — ■ - . T , ! feat its irule feat, where pos- vijT\pRr aNDSCHE- Midden- nasal'^is Fls:7 in cash -follbwii^' 

back its somewhat tarnished Technicolor in IfaJv | sible, no statements .likely to recordeda SteriS^ divide nd-^whfS 

reputation for engineering excel- Technico]or has reappraise d the 1 ^ ™ m l ade *”*** le^nt- SiZS 

lence. Tlie stockholders state- j ^ t jj e assfit c 0 f jts 100 per ^ ours - 1 * Lnc fJ asm gly j- n outstripping its two Pfis^.50'in shares from fee share 

whfeh d fPriprrit cent, owned Italian subsidiary.! rivals, Algemene . Bank premium reserve-' Tbe bank al*> 

which meeting federal standards reports 4 p.j)J from Los Angeles. ■ J aifl ed in company magazines and Amsterdam- proposes a oae^br-IO rights issae . 

^ s rti P^ng on us engineering ^ a rreult. it plans tolharge;frequently bemesknwm onthe Rotterdam Bank. nTmeet the graving 'volume «/ 

but -rf stron ® 5 fl i flrt l f earnings for fee fiscal third • ei £?? n ^f during trading hours. Njjjg. which specialises:in pro- biistness: issued capita* at tl|£ 

nmlfrlh a . v «KrH. f . r 7 >et quarter with at least 81.75. or' This happened recently m fee vidin g finance for small. end of 1976 was Fltltem. . 

some of the unfortunate public!ty gQ cents a share, to reflect a c f s ®. of companies, in- medium-sized business, said- net RevennesIncreased 17per cent, 

of the past few months. reduction in fee value of the • eluding Philips Lamps, flour profits rose to ; -_Fis.fi8^izL in .1977.While'hosts ro£e*hyJ5 p«r. 


: time when inlorniation released Algemene and Aiqro : retorted Dutch state.- 


Credit Lyonnais terms 


BY FRANCIS GHIIAS 


* • . (EUROBONDS 

’ ’-.Market steady 

' " I T-S". **.f * .7. % n 


ing 3!- executive vice-president mite 111 fwn vears. mendalions to divest sdiue opera- recall was to deal with potential AP-DJ adds irom 

inance i.n Apr-.! 30. Hi? Chrysler's “fortune's this year T ‘uus there now that it has hazards to safety of the vehicles. Cook said that it was 1 

leparture has nothing to do with no* depend very considerably on Panie* in Argentina. Brazil. Peru “ChrvsJer is c»n the ropes but lit J ns V ir t ot “ ers rc J, 5 
urrcnl problems, said Mr. the success •>( ihe Omni ami the emerged Thai Chrysler's com- i s some'way from a final count" sa e th ?, se p 5° per B 
liccardo. who is lo assume Horizon. Fortunately for the an d Venezuela had combined was how one analvst summed up n V* 1 . nt * ' ■ 

iireef cnnlml of all financial company, fee small car segmc-ni losses, together with feusc in the coiupanv's position. Hence- whom 11 ,s u^otiatmg, 

ipcratinns. nT the U.S. market has so far Australia, of 83Soi. compared to forth, tlie quaiitv of Chrv«ler’s - 

Containing coils will be 3 escaped ihe sales decline which a 82m. deficit in 1976. footwork will* be closelv nurnfrAU 

lajnr problem. Expenditure is hitting all manufacturers' Total overseas operations scrutinised in at least four AWltKiUAIH 

nvolved -.villi the construction intermediaio and Full sized cars, returned a $913m. profit includ- continents. AIIADTPDI ire 


— -- —■* ,—v-. — . - = „ ... njiu|»au» » |ju3iuuu. xieuce- 

nr the L .S. market has so far Australia, of *33oi. compared to forth, the quaiitv of Chrv«ier’s 

will be 3 escaped ihe sales decline which a 82m. deficit in 1976. footwork will ' be closelv 

Expenditure is hitting all manufacturers' Total overseas operations scrutinised in at least four 


AMERICAN 

QUARTERLIES 


NEW ISSUE 


The J^iolei jia:c been offered and sold outside the United States oj America, Australia and Ihe .\ethtrlaiids Antilles. 
This announcement appears as a mutter of record only. 


\ DART INDUSTRIES 


Fcbruarv 9.1978 


Citicorp Overseas Finance Corporation N.V. 

* AS15,000,000 101% Guaranteed Notes Due 1983 

Extendable at the Noteholder’s Option to February 15, 1988 
(denominated, in Australian dollars, but payable only in United States dollars) 

Guaranteed unconditionally as to principal , premium , if any, and interest by 


Revenue .. 
Net profits 
-Net per shi 


1 ? did of - per cent - for three years ris- fee,-present state of the dollar mark sector, despite opening a 

others wife 1 l? g 10 L per cent -. for Gaz.de sector or the bond market wopid Httfe weakly picked up-in the 

, n „ e 5 1 Trance. This credit will serve as have precluded any maJor;opera- afternpob.7-Prices in this sector 

; a back up line for the equivalent tion. * ■’ -•> :. m -‘ i twere a shade up on the day. 

; amount of commercial paper to The French Treasury is-also -Terms,were confirmed'for two 
be issued in New York. known to be su9c£ptj51e to ^es?-tissues: the DMlOOnL seven-year 

! The commitment fee is } per tige: a spread, of $ j 1 .er_cejrt.rwa 5 offerih^T-feiy'fee PhiBpphies tuqll 
rc I cent., unchanged from what has a prize worth goiitig-for even if ft carry a 6 } per cent, coupon. Lead 

t become the norm for leading meant easing the brakes it feas manager is. Dresdnw Bank. The 

French names such as Elec- applied to foreign borrowing by UM70m. . for Tauefnautobabn 

“_ ' tricite de France, in recent state .agencies in recent-weeki whidi WeStdeutsche 'Lahdesbarifc 

sT7 im • months: this is crucial as the Caz du Franen lart’tnimpff ram is leading will have a 15-year 

s s ' lQ an just announced h^ a good ^ a ® e ^ ce i J as ”J u g i s c01 ?' maturity-with a sinking fund 

.^pn.^ chance of^ never tewgjmn ^4. The cSent oS?attoh reducing its average life to. Hfe 


I JOHNSON’ AND JOHNSON 


CITICORP 

o 


First Boston (Europe) 

Limited 


Banque Nationale de Paris 

Kuwait Investment Company (S.A.K.) 
Algemene Batik Xederland X.\. Banque Bruxelles Lambert S.A. 

DBS-Daiwa Securities International Limited Hill Samuel & Co. Limited 

National Bank of Abu Dhabi 


Abu Dhabi Investment Company A1 Saudi Banque Am ex Bank Amsterdam-Rotterdam Bank N.V. 

Bahrain Investment Company Banca Commerctale Italians Bank Gulzwifler, Kurz.' Bungener (Overseas) 

Banque Arabe et Internationale dTnvesh'ssement (B.A.II.) Banque de Paris et des Pavs-Bas (Suisse) SJL 


A1 Saudi Banque 


Amsterdam-Rotterdam Bank N.V. 


Banque Populaire Suisse S.A. Luxembourg 
Bayerische Hypotheken- und Wevhscl-Bank 


Banque du Rhone et de la Tanrise S.A. 
Berliner Handels- und Frankfurter Bank Cazenove £ Co. 


Chase Manhattan Cbmmerzba 

^ Linuled AkckaaMlhel 

Credit Commercial de France Credit Lyonnais 

Dominion Securities Bi 

Limited ^ 

European Banking Company Robert J 

Limited 

Hsmhrqs Bank Hessische Landesbank 

Li“«m ^ —Ciroaanale- - 

Krediethank N.V. Kuwait Financial Centre (S.A.K.) 


Commerzbank ' ' Compagnie Mone'gasque de Banque S.A. 

AJrtMSB«clIiGliaIt 

Credit Lyonnais Credit Suisse White Weld DG BANK 

LuBit,,i Deutsche Genossenschaftsbank 

Dresdner Bank Effectenbank-lVarburJ 

Aktwstwdbclcilt .Umaccaelischalt 

Robert Fleming 2t Co. Goldman Sacbs International Corp. 

Lna*t*d 

>ische Landesbank IBJ International Interuoion-Banque 

—Girazantnlc— « Limited 

Sal Centre (S.A.K.) Kuwait Foreign Trading Contracting & Investment Co. (S.A.K.) 


Interuoion-Banque 


Kuwait International Investment Co. s.ii.lt. 
Merrill Lynch International & Co. 

The Nikko Securities Co., (Europe) Ltd. 
Schroder, Muncbmeyer, Hengst & Co. 
Sociefe Bancairc Barclays (Suisse) S.A. 
Sun Hung Kai International Ltd. 

United Overseas Bank Limited 

Snpttn 


Libyan Arab Foreign Bank 


Morgan Grenfell & Co. 

Limited 


Manufacturers Hanover 

Limited 

Ncderlandsche Middenstandsbauk N.V. 


Nippon European Bank S.A. Nomura Europe N.V. 


J. Henry Schroder Wagg & Co. 

Limited 

Societe G^nerale 

Swiss Bank .Corporation ( Overseas) 
Limited 

Westdeutsche Landesbank 
Girozentrale 


1 Europe N.V. Orion Bank 

limited 

Singapore-Japan Merchant Bank 

limited 

Societe Generale de Banque S.A. 
Trade Development Bank, 

L ondon Brandi 

Yatnaichi International (Europe) 

Limited ' 



,- mark For fee straight medium prtced by iead managtt 

- term markeL Banks are putting This operation also marks a Deutsche Bank at 99*. ' The 

M76 ; up a stiff resistance and. the switch away from its main bank amount of fee issue had beep 

terms for Gaz de France will not by fee borrower.. It appears that increased by DM50m. to DM250m, 

44 m alter their resolve. the Banque Nationals de'Paris and the coupon cut by a quarter 

It would seem feat fee choice was unwilling'to Offer such fine of a point to 51 per cent last 

u -‘° of raising a medium term-loan terms. Few, if any D.S. banks are week. ' 

rather fean a bond is explained expected to participate to this The dollar sector was steady 1 “ 
by fee fact feat the general elec- operation and joint lead manager throughout the day in thin 
tions due In France are less than will be Commerzbank. . Monday trading " J * ■ 


Second Chwrter 


Revenue . 946m. S53m. j 

Net profits. 17m. 14m. 

Net per share... 0.42 0.35 

Sts Months i 

Revenue . 1.8bo. l.Bbn.l 

Net profits. 33ra. 27m. j 

Net per share ... 0.81 0.65 [ 


MCA INC. _ 

Fourth Quarter XfT7 1VT6 . 

5 s i 
Revenue . 269.4m. 228.4m. 1 

Net profits. 32.3m. 21.1m. 

Net per share... 1.74 1.14 

Year 

Revenue . 877.6m. S02.9m. 

Net profits. 95.1m. 90.2ra. 

Net per share... 5.13 4.87 


REVLON INC. 


Revenue . 

Net profits ... 
Net per share 

Y«ar 

Revenue . 

Net profits ... 
Net per sh^re 


REXNORD 


First Quarter 


Faurth Quarter 1977 1976 

S S 

353.Sm. 292.1m. 
28.5m. 24.0m. 

0.93 0-79 

l.lbn. 955.6m. | 
97.8m. S1.5m. j 


SJS 


197* 1977 | 

S S < 

Revenue. 189.9ra. 167.8m.' 

Net profits. 9.7m. 8.7m.' 

Net per share... Q.51 0.46 


SHERWIN-WILLIAMS 


Fourth Quarter 1977 3f» 

5 S 

Revenue . 247.1m. 211.4m 

Net profits. *15.9m. *6.9m. 

Net per share... j t 

Year 

Revenue. 1.04bo. 969.2m. 

Net profits . 'SJm, 12.7m. 

Net per sbae... t 2Jim. 


STANLEY WORKS 


Fourth Quarter 1977 1976 

S -S 

Revenue. 166.1m. 156.3m. 

Net profits. 8.78m. t 6.76m. 

Net per sbace... 1.11 085 

Year 

Revenue . 640An. 5668m. 

Net profits. 32.89m. 27.38m. 

Net per share .. 4.12 3.44 


Fourth Quarter 19TT JTO 

„ S S 

Revenue . 263.6m. 272.7m. 

Net profits. *5.3m. 14.8m. 

Net per share... 0.16 0.77! 

Year 

Revenue. 965.6m. 947.4m. i 

Net profits. *4.?m. 41.4m. f 

iNet per share... 0.40 2.20 ; 


in 


1(K) Wall S treet, Ne^r York^NY' 10(X5: f - L 


-: , ■'-' i.n: t 

• •'".tW-tiji'v.'i - f -i'3 













































ffinafitiaT February 28 1978 


RNATIONAL FINANCIAL \M) t OAJPAlVV NEWS 


SBC holds dividend on 


. ' ■ 

*(jk , , 

■V". .. 








i* A*-w ... 

% ■; -r 
A.. 


- :r JOHN WICKS 

. SS BANK Corporation, of; 

• b (SBC) la to distribute an 
. iapged dividend of 10 per 

• for. ihe past year , on its 
.’eased share and parrtdpatloa 

, a), with similarly unaltered 

rfers.of Sw-Prs-SOrru to pnb- 
d reserves and Sw.Fisa.5tn. 
aff welfare funds. Net profits 
its leading Swiss bank rose 
. 5 per cent: In 1977 to 
’rs.2S7.4m. ($125m.). : - 

Basle to-day managing 
rtor Walter Frey »id itoad 
- a ''‘thoroughly satisfactory 

- " for rhe bank. The bank's 

assets expanded by a 
ier 5.6 per cent, last year to 
'rsJ55.7lbn. 

e increase resulted primarily 
a rise of - nearly 
ra.2^5hn. in loans to clients. 

- i accounted for Sw-Frs. 
bn. oF the balance sheet 
2 total, while the bank 

•j. ore total declined by 
HjVs.67fl.a7m. to Sw.Frs. 
•V^bo. On the passive side, 
clients’ funds increased 
■ljr by Sw.Frs.4bn. to 
rs.20.36bn. and those or bank 
tors dropped bv Sw.Frs. 
n; to SwJra.l9.3bn. 
for the profit and loss 
rit, interest earnings rose 
iz.Frs.55.95m. to Frs^.lSbh, 
on foreign exchange and 
jus metals trading -by 
■s.l3B2m. lo Sw.Frs.174.S4m. 
q coxae from participations 


ft- • 

/enska Flakt 

i+'j _ , t 

fV . 

arly results 

ifi- 

£ ' V , , a , 

;>se to target 


Dur Own Correspondent j 


. STOCKHOLM. Feb. 27 \ 

-T-. : {_ ; , 

pi:- . 

■ i 

f5 T . 

3-" ;; . ' 

:V- '■ 

. *“ - s 

'AX profits of Svenska 
the Swedisb industrial 
ition and air pollution j 
( group, came out almost 1 
jet at Kr.l35m. (SUS29-4m.J 
'red with Kr.l37m. in the 
. us year, according to the 
inary report. Tbe Gadellus 
S subsidiary .made a 
t loss, but ibis was counter¬ 
ed hy improved profit- 
in tbe industrial sector. 


by Sw.Fra.nhn. to Sw.Frs 32J&m> 

There was a vdecline of 
Sw.Frs.23.09m to Sw.Frs. HR 3Bra 
in income from Blits of exchange 
and money market 'paper and of 
SwJts.15.S3m, roSw Frs.173 2 Sib. 
in that from securities. Com¬ 
mission earnings'' fell ny 
Sw.Frs-3.17m. to SW.Frs57R74m. 
’ ■ With regard logolcl trading, 
Frey said Swiss - Banking Cor¬ 
poration retained a leading 
position in. 1977. selling a sub. 
stantlal share of new Russian 
and S. - African production and 
supply from monetary sources. 

Credit Suisse 
payments 

A TOTAL OF Sw.Frs4l.7m will 
now .have to be paid by Credit 
Suisse for outstanding negative- 
interest commission on rrans- 
actions connected with the bank's 
Cbiasso Branch. Last year, it 
was disclosed that funds of the 
branch's clients «totidling some 
SwJrs^.l7bn. had been chan¬ 
nelled improperly to the Liechen- 
stein company Texon-Fioanzan- 
stalt. 

The level of negative-interest 
liability was calculated jointly 
by the Swiss Nations? Bank and 
Credit Suisse, it is considerably 
higher than the" sum of 
Sw.Frs.62.2m: originally quoted 


ZURICH, Feb.' 27. 

on the basts of Credit Suisse 
data after the National Bank bad 
decided last November to call 
for tin* outstanding cum mission 

Credit Suisse said to-dn> 
iromediately after the publica¬ 
tion of the new figure by tbe 
Swiss National Bank that >r will 
“tnvestieate closely" the demand 
which Is based on an alteration 
of the original calculation nast* 
and comment on further 
measures at a Press conference 
on March 1. 

Credit Suisse is being asked 
to pay the Sw Frs.Sl 7m into 
the National Bank, the sum i« 
be charged to foreign creditors 
involved in the Chiassn affair 
Negative interest in levied in 
Switzerland at the rale ot 10 pei 
cent, per Quartet on new nun 
resident Swiss-frane deposits 
such as were made since October 
31, 1974 in connection with the 
Chlasso-based transaction*,. 

Part of the sum due for repay¬ 
ment by Credit Suisse to clients 
of the ChJasso branch had 
already been set aside by the 
Zurich bead ofBue to meet any 
fiscal or similar demands arising 
from the transactions. 

The National Bank is not 
calling for the whole oF tbe 
negative-interest commission af 
a fate of 10 per cent, per quarter 
but rather for a single instal¬ 
ment. it is understood. 


ASEA output to fall 


BY JOHN WALKER 


STOCKHOLM. Feb. 27. 

with 




BUSINESS prospects are not rising to Kr.54 compared 
expected to be to bright in 1978 Kr.50 in 1976. 
according to the annual report Deposits increased by 1J per 
| of ASEA, the Swedish heavy cent., which is somewhat above 
I electrical engineenng end nudaar the average, the bank states 
• power group. Deposits from the domestic 

Industrial output and invest* housing sector rose more slowly 
mem In Sweden are expected io than in previous years Deposit.® 
drop. Even if decisions concern- by companies rose by 17 per 
ing the Swedish energy policy cent. 

are taken which will have a Of the total credits at the 
positive influence on the group's year’s end those to the business 
progress no significant upturn in sector accounted for 52.4 oer 
order bookings is expected to cent, while domertic credit* 
occur immediately, lo view of including housing amounted *n 
the absence of any invoicing of 41.3 per cent, 
nuclear power plants. ASEA The final balance for 1977 rose 
group sales are unlikely to by 35.8 per cent; to Kr.40.5nn. 
match the Kr.SLTbn. of. 1977. in line with the average for 
. Order? at the end of the vear other commercial banka. Credit? 
rder intake rose front:amounted to Kr.14.4tin. Grouo increased hv nearly 21 per «*em. 
»n. to Kr,3bn, orders from; operating profits before den re-hut the increase could no \, 

*. Sweden rose from)ciarion amounted to 1 Fvr4H»m. financed hv deposits only Haw 
n. to . Kr.2.3bn. Total Ugst year compared with Kr.623m. of the increase in lending—■_ 
- at the end of the year jin 1978. The dividend is held about KrJ2bn —consist® 


ip - sales during -1977 
ted to Kr.2.?bn. compared 
- r.25bo. fSUS590m.). While 


Earnings 
recovery at 
Primrose 


By Richard RoJfe 

JOHANNESBURG. Ff»h. 27. 
PKlKtttONb' industrial. ih«* 
chiel Smith AFnran brirh pro¬ 
ducer. has wpurtrd a rnwiuTi 
in prafiis f«»» ihe six munths 
lo enrt-IH-r»-inhpr. liui >a>s id 
its laii'si •.faiemi'nt that' prn- 
durlivr capurity Is only 40 per 
cent. uilINrd. Turnover was 
dawn from ft 16.3m. (SlR^m.t 
in the romparahlf six numihs 
uf 1976 Id R14.3 m.. white pre¬ 
tax profits were down from 
RUm. lo KO.fim. (SO.tiKm.) 
But the talent figures at least 
represent winery from the 
Rlt^m. arhirved sit the pre-tax 
level fur the six months m 
June SO, the second half nf 
Primrose's most rei-ent finan¬ 
cial vear. tehleh should prate 
to he the tnw point of the 
group’s fortunes. 

Tax charges continue at n 
low rale, with a total hill of 
RO.lm. In (h« latest period, in¬ 
cluding a deferred lax item. 
Net profit was Rtl.Sm., nr 4.tir 
per share, and an interim divi 
dend of 3Jr has been paid, 
which compares with last war’s 
8c interim and 2.5c final. On 
dividend policy, the Board 
comments that with capital 
commitments covered hy depre¬ 
ciation. which is expected to 
he low for the fonreweahle 
future, and with no increase 
anticipated in wnrkine capital 
requirements, most of the 
profits earned should be passed 
on ro shareholders. 

At Ihe same time, camines 
are forecast lo rise in the 
second six months if demand 
continue}, at present levels. 
Indirations of improving 
profits, however, haie to he 
offset against possible wasp 
increases and a rise in ihe con¬ 
trolled price of electricity, 
alt hough there has heen a 
modest rise in die hrirfc price. 
With some improvement In 
earnings in the second ball, 
commentators envisage a final 
dividend ot about fir, which 
would put the shares at Rfic. on 
n vlelit nf TI tier pent. 


[JAPANESE NEWS 


New peaks for Matsushita 


BY DOUGLAS RAMSEr 

MATSUSHITA Electric Indus¬ 
trial. makers nf National and 
other brand consumer products. 
! turned in the best valet, and 
profit? performance in its history 
to-day in jnnouucini* its con¬ 
solidated results lor fiscal 1977 
winch ended on November 20. 
The YTKbn. (SSZam.J net income 
represents a 19 per cenL rise its 
yen terms and a gam of more 
than 45 per cent, in dollar 
terms. 

Sales for the year rose II per 
cent, in Yen i.SDbn.. indicating 
that Matsushita did better than 
the rest nf Japan’s electrical and 
electronic industry, which ihe 
Osaku-bdsed company reckons 
gren by an average 8 per cent, 
in 1977. 

, The Matsushita group’s report 
is above ail characterised by 
three Jung-term trends which 
underscore the buoyant health 
ul its operations 
• EQUITY: for the first time 
ever. Mmsushita has an equity 
ratio (including minority share¬ 
holdings) nt over 50 per cent. 
The new figure of 52.1 per cent, 
is marginally up <>n ihe 49 per 
cent sum recorded in 1976 but 
Matsushita's equity ratio 10 years 
ago was closer to 20 per cent 
0 PROFITABILITY: The Mat- 
suihlla C,roup's net profit ratio 
to sales has risen consistently m 


the past three years, going From 
2.6 per cent. In fiscs! 1975 to 
3 K per cent the following year 
and rising to 4.2 pei cent to 
fiscal 1977 Just ended. This 
performance, moreover, was 
achieved despite a levelling of 
sales growth during the second 
half of the year. 

• eXCHANRK LOSSES: Foreign 
exchange fosses for ZB77 are 
estimated at Yl5bn. or S62Abn. 
at present rates, but Matsushita 
has managed to keep tbe bottom- 
line losses to a minimum. It bas 
done so by offsetting the Yen's 
appreciation with local price 
hikes which. Matsushita says. 
may have averaged 5 per cent, 
in its overseas markets A spokes¬ 
man also reckons that a further 
30 per cent of the exchange 
losses were offset by reducing 
manufacturing costs or by drops 
in the prices Matsushita pays for 
its raw materials. 

Sales in 1977 were at their all- 
time high despite adverse condi¬ 
tions defined by a Matsushita 
spokesman to-day as "slow 
domestic demand, overseas ex¬ 
port restrictions, and the sharp 
rise in the value of tbe Japanese 
yen” Tbe company's earnings 
in the last quarter of 1977 were 
at a record level but stood only 
six per cent, up on tbe year-ago 
figure, although 1977 as a whole 
showed 11 per cent growth. 


Setback for Komatsu 

i KOMATSU Limited, the manu- The improved outlook results 
facturer of construction mainly from the expectation of 
i machinery, has announced that a nse in domestic sales follow, 
its nei profit in 1977 drooped hy ing increased Government invest. 
218 per cent m YI4 40hn. mem aimed at stimulating the 
tSU.SKOm.) from YlS42hn. in economy, ii paid, 
the previous year. The dividend is unchanged at 

Sales, however, rose 12.1 per Y9. 
com. to Y353.42bn. (S1.48bn.1 * * * 

from Y3t5 37hn ■- BRIDGESTONE Tire Company's 

Komatsu said that it expects after-tax profit rose 6.7 per cent, 
afrer-fax profit Tor the year end- ro Yl3.7bn (S57.3m.h in 1977. 
ins this December 31, to rise from Y12fibn. m 1976. 
siichtiy. to V15bn-. from last Sales increased by $2 per cent, 
wear's Y14.40bn. to Y353jU>n. CSlARbnA. from 

Sales are estimated at between Y327.|bn. 

YTrnhn. and YTtthn.. up from Hie dividend is unchanged at 

YSflS a ?hn m 1977 Y10. Agencies 


TOKYO. Feb. 27. 

The outlook for the Matsusmia 
group in the present fiscal year 
to next November, eccording to 
the company, is for consolidated 
sales to exceed Y.2.000hn. f ha> 
is a 6 per cent rise. A spokesman 
also said that the company hopes 
to maintain at least the presen' 
volume of exports and push net 
profits to over YjjGbn. 

Eidai unit seeks 

debt agreement 
KINKI PLYWOOD, a 75 per 
cent owned subsidiary of Edai 
Company, has applied with 
Osaka District Court for com¬ 
position proceeding wuh 
creditors under ihe conmrate 
rehabiUtatton taw. AD-DJ 
reports from Tokyo. 

The company is estimated to 
have liabilities of Y3bo 
/Sl2^m.>. and has been posting 
losses since 1975. 

Eidai Company, Japan's largest 
plywood maker, and three «ub- 
sidiaries applied for corporate 
rehabilitation last week. The 
Eidai group liabilities were 
estimated a> YIRObn., about the 
largest in Japanese post-war 
corporate history 

Composition would allow a 
settlement of debts by agree¬ 
ment through partial payments 
of the sums due debtors, to 
avoid bankruptcy. 

Tokai Seito applies 
for court protection 

TOKAI SEITO Company, a 
medium-size sugar refiner based 
In Ufe Prefecture, applied fm 
court protection under the 
corporate rehabilitation law with 
the local District Court. 

Tokai faced bankruptcy Iasi 
July with an estimated Yfihn 
(525ra.) debts when the company 
asked the court to declare it 
bankrupt. 

However. Tokai withdrew tbe 
application in an attempt to 
reconstruct Irselt after the Agri¬ 
culture and Forestry Ministry 
adopted an Imported crude sugar 
allocation system, 
ivi 


25 


Sharp gain 
at United 
Asbestos 

By Wong Sulong 

KUALA LUMHUR. Feb. 27. 
UNITED ASBESTOS CEMENT 
fttAC). Id which Turner and 
Newall of U.K. has an interest, 
bas reported a substantial; 
increase in profits, of 42 per 
cent., for the first half io 
December 31. of its financial 
year. 

The company also announced 
plans to double its production 
capacity through a 19m. nnggiz 
(U.S.SS^m.l plan for a new pipe- 
making plant. 

Net profit for the six months! 
was 7.17m. ringgit (U-SSSm.). ! 

The company is paying an 
interim dividend of 7.5 per cent.' 
on the existing 24.5m shares, 
ihe dividend will not be given! 
on the t.9m. shares, recently 
sold fo BuraiDuirss fMalays* 
interests, at a price of 1 S rinecit' 
each (compared to the market 
price of 2.3 rmeeitl. 

The new pipe-making plantj 
w be sited close to the present 
factors; near Ipuh. will be! 
financed through a 17m ringjrr 
loan and tbe capital acquired 
through the issue of tBm shares 
to Malays. 

DaC signed the loan last 
Thursday wtth a consortium of 
banks led by Asean Banker! 
Malaysia Her had. 

The loan is repayable In seven 
vears. with interest varying 
between K.5 per cent and 9 per 
cent, under a formula agreed by 
ihe five cunrorritim banks. 

UAC chairman. Mr John Reid, 
said that the new plant will have 
a capacity of 25.000 tons nf 
pipes a year, and he exported 
ennd demand for the company's 
products with the pick-up nf 
aerrriry during the second half 
of the third Malav<ia olan. 


General Bottling 

A FINAL dividend nf SHK«0 
cenfr (75 cents) was declared by 
Heneral Rnblina writes Daniel 
Nelson from Hong Kong, making 
X total of 100 cents (75 cents) 
for the vear to December 31. on 
an unaudited ooxt-tax profit 
which rove from SHKIlm in 
197" to AHKtSIm f$MS33m) 


nf 


mud* 


.;V 


-*.ed to Kr-2.9ba- 

m company safes during 
“rose to Kr.ibn. from 
' n. m tbe previous yesr. 
. arent company's pre-tax 
.mummed to KrJOin., up 
‘r72m. The Board recom¬ 
an unchanged dividend of 
per share. 


\ Kr^.per share. 


Sven ska 

Bancfelshankcn : 

S v e n s k a Handelshattken 
its operating profits 
higher by 7 per cer 
, Kr582m. with carninga per share share. 


credits in fnrelnn eurrenrie-* 
which were reHnenced abroad 
The Board recommend* a divi 
dend o/ Kr.lB per share. Last 
year tbe dividend amounted to 
Kr.17,50 per share, which after 
for allowance for the bonus issue 


1977^higbet^Vy 7 per cenL to was equivalent to Kr.15^1 per 


sicurazioni 
lital increase 

ard of Itaiia As&leuraooni 
reposes to increase its J 
ed capital to L6bn. from! 
The operation, in parti 
-id in part on payment! 
to approved hy share- 
assemhiy next April IS. 
loard nf tbe Italian insur-) 
■iwnpany. controlled by; 
ison SPA, made public' 
0.000 new shares will be) 
free, to shareholders nni 
sfor-flve basis- Another 
•' 600.000 new shares, will 
*ed in option-ragain on a 
•jvfive basis—si a cost of 

orazioni said the capital 
> is needed to keep up 
growing Investments 
y the Dalian company 
«d a .50 per cent. Interest I 
. ini up'Insurance Company ] 
U K. The operation cobi 
/ azioni about L3bn., eonal) 
urreni registered capital- 
• Jones 


Industrie Buitoni formula 


BY DOMINICK ]. COYLE 

A COMPROMISE - settlement 
formula has been found for In¬ 
dustrie" Buitoni Perugioa. Italy's 
largest privately-owned food and 
confectionery concern, which had 
bad sought to lay off some one- 
fifth of its 6.800 workforce in 
the face of mounting tyiancial 
difficulties stemming from re¬ 
duced domestic demand. Buitoni's 
annual sales are currently run¬ 
ning at some $5B0m. 

The formula, worked out in 
protracted talks Involving 
directly the Italian Minister for 
Industry, Mr. Carlo Dnnai-Catiin. 
provides tor a nominal with¬ 
drawal of dismiss notices, and 
of plans to rio5* down the groucw 
Aprilla plant. However, more 
than one thousand employees 
are to be transferred to the 
State-subsidised wages system. 


ROME. Feb. 27. 

In exrhanae for a company under 
taking to devise a plan within 
four months for the financial 
and operational reconstruction of 
the group. 

The outline of such proposals 
which the company has an under- 
laking to provide lo the rrurii' 
unions by June 20. is llkelv in he 
close to the group's original de¬ 
mand that some tI9.nm tn «av- 
■inas would have to be affected in 
order to return the company to 
reasonable prospects of profit 
ability. 

The unions, however, have 
secured an undertaking thai 
Buitoni Peniglna will wek to re- 
employ within eighteen months 
those workers who are to he 
transferred to rhe social security 
system, althouch tn the formal 
aereemeni between the com pan v 
and the unions, this is more an 
expression of best intentions titan 
a firm rnmmttment. 


„ •Wc'-' 


NCIAL MARKET TRENDS 

<ECD sees lower DM yields 



4ARY CAMPBELL 


t 

i 


V 



PRESENT dichotomy sector will drag down the overall 'th* market swings back to a 
i the inauspicious ctmdi- total. .lenders' market 

t ihe dhilar sector of rhe The OECD Is therefore predict-. The scope f 0 r a ronsoliriatfon 
lianai bond roarkei and Ing foreign bond wsues ai an shprt term w nt B lsn 

..owing conditions in the annual rate of “perhaps bfi p j lert as B f aeror p usYttne 
lj sccior is likely to con- S!4-15hn.** in the first half of tpU arose lending—Ihln arises 
JLhe OECD says in the year, down from the S18brt. level from rhe h i, nc .hinc of maturities 
J- SSUP nf its publication recorded in Ihe past two months. » ar a number Dr enunbrtea in the 
of Market Trend** which A particularly Interesting ttr | V iggos. 
five times a year. feature of the ‘bond market OF m dnen nnt Pimeci 

comment which was recently, the OECD says, was tlw ; „^ e -SrtrSrtimi «? lending 

before the latest fall In confirmation lhat a number _ ]f . because the 

long-term interest rat ea. i«s developed countries (IsDC*> ■ f a iutTe * invest m^n i in 

fl ‘ nonetheless surprise^ -have now established rieS U! 

■knarket pariicfpanK. the **!ves as regular bormwere on £ Ihe 

. Nays that “ the dtfferen- the maj0r i nler natinnal bond „Zts spreads .f 

v’?i Vetween the return on mar kets and are in a position m SSlSSt tn f^Sehtiv further 

_ v v'i* 5S'T 1 ! 

4 ' i Tc time of wrltine the fal L ,n new ,squ * p ? SS I h,1 i: also evpens fees to be shaved 

-* -11, Vie on alSrfmark lies _, in the *n.»nta»inn»l bond.J^ spread rimriure io 
issues hy top quality ™ ar ^lJ s f an ? arrow wilh ,h|1 spreads payable 

rs was 5l-i per eem^ the ,he t0 J c f£ *? by lower quality borrowers 

such issues in the Euro- cvpaostoo ^medium term lend- riown t h nf , e 


w,if I r X 

Tl i. U vi* 



irind market was S4 »«»r i n * CDmiDerciBl banks this . hv 

^ The comparable rates for year i B iJi!jfI ^I^LDC? current borrnwprp 
/ rancs and Yep were 4 per ^J" c , re iL' xhSvear^-nrtl ,n addition, 
and 6.7 per cent Jg™ ^U ? To ^turitijs to 

compared wilh 1977. stretched, 
under the Impact of JSS® reached 10 


higher quality 


? iiR bearish outlook for SS3*bn. 

_ *" I yiional bond issuea partially 
?i V naied in _dollars. the protect io 

' ;\:f 

»U r* 


It 
be 

thoiiRh not 


expects 
further 
to the 
1973-74 


u « »m 0 E Maturities, it Mays, are likely to 
protectionist. measures among , annfhon in mm ; nB 


lengthen in coming months to 



/ 


year si ate. or. roe inu*rn«w »u«i uann- R “ mav nrnva benARMnl 

he same time it doubts ing system: According ti> the ” Se^dendere themilven fn ihe 
r recent anting expamion OfiCD the current “ borrowers' JJJJJ d * n n a °I! 
ues by foreigners «i market - will continue to lead gg *[ ttofSE 

ic bond markets will eon- borrowers lo fefliuux* older L iSJSmi5»?I2 
In rhe first six weeks of loans-nqw coming our or the f“ r f» SniSTUtliilS *2202 
ar these were running it grace pehOda- wben no repay- J^r aMUty to serviLe existing 

>al rale of S17}bn. more meots-are due—ai lower Interesl w ' 

:i any lime since MW. fates and for longer ipamriries, 

then the Yankee bond Finally the OECD says, ii market. WbtWI 1 renew contains a 

(ihe market for issues by conditions remain favourable “it special.feature pn medium term 
,ers in New York) has will be tempting for credn won hy crediis. . - . 
i iurn for the worse since borrowers- to continue *pre* Fnwncwf .. ilfBWCt . Trends, 
iuall;- accounts fur ahoui cautionary ’ borrowing,by aminq- available from UECD, 2 rue 
.iota'/ fftroiyi hand issues, ine rredif facIMtiey on which Andre-Prices! . 75775,- Pens 
performance in this they wtii be able to count when France, or from HMSO. . 




(Advertisement I 



CONOMIC JOURNAL 




February 1978: Vol. 7 No. 2 

Smooth enforcem’t of two 


Three Major Headaches for Japan 


budgets will contribute to 
Japan’s business recovery 


The slow tempo of Japan's 
economic recovery is causing 
many cases of friction lo 
surface in its domestic and 
external relations. 

For coping with the 
situation, the Governmcnl last 
December announced its 
economic outlook for fiscal 
1978 «April. 1975-March. 19791 
with the real economic grou th 
target placed al 7 per cent for 
that year. 

It also approved at the same 
time the draft plans for the 
second supplementary budget 
for fiscal 1977 and the General 
Account budget for fiscal 1978 
aimed at buoying up business 
with a sizable increase of 
public investments. 

It is earnestly hoped that 
fiscal operations based on Ihe 
smooth and efficient enforce¬ 
ment of the fwo budgets wjJJ 
display a sufficient pump- 
priming effect on Ihe course of 
domestic business 

Neu peak Tor production 

The mining-manufacturing 
production index, in November, 
1977, seasonally adjusted, 
registered a sharp increase of 
2,8 per cent over the previous 
month. 

Although there was a gap in 
the recovery tempo as lo 
commodity groups, the overall 
level of the mining-manufac¬ 
turing production last 
November surpassed ihe 
previous peak before the oil 
crisis in late 1S73 for the first 
lime in four years. 

MITl's production forecast 
index in the mining-manufac¬ 
turing sector (seasonally- 
adjusted > also estimated 
production in January. 1978 lo 
show a sound gain or 2 7 per 
cent over the previous year 
after s 1.4 per cent decrease in 
December. 1977. 

Meanwhile, ihe shipment 
index of producers in the 
mining-manufacturing sector 
(seasonally adjusted* last 
November registered a 4.0 per 
lent increase over a month 
earlier, thus eclipsing the 
growth of production in the 
same month. 

As a result, the inventory 
index of manufactured 
products held by producers 
(ditto) recorded a 0.1 per cent 
decline from the previous 
month for tbe third consecutive 
month. The inventory-safes 
ratio index of manufactured 
products iseasonally adjusted' 
1970 average=tOO) in November 
also sagged for the fourth 
consecutive month to stand at 
234.9. 

Taking into consideration the 


recent trend of demand and 
the still high level of the in¬ 
ventory-sales ratio index on 
the part of producers, the 
rising trend of production 
activity cannot be said to have 
become sufficiently fixed 
despile its modest stiffening in 
the past feu months. 

Rear is) i business 

The basic keynote of major 
final demand factors as a 
whole has continued stagnant. 
Personal consumption expendi¬ 
ture. tor instance, has been 
growing increasingly sluggish 
under pressure of deterrents, 
such as the hearish standstill 
of income of wage-earners 
because of the modest increase 
of Ihe year-end bonuses in 1977 
and ihe decline of overtimes, 
the shrinking spending mood of 
consumers because of the 
uncertain business outlook, and 
ihe sales slump of winter 
clmhing and heating equip¬ 
ment because of warm winter. 

Thr increase of sales of 
large-scale retailers in 
November. 1977 declined lo the 
one-digit level over a year 
earlier for the first time in 
eight months, and the sales 
growth of department stores in 
ihe same month showed the 
lowest growth on record of 3.0 
per cent over the corre¬ 
sponding month a year before. 

Equally discouraging have 
been private plant and 
equipment investments. The 
shipment index of capital 
fiofjds (exclusive of trans¬ 
portation machinery* made a 
meager rally registering a 
modest gain of UJ per cent 
o%er a month ago on a 
seasonally adjusted basis in 
October. 1977 and 3.u per cent 
in November 

However. orders for 
machinery, a leading indicator 
uf the trend of private plant 
iiiid equipment investments a 
lew months ahead, have con¬ 
tinued stagnant, slewing a 
decrease of 3.n per cent m 
October. 1977 from the 
previous month and 3.6 per 
cent ui November 

The equipment operation 
index in the manufacturing 
sector »1970= 100 > continued to 
stay low at 84.7 per cent Iasi 
October. 

Against this gloomy 
background, ihe future 
business outlook of corporate 
executives has become in¬ 
creasingly pessimistic. 
Judging from such grim sur¬ 
rounding circumstances, the 
stagnation of private plant and 
equipment investments is 
considered destined to continue 


sluggish, at least for some 
lime. 

Export trade, a major prop 
of domestic business in the 
past few years, also has begun 
to show signs of waning. 

Fiscal support wanted 

In contrast with the bearish 
trend of such demand factors. 
the outlay in the fiscal sector is 
expected lo show a sound 
grow th. For Instance, housing 
investments in November, 1977 
showed a sizable gain of 9.2 
per cent over a year earlier, 
the sharpest monthly gain 
since April in the same year at 
9.6 per cent. 

The Tuture outlook of housing 
investments appears promising 
in view of supports, such as the 
additional outlay of the 
Housing Loan Corporation for 
loans for 100,000 houses and the 
government decision to in¬ 
corporate a new housing in¬ 
vestment program in the fiscal 
1978 national budget. 

In the phase of tlie overall 
fiscal outlay, the outlays for 
public works projects and 
payment gua ran lees for public 
investment jobs have been 
showing sound increases. The 
fiscal outlay under the so- 
called "25-monlh national 
budget" is likely to provide a 
sound support to business. 

For all that, the current 
malaise of domestic business is 
considered bound to continue 
for some time. As a result, 
many phenomena causing 
friction in the domestic and 
external phases of the 
Japanese economy are likely 
to surface more tangibly. 

Growing friction 

Specific reference should be 
made to the deteriorating 
climate surrounding corporate 
business operations. 

In the latest semi-annual 
accounting term ended Sep 
timber. 1977, the increase of 
earnings of major companies 
came to a halt after the 
modest gains in the preceding 
three half-year periods. At tile 
same time, monthly corporate 
bankruptcies in the past few 
months have continued to 
surpass the "crisis line" of 
1.51)0 cases. 

On the other hand, wholesale 
prices have begun to calm 
down "excessively." offering a 
cause for the acuter slump of 
structurally depressed in¬ 
dustries. 

Along with the rapidly 
deteriorating environment sur¬ 
rounding corporate business 
operations, the employment 


Ratio 

07 

0.6 

0.5 

0.4 



Number of banknipictes 
fright scale] 


Effective job opaning to 
applicant raw l left Kale I 


i Al umber 


-hsoo 


Hiooo 


2 QOOh 


I la 5 million 


lOOflh 



‘77Jin.Feb. Mar Apr May Jun Jui. Aug. Sept Ocl. Nov.Dec. 


N»t#: Seasonally oOiuiKd lor efieciive lOO opening ro applicant rath* and current 
account Mjrpluv 

Source!. Tne Bank.Of Japan lor curreni account Surplus, me Mmnirv of Labor lor 
efieciive |ob opening io applicant ratio ana Tokyo snau Research Ltd for number of 
bankruptcies. 


climate has begun to be 
worsening. 

The completely jobless rale 
has continued to surpass 2 per 
cent. The job of stabilizing 
employment thus has become 
a cardinal policy problem for 
the Government to tackle and 
solve. 

In the phase of the nation’s 
external relations, the bearish 
standstill of imports and the 
growing surplus of the balance 
of payments in Japan’s favor 
have continued lo provide a 
major headache to ihe govern¬ 
ment. 

Calming prices 

Prices have continued 
conspicuously stable in 
response to the slow .tempo or 
business recover}' and are 
likely lo continue so for some 
time. 


For instance, the increase of 
the national consumer price 
index in November. 1977 over a 
year earlier stood at around 6 
per cent, registering the 
slowest hike in four years and 
nine months since February, 
1973 16.2 per centi. 

The advance of the consumer 
price index in the Tokyo 
metropolitan district last 
December over a year before 
siood at 5.0 per cent, staying 
below the interest rate of time 
deposits at 5.2a per cent. 

The wholesale price index in 
November, 1977 declined by 0.9 
per cent from a year earlier 
and dipped further by 1.5 per 
cent in December. As a result, 
the average decline of the 
wholesale price index in 
calendar 1977 over a year 
earlier stood low at 1.9 per 
cenL 


The international bank 
with your interests 
at heart. 



I We haw your interests a: heart. 

IDAMCHI KANQYO BANK 

tth: fifth Flour.PSOBM&. 133-138LeMvnail Stmt. 


London EC3V 4PA, England Tel. (011-3830939 
Head OffK*: 6-3. Meninouetu 1-shome, Chiratia-lu. Tatvo 100. JeOen Brametm end 
AgtnoMat: New York, Lot Angaie*. Ouitttdorf, Tubs*. Sea-*:. S ngapon Repromtsiiw 
Dffkw* «i: Chicago, Houtiun, T-wonwj, SJo ft-uia. Ur,i»&v. Centcai Ffjii'ufl. 

Par**. lanit.JakaMa, Sydney SuMdiaftem: C*i;igo. A^ima-un. Zu r *Ji. London 
Aff darted and AxaoeiaMd Compmle at: R-o cm 4jn*"0 ujnoo-- lu irwuij. Hon* K.wr. 
Bangkok. Sngepor*. Kjiu Lumpwr. Mai-** S«anr.. Hebr <rtn 








BUSINESS AND INVESTMENT OPPORTUNITIES 

*£AD£RS AR E RECOMMENDED TO TAKE APPROPRIATE PR OFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


AUSTRALIAN NEWS 


Finance 
for Growing 
Companies 

If yon are a shareholder in an established and 
growing company and you. or your com pany; 
require between £30.000 and £LGQ&flOQ for any 
purpose, ring David Wills, Charterhouse Development. 

. Investing in medium size companies as ■ 

minority shareholders has been our exclusive 
business for over forty years. We are prepared to 
invest in both quoted and unquoted companies 

t currently making over £50.000 per annum 
pretax profits. 

CHARTERHOUSE 

t Charterhouse DevdopmenLl Paternoster Row, St. Pauls, 
London EC4M 7DH. Telephone 01-243 ?999. 


SMALL QUOTED FINANCIAL TRUST 

i? in market to purchase profitable companies costing 
‘£50.000-£100.000 where there is scope for development Further 
.capital would be Introduced when necessary and it would be 
intended that management should remain. 

Preference for light engineering and distribution in South- 
East Small public companies with several interests would be 
considered. 

.Write Box G.1505. Financial Times, 10. Cannon Street 
EC4P 4BY. 


The J I Case Company, one 01 the world's largest manufacturers of 
instruction equipment, ire seeking dealers to sell their nnje of UnUoider 
skid steer shovels which are available with a wide variety of attachments 
BO sm: many applications in agriculoirc and industry. 

Dealers should have the experience to obtain a good share of the existing 
market and to create sales in new areas. After sales service is of prime 
imponance and the prospective deale- ihoud have the facHity to offer good 
parts supply and repair service when necessary. 

If yotf till tbli requirement please write for foil detaili of the range 
and ta tell us something about yourself to: 

I. I. CASE COMPANY LIMITED 

FREEPOST. FELTHAM, MIDDLESEX TW13 48R 


WIRE PRODUCTS 

We would like to hear from companies manufacturing wire 
products having not less than 50.000 sq. ft. of manufacturing 
and storage space who would be interested in selling their 
company. Please write in confidence to Managing Director. 
Box G.1500, Financial Times, 10, Cannon Street. EC4P 4BY. 


GENEVA 

Full Service is our Business 

0 Law- and Taxation. 

• Mailbox, telephone and 
telex services. 

• Translations and secre¬ 
tarial services. 

• Formation, domiciliation, 
and administration of 
Swiss and foreign com¬ 
panies. 

Full confidence and discretion 
Business Advisory Service 
3 rue Piint-FiUi, 12004 Geneva 

Tel: 36 03 40. Telex: J3M2 


LISTED PROPERTY COMPANY 

wishes to acquire for cash 
and/or shares small property 
companies with net asset value 
between £100,000 and £500,000. 
Of particular interest would be 
companies with inherent capital 
gains liability on tmrealised 
profits. 

Write Bor £1496, Financial Timet 
10 Cannon Street, EC4P 4BY 


PRIVATE COMPANY 

in Medical Electronics wishes 
to acquire a small company 
in similar or allied field. 
Preferably North London/ 
Home Counties. Write Box 
G.1510, Financial Times, 10, 
Cannon Street, EC4P 4BY. 


CENTRAL SCOTLAND 

IMPORTANT HOTEL FOR SALE 

Turnover m excess of £400.000 
Excellent condition — fire certificate 
Principals only please 
Wnte Box G.1S01. financial Times 
10 Cannon Street, EC4P 4 BY 


FOR SALE 

A major British company wishes to 
'dispose of 2 small subsidiary engaged 
in the manufacture of high precision 
tools, mainly for the aluminium die 
casting industry. Turnover around 

£ 200.000 o.a. 

Write Bsx G1447, Financial Times 
10 Cannon Street. EC4P 4BY 


DOMESTIC REFRIGERATORS 
AND FREEZERS 

Required for Export, preferably on 
exclusive supply basis 
Manufacturers. Please contact; 
TPiADELINES DEVELOPMENT LTD. 
1 London Road 
Hind he ad. 5urr»y 
Tel: M2 873 6020 
Telex: 858002 "WArwiS" 


A RARE OPPORTUNITY 

Sold as a. going concern 
T.V. rentals./sales business. 
Guaranteed rental income of 
£23.000 p.a. plus sales £40.000. 
Write Box G.14SS. Financial 
Times. 10. Cannon Street, 
EC4P 4BY. 


COMPANIES FORMED 

Expertly, speedily. throughout the 
world- Com pare our prices 

ENGLAND . £69 

ISLE OF MAN ...... £98.44 

GUERNSEY . £250 

LIBERIA . U .5.5870 

Sw-r.-iT TON*»ANT FORMATION 
Tel; Douglas 10624 f 23718 
l Athol Se«i. Doujlas. t.e.M. 
To tot; 623554 


OR SALE OB TO LET. Light Industrial 
Premises. Beetles. Suffolk:. Appro*.. 
B.2S0 S3, ft- Of production space, offices. 

sjerjccr. etc Ideal as manufacturing or 

Distribution Deoot Labour eabii avau- 
xofe. Car parkins. Pent £5.204 P.a. 
Lease terms hr arrangement—sr 
£29.000 o.n.o. lor cu.cie sale o? Free¬ 
hold. For fnrrhff- deta.'-Sb'o enure. aswv 
to Mrs. J. Shrlmjnor.. C.-rascvs Lea. 
Castfmeid. Hertford, 50*4 1LH. Tel. 
Hertford 54 949- 


3300 SQ. FT. 

TO LET—RENT FREE 

in new shoppers bazaar opening ae 
Wote-n Favelf Centre, Northampton, 
opening in March, on condition that 
tenant carries our considerable 
advertising. Would ideally suit 
manufacturer/wholesaler for knock- 
down sales or exhibitions. Oppor¬ 
tunity not to be missed. Visit site any 
weekday or Telephone 

David Newman (director) 
of the Midland Development Group 
at Western Favell 3444 


MEDIUM-TERM LOAN 

REQUIRED FOR UNQUOTED 
PUBLIC COMPANY 

Approximately v hardwood distribution 
and ; manufacturing. Share of equity 
considered. Profit record good on small 
equity. 

Write Bor G.fSf?. Financial Times 
10 Cannon Street. EC4P 4BY 


acquisition; merger? 

Private limited company, with cash 
asseu of £400.000. seeks any interest¬ 
ing proposition. We have a very small 
staff and our offices are close to 
Marol* Arch. Our pre-tax profits 
exceed £100.OQO and we operate 
within the framework ol pne of the 
prime service industries. We would like 
to hear in the first instance from 
principals only, with a proposition 
which would enable us to develop our 
corporate cnoty more widely by 
acquisition o- merger or joint venture. 

Write Box G.1S04. Financial T/mos 
fO Cannon Street. EC4P 4BY 


or in ocher wards 

ARABIC TRANSLATION 

aJio 

Interpreters, Typesetting, 
Legal, Technical & General 

Concoct: ANGL3-ORBAN 
8 Portland Road. London. V.'l J 
Telephone: 01-221 ?B23 


INSURANCE BROKERAGE 

For safe in cast Midlands due co 
retirement. Premium income £100.000. 
of which £65.000 motor, balance 
commerciii and -general Business. Life 
Assuranee/Pensions potential haa no: 
been developed. 

Price for shares £20.000 
Write Box GI502. Financial Times 
10 Cannon Street. £C4P 4BY 


WANTED: 

1 or 2 WORKING PARTNERS 

Aged 20-35 yrs.. attractive personable, 
in relative for launching of novel, excit¬ 
ing and unique social/merriage agency 
with minimum investment oi £5,000 
against shareholdings Plus initially 
nominal wages. Good education and 
Social background essential. Office skills 
desirable. Only personal applicants 
considered. Box G1466, Financial 
Timet, SO Cannon Street, EC4P 4BY. 


CITY BUSINESSMAN 

with many years experience ol moil 
aspects of company finance and admin- 
istndcn would be prepared to employ 
hit expertise and cancans, on a con¬ 
sultancy basis, for the benefit of any 
small :o medium vied company want¬ 
ing a more pro fast ion a.' approach. 

Write Bor GT49 2. Financial Times 
J0 Cannon £ erect. £C+P 48!* 


LIMITED COMPANY 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 
EXPRESS CO. REGISTRATIONS LTD. 
30 City Road, EC1 
01-628 £434/5/7361. 4436 


TELLY GAMES LIMITED. Company name < 
lor Sale. Tel. 01-923 7MI. 

WANTED. Board Room tabic and chairs [ 
requires to sear 2(5 peeole. write Box 1 
G.143B. Financial Times. JO, Cannon 
Street. EC4P J£Y. 

BAD DEBTS PURCHASED. Realistic once 
aaic far Qad Debts. Consumer Credit, 
reetivasiet n-merred but anv oroposi-, 
tion considered, write m stnetes: con- 
I hrtenee to BJ« G.T481. Finane.x; Tiraps,! 
I ID. C6.1.100 SSiCd. EC4P 43T. 1 


EXCLUSIVE AGENT 

SOUGHT FOR INDUSTRIAL EQUIPMENT 
DISTRIBUTION 

Medium-sized German manufacturer seeks exclusive 
agents for the distribution and marketing of their 
new products in the UJv., sold to all major categories 
of industry. 

Key customers in petrochemical, utilities, con¬ 
struction and steel field. Opposite number for 
purchase decisions: plant maintenance supervisor, 
safety engineer, etc. The ideal partner should have 
sales organisation and be introduced to this clientele 
with own products or related equipment. High profit 
margins and excellent growth ratesl 

Technical support and tr aini ng will be provided. 

Write Box G.1509, Financial Times, 10, Cannon 
Street. EC4P 4BY. 


PRIVATE HOUSEBUILDERS 

'A' 1J250 plots with planning permission. 

^ £2.5 milli on forward sales. 

^ Forecasting £700,000 profits in 197S. 

Owners would consider substantial cash offer for | 
whole of issued share capital. 

Write in confidence to Chairman, Box G.1514. 
Financial Times, 10, Cannon Street. EC4P 4BY. 


EXPORT OPPORTUNITY 

Medium-sized manufacturer of electro mechanical and 
electronic equipment with agency network established in 45 
countries during many years, wishes to negotiate possible 
export partnerships wirh small companies possessing export 
potential in similar field*. Emphasis on after sales service. 
A£1 replies treated in strictest confidence. 

Write Box G-I489, 

Financial Times. 10, Cannon Street, EC4P 1BY. 


RETAIL MENSWEAR 

Expanding public company wishes to acquire menswear/ 
cloihing/outfittiog shops in all areas of England. Single units 
or groups considered. .Annual sales must be in the region of 
£100.000/£1 million. Realistic prices will be paid. Write Box 
G.1503. Financial Times. 10. Cannon Street, EC4P 4BY. 


A Unique Opportunity for 
Diversification into Leisure 

A substantial sum is required for a 
profitable privies Limited Company 
with considerable potential for fur- 
dier development. The 9 acre river, 
tide site is i«i the Midlands and has 
the fallowing facilities: 

HOLIDAY CARAVAN PARK. 

MODERN SHOP AND OFFICE 

BLOCK WITH TOILETS. SHOWERS 
AND LAUNDRY FACILITIES. 

BOAT MOORINGS. 

HIGH QUALITY HIRE BOAT 
FLEET. 

BOAT BUILDING ANp REPAIR 
SHOP WITH SLIPWAY. 

Offers around £300,800 will bo 
considered 

Principals only should irr/So in strict 
confidence to: 

Box GI4B5. Financial Time* 

10 Cannon Street. EC4P 4BY 


WEST SUSSEX 

Outskirts of Bognor Rogis 
Established Holiday Caravan Park in 
a prime tourist location 
Harditandings :or 33 Static Caravans 
each pitch with electricity and water. 
Central ladies and gentlemen's amenity 
block. Potential for improved income. 
The whole extending to 2 acres o’ 
thareiooun. Pleasant detached house 
adjoining may also be available by 
agreemont. Freehold for Sale with 
early possession. 

Details: HUMBERTS 
' Goodwood Office (0243) 527107 
or London Office 01-242 3121 


MAJORITY SHAREHOLDER 
ELECTRICAL ENGINEERING 
COMPANY 

(own producD) considering disposal 
personal interest (age retirement). 
Established 30 years. Turnover 
£500.000 plus. Substantial assets. 
Genuine enquiries in strictest confi¬ 
dence. Substantial references given and 
expected. 

Write So• Gf50*. Financial Times 
fO Cannon Street. EC4P 4BY 


FOR SALE 

100.000 C/S Whisky. £5 C/S -x 
bond. 170.000 C/5 monthly JWB 
css. 100.000 C/5 lager. 100.000 C/5 
nan-alcoholic beer. 100-000 C/5 tuna 
fish. 70.000 C/5 eggs. WANTED: 
10,000 CfS tiguenes. various. 
EXPORT DRIVE LTD. 

6 Old Bond St.. W.l 
01-629 8587 Telex: 262 350 


A LEADING CHARITABLE 
TRUST 

concerned -n hisooricii and maritime 
miners 

Seeks Interest Free Loans 

from high tax pavers. All loans uni] 
be fully secured and generous fringe 
benefits possible. 

Write Boa GI32I. Financial Times 
10 Cannon Street. EC4P 4BY 


PUMP MANUFACTURER 

Estaiilnhtd puma manufacturer, 45, 9 b 

exports, wishes ta 
ACQUIRE MANUFACTURER Or 
POSITIVE DISPLACEMENT Oft 
SOLIDS HANDLING CENTPiFUGAL 
PUMPS 

to inc-ease Product range fo- home 
and overseas marketing. 

Write So' <31444. Financial T.mes 
JO Cannon Street. EC4P 457 


IBM ELECTRIC 
TYPEWRITERS 

Facsory reconditioned and guaranteed 
by IBM. Buy. save up ta 40 p-e. 
Laix 3 years from £3.70 weekly 
Root from £29 per month 

Phone: 01-441 2345 


ARE YOU A DYNAMIC 
BUSINESS KAN! 

But too busy? _ 

Then you need a dynamic personal 
assistant (female) who can aka care 
of ail the 'little things'. If you can 
offer a constant Bow of work and 
involvement. I'«q interested. Fluent > 
French. London a-ca preferred, but i 
Would crave 1 . | 

Write Bo* GT490. Flrmnc'af Times 
r £? Cannon 5tree;. F.C4P 487 . 


A PRECISION 
ENGINEERING COMPANY 

with two factories, established in 
1932. require new products which can 
be manufartured in large quantities. 
Original designs and inventions required 

E refenbly in the field of leisure. 

itchen equipment, garden equipment 
and automooile accessories and new 
designs for hand tools. However, any¬ 
thing interesting outside these fields 
will be considered. 

Please write to: 

The Chairman 

LEYTOOL UMITED 

Leytool Works. High Koad 
Leyton, EI0 6RW 
Pfecse mork your envrfope 
CoflfidentfoJ 


COMMODITY ACCOUNTS 
an essential part of your 
investment portfolio 

Non-resident U.K. readers with 
S5.QQQ available for investment in a 
discretionary account handled through 
a Ericih managed Andorran company 
are invited ta writ ts: 

David Hill. INVIC3 S.L. 

Av. Merloceli 114 
ANDORRA la VELLA 
Printipit d'AndoTS 


REMOVED FROM CITY BANK 

Teak exeeuwe suite :rt. bullet £600 
as new. Fine quality desks m teak 
and mahogany *rom £80. Office chairs 
in t»eed from £25 to £150. Cup- , 
boards. Wing cabinets, typewriters, 

etc. Lisa available. | 

COMMERCIAL EQUIPMENT CO. i 

324 Gray's Inn Rtad. W.C.I j 

01.537 9663 


FORK LIFT TRUCK HIRE 

Investor wishes :o a:quire whole 
or part equity or established 
company 

Reply in confidence to: 

Bor G1425. Financial Times 
10 Camon Street. EC4P 43Y 


PLANT & EQUIPMENT LEASES 
AVAILABLE NOW 

£40.000 so £500.000 
Nor.-.-ecau-se Funding Avulaole 
Principals and their 
Adviaer* only 

Write Bax Z1 494, Firrmcial Times 
10 Cannon Street. ZC4P 4BY 


SMALL DYNAMIC U.K. GROUP 

with eutviHite Middle Eat! inaaresa 
wishes to contact an active 

OVERSEAS 

TRADING/AGENCY FIRM 

with a ,.{« 13 mtrje'/acquivtion 
B- SJ4t towtetc Cr.a.n»>tn 
Bar uf49J, Finciclal Times 
■ 0 Cannon Street. LC*P 45T 


ALUMINIUM FRAMES 

5u^ae:c r--.u. m "a.t, P.O.S.. etc. 
Made to .-rtisu-n and t-jlly sismb^d. 
with cr w/a J awn 

materia'. Ex works « very competi¬ 
tive pr>:et — taoac tv J or large runs. 
RA BSN-Cri RISTEN5EN LTD. 
Found -y Line, riorshain. S-usex 
Phone: (04031 69696 - Telex 37636 


SPORTING GUN IMPORTERS 

For sale, importing and wholesaling 
company involved i n the Gun Trade. 
Profiraple. p,,t capable of f*ali»ing 
f** higher MWrtial unde* more actira 
BiintgenitnL Apply i n confidence to: 
So* Cl493, Firer.cicl Timet 
10 Cannon Str--*. £C4P 43/ 


Cl A WEEK *sr SC2 a'lrcsi C" oncae > 
metsagci. tonarM r-t-t — te-e« under' 
£5 a w-ek. Pr»sil-j OSccs r-ear SWtlr 
Exchaaqe- Mejsaqes: lenders Inter. 
r.atior.ai 0i-5^3 s£&9. Teicx aa:;723.. 


ITALIAN HOTEL 
COMPANY 

with properties and hotel managements in Rome and 
in other I talian cities, is highly interested in hotel 
management contracts in foreign countries.. The 
company assures a complete staff with technical 
know-how (acquired through various projects and 
hotel openings) and a good introduction with the 
most important travel agents throughout the world. 

Write Box F606, Financial Times 
10 Cannon Street, EC4P 4BY 


BUILDING COMPANY-LONDON 

FOR SALE £450,000 

Groundwork/Formwork sub-contractor to foundation level for local 
authorities' housing estates, bue sub-contracting for large public 
companies. Established 15 years, this company enjoys an excellent 
reputation in this particular field. Reason for sale: operations now 
too extensive for working founder-proprietor who is, however, pre¬ 
pared to stay on as long as necessary to arrange a smooth take¬ 
over. Present workforce 70. Average annual profits exceed £70,000. 
Turnover to 3LliL77 £848,000. Profits £155,000. Cash at Bank 
£92/100. Debtors £67,000. Current liabilities £69,000. P & L account 
credit balance £227,000, 

A dodiion mutt be taken before die end of die financial year, either to 
tail the company or buy additional plant co minimise tax liability. Only 
principals need apply to company's Accountants 
Write Box G146Q. Financial Times, 10 Cannon Street, EC4P 4BY 


SOLAR HEATED GREENHOUSES 

Canadian designed and butii solar heated commercial and domestic greenhouses 
ha»> operozca successfully in Canada using only five par cant of. die energy 
aaedad for conventional greenhouses. Manufacturer seeks arrangement with 
British company for EEC 

SOIL OR HYDROPONIC CULTIVATION 
WILL VISIT U.K. IN MARCH 

Flexible attitude re marketing licensing or joint Venturis 
Responsible principals only write: 

PROFESSOR BRUNDRETT, PhJD.P.Eng. 

65 KING STREET. LINDSAY, ONTARIO. CANADA 
CABUE: SOLAR GREEN, UND5AY TELEX: 06 962808 PHONEi 70S 324 4110 


ASSEMBLY AND Q.C. FACILITIES 

We specialise in the assembly. Q.C. testing and servicing of all electrical, 
electronic and mechanical equipment fer some of the leading Importers and 
Manufacturers in the U.K. 

Full TochnlcaJ staff on sice. We can abo undertake fnR Guara n tee 
responsibility for your products. 

TECH-SEMCO LTD. 

176-184 ACRE LANE. LONDON SW2 SUL PHONE 01-737 3677 


Small metal pressings firm 

wanned by American buyer. Must have tool and die equipment 
and expert toolmaker to stay with firm. Press capacity required 
to 60 Tons. Prefer location North of Greater London area. 

Send full description of business including equipment. State asking 
price and terms in reply. Write Box F60S. Financial Times. 

TO Cannon Street, EC4P 4BY 


MANUFACTURERS OF 
CONSUMER ELECTRONIC PRODUCTS 
INTERESTED IN JOINING FORCES? 

Leading manufacturer of consumer electronic produce employing lauu semi¬ 
conductor technology would like to hew from ocher companies in related field* 
wno are mterestefl In a merger, takeover or ]olnt venture. Must have strong 
management. Ample resources available. Please write In confidence: The 
Chairmen, 

Box G.T511. Financial Timas, Bracken Howe, Cannon Street, London EG4P 4BY 


BUILDING CONTRACTORS 
AND MATERIAL SUPPLIERS 
requiring representation 
in the Middle East 

We are the U.K. representatives of an 
intcrritJonaJ agency which is currently 
placing co-iran in the Middle East. 
If interested. >ou will be uked so 
tender for specific contracts selected 
by us. A full service is available to 
smooth entry into these difficult 
marken. Please reply in the fii« 
instance to: 

Box Gf49f, Financial Times 
10 Canaan Street, EC4P 4BT 


WANTED 

5MALL/MED1UM-5IZED 
FIRE-FIGHTING EQUIPMENT 
COMPANY 

Substantial Company wishes to purchase 
or efrter into partnership with above. 
Must be going concorn. ConsMenable 
funds and new bus ness available. 
Please write In confidence to 
Bor G 1 385, Financial Times 
10 Cannon Street. EC4P 4BY 


PLANT AND MACHINERY 

BIRMINGHAM FORK LIFT TRUCK LTD. 

LARGEST STOCKISTS OF FORK LIFT TRUCK5 IN THE MIDLANDS 
ALL TRUCKS READY FOR IMMEDIATE DELIVERY 
COMPARE OUR PRICES WITH ANYONE IN THE TRADE 
FREE DELIVERY ANYWHERE IN ENGLAND 

^ Ev ^ c 0 E v E, c^! ,, %«7^ I 

“BeaVT/r'' £1.450 ■ ss^SfsSxSssrJssssi ™ ^ 


Free Lilt Mast . fcl|*TdU 

CONVEYANCER RAYMOND REACH 
TRUCK EioctricaUv Operated Model 
ECRSW. 5.000 I OS Capa--. 
citv. Penueon Reach.Cl kfinea 
CHOICE OF THREE ..*»|OUU 

LANSING BAGNALL Electrically 
Operated Stand-On Reich Truck 
«1od«l FRES 2. 1 ten*. ___ 

fgssjr- . CHO,CE . . Of £l,80Q"' 

YALE ELECTRIC MODEL K31. 
5.000 lbs Capacity with __ ___ 

Cushion T VPes . £2,250 

^h«, p n"^ t,c .. Cont ? > . 1 £2,450 

?J? E S7 OKE *•*? OREWRV 12.000 
lbs Capacity. Fitted with Perkins 
0 Engine. Cushion Tyres. Container 
Forks, in running con 
(■on to b- purchased " asCI Gnflea 
is." CHOICE OF TWO. tl,3U«“ 

YALE, MODEL DS1. 4.000 lbs 
Capacity. Fitted with Perkins 4.203 
Diesel Engine. F(uid__ 

Coupling Orhe. Cushion!*? Qjlnca. 
Tyres. CHOICE OF E!GHT4<£.|DUU 

CLARKE E-LECTRIC MODEL EG40. 
3.600 lbs Capacll-. Full Fred Lift 
Mast. S.deshife. fun.- 

Ei$£ £3,000 

HYSTER MODEL H40F. 4.000 IbS 

CiDJCitv. F.tleo with Perkins J.2D3 
Diesel Engine. Mpnerroi 
Transmission. Cusn.on £9 A llfl 

T.risj. Powered Steeriag 4nJ,TVU 

CLARK MODEL DC40. 4.000 

Caaac>tv. Fitted with Perkins 4.203 
p.csef Engine. Torouc __ 
Centrtjr Transmission. £9 flilfl 
Siaesniit. Cushion Tyros "VU 

YALE MODEL OPS1. 6.000 IM 

Capacity. Fitted with Perkins 4J2C5 
Diesel Engine. Fluid Coupling Drive. 
Powered Steering. t, neu-__ ___ 
notic Tvres. CHOICE Of£ 2 55ll’ 

CATERPILLAR MODEL V3DR. 3.000 
Itn Capacity. Fitted with Perkins 
I Cylinder Diesel Engine. __ ___ 
Pneumatl: Tyres. Powered £2 


“NSER MODEL 900. Rough Ter- 

sJss?*ng Ge r^-.rr^ £2,500 

HYSTER MODEL H60F. 6.QOQ IbS 
Sf D *5 lr »- Titled with Perk Ini 4-203 
g l eselE name. CM I Clutch. 

S s a’?r w Tv^ er ! , ! B -.. p .'T: £3,800 

HJSl Powered Steering. 
CusMonoTvroe. CHOI^^M- 

HENLEY MODEL HUSKY 4 c nffiS 

jM csmcjS “■fflSSrJfeh 


Diesel Engine. 
Transmission. 


Torque Converter 
Power»d____ . 


f^HOICE 

£lir^=» . P ® £4,950 


CATTRPILLAR MODEL V40S. 4,000 
r?i■ -fij?* 1 with Perkins 3 

cJl!j£5I Manual 

S**^“*; Pneumatic Tyres witfi 
Twin Drive. Triple SUae 

£3,550 

Ss BL cS?Stv AN Pi “JEWRY. 12.000 

Converter^ onvo^CMPton £5^ 

W wRifv M Jg!SjaS? triKff 

a” aiaew^^o.,^* l ^4 a 'aJ!d ,, 40 , R 

containers twn high. 30 *“? 


Electric trucks 

batteries 

and 

efia rgars 
and all 
machine 
have bo 
through 
works Ik 
and are 
ftnlsned In 
Mud- 
lactnreiril 
Colours- 


sro complete with 


Tills IS onW a small selection pi the stocks w» tarTV and 
It your requirement is not shown, please tempnono us 
ana we will do our best to accommodate von. 

TRADE A EXPORT ENQUIRIES WELCOME 
LIST SENT ON REQUEST 
LARGE REDUCTION ON BULK PURCHASES 

BIRMINGHAM FORK LIFT TRUCK LTD. 

4-0 Hams Road. Saitlcv. Birmingham U 1 DU. 

Tel: 031-327 5944 or '021-320 1703 
Telex; 357052 



Boral profits growth 


BY JAMES FORTH 

BORAL, Che major building 
products group, scored a 38 per 
cent- increase in grtnp earnings 
m ‘Sbe December ‘ half-year in 
spiite of intense oompetoteon and 
severe perfee catthig in some 
areas. Profits rose by 3S.9 per 
cent. fP0m.$A7.68m. to $AI0Atai. 

and are In line with 
forecasts SO. the jaet annua l meet¬ 
ings that the current year' tigkxdd 
see continued growth in sales'and 
profits. ' 

The profit increase-outpaces the 
growth in sales,of 1L8 per cent., 
from. $A129m. to $A144m. 
(SU.S. 162.4m.). The directors say. 
that the imp roveraem came from 
the group’s contmual programme 
of teqbnicai -improvement and 
dose control of costs.' 

During toe half-year, several 
major capital* projects were 
undertaken, including new clay 
bride facil ities in Queensland and 
Victoria, xjuarry crushing plant. 


SYDNEY, Feb. 27. ' 

near Canberra and a hot mix 
asphalt plant In New South 
Wales. 

The directors said the current 
Knif year had opened well and 
that results for the full year 
were expected to be satisfactory. 
The interim dividend is held at 
5J25 cents, in line with last year's 
total payout of L2£c. It is pay¬ 
able on capital ■ increased last 
year by a one-farrive scrip issue, 
and thus represents an effective 
Increase of 20 per cent. 

Commenting upon the group 
performance, the Board said that 
lower rural sales of the Cyclone 
steel and wire products were 
offset by increased exports and 
higher sales to the home Improve¬ 
ment market. Sales of clay bricks 
were virtually static, reflecting 
reduced levels of housing con¬ 
struction in Victoria and Queens¬ 
land. but sales of the concrete, 
gas and quarrying divisions all 
improved. 


Vickers financing 


BY OUR OWN CORRESPONDENT 


SYDNEY, Feb. 27. 


VICKERS AUSTRALIA, the 
heavy machinery manufacturer, 
has announced broadly un¬ 
changed profits of SA2-7m. 
($U-S. 3m.) for >tbe year to 
December 3L hut still plans to 
seek -$A2.5m- freon shareholders 
through a rights issue. 

The stagnant earnings picture 
for 1977,112115 the growth pattern 
of at least the past four years, 
during which profit increased 
from SA220.000 to a record last 
year of SA2.7m. The main trouble 
for the group came in the second 
half of 1977, when earnings 
dipped 8.5 per cent, from 
SA1.6m_ to SAl-5m., compared 
with an 11.9 per cent. Increase 
from SAl.lm. to SAl^m. in the 
first half. 

However, the result is better 
than was expected at the halfway 
mark, when the directors said it 
was “ doubtful" whether the full 
year’s result would match the 
1976. record. 


The dividend is held at IS 
cents a share, paid -on capital 
increased last year by a one-for¬ 
te n scrip issue. After adjusting 
for the issue, the earnings per 
share was 37c, compared with 
38c. in 1976. 

Giving an indication of better 
things to come, the directors 
said that orders received were 
about 24 per cent, up on 1976. 
The position was aggravated by 
substantial direct losses due to 
last year's power strike in 
Victoria. Some of this lost pro¬ 
duction would come into 1978. 
In the circumstances, the Board 
regarded the result as satisfac¬ 
tory. 

The new issue will be on the 
basis of one new share for 
every four held at an Issue 
price of SAL4Q a share. Based 
on to-day’s market close of 
SA1J90, the theoretical value of 
the rights is around 40c. 


Note issue by CBC 


BY OUR OWN CORRESPONDENT 


SYDNEY,,Feb*. 27. 



BUILDING COSTS ARE RISING 

eai »ou afford to be without effective 

PROJECT MANAGEMENT 

Our specialised services provide an 
effidciu meins of controlling project! 
from inception to final account. They 
an baud m 11 years practical experi¬ 
ence of tin conduction induirry. man¬ 
agement consultancy and real project 
management. For further Information, 
please telephone PAUL RYAN on 01- 
930 2000. write c/o Sox G1508. 

CHEMICAL OR MINERAL 
COMPANY 

Private chemical group wishes to 
acquire (or obtain majority holding) a 
company operating in the chemical 
and/or mineral sectors. Up to 

£500.000 available but small invest¬ 
ments also contemplated. Should inter¬ 
est good management seeking financial 
commercial or technical help. Replies 
from principals or from third parties 
lor introductory fee. 

Financial Tunes. 10 Cannon Street. 
EC4P 4BY or nlex B59424 ref. 54. 

Write Box G1506. Financial Timas 

10 Cannon Street, EC4P 4BY 


THE COMMERCIAL Banking 
Company' of Sydney plans to raise 
SASSm. {U-S.S28.5m.) through a 
convertible note issue—the first 
major trading bank to use this 
type of security. 

The .CBC is the only major 
trading bank which has not made 
an equity issue in recent years to 
improve its capital base for gear¬ 
ing purposes. 

The .bank has been hampered 
by heavy losses from property 
suffered by its finance company 
subsidiary,. Co numerical and 
General Acceptance, which has 
depressed the market price of 
CBC shares, and thus reduced the 
scope for an equity issue. . 

Reports that the bank was con¬ 
sidering a-convertible issue had 
been circulating recently, hat 
there was- doubt whether -this 
would enable the bank to improve 
its gearing. Convertible securities 
do not come into shareholders* 
funds in a company’s accounts, 
but are treated as debts and thus 
liabilities. Most analysts count 
convertibles as debt, particularly 
if toe conversion price is well 
above the market price. 

In the case of toe CBC toe con¬ 
version price is SA2L25, almost 33 
per cent above toe current 
market price of $A1.7L 

However, the CBC directors 
have stated tbai -the funds raised 


by the convertible issue .vrjir add 
to toe bank's capital basg ahd will 
provide for further expansion of 
its business. 

Presumably, the approval of 
toe Reserve Bank was needed 
before, the CBC coold treat toe 
notes as equity for toe purposes 
of its capital base. An important 
factor in this approval would be 
the condition that toe notes are 
subordinated, to rank after the 
deposits of toe trading bank, but 
ahead of the CBC shareholders. 

The notes will be offered on 
toe basis of 100 notes,for every 
400 shares held at an issue price 
of, $.4225-a aote. -They will 
convert on June 30, 1988 on the 
basis of one-for-one. The notes 
carry on interest rate of 10 per 
cent. 

The issue bad been under¬ 
written by two sharehrokihg 
firms, J. B. Were and Son and 
Meares and-Philips. 

The entitlements to toe notes 
issue will be non-renounceabte. 
The notes are convertible from 
December 1979, at two yearly 
intervals. Application wili be 
made for toe notes to be lisf&l 
on' Australian stock exchange^ 

The response to the issue wS4 
be an -important pointer to in¬ 
vestors' view of toe GBCs future 
recovery prospects. * l 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS 

_ Alcan Autralla SJpe 1868 

AMBV 8PC 087_J- 

Australia Bipc 1892 . L. 

AtutrlfL 31. A S. Moc. OK 
Barclays Bank; SJpc 18S2 ... 
Bovrater 9tpc 1992. 

Can. N. Railway 82pc 1988 
Credit National »dc 1988 
Denmark Si pc 19SC 

ECS 9pc 199a_!_ 

ECS Si pc 1997 ■__ 

EIB SJPC 1992 -- 

EMI 9tpc 1988 --..i 

Ericsson SI pc 1389- u - 

Esso Sue 19SB Nov. .. 
CL Lakes Paper Stoc OH 
Ham era! ey Sine 1992 
flrdro-Ooebec 9pc 1993 
icr Sipc 1987 

ISE Canada Kgc 1986.__■ 

Macmillan Bloedel Spc ■« 
Massey Ferguson 9ipc 1591 

U lobelia-Sine 1988 -- 

Midland tat. Pin. SJpc 1992 
NamL Coal Board.Spc 19S7 
NamL Wnmnstr. Spc IBM 
Newfoundland Spc 1988 -... 
Norgos Kom. Bk. SJpc 1993 

Norpipe Sine 1989 .— 

Non* nydra 8*pc 1993 ... 

Oslo Spc 1988 .. .. 

Ports Auooomes 9pc 1991 
Proa. Quebec 9pe 1S9S .. 
Ptoy. SasKatcb. Bipc U88 
Reed International 9pc 1887 

RHBT Spc 1982 ___. 

Selection Tn. 8|pc 1989' ._ 
Skand. Enddlda 9pc 1991 

SKF Spc 1987 - 

Sweden rjCdomi fiipc 1987 
UUied Blscmra 9pc 1989 ... 
Volvo Spc-1987 March__ 

NOTES 

Australia line 1SS4_ 

BeU Canada 7Soc 1SS7 
Br. Columbia Hyd. 7jpe 'S3 

Can. Pac. Bipc 1994'_ 

Dow Chemical 8pc 1986 

ECS 7Jpc 1962 --- 

ECS 81 pc 1S»____ 

EEC 7ioc 1382___ 

EEC 74pc 1994 _ 

Enso GoteflJt fiipc 1994 _ 

Cotavarhen 7EpC 1983 __ 

Koch ants Spc 1983 ___ 

Mich elm 84oc 1883 __ 

Montreal Urban Sine 1991 ] 
New Bnmowtdc Spc. 1984 
New Bruns. Pro*, ftfpa -83 1 
New Zealand fiipc-1996 ... 
Nordic Inv. Bk. 7tpc 1994 
Norsk Hydro 7Ipc 1983 ... 

Norway 7tpc 1933 _ 

Ontario Hydro Spc 1387 .. 

Sinser Sloe 1963 _ 

S. of ScoL 83ec. 8*pc 1981 
Sweden tK'doml 7jpc U8S 
SwwHth SOU Co 7]pe *82 
Telrnex 9*pc 1*84 _ . 1 

Tenneco flpc 1987 May — -■ 
Volkswagen 7»pc 1987 _: ■ 

STERLING SOWS 

Conrtanlds 9Jpg MSB - ---- - 

ECS HPC 19SS __i 

EIB 9ipc' 1988 ___- -1 

E3 Npc 2892 - 

Elnance tor tad. Btoc 1987 ! 

Fiso ns 19JPC US7_II 

OJA lfioc 1989 _... .. ' | 

Rowntrco 191 pc 1BSS_ I 

Sears HHBc lSSS __< 

Total 0U 8toe JSSri 


DM BONDS . 

Austria sipc 1985 1061 

BFCE Tpc 1987 -IDS 

Denmark fitoc lflBS lOfi 

BIB «oc 1984 —....—W 
Grand Met 7pc 1984 — 1«« 
Hydro-Quebec 6ipc 1987 _. 3021 

1CI 61oc 1987 . m 

Montreal Tpc 1387 iBji 

Norsea Gan 7pc 1SSS__ 1071 

Norsk : Hydro 6iuc 1988'... 106 

Norway Slpc 1982 - 1031 

Shell 63PC 1989 _-1051 

Spain Otoe 1984 - s _ 182 

Sweden «pc 1984 - 1 1053 

world, Bank flipc 1887 ... iD4t 

FLOATING RATE NOTES 
Bank of Tokyo 1984 71S[6 Pc 993 

BFCB 1984 7pc '_1 9SS ' 

BNP 1933 Tpc__ 882 

CCP 1883 SPC- 994 

CGMF 1994 TSpc -■— .984 

. Creditanstalt. 1984 Tips _ 99s 

Crodlr Lyonnais 1982 Spc... 989 
DC Bank 1993 7U tt pc k.^ 991 

0ZB 1881 Thpc _ lMi 

IntL Wstmnstr. 'S4 7 »kpc 99} 

Uoyds 1963 Tipc _U» 

LTCB 1983 Spc--994 

Midland 1982 Spc- 100} 

Midland 1987 7U«pc_981 

OKB 1983 7|pc -- ®S| 

SNCP 1985 8*PC .. _ 889 

std. and -CbrtnL *84 7u«pc apj' 
Wins, and Gbrae *84 81 kpc ' 991 ” 
Source: While Weld Securities. 


CONVERTIBLES . 

American Express 4ipc ■07 fir SS. 

Ashland Spc 1988 __ 844 _ fin 

Babmfc A WUcox OJpc -87 92 , .JK 
Beatrice Foods 44pc 1902 93 ". 8 s 

BeaMce Foods -Upc 1992 192 -196 

BeeCham Upc iwa .. 86 - K 

Borden 5pc 1991 - -... 994 ■ • puj 

Broadway Bale -Upc 1987 78 .78 

Carnation 4 pc 1987..™^.^.. 764 - 

Cbevroo Spc 1998 .. «i -'iff 

Dart Upc 1957 .. 7Gi ‘"Tm 

Esatman Kodak 44oc 1038 78 80 

Economic Labs. One 1987. 764 —78* 
FI rant one Sue 1988 774 *' 7» 

Fort Spc 1989 __ .] 82 - s* 

General E3octric Upc 1987 79 .- - 91 


Flmtone Spc 1988 77 

Fort Spc 1B89 __ 82 

General Electric Upc 1987 79 

cmene Upc 1887 _ 88 

Goo Id Spc 1957 __ 168 

Calf and Western. Spc 1988 7» 

Harris Spc 1892 .... 134 

HjaieyweH Gpc . 84 

icr etpc 1982 _ 85 

Bui 8pc 1997 _'.-SS 

tadicape. 6|pc 1992 iS 

nr 4tpc 1887 .. __re 

Jnseo 6pc 1988-' . imj 


168 -IBS 
«8 784 -;S» 

— ISO 

— ■ 84 HESS 
~~ W 


Komatsn 7»pe 199C__ US -SS* 

J. RasHUcDennoti 4inc -ar. ijgrf r-TY«s. 

Maumatdtji Upc MW* gZ. 

T4PC 1690 ' , . 

J. P. Honum upc 

yablsc o_apc 1988 - ii.;.-. B8..;?3 Si 

OwwaJlBiioja Upc^ssr I: * lllj f-JZtlU 

MWW Upc MB7 .:. . 197 • ^ 

HeynoMa Mrtab Spc 1988 32 u 

Sandvtt Upc W83 - m uo 

Spen ry Rand Upc 1987 _ .*» 

Sonlbb 44pe 1987 ___ 77 

Jesacp «pe 1988 _ t« 

TwWlja Upc-UK. ..-ltw*—'iSa 

UtdPn. Carbide 4jpc ISC ll' 

Hilio ’«87 77i r ^6 
Warner Lambert 4ipc 19S8 73 * tI* 

S pc 1988 ___ yk g. 

Sonrra: KWto. Totopdy ^nriaS 1 


** tv ,j 


: ■ 
:S ■ ••• : 




1 / s 


• ’• •fr i> 

;i 




:1 






































































v Wtr - 



Bank Board post 


R- ; 


-X 


i g. - •- • 

afs^T 1 




•*S°v • ( 

Asitf 

& 


- -f 1 - 


•* •■.* 7 , 


4»«- 


•; "'.rr 

Arw^---.-- v 


.one fioMnwry Ugmr, vr«ud> . 
,.'- New- Hall Cambridge, baft— 
: i appointed to the Board of 

- LAND . BANK . from 

■ orfov. During the war Dame 
'nary served as -an- experi- 

tW ., o ffice r in • Admiraltz 

■ <als Establishment and then 
1 he. WENS as Chief Officer. 

9*6.. fihe went to Cambridge 
• ■ lecturer at Girton College: 

- a Rosemary-"has been'.prest- 
' tff New HalT since 1B54 and 

former ' Vfce-'Chaocellor; of 
bridge -UnlveiBlty. ■ ■. 

-•^ - : :?'r. 

J&GLAYS. BANK, Princes 
'it^v^pinvfeh. fir to hove two 
" igers^Crom March. Mr* 

-'Jd Hunt the pnesentbrsnch 
rger,-■ takes the .title cor* 
ie .manager and win continue 
e.-iir overall, control of the 
sh. This is "the third corporate 

■ Iger- art Barclays,. the other 
oerng at Luton and Pall SfaB. 
Jack Adams will be branch 



.Dame Rosemary Murrays 


sabttity for International treasury 
and foreign exchange. Mr. Malcolm 
J.- Harding has succeeded Mr. 
Morris as vice-president and 
foreign exchange manager of lhe 
?i: London branch: 

;< - :■ . . .. *■ 

4. - Hr. Alan Bartlett has been 
appointed a vice-president at the 
London office of CHEMICAL 
BANK and continues rcspoo&i 
billty for personnel affairs. 

4c 

.Mr, A.-. P. Davis and - Mr.. D. A. 
tun' have been appointed' to the 
Bqard ' of CABTNfiR GROUP, a 
member of the Charrprhouse 
.Group from to-morrow. 

• The INTERNATIONAL INST1 
TUTE OF COMMUNICATIONS 
States that Mr. Arthur Reef, vice 
president, AM AX has been desic 
nated chairman or the IJ-S. Com 
mittee of Lhe I1C. He succeeds 
Mr. Alfred R. Stem, consultant to 



& 


Fewer 

cigarette 

smokers 

By .David Freud 


#? - 




',-fc - 




x r . 


'ti'2 


m 


*r. 



iger- at- : IpswichMr Ken *** chairman and managing direct Warner Communicsiums. uho hr 
v- the deputy manager is Torof Perkms Engines and a mem- came vice-president of the UC on 
ag to stowmarket branch, as her of the Board'.of Massey- January 1. 

- ger. He wfll be succeeded- at Ferguson ps Canada.. 

*5 Street by Mr- Alan Gflpln* „ _ £ _. • ->* —: 

* Mr. C. G. Stupe, ami Mr. S. J. 

J.' A. Jeavons-Fellows has Rowland have been appointed 
ied from the Board of 3° int managing directors of 
_ ’AIR to devote more time to'DOLLQND AND AITCHISON 
'-wn. business interests. GROUP. 

■9 * * ./ 

GeotW Kenyon baa been m John Vt. Cwe, previously 
rrted a deputy chabmih of «1« director of BA Chemicals 

* LAMS AND GLYN’S BANK dinson •' —the s&- BRITISH 

1 . . HooTEe, who Jus been a ALUMINIUM COMPANY■ has been 

• ojp Tof fee bonk • sinee appointed managing director of. the 
", ;tt72, is deo on th e "divisloirnisucceswon to Mr. John 

' * o&r'aad snap xrtSu^e- TKBi NUMBER of-Smtfkers began 

>mup meat committee:. ■ 1 to decline in the mid-1970s, 

. * + iJl”'' " although cigarette consumption 

has sue* Professor E. S. Page is to be- among those who continued the 
Sir Richard Beaumont ac come ‘ Vice-chancellor of the habit increased, according to the 
- ’ or general of thTMEDDLE UNIVERSITY OF READEVG from General Household Survey: 1973. 

ASSOCIATION! in London. January 1- 1979 to succeed Dr. published to-day. 

. ecently retired, from the H. R, Pitt, who is nrtrnag. - Between 1974 and 1975. the 

• m.Service having served as . * : proportion of male smokers 10 

ssador in Iraq, Jordan and Nr. John WUtebedl' has been non-smokers dropped from 51 to 

• Tunis. Mr. Richard appointed chfen e xecafi ve in the 48 per ceui. This was mosi 
-. ud-Witeon has retired as Middle East Tdr ARTHUR PRICE, marked for the age groups 16-19 

' . r .Idirector general and OF ENGLAND. ' ; ani j 2M4. 

'.ary of the Association. -He J '' * • £■' ‘ • In 1974,42 per cent, of men in 

-■ ..’laced as secretary by Mr. sir. Stephen Balter, at present ^jg younger group were smokers. 
North- Mr.' North has senior Industnal advfcer in the com pared with 37 per cent, in 

> •• “ tSToS^S 

.... ^V^TR* SSSS KATIpNAL from * AP - 3 - 49'per'cerit. J n 97 1 4 s 7 ^ rapared wUb 

- ..URING COMPANY in sue- . Mr. Christopher. Round has 
1 ixo Mr. S. V. Lancaster, who joined . . SEASCOPEl, UNDER- DW«ber of cigarettes smoked by 
, . * utired from the Board. Sir WRITING. AGENCIES is assistant m ® n * ach a^.was beiueen 15 

joined the Board, last director pn& manager.';. an d *0 m .1973, ip the. .next t*-o 

• -. He is a director of lexer . . • . *. years it was in the. range, of 

-*y and Millfaourn (Holdings). Mr. Tudor P. Morrir has been 20-25. 

Brothers Corporation and appointed senior vice-president at' The General Household Sur- 
s companies overseas. Until the London branch of TEXAS few 1975, Office of Population 
flrement in 1975, Sir Monty COMMERCE BANK with respan- Cetisuaes and Surveys. SO, £7.50. 

1 

*- ' •_ ' * 


World Value of the Pound 


i- 


.a 




“ Mr-table below gives the latest -available 
if exchange for the pound against various 


Scheduled Territory; fo) official rate: fF) free 
. rate: (T) tourisr rate; (n c.) non-cmnmerciai 
rale; (n.a.) .not available: (A) approximate rate, 
. jib'-direct quotation available! fsgl selling rate; 
(bgl buying rate; (nom.) nominal; (ex/C) 
exchange certificate* rale; (P) based on U.S- 
•dollar' parities and going sterling dollar rate; 
(Bk) bankers’ race; fBasi basic rate; (cm) 
(change in the UJL-arid most of the- commercial rate; (cn) convertible rate; (fnl 
ies Beted-is officially: coritipUed and-the'v ■* ffnanqrSl'jntte-’ " 

.shown should riot be'taken as being ". . I/'.**- J. . 

tble to any particular transaction witiiout • Sharp ^Buctuatlqns have been, seen lately 

oce to an authorised dealer. hi the roreign exchange market. Rate* In the 

Dbreviations: (S) member of the sterling table below are not In all cases closing Thtes 
other than Scheduled Territories: (k) on "7he dates shown. 

- 11 - ■ 1 -- --- - ■■ - - — - •• ■■■■ -. *• — ■■■ ■ . - -. • 


lodes, on February 27, 1978. In some 
.. fates are nominal. Market 'rates are the 
;e of buying and selling rates except , where 
- jre shown to. be otherwise. In some cases 
-t rates have been calculated from' those of 
u currencies to wbich they are tied. 


m. * 


* vvLZoctl Unit 


1 Yalaaof 
;£ Sterling 


iatan Afehui_ - W-M- • 
hak. . 'i OlSJlH 

.• Xbw ■ .". 7.W84 

1 FnaiA Tnnc ‘ ' 3.281* 

. *i jpimUh po ai A 1B5.(6 

:..Kmul I- m. 

tB).„ X.CSta 

Ar. P«to Ptc*. £&t« 7.588 


-a*... 

1* (S).&iutnLlw»a‘ 

' Schilling . 

........ Portvg- B *e Ml a.i 

u ft3) v»- XktUMT_ 

- {S>~ Wtutr i 

Sp*.P«M» i 
t<S) Bartadotltl . .« 


a 

$F*r? 


■.... B- True 

a s 

......... a t.jl VnuM 

i G6)..B4&. 9 

.Indian Eupc« 

_BoUrlas Poo 

tt'Sl- Pul* 

..Crazrtro zt 

Si;.:.. Bnuud t 

_La* 


1.7803 
2S.SS 
71 J& 

I. 3820 
28.70 

0.781 
lU.tt 
t.tM 

'fan; S3. OB 
i(0n {81.70 
8A84 
* 881 * 
1.8528 
16.87 Ibvg) 
58.84 

" ■ t.m 

II. 72 
U620 
*-46fl 
1.7461 

li.lis 


i """ ... r.lC^-.«>- 

,J f tS’ iC ‘ - tl ir-——Bvrondl Franc ; 77*.*88 

*»- _ _ _ 


#s - - 

S' A -' " 


^ 'V 


IS 

if* 


% ^ £ 
| 


- T*. •aRpCJ.A. Fran* 
r > . .r_f Canadian S 

la_Syanlab Feaeta 1 

«de t. Cat* V Biendo I 

,.l*4SiCa*.I.» -i 

iBp... C.F.A. Fraoo ( 

.. C.FJL. Frans "v 

..C.Pe« . j 

,ni.hU. SambiAM Yuan j 
ia_.... C. Pm6 ! 

arda.a.FA. Fzaae > 
rite*- C-F.A. Fnoo i 
. lea—C«an - I 

..._Cnban Pwo j 

(6)..... Cjrru* 8 J 


«9U 

2.1U& 

166.45 


4.B211 

4»JU 

4BSU 


Plee»*nd Local Unit 


.! Yalunof 


Gennany 


We 


Xtaltadiinttk 


GhanalSjj... .ICeatf i 

Gibraltar iKi.'dbnlue 
Gilbert , au*t.DoU*r | 

flTe#c*._^-Oraduiw . 

Greenlao<i DanUb Kmart , 
Grenada i£h... K.l4rribeaa ♦ *’ 
Guadaloupe... LorAi Franc •“ 
Guam:—i 
GuaiomaU.... Qunual 
Guiana Sep... tflly . . . . f 

GulanaViaMa 

Guyana (Si.... Goraotan 9 , 

HWlri- -... Gourde - - 

Bioduata Bep Lampbra 
HongKong (Sj S.g.S_ 

Hungary....L. Fonnt 

Iceland (S)... I. Krona 

India fSi.. Iwi. Supae 

ladoneal*._ R up i ah 

Iran.—... Rial 

Iraq.....Iraq Dinar 

I nab Hep (k).. Iriah £ 

lamer.lamalC 

.Italy... .. Un . 

Ivory Ccan .. U.F.A. Franc 
Jamaica isi- Ja m aica D o llar 

Japan—^-..Ten * ( 

Jordan (Si.Jordan Dinar j 

Kanpniilm. AM •• , 

Kenya (3*.... Venva Shilling j 
Korea (Nlh>... Vi* : 

Korea (Sthi . W'ito 
K fi*>lt figfti. Knaait Ulnar 

LftO* — -.KipFoi Fol I 

Lebanon . LebanereJ? t 
Lraotbo....... 9 . African Hand ; 

tdberta . Llhatian R 


Vfio 
1.7IOT 
68.5046 - 
IMIS . 

: 6.2’. 12 
SJSis 
•; . IJi820 ■. 
. . 1.8528 
r 4MM 
I 77.8)88 
.4-9289 

■ ■ 9.660 . 
i 5.88 
- B.B82S 
Moomi 72.86 
i ;(1> ou-fdfl.M 

I QJl. 

! 18.87IS 

I 181.78 
I FAMiV 
I M72M 
; —1.DU 
! SIM 
L ...IBM 1 * . 

• 4UL 
. 3.88888 
' «B 

| - a.tSliag) 
2818.4 
16.22 
I.IHlBUi 
U8.5Z 
0.M9 
515.48 : 

8.682 
1J57BZBS- 
1JO&B 


Libya ..... . ... Libyan Dinar • JfPl8.67166. 


lank. Koran* 


(BfcjttH 

8 .IBM 
(F) 76.85 
4B8>« 
4*8^ 

- 18.816 
I 1.4776 
l 0.7*61 
i, (Own 1 M. SO 
W 0N»f.« 

-IlDIB-W 

10.816 

M»«0 

M2I2 

1A6SI 


■ i(0}4BJS>- 

1 )(F|S0.D2 

• 1 ji 

iPjd.MIfr 

155.46 


Ht- 


,yi?: 'f 1 


rk— DaoUb Kn»* 

L...-.7M 

salal^ E. Caribbean 9 
. B«p_ Damaiiean Phan 

V-Sacra 

—— — Xgypdan X 

1 -Bthiaptan Birr 

Vninna Peavo. 

. Bd Ii- ^ piukland ta. C 1.8 

Danuta Ksom.: ( - 

.. „.Vijl-S 

1 .. Slarkta 

.. Vretacb Franc 

irtiUf* C.p.A. Tnao 
* ana.:.. Local Franc 
. C F.P. Fran© 

-C.FJL Franc 

1 fS}.~. Dmlmot 

■ ton \ 0 *“^ ' 


laeobt’iuttrr... Strut Franc 
LmaobmuK. tux Franr. 

Macao —.Pataea 

UaMtra^.FoTtugVaBfciinVy 

Malagasy Bp. MG Franc . 
Malawi (Si,... Kwacha * j 
Malania (£ 1 .. Ulngnlt 
MaldlT* la^Sj MaTBirpde , 
Mall Hp...-_. Mali Franc 

Malta ini_Malt«w£ 

Martlnkma... Luca] Franc 1 
ManrUania.— Ouguiya * i 
3 Uur 1 rlo« W .t. M-itapae , 

Mexico.—Mexican Po»* I 

Mbjuaion U.F.a. Franc - I 

Monaco.-.:_French Franc 


-8.B5 ..' 
BJ.7D 

8.672- 
70.85 . 

1.67 If * 
43475 
73827 - 
8281a , . 
8.7588 
8.78>a. 

. 83J87; 
M. 17* ' 
4834 - 
4S5U 


Mongdla Tugr*. . - 
Moduana*... K. Uarrtbead $ 
MtMeau..:... DUbam 
Mournblqu«. Urn. Eocodo 


j.lOjb.ahJlH) 1 
•. -fi-ms "f 

■1 iHfer: 


; ... J8A1H 
4.1.6712 
8.045 

• M61i. 
*»:«- 

• ; xj6t # : 
i 168.466 


;488U’ 

8 8746 
UW. 


Saan doit. Dollar ' . 1-7888 

Nepal..Nepal«R Rupee., ».16 .. 

Netberlasde...Guilder .4.26 *- 

NeUi.Anllea. Antillian. (redid 8.45829.- 
' Franc " 149.7*7? ' 

,vew BCtarMM - AwUi jpuif UOOI ; 

JN,Xeai*mi(S>>JL Dnbar i /V-8887- . 

I Nicaragua. 1.-Cordoba ..-1 JI-67 

Niger Bp.CiF_A. Franc I 4881* .. 

I Nigeria iSp .. Naini ■ ... - ■ 1 : C1M68.. 
| Norway...... - Nnwg.-Krone • • 11.424 

;■»««« i 

j PakuUAB.PkM. Bupe* | J8.87B ' 

I J'aaama.:.Balboa - . 1 l.SJM * 

! P*p«aN.G.iSi Kina ! .7.41336 


FUoe and Local Unit - £ BtcJ-tlni 


CII.DS 


Paraguay.Guanuu j 

P'pl'a U. Up ! 

nf T»mMi l3l». Yemen IMur.-AiO.CSffl 


Peru...Sol 

Philippine*... Ph. pe^ 
Pirm<rni».(d( 

Poland ........ Zloty 


'£ ainrliug l 
■ New Zerland 8 


Portugal.Pg#e. Kacudo 

Port Timor.... Timor B*cudo 

Pnnape I\ia. Pgin. hacudo 
Puerto Rico... O.S. 8 
Quar im....... Qatar Kyal.. 

Reunion 

llede la.French Franc 

Umum .Rhodeeum * 


Musnama Leo 

Rwanda.Rwanda Franc 

St. ChriatO- 

phsr (S)..-. B- Caribbean 8 

St. Helena.St. Helena £ : 

Si. Lucia (Si.. L UrlMeu S I 

Sw Pierre.C.F-A. Franc ! 

rrf.Vlnrenr(S) & i.'a rl btaaa * 1 
2 &letiUrr Rl... Colnn 1 

taanioa rArat., 17>. 8 1 

->*" Merinu... Italian Lire- • 

den T'.rpe.Pc-e. Eicudo i 

3auili Arabia ..Bra I ' 

Senettai .C.F.A. Franc « 

■MTouelhw.... ».-Wu(<ee - j 
Sierr Le'uets) Leuue i 

'('Upipure (s', clngatan-n 8 
Munun lefta) Australian fl 1 

noma it Hep.... bom shilling 
Mil. Africa id) Hand ' 

-.IV A 1 rice n 
Twrtionta (9> S. A. Haod 

Stain....Peseta . 

span. Pnrtc In 
Xnnb AirivA. Hfceto 
nr. lam lot (d.JS.L 8 dm 

Sudan Rp..Sudan £ 

Sunmn ...... 9. Glld4r 

3 wad la art (8.) Lljangenj 

Sweden.*. Krona 

swltxerland.. win franc 

h'liia_ ... Syria £ 

ttivu. ..i. New Taiwan 
Vanwnla (S.). Tan. Shilling' 

Thailand-Baht 

Togu Rp- .C-P.A. Prane 

Tonga Ta. is.) Pa’anca 
Trinidad te-j. Trin.'d Tubaao' 

Tunlaia*..Tunisian Dinar 

Turkey IurUtb Ur* . 
Turin A Ca.,. r.S. 8 

Tuvalu.AuRralian 4! 

Uganda (s.i.Ug. Shilling 


McjA.251.SJ 
| 14.2*1 

1.1867 
! \ 1 Cm .64,28 
!) lT-84 M 

!■ 70.66 
78.88 
71.85 
i 1.3628 
j 7.61 

i 8281* 

I >.2787 
1 (cmjt.81 
i io/cW 23.20 
174.64 


Uganda p>.i . ug- snuiing 
uGt. tatalea... U.S. Dollar j 

Urugnav.Umguav Pew 

rtd’.d'bfimfa VAiR Dirham 
Uj^.cUt. Kcublo 
IT pfier Volt*.. C.F.A. Franc 

Vatican ..... Itoltan Llra- 
V'nwiMla...- Hmivar 


TtatnainiSlfii 

V lyr hmu jbih V PiMt re 
V'treUlii-U.tr. l?,ta. Dollar • 
Wert era ■ ■ - 

Samoa Ibi SanMan Tala 

Yemen——Hta' 
Yugo*Jar(4 ... hyw T DteUr 

ZiSra Bp.kairo 

ZtnUt.Kwacha 


6.2212 

1.8 

5.2212 
.«5U 
.5.2212 
4.V8 
1.3(28 
1.650 la 
78.88 
6.78 
453 U 
I8.24B 
1.8874 
..4.4BS . 

l.r8H 
lA'-12.1818 
(.67828* 

1.871398 

' 166.45 

188 4b 
28.700 
(A >0.8727 
3.46528 
1.67B288 
B.BE 
(.66 

IA17J881 
(P778.47* 
16.218 
58.775 
. 485i« 

7.58 W 
AjiUB 
0.782(rt) 
04,70 

i.aa 

1.7088 
16.17S 
1.8320 
(lenaj 10.44 

itfn-. 10.41 
7.51 
1.(60 
46i*« 
1.6901* ' 

(015.1158 

8B74» ng) 

‘ > J*» 

1.1658 

| 8.78(ag) 

n.»w 

1.664171 
I 1.4(6 






,'t Dan of tftt-Traiefc.cmnaioalty In AJTlca formerly 
of Franc#' West Africa or French Sanatoria! AtnGL. 
eta vet Mood. . 

drama* Hu mpUcwl tbo CFA iraac. The ex change 
.-■ made « a rat* ot CPA ?HJ to- vpe unit or the 
enrrenev- . : 

-I Alan* and taBU.naw DUboml 

S Central rate), of-ou and Iron exports 8E.W*. 

* 1 Based aft cross rates aBalost Ruailan rouble. 

»* Raw-Transfer o»w*« icmDdQed,. 

-yr Rate Hi now bated 1 on 2 Batbadar t to tbedoOar. 

, w Nftw oiif^BtteiaJ rate. 





Thomas 

COOk Bankers 


Thomas Cook Travellers Cheques 




APPOINTMENTS 


TAX SPECIALIST 

PETROLEUM ACTIVITY— 

STAVANGER—RARIS—LONDON 

ELF AQUITAUVE NORGE A/S is active 
in oiJ research in the North Sea, partici¬ 
pates in the Ekofisk fields, and is the 
operator of the Frigg field which has 
started production in September 1977. 

There is now an opening in the company, 
for a Norwegian tax specialist. 

The duties of the job will cover all tax 
aspects of the company's activity in 
Norway, and the tax specialist will 
notably: 

• Participate in the preparation of 
the tax returns. 

• Ascertain that all tax rules are 
properly interpreted and followed. 

• Give advice on all questions having 
. tax implications. 

• Analyse new tax laws and regula¬ 
tions. 

• Communicate with the tax authori¬ 
ties in Norway and be prepared 
to explain company’s arguments 
as appropriate. 

• Liaise with tax departments in the 
group in Paris and London. 

The tax specialist will have university 
degrees in relevant matters Haw. 
accountancy, economics) and a good tax 
experience gained through some years 
nf tax practice in Norway.. 

Ho will be a Norwegian national. He 
will Know English fluently. 

Although the position is primarily in 
Siavanger. short stays abroad in Paris 
and London might lake place to gain 
international exposure. 

Write to: 




elf aquitaine norge a s 

Post boks 168-4001 Stavanger 


ACCOUNTS 

CLERKS 

Account* cl*rki. with Stock Exciting* 
lMxItraant axpcriMic* rtquired lot i 
now undertaking with iubtt*nci>i 
backing. Age 20-45 
Good working condition* and benefit*. 
Salary according to age. and 
«Kp«Wence. 

Apply: Box, 28®. 
STREETS FINANCIAL UNITED. 
92 Wthonr Street, 
London EC2A 2BU. 


EXPERIENCED 
CREDIT ANALYST 

Aged 23 piut for City Merchant Banc. 
'4.ODD nlus benrfi-i 

SECURITIES CLERK 

Aged 22 Nu». Salary 24.000 taJu* 
benefits for Cry Merchant Bank 
Telephone Leila Mario 

MANTc C AGENCY - 01-35* 1478- 
18 Bride Lone, Lvd/aze Circu* -. 
London, EC< 


j COMMODITY APPOINTMENTS LTD | 
1 require, Pnvs.cai and Future* Trader*.! 
i Trainee* Accountant* and SutaBCr-t l 
1 Sill tor U.K.. turonc UjS.A. and} 
i Hang Kano Tel.- Grinem Stewart, j 
1 01-4.39 17»:. 1 


COMPANY NOTICES 


The Pacific Fund S.A. 

Socicrc Anrmymf 

Hcadr.fficc: Luterahouia. rue N* rre-Datr.o 
Trade Register: Luactoh.iurg B ~..b2h 

Notice of Meeting 

Mcssr. Sh.irchoUlprt ar- hereby cor.vpnwj fo aKend *Ji6 Sfi»!u'-.iy 
General Meeting which it gnuijj to he held on March l.Vh at lO.'Ji a.oi. 
at 43. Boulev.ird Royal, LuaeniK-arg, with ihe loihraiog aseoda; 

Agenda 

Suhniiision of 'he reprint of the Board oa Dire.-rort and Sirttutonr Auci'er 
Appr.ivjl nt the hal.inLC -hcei -I’M ;i.<- pr><r«( and k -s Matemcni and 
altociilioD or ihe K-^utis os of De^mber . ; Iv. If? 

Diiiharge nf rhe Dtrexnor* and Muiuii-rs kudn-t 
Reveipt of jnii (tenon on nominanon refnfne (•• i he eKtirwi of DireirfOrt 
and St dial ary Audi'or lor a lunlier finarurul >e-r 
1 w wf off the acs-tnnulJieU lovsc* again*: the etcrvorJuiafv reiene 
Mitcellarte.Hi*. • 


I. 


There is no quorum requirement and the retoiuiMnr: will be passed cn a 
simple majority-1 oce ot the ituathohOen present or represented. 

lhe Board of Directors 


THE COMMERCIAL BANK OF 
AUSTRALIA 

HALF-YEAR RESULTS 

Tnn Dritactiux UHir annauncoe mat 
unaudilDO group .Qperalins net oroSt 
lor in* halt-roar to tHXen-.Der 31. 
1977 wo Autt. Dlnr. tU.5B4.0a0 
an increase of Ansi. Dir*. *830.000 
or 7 7 otretni, above me tomoare' 
tire njur- oi.Aust. D'ra. tio.734.OQO 
achieved lor the Dec 1976 naif year. 

EKtraanXnarv item*' foi tee nal'. 
vear uullefl detail Au». Dim. S21.000 
11979 credit Dlra. U3,000i 

In re leal i ng details of the Q'cmo , 
result. Sir Thomas Wenti. Chairman 
of Directors, ooiMed out not ,n ihe 
banking sector Continued Measure on 
interest margin* and riiieg operating 
costs the impart ot t tie new higher 
Australian tan rate, and a. sldnincam 
downturn In the won tab 11 It* ot Nfcw 
Zealand operaf(ons at' eemfeMM to 
reduce banklns Dooming orofit bel«-> 
the level of the December 1979 half 
vear. 

As previously announced, operating 
nrefti ratter tax) of the General Credits 
Holdings Limited Group Increned B* 
Z7.7 percent, to Dlra. S7.278.000 
continuing Mr esuOUiheb trend el 
Strong Increases in reported tax-paid 
grants. 

Interim dividends (ta<« taeno dociorrd 
ip respect of the vear ending June 30. 
1979 at follow*:— 

—40 cents oor oreferenca stock 
pelt (text voar 40 cent* par unit): 

—9 coma per ordinary stock unit 
ilaat war a cents per unlt)- 

DIvIdaMs will M PivaMe on T Hu ra¬ 
ds v. March 23. To determine mem¬ 
bers' eptiuemeota. the transfer dopes 
W ill close at 5.00 p m. on Wednesday. 
March B and will re-open on Friday. 
March 10. 

There may be a lew day* oela* In 
despatch of dividend warrants to stock¬ 
holders on the London register due 
to tM fact that English enuivalem 
cannot be dsteemlned until rate ol 
exchange current on the date oi day¬ 
mans it known'. 

The 1978 new sbsra Hua doe* net 
participate In the fntertm dividend 
now declared. _ 

O. W STRIDE. 

'-ManaBing Director. 


O.K. HAZAARi <19291 LIMITED 
< Incorn prated ta the Rqpuol.c oi 
South Aincai 

. NOTICE TO PfUFERENCI . 

shareholders 

NOTICE Is HEREBY GIVEN tnat the 
uagermennaaod beii-veariv d,-ndpno* 
here Uj-di* Been re: (area paraBle on 
a*e lilt March. 1978. n .the iiineuv 
Ot tne Re»hiic at South Africa to an 
rtdldera a t cite Company jr rhe close at 
busme&t on :ne totn March 1978- 

B"» First Cumulative Prewonce 
shaiei. ftirtaead Ng. B7 — 3% 
5 -b rnird Cumulative PraTe-am.* 
__ Share* Dividend No 69—2 ,?., 
The usual non-m.dcnt cna-enoidera 
tax of »5“. win ne deducted wnere 
a Pol. cable 

Tne register* at memoers win he 
cio*ad to Johannesourg and London 
Iram tne lioi to t9tn Mar.n. 19T8 
ootn- devr inclusive. ■ for tnp dumxo 'ot 
the oavmeni'Ot the above d.vidend*. 

By Order ot me Boara 

J- .9. PARMALL. Secretary. 
LoRdBa Repatran: 

H.7I Samuel Registrar* L’mitea. 

6 Greencoat Place. 

London, SW1P 1PL. 

Reolatprad OMck 
O K. Buildings, 

ElqP. Pntcnard ana P-e*id«w streets, 

JotunnesBurg- 

2 *th February. 197*. 


NCCIT sa. 
NOTICE OF MEETING 


NOTICE IS-HEREBY GIVEN that me 
eighth ANNUAL GENERAL MEETING 
of NCGfT &.A- will Be held If Che 
registered office in Luxembourg. lOa. 
BoulDvard Jtortl. on Tuesday, totn 
March 1979. n 1 7 noon, for the 
purpose ot conaidcrtna tit* tonowing 
Agnada. 

f. To receive and adept tee Dinecsors’ 
Rmtort and the Report ot tiu Statu¬ 
tory Auditor lor (he rear ta 3 1 st 
_ DacemtKr. 1977. 

2. To recohre and adept lhe Balance 
Sheet and Statement el Operation* 
a* at 31st December. 5977. 

3. Tp^approvp payment of Directors' 

4. To grant discharge to tbo Directors 
and the Statutory Auditor in respect 
of the execution pf their mandates 

_ to 31st December. 1877. 

5. To receive and act on the statutory 
. nomination tor otcctiDn ot Directors 

and the Statutory Auditor tor a new 
_ terin of one year. 

G. To appropriate the earnings. 

7. To (i-anuct any other bucineu. 

The rraofotton win be carried b*- 
a malorlty of those present <n 

represented, 

The iheratioldrrs gn record at th» 
date ot the meetiwi are entitled to 
*otp or at** firgaiw. Proxies .shoot" 
arrive at th*. .redAterad elhce ot me 
Company nor later than twenty-tour 
hours ha to re the meeting. 

Bv OTOar ot th* .Board. 

. . -- • J PIERSON. 

Secretary. 


CITY OF BERGEN 
1973/1991 ?i%.Lux. Frs. Lean 

NOTICE IS HEREBY GIVEN u bend, 
holdsrt of the above loan that the 
amount redeemable on April ID. 1978 
i.e. 2S.000.00D Lux. Fra, wu bough: 
mi the market. 

Amount ouBOmding: 

Lux.7rs.400.000.000 

THE FISCAL AGENT 

KREDIFT6ANK 
S A. Luraatbourgaama 

Luxembeufs. 

fmbruory 2B. T978 


1 ATLANTIC 

• WESTBOUND FREIGHT CONI-EwJlNCE 

• t.... NOTICE TO SHIPPERS 

Trank in me Hamburg; Bordeaux range • 
KHrifiS H!J heo sta5 « "tarts in U>- range 
roriland Maine name can Ra«d* Virgioix.. 

__ EM6RGCNCY SURCHARGE 
' u L. 1 * I s .. ,e 4dvi*e tn« me Cor.ilreivui 
North Atlantic Westnound Fro sn! Con- • 
1 SSfL J rias oeoded to cancal its . 
, announced emergency sorenarge oi E oc>, 

■ wj'th was ta become effective or J 
.March 5th 1973 The Conicrer-ca na* 

artived at tms decision after aHaraing! 
.full Consideration to all relevant faitors' 
, and ■ Per titular! v :ho view* ang request* at 
the snipping public. 

The Conference member* esnsmer ma: • 
, the cancelled. rmtutncv aurcharoe r.a* 
legally valid. ecanamAillv iuulhaale add - 

■ constituted a fair and . reasonable moans < 
|to recover lossaa experienced a* a result, 

■ at th* recent dty^onorKera 1 strike Bt United i 
States Arfantfc and Suit pons. Horntvai 

I the member s nave Cbnclnded that the long- i 
1 Conn in te rests of the trade, the need* ot 
cfilooera and the promai on ot temnteree 1 
. make It itNrtmblP to cancel the surcharge 
American Container Lines Inc, 

A Havre ConSelrar Lire *G f i-7« . 

B art Container I tne Co- Ltd. 

aoag-Llovd AG. 

Sea-Land Service luc 
■ Scatnalo fnteenaUonal 3 A. 

Unit re States Unckjnc. _ . 
CONTlNiMTAl NC*TH_ ATLANTIC 
WESTBOUND FREIGHT 
CONFERENCE. 

74 Sr. James'* Streef 
. London S.vr.1. 

IMUBB 24!h February tg7» 


Finance Director 


for a British puhKc company, with sales in excess of £300111 
in commodity trading. 

• supported hy a competent professional staff, responsibility 
•will be for finance policy and control for the Group. There 
is prospect of a broader role within a few years. 

• the need is for a record of achievement as head of the 
finance function of an international trading operation and a 
period in general management either at home or overseas. 

• kemuseration is negotiable with a flexible package 
starting at not less than -£20,000. Preferred age late 30s 
early 40s. 

'Write in complete confidence 
■ to P. T. Prentice as adviser to the company. 

TYZACK & PARTNERS LTD 


IO HALL AM STREET 


and 


LONDON' ■WIN' 


12 CHARLOTTE SQUARE * EDINBURGH EH2 4DN' 




jsstixa 


sssrawiswa 


•jr 


■i 


n 


>>• 


DIRECTOR 


Growth has mated this chaBengm? and exciting 1 
opportunity. Increasing market dominance and technical 
leadership is the base upon which this Division is to continue 

profitable expansion in waste disposailt impart ofa well known 

and successful British company. 

The challenge is one of exploitation - of the services and 
the technology in the market. Profit accountability is to the 
Chairman. 

A record of attainment is required in the direction of an 
enterprise in which all aspects of professional management 
ha\ e been applied with success. 

Age range probably 40's, but track record is more important 
than age. 

The salary indicator is £12.500 with attractive conditions 
of service including car provided. - - 

Letters from suitably qualified men •or women, should 

include a detailed curriculum vitae including solan’progression 

to date which uiU bt handled in confidence by Dr A G Doaciu 


ft 


46 


=YC 

1 




6% 


A G ROACH & PARTNERS. 

S HALLAM STREET, LONDON WIN 6DJ 

v 


ASSISTANT COMPANY 
SECRETARY 

circa £6,750 

The expansion of our activities in the held of defence sales to overseas 
governments and the associated growth of our overseas projects and UfC 
base of operations necessitates the appointment of as assistant Company 
Secretary at our head office in the Victoria area of London. 

The Assistant Company Secretary will assist and, whan necessary, 
deputise for the Company Secretary in providing a service to the Chairman, 
-and the Chief Executive on all aspects of the Company's statutory and legal 
obligations, and assist the Company Secretary in a range of management 
functions associated with the administration of the Company's Head Office. 
The individual wilt cany specific management responsibility for the office 
services function. 

Applicants, ideally Chartered Secretaries or legally qualified, must have 
had at least 3 years relevant experience in a medium-sized firm, preferably 
in a comparable field of activity. Experience in dealing with government 
departments would he an added advantage. 

The Company operates a non-contributory pension scheme. Annual leave 
is 5 weeks. 

Applications, giving career details, should he sent to the Personnel 
Director-at the address given .below, quoting reference ADM/3/78/£E 
by 13 March. 


MiHbanh Technical Services Ltd. 
4 Abbey Orchard Street, 

London SW1P 2JJ 




GOURMET 


PUBLIC NOTICES CLUBS 


R. AUSTIN 'UVTONl iTO, 


THE TOR INVESTMENT TRUST LIMITED 

Nsncr 1 * heresy given ;/T4( t** 

BEGI5TEP5 *f nr Prrtemr** toM t"WW* 
•' ‘ -- 'l-i Mgr.-* 


ST RATH CL TQt REGIONAL COUNCIL 


TM -OTWiarT mar* VBaN*FI» 9O0k5 Varai -«■!* b* CLOSED tram ■ 
will bo CLOMP from n« 2*t-.31« -MlKNIe 241B M|-r-i ■’* 7 , 'Brfual.* 
inrtiui**. lor «• waratio* af (blsara M Orgg- qt-*ts Rosj 

y^lrranu. 


■o«-d 

13700. Iw rtaw. 


BORDEAUX DIRECT* Er r « CJINBBuS: 

"Ojfa!an5.«« Aid Generau*-" Guardian i -- 

Si oaten -na« aw ^insraiB UluWSUon* ‘ .. . »-«,-«, ir 

. w-.f. Thm .aiKMCt. So/Stanix 9l r «V'S^fr fs% 97 i Vofgl 

I Ro-Jiisrf Ho.-t Farnparr. AnaBM.. ctlior* **.7Sm. ano soul ouUtand- 
I Vojoo. tnoM^vaim NranrUi Ttmta. iihg 24 M. 


EVE. 199 «wr.| SCTMt. 784 567S. A 
. Ca»(e S' AH-.i* Menu rnrea Spaetacull 
Flaoi Sh 3 M& 10 .4S. 12.45 and 1.45 ail 
mu.M. c.‘ jnbiw Hawfcetnprm A Ing a 
GARGOYLB. 69. CU-anSirt*;. Loogon. . 
NEW STRIPTEASE FLOOR SHOW 
TKf GREAT BRITISH STRIP 
Sra,. gi mI onian; lUa ‘ a m. , 
Mtm.-Fn. C1n*M 31 . 43 ? (Ail 

















































Wall street + overseas markets 


-Financial Times Tuesday February 28 1978 


+ FOREKi'N EXCHANGES 


Sharply lower on inflation worries 


BY OUR WALL STREET CORRESPONDENT 

further at the month? Lah«r StallMits Bureau 
in on ,f,p dollar's rise Commissioner Julius Shiskm 

Wait C.P 8 ?* currency markets, called the January Jump a rau.-e 
in »!:,*** .turned sharply lower Tor concern. However, the White 
invM»«r f,ctlve trading, reflecting House staled ihal il sees m 
»i OB. j concern over rising infla- chance in the unrierlyine inflation 
inlnp and womes Uwt sink me coal rate. 

contrart a P r °P t ' sed Clamour issues were amonn ihe 

TkT hardest hit. Eastman Kodak fall- 

u ° w Jones Industrial ina II to 5421. On Pont the came 
rained further recovered to amount to $1011. tlisnev $1 m $33. 

. m , e - retreafin " ,n ‘■**'.35 and Honeywell 1 } lo S4"i IBM. 
*?, ® fa 1 - ”', S9 on M 1 ® day. m 9 r ^ which is sums Xerox for aliened 

Cr 5 ^T 3 J *!* 1 Friday's o-pnrni patenr infrinccmeni in the TJ.S. 
rj*; _ l . f, c M SE All Common and Canada, retreated 2J to :253j. 

o* finished 38 cents down at while Xerox, tradlnc ex-dividend. 
M8-81. after rising to WOJti. while declined li to S4li. 

502 T»I^o red M * !7 „ fn Oatapoint receded S> to S3S«— 

shares to th * company plans to make a 

Friday’s total”*’ * 3 1 TO0 - 0fW share * olterine. 

j n ,i_ rtp „ _ A mo ni the few hriirht snots 

Miinrf'ri?* v?,? ma , ,nr "*"■* AMBAC rose 2 ? to $371 on news 
the T-ahof CD artce I s retreat »as n f preliminary mercer discussions 
that ^.L DePartm ^ tS v re ^ ort *lti« unamed company 
mat. on the new scale, the Con- THE AMERICAN SE Market Value 

index closed ILo3 weaker at 123.34 
arter volume of 2.44m. shares 
12.70m.». 


MONDAY'S ACTIVE STOCKS 

Chanse 

Stocks Qo'iot on 

traded prii-n da* 

weyarhaemer . irt.wHi ?*; 

Trarwar»v>rv-a ... ’ia.+mi is; — i 

Hrisrcu-Mrers . Isp.Tno 29 ; — 

C«hirit>.> PIcrirrPK 7S4 rug 141 -; 

Twentieth Cent.-Fox H«.wt -I 

Sony .iii.tm 7 : * j 

SGA Services . 141 . 41 M 1 kj 
^‘*rnx .. 1 . 1 ? 2 m 41 j -11 

Eastman Kodak .. i.tt.SM 42 * -it 

Exxon i-„>r.nnn 44 ; -: 

sutner Price Index rose in January 
at an adjusted 9.8 per cent. rate, 
compared with gains of 4.S per 
cent, in each of the two previous 


OTHER MARKETS 

Canada down 

Canadian Stock Markets showed 
a preponderance Of declines at 
yesterday's close, reversing an 
earlier firmer trend. The Toronto 
Composite Index came bach 4.1) 
to IOOfl.3. while Oils and Gas re- 
reded If.3 to ].324.9 and Banks 
0.63 to 240.88. but Golds rallied 


4 0 to 1 344 3 

Turonver swelled to 4.77m. 
shares on the Toronto SE. 

PARIS—Most sertors cased in 
thin rradmz with a poll .showing 
53 per cent, of French industry 
chiefs hfilieie the Left have a 
Tairly good chance of coming to 
pow-pr in the March elections 
undermining sentiment. 

Cie Bancaire. Sehncidrr, 
Bonycoc*s. Rnrel. I AIT. Matra and 
Aquitaine were all outstandingly 
weaker. 

BRUSSELS—A little firmer Tor 
choice after more lively trading. 

Cnhepa. Asturicnne. Vieille 
Montague. Co eke HU. Clabec and 
CBR rose. but Fabrique 
Nailnnale. Sid ro, Mnsaue and 
Cometra Inst ground. 

AMSTERDAM—Shares tended 
tn improve afresh in a small 
business. 

Akxo and Philips lost some 
ground in otherwise firmer Dutch 
Internalinnafs, w here Royal Dutch 
advert Flsnsn 

Van Ommeven. Bo Is. Geisse de 
\ nord and B'ereldhave made 
headway, but Middcnstandsbank. 
despite higher dividend and 
profits, reacted Fls.2. 

GERMANY—Prices closed on a 
mixed note, with the dollar's firmer 
lone and last Friday's improve¬ 
ment on Wall Street balanced by 
the threat of strike action in the 
German printing and metal in¬ 
dustries. 

Brown Boveri shed DM3.9 ft in 
Electricals, while Varta was DM4 
down in Utilities. Engineerings 


Indices 


NEW YORK -SOW JONES 


Fri» , Feb. . Fei'. Feti. Feb. F+r.. - 

37 • 34 • 2.' . 22 :1 17 

IndoMnsI . 74H.S6 766.J4 760.S5 749.05 749.51 7M.69 

H'meB'nda*. BB.E2 89.51 69.56 69.44 69.59 8a.5a. 
Transport.... 205.89 B0b.65 205.78 2D5.S4 205.01 405.64 

frill t ion. 102.94 10J.2I 102.64 102.54 102.84 105.5: 

Trading 

lW< » >9.980 22.510 18.720 18.450 21.BSD 18.600 


• Mart- ol >nOri -Raiiwwl »r.■*» ;ww '4 

+ 1 * 1 .. 24 Feb. ti 

ln-i. .Ur. vifilrl » I -- 


STANDARD AND POORS 

! F»h. Feb. . Feh. Feb. Fen. F+O. '■ 
! 27 ‘ 2« Si ■ S3 . VI 17 . 

7InliiMnuK 96.48 97.58 95.48 96.5B 96.45 96.81' 

{ComcmiEo 87.72 88.49 87.64 97.SB 87.53 87.96 


N.Y.8.E. AIL COMMON 


Feb. Feb. Feb. Feb. 
27 34 M 2? 


"ere generally weaker, but 
Volkswagen added DM I in .Motors. 

Public Authority Bonds were 
irregular in quiet tradinc. with 
movements ranging between gains 
of D.M0.23 and losses of DM0.13. 
The Regulating Authorities bought 
D.M4.7 nominal of paper after sell¬ 
ing DM 14.2m. last Friday. Mark 
Foreign Loans were stead}'. 

SWITZERLAND—Stocks were 
often higher in moderate activity 
following measures announced by 
the Government and the Swiss 
National Bank to stem the Swiss 
franc’s rise. 

Swissair put on 12 to 
Sn.Frs.S79 in response to its 
January results. 

Credit Suisse, in Banks, rose 
23 to Sw.Frs5..'ilfi. unaReeled by 
the upward revised amount of 
the Chiasso negative interest 
charge by the Swiss National 
Bank. 

Export-orientated issues were 
helped by the dollar's recovery. 
Nestle adding 13 at SwFrs3.8S3 
and Brown Boveri “A" 23 at 
Sw.Frs. 1.73(1. 

STOCKHOLM—Weaker. with 
Cellulosa receding 8 to Kr.195 and 
BHIernd 2.3 tn Kr.70. 

MILAN—Market was predomi¬ 
nantly lower in thin trading, with 
operators cautiously awaiting the 
outcome of the prolonged political 
negotiations. 

Pirelli was an isolated bright 
spot, rising 7ft to L2.30O, hut 
Pirelli Spa receded ID to LI .1)21. 
Snia Vlscosa fell 31 to LSOfl. 
Rastogi 27 to L522. and Fiat 34 


Rises and FaMa 

. Fer. 27 Feb. !• Feb. 2a 


lii-i- 

sin v a-mmlal'n 

D-w 

Hinh Ii«' 

7*8.IS 

lubl.ili a 1.72 

•••i . i*» 

1 11,1. !.< 1 ,2 i oil 

sa.ia 

— _ 

iA,l ■(;> 


Irr.ell 

2/i.iit ' li.Sl 

- |i>. 

<7 2.*j' >t * 

I05.M 

165.52 10.51 


■SJ:,.+'), *2l 

- 

- 


MONTREAL 


HlSh 

Kitt«. 

.. Fall*. 

.... soa 

. 887 

Z .012 

408 

690 

645 

57.0/ 

■ « L 'll. 

«8.S9 L'ndnivsel.. 

■21 2 T 2 . >+’* Hiab*. 

'** 1 »:, 1 T. 

470 

401 

j — 

486 

9 

81 



l>* f 

1 ? 


77 

£* 23 . 22 

High 

Lrtir 



Industrial 

l.i'inhinet 


164.08 164.44 184.10 184.95 lHfc.47 ,|fj, 
175.21 175.52 178.19 17538 W.i-6 <lfll/7> 


TORONTO 1008.5 1016.5 1009.4 IOI0.E KW7.4 da M 


tlrtlll 
I mill.I rml. 


. 204.2 207.5 207.5 208.2 21v/ 2.la. 

200.6 202-11 202.6 202.4 214.4 .1 1 


Ibo.na 10. 
185.60 i2r IV 


15).* -2* O' 

16'?. 1 . 2 i*» 


Feb. 10 1 >m: 


Pre /Jil l 9 191 i-i 

noi»- H^li U" 


ifn- laiin-A;—:— 

Hljh [,.it Spain >a< — 9:.4s bA?.uu. 

-___ U'j lg. ■!» ;.i- 

1 «u.4j Suredaii m 541.75 34o.1T 

o l icule2.il i'J2 6> M II' 

■ Sa.L- .< 6.15 Switierl'th ilo.t il<-4 =2?.i *ia.z 

lU-lmiaiie •»- i' >a »* 

1 10?.9t 91 . 1 M - 

•a 1-1 16 2 <4i Indies 411(1 b^se dales lau base vaiae> 
‘ bi.» 45.« 19f* except hYSF All Common - 50 
;i-L. I1< ilu.b' Sunnarfli »na Poors — 10 uno Toronto 
> clo.oi 71i.o •"4)0-1 ihm cbe laar named bas^d nn 1075. 

■ lilt, iiv.'ji T Exdurtina bands ; 400 Industrials 

l idib { 400 Inds . 4U Uuliues W Finance anr 

1 * a. i> ft TrarUDorf, f ■ Sydney Ml Ord 

1 423.W -ca.«* '!' Rsluuin SE SI 12 K <“1 C-ioentuieen 
.11):. ,14 r;«SE 1173 «'**Pans Bourse 19SI 
L i4.il =4.90 •.-■Comrncrsoanfc 1953 ■ {• Amstcj* 
, 3 1 , 7 , 12 , dam. industrial 1970 ii'i Han* Seiw 

1 -au!aa Buik ".l* 7 *4 ■ m Milan C'l-73. .in To*}" 

^77 ,Vi iI. New SE 4-1-6S -hi .Straits Times lW« 
7 -M- i "" CIO*-, 'lit Madrid SE 30 vi -r~msn 

.7-r, .r;, anil low ror 1978 nnLv SlocWioUn 

Industrial 1 I '58. m Swiss Bank Coro 
■ ■■■■'■ || * fu* UnavaUahl* 


— — Anstralia 1 * 

Belgium 

-mi.v C-mpnni'Ti Danmark ** 
Higii L-> France ' i; 


II .si as.Jo I54 .b 4 a.a'4 

; I li Si.J lBi ‘ll.l.l*' loC-.coA 
IJI.lO 87.6b 123.63 4.40 

■ *■1 77) ,32-6-H, .111 ?/■ 'It si 



| Frt.. 22 

Fnb. lo 

Fri*. a 

1 <*«* asu iappmx.1 

Ini. div. «eid % 

5.47 

3.33 

b.17 

4.16 

Ini. P t Kxtiv 

8.43 

8.57 

8.77 

10.80 

Line Cfnvt. Hnn.l ciefd 

8.27 • 

8.26 

8.20 

7.77 


France 
Gerauuiv>:3> 
Holland 
Hong Konjj 
ItflJv 

Japan >a> 
Singapore 


OVERSEAS SHARE INFORMATION 


Inv. $ Prem. at 52.60 to £—87;% (84%) 
Effective rate (at 1.9320) 39J% <36i%> 


NEW YORK 

Feh. 

Stock •' 

AM'Ots Lnb*- &t»R 

Artdresevfpapb . 16’-s 

Aetna Lllui last 34'>» 

Air Proilu>.'I» - 347* 

AIMW. ’4 

AlranAliiniinium 22 i« 

At A*. 391* 

Aileabeoy Ludl.. IBs* 
Alleqaeoy >V»e: IB's 
Allied Lbemwal. 1 4b 1 * 
Allied Store" • I B1 « 
ADI* Choi more . 241; 

AM AX. 331 j 

Amenula Hess. •■> 24 
Amer. Airline.. 91* 
Amer. brands - • 4® 

Amer. Bruad*a*t ■ 36 1 ? 

Amer. Lau.. ■ ^*>5? 

Amur. VJyanamid 24 
Amer. Elec. F-.™. 23 
Amer- Eif<re* s ■ ^2 

Amer. HproeFrod 27 

Amer. Medical- IB'; 

Amer. iloujra. . ' 4!^ 

Amer. Xat. lias... 39>i 
Amer. Standard.. 34 ij 
A mer. Stwci. 29 )-> 
Amer. Tel. A Tel. Sfli* 

AmetaV. «*» 

AMT. 

AMP. 24li 

Aixi|«s . 12 !a 

Aarbor H«wLin<6> 26,i 

Anheuner Uijt'.b.. lfl]s 

Anno Steel. ■■ ■ 26’* 

A.-s.A. 20;= 

AsauenUil.• 9: ’i 

Araro-. 15i* 

Ai>bland Oil. «/-■« 

AM. KicbheM. 4S 

Auto Data Pm... Z4I= 


PrcluKSa— 
El«;i.. 
America- • 
era Ir .S.Y. 
•r Oil. ... 

■rTrateO"."l.. 

ice f.'d.. 
oDlckenaon 
t dm.all.. 

ix. 

ii« Ose 'B. 
ehem steel. 

, A Decker. 

i? . 

i.'awi'le... 

m.' 

Warner - 
iff Int . . .. 
na 'A'.- • • 
*i Mvcrs.. • 
Pet. ,»DR • 

1-KI1V G1B68. 


i Watch. . 
ipton 5tbn 
jab' 

*>11 Soup 
wn Perlfir. 
Handolpb- 
ti.m . 

ri Creuera) 
Hawiev... 
lillerTrt'f* 

■*e«-orpu 

u A. s. W .: 

nteed . 

i VI reran ; 
Manhaltan 
ion bk.AY. 
sfrrcb P n n4.‘ 

C llflflb... 

to Bridge- • • 

talk?. 

ler.. 


iwre* ....' 

vestmc— 

Mn.. __ 

Win.• 

Aikman...| 
na G-^a... ! 

ila Hii>». . 

isCe.elAm: 
it ion fioii. 
^irti Kn 
ih 

'lb Oil flei 

yalelllie. 

terSriem.e 

Jl»nil ' V. 
Fieri* 

Sat. ft*' 
ler Pwk 
mt*i fr-p. 
■Dial Oil— 
■nl»l Tele. 

Data. 

Indus.I 


C^rntnvLia-r.. 

. t PC Ini'n'rional 

Crane. 

CrwktrXai. 

Cmwn/ei lerliaob 
t iimmin*Kn^mr 
Vuti-Wnghi .. . 

■ Liana, . . 

I Dan Inriuitne*.. 

; Deere. 

j L1»I Monte. . .. 

LieiK.ua. 

Denteply lute: .. 

I Det on Editon 
I Diamondnbarark 
I DicUpb.'iiM... . 

I Digital E-jiiiy.... 

. V'i*nev ."'ani. 

lime, i •■'■im... . 

; ll.ni C Uemical... 

Dl**>.". 

Lu>r"*er. 

Du P-.nl . . 

■ Lirni'-liiduurie". 

1 t-n p lf Pli'liVI 
. Juuir Airline* 

I Eantman h'nnak.. 

I Kai»n . 

i K. I.. A «•... 

; El Pa**. Sal. Pa* 

' bltra . 

' Knurr*. Kl&rlrii.' 

• KnierrAirFr'iKht 

Kmlwrl. 

{ K.M.I. 

, Kacieluird. 

Erniark. 

' Ethyl. 

J Exx».*n. 

■ Fam.bild Camera 
: F«i. Depr. ■?inre»' 

Firestone Tir«... 
Kyi. Sal. BiiMon. 

Fleti '«n. 

fllDtk'Hr., 

Kl.'li.la Pniter... 

Flu. .. 

F.M.C. 

Kr.i-J Mmrir.. . . 

Forem"*' Met. 

F...vK«n.. 

J Kiankhn Mint.. 
Fteewrt Miner*I 

. Kmenauf. 

i 7=(i»» Ind*. 

!• ..I F. . 

' Oaoneil ... 

I t.rn, A mer. h.i . 
Ift.A.I.A ... . 

1 tten. i. *hie . 

I Uen.Dvnamic* . 
I.»n. tiihlri,'. ... 

I Lieneral KwJ». 

[ fieneml Mill-... 
tleneml Sl.nors. 

I Gen. FuD. fill.. 

I Gen. srlcnai . .. 

. i<en I Tel- KM 
, Gen. Tvrc 
| Geoe-c,. 

' I .CoraIn Pm-iHc 

1 Get*v Oil. 

, GiUeiie. 

Cnvlnrh F F... 

: ij.»»l*«*rTir».„. 
IG-il-l .... 
j if nut* W.l. - 
fit. Allan fhirTra 

I Grf.S.’rlh I'-o . 
lire* h‘oin.1 .. 

G nil A *m 

Gull till. 

H*Iihur»«'n .. . 
I Hanna Minina 
■ ftamle'hlexer . 

' H«rn* , -.’rpn .. . 

, Hclnr H..I.. 

' Heuhieiu. 

i 

1 He«leil Pavknrd 
I Hoil.la* Inn* . 

! B-mertaWe . 

I Hnner*el(.. • . 

H.mi-er. • •• 
i Hop Oiij. Anier. 
• H-m-lon Xii.it*-; 
‘ HunliPli.Alt hin 
, HulKel iK.P.i- , 
. I.C. IwluMrlC" . 
,IM . . . 

: Insenol liand.. 
j Inland "Heel • . 

Iiu.ib-1. 

ilniet.-rni tnara* 

11PM ■ ■ ■ 

) Inti. Flavnur*. 

I Inti. H*r*v*tW 
. I nil. Min X •.’hem 

1 Iml. Mnlmn. .1* 
ln.«. 

J InU. Paper 
[ 11*1. . .. . 

, Ini Kpniner. . 
Mm. Tel. A Tel. 

1 Inrun:. 

. Irvm Bee). 

II. International. 

! Jim Waller.. 


59.4 

40i« 


34 

40 

40 

*2-, 

231; 

27:- 

271* 

yt'i 

57’, 

IU0 

10U’ 

12i 

13 

n 

17 

5 .* 

7 

421- 

44 

Si.r 

34 

191- 

19.y 

13?i 

15 'j 

2~l a. 

27 iA 

29 « 

29;, 

39 

3B9i 

so 

30 

41, 

5'; 

33.; 

23!; 

3oi. 

2513 

ia-a 

19 

44 5* 

45 

24 lg 

261; 

34 m 

55 

13-'i 

15* 


26', 

18 

18 

zuta 

20 m 

30.> 

50 m 

30m 

31 

20 ’; 

209; 

431’ 

421, 

I7a? 

17v 

30’, 

30 i. 

7 ; , 

8 

181-, 

IB’* 

251* 

251a 

9N 

10 

10 V? 

10 , 

33m 

551* 

91* 

9 '* 

23 1 4 

24 

l 2 s a 

12 ’» 

39 

39 

45 

451q 

27 

27ij 

27-, 

28 

5B!, 

5 as* 

19'i 

191* 

25 

2 SJ, 

28’= 

29 

231? 

23 ■* 


54; 

241, 

3412 

153 

135 

22 U 

231* 

19.U 

1H.V, 

tbU 

16 

27 

3b''* 

2 <i)« 

241, 

b'; 

81* 

Z 6 

264, 


12 ,; 

Iris 

11 '-I 

24i* 

841? 

57 

58 i* 

38'i 

38 *» 

taJfl 

151’ 

42:; 

43 

36 Vi 

36 ,n 

26*? 

26. a 

bda* 

65 

irv 

lb'? 

31 

31 

43 : 9 

45i? 

12 

13 

25 

24 .ft 

24 

240, 

J0-; 

luij 

l»»i 

12 

241, 

24 V; 

J6 

46’q 

60 ' s 

53'* 

341* 

341, 

13'» 

15 

'«■'« 

»'* 

253'. 

256m 

2. '1 

2u', 

27'* 

27 7 S 

Shi? 

38.1b 

20 

!IU>: 

141; 

IJ I, 

3655 

37'* 

27'I 

271* 

10'- 

Ifl'n 

2*>i 

37'? 

I'* 

I'l 

29'J 

29'j 

He. 

ii'» 

28 

28 


Johns JLan.ilie 
■Ii-bn*uu ,lohn*en 
■Iplussvn Cootie, 
■•••j Maaviifyiur’a 
h.Mari Corp . 
haiierAiutniiirni. 
Kaiiei- lu.iii-irie» 

! Kai*«r *ieei ... 
K*» ... 

keimw.iL. 

Kerr McGee .... • 
huiiie "a.ter,— 
Kimbenv Clark.. 

Knpperr. 

Kmrt.• 

i Ku*j;er C«>. 

j Le<, ^iiiu*.*. 

j LibbrUe.Ffmrt., , 

Lisuelt Ciinup...., 

I.lllr El. 

■ Ijilun ln< 1 u*i.. . 

• La.-Lbee<l A:r» r‘ti 
L.neKiar ln>1*. 

, Lilli 1-IBII‘l lJ*l. 

L.iiiriaaa Land 
IjlIUlM'l . . 

Lik'l>y M„i«i. 

! L'Ce^ V'une-t nn 
' Mai-.VI ilian 
Mac* K. H . .. 
'Ur* Han,.*er— . 

.. 

j Marubon ml.. . 

. .Mamie Mi-lmod. 
j M*r*hali Field ... 

I Mai Uepl. ni4** 

MCA . 

'icDennwU. 
'I‘.'Liniiiieii lAjiiit 
: i*=» Hut . .. 

• Mem.'iet. 

'(..h i, .. 

'lerril, Lrncti--- 
Mev Peiroieuni. 

'U« M. 

'iiuuSIlnsA Ml;. 
’ 11=4'll L'orj. . . 

! Hun=enii>. 

i Moraan-I. P. , . 

I Mill. . . 

Miirphri.m . 
SaM-eo . . 

• v al».— Chemical.. 

; Sate.iHI Van .. . 

'pi. Dm 1 1 ler*. 
\*l. <*>rn>'e Ind. 
, \alinnal Mprl. 

! Antonia* . 

1SCH .... 
i Vepnin* Imp . ■ 
j '>"■ Knaiand W 
Sew hi ip la on fe: 
'Slaaani H-lar* 

! Slaaam S-h«i*-. . 

: S. I*. Ind'j*mes . 
, SertolHWeMera 
; S'.nb Sal.Gas 
SihnSjares P»r 
, S*hwe*i Airlines 
: .Vrbwesl banwrv 

• SorUiu ilmr-n ... 

. f '.T.n.lenra. Petr' 1 .. 

Oirlll V Mather 

*.'Uim V’d'—.'n. . 

• min. 


'.’rersea* *htp.. 

■ i'»cnM>fmns . 

11 '‘Ten* lllln-, 1 *. 

| Facin*; l'*a» . . . 

, Paeilmt.iBhrlni- 
i P«... Pnr .4 1,1. 

I PanAmW-rlrt l>r 
| Ihirhei Hanmhn. 

Peatarir Ini . . . 
| Pen.Pw.A Ij 
: IVinii-i.i . 
j Peiiriii.il . . . 

j P«*-iple* lini- . . 

] l'nr.[.|ps Gaa.. . 

' Pep-ico. 

I'erkin Rimer.. . 

; Pm. 

1 purer. 

Phene. Dndae.. 
ph(lade>r>hia E,e. 

. Philip Mi.fTIS.. . 
Philip* Petol’m 

, I’llri-nrv 

Pun-x "ones.. . 
j 1 'trr*»nn... 

] Pie*Md AUU. 

• pr.iaom. 

Pniemar He ., 

KH. ll^•lI(•ln». . 
I’-- le- -nt i,, 

| |"r*l * *flrrw F.lf>'i - 
Pip'man . . 

Fine;. .. . 

iJuaAni fia:* . . 

. lli|.i'* A m*n>« n • 

• Kavth<")TT .. 

Ill" A 

RnpijhiK sleel— 


iievioo. 

Re; nolrts Metals. 
Kernnid* li. J... 

Knrt»'«.?n Meireli. 
K,«:k**il Inter. 
li'.hmlHu*.. . 

H»T1«. ihltfll.. . 

• KTfc. 

• Ums L.-gs. 

Ryder .-raiero.... 
-alea-ay Mores 
¥l. Jne Mineral*, 
vt. Kegis Pa;v . 

. ^ania Fe Ind*. . 

| eaui Imesi.. .. 

• -Taxon lnd« 
■V.-S1III.- brer ms. 
■A.'hiumtwrper.. . 

, 3CSI. 

I icon rater . 

I >00=11 Mi*. 
Nurtr' I Inm '"e*l 

*ea C-nLamei* . 
eeaiiiwh* . 

• -*e4rie i*,w.l>.' 

I >ea,-> liiehuii. 

j -skDv'i.' . 

Iriielio.l . .. 
'rbril 1 raa*f4>ri... 
iiitiuu 

MansrieV'iri 1 - ■ 
“impli.-iiv Pai. 
lonaer 

t >mirb Kline ... 

' *,lun,n . . .. 

''OUlbdw***.. 

! iouibemcal. Ed. 

, ’*i,ylhem Cv... 

MIlD. 'al. lift, 
j “..iltliern Pn. ili. . 
i e..niherHliailnaT 
i 

’ .'••aildlaOi. . 

i«‘i ban*hare=. 
ipi-m H.iieli.. . 

i pei rr Ifann. . . 

'MlllO . 

i '•lan iard Bran-i* 
i ■*r. 1 .l.*iii,alili.rnra 
“Id. Mil Indiana.. 
V*4. I.hl r*h:« . . 
Mauft Vbemiwl.. 
Merlins liru^.. . 

'Ii|,l 0 )ai(!. 

i »iin (.'■.• .... 

1 < un*l*lr»nrt 
feme's 
I ie-h;iii*-l..r. 

. rekl!*,nia . . 

. r-iriru* . . 

■ Teloa. 

! Fen *i.o . . . 

I 

1 re*..‘o peiri.le.jm 
I I eaa.-r. 

• reT« ttU .i 

i lea■* Io*rn'. 

■ leaa* l*P A *Ja« . 
1 le-ra* OUme* 

I imp Inc . 

• Time* Mirror... 

'. rimken .. 

[ Trsnc. 

i trnnimenca . — 

! rmnv.f. 

• Tran* Trtl'W. 

• Tran-oir Inr'mi 
I ran* World Air. 

• Traieiier* .. . 

I n Gontmenral.. 

1 I.K." 

I vrb'.enrurv Fi-. 

, I .M . . 

■1 \HC*'» . .. . 

: i. <i i . 

j ' MP. 

| l-nliever . . 
i 1 nlleser s V.. . 

I C iik>ii Hen, .,r[, . 

J Vn,.fl t aH-lile. 

I I nmn i. ommen.’ 
j ni-wi )«• • *ID . 

| L'nion Paeine. 

I . 

, I. niroral. 

■ I n lied Brands... 

• L'3 Han.'orp. 

; iM.Gvpaum... • 

‘ l^ih-e . 

: I S.Meel. 

! I.'. Terhn-'msies- 
, I 'V Iniliiarnes. . 
Vlrgima b'e-t.... 
"'a isnen. 
Warner-C*-™ mn ,. 
u *m«r-la'i'r , eri . 

"■■*»le-JlaD'ir>eni 

'I>lla-Faru». • 

. Wc»ierti Pars-or* 

‘ "«»rem v .Him' 

ii p.i*ni I ni-n 

i E.crl 

I 

• " ■». . 

• IVqit, tifen-PI. 

, Willi I {P"' 1 . - ■ • 
" nil* *>n. Ind . 
Willnm 

. Wiwxwaiu Elect I 


"'yd worth. 

"’ylv . 

i Xerox. 

, iapWA. 

, /.enltb Radio 
l.S.Tre.s4- % l*.i 
I La.Treasfti^ iS.'ifc 
j L^S. 90 Day btlla.. 


I7s 6 i 17^4 
Opi : U=» 

4H* 433* 

I • J* la*i 
1236 12:« 

:9*S* r94 

r82>s .B1U 
6.89*, . 6.39v 


CANADA 


! Ctnti&i Paper. 

] Aspuco Eacle... . 
AVcaa.A luvimuin 
\*Konn M*n.... 

Aat-eslO'. 

Bunko 1 Monirea: 
Bank .'«n M.oti* 
lissic h'ettwrc**- 
. Ben releyhone . 
Boa 'ai.*vlnd-. 
J BP Canada .. . 

Urax-an. 

IBnno.. 

'•vi:v»r* Pi.'-er . 
i.«rnd>,. Mine-.. 
Van*.ia Vemeni- 
Vanada S"'Lso-i 
V Van 1 mnBDkV'.m 
' Canada'I nnusi . 
Can. Pacil'j;. 
Can. Ps-ulo la-., 
van. euper f»i. 
varuna O'heem. 
V**-:ar Aatcslo*. 

' Chiettain. 

C omini-o. 

Con* Bat burst.. 
'..■n*iiTne- tr»v 
Voeka 

. ■.'• ■•tain Rich. 

1 Ueni*-»t> Mine*. 

Lfome 'lines. . 

. Lhjme P “1 -oieiiir 
; tb-numon Hn.ii* 
: Domra r.. . . 

. Lhit-r-nt . 

Fa'v:n'zp v 
r.-«rd Mmm* l an.. 

GenMa- . 

Gian* Tei.a-hcue 

■ *. 4 in' Mu vanad*. 

• Hawke* r?ld.C-n 
H-dinc*- 
H'-np »'||I -v 

• H-rl^-n Bar JJnc 
Hud-mBar . 
Hildron i*ii A f,». 
I.S.C 

lina-rr. .. 

| (m;*erral «Jii 

, Ineo .... 

I In'la 

• lc,=nd Sai.G*-,.. 

' ln~V-'vP:p*L:a*. 

tiaiv-r KtwiiLTe-. 
. I^ 'irm'i Pin Cure 
, G.f.iai. i;. ,n. -K.' 
J Mi-'roin'n Hloedi. 
yp«!er F*-ru»oe 
Mriiilf* . . 

■ M,*e» t'orto 
\orwn-ia Mine*. 

> orven fcrwrjr. 
S»t-n. Teicron,. 
Niima.' Mil A !-•=■ 
, ** - T-v-d pi* rV 

K>,iin.. Vnocer .M. 

• l‘a,i I'.-Pet -”ie=io 

j Pan. Cun P*Cm. 
, i'atin-, . 

People* r»*pr. ■*.. 

! PtB-** l.a* A n- „ 
t FlawDereiopint 
'. IN.wor , .«'rto-i.:'n 

; Pn-e... 

. «jiipr<*.- yiu:=*n, 

: Hauser Ml.. 

J l/«j«d shan . ... 

; l!i? A 'S-'m. 

! RnealBk.««- l.=n 

• horwi lrust .. . 

• *-»p»reR'*mi-r*»' 

-eaipwm-.. 

• J he" '. anoda 

yherrlu *». Utu*-- 

*ie*en*M. it... 

• anr-^r'-n-.. 

■?tee< •■) Cana-i*.. 
-'eer- I'-e 

re=i'.'- C-aiia i* 

1 V.,.,. n f.i Is-rn PH 
1 1 lansC =:* 

• l. 

r«).i> . 

C n'-n Da.- .. 
i.’i -i ■>.-=■ M. ce- 
. Hint'. . , 

• W,.* t T-.- 
V.'eaton lie.. . .. 


* ASS«HPt«n. r Bid ? A**afl. 

2 Traded. ? Nn at nek. 


111+ 

USA 

53? 

S?A 

2-J. 

25 

17 s*, 

YI'a 

s9*» 

383, 

18>* 

18 

19U 

191? 

TCL 

6 fn 

Js 

54 Jb 

211; 

22»* 

ta 

15L 

15U 

15'* 

r5.Z5 

:3J!5 

55'? 

3bS, 

151, 

15S? 

*!* 

9'-r 

11 

11L 

2- sa 

2a7? 

t 2 >- 1 * 

20 

171, 

17L 

184* 

16 k) 

51 -s 

-BKs 

5.45 

3.45 

9 

9 

18.'j 

19'* 

25 

361: 

85™ 

235? 

16 4a 

16J« 

61- 

6:5 

e 1; 

8», 

58', 

58U 

76+, 

7b 

c7' ? 

57« 

i4: ? 

24., 

14 v. 

14T? 

Li 

13?» 

17 

17 

69'. 

701? 

23-* 

26 

13'* 

12’, 

86fe 

26 <2 

5’, 

6 

30’; 

31 

371* 

581, 

15-W 

15U 

AT*- 

17 )ij 

421* 

42'2 

18'; 

10 

flb>| 

31 

18 1 * 

19 

3 6'« 

16 

1L1. 

lut? 

lL*a 

10 SA 

is.i 

13 ?* 

13?? 

137* 

7., 

v:? 

3.50 

3.45 


N3W YORK, Feb. 27. 
to U.94S. 

Assicuraiioni Generali declined 
430 lo L35.010. failing to be helped 
by company expectations of at 
lea.it maintaining the 1077 divi¬ 
dend on increased capital. 

HO.\G KO.NG—Firmer ■ inclined 
in slightly higher turnover. 

Most interest centred in Hong 
Kong Bank, which gained 30 cents 
lo SHK17.40 ahead of to-day's 
results, while Hang Seng Bank 
advanced SHKO lo 9HK161 in 
response to last Friday's 'profit 
figures. However. Jardine 
Alatheson dipped 10 cents to 
*HKl2.3n. and Paul Y lost 48 cents 
to SHK1.80. 

TOKYO—Share prices advanced 
in brisk trading, with Pharmaceu¬ 
ticals and export-oriemated issues 
prominent, on market expecta¬ 
tions that the Bank of Japan's 
official discount rate will be cut 
next month. The Nikkei-Dow 
Jones Average rose 55.66 to 
3.222.12. Volume 410m. shares. 

The dollar’s recovery on over¬ 
seas foreign exchange markets 
late last Friday gave an additional 
boost to export-orientated stocks 
and large-canital shares. 

JOHANNESBURG—Golds were 
easier across the board in slack 
trading. Heavyweight losses 
ranged to ftfl cents, a.* in the case 
of Rsndfontcin. R 58-60, while 
elsewhere. Kloof lost 25 cents to 
RS.45. 

Financial Minings "ere lower, 
where changed, after a ihin trade. 
Johnnies recording a loss of 65 
cents at R20.30. 

AUSTRALIA — Markets last 
i further ground, depressed hy 
bearish economic and corporate 
news. 

Among weaker Banks. Bank nr 
NSW receded 6 cent* tn SA5-12, 
while AN7 were traded ex the 
scrip issue at SA2.59. 

Reckitt and Colman declined 10 
cents tn KA2.50. while losses of -1 
cents occurred in Myer. SAI.70. 
and David Jones, 03 cents. 

Tn the Minins sector. Reiman 
retreated W cents to SA6.50 and 
Central Norseman shed 20 cents 
more to SAS.50. but Coal and 
Allied, still on the results, gained 
another 2 cents at $A3.on. 








FRANC 



FOREIGN EXCHANGES 


Ti 1 c« 






mm 




fr? 







SS9H 


r: *i f.i wff .w'i,.-! l j 











ajaw.€n 

5.iO-*J36 


pwltz’lann 


NOTES : Over was ottl-cs shown below 
rxcludr S prcnuuni. Beistan dividends 
arc alter u-ithboldjna tas. 

O D.'Ud denom. unless otherwise stated, rsboit term. - fiig'688 i bi*-7 3 * 

V Pus J80 denaru. unless otlicnaai: aisled. t ,iari n>Hu.e b3s-67g ; 6'«-7i* 

* Kj-.IM Ocnom unless otherwise staled, jlomh . 71*75a| 67^-736 

I rs jiid denom. and Bearer shares fbree moathf.' Vlj 7a* ■ 7-73g 

unless oibcnvise >iaii.il l Yen 30 denom. >i t moniba.... Sig-Bsn ) 7ij 7? a 


BiSyZiuaiSEui 


unless otherwise suted. S Price al tune |o IIP veai 
of susaension. n Morins. t» SchlJlinns. 

■'Cents. JDtsideml ahor pending tiahta 
and. or scrip (ssui. e Per share, j Francs. 
i Dross, div S. ft Assumed dividend after 
scrip and or lights issue, ft After local 
taxes. «i % tax free. « Francs: mcludlns 
linilac div. p Xom q Share spilt, a Div 
and v-ield exclude special paxtneni. t Indi¬ 
cated div u Unofficial iradinc v Minority 
holders only, p llcrser oendns “ Asked 
* Bid. > Traded. • Seller. • Assumed, 
xr Lx richts xd Ex dividend, xc Ex 
icnp issue, xa Ex all. a In rerun since 
increased. 




a-.V^-A : 7i* 81a 







GERMANY * 


VEL. 

Allian.- i eralcb. 

dMW . 

BASF. 

Barer.. 

Bayer. Hrpn. 

tfaret. Veremahi. 
■.UwInt.Ae-i.n'itt 
vommenrmn!..... 
>.onti Gum mi.... 

Uaimler Beac. 

Desusea. 

Uemav:. 


88.8-1.0. - 
489 -2 .18 

229 -2 ! 2U 
140 —0.5 ' 17 

139.3-0.4; 16 
2B9.S-1.0: 20 

SAl . 20 

220 . - 

231.2-rO.S 18 
79.8-0.2 - 

31U.0 —1.0 • 19 
S71 , + O.o | 17 
161.0-2.5- 14 


TOKYO 1 


— A** O' Crwaa..: 318 

1.8 Lanoo. ~6> 

4.3 v^aiu.-. 61S 

6.1 CblDOQ.' 391 

6.7 Uai .Nippon Prtnli c29 

3.4 Fuji Photo.; 564 

3.1 Uita.'bi.. 2.8 

i— d-wi'ts Motor*.... 677 

3.9 Uou«ftoo.t. 1,230 

- V. I lob.-. a 18 

3.1 lto.yoka.io..1,140 

3J lao.ii. 622 

4.4 1.4.L..ig.'*A0 


C29 -8 
564 -22 


1,230 <4.30 
al8 t 1 


AUSTRALIA 


14 tt-2< 

Id . 1.3 i At MIL iZoceuti_i 

66 ,,2.01 Antrw AuMnui*..._.i 

20 . *s.6 j Allied Mot-1 rdg. Indus 21 

18 1.71 'mpa LxptamUoa..! 

la 1.3 'mpoi Purotaum..-...I 

12 . H.C. Aaauu. Mmeral*_I 

J! I J ^ -V-wc. Bmp Paper SL.;.| 

15 19 lodMtrie.—• 

I, ; 7xi 4«at. Foundatpyn Invert—i 


+0.62 !—RJM 
10.90 i+flJK 
JdJrtJ 1-0.02 
tL28 44U» 
ftX 6? . 



UeutocneBaaL.■ ■ 310 ‘b 20 i 3.2 iuui»ai‘iiiirtl'p«" 1.U40 

Umdner Bank.... 260.5 ^0.6) 20 4.0 Iuyimuki. 325 

Drcaero.jffHerat. 148.a-*0.ttl 4'1.3 huuoui . 279 

GutebcOnuna. 201.1*1—1.9) 12 | 5.0 Kyras Cera in«... 3. 50 


T 30 i “jj I Foun ' 1,ltwn lDTert - 

-« «.>•»!ti'r: 

: 7n Ta .”1 


Drcaero.jff Herat. 14B.a-*0.b 

liuMcdsUDi. 201.1(0—1.9 ; 

Hapnv Lurrd.• 113 —1 

8*rpener. 2a6.5 —0.3 : 

lL»ch»t., 129.3-u.5l 

rtt.e*.t.. 47 + 0.3 I 

United. 12v.3 4-0.3 , 

Kail ud- 1 diK...-. . 104 —2.5 

.. 296 -U.a 

naurnni._ 206.3 - 1.5 

n,>■ k-fcner Pm ID... 95 +■ l 

hUD. 178 —1 

Kiupf, . 99.S .. ., 

Em-ie. 245.5-0.6 

Liwent'rau J -‘j.• 1.65W . .. . 

VuM hnn*a.i 111.8 . 

BAN .• 194 —1.3 

Mannermann.... 171 —1.5 

Meta-uv*.. 229.5-1.2 

Uunchenei Hues. 6a2 * 1.3 

.'e«-iierm*nii .. . Ill -1 
f*reu**4ia L’m 1 >j. 11 .*.5 + 0.5 


206.9 - 1.5 ■ 20 _ 

95 4-1 — Mnu Moti'ra.1 520 '+1 i 16 1-01 bbCtJfi . .*!!!!! 

178 —1 12 3-5 Pi.ineei ..1,470 + 70 48 1 6i|Me r ^^'‘~..... 

99.S .. ..: — — sanyo hMaxnc—.i x!2 +6 • Id 2.8 KJt. Imluatiia. ' "... 

243.5- 0.6 , 16 .5.3 -sehieui PreiaJ...... b51 -rl6 1 60 1.8 Gen. Propenr Trirev '_ 

1.35W ... .'20 1.2 sbioeido.,..1.120 20 | u.9 Ha men lev.... 

111.8 .• 7 I 3.2 awyr.'LbBO +40 40 ! l.l rikiuHer V..... 

194 —1.6 \ 12 ! 5.1 uisheSinniie—; 259 U • 2.1 I.t.I. AuaU»Jla.’.T...’.".'. 

171 —1.3 14 ! 4.1 lofcerfaUwtniaa .• oi3 +1 i Id i 2.4 inierLtoww___ 

229.6- 1.2: 10 : B.2 lPk.„-.1.BB0 +40.30 ! 0.9 fe^nSlmtuatrSaT_ 

6a2 ■* 1.3 18 1.7 1 lull.: ii3 .• 10 I 4.4 ivxie* (David).,' 

111 -1 • — — toklo Mjariue.■ 304 —7 : 11-1.1 Loinard Oft. 

1K-.5+O.S 7 6.k iokioKi«4Pr>w-|. 1.110 . 8 | 3.6 Meiaw BspRraartofT.!! 

!01.6«fl —0.7 ' 16.4.0 tukvoBanvo.i 268 < + 8 ; 12 n.g HIM Hnldlnn.... 

2o3.5—3.7; 2l» 3.S loavoishltmura... 1KB !.. 10 J 3.9 Mvei tmporluinL.-,...,. 

296 -u.l' 16,9.7 tnnr..1 128 p-2 10(3.9 .vwa..>._.._I J v . 

249.5 +0.51 17,3.4 i■ ,vrna M»<"r... ■■ 937 't 25 I du i 1.1 MutwUa InteniaUoaaJ.__ 

lao "i • ii 3.9 sour « Ni ‘ i,tn cSS k ”.!’!! ln ”. , . t 3 

117.2-0.6. 12 I 9.B Uil sear!*....___f 

!g:t:S BRUSSEls / t “ XEMBOU _ RG _ fflUSSSS— 

| ; Div. ifea-lntt & Caiman_ 

F<"\ 27 : Prcoe +ori Fra.|Yld. kL C. a lout b.. 

. Fr*. 1 — 1 .Net % southland Mining....... 

-:--:-- toolb iblj.... 

sz - -zr -s—ssrr .id.300 ,.‘ — — 'Fallons.____ 

Price + m- D'V. TW. Iiq. Bm. Unti.. 1,412 !—18 ; 60 4.3 Weatenj Mlmms foOcents!. 

Fla. . | , i tfekert “B".1.73J —1^ .113 6.61 "'oolanyrrlia.! 

T^TTr-' cm * an V-B.K. Vemem1.143 -r20 90 7.9; 

1 »«ZnV- M : B .: -89 ;+19 [ — - 

-jH' n'S.Ma'fiB ***“.-2.34a - + 10 H77 7.5 p ARS 

J v5'S _ ?,'x t'S KMctmh*... 6.021 I-10J430 7.2 P 

728 to! azJ I'S .?J>33 ,-M « rKS"l 

I,2 *qS| a'v | »-8-tattvHiH.-.'l.BTO —tO 130 8.91 Fe.^ 37 Fra.. 

1 «■? IS'S ! Si l i, ..i-SfO .,. U 6-2 i - ___ - I 


3.2 Kanaai Hiert.P« 1.040 >10 j 10 | 4.8} ri(UB Me ^, lad. 

4.0 booMiau. 325 ;+2 > » ; a. 8 • douwunville Copper_ 

l-£ Kuuota. 279 —1 : la - 2.7 UtrMieo Hill Proprtefarv .■ 

3-0 K.\ra*L'emin«... 3. 30 +270, 39 „«.5 dH tSouib.... 

5.2 MaiauntulM inrt.,.- 629 +21 \ 2u I 16 Uartton bnited Brewerv- 

3.6 MitMiInabiUank... a/y [. 10 1.8 C. J. Volga. .. 

6.2 .UluubuOiHeavy. 133 .' 12 4.a UaK(Sli,_... 

4.3 UiteuPinbi torp..) 414 +4 13 1.6 Vom. Gohlfiaid-Ana-. 

! 4.2 Mii»ui*U*..: 308 —3 14 2.3 >.<intairter (SL.... 

2.9 UitMiknOi. 507 +12 20 i 2.0 tfwuma__ 

3.3 4iM«a IMdso.... 1.240 +2U 15.0 6 Coreun AM mlS"" “ H-. 

4.8 Aippra Sblnpao-! o53 +13 | 12 ; 0.9! Uuntou Knhher (SL).. 

— Maaan Mati'ra. t2Q +1 i 16 1-01 bM.DK.... 


&.7S i—0-02 

las. CJS WAHL 

tl.Oo '. . 

!i-*9 F ebrZT 


J. TTZ ^fttisri^Farith^ryfiC- 

to:S |-5!« - Cnu ! - **” «.'• 

Awato.- IJSS l+O.OSji.12 |J(9 

■JO-®® h?-“ tfcnco BwaU PP^; 3.85 da.17 4.42 

H■ D, aanco lHU1 PS--! 1-06 0.16 IfijH 

tS.18 j ---.- tfojsolDnriraOPi 1.93 jrAV^J.ia 8.29 

tO.88 I- JUuas Amer. OP..) 3J» +Q-02fa.ZO 5.21 

>_S'r PeudbimaPP. ; 3.30 l+UJMJ. 10 2.88 

la m dun B ' M -. J - 16 5 ' 27 

iS'Jft > 0J:i SonaCWntOP.... 4.10 :-0.U9|d.23 6.61 

IS'2J5 1 t n, p PS .! 6.00 t-O.DAJJ^a 5.38- 

+2.00 i- Vale Bin Pace FP1 1.74 '+Q.oTj.l3 |7.47 _ 

llS toloj Vo1 " CrJlClm. Shares 4SJm. -r** 


— •— N lfwan Motara ! tZO +1 

12 3.3 Pi.ineei ..1,470 + 70 

— — sanyo ku*utnc....i a 12 +6 

16 3.3 sehiaui Preiai>..... b51 -16 

20 I 1.2 sbioeido... 1.120 |. 

7 | 3.2 a*.ray..'1.580 +40 

12 i 3.1 Laiab" Manue—; 259 :. 

14 i 4.1 taheda L'ljemica ai3 . + 1 

10 : B.2 tDk..._.1.390 '+40 

18 1.7 | i tm.; 115 . 

— — 1 loklu Mjariue.■ 304 —7 

7 6.2 lokioKiei Pnw'i. 1.110 . 


rrwl+«: I'm 1 ^ 1 . I1C.3 +U.3 ! O.I ,un,,BJ»irv*,, i.uu .... . 

HhemW^r K'eri.' 201.5U1—0.7 • 16.4.0 tuk.vDdanvn.i 368 < + 8 

x-nerme. 2a3.5— 3.7; 2u 3.9 lOavouhltmura... 1KB [ .... 

?iemen.. 29o —u.l' 16,9.7 *nmc..) 128 p2 


Memena . 

sii .1 £iic).er. 

lbraufi 4 .<*.... 

'’am . 

‘ Lb 4.. 

' rr*iaivr«i f-u 
11'lkavxven . ... 


AMSTERDAM 


Vh.'i.i if,A’. 

vu-rt iF". A- ... 

I -eniBnklF'.'VA.' 
\MEV iF-.IO,. . 
4 ini..,|»* nR 'F •&<! 

iii:eni..,ri.. . 

dnim IVe-t ’ mi F: u.- 
wilirm Telternne 

r.l+d« (F'Jf3i... : 
Kn Dta_N. V . bearer 
r.UWl-.siD 1 »t F.. V; 
i/M Fr*v*rte,iFiC t 
Hemeken iF-Jtt;. 
Hr»4?.,’ i en»' FI25j'" 
Hunter D.'F. a' , 
I.H.t. Hnimn.i.. 
KLSI iFi HP*. ... 
lai ilu'.er ' ISW.. 1 
Naaroen fFl Iv?. . 
Nai.\er,1a*..b'.li: 
y+iireabiiiFU.: 
Ncri.MidBbfFuct. 
■Jce.'h'jUj . . . 
Van t'rameren.. 
fAuuK+diFl.*. 
PbnlBS tFl.l?,...., 
KUnSch VerFi JlTr 
KohecniFuWl.... . 
tf.'lTDCO (Fi.cC,....! 
Kc,rvnbS'FL*C'i 1 _ • 
UcrvalLhjteP ‘P'i'.J 

siareoburs . ‘ 

TtennGrp fF> JS". 

• WifolAicHldaF.. 
Iniliva iFl.aCi.. 
V'lkiacHea.Inr.JI- 


+1J44 • --fl-OI 
Tl.00 -JS-te 


Vol. CrJlfl.lm. Shares iSJm. 
Source: Rio de Janeiro SB. 


I j*! JOHANNESBURG 
1 . . Mines 


tl.33 -6.01 Peb. 27 ‘ Raffl j 

I®-” . J?* 30 Ainerlcan Conm.4.78 

„'S2 Consolidated . *ZX 

12-00 [-0-62 East Drlefonleln.. jj.70 

+0-29* ...... EUbntg —. tod 

+0S3 1-8.BG Kfnnws ....—. 

tQ.90 I. Kloof ..... 


249.5 +0.5; 17 3.4 

126 -1 ' 11 > 4.3 

180 -4 ' 14 j 3.9 
117.2-0.6. 12 I 5.2 


214.8 t 1.0 


*nr..1 128 >2 I 10 

■tana Mninr. 937 ^25 I 9u 

Source Xikkn Securities, roam 


tO.15 RMtrninira Plathram U58 

♦1.57 -5-0(5 Sr. Helena-- 13 .m 

tl.70 - 6 J» Sondi vaal . 8 .ss 

t2_3u >:... Cold Fields SA ... 21 

tfl.96 Union Corporation . -LM 

tLOS -«J 0 I De Beers Deferred .- 5A3 

+1.66 +0J1 BlyvoornmWat _ +4L90 

+0.08 ■ East Rend Ply. ..< 43 

+0. lb Free Stats Cedald ___ + 35.00 

+1.33 ...— -President Brand _1G33 

+2.50xc -CT. lo President ~Steyn__ I 5 .i« 

to. 70 -4LB2 5tnftmt«a -:... 4.55 

+0.18 JVeflcom .. <.55 

tl.^1 +A51 West Diiefomean ...-..... 33.90 

tOJiO JUI1 Western Holdings _ 3SJ3I 

tLv4 -9J2 Western Deep - 13.40 

+1.54 1 — 6 - 8 I __ 


INDUSTRIALS 


.ffS-KS5SJSS 

: =|: ; SlSf -*---^88 

.a « oB?"***“-^s8 

ini's i‘l ‘'“Min^i io..I 704 

SS:l7o:S; ao ra ** a * * a *h *?> 

191 -2 I 20 641 

138 z :?■* i \f ; t It! SWITZERLAND « 

na.3— 0.71 31 109! - —s==; 

ao. 2 -j. 2 i 21 j 6.3 -- .. 7 ! Pm 

63 0 -0.4 1 16 -1 Fet'. f. , Fra. 

lbu.S tOj IAZ.SE IS 


. .189 6— ! n-S.A'.Gervala—] 340 

ia-15 il4ij 7.2 1 V«rrelonr_. 1,269 

.JduO 6.9 j V.G.8..I 284 

1+10 I.V20B 8.0 v.1.1. Aland.— 826 

1—5 162 6.3 L ''e Bancaire.. 240 

— Vvnh Medlier . J 341 

'—6 1 60 8.5 Vredlt Cum Fr'eeJ 109 

1 + 20 ,100 -7.3 v-'raonr Loire.| BO 


Dumee.. 

Pr- PetroM»...„... 
Gen. Occtdeouaw 


ABC! ..'.. 2.18 

Antfn^Amer.. Indnjtrtal ajo • 

__ _ Bartow R«nJ _ H40 

Price + or Dlyjyid. CNA Inveotments +L10 ■ 

Fra.. — Fw. J Currie Finance _...... aS7 

- - -- De Bens Industrial -- TS-fO 

783 [+3 4kj O-B Edeara ComraHdated D7V. l.m 

506.9V- 3.3 21.13 6.9 Edsaxs Stones _ 2i.<» 

242 }+7 16.5 6.8 Ever Ready SA'^;.;_ +1.60 

310.9'—7.4 24 7.6 Fedeode- VoBcsbeJesainas. LSD 
47^ j+7 12.73 2.7 Qreatdmans Stores ... 1.70 

380.1—9.9 31.65 8.4 Guardian Aamrance (BA) 1^7 

340.8:—5.3 37.BIZ.I Hnletts .. 5JB ■ 

J269 |-16 60 4.7 LTA . tLJD 

284.01—O.S 27.6 9.7 McCarthy Bodway e.81 

823 —6 BB4 .7.0 NedBank -- 9.13 

240.0 —5.8 12 6.0 OK Basiutra __ A30 

341.9'—3.9 6.88 IS Premier jaubnn-«.1» 

109.9'+2.7 11.1104 Pretoria Cetnem:-3-W 

BB. 1 - 3.4 12 20.9 FTme* Holdings -- oj»xd 


BB. 1-5.4 12 
«7 W 7J 
99.6 + DJI 14.» 
184.81 + 7.0 8^1 
B2J8—U 6.31 
854^2.9 — 

14B.0J-0-B ie.r 

6aa -8 M 


_ I met a, .B3 JR—IjB 6.S 

fid. -lacquea 85.1 -2.9 - 

% tatenee.. 148.0-03 16.] 

- L’Oreai.. 552 -8 164 

taemri —... 1,880 .314 

2.5 j UabmaFhenlz...' 701 —13 39. 


, fz . ,1 £ I- • . .1 wcnui---- i.oou . 

i-52'* °'® (T • Ta A "/mini urn ..1.330 !-13 6 2.3 MaLwn. Phenlx...' 701 -13 

lai n "fin ZvA ft 1 rial - ‘ A ‘—. 1 - 7oD +afl 10 a ' B “H'’_ ; 1,090 -10 

m Delay (Fr. Hi' 1 .325 —5 22 1.6 Meet Hanwwov-! 349^-0.3 

2M.J +10 8' 19 J 7.5 ^ Krterta..! 990 +13 22 i 2.8 Moulinex -i 139 -1 

14a All. 3J». ^ K . M 7 +6 "" ’ * ' '- 


0 , n , a . . in i 11 u Ln? - .' 

;-!S| iojss sssssai: 

-— ’ Do. lara-iiJ.(8.725 ,.; 35 1 0.6 

latenool «L-.4.123 1+125' 80 2.4 

Jeimotl iFr.liO....;I.n35 Nm | 30 I 1.1 


22 i 2 M Moulinex ..- 139 —1 

22 1 3.3 PuKMp. 166 -2 

16 J 3.2 I'echmov.. 78.96 —l.K 

10 2.9 J PCrnovkicarf.— 200.5 —8.7 
b j 5.4 j I'm^M+.Htnes.. 270.7 - 1.S 


COPENHAGEN 


iD'iKHanutn.... 1401;. 

Biirni'iirll'j.* . 440 —3 

Danahe Bnoi, ; I32i? . 

F-im \wvii-C. 2301* * ij 

*■ 1 nan Joan ken . . 117 . 

ror. Btvcaener. 333 , .. 

For. Pa 54 .. 741, .. . 

Kan-selabanli.• 133J t ^'« 


rn« 'T"r. uiT.iii'i. ^ern*OD-D.ir^gv;d,aaj |—lu 

K'ia. T ,sT i — , * [ }. Pirelli »IP(F.liXhl B»9 < . 

—--.-’-.-bandar. fPr.*SO)..'3.92S 1 —1 

1401a. 11 17.9 Da. PWrtCerfr.. 600 ! -6 

440 —3 1 16 1 3.4 TchiraUerVtaFnXH 543 i + IQ 


•j.A'tb'nH.iKrtiC 


143'J.i 12 |9.1 Miner L'ib fF.I0U]j 879 1 + 6 

2301’ *t? • 12 ; 5.2 iFJ«0... 879 !+12 

117 1 13 11-0 »l« HanlltF.lUUi' 413 +2 

333 - .| 12 3.6 iirfoa CHcJ''J«a0iJ4.91O ^-80 

.741., .• 8 10.+ Union Bank-.3.443 Us 

1333, a-'* | 12 8.2 Zurich in*_11.800 +85 

2 4.1 11 

B 4.5 

MILAN 

3.2 
6.4 



T"c Itamjjoo Uranrtf. 

hi "***■ .—: 

1.3 

SM STOCKHOLM 

3.4 _ 

2.0 

8.9 Fab. 27 

1.7 - 

|Kr.W3)J 




325.8 

-6.0 

468 

—7 

66.1 

-0.6 

124.C 

—3.4 

1.460a 

-16 

222.fi 

—1.6 

B48 

-9 

15H.C 

-0.1 

20.8 

-1.2 


74M 1.6 Rnnd Mines Properties ... 2.10 -3 

14.lei 1442 Rembrandt Group 2.05 V 
4.7 Retoo-- e.3s 

HH, a a H P W . 1 5» — -- 1-SS? ' 

D. 8 B 1 ».o C. G. Kmld, 5 u^f 689 

UL77.11 8 "*T - fOJd . -4# 

tsirieo Srewantes ... l.Or -ff 

iTacI 2 * Tlacr Oats and Nat MUhfc- SJO —fl 
<>-*l *■* oatsec : —*_ __ 

I'm SecnriGes Randa5UJ&.9^04 
-OHseonnt of 30%) . - 

L3JB12.8 — . 

T3 9 A SPAIN » ■- 

«V j a'. Peb. M Percent; 

16 S ' a as land __. in -1 

nfij Banco Bilbao __ .263 ^ 

»4 l 5 J ® aDCO Mlantlop (l^ 00 > 200 -7 

ft 164 S 8 " 00 Ceotr!,T —, Mfl -; i. 

isIkIii o S* 1 * 0 EMertor I » — 

Ml S* 060 _'_ 

as.BhiJ < ^ 2 f ari8 fl '008) 

S3 aS Banco mspano :_ 

1 s i* it’n Ban «> Ind Cax. (L008) 

“■T"* B. ind. Medtterraaeo _ 


Price I + or I Sfr. lYlil 
Krone — _ I JCr. l % 


.Wiuunouc •• • 3Su 
I'eiim-avier... 263 

•wa-U. 570 

.. r.i 

-iwr liaunlv— 188 
1'ei? .Movnerit— 230 


1 »7 3.7 

14 6.1 


bwelD “K"_J 

huimt*....^,,..J 

Unmicea irivel—..i 
UiinrlelarauUBPIi..-I 

Hanibna......_! 

Ur, r>-b Dntano.j 
'un.-ivik A.»....—i 
"-K.F. 'IT Kra... 1 
Hlmnd Baakllda..., 
ludattk *8' Krfia 

Uddehrim^.J 

'Volvo (Kr.eOi.—J 


Fenoea fJJHKri _- . 

GaL Predartn*: _ t - •. 

Crnpo tfelosouea : +408). US 

BtdroLa . - 1 ■'iimn 

ftwauern__..... - 

lnmabantf. __ __ 

Olarra — . - _'~ . • 

Papeieraa Renmilaa _ 

Pelrtliber ... 

PetnlaoB ......_ 

**7*7® PaaaJera 


Teiflfomca _ _!. lri 

■Tomu Hoetendj J 
Tsbacea j._ 

Union'EMo. 


- »J0 "4- tm 

- “J -1 

—.3 + Ml 














































































































































































•- -I 


ypension 


a 

f.SJiort 


S-JPUNDS,. uatikevlnsur* 
gtmpanies and other 
'institutions, have not 

ihstantiaJ. -investors-' in 

tkl land.- says the 
Association of Pension 

■sciit,^ those .Etdnisifiwe 
i i; pec_ cent, “of their 
• K agricultural "ianfdt :it 
^yidfence 1 ?) tjje .Jjfarth- 
ymttfee. -v . .’\ 
lOxipstian -was based on 
r of do directly-admini- 
mds with an aggregate 
hoar £lipa. 

sfflJpL of the total was i 
^agricultural Land, and! 
r parr of the figure''fiad 
«stefl since'I9TQ._. 32ie 
■bowed that- £37nr. had 
nested ip the past; three 

Vpsbciatioo empjsasisfict 
•re' were three raalD 
iflheneing pension fduds’ 
i'’■invest, in this sector. 
ie . sample showed was 
mainly to the larger 
ith ; assets of at least 



continues 
market 


Tin prices 
rise 

sharply 


BY RICHARD MOdNEY 

COCOA PR1CHSS : continued to- 
advance on the London futures 
market yesterday in .what'some 
■dealers saw as “an extended cor¬ 
rection to the recent' over-sold 
^itqariOD.” May cocoa gained 
another * £42.25 io ii.5S4.75 a 
tonne- and has now risen more 
than £J3Q in three trading days. 

■The Russian'., buying, which 
prompted - last week's turn round 
to sentiment/-was absent 'from 
the market yesterday, traders 
reported. But speculative buying 
was much in. evidence as 
'Investors'*--purchased .cocoa to 
cover earlier .' , short’’:.s 4 les 1 
Nigeria and Ghana were hath 
selling cocoa fairly substantially 
but-no.saths were reported by the 
IvOCJL-Coast or ..the Canie ratios. 
Charts "patterns”' ,"are still 



MJC SIP OCT KK DEC J*X fFS 


L JBy’Our-Commodities Staff 

tonnes from 234.000 in 1976-77. j TIN prices rallied strongly on 
In Washington meanwhile the: the London Metal Exchange 
Ivory Coast's 1977-78 cocoa crop, yesterday Tallowing Iasi weeks 
is forecast to' possibly reach ! dowa * urn ' 


280,000 tonnes, up from 230.000 
tonnes in 1978-77, says a- U S. 
Agriculture Department ‘ field 
dispatch, from Abidjan. 

it is said the estimate includes 
“ very large " quantities Of cocoa 
smnggeld in .from Ghana, 
rumoured at 20,000 to 40.000 
tonnes, more than double recent 
years. 


Standard grade cash tin 
jumped by £120 to £6,175 a 
tonne *t the doer, and moved 
further ahead in late- kerb 
dealings. 

The three months quotation 
after having dosed at £6,133 
traded as high as £6.225 on the 
late kerb berore falling bark 
to £6,190 on -profit-taking. 

Other base metal markets 
were also - higher, notably lead. 
As with- l in, covering or pre¬ 
vious sales, and some trade 


have..been, rumoured to have 
totalled 10,000 tonnes, mostly 


All. nine members -of tlie; 
Alliance of Cocoa-Producing 
Countries — Brazil. Cameroun. 
Ivory Coast, Ecuador. Gabon. I 


.there 1 was a .genera! 
spread investment risk 
ntuiritv over as wide-k 
possible. 

, agricultural land was 
as a’ secure investment 
d by fashion and was 
imental importance- to 
economy. 


pointing to-"iigber prices and l ™ ne5 ' mo "» 

further'advances are forecast by “trough the London market, 
dealers: But -market sources London dealers have been unable 
generally agree' that -the Ion?- to confirm this figure but some 

, 2d ft iSS > iS a £ a iir2lSr *t ld of S °y iet . p “ r - S'a.^NSerfa^Toko"" 

$ZS8*Z Sew lo-^'once ^e f?* 8 !! 4otaI,ta * U( * r)F , ' 000 Trinidad and Tobago - w 
current rally has; placed itself onnes ‘ 

out. Brazil's 19/r-7S output is 

.Last week’s Soviet .purchases expected to rise to 250.000 


• Officials from the world’s; 
cocoa-producing nations met in; 

Donate. Cameroons. yesterday to, 

work out a common approach for. gSbTl 

the coming Session of the Inter-' 
national Cocoa Council, to be 
held in London'in late March. 


tonne. 

'.Copper aud zinc followed the 
upward ire'nd. but in quieter 
trading conditions. 

Copper cash wi rebars rose 
by £6.75 (o £616.75 a tonue and 
cash zinc bv £4.5 to £239.75 a 


and! tonne. 


were 

represented. 

Other producer countries were 
invited to send observers. 


Coffee damage 6 exaggerated 5 


BY SUE BRANFORD 
FIRST ESTIMATES of the recent 


SAG PAULO. Feb. 27. 
Government officials ip Parana Several farmers have com-i 


There was another sharp Tall 
in copper stocks—down by 
9.275 tonnes. 

9.275 tonnes, reducing total 
LME warehouse copper- hold¬ 
ings to 622,425 tonnes. 

The fall in stocks, attributed 
to shipments to the U.S. to heal 
a possible curb on imports, was 
'in fine with expectations and 
had been discounted by the 
markrL 

Also as predicted tin stocks 
rose by 100 to 4.260 tonnes, 
while lead stocks fell by-800 to 


• over a “Itmc period ,rL£U>1 jldj. imatjsd ot.we recem uovernmem omciais in Parana several iarmers nave com- 

ratrents had shown"a to tWs'afe*r f » coffee crop are sticking to the original tnented that coffee busbes are _ _ 

w level of growth, and ‘jCaused'bybad weather;-pa rlieu- damage estimate of 20 per eeuL well known to stand up well to 66,025 tonnes and zinc by 550 
uim funds are tirimarilv :Iar ^-'droiigbt, are proving to be which would bring production droughts and that-a closer figure, erf .63,450 tonnes. LME siteer 
inenme this was [daggerstea. down to 4.3ni. bags. would thus be about 10 per cent.? holdings fell by 210,000 ounces 


j-'Tgith innqme. this was 
■important factor. .*• 
Irtanee pointed out that 
?7d5 were .lQur-inOt this 
Viri’islment and that not 
Tended the returns as 
ry. TV survey revealed 
4‘fnnd« consulted had 
i thov did -not intend tn 

•»» than 3 n**r eent. of 
: »ts in agricultural land. 


Sac Paulo stale government- There is genera] agreement Most observers estimate an ( to 19,170,000 ounces. 

authoritiessay the cut in.the crop that it is too early to assess overall reduction in Brazil's; _____ 

in the state.is 19 per cent, bring- accurately the full impacL ' harvest of about 10-15 per cent.; 
ing it down to 6.8m. bags. Some farmers feel confident with production falling from- 

The - farmers’ . federation enough in their assessments to lBC's December estimate of I 
earlier assessed the damage at 40 suggest that the figure of 20 per 20.6m. bags to about 18m. ( 


! for U.S. 
it quotas 

HINGTON, Feb. ST. 
k INTERNATIONAL 
mfnission was urged by 
r* ■ to recommend the 
O* ot -quotas on sugar 

■ssrhen Henson - Moore 
n. Breaux, 'both from 
•n. told the-ITC that it 
institute its quota re- 
.ation of a year ago. 
«t Carter rejected the 
n-'Of quotas. Instead, 
Bddd Import charges, to 
•.imports. ,,r '* 


per cenL of the expected crop, cent- is an exaggeration. 


Asian rice project 

VT " 7, PARIS, Feb. 

A ’/SCHEME costing S54bn. before being . presented 
designed to make South and working document to 


NZ wool 
shipments 


From Rio de Janeiro, mean¬ 
while.. Renter reports that trade 
sources expect - a reasonable: Q£CllI16 


27. 
a? a 


number of export registrations to 
be made to-day- for Brazilian I 
coffee since the present terms to! 
overseas buyers were introduced- 
on February IB. iTHE EEC has substantially 

The sources said buyers who j reduced its buying of New- Zea- 


By Dai Hayward 

' “"iFELLINTITON, Tebl'27. 


— - —— —- -c - -- world have their purchases registered! land wool. 

South-East Asian countries self- governments in May, commission io-dav will get the largest ladem-i In the first half of the season, 

sufficient in rice in 15 years has officials said. nity available so Far under the j total shipments were down 20.2 

ibeen proposed by a group of The plan is based on a pro- new terms of 24.26 cents a pound I per cent.—121,000 bales. Of this, 

'{experts here. jected annual increase of 3.4 per for Europe of 22.26 cents fori four-fifths of the drop, 98.000 

' _The ..project- is intended to cent, in demand for rice in : these North America, without consider-! bales, was in shipments to EEC 

double rice-production-in these Asian countries. The area ing fidelity, bonus or prieeicountries.. -Japan, Iran.and the 

ai-eSg lq 32Im- _ tonnes a year by Planted with the crop would not guarantee possibilities. • I Soviet Union also'bought less 

1993. Use of r fertiliser will be substantially increased but the The indemnity, on coffee{ wool. ’ . 
have to rise sharply to more than emphasis would be on improv- registered to-day is based on the The reduced exports reflects 
14m. t 0 im'e 8 annhally froin about irrigation. international Coffee Organisation; the heavy buying by the Wool 

2.5m. at present. Breakdown of capital invest- indicators for February 23, which j Marketing Corporation until it 

-* The- group, known as the ment for the 15-year project were the lowest since; dropped its intervention price 
Trilateral Commission, includes shows S32.5bn. coming from de- February 16 • i level vein her. ■ 

independent experts from the veloped countries, Slobn. from The higher close in New \ork: At to-days Christchurch sale 
U.S^ Japan and Western Europe, developing countries and S6.5'on. on Friday means higher in., halfbred wools were 21 per eeot 

The draft-scheme will go tor-, from, the Organisation of Pet- dicators and a lower indemnity; to 5 per cent, dearer compared 

ward to further meetings of ex- roleum Exporting Countries. • for those registering to-morrow;/with the recent Tunaru sale, 
perts fif Washington and Tokyo 1 Reuter : ' they added. ■ . j reports- Reuter, - - 


TEA MARKET 


Indian tactics may 
tip the balance 

BY JOHN EDWARDS. COMMODITIES EDITOR 


TEA PRICES were slightly 
lower at the London auctions 
yesterday in the- face of what 
was described, as “-irregular 
demand." • 

Average prices for quality 
tea • were down by 3p lo 151'p 
a kilo, medium by 3p to 132p: 
and plain by 5p to 95p. - 
_ The _ quiet trend at the 
auctions caused some surprises 
in view of U.K. tea blenders’ 
claims that the market was 
rising, and the fact that the 
supply-demand . situation is 
finely balanced—much ‘the same 
as last year just berore prices 
rocketed to all-time peaks. 

■ An extra imponderable this 
year is • ihe altitude- of the 
Indian Government over iis 
future tea export policy. 

A committee was appointed 
earlier this month to examine 
the whole range of Indian lea 
marketing. 

The committee was originally 
inspired by complaints about 
“ under-invoicing" "of ' tea 
exports by Indian companies 
as a means of building up 
fareign currency reserves over¬ 
seas. : 

But subsequently the coui- 
iniltce's brief was expanded tn 
cover the whole of lea market 1 
ing. including the emotive issue 
of whether the London lea 
auctions allegedly controlled by 
the old colonial interesls-!- 
should be bypassed in future 
and sales of Indian tea be con¬ 
fined to domestic auctions only 

Indeed the whole • auction 
system, in India and overseas, 
will come under the committee's 
scrutiny lo decide whether or not 
it is advantageous tn the pro¬ 
ducer and fair lo the consumer. 

The London tea trade is con¬ 
fident that it will be given a 
clean bill-of health from the 
committee, having survived two 


searching inquiries rrnm the 
U.K. Monopolies Commission in 
1956 gad 1970, as well as a series 
of examinations from producer 
countries in the past 

But ' -while the committee 
deliberates. - there is a large 
element of uncertainty about 
future - Indian tea shipments, 
which have been restricted by 
an export quota and last year 
the imposition of a hefry export 
tax amounting to Rs5 fahout 40p) 
a kilo. 

The Indian export of 225m. 
kiiofi for the 7977/7S season has 
been fulfilled, so there' is po 
prospect of-any further ship¬ 
ments until the committee of 
experts completes • its ■ reports 
some three or so months from 
now. 

But India docs not normally 
ship at this time of the year and 
substantial arrivals should not be 
expected until October, 

In the meantime, arrivals will 
continue to come in From other 
countries, and stocks held in the 
U.K. are above last year’s level 
although still low'compared with 
past years. 

Last year tea blenders, who buy 
the raw tea Jor blending into the 
brands sold eventually b.v the 
b'hops, bought heavily because of 
fears of a shortage of supplies 
aggravated by an anticipated 
surge in demand resulting from 
the high prices of coffee—the 
main- rival-hot-drinks-- 

But bumper crops.in the main 
producing countries that raised 
output by some 10 per cent, to an 
estimated 1.034m. kilos meant 
that there was still a small 
surplus of supplies—according tn 
estimates by the International 
Tea Commn'ttee. 

The fairly subdued buying 
interest at yesterday’s London 
auctions probably reflects the 
fact that blenders do not want to 


repeat last year's mistake, wd 
they are also aware Of. Mr. 
Hattersiey’s threat to' impose 
lower prices, backed Ip by super¬ 
market chains flushed , by their 
success in forcing coffee prices 
down. 

It is Loo early to say y B t what 
production is likely to he this 
year. Early indications are of 
reasonably favourable conditions, 
but Sri Lanka and Malawi are re¬ 
ported to be running below last 
year's levels. 

Thompson Lloyd and Ewart, 
one of the leading London -tea 
brokers, suggests in its latest 
market report that it seems 
improbable- that the very favour¬ 
able climatic conditions last 
year wifi be repeated this year. 

But the report points out'that 
policy in India indicates an 
intention to build up stocks to 
moderate prices for local con¬ 
sumption. ami the size of this 
stock could'have a significant 
effect on world prices ffiis ye^r. 

Mrs. Ghandi's unexpected 
victory io the Karnataka state 
election, and Ipdia.'s healthy 
ha la nee of payments, mean that 
the Indian Govern meat might 
be tempted to restrict further 
tea exports in order to reduce 
domestic prices, which in turn 
would force up London auction 
values. 

Because of the present restric¬ 
tion on Indiuft lea exports, and 
the duty, U.K. blenders are 
reported to he buying an increas¬ 
ing proportion of their supplies 
in London. - - 

Average prices so far at around 
124p a kilo are well above last 
year's average at this time of 
117p. 

But the general impression is 
that there is unlikely to be the 
-same kind of surge in prices as 
occurred last year. _ _ .. 


Grant aids improve marketing in Franee 


BY JOHN CHERRINGTON. AGRICULTURE CORRESPONDENT 


FRENCH LIVESTOCK market¬ 
ing represents a complex, and 
confusing picture says the latest 
report front the Centre of Euro¬ 
pean Studies at Wye Collega . 

But,- say authors Professor 
Pickard and Miss Anne Bullen. 
certain definite trends are 
apparent. 

By comparison with Britain. 
French fanners are much smaller 
and in few cases would be able 
to do their, own marketing on the 
scale common in the U.K. 

That has been recognised' by 


successive French Governments 
and accounts for the .assistance 
given in the setting up and 
financing of co-operatives and 
group systems of production. 

The assistance provided com¬ 
prises not only grants but sub¬ 
sidised-credit through the bank 
Credit Agricole and Common 
Market sources where possible. 

The Government has been 
rationalising the system of abat¬ 
toirs to repla.ee .the -multiplicity 
of smaller establishments in the 
private’and municipal sectors in 


order, to provide the basis for a 
system of meat processing to 
meet the supermarket-;outlets 
common elsewhere in the Com¬ 
munity. ■ ■ ■ 1 

The policy appears to. be 
orientated towards export mar¬ 
kets to a far greater degree than 
would be the case in Britain. 

Livestock Marketing Systems 
in EEC countries; France by 
Pro/. Dmnd H. Pickard and Miss 
Anne Bullen. Centre of Euro¬ 
pean StudiesWye....College, 
Ashford. Kent. Price £4. 


IMOOITY MARKET REPORTS AND PRICES 

? METALS S 

" r. j, „ wirebiirs. Uiree month* £633. 32. ‘ LEAD-—Higher on snort coverms and 

^Forward TlR-Hnoer uiU» Sharp movements In trade buying «Ui a demand lor nearby 
l»w undin*. Alibousb the £aw was to eta 1 narrowm* the cpniaruo. In the 
fh* ilehnr ever the week-end. sterling con- morning forward rnetai climbed from 

E*Uw*. ioofc forward metal from i3M lo i»fi but thr roe was chid*4 
mrfSr ffi. 0 ff 0 .ro ia,Mo in early trading. BnL-ihCT by .prutt-takins and tn the afternoon an 

: fK subaisod <w coveting -and a wiser leodency prevailed taking the 

Ap wqscmeais in siatOtag.-.and «.lt 3 on v. £. one e at gne.nue to £91. The dose 


PRICE CHANGES 


COFFEE 


RUBBER 


MEAT/VEGETABLES 


On quiet sun to week Rabnani moved 
in £30 range With ImJi threat of ‘break¬ 
out. Drexel -Burnham.reports. At otosc 
values no us £20 lower. Physicals novel. 


SLIGHTLY STEADIER ■ Opening on. the COVENT GARDEN—<Prices to sterling 
London physical market. Good interest wr package - except where oiherw-Uic 
throughout .the day. closing on a steadier Matedi—Imported ^ Produce: - Orange- 


Price* 

stated. 


per tonne on! ess otherwise 


cached £8)3 before closing an 
r;JS3!3. Turnover C9,775ronnes. 

;«.hT H- Wi pjl r 
OOk»1 . — ! GnoffloJol 




[he afternoon advanced to «.133 on LLS- nnco at one. mage to eat. The close 
and stou-toss buying. The moo-loss buying on the Kerb was £2»LV5. Turnover 7.359 
Intended on the late Kerb taking the once tonnes, 
lo £>.23 before profit-taking led to >- 

dose of Iff.lM. Turnover, l.Wa tonnes. . _ • ftm. -r 

'T+or 


COFFBK 


'-Yawiantoy'' 

Clow 

C per tonne 


+ or 


Humiik- 

IVuit 



Teh. 27 4- nr 
197* - 


Month 


\U 1 YBJrterrLuy'»t Prernw 
If.S.S. - idraw' • Wuw 


Bu-ine*- 

done 


-2.iU-2.7B. Lemons—Julian. l(M 12B 


-no. Metals 

tin: Cyprus: I3^:t.oo: Spanta: t'liinbnnm.J.6B0 


Grapefruit —Cj’fjrus: 


kllnv 


Kw \Urket 


LHA1J OffldMI 


*+v . 

— CnoBJOtl — 


TIS 


61M-4 +I.d 61B.S-9 f+6.75 
GM.&7+1A- 633^3 +7.75 

614 ,-yli — . 1- 

■ - f ■ ' - -i 

■6CM^-fir;a.l ; (MA-10.S r+7.B 
- 647-8 t+lJ6 bJMWl j+7.75 


J- 


B.m. 

Otrkdsl 


1 + ori pjn. 

— i CoottH*!* 


-.647-8 1+1J6 bBE-d j+7.75 
■ 605 ;+i : 


e • £ e e 

— Caah J S90-1 +M-i. 290-1 -eJJ.7 

-Graia e : J1 ' . £ . £ 5nmntbs.. 293.5-4 +1!LS 293.5-4 -rl2 

T--7..16095-103 +84 6170-80 +120 nmWnn 291 +14.Bi - • — 

A tnaucha.1 6045-55 013O-4O +H5 X.V.-j ipm.; -__-_...... 

Sesdcin'L.t- 6100 (+85' -- ^ on jjni ; Cash £290. »•. 91.8. .three 

«rw-- - temoe mn .® h r, D «u =. im fflOBths E292 . 95. 93.5. SC. M.3. W- M. *K 
Cknb - M .,.^»5-1£K> .+B6_’ hlVD-nu i» ^ Kerb: Three months «l 


’ r ; , 

V M, '7v;-’! v «2wfiO +rt 5 >^'flM.«.-+-U7 ^ **■ KeTb: Thr « e monihs ssn.a. M. 
£ imontha,., 6045-60 +77.5 bi50-«w.+i« ^ Afternoon: Cash *390. three 

. „ -- . . &ettten.l-l. 61TO |+85 — - modUiS X39L8. «j. 91. 82. 925. 95. 93 5. 

wet) irotti Trading reported btesiw Hi.< ;ol647 , + JS — . 

• morniog cash wtah*ra traded -Veo- Yo rk. —_ > — - aaz - au -T ‘ g 

J !^ m0 S^f B '£nf5."'k3'b/. Morning: Tlu l' , , h ?^ S 
.three mouths £827.5. .ST. -87.3.. Kert>: TJirce months g*n. 44 -j. AitemOQ.n 


ex limited 01-351 3466.. . ’ Three month lead 290.0-293^ 

iMt Road, LOQdoni.SWIO BHS - : - ._■ 


WPANY 

ICES 


* WW Wflf L iaBirap INC 

. is: HHtray given «at tne 
ocfcBoWcrs Meetiofl jof.tlte Cora- 
bfi held at the CetnMny's .Head 
I'-Aall ntuldmu, North .Church 
and Cavnifen. at 1030 »-m. the 
197B'.-Uv "tne pui-poso on— 
omng tbe accounts jar the year 
i Gecomtacr 31 197T. 
idcrhw Odd appiwtog the 


Bf - die doctors... 
lovilc a^ _t* ve Agenda 


__ and tuch* 

may .come - before 


THE COLNE VALLEY WATER COMPANY 

. NOTICE ’ IS. HEREBY GIVEN th« .the] 
One - Hundred and fifty-third Orpin ary 
General MewtnO of the StoCtfiOldWTi cii 
the Company-ww be hew at Uw prracioaJ 
office of ihe Company. Blackwell House. 
Aldeaham Road. Watto»P 
22nd March. 197B « 1230 »*.■!» 
die lallowfnfi oomoses:. 

1. To readve and 1 adopt the Reowt oi .the 
Directors and the.. Statsnwir of 
Accounts kw Bte year ended 31H o*- 

h 

4. ?&* a *t£5 >i fewytteraUM t - 

vaJi^Ww’^mmee shall be_.m 
annittorr-to -theft-fees as dJrectars_ 

5. to elect Mr. John MkJoley Haseldme 
director ot the Company. 


th 


Sroi n ?iocWiolder entitled td vote 
eetioti may . appomr a proxy jo 

Si lSSrS. Tq-SSTm?. t»BuF P7 Lsaq a direttor 
reaeturs uie wsm»9«e setiaurf of-the Company with effect from 3rd- 


warn before the tneetbia. 
lv 1 Orter of thd guard. .. 

. MICHAEL NASH. ‘ • ' 
■ ■ Secretary, 

xmoaor Etd loc¬ 
al! bjjudlna. 

■ Box *32. 

■•fid -Cayman. .•• - 

Cavmaiy IslartdvB.W I. 

ttris 2Dth day of February 1973 


IGKONB BREWE RY.. LTD. 

E IS-HEREBY GIVEN: that th* 
* REGISTERS Id respect oTthe. 
stennS? LexnsStocX t5o®0/3Qoii} 
CLOSED train the 17th March 
31st. .Marts 1978- both dam 

By Order at the Baxrtf, ’ -- y 

H..E. THOMAS, 

, — ■ . Secretary- 

ale Street, 
f?*pOI L2 ajj. 

-obniarr 197B. •. . r 


-INCOME- FUND 




rtii» 


7. To jre-Neet Mr. Thomas. F. Blaetorell 
a director, of the Compaov. •_- 

g. To confirm the appointment of. M eys. 
Gerard van de Linde & Son as auditors 
under the style, oi dakm- Sutton ft Co. 

9. To authorise the rtrredors to fix the 

remuneratloq of the. auditors. , . • 

10. To transact the ordinary b mines* of 
the Company- . „ . 

Dated tht» 28th-day Of February. TB7B. 

- Bv 0r ^ a. COS^OVE. Secretary. 

- Wssford.^ 

- • - HettferdsMra WID2 HK- 


plant and 
MACHINERY 


-ANNOUNCEMENT 
/VTwIBtma* . H... 

i .^s^Shofdw’ Z M 

_sw 

'’MP& - 

- .m asems, 
fc_of America NT&SA:: - 
^Gewswo ■Bolidln*. ice-. Hoote 

ffi'Rong'J; - 
naco Trust Limited, . 
yiirtey 

ri»U. EBtetfiffii.r . 

fc Of Am eric* international LA,. 

Boalevar d-Royf 1 . 

-rmbourBi. ‘ ’ 

onto Trust Ijerstjf! UbjtDmI. 

s.’tisss'jasr 1 * 

? 5gSLS ,B 7«°Ur u ^l¥r"”- ■* Sff-sis 1 "® sSWST'38? 

: inififED. . l. Tel& 6*86537. 


GENERATORS 

Over 400 sets in rtock 
licVA-700kVA 

Buy wisehr ftom the manufacturers-'- 
with fult- aiftar-jadei sorytee. - 

CLARKE GROUP 
01-98S 7581/0019 
Telex 897784 ’ 


LONDON COMMODITY CHANTS 


y +iigfiA?w/Ctese (^iires 
xd every-Frida/ night, - " 
ated io Friday's dose. 
fis£send me details, 
dose cfitque far £fl5XKT 
T-2~months r subscriptioh 


; Nxtfle. - 
Address 
□ 

■b '••••••* 




B, -Pan to a Strdti, Cambridge TefeohonBi (0223) 56251 


n-; 1 


Kerb- Three months £583.5. 93. 9 i 
ZINC—Steady, moving m sympathy with 
lead although trading ms thinner, 
fort'srd metal rose from £759 to £-’*5 
daring the marnioc but then lell baek 
slighrly io trade around £7<C bclore 
dusfnc on the Kerb at *241.3. Tunaner. 
1,675 lounes. . 


«1SC 


a.'iti. 

UIBwj 


,-f w p.in- -f- t oi 
. — fuifflca. — 


L'ayfa_ 

month*.. 

S’nuKit.....-' 
Hnn, West 


f £ - i c ■ 

242 3 fl.8 239.5-40-4,5 

244-B -rt.25 SS42.S-S t5 

243 -13 - 

XJOOOA. 


Mwvta.'16SB.1I-IBB3.I7-ES.O 1890 1680 

Mar._■„— 1522.0-lb25.fi —9.5 15501920 

■I 11 I.T_1U5J-1M1JI— .MOL 145/ 

September...-1392.0-1398J) —14.0 1410-1362 
.Nprenhw ... 1555.0-lfi60.fi—JB.0,13BM35B- 

January..IB25J-13B5J -77.5 1S39 

Mniyb.'.. 1285.0-1*76.0 —17.5:1319 - 

Sales 1.447 '2,423■ loia of 3 UHiTiea. 

ICO Jodiuupr prices lor Feb. 24 ^V.S. 
oenu per pound •: Colombian MjVd 
Arabicas 195.90 <191.09': unwashed 

Arablras 194. Ofi 1 1S9.O0 •: other mild 
Arabicas 193.51 <190 Mi: Robustas 17:1.00 
■ 173.50 1 . Dally average I81.T6 'lSi.,9'. 

LONDON ARABICAS—Finned In ihe 
afu-ranon alter urrly weakness.. Volume 
poor reflcctine. lack or trade imeresi. 
r.'Pons Drexel Burnham. 

Prices—no order, buyer, seller, change, 
business'—April. 3P1 (HMI2 9B: . -rD.,a: 

J9)JI0-M.5O. June UL1O-81.50: -933: 

ml: Aug. .173.50-12.75; —fi.M; 

72.90. OcL lS2J5-fi2jr. -9.73; -10238- 

A2.40. Dec- 132.5fi-32.fi5: -0.U: 132.73- 

3221a. Feb. UE.OU-CI.M: -030; Ml 

Sales 2S i39' lots Of 172.59 hdOf. 


\i»rif.... «.5fl-«J5 <7J5-4t« 

May. 4S.0n-49.2H, 4l.n-4n.50 . 48.20 

4|ff-lue 48.10-49.16 41.3S-49.50 48.10 40.25 I'aUiBOry 



U.S. Markets 


Soyabeans 
and coffee 
lower 


..Trov •«*. S IBl 125 + B .75 -175.125 , 


((vvfeu. 50 05-59!su 5£L4OS0.46 60.90 SO.M 20-th ZJ 100 Hrti D'-lnwNW Jjtd. 1-eail I a*li-..... C290.5 t 18,75 Efl 17 

* ilei-ltor' 52,25-52^0: il.lB 51.90 52.4D-61.40 Stark UriuiMui 2 jM-:> 13: jiiniblu-paek. per siiu'iuli*..C29S.75-rl2.D-. , 322.75 

■Ian-Sir. 61.8a-53.75 1 8.30-55.40 53.76-B2.9U bound, iloldj-n Delicious Q liMi 14. f-raimy SW»J—.■— - • • , „ 


NEW YORK. Ftb. ri.. 


smiiA fi u 


HaJiaii: Pi-r puuud flWJii' 



.... CUVFEK finished lower on lack of roaster 

.iJarliei'ii'i'r!.]. SI.B4-.D2 + 0,03V.Bi .651 |||, «'-»i eonpled wljh jradi- selling. Cocoa 

, finished higher on Commission House buy-- 

finished' 
Copper 
or 
held' 
liabi.' 


0550 


due io lade of miens. Continent was 
auiri, SNW CfiounodNies.repons. 


Red Emperor pt-r pound i ,M. - Banau— 

Jamanaii- Per nonnd 4.13. Tomatoes— i r>»iiu-en. 

Unchanged lo -Y>p higher iu thin volume p,-r fi kilos. Canary: LoO-2.00. Melons— oils 

Chilean: tSreen 9.IW. while- 7.00: S. i ,uaaui ' PRili.. a600/ 

Mncan: 3.IN: ilolnmhian: j.oa Cucumbers .. . 

—Caniirr: 1.80-1.50: Dutch- .2.4U. CulL 1 jnsee-1 Chuieln .. >297 

npio e ns Jersi-y: h.Jd: 1 -reiub- 5.M. 1 * 1111 , Malayan.S546-- 

Pauioes—Cuuary: 23 kilo-i fiOU. Cyprus: 

S.N 1 . Celery—Spanish:- le 'Ms f.90-4.30. 

Capsicums—Kenya. Per puuud DM: 

Canary: 0.M: Elhiopian 0.30. Peaches- L0|jn , i>iiij ip .-> 415 ,, 


Ye»r«rdT»,'+ ut 
L'U*e • — 


Uuainw* 

iwme 


+ 5.0 '560 
1619 

v - 6r66 

^10.0 44B.5 


" Cents per (Kmnd, T On wevloos 
unofficial dose. : SM per Edettl. 

Moraine: Standard. cash sSJfii Aim), 
tlfrce maorbs £6.050. -iff. 30, 45. Kerb: 
Standard, three mootba £6.050. SO, S3. Jfi. 
Afternoon:. Standard, cash £5.156. 53. 69. 
Ihrau months £5,050. 89 . £*.100. 10. 15. 38. 
25. 20 . Kerb; Standard, three months 
£9.130. 40. 50. 35. EB. SO. 90. i&rSW. 10. 
»; 35. 20, 10 £6300 ai». 


GRAINS 


SILVER 


Silver teas Used l.TSp an ounce km'er 
fpt spot delivery In the' London buffion 
market yesterday, at 2582S» L'A ccal 
equivalents of the fixing levels were: 
spot 495.1c.. - dovn 7.9c.: -throe-mwuh 
502.7c.. dovn 8-fic.; « month 5l±£c.. 
doom S.Bc.; and 12 -month 5=L2c_ down 
Ojtr. The metal o&ened ar 256+257]p 
itfMKii'. ■ and dosed U 256.l-25T.io 
i49S49^C.>. . - 


LONDON FUTURES (GAFTA.»—Opened 
s -10 lower, but old crops under eonttoued 
pressure particularly-barley which at one 
stage showed losses-, of fid points «1lb 
strong hedge sclllna. Short--covering in' 
afternoon forced barley badr to- S0-4S 
lonr enr - day and t-loscd steady with 
some support also duo in - wheat-barter 
SPloaders. Old won wheAt found further 
stale, liquidation ana losses of up to so 
points registered, but closed 1 35-40 lou+r. 
New crops mainly suffered in sympaihy 
and with stop-loss -idling losses of between 
63-109 points by dose. Acll re pons. 

WHEAT - BARLEY 

AVttttdayV; 4*'» iT'waitnv V + •« 

M'nih- i-ln» • — 1 i-'iir — . 


£|yil"Uln- 

Anril..105.611-05.7 +0.W W5.!fi-O5.50 

June.I04.4M4.S+0.45 W4.KW14.S0 

August_ 105.50-05.8 +O.S5 105.BD-D5.20 

Ufti-wsr. 106.DB-06.1+O.U 1QB.fift-B6.00 

Hwffimber.... JOS.SO-flS.l rO.lB — 

d'-narr......108.00-08.5. — 

vjini........ loe.Bft- 10.9 * o .a _ r - _ _ . 

Saba: 33 rtB6i lots of 100 tonnea. 


SUGAR 


, . * __ —.....3387.5 

S. AWrain: 2124V !4f-! R -viv»b«in ... SZ38.4 

S. African. Ren Hannah E.-ffi, Alphonse 
Ijivallei- 4.3U Wall ham Crow T-M. „ , 

Onions—SpJUfrh: j.i , 8-2.«>: Duuh: l. m M: Or Aina 
Polish: 1.29-1.fin. Scrawherruts— Itar'm tkt... 

Cahfornian: .Anpros. 12 ua per punnet H'mie l-"iiirn-...;S7Q.0B 1 —0.7 C73.55 

0 .M: lanrlt: apphhc. * m B-5*. M«i«.-..—.~.. 

' ' Krcitdi Nu.a Am L'lOOi •..L97.5 

English pradutc: Poialoca— Per aS-ln. \\t,rai 
Whiles .ffedx I 20 - 1 .BD. __ Lei luce—Per- 12 . An. 1 Kef .<|*riiin.C8d.5» , + 0.5 tBA.75 


indoor 1:50-170. Cabbage 


■per jibaa 

iYiihiah KAilY -PRICE lor raw Kiifiaf Pn™b 0-B«- ■ Redraw—Per 26-to o.M. 
LONDON DAILY TRICE lor rats sugar js-U, 0.501.30. Onians- 


flM.lni 1 £103.00 
March shipitteni. 
n-as fixed at Lllfi.UO iI1Uj8>. 

initial trades were around pre-n eeh 
end 
the 

mbEequembr u—~ 
level of the LOP and the market clost-d 


Yorkshire n.3D-0 60. Devon U.W Apples— 
Per poand. Cos's n.li-0 22. Brainier** 
Spartans fl.7fl-0.li’. Edward VII 


.N',LHar>iM inleT ; . *. 

r.ni!il»n Mil-Ill* . H94» .L'94.5* 

»-.«• +liifrniem... ;c 1.655 t3B.O£157B 

I miiir MbV .fl 594.7 ^42.25 Cl 488 

l'«4Tee Intlire-_' 

Mar. 


May. 
12a.lU>. ’ 

IJnly 127 41. Sales: UR5. 

' Coffee—- f."'' ihniirad' Matt-h' laS.iiff' 
J 1 I'M!.Mi. May ]t.\T4-Itri mi •]*4..1Ai. .Ibiy- 
. 149.50-I4n.i3. Sl-pl. .144 2.V144.3U. Dfr.' 

I 1X2.00. Man-h 124.30-I.-9.UU. May WiSIL 
; 1LVW. July 12 ::.DO-124 on. Salt-!-. 377. 

Copper—Mari-h 53.40 153.10-. April 3 d iIO ’ 

1 1 33.70' May 36.M July 77.30. St-pl 35.3U.-* 
' pKv. HU uo. Jan. 00 3D. March 41.30. ilay; 
. S2 50. July H'l.Sa S'-pi. M.50. Dec. MOD.' 

1 Jju. «..iQ seu-s. 4 . 41 H 1 . 
j Cotton— Vo. 3- March ii IftjjJffl '53.57l. ■ 
; May 36.W-3SG5 l.ih.07.. July 37.72. CM.. 
5.' itvil.oit, Dec. 59..W. March i+.-oa, MaT - - 
60.W-M 2".. July hl.in-.il 60. Said. ■ 225.809 
bal-s-. ... , 

‘Gold—Man-h lil.-Pl UMi.jfli April 132.ifi: 
1 1*11.50 1 . May IM 0ft. JUUr lM.’ffi. Am. > 
1S7.9D. in. I JW.jfl Dec. UB.20vfM.- 
mi.W. Aonl June 20190. Aug. 

1 :'flf vn '.n-i. .207.911. Dcl. jlti.90. Safes: : 

■ S.5UU 

! fLard—iihicapu luosi' 21 M '2l2U«. 

Vi-u- York prime si..-am SI.CO traded 
f 193 75. 


l^eU bm hlata we% soon Itw with .ToUfrrcm" iwXSl 

decline led by. March. This posirmn ®Sp^oule-K-r **• H .. -«7 .... 

enuemfr traded »« at n«.W. T1ir Pa^p^-PeT 2 R-lh l.Dn- ai j, .V.J -O- 


May 


M*t. • 82JS5 -^43.40 

May 83JW —0.5S 
■•vpt.. Bp-DQ -0.79 
Xnv,'} 84.50 "-0.75 
Jon.. 1 8630' 1-1.10 


70.05 -9.38 

72.10. !—-B.4B • 
77.JS .—0.65 
7B.70’. .-8.80 
82.50 +-0.74 


OiLVEK 
per i 
Imv etc. 1 


Snftian ,-f or. 

rising i — . 

pricing ; r 


LH.S. 
.eKmr - 


+ ** 


iiMUlu..: B6D35p r U 26l!oSp +1.3S 
3 months.., 865.9v KU* ■ ■— 

iSmbnilu.! 277.1p ~-1.7 ; — 


LME—Turnover 33? /lTSi lou of lOIMO 
ounces. ■ .Monties: Cgab 25BX Ahrec 
mouths s«&3. .BOA w.4. Kerbs: tfeae 
mouths 2B0.3L Afternoon: Cggh 23fi: three 
'BM01hS-2Mi SILO, Bl. 12, LL. Kerbs: 
TJnw nwnnhs 363. GD_fl_ 


COCOii 


Continued sfrength in Ne»- YArk again 
inflnenced sctuimett. 'until 'first haQd sell¬ 
ing ajid profli-ialdng ctutulned Ute rally, 
reports Cill and DoOps. 

- ii+efttai‘ ~ r Boxuu*~ 
IT ICO A lime ' — tio»e • 


.Vo.nO’nrr't 

UMi-iL. ; _-litlSlifl .+58,75 17253H 680 ■ 

MnY.i__. ISM3.8S.* ,+4t2S I5MJ58.8 
lS48JM2J}/:+23Jfl B5fi.ft-a.fi>- 
155B.(M8£ ; T fi1£5 1M8J 1BJJ- 

De.T_J_.16BflJiafi.5>2S.751MaD-1485 : 

M*rcli.~.._ 147SJJ-84.lI +J3JB Wfi-ff-TO-D 

Itnv. _ti. I460.D78.D .tIK* WftJl fe.fi 


' Saks: S.4SI (8.725) lots Of IB totmes- 
IntonutilBnil Cmu Organlsathni fpS. 
cents. Mr .pound*—Dallv price Feb. 34: 
IMJ 2 '- 4 l 35 . 3 fli.’lMfBlor ^ca Feb. 27: 
■JMar average 137277 nsr.imi SMAy 
‘SieittC B?2W-q38jSl.-.-r ' ’ 


JUTE - 


’DUNDEE JUTE—QuIoL but ffnu. 
Price* c,-. awl tTVJE. Jor March-Apnl 
shJpnient; '£W£. &9J. SVD SUB. Toss* 
BTC £295. BTD 5288. Calcutta «awb 
steady- Quouqjons c. and f. ITJ7: for 
Feb. shfpmetn: 29 ounce 49 inch EtBiXt. 
71 ounce £7J3 .per 100 yanls. Marti 
hODj;.' £747. ApnWDBt £10^1: fliL 
B isilb. J2S.97. £29-39 MU f or ihe 
■respective- - shipment penode. Yura and 
■doth quieu.. 


Business - dune—Wheat: M a rift 8 S.j»- Uan.-U — 
SajO. May 94.19-8:1-79, Sepi. S3J3-82.10. 

.vor. S4M&.B0. Jan. S7.ta-Si.2B. Sales: 

185: Barley: March 78.W-MJB, May 

72.US-71.75. Sept. 77.25-77.18. Sov. SO.D0- 
7B.79. J». .32.40. Saloa: 95 

IMPORTED—Wheal: CWBS No. 1. 42i 
per cent.. Feb. and March 188.5ft Tiibunr. 

US. Dark Northern faring No. 2.- 74 per 
canl.. Feb; £31.73, March XS1J15. tniublp- 
tnent East Coast. OJS- Hard.Winter ord. 
mwiioted. ApstralUn aaoiue&b SBC 
vhcuu imannied. 

Kafu: UJS.vFrendf Feb., March' aoft 
rranshipmam East Coast. S. African 
Yellow April Sts.00 . Kenya Grade Three 
April SUB fob. 

Barley— U oquoted. 

' HGCA—Es-iarm spot prl«e Feb.' 27. 

Feed wheal: East fiuffoih £7.N. Peed 
barley: East Suffolk £71 &I N\E. Scotland 
£7!9fl. 

l'.k. monetary roeffii-jenl for week tram 
March B to be 1.K4. . - - - 

Also for week cutled Fib. 21 . , .Othar 
mRihtp aiKiL' LLX. iSOJA Food wiwav 
UJv_: tTS M. Feed barley: U.K. .tift.M. 

HaltiBB barley: U.K. £79.70. ‘ 

MARK LAME—KafflhT with ftood trado 
mainly on milUlu.,. .Nominal. values: 

Milling wheat .delivered: London '■ area: 

March £92.50. April £94. May £98-. June 

tan. 'July as. Denaisrabie wheat de¬ 
livered East' Anglia: Mjtfch £SL ApnJ- 
Map-June 2S4J31 Ju^ £67. Feod .hariey 
delivered East Anglia; - March. J73. Awii 
17*. Klay SS; Jane J7g. 

. EEC IMPORT LEVIES—Effective.to-day 
Ip order enrnuu lc'T Dins March, April. 

May nrovitma In faracHels ui anils of 
. accouni per tonne. Cernmon wheat—$9.49. 
ml, nQ, —41 ;samel: Durum whom— 

114.BS. mL nil. 13.19 <n«M nil. nil. 
li88i;“Ry»—77^!« rtT.'-oil. 1^4 isemei: 

Barley—$8JL nils, fsavec Oaffi—77.45. 
idly flSjl. 1.95: 1,95. Lfer. Matte <*««' 
than hybrid far 'caediosl— -7AftS. Oil- nil.. 

9.SB 17632. nil. uL 139 1 ; Midel— 

Dlls i.umei; Grain jar-pbum—st.2S. nils 
IS2.W. . ic. 332. 237». f" - 

(Hnrrs; wrhem or mixed whom and 
flour— 136.92 ififuaeti By* Haur—1I9.7S 
lumej, - 



per i 

.107 .D0.ft7.2Si 107.75-9G .80 


»n.-u -. Voalr English bobbin -JS.I1 10 14.0. Scorch 

Uav... Ilfi.tt-L5.40 11290 I4.fffljll4.75 1328 bobbles 26.9 to Duirti hinds and end* 
A 113 ...,/H7.B0 17 »11B3S IB 40 JI8.00 17 B5 IM - 0 -- 

Ut. ..^ 120.80 21.fe 121.00 21.10 l!13fl 20.70 Lamb: English stoa!] 40.0 lo 36 0. heavy 
U-C-... 12fi.4O-ifi.08 l2J38 i4JJfll!2430 25.M 4D.U lo 310. Scoicb heavy 40.8 IO 51.0. 
Uaivi) .,127.50 27.98.127.60-27.98)12830-28.75 Imponed frnren N Z. PL new station 43.5 
Da129.70- 29 . 86 ;l 2 fl. 7 E- 50 .iO; 1 50.25 29.10 .to «.0. PM new season *4.0 to 43.0: 

"Sales: 2.219 <8.l7Bi~lt>b. or so'lonneL' Park: Eiisllsh. under 100 lbs AT ft-To 
Tate and:'Lyle 'BX-rtrtnrfy price Jot <4.ft, itHMM «w. :tr.o to 4Sfl. BMM lbs-, 
snntilatal basis while sugar was E42.-H w.O ,i« 41. 0 . 

tsamel ■ tonne for bonte trade and £171 Hares: English large teach) ua.fl'to 
{£179* far expos. ■ jjo.o . 

for ' MEAT COMMISStOR—Averase JaiMpcL 

s sMrrarJSBfera 

39.30 C2I1.63I, . U.K. sheep ITI/hJ per_kg. p«. 


INDICES 


WOOL FUTURES 

LONDON—Dnll and featureJess, reports 


Bache. 

{Pence per 1010'* 


. Aurttalinn 
GnweyiVnnl 

Te*!¥tilay,4 > “ft 

. ChVP |' • 

tfUCUW*’ 

Dnqe 

.• 

226.0-2SJI —1.0 - 

__ 


.254.fl-JB.B- -r03fl • • — 

Julv ZJ33 57.0 - ' — 

Lh-tOhm.2fifi.B-42.ff .... — 

l>«B»Rber...247.8 443 - . . ■- 

ilttuh.- 244.0-4! J '+0JD ' . . — 

Slav...... 244.0-41.8 +11.511 — 


July.- 


B44.WB3 +030 


Sales: O is i loti nf T.5BB teins. 
SYDNEY GREASY tin. order buyer, 


d.cu‘. ino vhangt-it G-B. pigs til.so per 

kg.l.w. 

England and Watei— Ciitle numbers.np 
t!.J ikt i-eot.. average prttr S4«5p 
i-a.9i: sheep niunbcw up 10 S Per vent. 
average nrh.e 134.4p t- 0 .S': put num¬ 
bers np S.t per teal., average pnee ffl ip 
iiO’i. 

Scotland—Celtic numbers down 1B.4 Wr 
cent., average pricp 53ibp •-Ml*: sh«>P 
numherx down 16..1 p.-r cvffl.. average 
price JT-’.Sp i t£i.7i; pig pumhers duu-n 
B.i rwt cem.. 4Vi>rase price 932p -i +U.4). 

.4hio lor week ended Feb 2a: c.«. 
cat lie' M.Bfip to'r hs.l.v. ‘-rffJttt: U.K. 
ifceep im.I p wr ' kfi.gsl.d-c.w. i+I 
G.B. pus fii.tei Per foLl-w • tI.Bi. 
England amf Wales—Gallic numbers tip 
43 per cmil. . averase fla-fep f+B#i; 
Sheep up H per cent., average l54-’p 
r+l,7i; Wjb op 8.9 per coni-., avenge 


a ^.... K., .< iMalie—March 1326.; 

in~%r o i -«--■* 'oh 233 - 225 ,. Sept. 22 s, 

2 ' 1 D ‘* l - - r --- 7 - Wi. 

,.***' I fiPlailnom—April J2».tO-3.10 3» '329.7V'. 
■,1^,1 t: n;r :. ss - 4 L ' « n M»SHM 12a.nl),. ou. 2 . 17 . 3 *1, 

V Ntt.U-....... 5Bo-*b. »560 70 l.i a || U2n0-242_‘D. April 246 .DO- 242 . 20 . July . 

493.00 April ; 
.70. July 509.un. : 
Jan. SSlIft. 
July u4.90. -- 
Jan 57S 48. '■ 
Harman spot 

Soyabeans—31 arch 37fi!-V<i taafiji. May 
a*:-3S': July uMl.394,-. Aua 3«. : 

! S,-pi. ifi!. S'iv. 3R"I. Jan. 3H0j. 11 arch ■ 
.■ . ' . 

I Snyaboan Meal—March U0.S6-13D.T0 „• 
; ■ 131.vili. Mar 153.lift-155.1 a il55.70i, .July - 
, 137.70. Aim-’ us.nn. Sem. 1 35.00-156.20. 

, npi. 137J0-157 5tJ. Dei-. 13B.00-15S.ML Jan. 

, I69.fflLiii9.50.':,larch 1fil.OQ.164.OQ. 

! Soyabean dll—March 21.7ff-a.82 i*2.’.9i,: 

, Mar JUS-JITS t *2.(16'. July 2L62-21.SS,, - 
AUB. 21 4H.21.S5. Si*pi. 21.35. Orf. -JO.Sfl- 
24 75 Dec. -jn.cn. JalL JO.53-20 30, March - 
29.59-29.M. 1 ' 

1 Sugar—Xu 11: March v.aS-S .54 'S.Sft'. 

• Hay S.96-* 9J tfi DOi. July 9.17-9 IS. Sepl. ' 
9 J7. I lei. 9.49. Inn 9.75-0.90. March 10.20,'. 

: Slay T0.38-J0.4.1. July 16 5710.65. Sales: 

• H.M. 

;n.4M. 

Tin—5l3.uft-3ao.uft ashf-d '540.60-3Vi.Dff . 

3>Jn.-d'. * " ■ 

. **Wh«at—ilarth 251.■-254J ■ 2.563 1 . May 
! 2il-Jfili; '29.13«, July 2613-264. S*pi. 3871. 

; Dcl: ;Sf. March 3833. 

WLWTPKG. Krb. K tvRye— May 10*lft . 
1 M7JM bid'. July lftt.00 hid 1 105.30 nuked'', 

: CK-r. lfla.IlO asfci/d. Nor 105 00. 

tOats—May 76.SO bid iTh.ffOi. Jub njft 
'.ashed t7J.ff0 hid*, oct. 7a.M nom. 

itSatrley—May 7S.M bid i7ST0>, July 
77 90 trs.18 hid*. Dcl. 77+0 bid. 

SFIaaseed—Ma> 216.50 bid i329.ni bltJi. • 
July 22 «.S 0 affkt-d [224.» askedi, pet. 
rj.34 asked. Nov. 225.00. 

'.'Wbeatr-SCWKS 1J,B per «»i. prweui 
•Tomenr rtf Si. Lauteiuc 149.73 ti50-S3i. : 

, All renLs per b«opd cx-mcrohoum-- . 
Nll „ .. , *uu3t>ui mburviif sta led. "fs per troy. 

PAU*_ J.l S?-®®"'. ottOLTS—IDS fiance lots. « Dutacn loose 


FINANCIAL. TfitlCS 

"for. it Kei..j>4*Mi>uiij meii'.iisai tbn 

£25.22 224.A4 !_229.77 I Z7g"31 

(Base: July L »33=190i 

REUTER’S 

£? eVl.r34J l{>,Ill’ll 1-1. "fit B“i 
L37B.9 1379.9 1 1599.5 1669.0 

(Date: Sepiwnbvr'iv. ini=100) 


IJi.nr 

Lino 


DOW JONES 

Vei." I* 


Ali’lallH 1' 


i?4 


.... 351.60 350 72545.27416.84 
Fimire- 332.60 333.273a0.02405.42 
lAversse 193+25-26=WO» 

MOODY’S 

tr .. 1 Fta», ! Jdu'll uYim. 

21 : S4 -I-J'. ;, a -> 


Motrly'i 


-pH Own twvie a9.8g94.il 884.3 -=!»-3 
m-BcsmSk tl l9Jl=I0flj 


?? 00 ‘ P*-' r 1™ Ihv—DOpL pr Aft. ptlUS ~p[T- 

June 27».00-aL.no, July 273 00. wus day. — *-- «—— 

August, Sepl„ • On., D«. SK0B-• |atff i-ar*. 


LONDON 

April __ 

prim,' Steam fcr.b. NT bufle 

------ -- - -'Cwils per M lb bushel ca- 

34ftJ!v"fK4. 3S3A 132.0."35".ft-3Sf.i: Doe. Hp*. up 16.4 per cent., averase fttjp. JTft.M, • ', i warehou*-. s.ooo bushel kns. {ss per 

2 jg.*. SB-S. S39.SSV. ft: Mart* SWff. i '-OAi. -• i rrvy ounti- lor 30 ounce units of 99.9 per 

361.2. 3*33-33.0: May 961.9. M4:5. TSfij- ★ ivnt. puruy delivered NY. * CenU per 

M6.5r July «S.2, W6.5, W6.5-3M.5. Sales: /'/YT'T’/^V. • iroy ounce '.•x-warvhouse. !l New 

US. VVFA 4V#ll GRIMSBY PISH— Supply sv4<f, demand• enniravi i « It a short loo /or hiflfc lots 

■RADFORD —Generally nnchaiiBcd for COTTON— UvanuKN-nSppt and' alopoiant fair tpricae at -ship's side unprocessed ; of WO short ‘ions delivered Lodi, uars 
(Toasbreds and merlnnf. with huameos ule« amounted to -Hj+onnes. Fair per stone■: Shelf cOd £!.5ft.£42lO: rodUtms Chicaco. Toledo. SL Louis and Allon. 

steady, Mata movement m tops orites cenerat.demand eo&tmued with additional c.W-fS.M; Janie haridfte* Si.o0-Ci.30.1 cents per dfl ib bushel m * star*., 

affected S6'« tmahty tblch moved hlshrr snpptm in African and. Turkish qualities, medium f3 08-13.50. small X2.lft-JC.70: . ■ - C»uts per 24 lb buehel. ” Cents per 

raAecdPt arlftln auertatt results. TnercasH Various types of Sonh and Somb larse Maiee i2.40-n.D6. medium C.en-;« Ih bushel cx-warehoose. ){ Cents per 

nr two Ur-thfe^ oenre noied. with prepared American (.aiionc remawed In. sustained JS.fffi. boar small iSAftfiLftfl: artnned tt os- . Si Ih httshol *y-«':m-frat&e, 1.9OT fanhaf' 

quahttes *Hb occasion ally dearer. 1 request, F. W. Tanmalls reporta, fish medium £7.50. sanhe il.73-n.M. [lots, it SC per tonne. 


‘I 







■ 3 ' 


STOCK EXCHANGE REPORT 


Markets react to conflicting 

Index 2.4 down at 441.8 after 436. 


Sea reports 

Gilts resilient 


FINANCIAL TIMES STOCK IMplCiE^ 


Account Dealing Dates able PppUcaLiOn. particularly from 
Option the huUdinE societies. A aood 

“First Declara- Last Account recovery ensued which continued 
Dealings floii* Dealings Dav after *hc oBicial eJo«c of trading 
Jan.30 Feb. 9 Feb 1(1 Fch.2I al t* 13 * tin,e ,ht ' looses, of i 
Feb. 1.1 Feb. 2.‘i Feb. 24 Mar. 7 ‘niiiaily. were only of marginal 
Feb. 2? Mar. 9 Mar. 10 .Mar. 21 nroport tons. In t,.mp«r:.tion-. n 

*'* Nm» Uiti( dealings may take nlace °* * J PO ,n tS to -ll, (II I V 

from n.ja a.m. iwo business days earlier. Kensington and Chelsea 11? per 
A report from the Smtii>h cc/it. 1SIS.VI987 recently-issued 
Council estimatmt: that die U.K. >crip. in is-Vi-paid form, contras led 
economy could benefit from North vividlv v;ith genera! losses of ' ; . 
Sea oil to the extern ot £4bn. Early easiness in the investment 
over the next two years and by currency marker soon cleared and 
£ 120 bn. to £150bn. over the nest on sustained institutional demand 
20 year? helped ro * toady stock the premium ro-e from SSJ »« 
markfils at the r'tsri of "a new close at the day's best oT $7j per 
account yesterday. cent, far a net rise of 4J points. 

Both equities and British Funds The buying, which reflected I ho 
had ■shown marked ueafcne?- need to acquire premium for 
prior to the report, having opened InveRmcni in I'.S. securities, 
sharply tower following week-end readily absorbed arbitrage offer- 
Press comment pointing to a hah ■ ings and ii sribseouenrlv imprnceri 
mg of tlie expected contribution r,r * a market short .-upnlien. 
Ml revenue Hum lh>- area m Yesterday's S.F.. immersion factor 
1978-7!). Leading -.bare- had 0.7213 ill.72Cl>. 
already rallied a --hade ahead of . 

the more optimistic North Sea LX'- please 

a " nou r n > :et, The much ben or -1 h:. ii -e v peeled 
„ d ,k P I fourth-quarter profits from Oni- 
, ? U . m erica I Union attracted more 

. 1 J 1 lhL * 1C * P ° r '-heap buy- interest to Composite Insurances 


A fair amount of early acliviiy 
in (Cl saw the shares react to 
:t:;3p before rally mg to close the 
day 2 net 2J cheaper ai 32Up xd. 
Elsewhere in Chemicals. FKons 
attracted buyers ai -l-iRp. up J>: 
the preliminary results arc due 
next .Monday. 

Stores were .ig.iin mainly 
notable fur marked weakness in 
Jewellery Mocks Fresh per- 
si-'tetn selling in art unwilling 
market prompted further falls of 
S and It respectively in Ratners. 
S7p. and H. Samuel A. 237p. while 
Jame.e Walker declined K ro H4p 
v ; ih (he N : -T down 5 more at 
« 2 p. Dull Iasi week in response 
!o adverse comment. Mail Orders 
took mnitesi iiirn for the heller 
wiih Grattan Witrehnusc.* rallying 


end Pros mciinon left Birmiog- 
Uawt Pallet a *uni!m- amount 
higher ai Sop. and !■> Pnut -J 
dearer at Tip. In contrast, falls 
of .1 were sustained by APY, I 8 up. 
Ad west. 22.'p. and Clayton -Son. 
tj-n. while Matthew Uall lost 4 to 
170p and Alining Supplies 3 to 5-lp. 
Shipbuilders encountered fresh 
.veiling. Vnsper falling 10 more m 
150 d and Yarrow 5 further to 
‘2ti3p. 

Following i he announcement 
that the Government is to propose 
a muximum price for tea. Cadbury 
Schweppes eased a penny to 48ip 
and J. Lyons 3 to liQjv, Elsewhere 
in Foods, J. Bibb* remained weak 
and losi K more at IS2p. Similar 
losses were seen ‘ in Associated 
Dairies. 2ftSp. Sind Rountree 


which closed mixed-. 


Oil .L i . . >1 IflUfl WM'tVM IIIIACM. .lead* ;.t 

-The Fl ..Ii-share index wasat IK ar0Ulld , SSp j,, rrillll of , h * 

*'’!!' S ,h CU touched M4o on them 

a drop of ..4 mo-ll. ictleUiu-.: f, nd c ] rtse d .1 up at I 43 p. while 
defens'vc marking down by f ; en4>ral Accidcnl . hoj , in g for a 
‘"dc* Picked up j Slm ii ar perfnrmonrc "hen they 
little on each succeeding cak'Ula- report annual figures '■»-marr-«u. 
tion and ended ai 441.S with the moved up 4 In 20fl>». Ea=lc S'.ir 
nci J°>s Teduced to 2.4. nearly a edged forward a nenny m i.rtn 
imrd *»f which repre-tcnied divi- j )ur Rovals which annuunre 
dend payment on ILI and Grand re , U ||, „„ Thursday, closed -in- 
yletro poll tan. _ altered at 330p. Sun .Yliiam-r 

Scattered umi feature* ended 2 chenuer «r 314p. 
developed on week-end Prr-v \mon- Brokers. Sedgwick Fartiw 
recommendations and un one or held firm at 32f»p in Troni of 
two pleasiny company news items, t^-dar's preliminary results iuu 
out los.se^ outnumbered iv»t» in Christopher Moran gave up n to 
all FT-quo led industrial^ by jjip 

T-to-2. Official markings amounted wiih the exception nf. \ui\vt-si 
in 3.9V3_ compared with lari npich eased a couple of pence In 
Friday* J.I<“ and ihe week-ago p in front of iti-rl.iy's results. 
4.204. U ide;pro 3 fi Tails were home Bunks failed to move from 
recorded in the FT-Av-luarie- iheir pro-week-end levels. Else- 
indices, hut tJomposji^ In'iirancc- - where. Hongkong and < sh:inch:ii 
stood out with « ri«c of 1.2 per found support in front f f vo-dwv's 
rent, to 121.63 w ith sentiment annual results jnd rose f> «o 2 HH >. 
helped by Coiunicivi.il Union'.- In Merchant banks. Ilambms. 
figures «.liM concerned :it--uut its sub- 

Shnrf fiillc ral!v lofo -tantial .-hipping interests. 

OJlOrt ums rauv late npacrcrl s I.I moil. Gninne-« Peat 

Vi>ek-cnd Press pessimism over losi H rn IS-lp. 
a decline in potential North Sea Breweries had liiiln to enui- 
01 ! benefits logether with a slonmy mend them. A. Guinne^ fell 4 
American prediction of the L.K. to 13»M>. while Matthew Kreuit 
economy enaured dullness again Josi 3 like amount ;<i I Dim. 
for British Funds. Longer Distillers So«i ground. Irish fall- 
maturities opened easier and the inc 4 to U3o and A. Bell fi to 
immediate efforts or sellers soon I'uyp. Hienlivn dosed without 
forced dealers to mark down literal ion at imp ex ihe scrip 
quotations further until looses of issue. 

a full point were being faced. Building* marie a drah show m:. 
These levels .subsequently Robert M. Douglas were a lare 
appeared unattractive to would-be casualty, falling in .ss#' 1 . in 
offerors and they withdrew response t» the dtsappoiminv 
leaving the market »o scale ai 1 first-half figures, while lo.s-.es i»f 
or so above the lowest. The ti and S resucclively were seen 
f-hons were similarly reactionary m Tavlur Woodrow. 34iin. and 
but support was eventually forth- Richard Coslain. 24op. Marehwicl 
rnming on ihe view that the terms receded 3! to 230n >;d and Mav 
or the new tap Exchequer S,‘ per and Hassell declined 10 l)2p. 
eeni IDS-*, announced late last William Whitt in gham. on ihe 
rriday. would encourage a .si/.c- other hand, moved up ■" Vo 23p. 



JUN JUL AUG SEP OCT NOV DEC JAN FEB 


3 in 1 Tip and Empire banlenmc 
3 10 KISp. while Gussies A picked 
up irom 232p 10 close 2 up at 
2 - 1 Sp. 

Down jo jJTp a I one -itiige. CEC 
recovered to close unly 2 cheaper 
on balance at 243p. while EMI 
ended v. it hem 1 alteration at ifijp. 
after uiSp: the latter'* mterini 
results are ilue on Thursday. 
Falls, however, were fairly wide¬ 
spread uuisidc of the I cade i.--. 
MK Electric. I-hip. and Muiriicud. 
I*i 2 p. iive up ii apiece, while 
losses of j ran nd 4 w ere recorded 
in Ever Ready. 14!»p. and K. IV. 
Thorpe. 32p. 

Engineering majors picked up 
in place- and closed with mixed 
movement* on balance Tubes 
cased to :W 2 p initially before 
settling at SiWSp for a net rise u{ 
2 and GKN ended similarly beiier 
at 2««p. after 2«2|>. On the other 
hand. John Brown linishcd at the 
day*- lowest wiih a loss of 3 at 
2 SJp along with Vickers, which 
gave up 4 10 I77p Elsewhere, 
the trend was lower, bui Charles 
Haynes featured wiih a ru-c of il 
to Slip in re-pnn.se 10 ihe results 
and prnpu-jed 4uu per cent, scrip 
issue. Other bright spot.- included 
Runsomes Sims, which reacted to 
T23p awaiting the preliminary 
figure*, but recovered -martly on 
iheni to end with a nci rise nf 7 
at I40yv. while favourable week- 


Mackinitish, ::43p. while British 
Sugar were lowered lu to 423p. 
J. D. La.-lwmid at S-'lp. gave up :j 
nf Friday'.- gain of 4. Northern 
Foods were called 3 easier at 74p 
ex the scrip i.-suc. SupcnuurkeU, 
remained dull. Hillards losing 2 
to 173p and Kwik Save :i 10 Sup. 

Savoy Hotel “A", n receni 
spccukilive favourUf. fell 4 to 
tifip. while Grand Metropolitan 
closed ti easier :*i ssp xd and 
Trust Jlniti-t-.s Forte 5 off 31 HiQp. 
Sr (If rellecimg ilic »)ro«»peet of 
an incrca-.e in beuin? duly rates, 
Igidbmki- dvvlined 3 In lK2p for 
a two-rfav hiss of 12 . 

Reed Tut. up late 

A nervous and erratic market 
of late .nailing yeuerday'- 
trading -laremem from its 
troubled Canadian .-ub-idiarv. 
Reed iniernationai. -toadied iu 
end 2 u/i at JOf'u afret having 
been lO.lp immediately 111 front 
of she announcement. *.nhvr mis- 
eollanenu- mdu-irial leader-- 
clo-ed cii-iei. but ahuve the day's 
lowest. Ui-ckiis and Gvdman io-i 
III to :;:piI|i .mfi Turner and 
Ni-wjiH declined 3 10 IH.ip. aficr 
Blip: the latter'- preliminary re- 
sulrs are due on Thursday- Boots 
displayed resilience and nicked 
up from IStj. to 'irii.-h .-■ penny 
honor at Ik.'tp. >-.‘iv'idiU"-- i-PU?.- 
weic gvnvr.dlv dull bui Hwn-mvrt 


Irish became an exception at 
3S'p. up a further 13Ip. following 
renewed demand in * restricted 
market. Down 15 last week on 
nurtous selling in frum of the in¬ 
terim results. Campari picked up 
a penny to lOOp in active trading 
in response to the half-year 
figures and accompanying state¬ 
ment. Evoile Moldings cheapened 

4 to KSp following ihe chairman's 
uninspiring annual statement and. 
still reflecting last week's dis¬ 
appointing third-quarter figures, 
Juhnson Mat they shed A more to 
:;75p. Whatman Reeve Ansel lost 

5 ro 222p as did H. Crammer, 

11 tin. and Carlton Industries, I58p. 

Aloiors and Distributors pre¬ 
sented a drab appearance, dosing 
widely lower on small rolling in 
an unwijiing market. Armstrong 
Equipment shed 3t to 554 p. while 
Dowty. H!3p. and Turner Manufac¬ 
turing. lOQp, both closed 3 cheaper. 
Lucas Industries, however, closed 
only a penny cheaper at 243p, 
afler 247D. 

North Sea oil-orientated News¬ 
papers gave further ground fol¬ 
lowing week-end comment on 
North Sea oil reserves. Daily Mai! 
A shed 7 ro 27Sp. white Thomson. 
UfUp. and .Associated. tUUp. de¬ 
clined 4 apiece. Elsewhere. .Asso¬ 
ciated Book Publishers fell 10 ;o 
J7Sp but London Provincial Poster 
edged 3 higher to ISUp on Press 
common 1 . 

Oils give ground 

Week-end comment easting 
doubts about, the Treasury's pro¬ 
jected benefits from North £>ea 
01 ! made for fresh dullness in Oils. 
iunaJl selling and lack of support 
was evident throughout the sec¬ 
tor and British Petroleum eased 
10 a new - 1977-7$ "low" of 746p 
before settling at 74 $p for a loss 
or fi un the day. Shell ended a 
few pence .off a I 49fip. but Royal 
Dutch contrasted with a rise of 1 
to £401. reflecting dollar premium 
influences. Amomr the speculative 
issue.'. Lasmo fell S to 14 Up and 
the '* OPs ” IS to 3U7p. while 
Sichcn-s (l'.K.| reacted sharply to 
244p. down I 4 p. after last Friaay's 
advance on rumours of a bid front 
ihe parent company. Ultramar 
cased 4 10 196p and Bunnah 2 
to 47p 

Sporadic selli 11 c left its mark on 
some Properties but most leaders 
ended withoui alteration after 
early los.se- of a penny or so. 
AFEPC cased to lKJp initially, but 
picked up to close unchanged 
the day at I I5p. Oarke Nickolls 
were on offer at SOp. down fi. 
while Property and Reversionary 
•A'. •JUSp, and AVamford, 2S3p. 
cave up 3 apiece- Uaslemere were 
4 cheaper ai 219p. 

Jamaica .Sugar, a dull market 
of Lite, revived with s> jump of 
4|. ;u I4p on tin chairman’s .-iaie- 
niem that i.-ompeii-alinn terms for 
the takemer by the Government- 
««wned National Sugar Company 
nf the company's --ucar estates 
‘hnuid .-oon be finalised. Eisr- 
where in Oven-eas Trader-. Gill 
and Dwffvis fell Id to ll»0P and 


Janies Finlaj - 13 to 280p 

Investment Trusts drifted lower 
on small public sales. Capita) 
shares led the way and losses of 
5 were seen, in Rosedimond, -tap, 
and Altlfund. I29p. while Triple- 
rest fell 4 to 'lUP- Elsewhere, 
Hareros Hwesonent finished mar¬ 
ginally belter at 27p ex the-soip 
issue. In Financials. Armour Trust 
were active and If harder at > fPi 
after Sp.- reflecting the substan- 
tiaflv improved interim figures. 
Small buying in a thin market 
left Kafcim 10 higher at lTOp. but 
Fashion and General fell 10to Hop 
on further consideration of the 
company's shipping inve^mchts. 

After last week’s marked weak¬ 
ness, Shippings were in better 
form despite fresh publicity on 
the industry's problems following 
news that BP is laying up five 
large tankers. Furaess tvlthy 
finished a penny better at jM'P.- 
after 245p. while P- and O. 
Deferred. 96p. and Ocean Trans¬ 
port. 122 p, both closed without 
alteration. Elsewhere, Milford 
Docks fell 3 to Tip. 

Textiles contributed their share 
or dull spots and Toiuldnsons fell 
4 10 53p. while Dawson Inter¬ 
national. 90p. and Parkland A, 59p. 
both shed 3. Scott and Robertson 
continued firmly, rising 2 to 40p 
for a two-day gain of 12 since 
the bid approach. 

Golds up on balance_ 

After a day of mild fluctuations 
South African Golds closed on a 
firm note, mainly reflecting the 
improvement in the investment 
currency premium, with the Gold 
.Mines index 1.0 higher at 15S.3. 

The erratic course of the bullion 
price, which was finally 75 cents 
herter at S1S1.125 per ounce, in 
front of to-morrow's International 
Monetary Fund gold auction, 
caused minor movements either 
way in share prices until U.S. buy¬ 
ing emerged'm the after hours 
business and established a 
definite trend. 

■The L'.S. demand, however, was 
by no means heavy and with the 
exception of Randfonteio. J better 
at £S35. heavyweights generally 
closed only ; higher as in Vaal 
Reefs. £124. Free State Geduld, 
£14-; and West Driefonlefn, £18$. 

Among medium-priced Golds. 
Wrnkelhaak put on 12. to a 19 m- 78 
high of 692p. while Western Deep 
rose a similar amount to 722p. On 
the other hand adverse Press com¬ 
ment left St- Helena 21 lower at 
776p. 

South African Financials were 
quietly steady but did not fully re¬ 
flect the higher premium. De 
Beers closed a penny better on 
balance at 31 Sp, after 3l6p. and 
were also the subject of US. in: 
terest. 

Australians recovered initial 
tosses to close barely changed on 
balance.. Pan continents I ■ were an 
exception and closed 5b higher at 
S25p in response to their good per¬ 
formance in overnight domestic 
markets. 


Grm- .■ 79.85 ‘ 60.45 ' 127:4 49.18 . 

Ciqn.es*.. ( (SMf ^ ji i, ; , 9 - 1 . 36 ) : 

Fiiidint. • 81^7 j 60.49 150.4 • 50 53 ^ 

™ iljia- tMi I2ell.4i' i3’l.»o| 

iii Ord.. 549 X , 357.6 549.2 , 49.4 - 

; .1*101 j ilS'Li 1 |-14«i97>! 

Gukf Uiiwi.' 174.S 05.1 | 442.A 43.5 

' fttt-10' : «l-2i j *22«i , 76li*.’10-7Ii, 


- Uut-btjffn .r? 

■ 1 Mill-1 TICK J, 
n SnaniiKtive.. 

' .Totjii-.. 

3^1* v Aynpff- 
‘ tiilU&wert 
. lD»Cu»tri*I«...': 

-i- 



OPTIONS TRADED 


’ DEALING DATES 
First Last Last For 

Deal- Deal- Declare- Settle- 

. ings lugs * tion went 

Feb .21 Mar. 6 May 25 Jun. 7 
Mar. 7 ,liar. 20 Jun. 8 Jun. 21 
Mar: 21 Apr. 30 Jun.-22 Jitiy 5 
Money was given, for. the call 
of UDT. Burton A. Cons. Gold 
Flefds, Town and City Properties, 
P&O Deferred.' Charter-hall. 
Campari. S. Leboff(Fobel). John 
Latng, Fitch LoTell, BP, Talbex, 
Westland. Coral Leisure, Capper- 
Netn, Reed Lit creational, Elliott 
Group, Setters International, H. 
WigfalL Inveresk, Stall ex Inter- 
national. Or me .Developments, 


Bnrmah" Oil 
Lonrho, THetalrax, Kwik 
Country and New Tojnt; 
ties. Puts, were dealt is J, 
Associated Dairies. EL: 
Electrocorape bents, AfPegr-. 
tatiers. Ladles Pride;' 
Whitley, Booker -j 
HenTys, "MHls "andj 
Simpson A,Vernon 
Camford Engineering a. 
and Newall, while ..dou 
arranged in OiarterhaSte: 
Heath, Britannia ArroW.VB __ 
Land. Bio ThUo-Zine. 

Allen and Selin court. A 

dated double was tran 
Ultramar 


NEW HIGHS AND LOWS FOR 1977/ 


The following kecurtilcs quoted in the 
Share- information Service yevterdav 
attained ntn Hlgha and Lows lor 1977 -tb. 

HEW HIGHS ill) 

BANKS ill 

Deetiche Bank 

BEERS C71' ■ 

Moriaad _ 

BUILDINGS (11 
Wnitengnam (W * 

STORES tt» 

Knott Mill 

ENGiNEERING H). 

Birmuishiiti Pallet 

INDUSTRIALS IT) 

Amalfi. Meui ■ _ 

TEXTILES til 

Scott A Robcrtun . - - • 

RUBBERS »1> 

Maukoff 

TEAS <11 

BUotvre 

MINES ia* 

Winkethaak • F. S.'Getfuld 
NEW LOW5 I IB) 

AMERICANS ill 

Chrysler 

CANADIANS <11 
Hawker Si adder can, 

BUILDINGS til • . 

J.C E.G. . 

CHEMICALS til 
Yorkshire cuamicals 

ELECTRICALS (1) 

EMI 

ENdNSBRING (I) 

Firth. *G. M l .... 


- INDUSTRIALS C5I . 

Dufav BaonwM^. Martin-Buck 

Ido. Coot. Gas 

SHIPPING (SI 

P A O Deterred Reardon, Vtnth 

Reardon Smith 

TEXTILES HI • . 

Voofibal 

- TRUSTS <T» 

Lamoa Sssonncs 

.OILS (2> 

BP . IASMO 

OVERSEAS TRADERS til ' - 
0(N9 Wilson, - V 

...... .MINES (O 


Rises and Fa}l^ 
yesterday'^ 

Up bown-SuiMP. 

British Fundi .. i- ' 

Cpns. Dom. and Foreign 
Bonds -.1:....^.......... 

ladnatrlals 

FlmncMI amt Prop. ... 

Oil* .. 

Plantation 

Mines,.. 

Recant Issues 

totals ' 


ACTIVt STOCKS 



BANKING AND 
SOURCES OF FINANCE 
IN THE FAR EAST 

ruhJished by the Banker Research Unit and now available, this n'nv 
voiume describes banking systems and credit sources in ten counines 
• >f the Far East. These are: 

AUSTRALIA. NEW ZEALAND. INDONESIA, 

THE PHILIPPINES. THAILAND. MALAYSIA, 
SINGAPORE. HONG KONG. JAPAN and 
SOUTH KOREA 

Written by experts in each country, each chapter defines and analyses 
the banking system; the different types of banks: the services offered: 
the system of bank and credit control; banking legislation, interest 
rates: near banking activity and institutions; merchant banking: 
investment banking; official and semi-official institutions: export 
finance: the money markets, the capital markets; and a summary of all 
short, medium and long-term sources of funds. 

Limp bound. 340 A4 size pages. ISBN 0 0 CV 200 S 17 X 
Price £JH.OO in ihe U.K. Soli.00 ouiside the L’.K. 

Your order to: 

THE BANKER RESEARCH UNIT 
BRACKEN HOUSE 
10 CANNON STREET 
LONDON EC4P 4BY 

Kegistered in England No. 2275P0 


FINANCIAL TIMES 

-r i ®HACKE.\ HOLuSh. 10, STIUiE'l. LO.NUO.N KC4P 4BT ... 

Telei: Editorial SS634I/2. 883897 AdrcrLisement^: 88-i033 Telegrams: Fin anti mo. London P$4 

Telephone: Q1-24X 800(1 

For Sharp Index and Business News Summary in London. Birmincbam, 

Liverpool and Manchesler. Tel: 246 *026. 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: p.ij. iJnx 1206, Amsterdam-C 
Telex 12171 Tel: 240 555 
Birmingham: Geurpe Hiuise. George Rnad. 

Telex 3M650 Tel: 021-454 0922 
Bonn: Prcsshaus 11/104 Heussallee 2-lft. 

Telex S869542 Tel: 210033 
Brussels: 39 Rue Ducalr. 

Telex 23283 Teh 312-9037 
Cairo: P.O. Bos 2040. 

Tel: 938510 

Dublin; 8 FitrwilLiani Square 
Telex 3414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel: 031-226 4120 
Frankfurt: Ini Sarhsrnlager 13. 

Telex: 416262 Tel: 533730 
Johannesburg: P.D. Box 2128 . 

Telex 8-6237 Tel: 538-7343 

U S5"; da Alegria 58-1D. LSsboo t 
Telex I2a33 Tel: 362 508 

,M Tri"^4rt ! '677" dWda S2, ,Madri4 

ADVERTISEMENT OFFICES ™” 

BtrmingGcarge House. Georse RwL 
Telex S286a0 Tel: 021-434 0922 
Edinburgh: 37 George Street. 

Telex 724S4 Tel: 031-226 4139 
Frankfurt: Im SacbscnUxer U. 

Telex 162S3 Tel: 534667 


.Manchester: Queens Hnuse. Queen Street, 
Telex 686813 Tel: 061-834 9381 
.Moscow: Sadovn-Semoteeimaya 12-24. Apt. 15, 
Telex 7900 Tel: 294 3748 
.New York: 75 Rockefeller Plaza. X.Y. 10019. 

Telex 66390 Tel: (212) Ml 4625 
Paris: 36 Rue du Sen tier. 75002. 

Telex 220044 Tel: 236.5742 
Rio ric Janeiro: Atcnida Pres. Vargas 418-10. 
Tel: 253 4848 

Rome: Via della Mercede 55. 

Telex 61032 TeL- 678 3314 
Stockholm: r,'o Srenska Daghlariet. Raalanihs- 
vazen 7. Telex 17603 Tel: 30 SO M 
Tehran; P.O. Box 11-1879. 

Telex 212834 Tel: 682696 
Tokyo: 8th Floor. Nifaon Xeizal Shimhire 
Building. 1-9-3 Otemachi. Chiyoda-ku, 

Telex J 27104 Tel: Ml 2820 

Washington: 2nd Floor. 1323 E. Street, 

\.W.. Washington D.C 30004 
Tries 440225 Tel* (202) 347 8678 


Manchester: Queens Home, Queens Street 
Telex 666513 Tel: 061-834 9381 
New York; 75 Rockefeller Plaza. \.Y. 10019 
Telex 423025 TeL (212) 489 8300 
Paris: 36 Rue. du Scnlicr. 75002. 

•Telex 22WVU Tel: 236.86.01 
Tokyo; Kasahara Building, l-fi-Jrt Urhikanda, 
Chiynda-ku. Telex J 27104 Tri; 295 4050 


SUBSCRIPTIONS 

CoP i« Bb,a i na blc rron^ vid bonkstalls worldwide or on r«uhr snbsrrlptioi. 

irom MinscnpHow Department. Finam-I.nl Times. Umfou. 



Tintinnuna 

of 

•'I«t-in 2 

»'ham:e 

1977-7 

S 1577 -7 

Sin,-k 

non 

mark 

pnn’ (p 1 

on <Ja> 

hi"h 

in-.i 

RT 

.. ft 

n 

74.-' 

■; 


74fl 

rtrnnd Met 

.iflp 

.11 

SSr 

- I- 

tin 

fiJ 

Bon|> 

... 25 p 

•1 

|S.”| 

- 1 

244 

in 

Dv Beers l.iot<l 

... t'.u.di 

-,i 

r.is 

- I 

n-»/ B 

1SS 

Shell Tran.'-.pni-i 

•-Tin 

«• 

q;ir, 

— -V 

d-J-'l 

4.34 

BATs r.i.'f.J, . 

. . 25 n 

X 

in 

— 

200 

202 

tieetham . 

... 2Ap 

si 

nin 


rh:; 

."72 

IM .. 

... £1 

> 

TJ!»f 

— « 

44fl 


1 'amnan . 

. . I’un 

” 

mo 

- 1 


»r» 

Di^riilers . 

. . -T'P 

7 

If}.'. 

- 1 

in:; 

J2h ■ 

i-'L’i; . 

.. I’.'n 

” 

■J4:: 

_ .1 

2R4 

J K-'i 

Y & n netil. . 

... ft 

7 

w 

_ 

17o 

f»7« 

Plf-'S-l.-J . 

sop 

7 

SI* 

- 1 

117 

R 2 

Hark 1 in. . . 

. .'.'ip 

7 

1 

— 

27H 

I2S 

lliorti hin t. ... 

... -*p 

1 F.\ 

:;4ff 

flinricn-l. 

__ 4 

** 

■MS 

BJ 6 




EQUITY GROUPS 
GROUPS & SUB-SECTIONS 

I n.res :r. pare.->ihcses »how number of | 
yiOL-kn per iecnoa 


Mon., Feb. 27, 1978 


RECENT ISSUES 



S r --— 

-5 


K.r. 20 2 
V.V. za 2 

r.p. 21 2 


t.r 

i.r. -• 

t’. i*. 

v.v 

iilO 23 4 

l-.f. 2-t Z 


. Vnr. rimel J"--. i. qv. ium. Prel. 

■ Ubi.v’.i-•■-. V-irkabl-e S’iF, Cum. l*Tei. 

• ■.Cii;p*wav Hi. I inn, Frt-i. 

i • ■ m-n|*iNM to'y. IU.% I9::c. 

i liwo cl's, N*- | e s We*.. . 

i L*. . fci, IVt-. ISJ1'. .. 

hieusuii:iim A ChfUej 1 !,'■% i. 

. Du. Iju. Variable*^. 

. lA-i.je.it r Vniwtnt; ICcL'. 

I'tavr-nii n.’ lUlj e g F*ii. i iiv. Ijt. IWo.yt... 

: K.in-nlirrr IrlI. U‘J i I** 1 .... 

lull. fin. W . I0;i l St if. 

-rli-.ii Inn Pin. \ V . unr. \.ite- 14B5 

iKiaethic V nnah.e IScj. 

ll-.* IJol ‘-I .. 

> v. liin-n-iM- it - i •mi. . 


71 1 Tnr«imciuTrust4i30i_ 

61 Mfnins Finance (4.i 

9! Qveragaa Trader s <19- „ . 

93 | .UX-SHAHE INDEX l«73< 


^RIGHTS” OFFERS 


FIXED INTEREST PRICE- INDICES' 


FIXED INTEREST 
YIELDS 

i -Br Goit: AV QtOis Red. 



- =. 

Ij5l- 

,-i 


l»»C« ■ 

3 - 

lse-llltlli. 

»*>! 

Priite 

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< £, ! 

9 

a 

Hi«l» 

66 - 

nil • 

15 

31 .5 

■u’!,,ir. 

70 

nil 

IS i 

4 4 

:ii|>ni 

50 

V.B, 

0 1 

lu 4 

N 

i.vi.75 

f.P. 

34 2 

10 3 

!-L- 

10 

ml 

3 5- 

31 5 

liipm 

10 

Y.Y. 

1 2 

l«-0 

--'a 

21 : 

r.p. - 

ZO,2 

40 i 

a 

450 

F.P. ’ 

21 2 

315' 

547 

50 

ml • 

-- 


T-'i'm- 

i.v I./6 

m*. : 

17.-2 

5.3 

*>.• 1 

84 1 

i.r.; 

10 2 

10.-3 

as 

bU l 

F.l*. • 

5-2 

3 3, 

5* 1 


ViesVDa , 

• Price + or 


British Government 




™;V ,S », . 19i-vm 

:• I r-.-pfrtiea . 8um. 

• ulilfloi <11. gj 

* "mm. tvint. "i vuitralw,.... ’ ’ iog 

.9va: 

‘-ILL. Iow*«t»"oni. J 37 , 

llrtU'-Q.’-l.M ’ 25 

•li.iim.i : Ka 

iphm.it .|q° • 

Hnai ' ,0 189 

i.Vlroli.'"'."..i gi 


nenunciaimn d-."- n-nall? la.rr .i?’- for dei«lmfi fr-?-; of sump duty h n-nm 
bss-d on nro-.p-.ciii* -suniurc. » Anuin-d diudwnd oart m-.-w. u Knr«catr d, 
carer based nn prer-ous v.-ar s -.amn*s. r Riwlend and ra id hased 0 n mosacena 
or oih- r gfficial i>«::inaq»a lor 13,9. u Grow i Frsures assumed. * Corpr -.rwi 
rnr i ouv-TSloii of sliarv- nw i»n-v raaKin.; for diiirtoiKt or rankma only for -oatnwpd 
dn'idwids f Plan ns nner to oubbe. r: Pence unless whi-nriv; IMicaicd.' ' tssiuxi 
by i- nder. uffi-ri-i m Bold.-n cf Ordinare :.nan--s as a ' ra*inj.-'- ‘ — Rh,h» 
by «ay «t c.iai;.iUsa:mii - Mnunium Hinder ortc®. 35 RelmrodUcM. r *i IssonI 
in conn-:ciInn v.-ira reorjannat-on meraer nr lak-.-orcr. !i Intnuiucuon. -i r«aon 
‘i» f'irin-r Pr-i-r-n-.-- Imld-.rs. fl AJloLmem t -:mrs -or fnliy-paldi. • PrSruiGMi 
Or p.irfe.--p.ir: ^‘ „rn. m l.'fJ.-rr + With -.irram- 


I* 20.yr.JSelDeb;&LoaiB (15i Mt^ui &i.ool ebiifeijs! 

15 ln.estn.em Trust Prefs. ( 15 V s7.071a.38 n.w S 7.w 1 : 6 ^ 17^1 S7«. : i7^«^^ 
17 ContL ana lnai. Prefs. ( 20 ) 77.10 il.7fl 77 .aT I 77 . 27 ! 77:'42 ,' 7T87 7722 ; 774o'‘ 77 t3: & 77 ^ 

— . -. ; • ' ; ' '_ . '• - f 

Sinwt. London. EC4> #riro ***■ ,h * .^WWwr*,-, ihe -Ttaea.; 





























































































&v 


3M.. 


mcial Tunes Tuesday February 28 1978 


31 



BONDS 


j Exehnage Noi-Hicb Union I&Mnitt Group 

i(□ nurlpUli.QX 01248Bill Royal Exchange. ECJ 01-307107 PODm<NowtciiNK1 3XG. 000323300) 

Property Bond*-_ B65 9. OJIfl..) — n«***dFund_nui aaa-i.g _ 

Equirj Fanfl-BU S 31141 -23 

Property Fund_1 177 X 121.71 . . 

r. OMLondon. WJ _ 01-4800531 Etp^lFiuid ft ' , ‘ 11X02.? 107 ? ~ l * 



cc.-145 9 

Mod . .. 02.1 
o Fund - 1283 
nd.~_ 1H 2 
. . lUt 

1M ... 71* 
rlty 1324 


j. Bifflhnj life AnaraacevLixnl ted ¥ 


‘ • V 1 

S’i 


Tu«. 


ife Assurance Co. Ltd. . 
iBOtaeSUVt'.L 0I-«T59flZ 

Act . JUS.1 176« . 

Ace_ 1371 144.4... 

FiUuc.. Sil . Ull _ . 

^ 'AAesu uj xofti ,. 

. «_1082 Sill .. .. 

Act_ 1553 163.7 

FdAee. 195.4 Z35J ... 

Jm _1714 1803 _. 

roAcc.. 1282 1321_ 

***«■ HZ-2 Js3 — 

«fi__ 1T9 lU 114 7f . . 

aAn. 1883 l£^ _.. 


Fned lALDtp_ 

EqniQ_ L. 

WS <s*.i_ 

MlSifnfAFr__ 

Oinv-o. - ' . _ 

Uih F4|ri. 

WBj’rnmnp . 
Pen F I Den Act .. 
Pnn. P ro p Cup . .. 
Pen Prop Act. . 
Pen. Min CUD . 
Pen. Mu Ace 
FecGiHE/ffrCBP 
Pec >3ilt Cdg Arc. 
JVtt. R5. Cap ■ i — 
Pm-85 Act. 1 
Pen-.D AF C*W .. 
.Pea TJ A-F-ACt J 


tl- ■ Hants of Oak Benefit SMKiy 



— Nar.Uait.Feb. 15. 


m* 


Bnt«« Rcn<LLw»dor..NWl 
J3can>«iOlk^_.|355 


37H 


-a Phoenix' Anoraoce Co- lid.'' 

— 4-ft.Kia8WiUn r nSt.EC4P4HB Ol-OSMn 

"■ Wealth Att . ... (102 4 . 18841 —0 0) - 

' -Eh'r Ph .Mk. .... | 70.4 J . 

~ JSb r. ph Eq E . \UM ■ 73 if . ... 

~ Prop. Eqnlty ft Life- Ask. CVf 

- 110 Crawford Street WIHSAS. 01-4000057 

" R Jfllk Prop Bd- I 1705 (....( .. 

Do Equity Bd..} O 0 . .. I — 

— Da Fk. Ha* ML iuj 150 5 ] .I — 

Vxnpeyty Growth A star. Ca XM4 
- (11-38? SBS0 Ueoa Hcu»«. Croydon. CBS LLU 0108000061 


I - 



Ife Assurance lid.* 

UstaRcL. RcigMa. RafgaMdSlfll. 
fj*« 1317] . 

FdTrh03.l6 . 204.6] . 
rdt«00 U»4l 
■BW7 106» 

194.7 lH.W . 




fe Asm ranee 
‘flood, w 12 
, P-Uot.-t*i4 

• ^Cnt_(977 1B3 

.^'d-Fd-EwS 121 


Property nmd.—_ 

Property Fund ;aj- 

Hill $amd Ufe Asiau*. U&.9 AE£n£d,J?“ , ‘ 

NLA Her.. Addiorombe Rd- Cray. ' 01-8S843S5 
WWpBB l'oh . MS8- 
PropnTyhcrtBjA .W#«5 
Menu fid I'nlu. 1500 

Miaoued Series A-(883 
Managed 6cne»C - 
Honey I'nitt. ...- 
Mona* Sexto* A__ 

UseolM.Ser. A - 

Pro. J4fi Cap- 

Pub- Med. Act. . 

Pno.Od.Cap- 

Pn*. Gtd. Ace.. 



Abbey N«LFd.UM. 
TpvfeMlMMt Fond — 
imetuocmt Fd.fAl 

Equity Food-- 

Equity Fluid W 

Money Fund- 

Money POadiAJ... 
Armorial Fuad... - 

Gin-cdscdFottd. 

■GIH-Edged Fd.tAi 
♦Retire A nnut& . 
♦ lapsed Ann'ty 


oi-74fl9in Imperial life Ails. Co. of Canada 
a| | — Imperial Bouse. GelUifbrd. 71 

A "I ~ GrnwtFd.Frt»»-164J! . 7ZS-.. J 

4 .. ■ tu.. m ir-v. >u I5> 600| J _ 


Poos. Fd Feb 34 

Life AfiTUr. Co. Ltd. MapaMiFuDd". 

Rd.ET 01 5345544 Fuidlrt- Fd •_. 

121.7! 

losit -ad 
w3-a.H 

i2«l 


1-irlL 

■j 


-5 • \■ 


— ft* 

— 8? 
cum... gl 

—I. r Wi* 

— S-i 

*ESL I .SL... 

reol nnit vsloa-Feo. 22. 


Ife Assay. Co. lid.* 

3L.EC3L 014231288 

14 —1 12835 |.4 - 

fe Assurance Co. 

PottCCB Bar. Herts. F2*r 31122 

Ivi Jr 


SeruroCap F<t 
Equ^rFljTid 


■C4 Partial! 






annm ce Ltd.* 

_ Wambley HABONB 
.. . K1S34 
s ... *54 
-Mec. ao« 11M 
v rrc _ 0256 UM 
Van U2« 1373 

. .1096 
, . 157 


01-0028870 

a = 


> t. .. 

, 


5S.V » 



nil uoS.. I — 

|*S2 1003 1 - 

Irish Life Assurance Co. Sid. 

11. Pinsfeiiiy Square H2. QI-&2882S3 

Elw Chip Feb 36 IUS 70« ... | 665 
MoBaemFiaid .. .E12fl ■ 2249. . | - 
PmpMnd. Feb .1 . fSja .176.9. . - 

Prop Mod-Oh. _ -PW-l OM — I - 

King it Shiuu Ltd. 

52. ComWn. «C3. CJ4C35433 

Bond FdEaaaat >00909 ULMill2| - 
Sent dealMfidate Manrfc.l 
Gort.SM.B4.—~-PZ)0 1302W) | — . 

Laugh am-Life Assurance Co. Ltd. 

limsi Hl Katmhmnl. Hr. VW4 ,01-703 S2Q 

Uaihsm*A‘ Flap_» * HA,... I — 

■PrSpJBoad_ E94 Ififf.. ■ - 

Wi^TVSPi Mu PdjWB . 71.7V >.. 1 — 

Legal 1 Sc General (Unit Aaaar.i lid. 

Kiaati mod. (loiue, KJnasuood. 

Surrey KT3D0EL' Bc‘ 

Ca-.h India). 95 J 1 

l*o Actual 960 - 1 

equity Initial . 105 Z _ 

Do A mm 1059 U1 

Fiired Imaal- 113 S in 

l» Accum 114 6 12* 

Managed Initial-.. 1098 Ilf 

ilo.Arciia- - 1206 126 

Property Initial 9S 2 

Du Aeciua . .. 95* _ 

Legal O General (loll Pmabanj 

Exempt CtehIni! 7954 
Do Accum . ”4 

ExnnplEoty.IniL. 1019 
Do. Accum— -1823 
Exempt Fixed IniL UZ7 

Do Accum-1035 

Exempt MajtL Inii 1019 

Do. Accum--— 1025 

Einuti Prop. InlL. 9S 4 
’ Do. Accum.[95.9 


All WTber Ac. L‘ta.031 3 
¥A11 Weather r»p fUS4 
71255 ¥lav Fd T.H. . . 

Pm a no Fd L*u . 

Coot Pens Fd. 

Cm Pn* Cap i'i 
Man Pens W . 

Man. Peoa Cap 11 
Prop itujF« 

Prop Jens Capias 
BdSfi Soc Pen LI 
Bdg. sec cap rt. 


su 

6924 

ffii 

Vi 

M2 

156.0 

1554 

1X7.1 

1165 

ltrt.3 

1H5 


:3 


-ii 


Prop. Grantk feidtu A iaodUu Ud 


140.9 
129.7 
MS 3 
155 0 
1411 

mi 


isa 


AUTHORISED UNIT TRUSTS 


Abbey Vail Tst. M grs. lid. fat hi 
T2-8D.O*tehonaeRd, Ay'rtiabur'. 02865641 3, El Mary Aat EC3A8BP. 

. BJ=H| » 88gSS5«,--BJ 


Abbey lngoett..__ 

Abbey Inr Tm. Fd. 

Abtry Gen ■!*£__. 

Allied Hanbro Group (*) (g> 
Hu&bms Hm . Hunan. Brcnr*eod. Enn< 
01 3BS1 or Brentwood iCCTTi S11450 
Balanced Fosda 
.MBodlai .. 1576 
Brit. liuL Fund _ 57 2 

Orth A Inc_ *3 5 

Elect. A lad Dec 29.4 

Allied Capital. US 

Hera tiro Fuad _95 1 

Hambre Acc.Td.... 1061 
Iwmae Food* 

Hi Eh Yield Fd._I 

Hid Income. 

A A St .lnr 
lamaanl Puds 
Imernattonai .. tzze 
Kacr of America .„i*4 7 

Pacific Fund->[321 

Specialist Fuada 
Smaller Co.’x Pd > Bts 
2nd Smlr. Col Fd... M.7 

Recover Sue.-B0.1 

MW.Min.acdp.. *5 9 
OrorscmEarmnaa. 47* 


Gartmare Fund Managers * laifgl Ferpeluai Lair Trust Magsu.* /a) 

01 2832521 48 Kart 5t HfiAicyooTbamaa 0401U608S 
xO.'] 092 rpOitalUpGUl .. IS6.9 394) | an 

~ih 3 W Piccadilly 1'ait T. Mgr*. Ltd.* ia>(b] 


^r.:|S? 


Exmpt.smlr.' 


1913 



Commodity Share - 1257 

Income Fund . US 

Ins Aaenntoi . ..UM 
I.xli.Exwnpt Fd .. 778 

<7,Iml TW t.src < - 126 0 


Gibbs (Anton.v> Lnii Tst. Mgs. Ltd. 


LQ3 Ward Etc lire. S3a Looaoa Wall ECS S 
;■£* Extra Income . 1291 n -Oi. 1 

g$ ir °' F4 ■ 


22.BlomIleldSL EC311NL •>l-5BS*in F.rl,.. 

.'ai AIncome- 1374 407| . | IM Arrwk-a 

<a> AG •Treathtt. 134 9 37 M j 

■lAC Far Emu- f» 5 22 ft-0 2) 

Deal me "Turn 


an 

030 


pital Fund . 1861 

...uEtas-ft Aytets mt 
Private Fund . .. {32 4 

Arcumltr Fuad 56 5 
TechnolO|^ Fund Is23 

American F and 


r* 


Gocett ijobni* 

77.UrndoaWall Fez. ft! MENi2ft 

MiWr Fel* 17 . ill* 6 126« , 245 

Do Axvum Unit 1143 0 150 7] . I 245 

Neat dr.*Jini: a*v Hart.-. 7 

Gritman Management Co. Lid. 
.ypiirrohamia EirPUPS. 

Bartsin Fab.'il 
lArrum Cruta .. 

Bxantn' Feb 33 
<Accum L'nlta< 

Endaav Fch .21 .. 
lAcciua-l'nit*. 



A rb nth not Semities (CJ.) United Keyselex MngL Jersey lid. 
|PO&u3l4 anfer Itrrey. osumrr P0 8a»fi&S; Helicr. Jeracy. (Enn OI^OflTCTO) 


iS Grrtchatr FebS4 . 


IACCutt. UnKli 
LaACnU Fob S3. 


AsdeneB Vnit Trust Managers Ltd. iAccum umu< 
168FfeBdniichS(.EC3M«AA ' 83SB1 

AodoraonU.T.-KL5 ' - a**)-1 467 

Anibacher Unit Bflgxai. Co. LUL 
i Scble Bt. EC2V 7JA. W-023B37S 

lac.MomblyFund.| 162 Ort 172am .. .4 0J 



Practical In vet.:. Co. Luf.¥ ij «c 

M BloonubunV) «i .V311 HI 
Fra- Heal Fch '^3 ]13« 2 

Vxjid L'nil- . 1 1ST 5 

Provincial Life far. Co. Ltd* 
f— fluhopacate. E t Z t> l 247 siu 

1-uliiic l oils. IMS 737 -C 21 3 75 

Hie*-I ncome . MS 105S] -09| ■ 27 

COilKD PrudJ. Portfolio .Mngrs. Lid.* lailbUrj} 
9 58 Hoi bom Bara tJC IN USH 01-40502=1! 

Prudertnal. . .1112 0 1140.-011 4 75 


OFFSHORE AND 
OVERSEAS FUNDS 


-t 


365 

3J0 


(Cop T« Ucncyt. (1160 12001 

Next deolinc dale Mirth T. 

East AlntLTat -C|. |]fl4B U301 .| 

Next <oib Match 8 

Australian Selection Ftaad W 

.Market Opponuoilica < « Insh 3 MBS * 
lOuihKaire 1=7 Kent 5l. Sydney 
liilllure- KUS137 - ! ( — 

in aiwt value February 2* 


Fame lex .. . 

Keyadex lni' 1 . . .. 

Kcimtei Eurnp«. ,_ 

JapanGU l Fund .f?l 13 
Kej rciex Japsa 
Cent AmeteCap 


4 25 
2272 
S8.66 9.« 

EUQ9I 


IS^ 

bn 


26B 

I 3 

*71 


Bank of America International S.A. 
£• Puuleiard K«al l.uarnabfturr uD 
Wldi Overt bicome inUBD 111 All | 666 

Pnrer si Feb =3 Next mb ds> March I. 

Bnk. of lads. & S. .Vmeria Ltd. 

40 04 bueen 1 inoris >: LV4 uj (K»=i*13 
VruMrrlunc!.. 3IHI] - I ....( — 
Net a>*et value Feb 23. 


King & Shaxson Mgr*. 

I L'hanox I.TIIM ^ Hciirr jerxro. 

1 Thfimav Strep; Doufi!a< lair of Mao 
r=fU Fund Jrrw no 01 U 06rf ..I 11 25 
l.lUTruM.I <. M . 1116 60 114 601. .. I 11 25 
lull. Can. area Tax 
Het sterling 
FirMtall 


117 IS 17 221 . . I — 
>181 41 in riH .I — 


t 

Klein wort Benson Limited 


■58 
7 70 


7 70 Quilier Management Co. LUL9 

TheStk EC3N-OXSOC9! 77 

5 * Quad rant <Hra.FC .•100 9 104.1! 

3 25 Quadrant liurotne h " 1 * 


4 38 
838 


K.B I'S G«th Fd 
SiEDct Bermuda 
■l al£or.tLi, DM _. - 


__ -J4.il .. 1 

1116 4 120-lug_| 

Reliance ITnit Mgrs. Ltd.* 

-_„ _ . ftoJianfcHee .TUabndfirWsJis Kt 0882 3 3 2 71 

Guardian Raya] Ex. Init Xgn. Ltd. opponumnFd . pat 627, 

Boyal Excfaanpe EC3P3DN. 014SBI011 ScUktIpT-A re . .WD <0 

MCsrtUIITs. |B1 809x0-061 AS5 ScWordeT lac. - (57 # «0 

Henderson AdmlnistratloaiaKzi Ridgefield Management Ltd. 

Premier V T- a drain. TUylmCb Bo»9. 1 ” J ®°4 410 Hie. Xaachnr 06! 33685=: 


17} 583 

171 -03l 590 
)«t -0-71 5.90 


Banque BnixeUea Lambert 
= Sue Dr U Regccee B 1(00 Prueecis 
RpBWFundLF .-|L*I3 1.993| -B| 843 

Barclays L'nicorn Int tCh. Is.) Ud. 
l.CbannEO(»>LSi.Hsli*r.Jm. 0594 73.41' 

Ov-cneu Income—IMA 52 M _I 10.15 

LaMoTUrrmct.. SlsAH ILW .. | 4 70 
-Subject to Ice and with bolding taxes 

Barclays Unicorn 1st f L O. Man) Ltd. 
iThocnaaSt.Dooeiaa.LoM. 06244856 Lloyds International MgsuL S.A. 


Breatwood Eutx 
friAustraltan. 
Cap liroirtF Inc 


Provincial Ufe Assurance Co. Ltd. 
23. BuhopttMe, £.02 01^670533 

Prov. Managed Fd..OU4 120 d I — 

Frov.CaxhFA_MLT 1093 .> — 

Gilt Food 20 (122.4 127^ -1.4 — 


Prudential Pensions LisdloM 


Hoi bora Bara. EC1NXNH 
EquH-FO Feb 15...t .. 
Fxd. InL Feb. 15— 09.89 
Prop. r. FCb. 13—-£2420 


01-409932= 


Reliance Mutual . 

Tonbridge Walla. Xeat 
Bel Prop Bda . . .| 


116.91 


Arhnthnot Secnritie* Ltd. (aKc) 

X. Queen Si Loedoa RtR 1BV 0i.J3e528J capcroothATr 

lgifeu.- op<^ n. . . 

igifimaklTV ’ 
iE'Hlgh Income . 
Ig lBC 4: Assets . 
iEithMmaUBflBl . 

■ t>Sth .Araerican 
N A uro-' Feb =4 

rill A N31- . 

W wid Feb =4 
• a. Cabal 
Cabot Extra Inc 


40 0 -id 

55.1 -i.a 

Hi ■« 

•fl 8 . . 

173 ... 

s*a 

77 A .. 

■96 

Ul 

S7( 

45.1 

318 -0 3* 
57 5 -0 3 
1569 
ZL5 

176_ 

8U 

260 *0 71 


-0 2) 1068 

908 
908 

12.08 
1208 


eenalneeraePd... 1881 

Hi ch Ine. Fund . 36* 

*fMeom.Vnlu'.._ Ml 
Wdr»l U3 ) 50.6 
Preiorenee Fund .. 25 5 
tiAecttin. t-irics.... 77 9 

Capita] Fund'_161 

ConunedlC* FUndj? 51 0 
Art urn Umtsnt 719 

no*. WttroiLai86A 

Fin ft Prop Fa rt 16 6 
Giants Food . . 151 

cVceum. Uniit'. . * 0.6 
GrowthFU00.. - - 295 

.Aram I’oCt'i_34.8 

Ionian GlKFd “1266 
•Eastern b Jail.Ftt 19.9 
*.8% UrdnsLEUJ 163 
Fereica W.**.. ■ 753 

gVAmer.Alnt.FdlMA _. _ . __ 

Deal. *Mtrn- *Tnea rtWod. =T6ur> »Pn- 
Seu digs—Dec. S3 -Doc. 75 Daily 


511 
5.11 
511 
322 
5.71 
3 71 
161 
361 
591 
IM 
1 U 
205 
LOO 



'For tax exempt fundi nal' 

Rill Samuel Lnii Tst. Mgrs.t lai 

45 Beech Sc. ECHP3LT. |>14=&K>11 


:b. Brifixh Tritsl - 1138 8 
(giitu'iTTun.. ..bit 
triDoUai-Tnut -W7 
1 diC apital Trust. _j263 
ibiFlaaneial Tnu*.js31 
:b* Income Trust-.eZ 
1 b. Beeunty Tnui-K7 4 
fb. High Yield Tst—(269 


1883) -09] 
538rf -01 
693 -06 
264a —0 4 
884 -0 2 
270 .04 
40 7 -0.2 
Ml -0.4 


CrJT: 2S7=3R mdcefletd Int l*T 1870 88 0] . < 285 

24S RidCefieidinrome 1*30 990) I 9 25 

Rothschild Asset Management *gi 
T=-6b. Gatehouse 3d Ailesbury (096 5SS1 
l C EquiC F urd 
N F Enc HevTrt 
X C Inrooie Fund . 

\ >; InU Fd .lac .73 4 
Nr’ lot: Frf 1 Arc In 9 
xr SmlL't <ns >ritl36 2 
Rothschild & Lonndes Mgmt. >a 
St suithttrt Lane.E' 4 "U-tCS-Od 

New-ct Exempt 111 13 0 Z30 O’ I 3 73 

Price on Feb l.'i Next dealing Mar. 15 

Rowan Unit Trust Mogt. Ltd. 

i'll! -oat£ li/e. Finn'urv sq Kv- ft1A04lti66 
RottMAn Fefc J3 159 C 6! 51 t L23 



5.61 

325 

186 

486 

ABB 

800 


RowanSer Fe)» 21 (150 0 
Rov.at.Hv Feb =3 150 4 
lArciun.I"sit* . j692 

RwB3tmFeh.rr-.l674 
'ArtiLU l ulls. - |822 


“ssi 

ll-iH 


A13 
777 
777 
424 
424 


173 


Archway Unit Tst. Mgs. Ltd.* <a)fe> 

317. High Hotb0m.WClt.7M- 03-031SS3. j aI -j m (oifg, 

^ uJ'& idr. V* jS^mcpb«Sttt*LECg 

Intel.Ine. Fund.. _KLA 87.9|-03) 735 


1922 I - 


Tad* orth, 
Hcain&KSfl 



Diricooi Ho.SS2BomfardRd.X7. 
XTntcaTB America-|2&6 H 

Do.AB8t.ACC _ 538 58. 

GHCXE&n- ®° Xu«-Ine-— &7 ,4k' 

I j Do. Capital-58.1 62 

* "" ! Do ExemptTH. — 193 

• Do Extra'ocomc 26 2 

Rothschild Asset Management • ^J * ncU1 - - g-S ^ 

St SwithinaLentUraaan.EC4 01626*358 Do.General.. Z. 171 29 

.NC Prop. Doc.30 DU1 121A .. [ — Do. Growth Aec.MS 50 

.Vert rut da* fttrch 31. I Do Income Tit. .736 7*1 

, *Db. Prt a*db Ti„ . 

. __... * 

Royal tosorance Group 

Sew rial! Place. Liverpool. 

RovaJ Shield Fd . {128 9 134 M 


Barctays Unicorn Ltd. faXgWO Key Fnad Managers Ltd. laxgi 


0J 334SW =5, KUk St_ BC2V BJE 
[*S-f| J-5Si KeyEnertb In.Fd.. 1645 

IS RS»SSft«r:&. 

KrjrTnenae Fund 1723 
Key Fixed Iru. Fd .613 
KeySmallCo'i Fd .{889 


11269 



014087070 


553 Royal Tst. Can. Fd. MjpTL Ltd. 
54. lennyn Street, S W :. 

Capita] Fd-16L7 4511 I 

Income Fd-(668 7BJ| .. -J 

Prices at — Next dealing —. 

Save & Prosper Group 
4. Great S». Helens. London E03P SEP 


Ul 4298=52 
401 
8.03 


4861 -161 
65 J -1.3 
1461 
77 C -14 
652 

660 -14 


a « St Edinburgh EH2 

4 - 25 Drat 10*3 UK 0L-5M sno or <B1.=S8 7251 


537 


J411 -011 3 
23^-0: 4 

61 C) -0 2 } I 


Prices at P*b 
; ho Recotetv 

051227*4= t>0 Tnjaee Fund 
1 . Do WldwideTru 

" . B tst In Fd Inc 

I Do Accum. 

4 GcSUHelea's^Uidn.. EC3PSEP. 01-554 8899! R * rln * Brothers * Co. Ltd.* iallx)_ 


Sect sub dfcv March 31 
16 9 19.41 -OM 5 97 

1019 1084 -1 5 546 

43 1 443* 2 05 

55 4 58 2 -0 9 532 

62 7 4 5 3 -10) 5Z2 


665 Save & Prosper Securities Ltd.* 

.•J5 lawtadl—d Funds 
^£1 CapuaJ 31 B 

1TV . 1215 

KJeinwort Benson Unit Managers* Van «v»tt 668 

20. Fcnchur.'h St I" ) ft 1«E ]BM lncreaalc* Interne Vand 

X B.VntiFd lnr pas 83 Jifl ] 4 78 Illgn Yield 1507 

•K B 1‘nilFd Ar |95 8 183 *4 1 — Kl*h I acorn* Funds 

L6C Unit Trust Management Ud.V 
The Mock Echangc 1HP Ol-'iM ‘0*0 

LAG Inc Fd 11262 1301 b! I 7 79 

LAG lull* >.en Fd 184 5 89 l4 ... I 259 


2ft Frn'harih J 
Eurinicti liiv 
r.ucTnses Inc 
Ira Accum 
KB Far East Fd 
KBIntl Fund 
KB Japan Fund 


Li "3 


ftweamoa 
195 


435 


146 

195 

DM 


pM^a-s 

\b93 73 ft 

SLS956 
si’.sia k 
5LS2651 
51021 
SVS4 24 

!U*S 19401 . 

■KB act as Loudon Paying bebeu only. 

Lloyds Bk- 1 C.I .1 U/T Mgr*. 

PCl Bov 195.Si Helicc. Jewel- 033427341 
LlOydaTrt O was (48 0 505) . Z71 

Next dealing due March 13 


IS 


I'nicnrn Anst Cxi H*? 


Do. Aurt Vm_ 

Do. Crrir Pacific- —__ 

Do Inti. Income_(383 

Do I rf Win Tm . [454 
Do Man* Mutual 


ft 


MS 


438 
25 i 
.602 
412 
49 1 
23 2u 


-ort 


2 « ■ 7 Rue du Rhone PC> Box 176. 1=11 Grom a U 
• LJO FSBtOO V *(A -I |<rauat HM. | 180 
g„ Lloyd*Ini Income ^38190 648 


8W 

840 

219 


□634 

ni —til 


5451-09) 7 09 


>. 


63 74 -0 21 
4=M -04) 


895 
8 93 


394 4?4s| -0$ 309 


BoLhr>.F± _ . 

Deposit FdT_ 

Comp. Fen*Fd.t.— 
EquftvPenaFit- 

Prop. Pc a* Pd.*___ 

G1 It Pens. F«t-fe7 

DapooF9B*.Fd.t—|96jt 


Mi 


124.4-12 
154? 

125.1 

1^ - 
__ MLI 


i ABtnmeeV 
' e. Chape) Ash W^on 

*a~l • | 

ie Magna Gp.* 

a-UxhndgoUBeiNE 

& a 35 at 

£ 3D.B- 

0 -90 a^.. 

a 554 

124.6 
153.6 


090338511 

::::] = 


Legal ft General Prop. T± Mgrs. Ltd 

it Queen VictoriaSL2C4N4TP J. 01-3409078 Schroder GroapV 

Enterprise House. Portamoatk. 


LfcGFraW Fob J.JWJ .MIX —I - 

Neat Sub. Day March L 


52161 


rod- 


aninster Assar. Sec. Ltd. 
^BTt-h.iehawefUra^^ 

\v w-n = . 


Life Asonr. Co. of Pennsylvania 

38-OSewBoodSL. W 170RQ 0M83839S 

l.v.’oPLuiu. .runs* - uw ....J 

Lloyds 8k- Unit Tst. Mogrs. Ltd. 

71. Lombard St. EC3 
Exempt__1*79 


Equity Feb. 21- 206.7 

bq D ri)-=Feb.21_ 2001 

Faulty 3 Feb =1 . 1042 
Pucdlnt.PM.21.. 148.0 
FtardJnL3Fcb.21.3384 
fOL ltTFcb.21 , ... 113.1 
StSWKFfbU. .11464 
KASGtSc Feb21 


=* 


01023 1288 Mngd FI- Frt>.21 
103 of ——-I 7.5 . 

Money 3 Feb 31 .. 

Lloyds Lire Assurance Depomi Feb 21 . 

01-8930821 Property Pbb 21 
rvnpcrty 3 Feb 21 
BSlSj t> Pcb. 21 
BSPn Arc Feb 21 




n i ai 


? * 

ti 


tnduter Ass. Co. Ltd. 
am. ft Whiwhocac Road 
1A. O10BS 906*. 

^ E 

6 176" 


Mn Pn Cp Peh 31 
Mn Pn Arc Feb 21 


Ml 

1242 
1366 
105 9 
1258 
1122 
147 7 
1455 




1183 
127 2 


«f.| 

lUl 

ml 

1436 
1135 
mi 
110.2 
155.6 
1153 2 


1463 
230 S 


670927732 


- I 


Lawson Secs. Ltd. 4 Hskci 
Si George si Edinburgh EH32IG ren -226 39 11 
8ft Leadenhall Sl. E.CJ 01-5882190 §ai nSZai 13t> 

SttnatraTm,.n*L2 1 HM. | »« 5:l5ShFu!lS - ssS-i3 

DO.ACcum-.- - POO.O — I 3 99 -isreum U'naai- - B1 60U -2^ 

Men sab. dor March ft rrGIltand Vurui 32 7 

uaenein Fd._19 8 

Bis kepi gate Progressive ngmL Co.* OAecuravniui_at 

o, gjjlBpmn rr; 01-5888290 ~»UahVteJjl^. .. *44 


B't«**Pr.—Feb, a. 

Aec.Vta.~Fob. 21 _.f 
B* 0 ttalift, rats 34- 

(AccumJ Fob. 14— u_ ___ 

Next itab. day Peb. 2ft “March ‘ 


~i Accum. Cnitsi 


*46 


— 334 

36.M . 2 02 

215 ... 027 

22 41 ... . 027 

52 0 ) -05 18.70 
n.71 -08 1070 


Deal. ISloa. Tuw. r»We<L tTbun “Fn. 
iR Legal A General Tindall Fund* 


L* K. Funds 
[}f Equrtj' 

Cncnrsx Fundu: 

Eurojw 
Japan 

_ I'S • -> 

7 26 Sraor Funds 
354 CommaJir> 

Encro - - ._ . 

Financial Secs.. 

Hl<S-3tiuizatOD Funds 

Select loieraat_12155 

Select Income-1489 

Scotfaiu Securities Ltd.* 

Scot bits--—134 8 37 4r6 —1 


8361 -0., 
86 2] -1 7] 
6921 -0 J 


ban -051 
63 D.d -3 1 
67A) *0 4] 

227 * -211 
5L6| —0.7| 


2 74 
1 43 
310 

480 

3 31 
352 

269 

809 


509 

509 


18. Canjafe Rood. Bristol. 

DU.Jan.15_1540 S7.M .1 

Bridge Fond HanagerriRaKc) ^’SSSrJTdiy MraSls 4 

BtaWiitalumM «««« ^tae Administration Lid. 

3.44 3. Duke St. London Wl MBIT 01-4069991 
Leo Dirt - 16b4 M<h-0.« 5« 

ft* LooAccura : . ..RJ 74 4|-0 5| 5 32 

_ 428 Uovds Bk. Unit Tsl Mngrs. Ltd.* lai 

Dealini Tu« thed Regutrar’s Dept Gorin* bj-Sex 


B27=a=sti sSStarorzrT-Si 


49 6j 
54JH 


-0.1) 422 
-951 740 
0.; 490 


Bridge Inc.*._ —1J4J 
Bridge Cap Inc.t - {38 ■ 
Bridge Cap Acc.t- 33 5 
Bridge CiempL’. ISO 
Bridcclntf.log r .155 
Bridge Inti Acc.t 14 S 
Prices Feb 21-22 


u» 

I, 


Scot. Ex >:th*0_1232 * 212Ds0 . .. J 227 

$fo< Ex 41(1'4..- |1597 7675i4 . 1 691 

-Prices 3 ; Hep =2 Nrtt xuK day March ft 

Schlesinger Trust 7Hngn>. Ltd. liMD 


.Ir.cnrporauaa Tndea: Tma*i 
1A3. Soutii Sucet Di rtinc 


I'a 

i.“- . * ■*- uqJoq Group 


■-» - 




Coj> Growth Fuad. 
Otic rapt Flf-x-Fd 
Otn«« OExctMl Prop Fd 
pi-^8 7500 te-ptlav TSt-’W 
— I — KleslbJe Fund - - 

.1 — Inc.Trort Fixod .. 

Property Fund .. 

m Life Insurance Co.___ _ 

ne.WCIA 1KR 0l-2*i2O23= M & G Group* 


12 Leadenhall SL EC3W 71J5 
Mil Ulh Feb ft , 126*67 

Opt 5 Prop Kch 23 . 1226 129i| 

O^AEqlc Feb 23 116 0 1221 
Opt0Hy Feb 23. 1565 1U.« 

Op} 5 Man Feb 23.1395 1«6« 

Opt 5 Dept Feb 33 0200 126 <1 

• • . . Scottish Widows* Group 

London IndemnityAGnL Ins. Co. Ltd.- mBo *901 Kdinbuntb EHt«5BL oii-auaoM 
3WTbtF«irort.Readln*5Ba311- v -^. -firMrieitel' 

SKSF SI Sf-!| = 

FixedInterort... 153 36 2) -O lJ - Exi t Tr. Feb ^ 

M£d I'M FcD 2Z 

The London it Manchester Ass. Gp.* 

Tbe Look Fotkaarooft Ecet 10033-333 Solar Life Assurance Limited 



ndtnbaft. BCS. 

“M 35 


207 5 
127 3 
*58 
7347 

■» 


U-. 

Hi 

Fd.! 

rt 

A . 
Pol 1 


* 1 - 


**mT* 

199 6 

17B.4 
1240 
3614 


- Throe •Juijt. Te-cr Kill EOS 8W O10W 45« 




010205420 




lurance Co. Ltd. 

r:K s 

3DJ1590 


Insurance 

London W1R5FZ 01-4387081 
— U 220 uicl . 1 - 

■surance Co. lid. 

Tower FI .ECt 014S5B8031 
7 —|C6 5 734J - .) - 


Per* Pension** 
Cotiv Dcpnut* . - 
EcuilyFond*". 
FimljTftari- . . 
F*eu!j 0108** — 
Gil? Bond*“ 

Intern on < Bond” 
Managed B0~* . 
PropeTtr Bd“ . 
E» Y*etd Fii Sd ’ 
Rccoccry Fd Bd * 
American Fd Bd • 
Japan Fd Bdl 
Price* oo *Teb 


196.4 

1284 

U98 

Si 

■ K78 

I 6 LJ 

j 

1964 

ms) 

MS 

088 

120 B 

is* a 

1482 

155 71 

73Z 

79W 

593 

U-3j 

427 

«4 91 

4*9 w 

*13 

fe -Feb 

23 - 


“•Feb. at. 


-28 


107 Cbraptldc. EC2V8DU. 

asmfr:-TO 

Solar CaabS - -Ml 
Solar InU S . 941 . 
SolarStBdogbtfr 1216 
Sol «r Property P , 186.7 
SoJarEqutu-P . 1444 

Solar Fxd Iflt P *.1169 

SolorCoab P-94J 

SolarIml P. ... (941 


8I0MO4T1 
12 fta- 0 .M - 
112.7 . .. — 

|»2 -X-9 - 
12X3 -fti — 
UU - 

IW.O .... — 

1286 -0.7 — 

1124 .. — 

1S2.1 -L0 _ 

mi —0-7 _ 
1 BS 2 ... - 

1900 — 


Son'Alliance Fond MsagnK. lid. 

Sun Alliance Houoo Korahan 840384141 

Sun AUtance Linked Ufe Iss. Ltd. 
•Sub Alliance House. Horaban 848884141 


Merchant Investors Assurance* 
125.1 tick StreeL Croydon 
Cnrr Dep Fd 


(BstrrriKidJaad Ass. 
c si.. ECU 
tS-1470 


V'onr' MTIrt Fd _ 

Mot 1st Mao Fd 
M«T hro Pty Fd 
Equity Sard. .. 
Prop P«v> . .. .. 
Man Pen 

Efloiry Penv. - 

01-5881312 f. 001 Pep Pcna- 
484-01] 654 Morjm.Pn»-- 


2291 
1435 
1M.7 
1459 
537 
isfta 
153.5 
157 6 
157.1 
1844 


Fqalb FUr.d 
Fixed InT»rc*t Fn. 

„ _ ' jSBsah- 

01088 Bl.l Depot)! Fund . 

Managed Fund > 



Son Life of Canada IL'JCJ Ltd. 

2.3. ACocfespurSL. SW1Y 5BH OW»0«qDj 

MapleUGrtb ... | W 
UlpItU Maagd -J. gjl 

Maple U Eot}-. -. I 137.1 

Penal. Fh Fd - —) 195.5 




nr life Am. Soc. Ltd.* 
d. High Wjeombe.^ W SW7J 

tfcflio LUe Ins. C. Ltd.* 
■»CL. WklLhoaCrow. WX31071 

z 

fe Ass. Soc. Ltd- 

iie* 3U.. R-qoulb. 03SC 767855 

"_M2 I* 

id—WO 100 

■ dff ftrl = 


1?’ i = 


ee. life Ass. Soc. Ltd.* fej?"£tlfF 4 ' 
r-OB-Thaatet. Berka TeJ 34=84 extra lnc%>- 
ee.. I £VW7 j .1 - AraencanFfi 

-AeclH90 122l! - j - G 0 t Edged Fd 


7V£L Pensions Ltd. 

Mihon Court Dorking. Suirej- *811 

NelrxFq Cep ..Bl }S\ ■■ 

NricvEq Accum 0005 1B\\ 

Ndcx Money Cap- WJ JJ! — 

Wrtjlm. Aec »8 4 477 -. 

’NelesCth laeAee..J444 4k7-... 

NotesCthlmcCanJoA 46J . - 

Next sub day March 25 

Per Nero Craft Property mmr infer 
I Wl e tMk And Hanagceaort 

7fPI Pensions Management Ud. cium.Mc. . .. 

ar.-Greepchurrh St. BC3F3UH. 01 ’ i5 p s a00 *GW PcnJJirt- 

KaoagcdFend. .-13463 1324! . I — 

"-paew Feb 1 >e« do^osl^ 1 . Tmsi9tarwMm g l ut* Ins. Co. Ud. 
New Zealand Ins. Co. IU.KJ Ltd.* 28 r«m BW*s..£C«iNV. 01 aks6«7 

Maitland Homo. SoodwHliaU US 070=82955 Tl|UpDiN'rol .g29 > 

JJ53 I “ .iSlo 


Target Ufe Asaorance Cn. Ltd. ' 
Tenet Route. GrtehooK' lW . Aylrobury, 
Bucks Ajlosbtny 10288) 5841 

Man.Fund lac-Ml 

Man. Fuad Aec— plB.l 

Prop. Ftt ine..- ROM, 

Prop F4 Ace- 

FIxSbi Jnt n w."lne 

Deurd Ace.Jne-.WJ 
Ref. Plan Ac.«a...g&0 
RetPtanCao Wbi- p30 
RetPlaaMaaAcc..ni7.9 


193 9 

988 


310.1 

1185 

..... 

1088 

T03 


3510 


102JJ 


1943 



971 

liXT 


65.0 


-u 

538 

ZfMJ 

-IM 

117.9 

UO 


tou 

11AJ 

mn.. 

1363 

1Q.6 

mmm . 

139.0 

SH 



d . tS 166 


Con Deposit Fd 


950 

950 

450 

958 

458 

458 

*58 


loot 

1000 

1000 

1089 

1001 

300J 

1900 



Man. Pen Fd tap. .1 
Mao. Pen Fd Ae* t 


Trident Life Assurance Oft. Ltd,* 
Rcostodr Heuae. Gloucerter ' 048=38541 



f/3*- 


RASE LENDING RATES 

Hill Samuel ...fS '6i% 








y 




-aok . 

isb Basks Ltd. 
t Express Bk. 

ink . 

k Ltd. - 

.□sbachcr . 

‘ e Bilbao . 

Credit & Cmce- 

Cyprus . 

N.B.W. 

*elpe Ltd. 

Ju Rhone . 

Bank .. 

Zhristie Ltd. .. 
■'Holdings Ltd. 
...k of Mid. East 

hipley. 

’ermanent AF1 
: & C Fin. Ltd. 

■td.' 

Cilding«5 . 

ouse Japhci .. 

)aies . 

ited Credits ... 

live Bank .• 

m Securit;«... 

yonnais. 

HP Popular Bk. 
Lavrie_" 

Uat . 

TransriWiL . 

idon Secs .. 

t. Fin. Corpn. 

1 . Sees. Ltd. 

uibbs .. 

nd Guaranty. 

s 'Ratib ..* 

; Mahon. 

. Bank . 


6i«5 

6i% C. Hoare ft Co. ..T 

Julian S- Hodge .. 

6‘«?> 'Hongkong ft Shanghai 
6?®5 Industrial Bk. of Scot. 

6fS?» Keys*r-Ullmann . 

fif n n Knowslev & Co. Ltd. ... 

61^ Lloyds Bank . 

London & European-... 

6i% lyondnn Mercantile. 

. 65 % Midland Bank ..: 

7 % m Samuel Montagu. 

6>?a BMorgan Grenfell 


S‘.% 

71^ 

61% 

6*% 
B % 

7 % 

S °o 

7s*?r, 

6.°:. 

61% 

6'«; 

fii":. 

Bi°k 

AiPS 

s 

61% 

91% 

s «y, 

*»'% 

PIT. 

61% 


National Wesumnster 
Norwich General Trust 
P. S. Bcfson 5: Co. ... 
Rosan mster Acceptors 
Royal Bk Canada Trust 
Schlesincer Limited ... 

E. S. Schwab . 

Security Trust Co Lid. 

Sheuley Trust .•... 

Standard Chartered .... 

Trade Dev: Bank . 

Trustee Saving^ Bank 
Tivenfieih..Cenlor>- Bk. 
United.Bank-or Kuwait 

Whiieaway Laidlaw ... 

Williams ft G1 \ti's. . 7. 
Yorkshire Bask ........ 


**% 

7i% 

6 K 
6}% 
6>% 
9 % 
61% 
S»% 

6*% 
61% 
6:^0 
6 #«% 
61% 
6 J% 
64 °i 

64 % 
61% 
S' 

71% 

91% 

61% 

6 } 1 r» 

6 *<?, 

74*5 

R4«r, 

7 % 

61% 


| Mronbcrs al -the ActTBtjat IIoobcs 
C ura m. rt e\ 

70av ecpo&ita S*„ l-monih dcsosiu 

J-ftBT di-postti on tuns or Jio.ono 
vm cnOrt- iip to -i=5088 51:6 
B 1.0 ti-.-cr £=V4M. 4i*i . . . 

CbH U-goms over fl DOT 2';.' 
Peroarc d^potiro 4*i. - .. 

Pale jIsei JDDHH to S:erMng Tisri- 
5-i~. 



!M l_ -.gill 

__ 244.9 

American.I 768 

Kimvfciyr^r.SftV 
§1* 

ItaforutiMia! —... « 8 

S toat .. 12 * 6 

OropUiCaP-123.6 

Growth Art. — 1285 

PmmGtdJlepAcc. 1948 

SSopcrowiHA 

Tyndall AssurascefPearionoV 

l&Cbariiac RonS Brtteoi. Bg/SSOtl 

»»w Fab 10 • • ■ 

BgW gb ij i , 1 -- 

Propeny Fch. 10 _. 

Dnoalr Feb 18 
3-wnPai Feb 10 
U'HWlav Feb. ]« 

SfnPnj-WFrt l 

B-Sans*..- 

Do Prop Feb 1 ._ 

Vanbragh Ufe Assurance 
4143 Mad dm Si. Ldn. W1S8LA 01-4984833: 

237.6 148.* -0« 

Z05 7 2361 .ail 

■6 6 9L2 “101 

WJ 1763 -rLZt - 

Uaft 1«1 

U6« IS 


HurtfdFd 
EqulQFd 
Inin) Fund - 
Flii-dlotn-a Fd 
Propenr Fd 
FaioVund 


Vyibtngh PnulMU Umited 
141-43 Maddov W ,14 b W 1 RPLA 01 808 »9S3| 
NaBaged 

Mir^iiSrnl >> 

Property . - - 

GuM-Miood in Iru hau Rslb*' «W«- 


Welfare insurance Co. Ltd.* 

Tbc Lear Foftfirtonc. Kent. . «B8573$J| 

'jeasfsffiofSsi 

... 3Unch4rter. Oroup. 


Wind*or Ufe A«w. Co. Ud. 

i-HigbstmL Wrote* 


Ufa Inc Pinna 
FuiureAsrtl Gflnau 
FeiiorAsid.'Jlbihl 
Set. Atftd FOP* - - 


LlH«e.^r.0jwib...pM.V Hi' 


WO 

470 

.1263* 


92 U . - 

imI d - 


Briunnla Trust ManagemenUaxg! 

X Ixindon Wall Buildingi, London Wall 
LnnaenETSMftQL O10WM7h 0470 

S I 0 
51 
1486 
668 
341 
984 
Bit 
16.4 
1. pIS 

K l 

|7B l 

166 * 

ISO ■ 

«3 


Au» 

t 'apual .la _ 
Commit Ion. . 
Commod'O 
nsawMlc . . 
Exempt . . 
E.rtra Incoaw . 
FarEart - . 
Financial Secs 
G«W*Gaacral..-. 

lirtriih. 

Inc 6 Graaih . 
liitl Growth ... 
Invert TCLSbarei 


tOaenl*...-U|2 


Noe. Hi jb Inc. _. 
New lame- . - . 
North American 


Pro fees!anal ..-..J 5323 


Property Sharov . 

Shield .. ..- _ 

Statua Change.- 

Unlv Error gy . 


li 


u.o 

4ftl 

263 

283 



» orthing, 4rn Su«.»fi\ 


FirrtiBaliunl * 
l>n fArclun 1 
■Second iCap 1 
Tio 1 Accum. 
Third ilncoaie. 
rra . tcrum.. 
Fourth ■Ealnc • 
Ira i.vcun 1 


01033 K08 


,Ui06;aSMt 
203 
= 51 
8 70 
453 



-nj 1 


1818 Lloyd’s Life l nii Tsi. Mngrs. U«l. 

« 10 7= 80. ■ ^irhou -»■ Rft . Aylaaburi 0=08 SW1 

Equity Aci-um 1137 9 145 21 . . I 4 40 

M k C. Group* (\NcMXi 
Three C 0 */s Te»cr Hill. MB BBH 91836 VM 
See alM> stock Evcnaoce Draiini 
American pi 3 «1 tri -0 * 

■ Accuci V nils - .IM 1 
Aunraluto) — U* 7 
< Accum. Chili* P9 3 
Coratnodlir ,..M7 

■ Accum Ualta>- . MJ 
Compound Gro»iJi Nl.3 
Conearaion CmmcHT 3 


The British Life Office Ud* lat 

Reliance Hsc .Tunbridge WelU. Kl 0085-3271 

RLSritUhLrfa-1453 477] -DJj 5.98 

BLRalanced* . . W.2 462^ TT fif 

BL Dlridead*.. —|ft2 .. 8S3| I 436 

Price* Feb. 22. No» doabBc day March L 


Brawn Shipley Mt Co. Ud* 


Crave rows Tor 
Dtiirtend 
..Cecum l’oll«« - 
European. : . 

lAcnun l nits. 
Fitrv Vielrt 
■ Accum. c'nlt*. 

FarEajlnra 
iAccubi Caicv 
>Vnd o 1 1 ni. T«? 
’Accum t nil*- 
uenernl 


Mngrs: Fooodert CL. ECS 
RSL*a>uKhb27> ..QB5 5 
Do lAec.’Febjr? *2561 
Oceanic Treat* •*» uu 

Ffnanela]-(fit 

General .(1*3 

Growth Accum-W 4 

Growth Income .. - BI5 
h income — 

iadto.'LlZZZZ&i 

_ noai_bt.z 

PerformaBca --18} 8 

Raeowry-B46 

Eampt. Fab lb-@71 


0100033=0 -Areuin Unit* 
aiu-12rt 505 WlHlartW* 
2727} -13) 505 


Aerutn Lmbi 
Japec Income 
1 Accum Vnlt»> 
Alagnum . ._ 

1 Accum l'nil* . 

Midland . . . 

1 Accum. Era a 1 
lt rt0 « T > - . 

■ AcCuin. L ruts'. 
Second Gee . 

1 .Areuro. L'nior 
Spocial 
1 Areuro units 1 
Specialised Foads 

Canada Life Unit Tsi. Mngrs. Lid* Unit.. .. 

2-6KiEh St. nstenBar.Heru P Bor311= Charlbcmd Feb 2i 
ran.GMDim- . .»« 35SM-0.7J 414 Flwdd.»*h3l 

Do.Gcn Arturo-- BH SSSS^rSear 




.Mn Ecnror .19 7 1971 

An Growth (24 h 26 9 -0 i 

1-cempi Kiri - V’ 1 ’35 0 26 3, 

Eacidpi 3SM.lain- -[Sa 245| 

Extra Ir.r Tvr =72 293ci-0 Jj 18 30 

Iftromr Divl . 3*9 ga) -0 4, 

In. itr.Wfirui 30 9 2= 61-0 3 

mini Grr.w'3- 40 ■ 4331 -0 5) 

ln» T*t fnc. (221 

Atarkct Leader* 

Nil Yield 
Prt.' 6«-l!lTruri 
Pr.ipenv snare* 3 

Mpeclal Su Ta 123 7 

1 k "irir. Artum'.lll 
l k '.nr £*: - 4 !’.7 4 

•'.ext -mr Start h fc 

J. Henry Schroder IVagg Sr Co. Lid* 
I3i.’ hca^idr ECS 01-240MM 

CapiuUtcb-iJ 915 94« I 251 

..Accum ■ 12544 lp« 'J 231 

Income Feb 21 153 2 174 *| 7 M 

• Accum L>j|e. -i?457 234 M 7.08 


27 e 

25Si”c! 294 

3U|:» S8 


954 

3 31 
512 
488 
001 
U 64 
228 



*rw iat te.emr* land* only 
5 ^ Scottish EquiutilP Fnd. Mgrv Lid* 
831 36M.Andrew.5q Edltlmrab 0BI-S6«aiftl 
Income Cats K5* «9j j 530 

328 .Areuro l n.i* »J29 56Jl -I 530 

3 28 nealir.g «la> Wednn0«T 

*97 Sebag Unit Tst. Managers Ltd* tai 
63} PuSoa&i:.DcldM> H-e E ■. 4 01 2305000 

‘-2 SebaufAPitolF/f JC5 3=91-0 *1 3 90 

SctesInromrFd Ml ZlM -03i 837 

lie Security Selection Ltd. 

IS IV:0 Lincoir ii=r Field*.Wi*= (110810836-0 

<65 3: 2 ! 


399 

3.90 


Do. Ine. DM.. 

Du lnc. Accum .... 

Capel (James I Mngt LttLV 

100 OM Broad Sl, BCSN IBQ 01 

Capital-,| 

Iprome. 

Fnces 


U06 

1378 

-1 

2482 

. 3*1.5 

-2 3 

..J 15 

liC 


1389 

139 om 


U4J 

1MO 


127 9 

124 31 

-2 7 


7K MannUfc Management Ltd. 

SL George'* Way. Slav nuff 
Growth LnHm - |465 48 9i0 


2 fc UijvlGlhT*! ine !199 
JU Stewart Unit T«. Managers Lid. lai 

4 97 <5. l hurlutic Sq Edinburgh. 031 220 3271 
J ® Sceuan America F.iad 
i S SUDdardtiito j5< 4 57.9| .. I 1 »0 

x Accum Units . 158 b 

WiUdrava. I'rnw <44 8 
Stewart Hrliuh Caahal Fund 
\Sunnanf . fU5 7 1362/ . .J 368 

_ Arenm Un.ts .142* 154 41 1 - 

7*3 Sun Alliance Fund Mngt. Ltd. 

7 $2 Sur Alliance K. ; e llmua 040884141 
^-BjTrt-FVA 8 a00.9fl( Q)j j 457 


4 SO 

696 

696 

10«4 


BUI” 


3-95 


>8010 


OWS 810 I Target Tsi 
| 416 


wrfU Famjli Fi tl.9 8711 

Mpgrs. Lid* laHgl 

__ _ E». S Pealing* B3B85W1 

. _J7JJ ' 144].. ..I 4 40 Mayflower Management Co. Ltd. 

■L-wa-rKL, ■ 77* v-i 14'lBGrtvhaai Su BC2V7AL* OI0Ofl8Ca> 

on Fab. li Nest tieaUna 1. . ;g £3 IgAg | 8« . glS 

Target Cilt Fnori 1 1173 


Carilol Unit Fd. Mgr*. Ud* laXci 
MUbarn House. Newcartlu-upoo-TVne 

CarlloJ__ 

Do. Ace am Unit«... 

Nasi deal 


Charterhouse JayhetY 
1. PatarnosterR 0 w.se*. 01-2*8! 

KS2:r-I{ M 



2. GreshsoiSt E*.S 
Tbrgncommad-.t* |?L? 
TliTgei Finorriel 5=5 

lsromeFeb.21. .UU 106A- • — 

General Feb.21..-J66.2 «M 

21*188 Mereuiy Fund Managers Ud. 

*72 30.GrahamS.BC2P2EB. 010004855 TarneAlnQ. 

4.72 MarrGen.FbO.S2 H644 170.61 . I 4.79 Do. Beil 

839 Acc.lt*. Fab. 8. 

ID ‘ “ 


Q644 

2=ftl 

SH 


17* 

iLs 


629 

b*a 


1977 

205 9m 

... „ 

23S.9 

245 7] 



' .-fch 

a.. . |?3 

4.79 Do.Beiflv I n.*. ?T4 4 
479 Tercet Iru .___ ®J_ 

145- 

1.95 
439 
459 


TargetPr. Pch S ,107 8 
Tgtlnc. - S72 

TgiPrel. |1«7 

CayneGro«tb rd <16 5 


cj. income-ro.4 

tJ.VSuro.rin-p54 


Accum. Unit* —. H?2 

CJ.FUTwTU-64.4 

Arturo Lulu . |Z7.4 
Price Feb 


5.68 

Stf 

709 

371 

1.71 

425 

425 


CemmodtryfcGa. 56 3 
Do Accum _ . 63 9 

Oowtb - >.._ .. 131 
N«d dealing March I £££?? gj 

Chieftain Trust Managers LtiLTfaKg) j r.*. JU 

30.31 Queen SL.GC4R18R. 01^48203= Do. .vccum ...516 

aato'^das’ *a|4i vs ktskv.ss 

HiSn»l^.lTrt..:g2L5 2ft|-0 fl 5 65 HlghYield-»4 

Bole H«rrt. T1 SU -Q2l 501 ~ SJ 

Do. Areuav* .. . — 98.0 


Heroine Fbb. O..WI 
AccroDta Feb 22.^ 

McriXTO. FebJ3. - 
Ac rum li* Feb =3 

Midland Bank Group 
Unit Trust Managers Ltd* <a) 

fOUTtwood House. Silver Steel. Had---_ T , , 

SheNlald.81 3RD Tel 0742T9842 TargetThuxte-- ;56< 



29S-04/ 


581 

M* *M 
37.4 -0 4 
251 
77 3 

•as* -otJ 
s=2 -on 

4JJ -0U 

45.7 -rO? 
60.1 -OA^ 
621 -0h( 
1034 -17. 
10l4 -5 7 


Confederation Funds MgL Ltd.T to) 

SOCbanceryLane. WC2A1BE Oiccoac ^ ** 28 

Growth Fund_ 137.7 39* | 445 Minster Fund Managers Ltd. _ 

. . . >MtnrtorB«a-AnbnrRt,E.C* 010231050 ciinFeb73 — 

Cosmopolitan Fund Managers. Mhuaror Febjrr...m* n5| -2JM 5« .Aenun Vyitm 

SaFo«Street. Loudon SW1X8CT OI03BBSS. EsmaptiaaSl—‘fe* 89*! \ 5«2 

ooraopoto-OauFa 065 27* -031 500 gy Trust Mgemnc. LUL 

Creaeent Unit TaL Mara. Ud. iaXg) «d Queen Strom. smH8JG maaoTsa 

4 listedleCrt*., Edinburgh ft (010384051 MlAUnim-(5ft2 37.01 J 4 59 

CHmowth. ^i -og 4ji Mutual Unit Trust Managers? faHg) 

MM *‘2 

Discretwnary Unit Fund Managers 
SS.BIWMMUSt. l £C2MTAL. O109844K5 

Dire Income.-|Uft» U01) ] 


CarneGro«tb Fd <16 
Target TsL Mgr*. (Scotland: lafth) 

10 AthfilCrcweut Edit-. -I IT31-S9882I 2 
Taroct FAdl* .. 122 9 2431 -Oil 157 

TarewThinte— '56* S4:U -0*1 613 

.. sSrotabSeFd fe? 6Lft?-03) 1078 

JS Trades Vnion I nt: Tsi. Managers? 

350 100 . Wood street. E i3 2 O10S8BOH 

395 TCVTFeh 1 - W3 9 5211 I 522 

k 73 Transatlantic and Gen. Sec*. Co* 

6 73 Bi.90 New l.onHon Rd Chfiln»fcrd024Said5! 
297 
297 
888 
188 
568 
568 


19. Coptball Ave-ECZRTBU. 

Mutual Soc. Plus. 

MuuiailncTm-hlT 

Mutual Blue Chip ..HU 
Mutual High ria . |»6 

5 47 National and Commercial 

„ _ _ — .. 8I.S6 Androwjftmara. Edinburgh <B!-S56SI5I 

E. T. Winchester Fund Mngt. Ltd. incomeFafcis. IM4.B i*94| .. l 5.96 

Old Jewry. ECT 0 j 308 2167 * Accum Voibi_11948 ZOZOi . 1 596 

c5^rtS*..|17A M.43 ...J A39 Cap».Fbb..ia.. - .®T6 122 

a«MiW 0"*aa»|lft7 20 44 - I 4 89 


Barbican Feb 23 IMS 
' Accum. 1'all*. ...11262 
BarbSuro Feb = 019 
-Bueicro Feb 23 . [72.* 
(Artuat ('cits. . MSI 
Coloroco Feb a« JU3 4 
(Arturo l"nil*’ - --R54 7 

CUDUiS. Frb =2 .303 

Accum. Lulu. —15| 7 

.. .(137 

MariboTO Feb K- JgO 
(Aecuro L &!(*■- —1515 
V an. trail Feb 21.{461 
iVcaa Collb’ . .Pfcl ■ 
veo'irv Fhb 31 _ . .Mi 9 
Vans Toe Feb 22- 01 
lAreuro L'nlu i - (C7 
WIck'rFob 23., .-1561 
i Accum VntU .. ..Hi * 
■Vi Di.. Feb 34 ftS 0 
Do Accum . HA 5 


010084803 
-071 714 
-IS 804 

-1.3 686 _ 

-0.9 so Tyndall Managers Ltd.? 

IB Caiqmgc Road Briitd. 

Inc proa Feb — (J4A 9< 

■Accum l* pits - .1167 2 
Cap Feh = . 

■ Acvuro l'nlu; 

Exempt Fib — 

■ Accum. Vruisi 
CaorngeFob S3 - 


344 

344 


wsrwwftsi* 

(flunwai 19 ArtUJU . . 175 X 

t*«D6Q 
11-021 4 
3-0fi| 7 
9 'H 5 
a -o3 s 
fl -OS J 
U -Ld 5 


BUTh P* 3 

UrU-TA 5? fSiSmTivtu".' pi 


Extra I oc Groerh 

Do Accum 


J® 7*" Accuni 115 

It? llldhlnc Priority .»J 
5 “ Irxernattonal R39 

Special Ms. 07 2 


sat 


124 8 
1583 

ACCUM Untt» - .(1424 14761 ..1 3 04 SCSKUmlaT' 145.5 

Kmaim A Dndlov TaL Manut Ud. ***** Proridcnt lnr. Mngrs. Ud* (Tuo 

“48.CrocachurchSL.EC8PSHK 0 ;«av^l !«.£«„, Feb 22.. 223.0 
SO,Arilhiponbl,S.WJ W 'f®S S o I NP.LiiniLnTb* ..(44* 47S 3» . vecun EuiQ. in.J 

EmaonDucCsyT«..|S76 72.7(-...J SOB .Accum Utdue . _S30 56*. I 375 Scwl van Peb = - 1288 

„ , „ . ATI O'rejty Trtut J0P&B 115 2«d J 3 a .Acciun I’wb.-050 b 

Enuitas-Secs. Ltd.?faKgl /Accum UbIW-- JU61 122.9 i 3» Scat Inc. FM S . !l512 

41 BUbapagUC.E9CS 01.3« 388l »“ ?ncoa W .W.’. 

Prortoirtvo-130 6 6181 -8 « 4« -Fneas Feb 15 

Equity * Law Vn. Tr. M* ftMMhM WJ 

Aroorohaoi Jld.. High W.ccwube 6*048387? cVpIiaK^S ■ B* * 

Equity* Low - ■ (587 6L71 -B d 464 Extra Ine. .. -614 

_ Ftoanetal- 

Framlington Unit MgL Ltd-. Lai Growth lor ... 79 B 
5-7. Traland Yard. EC4B SDH 613*85071 {EffifLj-r Fd ' ttl 

tester-m? m.--i :s 

im-orowthn. .Tima 96.3 — 2*7 NEL Trust Managers Ltd.? (aHg) 

Do.Arturo. -|9=* 912] . 1 1*7 MltmaCourt Dorkmg.borrej »l 

Sfe?Hum,i*e:::|SI SKI-19 SSS 

For New C«qn Fnad Hanigns Ud. 

Prt Rothschild Asset Kanageveat _ 

Norwich Union Insurance Group (61 ruaar ***** 

P 17 MK Noraieh. >RI 3NO 0003=2=00 
(5029 5l79ri-:sll 365 

Unit Tru« Account ft Mgmt- Lid. 

(U4334851 

*72 

342 

5 . 4 * Da Accum.. !3£* , 34!J....( 342 

5C Wirier Growth Fnnd 

Fclican Units Admin. Ltd. igKxi KjBswtiiro.-.*i Ei *R r .^K q:-£S40m 
inST7.«73ft0 It Founi*ra3t.Manr*.ea4er_08_!-5 j 65(W lnr.4»e. .j£J gTj -1 ?j 3« 



Bis&opsgste CannnodJty Ser. Ltd. 

PO Bax42 DouglSA luM 06=4.23011 

\R« Vi :• Feb 6 I SI. Stt 69 
ANRHO— Feu 0 CLOIB 
CDINT"’ Feb 8 I tZJSSrt , 

nginalft rivued ai -Sid ana —LI 00. 

Bridge Management Ltd. 

pi.. Bn\ 508 Lraad Lairoau Lxwtian l« 
Nba-hiFrh l 5T3857 | ....( - 

•S P D Box 500 liftpc Hoc* 

N.ppnnFd Fcb2£ RL«U67 l«ri| ..J !.I 0 87 
Ei-xock SipllC- 

Britannia-Tst. MngmL (Cl) Ltd. 

.« Fwnb-i Si Hrlier.Jer>ev. 053*73114 
Growth !b»«i 1293 31.7ari .. 4 00 

larnl Fd. . - £0 0 64*3 100 

Jrnev Encrpm. 0388 150Jrf .... 150 

lnlc«L Dir. Tri . 154 7* 5 0U .... - 

ltuvxI.STll.Sig.. (£205 21^ .. 200 

Value Feb. St. Next dealing Mar. 8 

Butterfield Management Co. Ltd. 

P O Box 195. Hamilton. Borrauda. 

Suttroas Equity _ ..4203 L97|_| 209 

Buitxvsx Income _|L99 L92l .. 4 7.49 

Pnm at Feb. 6 Next rob. day March 12. 

Capital International S-A. 

77 rue Notre-Daar. Luxembourg.. 

Capital Im Fund. | Sl'51529 i .I — 

Charterhouse Japhet 

1. Paimontr Row. EC* 

Adlropa 

Adlvrrba . . 

Kotdak 
Focdi< 

KjnpeTor Fund 
Hi«panr. 

Combi II Ins. I Guernsey i Ltd. 
pn Bin 137 Si Peter Port Guernser 
MDif Man Fd . 1363 0 177 5/ .. I — 

Delta Group 

PO fun 3012 Nassau Bahamas 

Delta In* Feb 21 15126 132) 1 — 

Deutscber Investment-Trust 
Poulach 2S» Blebergaske 6-106000 Frankfurt. 

iTonrwitro-|r«*40 2239] .... j - 

Int Ronteafonds _|DHU« 7»«1.1 — 

Dreyfus Intercontinental lav. Fd. 
PM Box N3712. Miut. Bahamas. 

NAV Feb 23_UCSttll &27J-1 — 

Emson ft Dudley TsLMgtJnyXtd. 
PO. Box T3. Sl Heller. Jersey. Q5W 30581 
EJj LC.T._11143 12L7J .. I - 

F. ft C. Mgmt Ltd. Inv. Advisers 

1-2 Lau-cnre Pountaei-Hill. EC4ROBA. 

JI0S3 4CW) 

.Vui Kd Feh -J2 | SVS4 30 1-803 — 

Fidelity Mgmt. ft Res. (BdaJ Ltd. 

pt.i P-n 870 I (amilion. Bermuda. 

Fide 111; Am. .Vw SUS20 26 

Fileini Ivl Fond . 5l sUJJ 
Fidelity Far Pd SI’£39 21 . , 

Ftdvli? Wrirt Fd SI S1230 j-OOSj 
Fidelity Sler Kd* . - 

Serir^ A'lninl • £310 

<enr*BiPirifu> . £635 

>eri<i P'lnA a* (1331 

First Viking Commodity Trusts 

B Si George * •»«. twugla* 1 o M 
*=•» «S= ldn KC> Dunbar 6 lo. Ud. 


M ft G Group 
Three gun* Touer Hill FC3R 8BQ 918=6 4M8 
Allannc EvFefi Zl 
Au»l f:» Feb =2 
Gold Fa Keb == 

Island 

i.Acriim L'nita* 

Samuel Mohtagu iris. AgU. 



z rvj 

j 

5L-S177 

i wf 

1 


ji W 

L 

104 D 

non 

-0 7 4 tl 

1*52 

154 W 

| -1 d 4 81 


114. Old Broad a; Ki’i* 


v polio Fd Fch =1 
laptert Feb ].*■ 

I IT I In Feb =7 

117 Jer.rt Frb 8 
: ITJrirO'jFeb 15 


ISF4220 

,IHMU 

pi*:cr 

£4 55 
:£977 


nsi 

“2 

10ZB1 


oi .iffiMu 

*08 . 

. 150 

OlhJ 215 

B|4 


Murray. Jobnstoae ilnv. Adviser) 

1B3 Hope st. GJj.f (M c= 04) 22J 5321 

■Hope 4» Fd I 51 S2817 ! . I — • 

‘Murray Fund SI'S* 31 J. 4 » 

•NAV Jac 31 

Negit SLA. 

10a Boulevard Royal. Luvemhouie 
NAV Feb 34_| SI S10 6 J \-34% — 

Negit Ltd. 

Saak 0 { Bernuida Bldgs.. HamDloa. Brntdo. 
NAV Feb 17_R4.54 — I .| — 

Old Court Fnnd Mngrs. Lid. 

PC* 5ft Sl Julian.'-Cl- Cuern*ei MSI 3&31 
Eq Fr Jar 31 .. 148 3 51 IT . ( ? (5 

DCrFd-Fcbl. . 156 2 165 3 

lull Fd Feb 15 .(965 97 0 ^ 


5 DO 

fX =8 


«59 

SrnCo Fd Jan 31 (140 4 149 3! I 3 22 

Old Court Commodity Fd Mgrs. Ltd. 

PO BuvSaSt Julian'..*1 Guerr-ret 0*m =8741 
111 I'omilivT.L ■ (1=13 1290M 

fn‘ Dilfm ;-i • 15=4 89 26*71 

•Pncfii «*n Ft*) !4 Veil dealing . _ __ 

»I*n.-e fir. Feb =1 Nh%i dealing dale Maroh T 

Phoenix International 

p. 1 Pi-i 77 Si Peier Port, 'ii'inw;- 
liiler-Dellar Fom) iic.vlli 2J9) I — 1 

Property Growth Overseas Ltd. 

'M ln*hTocfi Gibraltar .l.ihi6108 

I’S Dollar Fuad I srs8827 1 I - 

fiVerliag FCnd I £228 89 ! .] — 

Royal Trust <C!> Fd. MgL Ltd. 

PO. Box UH Pj»» 1 Tsi.Hse.. Jersey. 053427441 
RT. Int i Fd . .IS'.Stli 939 .... I IM 
RT tolTiJae.-Fd. (64 j d ... I JO 
Prices at Peb. IS. Neat deaU&i; March 1ft. 

Save ft Prosper International 
Dealing Ur 

37 Broad SU Sl Keller. Jersey 
I S. DoUardeneainaird Faads 
Plr.Fxd. InL ** 4 —1*34 9 95 

InlernoL Cr •} b &6 6 55 

Far Faslcrn't__ 33 29 35.99 

NontiAmencaot. 336 3 64 

Sepro'l. |12B4 14 9^ 

Ftt-rllng-deaami noted Fund* 

■'bannei Capital^ 1254 5 21a 3 

• tunnel Islindsp U36 0 14^ I 

«'oranu>dlt>“~i I 111 9 117 Jrt 

M FNd Ini —• 112C 3 1£7 3 

FnNi on ’reb -I "Feb > 
j»\eekl> Iraalitagi 

Schleainger fnternaiienal Mngt. Ltd. 
4! la Mode,St .SI Heher. Jersey D534 7358S. 
SAIL .. . |7S »| . . 9D6'- 

Sadi. .. _ . soai e* 4*5 

GiPFd . P4 2 74.1-011132 

mil Fo Jcrir-. . .ten 190d 368 

Inuil Fd lAtnl-rg 19 57 1QB7|-00. — 

Schroder Life Group 


0534-20581 
7.04 


as 


188 

520 


—Feh *2? 


U Pail Mall, inndwi 4VII75JH 01-M0 7K17 E nrrrpn „. P»r*j.m&ulh. 

f-l \Ik Cm TW 1*14 43« .. 210 


07D5 7/738 


Hamhn. Broda 
.1 10* 
.. 0 79 


K«t Vk 194 lip T«l IBS 0 
Fleming Japan Fnnd S.A. 

37 rue Xolre-fame. Luxe rabuurc 
Ping Feb. 3= . I SI S4097 | .| _ 

Free World Fund Ltd. 

Bulteriield Bldg. Hanillc-n. Bermuda 
NAV Jan 31 .| SVS16419 | . .1 — 

G.T. Management Ltd. Ldn. Agta. 
Par* Htf. 18 Fliwbuijr Circus. London EC2. 
Tel 01023 8131 TLX esaioo 

Maoasemeai Internal Ions! IM l 
coKM Hcnnu«ia_I>ini Si _Harnl«n Bm<U 
Anchor-B-l-nlU \pi89» I3J< f JW 

Anchor Ini Fd . It^JC 4Kd 1 199 

G.T. Bensnda Lid. 

F. k of Bermuda. From 51. Ha. 

rrairj- Par F JD874 r 

CT iFd . 1 31-5631. 

G. T. MgL (Asia! Ud 

HuichiMMi Har Harcoun Kd . Hong Kong 
G T Asia F |LHK73k 7471 j 196 

|-.T Bond Fund l 31512 20 | I 530 

G.T. Maaagement ijersej-f Ud 
Ro>’aI Trt. Hae. I'olonibenc Sl HeUer. Jerxr,- 
(if AMaSierhai .100 76 1134! I 176 

Bank af 111 ■dlifaoMw; Id_ 

31-33 >* PoU« Gurmtey OWI-SOMO 
Berry Pac -Strlc . [213 00 223 bi 

Anchor Gill Ecgc KJ 0 55 JO6W0 
Anchor in Jjj T« 122 4 24 0( 

Gartmore Invest. Ltd. ldn. AgU. 

1«4 Mary Axe London. EC3 013833.131 
Gartmore Fnnd Mag: iFar Eaui U4 
1S03 Hutchison Hsr. 10 Rarcoun Hd. 

HK h Pac li T« 

Japon Fo- - 
K. .Vracncan Tsi 
Inti Hood Fund. 


0 8D latmalUmal Fund* 


1037 

m 
1216 
1107 7 



H 134 
1198 
32b 


p. 1 Far Eaui Ltd. 

. ]0 Rarcoun Hd. H Kong 
R-SJC 15W . •( 318 

i'.ei:h« . .1 - 

R5IM 1IW . I - 

R-KiUJ OiM ■ — 


tEquiy 
SFquity 
CFped Imercu 
S Fixed! mere u 
'Managed 
SManage-i . 

J. Henry Schroder W'agg ft Co. Ltd. 

iaO.Checr-ide.El 2 01-5884000 

OieapSFch 3 — 

CheapS Fri-TJ 
Asian Fd Frh =0 
Darling Fnd 
Japan Fd FcL- 33 

Sentry Assurance International Ltd. 

P O Btn 336 Haiall'on S. Bermuda 
Mnaaaed F and ((1*5147! !WI I 

Singer ft FriedJander Ldn. Agent* 

•JO. Cannon Si . EC* ■ 01 =4095*8 

Crahalond* . pJC5U >5PJ-P 10) IC 

TnbsoTw Feh I l SCS3000 I I 2« 

Stronghold Management Limited 

P.j Box 315. S? Holier Jer*e? 0SP4.7I48B 
■VtunraoOiri twl Kft45 93 111 l - 

Surinvest ijerseyi Ltd. tx) 

Pu Bos 98 Si Helier. Jrrte?. 0534 7387S 

Aim-near. IndTri 1£67» bpi'Sill 145 

Copper Trtixt. . £164 ?2S r SS ‘ 

Jap Index T»i IC910 9 2o(-ll2l| — 

Surioveat Trust Manager* Ltd. lx) 

48 uhol Sired. Praialii', InM >58=4 SW14 
Thi Sil.urTni'4 97 6 
Richmond She.ri 97 *36 9 
Ira Plalinum Bd 110 7 

Lio ColdRd 100 3 

Rich. Em. IT Q=Bd 1756 

TSB Unit Trust Managers lC.1.) Ltd. 
Bagatelle Fid . Si Stu.m:. Jersey 053473404 
Ji-rre\ Fund |«7 «9d I 4» 

Guernsey Fund 1*=.7 4*9i I JO 

Prices on Feh 32 Next sub day March L * 


94 « -0 9 . 

196 71 -0 4 I0JS 
11651 -0.B - 
705 61-11 - 

19*9* -B*| 1127 


Gait more Inxronnrni MngL lul 
I* .1 Box 3=. Dougla-y loll. M!4 23911 

^^broMh. Is*fa . Mil M I Tokyo Pacific Holdings N.V. 
Hambre Pacific Fnnd Mgmt. Ltd. 

2110. Connnugiu Ccmro, Hong Kong 
Far£sotFeb.83 -ft.74, 18JW . f - 
japan Fund • lsrskM t4n —1 — 

'Hambre* (Guernsey! Ltd./ 

Hambre Fund Mgr*. (C.L) Ltd. 

P l> Box B8. Guernaey 0881-28821 

’ 390 

850 
Z30 
850 
230 

a. 


C 1 Fund . -. -1345 

IninL Bond SI'S - 19321 
In*. EquiQ. St'S . - 982 
InL SiXl 'A 5175 108 
Ini. Sig« *E‘ Sl$991 


Iptimii: Managmem lo XI'. Turarao. 

NAV per share Feh. =0 SUS4363 

Tokyo Pacific Hidgs. (Seaboard/ N.V." 

Inlunis Manascmcni Vo N.V. Curacao. 

NAV per xharc Feb =0. U'SSl 81 

Tyndall Group 

p.O Bn 12S8 Handhin ft Bcrutnda. M*t 
OvcroasFeb =..-.IHS90 


- —- - 2ft. - .lll l. . 

iAccum Lniisi-plSlH 

3-H'aj Ia( Feb 18 .{JIS2495 


1 


608 


Pnrt» on Feh 25 Next dealing Feb 
Henderson Baring Fund Mgn. Ltd. 
PO Fox N47=3. Naareu.Bahama* 

Japan Fd . - 11534 1AM .. I -■ 

Prices on Feb 22 Next dealing dale March B 

H til-Samuel ft Co. (GuernseyJ Ltd. 

B LeFeb*re St Peter Pen Guernsey. ■>! 
raiernaeyTsl (138 8 148 S -0.9( 3 79 

Hill Samuel Overseas Food S.A. 

37. flue Notre-Dame Lnaemboarg 

IRfill** 17UI-0MJ - 

International Pacific lav. Mngt. Ltd. 
PO Box RS37. 58. Pitt a, Sydney Auj4. 
jaaeliaEquityTK. ISL84 1.94) .. | — 

J.E.T. Managers (Jersey) Ltd. 

PO Box 18t Rojal Tat Use, JeneyOS34 27441 
JerxeyEnrnl Ta ...J1W.0 136 « ... I - 

As at Jan. 31. Next sub da* Fch. Sft 

Jardine Fleming “ft Co. Ud. 

4Ah Floor. Connaught Centre. Hong Kong 
JardineEttn Tst .1 U/K2HII4 ] ......I 

JarrtineJpn Fd** SHW7968 [ . j ICO 

JanUncS EA _ SUS3174 f .... 7.60 

Jardine Flea tnL» 5HKft93rt I. « I - 

NAV Jan. 31 ■EquGalent Si’SOoiM 
Neat »ub Feb =8 

Kemp-Gee Management Jersey Ltd. 
I. during Cross m. Helier. Jersey. O&H 73741 
Kemp-GarCapKai.182 2 84.81 . I - 

KempIncome Mb a*S . . | 800 



£6 75 

6 651 

,| 

£9 70 

10 J8 


fe5 

79 i 


753 

795 


1B82 

199 6 

u 

2598 

274 6 


1110 

113 0 

ll 

|l39fe 

142.2 


OSMSmUft 
400 


TOFSLFeb SI 

iAccum Sham. 

TAfiOK Feb 3= 

■ Accum Shares 1 .,- r . - , _ ,, 

Jcrxcx Fd Feh 22. llB82 194 61 ... J 710 

I.VM-J Acc I lf |2540 274 b] . | - 

.... .1062 

Aceora Share*' 

Sircar* Hoaae. Dooglaa. lair of Mn. 0CM 301 
Managed Ffih 16 I12S 6 " 1324) | — 

Utd. IninL MagmnL lC.1.) Ltd. 

14. Mulcajter Si.-re*. a. richer. Jersey. 

11B Fund I SI'KIM I .... I 0 25 

United Stoles Tst. InlL Adr. Co. 

14. flue Aldnnger LuxembourK 
VSTa-tm Fnd... | Sl'SMO |-*0J17| 0.95' 
n'c* asset Feb 24. 

S. G. H artnrg ft Co. Ltd. 

30, Greaham Street. ECU 
Vnx BilFd Feb =4 1 ilMT 
F.n» lot Frt N SESUID 

GrStiFajwi 31 51TSM7. 

Mor Eur FdKeb 22 |H SMB 
Warburg Invest. Mngt. Jrsy. Ltd. 

I. Cnaring cYo*s SI Helier. ity. Cl 0S3473T41 
I'MF Ud Frit 33 tit JT UM-*0UI — 
CMTUd FeC. 23 (Q742 I29H*IJ» - 

Metals Ta Frb lfl .IU0.93 11 2« . Tl — 

TMTFebO . hli-TS 4« .. .] - 
TMTUd FebB. 1*13 9 37| . | — 

World Wide Growth Management* 

Ida Uouleianl R>nal Ijixtmihourg- 
Merld*ide Gih Fd! SI.S1275 I .( — 1 


010004509 


m = 


NOTES 


pure* do n.u include S premium, except where indicated * and arc in pence unleyi Mhoryixa 
■ndkcaird. Yields «i iSliou.q In law column; alley for all builng expenses, a Ottered price* 
include all expense* b 7Vvda>'» prices c l ietd ba*cd on offer price d Mlmotmd g T»daric 
oper.lng pner fe Distribution free n! I- K laxev p Periodic premium msurmee plana a Single 
premium lOMiranre * Ottered price include* all exnen.ra* escepl agent * commiselfin. 

Offered price include* «!) expenses if bough! ibrousti manager* r Pmloux day's price. 
- - ... - --' S* 0. 5 ■■uern«e* gro»* 8 Suspended. 

ItXIKldfi 


v Nci of lax on reah^d capital sain* unless indicated t>* 0. 5 " 
• Yield hertire Jerw? lax * Ex wibdixi' 


3 00 TSB Unit Trusts ly) 

31. rbtetry Way. Andoxer. Ilams 


02840=188 


Friends' ProvdL Unit Tr. Mgr*.¥ 
pixAatnCnd Dorkhui OHMttns 

BExsariw i ^ 


ibiySBCesoraJ 
■p. Do Aeries. - 
■b. TSB Inroma .. 
ib> Do Aectxro • 
TSB hcooah . . - 
■b-Do- tecin— 


Dealing* in 0304 8343= 3 



G.T. Unit Managers Ltd.* 
lfi FtonMiyClrouaBCXMTOD 


J.T.C«p.Inc— 

tSu” 

JT. L'ftfcGcn 
G.T. JapaofiCca 

Od/SSmTEftFa _. 
,&T.lm a l.1*Md - . 
Wlnd*wM>44}ftT.FowVdaFd .. 

8G. ft A. Trust (ai <g) 
5 Rvtwghfld-lLMnpsaod 



J3AMW 
I19fi • 

M* ... 


GreupTn-Fd- —1902 0 517 9ri-lblt Sfefl 

jr peart Trust Managers Ltd. lartgkr* 
02 High Bolburn, VTxnv 7EB oi-4(e8«*t 

Pear! Qrowthf’d.. JM 7 

.Accum Unite - fU 8 

Fnantnc.129.1 , 

Pearl l/Hif Ttt. . 315 
I Arciim Colts... . 1*0 1 


403235331 
SbW-041 SDb 


*.» 

IS 

410 

230 

740 


77* KlH6*::UL-of4 EC4RB.AE 

ttbUeA b*8 Vriarailxc Fi.ad 0341 1*4M 

mSUdSI 7» Wiel««frtS Vue ^86 
31^0(1 iS 
432| -0M 


le.ftft. 


(2*J MH-M iij MRU Lut»-l73A 71*-L* 5 « AccuEL LOtii- 


CU 1"E LV1T5T9IENTS LIMITED 
1 Royal Exchange Ave.. London ECGV 3LU. Tel.: 01-2S3 1101 
Index Guide as at 2lst February, 1978 I Bane 100 at 14.1,77.) 

Clive Fixed Interest Capita) . 134.6 

Clive Fixed Interest Income . 121.45 


CORAL INDEX: CIo« 438443 


INSURANCE BASE RATES 

t Property Growth . 

T Vanbrugh Guaranteed . “ 25% 

r Address sJiiiwn und'r Insaror-fe and Proper^ RokH TaMp 









32 


FOR YOUR COMPANY- 


IPS 



ContaCt-B. D. Kay 

INTERNATIONAL FACTORS LTD 

Circus Housft, New England Road. 
Brighton BN| 4GX Tel: [0273166700 

Birmingham. Cardiff. Ladds, 

London. Manchester. 


FT SHARE INFORMATION SERVICE 


Financial:Tiroes Tuesday 

HOTELS—Coniia^i: 


AMERICANS—Continued 


l^TT-TR 
High Lot 


“BRITISH FUNDS 


MDci 


*• sri M*W 
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89-i iTrei un "re 7*^ 

851; (Electric 4 ; .;-i "7 t79 . 

92 Treasur? io> . 

84“ (Ekciri. T^'XTi 
87-« (Treasury Sew |S9 
88 V, QtfSiuK P'jpc .?>U. 

82’r (Trea ur ^r'c-; ..*< 

83,' IFundi nc.T- ; p^'73-PC 
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|TTea«un )i'...pc 

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1977 TS 
Rich Law 

35 
41m 
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955p 
251 

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151; 

25 
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171 
34 

630p 
705p 
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Coaversion factor 0.7215 10.7261 > 


12 07 
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1213 
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CANADIANS 


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BUILDING INDUSTRY—Cont. DRAPERY AND STORES-Cont 


23 i 16 >'ir^c:-GV'!9p- 


48 
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128 
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55 

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17 Harrison J IOp.. 

20 Helical Bar .... 

47 Hendrn. W IOp. 

83 !Iade:»•' "■ 

18 'llcwKn -t l«r 
££0 j J»> Tpcv’ii::-. 

2b 'lle\"'|lVm ) 67 
“5 * 72 

27 lllft'.cirsnii. 1 67 
I 20 I lit- F.i- Vk J 56 ; ; 
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75 ;p. . 

73 lMi'Ol.lsiJihe.-i 
66 iii( Timber 

27 1 B Hnldinc: . : <p. 

1-6 1 , • r.. 

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70 Jennings SA0S0. 

36 JrsrrRrhds£<J{' 

8 Jcm« &Jtrt IOp. 

21 Ken ilLPi IOp .. 

£18*, Lu'argeS Aiiwi 

69 UirS'JohR "A". - 
84. Latham'J 'Ll _ j 115 
53 Lawrence>v. ...I 101 
42 Leech Wit '?ip.. 

28 L*-.land Paint.— 

34 UflerFJC... 

15 Liner '".M'chlOp 
40 Liindt’n Erick. _ 

! 43 Urdl’V i > 
j 32 McNeill Group 
jllO .Magnet 6 Sihns 
2B>> MallinMn-rienn;. 

36 ManderviHldJ' 

113 March*wl .. . 

44 Marie> 

74 M.v«.Mll"Hf\. _ 

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iVwdDarfir 5p.j I 0-3 
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[i> L : rJ‘ er-ai_! 26B 

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176 

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1*»? I Ml Jee-ooper-] 105 -2 thl.6s 

- 1 Li Fen.--£20 ..._.t29,ip 

1!- £20 ;—jt29.75 

I.ire.*.tct K. 10? -J 52ri (+2 (3.49 
12b 131 i::nftre-1-Tl9oJU6rt -2 jfd3.96 

1? I 5 (Mawelpa. lV; 1 .^... 1 — 

.Mar’tstbpercerl 136 !.—!556 

ManinNexs_ . 

Meries J.- -._j 308 
Mldwl .''1C?_I 10 
Mid. EJursi Sip > 88 
Morn* BUke>' _ ‘ 

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ENGINEERING—Continued 

Price M Nrt lrvric$P# 


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FOREIGN 30NDS & RAILS 


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37 

98 

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58 

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77 

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91 

320 

87 

265 

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l\S. S & DM prices exclude inv. S premium 


AMERICANS 


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143 M3 .AbenUwnl 
lU. 67 Ails* lEV.~ 
94 67 Affiance^ 

224 166 ASianceTi 

m n Altanadto 

183 81 Da Capita 

b8 36 AnbraelO 
61 n Do. Cap- 
46 30 American 

44 28‘2 De 1 

101 79 AngtaAa 

52 33 ADCioanL 

!S . 86 KM 
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79 - 52 • Aimmed 
'44 M DoCm-; 

121 .93 Ar poto; ! 
131 94 AslWOT 

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- -166 12HaB*.ta« 
146 M2 Broqflsti 
-97 • 64 Bnnne 

i'3 4-Bffl 

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SISALS 


66 43. CliPJm 

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77 55; CalfdtmnniTa 
'70 52 Da t - ®’— 

29 ■' 57i 2 Caahtiaaad^. g 
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125 90 Capital105 

119. 85 fDo.“B' 

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64 3.6 

5* 

13.9 f9.4l 
7.7 057. 
3B 4.B 
6.9 6.2 
2.1 8.0 
53 7 8i 
9 5 62 
63 88 
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1.812.2 5.7 

1.2 6.6 >117 
33 30 59 
7 9 5.7 3.4 
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3 3 15121 
4.4 5.4 5 3 
2 5 114 5.2 
102 [9.5 - ' 
110 27 5.1 
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39 18 

395 240 
57 25 

260 155 
570 260 
13 B 
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150 72 

100 60 

1 11 ,1 

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i 490 260 
1410 217 

1 49 40 

8 70 50 

2 215 133 

B 90 35 

7 73 55 

, 210 77 

L» 305 14E 
7 160 57 


■64 19 

102 42 

95 45 

203 93 


.mol Nigeria._l 

Ayer Hiiam SMI — 

BeraKTm- 

BerjontaiSMl — 

Geevor- 

Gold 4 Ease 12i j) - 

GopengCons.- 

Hongkong- 

Idris lOp- 

JantarlZ 1 ^)- 

RannuitineSMO 50 

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iPahac?- 

PengkalenlOp— 

PrtdingSMl- 

Saint Piran- 

SouthCrofrjJIOp.-- 
SouihKlntaSMOSO 
Sihn Malayan SMI. 
Sungei Bea 5M1 
Supreme Cwp. SMI 

!SS3%rw 

TronohSUl-1 


TINS 

-J.I 28 
l_ 275 


-.fp SB) 
zrfflf h si 

-5' 150 0.9 8.9 

-2" 73 * 12.9 

mu* a7 4.g 
. 0125 4 Z7.8 
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ll 64.12 1510.4 

. ionic 1-4 11.1 

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198 ( 70 


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taOO 225 
475 250 
247 169- 
70 2&; 

£14* 8D0 
55 39 

160 120 


COPPER , „ „ 

|M».inaROM....| 70 |-2 !tQ30c| 1.9f * 

miscellaneous 


Burn* Mine" I7i;p 
lpIK Mine; SCI .... 
runs 'lurch 16 - — 
NonhgalsCSl 
rt: - — 1 

hcbuM Ink CSl — 
TaraE\Tftr. 51 .. 
Ttn:d‘ IriitriltlOp. 
Yukon Cons. CSl- 


71+4— 
240 ... Q30c 

252 +2 - 

169 -2 tB.S 

35 . - 

844 +13 - 

45 ...... 1^1 

120 . Q7c 


♦ 73 

q31 7.6 


hL27 LDf 5.1 


NOTES 


!=*' f& Htt NOTES _ 

:::::: ?n° H ^ -reS-SST 1 -?® 

7-ffii h tt S£Sff5SaK=5!BBSjSS 

=SL= iJ SS=* 25 SSssfp« 5 S 


l z . ... 6L15 0.4 58 ^Sed Indndee •< ^ invwiwni «WUr pr«u«m. 

IV- g g \ l I? A Sterling den«o.n.ted securlLie. «bich include imea-ent 

90 77 L7 33 dollar premium 

! M 5 CSdL 0 .an.wteiU.ua »*v* been a«lir.«d to aUow 

I Interim since reduced, rawed ->r deferred. 

tt Tax-free to non-rwdtn» #n applicatio . 

i ladesh ?t5!SSS.^3S 

I T5 S& S’ S’?? ffi.M%eo^“Xln B serin 

) ^ B 0 13 37 99 cme' relates 10 previous dividend or !oreca*L 

. 47 98 1-6 133 ^ SSth" btd^ reorganlsaUnn In progress. 

) ::::: 15.8 bZ 61 * SSnTffi^'teduced final Md:or reduced e^ninga 

! BOB 4 9 U f mtSO? dividend: coier on earmng* updated b, latest 

p=w 8 %' 

5 I 13 63 IL0141+ Regional pnee 

n 1-5 12> 35 1 2 01 82 °* ”P ,w1, b ?°nat riel^ e Assumed dividend and 

ru»an q sss: 

D ANTI PT? ot S y ** r r‘elated j Pivldend and yield 

w Yield *\lm* torcvrnvcr ^•“^ nd y and ^ include a 

i 1 to**? . °° ^5555 ln J apply «o special payment. 


s 

RAND 

B 1=11« 


fJi aSma 


RAND 


Q13C 4 52 of U K aerospace sutetdlgi**. J ^ ^ Mai estimate* for 

j sssjvpbb 

I . based on prosP**^. w ojw ( Qr ^ oKiHal 

sss\ L 5 ! 1 ! 7 

[Ssc J.SStlSt'SSWS •l^^JSSSTcXSL 


■; - To or other oflic.ai «Un»«« for Io , 1B T7 

107 T I is c aTinO *‘ a - od r t°No sinmflcanl'.'orporatlon 

L44 -2 Q?4c ♦ 180 q Grow T Figure* i» smuw ed t ^ ^,7}$ Yield based on 

-■. Vc ii ;.1 ■"•““ mo 

87 ‘ -l vwbr- 15 31 6 of siott 

54 -2 W'^ 187 ,, 7 , ahhciati-w uievdiv.dgntf:*M»Br1pl»ue!»«ri8WK"“ 

3 s * K ?- 7 4 ? 1 <1l - lnhu, ‘^_ 

M ' 2 ^ _ Issu es - and * Bights w M»j 


' RAND 

M 5 *5 tQ; 
900 +8 HP 

94 -V 

300 -3 tQ 

671 -n Q' 
228 t 9 
143 •• • QB 
£11* . «l 

542 +7 $ 

507 ■ „ ■ 8 : 
264 +2 ft 
E12 1 ; ♦* 

271 ~1'2 « 
06* +4 ft 
230 *3 Q 

722 +13 « 

196 . »< 


Tbit service is available to every Company d«0tinoB 
, Moct Exchanges ghroaghoat "><> 

I4 86 of £400 T* 1, annnm f eaC “ 6Mm y 


REGIONAL MARKETS 

P “S S 1 nfiaas? Mea " 

SS—I i Id ISfcl 0 li 


90 - - Qllc ■ 

£14* +>s ft240c . 

3 H l2 a 

928 =16 0130c 
713 +8 Q20f 
776 -11 Qllic 

260 -2 1335c 

£17 |. . Q2B0C 


Albanj Im i!Or 2| 
.Aah Spinning . « 

Rerum ^ 

Edg vtr E.-1 .-*>P Z77 

•.iovCM.-ruft “ 

i.Taip & Rose f' 400 
Dyson > R A • • « 

Ellis ft McHrty 6E 
Evans Fr Is top 
i Eve red . 

Fife Forqe 47 

r FintoPiS *!»- .22 

. vims Stain t.1 190 

l Hl^ons Brew go 
J 1U M Sun vl. 150 
4 Holts Jos. »-'P 245 

7 mhn tiold-.misr. =7 
9 Pearce <N H < 13f 

Peel Mills • 1‘ 

0 ShsJfield Brick 4i 


torn V’A'mtfC. CT6 - 

. Alliance Gas— 85 . 

...... smoit.—— 

. tarn, II iPJ.i.— 95 

.. ■ t'lundalkin....— 86 
Concrete Prods- 1+5 
+10 Ht-non'HIdgs.) 49 - 
.. . in* s'orp. 140 

.. • Irish Hup®* — HS 

.lacoh .5* 

-3 >ur.Leam- St 

T M G _ 178 

.- I'nidare-71** 


FINANCE 


.QfiOc 

. 4iq33c 

... Qlbic 
-30 Q105c 

-2 rt 05 
-1 -10 1 
.Q210c 

.Shot 

. . 0170r 
-5 fcljc 
^3 C|12c 
.. Q15c 
+!5 QC9Dr 

.tftlOr 

-3 1672 


li* Q95c 
. :. Q30c 
+3 Q_36c 
*Z Q7»;c 


.6 82 
20 73 
i 61 

34 46 
1.8 94 
2.U 7.4 
1.51 7.3 
20 8 5 

1.2 5 5 
22 ] 8 6 
1-3 9.g 
\M 4 9 
Ob] 8.5 

: * 29 

3 010 7 
1.8 69 
; U 8 5 
2.015.8 
3.4 4-7 

1.2 e.i' 
1.51 7.8' 

i 4 10.2 


OPTIONS 
3-month Call Rates 


,,-l .| 23 Tube Invest. .1 M 

1 u, l-lmps-i ”'—-A 7 l'n« llfvcr . 3? • 

ntf 1 iT‘ ‘. ..... 20 l : td. Proper i Ii 

9 Invweab -. 7 


Ivduilriah 11' I .i 

A. Bren-- . 

Rh.R ’■ I 9 Ipveroi -. 

sir 1 '.» 

R A T . - JW I-Oli .• 

hnmhic.vB'jn 6 J‘“ , 'a ,Bnck 

Brown (J- 1 ■ ?0 |^ ,,rh ? ; .. 

Burtao'A' ... 13 .uvf'lnds 
fadburys... 5. Ljuisvt | • 


5 Wool norths.. 
17 , 

.14 Pro pern 

7 BnV Upd ■ 

“ Fpp i.'ounuea. 

S q A . 

J Intrcuropean 
' l .and Sees-.- 

“ MEPt;.- 

13 Peachey - - 


,-s Ib/c +o u? .--Hhurw . 5 L-yyn>vi r rcacnw ■•- 

t028t- 1.1 8 5 p^rtiuiriV... 10 "Mam*”-- 7 Samuel Props- 

r ■■ Ts 2.015.8 S ;V .. 10 'irks ft/pner 11 Town It City, 

-is 095c 3.4 4-7 S. P Midland Bank 56 - 


diamond and platinum 


JiisUllers.I g. »gf-” S ou . 

Rule Star - lj ^j^JSa S BnLP«wlami 
EM1 - -i-, 17 p l iijPfT S BunoahOil- 

Ig'ffiS s piessey -'.:::' | SWil 

gsa«u-_ f h c "™” r - 


£32*1.lQ«10c 11| 7 1| 

77«d -1 qTic ♦ 5 5, 

Ii !,.: 1 gSilWS 
15 ±%£ JUS 


Sf,-I. SSSBK-: » 

- 8 SSr.--' i Charter Con* 

fes; S BSJtesr S S 5 M* 


.-■■■ 

Hawker t'dd 















































































































































































































































































































































































































34 


4 

A 


MATTERS! 

For valuation, sale, purchase and advice 

□□Grimleyason 

□□ 


236 

DretoiOl-839 GBS1 
Buv»* 02-512 *T2 



Tuesdav February 2S 1978 


Topquiafity 

ventilation 



the fug fighter 


Begin rejects Egypt 
plan to end deadlock 


BY DAY1D LENNON 


TEL AVIV, Feb. 27. 


ISRAEL MOVED closer to open charged with implementing the concrete suggestions for the text 
confrontation with the U.S. policy, came under fire from of the declaration of principles 
today when Mr. Menahem Begin, some members of the ruling which he would take to Cairo 
Prime Minister, rejected Egypt's Likud party—including several to-morrow. .Mr. Atbertoo 


latest proposes for resolving the Ministers. Mr. Sharon heads pected to be back in Jerusalem comes policy, 
deadlock on the peace talks amid those in the Cabinet who support on Thursday “ + ~ fh “‘ Th “ ftl,,hnp 


Engineering pay 
talks founder 

BY CHRISTIAN TYLER, LABOUR EDITOR 

NEGOTIATIONS FOR a new During day-long negotiations 
national pav agreement for the the employers improved their 
engineering" industry broke down pay offer and agreed to a new 
last night, largely due to the re- skilled rate of £57 a week from 
strictions of the Government's in- March and £60 from August, sub-. 


THE LEX COLUMN 



signs of a growing split within 
the Israeli Cabinet. 

Mr.. Begin told Mr. Alfred 
Atherton, U.S. Assistant Secre¬ 
tary of State, that some of 
Egypt's proposals for a joint 
declaration of principles for a 
peace agreement were unaccept¬ 
able. 

There are signs that Israel's 
coalition Cabine't is now divided 
into two camps over the crucial 
issue of Israel's settlements in 
the occupied territories. 

. The Cabinet decided yesterday 
that, while Israel would carry 
nut previously-approved decisions 


icct to local pav anniversaries. I Commercial Union is back on , ...... •■-v* 

to continue Ut<. The outlide of an agwtnent on .Mr. Geoffrey Hawkings, the Jan even keel. Its HAundet- fijgej f e fl 2.4 to 441.8 

„ to reach a^ree- new minimum rates, which would employers' federations new | writing experience at th& start j. atjtms y?ws stEpng,yate 

'ultimately affect 2m. workers, was president said afterwards mat j of 1977. was - Still significantly 
almost settled. Bui the talks it bad been made clear all along | vvorse thsur-'the industry' -aver- 
colbpsed after the employers in- that members could not be, 2 g e; ^j, e ‘ g rs t quarter aerating 
sisted that the new rales could exposed to the threat of Govern- j rati ' wa L ‘jfftA per cent, and 

not hp iiwnlementPd until the ment sanctions for breaching • ^ run ^ groups' 


a hard-line policy on settlements, process of try in. 
a group which includes Mr. ment on a common text. 

Moshe Dayan.' the Foreign Although he admitted that the 
Minister . • ' gap between Egypt and Israel 

Mr. Ezer Weizman, who with remained .wide, the U.S. mediator--- - . .... 

Mr Yiaal Yadio Deautv Prime said he bad not beard the word not lie implemented until the ment sanctions for breachm 

Minister, heads the opposition to.''reject" from either side. anniversary of factory-level the pay gmde^ About h^f 

such a policy, said today he was • Dr. David Owen. Foreign deals. the 6 : 000 member-companies had 

only SO per cent, satisfied with Secretary, to-day produced a new; This was to prevent the mem- sull iO settle under the present 

the Cabinet's decision. interpretation of Israel’s settle-ibers of the Engineering pay rules. 

Mr Be^in complained that ment poliev in the occupied Arab Employers Federation falling Agreement had oeen reached 

Egypt had toughened its demands territories. ■ | foul of the 10 per cent, earnings on boliady pay, however, he 

in' its latest proposals, but said He said at the end of a two- < limit. Because of the industry's said. The unions b2d accepted 

there was reason to assume that day visit to Israel that if the two-tier bargaining system phased abandonment of me 

the negotiations would continue, settlements were seen as “ little national rates count mainly to- time-and-a-third calculation for 

Israel refused to consider lumps of Israel" they caused wards premium and holiday pay. holiday pay to 


oiove 


either, total Withdrawal from immense problems. If they were 
on settlements, no new projects occupied land or establishment viewed-as examples of Jews and 
would be adopted at this stage. . of a Palestinian state, he said. Arabs living together, this - cast 
To-day Mr. Ariel Sharon, Mr. Atherton said that the a different light on them. 
Agriculture Minister, who is Prime Minister had given his Other Middle East news Page 3 


Shell may reduce output 
of Rotterdam refinery 

BY CHARLES BATCHELOR IN AMSTERDAM AND RAY DAFTER IN LONDON * 


to an 
In the 
a mioi- 

Mr. Hugh Scanlon, leading the mum entitlement of £70 a week 
eotiatinns for the Confedera- rising to £80 a week from 


i but earnings are determined average earnings basis. 

: through the year at local level, interim there would be 


negotiations for the Confedera 
tion oF Shipbuilding and 
Engineering Unions, said that the 
conditions attached to the new 
rates were such as to make them 
“almost meaningless." 

Following this unexpected seL- 
back, the Confederation's execu¬ 
tive is to meet on Friday and 


next 

year. 

The last full national agree¬ 
ment in the industry was signed 
in 1975. Basic rates for skilled 
men were 'et at £42 from 
February. 1976. while average 
earnings for 40 hours a week are 
currentlv £66. or £73 with over- 


cancelled business was ..still 
causing problems. For the final 
three months, in contrast, its 
figures compare favourably-with 
any that have been reported to- 
date. The operating ratio im¬ 
proved to a little under 90 per 
cent, in the Jiatest period, which 
means that the U.S. has pro¬ 
duced a modest profit- for" the 
year as a whole,-compared-with 
a loss of £26.$m. in 1976. 

As a result, Overall, under¬ 
writing losses hgvp been cut 
from £59.8m. to £20.9m., and 


£ 


60 


COMftLlMit: 



1975 1976 


(. S I I 

1977 


The: 

is. -whether ; 
haemorrhage V 
sleriiRifi^e- The - 
' divided'into $Cf3.7m. 



- turning operations. and . 

/ from -activities now taTje 

or said. The claim.; isMhai 
the -^continuing, bosinessft 

- either' prosperous, like 
: newsprint, mill, .or like 
' -Drytkat: palp mill 

packaging -side wUrgiac 
respond to managements 
Market ‘prices lor; pul 
actual ly -slipped lo'w e i' s 
quarter-3o'. some. $300-sr 
howeVOr^ and further loss 
Can ada sue meri table '£f 
depression ■ of -pricesLconti 


make recommendations for the time. The nnskillcd basic rate i 
executives of the 19 unions in is £33 60. with average earnings; 
the Confederation. of £44.72 or £a< with overtime. 


ROYAL DUTCH/SHELL may 
have to reduce Lhe operating 
capacity oF its Pern is refinery 
in Rotterdam, the largest in the 
group, by nearly two-thirds. 

Shell told the works council 


tiations and faces a union 
demand for five- instead of 
four-shift working. 

, In addition, demand is poor 

rhar^fi nT^'fbecause of the unfavourable 
Lnflt. unless operating costa were r il» \ir QC * TTnrrtno-. n 

contained, the group uould atop ,h * JS**.JJKSK" 

selling products in the competi- EL? 

tive. exoort market This would ™ European . cbcniicai com- 

mean that the refinery uould he g , "'« '»« str J D * £" peU ‘‘?3 
working primarily for tbe Dutch Europe^i. and 

domestic market, with a through- n “° f °tv^ 

put of around JOin. tons a year, c ?*'. p 0 €m Qt in the 

Pernis represents 10 per cent. eim - 

nr tbe -roup's total refining caps- i_ 

viiy. News of a possible further ■ rupubais 
i ed " c 'T I" Rottenlam** role as EEC Energy Commission pro- 
d major i efiner.i rcnn_e posals lo resolve the refinery 


The company is just starting rectify the refinery problems 
this year’s round of wage nego- should be left to individual com¬ 
panies and this was already 
being done. • 


Tbe TUC was represented by 
the Transport and General 
Workers' Union, the Association 
of Scientific. Technical and 
Managerial Staffs, the General 
and Municipal Workers’ Union 


BSC and Leyland 
aid angers Tories 

BY IVOR OWEN. PARLIAMENTARY STAFF 


pre-tax profits have more than Par cent, its dlv-fetend ctfver is ?The Reed Baaifc argues 
doubled' to £99.Sm. Further «eU below most of its rivals, the "worst has.now- been 
significant growth in profits is So unless'General Accident: hnd and the Canactia^ business 
already visible for the current Boyal produce -soanetimtg gratkially-returo .to the l 
year. •' • unexpected with their figures weathering a reducedloss 

Behind this remarkable per- later.this week, CITS shares year. The; suggestion ; 
form an ce in the U.S. is a swing appear to be up with the-game, acceptable profitability is 
to substantial prbfit& i on the ;-. 
property account The motor rReed international 
business, too.-has moved into a* 

the black, and ohly thexWrk- 1 
i men's compensation classes are 

! still caus^"** m atthe operational level, but fhe 

I operating 

| per cent Although it is going 
i to be harder to get rate 
creases 


not possible iu the current 
of the; : Canadian eennom 
however, - a', reminder . of 
dangers. ' : - 


iw ^er°sntet^tial prorisionsof 

^ ^ as much as $C46 hl in-respect of :. Last April the friends I 

j- extensive planned - surgery must rferit Life ;Office ^tie'pped1 
annroved with nrnfitc mQre 'tt** 11 observers help the. Land 'and Proi 

at^tbis level ni ^ feared- Reed Paper, -Reed Corporation after' it had 


thp ^ Internationa 1 V CanadiM sii& into/trouble with its ov« 

tbe faintest whispers of increasing Sldiary - ^ had a ritirf .of its borrowings: And. yesten 

rate Jmpetffil?. Th? shareholders* funds diced away deal with-Regional Propfi 
that U.S. companies will be re- ta 9 °e year-~and thisjs a cont has *;slightly Similar 
meat"was preparing" the wav lo tlm they feared that the new;strained by the fact that their- '5 

make further substantial sums of legislation might not only (capital base has still' not .'xe^ ?If? e ed a 

Dublic mnnev available to the increase tbe borrowing powers of eotvred from , the damage- in- employed a year ago.. -atfd ?r<mdent s tfeejStbn to 


later 


only a few 
P^rnleuw 


-^ a ^ S . .?f. t ij r -.i Brili - S , h over capacity problem in Europe 
-wi a,d 1 ^ °.'°, , S wil1 almost certainly be opposed 

»JnTh th r b >’ the British Government. 

r ,“ s ' „.;,h tho ■»•«,„ following a meeting in London 

Complied * th the —in. torts- yesterday between Mr. Anthony 


TORY MPs reacted angrily in the Mr. Varley replied that 
, . • . i, . -'Commons vesterday when Mr. attack on Mr. Kaufman was un- 

and the Amalgamated Union o"j Er j c Varlev. the Industry Sec- fair and based on hindsight. 
Engineering AVorkers. retary. disclosed that the Govern- Tory MPs made it clear I 

in a joint statement they said 
that lhe EEC proposals were 
“ unworkable and nonsensical **: 
they were also contrary ro U.Iv¬ 
in dust rial strategy and job 
security. 

They called for more discus¬ 
sion and urged Mr. Benn to 



Energy Ministers on March 21. 
Mr. Benn has already told the 


l '~ CoZ,o,T,S,l he not nre 

SZSXi'-HXfTSS &&<« 


a-yesr rhroucHnm 
nrnfi’ah'e 

17lrm^o S n« 0 fiS U ia^ does de,e « ati . rjn and four leadin S oil BritVics refineries taken 

nnt now e v n n ci lo achieve the cr,D1 P an,es - Brussels or elsewhere. His view!Mr. Gerald Kaufman, the 

17.5m. Wtn*-:»-v«»ar throughput 

fo-^cast For ibis’year. 


postpone a decision on the 0I n«yona inu preseni unm v .‘' a aTwntinml ' dV>%»it« mnrh' Knnr*d«*r-fonSn« : - 

refinery issue, due to lie debated ; of yhn.. and indicated that less election pledge to avoid steel business here has been re- { /rf , ^ 

at the next meeting of the EEC j restrictive conditions were likely redundancies. shaped since the enormous added to the Cflfl ; In return,v- Provident « 

to be attached to the next injec- 'losses of 1975 Elsewhere - the adian write-offs. ;th e to tal atta-. .epdizp.with.d^e (tr40 per c 

tion of public money into British Aereenient I UK and Canada are more Dr .Mutable ioss-after extraordtoaiy -of the:capital Buttheteilns 

Leyland. J '7 , i,™ Th * ip ® iiems easily be of the Yar less oneronx than m 

, Mr. Varley. who met renewed Mr. \arle> said ihe-e commit-j-e-» nold.ne their own. and order'of £20m. Aad -t6at is be- lave: bedn negotiated just 

rrmnana® - --- in i Tory demands that both I tv and meni* wuuid be varied only oy. there is 3 (jiance that Holland^ fore final dividend, mOnthsago. Provident ispaj 

companies. Brussels or elsewhere. His view Mr. Gerald Kaufman, the Indus- agreement w ith the unions con- s losses of £la.6m. will be cut Jteck which now iooks a dead duefe. ' a -siienifirnn> nramnim 

The Commission wants reslric- has been cirengthencd by vester-; try Minister of State, should cemed. Ne?oUaiion» were tak;^ sonieVv -hat during 1978. • -- -- -==•-• ; ~-’’ 

lions on financial aid to new day's meeting in spite of th? resign, was involved in another mg place and “some proj 

However, it Has'no firm plans reflner >' projects and the forinu- European Commission's under-! bitter clash over tbe £520m, loss bad been made, 

to trim throughput in 10m tons ,ation of targets for refinery taking to give formal blessing ( expected to be incurred by BSC There were immediate pro 

a year/ It Is to brio" hack into throughputs. This year, for to two new U.K. refineries. . in the current year. te^ts from the Top- bencnei.. . . . ....... . - - 4c - „ 

- - ■ •- The concession, relating to! He stuck to tbe position that w >en Mr. Varley underlined bxs; or more *hpy63r f a(with ovqrs^as-substcflaiTes lhe debenture rtwA..eoinpra 

Croraarti Petroleum's complex criticism expressed in three view dial the next injection of• further rise - in ■ loVesbnem' rop^idated'-?tiun^'wntbs:..ifi ..With''•Yfdids' of-over.''12 perja 

at Nigg Bay in Scotland, and.select committee .. n,,h,, " mA " w ,n,rt R " rich x-r.i .««*«.■ —-' ^ 

Occidental's partly-built unit on | await the 
Canvey Island “in the Thames considered 
Estuary, was proposed last week,a White Paper 


&-significant premium over 
hard-pressed -Reed nigM’s price for ; the' Q.' 


merarron an old 3 5m. tons-a- '^stance, it has been suggested 
v*»ar unit while a more modern l P a f ronners should keep produc- 
urilt. with 7.5m. tons-a year 1100 levels at no more than 2 per 
ranaclty. is t^ken out of service over last years figure, 
for six weeks' maintenance. it also wants oil plant to be 

Shell's Dutch refining and closed down. The aim is to 
c u e.m««-ai< actp’ {, ies nis*H« an reduce the Community's 60m. ■>.? an attempt tu gain British; While Sir 
overall loss of FIs.J45m. (£34m.i toDs a year of surplus refining 
Jasl year on a turnover of capacity. 

Fls-2.3bn. At yesterday's meeting, only 

Partly to blmue. a«-cording to the French Total group favoured 
the company, are the Nether- the Commission's proposals, 
lands' high wage costs compared Shell. Esso and British • Petro- 
with NYe«t Germany and France, leuni said that measures tn 



.Government support for 
EEC refinery plans. 

Oilfields may not be 
developed. Page 5 
Middle Ea c t oil for U.K.. 
Page fi 


West officials begin talks 
on growth strategies 



BY ROBERT MAUTHNER 

SENIOR OFFICLALS from the 
main Western industrialised 
countries began a two-day meet¬ 
ing here to-day to discuss a new 
strategy Tor converted growth 
which would no longer place all 
the onus on the strongest 
economies. 

The officials, who ran not lake 
auy final decisions, are preparing 


PARIS. Feb. 27. 


the ground for tbe annual meet¬ 
ing of OECD Foreign and 
Finance Ministers in June and 
the Western Economic summit 
in Bonn the following month at 
which, it is hoped, an agreement 
van be readied on the new’ 
scheme to boost' the 
economy. 


officials with two strategies. 
Under the first the OECD area's 
combined GNP would be boosted 
by a further.0.8 per cent, a year 
as the result, of a stimulation 
or demand by. I per cent, of i 
GNP by each of the five > 
world strongest economies excluding} 
the U.S.—Japan. West Germany. | 


Industry Minister, endorsed the Sr Keith asked: “Are you saying j^'-' “A.— - - rwui uw 
select coinmi(lee*« M for thot if more money .s requestedMj.f" ^ debt wU! be usefully lqwerafter its stoes at the relet?nt,m< 

an early two-day debate on the L lom 1,1 e British taxpayer fon| of “*e rights issue. Otoer wun- recent asset disposals though ing. As with Wflktpson Mau 
steel industry. Mr: Varley refused 
to go beyond ufferiug a statement 
before Easter and envisaging a 
wider discussion later on the new 

borrowing powers Bill. Leyland would, require more 

In strenuously denying charges P ulj Iiv finance. The precise 
that either he or Mr. Kaufman “.“"lint would be decided by the 
had made misleading statements, '-internment . ln *” e °i 

he declared that they had been r ecorn men da tio os by.Uie National 
"uleclv forthright with' the Enterprise Board on British 
House and with the select Leyland s corporate plan, 
committee." He stated firmly that the best 

Mr- Kaufman came under par- results could not be obtained by 
Ucularly heavy fire, with Tory submitting British Leyland to 
'backbench charges supported by 7 g 5 eat moments of drama as 
'Sir Keith, who said lhe Minister Judgments were made about 
of State had misled the House bv whether certain aspect of its 
referring to an upturn taking performance justified provision 
place “ when he knew that an up- c,f more Public moimj. 
turn was not taking place.'' - Parliament, Page 8 


The Secretariat presented the Switzerland. Belgium. 

Netherlands. 


and the 


OECD forecasts 
bank lending rise 


National Front 
warned by Rees 


BY RICHARD £VANS. LOBBY EDITOR 


BY MARY CAMPBELL 


The U.S. is not included in 
Ibis group because it is already 
felt to have boosted demand 
sufficiently and because further 
expansionary action would in¬ 
crease. its already substantial 
payments deficit. 

The • Secretariat admits how¬ 
ever that the “five*' acting by 
. themselves would not provide a 
big enough stimulus to achieve 
the 5 per cent, growth target 

MEDIUM and long-term inter- there is a big turnround on lhe ** ^ as set ^ or ^ECD 

national lending by banks will foreign exchange markets, the liS,. ^ , .. . 

-rise again this year but activity OECD predicts Eurobond issues .ul 1 ,® suggested that 

on the bond markets will fall worth ?6bn. to 57bn. (an annual r 3 ? ?^ Cdiled convalescent coun- 
back sharply, according to the rate of $12bn. to $14bn.). tri j S *, e U.h.. Franee^IUjy 

latest forecasts by tbe Organisa- This is a sharp fall-from last “ d P 0SSJ ^'y Sweden — should, 

tio,n for Economic Co-operation year's S18.4bn. and an even big- ma , a simultaneous but rela-: 
and Development (OECD). ger fall from tbe SlObn. worth tijely .moderate effort to host, 

.Oil exporting countries are of issues in the first half of.last erouoinies. 
expected lo increase their bank year. ' This stimulus, however, should I 

borrowing more than other Issues by foreign borrowers be big enough; only to main lain-j 
groups this year, the OECD says, on domestic bond markets, whiefh their current-account balances| 

Tt suggests they could raise their have been running at the record at their present levels. : 

borrowing from last year's S6Jbn. rale of SISbn. a year in Tbe last In other words, it should! 
to SSbn. to 59bn. two months, are expected to fall cancel out tbe improvement in 1 

Venezuela. Iren., and Nigeria off again due to- investors their balances of payments which! 
are expected to be the main “disenchantment'*, with the would, take place if they took- was. clearly involved in ghing 
borrowers while the Gulf states dollar. OECD forecasts issues no itimuJatory action while the! advice, 
may borrow loss than lam year, at an annual rate of $14bn.‘ to stronger economies expanded, i 
■ Tbe OECD forecasts a further..SISbji. In the first Half compared The advantage of such co-; 

- widening of the gap between U.S. with $13.9bn~ in'1977. “ ordinated -^teps would be to 

dollar interest rates and those in These forecasts for the bond persuade countries such as Weft 

strong currency countries, largely markets are based l&e Germany and Japan, which 

through further falls in D-mark assumption that the dollar re- 50 far have resisted giving a. 
and ten. against a recent back- mains weak—its recovery would stronger boust in their ««■; 
ground of stable U.S. dollar prompt the OECD to increase its nomics. to drop their! 
rau* 5 -.... . figures. reservations. > 

?fi£ ! n a ? Cial Tbe Eurosterling bond market At sto-day’s meeting. Mr.! 

-JJJlJ Bt niat !i ECD f ° re ’ is expected to be able to absorb Charles Schultze. chairman of 

.^rSnal baS iJS’i the ^l ulV3l «nt of SlOOm. worth President Carters Council of; 

S36bn. to B38bn. this of new issues per month with- Econormc Advisors, was elected 

last year 
ran at an 
in the first 


MR. MERLYiV REES, the 
Home Secretary, faced with a 
Conservative attack yesterday 
on the Government's 

handling of law and order, 
warned the National Front 
against creating disturbances 
in (he forthcoming by-election 
at Lambeth Central, which in¬ 
cludes Brixton. 

He (old MPs that he pro- 
. posed to lake “ very seriously " 
threats during the Ilford North 
campaign by National Front 
leaders, but did not intend to 
seek changes in the Public 
■ Order Act. 

ft was right ilint decisions on 
(he banning of marches should 
be taken by Sir David McNee. 
the Metropolitan -Police Com¬ 
missioner. or by chief con¬ 
stables, rather than by ihr 
Home Secretary, although he 


\ ■ws^hn ^mt 'sdrious problems, -prtmaea economic: 

a annual °raie of that lt is given the Ume t0 digest pollcv Comm ill ee. in succession} 
Lt rix weeks of- the pravious issues and that ^ Omflni Allen, who. 
. this issue* -iro l-«h» in retired as iiF rhn rs<-;i • 


iui n iiu- —- .. ...... -titi-icu »«iu i«n a 

provided ^! rm ^ 11 of the OECD Economic! complained (hat 

General Election 


not 


vear. but the OECD does 
cxnfict this to continue. 

. Forecasts for international 
bond issues cover only the fii^r 
jjglf of Ibis year, hur unless 


issue terms are kept in line with retired as Head of the Civil, 
conditions on the gilt^dged Se r>' ice al the end of 1977. 

Sir Douglas Wax?. Permanent- 
secretary to the Treasury, was' 
elected vice chairman of the 
committee. 1 


market.* 

International Company News 
Page 25 


Mr, Rees said in his warning 
(o the National- Front that if 
it was making 111 reals against 
the community: “Hatch it, 
because at the end of the day 
the mass of lhe people will 
deride that (here is going to lie 
peace in the streets.” 

After an attack by Mr. 
HlUiam Whitrlaw. Uunscrva- 
ilve deputy leader, for His* 
M astonishing complacency "* to¬ 
ward law and order. Mr.' Rees 
before a 
or by-elec¬ 
tion^ tlip Tories tried to ghe 
the impression that onlv thes ; 
were concerned with law anil 
order. This va.e unhelpful and 
untrue. 

Mr. While law. in a debate 
that showed the-Conscn ath es 


Intended lo press for greater' 
support for the police and 
tougher penalties in the courts, 
suggested an experimental 
institution should be set up on 
“Army glasshouse” lines. 

The programme he urged tbe 
Home Secretary lo follow in- 
\olved -giving the police un¬ 
stinted hacking and support in 
an effort to improve morale 
and to stop early resignations 
of experienced officers. 

Judges and magistrates 
should be given the widest 
range of penalties so tha t 
punishment could fit the crime, 
and the basic problems of the 
prison sen-ice should be 
tackled. 

Mr. Rees denied a claim bv 
Mrs. Thatcher at the week-end 
that there were fewer police 
in service now than some vears 
ago. 

He said that law and order 
services would he doing belter 
as a proportion or pnblic 
expenditure in 1978-79 than in 
19J3-74. and ‘ that there -were 
7.5no more police officers at the 
■end of last year than at tbe 
end of March 1974. 

• _ Mr. Martin Webster. 
National Front activities orga¬ 
niser. said last night he was 
“appalled” that the Home 
Secretary, whose duty it wax 
to see that all nominated 
candidates should be able to 
go about their business with¬ 
out jet or hindrance, should 
seek on behalf, or the Govern¬ 
ment io intimidate the candi¬ 
date of a minority parly. 

Parliament. Pane 8: Society 
To-day. Page 13 


V 


Weather 


TJJv TO-DAY 
BRIGHT intervals. Miid. : - 
London, SJE, £. and N.E. 
England, E. Anglia, Borders 
Sunny intervals, scattered 
showers. Max. 10-UC (SO-52F). 
Cent Southern,' N.W. and Cent. 
Northern England, Midlands, 
Channel Isles 

Sunny intervals, rain later. 
Max. 10-11C (50-52F). 

S.W. England, Wales ; 
Bright intervals, outbreaks of 
rain. Max. 10-UC (50-52F)i 
Lake Disk, Isle of Man, SjW. 
Scotland. Glasgow. Argtfl, 

N. Ireland ( 
P n 8bt intervals. . occasional 
rain. Max. 9-IOC (4S-50FI. * 
Ettiaborgh, Dundee and Aberdeen 
areas. Cent. Highlands* 

SC (48?) occasional r ain. jMax. 

Moray Firth. N^:. and liw. 
Scotland. Orkney,. Shetland 

RT Br, rLV, ,nterva ls. rmn Jlater- 
Mas. 6-7C (43-45F). 5 


BUSINESS CENTRES r 


Amstrtia 

Athens 

Bahrain 

Barcelona 

Beirut 

Belfast 

Eel5ra«Je 

Berlin 

Birmglua. 

Bristol 

Brussels 

Budapest 

E. Aires 

Cairo 

ilardifl; 

Chln«o 

Colotae 


BjliUarf 

"C °F j 

12 j\ \ Luifimh -jt 

17 w; Madrid 
» W 
17 63 


» 64 

7 43 
17 

13 S3 
10 
11 


YVlay 
^rid-dar- 
U °C T 
S S 4« 

l 19 sJ- 
Wanchstr fi l| 50 " 
Melbourne- V 3“, jff 


f S 48 

5 % S 


Hda.i 

Mqhiiv^I 
Wosttow 
Muotoh -y 

te.NewcaneJS' 361 

jrKcvTteM'arOT 

13 So | Oslo . -f! .-1 3^1 

8 46; Paris ' S J# 50 I 

v, «a ; pcrth * v 2 C th 
21 71 , i*ra*re ^ t 6 43 

« 48fRerKJavilLu- J;'a4 
21 i Rio «1e f t 1) Sn s«4 


C 12 34;trihO". ' >• 17^87 


i/m. asn. r. \ . 1 * ^nzaoare tc nj 

Oubito B 9 44|JSMKMM‘W; c / '* 34 

<tnt«irjr< C 1 45 stnsurg. V 12 M- 

Krartfori »: « ji]svilney VV-79-M 

C-n-v* R 6 48. Tehran C. to 30 
Classowr •• J 43.TeJ Anv *1 17 6* 

ifeLsi^k C —5 tSrToVro 'Cl It 5» 

Ti. Kan* ■ S “1 .Tor-no ‘iXl—frt, 
rn-Hnrs r. in ft- H K 

Lisbon F 13 6*1 Warsaw .4 39 

a»Th»a- - •€ - -16—59-2 


HOUDAY RESORTS 


Ajaccio 

Algiers 

RIarriu 

Riadroool" 

Bordeg a 

Routacne- 

Caifie Tj£ 

Corfu 

nubmralk 

Fard’ ( 

FinAal. 

nibraTTIr 

l ianuu 

T n'i«hn*c|r 

tnverr 


C 16 6l 
F 3 13 
C IS 53 
r m so 
C 12 64 
R- J «S 
S 28. 86 
F W-..81 
P',14 57 
S IT E 
C 17 -83 Rhodes 

F 17 e; i Saiziiina. 

c 9 4S TaTU!i*T 
S 9 CfTwrJfe 
F B «s -Tnula 


Las. Pin® C 2l nj 
Locarno 7 43 
Majorca --S 18 61 
Malaga F 1 R 54 
Malta S 1* *6 
■Valrobl - S 24 73 
Naoles ;:f J3 S9 
Nice ■ c . 10 SO 
Nicosia'.. P -19 ,«i 
Oporto i . it ■ is ,rn 



** 'fan r h Valencia.''’ 

•sfrnKui r, j- si 'Venice 

rv- t ifl so ; 

S—Amur, f—Clwirt’' * r —Fair! 1 1 >g—Pi» 
K—Bain. 


-I 



■ - : '< ■ ■■ 



_Contart'usa4the\)omrr«3nwealtriTradin8-Bafikol- 1 

. Australia'-... v ;•!• - ;. ; ; : 

A^aliAiiB^^.j^fM.^iisgiupsD4 .. 

’ -W London branch'proirideb th : e ‘vijal Unk’ betwasnV 
..AusSranan^nnatice^^r^y- : : - 

• developr^ants of all ^^ 


• 5 1 ^ 


44