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No. 27,450 


Wednesday January 4 1978 **i 2 P 



Hie Seri of 
Quality with 

MEEHANITE 

Flake & Nodular 
iron Castings 

Wnlrln tertmtii tatanulim 
The Inter ikuoim! 
Mcehanitt Metal Co. 
Albeit Ri Kth, Reigtfg • 
Surrey. let fin>:c 4473S 


CONTINENTAL SELLING PRICES: AUSTRIA Seh.15; BELGIUM Fr.25; DENMARK KrJ.5; PRANCE Fr.3.0: GERMANY DM2J); ITALY L-5DO: NETHERLANDS FI.2JI; NORWAY KrJ.5; PORTUGAL Esc. 20; SPAIN POfAQ; SWEDEN KfJ.25; SWITZERLAND Fr.2.0- EIRE Up 



GENERAL 


BUSINESS 


Firemen’s proposals 


Steel 


Russia wau st rejected by Rees 


Pound rises 
sharply as 


frees setback; 

British § oW 
student up 54 


rbc sudden release by Russia 
if Andrcj Klymchuk, a 22-year- 
ild British student. surprised 
he Foreign Office and the 
National Union or Students, 
yho have been pressing for his 
■etnrn. He will be flown home 
o-day. 

Mr. Klymchuk has been held 
iy KGB security police since 
August on charges of anti-Soviet 
xtmty. 

Tass news agency said the deci- 
ibh to release him rather than 
hit him on trial was taken in 
Espouse to repeated appeals by 
Britain for cictncncy and to his 
iwn “sincere repentance" in a 
etter to the Russian Govcrn- 
nent Page 2 

We laid bombs, 
lay Armenians 

\ bomb blast—London's second 
n three days—damaged a Tur- 
:ish bank in Haringey, in 
Brussels, u bomb damaged a 
wilding housing pari uf the 
rurkish embassy. Nobody was 
ffjured in either blast A group 
ailing itself the New Armenian 
iesisiance claimed responsibility 
or bolh attacks. 

Sales sweep 
Britain 

‘orrernial ratn and sale-force 
tinds . spread south through 
jfltaiii from Scotland. In York- 
hire, a man was killed when a 
ft fb tree crashed on in his car. 
ksr.V snow cut electricity in 
fSrlalk. A freak whirlwind 
^Spctl through Xcirtii.r-ko.'. *5is) r - 
'oik,"and 100 houses were badly 
Jfcmagcd. A gust of 1 :!«’• mr>h was 
teorded tm liie summit of 
Snaefell. 

Strike death 
toll 12 

It least 12 people wore shot 
ead by puln-u in Multan. Punjab, 
uring a demonstration by mill 
Yirkers striking over bonuses, 
’age 4 

Congress Party 
expels Gandhi 

n«l ia’.s Congress P.iriy—snlii 
JniT a reeem ulceliun defeat 
lull'd :!0 \ i-;i fj. 11 : urtti ' 

•nwer—exjudled Mr*. Indira 
iandlit. Inriner Prune Minister. 
*apc 4 

Kid couriers’ 

Tic ii-m- by Ulster terrnns-ts 
■f "kid iTiuriiTh" had become 
. repulsive feature e:' iheir acu¬ 
ities, Mr Roy Mason. Northern 
rcland Secretary, said. Of 2H7 
dung people i-haned last year 
• ith so rum.. ulTenc n s, lia were 
Itnl between 14 and II*. 


• WAUL STREET suffered * 
sharp setback, railing 13.43 to 
817.74 in moderate trailing. 
Market sentiment was under¬ 
mined by the dollar's weakness 
and by worries about Inflation. 

9 GILTS made good gains, 
boosted by sterling's showing 
and by hopes for an early cut 
in interest rales. Although 


as outside guidelines 

BY ALAN PIKE, LABOUR CORRESPONDENT 

Proposals which Fire Brigades’ Union leaders hoped might produce more 
money for striking firemen without breaching the Government’s pay 
guidelines were rejected by Mr. Merlyn Rees, Home Secretary, at the start 
of talks on the seven-week-long dispute yesterday. 

The union suggested that the -general secretary. criticised They now have, to decide at what 
introduction of a shorter work- statements by Mr. Brannan that point they should recall the con¬ 
ing week for firemen proposed the employers were getting “Fed ference to reconsider the posi- 
for November should be deferred up . to the teeth” with firemen's tion. 

in return for raising the over- demands. Faced with an initial demand 

time rate in the service from The three-sided meeting was for immediate increases of 30 
time-and-a-third to time-and-a- requested by the FBU executive per cent, the executive is 
half. This, the unioa estimated. ____^anxious to win some improve- 


increases 

Liberal *•“’ 

dilemma dollar falls 


Fire damage 

The cost of fire damage for 


r FT. GOVERNMENT 
SECURITIES INDEX 


>ata curbs 

. new D.ii.a Pruicclmn Act. 
•hich places irniils on tin* use nf 
ifiiriuation ;i1*i»ul ciIi/imis. came 
no force in West Germany, 
’age 3 

Worldwide . - - 

wen \vV-i Gorman climbers 
led and one i, missing in an 
valaurhc near Salzburg. Austria. 

-asl-mimnr ^tuvnnts *or,- being 
11 adc in Wa%hin:;i»n ;«* block 
he return t«* Hiuig.ii> nT the 
usloric crown of Si Slcpheu. 
‘age 4 

■llciOn tipi*pii* died m a lenipic 
tre m Manila when ni;ekN 

■oing used in the ceremony fell 
ver 

•1st nf missing work!- of art is 
'Cing null piled hv Tan aiil.i. 
'hich li mjj, Bn!;i:!i, G*-niK!n> 
jnd other KiirojK-.m countries 
'iiHik from i ho ciiunirv” he hire 
ndependence 

*flrr the Christina*, and New 
lull. Gincnimciii coalition 
od Sociaiisi-i'iiinniiimst nppnsi- 
on in Franco arc preparing for 

in ju'Puer ; ij cloeiimi mi March 12 

«d 19. Vagi* 2 

tine is !?:*in-; use*! in jdi'.in teeth 
\ Wioile ip P.iNumo. Sicily. 
n»'r lime ruinli"* months, 
asc .1 


funds closed below the day’s 
best, the FT Government-.- 
Securities Index recorded a 
rise or 0.49 to 7S.5S. 

• LEADING EQUITIES were 
marked down initially on wor¬ 
ries about tbe effects of rising 
sterling on export earnings, but 
rallied in the absence of sellers. 
The FT 3<!-Share Index, down 
3.4 at II son., closed at 483.6'. 
up 0.2. 

• STERLING gained 4.65 cents 
against the dollar to dose. at 
$1.0635. its best level since 
March 1976. while Its trade- 
weighted index rose to 66.1 
(65.2). Dollar's trade-weighted 
depreciation widened . to 5.97 
(5.09) per cent. 

• GOLD rose $4 to $169,125, 
the highest since May 1975. 

• BANKS in Singapore have 
bi-gun issuing U.S. dollar nego¬ 
tiable certificates of deposit in a 
hid in utlracl more international 
fund* io the Asian dollar markeL 
Page 17 

Tanker drivers’ 
strike called 

• LEADERS uf petrol tanker 
driver* in the Midlands have 
called a 24-hour unofficial strike 
from this morning over demands 
for a 30 per cent, pay rise and 
fringe beneflis. The stoppage 
ma> be the first of a series of 
(li*innes to hil oil and pelrol 
deliveries. Back Page 

• BRITISH GAS will drill fur¬ 
ther oil exploration wells in 
Dorset, after its new discovery 
below its Wytch Farm Field. 
Ruck Page. Government is seek¬ 
ing a new deputy chairman for 
the British National Oil Corpora- 
lmn with the retirement of Lord 
Ralogh. Page 6 

• TEXTILES industry is putting 
further pressure on the Govern- 
iii•*nt to extend the temporary 
•■mnloynienl subsidy after March 
io safeguard jobs. Page 7 

4 k COFFEE price war is intcn<i- 
fjing. with nil? of up to 30]) in 
prices of Nestle and General 
Funds brands. Page 6 

£ U.K. EXECUTIVES working 
in West Germany seem to be 
setting a worse deal than their 
German counterparts. Page 3 

mmmts 

e I'OMP.YIR is buying ihe Fluid 
Power Division of the Wa, !f 

ticguialoi Company of the U.». 

inr KJ5m. (f"7nt ). Back Page- 
News analysis. Page 15 

• rkeii INTERNATIONAL has 

iwvn obliged to pay fa 95m. for 
an unwanted extra 10 per cent, 
nf in Smith Afriran subsidiary. 
Um-d X’nmpak. under an agree¬ 
ment made in 1975. Pape 1» 


half. This, the unioa estimated. ____anxious to win some improve- 
would increase the wages'bill by , ment on the existing employers' 

about £8m. |rp rloniQ nrp offer before putting it to the test 

prap 0 OMr a s&ro e utffde C £e The cost of fire damage for ^Th.e 0 ?^^ take firemen’s 

"Uidelinel 8 ° uls,ae 111 w November was £42.7m.—tbe pay wto Une with skpled manual 
Q u me lines. ^ „ worst monthly total since the workers m industry in two years 

The meeting between Mr., piixboronsh disaster in 1974 tinJe ana - as a long-term formula. 

Rees, the FBU executive, and ^ Insurance Asso- has won . general acceptance 

local authonry employers repre- e i-u 0 « MV s the losses were among the strikers. However, 

sentatives. began with a 6rm - undoubtedly hieher because the men bav ° continued to de- 

declnration by the Home Secre- T maud immediate increases above 

lary that the firemen's strike „ orma nv nrovided bv the fire the 10 per cenL sidelines 
musl be settled within the 10 before ending the strike. 

per cent norm which the Govern- ^ _ The FBU executive .held a 

ment is applying in the public lengthy meeting after Mr. Rees 

sector. and it is the first time since the had opened yesterday's talks and 

There was apparently no strike began that Government, then returned to the employer's 
change in the Government’s union and employers have met side, who had been waiting in 
□osition when, after 45 minutes, together in this way. However, another room at the Home Office, 
the first round of talks ended Mr. Rees emphasised at the for detailed talks on the pro¬ 
ud ihe union and employers opening of the talks that the posed new pay formula, 
retired to consider the. position Government's task was not to Employers saw some faint 
separately. The talks were eon- got directly involved in the gjgn of hope in the fact that 
tinuing last night negotiations, but to hold the pay the union was continuing dis- 

Yesterday’s talks began in an guidelines. cussions with them despite the 

atmosnhere of some bitterness Members of the FBU executive Home Secretary’s ’ very firm 
following remarks at the week- were opposed to the national declaration at the start of the 
end by Mr. Martin Brannan. strike starling, but were heavily meeting- that the Government 
chairman of the employers’ outvoted by a special delegate would not allow its pay guide- 
side. Mr. Terry Parry ; FBXJ conference of their members, lines to be broken. 

U.S. announces steel 
import trigger prices 


BY JUREK MARTIN, US. EDITOR 


THE U.S. this afternoon made 
public’ the first set of trigger 
prices that will be put into effect 
shortly to stem the flow of below- 
cost foreign steel into the 
American market, 
i Tbe weighted average of the 
prices, which are based on the 
Japanese cost of production and 
which include estimated customs 
duties, works out at S330 per ton 
at U.S. East Coast ports of entry. 
This is 5.7 per cent, below the 
weighted average list price of 
comparable U.S. steel industry 
produtes in the eastern U.S. 
market. 

However, the prices disclosed 
to-day do not include importers’ 
mark ups, which generally, 
according to the U.S. Treasury, 
come to 34 per cent per' ton, 
and whidh would, therefore, 
narrow further the price differen¬ 
tial between foreign and ’domes¬ 
tic products. 

On the other hand, U.S. pro¬ 
ducers have in recent weeks said 
that they plan to raise domestic 
steel prices by. between 5 and 7 
per cent, in the near future. 

Where foreign steel . is 
imported into the U.S. below the 
trigger price, the U.S authorities 
may levy additional duties fol¬ 
lowing a speeded-up investigation 
of the case. 

As the Treasury pointed out 


again to-day, the extent to which 
the trigger price mechanism will 
allow the domestic industry to re¬ 
capture a percentage of the 
market taken by Imports will in 
good measure depend on the pric¬ 
ing policies of the U.S. industry. 

Furthermore, the price lists 
announced to-day, although they 

Trigger 
price plus 

estimated Current 

customs US. 
duties list price 

Cold rolled 

sheet S329 S333 

Hot rolled 

sheet S262 $288 

Plate S301 *324 

Tin plate $500 >481 

Hot rolled 

bars $373 S359 

All prices per ton. Eastern U3. 

cover about 75 per cent of im¬ 
ported steel products, do not in¬ 
clude prices charged by 
manufacturers for extras such 
as special finishing, which form 
an integral part of final steel 
pricing. Trigger prices for 
extras, together with those for 
product lines not covered in to¬ 
day's schedule, should be made 
public in about two weeks. 

The trigger prices were calcu- 


WASHLNGTO.N, Jan. 3. 

lated on the basis of data sup¬ 
plied'by tbe Japanese Ministry 
of International Trade and In¬ 
dustry and by the six major 
Japanese integrated 6teel com¬ 
panies last month. They were 
correlated with studies produced 
by the Brussels-based Inter¬ 
national Iron and Steel Institute 
and other domestic and foreign 
steel industry information. 

The trigger price system, 
which will be subject to 
quarterly revision, could be 
working by February 15, 
Treasury officials said to-day. 
The first set of prices have been 
based on a currency exchange 
rate of Y240 to the U.S. dollar, 
though this too will be amended 
in the light of exchange rate L 
movements. 

Intriguingly. the Treasury dis¬ 
closed that a key element in its 
cost calculations was an S5 per 
cenL operating, capacity for the 
Japanese steel industry- In fact, 
as the Treasury acknowledged, 
the Japanese industry is 
currently operating at only 70 
per cent. • of capacity—the 
European industry is operating 
at still less. But the U.S. believes 
the higher figure may be pro¬ 
perly used because the Japanese 
industry has averaged an S5 per 
cent plus operating capacity 
Continued on Back Page 


By Rupert Cornwell, Lobby Staff 

The Liberals' dilemma over 
how 10 break their pact with 
Labour intensified last night. 
Mr. David Steel, the party 
leader, rejected the options 
pul forward in the draft resolu¬ 
tion to go before this month's 
special Assembly on the Issue. 

ETis unexpected move 
appears to increase the risk oF 
a head-on clash with grass 
roots opinion In the con¬ 
stituencies and once more to 
pat Mr. Steel's Position as 
leader io jeopardy should the 
Assembly come out against 
bim. 

Delegates were to have been 
given a straight choice of 
whether to puli out a 1 once, or 
when the Finance Bill has 
completed its passage through 
Parliament next summer, ft 
had been generally assumed 
that this second option would 
be carried comfortably.. and 
with the acquiescence of the 
leader. 

But at a lengthy meeting at 
his Scottish home yesterday, 
Mr. Steel told Mr. Geoff 
Tordoff. tbe Libera) chairman, 
and Mr. Gruffyd Evans. Ihe 
party president, that the 13 
Liberal MPs at Westminster 
could not allow their bands to 
be so tied. 

And in what promises to be 
a dramatic counter-attack, be 
will appear in a party political 
broadcast on January 12, nine 
days before the Blackpool 
Assembly, to carry Ibe case for 
continuing the pact Io party 
workers and the country. 

Mr. Steel made It clear 
yesterday thal he would back 
any amendment to the resolu¬ 
tion giving more flexibility to 
Liberal MPs. One aiong these 
lines Is iikciy to be selected 
when the Assembly committee 
meets again on January 18. 

The tough tine suggests lhal 
Mr. Sleel is fully aware that 
perhaps his strongesl card is 
Ihe pariy's dislike ot the pros¬ 
pect of choosing another leader 
should he step down. 

Mr. Steel has never hidden 
his belief that it would be 
impossible for him io carry oo 
should the Assembly demand 
an immediate end to the agree¬ 
ment with the Government; 
hut the position is far less 
dear if completion of the. 
Finance Bill—which is ex¬ 
pected to contain Liberal- 
inspired measures on profir- 
sharing-—Is adopted as the 
deadline. Liberal MPs, in 
spite of fbeir disillusion, re¬ 
main markedly less hostile Io 
the pact than workers in the 
constituencies. 


BY MICHAEL B LAN DEN 

THE POUND rose sharply to its 

highest level for nearly two years 
yesterday as the U.S. dollar 
slumped in active foreign ex¬ 
change market dealings. 

With strong commercial and 
speculative demand in the morn¬ 
ing and again in late dealings, 
.sterling jumped 4.65 cents from 
last Friday's closing level to 
S1.9635. This was its highest 
since early March. 1976. when 


fall further unless- firm action 
were taken by the U.S. authori¬ 
ties to stem tiie decline. 

The currency unrest, which 
has already caused prohlcms for 
West Germany and Switzerland, 
the countries with the iwo 
strongesl Continental curren¬ 
cies. could now begin to pose 
difficulties for the U.K. 

Since the pound was allowed 
to lloai upwards at the beginning 



£ in New York 


Jiuuaiy o J'tvi’iiins 


si.uertvaew isLaieti 1.9220 

1 iiu-nili 0.0841.12 nm 11 . 1 O.C 6 -O. ID iirvin. 
S nvmib* F'neni.CL27-0.>5 [.rpui. 

12 mniillis O.’ilWI.SU |ire 111 . 0.40-0.60 jirein. 


the pound was falling sharply 
after it hud dropped through the 
52.00 barrier. 

The weighted index of the 
pound's value against a basket 
of currencies also rose to 68.1, 
its best since April 1976. com¬ 
pared with 65.2 oo Friday. 

The strength of sterling was 
again mainly a reflection of the 
heavy pressure on the dollar, 
which dropped to new low levels 
against leading currencies 
generally. 

The dollar's trade-weighted 
depreciation, as calculated by 
Morgan Guaranty, widened to 
5.97 per cent, from 5.09 per cent. 
00 Friday. 

The Swiss franc ended dealings 
at a record Sw.Frs.1.02 to the 
dollar compared with 
Sw.Frs.l.98S7! orj Friday, while 
the West German D-mark moved 
up to D3I2.0650 against the dol¬ 
lar, compared with DM2.0975. 

As activity in the market re¬ 
turned to more normal levels on 
the first London n-ading day of 
the New Year, yesterday’s move¬ 
ments confirmed the continued 
weakness of the U.S. currency 
evident in the thin business 
wh ! ch took place last week. 

The market uncertainty was 
also reflected in a rise of S4 in 
the price of gold to SI691 an 
ounce, its highest since May. 
1975. 

The. pressure on the dollar 
continued last night in New York 
trading after London had closed, 
it reflected the uncertainly in 
the market about the prospecis 
for the U.S economy and balance 
of payments, and dealers sug¬ 
gested that the dollar would 


of Novt-mber. il has risen by 
some 10-5 per cent, against the 
dollar and by 5.76 per cent, on 
the weighted index. 

This increase will signifi¬ 
cantly erode the competitiveness 
of U.K. industry in international 
markets. But the U.K. authori¬ 
ties have only a limited number 
of options open to them if they 
wish to ease the pressure. 

One possibility would be 10 
allow interest rales to fall again, 
and it is thought the Bank of 
England’s minimum lending rate 
could be cut on Friday from the 
presenjT per cent. 

Past experience suggests, how¬ 
ever. that interest rale reduc¬ 
tions have little impact on specu¬ 
lative inflows 

Given the commitment to 
money supply targets—the main 
reason for the decision to let 
the pound go up last year—the 
authorities have limited scope 
for intervention to hold the 
exchange rate down. 

Impact on British companies, 
Page 6 


FINANCIAL TIMES 

The inside pages of the 
Financial Times appear in a 
slightly different order from to¬ 
day. The arts coverage and the 
features normally carried on 
Pages Two and Three ha\e 
been moved to the pages 
immediately preceding tbe 
Leader Page. European News 
will now occupy Pages Two 
and Three. 


Venezuela seeks $1.2bn. loan 


BY JOHN EVANS 

VENEZUELA is coming to the 
international capital markets for 
a S1.2bn. syndicated bank loan. 

It is the firs' major call on the 

.Eurocurrency markets in 1S7S, 
and marks a further softening in 
the terms of Euromarkets credits. 

Despite its sire, the terms of 
the new loan represent a con¬ 
siderable improvement for the 
borrower. The maturity is 10 
years, and the interest rate will 
be 5 per cenL higher than Euro¬ 
dollar interbank rales. 

Proceeds will be used for 
industrial and public \vorks 
under Venezuela’s fifth national 
plan, which runs from 1976 to 
19S0. 

Most of the near S3bn. from 


foreign loans and bond sales 
by Venezuela in- the past -li 
years has been applied on pro¬ 
jects under the plan, as well os 
consolidating short-term debt 
Venezuela’s borrowing in¬ 
cluded. last year, a similar 
SL2bn. Eurocurrency loan whose 
interest rate was 1 per cent. 
’■ her than Eurodollar interbank 
rates, and a 8350m. loan towards 
the end of the year where the 
margin was l per cenL 
A group of three banks. Manu¬ 
facturers Hanover Ltd.. Swiss 
Bank Corp. and Japan's Dai-Ichi 
Kansyo Bank have been desig¬ 
nated joint lead managers 
Confirming the new loan in 
London to-day, tbe banks 


involved said a fail manage¬ 
ment group for the credit is now 
being formed. 

It is anticipated banks 
generally will be invited to sub¬ 
scribe to the loan in about a 
week. Such a short time indi¬ 
cates there is a favourable recep¬ 
tion. 

This new loan is likely to mean 
that a 3500m. Euroloan for 
Siderurgiea del Orinoco, the 
Venezuelan.state stril manufac¬ 
turer will not be arranged until 
later in 1978. 

Venezuela is also due to raise 
around S175ih. via an issue of 
flnaiing rate notes, but it is not 
yet known when this offer will be 
made. 


Catch a 

Caribbean 

Jumbo 

74% to Kingston at l()45 every Wednesday 
(via Bermuda and Nassau) and Saturday 
(via Bermuda). Plus Barbados and 
Trinidad at 1140 every Tuesday and 
Saturday. All from Heathrow. 

With lots of ^707s and VClOs 
in between. 

Full details from your Travel 
Agent or British Airways shop. JPK4| 


JHIEF PRICE CHANGES YESTERDAY 


CONTENTS OF TODAY’S ISSUE 


in m-i.iv ntiwrttiM! 

mdi'-ati'dl 

RISKS 

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Jrfimtitn Sumatra . 

Gold Fields ... I ‘- 1 
l-’r.*e Stale Geditld ... £*’J 
Western Holdings ...£Li 

FALLS 

UK Shanghai Banking ’J-ijj 
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R.-'.Ml Itl !;il . 

fiK Industries . •*" 

Messina . 

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Southern Malayan 
l l..h Milting - •• J* 1 * 


World trade news . 


The case For fast breeder 

reaelors . 12 

Threat to fanners in land 
prices . *3 


2 & 3 

4 

Technical page .... 

. 9 ■ 

in!!. Companies. 

16 & 17 
. 18 



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Foreign Exchanges ... 

. 18 

6&7 

UJL Companies. 

.... 14 & 15 

Farming, raw materials 

. 19 

... 8 

Mining . 


U.K. stock market. 

. 20 








FEATURES 

Argentina: Investors wait in 

(he wings . 5 

Political satire in East 
Germany . 3 


Natural gait problems for 

Mexico . , . 4 

New year hangover for Mr. 
Silkin .. 19 


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*5aan cial Times Wednesday Janu»y 4 1$% 


EUROPEAN NEWS 


Intense activity in run-up Ecevit t0 

. m , , „ . . ,. announce 

to March French elections Cabinet by 

BY ROBERT MAUTHNCR PARIS, Jan. S. 'tO"JXIOITO^V 


BASQUE AUTONOMY 


5 


Initial advisory role for new council 


BY ROBERT MAUTHNCR 

AFTER THE Christmas and New 
Year lull, both the Government 
coalition and Socialist-Com¬ 
munist opposition parties are 
girding their loins for the vital 
general election which will be 
held in two rounds on March 12 
and 19. 

Domestic political activity over 
the next few days will be 
intense, in spite of the three-day 
visit of President Jimmy Carter 
to France, which will be the 
longest stage of his current 
world tour. 

President Valery Giscard 
d’Estaing will preside over a 
week-end meeting of members 
of the Government at the 
Chateau of RambouiUet, south 
of Paris, at which the finishing 
touches will be put to tbe coali¬ 
tion’s election programme and 
strategy. The so-called “ action 
programme.” which is expected 
to take the form of broad 
objectives rather than detailed 
policies, is due to be made public 
by M. Raymond Barre. the 
prime Minister, at a meeting in 
Blois, in the Loire Valley, on 
Saturday. 

In the meantime tbe Socialists 
and Communists will not have 
been idle. M- Francois Mitter¬ 
rand, the Socialist leader, is due 
to hold a news conference to¬ 


morrow at which be will doubt- 
les spell out in greater detail 
bis allegations that the Govern¬ 
ment has been trying to rig tbe 
vote of French overseas citizens. 

Next week-end. too. the 
Socialist Party is due to hold a 
special conference on defence 
problems, one of the issues on 
which its alliance with the 


PRESIDENT Valery Giscard 
d'EsUing told reporters yester¬ 
day that French military help 
last year probably saved Zaire 
and Mauritania from chaos, 
reports UPL In impromptu 
remarks during a reception, 
President Giscard said: “ With¬ 
out French intervention in 
Zaire and the policy we 
followed regarding Mauritania, 
these two countries would 
most likely have fallen into 
chaos.” 


Communists foundered last 
September, thus jeopardising the 
Opposition's electoral prospects. 

But the event on which most 
attention will be focused is the 
two-day conference next week¬ 
end of the Communist Party, 
which will follow a meeting of 
its Central Committee, the pur¬ 
pose of which is to review the 
party’s tactics since the break 


with the Socialists and to approve 
its election strategy. 

The question on everyone's 
lips is whether the Communists 
have a last-minute olive branch 
up their sleeves to offer to the 
Socialists, so that the Left-wing 
opposition will be able, after all, 
to go united into the election. 

However, the chances of a 
complete reconciliation are con¬ 
sidered to be very slim. The 
slanging match which has been 
going on between the erstwhile 
partners of the Left since they 
parted ways has been, so virulent 
and has brought to light so many 
fundamental differences that it is 
difficult to see how the quarrel 
can be patched up in the short 
time available. 

It is still possible, on the other 
hand, that an arrangement can 
be made by the two parties for 
the vital second round of tbe 
election, which takes place in all 
constituencies in which no candi¬ 
date has managed to poll more 
than 50 per cent, of the vote in 
the first round. 

Many observers believe that, 
although the Socialists and Com¬ 
munists are likely to present 
separate candidates in nearly all 
constituencies in the first round, 
they could well agree at the last 
moment on joint candidates in 
the run-off to prevent a Govern¬ 
ment candidate from winning. 


Giscard to urge more $ support 


BY OUR OWN CORRESPONDENT 


ECONOMIC AND nuclear prob¬ 
lems will figure high on the 
agenda of the talks between 
Presidents Jimmy Carter and 
Valery Giscard d’Estaing during 
the U.S. President’s three-day 
visit to France starting to¬ 
morrow. 

Tbe French President, who 
said to-day that he was greatly 
concerned about the disorganised 
state of the world’s economy, is 
expected to urge Mr. Carter to 
take more energetic action to 
support the dollar—which con¬ 
tinued its slide on the exchange 
markets to-day—and to reduce 
the large U.S. payments deficit. 

In separate talks which M. 
Raymond Barre, the French 


Prime Minister, will have with 
Mr. Robert Strauss, the U.S. 
special trade representative, the 
French Premier is also expected 
to elaborate on his proposals for 
“ organised free trade,” a con¬ 
cept which is gaining growing 
acceptance in other European 
countries. 

One of the biggest sticking 
points in the talks is likely to 
be the nuclear issue, both as 
regards its military and civil 
aspects. 

The French are determined to 
continue conducting under¬ 
ground tests to develop their 
independent nuclear deterrent. 
French officials explained that 
while the U.S. and the Soviet 


Swiss franc at new high 


BY JOHN WICKS 

THE SWISS franc reached a 
record level against other cur¬ 
rencies to-day. the first day of 
trading on the Zurich market 
this year; The trade-weighted 
appreciation attained a peak of 
S7.3 per cent, against Smith¬ 
sonian levels, while the dollar 
fell to no more than 
Sw.Frs.1.9440-1.9490. 

The weakness of the dollar was 
attributed to U.S. foreign trade 
forecasts, developments in U.S. 


ZURICH, Jan. 3. 

leading indicators and continued 
uncertainty as to monetary 
policy intentions. The Swiss 
franc also made 'a further rise 
against the otherwise strong 
mark, however, which dropped to 
below 94 centimes. 

In a radio interview to-day, the 
Swiss Bank Corporation manag¬ 
ing director and chairman-desig¬ 
nate, Herr Hans Strasser, fore¬ 
cast a further strengthening of 
the Swiss franc against the dol¬ 
lar. 


PARIS, Jan. 3. 

Union were technically so far 
advanced that they could con¬ 
tinue to perfect their nuclear 
arsenals without resort to 
further teste, aids was not the 
case for France. 

On ahe oml side, France, 
which imports nearly 75 per 
cent of dts energy needs,' is 
equally adamant that it must 
persevere with ate programme 
for the development of fast 
breeder -reactors which is one of 
the most ambitious hi the world. 

President Giscard will also out¬ 
line his views on the role of the 
big powers in the Middle East 
and stress that the Soviet Union 
must be associated with any 
eventual system oi guarantees for 
the area. 

The French consider that they 
too have an important role to 
play in the final stages of a 
Middle East settlement. 

Adrian Dicks adds from Bonn: i 
President Carter is to take advan¬ 
tage of his brief visit to Aswan 
to-morrow for talks with Presi¬ 
dent Anwar Sadat to fit in a 
10-minute private discussion with 
.Chancellor Helmut Schmidt of 
West Germany, who has been 
staying as.the Egyptian leader's 
house guest for several days. 

Announcing this here to-day, 
the West German Government 
spokesman said Herr Schmidt did 
not want to take up more than a 
few minutes of Mr. Carter’s 75- 
minute stay in Egypt 


By,Matin Munir 

ANKARA, Jan. 3. 
TURKISH PRIME Minister 
designate, Mr. Bolent Ecevit, 
said to-day he would announce 
his Cabinet In 4S hoars. The 
52-year-old Social Democrat 
also said he had received firm 
commitments of support from 
14 deputies—11 independent 
members and three f rom two 
small Right-wing parties—the 
Republican Reliance Party 
with two seats hi the National 
Assembly and the Democratic 
Party, which has one. 

These 14 seats are sufficient 
to give Mr. Ecevifs Republican 
People’s' Party (RPP), which 
Itself controls' 213 seats, a rul¬ 
ing majority in the assembly. - 

The RPP and its allies will 
make a joint declaration to¬ 
morrow laying down the foun¬ 
dations of its partnership. 

It thus appears virtually cer¬ 
tain that Mr. Ecevit will win a 
vote of confidence and take the 
reins at one of the most diffi¬ 
cult times in Turkish history. 
It may take up to a fortnight 
j however, before the Govem- 
; meat is given the go-ahead by 
i the Assembly. 

In exchange for their 
support, Mr. Ecevit is believed 
to have promised to allocate 
his 14 backers 13 of the 29 
seats in the Cabinet. It is 
also thought that the Cabinet 
seats will be increased to 
enable,Mr. Ecevit to give port¬ 
folios to factions in his own 
party, 

Mr. Ecevit today tried to 
dispel speculation that the 
composition of his Govern¬ 
ment. and its slim majority 
will be elements of weakness- 

“In most of the democratic 
Western countries,” he said. 
Governments are either in 
minority or have a majority of 
two or three seats. This is 
one of the characteristics of 
our age. I believe that our 
democracy, too, must learn to 
live with such difficulties." 

Tbe change of Government 
wilt Inevitably delay Turkey's 
negotiations with . the IMF 
which were scheduled to 
resume in the early part of 
this month. These negotia¬ 
tions have been underway 
since September when the out¬ 
going Government started to 
implement economic austerity 
measures to ' stabilise tbe 
economy. 

Our Nicosia correspondent 
adds: President Spyros 

Kyprianon said today that he 
would be willing to meet Mr. 
Ecevit for talks on the Cyprus 
problem, even though he 
expressed fears ( that Mr. 
Ecevtt’s return to power would 
not facilitate the search. for 
a settlement. 

Mr. Kyprianoa described Mr. 
Ecevit as an extremist, judging 
him on "past experience and 
his recent statements and 
actions.” He recalled that It 
was Mr. Ecevit who ordered 
the Turkish invasion of Cyprus 
in 1974. 




W EHEBanque Canademe Nationale 

103 r< I Annual Report 


Condensed Statement of Assets and 
Liabilities as at October 31,1977 

Assets 1977 1976 

Cash resources «$f J l29 f 9B5,766«$ 660,766,701 

Government and after securities 764,333,754 748,855,635 


Statement of Revenue r £xpenses and 
Undivided Profits 


Loans, In chiding mortgages r 

Bank premises 

Securities of aid loans to a 
corporation controlled by the 
bank 

Customers' liability under accept* 
antes, guarantees and letters 
of credit, as per contra 

ptber assets 

Liabilities 

Deposits 

Acceptances, guarantees and 
letters ofcredit 

Other liabilities 

Aceonubted appropriations for 
losses 

Debentures issued and 
outstanding 

Capital, r es t acc ou nt and 
uaforided profits 


4,817,212,537 4,061,410,278 
44,207,832 4V48.606 

2,827,500 2,932,500 

162*68,265 156,824,136 

2,679,629 2,218,779 

36,924,213,285 $5,674,756,636 

$6,472^67,201 $5,259,969,383 


Revenue 

From loans 
Fromsecurffies 
Other operating resenue 
Total revenue 


1977 1976 

«$ 495,110,704«$ 429,884564 
* 5M07.345 61,935,255 

Z7,710,885 27350,895 ' 

561,126334 519,770,714 


162^66,265 

12,211,407 


156,824,136 

12,589,677 


62,141,700 52,640,280 

60,000,000 60,000,000 


154326,712 

$6,824,213,285 


132.733,160 

$5.674,756,636 


Expenses 

Interest on deposits and lank 
debentures 

Salaries, pension contributions 
and otter staff benefits 
Property expenses, including 
depreciation 

Other operating expenses, 

including provision of $21,012,797 
(1976: $16457,843) forfosseson 
loans based on five-year average 
loss experience 
Total exposes 
Balance of revenue 
Provision for name faxes 
relating thereto .... 

Balance of revenue after provision 
for income taxes 
Appropriation for tosses 
Balance of profitstortheyear 
Dividends 

_ • 

Undivided profits at beginning 
of year 

Transferred fo restaccomt 
Undirided profits at end of year * 


862,467,451. 327.016,752 


101,694,633 

23,927,2(19 


45,453,910 
533,543,200 
47,565,734 


87,504,282 
23,232,535 V 


38,577,531 

474,391100 

45,379,614 


20327.000 20510,000 


26,756,734 

7,222,440 

19,536,294 

8,960,000 

1^576^94 

460954 

11,037,248 

IflgjjW 

537,248 


24,869,614 

6,737,900 

18,131,714 

8,344,657 

9/787,057 

503,897 
10,290,954 
9.830,000 
$ 450,954 


Germain Perreault 
Presidentand Chief Executive Officer 


Jacques Douvflle 
Executive Vice-President and 
Chief General Manager 


Banque Canadienne Nationafe 

500, Place cTArmes 
Montreal (Quebec) CANADA 

Over500 branchesand offices in Canada,-and correspondents around the world. 

International subsidiaries 

Banque Canadienne Rationale Europe) SA. Banque Canadienne Rationale (Bahamas) limited 
47, avenue George-V P.0. Box N-10I28 

75008 Earls, FRANCE Nassau, BAHAMAS 

Offices abroad 


Brandi! 47, avenue George-V Agency: 450 Park Avenue Representative 27/32.013 Jewry 

75008 Paris New York, NX Office.- London EC2R 8D1 


FRANCE 


ENGLAND 



BY DAY1D HABAJCKDK 

THE SPANISH Government’s 
approval last week-end of a 
(decree granting a provisional 
I measure of autonomy for tbe 
'Basque region is an important 
1 symbolic act. and one which has 
! averted demonstrations sefae- 
{(tilled for to-morrow that could 
! have turned very unpleasant. 

• But, as with the restoration of 
jttae Generali tat In Catalonia last 
September, the degree of real 
(power granted immediately has 
(been small, and what degree of 
| real autonomy the two regions 
{will get remains to be decided. 

The new Basque council—to be 
composed initially of deputies to 
the Cortes (Parliament)—is in¬ 
tended for the time being merely 
to advise the central Government, 
i and to improve its co-ordination 
with the regions. 

Like its Catalan counterpart, 
it is also intended to negotiate 
with the central Government 
what powers it will eventually 
assume. 

It will choose a president— 
Sr. Ramon Rubial, president of 
! the Socialist Workers’ Party 
j (PSOE) is thought to be a likely 
i choice—and ministers will he 
a pointed in fields such such as 
education and agriculture, as has 
already happened in Catalonia,, 
who will advise their counter¬ 
parts in Madrid. 

At the municipal elections due 
next year, some of those elected 
to local office will also be elected 
to serve on the council. 

Bui. important milestones 
though its-setting up may be, 
such a council comes nowhere 
near satisfying the long-term 
aspirations of members of the 
Basque Nationalist Party, who. 
want a much more substantial, 
degree of' autonomy, although 
not except in isolated cases, 
independence. 

Nor is it expected to have any 
significant impact in restraining 
the terrorist activities of the 
Basque militant organisation, 
ETA, which wants total indepen¬ 
dence for the region. 


On one key issue, that of con* 
trol of the forces of law and 
order, it appears unlikely that 
the Government of Prime Minis¬ 
ter Sr. Adolfo Suarez will make 
any far reaching concessions. 
Ever since the Civil. War, in 
which all the Basque provinces 
except Navarra opposed the late- 
General Franco, the forces of 


sidering the possibility of mak¬ 
ing available some kind of fund 
in 1979 for all the regions—not 
just the Basque provinces and 
Catalonia—but that in itself 
would be a far cry from the 
power to levy taxes. 

Nationalists' demands in both 
these two relatively prosperous 
areas are likely to be sharpened 


►Biarritz 


- 7 ^ ranee 

■ j 

V VITORIA® *. .5 ( * 

"sJLlVlr /■ 

- NAVARRA 

7 ■'} Jl 


"~V f 

A >1 1 


law and order have been re¬ 
garded as an “Invading force" 
and next to none of their mem¬ 
bers are Basques. 

It bas been one of the key 
demands of Basque na ti ona l i s ts 
that tbe control of these forces 
should be exercised by the 
regional government 

Already it appears that Sr. 
Suarez intends that law and 
order shall remain firmly tinder 
central control. There is some 
room for compromise inincreas- 
Ing regional influence bn the 
forces of law and order, mid the 
number of their member* who 
are Basques. .« • 

Another key issue will be 
whether the region will have 
any power to levy taxes. The 
Government appears to be con- 


by their common conviction that 
the. Madrid Government has 
sucked funds out of them. 

Besides the substantial gulf 
likely to separate Sr. Suarez’s 
Government from Catalan and 
Basque, nationalists on a number 
of issues, there are other 
problems which could impede an 
easy transition to a stable form 
of autonomy. 

Prominent among these are the 
activities of the Basque militant 
organisation, ETA. Hopes -that 
the amnesty for Basque and other 
militants agreed in October might 
put a stop to the terrorist 
violence which has so long 
plagued the region have not come 
to anything. Although the 
organisation can no longer count 
on the widespread tacit support 
it had under Franco, the security 


Irish admit defying fish quota 


BY GILES MERRITT 

THE IRISH Fishermen's Organi¬ 
sation (EFO) has confirmed in 
Dublin that a number of fishing 
boats in the Republic have been 
defying EEC quota regulations 
and have made illicit herring 
catches to a value approaching 
£2m. However, Irish fishing in¬ 
dustry sources are claiming that 
Dutch trawlers are also ignoring 
: EEC accords and have been fish¬ 
ing even larger., quantities of 
herring in the closed waters of 
i the Celtic Sea. . . 

The admission by the TFO of 
illicit fishing in both the Irish 
and Celtic seas is understood 
here to be part of a deliberate 
plan to direct attention in 
Brussels toward tbe continued 


defiance of EEC regulations by 
Dutch skippers, with the aim of 
strengthening the Irish:.fishing 
industry's demand for a 50-mile 
limit around Ireland. 

Irish officials, however, are 
understood to be concerned that 
the news that Irish fishermen 
have also been flouting the quota 
regulations will, in fact, -weaken 
the Republic's case for an ex¬ 
clusive limit There are dears 
in Dublin that when the * next 
round of fisheries talks opens in 
Brussels in a fortnight’s -time, 
Ireland will come under strong 
criticism for failing to enforce 
the conservation quotas. 

In an effort to justify the 
illegal herring catches by Irish 
boats (which over the past six 


DUBLIN. Jan. 3. 

months have totalled 5,000 tons) 
Mr. Joe Murrin, head of the 
IFO, commented: “At the rate 
fish is now being caught by Irish 
fishennen, our quota would have 
to be doubled, or else our 
trawlers could be tied up for 
six months of the year while 
Dutch and other trawlers fish 
freely off our coast” 

Irish fishermen have been 
threatening to openly defy the! 
herring ban -in the Irish and 
Celtic seas in advance of the 
January. 18 EEC Council of 
Ministers meeting in Brussels. 
But parallel to the revelation 
that a number of boats have 
been making illicit catches, a 
meeting of IFO representatives 
voted at the week-end to con¬ 
tinue observing the ban. 


forces have not been able to 
seriously damage its operational 
capability. 

Recently, ETA has facreaj%i 
its campaign of violence, haring 
claimed responsibility for Uu** 
killings since November. Last 
week, extremists thought - to 
belong to tbe organisation ksq. 
napped two separate vanloads of 
explosives, and there is sppre- 

hension about the uses to which 
these might bo pat. 

Any further intenstficatiaa of 
terrorist. action could lead to 
over-reaction by the security 
forces, which could have barm- 
ful effects on tbe negotiations 
over autonomy. 

Also problematical, although 
less serious, is the position of 
Navarra, which caused the delay 
in approving the autonomy 
decree, initially- agreed |q 
N ovember. The province—which 
had a strong Caritet tradition 
and supported Franco in the 
Cfivil Wap—was also the only 
Basque province to return a 
majority of deputies of Sr, 
Suarez's Union of tbe Denuv 
cratic Centre is . the Juno 
General Election. 

However, serious as Sr, 
Suaros's problems with the auto¬ 
nomy issue remain, what had 
been widely expected to be the 
most severe problem is begin¬ 
ning to look much less serious. 
The Spanish army under the late 
General Franco was trained to 
regard the preservation of 
national unity as one of its 
central tasks. It had been feared 
that any serious devolution 
might provoke military intervene 
tion. 

However, with the democra- 
tisation of Spain-going more 
smoothly than had generally 
been expected, many observers 
believe the army would increas¬ 
ingly find such intervention 
difficult Tbe chances of the 
kind of devolution Sr. Suarez— 
or even a Socialist successor— 
might concede, provoking it are 
nothing like so great as had 
been feared. 


[Boumedienne in 
Malta for 
talks on aid 

By Godfrey Grtma 

VALLETTA, Jan. 3. 
ALGERIAN PRESIDENT Mr. 
Hoauri Boumedienne to-day flew 
into Malta for talks with Maltese 
Premier Mr. Dom Mintoff on the 
support Algeria will make avail¬ 
able to the island after British 
bases arc permanently closed 
this year. 

According to authoritive Gov¬ 
ernment sources, to-day’s, nego¬ 
tiations were expected to identify 
tbe economic support Algeria u 
prepared to give. Mr. Mintoffs 
Government has asked Ulya. 
Algeria, France and Italy to 
” guarantee " the island’s nettra- 
lity and her economy- after tha 
British leave. 


Moscow to free Klymchuk 


THE SOVIET UNION to-day 
announced it was expelling Mr. 
Andrej Klymchuk, the British 
student who has been held by the 
KGB since August on charges of 
anti-Soviet activity. 

British embassy officiate said 
, they were informed that Mr. 
Klymchuk, a 22-year-old student 
I at a Hull teachers’ training 
college, would be flown to 
London on Thursday morning 
aboard a regular Soviet Aeroflot 
Sight 

The official Tass news agency 
said the decision, to expel him 
rather than put him on trial was 
taken in response to repeated 
appeals by Britain for clemency, 
and to his own ** sincere re- 


MOSCOW, Jan. 3. 

pen lance "in a letter to the 
Soviet Government. 

After his arrest on August 1 
in the West Ukrainian city of 
Lvov, which he was visiting as a 
tourist, Mr. Klymchuk fully 
admitted his guilt, it said. 

Tass quoted the Lvov pro¬ 
secutor's office as saying be tried 
to distribute written appeals for 
a struggle against the socialist 
system, and smuggled in Roubles 
10,000 (S14.000) to organise anti- 
Soviet subversion. 

Renter 


The Finakciai. Times, BuMisfacd daUy except 
Sondm «od holidays. U.S. mbxcriptt™ 
3178.DO (air freight] S534.00 («lr main per 
aitnmn- Second clam poHmc Paid at New 
xonu N.Y, 


on 


Elson 68, Robbins 

<PVC foam—Spring units—Products for domestic appliance 

industry—Heating and ventilating products—Partitioning) 

Record sales and profitsW 

reports Eric R. Keeiing, the Chairman. 

• Turnover rose 29% to £12.8 million and pre-tax 
profit was up by 53% to £1.74 million. 

• A final dividend of 1.9T9p net makes a total of 
3.129p which is the maximum permitted. 

• Exports rose from £895,000 to £903,000 and we 
are currently investigating sales potential for gas 
appliances in the southern hemisphere which 
would reduce seasonal fluctuations In demand. 

• The increased profits are mainly due to the 

growth in sales of the “Premiere” liquid 
petroleum gas heater. This brand name has v 

become quickly established and sales continue 
according to plan. 

• We intend to strengthen both domestic and 
overseas activities and in the absence of 
unforeseen circumstances the Board is likely to 
be reporting further increases in sales and 
profits in the year ahead. 


PT71 BIMBO 
RORENGE 

FALAZZD DEGU AEFARI-PIAZZA ADUA 

28-31 JANUARY 1978 

CCMIETE SHCWNGS OF - 

UALJAN 



FASHION 

FOR 2 TO 14 YEARS OLD 

OffO^-PRESENlAFION OF THE 
AJRIvIN/WNTER V78~79 
COLLECTIONS B/ THE MOST 
MORiANT FASHION FRv/IS 

crirrisscn restricted to buyaserriffe press 

CENTRO EH FIRENZE 
. SJ PER LA MODA UAUANA 

ta j ntarool ta i pr u gi w arn end ItfedertifaBors: 

. 109/m,vto foami-SOtH HRENZEQttyl . 

telephone: 055-2I955I/Z/5 _ 


I 8 §k 




TWSPwn---- 

hWsond wvAand*- 




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-Financial Times Wednesday January 4 1978 


EUROPEAN NEWS 


IRI chief likely to 
resign and cause 
political problems 


BY PAUL BETTS 

THERE ARE growing signs that 
Sig. Giuseppe Petrilli, the 64- 
year-old chairman of the giant 
Italian State bolding company* 
Istituto per la Rlconversione 
Industriale (IRI), may resign 
shortly from the post he has 
held for IS years. 

To-day. the company declined 
to comment on a report by the 
authoritative Turin ■ newspaper 
La Stampa that Sig. Petrilli. 
whose chairmanship is to end 


ARTS COVERAGE 
TO-DAY APPEARS 
ON PAGE 11 


officially in October, would resign 
during the next few months. 

Any early resignation by him 
would, it is understood, be volun¬ 
tary. For some tune, Sig. Petrilli 
who is president of the Italian 
section of the European Move¬ 
ment. has indicated that he 
wanted to prepare himself for 
the - eventual elections to the 
European parliament. 

His resignation, however, 
would provoke considerable 
political problems, especially for 
the ruling Christian Democrat 
Party. 1RL which groups some 
150 companies and employs more 
than 500,000 people, is a main¬ 
stay of the Italian economy and 
has traditionally been a power 
base for the Christian Democrats. 
But, in the current . fragile 
political balance, it is clear that 
the opposition parties, including 
the Communist, will demand a 
major say in the nomination of 
a new chairman. 


ROME, Jan. 3. 

Over the last few years, the 
holding company, originally one 
of the models for the British 
National Enterprise Board, has 
become increasingly contro¬ 
versial in the debate about the 
overall rote of the troubled 
Italian Stale sector. 

More recently, it has faced an 
Internal management revolt 
against the hierarchy of the giant 
group, with some senior officials 
resigning. Despite a promised re¬ 
form of the group management 
structure, to give a greater say 
to senior managers In the com¬ 
pany’s decision processes. Such 
a reform has yet to be enacted. 

IRl’s consolidated turnover in 
1976 amounted to . some 
Lirelfi.OOObn. (£3bn.) and its 
accumulated debts total about 
L15,000bn. The state holding 
controls, among other companies, 
the Finsider steel group, Alfa 
Romeo, Alitalia. Finmeccanica 
and four major commercial 
banks, the Banca Commer- 
ciale Italina, Credito Italiano, 
Banco di Roma and Banco dl 
Santo Spirito. 

Meanwhile, economic' experts 
of the main Italian political 
parties are to meet to-morrow to 
examine the government's con¬ 
troversial new economic package, 
against which the trade unions 
are threatening to call a general 
strike. 

The Prime Minister. Sig. 
Glulio AndreottL is now under 
considerable. political pressure, 
facing growing demands from the 
left-wing parties for a change 
in the present government 
formula of a Christian Democrat 
minority government kept in 
office through an agreement with 
opposition parties. 


Drought crisis in Palermo 
after months without rain 


BY OUR OWN CORRESPONDENT 


ROME, Jan. 3- 


THE 800,000 inhabitants of 
Palermo, the capital of Sicily, 
are now perhaps the thirstiest 
people in the Western world. 
After nearly nine rainless 
months, even the few teetotallers 
of the city are turning to wine 
to quench their thirst and brush 
their teeth. 

Wine, in effect, has become 
far cheaper than bottled mineral 
water which has turned into a 
precious commodity in the super¬ 
markets where it is reported to 
he selling for. as much as £2.50 
a bottle. 

The drought is turning Into a 
major crisis. Water is severely 
rationed to a limited number of 
hours every third day and the 
local authorities are planning to 
limit water supplies ever further. 

But it is not just a problem of 
rain. There has been a break¬ 
down in the pipeline serving the 
city. 

Attempts lo ease the situation 
hy harnessing water from the 
River Oreto have failed because 
the river contains so much 
hacteria that its water is un¬ 
usable. according to the pro¬ 
vincial medical officer. 

The irony is that Palermo sits 
on a sofl-water table and there 
are some 1.700 privately owned 
wells, whose owners are reported 
to be selling water on the black 


market for as much as £18 for 
500 litres. 

The importance of the issue 
was reflected over the weekend 
at a news conference by the 
Italian Prime Minister, Sig. 
Giullo Andreotti. chiefly aimed 
at defending his hard-pressed 
minority Christian Democrat 
Government. The Prime Mini¬ 
ster, in effect was forced to 
give a pledge to a Sicilian 
journalist that a solution would 
be sought so turning the 
Palermo drought into a major 
national issue. 

To-day. representatives of the 
region held emergency talks 
with the Cassaper 11 Mesoglomo, 
the state credit agency for the 
development of the depressed 
South. ' 

Tn this emotional .climate, the 
Mafia is being blamed for 
obstructing an efficient water 
supply to the city-—a traditional 
stronghold of thfe “honourable 
society”—in order to maintain 
their hold on the economy of 
the region. 

The Palermo problem, how¬ 
ever. only highlights what is 
basically a broader Sicilian prob¬ 
lem. The port of Messina has 
suffered from a similar shortage^ 
The town of Caltanissetta has 
been plagued by typhoid and 
other diseases as a result of the 
pollution and shortage of water. 


Portugal’s 

payments 

deficit 

worsening 

By Diana Smith 

LISBON, Jan. 3. 
FIGURES PUBLISHED to-day 
by the Bank of Portngal pro¬ 
vide further evidence of the 
country's bleak economic situ¬ 
ation. 

Although -the figures only 
refer to the first half of 1977, 
they show that by the end of 
June, the balance of payments 
deficit rose to Escudos 
2SJ62bn. (about 5704m.). Offi¬ 
cial figures are-not yet avail¬ 
able, but it is estimated that 
this deficit bad exceeded $ibn. 
by mid-November and, at the 
year's end, stood at about 

SlJJSbu. 

The major culprit in the 
balance of payments deficit is 
the “ merchandise" account, 
which, at the end of June was 

Sl.OSSbn. in the red. 

This -reflects Portugal’s de¬ 
pendence on outside supplies 
of foodstuffs, animal feeds, oil, 
machinery, raw materials 
(both minerals and supplies 
for her textile and leather- 
goods industries), cork (which 
she once exported), chemical 
products, wood 'pulp. 

Only renewed confidence In 
the banking system by more 
than lm. Portuguese living 
abroad, and resuscitated tour¬ 
ist trade stopped the balance 
of payments from plunging 
further. At the end of June, 
the balance of tbe current in¬ 
visibles accounts was in the 
black, at 5353.6m* the private 
transfers account was equally 
positive, at 5475m, so was tbe 
banking operations account, at 
S345m Emigrant’s remittances, 
which totalled 5995m. by the 
end of November (50 per cent, 
higher than tbe same period 
of 1976) and tourist revenue 
5450m. by December saved 
the day. 

These positive factors, how¬ 
ever, can yield little more than 
a brief breathing space while 
Portugal continues to spend so 
heavily on -imports. The pre- 
carlo us ness of her present 
situation Is starkly reflected 
by the balance between her 
available gold and foreign 
exchange reserves In mid- 
November and her obligations 
in tbe same sector. 

On that date, tbe balance was 
$241.673m.' In the red. Obliga¬ 
tions stood at $1.457bn. avail¬ 
able reserves at $ 1 . 216 bn. 

Just under two months later, 
available reserves are esti¬ 
mated to be dangerously low. 
As long as the country has no 
new Government with which 
overseas finance authorities 
ran negotiate, the likelihood 
of rapid Injections of foreign 
funds is remote. The Inter¬ 
national Monetary Fund (IMF) 
negotiating team is waiting in 
the wings after suspending 
dealings with Sr. Mario Soares’ 
minority Socialist Government 
fn November until the political 
situation became clearer. 

In theory, the IMF experts 
are due to return to Lisbon 
on January 17 in the hope of 
finding a newly-rormed Cabinet 
with which to resume negotia¬ 
tions over a 550m. standby 
loan and a medium-term S750m. ! 
credit destined 10 prop up the ; 
balance of payments. i 

In practice, negotiations for i 
a new Government are proceed- [ 
iug so slowly that only ! 
optimists expect Sr. Soares to { 
have picked bis new team of | 
Ministers and presented a new < 
programme to Parliament by i 
that date. ! 


Data Protection Act limits Bonn civil service 


BY ADRIAN DICKS 

A NEW federal Data Protection 
Act, claimed to be the most com¬ 
prehensive yet introduced in 
any member country of the 
European Community, came into 
force in West Germany on 
Sunday. Herr Werner Maihofer, 
tbe Minister of tbe Interior, has 
described it as ** an important 
strengthening of the citizen’s 
right to protection.” . 

The Act places limits on the 
uses to which the federal civil 
service may put data on Indi¬ 
viduals, and on the circum¬ 
stances in which information 
may be passed on from one 
department of the Government 
to another. 


Tn addition, it sets similar 
restrictions on how private com¬ 
panies may make use of, or sell 
to one another, the data collected 
in their archives. 

According to Herr Maihofer, 
tbe new Act seeks to steer 
round “ perfectionist solutions to 
individual cases" in order to 
arrive at broad principles, of 
which the most important are 
to set up machinery to inform 
people of their rights, lo allow 
them to expunge wrong infor¬ 
mation, and to prevent misuse 
from taking place. 

Professor Hans Bull, ah 
expert in data law from Ham¬ 
burg University, has been 
appointed as federal Commis¬ 
sioner. for Data Protection, and 


will have the task of setting up 
much of the detailed implemen¬ 
tation of the Act He will also 
be accessible as a sort of 
ombudsman to any West German 
who feels that his or her rights 
of privacy have been trampled 
on by the federal civil service. 

In tbe private sector, banks. 
Insurance companies, mail order 
bouses, credit agencies, mailing 
list suppliers and other collectors 
of electronic data on individuals 
are required to set up special 
staffs to ensure tbat the Act is 
observed. Even before it has 
come into effect the Act has 
been heavily criticised by liberal 
newspapers and lawyers for its 
omissions. 

One problem is that it applies 
(in Ms provisions regarding 


Government departments) only 
lo the federal government and 
its agencies. State and municipal 
bodies, far more important in 
tbe day-to-day administration of 
West German life, are covered 
only wben they fall under federal 
law, while the varying Data 
Protection Acts already In force 
in some of the 11 states are not 
touched. 

More seriously, tbe Act specific¬ 
ally excludes from the principle 
of public accessibility the very 
federal agencies which cause 
most concern to liberals by their 
huge accumulation of computer¬ 
ised data—the security and in¬ 
telligence services, the armed 
forces, the federal criminal 
bureau, the police and the tax 
authorities. It seems likely that 


BONN. Jan. 3. 

Herr Maihofer will eventually 
be forced by opinion within his 
own Free Democratic Party 
(FDP) to consider further 
legislation that, while not deny¬ 
ing any of these bodies the right 
to collect- and store data on 
citizens, would more convincingly 
limit the uses to which it could 
be put. 

Further criticism of the new 
Act revolves around its pro¬ 
visions dealing with the exchange 
of confidential medical informa¬ 
tion (for example, between sick¬ 
ness insurance funds and life 
assurance companies), and on the 
somewhat ambiguous definition 
it offers of the rights of the 
media to publish information 
which might be obtained from 
confidential data banks. 


British executives are ‘cheap labour 9 in West Germany 


BY GUY HAWTIN 

BRITISH EXECUTIVES working 
in West Germany seem to be 
getting a worse deal than their 
German counterparts, according 
to a survey published here. Not 
only that, but their fringe bene¬ 
fits and conditions of employ¬ 
ment appear to be declining 
rather than improving. 

The survey, undertaken on 
behalf of the British-German 
Trade Council, covers only 143 
companies—75 per cent of them 
subsidiaries of U.K. companies. 
Most of them are quite small 
operations. The median turnover 
is DM4bn. and SO per cent, of 


them employ less than 50 people. 

Although there could be a 
considerable variation in the 
sample mix compared with the 
survey published last year, the 
results lend weight to a growing 
feeling here that British execu¬ 
tives are being used as cheap 
labour. It is by no means un¬ 
usual to come across British 
managers in West Germany who 
are earning considerably less 
than the West German or U.S. 
staff reporting to them. 

Furthermore, the British exe¬ 
cutive's ability to improve bis 
earnings and fringe benefits 
position is circumscribed. One 
British senior executive of a 
U.5. multinational, now working 


in America, told tbe Financial 
Times that, when he protested 
that he was earning less than 
people beneath him, he was told 
that he could have his old British 
job back—at his U.K salary— 
any time he chose to ask. This 
was despite the fact that the 
foreigner posted there to take 
his place was being paid three 
times as much. 

As the survey—undertaken by 
IRG Ferguson in association 
with Urwick International Man¬ 
agement Consultants — covers 
mostly very small companies, the 
definitions of middle manage¬ 
ment senior management and 
top management need to be taken 
with a pinch of salt 


A comparison of fringe 
benefits is particularly striking. 
The British executives are worse 
off than their West German 
counterparts in many important 
respects including the I3th 
month's salary paid by many 
West German companies, holi¬ 
day allowances, Christmas 
allowances, accident insurance, 
meals subsidy and transporta¬ 
tion allowances. 

On the other hand, a few more 
U.K. executives than Germans 
receive bonus or profit sharing 
payments and participate in 
pension schemes. Many receive 
private medical care benefits. 
Against this 71.6 per cent, uf 
U.K. expatriate staff enjoy a 


FRANKFURT. Jan. 3. 

company car compared with fil 
per cent, of German staff. 

The survey also indicates that 
fringe benefits paid to U.K. staff 
has declined from 1976 to 1977, 
although the steepness or the 
drop could well be caused by 
variations in the sample mix. 
In 1976, for instance, some 85.2 
per cent, of U.K. sales and 
managerial staff received no 
holiday allowance, but m 1977 

this had risen to 69.1 per cent. 
Again, in 1976. some 55 per 
cent, were paid no Christmas 
allowance compared with 74.1 
per cent, in 1977. However last 
year 2S.4 per cent, of executives 
received a 13-monlh salary com¬ 
pared with 24 per cent, in 1976. 


POLITICAL SATIRE IN EAST GERMANY 


Putting the Govt, through the Peppermill 


EAST GERMANY’S highly 
centralised economy, which is 
faced with rising demands on its 
performance, is the target of an 
unusual evening of parody at a 
political cabaret here. In a 
country which is rarely 
permitted to laugh at itself, tbe 
programme of often biting satire 
will even be taken on a tour of 
the country. One explanation of 
this tolerance is that East 
German officials are using the 
cabaret as a safety valve for 
some of the pressure felt among 
the intelligentsia who constitute 
the largest part of the audience. 

The Pfefferrauehle (Pepper- 
mill) cabaret performs in an 
intimate 17&seat theatre opposite 
the church of St. Thomas where 
Bach played the' organ for 27 
years. Although the Pfeffer- 
muehle has long been regarded 
as one of the best cabarets in 
either East or West Germany, 
past programmes were often 
filled with obligatory snipes at 
the West Now, however, the 
target is solely East Germany 
and one has to listen closely for 
the skits are closely attuned to 
daily life in East Germany. 

. In one allegorical scene, a 
worker insists that he can fly 
and is called on to explain this 
eccentricity by bis foreman, the 
brigadier, who listens as the 
man enthusiastically explains 
how he could help the factory 
by flying in badly needed spare 
parts. The brigadier replies, 
with a bureaucratic snicker: “ We 
have our plan and there is no 
room in it for people who can 


fly.” He passes the worker on 
to the trade union representative 
who tells him: “Your problem 
seems to be tbat you fail to see 
the deeper causes of. your want¬ 
ing to fly. You see, you’re acting 
spontaneously.*’ In Communist 
parlance, this is one of the most 
damning of accusations. 

The worker then appears 
before the head of the Arbitra¬ 
tion Board, who tells him: “If 
only you had told me earlier, 
I could have tried to stop your 
flying” By the time tbe worker 
reaches the factory director he 
can no longer fly and apologises 
for thinking that he ever could. 
The East German audience 
breaks into laughter and there 
is many a knowing glance 
exchanged between spectators 
who know of the fate of un¬ 
orthodox ideas in their society. 

Only a few months ago, Herr 
Rudolf Bahrd; an East German 
Party member and factory eco¬ 
nomist in East Berlin, was 
arrested and accused of espionage 
after being interviewed by 
Western news media about his 
book on the encrusted economic 
bureaucracy in East^ Germany 
and the need for a Marxist poli¬ 
tical opposition. 

In an exchange between per¬ 
formers at the PepDermlll, one 
of them exclaims that “in the 
interests of Socialist solidarity 
we must unite with our 
audience.** His companion replies 
laconically: “Exactly, united we 
shall land in prison.’’ The first 
performer sboots back: “ If you 
didn't write that line, then wbo 


BY LESLIE COUTT IN BERLIN 

are your backers ? ” The 
audience* roars at this mention 
of the Party’s standard claim 
when there is the slightest hint 
of opposition in East Germany 
that someone is plotting behind 
the scenes to undermine the 
established order. 

The Pfeffemmehle even has a 
few barbs for the Party leaders 


why East German newspapers 
never write anything personal 
about their leaders. “For ex¬ 
am pie.” he says “did anyone re¬ 
port that Horst Sindermann was 
in Prague to see the black 
theatre or that he’ smuggled a 
case of beer back over tbe 
border? ” 

That holiest of East German 


In a series of thinly-veiled jibes at the Govern¬ 
ment and state bureaucracy, the Peppermill 
cabinet is helping to relieve some of the frustra¬ 
tion felt by the East Germans. 


of East Germany. Two characters 
on the stage discuss why (hey 
□ever perform skits about 
prominent East German Party 
members. ■ One of them: 
** Naturally, if our Defence 
Minister, the country’s foremost 
hunter, were to misuse his 
privileges then we would do a 
piece on him." The other man 
asks why there is always a 
portrait of Herr Erich Honecker. 
East Germany’s Party chief and 
Head of State, in every 
restaurant and snack bar in the 
country. His partner replies that 
it is “ part of our political educa¬ 
tion." which brings the retort: 
“ We could do with better food 
and less of that education." 

East Germany’s former Price 
Minister. Herr Horst Sinder- 
raann, now head of the rubber- 
stamp Parliament is the butt of 
light ribbing when an actor asks 


cows, the country's subservient 
relationship with the Soviet 
Union is even touched on in one 
stage dialogue between a trade 
union chairman and the head of 
a work brigade who is about to 
be awarded the banner of 
labour. The chairman notes: 
“Your brigade, oddly enough, is 
the only one which has more 
members that belong to the 
German-Soviet friendship society 
than it has workers.” 

Tbe struggle between the 
Church and the Party is lightly 
taken care of in the exchange 
between two fathers. One of 
them asks what the other man’s 
son wants to become, to which 
he replies: “A good Socialist" 
“ I see." says the first man. 
“Thpn you'd better send him lo 
confirmation because he's going 
to need a lot of faith.” 

A number of anecdotes deal 


with the lntershop. the State 
chain of stores which sells 
Western merchandise to East 
Germans for West German 
D-marks. The expanding chain 
is creating much 111 will umong 
those East Germans who have 
no access to D-marks and it 
inspires the crack from one per¬ 
former that “all we now need 
is to be told that Tor five West 
marks at the lntershop you are 
allowed to tell the German 
Democratic Republic to go to 
bell for ten minutes." 

Then there is the quip that 
refers to colour TV sets in East 
Germany, which sell for 3.500 
marks but. because they use the 
Soviet version of the French 
Secant system, cannot receive 
West German PAL programmes 
in colour. “Courage,” remarks 
one actor. “ is going to your locat 
department store instead of the 
lntershop to ask for a TV set 
that gets all the channels in 
colour.” 

One rapid-fire routine at the 
cabaret deals with an inferior 
but expensive brand of coffee 
in East Germany called “ Mix 
coffee” and the neutron bomb, 
which kills people but leaves 
property intact. “What's the 
difference between Mix coffee 
and the neutron bomb?" asks 
one performer. “ Mix coffee 
destroys the cup." 

Tbe P/effermuehle was the 
cabaret which last year asked: 
"Do things get stolen *n a 
Socialist society? " The answer: 
“No. Everything has already 
been stolen.” 


Everybody tells you to save energy... 


Let Honeywell tellyou how much energy and 
money you can save inyour building. 



Honeywell offers you a cost-free computer analysis to 
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r 


Executive Requesting Data 


Tide. 


Oip nl Htfcn. 
Atom_ 


Chy 


Gutter. 


Am Code. 


.Telephone dumber 


Building Data 


Building: 

Addics. 


( City 


* Co BBiy . — i - I - ■■■■ — — — ———— —-— 

| PetiOBindv«tfeof^iTtia1planC . . . . : . ■■ 

i Gross floor area heated orcooled-sq. m# 

I Numbg of fk>OK include ■ - 

I Type ofbtrilding; Office D StowO College Q Apt-Howl 0 
i Church □ Industrial □ Hospital □ School □ 
j Other ■ —-- - .— — ■ —• 

I _ Energy History __ 

1 Yesrofen«HhKDiTl9— 

] Number months covered... .-.(maxinngalZmonths) 

I---- 


Total amounr of electricity used-kwh 

Total cost of electricity £- 

What % of the above electrical cost is demand charges-% 


Total amount of natural gas used - 

cu.m. □ lD0cu.fr. □ 

Tnlalmen/namnl pcf 

therms □ 1,000 cu. ft. □ 

Tnra! mwinr nf final nil nwl 

lire 

Total cost of fuel oil £ 

Time nf fuel nit . _ 

Total amount of nmrhased swam - 

CU. HL. 

Torn! Cl ve nf purrhnent U«wn . 

Total amount of nmchased chilled water 

cu.m. □ 

million btu □ ton/hrs □ 


Totafcost of purchased chilled water £ ._ 

Total cost of fuel or purchased energy fbrJiaanig only 


Is this an all-electric building- Yes □ No □ 


_ Chilled Water Plant _ 

Electric drive centrifugal capacity --—--■ 

Steam turbine centrifugal capacity----- 

Absorption machine capacity-—- 

Reciprocation machine capaci ty----- 

teal/hr □ cu. m/hr □ ton □ btu/hr □ 

Interior Lighting _ 

Total KW of installed lighting: 

Fluorescent_ _ kw Incandescent-■-kw 

Hours per week lighted space is hilly occupied': 

Fluorescent __ hrs/wk incandescent-hrs/wk 

Hours per week lights are on: 

Fluorescent _hrs/wk Incandescent-hrs/wk. 

Lights are on during unoccupied hours because of: 
janitors □ Overtime □ Both □ Other □ 


Space Conditioning Equipment and Schedules 


Double Ducc 
oiMultsone 
Systems 

Rehear 

System* 

Single Zone 
Hrg. and/or 
Cooling System! 

Variable Ait 
Volume 
Systems 

Pen tatter 
Induction 
Systems 

Packaged Room • 
Heating and/vr 
Cooling Units 

Total lew all air handling tans : 

. kw 

-kw 

kw 

kw 

W 

kw 

Total cu.m./hrhandled: 

cu.m-/hr 

cu.nL/hr 

-ru.mThr 

-cu.mVhr 

_cu.mJhr 

_cu.m/hr 

Minimum % of outside air: 

.. % 

. - . % 

% 

% 

% 


Total hours HVAC 
units run each week: . 

hrs ■ 

hrs 

hrs 

----hrs , 

. hr? 

hrs 

Total hours pea - week spaces 
served arc fully occupied:* 

— hw 

hrs 

hrs 

hr* 

hrs 

hrs 

Total cooling capacity for 
HVAC units having inter¬ 
nal refrig, compressors: 







kw btu/hr tuns 
□ □ □ 

kw btu/hr inns 
□ □ □ 

kw btu/hr tons’ 
□ □ □ 

kw btu/hr tons 
□ □ □ 

kw btu/hr tuns 
□ □ □ 

kw btu/hr ions 
□ □ □ 


Is building occupied on weekends- Yes □ NdO Number of holidays and/or shuedown days per year _—days 

Temp, normally maintained during cooling season __*C Heating season daytime temp, (normal setting)-- °C 

Is the temperature set back arnight during the hearing season? YesD NpD _ 

* Do om include boon foftuirufUliervfcc vttmui utcitimn 


i 




















Financial Times Wednesday Januaiy 4 


AMERICAN NEW 


ERSE 



Ford warning of design 
flaw in 2.7m. small cars 


BY STEWART FUMING 


FORD Motor Company, the 
second largest U.S. car producer, 
has notified its dealers that about 
2 . 7 m. of its smaller cars have a 
design flaw which -could cause 
engine damage. 

The company has told dealers 
that it will pay for repairs to 
correct the problem, which 
causes inadequate engine lubri¬ 
cation in cold weather. 

The Ford announcement is only 
the latest in a long series from 
U.S. motor manufacturers. 

Only last week, Chrysler 
Corporation, the third biggest 
producer, said it was recalling 
for repair 12m. cars " for correc¬ 
tion of two possible causes of 
engine stalling ” which it 
described as “a safety related 
defect." 

The Chrysler decision followed 
negotiations with the National 
Highway Traffic Safety Admini¬ 


stration, which can order car 
recalls where a safety hazard can 
be proved. 

The agency had been looking 
at the stalling problem from a 
safety standpoint. For Chrysler, 
the action was the fourth big re¬ 
call of 1977. 

Chrysler’s experience was 
repeated throughout the motor 
Industry last year. According to 
Safety Administration statistics, 
1977 was a record year for 
vehicle recalls because of 
potential hazards with around 
12-5m. cars, trucks, buses and 
motor cycles involved. 

The previous record year was 
1972 when 12m. vehicles were 
recalled. 

In the intervening period, 
recalls averaged 3m. a year. 

Motor dealers complain that 
they suffer more than the motor 
manufacturers from recall 


Hungary crown dispute 


BY JUREK. MARTIN 

LAST MINUTE, and -probably 
forlorn, attempts were being 
made here to-day to block the 
return by the U.S. of the historic 
crown of St. Stephen to Hun¬ 
gary. 

Mr. Cyrus Vance, the Secre¬ 
tary of State, who is currently 
accompanying President Carter 
on his seven nation tour, is due 
to go to Budapest on Friday to 
hand over the symbolic relic, 
which has been in U.S.• hands 
since the last war. 

An opponent of the U.S. inten¬ 
tion was planning to-day to peti¬ 
tion the Supreme Court to seek 
a restraining order temporarily 
blocking the transfer. The mat¬ 
ter will be heard by Justice 
Byron White, who may issue 
such an order (pending a review 
by the full court) or may dismiss 
it out of hand. 

Senator Robert Dole, the 
Kansas Republican who has been 
intensely critical of the planned 
U.S. action, said to-day that he 


WASHINGTON, Jan. 3. 
was not optimistic that the 
Supreme Court would respond 
favourably. He acknowledged 
that the court was the last 
chance of blocking the return of 
the crown. 

Senator Dole, who has re¬ 
ceived the active backing of 
ethnic American - Hungarian 
groups, has argued that the U.S. 
gesture amounts to unnecessary 
appeasement of the Communist 
regime in Hungary. 

In a letter to the court re¬ 
leased to-day, he claimed that 
thg transfer of the crown “is 
a matter of such international 
significance that it may only be 
accomplished pursuant to a 
treaty ” which would require 
approval by a two thirds 
majority in the Senate. 

On New Year's e-ve, Mr. Dole 
sent a telegram to President 
Carter, then In Tehran, asking 
him to reconsider his decision. 
But subsequently the Senator 
said be doubted whether Mr. 
Carter would change his mind. 


NEW YORK, Jan, 3. 

orders.- Some argue that 
announcements tend to depress 
sales of new vehicles of the sort 
named in recall orders. 

They also complain about the 
time they have to spend carrying 
out the repairs arguing that the 
s tandar d repair charges laid 
down by the manufacturers do 
not reflect the costs. 

In recall cases, the manu¬ 
facturer meets- the cost of the 
work. 

In many cases, the motor 
companies voluntarily order 
repair work to correct design 
flaws. Ford, for example, bad 
privately notified dealers of its 
plan to pay for correcting the 
engine lubrication problem. 

This policy of privately advis¬ 
ing car dealers and not car 
owners of design flaws is -run¬ 
ning into increasing criticism. 
It is argued that some ear 
owners end up paying for 
repairs to their vehicles because 
they did not know and were not 
told about the motor manu¬ 
facturers’ decision to pay for 
corrections. 

The manufacturers are only 
legally required to notify owners 
of safety defects. 

Ford says that the design flaw 
it is correcting could cause 
problems in 2.7m. Maverick, 
Grenada, Comet and Monarch 
compact cars. 

But it expects only about 2 
per cent of these cars to be 
affected because it only shows 
up in extreme cold weather. 

It arose as a result of an 
attempt to save manufacturing 
costs by eliminating the drilling 
of an oil hole. 

Quebec referendum 

Referendum legislation, intro, 
duced by the Parti Quebecois in 
the provincial assembly, says that 
the basic question on Quebec's 
future in the Canadian confedera¬ 
tion will be put in English as 
well as French, and possibly in 
some indigenous languages for 
certain areas of the province, 
writes our Montreal correspon¬ 
dent Most of the legislation 
appears to be in line with a White 
Paper of last autumn. 


U.S. clears natural gas imports 


BY OUR OWN CORRESPONDENT 


THE CARTER Administration 
has approved two proposals 
for - further imports of 
liquified natural gas (LNG), In 
spite of strong reservations on 
Ibe question of natural gas 
imports. 

These • reservations have 
already led the Administration 
to move away from the policy 
of President Ford to allow Im¬ 
ports up to a specified ceiling. 
Instead, the Government 
approves LNG import plans 
on the merits of each individual 
project. 

More recently, the Admini¬ 
stration's concerns about LNG 
imports were demonstrated 
when the Energy Department 
refused to allow natural gas 
imports from Mexico at the 


price of $2.60 per 1,000 eu. 
feet 

In its new LNG decisions, 
the Department has approved a 
proposal from Pacific Indone¬ 
sia LNG company to import 
539m. cn. feet of gas a day 
for 20 years from Indonesia. 
The gas amounts to about 1 
per cent of U-S. consumption 
and will be distributed around 
California. The Department 
also approved a proposal by a 
subsidiary of Cabot Corp. to 
triple its LNG imports from 
Algeria to 432bn. cu. feet a 
year. 

Hie Energy Department's 
decision will raise the hopes of 
other companies which have 
applications for LNG import 
approvals pending. 

The Administration's reser- 


NEW YORK, Jan. 3. 

rations about LNG imports 
remain however. There is con¬ 
cern about the reliability. of 
energy supplies from foreign 
sources as well as the impact 
of farther energy imports on 
the U.S. balance of. payments. 

In addition, there is the pos. 
sible impact of LNG imports on 
the domestic market The Ad¬ 
ministration is seeking to 
retain government price con¬ 
trol on inter-state natural gas 
supplies and to hold the price 
of supplies down to $1.75 per 
1,000 cu. feet There are fears 
that high-priced imports could 
reinforce pressure from the 
industry to remove price con¬ 
trols or at least allow the 
domestic price to rise more 
sharply. 


Chile poll I 
. to go ahead ! 
in spite of 
opposition 

By Robert Lindlcy 

BUENOS AIRES, Jan. 3. 
GENERAL ATJ GUSTO Pinochet, 
the Chilean President, continues 
to ignore the spreading opposi¬ 
tion—-within the military junta.! 
the banned political parties and 
the Romas Catholic church—to 
the plebiscite be has called for 
to-morrow. 

The new Chilean Comptroller- 
General, Sr. Sergio Fernandez, 
has approved the “popular con¬ 
sultation,” as General Pinochet] 
calls it. Sr. Fernandez, who 
assumed his post yesterday after, 
his predecessor last week re¬ 
jected the presidential decree 
calling the poll unconstitutional, 
said that the decree “Is unob¬ 
jectionable because it does not 
produce juridical consequences." j 

All but two of Ibe catholic 
bishops in Chile (.those for 
Puerto Montt and Valparaiso) 
have signed a communique re¬ 
question General. Pinochet to 
call off or postpone the plebis¬ 
cite on the grounds that its 
opponents have been given no i 
chance to campaign. But even; 
the two non-signatory bishops j 
object to the second and final; 
part of the formula on which; 
all Chileans over 18 will be re-; 
quired to vote “yes" or “no" 
to-morrow. The formula reads 
in full: . ,■ 

“In file face of International 
aggression _ unleashed against 
our country, I support President 
Pinochet in the defence of 
Chilean dignity, and I re-affirm 
the legitimacy of the Govern¬ 
ment of the republic to lead with 
sovereignty the country’s process 
of democratisation.” 

Yesterday, Gen. Pinochet, 
campaigning for the formula in 
Valparaiso, the main port, denied 
spreading speculation that 
through the plebiscite, he ■ is 
attempting to get rid of his three; 
fellow members of the junta and 
rule alone. Gen. Pinochet said:: 
“ I have not done it for personal 
aims, and this I affirm with the 
most absolute honesty.” The 
basic issue at stake is whether or 
not Chileans back Gen. Pinochet 
in the face of condemnation of 
his regime in mid-December by 
the UN general assembly, for 
alleged violations of human 
rights. „ 

Yesterday, Dr. Eduardo Frei, 
who was the Christian Demo¬ 
cratic President from 1964-70, 
broke his silence on the issue 
when he called a news con¬ 
ference in his Santiago home 
and, solemnly and nervously, 
read a statement questioning the 
legality of the plebiscite. When 
a journalist asked -him if he 
would vote. Dr. Frei replied, “We 
have instructed our people (the 
Christian Democrats) to vote no. 
If they abstain, they identify 
themselves as enemies of the 
Government and this is not 
prudent. Of course, I will not 
vote.” 

Yesterday also, there were 
clashes in Santiago streets 
between supporters and oppo¬ 
nents of the plebiscite, which 
Gen. Pinochet is expected to win 
with about 60 per cent of the 
expected votes, more than Gra¬ 
in total, being affirmative. 

Gay rights 
extended to 


Sadat repeats demand f Cambodia 
for Palestinian state Vietnam's 

BY ROGER MATTHEWS CAIRO, Jan. 3. £ jj|{J 


Mexican pipeline problem 


NY police 


BY ALAN RIDING IN MEXICO CITY 


CLUMSY BARGAINING and 
misplaced nationalism are 
threatening to sink Mexico's 
plan to sell large quantities of 
natural gas to the U.S. Mexico 
finds itself building an S21-mile 
pipeline to the U.S. without 
having a contract to sell its gas 
Nortb of the border. Even 
worse, its inflexibility in deal¬ 
ing with the U.S. may convince 
the Americans that they can do 
without Mexican gas for a few 
more years. 

Mexico's mishandling of tbe 
gas negotiations would perhaps 
have gone unnoticed had it not 
coincided with the long and com¬ 
plicated debate in the US. Con¬ 
gress a hour President Carter’s 
energy package. Mexico suddenly 
found its demands in conflict with 
President Carter's proposal on 
the pricing of natural gas. 
Rather than showing willingness 
to make a deal, Mexico stood 
firm on its original price demand 
and forced the Carter adminis¬ 
tration to reject it out of hand. 
Clearly President Carter was not 
prepared to torpedo his own 
energy bill In order to appease 
Mexico. 

Last winter's American gas 
shortage awakened Mexico to tbe 
export opportunities that it was 
wasting by flaring much of the 
gas associated with the oil being 
produced in the South-Eastern 
fields of Chiapas and Tabasco. 
Declaring that, “ We either burn 
it or export it." the Government 
decided to build a $l.5bn. gas 
pipeline running from the South- 
East, along the Gulf coast, to the 
Texas border at McAllen. The 
Left complained that Mexico was 
increasing its dependence by 
concentrating gas sales in one 
market, but officials retorted that 
it was not logical to liquify the 
gas for shipping to Europe when 
a rich market could be reached 
by pipeline. 

In June, the State oil mono¬ 
poly. Pemex. signed a “ letter 
of understanding" with six 
American gas distribution com¬ 
panies under which Mexico 
would sell at lfeost 1.7m. cubic 
feet of gas per day for a six-year 
period at a price equivalent to 
that of number two tight fuel 
landed in New York harbour. 
But that price—about $2.60 per 

1,000 cubic feet in mid-summer 

—had to be approved by tbe U.S. 
Department of Energy by 
December 31, 1977, If the con¬ 
tract with the sis companies was 
to take effect. 


Expecting no problems, Pemex 
made contracts with West Ger¬ 
man, Japanese, American, Italian 
and French companies to pro¬ 
vide the 48-inch seamless steel 
piping needed for the project. 
A routine application went into 
the U.S. Export-Import Bank for 
credit for equipment to be 
acquired by Pemex—$340m. 
worth for material for the pipe¬ 
line and $250m. for additional 
oil equipment Pipeline sup¬ 
pliers also provided financing for 


By refusing to be more 
flexible on the price of pro¬ 
posed gas sales to the Uj>, 
Mexico may lose a valuable 
foreign exchange earner. 
President Carter refuses to 
endanger his Energy BUI for 
the sake of the Mexicans and 
both sides arc now playing a 
waiting game. 


their sales. Full of optimism, 
the administration announced 
that gas exports beginning in 
1979 would pay for the pipeline 
in only two years and would 
finance the (construction of a 
domestic gas network. To assuage 
tbe nationalist- Left, officials 
even claimed that the pipeline 
to the US. was in reality a 
domestic trunk line, with a con¬ 
nection to McAllen where sur¬ 
plus gas could be sold. No one 
was convinced, though, because 
domestic prices and demand for 
natural gas are still too low to 
justify the project 

The Congressional energy 
debate in Washington, however, 
tossed the little-noticed Mexican 
project into a whirlpool of 
political pressures and, with 
President Carter demanding a 
maximum inter-states gas price 
of just 31.75 per 1,000 cubic feet 
Democratic Congressmen began 
campaigning against tbe Mexican 
contract. 

Almost immediately, tbe Ex-Im 
Bank suspended its linjj of 
credit to Pemex for pipeline 
equipment But It revived the 
loan conditional upon approval 
of the final contract between 
Femes and the gas companies by 
the Department of Energy. The 
administration, however, re¬ 
mained strongly opposed to the 
price the companies were pro¬ 
posing to pay for Mexican gas. 

At a Press conference on 
November 30, President Lopez 


Portillo then announced he 
would not lower tbe price In 
order to reach agreement with 
Washington. 

Once the President bad spoken. 
Pemex and other officials had to 
adapt the same hard line. With 
Pemex’s “letter of understand¬ 
ing ” with the gas companies due 
to expire on December 3L 
Foreign Minister Santiago Roel 
flew to Washington shortly 
before Christmas to confer with 
Secretary of State Cyrus Vance | 
and Secretary of Energy James] 
Schlesinger. but to no avail, i 
Pemex announced that number 
two light fuel was now -worth 
82.76 per 1.000 cn. ft, bat the 
U.S. was only prepared to pay 
$1.70 for Mexican gas. As a 
result. Pemex would not renew 
its “letter of understanding” 
with the gas companies and 
would go ahead with construc¬ 
tion of its domestic gas network, 
selling to the U.S. only when 
Washington accepted its price 
conditions. 

This decision >was hardly good 
sense. Had Miextico not committed 
its national honour to a gas price 
of at least 32.60, the decision 
to withdraw from negotiations 
would even have been wise. Until 
the Congressional energy debate 
is concluded, the Carter adminis¬ 
tration can take no decision on 
imports from Mexico. And, in 
the meantime, Mexico was being 
used by the gas companies which 
wish to see domestic gas prices 
entirely de-regulated. 

But the original claim that: 
“We moist either burn the gas 
or export now mysteriously 
became: “We wiH export <tt at 
S2.60 or we will use at our¬ 
selves.” That was to ignore 
Mexico's minimal gas consump¬ 
tion and its ability to earn vital 
foreign revenues from gas Gold 
at, say. $2.16 per LOGO cu. ft. 
the price to be paid for Canadian 
natural gas. At present, flaring 
gas has been reduced because 
wells producing mixed oil and 
gas .have been temporarily 
sealed. But with 4he pressure 
to export more oil these wells 
wlU be reopened In 1978 and 
the gas will again be flared. As 
Washington knows, Mexico thus 
has no re&J choice but to make a 
deal on a gas export price. How¬ 
ever, there are -now extra prob¬ 
lems; tbe two rides must not only 
reach agreement on a price, but 
also on a face-saving device for 
Mexacoi, 


By Our Own Correspondent 
NEW YORK, Jan. 3. 

IN HIS first fun day in office, 
the new Mayor of New York, 
Mr. Edward Koch, has stirred up 
controversy by announcing that 
homosexuals would be included 
in an executive order banning 
all discrimination in city govern¬ 
ment. The order would, among 
other things, guarantee , homo¬ 
sexuals the right to be hired as 
policenfen or firemen. 

The order will cover all forms 
of discrimination. The Mayor's 
statement was not specifically 
directed at the area of homo¬ 
sexual rights. He said that no 
discrimination would be per¬ 
mitted in any area in which 
government has control oh the 
basis of sex, sexual orientation, 
race, religion or national origin. 
In making tbe announcement, he 
asked reporters, “have I left 
anything out?” 

The new Mayor is tackling an 
issue which has previously pro¬ 
voked controversy in New York, 
a city which has taken to the 
, sexual revolution enthusiastic¬ 
ally and has a strong gay rights 
movement. 

The City Council has twice 
rejected efforts to ban discrimi¬ 
nation against homosexuals in 
private jobs, housing and public 
accommodation. The city govern¬ 
ment already has an anti-dis¬ 
crimination policy promulgated 
at an administrative level, which 
the Mayor described as “not as 
broad as it should be.” . 

Geisel to visit 
Bonn in March 

BRASILIA, Jan. 3. 
THE BRAZILIAN Government 
announced to-day that the Presi¬ 
dent Gen. Ernesto Geisel, will 
make a five-day state visit to' 
West Germany in March for top- 
level talks, visit his family's 
ancestral borne, and discuss the 
controversial S4.6bn. nuclear 
technology agreement between 
the two countries. 

The visit on March 6-10, was 
not expected to be followed by 
trips to Romania and Yugoslavia, 
as had been reported earlier, 
diplomatic sources said. They 
added that the nuclear deal, 
through which Brazil will acquire 
nuclear . enrichment plant 
capable of producing weapons 
grade uranium, would occupy a 
large part of (he talks. 

The visit appeared timed to 
precede an as yet unconfirmed 
visit in March or May by Presi¬ 
dent Carter to Brazil. His oppo¬ 
sition to the nuclear deal has 
soured relations between Wash¬ 
ington. and Brasilia and Bonn. 
UPI 


BY ROGER MATTHEWS 

President Anwar Sadat - of 
Egypt has again insisted that 
there ca n be no half-measures 
on the question of Palestinian 
self-determination. 

“I believe there Is no one in 
the world who would differ with 
me about it,” he told a Mexican 
television team. “ Self-deter¬ 
mination is a principle agreed 
upon the world over.” 

However, the President also 
thought that he had made 
tangible progress towards peace 
during his Christmas 'summit 
with Mr. Menachem Begin, 
Israel’s Prime Minister, daring 
which Egypt formally rejected 
proposals for civilian self-role 
for Palestinians on the West 
Bank and Gaza strip. 

“This is great." said Mr. Sadat, 
“ because before my visit to 
Jerusalem the Israelis had been 
describing the West Bank and 
the Gaza Strip as liberated Israeli 
lands. 

“To-day the difference is not 
whether these lands have been 
liberated bnt Is confined to 
whether self-rule or self-deter¬ 
mination should be applied. This 
is great progress.” 

There had not been a con¬ 
frontation with Mr. Begin at 


Israeli 
Cabinet 
prepares 
its stance 

By David Lennon 

TEL AVIV, Jan. 3. 
THE ISRAELI Cabinet met to¬ 
day in special session for a first 
full discussion of the tactics it 
will adopt at the joint Israel- 
Egypt political committee, which 
is due to meet in Jerusalem 
in less than two weeks. 

To-day’s session was classified] 
as a “ security committee,'’ whidi j 
bars the release of any details i 
of the discussions. 

However, it is understood that, 
the Cabinet bad a wide-ranging 
discussion which included tbe 
future of the Jewish settlements 
in the occupied territories. 

Mr. Menahem Begin, the 
Prime Minister, said after the 
five-hour meeting that Israel 
would stand by the peace pro-, 
jposals which he had made to 
President Sadat in Ismailia on 
Christmas Day. j 

The Premier said these pro-] 
posals would serve as a basis 
for negotiations for peace in the 
Middle East . 

Mr. Begin called on Mr. Sadat 
not to ask President Jimmy 
Carter of the U.S. to apply pres¬ 
sure to Israel when the two 
leaders meet to-morrow. Mr. 
Begin said that neither party 
should seek to apply outside 
pressure when they are in the 
process of negotiations for an 
overall peace. 

The Cabinet was also believed 
to have approved the surprise 
appointment of Mr. Ariel 
Sharon, the Agriculture Minister, 
as deputy leader of the Israeli 
delegation to the Egypt-Israel 
political committee. 

Mr. Sbaron, the champion of 
Jewish settlement in the 
occupied territories, is a hard¬ 
liner not noted for his political 
subtlety. 

The Cabinet is also thought to 
have discussed a proposal to 
double the population of the set¬ 
tlement in and around the 
Rafiah area in Northern Sinai, 
which would be returned to 
Egypt .under a peace agreement. 

The Jewish Agency's settle¬ 
ment department has proposed 
that the 1,000 Families ttvtag in 
the area be doubled, and that 
work proceed on the five new 
Jewish settlements under con¬ 
struction there. 

The Ministry of Housing has 
announced that 125 plots are 
available for private building in 
YamiL the new town under con¬ 
struction between Rafiah and El 
Arish. 


Ism all la, added the President 
** and war has become unthink¬ 
able. This, in itself, is also a 
great achievement.” ■ 

But the Israelis had. to 'under¬ 
stand that withdrawal from the 
territories they occupied in 1967 
could not be regarded as a con¬ 
cession. “Those are our lands 
and the question is not subject 
to any compromise,” he said. 

On the question .of security 
guarantees, Mr. Sadat was pre¬ 
pared to reevaluate everything; 
provided the two basic Egyptian 
demands of a Palestinian state 
and total Israeli withdrawal were 
met. 

He also insisted that the peace 
process did not depend on a 
single person. “ Our process is 
one of peoples and not of lead¬ 
ers. The Egyptians and the 
Israelis have demonstrated their 
firm desire for peace so that if 
either Mr. Beginor myself leaves 
the scene, peoples will not 
change.” 

Neither was there any ques¬ 
tion of Egypt signing a separate 
peace with Israel “that would 
leave onr other companions in 
the Arab world without a solu¬ 
tion to their problems” 


CAIRO, Jan. 3. 

Therefore » was ^ital that 
the U.S. played a full role by 
bringing pressure to bear on 
Israel on the issue of a Palesti¬ 
nian state. 

A spokesman for the Palestine 
Liberation Organisation in Cairo 
has denied that there was any 
truth in a newspaper article 
about a message sent by Mr. 
■Yasser Arafat FLO chairman, 
to members of his organisation 
here. ,, 

The letter, said to be in Mr. 
Arafat’s handwriting, urged col- 
_ leagues in Cairo to maintain full 
relations with the Egyptian 
authorities. 

Published in the newspaper At 
Gomhuria, it also report ed M r. 
Arafat as saying he had survived 
two recent attempts on his life 
and would be sure to be killed 
if he came to Cairo. 

Some 10,000 aimed Pales¬ 
tinians in southern Lebanon 
were also threatened with anni¬ 
hilation if they co-operated with 
Egypt according to the letter. 

• a PLQ representative in Cairo 
dismissed the newspaper report, 
adding that Mr. Arafat never 
sent communiques in his own 
handwriting. 


India, U.S. move to 
agree N-safeguards 


BY 1C K. 5HARKA 

INDIA AND the U.S. are to work 
out safeguards for the supply of 
the heavy water that President 
Jimmy Carter offered yesterday 
in a major bid to close the dif¬ 
ferences between the two coun¬ 
tries on the nuclear materials 
issue. Working out the agree¬ 
ment on the safeguards will not 
be easy since India is uirwi&ng 
to submit to international in¬ 
spection on terms that'go beyond 
those already agreed with the 
International Monti c Energy 

Commission. 

Although President Carter has 
agreed to another shipment of 
enriched uranium for India's 
nuclear plant ait Tarapur. he 
made it clear-during his three- 
day visit that ended to-day that 
farther supplies would be sub¬ 
ject to conditions now being 
formulated by Congress. 

However, talks on this will 
take some time and differences on 
international (inspection and 
safeguards for nuclear anstaUa- 


NEW DELHI, Jan. 3. 

trons ere not expected by either 
government to block a rapid 
improvement in Indo-U.S. rela¬ 
tions cow ithat President Carter 
has completed his reasonably 
successful visit >to Indio. He has 
established a personal rapport 
with the Prime Minister, Mr. 
Morarji Desai, and other Indian 
'leaders and both governments 
are to work out concrete pro¬ 
posals for economic co-operation. 

President Carter has offered 
assistance for dealing with the 
river waters problems facing 
India, Bangladesh and Nepal 
and this is of considerable poli¬ 
tical importance in view of the 
difficulties between the sub- 
continental countries in reaching 
a tong-term agreement on sharing 
(he waters of the Ganges. 

Of further political importance 
is President Carter's suggestion 
that India should use her unique 
position of being both a de¬ 
veloping and industrialised 
country to get the North-South 
dialogue moving. 


Pakistan strike death 
tall reaches 12 


BY SIMON HENDERSON 

AT LEAST 12 people were shot 
dead by police yesterday in the 
industrial town of Multan In the 
Punjab during demonstrations 
by striking mill workers, reliable 
sources said today. 

The official version of the in¬ 
cident issued after the clash had 
said five died when police opened 
fire on the crowd to protect 
themselves. However, workers 
at the textile mill claimed that 
between 25 and 50 were killed 
but that many bodies had been 
taken back to the homes in vil¬ 
lages outside the town. 

The provincial martial law 
administrator has ordered an in¬ 
quiry into the incident and, as if 
admitting that the police may 
have-been at fault, has awarded 


ISLAMABAD, Jan. 3. 

Rs.10,000 (about $1,000) as com¬ 
pensation to the family of vic¬ 
tims. 

Three thousand women and 
children held a procession in the 
town to-day before being assured 
by a senior army officer that 
there would be a full investiga¬ 
tion. 

Trouble had started when 
workers at the mill had refused 
to end a strike and go back to 
work. They had been claiming a 
bonus and were offered about 
half the demanded amount. The 
official version of the incident 
said that a demonstration started 
and police who tried to control 
it were pelted with bricks and 
stones. Eight policemen were 
reported injured, two seriously. 


Woods flies to Botswana 


ON OTHER PAGES 

International Company News 
Olympic Air spending plans 
Hat restructure . 16/17 

Fanning and Raw Materials: 
Australian wool stocks rise 
World sugar pact .— 19 


NEWSPAPER EDITOR Mr. 
Donald Woods, who fled South 
Africa to escape a banning order, 
left by aircraft to-day for Bots¬ 
wana on his way to London. 

Mr. Woods and his family took 
off in a Lesotho Airways aircraft 
accompanied by a senior Lesotho 
Government official. 

The family bad been waiting 
since yesterday for a break in the 
cloud and drizzle over Lesotho so 
they could start on the first stage 
of their journey to Britain, 
where they have been promised 
asylum. 

Mr. and Mrs. Woods and their 
five children are expected to stay 
in Botswana overnight, and then 
go on to Lusaka to-morrow. From 
Lusaka, they are expected to go 
to London on Thursday. • 


MASERU, LESOTHO, Jan. 3. 

Mr. Woods, 43, Editor of the 
East London Daily Dispatch and 
au uncompromising opponent of 
South Africa’s National Party, 
was placed under a five-year ban¬ 
ning order last October. i 

He hitch-hiked to Maseru last 
week and was promptly promised 
asylum by Britain. 

Mr. Woods has said he will not • 
return to South Africa until the 
National Party Government is 
removed or changes its policies: 

His first task in exile, he said, 
will be to finish an almost com¬ 
pleted book on Steve Biko, the 
black leader who was a personal 
friend. Mr. Biko’s death .in a 
South African prison cell last 
September aroused considerable 
protests. 

Reuter 


Gandhi expelled from Congress 


BYK.K. SHARMA 

MBS. INDIRA GANDHI and her 
followers were to-day expelled 
from tbe Congress Party by its 
executive, headed by Mr. K. 
Brahmaaaada Reddy. With this 
move, a squabble for the legal 
right to the organisation’s assets 
and rights has begun. 

Both the party led by Mr. 
Reddy and that by Mrs. Gandhi 
are claiming to be the “ real 
Congress.” Both have pressed 
this claim before the Election 
Commission and the parly’s 
bankers. 

This heralds the disintegration 
of the national organisation 
which has dominated Indian 
politics for nearly a century. 
Ironically, the disunited party 
celebrated its 93rd birthday just 
10 days ago, even though all its 
leaders were involved in a bitter 
factional feud that is certain to 
spread to all the 22 states in the 
country. 

Mrs. Gandhi's ostensible reason 
for splitting the party is that 

the Congress—-or the “ real Con¬ 
gress " as she describes it—is 
needed to combat the reactionary 
policies of the Janata Govern¬ 
ment which the organisation’s 
elected leaders had failed to do. 


She has spoken of the need 
to fight for socialism, democracy, 
rights of the minorities and the 
backward communities. very 
much as though she we^e prepar¬ 
ing for an election. 

However, it is known that she 
had sought in vain for the Con¬ 
gress Party to take up her cause 
in the face of mounting evidence 
of corruption and gross abuse of 
power by her followers and 
controversial son, Sanjay, bow 
coming to light at hearings of 
three Commissions of lnquiry 
into aspects of Mrs. Gandhi's 
emergency rule. 

At ber instance, the Congress 
directed its members not to give 
evidence before the Commis¬ 
sions. But many defied this 
order. 

Mrs. Gandhi has been sum¬ 
moned to appear before the 
main Shah Commission inquir ing 
teto " excesses ” committed 
during the emergency and is due 
to appear as a witness from next 
Monday. She thus urgently 
needed a national platform to 
take up her cause. By splitting 
the Congress she is trying to 
give publicity to the charges 
against her. 


NEW DELHI, Jan. 3. 

If and when she appears before 
the Commission, It will be as the 
president of the Congress. She 
apparently is unconcerned about 
the possibility that sbe will be 
permanently destroying the .Gone 
grass. 

While the tussle for the Con-1 
gress Party label progresses, 
various factions of tbe also dis¬ 
united Janata Party are watch¬ 
ing the developments with 
interest, especially those who 
once belonged to the Congress 1 
and are now unhappy in the 
company of people with which 
they are ideologically incomput¬ 
able. j 

Mrs. Gandhi cannot hope to' 
win them over to her ride but 
there is a distinct possibility that 1 
there will be agreement with the 
Reddy group. In that event, a 
realignment of politics will take 
place and jeopardise the future 
of the Janata Party. ] 

Much time will elapse, how¬ 
ever, while the jostling for 
position continues and a definite 
trend is discernible. 

But speculation % rife on the 
innumerable possibilities ahead. 


By Oar Foreign Staff 
t he possibility of an early 
solution to tbe border dispute 
between Vietnam and Cam¬ 
bodia receded yesterday when 
Cambodia rejected the sug¬ 
gestion. made twice by 
'Vietnam In the past few days, 
that toe matter be resolved 
through negotiation. 

A report from Phnom Penn 
radio stated that no negotia¬ 
tions could take place until *11 
Vie tname se fo rc e s withdrew 
from Cambodia. The alleged 
Vietnamese Incursion provided - 
the ostensible pretext for 
Phnom Penh’s temporary 
break-off of relations with 
Hanoi at the end of last week. 

The Cambodian embassy In 
Peking told Reuters yesterday 
that the “ Invasion * was con¬ 
tinuing and had met with _ 
*• vehement counter - attacks : 
from the Cambodian army” 
which had put the Vietnamese 
in “ a difficult poriUM.” There 
was no reply from the Vietna¬ 
mese embassy. 

The Cambodian statements 
mark another development In 
the war of words which Is the 
main manifestation outside 
Indo-China or the reported 
fighting In the Svaey Riedg and 
Takeo provinces of Cambodia. 
The dispute has taken the form 
of armed clashes over the part 
few months. Traditionally 
there has been a strong anti¬ 
pathy between the two coun¬ 
tries. 

Some observers see the issue, 
as a reflection of Cambodia'a 
assertion of its self-determina¬ 
tion since tbe end of the war 
In 1975. and of Vietnamese 
irritation at alleged Cambodian 
Incursions In its own territory 
earlier this year which, tbe 
Vietnamese say, resulted In 
atrocities against the local 
population. Vietnam said at 
the week-end that Cambodia 
was “solely responsible “ for 
the latest flare-up. 

But the dangers of involve, 
meat by the USSR and the 
Chinese People’s Republic are 
not discounted. Reports in (he 
USSR tend to emphasise Cam¬ 
bodia’s tie with China, and 
Vietnam’s suspicions of China’s 
ambitions in South East Asia 
have grown recently. No 
official statement has yet 
emerged from Peking. 

Strauss expected 
to visit Tokyo 

MR. ROBERT STRAUSS, VS. 
special trade representative, la 
likely to visit Japan this month 
for talks with Prime Minister 
Takeo Fukuda, the Foreign 
Ministry said, Reuter reports 
from Tokyo. But Mr. Jvensuke 
Yanagiva, director of the 
Ministry’s information bureau, 
commenting on a report In the 
Yomtari Shlmban newspaper 
that Mr. Strauss and Us 
deputy, Mr. Alan Wolff, would 
arrive here on January II and 
meet Mr. Fukuda on January 
13, said a date had not been 
fixed. Mr. Wolff said in aa 
Interview with the Japanese 
daily Sankci Shimbun that 
both he and Mr. Strauss in¬ 
tended to visit Tokyo if further 
trade talks were likely to 
produce positive results. 

Burma elections 
first returns 

BURMESE President Ne Wla, 
Council of State Secretary Gen. 
San Yu and Prime Minister 
Mu&dg . Muang Kha retained 
their seats in the PeopteV 
Assembly as the first returns 
of the Burmese general elec¬ 
tions were announced in 
Rangoon yesterday, reports 
AF-DJ. 

Elections for the 464-seat 
national legislative body and 
for 178,175 seats on nation- : 
wide Peoples Councils at 
various administrative levels ; 
began on January Z and will 
continue until January 15. 

Chinese debate' 
‘expatriates’ 

THE MILLIONS of Chinese Uv- 
lag In other countries ■ have 
much to offer their motherland 
and officials dealing with their 
affairs should tap this force, a 
conference in Peking has 
derided, reports Reuter. The- 
New China News Agency 
(NCNA) said yesterday that a 
preparatory meeting for a 
national conference on over¬ 
seas Chinese affairs—for which 
no date was given—was held 
here at the end of December 
and laid down guidelines on 
how officials should, deal with 
these “relatives.” About 20m. 
People of Chinese origin are 
estimated to live outside China 
and Taiwan, mainly in south¬ 
east Asia, and Peking’s policy 
on their status was defined by 
deputy Premier Teng Hsiao- 
Piug when he said In 
September that they should 
become citizens of the 
countries In which they live. 

Oil company warned 

The U.S. State Department 
has allegedly warned the Nep¬ 
tune OH Company, which 
is developing the offshore field 
at A-Tnr, on the Eastern shore 
of the Gulf of Suez, that It may 
bare to cease operations. L, 
Daniel reports from Tel Aviv. 
Tbe company represents a 
group of American investors, 
wbo were issued a licence by - 
the Israeli government. No 
date was mentioned. The 
warning was issued because if 
a peace agreement Is reached 
with Egypt, the area win be 
returned to EgynUan tontiw* 

Jumbo jet crash 

The Indian navy yesterday 
ordered its qeeanograp™c 

survey ship Sutlc] Into stanow, 
muddy waters off Bombay t® 
search for the wreckage or “c 
Air India Jumbo jet 
crashed on Sunday, kilDhff*” 
'213 persons aboard,. UP* 
reports from Bombay' 













Financial Times Wednesday January 4 1978 


WORLD TRADE NEWS 


$8in. credit 
line for 
Portugal 

THE EXPORT Credits Guarantee 
Department has guaranteed a 
SSra. line of credit Which N. M- 
Rothschild has made available 
to Sociedade Fmanceira Portu¬ 
guese EP, Portugal. . 

The loan will enable Portu¬ 
guese buyers to place orders in 
the U.K. for capital plant and 
equipment. UJv. suppliers will, 
as usual, receive 85 per cent, 
of tbe contract value from the 
loan, with the remaining 15 per 
cent payable from the buyer’s 
own resources. 

TloteF order 

GOtaverken, the Gothenburg 
subsidiary of Svenska Varv. the 
new state shipbuilding company, 
has received an .order for a 
second Kr.l25m. (£142m.) Boat¬ 
ing hotel from Consafe Offshore. 
William DuUforce writes from 
Stockholm. The new M Hotel/’ 
Hke the first which is due fnr 
delivery in July, will be, built 
at the company’s City yard. It 
will have accommodation for 600 
offshore workers and is intended 
for use in the North Sea. 

New satellite 

The fifth of the six bigger com¬ 
munications satellites planned by 
the International Telecommuni¬ 
cations Satellite Organisation 
(Intelsat), called the Intelsat 
IV-As, is due to be launched later 
this week from Cape Canaveral, 
Florida, Michael Donne writes. 

This satellite, with a capacity 
of 6,000 voice-circuits plus two 
TV channels, will begin opera¬ 
tions in mid-1978 and will pro¬ 
vide telephone and video com¬ 
munications links between 43 
countries in the Indian Ocean 
region. 

Yugoslav bank 

Yugoslavia, plans to establish 
an export bank “ to promote 
Yugoslav economic ties with the 
rest of the world." according to 
the Yugoslav News Agency, 
Tanjug. It said the new bank 
would underwrite export trans¬ 
actions. offer credits for exports 
of equipment and ships and 
invest in export-oriented pro¬ 
jects in Yugoslavia. 


French group wins part ofj 
$2.4bn. Iran gas pipeline 


BY ANDREW WHITLEY 

THE NATIONAL Iranian Gas 
Company has signed a letter of 
intent for a French-led consor¬ 
tium to build a 300 km section 
of the second gas trunkline to 
the Soviet Union. It is. part of 
an.overall pipeline project which 
mil cost around S2.4bn. 

The consortium, led by Spie> 
Capag and including Poland’s 
Energopol and a local • company, 
are to build number three 
section of the line, running from 
compressor station three about 
50 km from Isfahan, to a . point 
near Saveh,.south-east-of Tehran. 

No financial details are avail¬ 
able, but the 56-mcb diameter 
pipeline is claimed to be' tbe 
largest in tbe world, running 
from 1 the Kangan gas fields on 
the Gulf coast to Astara on the 
Russian border. 

The Spie-Capag award- com¬ 
pletes the preliminary contracts 


for the line. The two southern¬ 
most sections, totalling 632 km, 
were given to a consortium 
headed by Italy’s SALPEM last 
month. Negotiations are thought 
to be still continuing with the 
Russians for tbe northernmost 
section of some 500 km, but only 
the terms are at stake. 

Western companies tendering 
for tbe three southern sections 
were told to put in bids For the 
whole job, but It became known 
that Iran wanted to divide the 
work up. 

The biggest surprise is that out 
of the eight companies declared 
eligible to hid. the five American 
contenders were considered to 
be.strong favourites, but have 
bad no success. 

Spie-Capag, which is heading 
the Isfahan to Saveh ■consortium, 
is itself a consortium of Spie- 
BatignoHes and Capag-Cetra of 
France. The same consortium 


TEHRAN, Jan. 3. 

recently won a 550m. contract 
for a 16-inch pipeline from 
Isfahan to Kerman, via Yazd. 

The National Iranian Oil Com¬ 
pany. the parent of N1GC, is to 
provide all the pipe and is 
understood to have already met 
all its requirements. A new 
Iranian pipe mill which started 
up last year is producing 4S-incb 
pipe for some of tbe tine. 

Design work is being done by 
a consortium of Snam Progetti 
of Italy and Sofregaz of France, 
while Williams Brothers of the 
United States and I MEG—an 
Iranian registered company with 
British interests—has been put 
i#i charge of the project manage¬ 
ment and the procurement of 
materials. 

The Soviet Union is expected 
to provide -most of tbe com¬ 
pressor stations under a gas 
barter deal still being' worked 
out 


Rotterdam port traffic fall 


BY CHARLES BATCHELOR 
DELAYS OVER deepening tbe 
approaches to Rotterdam’s oil 
harbour are costing the port 
traffic and contributed to a fall 
in the total tonnage handled in 
1977. A fall in. the. volume of 
crude oil and mineral ores 
handled by the port led to a 4 
per cent, decline in. total ton¬ 
nage bandied to 272m. tons last 
year, the Rotterdam Alderman 
with responsibility for the port 
Mr. Henk vaD Der Pols, said in 
his New Year message. 

The volume of crude oil 
handled fell 7 per 'cent to 138m. 
tons, although it still accounted 
for more than half of total port 
tonnage.. But trans-shipments of 
oil from large tankers to smaller 
vessels for distribution.through¬ 
out Western Europe fell .by 25 
Der cent.. Mr. van Der Pols said. 
Rotterdam is . losing crude' oil 
business fa other ports- because 
it has not yet deepened the 
approaches to its oil installations 
to accommodate tankers drawing 
up to 72 feet. It can now handle 


AMSTERDAM. Jan. 3. 
vessels up to 68 feet’ 

The municipal authorities are 
currently negotiating with the 
government over a State contri¬ 
bution to the dredging work. But 
last year’s long delayed Cabinet 
formation held up negotiations, 
while the fact that Rotterdam 
met all the costs of the previous 
deepening, in 1967 is making it 
more difficult to' get State aid 
this time round. 

Increased North Sea oil pro¬ 
duction also reduced oil trans¬ 
shipments^ Ore handled by tbe 
port fell for the second succes¬ 
sive year—by 12 per cent, to 
29m. tons—due to the world iron 
and steel industry recession. 
Grain and derivatives traffic rose 
however by 5 per cent, to 21ra. 
tons while coal traffic rose 16 per 
cent, to 8.1m. tons. 

The net registered tonnage of 
ships docking at the port fell 
for the first time since the end 
of the second World War. Ship¬ 
ping tonnage was down 1.3 per 
cent, to 181m- tons. 


Italy in talks 
on exports ban 

By Paul Betts 

ROME. Jan. 3. 

THE Italian Foreign Ministry 
said to-day it expected the con¬ 
troversy concerning a ban by 
Iran on certain Italian products 
to be resolved in the next few 
weeks. Until to-day. the Italian 
Foreign Ministry had received 
no official details of the ban from 
the Iranian authorities. After 
meetings between the Secretary 
General of the Italian Foreign 
Office and tbe Iranian Ambas¬ 
sador here, the controversy is 
now likHy to be resolved. 


Cement plant 

Creusot-Loire said its sub¬ 
sidiary Creusot-Loire Entreprises 
has received a Frs.350ra. order 
From tbe Venezuelan company 
Cimentos Calaturabo to build a 
cement plant capable of pro¬ 
ducing I.SOO tonnes a day at El 
Rosario, south-west of Maracaibo 


ARGENTINA TO-DAY 


Investors waiting in the wings 


BY MARGARET HUGHES. RECENTLY IN BUENOS AIRES 


ONE OF the first laws to be 
re-drafted by the Argentine mili¬ 
tary Government when it took 
over in March 1976 was the 
Foreign Investments Law, aimed 
at reversing the previous 
Government’s positively hostile 
attitude to foreign investors. 

It is designed to help the 
Government’s stated policy of 
transferring industry from the 
luss-making public sector., which 
had been largely responsible for 
bringing the country to near¬ 
bankruptcy. to the private 
seel or—providing jobs for a 
Government committed to full 
employment. Foreign investment 
would bring in the necessary' 
finance, as well as the technology 
and know-how which Argentina 
needs if jt is to become indus¬ 
trially viable. In particular its 
role was considered vital for the 
exploitation and development of 
Argentina's abundant natural 
resources. 

Thus the new law, . finally 
Introduced in March of last year, 
is far more liberal than its 
1974 predecessor —generally 
regarded as an anti-investment 
law and borne out by the fact 
that no new investment took 
place under it. Essentially the 
new law gives foreign companies 
the same rights and obligations 
as Argentine ones. Most sectors 
of industry are now being 
opened up to foreign invest¬ 
ment. 


The new law has yet to he put 
to the test for this Government 
has been only marginally 
successful in attracting foreign 
investment This is not surpris¬ 
ing. given that direct investment 
is a far riskier proposition than 
foreign finandng. The Taller 
the Government has attracted 
to the extent that it now’claims 
to have **a flood of short term 
foreign finance ” which has 
enabled it to extend Abe terms 
of its, international tySrrowings. 

Op the investment side the 
picture is bleaker-—even on the 
domestic • front. / Talking to 
businessmen in /trgentina one is 
.told over and over again that 
industry is just entering a very 
real periud of recession, which 
even the most optimistic expect 
to last for at least six months. 
The forecast recession is dif¬ 
ferent from those which Argen¬ 
tinians have grown used to land 
which the Government considers 
it is now emerging from) in that 
it is not simply the direct result 
of high inflation. 

Under the new economic 
policy Argentine industry is 
grappling for the first time in 
some 30 years with the realities 
of a free market economy, no 
longer protected by import 
duties and subsidised finance. 
Price ceilings may have been 
lifted but this has been offset- 


by a sharp reduction in pur¬ 
chasing power. 

h is inevitable that the Govern¬ 
ment's economic policy will pro¬ 
duce a shake-out of industry. In 
a sense it is designed to do just 
that by producing a private sector 
in\which only the profitable and 
competitive will survive. Under 
the^ circumstances it is not 
surprising that foreign com¬ 
panies prefer to wait until the 
busin&s climate improves before 
venturing in themselves. 

However, interest is being 
shown bV companies from the 
U.S., Europe and Japan, but it 
will be some time before this 
is translated into actual invest¬ 
ment. Also given Argentina’s 
stormy political past, with a 
rapid, succession of governments, 
outsiders are waiting to assess 
this present regime’s staying 
power, both in terms of sustain¬ 
ing the economic recovery and 
in maintaining political stahtiitv. 

Since the new law was intro¬ 
duced foreign • investment has 
totalled only some S250m., of 
which half represents reinvest¬ 
ment of profits by companies 
already in Argentina. The rest 
is new investment, but this again 
is almost entirely by existing 
companies. New investment by- 
companies new to Argentina 
amounts to between SlOra. and 
$15ra. by two or three U.S. 
companies. 

Sen. Federico Dumas, secre- 


A new name in Luxembourg 
Bn neuer Name in Luxemburg 
Un nouveau nom & Luxembourg 
Um novo nome em Luxemburg© 
Un nuevo nombre en Luxemburgo 
Un nuovo nome in Lussemburgo 
Een neien Numm zu Letzeburg. 

En neue Name in Luxeburg 
HoBoe hmh b JIioKceMSypre 




*r/U 

m\y 

/ 1 - 


0 

Landesbank Rheinland-Pfatz 
und 

Saar International S.A. Luxembourg 

52, route dYsch. Boile postate. 84, Luxembourg, Tfildphcne: 47592i-L'W4phone Arbitrage; 4754 81 
Telex: 1635 rpslu. TOexArWrage; 1536 rpstu, TfiiCgrammes: rheinsaailux 


tary for foreign investments 
within the Ministry of Economy 
regards the performance so Tar 
as "quite satisfactory” and 
expects a "substantial improve¬ 
ment ’’ this year. As Sen. Dumas 
so rightly puts it, “ Argentina has 
been out of the world map for 
the past six to seven years ” and 
it “takes time to re-establish 
confidence.” 

Much clearly depends on the 
Government's success on the 
economic front Its achievements 
so far have been impressive and 
it is confident of bringing down 
inflation to below the 100 per 
cent, level this year,. and to 
more normal levels in 1979—in 
Argentine terms that's double 
digits. Others are less optimistic, 
pointing out that the fall in 
inflation has been erratic. 

This has prompted calls for 
drastic measures in place of the 
current gradualist approach. In 
particular there is a need for 
the Government to start practis¬ 
ing in earnest what it has long 
been preaching and tackle the 
cause rather than the effect of 
hyper-inflation by cutting back 
on the public sector, though this 
wonld create unemployment 

But having left it so long 
President Videla's Government 
will not now be able to do so 
without creating tension both 
within and without the military 
some of whom believe that “ one 
more jobless is one more 
guerilla.” Clearly its political life 
is closely tied to its performance 
on the economic front its 
achievements so far. despite their 
high costs in human and social 
terms, have kept down criticism. 
But there are already signs of 
dissatisfaction as the claimed 
benefits of an improved economy- 
take too long to materialise. 

It seems certain that the 
Government will not be able 
significantly to reduce the fund- 
draining public sector without 
abapdoning its full employment 
policy. It will have to lay off 
large numbers of workers which 
private industry, convinced it is 
in recession, will be unable to 
absorb. ' particularly unskilled 
labour. 

This would trigger off labour 
unrest, already threatened as the 
prospects of lay-offs aggravate 
the growing dissatisfaction with 
the heavy fall in real wages of 
between 17 and 40 per cent 

Labour and political unrest has 
so far been contained by drastic 
security measures. There seems 
far less concern about foreign 
opinion on (his front than' on 
the economic side—yet the two 
are linked. 

To an extent the Government 

has had little materially iu 
worry about. The current tight 
security has created a far 
happier and stable environment 
for the businessman, so often 
the target of guerilla activity, 
and is unlikely to Holer investors 
in the short terra. 

. But such repression can only 
produce a backlash which may 
not always be contained. There 
may seem no obvious alternative 
to the military hut the existence 
of a system which is hent on 
eliminating ail opposition is 
sufficient to. make the furore 
ven* annrod’ewhlfl. 

Potential investors might do 
well to remember the words of 
Dr. Martinez do Hoz. the Eco¬ 
nomics Minister, when announc¬ 
ing the need for a new foreign 
investment law. "The materiali¬ 
sation of new investments too.” 
he said, “ will depend fundament¬ 
ally on political stability, juri¬ 
dical and personal safety and 
economic stability.” : 


Minimum 
on shipping 
to Jeddah 

By'Ian Hargreaves, Shipping 
■ Correspondent 

CONTAINER shipping lines 
serving the ovei|oiutaged UJL- 
Jeddah service are to enforce 
a minimum price for their 
services in an attempt to pre¬ 
vent any Further downward 
drift Of rates. 

In a development which 
could have implications for a 
number of Enrope-Midle East 
rentes, ten' lines sailing U.Kv 
Jeddafa will enforce a standard 
minimum from to-day. 

The lines involved are the 

three longstanding operators 

to Jeddah, Bine Funnel, Canard 
and P & 0, along with seven 
container carriers who have 
come in since the re-opening of 
the .Suez. Canal in 1975 in¬ 
creased the volume of cargo 
available on the route from 
about L500 tons a month to 
30.000 tons. 

Since 1975, It is estimated 
that container carrying capa¬ 
city has been multiplied 10 or 
15 times and it is~ this fact 
which in the put year has led 
to overcapacity and a 25 per 
cent slump in rates. 

Shipping conferences, the 
usual regulatory medium in tbe 
face of rate-cutting, have failed 
to effectively control charges 
during this period of expansion 
and to-day's announcement is 
made independently of the 
UJC-Jeddah conference of 
which Blue FUnnel. Canard 
and P & 0 are the only 
members. 

A- meeting is planned later 
this month of Europe-Jedaah 
container shipping lines and a 
similar course of action will be 
debated. 


ASEAN members in move to 
set up common market systen 


BY WONG SULONG 

THE five-member Association of 
South-East Asian Nations. 
(ASEAN) has taken the first step 
towards its long-term goal of an 
ASEAN common market when it 
launched its preferential trading 
arrangement scheme which be- 
dame effective on Sunday. 

A list of 71 items, with an 
annual import turnover of 
U.S 8500m. will come under the 
preferential trading scheme in 
Indonesia, Malaysia, Singapore, 
Thailand and the Philippines. 
The items include rice, sugar, 
crude . oil, cement, animal pro¬ 
ducts and chemicals. 

The preferential trading 
arrangement was agreed by the 
ASEAN beads of Government at 
their summit in Bali in February 
last year, and details were ham¬ 
mered, out during several Minis¬ 
terial meetings since. 

Under the scheme. ASEAN 
members would accord priority 
to buying or selling their 
products to each other, at 
preferential rates, during emer¬ 
gencies such as a glut or a 
shortage. 

Originally, Singapore, backed 
by the Philippines and Thailand, 
had tried to push for a much 
wider range of products under 
the scheme, but this was resisted 
by Indonesia which feels that its 
industries are not in . a position 
to compete with its neighbours. 

At the second ASEAN summit 
in Kuala Lumpur last August, 
Singapore's Prime Minister. Mr. 
Lee Kuan Yew, had grudgingly 
acceded to President Suharto’s 
demand that ASEAN must move 
in concert. 


Indonesian sentiment on this 
was supported by Malaysia's 
Finance Minister, Mr. Tengku 
Razaleigh, who told the Singa¬ 
pore Harvard Club recently that 
ASEAN members must work 
within a family framework, and 
if any member tried to steal a 
march on the others, it would be 
bound to create ill will in the 
group. 


KUALA LUMPUR Jam 3 

As an additional safeguard for 
Indonesia, ASEAN manufactured 
products entering the Indonesian 
market must have no more than 
40 per cent foreign content 
under tbe preferential trading 
scheme. 

In the case of other ASEAN 
markets, products with up to 50. 
per cent, foreign content are 
covered by the scheme. 


Swiss in talks on steel 


BY JOHN WICKS 

SWITZERLAND is holding 
consultations with the European 
Coal and Steel Community with 
regard to measures introduced 
within the EEC to protect tbe 
area’s steel' industry. The new 
system is seen as disadvantage¬ 
ous to Switzerland, which bos a 
free-trade agreement with the 
European Community. 

These representations follow 
Swiss complaints to Brussels and 
to the Italian Government with 
regard to Italian hindrances to 
imports of textiles from Switzer¬ 
land. This Swiss move met with 
success in late December wben 
Rome authorities simplified the 
import procedures in question. 

Apart from these two prob¬ 
lems. the free-trade agreement is 
working satisfactorily, according 
to Dr. Franz Blankart, head of 
the Swiss Government’s Integra¬ 
tion Bureau. Despite the loss of 


ZURICH, Jan. 3. 

customs duties involved, the 
complete removal of duties on 
trade in Industrial goods between 
Switzerland and the EEC on 
July 1 last had been an advant¬ 
age for the Swiss in a period of 
recession, said Dr. Blankart 
The danger of a decline into 
protectionism would have been 
much greater without free-trade 
agreements between the Euro¬ 
pean Community and individual 
EFTA members. He indicated 
that Switzerland would work 
towards extending free-trade 
arrangements to non-EFTA coun¬ 
tries which wished to join the 
EEC. 

• The South African steel price 
is to be increased on average 
R31 a tonne, effective immedi¬ 
ately. a notice in the Government 
gazette said. Reuter reports 
from Pretoria. The price for 
profile products is raised 9.5 per 
cent, and fiat products 13.5 per 
cent. 


Schroders Incorporated 
$44 Million Capital Expansion 


These funds were provided by 

The Equitable Life Assurance Society of the United States 
Allianz of America, Inc. (subsidiary of Allianz Versicherungs AG) 
The Bank of Nova Scotia 
Schroders Limited 


The Equitable Life Assurance Society of the United States, 
Allianz of America, fnc. and The Bank of Nova Scotia have 
\ become shareholders of Schroders Incorporated, each having 
acquired a 5% interest. 



Schroders Incorporated, One State Street, New York, N.Y 10004 


Principal Subsidiaries: 

J. Henry Schroder Bank & Trust Company • Schroder Capital Corporation 


We are pleased to announce the merger of 

J. Henry Schroder Banking Corporation and 
Schroder Trust Company 


The merged institution will conduct business Under the name 

J. Henry Schroder Bank & Trust Company 

New York State Chartered Bank 

Member Federal Reserve System 

Member Federal Deposit Insurance Corporation 



chroders 

J. Henry Schroder Bank & Trust Company 
One State Street, New York, N.Y 10015 










6 


Financial limes Wednesday January 4 1S7S 


HOME NEWS 






LORD BALOGH 
“Fantastic prncress " 

Cabinet 
seeks 
successor 
to Balogh 

By Ray Dafter, 

Energy Correspondent 


Europe 
Bill 

safeguard 
puzzle 

By Ivor Owen, Parliamentary Staff 

__ . _ . _ i PARLIAMENTARY draughtsmen 

f wwk another maior Dm- Nestle’s said that world prices : have encountered difficulties in 
Salisbury's ceasor Brooke Bond. Oxo of coffcc had fallen faster than [ trying to produce an acceptable 

immediately announced cuts arm0U n Ce d a 15p cut in its coffee' cxp ! etcd ' . ne 7 coffee-type ; f orm 0 f words to strengthen the 

1 from to-day, ^nd other super- Dowrfer Brazilian Blend products had not done as well i new legislative safeguard 

markets are expected to follow p * • , * .. as expected. ' I promised by the Government to 

s’rit from Monday. Price cutting by the leading The company is looking to a ensure that the European 

Nestle's decided to reduce the processors follows a sharp drop revival in sales in the well ! Assembly is not able to increase 

retail price of a 4 oz jar of id world coffee prices, competi- established instant-coffee market j its powers without the prior 

Nescafe bv 28p to £1.09p. and tion from cheaper imported after the price cuts. i approval of the British Parlia- 

to make similar cuts for Gold blends, and shoppers resistance That market is worth about 

Blend Blend 37. and Fine Blend to high prices. £200m. a year in Britain, but the 

brands Last April, a tonne of coffee volume of sales is estimated to 

General Foods will reduce the on the commodity market cost have fallen by between 21 and 

selling price of its Maxwell £4.400. The price has qow fallen 30 per cent in little more than 

House and Bird’s instant coffee to between £1,700 and £1,800. a year. 


Cuts in instant coffee 
intensify price war 

BY DAVfD CHURCHILL 

THE HIGH Street coffee war brands by over 50 per cent from General Foods said yesterday 
intensified yesterday when both Monday, which will mean cuts that while it still had stocks or 
Nestles and General Foods, the of about 30p on a 4 oz jar in higher-priced beans, it had 
leading processors of instant the supermarkets. The company decided, in spite or severe cost 
coffee, announced substantial expects the retail pric^ to be penalties, to join in the general 
cuts in the retail price of their below lJLOp. price reductions. 


main brands. 
Safeways and 


THE GOVERNMENT is seeking 
a new deputy chairman for ihe 
British National Oil Corporation 
following the retirement of Lord 
Balogh. 

Lord Balogh, aged 72, is stay- 
Ins; with the corporation as 
economic adviser, a position he 
held in the Cabinet Office during 
the 1960s. He said yesterday 
that be expected to continue 


week on Corporation business. 

He has been its deputy chair¬ 
man since its inception two years 
ago. He had previously been 
Minister of State for Energy at 
a time when the Government 
was formulating its North Sea 
policies. 

Successor 

Lord Balogh said that although 
the corporation was still a 
fledgling body, it had made a 
majur contribution to the North 
Sea industry and British 
economy generally. “It has made 
fantastic progress.*' 

There wiil be considerable in¬ 
dustry interest in the appoint¬ 
ment of his successor. 

The appointment, which is not 


Inflation fears may reduce 
scope for Budget stimulus 


BY MICHAEL BLANOEN 

THE ARGUMENTS for the larly if recent monetary growth Loebl, Stanley take an optimis- 
Government to give only a rates are continued into the New tic view of the outlook for gilt- 
modest stimulus to the economy Year and wage increases edged securities, 
in the spring Budget seem to be approach 15 per cent rather than They predict lhat even though 
saining strength, it is argued by the 10 per cent guideline/* there will be pressure on short- 
stockbrokers de Zoete and Bevan The incrGase in th e rate of l °J er * st ra . te ?- wish 1 3 P os ‘ 
g™' '* l « l ~ mon^ary C expansion^ baa more •£• £TS? «5*8 

They argue that sip of a re- f of 1W7 £ r ' ?jo to ‘ rfS“io 

| vival in domestic demand are and now toreatens t0 fue , an up . / P pri(S 

|!? wm?' * earnli™ In turn ^inflation rates later this °.^ e gl wou 7d consequently be 
October, the first f or four ycar fairly optimistic about a bull 

working three or four days a Iff^^SSTi^SS SMS 

by profits net of stock apprecla- ket stockbrokers Montagu, say. 

I tion: and the growth of money ___ 


supply .at a rate well above the 
level of inflation in the last few 
months. 

Although demand For U.K. ex¬ 
ports is falling away, the com¬ 
mentary argues that gross 
domestic product should rise by 
at least its lone-term arnwth 
ratp of 2? per cent, this year. 

The increase in demand will 
come mainlv from personal con 


Property group attacks 
Government decision 

BY JOHN BRENNAN, PROPERTY CORRESPONDENT 

THE British Pronertv Federation that would have exempted most! 
I^InpfSnl'nrivate'hmw'ioiWlDg yesterday- attacked the Govern- private householders. He was to} 
: and corporate stock-building. cent's decision to withdraw have increased the scale .and, 

Pav doubts 


menL 

The safeguard is to be em¬ 
bodied in a new clause to the 
European Assembly Elections 
Bill and Ministers are hoping 
to be able to publish its terms 
next week. 

MPs are due to have a further 
debate -next Thursday on the 
committee stage of the Bill, but 
not nn the new clause. 

The Government has already 
been criticised over the delay in 
announcing the terms of the new 
clause, which was 5rst promised 
hv- Dr. David Owen, the Foreign 
and Commonwealth Secretary, 
more than a month ago. 

Initially, he gave an undertak¬ 
ing that the new legislative safe¬ 
guard would ensure that no ex¬ 
tension oF t h e cowers of the 
European Assembly. which 
world encroach on *hr legislative 
nowers dF the British Parliament, 
could be agreed br the Govern¬ 
ment without an authorising Act 
of Parl’araent. 

But this did not *o far enough 
to satisfy som«* MPs who want 
the main emphasis of the new 
safeguard to be on the exten¬ 
sion of the European Assembly's 
powers rather than on the 
diminution of thp powers of the 
British Parliament. 


Strathearn 
£lm. plan 
considered 


By Giles Merritt 


planning law’s. 

Sir Eugene Melville, the Fed- law. 
eration's director general. Householders 


the 


simplifying amendments to the range of home alterations falling _ mm-annon. 

outside tie scope of Ute existing, “Uer^ teelSr^Wer of 

were to have. State responsible for 


Coupled with Ihe Govern- era non a director xcuer .«, awuscnuiucra wie w Khl d vina a £lm emer- 

meni's direct measures on em- “ greatly regrets " the decision to been freed from planning con- r 13 * that ' wou!d 

I pkoyment. the expected growth drop proposals which were ex- trills if home additions added no, I®™-. ctitMwned Strath- 

_ rate should ensure that uncm- pected to cut the 450.000 annual more than 15 per cent additional} ^n audio hi-fi manufacturer to 

thought to be imminent, will be ployment falls by the end of the' applications for .planning per- space and in cases where they 1 11 

considered by Mr. Anthony year. mission by between 10 and 20 per decided to sub-divide houses into 

Wedgwood Benn. Energy Secre- Against this background, the cent two, flats. 

larv. and other members of the brokers say, “it is difficult to Mr. Peter Shore, the Environ- The Secretary- of State’s amend---- —--- 

Cabinet. I believe that further reflationary ment Secretary, had proposed ment also proposed that indus-t range and a two-uuros reoucuon 

Men and Hatters. Page 12 j measures are necessary, particu- alterations to the planning laws trial property owners would be - f ,y '° " nrlf ' 

allowed to increase factory and 


remain in business. 

The plan, which involves 
streamlining Strathearn's product 


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"We are pleased to announce 
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Alexander T. E rcldentz Michael Kraynak, Jr. 

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JNcw Voik 


warehouse space hy up to 20 per 
cent, before being required to 
submit proposals to local plan¬ 
ning authorities. 

These, and other relaxations 


Of the company's 320-strong work 
force, was put to Mr. Concannon 
yesterday at a meeting called to 
discuss the future of the loss¬ 
making concern. 

It is understood that Strath¬ 
earn's proposals for a scaling 



A windswept Mr. Callaghan leaving London yesterday at the start 
of his ten-day official visit to Bangladesh, India and Pakistan— 
the first by a Labour Prime Minister. 

' Mr. C«n»g han flew from Heathrow aboard an RAF vein for 
Dacca, where he will hold talks with President Zia Ur-Rahman 
for two days. 

The Frimo Minister will then visit India for six days to 
meet the new Prime Minister, Mr. Morarjj Desai, In his home 
state of Gnjerat for talks. Mr. Callaghan will also meet Mrs. 
Gandhi, ihe former prime minister. 

The tour ends in Pakistan where Mr. Callaghan will hold two 
days talks with General Zia Ul-Aq. 

In his talks with Mr. Desai, Mr. Callaghan will discuss nuclear 
non-proliferation, which caused differences between Mr. Desai and 
President Carter at the weekend. The two Prime Ministers will 
also talks about British aid schemes. 

Law Society criticises 
company reports plan 

BY MICHAEL LAFFERTY 

THE Law Society has sharply as “profoundly unsatisfactory, 
criticised some of the matp pro- In .the first place, it is tanta- 
posals in the Department of mount to conferring the force of 
Trade's Green Paper on the law on accounting standards. In 
future of company reports. the second place, it ignores the, 


Unions 
help 
Breeden 
to shed 
workers 


CLOSE CO-OPERATION between 
management and trade unions 
has enabled Wilmot Breeden 
(Holdings), the car components 
company, to cut its workforce 
to 2.800. compared with &000 In 

1973. 

More than 1.000 jobs have 
been phased out in a major re¬ 
organisation which began In 

1974, of the Birmingham fab; 
tones which also make hydraulic 
and electronic products. 

There were no compulsory re¬ 
dundancies and the company 
offered improved terms to those 
opting to leave. There was no 
serious dispute with the unions. 

Total factory space has been 
reduced by more than 40 per 
cent, in moves which include 
the closure of the Farriagdon 
Works in Kings Road, Tyseley, 
Birmingham- 

Mr. John Given, managing 
director, said that in 1874, with 
inflation running at 20 per cent, 
the company had three choices; 
To reduce current assets; to 
make a minimum margin of 15 
per cent.; or to go bust. 

He said: “I believe most 
people really understand that 
fixed costs were so high that 
som» redundancy was the only 
alternative to no jobs for anyone. 
Short-time working would not 
have worked. 

‘Fine job’ 

44 We were quite frank with tha 
shop stewards, and they did a 
fine job in helping us to com¬ 
municate with tbeir fellow- 
workers.” 

Two relocation committees 
composed of management and 
union representatives have met 
regularly over the past two yean 
in'implement the changes. 

Wilmot Breeden points out 
that productivity advances have 


«i n particular, -we deprecate fact that there are many j boon achieved during the re* 
the proposal that the existing interests besides those or the; organisation and that present 

powers under the Companies Act accountancy profession which[ c ap ac jty is “very adequate" to 

1948 should be extended so as have a legitimate concern about;meet the normal cycles of the 


to cover the contents of the the form and content or company 
directors' report and the reports and accounts.” 
methods of accounting as well The Law Society tells the 
as the contents of accounts, ‘so Trade Department that matters 
that the Government may .by to be dealt with in the directors* 
Order alter or extend the form reports and accounts should be 
and content of any part of com* fullv defined in statute, 
pany reports and accounts.' H the The Society thinks that, to take 
Society states. account of the various interests 

The other aspect of the Green which have a legitimate concern 
Paper which comes under attack about the form and content of 
is the Government's proposal directors' reoorts and accounts: 


motor industry. 

As part of the reconstruction 
the motor Industry activities 
have been split between two 
companies. 

W. B. Bumpers will operate 
the remaining Tyseley factories 
as a direct subsidiary of the 
parent company. . 

The original car components 
company. Wilmot. Breeden, will 
be responsible for the Stirchley, 


‘that certain matters should be the Secretary of State should-Birmingham, factory which has 


of the rules, came in for Parlia-jdown of its operations and the 


mentajy criticism from the con¬ 
servation lobby and, on Decem¬ 
ber 14 Mr. Shore withdrew his 
proposals. 

The Department of the En-; investment-raising 
vironment .now proposes to 
reconsider relaxations of plan¬ 
ning controls when Parliament 
has discussed last summer's 
report on the law by the Expendi¬ 
ture Committee. 

In the meantime, the Property 
Federation is calling for “ a new 
attitude among planning authori¬ 
ties towards prospective de¬ 
velopers" and an end to planning 
delays that are 44 unnecessary and 
unacceptable, particularly In 
times of high unemployment and 
inflation.” 


injection of further public funds 
totalling £lm. is to be scrutinised 
by officials during Mr. Concan- 
non's absence on a one-week 
tour of the 
U.S. which begins to-day. Mr. 
Concannon's decision will be 
announced when he returns to 
Belfast next week. 

Since its launch in 1974 
Strathearn has cost almost £8m. 


Left to be worked out in ao- establish an advisory panel on 
counting- standards by the which all the main interests 
Accounting Standards Commit- Vould be represented and to 
tee. which representations could be 

This, the Law Society describes made. 


been modernised .and extended 
at a cost of £1.5m. 

Appointments, Pape 7 


Price rises allowed 


THE PRICE Commission yester* The rises have been allowed 
day allowed Tate and Lyle because Tale and Lyle was able 
Refineries to increase prices for l0 pr0ve under the safe- 

d a uSf g by 0 jiS 8 ^e a r n 3 S ^ P cE;?: _, -.. 

even though the Commission is 3,l0W P^ ,ce increases would have; by the Law Society's Professional 
still investigating the company's have reduced profitability below Practices Committee this month, 
claim for price rises. a certain level. I the Law Society said yesterday. 


City lawyer 
inquiry 


CRITICISMS of prominent City 
lawyer Mr. Eric Levine in the 
Department of Trade report on 
Mr. John Storehouse's London 
Capital Group will be considered 


Sterling rise will hit exports 


BY KEITH LEWIS 


OBITUARIES 

Sir Alan 
Walker 

SIR ALAN WALKER, who 
played a major rote in shaping 
Britain's brewing industry, died 
suddenly yesterday, aged 68. at 
the Midland Bank’s head office. 

He retired two years ago as 
chairman and chief executive of 
Bass Cbarrington, the .U.K.'s 
biggest brewer of beer, and 
became president. 

Soon he became chairman of 
Thomas Cook, the travel and 
banking concern which is a sub¬ 
sidiary of Midland Bank, where 
he was a deputy chairman. He 
was also director of Eagle Star 
Assurance. 

Sir Alan, knighted in 1975. 
spent much of bis early career 
travelling. For four years be was 
chairman of the Federation of 
Chambers of Commerce. 

In. 1953 he was appointed joint 
managing director of United 
Molasses, which later became a 
subsidiary of Tate and Lyle. A 
policy dispute ted to his 
departure in- 1S56, and he joined 
Mitchells and Butlers, the Mid¬ 
lands brewing group, to sort out 
its problems. 

Mr. Derek Palmar, who suc¬ 
ceeded Sir Alan at Buss, said last 
night: “The success of the 
merger with Charring ton United 
Breweries was due to bis out¬ 
standing ability in integrating 
the constituent parts of the two 
large groups. 

Richard 

Carr 

MR. RICHARD CARR, chairman 
of Associated Biscuit Manufac¬ 
turers, the parent company of 
Associated Biscuits, has died at 
the age Of 5S. 

The great grandson of John 
Carr who acquired a controlling 
interest in Peek Froan (now one 
of the main subsidiaries of the 
group) in the 1860s, Mr. Carr was 
closely involved in the Peek 
Frean development in Canada. 

In the 1939/45 war he won MC 
and the MBE (Military). He 
lea ves -a widow and two sods. 


INDUSTRY'S finance directors Secondly, the impact will vary care will have to absorb the seas, but exports very little. The 
returned to their desks yester- enormously not only between amount of U.K. inflation that has business has been structured on 
day faced with trying to gauge countries but between products, gone into the price as well as the lines of local manufacturing 
the effect on their businesses of some of which may well contain rising sterling. companies, raising local money 

the latest jump in the value of imported (and correspondingly Whether the discerning for funding requirements, 
sterling against the dollar. cheaper) materials. American is likely to fuss over a regards the balancc-sheat. 

Many of our bigger exporters. There is little doubt that, in few more dollars on such a large ttj at rouohlv means, that liabitfr 
who had grown more accustomed general, the rise in the value of overall outlay will put the de- ties and assets when converted 
to the roles between the two sterling will make our exports livery/quality - versus price i n t 0 sterling move in the same 
currencies being reversed and less competitive. Whether that theory'to the test direction So Se ovSall pS 

had switched to invoicing their has serious consequences or not other horrors for Industry for this particular company will 

overseas customers In dollars, varies a great deal. could sbow up in long-term con- not change significantly. - 

wtU now be forced to re-think. Some would argue that de- tracts, though in many cases The trend in sterling since the 
De La Rue. for example, has livery and quality are of more there will be break clauses to flotation in autumn is likely to 
already returned to invoicing importance than the price of the cover such contingencies built give rise to a number of coa- 
customers in sterlmg. «... koods. into the agreement. If they have plaints from industry. For ex- 

jp 0 ®! 3311163 afferied Rolls-Royce appears to be one omitted to include such a clause ample, the restrictions imposed 
are agreed about a number of of the worst hit. It dtsU’ibutes ih en presumably there is a lesson on UJL companies on overseas 

t ,, 1H h . tJ> iu A “ er ca to fQ r the future. investments are likely to come 

First, that it would be quite through a U.S. subsidiary. For some companies the post- under attack. 

d Y„ K ;, er ^ r bllts ,i he sub * tion is far from clear since, un- Exporters will not be able to 
ship between the dollar and ster- sidiary in sterling so that now. jjke the example of Rolls-Royce, add as much to their prices whra 
ling in isolation: in other words, when the money is repaid, it is there is often a multiplicity of the nert round comes along be- 

“°^? h n r S °tm .f'li, °i - do, J ars - products going to a host of coun- cause of the competitive position. 

luio against the other major This will reduce profit and. as tries in different currencies. And those operating solely la 

currencies, which has been Rolls-Royce points out, the Foseco Minsep receives 90 per this country will be faced with 


much less dramatic. 


American buyer of one of its cent of its business from over- keener imports. 


This announcement appears as a matter of record only December 1977 

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KwaoW 'ftBMft JsaHtary. 41919 


HOME NEWS 



Textile employers Smaller businesses need 


press Ministers 
to keep job subsidy 


BY RHYS DAVID 


more tax cuts 
accountants say 


THE Government as coming employment over the past two TIM ____ 

under renewed pressure from years. • ' H£FORTHl 

tbe textile industry to extend , Lastautum nMr.. En r Varley, FURTHER TAX concessions • Free depreciation of plant and 
after the end of March the fn w6dld do more 111311 az ^ other machiner y should be allowed 

temporary employment subsidy possible imM ' measure to assist smaU busi- SeJove^tiU^UabilitrftSS 

introduced in 1975 to safegaurd . The alternatives now being nesses, the. accountancy bodies war to year - mTy 0 
jobs during the recessioo. looked at by the Department of have told Mr. Harold Lever, m 

Textiles, clothing and foot- £2 P ant S° r •*.**.*»«* ^ftal ^ aSLg i^LSS 

wear have been the main actors JfffcffSK S&ASS ‘ * "** 

for^abouT h TSi coSMW^S into • ™ *“ * a 

total jobs on which the subsidy The EEC CommiMion, which th^Sor, the aeco'untante «y. SSu^wan'iSridJS? who 

has been paid. Dr. Brian Smith, has to sanction all State aid to Among the tax changes recom- w hit fom?r ^moTov- 

president of the British Textile industry, is reluctant - to allow mended are: -^7 „*“L«52 


• Free depreciation of plant and 
machinery should be allowed 
so that businesses can smooth 
their overall tax liability from 
year to year. 

• The double tax charge on 


Confederation, warned recently extension of the JJ.K. scheme on 
that factory - closures ' could the ground that it represents dis- 
follow ending of the subsidy. tertian of competition.- 
_ , There has . also '-been some 

Objections . opposition to extension of the 

„ _ . _ subsidy from British' companies 

Constituent organisations w ho claim it is being used in 
within the Confederation, taclud- some cases t0 eut prices 
mg the Lancashire-based British jobs. 

Textile Employers Association, The Employers’ Association 

* a XZ ”®? e ”? r T es ? nt S^i 0 ^ wants to.see further flexibility so 
to the Department of Industry. ^ companies which no longer 
The Government considers that receive assistance — £20 a week 
the subsidy has been highly per worker for the first 12 months 
successful in holding down un- —could benefit. 


recom - has left his former employ- 
lie nded are. • ment should be eligible for 

A.single rate of VAT-should 'set-off against earned income 


registration derived from the last few years 

threshold should ■ be indexed of his employment. u» n aw at i> t nrrp 

and procedures Amplified. On law reform, the ^ HABOLD LE VER 

Stock appreciation relief accountants repeat their sugges- Tax concessions sought 

should hot be subject to claw- tion that there should be reclassi- as “ exempt" and relieved from 

back on.--,the cessation of a fication of the corporate sector a number of form-filling and dis- 

business. .• with small companies identified closure rules. 




f.*P8$ 

V|l^3 




MR. HAROLD LEVER 

Tax concessions sought 


Rail chief accused 
of trouble-making 

BY MN HARGREAVES, INDUSTRIAL STAFF 


Company’s Powell discounts early 
nnlitf pal increase of Ulster MPs 

jJU.ulJLl'lU BY RUPERT CORNWELL, LOBBY STAFF 

_ THE INCREASE in Commons “I am underestimating 

B’feHHH TB-n representation for Ulster now I say that with just anothe 

OS 11 U IV ' under examination by a Speaker’s in our group, we should b 

conference at Westminster is than 50 per cent more efft 


|VVUUVII1 BY RUPERT CORNWELL, LOBBY STAFF 

m THE INCREASE in Commons “I under-estimating wheh 

I fl representation for Ulster now I say that with just another three 

SHfl fi I U II ' under examination by a Speaker’s in our group, we should be more 

conference at Westminster is than 50 per cent more effective.” 

FINANCIAL TIMES REPORTER almost certainly impossible until ' ^ former Conservative 

RANKS HOVXS MeDOUGALL. cabinet Minister went on to 

the rood- group, contributed unions mp fwTnlih deliver a powerful attack on the 

£41,000 to political bodies in ^owTettaTd » four MPs, including the Res. Ian 

the year to last September. J™nt) wletl sed m a speech last Pauley, who had broken away. 

SHARP DISAGREEMENT with port White Paper provided the “ He was speaking in bis con- . ^^’^5™ tte SiJSiSrf*dl£ 

the view of Mr. Peter Parker, transport industries with the W*S and £31,000 in 1975. stituency and called for the frag- half-timersfalse friends 

British Rail chairman, that petrol opportiimty of unrtmg round a C £20M0 iL ^ e °, te 1 t Dnionists t0 ^eu- or wolves in sheeps’ dothing." 

lav should hp Wroao./i hv sensible middle-of-the-road pohey received r emi.wo last year, hardest to secure as many of the _ , , , * 

tax should be increased by 13 and putting behind them the nothing In 1976 and £25,000 In Province’s existing 12 seats at the The Speaker’s conference was 

5v«m » l*™ harmful propaganda warfare of 19 '5. - election which is expected later ae £/ up *? st year af!er 311 under ‘ 

from a transport users associa- m is>lea-dlae statements and The other payments making this year. taking by Mr. Michael Foot, 

nnn nt which Rp»*ich Ra.i >« a . .. -np the 1977 total include £5,000 Mr. Powell pointed to the Leader of the House, that Ulster 


tion^which British Rail is a damaging prop omTsT 


hardest to secure as many of the , 

Province's existing 12 seats at the The Speakers conference was 
election which is expected later set last J ear after “ under- 
this year. taking by Mr. Michael Foot, 

Mr. Powell pointed to the Leader of the House, that Ulster 


™ Br - The editorial describes Mr I?. 0,6 Conservative Action for achievements of himself and his , he a »«® d SBat « “ore 

The editorial in tire journal of p.ijrJL... remarks in which he Electoral Reform, £7^00 to the five colleagues taking the fair, y Jn keeping with its 

n «i nv... X'ansers reuiuriw, Ja wuuu uc er enn o- yt_: _? - nnmilntinn 


the l^eOiMnember Freight Trans- called for artion’ againF com- Economic League, £7,500 to 
- »-*■— --— Aims for Freedom and Enter- 


port Association says suggestion ™j y cars an(1 f or heavier taxa- niu,s Ior ana cmier- omit to wnat six men. even in the This could mean an in ere 

is "totally unacceptable to British of jon-jes, ^ a serious ' pr,se £L®W to Common most favourable circumstances, in its MPs at Westminster to 


Unionist whip. “But there is a population. 

limit to what six men, even in the This could mean an increase 


industry and contrary- to the breach of Ms traced 
overall interests of the nation." ™ch of tms trace. 

. _ , . ,. . Mr. Parker is accused of argu- 

Mr. Parker made his call for j ng against the public interest 
restoration of petrol taxation to ^ seeking to push up the costs APPOINTMENTS 
January 1975 levels »n a maga- of his competitors. “Pressure 
zine interview last month, and groups for road or rail which 

the editorial castigates him for geek sectoral advantage to the f HCfelUfTAC 

fuelling the road versus rail detriment of the nation must be VvlBrft BBzf C" 

debate. put firmly in their place,” the 

U says that last year’s Trans- editorial says. Ml _ i T G w,,. ha _ 


can do. 


or 18 from 12 at present. 


Changes at TKM (Holdings) 


Mr. L. T. G. Preston has been CULTURAL COMPANY succeed- operating subsidiary owned by 
elected group deputy chairman of ing Mr. D. A. Jamieson, V.CL, who Gerrard & Nationa 1 ] and Astley 

_ • ‘ m MILL- has retired. A Pearce. He succeeds Mr. Ian 

TYTtll AirDFC tl*l q 1* (HOLDINGS). He has * Guild, who remains as managing 

iLmDlOVClS Ulll on llldl Sf" that concern Mr. A. R. Taylor, chairman of director and chief executive. Mi? 

m? J sin ^ B 10 7 4 _5 n «J le K S ,e , Board Willis Faber, has been appointed Montague Browne retains his 

_a • 1^ of Standard Chartered Bank and a director of MORGAN GREN- current appointment at Gerrard 

at industrial tribunals grafr **?-$si s'fflw and NaB °" aL * 

BY £SIC SHORT and’Mr Mor « an Grenfcll H 0 Idin E ,. Mr C.J. t WmJm joined to 

UNFAIR DISMISSAL bearings ,t DJW'mm arw Cone^tonalree GR. a sub- C(mMquent „* nc0Mmifr rniRMNOHA^ dMr. ttL™ 

industrial tribunals have become cases involving race re l a no ns or sicUary of TKM, and Mr. K. T. jj £ ^ mo t or industry joins the Board of KELLICK 

in effect trials of employers and * arnln „ !$£'“tJEEgF dlSES" al?o activities ofWnSSf bS MARTIN (SOUTOAMPTONL 

nianappinpTit Hainim ComninndBf He S3ys tl)3t stnddlt, WsruLD^S TI\M investments division, Also »tjat nTvrc\ u. c m fi -ju, i 

Rrian^RabiMdb. mauciiH have HMD given by ..both Uie jom tbe holdings Board. IfcH^C Anrisrsnr hprampg manaolno The Boarvi of META1. TIITT.T.E'rK'J 


onan naiucucn, uiau««iue uinv "Ij'GUb^t’' “ a‘“'‘diw.rtor'“ of*’ TKM Anderson becomes managing The Board of METAL BULLETIN 

tor of the Employers’ Protection Comrajssaon for Raciid Eriua ty ^ . d chairman of Price direc,:or of w - B- Bumpers and has been re-structured. The execu- 

Service. and , the National Counci for (HoMing ComDanyia Mr. H. C Cox, managins director tive directors and their responsi- 

Managers. claims Commander ee^Dowe re tl th? f ull subsidiary of TKM, SecomSgroup of Wilmot Breeden. Other Board bribes wfibe \ Mr. L. Rice- 

Rain cock. are often subject to theiegal powere to-tne run. deputy chief executive from the members of W. B. Bumpers are: executive chairman. Mr. 

the most searching of cross- ^ present .campaign by SStotoT Mr R. H. Critchlow, marketing, T. J. Tamng, managing.director 

exam hi atioiK^y^ those ^iployers employers associations and some * Mr. D. Herbert, personnel, Mr. 5 P * *■ p - » •fftif. 1 

seeking the hearing especially if politicians for a change in the 2Wr. Iain Vallance has taken G - R- Hooper, engineering, Mr. director and Mr. B. R. OrbelL 

^y^ riSed b” trade 0TCr ** newly^reated post of f-G Kings, financial.. an\ Mr. sales director, 

union officials as being mildly hysterical, claims director, telecommunications H- Walker, manufacturing. Other „ „ w idO,n«An w ho __ 

union omciais. Commander Rainoock. financial planning at the POST Wilmot Breeden Board members Mr : W. Johnson_ has been 

Tribunal chairmen bent over There was a world-wide move- OFFICE. Mr. Vallance was direc- are: Mr R* W. Bartlett, manufac- ®PJ” 1Dted 1« £S5 tor 
backwards to give employees a me nt to give individuals increas- t0 r, central finance, central head- turing. Hr. R. F. Done, personnel, H ai«r5?rn hpamv 

fair hearing, with the conse- j ng rights and in no way could quarters. He will look after the Mr. W. V. Gorman, financial, Mr. lumtaimy. 

quence that irrelevant and un- the United Kingdom move sectors dealing with external A. EL Norman, engineering, and „ * 

truthful allegations very often against this tide. finance, financial studies and J? r - c J- Sbore, marketing. Mr. ^ ***:£. 

#em by unchaUenged. Little Business wou j d have to leant accounting development. The Done and Mr. Shore are new gffiSff gC 3S iffiSSSsS 

ittention was paid to the feel- to conquer problems and develop existing finance director, Mr. Ken appointments They joined the h retired from Qark Pixley 

ngs of the employer or his ZZSET-. sblutions, not expert Nash, will cany the title director company m March, 1977 and July, g^SSlocStante 7 

nanagers. politicians with their very limited telecommunications finance and 1976. * 

The result was that employers experience of business life to accounts, and will ne responsible . . The J. WALTER THOMPSON 

«re settling cases out of court provide the solutions for them. budgeting and tele- COMPANY has made four new 

expert 8 ™vl« „' _ * * . . bK’xSii 

SSVWS! b ^ bu “ al Sjm SfSfiM -- ,ataMn - “ d 

JSJ5S. til. havinJ awards - hB . . . .. STORES, the main operating sub- ferrous and non-ferrous sectors of ^ * 

^Th«J n««S Companies % were joining his s {diary of Tesco Stores (Holdings), the industry m one committee. He w r R. J Newton has been 

^"S*SS£ 11 betere a ***%* T at ?L She? ^ B ? ke , I i * ho ^“ ed ,- the ”■ ^ »P^int^ a nonTxSu<£S 

vanted to appear oeiore a month. Last year, the number pany in 1966. retains his respon- * * or D r SKETCHLEY. Formerly 

xibuna! again. 0 £ awards exceeding £4,000 abilities as bead of the supplies Mr- H- Weatherall has become maTOL gi nK director of Bury and 

Up to now. the most frequent increased by 60 per cent, and and transport department director and general manager of mjkto (Holdings), he is now a 

rases dealt with by tbe tribunals fees averaged £500 a case, so + a newly formed^-fabrication divi- anc j t he Bursar of Trinity 

lave been unfair dismissals, but there was financial incentive to Mr. R. A. Field has joined the sum of BALFOUR BEATTY o_ii C amb ridge 
his year Commander Raincock insure. Board of AUSTRALIAN AGRI- POWER CONSTRUCTION, a BICC ^ 

— — - : — - companyjllr. Weatherall will also Mr . j. a. Harmsworth has 

—*—■■■—■■sa^^wn 1 — —— M be chairman of the participant become deputy chairman of the 
l ■: . i .11 -a)_ t n i^, , companies of the fabrication divi- x 0 r T h EASTERN ELECTRICITY 

{ . , •’TZZ si on which comprises: . Painter RnARn Mr HarmKwnrth formeriv 

TliaiuuRiuac«waii*»pe»rt®aiiHU*r9li«uriluiily Brothprs rCarn Ri-ip 1 and **UAKL». flir. narmswonn, lormeny 

cSirSSJr®”?/ 1 , , D , “5®/. 3110 nmnoereia] manager and ex ecu 
Shaw-Petrie. Mr. J. V. Williams, ti ve mem bers of the NEEB, sue- 
, ... . . .,.u t .- 1. -11 j, currently director and works ceeds Mr. G. H. Byrom who has 

J - -V-J- j •»—“u -1 manager is appointed director and retired. 

SOCIETE NATIONALE 

VMUu* as works manager. from the Board of LAND SECURI- 

TITT QTHTTT?! iRlrlE „ t v t TIES INVESTMENT TRUST and 

JJHi OJLL/La.VU11UUJ Mrs. Naomi McIntosh has been from a ll appointments with sub- 

ALGER l ^ a *J™ an _ . at the si diary companies of the group. 

NATIONAL GAS CONSUMERS Wr Frederick P. W. Maynard, 

.-M-iJl COUNCIL, the Gas Users Watch- director of the Land Securities 

r>]Lf or AflAonfi dog body. Investment Trust and managing 

DM 25 000 W0 * director of its subsidiary, Raven* 

n 1 1 ->. oju*- J>^i -i- jz* Jj BRITISH RAIL ENGINEERING seft Properties, has in addition 
\mnTTruTVDUiniw 1135 appointed two new directors been appointed chairman of tbe 

MEDIUM TERM LOAN Lo its Board. They are Mr. C A. latter company and its sub- 

, .. Rose, a member, British Railways sidiaries. Mr. Peter J. Hunt, direc- 

. Board, and Mr. J. A. Rigg, a tor of Land Securities Investment 

ffnaumiiY director and general manager Trust, has assumed tbe positions 

_ _*j!_Ul j-iul -^ Aero Division, Rolls-Royce. of chairman and managing direc- 

BANQUE EXTEREEURED’ALGERIE Mr. M. R. HopSns, an executive rnent°/ in^the pSoTrf Mr^Loufc 

. - jii - director Of CHARLES EARLY Freedman. 

-AND MARRIOTT (WITNEY), has ★ 

ranged nr jjppQ appointed a joint managing Sfr William Peltingell has been 

j_ tfiS ij -it__ *. j - director of the company. He sue-, elected chairman and Sir Robert 

' in . T Ti .inTTi- ceeds Mr. A. D. Hopkins who Norman appointed a director of 

SOCIETE CENTRALE DE BANQUL remains chairman and executive HANIMEX CORPORATION. These 

Vs, ju—iS. 7 1 j-i v director. moves follow the retirement of 

/ ■ n ®-^iP EU R0PA1 SCH- ARAB ISCT E.BAN K GMBH JARDLXE UATHESON AND CO. chairaa^’o^ST'Board rf* Hani^ 

tCr") vr'JUJ* 1 ij-si—) o—C ^■Hu bus appointed new directors for mex Corporation since its listing 

EUROPEAN ARAB BANK WORLD BANKING CORPORATION(WOBACO) several of its subsidiaries. Mr. as a public company 20 years ago. 

. Colin Hardy has become a director * 

L _w r -_ 7 ^ji jjr* both oF the Indo-China Steam Mr. J. N. Clarke, head of the 

pntuicdbr .. Navigation Company (Hong finance division, and Mr. J. A. 

cl_i_. 4 «j jt ,-• » _. Kong), and of Pedder Shipping Holmes, technical director, have 

tteiAe Centrak duBaoque Banco Aiabe Espanol Inc. Also appointed to the Pedder been appointed executive ‘ dirw- 

p_ ,j< _m , .i . n ». .. i \ .. ,..i .ai . .n,.r- n Shipping Inc. Board is Captain tors of ANGLO AMERICAN CQR- 

W-* ^ Georee Qilbeek. Mr. K- F. Lb has PORATlON OF SOUTH AFRICA. 

Europuisch -Arabische Bulk GMBH huropeM Amb Bto k Lim ited ^ bi:en appointed a director both of Mr. J. F. Drysdale, in Charge of 

o—«—S-* Lombard Insurance Company and the manpower resources division. 

World Banking Corporation Arab Bank for Investment and Foreign Dade 0 f th e Hong Kong Fire Insurance ® nd Mr. G. S. Young, a deputy 

. j —^ JS j -r*J fcJ L v*u*j L » ‘Sti-r Company. Appointed directors of managing director of the gold and 

Banalie Interwmtincatalc Arabo Bonham Hermann Uunpe Kommanditgesellschaft the Jardlne Engineering Corpora- uranium division, are appointed 

^ j nj~ i .1 —4* lion, arc Mr. David Agncw and managers of the Corporation. 

PierHiii, Heldriiif; and Pienon ^ Mr. WUlUn, »lr. J. V. a«Lld retired 

J jl d—r Oc-jt ^7 J . ysr F fiaete Star that Mr from the Board of PORTALS 

Union BankolFinlandIntemotiwial SA. . UmiinMediterraneeimedfiBanqncs 2 ^ Robinson has resigned UMITED but remains chairman 

H as companv secretary of EAGLE of the parent concern. Portals 
a . Ah * J , a STAR INSURANCE COMPANY. Holdings, and Mr. Julian J. L. G. 

AGENT T ★ Sheffield succeeds him as diair- 

■■i tp ji^ - ■ < - M Mr. Anthony Montague Browne, man of Portals Limited. Mr. David 

QAr’TF'TT? PETirrftAT F TIP TtaNOITF I a director of Gerrard A- j dark, Mr. Michael P. Dawes. 

aOCUvih CETilKaUi Bh oAWyili!i I anfl National Discou n t Company, and Mr. John E. F. Uoyd have 

l... . — . .—- - ' —^1 has become chairman of become directors o£ that sub- 

GERRARD INTORXATIONWL. an sidiary. 


Ttis tioauuasHBcn wort as a ruU?r ot itcunl unly 
_— i-J_jJt j J 3-efikjjJ 

SOCIETE NATIONALE 
DE SIDERURGIE 

ALGER 

yiL*Jl jjLi 

DM25000000 

7 - Isk - J>Sl 'i-jl. 

MEDIUM TERM LOAN 
o«- 

jparaniMHlhy 

l > j—Hj—»JI ill 

B.VNQUE EXTEREEURE D’ALGERIE 

•k-ljj-** j' Ac 

ranged br 


. BANCO ARABEESPANOL. 
EUROPEAN ARAB BANK 


cl—s- iS J Jlj " M vr^-J —* 

SOCIETE CENTRALE DE BANQUE 

V* J- ■■ K -fl ‘Ib.jj— iS-TI jj “ y tf l — ' -Jl 

ABE ESPANOL EUR0PA1SCH- ARABISCHE BANK GMBH 

jf' **^JJ 1 O— 1 *-tijy 

N ARAB BANK WORLD BANKING CORPORATION (WOBACO) 


til— l# igs L»a«—j—- 

Soci^te Centrak cbiBaotiue 

p C«jjuJbS- M " t j — m JH > fl — 

Europuisch - Arabische Bank GMBH 

World Bantdag Corporation 

. AH j—^ J 

Bunque toterctmtinentalc Arubo 

i»- —<+* ■*—- l i5—C rj*+* 

Pierson, Heldrinc and Pieraon 

JLij g tUj-il liiJLAi jl Clf-jl 

"Union Bank 0 f Finland International SA.' 


imvulcdbr 

-J_- I ( 1? —ijj - 

iaoque Banco Arabs Espanol 

/I —(o^) iJ- Vt 

GMBH European Amb Bank limited 

- Jj x> - *—‘J 1 —^jjU«AS« 3U y-rjJifl vjj—Jl 

aration Arab Bank for Investment and Foreign Ttade 

Jj-w0 j i-*-! ‘iLf 

i ^r nlio Bonhaus Hermann Lampe K nmwiawrii tgi wjlBPlBif l; 

Person Stondard Chartered Bank limited 

n iter 

ial SA.' Union Medlterraneenne de Bonqocs 


Notice of Redemption 


Chevron Overseas Finance Company 

_ 7 % Guaranteed Sinking Fond Debentures DuoFobruary 1,1980 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Fiscal Agency Agree¬ 
ment dated as of February 1,1968 under which the above-described Debentures were issued. Citibank, 
NA-, formerly First National City Bank, as Fiscal Agent, has selected for redemption on February 1, 
1978 (the “Redemption Date"! at 100% of the principal amount thereof (the “Redemption Price”) 
plus accrued interest to the Redemption Date, payable in UB. dollars through the operation of tha 
Sinking Fund provided for in the said Agreement $£,500,000 principal amount of Debentures of tbe 
said issue of the following distinctive numbers: 

COUPON DEBENTURES OP 51,000 FRENCXPAIi AMOUNT OUTSTANDING 

1C S 1076 9917 6457 8537 10066 11636 12815 13933 15039 16811 1B183 19053 £0015 £1161 £1814 22806 24380 

7 1078 2920 6456 8530 10071 Z153S 12816 13935 15040 18513 18184 19055 20016 21166 21616 22811 24283 

78 1081 ssza MOO 8344 10110 11542 12818 13938 15048 16517 18185 19058 20017 21188 21838 22813 2438S 

87 1085 2930 6559 8545 10112 11581 12819 13937 15049 16519 18187 19058 20018 21171 21827 22814 24288 

90 1092 2034 8562 8549 10113 11702 12821 13941 15081 18548 18188 19061 20010 21172 21828 22815 34806 

SI 1093 2936 6564 8551 10115 11703 12823 13945 15066 16549 18189 19062 20030 21174 21829 22819 2430T 

94 1094 2938 6627 8556 10116 11706 12827 13946 15068 16550 18194 19063 £OlOS 2U76 21837 22820 2430ft 

96 1103 2963 6629 8670 10117 11708 12828 13948 15069 16556 18195 19070 20173 21188 21839 22824 24314 

98 1105 2966 6633 8577 10119 11720 12831 13949 15070 16557 18200 19074 20175 21201 21841 22895 34317 

119 1112 2968 6669 8578 10120 11727 12834 13954 15071 18558 18241 19075 20178 21202 21843 22896 2431ft 

388 1117 2972 6873 8580 10147 11733 12838 33955 15072 36559 18246 19078 20181 21204 21845 22897 2431W 

189 1118 2997 6674 8581 10149 11734 12839 13956 25077 16560 18248 19077 20182 21205 31846 23903 24321 

193 1130 2999 6676 8588 10150 11735 12840 13957 15084 16562 1827V 19081 20183 21208 21848 22904 24022 

1121 3001 6898 8389 10151 11738 12841 13961 15103 16574 18294 19064 20184 21209 31849 22905 24323 

1125 3007 6702 8590 10153 11739 12842 13964 15104 16580 18305 19087 20185 21210 =1850 22910 243=4 

200 1128 3018 6704 8592 10156 11743 12843 13966 1511= 16591 16300 19086 =0187 21212 21854 22969 24330 

=03 1131 3024 6719 8593 10166 11753 12845 13988 15118 1G593 18304 19089 20188 =1213 =1855 2=075 24350 

305 1135 3047 6737 8603 10187 11754 12846 1S969 15132 16399 18305 19092 30192 =1214 =1858 23978 24351 

307 1140 3054 6728 8605 10189 11755 12647 13970 15134 16G0Z 18306 19093 20197 21238 21857 22980 2435? 

223 1142 3056 6730 8608 10190 11756 12852 13971 15135 16603 18307 19094 20253 21240 =1858 22961 24362 

226 1143 3057 6731 8610 10315 11757 12854 13973 15136 16617 18308 19095 =0254 21241 21861 2298= 24363 

226 1148 3070 6732 8611 10220 11759 12855 13974 15137 16650 1831D 19096 20257 2124= 21868 22986 24365 

237 1149 3074 6740 8612 10230 11776 12856 13978 15138 16657 18332 19098 20260 21245 =1875 22987 24368 

238 1155 3075 8743 8615 10234 11777 1=857 13979 15169 16664 18338 19100 20261 =1248 21876 =2988 24367 

246 1157 3115 6835 8714 10236 11779 1=858 13980 15174 36666 18347 19101 20262 21250 21B80 23054 24308 

272 1176 3117 6838 8715 10237 11786 1288= 13983 15181 16667 18349 19103 20318 212B5 21884 23058 24374 

274 1177 3121 6846 8716 10240 11787 12863 13984 15188 16668 18350 19106 20319 21273 2188S 23063 24301 

273 1179 3122 6908 8718 10=41 11798 12665 13985 15187 16669 18352 19107 20320 21274 21886 23075 24398 

S81 1181 3126 6911 8721 10243 11799 12866 13986 15188 16670 18354 1911= 20326 =1275 21887 23077 24398 

283 1183 3184 6913 8795 10244 11804 12867 13987 15190 16876 18361 19113 20328 =1278 =1888 23206 24399 

284 1186 3166 6915 8796 10252 11805 12868 13989 15191 16677 18367 19116 20330 21279 21891 23207 24403 

285 IIBB 3188 6916 8799 10261 11806 12869 13991 15192 16678 18385 19117 20333 21280 21894 23208 24406 

,193 3189 6962 8916 10263 11807 1=871 13992 15196 16680 18397 19119 20334 21281 21898 23209 24407 

202 3190 8991 8917 10265 11808 12872 139M 15197 16694 18398 19120 20348 21282 2JSB9 23210 24400 

290 121= 3192 6993 8918 10268 11809 12874 14002 15=04 10705 18400 191=1 =0348 21283 21900 £3213 24410 

297 1214 8314 6995 8963 10269 11811 12875 14003 15211 18711 18402 191=2 20386 21=84 

3DO 1218 3388 7011 8967 10270 11813 12878 14004 15212 16824 16404 19127 20393 =1285 

303 1232 3389 7017 8909 10272 11817 12880 14005 15213 18828 18406 10128 20395 21=88 21903 23=43 24433 

306 1=33 3391 7019 8995 10277 11818 12883 14007 15215 16828 18409 19129 20402 =1289 21903 £3281 24434 

312 1=37 3394 7030 8999 10=79 11819 1=883 14008 15318 16831 18411 19131 20404 21307 

313 1239 3538 7031 9000 10294 11820 12B85 14011 15219 16834 18412 10134 20414 

315 1247 3540 7032 9001 10295 11822 12887 14012 152=1 16835 18424 19135 20419 

316 1=46 3617 7033 9002 10296 11823 12888 14013 15222 16837 18438 1913G 20452 

322 1249 3620 7037 9024 10297 11824 12890 14015 15223 16838 18445 19137 20453 

323 1=50 3621 7088 6035 10298 11827 12892 14017 15=37 16839 18448 19138 =0455 £1315 21916 23293 24457 

328 1252 3622 7039 9027 10308 11830 12893 14018 15246 16849 18449 19142 20458 £1316 21917 =3294 24467 

331 1=59 3703 7040 9028 10318 11833 1=898 14019 15247 16853 18450 19144 20459 =1317 =1919 23295 24474 

332 1260 3706 7042 9030 10325 11834 1=901 14020 15=08 16860 18451 19146 20461 =1318 21926 23302 24475 

333 1=62 3707 7044 9031 10326 11835 1=902 14023 15=61 16860 1B452 19147 20462 21319 =19=7 23307 24477 

338 1=63 3708 7048 9045 10328 11837 12903 14024 15284 18877 18454 1914B 20464 21321 21928 23320 24479 

348 1267 3788 7143 9046 10330 11840 12905 14026 15265 16878 18457 19155 20465 =13=4 31929 =3352 24481 

305 1=68 3789 7145 9047 10333 11841 12909 14028 15266 1G88Q 18438 19157 20466 31344 =1938 33355 24483 

356 1=70 3790 7146 9048 10334 11843 12911 14029 15287 16881 18459 19159 20467 21347 21944 23361 24484 

364 1288 3791 7148 9049 10837 11847 13915 14030 15268 16882 18471 19160 20468 21348 =1945 23381 24485 

370 1292 3794 7149 9050 10428 11848 12916 14631 15270 16883 18474 19161 20470 21349 21949 23382 24489 

372 1394 3882 7151 9064 10429 11B4B 12019 14034 15273 16885 18517 19163 20483 21350 21950 23304 24491 

375 1=96 3885 7269 9063 10430 11850 13003 14035 15275 16887 18525 19164 20516 31353 31951 =3434 24493 

377 1299 3886 7271 9065 10435 11851 13006 14038 15279 18888 18535 19165 20518 21357 21952 23425 24503 

379 1301 3981 7272 9066 10436 11853 18010 14039 15280 16897 18536 19166 20519 21371 =1954 23438 24512 

380 1305 4075 7273 9067 10519 11854 13011 14040 15281 16906 1B538 19168 =0521 21372 21955 23432 24514 

382 1510 4077 7275 9068 10520 11855 13014 14045 15282 16920 18541 19176 20523 =1373 =1967 23434 24516 

386 1322 4190 7278 9069 10521 11856 13015 14047 15=83 1B928 15543 19177 =0526 £1374 21969 =3437 24524 

390 1334 4191 7277 9070 10523 11858 13016 14049 15285 16930 18544 19178 20527 21375 21976 23438 24526 

391 1325 4194 7378 9071 10525 11882 13017 14050 15266 16933 16546 19180 20529 21378 21977 =3490 24527 

398 1332 4289 7280 9078 10526 11863 13024 14051 15=87 18935 18547 19185 =0530 21380 31978 23492 24330 

400 1334 4294 7305 9079 10527 11864 13025 14053 15288 16940 16548 18187 20531 21382 21979 23493 24531 

413 1372 '4295 7308 9083 10597 11866 13104 14054 15290 18954 18549 19188 20532 21383 =1961 =3494 34532 

415 1374 4305 7310 9084 10599 11658 13105 14056 15296 16955 18578 19169 30533 21384 21983 23497 =4543 

417 1383 4307 7311 9090 10804 11871 18107 14058 15298 16988 18587 19190 20552 21385 21985 23500 24546 

418 1384 4308 7312 9091 10608 11872 13109 14080 15300 16967 18589 19191 20558 =1389 21988 =35=5 24550 

421 1304 4309 7313 9092 10807 11874 13110 14061 15301 16973 16591 19193 20581 =1394 21987 23538 24551 

424 1395 4406 7314 9094 10608 11875 13117 1406= 15303 16973 18596 19207 =0588 21397 31988 23537 24554 

427 1433 4410 7316 9095 10609 11876 13118 14065 15304 16986 18603 19210 20593 =1402 21989 23557 24556 

446 i486 4411 7332 8096 10610 11882 13120 14070 15308 17148 18628 19213 20614 31405 21990 23560 24560 

449 1447 4530 7340 9100 10611 11883 13125 14072 15309 17149 18630 19214 20615 21466 21991 23563 24561 

460 1448 4531 7341 9102 10614 11884 13195 14073.15310 17150 18631 19215 20623 21409 21996 =3569 34574 

461 1450 4532 7354 9104 10665 11886 13201 14074 15312 17154 18635 10216 20636 21411 21907 23570 2457S 

477 1455 4533 7356 9108 10667 11896 13304 14075 15420 17158 18651 19217 20639 21413 22002 23571 34583 

482 1457 4554 7357 9108 10670 11897 13205 14077 15421 17159 18655 19219 =0640 21414 22003 23591 34584 

484 1468 4555 7365 9111 10671 11900 13206 14079 15422 17160 18661 19227 20643 21415 22004 23610 34587 

486 1469 4560 7367 9112 10672 11903 13207 14064 15423 17161 1866= 19228 20646 21429 22017 23625 24588 

489 1470 4683 7368 9114 10674 11908 13208 14085 154=4 17162 18663 19229 20647 £1434 22020 23624 =4589 

490 1486 4664 7369 9116 10675 11909 13212 14086 15429 17165 18664 19=54 20648 =1435 22021 23831 24580 

496 1488 4688 7370 9118 10738 11910 13273 14068 15430 17166 18666 19336 20649 21438 22022 23634 =4595 

501 1489 4690 7371 9119 10730 11014 13275 14176 15434 17167 18667 19237 20650 =1439 220=4 33635 24597 

513 1494 4694 7372 9121 10732 11916 13276 14180 15486 17188 18681 19239 20651 21443 22026 23636 =1599 

515 1504 4698 7376 9122 10733 11918 13278 14183 15493 17168 18691 19240 20652 =1450 22027 £3642 24600 

516 1505 4796 7377 9302 10774 11929 13287 14184 15494 17170 18662 19241-2D660 21457 22028 23655 =4602 

519 1506 4801 7378 9303 10775 12016 13292 14186 15485 17171 18697 19=43 20674 =1463 22029 23659 24611 

528 1507 4802 7379 9305 10783 13019 13355 14189 15496 17172 18698 19254 20679 21467 =034 23682 24620 

542 1508 4BOS 7383 9371 1Q7B4 1=027 13357 14190 15497 17200 18702 19255 20694 21472 23036 23688 =4623 

544 1511 4804 7388 9372 10785 12030 13360 14192 15584 17204 18703 19S57 20702 21473 22039 28684 2462ft 

555 1816 4805 7478 9374 10787 1=113 13361 14278 1E58S 17205 19705 19259 30703 21475 22040 23694 24625 

557 1818 4836 7488 9377 10790 12115 13416 14279 15594 17206 18706 19370 20705 21479 23041 25699 24626. 

580 1821 4837 7484 9378 10819 12116 13418 14280 16593 17209 18708 19271 20706 21490 22043 =3704 24631 

562 1914 4846 7555 9379 10826 12117 13419 14281 15599 172X0 18720 19272 20707 21491 22044 23710 24633 

583 1916 4848 7557 9380 10829 12118 13423 14282 15602 17211 18727 19275 20709 21493 22046 23720 24836 

573 1917 4945 7558 9381 10834 1=123 13427 14283 15504 17212 18728 19282 20738 21506 22050 237=4 34637 

579 1918 4984 7562 9382 10835 1=125 13476 14284 15609 17214 18729 19=84 20750 21507 22051 23741 >1638 

581 1920 4985 7612 9430 10856 12129 13477 14289 19691 17315 16733 19285 2075= 2X510 2=059 23743 =4640 

596 1921 4996 7615 9431 10861 12197 13478 14290 15709 17216 18733 -19288 20755 21519 22060 23745 34647 

603 1933 4997 7614 9432 10862 12198 13479 14=95 1S7B0 17=18 18735 19S88 20756 215=2 22064 =3746 34655 

613 1939 4998 7618 9441 10868 12199 13480 14297 16783 17802 18737 19288 30773 21534 23065 25752 =4657 

614 1941 4999 7619 9480 10669 12200 13531 14370 1S7B4 17307 18739 19290 20787 21525 23067 23755 24658 

619 198S 5000 7620 9481 10873 12201 13535 14372 15785 17321 18749 1929S 20801.31530 22068 23757 =4859 

621 1990 5001 7652 9482 10892 12213 13549 14373 15768 17322 18756 19296 20803 2153= 22070 23759 24600 

622 1994 5103 7653 9483 10893 1 2277 13582 14374 15795 17323 18765 19=97 20805 21W3 =2071 28760 34663 

633 1995 5144 7654 9484 10894 1228= 13983 14375 15796 17334 18706 19298 20806 =1534 22072 =3764 .34670 

634 1997 5145 7655 9486 10695 12283 13584 14379 15797 17416 187B8 19299 20809 21540 23073 23791 24671 

636 =004 5146 7656 9519 10696 1=85-13585 14380 15870 17419 18770 19307 20810 21544 22074 23801 24673 
640 2005 5147 7659 95=0 10897 13342 13591 14382 15871 17421 18791 19313 20811 21545 22075 23802 2467ft 

643 2008 516= 7663 9522 10898 13343 13593 14383 15872 174=4 18792 19315 20812 21546 23078 23803 24675 

644 3026 3164 7683 9523 10899 13344 13594 14454 15873 17425 18793 19318 30813 3154B 22081 25804 =4676 

649 2027 5186 7684 9526 10801 12345 13607 14456 15875 17508 18800 19317 20814 21551 -32083 23805 =4677 

653 2029 5168 7687 9527 10905 12346 13628 14457 15876 17509 18804 19318 208X5 2155= 22089 23810 =4682 

663 2030 5169 7688 9528 10906 12351 13630 14484 15879 17515 18806 19320 20816 =1553 22090 23811 24891 

667 2515 5314 7688 9535 1091612404 18681 14465 15881 17516 18812 19821 20845 21554 32091 23812 246S2 
676 2523 5317 7890 9552 10922 12405 13633 14468 15883 17517 18813 19325 20847 21555 23093 23813 24700 

678 2526 5318 7709 9555 10933 12406 13B54.14467 15954 17519 18821 19326 £0852 21557 22094 23814 2470B 

882 2528 5319 7710 9560 10934 1=407 15675 14468 15955 17598 18828 1B327 20854 21558 22095 23817 =4709 

891 2532 5320 7711 9563 10925 12507 13678 14468 13957 17601 18831 19328 20858 21559 22098 23818 =4710 


899 234= 5347 7727 
707 2543 5549 7730 
709 2544 5445 7732 
71= 2545 5448 7733 

715 2547 5450 7734 

716 2553 5453 7735 


109=7 12510 18680 
10929 12511 13682 
10939 12513 13683 
10941 12514 13687 

10943 1=516 13718 

10944 12518 13719 


14534 15983 17603 

14535 15964 17504 

14541 J5965 17605 

14542 19966 17606 

14543 16051 17608 
14550 16032 17609 


i 10128 20395 
i 19129 20402 
19131 20404 
: 10134 20414 
10155 20419 
l 19130 20452 
i 19137 20453 
I 19138 20455 
• 19142 20458 
I 19144 20450 
1914G 20461 
1 19147 20162 
, 1914B 20464 
10155 20465 
19157 20400 
I 19159 20467 

19160 20468 

19161 20470 
’ 19163 20483 
i 19164 20516 
> 19163 20518 
i 19186 20519 
; 19188 20521 

19176 20523 
i 19177 20526 
- 19178 20527 
I 19180 20529 
19185 =0530 
; 19187 20531 

19188 =053= 

19189 20533 

19190 20552 
I 19191 20558 

19193 20581 
i 19207 =0588 
19210 20593 

19213 20614 

19214 20615 

19215 20823 

19216 20636 

19217 20639 
19219 =0840 

19227 20641 

19228 20646 

19229 20647 
: 19=54 20648 

19236 20649 

19237 20650 

19239 20651 

19240 20652 
: 19341-20660 

19243 20674 
19254 20679 
; 19255 30694 
19257 20702 
19259 20703 
i 19270 20705 
19271 20706 
I 19Z72 20707 
19275 20709 
: 19282 20738 
i 19384 20750 
; 19285 2075= 
-19388 20755 
i 19288 20756 

19289 30773 

19290 20787 

19295 20801. 

19296 20803 

19297 20)05 

19298 20806 

19299 20809 
19307 20810 
18313 20811 
19315 20812 
19318 20813 

19317 20814 

19318 208X5 
18320 20816 
19821 20845 

19325 20847 

19326 30853 
1B327 20854 
19338 20858 
19329 =0882 

19332 20884 

19333 20867 
18334 20888 
19335 20878 

19337 20897 

19338 20901 


21288 21903 23=43 =4433 
=1289 =1905 23=81 2443ft 
21307 =1907 =328= 24436 

1308 =1300 =3=84 2443T 

1309 21911 23290 24440 

1313 =1913 23291 =4444 

1314 21914 23292 24445 
21315 21916 23293 24457 
£1318 21917 =3=94 24487 
=1317 21919 23295 =4474 
=1318 21926 23302 24475 
21319 210=7 23307 24477 
=1321 21928 23320 24470 
=13=4 31929 =3352 244SL 
21344 21938 23355 24483 

21347 21944 23361 2448ft 

21348 =1945 23381 24485 

21349 21949 23382 24489 

21350 21950 23304 24491 
21353 31951 £3424 24493 
21357 21952 2342S 24303 

21371 31954 23428 24512 

21372 21955 23432 24514 
=1373 =1967 23434 24516 

21374 £1969 =3437 24524 

21375 21976 23438 2452S 
31376 21977 23490 24527 
21380 31978 23492 24530 

21382 21979 23493 24531 

21383 =1981 =3494 24932 

21384 =1983 23497 =4543 

21385 21985 23500 24546 
=1389 21988 235=5 24550 
21394 21987 23528 24551 
21397 31986 2S537 24554 
=140= 21989 23557 24558 
31405 21990 23560 24560 

21466 21991 23583 24561 
21409 21996 =3569 24574 
21411 21997 23570 24575 

21413 22002 23571 34583 

21414 22003 23591 24584 

21415 22004 23610 24587 
21429 22017 23623 24588 
£1434 22020 23624 =4589 
=1435 22021 23831 24590 
21436 22022 23634 =4595 
21439 220=4 33635 24597 
21443 22026 23638 24599 
21450 22027 23642 24600 
21457 22028 23655 34602 
21463 22029 23B5B 24611 

21467 22034 £3682 24820 

21472 23036 23688 S4623 

21473 2=039 23684 2482ft 
21475 22040 23604 24625 
21479 23011 25699 24626. 

21490 22043 =3704 2463L 

21491 22044 23710 =4633 
21493 22045 23720 =4638 
21506 22050 237=4 =4687 
2X607 22051 23741 >4638 
21516 2=059 23743 =4640 
=1519 22060 23745 24647 
215=2 22064 =3746 24655 

21524 22065 23752 24657 

21525 23067 23755 24658 
.21530 22088 23757 =4850 
21532 22070 23759 24600 
=1533 22071 23760 24662 
21534 22072 23764 .=4670 
SUMO 23073 23791 24671 

21544 22074 23801 =4672 

21545 22075 23802 24674 
21548 22078 23803 24675 
231548 22081 23804 24676 
21551 -22083 28805 =4677 
2155= 22089 23810 24682 
=1553 22090 23811 24891 

21554 32091 23812 24882 

21555 23093 23813 24700 

21557 22094 238X4 =4708 

21558 22005 23817 =4709 

21559 22098 23818 34710 
21580 22106 23852 34713 
=1570 22107 23858 24716 
=1571 22111 23859 2472ft 

21578 22115 23862 =4727 
21577 22116 23865 =4730 
=1578 22129 23869 =4735 

21579 23133 23871 =4737 



1014 2863 6405.8408 9990 11418 12797 13905 14959 15441 18122 19021 19765 =1124 2177 9 22714 =4233 2500L 
1019 2880 5427 8409 9959 11419 12801 13208 14983 18454 18126 19022 19767 21130 21789 23728 =4239 

1030 =881 6428 8410 10011 114=0 12802 13910 14990 16455 181=7 19023 19846 2113121790 22728 24241 

1034 =862 6429 8413 1001= 11421 1=803 13912 14981 16456 18128 19024 19847 21132 =179= 22729 24265 

3035 2864 6430 845= 10013 11422 1=804 13916 14892 16464 18131 19026 19848 21134 21793 22730 =1288 

1036 =878 6486 8437 10018 114=3 12805 13918 14994 16465 18133 19045 19049 21135 21795 £1731 =4267 

1038 £881 £445 84BO 10019 11478 12808 13923 14995-15466 18138 19047 19852 21136=1797 22738 £4270 
1042 2882 6446 8491 10020 11477 12809 13925 15010 16486 18149 19049 19853 21137 31799 22801 =427= 

IMS 2884 6447 84=3 100« 11489 1=810 13927 15024 16501 18157 19050 39854 21138 21800 22802 =4273 

1054 2913 6448 8500 10066 11538 12811 13928 15028 16504 18181 19051 19858 21140 21807 22804 24278 

a06fl =910 8455 8525 10068 11534 12812 139=9 15030 16500 18182 19D52 19850 21158 21813 22805 24279 

The Debentures specified above are to be redeemed for the said Sinking Fund at the option o£ 
the holder (a) at the WCG-Corporate Bond Agency Services Department, of Citibank, NA, 
Fiscal Agent under the Agreement referred to above, No. Ill Wall Street, in the Borough of 
Manhattan, City of New York, or (b) subject to any applicable laws and regulations, at the 
main offices of Citibank, NA. in Amsterdam, Frankfurt (Main), London (Citibank House), MDan 
ot Paris, at Citibank (Belgium) S A. in Brussels ,->pr at the main office of A mstc rdum - Ro tier dam Bank 
X.V. in Amsterdam or at Kredietbank S A. Luxembourgedise in Luxembourg. Payment at the offices 
referred to in (b) above will be made by a United States dollar check drawn on a bank in New 
York City or by transfer to a United States dollar account maintained by the payee with a bank 
in New York City, on the Redemption Date, at the Redemption Price together with accrued interest 
to the date fixed for redemption. On and after the Redemption Date, interest on the said Deben¬ 
tures will cease to accrue. 

The Debentures specified above should be presented and surrendered at the offices set forth in 
the preceding paragraph on the said date together with all interest coupons maturing subsequent to 
the Redemption Date. Coupons due February 1 , 197 s should he detached and presented for pay¬ 
ment in the usual manner. 

CHEVRON OVERSEAS FINANCE COMPANY 
By: CITIBANK, NA, 
Fiscal Agent, 

December 28,197? 


—g. -j-- B 

AGENT 

kit-v ip — 

SOCIETE CENTRALE DE BANQUE 

















































































































































































































































Financial Times Wednesday January 4 1978 


CONTRACTS AND TENDERS 


TREASURY DEPARTMENT 


ARGENTINE GOVERNMENT OIL HEEDS 

YACIMIENTOS PETROLIFEROS FISCALES 
SOCIEDAD DEL ESTADO 
REPUBLIC OF ARGENTINA 


INTERNATIONAL PUBLIC TENDER NRO 05-1-77 

BUYING OF FOUR NEW TANK VESSELS, UNUSED, 

TO TRANSPORT CRUDE OIL 

Deadweight: 30,000 to 35.000 tonnes approximately. 

Draught moulded designed: 36' plus/minus 2'. 

Breadth moulded maximum: 30 m. 

Length overall maximum: 215 m. 

Tenders will be opened on January IS, 1978, at 14.30 p.m., in our head¬ 
quarters, sited in Avenue Roque Saenz Peia 777 (13th floor), Buenos 
Aires, Argentina, and simultaneously in our commercial and technical 
office in Houston (Texas), Richmond Building, Suite 710, 3616 Richmond 
Avenue, Houston, Texas (U.SA.), at 11.30 a.m. 

Cost of tender conditions: $US 2,000. 

All questions and the selling must be made in the above mentioned offices 
in working dates and hours. 

Offers for this tender will be received up to January 17,1978, at 3.30 p.m. 
Houston time. 


BON 




RAWINGS 


NOITGE OP REDEMPTION 

EUROPEAN COAL AND STEEL COMMUNITY (EX4.CJI 

UJ.S50.000. OOO—7b% 1974/09 , 

The Commission ot the European Communities 'Monos herewith the bearers of bonds that • selection by kit 
tor a principal amount oi UJ.SS0o.ooo has been made lor redemption In the presence M a Notary Public on 12th 
December. 1977 at the Chase Manhattan Bank N.A.. New York. 

— Number ot bonds selected by lot : 


X ' 

102 

2S4 

283 

349 

402 

411 

651 

758 

1045 

1065 

1114 

1123 

1163 

1214 

1216 

1576 

1686 

1707 

1715 

1801 

1807 

1833 

2000 

213S 

2139 

2158 

2219 

2287 

2478 

2660 

2736 

2773 

2810 

2833 

2895 

2921 

2960 

3046 

3086 

3139 

3258 

3315 

3530 

3572 

3712 

3837 

4384 

4496 

4650 

4717 

4747 

4739 

4787 

4617 

4973 

5028 

5180 

S276 

5370 

J6S2 

5719 

5738 

5872 

5913 

8f8f 

6569 

6656 

6717 

6721 

6827 

6887 

8925 

7145 

7163 

7215 

7269 

7308 

7316 

7498 

7529 

7539 

7606 

7708 

7852 

7997 

7945 

7946 

8163 

8177 

8395 

8437 

8519 

8579 

8655 

9170 

9248 

9352 

9362 

9436 

8526 

9646 . 

9873 

9971 

10057 

10120 

10226 

10321 

10342 

1039S 

10494 

10524 

10623 

10805 

10927 

10957 

11020 

11087 

11101 

11202 

T1235 

11403 

11417 

11428 

11539 

11556 

11560 

11627 

11697 

11944 

11960 

12061 

12149 

<2377 

12539 

12565 

12580 

12644 

12643 

12676 

12711 

12952 

13024 

- 13351 

13377 

13930 

14045 

14069 

14094 

1417S 

14244 

14421 

14570 

14790 

14955 

15302 

15449 

15593 

15790 

15944 

16282 

16285 

16S59 

16569 

16584 

16670 

17117 

17228 

f 72S5 

17359 

17397 

17594 

17683 

17808 

17985 

16006 

18147 

18210 

18253 

18263 

1B3G8 

18406 

18493 

18497 

16594 

18799 

19038 

191S2 

19168 

19477 

19537 

19620 

19654 

1991S 

19971 

19972 

20086 

20091 

20134 

20156 

20173 

20261 

20321 

20422 

20429 

20469 

20625 

20673 

20701 

20771 

20860 

20944 

'21045 

21060 

21126 

21160 

21390 

21520 

21530 

21726 

21797 

21861 

21969 

22628 

22691 

22698 

22787 

22999 

23646 

23741 

23871 

24044 

24064 

24159 

24239 

24339 

24438 

24494 

24720 

25090 

25299 

25447 

25SSI 

25732 

25745 

25746 

2S799 

25923 

25949 

2S989 

26030 

26046 

2637S 

26361 

26426 

26510 

26S18 

26726 

26773 

26852 

26863 

26886 

26888 

37158 

27162 

273*2 

27394 

27400 

27408 

27521 

27610 

27868 

28038 

28041 

28094 

28108 

2B4T5 

28426 

28657 

28690 

28951 

Z8973 

29077 

29283 

29400 

29448 

29S54 

29636 

29737 

29899 

29943 

29977 

30084 

30139 

30300 

30310 

30390 

30503 

30744 

30786 

31014 

31103 

31106 

31391" 

31425 

31493 

31531 ' 

31535 

31615 

31825 

11979 

31989 

52032 

32237 

(32326 

32328 

32414 

33017 

330X7 

33056 

33114 

33160 

13188 

33494 

33691 

33338 

33963 

34377 

34393 

34488 

34722 

34744 

34808 

34939 

34976 

35321 

35468 

35543 

35623 

35763 

35812 

35817 

35835 

35846 

35910 

36013 

36141 

36167 

36276 

36307 

36S71 

36608 

36627 

36659 

36809 

36820 

37002 

37003 

37068 

37*74 

37293 

37298 

37322 

37341 

37503 

37532 

3758S 

37609 

37633 

37642 

37845 

37919 

38176 

38207 

38268 

38427 

38468 

38847 

38978 

38984 

38997 

39120 

39241 

39294 

39404 

39509 

39577 

39623 

39639 

39860 

39693 

39761 

39860 

40093 

40108 

40115 

40237 

40339 

40554 

40645 

40637 

41218 

41223 

41339 

41406 

41431 

41564 

41571 

41648 

41671 

41B62 

41907 

42087 

42248 

42335 

42579 

42591 

42601 

42672 

4Z726 

42772 

42839 

42905 

43107 

43108 

43122 

43411 

43470 

43518 

43633 

43689 

43757 

43822 

43839 

43923 

43979 

44018 

44033 

44157 

44159 

44163 

44304 

44344 

44371 

44487 

44514 

44584 

44719 

44738 

44841 

44885 

44962 

4S020 

45080 

45233 

45271 

45447 

45454 

45523 

45607 

45653 

45889 

45703 

45783 

45792 

45882 

46276 

46303 

46340 

46480 

4G80T 

46828 

46899 

46953 

47055 

47166 

47259 

47473 

47611 

47693 

47791 

47792 

47873 

47944 

47955 

48010 

46306 

48368 

48527 

48S29 

46588 

48639 

44777' 

48643 

48870 

48927 

49045 

49134 

493ZB 

49433 






Principal amount unamortlsea alter 1st February. 1970: U.S.S49.OOO.OOO. 

From 1st Febru’ry 197B the bands selected by lot will no longer bear interest. 

The OciiJ presented tar reimbursement should be acconswided by coupons at 1st February, 1979 and 
totlowlns. and will be Payable in accordance with the terms and conditions shown on the bonds. 

4th January. 1970. 


DRAWING 

, At drawin« made in Decemner 19/7. in the presence of a Notary PuMC 
In Stockholm, •ioaat.t Cert-nca-.e* ,« -esoect at Bends ol 

THE GERMAN REICH 4% (FORMERLY 6%) EXTERNAL LOAN 
OF 1930 (thd “Match Loan”) 

totalling US&60J.5Q0 were arawn lor redemption as at the i6tn January, 1978. 

lob d ce.-i>neales drawn can oe boomed at Lazgnl Brothers A Co.. 
Limited 21 Moortieids. London ECZP 2HT 

The certiueate* are Payable on the condition given in the certificates as 
trom the 16th January 1970 at any ot the utMet of Skanrimaviska EnsUlda 
’Banken ana batauankm as well is ai the offices oi the other Paying Agents. 
No Interest will he Mid as Irpm l5Mi January 197B on ccrtIMMti drawn. 
Cartibcates presented lor redemption snai be accompanied by all the 
” 1,16,1 Jr * »« due 'or pavment «S well as by the talon, 
otherwise, an amount eouivalent to the mining coupons will bo withheld. 

_* *■?- holder of a cerwicaia which has been drawn will receive <hi its 

ma^tiM syouchef in respect of the right attaching to the certiftcue to 
receire Funding Bonds when issued. 

held on behalf ol residents In the United 
JgSfijS SJ?" 1 ? 66 between the hours ol 11 ojh. and 2 p.m. (Saturdays 

niSiKS .iQ^pay mein tn raugii aw Autnonsew Depositary in London with Lazam 
•S"£"" • “Witolds, Lon « , « 1 EC2P 2HT from whom listing 

ronns may be ootamad. CarUBcues cannot be accepted through the post. 


COMPANY 

NOTICES 


CLUBS 


'.-fjJ 39 734 6675. A la 

^arte or AlMnMenu. Three Spectacular 
Floor Shows 10.45. 12.45 ana 1.45 and 
music of Johnny Hawkeaworth & Frlenos. 


CARt ?9J(i: c u^ 9 .R?" n Street. London, w.l. 
NEW STRIPTEASE FLOOaSHOW 
THE GREAT BRITISH STRIP 
Show at midnight also 1 a.m. 
Mon.-Fri. Closed Saturdays. 01-437 6455. 


MOTOR CARS 


RANGE ROVERS and Land Woven for hire. 
Unlimited mileage. Hire office by London 
Airport or will deliver. Four * Four Hire 
LW^ 01-894 1211 (Scotland Lockerbie 


COMPANY 

NOTICES 


H- J. HEINS COMPANY LIMITED 

_ NOTICE IS HEREBY GIVEN that the 
Trans I er Bonks ■ ol the 6% Deocnturc 
Stock 1975184. and tho 5^% Debenture 
stock 1976(85. ol this company, will be 
closed, from it to JO January. 1978— 
both dates inclusive 
Hayes Park. 

_ Haves. Middlesex. 

29 December. 1977. 


MANUFACTURE FRANCAISE 
DE5 PNEUMATIQUES 
MICHEUN 

91% Bond 1976-1986 of 
5 US 75,000,000 

The repayments due on March 15. 
1978, for which the sum of 
SUS2,500.000 has been set aside were 
drawn by Ion on December 20, 1977. 
in the presence of a notary. 

Bond Numbcrx Drawn 
Nos. 67125-69624 Inclusive 
7he balance remaining in circulation 
after the repayments of March 15. 
1978. will be 5U57O.OOCI.OO0. 

The bonds which hsva been drawn will 
cease to cany interest after Match 15. 
1978. Bondi presented' for repayment 
must be complete with coupons for 
March 15. 1979. and thereiftar and 
will be paid in accordance with the 
condition shown on the bonds. 

All bonds repayable on March 15. 
1977. have bean presented for repay¬ 
ment. 

Paring Agent. 

Banquc de Paris et des Piys-Bas 
pour le Grinde-Duche de Luxembourg 


PERSONAL 


MR. N. C. RHILPOT and MISS S. C. 
CORNWELL. The engagement not See it 
announced between Norman Phlipot ol 
Shouldham Street. London. W.l. and 
Miss, Susan Cornwell or Crockerton 
Wiltshire. 


ART GALLERIES 

HESKKTH HUBBARD ART SOCIETY. Ann. 
Exhbn. Mall Art Gallerias. The Mall. 
S.W.1. 10-5. Sats. 10-1 until 12 Jan. 

Adm. Free. _ 

FIEUOBOURNt GALLERIES. 53. Queen's 

SEBfrifWIBif wo, » , ■ Ms 3so °- 

SLOANE STREET GALLERIES. 'lS8. Sloane 
St-. W.l. Modern paintings, sculpture 
and graphics by interesting International 
artists. Wide range of prices. Tues.-Fn. 
10.00-5,30. Sats. TO.OQ-UO. 
COLNAGMI-S, 14. Old Bond St- W.l. 499 
7408. THE VIENNA SECESSION Jugend- 
srfll Prlncj am Drawings. <897-1917 
■ Malorlty £40-54001 and CHRISTMAS 
EXHIBITION OI English Watercolours. 
Until 20 Jan. Mun-Frl. 9.30-6.00- 5at. 
10 - 1 . 


r LABOUR NEWS 



Welsh miners vote 
soon on bonus deal 


BY ALAN PIKE, LABOUR CORRESPONDENT 


Triumph workers 
likely to stay 

out on Merseyside 

BY PAULINE CLARK, LABOUR STAFF 


MINERS is South Wales, whose 
leaders have been ■ among the 
firmest opponents of incentive - 
schemes, will meet next week to 
decide whether they want to join 
men. in other areas who are 
negotiating local productivity 
arrangements. 

Men at one of the three Kent 
pits — Tilmanstone — yesterday 
accepted the recommendation of. 
their leaders and voted to accept 
an area productivity scheme. 
Mr. Jack Dunn, Kent miners 1 
leader, said that voting was “a 
little more than 2-1“ in favour. 

Voting in Kent will continue 
until Sunday, but it should 
become clear to-day whether the 
coalfield—one of the Left-wing 
areas originally opposed to pro¬ 
ductivity incentives—is now 
ready to go along with the idea. 

The National Union of Mine 
workers’ South Wales executive 


yesterday decided to call a dele 
gate conference at Bridgend 
nest Wednesday to consider the 
issue. Members of the executive 
did not deeide whether to put 
any recommendation to !he con¬ 
ference. This will be determined 
later at a special executive meet¬ 
ing. 

Opposition 

South Wales and Scotland 
Showed the biggvst percentage 
majorities against productivity 
bonuses in a pithead ballot in 
November. 

But since then other areas 
have, with -the approval of the 
union executive, begun.negotiat¬ 
ing local schemes, and last week 
delegates representing Scottish 
rnineis decided in favour of an 
area incentive scheme. 

Left-wing miners’ leaders re¬ 
main opposed to the principle of 


productivity schemes, which they 
believe will weaken the unity of 
the union and increase the acci¬ 
dent rate in the pits. However, 
there is a growing realisation 
that, following the failure of a 
court move by the Yorkshire, 
Kent and South Wales areas to 
block the Introduction of such' 
schemes, little more can be done! 
to stop them. 

If the final Kent vote confirms 
the decision of the men at Til- 
manstoae, and the South Wales- 
delegates also come out in sup¬ 
port of incentives, the Yorkshire 
area will' become increasingly 
isolated. Another pit In the area 

Steetly—yesterday applied to 
the National Coal Board for per¬ 
mission to operate a scheme. 
This takes the total in the coal¬ 
field to 16. in spite of opposition 
of the area's leaders to the Incen¬ 
tive principle. 


MEDIATION TALKS at British 
Leyland’s Triumph Plant on 
Merseyside broke up last night 
.with little hope of an early end 
an unofficial strike by 1J8QQ 


o rrrr* rhi'niU .j 


flvity plan. 

..The two-month-old stoppage 
hag to about 3.500 lay-offs at 
Speke and at Cantey. Coventry. 
With production of all TR/ and 
Dolomite cars halted, the dispute 
U believed to have cost about 
£50m. in lost revenue at show¬ 
room prices. 

Independent mediators from 
the Advisory, Conciliation and 
Arbitration Service spent yester¬ 
day in session with union repre¬ 
sentatives at the Speke plant, but 
were said to be merely engaged 
In a lengthy “ report back ” meet¬ 
ing. This followed separate 
talks with management over the 
Christmas period. 


Ahead of a further meeting 
between A CAS officials and 
British Leyland management, 
the Speke strikers appear to m 
standing their ground against. 


of a productivity programme. 

Senior shop stewards were 
yesterday seeking clarification of 
reports of a possible closure of 
the plant under a rationalisation 
programme. 

Productivity at Speke Is con¬ 
sidered low compared to other 
plants in the cars division. The 
need to improve output and 
efficiency was among the chief 
targets set by the National Enter¬ 
prise Board for continuing finan¬ 
cial support to British Leyland. 

The company claims that 
negotiations on Improving 
efficiency began about eight 
months ago. 


Union will seek 20% 
Civil Service rises 


ENTERTAINMENT GUIDE 


BY OUR LABOUR CORRESPONDENT 


THE LEADER of one of the 
biggest Civil Service unions 
warned yesterday that it would 
be presenting the Government 
with a pay claim “upwards of 
20 per cent." 

The -executive of the Society 
or Civil and Public Servants 
meets this month to decide the 
exact terms of the claim it will 
be submitting for payment from 
April 1. With the normal pay 
research system of determining 
Civil Service pay not in opera¬ 
tion this year, unions will be 
pressing individual claims. 

Leaders of the society are 
committed to the 20 per cent, 
claim by a decision of their 
annual conference, and Mr. 
Gerry Giilman, general secre¬ 
tary, confirmed yesterday that it 
would be “well above the 
Government’s pay guidelines." 

The society will be concerned, 
in the claim, to compare civil 
servants' pay with that of people 
doing similar work In industry. 
It will argue that since the end 
of Phase Two a number of 
3 ipups—including the workers 
for Ford and VauxhalU agricul¬ 
ture workers and seamen—have, 
either directly or as a result of 




MSfcS 


3K3RSHS 


■wt 






Fstt 



.xcim rrr 




Mmm 


productivity schemes, received 
over 10 per cent, rises. 

“We shall submit a reasoned 
statement of what our members 
are entitled to," said Mr. Gill- 
man. “It means rejecting arbi¬ 
trary norms and cash limits 
which, under the Governments 
policy, could mean a pay offer of 
as little as 5 or 6 per cent" 

The society, which represents 
middle-ranking civil servants, 
showed itself the most militant 
of the Civil Service unions in 
condemnng the Governiment's 
failure to restore pay research S ^ E " E ‘ S C . 1 W,, S# iSff^JSu SSTfZ 
this year. It has, also, been 

critical of the TtJC’S failure to 7.30, Mats. Today. Tomor. A Sat. 
support the firemen's strike. jj*g* 

With the Government certain 
to stand by the pay guidelines 
during the Civil Service negotia¬ 
tions, some form of industrial 
action cannot be ruled ouL 
The negotiations will be taking 
place at a time with Ministers 
already thinking about the shape 
of pay policy for next winter. At 
the week-end the Prime Minis¬ 
ter said he hoped there would 
be only a 5 per cent rise in 
prices in 1979, a figure which re¬ 
quired a corresponding level of 
pay rises. 


MICHAEL ALU RIDGE in 


HAYMARKET. 930 9833. 

Pnaicwa Jan. 24 /Charity! and Jan. 25. 
Opens Jan. 26. 7.0. Subs W». 8.0. 
Mat. Wed. 2.30. Sat. 5.0 and S.1S. 
INGRID BERGMAN 
WENDY MILLtM 

DORIS HARE __ 

DEREK FRANCES 

GODFREY CUKA 

WATERS Of"THE MOON 

by N. C. Hunter. 

NOW BOOKING 









i-l L Alfl 





Strings if we accept 10% 
say assistant masters 

BY MICHAEL DIXON, EDUCATION CORRESPONDENT 


CONDON PALLADIUM. CC. 01-437 7373. 
MATINEE TO-DAY and DAILY at 2*15. 
EVENINGS 41 7.30 
TOMMY STEELE 
SALLY ANN HOWES 
and ANTHONY VALENTINE 
In me Fairy Tata Musical 
HANS ANDERSON 
BOOK NOW: Theatre and Agents. 


Today and sat. 2.3 


A new children's olay by WILLIS 
-Magic from start to BliMwtep 
FT. Cheap prices. Easy Parkin 






FOUR demands on teachers' pay 
were put forward at the. con¬ 
ference of the 40 . 000 -meraber 
Assistant Masters' Association in 
Card'ff yesterday, as conditions 
for union acceptance of a salary 
award of only 10 per cent next 
AprlL The demands were: 

L—A review of - school, staff’s 
pay to show the erosive effects 
of recent incomes policy, 
coupled with a commitment by 
English and Welsh education 
authorities to “ appropriate 
action." 

2. —Acknowledgement by the 
authorities that a 10 per cent 
settlement for 1978-79 would 
have to be reconsidered if rises 
in living costs exceeded fore¬ 
cast levels. 

3. —Definite indications by the 
employers that they are pres 
pared to restore the pay differen¬ 
tials established by the Houghton 
Committee's report in 1974. 

4-—Clear recognition by the 
authorities that a 10 per cent, 
award would at best prevent 


further erosion of teachers' 
salaries in the coming year. 

Mr. Andrew Hutchings, general 
secretary, said that unless the 
conditions were met the associ¬ 
ation would find it impossible to 
accept a settlement within the 
Government's guidelines. 

The association is the third 
largest of the teachers’ unions 
which will shortly be formulating 
.their 1978-79 claim for negotia¬ 
tion wTTfi the employers in the 
Burnham Committee. The unions* 
side of the committee is domin¬ 
ated by the 236.000-strong 
National Union of Teachers. 

Mr. Hutchings estimated that 
in real terms, teachers' salaries 
were now 10 per cent lower at 
the bottom of the range and 40 
per cent, lower at the top than in 
1974-75. 

He claimed that the associa¬ 
tion was seeking a commitment 
similar to that offered by the 
Government to porice and fire¬ 
men—that anomalies would be 
put right over one to two years. 


mmmm 








kT» muL'iii 






»jMhBT T f, H 







Occupying workers want 
to buy glass factory 


Etfa s raa 


BY -OUR BELFAST CORRESPONDENT 


CLASSIFIED ADVERTISEMENT RATES 


Commercial and Industrial Property 4.50 1 

Residential Property 2.00 

Appointments 4.50 1 

Business & Investment Opportunities. 

Corporation Loans, Production Capacity, 

Businesses For Sale/Wanted 5.25 1 

Education. Motors, Contracts & Tenders, 

Personal, Gardening 4.25 ~ i; 

Hotels and Travel 2.75 1 

Book Publishers — 

Premium positions available 
, (Minimum sine 40 column eras.) 

£2 JO per single column, cm. exira 
- For further details write to: 

Classified Advertisement Manager, 
Financial Times, 30. Camion Street, EC4P 4BY. 


per 

single 

column 

line 

cm. 

£ 

£ 

4.50 

14.00 

L’.OO 

8.00 

4.50 

14.00 

5-25 

16.00 

42'5 

13.00 

2.75 

10.00 

— 

7.00 


ANGLO AMERICAN CORPORATION OF. 
SOUTH AFRICA LIMITED 
(Incorporated in the? RenubUc of Soutn 
Ainu l 

DIVIDEND No. B3 ON THE ORDINARY 
SHARES 

Further to tear Dividend Notice Mnr- 
tium In tinf Prara an ttie 25W Nov cm bar. 
1977 the converiOn rate applicable to 
garment in United Kingdom currency la 
resect of the above-mentioned dividend is 
£1 = H1.679017. caUlvalcnt to 7.14703P 
per lhare. 

The effective rate q( South African Non- 
Residefic Shareholders' Tax is 13.4142 
per cent. 

For and on behaH Q' 
ANGLO AMERICAN CORPORATION 
OF SOUTH AFRICA LIMITED 
j. C. Greenamith 

London Offrom 
40. Holbarn Viaduct. 

EC J P 1AJ. 

CHhce of the United Kingdom TraraMr 
Secretsrles: 

Charter Consolidated Limited. 

P.O. Ban 102. 

I Charter Hotne, 

Pack Street 
Ainford. Kent. 

TN24 SEQ 

3rd January. 1 97B__ 

RAND MINES PROPERTIES LIMITED 

I llncorparaled la the Republic ol South 
Afnca> 

A Member of the Borlovr Rand Creep 


THE 150 workers who took over 
a crystal glass factory in Belfast 
last month have offered to buy 
the plant from its owners, the 
Tyrone Investment Corporation. 

Mr. Paddy Devlin, an official 
of the Irish Transport and Gen 
eral Workers Union, has opened 
negotiations with Mr. Paddy 
Duffy, the corporation's chair¬ 
man. 

Mr. Duffy said there might be 
grounds for an agreement The 
corporation wanted to see em¬ 


ployment maintained at the 
Antrim crystal factory. 

The workforce will have to 
negotiate, as well, with the 
Northern Ireland Department oi 
Commerce, which provided the 
Government advance factory for 
Antrim Crystal and gram-aided 
the company's development 

Transport Union workers occu¬ 
pied the factory after an inter- 
union row threatened to close 
it They have since run it as a 
co-operative. 


MERMAID. 248 76S6. Restaurant 24B 
2035. Daily 5-0 ana 
DAVY JONtd. MICKY DOLE M2 
In HAKRY N&ILSON’S 
THE POINT 

suit- tickets £1.25. £3.50. ComtrtnM 
Dfiwiervrhcatre ticket £5.95. 


NEW LONDON, Drury Lana. 405 0072. 
International Spectacular wltfi toe 
. magical ingredients ot Theatre. 
Cabaret ana CirCia. 
SURPRISE. SURPRISE 
Until Jan. 15. Mon.-Frl. 

SaU. 2.0. 5.0 and 8.0. £1-50. £3.50. 
REDUCED PRICE5 FOR CHILDREN. 


NATIONAL THEATRE. 928 2252- 

ULIVIER (open stage i. Torre 7.3d. Tom or. 
2.30 Irttt- pr. matt ana 7.30 THE 

PLOUOfi AND 1HE STARS by Scan 
0'Cucy> 

LYTTELTON (proXMniffi Mage): Today 
2-45 tred. pr. m«J ana 7.45 THE 

GuAfUObMAN. br Ferenc Mol nor. Tomor. 
74lTn Lady from Maxim's. 

COTTESLOE (Small auditorium]: Toni 7.30 
THE HUNCHBACK OF NOTRE UAML By 
Ken HIIL Tomor. 8 Haff-LMei 10.50 p.m. 
Late Night The Graocbo Letter* (ail c eats 
5Op.- Lasts so miiu.i. 

Many excellent cheap seats all 3 theatres 
day ol pert. Cor park. Restaurant 928 
20X3. Credit -cord bookings 928 3052. 


OLD VIC. 928 7616. 

Christmas mate, ror children. 

" Shrieks of delight 
THE GINGERBREAD MAN Is a ML" 
Dally Teloorapn. . 

7 SPlenaid.” The Times. 

- Lovely stuff." Dally Express. 

Daily at 2 p.m. until January 7tn 
10.15 mats, now at 5-00 n.m. For 
Friday 6th ang Saturday 7th. 

- Seats avaiiaole 

PROSPECT AT THE OLD VIC 
In repertoire Jan. 16-Mar. 25 
HAMLET 
ALL FOR LOVE 
SAINT JOAN 

ANTONY AND CLEOPATRA 
Bookings new open 


OPEN SPACE THEATRE. 01-387 6969. 
■ Tuesday-sunaav £ygs at 4.30. 

. CENSORED SCENES FROM 
KING KONG 

" Monstrously enjoyable " Times. 
MUST END SUNDAY 


PALACE. 01*437 6834. 

MoiL-Tnurs. 8.00. Fn. at 6.00 and B.40. 
JESUS CHRIST SUPERSTAR 





It.’ i' , 'yn 

Kg] 



Li_i±J 




[ j n 






P.IU. 




re* «",rrr trrrtm^mrr 


ll-f M'V 












H r 


Tax cuts timing faulted 
by incomes study 



DIVIDEND NO. lO 


Further to the Company’s eonulidated 
profit annou-icemeni and dividend notice 
adw-UMd in the Press on 8tb November. 
1977 the conversion ra» applicable to 
parmcnc. In Uniad Kingdom currency 
In respect ol Dividend No. lO K £1 = 
R1583400. eouivalent to 8>31650D per 
share. 

The effective rate or South African non. 
Resident Shareholders Tax -s 15 per cent. 
OBIce of U»c London SecrattrlMi 
Charter consolidated Limited. 

40. Holborn viaduct. 

Lsnas-i EC IP 1AJ. 


Share Trawter office of the 
London Secretaries: 

P^O n % ax C %T atl '* Limited, 

Charter House. 

P*rfc Street. Ashford, 

Kent. TNZ4 SEQ, 3rd January- 1978. 


BY ALEX GRAHAM 

GOVERN’MENT pleas that 
workers should moderate their 
pay claims because of tars cuts 
will have little effect unless the 
Government rethinks its taxation 
policy, says Incomes Data Ser¬ 
vices. an independent research 
body. 

Its report, based on a study 
of take-home pay aver sis 
months, says that the effect of 
lax cuts is “ largely ignored" 
by empoyers and unions, who 
are chiefly interested in deter¬ 
mining gross rates of pay. 

Since pay policy is.decided a 
year m advance, the report says, 
tax changes should also be made 
Clear in advance and should 
cover the same period. “ We have 
to be able to associate sensibly 
a pattern of income-tax changes 


with the normal sequence of pay 
negotiations over a period.” 

The report calls Tor an end to 
tinkering with taxation policy 
and the introduction of a long¬ 
term tax programme. 

The group also points to what 
it'calls “ colossal incentives n for 
companies to avoid paying tax 
and to provide extensive fringe 
benefits for employees. Com¬ 
panies may as well spend all the 
net profits they can and accord¬ 
ing to IDS, many give their 
employees “what advantages 
they can " without upsetting the 
Inland Revenue. 

“The incentives to have meals 
on the finn, to charge up tele¬ 
phone calls or newspapers to the 
company or to use a company 
car axe quite stupendous," it 
adds. 


SPINE CHILLER 

R«f. price Preview* 3 and 4 Jan. 

S Jan. at 7.00, 

J2pt l Car * Reservation. 
_Pi nner and rop r pnce seat £ 7.30. 

EU ^-P“'court. C B C rev,er 

. PENETRATION^^ 

frenen oorno. 
Good-looking men and narntn 
Derlorm various permutations ol My 
sexual a«. Evcn.no News. You nth 
drink and smoko in the auditorium. 

FORTUNE. 336 2238. Evgi 8. Tliur J 
„„ _ Sats. 5 and 8. 

Mur.el Pavlov, as M1 S S MARPLE In 
CHRISTIE’S 

MURDER AT THE VICARAGE 
_ Tfiird Gref Year 

THEATRE. Ol 438 4601 

Jill'martin.' 

e.I? T S5 T t lNM£NT " '•Wpie. 

* GO %£&£ !, V .SONDHEIM 
."GO 

GLOBE CC. 01-437 1592 ErcninBi a. f s 

&UB* b 3 a°rr 1e 

ln %Jtm n yW 01 

OTE YEAR_ 
GREENWICH THEATRE. B5B T75S 

mJ£not S ° ?■”' tan. 14. 2.3Q PINCUi 
D'KeeSJ' " * new CA " ,ct,y b v RWar.1 
?*£?**• .. ' Mtcllcnl lust olay “ 

Tima. A considerable achievement;- 
?m. untU Sal 'cAST^SvirK^T 

EotT I u E, »W “JBSl i»» 

^ -vans .r-m jna 


['■ r i T TTi. ■ ^rty 


s°So.^ 


PICCADILLY. 437 4606. Credit un bko. 
836-3952 (Es. SaU Mon. to Fri. 8.00. 

Sat. 5.1 S. 8.30. W«d. 3.0. 
ROYAL SHAKESPEARE COMPANY In 
RAUCOUSLY FUNNY 
lath-CMturv comedy 
WILD OATS 

■•Enough fun to Want enure families. 
Rare and welcome thing." Times. "PURE 
GOLD." Sun. Times. WIJu Oats Season 
finishes 28 Jan. Pater Nichols' Award 
Winning Comedy, Privates on Parade 
peris, here from 2 Feb. 

PRINCE OF WALES. CC. 01-930 BGBlT 
Mon. to Fn. 8, Sats. B.jo and 8.43. 
Mats. Thursday at 3.0. 

"THE STAGE IS AGLOW 
Da*iv Telegraph 
RICHARD BECK I NS ALE 

I LOVE MY WIFE 

"HILARIOUS COMEDY MUSICAL." Sun. 
Directed by Gene Saks with "Bountiful 
invention and wit," Fin, Times. 
INSTANT CONFIRMED CREDIT CARD 
BOOK I NGS ON 01.93 0 0B4«7^ 

QUEEN'S THEATRE, 01-734 'll66. 

Evgs. 8.0. sat. 5.0. B.30. MIL w«l 3. 
■Alec Guinness 
THE OLD COUNTRY 
A New Play bv ALAN BENNETT 
Directed by CLIFFORD WILLIAMS 
BEST PLAY OF THE YEAR 
Plays anp Plarc*s London c-IIk i award. 
•■One o< the moa notable Ihean-ical 
events In tills country for a good many 
•rears,' B. Levin Sunday Times. 

RAYMOND REVUCBAR. CC. 01 -734 1 59 S 
At 7 j.By 9 P.m.. 11 g.m. 1 open SenLX 
. PAUL RAYMOND, WtHMI 
THE FESTIVAL OF 
EROTICA 

Fully AIR CONDITIONED. YOU OWT 
drlnJc and smoko l» the auditorium. 


-iil'S-'-lirt t 




so. 

SfB. JWffR ^ 

































































































































































































































































































































































Financial -Times Wednesday January '4 1978 



A YOUNG scientist, 'working 
for a large, established"; com¬ 
pany, has a disagreement with 
his senior managers and decides 
to leave. Taking seven of his 
colleagues with him, he sets up 
his own business. A wealthy 
friend helps with the initial 
capital. He starts calling bn- 
potential customers, mainly 
high-technology companies, and 
tries to. sell them problem- 
solving expertise. Because of 
his technical reputation and 
proven record the business 
starts to grow. After a few 
years the company goes public 
and the stock becomes a high¬ 
flyer. 

, There is nothing very novel 
in that: it is happening all the 
-time in California’s “silicon 
valley ” or on Route 128 out¬ 
side Boston. What makes tills 
particular story interesting is 
that it took., place in Japan. 
Kazuo Inamori, founder, presi¬ 
dent and 'principal stockholder 
in Kyoto Ceramic, is the sort 
of businessman " whom Ameri¬ 
cans and Europeans find easier 
to understand than the typical- 
top executive in one of . the 
grants like Mitsubishi or Sumi¬ 
tomo. 

Now in his early forties, he 
represents a younger generation 
which, though distinctively 


Japanese, is-more flexible, less 
conservative' and perhaps less 
bureaucratic in its attitudes. He 
also represents that important 
.section of Japanese industry— 
entrepreneurial medium-sized 
companies, independent of the 
banks, the Government and the 
large “zaibatsu” groups — 
whose existence is often for¬ 
gotten in the West. 

Innovation in the use of 
ceramic materials is the' basis 
of Kyoto Ceramic's business 
and the electronics industry the 
most important market In the 
early days—the business was 
founded in 195^-lnamori had 
to find customers who were 
willing to take a risk with an 
untried supplier. Discouraged 
by the caution of Japanese 
manufacturers, who were mostly 
licensees of U.S. firms, he went 
to the U.S. itself and eventually 
sold his ideas to Texas Instru¬ 
ments and others. 

Sales of the company’s IC 
(integrated circuit) packages go 
mainly to. the U.S. semi¬ 
conductor makers; Kyoto Cera¬ 
mic is affected by the ups and 
downs - of that . notoriously 
cyclical business. 

But Inamori has widened the 
product range both within the 
electronics industry and out- 


Geoffrey Owen looks at an unusual success story 


Myth-breaker 
from Japan 


side, and included jewellery 
and biomedical products for 
dental implants. Kyoto Ceramic 
is the world leader in its field; 
about 72 per cent of its 5175m. 
sales in the last financial year 
came from outside Japan. 

Contrary to the usual myths 
about Japan, Inamori has not 
received any help or guidance 
from the supposedly ubiquitous 
Ministry of International Trade 
and Industry. Indeed, on one 
of the few. occasions when he 
did need Government help—his 
American ^ competitors had com¬ 
plained about alleged dumping 
—the response from MITI was 
not sympathetic; the civil 
servants evidently preferred to 
deal with a trade association 
representing an entire industry, 
not with an individual entre¬ 
preneur. Inamori had to sort 


out the problem with the aid 
of an American lawyer; the 
anti-dumping complaint was 
withdrawn after investigation. 

Just as he would not dream 
of being “ mothered " by Mm, 
so he has been careful to avoid 
undue dependence on the banks. 
The business has been largely 
self-financing and the balance 
sheet is strong. When the sug¬ 
gestion. was put to him (by 
Daiwa Securities, one of the 
leading securities firm) that he 
should go public, his agreement 
was not prompted by any urgent 
need for new capital: “It is 
better to rely ou shareholders 
than on banks." he says, but 
he had mixed feelings about the 
additional obligations he would 
be incurring. 

There would be pressure to 
maintain a high growth rate. 



Kazuo Inamori 

“Ifs like a horse race in which 
many people buy tickets; they 
want to win and they are not 
interested in whether the horses 
are tired and the weather un¬ 
favourable." 

Nevertheless, Inamori felt 
that the company would gain ! i 
prestige by going public. The 


employees, many of whom were 
already shareholders, would have 
greater pride in the- company. 
Like many Japanese business¬ 
men, Inamori regards the com¬ 
pany as being held in trust for 
the employees, all of whom are 
dedicated to what he calls the 
“Kyocera philosophy”—a con¬ 
stant search for new products 
and higher quality, together 
with an emphasis on personal 
responsibility and discipline. He 
rejects the idea that employee 
shareholdings provide an incen¬ 
tive for people to work harder. 
As Inamori sees it, there is 
much more than a financial con¬ 
tract between the company and 
its employees; it is a more 
“human” relationship based on 
trust and partnership. 

As for himself, he claims not 
to be motivated by any desire 
.to accumulate personal wealth. 
“ We have a saying: money has 
legs and if you try to catch Jr 
it will run away from you.” He 
suggests that in the U.S., where 
the desire for wealth is an im¬ 
portant incentive, entrepreneurs 
tend to .lose interest when they 
have achieved it The conse¬ 
quent rise and fall of science- 
based companies makes for a 
dynamic society, but Japanere 
companies, with their different 
philosophy, are perhaps more 


consistent in their performance 
The contrast of philosophies 
was evident when the company 
set up a manufacturing sub¬ 
sidiary in San Diego. Inamori 
found the operation very frus¬ 
trating—“I was about to give 
up many times." It has only 
recently come right: the plant 
now achieves an efficiency about 
90 per cent, of the Japanese 
level. It was difficult to get 
across the notion that The com¬ 
pany “belonged" to the workers 
and that they, not just the top 
management, were entitled to 
share in any rewards for im¬ 
proved performance. 

Inamori’s habit of difYussing 
matters directly with the em¬ 
ployees, eating meals- with them 
and sharing their problems par¬ 
ticularly disconcerted his 
American managers. But these 
misunderstandings have now 
been cleared up. 

Inamori also says the Japa¬ 
nese have learnt some valuable 
lessons from the U.S. approach 
to management. Whereas in 
Japan a manager gives general 
instructions and his subordinate 
interprets them as he thinks fit, 
the Americans go in for much 
more precise and systematic 
analysis of the task to be per- 
formed; this can yield signifi¬ 
cant gains in efficiency. 


Kyoto Ceramic now hafl 
nearly 1,000 employees in the 
U.S. and all but a handful are 
Americans. Inamori believes 
that the profits made by an 
overseas subsidiary must be re¬ 
invested in the country con¬ 
cerned. The aim is to achieve a 
rate of profitability which per¬ 
mits a three-way split of value 
added—one third for the em¬ 
ployees. one third for the 
Government in taxation and one 
third ploughed back into the 
business. 

The parent company still 
relies heavily on direct exports 
from Japan; since most of 
these are denominated in dol¬ 
lars the appreciation of the yen 
has had serious effects. With 
currency problems added to 
technological change and 
growing competition from non¬ 
ceramic \ materials, there are 
plenty of challenges ahead for 
the '* Kyocera philosophy." 
Inamori intends to slay ahead 
by innovation. “It is through 
this zeal and incessant effort,* 
he told his shareholders in one 
of his annual reports. “ that we 
hope to continue our humble 
contribution not only to the in¬ 
dustries we serve, but also to 
the unlimited applications that 
will undoubtedly develop.” 


NESS IS .a." fishing - village of 
2,000 .souls set- on. the! rust 
coloured peat bog that covers 
the Northernmost tip of the Isle 
of Lewis in the Outer Hebrides. 
At first sight it seems an un¬ 
likely spot for the setting up 
- of a multi-functional co-opera¬ 
tive; its population has been 
steadily declining for years and, 
though beautiful, it is a bleak 
place, cut off from the indus- 
1 trial arteries of the mainland 
by the waters of the Minch. 

Yet it is here that the High¬ 
lands and Islands Development 
’ Board is hoping to sponsor what 
it calls “ a hew kind of co-opera¬ 
tive designed to help people 
reap the benefits of their- own 
local resources on a commu¬ 
nity basis.” 

A co-op in Ness would not be 
the only one of its kind. .The 
Board has earmarked sufficient 
funds to support up to eight 
co-ops scattered throughout the 
Western Isles. And if the ex- 
' pertinent is successful then the 
scheme will be put into opera¬ 
tion on the mainland as well. 

The idea is that the Ness 
co-op would not limit itself to 
any one activity. The Board 
hopes that it could eventually 
include up to half a dozen differ¬ 
ent industries, ranging from 
u . weaving* to'market gardening. 
And the potential for building 


up a! series of tipy, .’local 
businesses is considerable* I. 

Members of the thriving Ness 
Community Association -say one 
thing a co-operative could do is 
cut and bag peat, either for sale 
locally or for - export. Many 
crofters still cut their own peat 
and stack it outside their bouses 
for use as winter fuel. But a 
growing number have started to 
rely on more convenient fuels 
such as coal or oil. 

Yet peat is more economic 
and .a co-op might be able to 
afford a machine to do the~ 
cutting. If enough were pro¬ 
duced it might be possible to 
export the surplus from local 
needs—probably to the West 
coast of America where peat is 
much in - demand ’ in fruit 
farming. . 

Members of the Ness, Com¬ 
munity Association also believe 
it would be possible for a local 
co-op to start growing vege¬ 
tables such as carrots, tiirnips 
and onions, and to market them 
on the island. At present most 
fresh vegetables are imported 
from the mainland, whidi makes 
them expensive. . 

Some people in the associa¬ 
tion think that crop production 
could he increased as well and 
again sold locally. - 

The main reason why people 
are leaving Lewis is- because 
there are' not -enough jobs. A 
co-op could provide work for 


Sue Cameron on a new-style co-dp 

A Hebridean 
experiment 


local men and women and it 
could also encourage expatriates 
to return. If the villagers of 
Ness do decide to start a co-op 
and if they agree that farming 
and vegetable growing should 
be among its activities then 
their community will benefit in 
three ways: better employment 
prospects,' lower prices in Lewis 
shops and—ultimately—a finan¬ 
cial return on the effort and 
money invested by individual 
members of the co-operative. 

The Highlands and Islands 
Development Board points out 
that small, rural communities 
are just not attractive to -out¬ 
side developers. - The building 
up of industry in places like 
Ness mu& therefore depend on 
local initiative. 

In its guide for communities 
thinking of starting a co-op. the 
Board says: “It has been said 
that no co-operative has failed 
for the sole reason that it is a.co¬ 
operative but many have foiled 
because of poor management 


It is therefore very important to 
have a good manager." 

In recognition .of this need, 
the Board is planning to pay 
the salary of an experienced 
manager for any ne.wly started 
co-op that looks as if it has a 
good chance of flourishing. This 
special grant will be available 
for a period of up to three ye.ars. 
After that it is expected that the 
co-op will be able to stand on its 
own feet and pay a manager's 
salary itself. 

One of the main jobs of a 
co-op manager will probably be 
to organise the pricing and 
marketing of the goods pro¬ 
duced. In the past, one of the 
main problems for multi¬ 
functional co-ops has been that 
no individual member could 
afford the time needed to visit 
trade fairs and make approaches 
to customers. 

The Board’s intention is that 
a co-op manager would also help 
with the planning, setting np 
and development of new activi¬ 


ties as the co-operative expands. 
In doing this, he would, of 
course, work closely with the 
co-op's elected management 
committee. 

The Board's idea is that a 
community interested in start¬ 
ing a co-op should set up a 
management steering com¬ 
mittee. Once it was proved that 
a sufficient number of people 
in the area were interested in 
a co-op scheme, each potential 
member would he invited to 
invest a certain amount of 
money—say £50 although it 
might well be agreed that this 
sum could be paid in annual 
instalments of £10. A permanent 
management committee would 
then be set up after elections by 
ail co-op members. This is the 
body to which a professional 
manager would be responsible. 
But the Board is adamant that 
the professional must be given 
enough headway to do his job 
properly. 

“It is up to. the committee 
and the manager to work out 
who is to have the authority in 
such matters as the hiring of 
labour and the expenditure of 
funds available to the business,” 
the board's guide says. 

“Not only is there no point 
in the management committee 
appointing an experienced man 
and then running the business 
itself but it is also necessary 
to give the manager real powers 


if be is to do his job properly. 
If, in the final analysis, the 
manager proves to be unsuitable 
for the work required of him, 
the management committee has 
the right to recommend his dis¬ 
missal to the membership of 
the co-operative.” 

The payment of managers' 
salaries is not the only way in 
which the'Highlands and Islands 
Development Board is planning 
to help* budding island co-ops. 
Special grants and loans will be 
available for almost every new 
enterprise a co-op starts up. 
And at the outset, the board 
will match the money raised by 
the membership of a new co¬ 
operative on a £ for £ basis. 

A proviso to this seemingly 
handsome offer is that co-op 
members must put up enough 
cash to turn themselves into a 
viable concern. Apart from a 
natural desire not to waste 
money on lame ducks, the board 
also wants to be sure that there 
is sufficient interest within a 
community to get a co-op 
off the ground. It is therefore 
acting on a' put-your-money- 
where-your-mouth-is principle 

As far as Ness is concerned 
there can be little doubt about 
the ability of local people to 
work together effectively for a 
common aim. This year the 
community association raised 
enough money to buy a combine 
harvester—-with some financial 


assistance from the board. The 
cash was raised from sales of 
work, association subscriptions 
and the sales off a locally com¬ 
piled Gaelic telephone directory. 

Tills phone book, which has 
been sold to Lewis expatriates 
all over the world, lists the 
English names plus the Gaelic 
names and nicknames of every¬ 
one in the Ness area. Gaelic is 
the first language of the people 
of Lewis and nicknames are im¬ 
portant in a place where half 
the population is surnamed Mac¬ 
donald, Mackenzie or Macleod. 

The combine harvester that 
was bought partly with the pro¬ 
ceeds of the directory is now 
being hived out to individual 
crofters. None of them could 
have afforded such a machine 
on his own—nor indeed would 
he have had enough use for it 
But on a community basis the 
the combine harvester makes 
economic sense. 

It was the Ness Community 
Association that was also instru -1 
mental in putting forward ideas i 
for local job creation schemes, j 
These 'were accepted by the] 
Manpower Services Commission: 
and proved highly successful, t 

The hope now is that the asso¬ 
ciation. will provide the struc¬ 
tural basis on which a Ness Co¬ 
operative can be built A first 
meeting of potential members 
has already been held and fur¬ 
ther dincussiotts are planned. 


BUSINESS PROBLEM 


BY OUR LEGAL STAFF 


Receiver and 
real property 

When a receiver is appointed, 
has he the duly to sales by 
himself beyond reasonable 
donbt if any real property 
assets he proposes to sell are 
in fact the properly of the 
company and not of a third 
party? 

If the receiver purports to sell 
real property which did not in 
fact belong to the company at 
all, no title will have passed and 
the true owner will, not be 
injured (save that he may have 
to bring an action for trespass 
against the “purchaser"). This 
ought not to happen, however, 
as the purchaser's solicitors 
should make a proper investiga¬ 
tion of the title offered before 
comnleting the purchase. A 
receiver would, however, be 
liable to a third party in con¬ 
version if properly in which the 
title passes on delivery were 
wrongly transferred to a pur- 
chaser. 

. * 

No legal responsibility can be 
accepted by the Financial Timer 
for the answers given in these 
columns. All inquiries will be 
answered by post as soon as 
possible. 


letlniMl News r==-—- 

EDITED BVARTHUR BENNETTANDIHD SCH0ETERS "M r ,1 f 

— Mending the roofs 

• PROCESSING 

Protective coats for in winter 

PROBLEMS of undertaking roof two coats to give a dry fi 
Iamm-a r. waterproofing and repair work ness of 0.75 mm. When i 

large components j s-rcart-!: ? 


• HEATING 


• OFFICE EQUIPMENT 


PLASTIC COATINGS, part oE ing dish draining racks in 1952 
tbe Imperial Group, has intro- and moved four years later into 
duced at its Winsford, Cheshire, industrial coatings. It now 
plant what is claimed to be the makes its own coating materials 
biggest industrial coating line of and plant, and markets these 
its type in the world capable of worldwide through Plastic Coat- 
applying corrosion protection on ing Systems, 
items 7 metres long by 2.5 metres Tbe n£W line at Winsford is 
diameter and weighing up to semi-automatic and can be con- 
4 Tonnes. ' trolled from a central console, 

The £250,000 new plant, and in-line by independent con- 
engineered and installed oyer a soles, at each stage of the pro- 
two-year period, by a sister -com- cess. Items to be coated are 
pany, Plastic Coating Systems, carried on a track through each 
will primarily be used to applx section, and the process cycle 
a Vylastic pvc coating, based off begins with shotblast cleaning to 
BP Chemicals’ Breon pvc resin, remove rust and scale. After 
In addition the plant has the application of Vyprime, the com- 
capacity to apply a wide range .pany’s own adherive primer, the 
of other corrosion resistant coat- work passes into a pre-heat oven 
mgs, including epoxy powder, where it is heated to around 
Fluoroplas pvdf, Plasinter poly- 250deg.C. 

ethylene, Vyflex pvc and Deconyl The substrate is then immersed 
nylon. , in a tank of Vylastic, and after 

‘Plastics Coatings claims its dipping, the coating Is cured in 
facilities at five different centres a second oven at a temperature 
throughout the U.K. give it the of about 190deg.C. Coated items 
capacity to handle industrial are spark tested at 10 KV to 
coatings requirements across a check for pinholes before being 
broad front from heavy section guaranteed non-porous. Flanges 
pipework, large scale vessels and are subsequently faced and boit- 
lanks for the process, chemical holes drilled as required, 
and offshore oil industry, down Apart from Winsford in the 
to metal cup hooks for domestic North West the company has- 
use. Vylastic RSfiO. the plastisot other divisional coating facilities 
coating which will be applied at Kingswinford (West Mm- 
tnainly at Winsford, is applied lands! Earl Shilton (East Mi*- 
where extreme toughness, plus lands), and Risca,_ (South Wales), 
resistance to salt water, chemical and a dip mouldings division at 
solutions and effluent are re- Farnham, Surrey, where its 
quired and is already used on laboratory and technical services 
Nntfh Sea production platforms are also located, 
bv oil companies including BP. Plascoat International, Wood- 
Thc company, which has its bridge Industrial Estate, Guiio- 
headquarlers in Guildford, ford, Surrey, GUI 1BW. 

Surrey, started in business coat- RHYS DAY1D 

• HANDLING 

One man for big loads 


PROBLEMS of undertaking roof two coats to 
waterproofing and repair work ness of 0.75i 
In winter conditions when rain 
or frost are imminent can he ’ aTe J 
overcome by using All weather In g ^ 
Compound (Brush) or All- adequately 
weather Compound (Trowel) de- covered, 
veloped by Shell Composites, Allweathe: 
Slough, SL1 4DL. Provided the contains 1i 
surface to be treated is dean filler and : 
and dry at tbe time of applica- make the i 
tion, these solvent-based bitu- stopping, be 
mlnous materials will not be ing or potr 
harmed by subsequent rain or overall wat 
frost When cured they will not latter case 
flow or sag under normal service .thickness c 
conditions and are resistant to coverage of 
most dilute acids, alkalis, salt metre and c 
solutions and alcohol. depending o 

. The brush-applied compound— when used 
a non-toxic general-purpose fissures, the 
material containing a. small into the era 
amount of mineral fibre rein- 25 mm on e 
forcement—dries to a flexible ness of at le 
black coating within an average cracks or hi 
of 24 hours. It may be used on brane is ec 
roofs of mastic asphalt, roofing application, 
felt corrugated iron or asbestos anolication 
cement sheeting; it can also be comnlPtelv 
used to fix roofing felt or protect Shell Co 
metal. Saltnev. r 

The compound Is applied in Chester 674 

• POWER 

Long life batteries 


two coats to give a dry film thick¬ 
ness of 0.75mm. When used with 
a woven glass reinforcing mem¬ 
brane, however, three or four 
coats are recommended, ensur¬ 
ing that the. reinforcement is 
adequately wetted out ■ and 
covered. 

All weather Compound (Trowel) 
contains liberal quantities of 
filler and mineral fibre which 
make the material suitable for 
stopping, bedding, bonding, seal¬ 
ing or pointing, as well as for 
overall waterproofing. In the 
latter case it is trowelled to a 
.thickness of 3 mm. giving a 
coverage of 3 litres per square 
metre and drying in 24-48 hours, 
depending on weather conditions, 
when used for repairing surface 
fissures, the compound is forced 
into the crack and extended for 
25 mm on either side to a thick¬ 
ness of at least 3 mm. For large 
cracks or holes. °lass fibre mem¬ 
brane is embedded in the first 
apDlication, followed by a second 
anolication when the first is 
coronletelv dry. 

Shell Composites. RivereWe, 
Saltnev, dv»*+er CH4 8RS. 
Chester 674 774. 


Raising the Show will aid buyers 

BRITAIN’S FIRST National Tbe latest xer 
blCfllll Office Reprographic Exhibition electrostatic duplic 

being organised by the Business ume work can b 
• II Equipment Trade Association is sorters enabling bi 

fd 11 1 ft |7" I ¥T to be held at the Wembley Con- fifty pages to be 

* ference Centre from February page ordered at spi 




A SYSTEM oF truck loading 
which enables one man to load 
difficult payloads on to a vehicle 
in five minutes instead of up to 
half a day using conventional 
vehicles and" loading techniques, 
has been pioneered by Brimec 
(U.K.). 

Brimee equipment can be fitted 
to a truck of trailer platform. By 
hydraulic operation the platform 
is moved to form an inclined 
ramp along which pavers or 
heavy machinery cos he winched 
or driven. Once ou board, the 
loaded body is repositioned on 
the chassis by its own hydraulic 
power unit so that the vehicle is 
ready to drive away. Once under 
way. the Brimec vehicle is In¬ 
distinguishable, frqtu any. other 
carrier of heavy equipment. 


Among the haulage companies 
using Brimec is Beasley Bros, of 
Horley, Surrey. They specialise 
in moving contractors' heavy 
plant. Their Brimec Trailer, 
which has a capacity of 20 tonnes, 
is normally coupled to a Scania 
100 tractor unit. 

The company operates several 
regular low loader trailers, hut 
says it finds the Brimec the most 
popular unit for moving loads up 
to the weight limit 
Brimec (UK.) can supply .the 
system fitted to a variety of rigid 
commercial vehicle chassis or 
can build suitable * trailers to 
order. * - • 

Further from Chapel Lane, 
Clay Hill, Bristol BS5 7PL. 0272 
65120V 


SEAWATER batteries division of 
Ultra Electronics (Components) 
is to supply seawater activated 
batteries to power underwater 
submarine detection' equipment 
such as Sonobuoys. 

This £ljm. repeat order is for 
a highly critical component of 
these sophisticated systems. For 
example, a shelf life of several 
y.ears is required, yet the bat¬ 
teries have to deliver full rated 
power without fail within 
seconds of being immersed in 
seawater. 


COMPONENTS 


Sucess in this area rests on 
the stringent manufacturing pro¬ 
cedures in force at the Loud- 
water, Backs, plant. Meeting 
military specifications is dot a 
simple matter and it is doubly 
difficult in the case of special 
components such as batteries 
where the unpredictable length 
and conditions of storage and 
service pose very special design, 
manufacturing and test prob¬ 
lems: 

Ultra. Fassetts Road, Loud- 
water. Bucks. 0494 26233. 


High level of brightness 


AN EXPANDED line of tigbt- 
emitting-dlode lamps, including 
a high-brightness T-l version and 
a low cost rectangular product 
has been released by Hewlett- 
Packard.' • 

In the T-l package, the com¬ 
pany’s new red, yellow and green 
lamps offer a higher level of 
brightness than previously avail¬ 
able- in a standard product This 
is the result of continually im¬ 
proving methods of manufactur¬ 
ing gallium phosphide material 


and a new, more selective, 
screening process. 

The series will, be used In 
portable Instrumentation and 
other Industrial applications 
where good visibility and low 
power consumption are required. 

In addition, HP is introducing 
lower brightness T-l lamps for 
less demanding consumer appli¬ 
cations such as indicator lights 
in radios, tape recorders, TV sets 
and ovens. 

HP is at King Street Lane. 
Wmnersh, Wokingham, Berks. 
RGll 5AR. Wokingham 7S4774. 


WITHIN 7 to 15 minutes a full 
head of steam can be raised in 
two new oil-fired boiler units at 
the top of the range from Twin 
Industries Agencies. The steam 
outputs provided by Models 50E 
and 60E are respectively 1750 
and 2000. Lb/hour. 

Operation is fully automatic 
and special attention has been 
paid to extracting as much, heat 
as possible from the designs, 
which complement the existing 
series with outputs from 140 to 
1050 lb/hour. 

In operation, the burner will 
send a slowly spiralling flame 
down the length of the furnace 
for maximum beat absorption. 
At the bottom of the furnace, 
the combustion gases turn up¬ 
wards and make a second com¬ 
plete pass around the outside 
of the holler shelL Residual heat 
is transmitted by convection and 
conduction into the pressure 
vessel, giving high efficiency. 

The company is proposing to 
add similar larger steam raising 
units to its gas-fired boiler series. 

Twin Industries Agencies, 
Stoneyard Works, Park Street. 
Camberley. Surrey. Camberley 
26152. 

• ELECTRONICS 

Improved 

encapsulant 

DOW Corning has developed a 
semiconductor moulding com¬ 
pound which is claimed to have, 
the best properties of both 
sjlicohe and epoxy resins. 

Suitable for high volume pro¬ 
duction, the material, designated 
631, has flow and mould release 
properties comparable to 
silicone compounds and with a 
moulding cycle time of one to two 
minutes high production speeds 
are obtainable. Finishing opera¬ 
tions are simplified due to good 
flexural strength. 

Excellent sealing of leads is 
exhibited says the company and 
in salt spray resistance tests the 
compound proved to be superior 
to both conventional epoxy and 
silicone compounds. Time Jto 
failure in temperature and 
humidity tests was 4,400. hours, 
and both dissipation and 
dielectric constant remained 
stable at high frequencies and 
under wet conditions. 

The material is flame retardant 
and meets or exceeds Under¬ 
writers’ Laboratories specification 
94V-0 In l-IBth inch thickness. 

SFore frontv'154 Chausee de la 
Hulpe, B-1170 Brussels. 


BRITAIN’S FIRST National 
Office Reprographic Exhibition 
being organised by the Business 
Equipment Trade Association is 
to be held at the Wembley Con¬ 
ference Centre from February 
14-16. 

Beta is planning to show the 
whole gamut of reprographic 
systems for the normal front 
line office, from the many forms 
of small photocopier—thermal, 
infra-red and dual spectrum 
from as little as £70 or £80 up¬ 
ward—to 1,200 copies' an hour 
electrostatic machines able to' 
switch paper sizes at the press 
of a~ button. 

The idea is to help the -non¬ 
technical office administrator to 
make his choice. At one stage 
be is looking for the most suit¬ 
able machine for making one-off 
copies for the organisation's 
executives, and at tbe next for 
a true duplicator able to make 
10,000 copies an hour of a docu¬ 
ment that has got to please to 
serve its purpose. 

This is where an office repro¬ 
graphic exhibition is of value, 
for the making of thousands of 
copies of anything can be an ex¬ 
pensive business and made by 
tbe wrong process twice and 
three times as expensive as 
need be. 

For- those seeking a duplicator, 
the ■ potentialities of the stencil 
variety have been greatly ex¬ 
tended by the introduction of 
electronic scanners able to 
create masters from combina¬ 
tions of printed materials from 
several sources—augmented with 
line drawings, photographs, type¬ 
script and handwriting — in 
around ten minutes for an A4 
document 

For those who need fast sten¬ 
cil cutting there are thermal 
putters'capable of tnrning out a 
reasonable facsimile stencil in a 
matter of seconds. 


Tbe latest -xerographic and 
electrostatic duplicators for vol¬ 
ume work can be fitted with 
sorters enabling books of up to 
fifty pages to 'be printed and 
page ordered at speeds of a page 
a second. One plain paper mach¬ 
ine produces its first copy in 4.5 
secopds with further ones at 
every 0.8 seconds and may pro¬ 
duce one copy of up to 35 dif¬ 
ferent originals > in a minute. 
Many of the big machines also 
provide reduction facilities at 
the touch of a button, and an 
1S.5 per cent reduction facility 
thus enables computer print-out 
to be copied in A4 form. Some 
have only one reduction poten¬ 
tial in addition to normal copy¬ 
ing, but a few have more than 
one. 

For the very large volume pro¬ 
ducer the costs of photcopier 
duplicating can sometimes be 
brought down to around a penny 
a sheet, hut still rarely equals 
the economies possible with ink- 
stencil and hectographic systems. 

Speed and economy -are often 
provided by using a combina¬ 
tion of electrostatic platemaker 
and offset printer coupled to¬ 
gether, and such systems can 
make possible rune of 10,000 an 
hour as well as offering up to 
three reduction selections. 

Many who use the old spirit 
duplicating principles, a sheet 
of hectographic carbon paper, a 
good half art paper and a spirit 
damping system, may have given 
these up in favour of the more 
sophisticated offset colour mach¬ 
inery available, hut tbe days of 
the hectographic principle are 
not over. Tbe latest line-selection 
machines can be instructed to 
pick lines and paragraphs from 
a master and print them out 1 n 
any special order making them 
ideal for invoice and manifest 
production, job cards and fac¬ 
tory purposes. 


• METALWORKING 

Cuts production costs 


DISPLACEMENT of metal 
rather than cutting it Is. the 
technique used in a machine 
developed by ForinFlo for the 
production of annular blanks 
from tube. The method saves 
material, and therefore reduces 
production costs. 

It is the result of research 
into methods of producing 
blanks for cokl roll forming Into 
bearing races. The conventional 
parting-off blade is raplaced by 
rotating discs. 

Outer diameter and bore uf 
the blanks are machined using 
conventional carbide tools to 
remove- the de-carburised layer 
and'improve concentricity, A 
chamfering facility is provided. 

Using standard collets, the 
machine can cope with tube 
ranging from 25 to 89 mm od— 
which matches the capacity of 


the inner race Tolling machine. 
Floor-to-fleor. time on ' the 
machine starts at about seven 
seconds on the smallest rings, 
and is comparable with the 
times for the cold rolling pro-' 
cess. 

Fully automatic bar feed is 
fitted to the blank preparation 
machine, which can be supplied 
with a bar magazine. 

Details from FormFlo, Lans- 
down Industrial Estate. Glouces¬ 
ter Road. Cheltenham GL5 1 SPW 
<0242 553S6), * Metal Box 
Engineering company. 

• By agreement between Bie 
Financial Times and the BBC. 
information from The Technical 
Page is available for use by the 
Corporation's External Services 
as source material for its over¬ 
seas broadcasts. 


IMI means more 
than metal 

Imperial Metal Industries I.imito 
Building prodm is ■ Hedl evL-hanpe 
fluid power - engineering 

/ip [Mracn 

Refined jnd wouchi metal* 


• PHOTOGRAPHY 

Camera does 
most of the 
thinking 

AVAILABLE NEXT month is a 
camera which offers experienced 
photographers a number of 
advantages including ability to 
select one of the .three primary 
factors which go into making a 
still picture; leaving the two 
others for automatic adjustment. 

Tbe Minolta XD-7 is a single 
lens reflex camera with enough 
logic built in to cope with the 
above specification. 

It has an extra-bright view¬ 
finder screen and a flash unit 
controllable to two frames per 
second. 

The unit can be switched to 
aperture priority mode in which 
the camera automatically com¬ 
putes from the film speed setting 
and lens position the right aper¬ 
ture. At the same time, the 
correct shutter speed is shown 
to the user In glowing LED 
digits, when the operating button 
is slightly depressed. The user 
is warned if conditions—that is 
in this instance shutter speed— 
are outside the available ranges. 

If the shutter speed is given 
priority, the same modus 
operandi applies, with aperture 
being displayed and the same 
procedure adopted if this is 
beyond the camera's capabilities. 

Manual mode Is also available 
to the extent that It can be half 
manual or full manual, with 
extensive aid from the camera 
logic in the first instance. 

More . information from 
Japanese Cameras, Hempstalls 
Lane, Newcastle, Staffs., STS 
OSW. 0782 615131. 


electrical 

wire&cable? 


Thousands al types and sues ?n stock 
tar mmeettne delivery 
■ No mbiuTJum order “ Nornmnumlongth 
London 01-561 8118 
Aberdeen (0224) 323551/2 

hM — H d»qr—lttt«iSiw-CHW-tl73Wbt«W 
















■ Financial Tinwa Wednesday January-*®* 


lombard 


A prime target 
for reform 


Dreaming of a white Michaelmas 


BY COLIN JONES 

AN APPROPRIATE New Year 
•task for politicians is to give a 
hard cool look at the overlap 
between the tax and social 
security systems. Mr. Healey 
may now be cutting taxes but 
there is still a. very long way to 
go. The income tax threshold 
is still appreciably below the 
minimum level of income sup¬ 
port both for supplementary 
benefit and for Family income 
supplement—which means, in 
the latter instance, that many 
receiving FIS are also paying 
tax. It is even below what all 
but a liny handful of manual ■ 
workers in full-time jobs now 
earn. Furthermore, the change 
from child tax allowances to 
child benefits is making the 
situation worse for families with 
children, and it is likely, to go 
on deteriorating as long as per¬ 
sona] income tax allowances are 
adjusted only for price changes 
while social security benefits are 
uprated in line with movements 
in earnings. 

Nor is this all. The growing 
coverage and complexity of the 
lax and social security systems 
has been the main cause of the 
expansion of the civil service. 
The total number may have 
levelled out in the past 13 
months. But the four depart¬ 
ments raising taxes and paying 
benefits—-Inland Revenue, Cus¬ 
toms and Excise, Health and 
Social Security, and Employment 
—are still growing as fast as 
ever. As the table shows, these 
four now have 72 per cent, more 
staff than in 1963, whereas the 
number in the rest of Whitehall 
has on balance declined. 

This increase does not exactly 
portray the growing administra¬ 
tive burden of the tax and social 
security transfer payment cycle, 
it is true. The four departments 
have other responsibilities, such 
as industrial training and the 
health service; and the current 
workload -has been increased by 
the rise in unemployment. As 
against that, many of the benefits 
now available—and -there are 
over 40 means-tested benefits 
alone—are handled by other 
centra! or local agencies. 


the main cause of ®he expansion 
at Customs and Excise. 

Greater coverage and complex¬ 
ity have had a similar impact 
upon social security. When sup¬ 
plementary benefit replaced 
national assistance, in 1966, It 
was hoped to reduce the need for 
discretionary payments, which 
are so labour intensive to adr 
minister, and for a time the 
attempt succeeded. But dis¬ 
cretion has become os wide¬ 
spread as before. As the! 
Supplementary Benefits Commis¬ 
sion said <in its last annual 
report, the scheme has survived 
only bv constant additions in 
staff: the 12,000 officials taken 
over from the NAB’s -local offices i 
have grown to almost 32,000 and, 
in all. administration -now adds 1 
11 per cent. <to the cost of the 
benefits paid out. 

The Commission ds hoping that 
a review now under way will 
reveal fcays of reducing the 
need for discretionary payments 
and so. in ■the short run, enable 
it to get by with about the same 
staff as now. For the -longer run, 
it is placing its faitb in im¬ 
proved contributory benefits— 
such as the new pensions scheme 
—to lift many off supplementary 

CIVIL SERVANTS 
Jan. Oct. 

• 196S 1977 Inc. 

Department* ’000 ’000 % 

Inland Rev. 57 86 + 51 

Cust & Ex. 16 29 +82 

Health & S.S. 59 96 + 63 

Employment 2J 52 +115 


| CHRISTMAS may seem an odd 
moment at which to plant 
gladioli, but Christmas, this year, 
was extraordinarily warm. Of 
course, it was too late to put 
them in, btit I was not passing 
the time in an experiment with 
those tall florists’ gladioli which 
come into flower in ‘autumn. 

Those big gladioli would have 
to be staked. They we certainly 
best when cut and taken indoors. 
If you find their long spikes of 
flower too heavy tor your Sower 
vases, as many do, you will no 
doubt be tempted by the smaller 
butterfly varieties in the spring 
bulb catalogues which have 
begun to circulate. 

1 am not alone in finding these 
difficult to please for more than 
one year. This is hot because I 
plant them in midL-Deeember: 
this Christmas, I have been busy 
with an even smaller sort, the 
varieties of Mediterranean 
gladioli and those which are 
sometimes listed under the name 


Gladiolus Nanus. These, I can 
assure you, are far too little 
known. They are not expensive. 

As often, a visit to another 
garden has stirred me into action. 
White gardens are everywhere 
nowadays, and as I ran through 
the plants in a pretty public one 
last summer, it seemed too easy 
to predict them. 

Pink Mrs. Simians, Iceberg 
roses, grey-leaved artemisia and 
the lamb’s ear which does not 
flower, white depbjnibm Galahad, 
white campanulas, all of them 
excellent, especially a long 
flowering one sold as Alliarifulia 
Ivory Bells and the white variety 
of the good tall Lactfflora: all 
these, and the glorious white 
Musk Rose Pax, are the back¬ 
bone for fashionable gardeners 
who want ‘ white borders to 
suggest a cool light .round their 
weeping silver pear trees. 

But who bothers with a small 
white gladiolus called The Bride? 
Yet in early July, I saw it used 


as a carpet hundreds of white 
spikes above thin and elegant 
leaves about two feet high. It 
made me wonder how it had 
bees brought about 
A nurseryman in Chelsea. Mr. 
Colville, first Came up with it, 
by crossing a basic red gladiolus 
with a South African yellow, best 
seen in tbe wild in Natal. The 
results were not quite hardy iu 


bulb-merchants such as Parkers, 
of Chester' Road. Manchester. 
Yon have a-choice, when you 
plant them. 

Either you can put them two 
inrites deep in a pot, six corms 
to a six-inch diameter, and bring 
tbe pots indoors from late Nov¬ 
ember onwards, having planted 
them in early October. 

. Or you ean risk them out of 


GARDENS TO-DAY 

BY ROBIN LANE FOX . 


open ground, but all of them 
are pretty and noted for their 
early flowering. 

In most years. The Bride 
would be past its best by the 
end of June. There is nothing 
difficult about growing their 
conns. They are available from 
any of the bigger and cheaper 


doors, preferably In a sheltered 
bed below a wall where they 
could be covered with straw or 
bracken when you fear a frost. 

There is no special date at 
which they should be planted— 
any time from September until 
early April would not upset them. 
The later you plant them, the 


later thev will flower. 

Choosing Christmas, a■“■“j® 

which left me time for the 

I have do doubt chosen the least 
promising moment. If there is 
to be a sharp frost, it will strike 
in the next month or two ana 
upset the corms I have just pur 
in the ground. 

Spring would nave been a 
better moment, but it is such a 
busy- season that I would no 
doubt have forgotten to finish 
the job. If you want to take up 
the idea, there is still time for 
a March planting. 

No variety is ugly, although 
this Bride, a pure white, is par¬ 
ticularly pretty. Nymph and 
Blushing Bride are good compan¬ 
ions, basically white, but with a 
reddish marking in their throats. 

If you can still find Amanda 
Mahy, it is an unusually deep 
pink with a pretty violet-purple 
blotch in the centre. Grown in a 
pot. it is admirably strong. 

As none of these plants exceed 


two feet in height, they win not 
topple forwards if you leave 
them indoors- They can be in¬ 
creased by division. If yog grow 
■your own freesias, these will poet- 
no problems, needing similar 

care. , ^ . 

Outdoors. I put much trust in 
the shelter of neighbours, a good 
guard against frost. The mounds 
of a Cistus and tbe winter leaves 
of an Acanthus must help, I feel, 
to shelter whatever sees under¬ 
neath. , 

Perhaps you already grow tbe 
rose-purple wild corn lily. 
Gladiolus Btconttnus, that dis¬ 
tinction of wild gardens, 
orchards or shrub rose beds it 
early summer. . . 

Perhaps, too, you are luckier 
with those lovely green-flowered 
butterfly gladioli—Greenland and 
Green Woodpecker—than I am. 
But for those who have neither 
and want to fall is between, the 
Bride and her family are the 
ones for 1978. -•-> 


King Weasel set for sixth win 


Defence 

Others 


T53 263 + 72 

313 255 ~ 18 

197 223 .+ 13 


Faith 


But the point is clear enough. 
The Inland Revenue has had to 
take on more staff mainly in 
order to cope with the workload 
created by the decline in tax 
thresholds—from 78 per cent of 
average manual earnings in 1965 
to 43 per cent now for the mar¬ 
ried man with two children pay¬ 
ing the basic rate of tax, and 
from 3.2 times to 1.9 times aver¬ 
age earnings for those paying the 
first higher rate (formerly sur¬ 
tax). Likewise, the substitution 
of VAT for purchase tax has been 



BBC 1 


t Indicates programme in 
black and white 

9.55 ajn. The WombJes. 10-09 
Jackanory. 10.15 Boris the Bold. 
tlO.20 White Horses. T10.45 Flash 
Gordon Conquers the Universe. 
11.05 Elvis in “ Roustabout." 12.45 
pan. News. 1.00 Pebble MilL 1.45 
Mister Men. &53 Regional News 
for England (except London). 
JL55 Play School (as BBC-2 11.00 
a.m.), 420 Touche Turtle (car¬ 

toon). 4.25 Jackanory. 4.40 Screen 
Test. 5.00 John Cravens News- 
round. 5.05 A Traveller in Time. 
5.35 Fred Basse L 

5.40 News. 

5.53 Nationwide (London and 
South-East only). 


♦Allowing for changes in, and 
transfers between, departments 
since 1965. 

benefit. But, while it may not 
be easy to reconcile the conflict¬ 
ing needs of fairness and simpli¬ 
city in social security, there is 
surely scope for further simplifi¬ 
cation of the income tax system. 

That, and a substantial lifting 
of tax thresholds, are the essen¬ 
tial pre-conditions for any event¬ 
ual merger of the two systems in 
some kind of tax credit scheme. 
Raising thresholds will take time 
—the married person's tar allow¬ 
ance would ihave to be increased 
by £800 to lift the basic thres¬ 
hold above the FIS entitlement 
level. But it will have to be done. 
For it is ridiculous to tax the 
working poor—and tax them 
relatively heavily—to help pay 
for tiie tax-free benefits of the 
non-employed poor. It is ludi¬ 
crous that this should be one 
of the main reasons why we are: 
employing more and snore 
bureaucrats. 


6.20 Nationwide. 

6.50 Sykes. 

7.20 “Five Weeks in a Balloon" 
starring Red Buttons, 
Barbara Eden and Peter 
Loire. 

9.00 News. 

9-25 Last of the Summer Wine. 

9.55 Year of the Horse 77: 
Review of the Equestrian 
Year. 

1045 To-nisbL 

11-25 -Wealher/Regional News. 

Ail Regions as BBC-1 except at 
the following times:— 

Wales—5.05-525 p.m. Bilidowcar 
—Amazon. 5 . 55-620 Wales To-day. 
&50-7J0 Heddiw. 7.10 Trem. 
Trysorau’r Andes, t7.35-9.00 Film 
or the Book: “The Franchise 
Affair" by Josephine Tey. star¬ 
ring Michael Denison and Duicie 
Gray. 1125 News and Weather for 
Wales. 


F.T. CROSSWORD PUZZLE No. 3,558 



ACROSS 

1 Had a nice change in South 
American ranch (S) 

5 Protest about goal (6). 

9 List changed into orderly 
sequence (S) 

10 All one possesses—a broken 
tea-set? (6) 

12 Contract in certain currencies 

(5) 

13 Red Rum returns nothing to 
us—its cruel (9) 

14 Gasleropod that could be 
mine (6) 

16 Mangle campanologist from 
the west <7l 

19 Restricted as a company may 
be (7) 

21 Pelf if misused can lead to 
worthless talk (6) 

23 Where they play cricket for 
Kent initially gives tone to 
players (9> 

25 Provide a seat for Mrs. Mopp 
about one (5) 

26 Hugo's first winner (6) 

27 Passing round dessert to 
monarch (S) 

28 Soldiers seize a second 
attempt to make a film (6) 

29 Oriental gets there with a 
learner and it‘s heavenly (8) 

DOWN 

1 A vicar in his type of tweed 

( 6 ) 

2 Schematic arrangement for a 
set of questions (SI 

3 Come op stage in hidden ter¬ 
ror (5) 


4 Shoe-cleaner who is imposed 
upon (7) 

6 Bachelor's substitute for 
architecture (3—6) 

7 Time to follow and muse (5) 

8 Tear apart certain riches (8) 

It Bird caught oo line (4) 

15 irishman on church business 
of variegated pattern (9) 

17 Stimulate into action and 
almost vanish in storm (9) 

18 Lose one's footing on account 
of jumper? (S) 

20 Cross set up in entrance (4) 

21 Muffin and fish with bad 
service (7j 

22 Thrifty girl is after, hybrid 
fur (6) 

24 Airman I follow In race, it's 
understood (5f 

23 Boat made of cane with noth¬ 
ing added (5) 

Solution to Pusrle No. 3,557 


FJKircitaifcjH - .HQiawiiyKi 
Q B 0 ■ D B B 

aasEass OEsanfig 
s b n a a d e 

iBEBniSBE QSQ C3QEB 

. m as a e 
. BEB&n: - BaanaanG 

„ ui ra B 0 B 

laacscBBa qhoeh 

, 0 0 CT. 1 3 0 

H B □ 2 0 -B El 
HBBHBSn H00SSQ0 
ED m E E Q 
□GEQHE 0B0QQQ 


THERE ARE small but select 
fields this afternoon at Don¬ 
caster, where there are fascinat¬ 
ing two. three and four-runner 
races for the Blyth Chase, the 
Epwortb Chase and the Tuxford 
Novices Chase. 

By fair tbe most valuable 
event on the South Yorkshire's 
Group- One track is the Tuxford 
Cbase. a two-mile-event for five- 
year-olds and upwards, which, 
at tbe start of tbe season, have 
not won a chase. 

Here Harry Thomson Jones's 
exhilarating though sometimes 
cbancy jumper, Pavement Artist 
will be trying to concede 7 lbs 
to his three opponents, the pro- 


RACING 

BY DOMINIC WIGAN 


gressive 'Bawnogues. Ring 
I Weasel (unbeaten in five races 
thi$ season) and the now 
extremely moderate Timothy 
Jon. 

My idea of the likely outcome 
is a victory for the safest 
jumper in the quartet Jon jo 
O’Neill's mount King WeaseL 
This Mick Easterby-tr&ined geld¬ 
ing. who has beaten such illus¬ 
trious performers as Havanus. 
Checkov and Golden Express in 
' achieving bis five successes at 
Catterick, Wetherby, Newcastle, 
Teesside and Nottingham In the 
last 10 weeks, put up by far his 
most impressive performance to 
date at Nottingham last time 
out 

There King Weasel, taking his 
fences with customary ease and 
fluency, appeared to be going 
equally as well as the much 
vaunted Havanus when that 
rival blundered away his chance 
three fences from home. 


Scotland—5J34J0 pan. Report¬ 
ing Scotland; 1125 News and 
Weather for Scotland. 

Northern Ireland—3^3-3.55 p.m. 
Northern Ireland News. 5.55-62© 
Scene Around Six. 925-9.55 Spot- 
tight on Northern Ireland affairs. 
1L25 News and Weather for 
Northern Ireland. 

England—525-620 pjd- Look 
East (Norwich); Look North 
(Leeds. Manchester. Newcastle); 
Midlands To-day (Birmingham); 
Points West (Bristol); South 
To-day (Southampton); Spotlight 
South-West (Plymouth). 

BBC 2 

10.20 a.m. Gharbar: Magazine for 
Asian families. 

11.00 Play School. 

625 News Headlines. 

620 Planets. 

720 Newsday. 

820 Julian Bream Masterclass: 
“Suite Espanota" by Isaac 
Albeniz. 

9.00 The Master Game. 

920 Play of the Week. 

1025-Boat Show TS from Saris 
Court 

11.10 Tbe Light of Experience. 
1125 Late News on 2. 

1125 -11.40 Closedown: Julian 
Glover reads ** The 
Wounded Hawk," by 
Herbert Palmer. • 

LONDON 

920 auu. Cartoon Time. 9.40 
Documentary: “Life on Junks.” 
10.10 Conquest of the Sea. 11.00 
Fireside Theatre. 1120 Cartoon 
Tune. 12.00 Here Comes Mumfie. 
1210 pjn. Rainbow. 1220 Sounds 
of Britain. 1.00 News plus FT 
index. 120 Help! 120 Crown 
Court 2.00 After Noon. 225 Had- 
leigh- 320 Heart To Heart 320 
The Sullivans. 420 Runaround. 
4.45 -Midnight is a Place. 525 
Horses in our Blood. 

5.45 News. 

(LOO Thames at 6. 

625 Crossroads. 

7.00 This Is Your Life. 

720 Coronation Street 
820 “Von Ryan’s Express." 
starring Frank Sinatra and 
Trevor Howard. 

1020 News. 

1020 A Prime Minister on Prime 
Ministers. 


RADIO 1 

(5) Stereophonic broadcast 
6.00 un. AS Radio 2. 752 Noe] 

Edmonds. MB Simon Bates. 1U1 Paul 
Burnett including 12JD «ja. Newsbeu. 
2-23 KM Jensen. <LB It’s D.L.T. OK! 
Including 530 Newabcsi. /50 Slug Some¬ 
thing Simple (joins Radio Si. U52 John 
Peel (SI. 1250-1255 a.n. As Radio 2. 

VHF Radios 1 »d 2—MB un. With 
Radio 2. Including IJ5 Good L&tening. 
HUE Wiib Radio L 1250-1255 ajn. With 
Radio -- 

RADIO 2 1200m and VHF 

(job ajn. News Summary. U2 Ray 
Moore iSi with the Gariy Show cSi, 
Including US Pause Tor Thought and 
7*2 Cricket—Second Test: Pakistan ». 
England (reporu. *32 Terry wogan <s> 
including 052 Cricket—-Second Tost 
1 1uniter news). 8 33 Raring BuBetis and 
0.4S Pause for TlKWght. 1U 2 Cricket: 
Second Test UeaUme report). IMS 
jimmy Young (Si Inc luding 1242 p-rn. 
Cricket—Second Test (report). 1215 pjm. 
Waggoners" Walk. 1230 Pate Murray's 
Open Rouse <S> including 155 Sports 
Desk. 2X0 Dsrid Hamilton C5> Indtiding 
2.0 and 3.0 Spans Desk. U0 Wag¬ 
goners' Walk. US Soom Desk, a.*? 
John Dtmn (Si inctodlng 555 Sports Do*. 
455 Sports Desk. 7.02 Sing Something 
Simple iSi. T*5 Listen (a the Band wfth 
Charlie Chester (S>. 835 Somprinl Sere¬ 
nade iS>. 9.02 Bins; The «t0iy Of Bing 
Crosby. Dan 1: The DM Crooner (St. 
935 Snorts Desk. UUR The Law Gama. 
2030 Ma clean Up Britain wltll Dou Map. 
Icon. 1UZ2 Spam Detir. 11X3 Brian 
Matthew wtrh The Laip Show. 1250- 
12.00 aju. News. 

RADIO 3 464m, Stereo 6= VHF 

t Medium wave oaty 
635 an. Weather. 7-flO New*. 7J & 
Your Midweek Choice (VHF only from 
7.30), part 1 (S>- guuua Cricket 


Although there is no way of 
gauging the likely outcome but 
for that blunder (since both 
were going, equally well) I have 
little doubt that King. Weasel 
would have made a close race of 
it at tbe worst. If that is true 
he should prove up to gaining 
his most important victory of 
the campaign here. 

I take him to win at the main 
expense of Pavement Artist, an 
extremely lucky winner at 
Ascot last time out, where 
Havanus—leading by all of 15 
lengths—met the final obstacle 
in .the Hurst Park Novices Chase 
all wrong. 

Two other possible winners 
for O'Neill this afternoon are 
King Weasel’s young stable com¬ 
panion. Drummossie, among the 
runners for the opening division 
of the Rawdiffe Novices Hurdle, 
and the Pat Rohan-trained Nice 
And Friendly, who goes for the 
second division of that event 
two hoars later. 

Severe gales in East Anglia 
early yesterday caused thousands 
of pounds worth of damage to 

Help the Aged 
is hard up 

Inflation has made Help the 
Aged “ desperately short of 
money.” 

The director of the charity, 
Mr. Hugh Faulkner, said yester¬ 
day that last month, when it 
allocated all money immediately 
available, it still had requests 
for projects outstanding which 
would have taken a further £}m. 

Tbe year's income in cash and 
kind rose from £5.1m. to £5.8m. 


several Newmarket yards, not¬ 
ably those of Doug Smith and 
William Hastings-Bass. How¬ 
ever. no stable staff Or horses 
were hurt. 

Doug Smith lost tbe roof to 
his house—reported to have 
been “lifted clean away”—and 
the Marriott stables of Hastings- 
Bass suffered a wrecked barn 
and 'other extensive damage, 
including two flattened walls. 

DONCASTER 

1.15— Royal Frolic . 

1.45— Dramm ossie 

2.15— Stub lick 

2.45— Wins combe 

3.15— King Weasel*** 

3.45— Nice And Friendly* 

AYR 

1.15— Honegger** 

1.45— Jack’s Flatter 

2.15— GIntop 

3-15—Bobby Kempinskin 
UN G FIELD 

1.00—Sweet September 

120—Gathering Storm 

220—Ormonde Tudor 

320—Mount Pelie 


Supermarket 
defies council 

A SUPERMARKET at Welling- 
; borough, Northants, was still 
j open yesterday although the local 
council ordered the company to 
quit the premises on December 
31. as the site is to be developed. 

The Hillards supermarket 
chain offered to increase its 
annual rent to the council from 
£5,000 to £50,000, but this has 
been turned down. Hillard claims 
that it is being victimised in 
favour of a new shopping com¬ 
plex nearby, and plans to appeal 
to the Environment Department- 


A FINANdAL TIMES 
CONFERENCE 



WITH SPAIN 

MADRID 

February 22-23 1978 

As a result of numerous requests for an internatiohal business sympo¬ 
sium on Spain, as part of the Financial Times' series of conferences on 
matters of substantial current interest, the Financial Times is arranging 
a conference on Business with Spain in Madrid on February 22-231978. 

The conference will cover the outlook for the Spanish economy, political 
developments, an assessment of the impact of the proposed European 
Community membership and other significant relationships, such as that 
of Spain with the Arab countries. These topics will be analysed by a 
distinguished panel of Spanish and non-Spanish speakers of unique 
authority. 


11.00 Bless This House. 

1120 Snooker. 

12.00 Night Gallery. 

1225 ajn. Close: Debby Cam¬ 
ming reads about famous 
men and women. 

All IBA Regions as London 
except at the following times:— 

ANGLIA 

9-2S . ajn. WoobuxU—Animal Doctor. 
930 A • World Worm Keeping. HUS 
How. lflj« Plymouth Roc*. U-QS 
El ai ne , the Singer of me Song. UJS 
Nobody's House. 125 p-re. Anglia News. 
2flC How party. SOS Mr. and Mrs. A00 
About Anglia. 1030 Gresoenhail Rural 
Life Museum. 1U> A Prime Minister on 
Prime Ministers. 1U0 Burnt*. 12-39 ajn. 
The Big Question. 

ATV 

935 a.re. Something Different. HUD 
They Own the Shy. 1035 Nobody's Bouse. 
1U( ATV Sport 77: Cycling from 
Leicester. 1155 Tbe Adventures of 
Parsley. UD pan. ATV Newsdesk- 5J5 
Ur. and Mis. AM ATV T»4ar. 1DJ0 
Ladles Night. 1U5 The Bull In'S Grand 
Masters Dart Championship. LLC Police 
Surgeon. 

BORDER 

950 a.re. a World worth Keeping. HU5 
How. XS-4D Plymouth Rock. UJ5 Blaine, 
the Singer of the Song. 1U5 Nobody's 
House. tU9 pjd. Border News.' 2M 
Houses arty. AJB Look around Wednesday, 
lino The Odd Couple. iuo Bwtinra 
Grand Masters Darts Championships. 
112.00 Border News Summary. 

CHANNEL 

us p.m. Channel, Lunchtime News and 
What's On Where. 535 Cartoontlnie. 
AJ0 Channel News. Alfl Dynomutt the 
Dos Wonder. HI21 Channel Law News. 
1032 Rising Damp. 3X00 A Prime 
Minister on Prime Ministers. 12.13 a-rn. 
Epilogue followed by News and Weather 
In Prench. 

GRAMPIAN 

l.SB a-m. First Thing- 9J5 A World 
Worth • Keeping. HUS How. 1041 Ply¬ 
mouth Rock. TUB Elaine, the Sinner, 
the Song. 1135 Nobody’s House. 12> p.m. 
Grampian News Deadlines. *J0 
Grampian Today, iuo Reflections. 1U5 
Celebrity Concerts'. Henry MandnL 

GRANADA 

930 sun. Blow by Blow. 955 Sesame 
Street. U5S Look at Lire. Iuo Tartan. 
1150 Reading with Lenny. 129 P-m. 
This Is Your Right. 520 This is Your 
Right, (second chance to see Lord Wln- 
stanley's programmei. sos Crossroads. 
ADO Granada Reports. 630 wish You 
Were Here . . . 13JLM Tbe Untoudiabtes. 
1135 George Hamilton IV. 

HTV 

950 ajn. World Worth Keeping. HU5 
How. 2A49 P b m o urn Rode. 1L05 Elaine, 
the Stager of the song, lus Nobody's 
House. 120 P-m. Report West Headlines. 
125 Report Wales Headlines. 250 Help 


Second Test Pakistan v. England (third 
day). 050 News (VHP only). g5S Your 
Midweek Choice rvHP onlyi, pan S 'S'. 
9J0 Nows (VHP only). 95* This Week's 
Composer- Haydn (Si rvHF only). 1050 
Holiday Special <5>. 10-20 A . Handel 

Organ rs>. HJ5 Robin Rouowdy, sons 
recital tS). 1135 Berlin PhDhannonJc 
Orchestra (Si. 150 p.m. News. 155 
Concert Hall (S). 250 BBC Welsh Sym¬ 
phony Orchestra (S). 335 Words. . . . 
320 Murray Perah/a, piano recital: 
Scarlatti. Hazard Schumann <5>. 435 
Beech sun’s Debus. 555 Building a 
Library or records (Si. MS Horn sward 
Bound (SL A55 News. A30 Homeward 
Bound (continued). A30 Lifelines: Lan¬ 
guage and Communication. 730 Brahms 
and Schubert, piano recital (SI. AJO 
The Composer Conducts, part t: Hans 
Werner Horae (Si. IS The Arts World¬ 
wide. 935 Composer Conducts, part S 
(S>. in in Bar and Cor by Geraldine 
Aron. 1025 Indian Music for slrar and 
tab la (Si. News, nanu And 

Tonight's Schubert Song (S), 

RADIO 4 

454m, 330m. 285m, and VHF 
A35 U-m. News. A3T Farming Today. 
A35 Up to the Hour including news head¬ 
lines. weather, papers, anon and Prayer 
for tile Day. M2 (VHP) Regional News. 
750 News. 730 Today. 73S Up to the 
Hour l cautioned!. 752 (VHF) Regional 
News. 050 News. 030 Today iwetmiina 
news headlines, weather, papers, upon. 
Its The Best of Bierce. 9.00 News. 955 
The Urine World. 935 A Hotter Mouse¬ 
trap. UJO New* 2035 Li Britain Now. 
1030 Daily Sendee. U45 Morning Story. 
1150 News. 1355 You. The Jury. U50 
News. 1252 p.m. You and Your Rights 
and Responsibilities. 1227 Doctor Finlay's 
Casebook. P22S Weather, programme 
news VHF iexcept London and. SEi 
Ragloul News. LOO Tho World at Due. 
131 The Archem. US Woman's Hour 
including Z5W57 News. 245 usw with 


yourself. 535 Dodo the Space Kid. 520 
Crossroads. 650 Report West. A35 
Report Wales. 630 Wish You Were 
Herr . . . ? 1130 Celebrity Concert. 

HTV Cymru/Wales—As HTV General 
Service except: 120-125 pjn. Feoawdau 
Neu-yridion r Dytid. 020 Y Ci. y Gath 
A'r Radio. 9JM55 Rolls-Royce. 650- 
635 Y Dydd. 

HTV West—As HTV General Service 
except: 120-130 p.m. Report West Head¬ 
lines. 6354.90 Report West. 

SCOTTISH 

931 sliti. Inner Space. 1B35 How. 
10.40 Plymouth Rock. 1155 A ray to 
Remember. 1135 Nobody's House. M25 
pjti. News and Rood and Weather Report. 
535 Professor KltzeL 520 Crossroads. 
A.00 Scotland Today. 630 Weir’s Awe*ah. 
1030 Sandringham Sydney and Qompgrty 
—Retrievers to the Queen. 1L15 welcome 
to the Ceilidh. UJS Lale CalL 1130 
Out of Town. 

SOUTHERN 

935 a-ra. Sean the Leprechaun. 930 A 
World Worth Keeping, iris How. IC40 
Plymouth Rock. 1155 SWppy. 1135 No¬ 
body’S House. 120 pjti. Southern News. 
250 Bouse party. 535 Hare Ribbtn. 520 
Crossroads. 650 Day-by-Day 1150 Police 
Surgeon. 2U0 southern News Extra. 
13L40 Healthy Eating. 

TYNE TEES 

920 a.m. The Good Word followed by 
North East New* Headlines. 930 Sappy. 
930 A World Worth Kcvpmg. 10.15 How. 
1050 Plymouth Rock. 1155 Elaine, the 
Singer of Use Sane. U35 Tbe Beatles. 
120 pan. North East News and Look- 
arotmd. 250 Women Only. 535 Happy 
Days. 650 Northern Li/e. 1030 Bless 
This House. U.W A Prime Minister on 
Prime Ministers, 1130 The Family. 
1225 ajn. Epilogue. 

ULSTER 

930 ajn. A World Worth Keening. 
1035 How 1050 Plymouth Rock. 1155 
Elaine. Singer xf the Song. 1135 No¬ 
body's House. 120 pjk. Lunchtime. 430 
Ulster News Headlines. 5.15 The Loot 
Islands. 650 Ulster TelevWon News. 655 
Crossroad*. 630 Reporu. 1130 World 
Championship Darts. /oDowod by Bed- 
timer 

WESTWARD 

930 Lm. A World Worth Keeping. 1035 
How. 1050 Plymouth Roc* i Murray 
Head). 11.05 Elatac, ibe Singer of the 
Song. 1135 Nobody's Rouse. 1226 p.m. 
Gus Honeyhtm's Birthdays. 120 Westward 
Nows Headlines. 535 Canoootimo- 650 
Westward Diary. 1028 Westward Late 
News. 1030 Rising Damp. U50 A Prime 
Minister on Prime Ministers (Stanley 
Baldwin). 1235 a.re. Faith for 2fe. 

YORKSHIRE 

955 Erie in Holland—Songs from 
Swedish American anger Eric Tonv- 
nulsL ID25 Humbly. LQ2S The Last 
Islands. 1150 Run. Joe. Run. 1130 
Clue Citri). 120 p.m. Calendar News. 
535 Ur. and Mrs. 650 Calendar (Emkey 
Moor and Belmont editionsi. 1150 Hie 
Odd Couple. 1130, Dan August 


Mother. 1.00 Nora. 255 Afternooo 
Theatre (Si. 350 Choral Evensong. 435 
Story 'rime. 550 Serendipity. 3S55 

Weather. programme news (VHFi 
Regional News. 650 News Including 
Finaneinl Report. 630 My Music is>. 
750 News. 755 The Archers. 720 The 
Atomic Spy: Klaus Fuchs. 350 Lord 

Peter Wlmscy hy Dorothy L. Sayers, 
part L 030 The Reltb Lecturer: Dr. 
A- H. Halsey In conversation. 9.00 

Science Now. 930 Kaleidoscope. 939 

Weather. 10.00 The World Tonight. 1030 
Roans Europe Quiz. .1150 a Book at 
Bedtime. 1 1 35 The Financial World 
Tonight. 1130 News. 

SBC Radio London 

206 m and 943 VHF 
6.D0 a.m. As Radio 2. LX Rush Hour. 
4.BO Holiday Scene. 920 London Lire. 
1153 In Town. 1253 p.m. Call In. Includ¬ 
ing 1.00 London News Desk. 253 206 
Showcase. 053 Horn-.' Run. 630 Look. 
Stop, Listen. 730 In Town (as 11.03 
ajn. 1 . 030 In Concert, lag? Lata Night 
London. 225D-cfose: As Radio — 

London Broadcasting 

261m and 972 VHF 
550 a.m. Morning Music. 650 a m 
with Bob Holneaa and Douglas Cameron.' 
U50 Brian Hares. LOO pjw. LBC Reports 
including George Gale's 3 O'clock CalL 
050 After 0—With Ian Gilchrist, q an. 
UU un. Nlghthne. 

Capital Radio 

104m and 95 2 VHF 
650 a.m. Graham Dene’s Breakfast 
Show IS). 950 Michael AspeJ (S>. 1250 
Dave Cash vrith Cash on Delivery (Si, 
150 P. 01 . Roger Scou with his Three 
O'clock Thrill tsi. 750 London Today 
7-5 Adrian Love's Open Line (S>. 950 
Nicky Horae (St. 11.50 Mflco ADotfa 
Lale Show (S'. 2.00 ajn. Duscan John. 
sob's night Flight t$j. 


The list of speakers includes i 
H.E. Professor 

Don Enrique Fuentes Quintana 
Vice President of the Government 
for Economic Affairs. 

Mr. Per Haekkerup. MF 
Minister for Economic Affairs, 

Denmark 

H.E. Sr. Don Juan Antonio Garcia Dtez 
Minister of Commerce and Tourism 

Sr. Don Jose Maria Lopez de Letona 
Governor, Bank of Spain 


The Rt. Hon. Sir Christopher Soames 

GCMG. GCVO. CBE 

Director 

N. M. Rothschild & Sons Limited 

H.E. Sr. Don Joaquin Garrigues Walker 
Minister of Public Works and Housing 

Sr. Don Felipe Gonzalez 

Secretary. Socialist Workers* Party of 

Spain 

Mr. Abdulla A. Saudi 
Chairman 

Libyan Arab Foreign Bank 


Financial Times Conference Organisation 

388 Strand. London. WC2R OLT Telephone: 01-836 5444 Telex: 27347 FTCOfffG 

Please send me further details of BUSINESS WITH SPAIN CONFERENCE 

BLOCK CAPITALS PLEASE 


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PO L L O 


Edited by Denys Sutton 

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Apello Magaine, Bradc« n House. 10. Cannon Street, London. EC4P 4BTi. Tel. 01*248 «X». 




















r 




Financial Times Wednesday January 4 1978 

Television 


Covent Garden 


year 


Die Fledermaus 


by RONALD CRICHTON 


by CHRIS DUNKLEY 

In one of the many collections unscientific brains as mine can who felt that the "Watergate saga 
oF science fiction short stories appreciate many of-these. had already been done to death 

&om the early sixties there is a in the first lecture Sagan and by the televised committee hear* 
brief but memorable tale of on the RI arranged for one boy's ings. 

alien' life form on a distant greeting, "Hullo universe!” to Yet the first three episodes 
planet which somehow lays hands be fed back -in a ghostly echo to have proved that when you lose 
(or tentacles) on a reel of film the lecture theatre after the time the diffuseness characteristic of 

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wwAiuut luc iiiuduimuu ana me nguL (i; seeuuuai. tutu uivu aa t ohuhj 

on this world. The last line of Venus (several minutes later, dissimil ar. 


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across it the words " The End. formation that" H years -would crooked presidential politics in 

Walt Disney Productions Ltd.” be needed to -reach the nearest Gore Vidal's The Best Man 

One wonders what that same star. .' '' ' which became a most impressive 

alien fife form would make of The first lecture was actually film starring Lee Tracey and 

- Henry - Fonda. Episode 1 of 

Doors covered dangerously simi- 
lar territory, yet stood the com* 
parison remarkably well. 
Furthermore Doors has all the 
wicked attractions of real live 
people covered by the thinnest 
of disguises: a president known 
as “ Dinky Dick Monekton ” 
presents few problems of detec¬ 
tion. 

And on the subject (which 
we were, earlier) of sets. Doors 
Shows the sort of money that the 
American commercial networks 
deal in by indulging in not only 
a replica of the entire White 
House Oval Office, but also the 
whole corridor leading up to it 
. so that the camera can dolly in 
one continuous movement up the 
* corridor and. across the office. 
Episode'S bad a mock-up of the 
Interior of the presidential jet 
Air Force 1; no cheap trick. 
Over' the years somewhat 
■' patronising attitude towards 
American TV drama- has 
developed in this country, but- 
Washington Behind Closed Doors 
is very good television. It is j 
going to be a difficult serial for 
anyone to better in 1978. In a 
large and impressive cast Robert 
Vaughn—so often wasted in 
mediocre roles—has stood out so 
i far as the Haldeman figure Frank 
Flaherty, master of the mirthless 
smile. 

In this New Year season I TV 
don't seem to have been quite so 
quick off the mark as the BBC 
who are clearly using the long 
modern Christmas holiday as a 
period in which to hook the view- 
ing millions with introductory 
iepisodes of new series. There 
were a couple of new series from 
„v“* London Week-end last Friday, 
Sally Knyvette and Gareth Thomas in “-Blake i Seven " (BBC 1) , but neither one looked as though 

it would make television history. 

this planet if, instead of a single based on the premise that an Mind Your Language is 

lUii-kov rartnnn it alien life form was Studying nmnncul ti-i ho fiinnv 


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y 


umsuodh nuuoay auicuuirb n. vui me uomoay xiour. as il 

from British television for 1977, only becomes truly apparent re j] es so ieiy on xenophobia and 
or indeed any of the last nine when you get down to a resolu- differences for its gags, 

or ten years. tion of about 100 merits, experience suggests it may very 

The general picture conveyed f<? S weH ■«l uir « a sizeable audience, 

would be about as'true to life as w So did P u fe lic hangings. however, 

one of those snowy. stagecoach- the feeding of Christians to 

and-crinoline Christmas cards: it *** . . 

would communicate a haxy The other new series iisa 

impression of British middle fo ~ s ™ wine to like ^w-up to The Avengers, The 

class society, existing in a Condi- fr£n Goda?teleSLSfs ^otecton. The Sweeney and 
tion of permanent hilarity ? ver .. . r. ot L a . s wevasions « um pieen other knock-down-drag- 

Sngln BEZEL ?SS gBSS WS. oSl. Mr T h. new 

* ana early Us MSS SHTSSW 

"MSS®, r quertoo ssrt&AA x « a.art^r.^jsvsa 

(to the alien research scientists) tail (the domed city, mental im- Cowley played incongruously by 
of gender would-be thorough^ plantation, statfrdrugged water Hud^’ the*butler. Sy are all 
obscured by the seemingly supplies) than one had hoped u^sed t0 duff you up and per- 
obsessive deternunation of prac- from Terry Nation, creator of jetted to race their cars around 
tically all Britain s male enter- Survivors and the Daleks. building sites burning rubber off 
tainers—from Dick Emery as a What’s more the look of the the tyres, 
drag queen to Eric Sykes as thing was more reminiscent of The BBC's decision to follow 
Charley's Aunl—to dress up_ as Flash Gordon Conquers The Uni- F]yi 0 g Squad in Thames 
women. Furthermore the British perse fre-running gloriously Television's Sweeney with the 
infatuation with animals and -every morning until to-day on Regional. Crime Squad in their 
anthropomonmism would pre- fiBCI) than Space 199ft. say. or Taipei was unimaginative 
sumably lead to the roost appal- ^tor Wars or even Afpharflle enough, but a third version in 
ling misapprehensions about which achieved with real loca- ^ueb a short time seems posi-. 
life on earth: after watching tinns. a futuristic atmosphere of tivelv slavish, 
hours of the Cowardly Lion, Basil a sor t that television rarely if •: Th’ e cult series of the new 
Brush, Emu, the ice skating eVer manages even with purpose season will surely he David| 
chimps, Kermit and Miss Piggy, built sets. An ominous sign, per- Collison’s Caupht In Time on: 
and a host of othere. you could baps, of ih c effects of ever BBC2 which has gathered to- 
hardly blame the aliens if they tighter BBC budgeting. Still, getber a collection of home 
concluded that the dominant life th e human story already shows movies from the twenties and 
form on earth was an animal dear signs of becoming .one of thirties. The introductory pro¬ 
glove puppet. ... those compelling habits which gramme proved that these films 

However, television is nothing f ora a mileposts through the tele- not only have all the attractions 
if not profluent and already vision week. of cinema newsreels, but in addi- 

memories of the programmes Quite without space connec- tion the marvellous illogicality 
from this Christmas arc merging ^ons, in fart completely down of un-edited amateur film. (Why 
into vague memories of all the t0 ea rth, but with just as much was the middle-aged man wrest- 
otber Christmases, while impres- p(>W er to form a habit (if brief; Ung with the nurse on the 
sions of the New Year senes it has only six parts) is Washing- grass?) 

begin to clarify. Behind Closed Doors, BBCl's - Those of us unborn at the 

For a start, the tail end of the American serial adapted from, time will be trying to assess from 
holidays is being enlivened once j^n Ehrlighman's book. News these old films whether there 
again by the Royal Institution of ^ was Eree ted in Britain really was intelligent life on 
Annual Christmas Lectures to -.-j... heavy sifihina from those planet earth at that time._ 

Young People on BBC2, this year ' ... • 

called Planets and presented by ( r t,- j v l 

carl Sagan. Sagan is the Close Encounters of the rhird Kind. chosen 

American professor of astronomy 

and adviser to nasa who has. for Royal Film Performance 

the accent and delivery of Tom J _ . _ . 

Lchrer and an irresistible Close Encounters ol the Third Dreyfuss, Ten Garr. Me hud a 

enthusiasm for bis subject, and Kind, the new Steven Spielberg Dillon and Francois Truffaut, 

who has popped up several times film, has been chosen for the its music-was composed by John 

in the last year or two on Royal Film Performance to be williams. 

Horizon, always refreshingly. ' held on March 13 next. The The title is derived from 
If bis lectures are rcaliv under- Queen and the Duke of Earn- science jargon. In this a riose 
stood by ySS clSSSS bunUi wiU attend the per- encounter of the first kind ls 

who are’ filling-the Royal Institu- fonuance at the Odeon. the sighting of a UFO; a dose 
tion .tecture theatre, then we are Leicester Squart.. to dji*e encounter of the wcond kind is 
breeding a race with super Cinema and Television Benevo- physical evidence after a sight- 
intellects However, it is, as in lent Fund. ’lhg-^-a close encounter of the 

previous years, the experiments A Columbia/EMI Dnhnmln ^anilenral 

and demonstrations which are tion. Close EnixmntCTs tact between humans and extra* 

so fascinating, and even such Third Kind stars Richard terrestrial beings. . 


Strauss's operetta comes back 
to Covent Garden after years and 
years of absence in a slap-up pro¬ 
duction by the Viennese Lindt- 
berg backed by an evidently slap- 
up subsidy from the Girozentrale 
of “Vienna, and the Royal Opera 
House Trust Among the many 
who -have seen It already on TV, 
there may be not-a. few, familiar 
with Die Fledermaus in the 
theatre, who suffered pangs .of 
apprehension in front of the box 
—they may be assured that most 
of the boo-ha—the additional 
compering, the extra party num¬ 
bers and so on required to put 
the work across t-o a world-wide 
audience on New Year's Eve, are 
stripped away, leaving a gleam¬ 
ing torso of a Fledermaus behind. 

As the world knows by now, 
this Fledermaus has been fitted 
with new, polyglot dialogue by 
Gerhard Bronner- who has con¬ 
cocted a mixture of Gennan 
(Viennese included), operatic 
Italian, basic Freneh and a good 
deal of English. The lawyer 


The Entertainment. 
Guide is on Page 8 


Falke, whose revenge for a silly 
prank motivates the story, 
becomes English for the occasion, 
thus permitting Benjamin Luxon 
both to help out with the story 
and to compere the second act 
revels, but the idea isn't applied 
consistently. Rysaard Karczy- 
Rowski who sings Alfred, doesn't 
perform In Polish. 

The polyglottery isn't as awful 
as it sounds, but the mish-mash 
is only mildly amusing. The lines 
left in the original German 
seemed on Monday night to draw 
as much and as genuine laughter. 

The one who came off best (and 
wbo made the most of his few 
English lines) was Josef Meinrad, 
imported from the Burgtheater in 
Vienna to play Frosch, the 
drunken gaoler—praise be to this 
admired actor for remembering 
that even a character sozzled on 
Slivovitz need not confuse 
breadth of humour with undue 
length. The musical interpola¬ 
tions, which include a snatch of 
Wotan’s farewell, are just for¬ 
givable. One of the spoken ones, 
a line from Fidelia, is not. Who 
allowed that one through? 

Two big stare are new to their 
roles. Kiri te Kanawa is a 
gorgeous Rosalinde, as generous 
of voice in the delicious ensemble 
numbers as in the Csardas (why, 
in this multi4ingua] company, 
doesn’t she sing this in 
Hungarian, like Catherine Wilson 


',.| r .,--***' 

? : **8^ * . 



Kiri Te Kanawa and Hermann Prey 


in the Scottish opera version?}. 
She lacks only the right warmth 
of mock-indignation for the un¬ 
tying of the imbroglio in the last 
act. Hermann Prey sings husband 
Eisenstein: his voice suits this 
music as well as any baritone 
will, and he is allowed his extra 
number C'Ach! wie so nerrlich 
zu schauen") at Orlofsky’s ball, 
where the velvety charm is 
applied with total justification. 

The reason for using a bari¬ 
tone was presumably the casting 
of Orlofsky as a tenor. Robert 
Tear, with the look of a benign, 
tail-coated Lenin, carries it off 
bravely, bur the removal of the 
useful layer of fantasy and prin¬ 
cipal-boy glamour a mezzo brings 


to tbe part makes the character 
more, not less, improbable. As 
the undoubted and indeed un¬ 
quenchable tenor of tbe piece, 
Alfred, Ryszard Karczykowskl 
sings agreeably, not outstand¬ 
ingly. Mr. Luxon comperes agrees 
ably, too, but Falke as a 
character disappears. Michael 
Langdon, experienced pseudo- 
Austrian, booms affably away as 
Frank the prison governor. 
There is an accomplished Adele 
in Hildegard Heichele, a hefty 
soubrette who anticipated her 
company debut by stepping in as 
Susanna in the recent Figaro. 
She has tbe attack of a young 
Hermione Gingold. 

The designer. Julia Trevelyan 
Oman, luxuriates as ever in 
period detail, massing it firmly 


while providing any amount oF 
nice. Makart-style decoration to 
intrigue roving eyes during the 
blanker pages of the spoken 
dialogue. Perhaps Miss Oman's 
first two acts are a little too 
grand. Fledermaus can do with 
a suggestion of friendly seedi¬ 
ness behind the outward show of 
elegance. What Viennese chic 
can be like was rather unwisely 
shown on TV by some shots of 
the Staatsoper ballet prancing 
round the grand foyer—a long, 
long way from the wit, style and 
observation of Ashton's new 
polka and waltz (this a pas de 
deux for Merle Park and Wayne 
Eagling). Both of these dances 
were a sharp reminder that ballet 
in apera need not be what it 
usually is. • 


Lnmunl Burt 


Zubin Mehta is a brilliant 
opera conductor with the gift, 
not shared by ail his disttn* 
guished colleagues, of bringing 
the tone of the Covent Garden 
orchestra forward however 
quietly they are playing. He is 
also a most adept accompanist. 
Yet something so far eludes him 
about this score—that Viennese 
ability to make it ail seem 
second nature, off-the-cuff, easy 
as winking (yes, I am thinking 
of Clemens Kraussi. None the 
less, there was some honeyed 
playing and the Covent Garden 
chorus, inspired one may sup¬ 
pose by the emission of all that 
brotherly sentiment, has found 
Us splendid, corporate voice 
again. 


Elizabeth Hall 


Jessye Norman 

by ELIZABETH FORJBES 


As 1078 is the I50th anniver¬ 
sary of the death of Schubert, the 
Elizabeth Hall is devoting twelve 
evenings during January to a 
Mainly Schubert series. The 
first programme, a Liedex 
recital on Sunday night by the 
American soprano Jessye Norman 
was entirely Schubert, and con¬ 
sisted of eighteen songs, (plus 
one encore) of which nearly 
half were settings of poems by 
Goethe. Nearly a dozen years 
of Scbubert’s creative life were 
covered, from " Gretchen am 
Spixmrade,” composed when he 
was- seventeen, to “Lied der 
Mignon,” dating from 1826. two 
years before his death. 

Miss Norman seized her capa¬ 
city audience by. the scruff of 
its neck In the first song and 
did not let go until the last 
note of “An (tie Musik,” her 
encore, had died away. The 
marvellous richness of her lower 
register, the clarion thrust of 
her top notes, the superb con¬ 
trol of line and phrasing, the 
ability to colour her voice at 
will, the scrupulous care that 
every note should get its full 
value, that each syllable and 
consonant should be clearly 
articulated, her deep sincerity 
and determination to convey the 
meaning of a song's text, these 
were all displayed in the open¬ 
ing song. Klopstock’s “Dem 
Unendlichen." 

The Infinite One might well 
quake at being addressed in 
such a welter of thunder claps, 
gale-force winds and trumpet 
calls; Miss Norman's voice, any 
tiny cobweb or speck of dust 
blown away, emerged as pure, 
gleaming gold—and was at once 
subdued to tbe tight, girlish tone 
appropriate to Scott's Ellen, for 
three of Sehuberfs settings from 
The Lady of the Lake. “Soldier, 


rest” and “Huntsman, rest” 
were delicately sketched and 
“ Ave Maria " delivered as if in 
a trance of religious', ecstasy. 
Just as the singer’s use. of ges¬ 
ture to attain an emotional state 
sometimes passes acceptable 
bounds, so occasionally her 
vocal interpretation overloads a 
song and swamps it. 

“ An die Musik ” was one 
example of this, and in “Gret¬ 
chen am Spinnrade" the rhyth¬ 
mic monotony of the spinning 
wheel was not allowed to pro¬ 
duce its full effect; in compensa¬ 
tion, the aching sense of depri¬ 
vation at the memory of Faust's 
kiss was searing in its intensity, 
“Erster Verlust” was a perfect, 
and perfectly contained, expres¬ 
sion of the splendours and 
miseries of first k»ve, while 
“Auflosung" ardently celebrated 
tbe dissolution of bones and flesh 
in the fire of spiritual love The 
reiterated phrase “Geh unter, 
Welt" was literally hair-raising. 

In gentler mood, Goethe's 
“Auf dem See” and “Meeres 
Stille," Stoll berg's “ An die 
Nature" and Lappe's “Im Aben- 
drot" all breathed an awareness 
of the more tranquil beauties of 
nature and were sung with 
admirable command of tone and 
line. Mignon’s- Song was beauti¬ 
fully simple in presentation, 
while in “Der Tod und das 
Madcben” the Girl's entreaty 
contrasted' strikingly with 
Death’s hollow, disembodied 
answer. 

Miss Norman's dramatic gifts 
were also legitimately used in 
“Erlkonig," where she produced 
a baritonal timbre for the 
Father, convincingly childish 
tones for the Son and a spectral 
voice for Death. Dalton Baldwin 
was tbe excellent. If over-reticent 
pianist 


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Kreutzer Sonata 

by' B. A. YOUNG 


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SUBSCRIPTIONS 

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^ • from SbbKCThrtfon Department Financial Time*,: London. • • -. 


N.Y. 10019. 


Tolstoy’s macabre short story, 
which David Soshet speaks from 
an armchair, a steaming tea-kettie 
at his elbow, concerns a man 
with two conflicting obsessions. 
He believes that all men are the 
victims of endless lust for women 
and that this.lust, which he him¬ 
self is subject to. is wicked and 
dirty. 

Consequently his marriage 
(like Tolstoy’s own) begins to go 
wrong very soon; and when, later 
in their life, his wife begins 
playing duets with a violinist 
friend, he assumes that her re¬ 
lationship with him must be a 
sexual one. 

So one night, coming home 
unexpectedly from the country 
and finding them together, he 
seizes a dagger from the wall, 
chases the musician from the 
house, and stabs his wife to 
death. At bis trial be is ac¬ 
quitted; was he not defending 
his honour? 

The-story is told as a mono¬ 
logue by this man on a long train 
journey, long -after the events 
took place, Peter Farago, who 


directs, has made a gripping 
piece from it, using, 1 suspect, 
the uncensored Samizdat ver¬ 
sion of the story. 

Mr. Suchet speaks it as a soli¬ 
loquy rather than recounting It 
to a fellow-passenger in Tolstoy's 
way, so that not only are the 
railway sounds audible behind 
bis voice, but we hear in the dis¬ 
tance the very performance of 
Beethoven's Sonata that first 
stirred his anxiety. “How can 
that Kreutzer Sonata be played 
in a drawing room among ladies 
in low-necked dresses?" Tol¬ 
stoy’s alter ego asks indignantly. 

Mr. Suchet brings the unhappy 
man to vivid life, with nervous 
gestures and nervous phrases 
bitten off short like tbe thoughts 
themselves, until be relapses into 
a terrible calm as he recalls the 
details of the killing. At the 
recollection of-his wife on her 
deathbed, tears well into his eyes 
and stream down his cheeks. The 
performance is a remarkable 
one. It plays 70- minutes with¬ 
out an interval. 


Notice of Redemption 

Continental Telephone International 
Finance Corporation 

9% Guaranteed Debentures Due 1982 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture- dated as of February 
1, 1970 under which the above described Debentures were issued, Citibank. N_A„ as Trustee, has 
drawn by lot, for redemption on February ), 1978, through the operation of the sinking fund provided 
for in said Indenture, $1,700,000 principal amount of Debentures of the said issue of the following 
distinctive numbers: _ 

COUPON DEBENTURES OP ll.OO*. PRINCIPAL AMOUNT OUTSTANDING 
M 2 1353 2337 3599 4547 5M7 8573 7767 8812 9917 10992 12249 13179 14125 15153 16153 17378 18538 

3 1270 2361 3603 4558 5574 6577 7799 8856 9922 10997 12272 13190 14148 15173 16154 17386 1854ft 

46 1273 2383 3613 4572 3584 6591 7805 6859 9925 11008 12282 13201 14357 15175 16101 17388 18551 

55 1287 2389 3642 4573 5602 6600 7806 88b0 9981 11030 12288 13218 14181 15179 16187 17405 18561 

67 1309 2392 3662 4580 5604 6C04 7808 8876 9B93 11051 12301 13221 14199 15200 16192 17433 18591 

77 1318 2393 3667 4603 5612 6635 7809 8879 9995 11056 12303 13232 14229 15203 16197 17484 18599 

89 1319 2400 3668 4612 5624 6673 78JQ 8883 10012 11065 12305 13234 14258 15205 16209 17500 IP602 

124 1328 2404 3685 4614 5639 6675 7832 8890 10014 11069 12316 13238 14265 15224 10215 17511 18603 

128 1342 2405 3686 4819 5640 6677 7835 8913 1D016 11076 12328 13261 14266 15228 16233 17512 16607 

132 1353 2417 3696 4624 5649 6885 7836 8916 10021 11083 12329 13266 14289 15242 16237 17516 18648 

165 1354 2422 3715 4634 5656 6687 7854 B924 10029 11094 12330 13284 14324 15254 1 6249 17554 18654 

170 1387 2425 3722 4635 5873 6695 7872 8925 10038 11107 12331 13286 14343 1 5257 16251 17555 18655 

374 1377 2427 3723 4663 5677 6710 7878 8926 10041 11131 12338 13290 14357 15258 1E254 17556 J8659 

180 1381 2442 3734 4670 5678 6711 7912 8949 10048 11137 12340 13300 14S90 13270 16265 17564 18667 

182 1419 2445 3778 4894 5694 67X4 7SH4 8959 10050 11148 12341 13303 *14398 15286 16294 17571 18694 

188 1483 2458 3779 4698 5697 8721 7961 9025 10052 11169 12381 13312 14431 15292 16302 17572 X8095 

188 1492 2460 3796 4704 5698 6744 7962 9041 10058 11203 12386 13323 14464 15296 16303 17591 18706 

190 1495 2470 3808 4740 5699 8746 7963 9048 10090 11204 12388 XS336 14466 15300 16350 17599 18710 

194 1534 2474 3820 4741 5723 6758 T970 9052 10127 11205 13403 13337 14467 15302 1G351 17607 18711 

200 1538 2481 3839 4759 5725 8759 7975 9053 10152 11208 12422 13364 14471 15305 16366 17610 18722- 

201 1540 2484 3850 4703 6720 6764 7982 9063 10154 11211 12427 13407 14491 15328 16412 17617 18725 

214 1548 2501 3857 4766 5730 6705 7987 9064 10181 11231 12428 13419 14492 15337 16415 17620 18728 

238 1550 2510 3867 4797 5740 6777 7988 9065 10199 11237 12429 13423 14501 15353 16423 1763S 18731 

244 1558 2517 3875 4805 5780 6778 7997 9066 10207 11246 12439 13463 14508 15371 18443 17836 18748 

246 1570 2525 3880 4806 5803 8811 8014 9082 10219 11253 12447 13472 14510 15372 16463 17648 18764 

250 1571 2550 3882 4818 5824 6818 8016 9083 10224 11263 12454 13479 14531 13377 16469 17684 1877V 

298 1572 3552 3886 4828 5823 6819 8032 9084 10232 11273 12459 13480 14536 15408 10472 17687 18788 

806 1588 S596 3904 4829 SB40 6833 8039 9083 10242 11274 12468 13492 14537 15411 18503 17732 1B7B0 

307 1592 2597 3916 4837 5844 6835 8046 9114 10249 11299 12477 13500 145B6 15457 16514 17733 18821 

360 1613 2602 3918 4B61 5851 6846 8047 9126 10265 11303 12505 13502 14590 15483 16515 17757 18823 

365 1617 2623 3933 4863 5858 6849 8056 9134 ID267 11317 125D7 13503 14602 15491 16551 17768 18840 

368 1828 2629 3950 4875 5859 6855 8064 B135 10283 11336 12524 13524 14803 15495 165W 17770 1884B 

382 1632 2670 3953 4891 5869 6857 8070 9142 1D295 11346 12560 13525 14605 1549G 16607 17799 18880 

390 1687 2686 3955 4896 3871 6858 B072 9149 10298 11347 12561 13535 1460C 15511 16620 17811 18906 

391 1K88 2891 3956 4902 5886 6865 B076 9180 30302 11361 12M5 13536 14012 15524 10844 17834 18933 

392 1689 2716 3958 4920 5899 6888 8078 9176 30311 11368 12572 13S38 14621 15534 16652 17823 18937 

398 1692 2732 3998 4921 5906 6889 8085 9177 10324 11372 1257B 13573 14622 15538 1SCW 17827 18938 

431 1700 2745 4040 4926 5907 6909 8080 9187 10325 11305 12582 13575 14625 15543 2G656 17828 18943 

452 1711 2788 4044 4934 5906 6941 8091 9216 10330 11396 1 3597 13579 1-TC3G 15564 16G58 17835 18955 

458 1712 2822 4048 4S35 5921 6942 8103 9217 10345 11398 13609 13585 14642 15573 16605 17865 18980 

471 1737 2857 4051 4938 5955 6951 8105 9230. 10351 11427 12621 13590 14G43 15585 16666 17889 18994 

475 1752 2868 4061 4952 6007 6952 8124 9232 10354 11448 12629 13602 14658 15597 16674 17396 190U3 

483 1753 2896 4062 4957 6027 7011 8129 9253 10385 11471 12635 13641 14S59 15606 16684 17900 19008 

488 1762 2897 4063 4985 6037 7020 8134 9267 10371 11495 12648 13643 14664 15012 16699 17902 19024. 

489 1705 2899 4007 4990 6040 7025 8185 9272 10405 11521 12653 13R48 14665 15614 16701 17907 19028 

514 1768 2920 4074 5000 8047 7026 8183 9273 10411 11526 12670 13667 14686 15618 16702 17970 19030 

317 1769 2923 4079 5006 6054 7033 B185 9275 10423 11575 1M71 13681 14676 15632 16720 17987 19031 

550 1775 2935 4083 5044 6056 7104 8206 9326 10429 11580 12702 13687 14682 15633 16746 17988 19097 

598 1776 2946 4098 5071 6057 7133 8210 9359 10430 11585 12704 13695 14686 15634 16758 18020 19098 

599 1779 2948 4103 5073 8078 7148 8220 9381 10450 11586 12713 13700 14699 15643 16764 18025 19103 

604 1786 2952 4113 5077 6106 7188 8224 9395 10460 11804 12718 13712 14720 15848 16775 18058 19111 

612 1828 2961 4189 5095 6127 7183 8246 9406 10462 11612 12725 13739 14727 15651 16778 18073 19118 

654 1869 3002 4198 5097 6144 7204 8269 9410 10472 11639 12742 13745 14729 156S5 16782 18008 19131 

672 1872 3008 4205 5099 6147 7218 8320 0454 10477 11654 12772 13748 14732 15680 18792 18101 19132 

684 1878 3029 4211 5106'6150 7219 8331 9465 10480 11694 12775 13749 14745 15692 1683G 18126 19158 

687 1883 3041 4227 5129 6155 7225 8335 9483 10482 11E98 12788 13779 14762 15717 16851 18130 19195 

688 IBM 3043 4243 5130 6176 7242 8336 9486 10499 11709 12738 1378ft 14769 J57I3 JG3S8 18132 19212 

696 1925 3056 .4253 5134 6207 7268 8344 9489 10501 11738 12807 13796 14794 15723 1G882 18136 19220 

697 1928 3065 4255 5151 6211 7333 8347 9497 10503 J1744 12809 13816 14814 15731 16902 18145 19222 

7Q7 1934 8069 4259 5152 6212 7334 8379 9508 10519 11745 12815 13849 14832 15734 16908 18150 192CO 

768 1942. 3080 4280 9154 6213 7341 8388 9537 10549 11750 12821 13854 14834 15759 16911 18162 19293 

778 2015 3088 4283 5196 6223 7347 8406 953E 10550 11759 12838 13856 14838 15767 16919 18173 13323 

780 2019 3090 4285 5208 6264 7357 8414 9540 10551 11774 12842 13882 14838 1 5770 16920 18181 19344 

789 2027 3100 4305 5209 6275 7360 8447 9542 10568 11793 12858 13884 14850 15777 16922 18198 19348 

810 2028 3115 4316 5213 8299 7364 8468 9567 10571 11827 12885 13885 14659 15B03 16923 18199 19350 

S20 £029 3119 4329 5218 8302 7384 8482 9575 10574 11844 13890 13898 14861 15814 16937 1820U 19359' 

838 2055 3123 4336 5243 6306 7387 8487 9596 10588 11852 12899 13906 14872 15832 1B950 18204 193H9 

849 2055 3133 4341 5256 6312 7392 8505 9598 10599 11874 12902 13908 14893 15838 16960 18206 19359 

867 2064 3163 4344 5257 6318 7384 8510 8600 10621 11877 12910 13910 14894 15847 15971 18210 1939L 

871 2065 3198 4345 5258 6329 7415 8513 9607 10636 11878 12960 13811 14905 15854 17052 18213 13394 

892 2067 3242 4351 5259 6333 7417 8513 9638 10637 11879 12968 13922 14910 158G4 17056 16222 19458 

904 2075 3287 4353 5295 6340 7419 8523 9653 10849 11886 12980 13928 14920 15874 17062 16223 IMS 

914 2093 3295 4364 5317 6343 7437 8535 9654 10661 11909 12984 13973 14926 15875 17071 18230 19497 

BIB 2109 3296 4392 5345 6347 7450 8563 9676 10662 11912 12985 13976 14940 15898 17074 18243 195LU 

910 21Z0 3300 4396 5365 8380 7462 8568 97J0 10693 11920 12986 1 3980 14947 15918 17081 18275 19513 

923 2J14 3309 4401 5367 6361 7476 8590 9713 10$97 11929 12987 13982 14964 15B20 17118 18315 l«52t 

938 3131 3356 4413 5368 8442 7502 8591 9719 10702 11945 12995 13983 14965 15954 17150 18317 19549 

944 2163 3359 4420 5402 6444 752 2 8595 9747 10704 11995 12996 13993 14968 15955 17152 18319 19554 

960 2175 3371 4423 5403 6446 7526 8635 9751 10705 12013 13001 14017 14981 15958 17155 18341 19578 

984 2176 3382 4424 5428 6448 7530 8648 9758 10716 12017 13003 14021 14995 15987 17158 18375 22003 

1031 2101 3412 4425 5458 6457 7531 8868 9758 10729 12033 13021 14024 14997 16013 17207 18377 22008 

1041 2196 8418 4434 5461 6459 7538 8874 9759 10733 12036 13037 14040 15010 10018 17209 18378 23010 

1043 2211 3415 4437 5467 6462 7616 8676 9762 10735 12037 13039 14060 15038 16017 17212 18393 22021 

1055 2213 3419 4445 5474 6467 7844 8677 9776 10738 12065 13057 14070 15031 16033 37243 18394 22046 

1319 2214 3420 4450 5493 6469 7646 8693 9777 10754 12077 13079 14071 15038 18039 17244 18414 22050 

1120 2218 3422 4456 5503 647S 7659 8726 9778 10755 12103 13065 14072 15051 18055 17265 18442 

1127 2238 3430 4490 5505 G49B 7660 8749 9783 10818 12124 13101 14080 15067 16057 17288 1844.1 

1159 2248 3431 4510 5537 6517 7gB9 8752 9784 J 0824 12151 13102 14084 15085 16069 17296 18456 

1168 2255 3441 4511 5542 6538 7724 8764 9787 10842 J2155 13113 14085 15102 16095 171107 18474 

1172 2271 3504 4514 5554 8543 7727 8765 9788 1 0889 12173 13140 14088 15107 16106 17314 18487 

1173 2274 3516 45lS 5556 6544 7736 8767 Mil 10907 12190 13141 14099 15119 16116 17336 18495 

1182 2283 3521 4517 5597 0548 7748 8779 9854 10920 12192 13148 14108 15120 16119 17339 15504 

1190 2300 3S24 4518 5558 6549 7757 8780 9864 10964 12203 13157 14109 15121 16123 17346 18513 

J193 2301 3526 4528 5562 6561 7765 8787 9896 10966 1S23S 13169 14110 15132 1C 124 17358 18520 

1226 2321 3560 4543 .5566 6571 7766 8791 9B98 10975 12238 13172 14112 15141 16131 17365 18523 

The Debentures specified above are to be redeemed for the said sinking fund at the Corporate 
Bond Serriees Department of the Trustee, 111 Wall Street, in the Borough of Manhattan, 
The City of New York, State of New York, the main offices of Citibank, NA. in Amsterdam, 
London, Paris, Frankfurt/Main or Milan or First National City Bank (Belgium) SA. or at the office 
of Kredietbank 5A. Laxembourgcoise in Luxembourg, as the Company's paying agents, and will, 
become due and payable on February I, I97S, at the redemption price of 100 percent of the principal 
amount thereof plus accrued interest on said principal amount to such date. On and afLer such date, 
interest on the said Debentures will cease to accrue. 

The said Debentures should be presented and surrendered at the offices set forth in the preceding 
paragraph on the said date with all interest coupons maturing subsequent to the redemption date. 
Coupons maturing on February 1,1975 should be detached and presented for payment in tbe usual 
manner. 


For CONTINENTAL TELEPHONE INTERNATIONAL FINANCE CORPORATION 


January 3 ,1978 


By CITIBANK, N.A„ 
Trustee 









12 


Financial Times Wednesday January 4 1978 


FINAlNiCIAL TIMES 

BRACKEN HOUSE. CANNON STREET, LONDON ECO* 4BT 
Wigniu: FLn&ntimo, London PS4. Telex: 886341/2, 883897 
Telephone: Ot-243 8000 


Wednesday January 4 1978 


Restoring the 
spending vote 


IN A BRIEF but important 
discussion just before the 
Christmas recess the Chairman 
of the Public Accounts Com¬ 
mittee, Mr. Edward du Cann, 
renewed the cal! already made 
by his Committee and by the 
Expenditure Committee for a 
unification of the historic system 
of supply votes, through which 
Parliament theoretically con¬ 
trols public expenditure, and 
the new system of cash limits, 
through which the Government 
actually controls two thirds of 
it. It now appears that the 
Treasury is ready to move in 
this direction shortly. It can 
hardly move too fast 

Ineffective 

The discussion in Parliament 
was extraordinary, because this 
brief exchange — four speeches, 
occupying 23 pages of Hansard 
—was the first occasion on 
which cash limits bad been 
debated on the floor of the 
House. In the two years since 
this crucially important inno¬ 
vation was introduced, it has 
been discussed only by specialist 
committees. The situation, 
being discussed was equally 
extraordinary. because the 
effective control over a large 
part of public expenditure — 
one of the two great powers by 
which Parliament has his¬ 
torically controlled the 
executive — has become almost 
entirely ineffective. The 
House holds one. generally 
bemused debate on the White 
Paper on public expenditure, 
which presents a five-year-plan 
in “real** terms — and decidedly 
confusing ones — and is not a 
control document at ail. It 
votes the money to support 
these programmes at current 
prices, as if there were no in¬ 
flation, and subsequently faces 
a series of supplementary votes 
to make up for the inflation of 
costs. These are passed on the 
nod. 

At no time in all this rig¬ 
marole are MPs presented either 
with a programme for spending 
which enables them to compare 
the actual sums likely to be 
spent, so that they can con¬ 
tribute sensibly to the discus¬ 
sion of priorities and costs, nor 
with a series of supplemen¬ 
tary which distinguishes 
dearly between changes 
which are general and inevit¬ 
able, and changes which are‘the 
result of new’ policies, or of 
failure in control. The cash 
limits which represent the 


Government's system of control 
in cost terms are not offered for 
a vote: any subsequent revision 
of those limits is authorised, 
without publicity, by the 
Cabinet. 

The need for a more realistic 
system hardly needs to be 
argued. In Parliament Mr. 
Denzjl Davies, Minister of State 
at the Treasury, put forward the 
odd notion that it would some¬ 
how be improper to ask Par¬ 
liament to endorse the pay pro¬ 
jections which are necessarily 
embodied in the cash limits 
raising the fact that it has no 
Parliamentary sanction for its 
present policy to a constitutional 
principle. 

It now seems clear that this 
was no more than a debating 
point and that Parliament 
should before long have a 
chance to discuss the important 
difficulties involved in offering 
a series of cash limits for a 
vote. The real substance of the 
point raised by Mr. Davies is 
whether it is desirable to ask 
the House to vote on a cash 
limit for the full year, which 
contains an implicit infiation 
forecast for the full year, or 
whether perhaps only a propor¬ 
tion of the money should be 
voted at the beginning of a 
financial year, so that the limits 
can later be reviewed in the 
light of experience. 

The second point is how far 
Parliament should be asked to 
swallow without question the 
different inflation forecasts at 
present built into each pro¬ 
gramme, to take account of 
what is called the relative price 
effect. If the level of service 
is sacrosanct, the RPE must be 
financed: but If costs are to be 
controlled, it must be ques¬ 
tioned. 

Proper system 

A third point, which was not 
raised in the discussion, is 
where the Parliamentary lime 
is to be found to debate the 
many questions raised by the 
expenditure programme in the 
detail they deserve. At the very 
least. Supply Days in the house 
might have to be devoted wholly 
to supply. If the result was to 
reduce the time available for 
legislation many people — 
including, one might well sus¬ 
pect, the present Prime 
Minister — would consider this 
an additional advantage of a 
proper system of Parliamentary 
spending control — and not its 
smallest advantage, either. 


Coal as well 
as peace 


IT SEEMED to be a defeat for 
the Government's pay policy as 
well as for the National Coal 
Board when the miners' union 
decided, first at its annual con¬ 
ference and subsequently in a 
national ballot, to turn down 
the Board's production incentive 
proposals in favour of a flat and 
exceedingly large wage claim. 
Early last month, however, the 
union executive effectively 
reversed this decision by ruling 
that incentive schemes could be 
introduced on a local rather 
than a national basis. Opinion 
has swung heavily in favour of 
such schemes since then, 
especially since the failure of 
an appeal to the High Court to 
find the executive's action un¬ 
constitutional. and even those 
areas most opposed may come 
round when they see others 
getting more money than them¬ 
selves. Of the three which took 
the unsuccessful legal action, 
Kent began to vote on the issue 
yesterday and South Wales does 
so next week: Yorkshire is 
holding its hand for the time 
being. 

For all the strong feelings 
generated by the issue of incen¬ 
tive schemes, it is at the moment 
quite impossible to gauge their 
practical effect. The opponents 
have argued that the Board is 
proposing a return to simple 
piece rates. That is not the 
case. Targets are to be worked 
out for each pit according tu its 
individual characteristics and 
incentive payments are to be 
related to these targets. 

Productivity 

Although these targets are 
now being worked out. where 
the men have voted for incen¬ 
tive schemes, between local 
Board and union officials, no¬ 
body can tell until the process 
is complete how much harder 
the miners will have to work to 
earn how much more extra 
money. It is undoubtedly true 
that the idea of an incentive 
scheme was supported by the 
Government as a way of 
recognising the miners’ claim to 
be a special case without 
giving them a large increase in 
basic pay. it might be 
assumed, therefore, that Ihe 
targets will be set at a level 
where a good many miners will’ 
get more money at once with- 


t 


out having to produce much 
more coal for it. 

This would almost certainly 
be too cynical an assumption. 
The Coal Board is out to get a 
major increase in output and is 
hoping for an increase in pro¬ 
ductivity of perhaps 15 per cent. 
The reason is straightforward. 
In 1974 the Government agreed 
wfth the Board and the union 
to finance a major expansion of 
the industry in return lor the 
introduction of an effective in¬ 
centive scheme. But the union 
refused then to accept anything 
more than the idea that any 
national improvement in pro¬ 
ductivity should entitle all 
mineworkers to extra pay : and 
productivity, as a result, has 
fallen steadily. If the new in¬ 
centive proposals were to have 
as disappointing a result, the 
future of the expansion plan 
would be put in serious doubt, 
as the Prime Minister hinted 
this week-end. The Government, 
like the Coal Board, wants more 
coal as well as industrial peace. 

Alternative 

It will be interesting to see 
how much these two aims con¬ 
flict with one another over the 
years—how difficult it will be, 
in other words, to set targets 
for an individual pit which are 
regarded as fair not only by 
those who work in it hut. also 
by those who work in other pits. 
One of the arguments most in¬ 
sistently advanced by union 
leaders opposed to incentive 
schemes was that they would 
tend to be divisive and weaken 
the cohesiveness which has 
been established since 1966, 
when a system of piece rates 
was replaced by the flat-rate 
which has been the rule from 
then until now. But in some 
firms (British Leyland is a not¬ 
able example) there seems to 
be a tendency to alternate from 
decade to decade between one 
system of payment and another, 
presumably because of shifting 
preferences among the workers. 
The Coal Board seems to have 
been right in thinking that a 
majority of miners are at pre¬ 
sent in favour of an incentive 
scheme. Once this is estab¬ 
lished. it will have to be on the 
watch for another change of 
mood. 




Why Europe should go all out 
for fast breeder reactors 


BY ALAN COTTRELL 


T HE ENERGY crisis four 
years ago was due to the 
sudden switch from low- 
price to high-price fuel. The 
energy crisis for the next 40 
years will be due to the gradual 
but Inexorable shift from low- 
cost to high-cost fueL The last 
crisis was political and financial, 
I'tbe next will he mainly techno¬ 
logical and industrial. To deal 
with it, gigantic amounts of new 
investment will be needed; and 
also time, to bring new energy 
industries into being. For most 
of Europe, the coming energy 
crisis will he upon it much too 
quickly to allow this. 

A country’s energy needs rise 
with its Gross National Pro¬ 
duct. At present, the require¬ 
ment is about 1 barrel of oil, 
or the equivalent in other forms 
of energy, for each $100 of GNP. 
When oil cost only $2 a barrel, 
this meant that a country could 
satisfy its energy needs from 
about 2 per cent, of its GNP. 
But to-day’s high energy prices 
make much larger holes in 
national economies. The shock 
of the $10 per barrel rise in 
oil prices in 1974, followed by 
other energy price increases, 
obliterated growth in the con¬ 
sumer countries for two years 
and left their economies in a 
prolonged state of recession, as 
is particularly evident in the 
present crisis in the steel in¬ 
dustry. 

The relation between energy 
consumption and GNP is not 
absolutely fixed, of. course. 
Switzerland and Sweden achieve 
almost as much GNP, per capita, 
as the U.S. and Canada, on only 
about half the energy consump¬ 
tion. Britain’s poor showing on 
this basis—taking twice as 
much energy as France, per unit 
of GNP, and nearly 1^ times 
that of West Germany—is pro¬ 
bably less due to profligacy 
than to poor industrial produc¬ 
tivity. 

In the course' of time, the 
energy/GNP ratio can be re¬ 
duced through energy conserva¬ 
tion. It is usually easy to save 
the first 10 per cent., but very 
hard to push the figure beyond 
20 or 25 per cent. In any case, 
a lot of time is needed to bring 
about the necessary changes in 
social habits and industrial 
practices. The recently an¬ 
nounced plans of the Depart¬ 
ment of Industry, that is to save 
S700m. a year of energy con¬ 
sumption through better in¬ 
sulation of buildings, are aimed 
at 1987. The EEC’s target is to 
conserve 15 per cent, energy by 
1985. Averaging about 2 per 
'cent a year, this would offset 
only half of the extra energy 
demand required to cover a 4 
per cent per annum growth of 
GNP. 

With growth of at least this 
magnitude seen as the only way 
to hold back unemployment 
over the nest decade, most 
Governments are committed to 
general economic policies which 
imply large future increases in 
the consumption of energy. In 
fact in spite of the oil shock of 
1974, the OECD countries are 


now more, dependent upon im¬ 
ported energy than ever before. 
West Germany imports well 
over half of Its energy; France 
and Italy, threequarters; Bel¬ 
gium. Ireland and Denmark, 
still larger proportions. Almost 
unbelievably, even the U.S. has 
increased its oil imports from 
about one-quarter of its total oil 
in 1970 to nearly half to-day. 
The North Sea has of course 
transformed the position for 
Britain, Holland and Norway, 
and it is expected that, in the 
early 1980s, Britain will be the 
world’s only large developed 
country in a position to export 
energy. 

The North Sea, together -with 
similarly new'developments in 
Alaska and Mexico, should be 
able to meet the likely increases 
of world oil requirements, total¬ 
ling about 5m. barrels per day, 
until about 1980. There is in 
fact even a small surplus of 
world oil production at the 
moment But after 1980 the 
inexorably growing demand for 
oil will catch up with produc¬ 
tion again and the pressure will 
come back on OPEC, especially 
Saudi Arabia, to increase its 
output 

The OECD estimated last 
year, in its World Energy Out¬ 
look. that if their economies 
grow at 4 per cent a year the 
OECD countries would by 1985 
need a total energy equivalent 
to over 100m. barrels a day. 
whicb dwarfs the likely maxi¬ 
mum North Sea output of about 
4m. b/d. It is disappointing 
that despite the attractive new 
commercial opportunities open 
to producers, stemming from 
the spectacular rise of energy 
prices, the OECD group is con¬ 
tinuing to become more depen¬ 
dent not less, on imported 
energy, whicb now provides 
one-third of its total require¬ 
ment Particularly disturbing 
in this is the loss of self-suffi¬ 
ciency by the U.S., where the 
domestic oil production has 
dropped 13 per cent below the 
1970 peak and the national gas 
production has declined 12 per 
cent since 1974. 

Depreciating 

dollars 

According to its estimates, 
the OECD group will have to 
import some 35m. b/d of energy 
by 1985, whereas OPEC is un¬ 
likely to be able to produce 
more than 38m. b/d. But that 
is only the start of the prob¬ 
lem. There Is a lot to be said, 
from OPEC's point of view, for 
restricting production, on the 
basis that oil in the ground is 
of greater long-term value than 
a surplus of depreciating dol¬ 
lars in the bank. At the same 
time, if growth goes on, then 
OECD's needs for energy can 
only go up and up. Jts esti¬ 
mated imports for 1990 are 
40m. b/d; and by the turn of 
the century even Britain may 
have to join the queue of 
energy importers once more. 



Sir Alan Cottrell—Vice-Chancellor of Cambridge University. 


Tern/ Kirk 


In whatever way one looks 
at it, a real gap between world 
supplies and needs will begin 
to open up in the 1980s. If 
OPEC is unwilling or unable to 
meet the ever-growing demand, 
going on from there into the 
next century, what will hap¬ 
pen? The U.S. could, I sup¬ 
pose, still get by if it had to, 
since imported oil still pro¬ 
vides only about one-fifth of its 
total energy consumption, and 
since it has plenty of oppor¬ 
tunities for energy conservation 
and .for extracting more oil 
from local sources. 

But what about Western 
Europe? The North Sea at 
best could only meet about a 
quarter of its oil needs in 19S5. 
It would be unrealistic to think 
of Western Europe providing 
more than about one-quarter of 
its energy from its own coaL 
Indigeneous natural gas sup¬ 
plies also are unlikely to meet 
more than about two-thirds of 
the demand for gas in the 
1980s. The energy figures 
simply do not add up, for 
Western Europe in the closing 
years of this century. Yet. when 
it comes to pass, balance they 
somehow will, even if it means 
that Europe is forced into a bed 
of Procrustes. 

What is to be done ? If there 
were 40 years in which to solve 
the problem there would be 
time—just about, with a 
vigorous programme started 
now—to create major alterna¬ 
tive energy industries, to take 
over when the present oil runs 
out The North Sea has in fact 
given Britain exactly such a 
golden opportunity, but it is 
most dismaying to see these few 
precious years being thrown 
away by the lad; of planning to 


meet the coming energy crisis. 

Where such actions could 
make sense, here in Britain, 
they are not being taken. Where 
they cannot solve the far more 
Imminent problem, as in much 
of Western Europe, they are 
being taken. Given 40 years or 
so. to build up large nuclear 
and other programmes, the 
energy problem could be solved, 
with difficulty. But, on a time- 
scale of 10 years, it is plainly 
impossible. 

The most that can be hoped 
for, in the 1980s. is that Wes¬ 
tern Europe's overall energy 
imports do not rise above the 
present level, equivalent to 
some 14m. b/d. The main basis 
for this hope lies in North Sea 
oil, the output of which is ex¬ 
pected to peak then. North Sea 
gas will also make a steady con¬ 
tribution. Coal and nudear 
energy are less promising. Des¬ 
pite the Coal Board's plans and 
the Government's support the 
output of coal in Britain 
dropped last year to only 122m. 
tons. Even if the 1985 target 
of 135m. tons could be achieved, 
the effect is iMkely to me nulli¬ 
fied. so far as Europe is con¬ 
cerned, by an expected further 
decline in Wort Germany's out¬ 
put of hard coal. 

As regards nudear energy, 
Europe’s plans for a great pro¬ 
gramme have now faltered 
badly, particularly in Germany, 
under the pressure of skilfully 
planned and sometimes violent 
political agitation. Other energy 
sources, such as hydroelec¬ 
tricity. and solar, wind, wave 
and geothermal energy, could 
only make trifling contributions 
for many years to come. 

A continuing massive impor¬ 
tation of energy, equivalent to 


at. least 14m. b/d, is thus in¬ 
escapable for West Europe (but 
not for Britain; and it will be 
disgraceful if, through indeci¬ 
sion, timidity and idleness now, 
Britain becomes a large energy 
importer once more, at the end 
of the century). The drain on 
external payments will be 
gigantic, reaching the order of 
$100bn. annually as the world 
approaches the era of high-cost 
fueL 

High-cost 

energy 

Uxiless there is a political 
disaster, it seems likely that 
high-price fue.l will still be 
available on world markets, for 
Europe to buy if it can. The 
limited capability of OPEC to 
meet the growing demands of 
the future is only one half of 
the story. The other half con¬ 
cerns all the new supplies of 
high-cost energy which, in the 
course of time, could come on 
to world markets at, say, $20 a 
barrel (to-day’s prices). In¬ 
creased extraction from exist¬ 
ing oil wells, including those at 
present of marginal economic 
value; oil from shales and tar 
sands; new and distant coal¬ 
fields, for example, in Australia 
and South Africa; synthetic 
natu rai-gas from coal: ill these 
and other additional energy 
sources could become large 
additional contributors in a 
world of high-cost fuel. 

There seems to be no escape 
for Western Europe (and other 
developed countries) from 
having to set aside some 10 to 
15 per cent of GNP for energy, 
from now onwards. It also 
seems unavoidable that half of 


this will have to be spent over¬ 
seas. on imported fuel, for 
several years to come. What 
options does Europe then have, 
in energy policy? There is no 
physical shortage of energy in 
the world. We could fully meet 
our needs, but only at high coat 

There are two quite different 
ways of going about this. The 
first is to pay the high fuel 
prices necessary to bring forth 
the high-cost sources. The 
trouble for Europe Is that this 
largely means paying oat on 
world markets, to buy fuel from 
abroad. The alternative—ai- 
though it takes time to develop 
—is to invest in capital equip¬ 
ment designed to cut the fuel 
bills. The advantage here of 
course is that the money can 
then be spent at home, in one’s 
own industry, and additional 
jobs created with it. 

These schemes for capital in¬ 
vestment fall into two groups. 
In the first are those for energy 
conservation, ranging from the 
simplicity of warm clothing, 
lagging of buildings, housekeep¬ 
ing in industry, and bicycles 
and public transport, to the 
complexity of district heating, 
combined heat and power sys¬ 
tems. regenerative equipment, 
and heat pumps. The great ad¬ 
vantage of many of these con¬ 
servation schemes is that they 
could be brought in quickly, 
given a mure vigorous policy 
than at present, to make an im¬ 
pact early in the 1980s. Some 
can also give an excellent re¬ 
turn. in terms of energy saved 
per pound spent It should be 
an over-riding responsibility of 
European governments to go all 
out for energy conservation. 

The second group of invest¬ 
ment schemes is intended to 
tap the earth's really huge 
energy sources; for example 
through solar and nuclear 
energy, water, wind, and geo¬ 
thermal power. Among these, 
there is only one solid candi¬ 
date at the present time—the 
breeder nudear reactor. While 
it is right to press on vigorously' 
with research into other pos¬ 
sible new energy sources for the 
future, tile fact is that the only 
technically and economically 
assured major new energy 
supply, which could be fully 
available on a large scale to 
Europe within the next 40 
years, is electricity from 
breeder reactors. 

Non-breeder reactors, such as 
those in use to-day, cannot pro¬ 
vide this assurance, because 
their nudear fuel supplies will, 
without breeding, soon become 
severely limited. The other 
alternatives are either too small 
or too speculative to form, a 
basis for a responsible new 
energy policy. As with energy 
conservation, it should be an 
over-riding responsibility of 
European governments to go 
all out for breeder nutlear 
ppwer. 


Sir Alan Cameo. Matter af Jem Co*- 
Jew. Cambridge, was rcccnttv avnomtsi 
VfCE-CJMnrtflor 0/ We UHtocrottv. R* tr- 
a metalbu-But and from 197] to U7-J was 
Cteef SrfcnittTic Adriwr to fte BrMtii _ 
borentmcnL 


MEN AND MATTERS 


Job on the 
State gusher 

Lord Bafogh’s decision to retire 
from has post as deputy chair¬ 
man of the British National Oil 
Corporation does not mean that 
he is severing all links "with the 
body he fought so hard to get 
established. He will be staying 
on as economic advisor and. con¬ 
tinue to work three or four days 
a week, 

But the creation of a vacancy 
in the highest echelons of BNOC 
is expected to open up a fierce 
political and inter-departmental 
debate over the right man for 
the job. He will have fo be a 
very tough individual indeed if 
he is to make his mark along¬ 
side Lord Kearton, -who has a 
reputation for running BNOC 
with the same sort of tight con¬ 
trol which he showed at 
Conrtaulds. This is particularly 
true if Balogh’s successor. is 
chosen with an eye to his 
succeeding Kearton as chair¬ 
man when Kearton—who is 67 
next month—-also derides to 
bow out from a job so 
intimately -connected with 
Britain's economic hopes for 
the next couple of decades. 

BNOC is, of course, still a 
very youn gaolmal and Kearton 
obviously enjoying the 
chal-lenge of building up a major 
state presence in the oiJ explora¬ 
tion and production field. A 
Labour victory at the next elec¬ 
tions would ensure strong 
political backing for tbe con¬ 
tinuation of this process. But 
there is still enough doubt over 
the likely election ‘ result to 
ensure that whoever is even¬ 
tually chosen to replace BaJoeh 
will not only be e highly 
experienced oilman, but also 
someone schooled In the finer 
art of political in-fighting and 
corporate self-preservation. 

Balogh himself is full of 
praise for Kearton: “Although 
BNOC is* still a Hedging it is 
making a major contribution 
to' the off-shore industry.It 


has made fantastic progress 
under Lor dKearton — I don't 
til ink anybody else could have 
done it," he said yesterday. 

As former economic adviser 
to Harold Wilson, the 72-year- 
old Balogh is no stranger to 
deep thoughts on the wider 
implications of economic policy 
decisions. But he is also aware 
that energy forecasts are the 
graveyard of economists’ repu¬ 
tations. A long-time believer in 
the idea that the oil companies 
deliberately and systematically 
underestimate any oil find they 
are currently involved in, 
Balogh has latterly come 
around to the view that the most 
optimistic assessments of poten¬ 
tial new finds in the North Sea 
and elsewhere are too high. 

But his conviction that 
Britain’s new oil wealth must 
be re-invested to build up tbe 
industrial base at borne and not 
Invested overseas remains 
unshakable. 



Border watch 

The escape into Lesotho by 
banned editor Donald Woods 
focuses attention upon the sen¬ 
sitive status of the three former 
British protectorates who share 
borders with South Africa! 
Serving as getaway routes for 
refugees means that Lesotho, 
Botswana and Swaziland must 
take calculated risks; decisions 
are often related to the politi¬ 
cal leanings of both fugitives 
and temporary hosts. 

There have been cases of 
wanted men being hauled back 
to South Africa from Swaziland 
—which is anxious through its 
own internal uncertainties to 
keep on good terms with 
Pretoria. . 

What this means is shown by 
tbe Swaziland Passport (Amend¬ 
ment) Order 1977. which is 
retroactively effective to 
January 1 last year, and makes 
it a crime for any person to 
leave Swaziland without a 
passport either issued or 
recognised by the local 
security service. Anyone 


“ Of course. Minister, an 
extra 5 per cent, in the pay 
packet might be acceptable * 
as long as It is in triplicate! ” 

caught doing so is liable to be 
punished as if guilty -of treason. 

The clear assumption is that 
anyone trying to leave Swazi¬ 
land illegally intends to become 
a guerilla. With this in mind, 
the order imposes on the accused 
the obligation of having to 
prove that he “did not intend 
joining the armed forces in a 
foreign country or to undergo 
military training there.” 
Lawyers consider that the order 
applies equally to Swazis and 
to foreigners — who -will almost 
invariably be refugees from 
South Africa. 


Bang off target 

Xf Peter Walker means to pro¬ 
mote himself as the Tories' 
sharp-shooter, he will have to 
watcb out that the bullets do 
not ricochet so often. Yesterday 
Mr. Walker distributed hj 
advance the speech with which 
last night he clearly meant to 
stir the blood of a fanning 
audience in Pershore, Worces¬ 
tershire. One headline-seeking 
paragraph proclaimed: “John 


Silkin's salary should be 
stopped immediately. It is the 
Irish and tbe Danes who should 
be paying his salary, for it is 
their agriculture he is expand¬ 
ing.” 

Sad for Mr. Walker that Mr. 
Siikin has never taken his 
ministerial salary, which would 
total £16,000 if he did. The 
Cabinet has an establishment for 
“17 ministers of the first rank 
(in status, not ability, which is 
another stozy). and when a 
reorganisation put it two over 
the top. Siikin and Harold 
Lever, neither of whom is 
exactly impoverished, volun¬ 
teered to forgo their bit extra. 
Nevertheless, Siikin labours 
away at the Ministry of Agri¬ 
culture for no more than his 
HP’s salary (£6,270) plus £3,500 
secretarial allowance. Surely 
Mr. Walker does not suggest tbe 
Danes and the Irish should pay 
that? 


Read that again 

As any hardened reader of 
government handouts will 
vouchsafe, reading between the 
lines is usually more important 
than a straight perusal of the 
words themselves. Occasionally 
however, the occasional 
Freudian slip sheds a beam of 
light on the inner workings of 
the bureaucratic mind. One 
such example comes from the 
Department of Prices and Con¬ 
sumer Protection and reads as 
follows — "Mr. Roy Hattersley 
- . . will be visiting the UB 
from Tuesday, January 3 to Fri¬ 
day. January 6, to discuss 
general aspects of competition 
and counter-information policy 
with officials of the American 
Administration.'’ 

It goes on to say that he will 
be in New York on Thursday, 
where he will speak on “The 
UK. and North Sea Oil” at a 
Press luncheon organised by the 
British In formation Service. I 
just thought Td let them know 
what to expect 


Observer 


Set sail 
for^Jarls 
SSourt 

The January issue of Yachting World has a 
16 page section specially designed to help show 
visitors their way around Earls Court. 

To Russia with Barbican... 

The Editor gives his impressions of the first part 
of an 80 day cruise to Tallinn, venue for the 
1980 sailing Olympics. 

Plus - a new idea in competitions - how best to 
spend £2,500 on the extras for your new yacht. 

A £250 prize goes to the person who spends 
the money most wisely. 

Plus - hundreds of boats for sale. 




-our biggest ever issue-on sale today 60p.'-- 














■ ’o-" USa 


«»r\ . , 

^ i?j- s 


• Knandai 'nines Wednesday January 4 1978 


v ^ AA rr SB . weunesaay January * i»7o 

u * The threat to farmers 


By JOHN CHERRINGTON, Agriculture Correspondent 


■■ . 


i * 


r.j.ry.. 


■\VTIO OWNS ’the nation’s 
]and?” is becoming an emotive 
issue among farmers. They feel 
that their future, or that of 
their children, is being 
threatened hy three things in 
particular. These are: capital 
taxation: .the purchase of.iand 
by institutions—insurance com¬ 
panies, pension funds and in¬ 
vestment trusts —and by 
foreigners; and the installation 
of farm managers instead of 
tenants by these interests. In 
addition, tenancies are very 
hard to get anyway, and are 
lUcely to become even scarcer. 

It was in response to these 

protests that Mr. John" Silldn. 
the Minister of. Agriculture, set 
up a Committee under Lord 
Northfield to explore the situa¬ 
tion. Lord Northfield held the 
first of a number of public 
meetings in- • Chelmsford 
recently when the 70 or more 
farmers present gave vent to 
their anxieties on all these 
scores. 

There Is no doubt that 
changes are being forced on 
the pattern of landowning. 
Until about 15 years ago it'was 
possible to buy or rent a farm 
at a cost which would hot look 
too outrageous In economic 
terms. About £100 an acre 
■would buy reasonable land in 
many districts and long-term 
loans through the Agricultural 
Mortgage Corporation were to 
be had at around- 63- per cent. 
To-day similar farms are cost¬ 
ing the best part of £1,000 an 
acre and a fixed AMC loan costs 
121 per cent. 

There is no way In which 
general farming can possibly 
justify this degree of capital 
investment, which effectively 
prevents individuals even with 
substantial capital assets from 
starting farming. Blit the 1 
increase in land values has' a : 
much more serious effect on 1 


those already farming. If a 
farmer should die possessed of 
any substantial acreage and 
fanning stock, his liability, 
under Capital Transfer Tax 
could be- crippling, in spite of 
the concessions which effec¬ 
tively give relief of around 
50 per cent to farming and 
other small businesses. 


Family trusts 


For instance, according to 
sales reported, farm land has 
increased in value by about £200 
an acre since the beginning of 
last- year. So the owner of 300 
acres will find his property has 
appreciated by £60,000. Even 
if he qualifies for 50 per cent 
tax relief his successors will 
have to 1 find the money to pay 
the CTT on an extra £30,000. If 
an ownero ecu pier dies, his 
estate is usually valued at 
vacant possession value, ‘ as 
determined by sales on the 
open market If on the other 
band the land is let. Che valu¬ 
ation has to take Into account 
the rental value of the holding 
which produces a very much 
flower figure. . ' ' . 

For this reason many farms 
-are held, in family trusts or .by 
’other arrangements, which en¬ 
sure this lower valuation, and 
the trend is .almost certain to 
-continue: Nevertheless even 
‘with this assistance the.cost of 
CTT could be'a very serious 
load on the viability of the 
farm in the future. 

Farmers are particularly 
■aggrieved that die institutions 
have no such taxes to pay on 
the farm land they own, that 
the institutions' land can there¬ 
fore “ continue forever ” and 
that the chances for an indivi¬ 
dual to enter farming are 
Correspondingly reduced. They 
feel that in the end, in. spite 
of the budgetary concessions. 


j they or their families will have 
; to leave the land.' •, 

The rising cost of land is not 
’■ the fault of institutions alone 
: by any means. According to 
sales reports, the major propor¬ 
tion of land sold is still to other 
fanners seeking to expand 
their acreages. Purchases by 
foreigners are negligible. The 
highest proportion I have seen 
for institutional purchase of the 
land on offer in one three month 
period was 20 per cent. This 
means that the major thrust to 
the market must be coming from 
fanners. Where the institutions 
have really made an impact is in 
the purchase of gooa land, par¬ 
ticularly in the arable areas of 
East Anglia. For the past five 
or six years this has been the 
most profitable sector and their 
advisers have chosen well. 

How much further this 
trend will *,continue is difficult 
to. estimate.. The amount of 
money seeking investment in 
the hands of the institutions is 
enormous. Even if only 0.6 per 
cent, annually is devoted to agri¬ 
culture this could amount -to 
£50m. for the 1 or 2 per cent of 
the county's land which Is mar¬ 
keted annually. The institutions 
can afford to wait a long time 
for capital appreciation, or for 
farm profits to improve. 

About 40 per cent, or the 
country's farms are let by pri¬ 
vate landlords. The tenants and 
their families can have absolute 
security for at least two genera¬ 
tions as long as they keep to 
the terms of their agreements 
and farm the land well. This 
security of tenure is a vexed 
question with landlords. Farm¬ 
ing is much more profitable now 
than it used to be. and many 
landlords would like to be in-' 
volved themselves. 

Present taxation policy dis- t 
criminates against the private 
landlords. They do not enjoy < 


! the relief from CTT available 
to farmers, and their rents axe 
t classed as investment income 
. and subject to its surcharge. Be- 
i cause of these disabilities only 
. a tiny minority of private land- 
• lords issue fresh tenancies when 
I farms become vacant. In eorr 
r sequence there is great difficulty 
s in finding farms for young men 
to start farming. Most large 
farmers, it is claimed, started 
as tenants. 

However, some farms are still 
being let by institutions and a 
few private landlords, and there 
is some letting on a partnership 
basis. This last does not involve 
a fixed tenancy and gives the 
landlord an involvement in the 
actual farming profit or loss. 

What is forgotten Is that 
farming is never easy to get 
into when times are good. Most 
of the established families 
fanning to-day started in the 
depression between the wars 
when landlords were at their 
wits’ end to let their farms. At 
that time the whole of 
Hampshire and many other 
arable counties could have been 
bought for less than £20 an 
acre. 

Tax burdens 

At the turn of the century 
only 10 per cent, of farm land., 
was held by owner-occupiers. 
The balance was tenanted. 
Owners farm about 50 per cent, 
of the land to-day. Ironically 
some of those who are making 
the greatest fuss about being 
forced to sell or give up their 
farms are individuals or their 
sons who benefited in the past 
from the depression and 
death duties, which severely 
reduced the old landowning 
classes. 

Comparisons , with Europe 
show that British farmers and 
landowners are at a serious tax 
disadvantage. Only in Denmark 


are succession taxes pitched at 
anything like the British scale. 
On the other hand there is a 
free market in land here 
which makes it possible for 
anyone with tbe money to bid 
and buy land—something which 
is almost impossible in most 
EEC countries, where farm size 
is deliberately restricted to a 
family holding. 

Legislation is now before 
Parliament in France which—if 
enacted—will make it impossible 
for anyone tu have more than 
what could be termed a one- 
man family farm for livestock 
production. This has come 
about because the French 
farmers fear the creation of the 
sort of massive intensive units 
which have become quite 
commonplace in Britain. 

Such legislation is unlikely in 
Britain if only because at the 
moment there is no real demand 
for it among fa-nners. Our 
fanners are free enterprise, 
competitive characters and they 
do not wish to live in a world 
where expansion, which few 
achieve, is no longer open to 
them. Many would feel frus¬ 
trated if they knew they could 
□ever aspire to more than a one 
or two-man holding on the 
European model. The fact that 
such holdings can. at EEC 
agricultural prices provide their 
operators with a very comfort¬ 
able living, is beside the point. 

However, it is probable that 
present taxation, and the 
limitation of CTT relief to a 
sum of £250.000 or 1,000 acres 
whichever is the larger, wjU 
tend to keep individual land 
holdings smaller than at pre¬ 
sent One fanner told Lord 
Northfield's Committee that the 
cost of passing on his awn 500 
acre farm had now risen to 
£250,000 following land sales 
near him at over £1,500 an 
acre. 



Will the price of land, which 
is the villain in farmers' eyes, 
go on rising? No one knows, but 
there is some evidence that it 
might. First of all. as Mark 
Twain once said, no one is 
making it any more. Also, 
between 40,000 and 50.000 acres 
are being lost to farming every 
year for providing roads and 
building Jand. 

It is probable that the earn¬ 
ings from farming at present 
and from projected prices nf 
produce would only justify land 
prices of about half the present 
levels for the best land, and a 
good deal less for the worst. 
High land prices in relation tn 
earnings are a feature in most 
of the EEC member Stares and 
reflect the determination of 
farmers to hold onto their farms 
and increase their size if they 
can. from the small amounts 
of land which come on the 
market. 

Institutions will probably go 
on buying, not from any know¬ 
ledge of agricultural economics, 
but because land is an invest¬ 
ment which over the last 30 
years has shown a far better 
rate of growth and defence 
against inflation than almost 


any other security. It could 
be said, however, that some uf 
the appreciation in value has 
been-due to their own continu¬ 
ing investment in a scarce com¬ 
modity. 

Is the present situation harm¬ 
ing farming? Hard as it may 
be for some farmers to 
stomach, it does not make much 
difference to production who 
farms the land, whether it be 
an jnst-itutinn through managers, 
or individual farmers. Some 
institutions claim that they pro¬ 
vide a better avenue for a farm¬ 
ing career than do individual 
farms. This is true, but they 
do not provide seir employment, 
which basically is what most 
farmers want. 

What can be done about it? 
The simplest way out til any 
government thought it desir¬ 
able! would he to value holdings 
for CTT not on their vacant pos¬ 
session value but on a rental 
or earning basis. Onlv if they 
were sold subseauently should 
they incur the full -imposition 
of tax. 

Alternatively some land could 
be handed over to the State in 
payment of CTT. and then be 
rented back. Staunch Con¬ 
servatives that they are, farmers 


would hate their land to be 
nationalised. But they would 
probably compromise with their 
principles in order to keep 
possession of their holdings, for 
themselves and their families. 

It is very unlikely that these 
measures would help the keen 
young men pouring out of the 
colleges and universities to get 
into farming. Farmers do not 
retire easily, only giving way io 
their sons on their deathbeds 
in many cases. The young men 
must wait for the nest slump 
or do something else if they 
wish to be self-employed. 

No one knows when the next 
slump will come. British farm¬ 
ing in the past has been 
cyclical. Since the beginning of 
the 19th century there have 
been three great booms. The 
first ended with Waterloo, the 
second lasted from 1540 to 1579 
and the last one began in 1940. 
No one at the time thought thev 
would come to an end. but they 
did. Land prices never rose *o 
high as they have done this 
time, hut as an illustration of 
what could happen, my own 
farm was sold in the 1860s for 
£60 an acre and never reached 
that figure again for nearlj 100 
years. 


Letters to the Editor To-day S s Events s® 

PpOnlp a f occupied or not, who have not (pace Oxbridge) has tradition- 12) erf PRS's failure to give mem- j,erK^ ®® cial reserves (Decern nMjona | education con- or London, attends Founders' ^R^aMBallet dance The sicenin~ 

ireupie dl the .slightest intention of pur- ally been a pfajhstme and under- bers the relevant information on MoDtbJy meeting of National ference opens, London. Company dinner. Mansion House. BeaSt.v Coviri Garden w e"' 

■■ chasing, but whether, or not they educated country" we hang our the new voting system which he Economic Development Council to Assistant Masters’ Association E.C.4. 730 Dm ’ 

WOTK have,quite airiiy make a promise, heads with wide-eyed shame— claims “was announced in de- discuss methods .of developing conference opens, Cyncoed Oxford Farming conference ’London Festival Billet nerform 

to buy, which they do not keep, puzzled as to why there should tail” last May. next stage of Government's indus- College, Cardiff (until January6 ). continues. The Nutcracker Royal Festival 

r ram Mr. D. Wallace Bell The unfortunate seller is left in apparently be an excess of Six months later, however, trial strategy and plans for re- North of England Education OFFICIAL STATISTICS Hall, S.W.L 3 u m and 7 3ti pun 

Sir,—Would it not be possible limbo for several weeks, until foreign studentB seeking “ the PRS informed all members on constituting the Roll Committee conference begins. York Uni- Capital issues and redemptions LUNCHTiitTE MUSIC 

in this New Y?ar for.the Govern- he realises that there is going to education that Britain mav be November 1 that: “the Council on Finance for Investment. versity (until January 6). . during December. Investment SL Olave. Hart Street, E.C.3, 

ment to provide figures for the be no sale. able to provide." has not yet finaHy decided on ,, pr ™5 Minister on tour of Meetings of CBI Smaller Firms intentions of manufacturing, dis- 1.05 p.m. Elaine Mencher i pianok 

number of people employed, as I believe that many of the in- Wbat confuses me most how-the precise (voting criteria) Bangladesh. India and Pakistan. Council, London, and its West tributive and service industries Church of the Holy Sepulchre, 

well as for those unemployed? stances of alleged “gazumping" ever, is that the end of Britain's figures which it will recommend Mr.RoyHattersley. Pricesbecre- Midlands Regional CouncH.Sutton (1978-70). Holborn Viaduct. E.C.1, 1.13 p.m. 

^^“^Mssai ~e^ u Lie?vk wou ^ srwfit’sss c,. b "ssl .».»». r r ,u, wa'sia 

Sarfe m sMBassra: ?,r r- ln —s-Awa srsst SgssLsrssLS** jHHS: 

«n?v S, T The 1S t K,smoD 11 m»y iSlnlffi ™»" ° f Twcftr,- Sir Peter Vanned. Lord H,»r DOyJy Carte Company in .piano,.’ 


People at 
work 

From Mr. D. Wallace Bell 


r 1 that: “the Council on finance far investment. versuy turnu January . during December. Investment SL Olave. Hart Street, E.C.3. 

yet finally decided on Prime Minister on tour of Meetings of CBI Smaller Firms intentions of manufacturing, dis- 1.05 p.m. Elaine Mencher t piano*. 
?ise (voting criteria) Bangladesh. India and Pakistan. Council. London, and its West tributive and service industries Church of the Holy Sepulchre, 
hiefa it will recommend Mr. Roy Hatteraley. Prices becre- Midlands Regional CouncH. Sutton (1978-70). Holborn Viaduct. E.C.l. 1.15 p.m. 


V: been lost. This is- not neces-' iag it Only after they have H. L. Benjamin. tunity of considering, in the light 

sariiy true. Tbe position may made the promise do they start Stokhoe Hall. of the latest (1976) earnings 

be that there are actually more making inquiries about borrow- Kin&s Lynn. Norfolk. figures wbat would be the exact 

people in employment, but if mg the money they need, .and \ _ result in terms of votes, of 

. the numbers entering the labour only then do they begin to' dis- . m adopting the criteria already 

\ market exceed the sum of those- cover the difficulties. Sometimes rmTIAT’f’ fllltlPQ provisionally decided upon . . .” 

leaving it plus new jobs created, it suits their convenience/not to v As tihe Council- had been in 

‘ ihe unemployment figure is still settle matters quickly, and they nnnbpaccorir possession of-these figures for ar 

bound to rise. are dilatory in so doing: Some- UlllicLvboalJ least 5 months, the 96 per cent 

That this is so is supported-by times the delay is not their fault From me president. t { meM,boES absent from the 

- the recent estimate of the Man- Nevertheless, the •fault m The p ree Trade League. Forum are entitled to ask why, 

power Services Commission, that such instances lies not with the Sir _ Mr Mead of National the -' were denH5d oppor-j 
1.34m. new jobs -would be seller, and, if he can get his ation ofFruit and Potato tu » ty 'r> 

needed to reduce unemployment house sold, at a higher price or Sdes savs to his letter fa vou Ml > Fjee * ard says that before 

L-nnnnn «... inoi nnt wifhmit nnimne furthpr _® aes »a.*S m XUS idler IQ >OU .1,. i llnp AHU “Hm Cminml K-iH 


til 

rls 

•t 


, to SOO.OOO by I9S1. without incurring further 75ecember 28) tiiat 

This would in no way detract delay, ts he to be blamed. traders can accent necessary im- .""‘“t 4 **- 7 
from the seriousness of the prob- VI. F. Richardson. SrtSte"^oreaidentof toe len S 1hy statements by Mr. Lyttie- 

lfm of high unemployment. But 34 Queens Drire. Free Trade Learnue I wuuld nofat ton , to aM ^ voliD § members.’’ 

»it would demonstrate that the FulwxxL Preston, Lancs. ouT that m free 1 trader can tfaly on e such statement was sent 

cause does not lie entirely with - accent ^imoort duties as beiSS aD 2 in accordance with a Court 

industry and commerce, it stems , JSSSarfJtSl Deing Order. Despite Mr. Freegard's 

also from changing social pat- f T ppG£ aild Imnort duties'favour sectional 81158est,0 i 1 .. U J at I ? ad “ untiring!y 

• terns. And it might serve to VJCC3C ailu Thev increase coststo canV3Ssed - 1 made dear in that 

avoid the UJv. again blackening 0 a nr )arc other traders and manurfactivere stalemeDt and in letters other 

its image unnecessarily in the gdillierS toe m tSFJS newspapers that, without access 

eyes of the world at large. From Mr. K. Middleton. iide the basis for monopolies aSd t n ° o ?|JSv? g ci!^^ re ^ 0U ii be! 

D Waiiace Bell (Director), Sir.—The Department of Trade price rings of capital and labour ” ^ nredicted^overwhe-lSno 

^industrial Participation (so you reporl December 30) and are an important element in Lfeat P for the “iSjSSSpSf 

^Association. disapproves $ the now defunct putting the smaller traders out ?evlew " resofation W? 

,S, Buckingham Gale, S.W. Court Line’s policy of capitalisms of business. They are also an [ard stated that mw 

- its revenue expenditure. But is important factor in reducing the ^/aliedTofinda SSnSSfi S- 

'T • ‘ j This not exactly what modern buying power of peoples wages tain ]y the resoluSonwa s not 

Zumpgazmg and SSSSu£,«-SM 

gazumping las , 

” r w *i£2*tE. in. saars^ss^isara! ars 

5 “s sss«£ <£i s&uK 1 tbjrs rigirsvsf. ^/ v e or n ssL member: 

Flrtce has been apeed with som^ ^j, en a prac tj ce that becomes S. W. Alexander. -*- 

me c 1 ^) are nf^_^ prom«®s innocuous when pursued by Gov- 44, Speed House. T?* 

L.T JSJ f LSSJTherebv a 1 ernments? If so. why should Barbican, E.C. 2 . JTlflailCIIIg trade 

e !? » n „^ Government expenditure not he - . , ® 

cnalt} is Imposed on a pur- g^^ced entirely by borrowing ||| Cfpr||nff 

baser or seller who fails to keep an{ , M taxation abolished? If. TTopli-WaV 111 

is wnnj. this practice will, in- however, it is not innocuous. From Mr. J. Lion. 

v it ably, continue. should not some limit to it be Krvf Sir,—The British Bankers’ 

I By means of an arrangement IfCL Association has recently sug* 


1 all free 


the June AGM “ the Council had 
willingly agreed to circulate two 


' “ J ^ financed entirety oy oorrowing __ 

baser or seller who fails to kMp an{ j a jj taxa tj on abolished? If. ■ V 

ik word, this practice will, U3‘ however, jt is not innocuous. rrd.j From Mr. J. Lion, 

v it ably, continue. should not some limit to it be Sir,—The British Bankers’ 

] By means of an arrangement UCI, Association has recently suz- 

vhereby potential purchaser and So far ^ere appears to be no p Emanuel gested to the Wilson committee 

cllcr. each, paid a deposit equal jj m ^ whatever lo the accuroula- j*. «>,_ that the ban on financing third- 

u 1 per cent, of :thc purchase lion of deadweight internal deht to «_^ er if*“ d J?® country trade in sterling should 

nee agreed, or some other which i asl March stood at£34bn. be Tbe bSn was 

lutually- agreed, sum. to a out of 3 W3i National Debt of (December 23). If. by his br0U g ht ioto effect by ^ 

eutral third party, the 2 per £6 ^ n . calculations, be wtsbes- to show ment s ^ nSbm ESS* 

cot. deposited being paid to the Kenneth R. Middleton. ?“* * flrm ' contemplating an regu iations in November 1976 

arty who. within an agreed time, J3 D enn Park Crescent. instantaneous 6_.5 per cent obje^ of improving the 

•us prepared to sign a contract, Edinburgh, 4. expansion in turnover, is likely ste rling balances which, at that 

•bile the other party was oot _ to require external financing then y^re running at a very low 

his practice could be consider* l am «o wiser. If he wishes to ebbt ^ originally a point- 

bly reduced. There are poten- PilnonfUrigl assert that any entrepreneur'or ^ some what dishonest 

jal areas of dispute, but these JkCIUCailOlldl investor would prefer a flat lax manoeime See it merely SI 

uuld be submitted to a simple _j f rate of 52 per cent (to the rate f er red the merchanting indebted- 

rlutration procedure. dUValllagC of 42 per cent on the first ness of the country from the 

There is another side to the Beniamin. ^S* 000 - 68 per cent on the next sterling to the foreign currency 

ractice of “gazumping” which. From Mr. H. L. Benjamiru £25,000 and 52 per cent, there- ledgers and, therefore, had no 

a rely i s referred to. I suppose Sir ^-When m. Toporowski. aft&r) j don’t agree with real effect on the overall 

t might be called “ Zumpcazing. president^ of Birkbeck Studimte him. indebtedness of the UJC, the ,=. 

*his is the practice of many Union, informs your ^readers By ^ -way. one interesting result being merely cosmetic. • • 

>eople visiting a house for sale, {December 29) that Bmam f eature of [his tax structure is The effect has been to reduce 

that it provides some people with considerably the contribution ■ 

v*, i , _ 2 _ ao incentive to gamble. That is that banks and merchants are v; 

MCn2n26 rEtC IDGSnicriSin to say, a company with profits of making to “invisible exports." 

uavuhu^w . £65,000 could take £25,000 and Flexibility and efficiency, both of 

Frmw Vr ft Hand the changes in * the exchange place it on a fair even-money which are essential to the profit- 

riwi jir. n.LAvyu. raie have occurred over the bet Losses would be shielded able prosecution of merchant 

I Sir,—In Geoffrey Maynaros ^ four months as quoted at 68 per cent, and wins would trading, have been adversely 

PUierwiitc excellent article on yQur wor jd value of the be taxed at only 52 per rent As affected by the ban and if the 
exchange rate policy (December pound' tables. (I appreciate a - Result, tbe company would City of London is lo retain the 
« 0 ) there was one major point Bakins two dates introduces improve its expected net profit expenise in this sector, built up 

Hfaai is continually overlooked in some error but it is the general by £2,000 from a single bet so painstakingly over the years, a 

Ihe debate on this issue. trend that is 'important). David Emanuel. rapid return to the financing of 

We in Britain have become From now on wuld our The University of third-country trade in sterling is 

0 co UMrics 0 f particular ■ . jJhire, changes in that Vrtfnc In order 10 ^ sterling reserves al 

fefevance to our position are reemu. or umire. ^ y OtfiS 111 this time can not only be easily 

wett Gennany and Japan—also nnc withstood but will in itself con- 

wlteerland ..should not be Bruce LULd. ,v w S tll6 PRS tribute to the Treasury's current 

tfioored, -Taking these countries 48, Aberdare Gardens. AW.s. tut a axu attemps lo contain a too rapid 


Financing trade 
in sterling 


Educational 

advantage 



•w- - •*', .,y.~ }■*■■■>*>■? V ** :::•>: >■ 

* • * *• * V* *<'••• • 




or 


■ £L-equals*' 

-7. 1.7413 

West German Mark 4.0475 

SwiwF^nc .4.1750 

Japanese rYen 467 


2S/12/77 

1.S640 

4.0150 

3.7950 

451.5 


% Change 
+ 7.05 


rapid return to the financing of 
third-country trade in sterling is 
essential. 

When the Chancellor intro¬ 
duced the ban he estimated there 
would be a “ once for all" 
addition to the sterling reserves 
of about £500m. A loss of tin's 
order to the sterling reserves at 
this time can not only be easily 
withstood but will in itself con¬ 
tribute to the Treasury's current 
attemps to contain a too rapid 
rise in the exchange rate. 


In 50 countries throughout five 
continents, Blackwood Hodge are a 
land-mark in the construction industry. 
That’s because we sell and service 
the finest earthmoving equipment 
in over 100 major locations. 


, 1 lYTfc O wiuwuwH out will 

1116 FK5 tribute to the Treat 

. . attemps m contain 

From Mr. T- Lyttleton. rise in the exchang 

Sir,—Mr. Frcegard, general Jacques K. Lion, 
manager of the Peifontning.RIght Philip and Lion. 
Society (December 23). does not Moor House. 
answer my criticism (December London Wail, EC2. 


StQl the worlds largest distributor of earthmoving equipment. 


i. 

























14 


COMPANY NEWS 


Redman Heenan poised for expansion 


IN THE year ahead opportunities 
will be energetically sought to 
expand the Redman Heenan 
International group of specialised 
engineering companies both in 
terms of markets and product 
range " in the knowledge that the 
management and financial 
resources required are available,” 
says air. Angus Murray, chairman, 
in his annual statement 

Careful study is being given to 
longer-term plans and much use¬ 
ful work has been done in this 
direction during the year under 
review, he adds 

Over the past 12 months, new 
investment in buildings, plant and 
maahinery amounted to nearly 
£L.5m. Of this some £900,000 was 
spent on increasing capacity and 
£700,000 was invested in various 
measures to improve or maintain 
profitability. 

Further investment of nearly 
£2m. is planned for the current 
year including more than £1.5m. 
on plant and machinery. 

Commenting on the past year’s 
performance Mr. Murray says 
market conditions generally in the 
mechanical and electrical 
engineering industries showed 
little change during the period 
and under-utilisation of capacity 
continued to be widely reported. 

At the interim stage, trading 
prospects were thought to be 
more encouraging but in the event 
order intake continued to be 
sluggish and was marked by post¬ 
ponement and delays in the 
placing of firm orders, a con¬ 
tinuation of the pattern which has 
been a feature of the capital goods 
industries for some time now. 

As already announced despite 
these conditions turnover for the 
22 months climbed from £28.89m. 
to £31.11m. and pre-tax profit 
increased by 24 per cent, from 
£2.04m. to a record £2.53m. 

The net dividend total is lifted 
from L623p to l.S15p per lOp 
share. 

As is the group's practice, the 
report and accounts show the 
year's figures in accordance with 
the inflation accounting principles 
recommended by the accounting 
standards commitee in its interim 
report published on November 4. 
1977. 

Thus, the year's trading profit 
of £2.645.000 on the historical 
basis becomes a C CA. operating 
profit of £ 1 . 661.000 compared with 
£2.236,000 and £1299,000 respec¬ 
tively for the previous year. After 
interest and allowing for the 
effect of gearing the CCA. pre¬ 
tax profit is shown to be up from 
£1.413.000 to £1.772.000. 
finally Mr. Murray states that, 
given no major change in 
economid conditions trading pro¬ 
fits should show further improve¬ 
ment in Lhe current year. 

On the balance-sheet front, 
current assets are shown as 
standing at £12£27,000 
(£10,996.000) and current liabili¬ 
ties at £9.474,000 (£8.604.000) with 
net bank borrowings down 
£638.000 from £734.000 to £96.000. 

Net current assets amount to 
£3,353.000 (£2,392.000) and net 
assets per share are up from 46p 
to 60.Ip Borrowings as a per¬ 
centage of shareholders’ funds are 
S2 (17.3). 


BOARD MEETINGS 


Tbc folk)wing companies base notified 
dates of Board meetings to tie Stock 
Exchange. Such meetings arc usually 
hcM for the purpose Of consUerto 


TO-DAY 
Interim: Smith Wallis. 

Floats: t. w. ward. Westland Aircraft. 

FUTURE OATHS 
I morbus:— 


dividends. Official indications are not Ansi on HoMinga_—— Jan. 3 

available whether dividends concerned Finals:—. 

are interims or final* and the sob- Alexanders Discount.. Jan. S3 

divisions shown below are based mainly Cowle tT.i ...Jan. 17 

on last year’s time-table. Imperial JThettrical Industries ...... Feb. 33 ■ 


THE NEW THROGMORTON 
TRUST LTD. 

Capital Loan Stock Valuation— 
3rd January, 1978. 

The Net Asset Value per £1 of 
Capital Loan Stock is I21.70p. 
Therefore the tender price i* 1 09.53 p. 
Securities valued at middle market 
prices 


Evans of 
Leeds profit 
revised 

The directors of Evans of Leeds 
report that certain information 
has come to hand which in their 
opinion has a material effect on 
the company's results for the six 
months to September 30, 1977. 

In September, 1975. the com¬ 
pany acquired at auction a pro¬ 
perty in Liverpool, known as 
Walton Works, for £L9m. The 
property was purchased as an 
investment,, and was let to the 
English Electric Company at 
£90.000 pA. The first rent review, 
to cover a period of nine years, 
was to commence on October 1, 
1976. 

Following inconclusive discus¬ 
sions with the tenant an arbitra¬ 
tor was appointed, and the 
rent for the nine-year period 
was established at £515,000 P-3. 
Tills rent is now being paid and 
with the arreas of rent as from 
October 1. 1976, will have an 
important effect on the accounts 
for the year to March 31, 1978. 

As a result of this information, 
the gross rents receivable for the 
six months to September 30. 1977, 
are now H.208J42 thereby in¬ 
creasing the previously reported 
pre-tax profit to £692,421 as 
against £479,92L 

Cautious 
optimism at 
Davenports 

DESPITE AN uncertain national 
economic scene Mr. J. G. Swanson, 
chairman of Davenports Brewery 
(Holdings) is cautiously optimistic 
about results for the current year. 

He says net incomes are likely 
to rise modestly in the coming 
months, and this should reflect 
proportionately on Davenports’ 
trade. 

The company's accelerated ex¬ 
pansion in both production 
capacity and outlets in recent 
years will provide a sound base 
to meet any growth. 

The problem, however, is how 
to translate this growth tn demand 
Into a significant increase in 
profits, be says. Profit last year 
rose £59,000 to a record H.45m. 

Capital spending In the year to 
September 30, 1977, jumped from 
£0.74m. to £L86m., and the policy 
of general expansion through 
capital expenditure will continue 
this year. 

Further schemes have been 
approved or are under considera¬ 
tion to improve brewery output 
at Bath Row, Birmingham, in 
particular, modifications to in¬ 
crease canning line capacity. This 
plant has operated most effici¬ 
ently. making a “ very real ** 
contribution to profits, Mr. 
Swanson says. 


Borrowings, which increased 
from £0A5m. to £l-26m. last year, 
are expected to grow further this 
year. Resolutions to increase 
borrowing limits will be put at 
the AGM. 

In the new financial year one 
new Licensed House has been 
acquired at Nuneaton, and a small 
House tn South Wales has been 
sold. Work has begun on two 
sites in the Birmingham area, and 
work has yet to begin on a third 
site. 

The company has bought a site 
adjacent to its Bath Bow brewery, 
and the disused factory oh the 
site has been demolished with a 
view to later development. 

Net current liabilities of the 
group rose in the year from 
£Q.31m. to £0.93mainly stem¬ 
ming from a £932,000 overdraft 
(nil) and the reduction in short¬ 
term deposits from £250,000 to nil 
and cash and bank balances from 
£201,000 to £138,000. 

There was an overall £606,000 
decrease (£432.000 Increase) in 
working capital during the year. 

Meeting, Birmingham, January 
26, at 12.15 pjn. 

RHMsees 
first half 
shortfall 

DUE MAINLY to the losses sus¬ 
tained by the bakery division as 
a result of the national bread 
strike in September, group profits 
of Ranks Hovis McDoug&U for the 
first half of the current year will 
be below the £20.9m. for the 
corresponding period, Mr. Joseph 
Bank, chairman, tells members in 
his annual report. 

He says that at this stage it is 
not possible to make a meaning¬ 
ful forecast for the year as a 
whole buL provided the adverse 
conditions in the bread industry 
do not worsen, present expecta¬ 
tions are that overall profits may 
be close to Chose of last year, due 
principally to a significantly in¬ 
creased contribution from over¬ 
seas companies and a return to 
profit by Wessex Finance 
Corporation. 

As reported on December 7, 
taxable profits for the year to 
September 3, 1977, turned in at 
£30-5nu, compared with £39.9m. 
for the previous 53 weeks. 

The reduction in profit was due 
mainly to -continuing problems 
in the U.K. bread industry, a 
higher overall interest charge and 
to adverse results from Wessex 
Finance. 

However, increased profits from 
other main trading activities 
made ; a significant contribution to 
group performance, further 
supplemented by profits from the 
American acquisitions in August 
1975 and February 1977. 

Annual report. Page 14 

ABEL MORRALL 

A major divisionalisation pro¬ 
gramme has been completed by 
Abel Morrell of Redditch. manu¬ 
facturer of hand knitting arid 


sewing needles under the Aero 
brand name. Established in 1785 , 
the company now has five autono¬ 
mous operating divisions, each a 
profit centre with Its own manage¬ 
ment committee. 

£0.64m. for 

Ireland 

Alloys 

AGAINST A difficult year for 
metal- traders, Ireland Alloys 
(Holdings) reports taxable profits 
for the August 31, 1977, year up 
by 50 per cent, from £418,000 to a 
record £641,000. 

Turnover, up by £8-35m. to 
£21.67m^ was split as to complex 
alloys processing^ etc, £ 12 . 81 m. 
(£8. 73 m.) and non-ferrous and 
minor metals merchanting sum. 
(£L6m.) 

No sign is yet evident of an 
Improvement in demand or in 
price for the group’s main pro¬ 
ducts in Europe, Mr Austin 
Merrills, the chairman, says in his 
annual statement. And he adds 
that it is too early yet to say 
whether the improvement in the 
prices of stainless and ferrous 
scrap, which has recently occurred 
in the U.S., heralds the upturn in 
the market, or is purely tem¬ 
porary. 

Subsidiary Stock Alloys has 
shown continued progress, he 
adds, with greatly improved pro¬ 
fits for the year, and is now 
contributing significantly to group 
profits. In August it moved into 
its new building on the Craighead, 
Hamilton site. 

At the same time, subsidiary 
Cryoservice moved into new 
premises adjacent to Hoyland. A 
continued improvement in profita¬ 
bility is reported here. 

The benefits of group invest-' 
ment In the U.S. are now coming 
through with a substantial profit 
during the year from each of the 
subsidiaries there. 

Ireland Alloys showed a small 
increase in profit. Its ability to 
make immediate deliveries from a 
larger, varied stock enabled it to 
improve its sales volume in a 
period of. shrinking total demand' 
although its average profit margin 
declined. 

A final dividend of 6p net per 
lflp share, payable in February, 
lifts the total to Sp. Because of 
stock appreciation relief no pro¬ 
vision has teen made for tax for 
the period. Prior years’ pro¬ 
visions have teen credited back to 
revenue reserves. 

The group has acquired a 50 per 
cent, interest in Ireland and 
Fermac, a ferrous scrap processor, 
together with Fermac Metals. The 
chairman says that although the 
past 12 months has been difficult 
for ferrous scrap processors, as a 
result of the worldwide reduction 
in steel production, be feels that 
Ireland and Fermac has .good 
equipment and facilities and is 
wed placed to take advantage of 
the upturn in demand, which he 
says is bound to come. 

Shareholders’ funds, up from 
£2.71 m. to £3.55nu includes 
£384,000 surplus on revaluation of 
properties during 1977. 

IOT4T 1VT5-7B 

moo £008 

Turnover -—„— 21,89 1X324 



Financial Times Wednesday Jannaty 4 IMS 

NEW LIFE BUSINESS 


New peak for 
Scottish Widows 


• Scottish Widows’ Ford and Life 
Assurance Society announces re¬ 
cord levels for both net new 
annual premiums and single pre¬ 
mium business for 1977. Annual 
_ premiums from_ all long-term 
■' business, including assurances, 
annuities, other than business 
'effected through the Society s 
subsidiary Pensions Management 
and the Exempt Unit Trust 
. scheme, rose to £18 jm. from 
£17.7m. New single premiums 
-Increased to £7.3ra. from £>.«m. 
The benefits secured wer e net 
■ new sums assured of la 70m. 
(£ 60 im.). new annuities per an¬ 
num of 1120m. (£11 lm.) and 
. permanent health msurance 
schemes of £4H5m. (£4J(Hn-]. 

With-profits endowment assur¬ 
ance business remained more or 
less static with annual premiums 
-Slightly higher. But the amount 
of whole life business written 
had fallen away by at least 23 
per cent The Society is one of the 
leading life companies for trans¬ 
acting tWs type of business ana 
the drop reflects the lower 
amount being written as a result 
in .the change in commission 
scales late In 1976. The company 
. is satisfied with the amount of 


business written in view of xb« 
circumstances. This accounts in 

part for the fall in sums assured. 

Group pension busmens iron*, 
acted by the pension’s sabriditfy 
showed a mixed pattern. Anna*) 
premium business rose to over 
£38m. from £ 2 .Bra. in 1978, bat 
single premium business declined 
to 11.9m. from £2m. There were 
several factors accounting for 
this lack of growth. Including lh« 
pay restrictions and employer* 
taking a long lime to decide whK 
action to take .over the Govern, 
mcni's new pension arrange, 
merits. The Society expects to 
move ahead rapidly in this field 
this year. . . . - 

The .Society withdrew from the 
panel of companies transacting 
the old Federated Superannua¬ 
tion System for Universtttas 
(FSSU) with effect from Septem¬ 
ber JO, 2976 because of the-phased 
replacement of the old schema 
with a new privately funded pen¬ 
sion scheme. The 1976 figures tit 
FSSU have been excluded in 
order to facilitate a valid com. 
narison. They amounted :to 
£641,000 annual premiums, 
£104.000 of single premium* (or 
sums assured of £13m., add 
annuities pec annum of £104,009. 


OTHER LIFE COMPANIES REPORT 


PrcdJic Monrfrtd 

Mr. Angus Murray, chairman of Redman Heenan.' - 


Elson & Robbins outlook 


Pr«ax ftrafe 

Tax ...—. 

Minority .. 

Making-- 


ML 

. S 
33 
BM 


«U 

ITS 

tlQ 

250 




1977 

A year of progress 

Results for the year ended 30th September 197? 



1927 

£"000 

1976 ! 
SO00 


1327 

£*000 

1976 
£000 , 


19ZT 

1976 

Turnover 

31410 

28,889 

Profit before tax 

2,532 

2,043 

Earnings per OztL share 

l&lp 

12.7p 

leading Profit 

2J54S 

2,236 j 

Profit retained 

24 02 

3.587 

Net Assets per OnL share 

60Llp 

46.0p 


Jf you would like a copy of the 1977 Annual Report and are not a shareholder, 
please complete the coupon and return it to the address below. 


Redman 



i---1 

| To: The Secretary. Redman Herman International limited 
! P.O. Box 29, Shrub Hill Road, Worcester, WR4 9EQ. 


Name, 


Address. 


International Limited 


I Company. 


FT 


MR. K R. KEELING, chairman of 
ESson and Robbins says it is likely 
that further increases in sales and 
profits will be reported for the 
'current year, in the absence of 
unforeseeable circumstances. 

Should there be no serious 
deterioration in the economic 
climate Elson and Robbins should 
maintain and strengthen its 
domestic and overseas activities, 
he says. 

In the latest year to September 
30, 1977, profits were a record 
lL74na. , 

. For the parent company direc¬ 
tors are optimistic of increasing 
exports and an export sales 
manager has been appointed. A 
steady year is forecast. 

- The subsidiary Domestic Indus¬ 
trial Pressings. which contributed 
much of last year's increase, is 
investigating the sales potential 
of its range of LPG heaters for 
the Southern Hemisphere market, 
which would reduce the seasonal 
fluctuations in production. 

Most of the group's Increase to 
stocks at balance date from 
£L47m. to 12.86m. is owing to the 
build up tn heater stocks for the 
October to January peak buying 
periods. Sales are going accord¬ 
ing to plan, Mr. Keeling says. 

Trading of K. Webster (U.K.) 
continues at a satisfactory level 
and following a rearrangement of 
marketing the Hufcor (Partitions) 
subsidiary is expected to make an 
increased contribution in the 
current year. 

In the September 30 year there 
was a £0.42m. decrease (£24,165 
increase) in net liquid funds. 

Meeting. Nottingham, January 
24 at 11 am. 

Statement Page 2 

Winterbottom 
earns and 
pays more 

Gross investment income of 
Winterbottom Trust for the year 
to November 30, 1977. was np 
from £579.959 to £616.182 and pre¬ 
tax revenue rose from £350,083 to 
£416,388. 

Stated eamlngs are 4.71p 
(3.75p), per 25p share and the 


dividend is stepped up to 4.8p 
l3.75p). payable on March 14,1978, 
with a net final of 3p. 

Total assets amounted to 
114.22m. (£l3.2Sm.) and net assets 
per share, after deducting prior 
charges at par, are shown as 
250.4p (216p). 

Utd. Wire 
ready for 
upturn 

A DIFFICULT year ahead is fore¬ 
seen by Mr. Anthony Green; the 
chairman of United Wire Group, 
but every effort is being made,’ he 
says, to maintain the group's -pro¬ 
gress, by extending the product 
range, intensifying selling.efforts 
and improving productivity. The 
company, he adds, is ready to 
respond to any upturn in the 
economy. 

As reported on December 2. 
1977, a record taxable profit of 
£l.S9m. was turned in for the 
October 1 year compared with 
£1.1 lm„ and the dividend is lifted 
from 2Bp to 2.89p. 

During the year an increased 
level of demand assisted the wire 
division to a more profitable 
level, its contribution amounting 
to £525.000. The division took 
advantage of opportunities to 
re-establish its presence in North 
America, but currently sales are 
effected by a strike at Eastern 
Seaboard ports. In the UJv. sales 
are currently running at a 
reduced leveL 

Mr. Green adds that the wire 
division is continuing its long-term 
plans to modernise and upgrade 
manufacturing techniques. 

An analysis of turnover for the 
year. £12,37m, is split as to: U.K. 
£7m.; Europe £1.34m.: Africa 
12.33m.; Asia £0.45m.; and others 
£L26rn. 

During the year subsidiary 
United Sintering was sold to 
Rigby Metal Components. Bank 
overdrafts were reduced from 
£2.15m. to £1.55m. and in a state¬ 
ment of sonree and application of 
funds shows an increase in liquid 
funds of £0.62m. against a £1.38 m. 
de crease. 

Meeting, Edinburgh, on January 
19, at noon. 


- AVON INSURANCE COMPANY—-Net 
new business In 1*77: Hfc assoraiwM new 
mm« usnrod amounted Co fcl .iM * 
tas.8m.> and new annual premiums 
amounted lo £238.000 i £67.000 U wlf; 
employed deferred am#£***" “g 
premiums £41.000 (ftO.OOOi; stole 
premiums 133,000 «E23.8W>». 

B CITY OF GLASGOW FRIENDLY 
SOCIETY—In 18“ the wclety uaued 
anprobmatoly 1 R .000 new policin' assuring 
tocaOlns fiom. at annual premiums 
amounting to H57.IW. Hid correspond! ns 
figures for lhe year 197$ were 21.000. 
IS 300.800 and £424.000. Tin- annual 

premium Income for the yror_was 

approximately E.OOO.OOO i £1.790.080 In 

U ENGLiSH INSURANCE COMPANY 

wrote new business in 1977 under which 
the*, net premium Income amounted to 
£3.401,000 t £5.840 DM i in addition to Blank) 
premiums and Immediate annuity con- 
* (derations or £4.480.000 >£5200.0001. The 
be nr fits secured included net sums 
assured or £550.190.000 (n7S.000.060>. net 
deferred annuities per annum of £5.83306 
m2.9so.ooot with cemmirat capital values 
of J3S.I50.lWO <£129.000.0001, Mad art 
Immediate annuities per annum nf 
£630.000 f £922.000 >. These figures include 
new business for the wholly owned sub¬ 
sidiary Enclisb insurance < Pensions 
Management > in respect or M a tuned 
■pension Knud business. 

GRESHAM LIFE ASSURANCE 
SOCIETY—New business for 1977: With ail 
increase of 25 per cent., the Society sus¬ 
tained ns high growth rate of m*ur % 
ordinary life asauranrr annual premiums 
to tail Inc C.tem. HOT fl.Bm.i. not of 
reassurances. Total new annual premiums, 
including croup pensions, reached E£32m. 
(1976 Em. • setting yet another new busi¬ 
ness n-cord. 

LONDON LIFE ASSOCIATION 
announces the following details or ivw 
business transacted during 1977. The 
figures exclude Federated Superannuation 
System for Universities business: New 
annua) premiums 12-2-lm- j 1076 n.Mm.i; 
single premiums i2X5m. (1976 £L63m.t: 


The single premiums Include ■ MW dln 
or self employed pension annuity contract 
under Which behrfKo are secured by a 
series of single premiums.' consUtorstta 
for Immediate annuities £2.1 bn. (Un 
XLSOm.i. Tbc figures shows are not, after 
deduction of reassurances, and exclude 
The. London Lite Managed Fund sab- 
sidiAir. new premiums for which are as 
follows: New annual prewl nn a Q«,N» 

11876 £301.3071, single premiums £33.073 
(1976 £13,1221. 

THE MANULIFE GROUP, comprising 
The Manufacturers Life Insurance Com-.: 
pany's Untied Kingdom Division and Th* 
Manufacturers Life Insurance Company 
i L'.K.t Lid., announce* a nrw record ut 
its new business. In 5977 policies wet* 
routed for annual premium* uuUtug 
I3.5SC.D00 11976: £2.037.000' and for shafia 
premiums nf £300.990 tfil.ONL New rams' 
assured amount to aiTm. iwm.i: 
£1,209,000 of the annual premiums lod 
ne.ON of the suutie Premiums relate to 
individual pnlk-lni written under the 
Company's pension plain. - lannrhrd tn 
January 1977 under which the contrite- 
duds accumulate ai Interest. The total 
number of new policies issued is U.7H 
111.9161. 

NATIONAL FARMERS UNION 
MUTUAL INSURANCE SOCIETY—Nk 

new business in 1977. »Ate assurances: 
New sums assured amounted to £SS.3 cl 
■ £57.3m. t and new annul premtms* 
amounted to £i.B9m. i(12W.i. .Setf- 
cmployed dc-fcrn-il annuities: Now annul 
premiums (£13.000 (OM.OOOI and Mato 
premi um! £S74.8nfl r££04.900 >. 

SUN ALLIANCE Issued new hfa 
assurance and annuity policies tn the UJL 
in 1977 for annual premiums of lUOm. 
and single premiums of IDnn. iQ.4m.L 
These policies secured sums assured nf 
£32Um. (X3l4m.> and annaUfif of £26Jm. 
per annum t£20.3m. per annum). The 
figures, which are net after deduction of 
reassurances, do not include Sun ADutnca 
Life Assurance in Australia. Pnrtea 
Assurance in South Africa or othtr (Wor¬ 
se as bnamess. 


BONUS DECLARATIONS 


Scottish "Widows* has announced 
a substantial increase in its rates 
of reversionary bonus for the 
three years ending December 31. 
1977. The new rate far ordinary 
assurances and general fund pen¬ 
sion contracts is lifted to £4.70 
per cent, per annum of the sum 
assured and attaching bonuses 
from the previous level or £4.40 
pet cent, a rate that was main¬ 
tained through the three year 
period. 

However, the company has kept 
its terminal bonus rates, reviewed 
every six months, unchanged—-the 
present scale varying from 1 per 
cent- of the sum assured and 
attaching bonuses for contracts 
taken out in 1969 to 42 per cent, 
for policies effected in 1933 or 
earlier. The company increased 
its rates on July 1. 1977 and there 
has been insufficient capital 
appreciation since then to justify 
a farther increase. 

On individual pension schemes 
—self-employed and top hat 
arrangements, the reversionary 
bohus rate is improved to £5.50 
per cent, per annum of the 


guaranteed, pension and boohs 
additions from the previous lewl 
or £5.10 per cent The terminal 
bonus scale remains unaltered, it 
is at present the same as for 
assurances. The bonus rate for .- 
group pensions business Is ttoyC 
1.50 per cent, per annum on tho. 
average reserve compared with 
1.20 per cent. 

The intermediate bonus rate for 
1978 is £4.55 per cent, for assur¬ 
ances and £355 per cent for pen¬ 
sion contracts. .1 

SUN ALLIANCE AND LONDON 
ASSURANCE in contrast has to# ha. 
reversionary bonus rate an Indtrtdiiil. 
assurance contracts nncbaiucfi at £4 per 
rent, per annum of the sum assured «“ 

£5 per rent, per annum of attachkw 
bonuses. Somver, a has lnOreaMJjs 
rates or capital bonus paid! bo mamritipv 
a ad death claims in respect of csotrM* 
taken out In 196B or. earlier. . . . ~ 

The bonus rates lor 1877 on ponwu - 
pension policies remains a; £4 per car¬ 
per annum on tbc basic pension, but the 
rate far attaching bonuses is increased to 
£5.50 per cent, per an tram from O te; 
ccnt. The effect of this change Is tint the. 
contracts which have been in ftew lhe. 
longest wUl get by far the greatest 
benefit. The company has also Increased: 
its rate of vesting boons, paid wtia ft a- 
pension is a bo* to commence, improved - 
bon as rates have also been declared os. 
group penst do business. ■ ,, 


ISSUE NEWS 


Yearlings fall to 1\% 


Hie coupon rate bn this week's 
issue of yearling bonds—due on 
January 10, 1979—has dropped to 
7f per cent, at £9915 per cent., 
compared with 71 at par before 
Christmas. 

The one-year issues are: Can¬ 
nock Chase District Council 
(£0J5m.), .Highland Regional 
Council (£Lm.), City of York 
(£D.5m .), City of Lincoln (£025m.). 
Fife Regional Council (£0.5m.), 
City of Glasgow District Council 
(JElm.), Stirling District Council 
(£0.5m.), Birmingham District 
Council (£2 m.), Rushmoor 
Borough Council (lira.). Castle 
Morpeth District Council (£0.5m.>. 
Bury Metropolitan Borough 
Council (fOfira.), Kirk lees Metro¬ 
politan Borough Council (£0.25m.), 
Hereford and Worcester County 
Council (£1.5m.), and City of 
Chester (£ 0 . 25 m.). 

Two-year bonds with a coupon 


of S.5 per cent., due on January 
2. 1980. at par, are Issued by 
Borough of Tamworth (£0.25ra.) 
and Borough of Eastleigh 
(£0.25m.). South Staffordshire 
District Council (£0.5m.), WirraJ 
Borough Council (£0.5ra.) and 
Choriey Borough Council (£0.5m.). 

A three-year bond carrying a 
coupon of 9j per cent, at par, 
due on December 31, 1980, is 
issued by Torbay Borough Council 
(£0.75m.). - 

. Woking Borough Council is 
issuing four-year variable rate 
bonds at par amounting to £ 0 . 5 m. 

JFB—88% 

Acceptances of the recent rights 
Issue by Johnson and Firth 
Brown of 20.28m. 25p Ordinary 
shares at 50p have been received 
in respect of S8.3 oer cent. 


Brewers—Weymouth & Redruth 



Highlights from the statement of the Chairmen ofJ. A. Devenish & 
Company Limited. Mr. A. E. Ledger Hill. O.B.E. D.L. for the 52 weeks 
ended 30th September, 1977: 

* Pre-tax profits increased by 12.8% to £1,318.190. Proposed final 
dividend of 15.6% makes year's total 23.6% (1976 —21.1 %). 

Improved sales for our prize winning traditional draught beers— 
Wessex Best Bitter and Cornish Best Bitter- but bottled beer sales 
declined. Continued growth of Jester mineral sales. 

air The re-organisation of storage and handling facilities in Cornwall 
now completed - a base for a more efficient operation. 


Results at a glance 
Group Profit before Taxation 
Gmtfp Praffr after Taxation 
Available for Ordinary 
(after extraordinary items) 
Total Ordinary Dividend 
Profit retained in die.Company 
Earnings per 25p Ordinary Share 


1977 

£1.318/190 

£709.525 

£822,932 

£217,074 

£605,858 

18.9p 


1976 

£1.167.943 

£845.919 

£822,984 

£194,078 

£628.906 

■17.2p 



SCOTTISH 
WIDOWS’ FUND' 

ANDIJKE ASSURANCE 
SOCIETY 

The SCOTTISH WIDOWS’ FUND AND UFE ASSURANCE 
SOCIETY announces thai lhe Directors have declared: (the lost 
declared ond current intermediate rates are shown In brackets) 

1. For orefinary With Profits Policies and Indtvkknband 
Master Schemes With Profits Endowment Assurance and 
Top Hat Pofides not in fhe Society's Pension Fund hi force at- 
1 January 1978, a reversionary bonus for the three years 

1975-1977at the rate of4.7014.401 per cenl per annum - „ • • '. 
compounding biennially. .. . '' - ' 

r The contingent intermediate bonus, to be allovvedin respect'.-. 
of current claims and surrenders, has been fixed For fhe present 
at the rale of 4.5514.401 per cent per annum compound. 

In addition, the Directors are continuing lhe system oF 
terminal bonuses which are pqyobte on ordinary with-profits 
policies becoming claims by death or by survivanoe. The rotes 
ot terminal bonus are reviewed every six months and depend 
on the general level of Stock Exchange prices ot the time ond on 
the relative performance of ordinary shares and British 
Government Securities. For claims by death or survivance 
arising during the first six months of 1973 the rates will range 
from 1 per cent of the sum assured and ordinary bonus far 
policies which entered in 19o9 to 42 per cent for policies 
entering in 1935 or earlier. 

2. For Pegasus and Persortaf Pension With Profits Pofidos 
and Individual and Master Schemes With Profits Endowment .- 
Asswance and Top Hat PoCdes in the Society’s Pennon fund 

in force at! January 1978, a reversionary bonus for the three 
years 1975-1977at fhe rate of 5.5015J01 per cent per annum 
compound. 

The contingent intermediate bonus to be allowed in respect- 
of benefits becoming payable has been fixed for the present dt 
the rate ot 5.25 1 5.101 per cent per annum compound- 

The jeale of lerminal bonuses is the same as for ordinary 
With Profits Policies. ■ . 

3. For With Profits Group Pension Sc he mes, a bonus at the . 
rare of 1.5011.20) per cent per annum on the average reserve 
appropriate to each With Profits Scheme during the period 
1975-19/ / .This bonus, which is imrespect of a three year period, 
will be paid by a uniform deduction from the employer's - - ‘ 
contributions over the three years 1978-1980. 

The system of terminal bonuses also applies, with stritaW® ‘ 
modifications, ta With Profits Group Pension Schemes. • •’ . 

. . 4. For group permanent health insurance sdwme*, a 
rebate at the rate of 5 U.5QJ per cent of the total employer^ . 

contributions paid to such u scheme during the period . 
1975-1977, this rebate to be paid by a uniform deduction from 
the employers contributions over the Ihree years I978-I98(L‘. 

No terminal bonus vvilf be payable Under Ihese schflWWS. _ ; 

Bonus notices will be posted in March. v- "■ 

The next bonus declaration will tote place In respect of 
three years ending 31 December 1980. 1-’" . 


: :ir 



K 


I 














Financial -Tinies Wednesday January 4* 1978 



■'ii 






BY NICHOLAS COLCHESTER 

. International, the British its machines are operating in 40 
paper, packa gin g - and publishing countries. 

SSaSHfiSi f ?^ ced 10 b “/ 2" NEB investment consists o! 
I^uSL%A° : lMa5 n>t S, 80 - 000 ' 8 * P er Cumulative 

« KSd«iSSEV*" a cost 

jg£| kTT" s? v< K^ au fc'' L 

Tbe 2.wm. shares in Niunpak. a Shares.' 

b °2? ht Xhe'-NBB has a right between 
from a Sputo African private I960 and 1988 to convert its taold- 

fort *** 1x110 one-third of an entarged 

♦ a BlAlm, .obtained ordinary steve riuxrtaL Also Mav- 

SSLAfc™^ 5/md the NEB holding at an agreed 

SwSTSi*^ betwe “ 

quoted price in- the market of 
R3.60. 


B**! was'obliged to buy the' 
■ -; - Fruman holding at this unattrac- 
> live, price because, of an agree- 
|..*^' ment entered into in November 
■ i.i.I* 1975 when the British company 
• , acquired its existing 52 per cent. 
■.: , 1 „ a v : holding in Namppk—partly from 
;.■£ St. Regis Paper and partly 
through a public partial offer. 


Cossor pays 
£3m. for 
Data Logic 


Cossor, ' the Harlow- based 

ThiTnnr.r«n«■■ ~...htn?. electronics company, has bought 

• ^■* fijtwinwiti whicu attracted net*. hw-Imvat tt fc 

1 ' -.-». ^^.asrassrs 

s repod, WJSsff’Sfa.-.JGU-.sswsaaSfe 

v “l chairmen. Mr. Oscar Fruman, the *_!? ®? P**?. ^, continuing 

f '. . right to sen 10-per cent, of Nam- 

■ ’ - -c-.: pak to Rfeed at R5.45 per share lh a 2?25?L ™ **** computer 
- the two years after November 1, ^%,5^ > i ts ^SL es Lii i |_'_ r 

. f .■'••■»; 1977. Equally Reed had the option 

• »..•• '' to Insist on purchase of this stake 9“?^ lu ^ c ^ 6K ^ ns *™® c „ con ; 

r ■-- *' ‘. at the same price within tbe-same Xest e ? I X ? n e ?^ 

-.». r;-j period. This price compared with wnicfa mcrearingiy dependent 
t ... ,.- the-RS.40 that Reed was offering 

’■•■ft'"..to Nampak shareholders, at.that 
•*•• •- ^ time—with toe premium -reflecting 

" the expected appreciation over 
• ~ the intervening two years. 

Reed has now been obliged to 
raise its holding in Nampak to 


Wlft I.ROW 




f CRMCR*. 
MPIUOan: L 


on computer systems. 

Mr. David Steadman, managing 
director of Cossor, commented: 

During the past year Raytheon 
Cossor Data Systems .. has 
' delivered systems worth - more 

_ __ „ tha-n fain. , a figure that reflects 

82 per cent at'a time when its : toe growing importance o ft his 
management is wary of *. the area of Cossor’s overall activity. 
‘ political situation in South Africa “Ttfls has been a direct result 
* ■■?.. and is anxious to reduce the of our. policy of becoming a 
■-.. company’s overall debt. -The deal systems company instead of ful- 
: has been financed through foreign filing bur traditional role as .-an 
'_ T -* currency borrowing. origans! equipment nanufacturer 

" 7. (OEM). In to-day’s sophisticated 

> NEB INVESTS IN - ■ 

mayflowee pkg. 

The National Enterprise Board systems that exactly meet" his 
V^ J ti to invest £120,000 an Mayflower requirements.” 

: K Packaging. a : Norwich-based He said Cossor intended to use 
.. manufacturer of automatic, the acquisition to develop new 
: - packaging machines,, to 



• NEWS ANALYSIS 

CompAir in £7.7m 
with Watts Regulator 

BY ANDREW TAYLOR • 

CompAIr’e latest foray into the Regulator {UK.) based at £122 ol whale turnover rose by 
U.S. to buy the Fluid Power Divi- Thrupp, near Stroud, Gloucester. 10 per cent to almost £13<tan. 
si on of Watts Regulator Company The deal, one of the largest To date CompAdr's strategy has 
of Lawrence Masach assets for ever concluded by CompAir, is been most evident in Europe 
$i5m, cash (£7.7m.) marks a to be financed in part by the where it is now one of the largest 
further ste p in the group’s long residue of 33m. to $4m. left from groups specialising in compressed 
term strategy of establishing ■ the group’s 310m. Convertible air equipment within the EEC. It 
strong manutectunng and mar- Bond issue this year (left after has major., subsidiaries 4n Spain 
keting faculties in the rich the group’s restructuring of its (where it is market leader). West 
markets of Europe, Japan and the overseas debt). The balance, of Germany, France .and Belgium 
u *5- „ . • . around Slim, will be raised and is currently looking closely 

Tne grpup^firet established^ts largely through borrowings in the at possible acouteitioiis in 
foothold in the U.S. m 1971 when U.S. -Holland. 

it bought KeUogg-American, air CompAir was boro out of the ,m_. , 

compressor manufa^rers, for marriage between two British' group’s 

Mol (then worth £3.75m.). Since manufacturers of air. compressor ve *”f nt m Europe m 

then group investmeot has equipment, Holman Brotherebnd 

largely -been concentrated In Broom and Wade, in 1968--and ***& 2 45 

E ? ope i M ? Bd “**• Watte ’ deal . is with .the blessing of the Industrial ® Freoch a 

only the group’s second major Reorganisation Corporation. It ^ , 

acquisition m the U.S.—the no ggeret 0 f its strategy Ar0l ^~ 70 cent of sales are 

world's largest compressor mar- oTinvistin^ nS&VdwriSv S^nerated overseas and Con- 
ket and home of four of Comp- Ses SSS tmental "Europe is thought to have 

Air’s major rivals: IngersoH-Rand, S5ST* ore Sfcontnbuted around 21 per cent 
Chicago Pneumatic. Joy Manufac- e “* **** for of total sales last year compared 

turingandGardner-Denver. P Thi s °strategy, known a s G.15 

The Watts’ deal—as well as (after the Group of Ten), -pin- i22^SlSS 

strengthening the group’s UA -pointed three main areas for % D^i^nL bm 
presence—wm also extend the expansion: Japan, Europe and the Jn ^er^ent 
group's product range into regu- U.S. Plans to invest in Japanese with rtaww yW 

la tors, filters end lubricators manufacturing capacity .however tnl— 

(known 


1« 


as airline equipment) appear, for the present, to have voJh® di^-Mv S ind° E 
which provide the vital control- been shelved—although the Srough^oSeieas^ubsidSriefr^ 

link between the aircompressor group did almost acquire one ?v,p subsidiaries— 

and the tool being used. -- - remaios “ e 


ed. manufacturing company there- *52** effiyuig 

Mr. Alex Masters, CompAir’s ^d instead the group has estab- ground two-thirds of CompAir’s 
chief executive, yesterday declined a «**“ er network m Japan. W0T 4dwide labour foroe <rf around 

to reveal the recent, profit per- „ Mr - .Masters said: When 10 000 _ 


formance of the new division but CompAar was firet formed we The group has also been 
said that the acquisition could lead round ourselves strongly rooted in gadfly strengthening its UJC 
U5. sales—“comfortably exceed- *e old CommonweaMh where facilities both throuSti acquisition 
ing flOm. last year”—to double prospects for growth were Jin- and product rationalisation, 
in the • current year, ending exciting and we took the view While world demand for com- 
October 1978. that we needed to expand into pressors and pneumatic tools is 

CompAir says that Watts other overseas markets. We also currently flat—pre-tax profits 
controls around 20 per cent of took the view that the richer growth slipped to only 72 per 
the U.S. airline equipment market nations would get richer while cent, in the second half last year 
through its Fluid Power Division the poorer nations would (if not after a 70 per cent, gain in the 
and is the country’s second get poorer) then, would not pro- first half—the group appears to 
largest company in tins field. vide the sort of'stable economy he favourably placed to deal with 
The group wQl also gain a foot- necessary to promote continuous the next upturn in demand, even 
hold in the UJK. airline equipment growth” though exchange rates look set to 

market through the new Last year pre-tax profits, continue 'to -operate against the 
division’s subsidiary . Watts increased by 30 per cent, to group for some time yet 


Schroder’s U.S. 

merger 

complete 


loan from Equitable prior to; 
1982. this figure will Increase to, 
about $90m. 

FMC/MARINE 
COLLOIDS 
FMC Corporation, the diversi-l 
fied international company active 


Good start 
forJ. A. 
Devenish 


Mr. A. E. Ledger Hill, chairman 
brewers J. A_ Devenish and 


laeci 


■ r 

rtivi 


r 

bMi-ri ■ 

*r* 

iff, i 
•i 

itff ! 
L9 


IMIVL 


help business in the fieMs of'micro- rhan^hauir ^ food process machinery and 

finance a programme of expan- computing.-telemeiry. ah* traffic two NewYbrkoperationslnto the “atemls, agricultural equipment 

sion and development NEB control, and military applications, j; Henry Sclunod«r Bank and TrSt a ? d - °^ e t en&neenng and 3 

involvement wdh provide a finan- The managing director of Data Company and completed a fund- £“micals fiel^, has completed of 

ciai base for an expected five-fbW Logic. Mr. Alan Thomas, continues Lng operation Sat ^ectivehr ^ “«¥»<• Marine CoHrfds, Compaq, tells shareholders m his 
increase in sales by 198S. as chief executive and gains a doubles toe capital Tesources ^ of Rockland* Mjane. A defirn- aimikti statement thatsales to the 

The Mayflower company, with a seat on toe Board of Raytheon available to its - U.S firm. The **7® ™ ei ?® r agreement has been current year have been good and 

current turnover of £500,000 and Cossor Data Systems. Both com- British bank announced its plans SJgned be 5* een ^ two ,0°“' “J 

. pre-tax profits:-or £30.iH», has panies wUI continue to operate for these moves in August PgJJJ® 

■ - itfrondTr ffMivn *fmm a i%mwwAr of - indiwnd^TrtW ... . _ - MarauG CoUokIb 2t & special st OCR- DGnent tufi company* aff a ir s IP 

• mflSo S2Ti?S4?SSS£*^S^ L& formed 10 years “ e 2 Ung on °? 0 ^ *■* ** montils t0 corac - 

lure In Norwich tar Amaiy 1972. ago, had a turnover of £2.4m. fcr .S&bSS a - c&8h ,°?f r - t0 As reported on December 8 pre- 

susstasl’ts ,ass 

re^^oTthe company’s sales and &K SJMMS SCTST—— 1 3Z* JM5 SS.S 

ff“SP-ST 1 ?S3rat canning buys 

s^deiffc.amore^bleul COPAL FOUNDRIES finaL 

banter for medium sized Ameri- On December 30, 1977, The chairman says that the 

_ , .. .. ... _ . . ^ k can Companies and would allow w. r«n.iy. g purchased toe whole Anal phase of the, reorganisation 

*“ d a half months could be offered and that It^waa the bijpk to balance its predomi- Jf theSiStoare capital of at the company s Redruth brewery 
after toe closmgof. a- 28p per a fair and reasonable price. nantly international business with Foundries for £200 000 «*ash was completed early last summer, 

share Offer for Greff Diamond* Hambros are now artvisipg toe a greater involvement in the U.S. io^note^beiteea3 rote The new buildings, he adds, pro- 

Sandtfar, tlte pmately own^ remaining Shareholders that 50p banking market Sintered of £700 000 owableon vide a base for a more efficient 

company of Mr. Laurence Graff, is “fair and reasonable.’’ At least a. foreseen ..j n August the rL« sn ion inn mm operation there. 

Khare^offeror tS^.7 * : 'mP'cSl PhbTcf^ney F> wtaT^ted* toe i if ? h A ®S[*S ee n fnary shares in’ W. Canning having Working . capital decreed by 

°nPL l ? r ! New York, the Bank of Nova a current market value of £57,000. £232.043 compared with a £343J 18 

of toe shares-it did notwin m ^pmd^ toareholdere protest Scotia. Toronto and Allianz of A^heT^Lderetion is pay- increase. AtNoSember 28. 1977. 

1 U»- , intendto Milf out“St ten thu a °f' ^Waia able in ^ e7e nt of toe pre-tax Whitbread Investment Company 

for S T " ™ U 1 * ,CW ““ Vw 2 lch £ run S s AP-’ Mun;ch ’ b v a T e profits of Copal Foundries exceed- held 25.61 per-cent of toe equity 

st 75 per “■ each subscribed for approximately r £450000 In the 19 months to and Outwich Investment Trust 

blhrSltrf 1 w June 30.1979. equal to 45 per cent 5.43 per cent 

of any such excess. _ Meeting, Weymouth on January 


SOpofferfor Graff 



Talks for opening huge 
Malaysia tin deposit 

BY KENNETH MARSTON, MINING EDITOR 

NEGOTIATIONS to exploit what project. Charter, through NCC, of Australia in Melbourne lyar* 
is currently the world's biggest would also make representations confirmed that CRA has retained 
tin reserve, located in 40,000 acres to be reimbursed for the SM2.3m. its long-standing 12.65 per cent 
of toe Kuala Langate district in incurred during the .prospecting stake in AAR and has not 
Malaysia's Selangor Statri have survey. accepted CSR’s recent offer for 

JEiJJ!? poJSSirfftLi ' i£ nd ? h * Mr * Junus stressed that a lot AAR shar ® s * 

^““*1 ““ -1“ of work still had to be dope in The CSR spokesman said pro- 

= terms of further prospecting, cessing of acceptances of the 

design of dredges capable of offer, which closed on December 

@E-S?5w , £ 881 ?“- de - s - we«=M e a few weeki more 

Ku^a Lumpur co^pouUeut 

negotiations are being wise weak market in tin shares allotments to date of CSR shares 


BC opposition 
to uranium 


The 

undertaken by Malaysian Mining Tronoh held at I38p. 

Corporation, which is representing 
Charter Consolidated, while the 
Selangor Government is repre¬ 
sented by its wholly-owned subsi¬ 
diary, Kumpnlan Perangsang. 

MCC is the new name for New 
Tradewinds, the- joint venture 

between Pernas Securities (71 per BRITISH COLUMBIA'S incipient 
cent) and Charter Consolidated uranium mining industry may 
(29 per cent.) which now controls not see a chance to set off ihe 
the former London Tin group of starting pad, . comments our 
companies in Malaysia. Toronto correspondent John 

In agreeing to the resumption S^^ch. This development has 
of talks, toe Selangor chief £ orae about, as backers of the The South African slate sieel 
Minister, Datuk HormaL has laid pr03act ' potentially a re- group, lscor, is expected to finalise 

down two conditions: that at m 2)L D K ino 88 ura Jl J . um agreements early this year for 

least 70 per cent of toe equity mjnes g0 ' * ace fierc e opposition, two new coking coal projects 

. — _ -‘ —’ which will probably cow over 

RSOOm. l£lS2m.) and are expected 
to make the country independent 
of coking coal imports by the 
1980s. 

Arrangements are well 
advanced at the first project, the 


to AAR shareholders, total around; 

3.32m. shares. CSR’s issued 

capital before the offer wu 

121.13m. $Al par shares. 


S. Africa’s new 
£182m. coking 
coal projects 


must be held by the State Govern- It is coming from various 
ment and local interests in sources, including labour unions, 
accordance with new economic environmentalists and the pro- 
policy and that mining operations vincial Medical Association. In 
should cause little disruption to addition, criticism has come 
the several hundred Malay vil- ^ r ? n ? the Federal Environmental 
lagers in the area, which happens Minister, Mr. March and, whose 

to be part of the chief Minister's constituency embraces toe poten- S£^™teceluk ^nTTn the 
constituency kal mine sjte. This is near Clear- J^^. e , te ^ Tran W S for two 

The past negotiations between g|*£ “ deii norlh of riv?^ banking consortia f led by 

Cterter and the State Government Kamloops. Barclays National and Standard, 

had been tortuous* with disagree*- The property Js held by Con- respectively, to lease eouipxnent 
ments over equip participation roUdated Rexspar Minerals and and plant up to about RITOm. in 
and financing of toe project, and Chemicals, a member of the a ra0 ve which largely solves dere- 
these problems were later compji- Denison Minw group. The Rex- fopment problenS arising from 
cated by political issues. spar is looked upon as a SC27m. iscor’s short a ee of funds 

In 1973, Charter Consolidated's (£13m.) project (at 1977 prices) “™ ri al, °™ 8 " 0 tU , 

subsidiary undertook a survey operating an open-pit mine and Grootegeluk expects to start 
over 7,500 acres on Brooklands processing 7.000 tons of ore a production in 1980 and has «rt> 
Estate in Kuala Langat, and dis- week to produce 1,320 lbs of mated reserves of 1,000m. tons, 
covered that it contained ns uranium oxide per day. Reserves half blend coking coal and half 
much as 303.000 tons of tin in three zones have been put at middlings. The mine will be open- 
reserves, equivalent to some more than 12m. tons averaging cast, moving about 24m. tons of 
three years’ Malaysian tin pro- 1-54 lbs per ton. -overburden annually, to produce 

duction. At current prices, the In toe meantime, a fairly active 1 .Bm. tons of blend coking coal 
reserves are worth some $M8.5bn. uranium exploration effort is and 22m. tons of middlings for 

(£1.9fan.), but they lie very deep under way in British Columbia, gasification or use in power 

in toe ground, at depths of 300 About the most promising pros- stations. 

to 400 feet. pect Is the Blizzard, near Bearer- Despite the high capital cost. 

An agreement to mine 30,000 defi- It is shared by Noreen the project is deemed necessary 
acres of toe surrounding area was Energy Resources, Lacana Min- for strategic reasons. The two 
signed with then Chief Minister, fas. Campbell Chibougamau banking consortia are expected to 
Datuk Harun, under which Mines, and the West German- submit their proposals by mid- 
Charter would take 36 per cent owned Sedimex Fund. Surface January. 

of toe equity, Tronoh Mines 9 per drilling at Blizzard has been The second project in the 
cent and the remaining 55 per under way for some time. The Soutnansberg area, falls within 
cent, for the State Government vro . r * t has indicated a zone aver- the Venda Homeland and drilling 
But after Datuk Harun's dis- aging two pounds of uranium has shown coal quality to be 
missal in March. 1976, toe new oxide per ton across 27 feet and higher than the best local coals, 
Chief Minister, Datuk Hormat, J n “ e or “ er , 2m. s0 avoiding the need for exoen- 

refused to recognise toe agree- *&s. It is already regarded at a give imports. Iscor has invited 
ment claiming that it was against Potential mine in some circles, the local mining houses to this 
the new oconimc policy. 

NCC’s chairman, Mr. Junus 
Sudin, said that in the coming 
talks. NCC would try to get the 
State Government to allow 
Tronoh Mines to take up a direct 
investment in the Kuala 


CRA KEEPS ITS 
AAR SHARES 

Spokesmen for Australia's CSR 


deDosit and a number, including 
Anglo American and Messina, 
have shown interest 
Apart from the strategic needs, 
opening up these sources of 
coking coal is exnected to improve 


Langat in Sydney and Conzhic RJotlnto Iscor’s blast furnace productivity. 


- the first round. 

This time it 

acceptances from at least 75 per 

■‘"'cent of the 200 -odd shareholders tmcva'W Nnw HPPFP c 5 per cent, 
who refused, the first-offer and 90 INUVV UrrtK^ capital of Schroders Inc. at - 

per cent, of the . outstanding SHARES FOR BERNER total cost of some $USi0.5nL, fol- 
shares. Sandstar has managed merchants D. F. Bevan is lowing the enlargement of toe 

to persuade Jiist ever 45 per cent now offering a share alternative cdjhty of Schroders Ino. by a 
of these reluctant shareholders its December cash offer for subscription of approximately 
(including, the Trefalgar Hwme JJeei stockholders and processors. WSfim by Schroders Ltd. The 
Pension Fund which held 26.97 Berner. The new offer is 4 capital of Schroders Inc. is now 

per cetfL) to its new price.' Bevan shares for every 3 Berner, 0WIled 84 *° P*£ <****■ b y 

• It is also warning the remain- ^^h values Berner's shares at Schroders Ltd. and 14.99 per cent 
Jng holders that non. acceptance g3p roinpared SSh the 17Jp cash hr the new minority shareholders. 

. could mean that the offer lapses, o^r R^er’s directors and their - FoHowing the execution of the 
although the append Ices _ in toe SSSTpK MMnbeU. 

offer document leave the way .«iiim nn.ir ochroders inc. ana tquitaoie, an 
■JJS for*Sand5tar t 0 raise thte- HS 31 re payable between castings. 

-bid yet again if necessary the OrdlimJylhares and and 1996) has teen drawn 

01 v«*““‘jf aiioica «!■« rtotiro Thp rnmainm? Ilfhn avail- 


_ Copal manufactures 

Schroders Inc. and Equitable, an quality al uminium gravity die- 


For the year ended November !25 at 12.30 pjn. 
30,1976, Copal had a pre-tax profit 
of £239.000 on sales of £L4m. 

Preliminary unaudited figures at 
December 31, 1977, show Copal 
having net tangible assets of some 
£750,000 including cash of £385.000 
and indicate profits for the 1977 
year similar to those of 1976. 

high 


Increased 
deficit at 
Barnagore 


new 

All shareholders. would auto¬ 


matically benefit from any such SuEw'Smw-’ 
increase.. 

The offer is accompanied by 
profit figure* for the first five rnin C rnrw\r 
months of this year which show ACQU1SITICMN 



„7 tv, P ri down. The remaining 310m. avafl- 

cenL of the deferred i A ,„ 


BRYANT HOLDINGS 


ICFC INVESTS 
IN CRANE HIRE 

Industrial and Commercial 


able under toe loan arrangements 
will be taken down prior to 1982. 

Schroders Ltd. has borrowed _ _ 

an aggregate of $6fim. for a Finance Corporation has invested [of the provisions of the (Indian) 
term exceeding 10 years from £362,500 in a mobile crane hire [finance Act 1975 applicable in 


Group net loss for toe year to 
March 31, 1977 of Barnagore Jute 
Factory em erged as £812220 
against £777,606 and again there Is 
no dividend. 

Following tbe Implementation 


pre-tax profits to have fallen from Bryant Holdings has acquired Bank of Nova Scotia and Allianz company, to enable -the five-man J conjunction with the (Indian) Tn 

E620 000 to £550.000 and earnings from Greyhound Computer Over- as part of the funding of its new management team to acqnoire Income-Tax Roles 1962, toe com 

- - -• ■*-** ---—-— -*■’-*— “— —**— - 1 —- a ---* «•»«»«.»«»» pany’s losses in India available 

at March 31, 1977, for setting 
against future profits assessable 
to tax are estimated at £L29m 
(£463.640). 

For U.K. tax purposes the 

__ -_______ _ _______ accumulated losses available at 

rile price a't^wWcii'the"company and toe consideration of £825,000 which, added to toe loan draw- yesterday that the money which that date for setting off against 

was first floated early in 1973. has been paid from tbe company’s dopn of 310m. from Equitable his organisation was putting in. future profits are estimated at 

dowever ' they - were - tolti by own resources. This will benefit to..£chroders Inc, has increased represented the great majority of £2.04m. (£L31m.), it is stated. 

>andstar' and its advisors, the group’s corporate financial the funds employed in the the purchase price of Quinto. It 

. -Tambros Bank, acting on behalf arrangements, but no significant efiroderUA Groupto a current 
, jf the independent, shareholders; contribution - to group profits is figure of about SOTm. On toe 

iiat 2Sp was the minrfwHim -which expected. drawdown of tbe further 910m. 


(after making full provision for seas.Corporalon the entire share capital subscription in Schroders from its parent organisation, 
deferred tax) to have dropped by capital of its subsidiary. Grey- Inc. The company is Qdhrtp Crane 

12 percent. 0.95P per share. -hound Computer Services; which ..Based on a consolidated- net and Plant of Norwich—formerly 
The original offer aroused con- formerly carried on the trade of wwth of Schroders Inc. of about BMC Crane and Plant prior to its 

_ . . dderable opposition from share- providing data processing services. the new capital subscrip- purchase by toe directors from 

. \ 7 '1 holders who complained that a The net assets acquired amount flops provide an additional equity Ready Mixed Concrete. 

1/ \ price would have been 57 p, to £ 640,000 including £482,000 cash contribution of about 524 hel, a spokesman for ICFC said 

*'■ rhe price at which the company and the consideration of £825,000 which, added tc 

bvac flnet floated earlv in 1973. has been paid from the company's down of 310m. 


... ,T^< 

;*r .. , 


MONEY YE4RKET 


Interest rates easier 


Bank of England Minimum 
Lending Rate 7 per eent 
(since November *5, »77) 

Interest rates were lower 


at tote week’s Treasury bill hand- fairly large revenue pay- 
- tender. nw&r to the' Exchequer exceeded 

' Conditions were pitchy as far Government disbursements, re- 
as the discount houses were con- payment was made of the largo 
cerned, with some houses having amount lent to the market on 

141 „ 4Wt _ _ In difficulty in finding late balances, Friday, and settlement was made 

the London money market yester- even though there was an overall of gilt-edged sales, 
day The one-year interbank rate surplus on the day. The autoori- Discount houses paid 6H3J per 
owned at 7-7J per rent and ties sold -a small amount of dint, for secured call loans at the 
closed at per cent. Very Treasury bills to toe market, but start, and closing balances were 
abort-term rates also declined, It Is , expected that there is still a taken at 5i-fi per cent 
helped by the good supply of surplus in the system to be earned the interbank market over- 
it' - ' * 1 , day^to-dAy credit. Discount houses forward.. nlgflat loans opened at M-7 per 

/or throe-month Banks carried over very sub- emit, and eased to 6^} percent. 


buying rates 


.. „ Treasury bUls eased to 8&-6A per stantial balances from Friday, the at' Juncb, before rising to 6J-6J 

cent, from 6A*6i per cent, sug- market held maturing Treasury per cent, and closing at 5 per 
Testing a probable eur or i per bUls, and a sizeable fall in the cent 

centto 61 per cent, in Bank of note circulation was also ui toe Rates in the table below are 
* England Minimum Lending Rate market's favour. On th» «ther 


On the other no minal in some cases. 


Ju. 3 

1978 

tterfim: 

C«rtJ 8 oHc 

n# dejxArfw 

Inteitent 

Ia« 

authority 

Uxn Atith 

"XT' 

fhwim* 

Bnute 

Dnpmii 

Uumpanv 

UlMuni 

nwrfcm 

ieonMf 

Trauim 

Will.* 

Uilaibt 
H«wfc 
Hill* * 

VtuB Trad. 
HD hi* 

Oramiaut—. 

•* Sfv«w*te- 

. mourn _ 

. ■ 5*0 monUw.-.. 
qudUu. 
“vnwtth*^... 

i . 

6Sb-61i 

***** 

5-7 

fiSa-7 

Bif4q 

6,t-63« 

est-fisa 

ais-GT* 

6sa-7 

65*-7 - 

fils-676 

6>i^ 

6te-63* 

61 HW* 

_6ar»». 

7 

. 8 ^l« 

’ 

74-614 

6T#^4 

64-64 

64-64 

7A 

74.-6if 

654-74 

64-74 

64-74 

64-7 

6TB-74 

74 

7S* 

7 

7 

7 " 

54-67j 

64-64 

64 

64 

64 ' 
64-6,4 

1 Hjr^l II 

7^74 

7-7U 

64-74 

74 


Lot*! ...rt.i-m.. a*ri (hunn- hoiue« *»mb durB* nonce. tnbers sevMi days* a<«l. * Lngfr-Tenb lorel niUnritr nrartnuie 
Itn ?,jg a y« 3 11 ™r , ^r"f n nr- yw* 9MB1 per cent.: a*c JM-lM per ctat • Butte WU rales in 
SSt nSe* fw WIWPWW BwlBS.nir foiff-month teude MUa S3|* iw emtf iw-mwth trade MUb 7i per 

tSat innraii«..i.' . ■■■ ,■■■ fn - nnMiumth TrrawuT hilti BUlu 9*r ML; innMnonUl':* BtT cent; and Uiree-montfi 
** eSSfaSS^SS Siwa^te^8Twni.! twraomh « »r ce nt.: a nd Ume-montt et per cent. 
n »rn in-S2S5h «J 1 per cent.: and also mree-momh onr cent, . 
b t ra «-» ptr lh * HM«e Houses AssomUoni M iwj txnt.Jnm Juror 1. UTS-. Owing 

SfS SvMtfSHte) ^ nor «m. Owtaatenk iut» for lemtea a-B n« canL 
wSTnie* of dnc*«M«l wr»a. 


is belli 

Participating Preferred Ordinary 
shares for which ICFC has sub¬ 
scribed is about 25 per cent, of 
the equity capital of the concern. 


British 

Cinematograph 

Turnover for the six months to 
July 3L 1977 of British Qnemato- 


VALE DO LOBO SOLD 

Mr. Sander Van Gelder. toe 1 

Dutch diamond and property I ^fr^vAT^'and 

millionaire, has bought the 650-' •O- 02 ™- t0 *l-19m. after VAT and 
acre Vale Do Lobo golf and resi¬ 


dential development in Portugal’s 


profits advanced from £6,776 to 
£20,452 subject to tax of £1L835 


TOSSAUD’S/ATV 


AJgarverTlie scbeme, initiated hy 
Richard Cos lain and Trust Houses 

Forte, was put tnto voluntary 7641 t0 ^ similar to 

liquidation in 1974 at the time^f ^JR**^***™^^ 5 

the Portuguese Tevolution. No * ,-5^3551 

details of the sale price have been L3ttl2ap net per 12ip share was 

laid. siImofc Ym 

1977 law 197B-7T 
Grass tvraorer latSJQS 1.14073 2^flTJT3 
VAT ..... 12UI5 taunS 150 331 

The chairman of Madame Lei^in*.. . vajsDynsjsiiisr^i 

Tussaud’s has written to share- Traflns pr^t ®.ra leas* o.w 

bold ers . stating that the Board is nepredtdofl ( ... 9.?78 v,st6 j».sk 

not recommending the ATV offer, tax 

which . is considered wholly 
unrealistic. The chairman trill be 
writing to shareholders shortly 
giving detailed reasons for reject¬ 
ing the offer. Meanwhile share¬ 
holders are advised to take no 
action. 

SHARE STAKES 

Rio Tin to Zinc Corporatios: J 


4.507 5368 14 MB 

Pratt MW* «x. Jft4S *,T7* 57,7a 

Ttx .- 1W33 S.S80 WJ85 

Ket profit ... .... 8.07 5.086 32,738 


Lowland Inv. 
conversion 

Lowland Investment Company 

Eaite SteT'cro^haTa^STa **££** 2gS? to SSSi 

further 50,000 “B" Preference a ?2SS 1 SSi 
shares bringing its total holding 

to aio 000 f ft.Sfi ner cent 1 vertible unsecured . loan stock 

and General Assurance Society 

now holds 27,500 5J per cent 4 i^53KL2 

Preference shares (13.75 per December 31,1977. In accordance 
cent) 1 ^ with the provudons of tbe Trust 

George Spencer. Gilstan has *>***’ ** 1Sf5! ors e in i£ nd 
disposed of SOOjlM Ordinary reqi ^r e ^ holders of toe out- 
sh^^reducinlite interSte “"Ifu t 5 elr 

323JJ30 shares (5A per cent). Mr. ho ! d ^^l,“ otlces v,in be des * 
S. H. Uvdngstoti is a director of shortly, 

both Gilstan and Geo. Spencer. 

ASSOCIATE DEAL 
acquired a further interest as On December 30, W. Greenwdl 
trustees of the same trust in and Co, on behalf of discretionary 
33.798 shares. Mr, Wilson has an clients of Brawn Shipley and Co. 
interest as a trustee in another sold 32,500 Associated Television 
trust in S54 shares. Corp. “A” Ordinary abates at~114p. 


Goodnews 
for our policyholders 





. 


■ ■ am A OaMdtt 


yet another record 
bonus declaration from 
Scottish Widows 

Scottish Widows has declared the biggest reversionary 
bonuses in the history of the Society: 

470% per annum compound for with profits policyholders. 

5.50% perarinum compound for with profits personal pension 
and Pegasus pension policyholders. 

The Society has also declared a record cash bonus of: 

1.50% per annum on the average reserves for with profits 
group pension schemes. 

In actual amounts this means approximately: 

£90,000,000 added to the benefits under ordinary with profits 
policies. ‘ 

£4,000,000 (per annum! added to the benefits under pension 
policies subject to the reversionary bonus plan. 

£10,000,000 in cash, for with profits group pension schemes. 

For further details ask your broker or financial.adviser- 
or get in touch with us direct. 



SCOTTISH WIDOWS 

Scottish Widows' Fund and Life Assurance Society. 
15, Dalkeith Road, Edinburgh EH165BU* 


1 






Financial Times Wednesday January 4 



Fiat restructuring to be 
completed next year 


BY PAUL BETTS 


ROME. Jan. 3. 


German 
retailer 
sees sales 
decline 


DUTCH NEWS 


Good European response for EOE 


BY CHARLES BATCHELOR 


AMSTERDAM Jan. 3. 

The problems in the U.S. are not offer toeJul!I serviceJo b. 


FIAT, Italy's largest private com- policies on its industrial vehicles last year, according to provi- 
pany, plans to complete its group sector. sioaal figures, totalled ll.OOObtu. 

restructuring programme in Flat has now already allocated representing a 19 per cenL in- 
1979. This will see the giant L2.000bn. over a five-year period erease over the previous year, 
holding company decentralised For investments in the car sector. Overall car sales totalled 
into 11 separate holdings linked Sig Romiti. however, indicated IASOObn., while industrial 
to specific sectors of industrial that in the Future it would be vehicles sales amounted to 
activity, according to the. com- necessary to rationalise 16 not to L3.000bn. The group's overall 


SS Tpp^Tor^e Eo a E r nnlikelF‘STSf in Amsterdam 

by the Dutch Minister of Finance where the EOE is aimlns tor a BSTSSml^of 

last month meant the Exchange's turnover of between 6,000 and bers is that[ memhen* m t*erman_ 


pany's financial director, Sig. merge production among the labour force also increased to 


Cesarc Romiti. 


The Turin-based concern, in turers. 


various European car manu/ac- 338.000 people last year. 


Car production Increased from 


effect, said to-day that its According to provisional 1977 1 , 331,000 units in 1976 to 
activities in the steel sector had figures, the Turin group is ex- x.390,000 last year. Thegronp’s 
been grouped together as from P*cted to report a profit of about domestic market quota rose from 
the New Year into a new com- LSObn. this year, similar to 19 16 , 53 0 per cent, to 55.8 per cent, 
pany. Teksid SpA, with a share a ad to return a dividend of 3n d j D Europe to 5.9 per cent 
capital of L370bn. (about Jj*}- 1 Flat's P ,ant Brazil managed 
£240m.). This makes Teksid the “J 5 10 19,6 were mainly due to t0 secur e a 9 per cent share 
tenth new holding set up by Fiat g* ^“^rprafits^^laroeh^the of Braiillen market with a 

gramme. 113 restrUCtUrms pr - 2£H? Krt 5« 2£d ^ Sff iSi S 

The Decentralisation pro- fin ^ cial P osit ^on. expected to increa.*? to 13 per 

gramme aims at giving Fiat The company has managed to StlKs srair. 
greater elasticity within specific consolidate successfully its T ndlis tri a i vehicle production 
sectors, bigger possibilities to P° slti f> n . by Increasing £i n u< ?{22 

enter into joint-ventures and to »ts long and medium-term debts. from UO WO unite in 1976 
make it more comoetitive according to Sig. Romitu from to iis.ow last year, riat 5 

In a Swp5J?r P inte4iew to- L631bn, in 1976 to.L667bn. last jgpjl vehicle suWdia^ 
day. Sig. Romiti added that next year, at the same time as trans- J® ec °- secured 87.6 per cent of 
year F?at planned to set up the forming its short-term indebted- ff 

last of the new separate holdings ness into short-term money X J* J rk *J ®? ar ® J? 

which would group together the supply currently standing at West_ Gennany to 16 per cent 
company's car manufacturing about L392bn. This financial 15 P er cent - m France, 

activities representing Fiat's policy has been at the root of Fiat’s steel activities- recorded 
biggest single industrial sector, the company’s positive turn- a turnover last year of Ll,030bn. 

At the same time. Sig. Romiti around. according to provisional com- 

said that Fiat would once again Last year, group investment pany figures, 
concentrate its investments as totalled LI OOObn. compared with Sig. Romiti however, said that 
from 1979 in car production, L8I3bn. in 1970. Of the 1977 Fiat last year benefited only 
with the target dF producing a total. L222bn. went to the car marginally from the recovery in 
new model every year and the sector while L32Sbn. -was world car manufacturing because 
aim of gaining a 60 per cent, absorbed by the industrial of continuing labour problems 
shore of the Italian market and vehicles sector. Some SO per and a weak domestic market. In 
6 per cent, of the European mar- cent, of these investments were view of Italy's uncertain econo- 
ket. In recent years, the company effected in Ttaly. mic situation, Sig. Romiti said 

has focused its investment Consolidated group turnover that 1978 would be "difficult." 

EUROBONDS 

D-mark coupons lowered 

BY MARY CAMPBELL 


1 !• THE PLANNED European exempted from payingIhe dollar The problems in me u.&. are »• 

decline Options Exchange (EOE) has premium. Approval for the EOE an likely to occur in Amsterdam P/^ dud t - entia i German* 

UVLUUV | had a good level of applications by the Dutch Minister of Finance where the EOE is aiming f®r a facing 

By Guy Hawtfn I from Holland and France but last month meant the Exchange's turnover of between 6.0W and bers •* "V a L“ e in , D ‘ easeFw 

FRANKFURT Jan. 3 i potential members from the U.K., Board could seek definite applica- 10.000 contracts a d3y after one eN.inang^. run n so 

^ ' the US. and Germany face some tions from potential members, year. Turnover on the five lv& mode "H* 

NECKERMANN Versand, the ] problems. More than 300 provisional options exchanges was lbO.OQo nett■ ** Hfc 

alllag West German depart- : There have been a large num- applications were made in the contracts a day. This was much cations 1 are«m»»"R jnaerordiM 

s&rassjg i^jsssrjBsrsz ? £ arjws* 

^ jzutusn ssi isssr sr-s swi 1 

19 1 7 compared with PM2£bn. 0 f Trade have been completed, the Dutch Plans. Mr. Konthals . h . day an d The opening of the Options 

According to to-day's pro- Mr. Philippe Korthals Altes. Altes said. The SEC to d ntm. ° £ the US until Exchange will mean the Stock 

llmlnary statement, Necker- chairman of the Amsterdam bers of the EOEs managing com- will not wait,,as in the . -* Exchange must set new rcgttla- 

rnann’s mall order sales rose Stock Exchange told a press mission in December that they the end ot toe_«»>- . rions f 0r trading which now 

by ZJ5 per cenL to DMUbn. conference. would not oppose Amsterdam s In Germanj tne. b place outside the official 

The prefabricated housing snb- The Bank of England is still plans but options trading in the m bourse hours of 11.30 a.m.to 1.15 

si diary also did wen with turn- considering the EOE's request U.S. is currently being reviewed oo^mc 

over up 18 per cent, to for British participants to be by toe SEC. - operations although t > 


roann’s mall order sales rose 
by 3-5 per cenL to DML3bn- 
The prefabricated housing sub¬ 
sidiary also did wen with turn¬ 
over up 18 per cent, to 
DM42 lm-—an aU-toe-more im¬ 
pressive achievement in view 
of the division's 11 per cenL 
1976 sales rise. 

The main reason Tor the over- 
an group sales decline was a 
heavy 24J5 per cenL drop in 
department store turnover. 
KarstadL Europe’s largest store 
group, took over seven of 


Poor second half hits profits at DSM 


AMSTERDAM, J*n 3. 


BY OUR OWN CORRESPONDENT 

DSM. the Dutch-owned chemicals high wage levels, high energy cosmetic* detcrgente and con 1- months tjwj&h 
company, said it expects its 1977 prices, substantial anti-pollution mg kqu.ds: M P«*«« d ** j£UVbS5i 


toanlnl 976 v*en it achieved net boweverT he totegrated j? DSM's industrial U is v* 

«v^nSoz^l^?lndir,e^YAT profit of FlsA32m. Last year did thought Dutch competitiveness chemicals division. fe^ve ir but it expecte to report 

•’ShdSSSS&^SSf ££ ^ expected “ aric ^ t on sshblf*?*. sEf'Jz ^ , i Uie ios* 

sidlary, which reported on the recovery for toe company s restored within a year* par- £ s j e j sees Jan Hooglundt said in his New 

travel trade’s traditional 1976- prinKgal products. DSM chaii- Ucrtriy wjttnn the CMrnw Year message. In the final 

1977 business year, reported a mao W “L?!2K.%! 2J5 £Sfrt p i!SSi In Si record loSS quarter of I976_it made a net 


2A per cent growth rate which 
brought turnover up to 
DM? 32m. This was rather 
slower than UTS-TG's 10 per 
cent sales increase. 

The group's Dutch mall order 
subsidiary did particularly well 
with turnover up 33 per cent 
to FL90m^ while the French 
mail order operation reported 
a 1.8 per cenL fall in stiles to 
FrsJ.50m. 

It was also announced yester¬ 
day that sales Kaulbof AG 
rose by 22 per cenL In 1977 to 
DM7.09bn. while parent com¬ 
pany turnover increased 1J per 
cent, to DM5.46bn. Selling 
space of this West German 
retailer rose 3.3 per cenL to 
945,000 square metres 

Kaufbof said in October that 
earnings were running below 
1976's net profit of DM6&2m. 


INTEREST continued to be Swedish issues were cut yester- coupon is indicated at 5} per Kaufbof said in October that 
focussed on the D-mark sector day to 5$'per cent from the 6 cent, on a ten-year final maturity earnbus were running below 
yesterday where three issues bad per cent, originally scheduled (average life nine years). 1976's net profit of DM63J2m. 
their coupons cut. The currency- while toe coupon on the Spanish Dresduer Bank is lead manager. 

induced demand for D-mark Autopistas placement was shaved Expected later this week, or __ 

foreign bonds is a continuation. from toe indicated 71 to 7 per early next is a DM100-I50m. 
of the situation of the last two cent. The other terms for this offering for Brazil with Deutsche RoilsvflV hnndd 
weeks, since the Bundesbank offering, which were finalised Bank as lead manager. lumnuj uuuus 

announced measures to cut back yesterday. Included a price of The Londoo market opened STE. NATIONALE-de Chemins 
foreign flows into other D-mark 99i, putting the yield at 7.09 per for the new year yesterday sur- de fer Francais is offering 
denominated securities and bank cent prisingly steadily in view of the FrsAfWm. of savings bonds 


New Year message to the staff trate its export drive on western . n r0 flt 0 f Fls.25.2m. 

in Heerien. Sales by volume Europe and will gradually with- THE BUTCH-GERMAN stee P Dutch division, Honeo- 

were disappointing while price draw from far-fhing and expen* group Estel expects IBi 1 w ill produced 4 . 6 ui. ton* 

levels were even mwe so. Sales sive markets. ' result m the largest loss In iUs • .£ sl ^| its lirauiden 

in 1976 were FIs. 951 lm. DSM wUl cut back on invest- history after the fourth quarter ot crude sw 1 » »» ommuen 

According to Dr. Bogers, the meat spending in the next few unexpectedly produced a large mm 10 J doZ 

second half of 1977 was par- years. Investments totalled Fls. deficit reports our Amsterdam on l9i8and8WKWO 1 «« 
ticularly disappointing. The 128 brr. in 1976 and were forecast Correspondent. The cm ^rked below capacity in most 
current year is unlikely to show to rise substantially in 197 J- reported a net loss o r F\s.202ni: including-at only 60 per 

any improvement but thereafter DSM also announced thatKhas i nthe first nine months of 19,« sectors, inciud ng ai ony ou jwr 

the outlook is slightly, more acquired Chem-Y Fabriefc van but said in November it expected 2 

promising, he said. DSuM has the Cbemische Produkten of ^de- cost-saving measures would lead Ertel s ™ tg e u nSS 

problem of a small home market graven and Cbein-Y of Emmerich, to an improvement in the final nfiveted by rising tosi^currency 
Such meanTiz is heavily West Germany. Cbem-Y manu- three months. It.(previous wore 1 ? n »m 

dependent on exports. Yet it factures surface active agents ever year was llifiiwhen it.made cheap imports from outeioe me 

must compete from a position of and starting materials for a net loss of FlsJ02m. in the 1- common marks 

fife plan at Sales up but PLM Capital 

Jeff. Smurfit r increase 

A £10M. investment programme g~u 1 fi* II 1 __1 , 

profits tall sharply for BEC 

son Smurfit, the Dublin based Jt . . * •' 

printing and packaging group. wimiam nui lfo*C£ STOCKHOLM. Jan. 3. By David Buchan 

The investment programme, to BY WILLIAM DULLFOftCE aiuLMuuu, * BRUSSELS, Jan. 3. 

be put into operation over toe prM Swedish metal can, include the devaluation loss of THE BANQUE Europeene dfl 
next year, will be aimed at new pegging a ud waste treatment Kr^Om.. which is contained credit (BEC) has had its capital 
plant and equipment andexpan- conce £^| hows a pr0 fl t slide from within the KrJi4m. pre-tax profit ralled b y BTrs.8l6ra. to a total 
i5S nil Sk? C ?t» 1 u Kr.7lBm. to Kr^4m. (£2.7m) reported. .of B.FreAS56bn. (S84.7m.) by its 

Cr qnl S0 ^ e fn after extraordinarv items in its IF this loss and oth.er extra* seven bank shareholders, among 

l* r SZJRZE: preliminary report* for 1977. This ordinary items, including a thenj Midland Bank. The en- 
fnrnit vpS Ln- corresponds. roughly .with the.Kr 13m. profit.from 1 the wle of ] a rgcd _ capitat is to cover in- 


1977 will continue this year. 
Reuter 


Sales up but PLM 
profits fall sharply 


announced measures to cut back yesterday, included a price of The London market opened STE. NATIONALE-de Chemins be put into operation over toe P T M th Swedish metal can, include the devaluation loss of -rue- raNQUE Europeene dfl 

foreign flows into other D-mark 99t, putting the yield at 7.09 per for the new year yesterday sur- de fer- Francais is offering next year, will be aimed at new packaeinc and waste treatment Kr^Om.. which is contained credit (BEC) has had its capital 

denominated securities and bank cent prisingly steadily in view of the FrsAWm. of savings bonds plant and equipment and expan- conce ^rthowrs a profit slide from within the KrJi4m. pre-tax profit -aiepH bv BTrs.fll6ra. to a total 

deposits. . The coupon on Norway’s plummeting dollar. The dollar over 10 years at 6J pei- cenL slon moves that are expected to j- 71 ^ m t0 ^ 04 ^ rf2.7m ) reported. of B Frei.S56bn. (S84.7m.) by its 

In contrast to the situation DMSOOro. offering still technic- closed at Sw.Frs.1.92 after a giving subscribers the chance create some 100 new jobs. Tins { * gx^aordinarv items in its If this loss and other extra* j^nk shareholders, among 

during last autumn toe demand ally stands at 5 per cent, but very large fall indeed for any to win free mileage on the reflects by far the larger pro- nrflViminrtrv rprvirT ~ fnr 1 g 77 xhis ordinary items, including a lheai Midland Bank The en- 

for. D-mark issues is pushing up it seems extremely unlikely that single day, even by recent French railway system. The portion of the group’s projects £ QrregDOn rti r ^_ hly ^ the Kr.l3m. profit from the sale of ]arced capital is to cover in* 

prices in th esecondary market it will end up above 4} per cent standards Last Friday it stood offimal gazette said toe S-5 per foj nert year and reflecte man- f J t de a ffh e eight-month assets, are eliminated, the pre- cr ^scd business by the bank, 
as well as causing cuts in the The new issue announced yes- at Sw.FrsJ.9S874. Against the cent Interest paid on accounts agement s renewed ^confidence m . . .. lhe tax figure CO mes out at about eh u flv in medium term Euro- 

coupons of issues whose terras terday in this sector was D-mark, the dollar fell from at French savings banks in the Irish economy, said a «zre- t at Kr.35ro., compared with Kr.6S.8rn. curre n C v loans 

have not yet been finalised. DM150ra. for Banque Francaise DM2.0975 to DM2.061 between 1977 will continue this year. ment • becinninE of thevear in 1976. If the devaluation loss C R E n savs that its medium term 

The coupon on the Finnish and du Commerce Exterieur. The Friday and yesterday. Reuter___ fnves ^nrag^f tto >«r. ^ 1 earnings toa^oSme^irtial bSSS! 

■ S* Wto Pa?e“ Sadte wSSanv safes,to KrJJ.04bru (£230m.) was would be around-Kr.5.30 a share, l977 , compared with 1976, IBM 

Sreadv hoWlM 49 Mr era? of better tban anticipated in the and would not cover the pro- its en d-1977 balance sheet total 

..... „ ... ... .. . . . rt,e shares Jefferson!Smurfit is eight-month interim, and only posed dividend. had increased over the previous 

All these securities having been sold, tins announcement appears as amatier 0 } record, only. SL 1 for Ssh toe 51 slightly short of the target set The setback experienced by 12 months by 25 per cent, and 

cenL interest' of Reed Inter- managing director Ulf Laurin PLM last year steins from the that the 1977 profit figure is 


AU these securities having been sold, this announcement appears as amatier oj record only . 


New Issue 


$50,000,000 

Societe Nationale des Chemins de fer Francais 


French public works 
convertible issue 


cenL interest' of Reed Inter- b 7 managing director Ulf Laurin PLM last year steins from the that the 1977 profit figure « 
national. m the 1976 annual report weakening of its domestic likely to have risen by even 

_ , - The Board proposes to pay market and the effect of- the two more. 

_ shareholders an ^changed divi- devaluations of the Krona on BEC's own funds now amount 
French public works dend of Kr.6 a snare for 1977. the concern’s foreign borrowing 10 $ 109.7m., with the capital in* 
.m i - The preliminary, unaudited charges and costs. However, the crease entirely subscribed by the 

convertroie issue figures show net adjusted earn- preliminary report forecasts seven banks. Subordinated lines 

PUBLIC works company Screg ings of about Kr.9 a share, com-, improved earnings in 197S and of credit from the banks to BEC 
SA will raise Frs.60m. through a pared with Kr.15 a share in the a Iff per cent rise in turnover to remain at S127m. 

9.75 per cent convertible bond previous year, but this does not Kr. 2 . 25 bn. Founded in 1967 by the EBIC 

with a maturity of ten years. _ group of banks, toe Brussels- 

The bonds may be converted based BEC still gets most of its 

into Screg equity shares from ^(1 • • 1 business from introductions by 

July 1, 1978 onwards. Subscrip- I I 1IH fllTYIlA mCC the EBIC banks. But BEC op¬ 
tion is reserved for existing ^zizzziiv ivdd cials say that increasingly tbeir 

shareholders on a three bonds PARIS, Jan. 3. « ba °k now approaches client* 

for 10 share basis. _‘ directly, though management 


9.75 per cent convertible bond previous year, but this does not Kr.2.25bn. 

with a maturity of ten years. _ 

The bonds may be converted 

into Screg equity shares from •_ • _ 1 _ 

July 1, 1978 onwards. Subscrip- I I 1|H nlfYllA |/)CC 
tion is reserved for existing iVtW 

shareholders on a three bonds 
for 10 share basis. 


The bonds are to be issued at CDF-CHiftHE, the chemical arm pany’s plastics division, which expertise is still largely supplied 
par and will be paid back in of the state coal company. Char- other sectors had not been able by toe individual national banks, 
annual drawings from 1981 on- bonnages de France, will prob- to recover. The seven EBIC banks are: 


: wards at prices rising to Frs.158, ably have made a loss in 1977 


The seven EBIC banks are: 
Societe Generate de Banque SA 


9 % Guaranteed Bonds Due December 1,1992 


Unconditionally guaranteed as fo payment of 
principal, premium, if any, and interest by 

The Republic of France 


wmuj BV * ‘“aa »u I vy . .v.. ;r .u I3UU1CLC '.IVUCltUB UC DOUUUB H". 

giving an overall yield of 11.27 for the first time in five years. d sSJLJL cnF^him^J (Belgium), Amsterdam-Rotter- 

per cenL in case of non-conver- Chairman Jean Petitmengfo said win reqi^^n ^ection of fS dam Bank ’ Banca Commer- 
won. . m the company's news review. thi cia l e It a!iana. SpA, Creditanstalt- 

Other issues in She market In 1976. CDF-Chimie made a S Bankverein, Deutsche Bank,. 

this week are the three conven- parent 
tional bonds being issued by Frs.l0m. 

Diac-Equipment, Ufinex and Consol 


company 


f incurred by its Dunkirk steam- 
cracker project. 


Consolidated turnover in 1977 


investments reached 


Petrofigaz, which are raising rose 4.7 per cent to around F«s,760m. in 1977 from 491m 


Frs.200m^ Frs.l06m. and Frs. Frs.ABbn., Petitmengin said 
100m. respectively. Petitmengin said that toe 

Reuter in plastics prices bad causi 


while parent company invest- 


ENI in Algeria 

Italian State oil company ENTs 
subsidiary Saipem has signed a 
contract with the Algerian State 
oil concern Sooatrach for service 


Petitmengin said that the fall ments slipped to Frs.360m. from 
in plastics prices bad caused a 378m., Petitmengin added, 
considerable loss in the com- Renter 


Midland and Societe Generals 
(France). 

Arbed steel 
talks open 

NEGOTIATIONS open today 
between 'Arbed SA of Loxem- 


Refining technology move SSSSSaS 


the outstanding stock of 


Lehman Brothers Kuhn Loeb 

Incorporated 


Warburg Paribas Becker 

la corpora ted 


The First Boston Corporation 


Goldman, Sachs & Co. 


Merrill Lynch, Pierce, Fenner & Smith 

Incorporated 

Bache Halsey Stuart Shields Banque Nationale de Paris 

in co rporated. 

Caisse des Depots et Consignations Dillon, Read & Co. Inc. 


Lazard Freres & Co. 
Salomon Brothers 


and repair of a 250 kilometre oil REFINERS throughout the world improvement of existing units as Stahlwerke Roe chi in£-Bur bach 

pipeluae, Reuter reports from now have access to the combined well as toe design of hew GmbH Basis for the talks, to 

Rome toe contract, worth almost Quid catalytic cracking tech- facilities. be held in Dusseldorf is Arberfs 

£25m wiflbepaid for fo dollars oology of toe Pullman Kellogg Pullman Kellogg will act as proposal to pay the Ro«& 

and Algerian currency. division of Pullman Incorporated the licensing agent, offering family for its interest In Stahk 

- and Standard Oil (Indiana). licences incorporating informa- werke Roochllng in the form Of 

HiJti looks for rise n™SSnt tirUZSF" tion - deveIoped by botfa com - Arbed shares plus shares of 

nun luuaa tur rise agreement, technical information pames. unsoecified Arbed subsidiaries la 

^ e upwa - rd - tr ^ gd ip be ^ Officials of both companies West Germany. Arbed already 


aris Blyth Eastman Dnion & Co. 

lacotponted 

Caisse des Depots et Consignations D3Ion, Read & Co. Lie. Drexel Burnham Lambert 

In tw par m d 

EnroPartners Securities Corporation Hornhlower, Weeks, Noyes & Trask 

Inconracafatd 

E,F. Hutton & Company Inc. Kidder, Peabody & Co. ' Loeb Rhoades & Co. Inc. 

Ineoipsrahd 

Paine, Webber, Jackson & Curtis Reynolds Securities Inc. Smith Barney, HarrisUpham & Co. 


Incorporated 


Incorporated 


expec ? a for cmnmerrial use of toe extensive experience In thi be part ofa complete reriroc- 
SVJmh! 1 ^ t i« tl iSS Ve L fr0m 5uld C * lmlyllc CTackin g design of more than 100 fluid turing of the steel industry in 

IwJ5 t 5 ^ 0 i? ii*iq 77 °. Mn catalytic crackers throughout toe the West German state of Saar- 

Sw-Frs.TbO-TBOra. m 1977. Profits A process used to convert world and the broad-based land and would be dependent Ott 

irSm See ?«rv«?sXl g Z Pr °Z$ SSSLJSS^i distiUatc refinery operating experience of - SSa JcialSSilSlSSw^tam ■ 

s gaso Vi e ' Amoco Oil company, a subsidiary West German GovemmenL 

Frs-l8-5-19m. for the year. The agreement covers the of Standard Oil AP-DT 

Hilti, a specialist In assembly —’——^——— ' w 

units and power tools, invested 
| some Sw.Fr8.38.5m. during 1977, 
as compared with an original 
budget of Sw.Frs.26.4m., cash 
flaw having risen substantially. 

Research and development ex¬ 
penditure- amounted to SwFrs. 

19.1nu and is to be increased to 
more than Sw.Frs.21m. fo 1978. 


SoGen-Swiss International Corporation UBS-DB Corporation W^rtheim & Co., Inc. 

White, Weld & Co. Dean Witter & Co. Arahold and S. Bleichroeder, Inc. Bear, Stearns & Co. 

Incorporated Inc or p or ated 

L. F. Rothschild, Unterberg, To whin Shearson Hayden Stone Inc. Weeden & Co. 



The Bank of Bermuda 


on Hayden Stone Inc. Weeden & Co. 

In co rp ora ted 

Banque Francaise du Commerce Exterieur 


Banque de Nenflize, Schlnmherger, Mallet Dalwa Securities America Inc. Robert Fleming 

Incorporated 

Krediethank SA. Lnxemhourgeoise New Court Securities Corporation 


J. Vontobel & Co. 


The Nikko Securities Co. SaL Oppenheim jr. & Cie. Scandinarian Securities Coiporation 

Interna t> mud, Inc. 

Suez American Corporation Yereins- und Westhank J. Vontobel & Co. 

AZctojufilhchftft 

EuromohOiare S.pA. Lepercq, de Neufiize & Co. 

Jncarpimted 

January 4,19 7S 


Japan-Urenco talks 

Japanese electric power com¬ 
panies-are expected to start con¬ 
sultations next year with Urenco. 
the Anglo-Dutch-West German 
uranium enriching enterprise, on 
possible participation in the joint 
undertaking and purchase of en¬ 
riched uranium from it accord¬ 
ing to sources in Tokyo, AP-DJ 
reports. The sources said Urenco 
representatives have asked major 
Japanese power concerns to In¬ 
vest in the enriching company 
and to bny em$cbed uranium. 


Mannesman in Mexico 

Mannesman^ has obtained a fur¬ 
ther order from Petroleos Mexi¬ 
can os (PEUEX), the Mexican 
state oil monopoly, for steel. 
pipes to be used In building a 
1.183 kilometre section of the 
projected sas pipeline from toe 
Chiapas-Tabasco oil fields-to the 
U.S. border, Reuter reports from 
Dusseldorf, 


Hambro-Mitsui Limited 


is pleased to announce that 
- ^ its name has changed to 

Mitsui Finance Europe Limited 

The share capital is now owned 
60% by The Mitsui Bank, Limited 
40% by Hambros Limited 


^ Mitsui Finance Europe Limited, 

51, Bishopsgate, London HQP 2AA 

Telephone 01-5SH 467i Telex: 8 S6107MITBN G 





















*«T\ .! 



Financial 'Times Wednesday January 4 1978 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 



E0« 


pifal 

reuse 

BIX 


■d Mivl 


> j j C v 
S i ‘ v 


CD experiment starts 
in Asian dollar market 


BY ANTHONY ROWLEY 

SOME 35 offshore banks here 
to4ay began issuing U.S. dollar 
negotiable certificates of deposit 
(CDs) designed to attract more 
international funds to the 
Singapore ■ based Asian dollar 
market 

It is hoped that CDs issued 
here will in time become to the 
Asiadollar market what London- 
issued CPs are to the Eurodollar 
market—a medium-tertn capital 
instrument, lying between short¬ 
term bank deposits and longer- 
term bonds. 

The monetary authorities and 
hanks here believe that funds 
from America and Europe, as 
well as Asia, will find the Asia¬ 
dollar market more attractive 
now that a medium-terra •negoti¬ 
able instrument has" been 
introduced. 

It is also hoped that CD port¬ 
folios traded in the U.S.S20bn. 
London CD market will in future 
be traded in Singapore after 
London and Mew York markets 
are closed, now that similar 
securities are available in 
Singapore. 

The bndk of the funds invested 
m the U^51932Sbn. Asiadollar 
market here are short-term-inter¬ 
bank deposits, and much of this 
money could find its wav into 
CDs. which represent a cheaper 
source of borrowing for offshore 
banks than fixed deposits, and 
which present lenders with more 


flexibility in view of the cer¬ 
tificate’s negotiability. ■ 

The certificates of deposit 
being issued by the Asian cur¬ 
rency units tACUs) of Singapore 
banks are for a minimum invest¬ 
ment or IJ.S.850.000. which 
monetary authorities believe will 


Malaysia is to raise $400m. on 
the Euromarket' via a group 
of banks headed by Chase 
Manhattan. The loan- which 
will be for eight years, is sub¬ 
stantially larger than Euro¬ 
market observers wfere last 
week expecting. 


put them within roach of- 
wealthier private investors in 
the region, as well as of cor¬ 
porate treasurers. Eventually 
it is hoped that many more of the 
77 ACUs here will issue CDs. 

Some 60 banks and financial 
institutions are acting as 
authorised depositories for the 
bearer insnunents. and the 
Hongkong and Shanghai Banking 
Corporation in Singapore is 
operating a clearing centre 
among the depositaries. U.S. 
investment bankers Merrill 
Lynch International (Asia) and 
First Boston (Asia) will be the 
principal market makers in 
CDs initially although other mer- 


Tel Aviv trading at 
peak level last year 


BY L DANA EL ' 

ACTIVITY ON the Tel Aviv stock 
exchange reached exceptionally 
high level* in the year just 
ended. Nji less than I£8.5bn. 
(nearly £300m.) was invested by 
tiie public, and by institutional 
investors during the year— 
liT8.5bn. (just over £224m.) in 
shares, and the remaining I£3bn. 
m index-linked Government 
bonds. 

Some 45 per cent, of the invest¬ 
ment in shares was in the stock 
of toe commercial banks, while 
a .bare £14m. was put into 
industrials. 

The rise of the share index 
between January 1 and December 
31 was 105 per cent., despite a 
sharp drop towards the end of 
1977 (a reversal set in mid- 
November). The index now 
stands at 205 (based on 100 at 
December 23, 1976). Mortgage 
banks performed best, with a rise 
of 200 per cent, following by 
insurance companies with 120 per 
cent., and industrials with 50 per 
cent Construction ranked lowest. 

The overall volume in share 
trading during 1977 was five 
limes larger than in 1976. while 
that in index-linked bonds was 


Dutch bank’s Swiss stake 


BY JOHN WICKS 
A CONTROLLING interest of 60 
per rent in the Swiss bank Neue 
Bank Zuerich has been acquired 
by the Dutch banking concern, 
Algemene Bank Nederland. 
Shareholdings of 30 per cent 
20 per cent., respectively, in the 
Zurich bank have been taken 
over by ABN from its own sub¬ 
sidiaries, Mees en Hope NV, 
and de Neuflize, Schlumberger, 
Mallet (of Paris) and a 10 per 
cent, stake hitherto held by 
Morgan Guaranty. 

The remaining 40 per cent, of 


ZURICH. Jan. 3. 
the Neue Bank Zuerich capital 
stay-s in the hands of the Scandi¬ 
navian banks. Andresens Bank. 
Oslo (10 per cent.). Skandina- 
viska Enskilda Banken, Stock¬ 
holm (15 per cent), and 
Privatbankcn, Copenhagen (15 
per cent.). 

Neue Bank Zuerich, which was 
established in 1960, has capital 
plus reserves of Sw.Frs.30m. and 
total assets as of the end of 
September of Sw.Frs.2B5.9Sm. it 
owns the export financing and 
forfait financing company Mona¬ 
val Finanz AG. also of Zurich. 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS Rid 

Atran Australia SI PC 1*89 98} 

AMKV spe 1987 ..... 951 

Australia. SIpc 1992 . 98 

Australian M. A S. BJpc *81 IM 
Ran-iu-s Bank Hue OK 87} 

llmtalcr Mpc 1992 _ . 985 

Canadian N. My 8ipC *88 *8i 

CrwUt NalL Sine l«S6. 8* 

Denmark Bine um ........ 9*1 

FCS 9pc 1995 - m 

ECS Sire 1597 981 

KIB 81 pc 1892 .—. 9W 

KMI B4pc 1989 9H 

Ericsson Ripe 199* ....... 984 

■ Faso Spe 1988 Nov. . IBS* 

til. Lakes Paper 8(pc IBM W 

Hamcrslej 94pc 1992 . IBM 

HvdnvQwbrr 9pc- 199S . . 97» 

ic:l 8!nc 1987 97] 

ISE Canada Blue IPSE . I02i 
Klni-mlllnn BloedoL 9pc *92 99* 

Massey VerKUsnn V.W! 1891 !•» 
Un holln SI pc 19SS .. 1014 

MhIIkihI Inr. Fin. S|pc '92 98* 

Ni’R Spr T9SI •. KH 

Nat. Westminster 9pc 1966 1921 
NnrfoniV.Iand flop 19S3 100} 

Norires Konmi. HI:. 5?pe *9! 97 

No ml do Si pc I9R3 . —.. . 97* 

N'or*k Hydro 5|pc 1992 . 97* 

Osin Hue 1985. JW 

Pnrr* A'ltannmrs 9p«- 1891 PIP 
Prpv Olrtrr Bpr 1M5 • MS 
Pi SaskaiLtirwan 34PC *M IDB! 

' Rned Inll. 9r». 13S7 . .. 9« 

BUM 9lir TK . Ml 

SHcciion Trufi s*pc 1999 93* 

SkandiBavnRa En. 9pc ■#! 100 

SKP Spe IBS7 . Ml 

Swdcn iHtncdomi 9Jj»c DJ 96* 
lllil. Spe IMS - 89} 

Volvo Spe 18S7 Mart* - 9*1 

NOTES 

Australia ?ipc 19S4 — 98 

Bell Canada 73pc 1987 . 98* 

Br. Colombia Hyd. 7 *pc *S3 BM 
Can Par. SI pc IBS! ... • SM 
Bow Chemlral Spe 1886 ... SMi 

RCS 71 pc 1992 .~ W* 

ECS Ripe IBs* .- 

KKC 74 w 18N2.- 97* 

EEC "Jpc 19R4 . Mi 

Enso Gutzcti Rinr 1984 ... 9, 

Ciraver^.'ii ,£pe !9iC ... M 

Kortuima Rpc 19S3 . 

Ulctarlln **«* 1*3 ■ ,au 

WniWal Urban I** 1 
Nrvr BrwisvHt* b|M 19 h« *>'4 

New Brans. PlW. SIl**' s - IV 1 
Erw Zealand Win: l9w‘. *7i 

ffordic tnv. Bh. "Jar 1&4 
Non* TTrdro tipc 19*! ... *'i 

'‘Otway 7!pe 1M2 . . ?• 

n staNo Hydro Pw IM7 ... Ms 

StfiCrr S!pr 1M2.W* 

S. Scotland El'-,-, ■iiiv. 'SI 99* 
Sweden (Kingdom* T'pe *52 97 
jWMi Slate Co. TTpte *S2 PT* 

V.t» 1994 .. 

thmoco ?hw nsr May .. 
'olkswasen TftK ’.9S7 .... 9a 

nskuNG bomds 

. Centra olds pipe i<t99 n; 

Mpc ift: . . .. nr* 
ft- H* 9*pc ‘9? “*“• 

% 18r7 . 

T «ai Qd Use um.. B7 


DM BONDS SM O 

Austria 6(pc 1385 .. 306* 

BFCB 7pc 1867 .. 1931 

Denmark Wpc I8S3 104* 

E1B 8* pc IBM . 105) 

Grand Met. Tpc J9M ... jow 
H ydro-Qoeboe Bine 1987 ... 101 

ia 6JPC 19*7 . 106 

Montreal Tdc 1967 — 102* 

Norses Gas Tpc 1999 — IBS* 
Norsk Hydro 6lpc 19S9 ... 165 

Norway 5!pC 1982 _1031 

Shell SiPC 1889 .. 1W 

Spatal 6JPC 1964 100* 

Sweden 6ipc ISM ......... 105* 

World Bank 6ipc 19S7 ... 103* 

FLOATING RATE NOTES 
BJl or Tokyo 1984 7»»»pc 99* 

RFCE 19S4 Tpc -. 971 

BNP SI PC . 8S* 

CCF ISM 7pe.i.— W1 

CUMI- 1884 dUwTC . 97* 

Crrdiiansiali 1964 ripe 

CtpiIU Lyonnais 15N3 C!0c 

n.C,. Bank IBS! 7 L *iH>e 9K 1 

IUB 1W1 7*pe . 100* 1 

ini. WcsnnnoniT >1 7»»oc 99 

Lloyds 1993 7Jpc . 881 1 

LTLB 1982 6ipu . 89 

Midland HOB Spe -SOI* 1 

Midland 19ST 7'iivpe . 99 

OKB 1SK1 Bipc .— £1 

SKCK l*w 6'tM.PC. 97, 

Stand. Chartered I9S4 6ipc 89J 
wms. & Glyrw 1964 Tpc 9S, 

Source: While Weld Securities. 
CONVERTIBLES 
American Express 4*pc "87 86 

Ashland Spe 19SS . • W* 

EabcOCk & W1l«x *ipc *7 9S 
Beatrice Foods 44pe 19W 95 
Beatrice Poods 41 pc 1*63 1M 3 

Reerham 35 dc 1992 . 1C ] 

Borden 5pc 1692 . *94 3 

BrOiidtrey Hale 4*DC 1957 75 

Carnation 4pc 1887 ...< 79 

Chevron 5pc isss.. i 

Dan «pc 1997 • •• ™ 

Eastman Kodak «ipc 1W» ® 
Enonomlc Labs UPC IDS* 79 
Pirrsionc Spu 1988 ..... ... « 

Pord 5pr IMS . ® 

General Tacclrtc 4tpc 19R7 S2* 

Gill, Hr lip.' 1957 . ** 

liuuld jpr 19S7 .. 1J- 1 

Gulf and WPM-m 5 pc 1W8 W 

Hams iw 1992 . 1 

Honensell Opc UhS 

HU Clue 1992 . ... M 

USA ape 19S7 . • . . 

liiehuap- «JDC 1»2 —. I"!- 1 

JuseO ^ic 1092 . 

Komatsu 73 nc IM0 .. 

J. Bay MeDinnm: «7pc s. n*_ 

Mai«ustsa 6ipc 19BU ...... ll«j 

MllSUl Tips 1990 . ... .... 1J:* 

,l. r. Sloruan 4 *pc im. ... ^ 

Nabisco 5*PC 

(herns IJlinols 4»pe 19S7 ... 12«» 

J. U. Penney 4;pc 1M7 .. •; 

TJrv'oa 47PP >K7 . - 

Riynolds MrtaPs 3pc 19SS Sa 

Sandvlk S!l»r 1BSS • . 

SpMTV Bawl <Unc 19ST ... W. 

FHVlhh 4‘pc 1997 .. ™ 

Trwn 4:pc I83S . 2 

TjsJiflu 6>m- 1992 ....... 

Union CarhMe 47pr 19S29U 
’.VamiT Lambert 4»pc 1987 
Warner 1 jmbrri 41 pc TOSS it* 
Xerox 3 pc IBS' •• . 

Source: KMflor Peabody SecuriUoi 


SINGAPORE. Jan. 3. 

chant banks will participate. 

For the time being the clearing 
centre will deal only with fixed 
interest CDs. offered at interest 
rates marginally below fixed 
bank deposits of equivalent 
maturity, although floating rate 
issues, such as those made here 
recently by two Japanese banks 
(although denominated in UJ>. 
dollars), are likely to become a 
bigger segment of the market in 
time. 

Moderate interest was reported 
at the end of the first clay trad¬ 
ing with ACUs having to offer 
less of a premium over London 
rates than had been expected in 
order to attract funds. Bankers 
feel that the success of the CD 
experiment will hinge, however, 
on how active the secondary mar- 
'ket *n these new instruments 
proves to be. 

An attempt by Citibank to 
launch U-S. dollar CDs here in 
1970 failed through lack nf in¬ 
terest. although the Asia Dollar 
Market as a whole has expanded 
dramatically since then. 

The banks issuing CDs here 
include some of the bigger local 
banks, as well as the offshore 
branches of leading international 
banks from America. Europe and 
Japan, although the full list has 
not been officially disclosed by 
the .Monetary Authority of Singa¬ 
pore. 

The maturity of rhe CDs 
generally averages between 30 
days and one year, although ulti¬ 
mately maturities of up to five 
years will be available.- 


Trading 
opens in 
Jordanian 
market 

By Rami G. Khouri 

AMMAN, Jan. 3. 

JORDAN’S DRIVE to develop 1 
more sophisticated domestic | 
financial institutions, with the | 
aim of playing a greater regional 
economic role in the Middle 
East, took another step forward 
this week-end with the opening 
of the Amman Stock Market 
The market opened Us doors 

on Sunday and began trading 
the shares of 62 Jordanian public 
shareholding rnmpanies listed on 

the new market 
The market now deal9 only | 
in Jordanian stocks and shares, 
but will soon also trade in 
Government bonds and. when 
these are introduced onto the 
relatively unsophisticated Jor¬ 
danian market in municipal and 
private corporate bonds. Non- 
Jordan stocks and bonds will not 
be listed on the Amman market 
for the time being, though non- 
Jordanians are free to buy and 
sell on the Amman market under 
the laws. 

The 41 companies that form 
the core of the market have a 
total of 51m. shares. 

The chairman and general 
manager of the Amman Stock 
Market. Dr. Hashem Sabbagh. 
has told the Financial Times 
that he expects annual trading 
volume of the Amman market 
to reach $30m. after one year. 

The directors of the Amman 
Stock Market also are keen to 
elicit the interest of international 
brokerage houses in providing 
their services to the newly- 
emerging Jordanian brokers. 


Olympic Airways planning 

major capital outlay | to receive 

BY OUR OWN CORRESPONDENT ATHENS, Jan. 3. ! shares 


PLANNING staff of Olympic Air¬ 
ways, Greece’s state-owned 
national airline, have drafted a 
Feasibility report which re¬ 
commends an investment of 

between $2S5m. and 3457m. on 
purchases of new aircraft to meet 
an anticipated increase in 
passenger and cargo traffic. The 
report underlines that unless, this 
investment is made the company 
stands to run up a deficit of 

821zn. over the next five years. 

The report foresees a 10 per 
cent annual increase in pas¬ 
senger traffic in the five year 
period which would increase the 
number of people flying Olympic 
Airways from an estimated 
3.84m. this year to about 6.2m. 
in 1982. Cai'go traffic is expected 
to reach 100,000 tons by 1982. 

According to the investment, 
programme, Olympic Airways, 
plans to purchase new aircraft, 
will form an affiliate company 
to handle charter flights, plans 
to purchase or convert aircraft 
for exclusive cargo transport 
and has programmed the expan¬ 
sion of its network inter¬ 
nationally to include Moscow. 
Lyons and Milan. It also plans 
the extension of its Far East 
service to Melbourne. Australia, 
and additional gateways to 
North America. 

The airline’s fleet to-day con¬ 
sists of 25 Boeing jets, two of 
which are 747 Jumbos. In addi¬ 
tion. the carrier has seven 64-seat 
Japanese-made YS-lls which it 
wants to phase out. The feasi¬ 


bility report suggests various 
combinations regarding the pur¬ 
chase of new airliners. But il is 
in favour of the purchase of two 
Boeing 747 (Jumbo) jets, one 
Boeing 737, and five A-300 B-W 
airbus airliners. 

The European airbus manu¬ 
facturing company has already 
made an offer to Olympic Air¬ 
ways for the sale of the 251-scat 
plane. The-wide-bodied airliner, 
wbich can also carry* U P to 30 
tonnes of cargo, costs about 
$25m. 

In March, 1976. Olympic Air¬ 
ways bought four Boeing 737-200 
jets, which can carry 120 passen¬ 
gers. in a $35m.. deal which 
included SSm. in spare parts. The 


ATHENS. Jan. 3. 

cost of that order was covered 
through 10-year foreign bank 
loans, mainly from the Export- 
Import Bank. 

The feasibility report suggests 
that the purchase of the new 
airliners should be covered in ibe 
same way. It also suggests that 
it would be more profitable to 
buy the seven Boeings now leased 
from a company belonging to the, 
late shipping magnate Aristotle 
Onassis from whom the State; 

bought Olympic Airways in 1975. 

Finally, the report recom¬ 
mends the purchase of a com¬ 
puter system worth S15m. which 
will have the capacity of hand¬ 
ling approximately S13m. world¬ 
wide reservations annually. 


Textile Alliance loss 


TEXTILE ALLIANCE announced 
an interim dividend of nil (same) 
for year ending March 31, 1978. 
The company anticipates a nil 
final dividend (some). 

The group said that it con¬ 
tinued to incur losses in six 
months to September 30 but did 
not disclose interim trading 
figures. 

The company forecasts further 
operating losses for year to 
March 31, 1978. in the absence of 
an improvement in world textile 
markets over the past six months 
and in view of some adverse 
effects likely to result from the 


HONG KONG. Jan. 3. 

recently negotiated international 
textile agreements. 

The company has increased its 
issued capital from SHK29m. to 
SHK287.6m. following Tony In¬ 
dustries Inc. agreed subscription 
for an additional 2.9m. 3HK10 
shares at par. Toray now owras 
almost 50 per cent of Textile 
Alliance. 

This capital injection, com¬ 
bined with proceeds from the 
sale of certain group properties 
surplus to requirements, will 
provide sufficient short-term 
working capital while the group 
continues to rationalise its activi¬ 
ties. Reuter 


1 By Mervyn dc Silva 

COLOMBO. Jan 3. 

j EMPLOYEES nf Assucialcd 
Newspapers, the island's largest 
i publishing company, will * be 
j issued shares in AN. Each of the 
1.800 employees will be entitled 
to five shares lor every five years 
of service. 

The value of the shares will 
j be collected by the company :ii 
I ton monthly instalments. The 
management's announcement co¬ 
incides with the sixtieth anniver¬ 
sary of the Ceylon Daily News. 
Sri Lanka's best known paper. 

A family business, the Lake 
House Press as it is commonly 
known, was taken over in IPt^ 
by the B^ndaranaikc govern¬ 
ment which vested 75 per i-enl. 
of the shares in a public trustee 
leaving the balance in the hands 
of the original .shareholder-.. The 
management said to-day that iin¬ 
decision was in line with the new 
government's policy nf 

“ employee participation" in 
i major enterprises. 

* ★ 

Kempas (Malaya) Bcrhad of 
Singapore has gained eonlrul of 
Taiping Consolidated Brrhart by 
acquiring an additional 2.000 
; shares. Il now holds more than 
50 per cent, of the equity of 
Taiping. At the same lime. 
Perlis Plantations Berliad has 
informed ibe Kuala Lumpur 
Stock exchange that its pre-tax 
: profit for year ended September 
| was 1.4m. Ringgit \n com pan.- 
‘ live figures are available 




TEL AVIV, Jan. 3. j 
up only 30 per cent, which means | 
an underlying drop of 10 per 
cent. in. view of the 40 per cent 
rate of inflation. Nevertheless, 
the overall index for bonds kept 
pace with this rate, finishing at 
140. 

All this reflects the u dis¬ 
covery” of the Stock Exchange 
by the man in the street here. 
Whereas -the population as a 
whole went in for index-linked 
savings schemes or index-linked 
bonds till 1977, the sharp rise 
in share quotations in the eariv 
months of the year attracted 
widespread, indiscriminate and 
uninformed investment on the 
stock market, despite repeated 
warnings by the Exchange. 

When the break came in 
November, bitter recriminations 
were heard against the structure 
of the Exchange (where tradi¬ 
tionally Jhe banks act both on 
their own behalf and for their 
clients, as well as their own in¬ 
vestment funds). Since banking 
shares are also, the most sought- 
after stock in view of their high 
yield, ways'and means are being 
studied to prevent a conflict of 
interest.. 


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WBEW^A»SECU8fnfeCO. r LTD.. ...NEW JAPAN SEGURniESCO;, LTDi SECURITIES 

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: .' 6 Frankfurt/Main F.R; Germany 
Phone: Fraiikfurt 53Q&29 ... 
Tdex;r:416'^43 . 


INI^RNATICWAL INC, 

* : \ 5Q:Pine:St^ New'V'orki,. N.Y. i0(i)5 
i -'-r :.lLS^';P&»e;-2l2r7^7-UJO : 
VTefet:"423^46 " . -' ■ ■ 

- .J Los *Angeks& Branch: ■ 

• Cfefr Wxlshirii Building, Suite 1205, 

•... ; : ^24. S. ;Gmnd Ave.. Los, Angeles, ■ 

. California 90017 U. S.A. 

. ■. Phone: 21^628-8293- 
.Telex: 910-321^424 - 


NEW JAPAN SECURITIES 
INTERNATIONAL {H.K.) LTO. 
.^04 Connaught Centre, Connaught 
Koad Central, Hong Kong 
"Phonk 5-256091 • 

Telex: 83692 











Financial Times Wednesday Januaiy 4 IKS: 




OVERSEAS MARKETS 



Index down 13 on dollar weakness $ falls sharply 


gold market 

— *-- J«a73 UK-73S—* 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK, Jan. 3. 


ACUTE DOLLAR weakness abroad 
and inflation fears at borne drove 
stock prices on Wall Stree sharply 
lower to-day in moderate trading. 

The Dow Jones Industrial 
Average ended 13.J3 down at 
817.74. after touching 313.06. and 
the NYSE AH Common Index fell 
68 cents to S61.S2, while declines 
outnumbered rises by L061 to 410. 
Turnover amounted to 17-72m. 
shares, a reduction of 5.84m. 
against last Friday's level. 

Analysts said there were no 
new developments to-day to 
account for the dollar's fall. They 
cited doubt and uncertainty 
among foreigners about the 
future course of U.S. monetary 
Policy under G. WirUam Miller, 
appointed last week by President 
Carter as chairman of the Federal 
Reserve Board. 

While the appointment met 
with the general agreement of the 
domestic business and financial 
community, some expressed con¬ 
cern about Miller's remark in a 
speech early last year that 


selective Government controls on 
the economy could be useful to 
deal with inflation and unemploy¬ 
ment. 

Glamours and £lue*Chips issues 
were among the hardest hit. IBM 
feU4J to S26SS, Du Pont 33 to 
SI 16 J, Texas Instruments 2J to 
$70J, actively-traded Xerox 1 to 
$45?, and Merck 1$ to S53S. 

However. Gold Mining shares 
advanced -strongly against the 
trend on ihe jump in the London 
Bullion price. 

Dome Mines moved ahead 41 to 
S6SL Campbell Redlake 23 to $371, 
and Homes take Mining IB to $383. 
THE AMERICAN SE Market Value 
Index weakened L20 to 126.69 in 
slow trading. Volume 2 . 08 m. 
shares (4^jm.). 


the Foreign Exchange market. 

Skis Ro&signol fell 63 to Frs. 
1,690. CIT-Alcatel 34 to Frs.886, 
Carrefour 30 to FrsA.255. and BSN 
Gervais Danone 7.6 to Frs.370.0. 


OTHER MARKETS 


TUESDAY’S ACTIVE STOCKS 

Change 




Stuck* 

dosini; 

on 

. 


Traded 

price 



Southern .. 

176.400 

175 

— 1 


Columbia Pictures. 

137.200 

16! 

-1 l 


Eastman Kodak 

143.400 

50 

—li 


Xerox . 

143.3M 

45i 

—I 


Exxon . 

141,400 

471 

— 1 

f 

Consumers Power .. 

157.600 

23j 

— ! 


Amer. Tel. * Tel... 

123.300 

GO 

— ) 

w 

General Motors 

119.860 

611 

—1* 


PrpKlcO . 

12S.900 

271 

— 1 


Wosuoshousc Elect 

USJ00 

IS 

— > 


Canada also lower 

Canadian Stock Markets also 
displayed widespread losses yes¬ 
terday following an active 
business, the Toronto Composite 
Index retreating Il-S to 1.0475. 
The Golds sector was the only 
exception to the downtrend, 
featuring strongly with a rise of 
855 to 1569.6 on index. OOs and 
Gas receded 36.7 to 1.452.6. Metals 
and Minerals 105 to 8845. and 
Utilities 153 to 16456. 

PARIS — Bourse prices lost 
ground in light trading, upset 
by the continuing turbulence on 


BRUSSELS—Local shares again 
failed to establish a decided trend 
in thin trading. 

Petrofina put on 20 to 
B-Frs.3.730 and Vieille Montague 
50 to B.Frs.1.496, but Sofina 
receded 70 to B-Frs5580 and 
Societe Generale Banqnc 65 to 
B-Frs.2,6&0. 

GERMANY—Market made an 
irregular showing after a con- 
fused and uncertain day's trad¬ 
ing. 

Dresdner Bank lost DM1 m 
active trading on rumours of pos¬ 
sible losses on its foreign 
exchange, money and precious 
metal operations, which were, 
later denied by the company. 

GHH led Engineerings up to 
DM250 higher, but Motors had 
Daimler DM2 lower. KanfboF 
gained DM2.50 in Stores. 

Public Authority Bonds con¬ 
tinued in firm vein, rising up to 
DM0.75, with the Regulating 
Authorities intervening to sell 
DM26.1 m. nominal of stock 
(DM29m.). 

Mark Foreign Loans also 
unproved. 

AMSTERDAM — Mostly easier, 
reflecting the weaker dollar. 

However, Hoogovens pul oo 
FI.0.60 In Dutch Internationals. 
Elsewhere, Pakhoed shed FlsXTO 


and Van Ommeren Fls5, but KL3I 
hardened Fls.350. 

State Loans edged higher. 

SWITZERLAND — prices were 
softer for choice after moderately 
active trading. 

Export-orientated Industrials 
were depressed by the renewed 
dollar weakness. Brown Boveri 
“A" losing 35 to Sw.Frs. 1,633 and 
Clba-Geigy 20 to Sw.Frs.L175. . 

Both Bally Bearer and Regi¬ 
stered ceased to trade yesterday, 
the company having now been 
taken over by the Buehrle Group. 

Domestic and Foreign Bonds 
firmed in fairly active dealings. 

MILAN—Stocks were mixed in 
thin trading. 

Pirelli picked up 40 to 1/1,900 
and Flat 9 to LL900, but Medio- 
banea declined 170 to L30.010. 

SPAIN—The new year opened 
with sellers predominating, and 
the General Index, newly based 
on 100 from December 31, 1977, 
retreated L17 to 9853. Banks and 
Electricals were under pressure, 
with Banco Vixcaya falling 9 
points to 215 and Hidrola SjO to 
7050. 

HONG KONG—Stock prices fen 
sharply on heavy sellinsr by UJl. 
and local investors. The Hang 
Seng index dropped 1058 to 
393 74, its lowest level since 
November. 1976, and the largest 
single day’s fall since the 21 
points registered in September 
that year following the death of 
Mao TSe-Tung.. 


Indices 


H.Y.S.E. ALL COMMON 


Rises and Falls 

Jan. 3 | Dec. 30' Dec. 


NEW YORK -DOW JONES 


Jail. ! Dec. ; Dts..'; Dec. Dee. 
3 ■ oU i £9 2d , 2? 


Industrial... 817 .U 831.17 B3ti.59j 823.701 829.70 


1977-7 8 ftHneenMn/JIatluM 
2J ' High ; Lew I High j LmW 


Dec. j Jan. i Dev. I DecL— - — I | l ’“§ 

27 ( 3 ■ 29 i 38 : High j tow 1.0611 IIS j 622 

025S .U* M « j gffi ggg= Hi gl 1 


KOMl'REAL 


H'nieB'mtn*! 80.78 80.851 80.94; 80JS) 81.14 91. 


! 1051.70' 41.22 
llUli73)i (277/321 


Jam i Dec Den. . Dec 
3 - 30 29 I 28 




Industrial 

Uondiloal 


‘ 174 . 68 , 178.85 176.15; 175.36' 1H6.47 ill/i) I 168-02 (Zj/lOi 
■ 180.64' 182.48' 18145 1B148; 187.96 (19/1) 166.60 i2&/10> 


Dealers largely ascribed the 
depression to adverse market 
forecasts in the Press over the 
long holiday week-end coupled 
with operator nervousness about 
tiie initial potential effects on the 
market from the abolition of the 
U-K/s 25 per cent, investment 
currency surrender rule, effective 
from yesterday. 

Jardine Matheson weakened 70 
cents to SHK1150, Hong Kong 
Bank 50 cents to SHKI7. and 
Swire Pacific “A" 30 cents to 
SHKS. w _ 

In first-time dealings the newly 
formed Hutchison Whampoa 
Ordinary closed, at SHK3.6Q in 
moderate volume, compared _with 
an opening indication of SHK4.03, 
and the Preference ended at 96 
cents after earlier falling as low 
as 93 cents. The company resulted 
from the merger of Hutchison 
International and Hong Kong and 
Whampoa Dock. 

TOKYO — Market remained 
closed yesterday for the New 
Year holiday. 

JOHANNESBURG—Gold shares 
generally moved ahead _ in 
response to higher Bullion 
advices. Gains ranged to 125 
cents in Heavyweights. 

Other Metals and Minerals were 
mixed with a slightly firmer bias, 
apart from an easier Tin sector. 
De Beers rose S cents to B55S. 

Industrials were irregular in 
sporadic trading 

AUSTRALIA—Markets were 
mainly firmer, with leading In¬ 
dustrial Mining and Oil stocks 
attracting general support, but 
some profit-taking was evident 
near the close to pare gains. 

Carlton United Brewery, SAL96, 
and David Jones. SAL04. improved 
1 4 cents apiece, while ANl 
hardened 3 cents to SA1.55 and 
1CI Australia 5 cents to SA215. 

Among Mining issues. Consoli¬ 
dated Goldfields advanced 7 cents 
to SA2J32, while Hamerslcy added 
5 cents at SA2.40. Australia!! Oil 
and Gas put on 3 cents to 27 
cents. 


It would hardly be an exag¬ 
geration to report that the U.S. 
dollar collapsed amid , a complete 
lack of confidence-in the Foreign 
Exchange Market yesterday. Sterl¬ 
ing and gold touched their highest 
levels for some years in dollar 
terms, while the Swiss franc and 
German D-mark were at all-time 
highs once again. The pound 
opened at S15200-15220, and rose 
455 cents from Friday to $1.9625- 
SL9845 at the close, the best leva 
since March 8, 1976. 

The Swiss franc finished at 
a record SwFrs.L92 against 
the dollar, compared with 
SwFrs.1.98871 on Friday, and the 
D-mark closed at a best ever 
DM2.0650, compared with 
DM2.0975 before the week-end. 
The dollar continued to fell 
against major currencies in 
general in New York after London 
finished trading, with sterling, fee 
Swiss.franc and D-mark all im¬ 
proving against’ their London 
close. . _ , 

Sterling’s trade-weigh ted _ Index 
against a basket of currencies, as 
calculated by the Bank of England, 
rose to 66.X from 655. to finish at 
fee highest level since April, 1976. 

The dollar's trade-weighted 
depreciation, as calculated by 
Morgan Guaranty of New York, 
widened to 5.97 per cent from 
5.09 per cent, on Friday. 

Forward sterling was very firm 
in anticipation of a probable cut 
in Bank of England Minimum 
Lending Rate this week. The 
three-month premium against the 
dollar widened to 055 cent from 
057 cent 

Gold rose $4 to SlBSt-XflSjfc, 
higher than at any time since May 


28 1975. This also reflettis the 
weakness or the dollar ondtrad- 
ing was described as only moder¬ 
ate. 


$ per fina ounce 


LONDON 
BOLD PRIGE 


Gobi Biillnw'' 

;iX86.S9S) JMXStfi 

.%««*• nax-s'stMjSL uffiSL i 

*126.9491 nGM.023) f 

(inlil Ciiin —' 

SM'.'«75i 9 .X77. a >17X=,.X7 S > 1 
^ '£8814-904*1 : *£B9l e a0i f j V 

SSKsS p*-. 

ou * rt *’’'aass« j 

I 1 

GitM Coin*...'. 

ftnSw^'- SX7ai 8 -17'»»3 fMOto-111% 
',xa9:»-B0.'«i iC68J*-893*j 
V* So« i^n.'S52J- 641= tttVMU 
I 226^-273*1 iSSblt-ilh) 
OH SoiTpw SSHu-Saic S50_62 
:t£96<«-87i«i ixasati 

S2Q Kaalw.- saasygWa S350i*am« 


FOREIGN exchanges 


■ XUrVn Mates" 

J ttiuk!—--- 

K*u-i tie> , » 1 

j ; s^m-ad I WH 


CURRENCY RATES 


Drawing 

Rights _ 

'January 3 


0 Bitot 
Account __ 

■j«nuiiry’3~ 


Sterling.1 

U.S- dollar—..[ 

Canadian.[ 

Austria «rh... I 
thnclau I rain.'. 
Danish krone.. 
DetK-vbeuiarv 
Dutch guilder 1 
French fnmc-.] 
Italian lira,....: 
Japanese yen. J 
Norway trode 


0.6292IS 

1.22225 

1,36409 

18.3216 

39.6425 

7.040X6 

3.64778 

2.75006 

5.68652 

1059.69 


S|Ain 

dwcyllah krone! 


saliH muir....: 


652309 
98.4681 j 
5.68691 1 
2.39561 ' 


0.636625 

1.8584B 

1.35871 

18.5403 

40.3716 

7.13231 

2.67805 

2.78988 

5.76880 

1074.71 

294.468 

6.89576 

99.7876 


Now York - 
Montreal.... 
Atnnmlaiu I 
Bmaxola.....] 
CdpiiUamcui 
Frankfurt-: 

li*lua.I 

MMriil. 

Milan.- 1 

Itaki. 1 

Fkria. .. 

Sii<rkhnlna~ 

Tukyi._ 

VuMina... .• 
Zurich^. 


6 ■ I.83W- litfM M9N-MM 
71c 2A990-2.144S 2.WM.14« 
41j! 4.84^-4.40; * 439;<*0; 

9 I 02.75-6635 i b3 « DA 
9 ll.B7-n.29 1 1137.1138 

9 4.02 4.08 ;438in4.M)| 

13 76.0J-77.70 77.40*77,78 

8 1b6.0-tt8.KJ 1S7.MlSI.JJ 

11l C 1,668-1.7021 
8 ; 831-3.94; :».32;*a34; 
9lc 8.983.11 93 *-8.11 

fl | 8353.08 938*3.18 

4U, 465-4JU I 4.BM3JU 

81l- 2830 29.55 I 29.12-2937 
II-: 3.7BJ334 lS.76;-5.78* 


:tum siren >re tor nanrcrtlbk tr* 
Fi nancial franc sUMXJX 


OTHER MARKETS 


exchange cross-rates 


Ju.j iKrantturT.Xew York' 


itli.in AmsTii'ui 


Frankturt_ “ 2.Q750.W | «■»» 

New Turk 1 4830-54 | — J 8L70-I4 

IWrla 22335435,13465 6565] - 

Umssela ' 16.6238 32F6-KJ I WM.01 

SWT” MOWS.I UBM> I AO* 11 

(08.22^25625487-2512; 

Zurich .... M3.52« I !34Q-J0 I 4L763S 


4.046-056 t&^535 k6.a-.S0 

4X975-tt251.*eWWW50 44.7SSU 58a>c(0 

Mimi-805 9 044506*“ 305.74-734 i B.lf^.6 
— bSHl-tjS j£' 14.4530 16^L3B 

ftS.AQSo — 4-M 1 .40; -Tci'-Tci 

6399-90* 4J75?-3fiOP — 115 216 265 

5380 995 A7 01-78W 78.47-72 ~ . 


Arvcnt tna-l 1185. B-1188.1 'Aigrutiiw Jl 188-1701 
Ai5ir!iiU..'jl.BW8-1.7067 Anrti1a,....j28U-29li 

Hra^ti._J 41.0231 22 :tMs<uin... M.‘«i 

Vii)ian>l,...' 7.79-7,82 i6raiU......i 4k-5b 

Urw.-e. .67319 68.68H«iw<la.. 2.W4-2.H* 

H„mikV ».91J33.’ .Denmark.3032-I1J8 

Iran.._ i Si-139 rFmnre.^-.j’.RWJfi 

Ku«a1i_1 03393.549 vicniBuiv*..|3.W4.12 

Luxemb'g.: bS.40-t3.S5 tlnfee.L-5 - *® 

4.674.60 ilialy.„..-.|1670-17W 


M*l4i-*u ..l 4.674.60 i Italy........iWB-ira 

N. Zcaiaut* l.lKO-1.9109 Ja|«ua-J 468488 

Mllril Aral- b.74-h.B4 ‘NrtbcM’W «M« 

Sin£araeeJ 4.49i-432; ,Vtvn«v.>. l l.76Ui 


CJS. s m WjUAcUaR Cawti-o reui*. 

Canadian S In Nen Y.»rtesaL4830 cent* l « ‘o ajb.jO.8b6.GO 

Sterling in Milao 1G8630-16K9.1.0 


EURO-CURRENCY INTEREST RATES* 


S. At rim..? l.fclOb* 1.7086 JVitiu^i...] 9131 

C.S,._. 1 i^ptln.~... 1B0-1 Sj 

Lanaiia. Wito'lMii* : 67W80 

f»|™. [Cji _1.96UBI 

t.S. oenta. 81.6031.63 jYimreiavai. S7B_ 

' Katu Given for Argentina la true rata. 





iHfpi 











Jau. . ■ 1d)i-7b laii-7U 

3 1 iuutf High * Low 


I Jaiu j rw 

\ 5 ! vtau* | Higb ] Loir 


• Hub « wipi fi»nvm tuort t* 


Inti. ill*, yield % 


Dec. 30 • Dec. 23 • Dee. 16 . Year tttfu (a^viox.i 


STANDARD ARP POORS ___ 

’ • bflilS WU U'nijUlaCi 

' Jau. Dec. ' Dee. I DeeL ] Dee. ' Dee. -- 1 -j- 

: 5 SO . 29 ! 28 | 27 ( 85 I HIrIj ; Low ■ High Low 


Australia (f) *79.43 
Belgium *LJ 91.57! 
De nmar k!* *i 96.63 
France «tn 55.1 ; 
Germany (ri/ 794.7 • 
Holland (<«> 80.7 i 


: lu.liwrial.: 10832 104.71 X04.SS 104.81, 10437,104.26 11B32 . 89.86 184.64 832 

J ! (3/l!T?i | (Zrll) (Lilt/73)! 150^/32) 
94.6V 107.0b ; 90.71 125.8b | 4.40 

•, I ! i3»1/77i : (3/1 It m/ljWr (l/S/321. 


Hong Long 393.74. 
CW 

Italy OJi 55.66 


Dee. XI I Dee. 14 | YearaKOi»[/iaux.| 


I lid. illv. yieM % 


Shur aMTB 963.45 


iei '479.43 4UL85 
(il IftS) (16/21 
91.63 99. Us ‘ 90.71 
(10/1/ (3 j/L2i 
96.42 107-92 - 90.54 
(9/6 1 (SHiLLi 
(el I 5U.4 43i 

• (7/1) llMi 
79*.0 8133 71AS 
. il7'U). (lOfe 
809 93.2 7bJS 
. (4/5) • (29/9i 
in 425.17 395.74 
(11/61 (5(1,78) 
6632 73.71 54.90 
, (5(11 (22/121 
Id ! 39033'350.49 
129/9) (34/11) 
(cl <26832.2423) 

■ (29(8) i (3/68 


grain trt 9833 i 10030 ; 2C0.0U, 8833 
: i J (31/12) UM/78) 

Sweden (e) 326.74 < 524.37 I 41630 : (5*.61 
' I i22<3) : (1D71 
SwiierrdCMi 3003, (e) ; 3183 1 2133 
; (14:10) i3'3) 


J nil. P E llaiiu 


837 | 9.06 


Indices and base dales (all base values 
100 except NYSE Ai) Common — 80 
Standards and Poors — IS and Toronto 
300-1300, the last named based on 1975 1 , 
f Exdudin* hoods. 1400 Indsstrlals. 
•1400 ludjL, 40 UtiUdea, 40 Finance and 
!0 Transport. i5) Sydney All Ord. 
i;i/ Belgian SE 31/12/63. C**> Capenhaaen 
SE 1/1/73. (ttJ Paris Bourse 196L 
itri Commerzbank Dec., 1953. til) Amster¬ 
dam. industrial 1 970. <1S» Ham Seng 

Bank 21/7/s*. ((Ill) Milan 2/1/73. (o t Tokyo 
New SE 4/1/88. (b> Straits Tones 1966. 

ici Closed. «/) Madrid SE Sl/12/77. (e> 
Stockholm Industrial 1/1/99. >/) Swiss 

Bank Corp. 31/12/38. (k) Unavailable. 


NOTES: Overseas prices shown below 
exclude S preanum. Belgian dividends 
are aher withholding tax. 

* DM30 demon unless otherwise stated 
« Ptas-SOO deoom unless otherwise stated, 
x Kr.lOO denom unless otherwise stated- 

• Frs-300 denom. and Bearer shares 
unless otherwise stated. 0 Yen SO denom 
unless otherwise stated. 5 Price at rime 
ul suspension a Florins, n semirings. 
c Cents, d Dtvtdend after peodlng rights 
and/or scrip Issue, e Per share. I Francs, 
o Grass, dtv. %. h Assumed dJvtdend after 
scrip and'or rights issoe- ts alter local 
taxes, m V. tax tree, n Francs; tnclurtma 
Uullac Ora. v Now. a Share spin. • Dftr- 
and yield exclude special payment. ' Indi¬ 
cated dlv. nUDomcia) trading, o Minority 
holdera only v Merger pending. “Ask*) 
tBid. I Traded, t Seller, r Assumed, 
xr Ex rights, xd Ex dividend. xcEx 
scrip Issue, xa Ex ail. a In t erim since 
Increased. 


! Sterling 


Canadian j DllUdi 

Dollar UA. Dollar GulMer 


r.tivruian 

maih 


FORWARD RATES 

; One iiHSUh .‘IShrae montlT 


tShort term ...I 6V7 ! 5i;-8l« I 6S8-67 8 j SU-Sda ; \+"'* . ^«-X'G 

T.lavanrtnce 7 71*; 5^-Vt \ 6bB-6-. B i 5U-6*u 1* '* , M.. 

Moorii-.' 6fc.6i* 6b*-7 . 64*-7 1 512 - 53 * \-..i ! z b-»» 

Three month..: flMMi ' ^ ^8 7-7J* J 5i 3 -57 fl j 

Six months.— 6ii-7,:. j 7i B -7la ?Je-?is i S-b-CIh ( ! |••••*»? 

One year 7J*-7t = 1 7i *-7bs 7tf-73* 6Js-6» 1V 7 «_ .3„.-8,n-.. 

Euro-French deposit rates: twoday 125-U per cem.; ecwm-day 121-13 Per cent: 
one-month 12S-12J per cent.: three-month 131-131 per cent; six-month 1.41-14] ncr 

Cent jFurodoll^dopSa: two years 77-7] per cent: three years 7M pit 

CCW Trie°fonm*^B8: nomlnol ndes were 5 quOTcd"ftM- London dollar curt/Scales of A cptHlt: 
WHvmonth Per cent.: threfrtnomh 6JS-7.fc> per cent.: sB-montb 

per cent.; one-year 7.40-7.50 per cent. 

^raj II are C, ^*fti7^riln*. O.S. dollars and Canadian dollars: two 
days' notice »or guilders and Swiss francs _________ 


Sen YitkO.bS U.ISfati* :0.30-U.«k. dla 

W. mi real .0.05D. 13 c.U» 0.27-0 J7 .-.dl. 

Anr*tMaui:3( .pni-U v. <lly'll*-U — |«1 
Uiitwel«...'lP‘2S >. dfc ,56-65 •*.«<* 
CWuhijN. 16A lit oro ills |39;-41iuv4b 
FruiiKiud IX'<Yln I*’. |«m (4 pro 

Ushjo_...'65 145.. «ri> ;3uU-600t.dm i 
Uwtnil.... 1U- - ISO c^riia 460-550c. ilU / 

Milan.19 26 lire rilf I62-B9 lire ilk* 

Uah«.161 18i ore dl- 41; -48; ore .Ik 

Faria..4t*-Sl* .. din ; 15; i6;drt 

att^Ui'/rn BLf-lli* oredla 25.-27. .avtli* 
Ylonit*....20-30 gru <ll* 4u-80 Kimlb 
/nrtcii — 2iaHs y.jim AVj -4I = *vpu»__ 

Six-month fonrard dtdlar B.GM.03c. dit 
12-month O.TD-O.SBc. dis. 


GERMANY ♦ 


TOKYO * 


AUSTRALIA 


h or | Dlv. , 

“I * 


Prtct», + «-;tiis-:Yi.i 
Yen - , * .1 i 


!+■ i» 

Au«. 5 — 


'Teh.*' *~w ujv.,r*L 

>» nmei •! — • ♦ i % 


Lma f.oM. thq-i Yield 


OVERSEAS SHARE INFORMATION 


Investment premium based on 
$2.60 per £—71}% 


NEW YORK 

. dan. Dws- 
Stcvk ! 3 ; 30 


) Jan. Dec. 

Stock 3 30 


I Jau. I Dee. 

Stock I 3 I 50 


; Jau. Dec. 
i 3 30 


Atn>"U Lai*..| 

A-i IresMbtrapii...: 
Aeuia Ulele Cara, 

Air 1*iu>lujt9., 

Air-*. 

.klj*n.kiuniin)uni| 

AI ua.) 

A'legbenv 
A ueu lien v Power! 
AI lie (Chemical.-' 

Allied .. 

A'lis Clianners..., 

A MAX.j 

Amerada Hev....| 
Amer. Alrune....I 
Amer. tnand- ....- 
Amet. Brr<uliii»i. 

Amer. Can. 

Amer. Cvmnainlii 
Amer. Kl»-. Po*. 
Amer. K\|irwr...' 
Amer. Home Ptoi. 
.Inter. .llt»lii*'...' 
Amer. M<4or*~...' 
A liter. Aal.liaa.. 
Amer. atari.lam 
Amer. Sluie^....' 
Amer. Tei.A lei. 

AuK-lek. 

AMP. 

AMP.. 

Aiupe*. 

Ait -lu'i UuvLiiii>. 
AuUru-ei Bii«-h. 

A nn t, rneei. 

A.S.A.., 

A .uiim On.. 

A«ar.-n.. 

Aalilaml Oil.j 

aii. Jiu-Uiipm.....; 
Aim* Data Pnv-.-l 

A VC. ! 

Av .■ 

Ana Pndwti...- 
Halt tin* Llei-t....* 
Bank Aineni-n...., 
WuiKeni Tr. X.Y. 

llarlier III.. 

Jhiiiv Tnmiiil. 

batn.-f Fwd. 

Ho-tnaDk-si-oMUi 
lien A H»»e». - 

llen-lix. 

Beu-^uvt t,..na'U' 

lietinelMiii MCei. 
Jtln. k X Lte.-kei .. 

Hoeing. 

j;>or LaMiule.... 

Hnr-ten. 

burl Warner.. .. 

Ur.ni11 lut. 

Hivxd "4*., 

lin.lu- 

Bnt. I'd- AD It.. 
Unek nay U la 

Brunswick. 

Buvv. u» Ene.' 

Itinf'l. 

Hull,.. Mau-tl 
Burlington Mhn 

Ihimuigbs. 

LauipUdlSwiW--.' 
L'oiHulian Pati Be. 
Canai ll>n>i>Upb..i 

(aouaJ iou. 

tairieri fTeucnf 
Carte. Hawley.-! 
1 atprplller [rnt-H 
t Us. 

Celaa«9eUMT>u...l 

Ceurral * a."',.. ! 

t'cnihiieai.. 

C«!niH Ausnui ..I 
C Uiire Mauisauan 
Cbciiii *' Ok. M 
t'lieaeiwgli Pn^i. 

i'beniea\BiPin...| 
I huau;-j Unilgb.. 
Cbn-UUBlIoV. 

C In taler.; 

L luvrama..■ 

Cut*, Mitavrt.il.. , 

.. 

Cl Lies SCrYlL-if-■ 

Cut InvesMws .... 

(. l0 » lUa.. 

Colualo Plum 

t wiiu * Altman—1 

Columbn Uaa. 

Columbia Plct—' 
< 'mi.liNO(ukAni' 
I umPoMmu Eng.' 
ConiOusduu 
C'm'wlli Eriuou.: 
(ijni'wthOll Wei 1 
l umni. Salrflte-.., 
t omMuterfeJenw. 

Cnorae...>. : 

Cun. Eliauii N.\. 

t ■iil9.il hwU..... 

Oius.il XaL. Cn*.. 
(•awuiiier Power 
(.iiailntiDial Ghj v 
C outineotal Wl„| 
C.int idenMl Tdft. 

Control Data..' 

Cuvier Indus—■ 


L'urniug Unu.... 
CPU Int'n'tKHiKi 

Unue.' 

Uwcker Nat—....... 

Jniau Ae>ieiiiai-ii 
cum mills Logins 
Unrt-Wnght. 

Dalai-. 

Unit I iHiii*i net..; 

Deere.. 

Od Munle_ 

Del tuna. 

Deni My loier... 
Lleonit Ediaun.... 
UiauKimiSbami-k 
Di. laphone..—....' 
Digital Equip.— 
Disney (Waltl .... 
lAiver Corps' 

Dow Cbeinb-al.... 

Urtaaei—.. 

Du Pool ' 

Dymo I [Musi net 
Eaale Pichei ...... 

East Atriion. 

Kastman Kodak.. 


Johns llaiiviue... 
J-ihoam Johnaouj 
JubosoQ Ctniuni. 
JnvllanuMetui ’g 

li.llailCurp.- 

Kalsai Aiumini'm 
■Miser Industries 

K*iserrirptfi.. 

K«y. 

lien ins on. 

iven M Dee. . 

Ivliide Waiter-... 

hjranenej- Ulsi k. 

KriptOta. .. 

Kialt--- 

Kruget Cu.. 

Leri strauss.—.. 
Lsbb.v Uw.Fooil... 


Rev Km.-—..( 

Reynolds MetaU.' 
KeynoMs U. 4— 
Rich'sou Alerrell. 
Rock net 1 Inter ... 
Kbum A Harssr..| 


43t* i 441 * 
3 Us , 3246 
5»ia ■ 59>* 
22i£ : 22*s 
29J* 1 29 be 
32 ! 321* 


a. G. A fi.I 

Hi Paso Nit. Ur* 1 

Kura_ J 

Kmcrsou Eieeinc; 
r.merv Air Prigluj 

Embsn—.. 

h-.M.I. 

Kogeihard.....—| 

Usioarti.... 

Kill* i ... 

KkMiiD-. 

■'alrefaiHl Camera 
rol. De;ii. stum 
Firestone Tire— 
Fsi. Xal. UnMoo. 

Fieiii Van—_ 

Funikote. 

Puekla Power..., 
Fluor-.. 


Liggett Group—' 

Lilly (Elli- 1 

Uttuo 1 adust.—.,| 
Lockheed Airer'ft 
Ume Star lulls...| 
Lone lslsp.1 Un.j 
Liuislaua Caihl...’ 

Lubriaoi—.j 

Lucky Stores.j 

L'kesY'uturat'wiii 

MacMillan-. 

Many K. H-1 

Mirs Haonaer —1 

Mapo.-.j 

MantbuM Oil-, 

Mamie. MUUaa>i.j 
Marshall Field ...i 


Ryya* Dutch..—.. 

RTB.. 

Russ Lugs.. 

Kyder Sj'vtem.... 
saieway SI urea... 
Si. J»*e MiaergiK 
Su Heps Pspei.. 

Santa Fe lots. 

Sau> Invas*...—. 

saxoo I mis. . 

Seta lit* Brewiue.. 

Scfclurntjerger— 

SUM. 

Sv-oa paper- 

Svovii Jut—, 
Scudr* Door Vesi 


Won. Worm—. 

Xerox——.J 

Zapata-! 

Zenitb Radio.. 

Uhlie 3% 1993.i 

U.S.TreM *% UMi- 
US.Tresa4447&/Tr 
U jx M Day bHis.i 


18*8 j‘ lBta 
cn; ojb 

483* 46 S* 

15 . 15Sa 
155* i 14*8 
— ! 101*6 
t93T8l t94r' 0 - 
t81S« 48238 
6.17% J 6.14% 


CANADA 


Ablnbi Patet—. 105* | 

Agutco Ksgie.. 6*8 I 

A lean Aluminum, 2778 1 
Algo ms Steel—. 147s [ 
Asbestost38U I 
daukot Monimii 18 • 
Sank Nov* scoria I 19 >8 
dasic Resources. ■ 7sq 
UellTelepbone-..| 536s 
Sow Valley lnds.J 22 


AEG-: 

Autanz Venk-U—. 

BMW_I 

BASF.- 

Bayer.--. 

Bayer. Hype—.. 
Bayer. V e reuisl<k < 
C’lbalot.NeiLwrui 
Com merzbso It—,. . 
Uonil Gumiui—... 
Daimler Benz.— 

Deguara-, 

Oeanag..——... 
Deutsche sank ... 
Dresdner Hank —! 
DyckerLofl Zeml 
GotchoSoong.-.. 
Hapeg Lioyd.....' 
Harpener ............ 

fioeebst —.-.1 

Hoea-h-* 

Horten-——: 

Kali uod balx.—J 
kantadt ...J 

haul hot —--l 

hiookuei Dm IOC 1 ' 
KHD-1 

izst=d 

LuWnbrauDm lOO, 
Lutthansa--—1 


Sea Container*__ 

Seagram..—— 

Searle (G.D.).j 

Sears Roebuck—. 

SEDUO_! 

Shell OH-..J 

Shell Transport...' 

Signs - 1 

Sig mole Oort ■—, 
Simplicity ftuu..l 


dinger _ 

Smith Kliuc.. 


F.31.C-; 

Font Mown. 1 

Foremost 3Jok....; 

Fust* no. 

Franklin Mini— 
Free port II literal! 

Fiuetriul.! 

t'u/iu Imlnsi nej 

li.A-F.| 

lisunul.I 

<eii.Aiiter.lu~... 

ti-A.l-A-, 

liefl.Ualue.I 

lieu. Dy nsma-s-J 
Ueu. Hie.-trWs.....; 
(Jenerai Food*....: 
Geuerai Mine—..I 
-ieoeraj Uutun...i 
Gen. Pul>. 
ueu. aigoai—...., 
lien. Tel. Rm.,. 

i<ro. Tyre—. 

timrtni.I 

Ueugw fa, in. ..,,.1 

Uetlv Oli.-..J 

(ilneite. 

Uotvlil'-h F.F...... 

IK-«lyau- Tire 

liouki.. 

Grace IV.«. 

Gt.Auau Fa. lea. 
Uru North Iran... 1 

li rey hound..i 

Chili * West era...■ 

Gull On—. 1 

Haiinuiiun. 

Hanna Mining.... 
Ha i m sell iauer... 

Hants Curiai.. 

Hetuj H.J_i 

Ueiurii-m.i 


May Dept. Store*] 

MCA—. 

McDermott .. 

M. Dunuei. Dtaul 

M-Grsw Hin.! 

Ifemiwx. .j 

Urns.. 

Mecni' LiTb-b. 
Mesa Feuutenm j 

MGU-. } 

MuuiUuuigMttt.. 

Mobli Corp..I 

Monsanto. 

Morgan J- P- — 

Motopus -. . 

Murphy -.J 

Naliia-d,.— 

NsietiUliemii*i...; 
Nsliuua- Can.| 


buutrou .—' 

Southdown_ 

SouthcruCai.Rn- 
Scuthera Oo..— 1 
achn. »au Kea..^ 
Somhern Paalic. 
Soo theraitaJ l way; 


BP Canada _ i 

Braa.au ——- 

dnui-o...] 

Ouwy Power-., t 
Canada Cement..] 
Canada NW Ural' 
Csu lajpUDkCnm 1 
Csaada lD.lutl-..i 

Can. Parifii-. 

Cau. Psi’irTi- (sv.j 
Can. Buper Oli-..' 
Carling O'Kneie.. 
Casssir AsbesUa., 


MAM... 

Unities maon- 

Aleutians..——. 

Muueheaer Uuuk. 

Merkermsun- 

PrenaMg Dm 100 
UheiuWeu Elect- 

Scsienua...- 

Slemeu* 

Su.i Zw-ker. 

1-hymeu A.G. 

Varts— 

YBB.V-.—... 

Vereia * »«t Bk 


B6.5-0-3) - 
474 - 0.0 : xja 
226 —0.51 20 
138-3-1-0; 17 
135 .+0.2 j 16 
277M + 1 ! 20 
408 -1 [20 

211-9 — 10.1, 18 
67.5-O.B - 

325 -2 j 19 

266 —0.31 lb 
1-9.5 + 2.0 ! 14 

298.5- 2.0 l 40 

238.5- —1^11 20 
105 tO 4 
2u6.5-c2.ei 12 
113 j—0.5 ‘ lx 
226 i-*-2 : r9 
1HB.B —0.4 [ 16 

44 +U.21 4 

155 ’. 10 

140 1*1 ; 9 

500 1—1 ; 20 

226.5 +2.5 | 20 
88.5 —2.5 l - 

lb8.5 + 1.S ] 12 
lDu.s'.—J — 

238.5- rU 16 

I.o60i.— BU 

109 :+1.5 | 7 
193 +a.5 12 
160.8 +0.5 14 
232-0 +4.8 10 
4)5u +5 18 

124.5+0.5 — 
121 -0.5 7 

206.5 +1-5 16 

267 +0.5 

292J -0.8 16 

241 -6.3 IV 
117.2 +0.2 11 

176 +3 14 

116 ; - U 

310 -4 JO 
204.2-0.8. 10 


I Arahi Glass.-1 3RaBl-. 

Canoo.__—I 402*1+3 


Chilton..I 360 {—5 

i Dai Nippon Print! 310 i+2 

, FiutFfiEo_i..l 460 |+7 

1 Hits*-hi.. 176 , + 4 

Hotkia Motors.— 487 1—6 

| House Food- 8 o 0 . + 10 

C. Itob___! 225 i. 

iCO-Yokado-., 1.880 i-10 

., Ja«xs-- 1 470 —6 

- J.AJi__>2.62o +10 

;| Ran*! Biert.Pw.. 1.130 1 . 

I Koniat+u_ 1 +67*1 1 + 2 


086 +8 
360 {—5 


6o0 .+10 
225 1. 


14,2.2 
12 LB 
■so j 2.4 
At I S£ 
18 Le 
lb : 1.6 

12 ; o.4 

18 , l.b 
35 2.0 

1* 4.7 

8U i 1.) 

13 : 1.4 


il'IllLr/B -ent/-.. 

■Vrntw Australia^. 

A iiisfi H Dti-Trrtc. Indus £1; 

4m|o> hxiAmiioa;.- . 

Atnpm PeCraieuin.. ! 

Vsaor. Minerals.. 


10 ! 4.4 
18 I 3.4 


Kutafta.. —n7U 

Kyoto Ceramic.... 2,260 .. 

Mats u sh ita lod.-l 569 , + 8 
Mitsubishi Bank..I 280 +1 
UittububiHemry. 131 '—4 
Mitsubishi Corp.. 4U1 —3 

M Irani A C-a-! 3C9 j+1 

MHsuiuwlii_! 518 +2 

Nip> ,n Denso- 1 900*1;—81 

Nippon Bb in pan.. | 528 >—27 


•t.-r nipuon sninpan.. usd .—£i 

— Nissan Motors—| 678 1 + 11 
3.6 i'wum.. 1.440 !—20 


| aanyo Rloctrtc_’ 200 1+4 

aakiaui Pretoix—Lu2U I- 

hh i seitto... .i 920 [+1 

bony ... 1 1.720 10 


la i a.c 
85 u.c 
20 l.c 
lO l.< 

12 I 4.6 

13 l.c 

14 ! <.t 
20.1.9 

15 [ u.c 
12 1.1 
lo I 1.2 
48 | 1.9 
1* I 3.0 


Ekisbo Marine.— 2d5 -8 


Ihkeda Chemical., 446 i—5 

fDK_lulu j-10 

iO/ln___i iu6 +1 

l’oato Marine._ s03 —4 

lotilo Elect How‘r[L13U -20 

tokyo Sanyo- 1 210 __ 

tbayo 8blbutra...| 1 16 i.. 

loray...j 1*4 

lor,us Motor... 703 ts +8 


11 2.2 
18 3.1 

3D | l_h 


1j I 4.7 
11 I l.i 
a ] 3.5 
Id 4.9 
1U . t.3 
10 ! 4.4 
' ’ 1.4 


Nau Distillers....! 
.Nat. SeriM Itui., 
.Nalkutsl etesH... 

.S i ii.ru ii-..,i.‘ 

NCtL—..■ 

.Neptune Imp.I 

.Sen hogiaint Ki.l 
.lev Knglaud *le:j 
NuLgara Muhawkl 
.Nuurani share../ 
A. L. Iialiumek.; 
A unBUtWestert). 
Aortb NasuGaa..., 
Ainu bLates Pwi 1 
Atbn-est Airiliha: 
Ntbwest naneuti ■ 
■Norton dlmoo-..., 


oraitfilaiKL..] 

3'a "t baursharea 
apeiry Hutch..... 

Sperry Rail O. 

Bouih.. 

ataralahl Bram/si 
Std.OilCalilornia) 
•■iM. Oil Ind/aDf.) 
Sui. Oil Ohm.....| 
dwuO Cbemicai. 
Atoning Drag ... 

atndebakei_I 

dun Co..| 

dunilstrand..: 

ivatex ...| 

(erluiKiar,^., 
fektrumx- 

leie<iyiie..I 

Telex...: 

Teuew...; 


Chieitaiu ..; 

ComiouP.-_i 

Cons Bathurst... 
Cuosnnuec Usak...j 
CVweks IfaMuRm 

Contain It toil-1 

Denison Mice,... 

i/omeMlnra. 

Dome Petro/eum 
Dounnicai Brkigt 1 

Dumtsr ..1 

Dupuot. 1 

Ptiuxi'ge Niche l 
Soul hciloi csm.. 


Assoc. Puip Paper SI-1 

Assoc. Con. Industrie*-! 

Anal. Foundation Invest...; 

A-N.I-,. ; 

■Xudlnuxt...^.^. _/ 

AusL. Oil & Cat...I 

uiue Metai lot...... 

Bouprinslile Clipper.-- 

utoken H|i> Prmirierarv.... 

uH bouth___ { 

iJartron United Hrewsrv_I 

t-.J; Cotea... 

CSK(SI)-- 

mils. Gold tieidr Aus- 

container (81).... 

uotmnc Ktotinto___I 

uvula Aimraiia....__..| 

Dun toy Rubber (IS)._ 

K8UOU- 

hhler dmtth_ 

i^2- IfldiMnes _ 

Gen. Property Treat- 

Hamerwev__ 

Hooker___ _ _ 

l.C.I. Australia__ 

Inter-Copper__ 

Jennings loiluatrjes_- 

Junes llAarfctj_ 

Meta.B Kxplararlon- 

MtMHoUmga _ 

MyerBmpnriuiu_ 

News—..... 

.Niubotai IniernaLlonsI- 

North uruaen H* lings (60e 

Uakbrvtce.... 

Uu 3earch.._... 

Ptower Couurete_........ 

g CbinwiL....m.- 

ri. C. siedgb.... 

southland Mining_ 

tooth (SIi__ 

A'si ton*..... 

iV'Bstern Mining (bOeentsi.; 
Voolwnrtha.*. 


Betaeii uaiih..M... 103JO +0.2S lb 9J. 

<Kirrog* , int... w ...j 65 .. 4 U 

uredltbaok...^.... llajfl- *0.85' 11 aS 

KoMitoa._• 332.5—2.3 20 8.0 

arodttgasw.-n...-.- liu.0, + 0.5 11 9.6 
Noruk Hydnjkr.ri- 204.5 +4.5. 12 4.7 
■turebra nd ■■■! 93A1.+0. 5 ; 9 1 9.1 

BRAZIL 


' |TW« ! + ur l WtTjlfB. 
i Urur ' — VnnL t 


I'esorci Pei nuenml 


leAs-iguii .. | 

Texas Instm. 


Genstai -.„._j 

Kiaui XeFukuu-.,' 
UuiUJi.Canada../ 
Uawaei 6 k 1 . Caul 
Bolduge,. 

rlun * U1 *A.! 

Huils,si flay Mini/ 

tlralBjQ Bay..._J 

dudsunUi-lUs: 

LA.C.. 

iimt«...| 

imueria* Oil..._i 

lau...j 


Ouciienta, Petnu 
Dgilvy Mather...! 

Dulli bdlunl_.. 

Dim.. ——j 


HcwieLi Pni-ha,ii' 
Ho.idn.y- Inns.| 

Uumesuke,. 

Honey well.........I 

Huorei.. 

Uosp li#|> A me, 
Houston Kat.takr, 
HuuiiPb.A.iClitii: 
Hutton (B.F.Cv.,.1 
I.C. ludustnes...: 

INA.-.I 

I ■■(]«> sol Kami.| 

loiaml 6teel......: 

(usiL.-o...I 


Ocereeu ship-...] 
Dweris Curainu... 1 
Dwells luiuois... ' 

Pa ill. Uss. 

Fa ..-1 a - Light 
Ph*. iSsr.ALt....; 
PsuAinVVorsi Airi 
Parker HnnnlKn.l 

Peabody Inc. 

Pen. Pw-Jt Lt_j 

Pennev J.C.) 

Tmuari _ 

Penpies Drug_,| 

l'ei.ipKnbvL,. 

PepsIco———.! 


Texas Instni. 

Texas Uu AGs*... I 

Texas Ulliiuea_ 

Time luv- 

tunes Mirror- 

Hid sen.. 

Prune... 

tnnasiiierics — 

Trsoi--o._-.... 

IrsuB Union_ 

Transnay Ini'rnij 
I'nuu WufSrt Air.- 

Travel lers.I 

tnCHUiueowJ 


indaJ---j 

1 luiaiui AauGds. ( 
Ina'priyPtpeLtiM 
I Raiser Heaourvee,.] 
| Lsunn’l Fla Cori i 

I.Siimn (Jim. 


I JI.W _ ] 

Uth Century 1 FNnJ 

UAL..I 

LAUUU.. 

CD I ... I 

L’DP_ I 

cuiieier -- 

Unilever N V.| 

bnxe 

L aim■ Cartn ie_; 

Cniou Cormnervyj 


Luiusw corn. 'b . 
Mu'iulii'n uioel ! 
Massey Fergusou- 

Acraiids Vines ..J 
.sateen boergv-.J 
.NihQ.'teira-oin....l 
-Sana. Oil A Gral 
• >Hkn-a»i Petr'u 
eamtM.- Copper Ml 


interotmi Aaergy: 

IBM-.. .1 

I OIL Flavours—.. 

ItitL Hatresiet^. 1 
Inti. Mm & Chcm! 
(nil. Mulltnxais-; 

(UL-fl.. I 

(mi. . 

IPG —., 

(uu Hectiiier—..; 
lut.Tel. A Tel.... | 

InveaL.—.—; 

LdsraUeet-— 

IU luieruailUnalH 
Jim Walter™.4 


rierirm Rimer._ 1 

Fet- 1 

purer ..— 

Fheipa IXvige.^.. 
Fill la, lei | ib is Lie.. 

Flu Up Jl'jins- 

Ftlilliiw Petrol'll, 

Pllthury_ 1 

Pilnev Bones—..; 

Plirsi on.—-- 

; Plessev Lut A Dll, 


Polaroid..-..I 

Potoms,.- _! 

PPti luiluftneii..l 
PruLiei Caini 
Pub Bene biro.. 

Pui nisi.—...] 

Pure*. 

Vji inker Usta-.; 

Rapid Amends it .J 

KBvtbeon_^...! 

KCA_... 

KeraiUic bled—.| 


2538 I 26’* 
lbSg 15^4 
26i£ *. 87J a 
b4.'g ; 05 
25 , 82 r a 

273s 1 271 8 
16 [ 161. 
23 Ig j 231* 
57g ! Bi* 
33 ig i- 34 
8Ssa . 26'a 
22U | 22>a 


CiiHKi Di. Calli—j 
Lniuli Paeiric._..i 

UouayaL.—. 

Unite,/ Bread*... 

Umterl Corp_._ 

Os. Uaraorp__ 

US. Gypsum—... 
l- b. 3 hi to___ 

Lo. 3led- 

L’. To hnotoaiea.. 
LiV industries.... 
Virginia Rlert._, 

VVniereea^-— 

Wsrner-Cnninju . 

WsriKT-Lambert. 
Wasls- Mali * nienl 
WuUs-Kanto- 

tVvBlern Hamorii 


PscJ 6c Petroleum 1 
rtw. Can. Pei'n.i 

FWluo. 

Peoples Dept. 3.. 
P-sireGsaA Di .. 
Ffetasr Derciopini 
PuumCoruLirei 'u 

Price—. 

tilietiec SUirRon.'i 

Kauner Dll.I 

Read Shaw.—.{ 

Bio _ 

I toys. Hk- o! Cau. 
uuyai '1 rust..| 


Sceptre Resources: 10 1 lOl* 

..j 24 | 24# 

shell Canada...... 171* | 17j« 


IVnleis Uaru orH 

Wnlern S. Amen 
' Western L'uion... 

I Wwttn>hse8lfii' 


' Wesrascu - 

Woyerbaeuwr 

.. 

White Coo. I ltd.. 
WlllinmCu—..—. 
Wvtcoasln Elect. 


noeil Canada...... 17U 17j« 

ShertittG.Vms, 5.00 5.85 

Stolen U. a.- 2558 I 86 

SimpM.su - 4.20 | 4.75 

steei Oi Canada...! 24«B 24 ig 

Stito). Rock Iran, 2A1 ' 2.45 
I'essraj Lana,i»„385, I 40 
runcuio Doui.Bk. I7ie ! 17sg 
1'iwi Can Pipe Li,I 15tg l 151* 
Trans Mount Glh[ 8Ig i Big 

liueu——.. jio I tia 

U'qiodGbs... 10I( ■ 103* 

Walker Hiram_, 296S I 29S* 

West Ccbs Tmx 1 344* I 34i* 


Wcstrai ..; 141* 


■ Assented, t Bm. t Ashed. 
. i Traded. ( New stock. 


..-■a-w— r 


7 \J * 

*\^ 







January 3 

Asland .—.. 

Banco Bilbao . 

Banco AtlanUco (LOM) 

Banco Central . 

Banco Exterior __ 

Banco General . 

Banco Granada. n.MJI 

Banco Hlsucno . 

Banco tori. Cur. 1 1.000) 
B. lad. McdlterranuD. 

Banco Popular . 

Banco Santander <238) 
Banco Ureutto (1.0801 

Banco Vbcara . 

Banco Zarasoaho . 

Bank uni on —.— 

Banos Andalnda . 

Babcock Wilcox _ _ 

crc —... 

Drayndos __ 

Imnohaotf 

E. L Araconesas .... 

Espanoia zinc __ 1 

Exu). rio "Tnni_ 

Keen (1.3601 __- 

FMMM3 (1.000)-- 

Gal FTedattas . 

Grow VglazQitea i«tt) 

HUtola '--- 

Ibarthuro -.... 

Olarra . — 

Paoeleraa RouDhlas 

Peirotnwr ____— 

Pctrolmu ____ 

Sarrio Papatera —.■ 

Solace .. 

SOBnflsa ...-u— 

Twm Rdstetich 

Tuba ecs -- 

Union Elce. 


Per cent. 
1W 
277 



v M - 



VoL CrlU.26m. Shares SI 59m. 

Source: R1 q de Janeiro SE. 


JOHANNESBURG 



MIKES 



January 3 

Rand 

+or- 

Anglo American Corpn. — 

5. IS 

+843 

Charter Consolidated ...... 

130 


Bast Drteftrateln ... 

ilsom 


Elfitwrg -- 

2.03 

+BJI 

Harmony — ___ 

6.90 

+8J5 

Kinross 

3.73 

+4-15 

Kloof ... 

9.00xd 

+(L» 

Rustenburg Plallnam _ 

Lai 

+845 

St. Helena .. 



South vaal —-- 

8.63B1 +8.15 

Gold Kieldg SA - 

15.00 

,+L» 

Dolon Corporation-- 

4-S7 . 

+8.W 

De Beers Deferred ......... 

5.08 

+W 

Btyvoorulcxlehl .... 

Jfl.Wta] 


Ka*l Rand Pty. -... 

fi.tt 

+•» 

Free Stale Ccduid.. 

2430 

+1J» 

President Brand_—..... 

18J5 

+849 

President Stem —. 

tnoo 

+048 

SiSUometn .... 

4.63 

+8.1S 

Welkam .. 

3^3 

+B.U 

Wes Drteranteln _ 

t34JS8xd 


Western Hold lags_ 

27.75 

+LB 

Western Deep ._.. 

12.69xd 


INDUSTRIALS 


AECI -- .. .. 

2.35 

+848 

Anglo-Amer. Twins trial — 

&S5 

+04S 

Bartow Rand 

3.70 


CNA ftjvestmeniB ... 

l.SS 

+10 

Conic Finance ..—— 

0.80 


De Beers Industrial —. 

S.40 


Edaara Consolidated Inv. 

1-33 

-«A 

Edgars Stores _ 

fU.9B 


EverReady- SA . ... . ... 

tljO 

-tffl 

Federate Voiksbe leg Bings 

1-58 

-HE 

Greatermans Stores — .. 

2.35 

+m 

Gnardfan Assurance' (SA) 

L75 


Uuletts .:_... 

2.27 

+18* 

LTA ... 

I.S0 


McCarthy Rodway 

0.63 

+841 

NedBanF .. 

SJ23 


OK Bazaars ... 

6.10 

-849 

Premier Milling_T.... 

6.20 

+*.« 

Pretoria Cement 

OJtt 


Proteg Holdings . 

LOO 

-an 

Rand Mines Prooerties 

2. SO 


Rambrandi Group . 

3.60 


Retco -- 

0.33 


Sage Hold hats ... 

tl.46 


C. G. Smith Sugar 

GAO 

+lrt. 

Sorec .. - 

70.4S 

+BJ1 

Sa Breweries . 

1.25 

+io 

Tiger Oats and Kari. Alls. 

9.B9 


Unisec 

IAS 


Securities Rand Discount 373- i 

• 


^ i 































































































































































id 



Kuawlal ’Times Wednesday January 4 1978 


^KEt 


tv. 


ll.< 


u. • “In. 
ll-' ' * Sl-e ■ «M 

r «'«- ■ ti,. iy. 

'Hf.y 


, ‘1 

* ‘-.j to 


• «5i- 

iix 


1 i«1i 


f ■ "V'? 

'■Jill . 

5c WANgcs 


:.. . •* ■ s-,: 
4 . \ ■'* •• US'.' 

- 


;-y§ 

•; i 


tf * Nti*RE ti 


t .. 


RATtS 


;ii‘ 


! . 


'" "v;: 

l ■ 




r- .► 







output 



: Our Commodities Staff 

BRITISH, fans output has shrunk 
by, 23 per. cent under Labour 
government compared with the 
W pet cent expansion recorded 
id the last four years of Tory 
•rule in 1870-74, Mr, Peter Walker, 
Conservative MP for Worcester, 
told a. farmers' meeting last 
night. 

This contraction,. he claimed, 
had brought with it “ un employ¬ 
ment. a disastrous effect on our 
balance , of . payments, and in¬ 
creasing- benefits to our less 1 
efficient overseas- competitors.” 

He told the.Perstiore branch 
of the National Farmers’ Union 
the. Government was wasting its 
time re-examining its farm ex¬ 
pansion policy. document. Food 
from our own Resources. “Not 
one- single target contained in the 
White Paper has been achieved," 
he said.. 41 A plan for expansion 
has turned out to be a policy for 
contraction. 

“ in 1976-77. farm incomes were 
down by one-sixth and invest¬ 
ment down by. one-third on what 
they were when Labour came to 
power" he claimed. The only 
sectors expanding, he noted, were 
imports of ; Danish bacon and 
Irish beef:—up 50 per cent, last 
year. .... 

“ One wondera how a Minister 
of Agriculture can stand Idle 
while _ the policies, of his own 
Government's White Paper -are 
totally destroyed," he said. - 

,Mc n and Matters Page 12 




in .sterling forces 
prices lower 


BY JOHN EDWARDS, COMMODITIES EDITOR 


Freight rise 
boosts NZ 
lamb costs 


By Dai Hayward.- 

- WELLINGTON. Jan. S.. ' 
THE COST of shipping a lamb 
from the faraigate in New Zea¬ 
land to a cold store in Britain 
jumped 13.5per cent, during 
1977. This Increased cost of 
SNZL89. per Iamb means the 
total shipping and processing 
costs , to get /a New Zealand lamb 
into store in the U.K. is SNZ15.92 
f 18-69). ■ -This is SNZ1. a kilo or 
25n a pound. 

Further increase? in killing 
and freezing charges are ex¬ 
pected, early in .-1978.' 

The biggest proportion of the 
cost is-freight charges from New 
Zealand ports to Smithfield. Ship¬ 
ping now costs over Sll a ear- 
capo or ah increase "of 15.6 per 
rent, over 197B.Transport, kill¬ 
ing and processing pharrev in. 
New Zealand outs another $4.89 
on the total bill. - • 

A 4 per- cent, rise in the EECJ 
common customs tariff for.-lamb 
sent to Brilain last July also 
cori ributed-to .the rise. - - 
•= New Zealand- lamb exporter^ 
hoop to double salearto Iran this 
year,. - ... 


THE RISE in the value of 
sterling put London metal mar¬ 
ket? under pressure yesterday 
to Mart the new year on a sub¬ 
dued note. Standard grade cash 
tin fell by £67.5 to £6.225 a tonne, 
and there, were "smaller losses In 
copper, lead and zinc. Silver 
was buoyed up by the sharp rise 
in gold." The London bullion 
spot quotation at the morning 
fixing was virtually unchanged at 
250p an ounce, but the dollar 
equivalent • showed an increase 
of 11.4 cents to 487 cents an 
ounce. 

Currencies, ana - particularly 
the fall in the dollar against 
sterling, remain by far the most 
important influence on London 
Metal Exchange . prices at the 
moment. 

It was noted, however, that 
copper .held reasonably steady, 
despite the downward pressure 
from -sterlfng and a bigger than 
expected increase in warehouse 
stocks.- The stocks rise of 3,050 
tonnes took total holdings tq a 
record level of 641,175 tonnes, 

A firming influence" in late 
trading was buying by the 
dealer, associated with Japanese, 
inte rests. Whose. heavy: - selling 
-last Friday morning helped bring 
a sharp dip in.copper prices to 
end the year on a depressed 
note. 

Hopes of a continuing 


recovery in consumer demand, 
notably in the U.S.. have helped 
keep New York copper market 
prices firm, although they are 
still below the new U.S. domestic 
producer price of 63 cents - a 
pound. A further influence is 


.fpertamo 



62(f 


UUliUUU 


AUG SEP OCT NOV DEC JAN 
1977_1978; 


thought to be continuing 
rumours of moves by the UR. 
copper producers to persuade 
the U.S. Government to damp 
down on cheap imports. This, 
of course. Is bullish for New 
York but bearish for London. 

As eXRected, tin stocks rose 
again by 360 tonnes to a total of 
4.DS5 tonnes. The Penang mar¬ 


ket also eased further over the 
holiday period. But the decline 
in prices was halted yesterday 
by some strong baying from 
chartists when the three months 
quotation failed to sink below*a 
significant chan point at £ 6,210 
a tonne. The market fell to a 
low of £6.210 but then moved up. 

Meanwhile it was reported 
from La Pas that Bolivia has sold 
4,500 tonnes of tin metal to the 
SovietUoion for more than S50m. 
The sale involves almost 25 per 
cent of Bolivia's smelting 
capacity of 20.000 tonnes. 
Delivery will be made in eight in¬ 
stalments starting in February. 
Soviet buying interest and 
rumours of China also coming in,’ 
helped- to steady lead values, 
after . the recent falls. Lead 
stocks rose by 1,300 to 66,925 
tonnes. 

Zinc was quiet and dull. Stocks 
were only 25 tonnes down at 
64R25 tonnes. The fall in the 
dollar means that the official 
European producer price of $600 
a tonne is now much more com¬ 
petitive with London Metal 
Exchange supplies, and producers 
are thought to be much more in 
control of the market albeit at 
tbe cost of having to carry the 
bulk of the huge surplus stocks. 

But there is concern about 
moves by U.S. producers to seek 
limitations on zinc imports. 


Talks on sugar contract row 


BY OUR OWN CORRESPONDENT 


MALAYSIAN AND Australian 
officials to-day met ip Kuala 
Lumpur to resume negotiations 
on the dispute over their long 
terra sugar contract 
The differences are reported 
to be still very- wide, and the 
former Malaysian trade minister. 
Datuk Hamzah, had publicly 


warned that Malaysia was pre¬ 
pared to break the aecord. 

Datuk Hamzah and other 
Malaysian ministers have also 
said Malaysia would seek to 
diversify its sugar imports away 
from Australia to such countries 
as Thailand, the Philippines. Fiji 
and Cuba. At present Australia 


Sugar pact in force 


BY OUR COMMODITIES EDITOR 


THE "NEW International Sugar 
Agreement negotiated last year, 
ramclnto force provisionally on 
January.I, after receiving, the 
support required from 32 coun¬ 
tries—-24 exporting ' members 
and eight importers. Another 
14 countries have, also'signed" the 
Agreement but not yet deposited 
the appropriate documentation 

with the-UN. 

A notable absentee from triem-i 
bersbip is the EEC, although it 

... i .. ■■■■■■ . ■ , 


is understood talks are con¬ 
tinuing with a view to the Com¬ 
munity possibly joining the 
Agreement later this year. 

First meeting of the new in¬ 
ternational Sugar Council wilt 
be held on January 16. There 
was little or no reaction on the 
world sugar market to the provi¬ 
sional Agreement, since refiners 
are reported to-be well stocked 
with cheap-price supplies bought 
befl^e January 1. 


KUALA LUMPUR, Jan. 3. 

supplies 70 per cent, of Malay¬ 
sia's.sugar imports under a con¬ 
tract signed in 1974- This covers 
the supply of 1.65m. tons of 
sugar over six years. 

Malaysian sugar refiners, who 
have refused to take any Aus¬ 
tralian sugar since last July, are 
required to pay 8A322 a tonne 
under the contract, but the 
Malaysian Government wants 
this to be reduced to SA270, 
which is what Malaysia is paying 
for Fijian sugar. 

However, the Queensland 
Sugar Board, which is respon¬ 
sible for Australia’s sugar 
exports, is only prepared to 
accept a reduction in price 
similar to its deal with tbe 
Japanese. 

The four-man Australian team 
is led bv Mr. W. F. Oliver, the 
chief manager of export market¬ 
ing of the sugar division of the 
Colonial Sugar Refinery, while 
the-Malaysian side is led by Mr. 
Sabaruddin. Chik. head of the- 
intemational trade division of 
the Trade Ministry. 


Rally in 
cocoa and 
coffee 

By Our Commodities Staff 

COCOA AND coffee prices 
rallied in late trailing on the 
London futures markets yes¬ 
terday after the continued 
strength of sterling had pushed 
them both lower earlier in the 
day. May delivery cocoa 
slipped at one stage but 
recovered lo finish the day 
£6 higher at £1,614 a tonne. 
Dealers said there- '•was no 
fundamental news affecting the 
market and attributed the rally 
to short-covering against 
- earlier sales. They said trading 
was very thin throughout the 
day. 

Coffee traders reported a 

similar pattern on their 'mar¬ 
ket. March delivery .coffee sank 
to £1,620 a tonne under the 
Influence of the sterling rise 
but finished only £1.50 down on 
balance at £1,736 a tonne. 

The market remains basic¬ 
ally steady reflecting continu¬ 
ing physical demand in the 
U.S. but there Is still little 
sign of a pick-up In European 
manufacturer buying. 

News that Nestle and 
General Foods are reducing 
the prices of their Instant 
coffees by about 20 per cent, 
from next week was com¬ 
pletely ignored In tbe market. 
“The ruts are well overdue 
and are not enough,” one • 
dealer commented. 

Sharp rise 
in Australian 
wool stocks 

SYDNEY, Jan. 3. 
AUSTRALIAN WOOL Corpora¬ 
tion stocks rose by 160.000 bales 
during tbe first half of the 1977- 
1978 season to reach 1.25m. bales 
on December 16. 

This compares with a fall to 
1.16m. bales from 1.33m. in the 
first half, of the 1976-77 season. 
Corporation officials said in 
Melbourne. 

The ' Corporation purchased 
about -363.300 bales in tbe first 
half, against only 55.500 in the 
same 1976-77 period, while sales 
were about 21L500 bales 
(225,600):- 

The market indicator closed 
the first half at 297 Australian 
cents a kilo, four cents above 
the season's opening level and 
J3 cents above the AWC mini¬ 
mum floor price.. 

But it was three cents below 
the level ruling at the end of 
the 197577 season and 10 cents 
below the peak for the current 
season on October 2S. 

The second half of the 1977-78 
season begins next week, with 
sales at Sydney and Melbourne 
provisionally scheduled for 
January. 10.-. . 

Reuter 


Mr. Silkin’s New 
Year hangover 


AT A TIME when Britain's 
Minister of Agriculture might 
have expected to be relaxing as 
his farmers luxuriated in the 
benefits of full EEC member¬ 
ship, Mr. John Silk-in is faced 
with a massive backlog of work. 
A cumbersome hangover from 
the years " of prevarication, 
niggling and open warfare which 
have characterised Britain's sup¬ 
posed “ transition ” to Common 
Market membership. 

Whale the Ministry says there 
was nothing special about mid¬ 
night on Saturday, it nonetheless 
represented something of a 
watershed. 

The impact is scarcely detect¬ 
able to the casual Common 
Market watcher. A penny in the 
£ increase in domestic food 
prices has already been 
announced by the Ministry of 
Agriculture, whose smooth-talk¬ 
ing spokesmen managed to make 
the rise sound as though it were 
some sort of back-banded bonus 
Tor the housewife. 

Tbat will pass unnoticed in 
most households. And although 
those who spend their days up 
to their necks in Common Market 
minutiae will be pleased to hear 
the last of accession and transi¬ 
tion compensatory amounts, it 
is difficult to find much else 
worth cheering about. 

We may have seen the last 
fat least until the Greeks, 
Spanish and Portuguese join) of 
ACAs and TCAs. but we are still 
firmly stuck with tbe daddy of 
them ail—the MCA or Monetary 
Compensatory amount. 

And while everyone else in 
tbe Community, except the 
Danes, must carry a share of the 
responsibility for not getting rid 
of MCA's according to one or 
other of the formulae tabled bv 
the Commission, Britain's are 
still tbe biggest, and most 
burdensome in the EEC. 


BY CHRISTOPHER PAR RES 

been renamed and taken over by 
a central administration in 
Brussels. 

The phasing out of the MCAs 
and the alignment of the “green 
pound” has coloured the CLK-’s 
whole attitude towards the Com¬ 
mon Agricultural Policy, and has 
been interpreted elsewbere in 
the Nine as the key indicator of 
Britain’s attitude towards the 
EEC as a whole. 

Monetary disorder is unques¬ 
tionably the CAP’S greatest prob¬ 
lem. Ou taking office almost ex¬ 
actly a year ago, Mr. Finn 
Gundelach. tbe Agriculture Com¬ 
missioner, warned that without 
rapid action to resolve this 
problem tbe whole structure of 
the EEC might be threatened. 

But Mr. Silkin has bigger 
things on his mind.. He knows 
as well a$ everyone else in¬ 
volved In the business of run¬ 
ning the Common Market that 
while the MCA system is debili¬ 
tating, it is not a fatal affliction. 

The British Minister bas 
already raised the hackles of 
the French. Dutch and Germans 
with his intractable posture over 
the Common Fisheries Policy. 
Quietening their protests and 
winning the bulk of available 
fisheries for tbe British fleet 
must surely be his most Impor¬ 
tant job for 1978. 


could "steal’ 1 Britain’s market 
in France, since its farmers 
could not scrape together more 
than 5.000 to 6.000 tonnes of 
lamb to ship to Paris. 

Neither is there an; suggestion 
that Mr. Silkin is keen to estab¬ 
lish az> EEC regime for sheep- 
meat Considering the way be 
presents himself as a man with 
a “ flexible " attitude towards the 
bureaucrats and their CAP rules, 
it is no surprise that his obstruc¬ 
tive attitude on the Frau co-Irish 

sheep deal should be viewed la 
Paris and Dublin as merely 
perverse. 


Workload 


Potato ban 


Disorder 


Since the U.K. MCA rate was 
over SO per cent, for most of 
1977, something like £500m. of 
EEC money must have been 
spent on subsidising British food 
in the past 12 months. The 
point is not the size of the bilL 
but the clarity with which this 
illustrates the Common Agricul¬ 
tural Policy’s main failing. 
There is simply not a system of 
‘ common ” prices, and inter¬ 
community trade in foodstuffs is 
now carried on almost precisely 
as it was before the EEC was 
invented. 

The prime difference, is that 
national export subsidies have 


As If the ill-feeling stirred up 
in this particular sector were 
not enough. Mr. Silkin rounded 
off 1977 with another gentle, but 
irritating, slap in the face for 
bis Continental Colleagues. He 
decided that because of the 
condition of tbe British potato 
market be would continue to 
operate the ban on potato 
imports from all sources beyond 
January 1. The Minister intends 
that until there is a Common 
potato regime he can do as he 
likes. 

And as- if to throw a little 
more acid into the New. Year 
celebration punch, be has 
decided to kick up a fuss about 
a minor deal fixed between the 
French and Irish' which could 
allow Ireland's exporters to 
sell, levy-free, some 6.000 tonnes 
of lamb a year in France. The 
Ministry, standing very much on 
its communautaire dignity, in¬ 
sists that the Franco-Irish deal 
is “ discriminatory.” 

Britain’s blockade against 
potatoes, is not, of course, since 
it excludes everyone. 

British exporters usually man¬ 
age to sell the French 30,000 
tonnes of lamb a year. There 
is no suggestion that Ireland 


To add to Mr. Silkln's work¬ 
load this spring, the Commission 
recently sent him its proposals 
on how the British Milk Market¬ 
ing Boards might be revamped 
to suit EEC rules. So generous 
are tbe Commission’s ideas, how¬ 
ever. that the Ministry is palp¬ 
ably fearful of wbat might 
happen when the other eight 
agriculture ministers sit down to 
discuss the plans. 

Mr. Silkin has also still to win 
his battle for a change in MCA 
import subsidies on bacon and 
processed pork from Denmark 
and Holland. 

To add to this mountain of 
work, he plans to continue his 
crusade for a cut-back iu farm 
prices at the spring review, freez¬ 
ing the price of milk and clamp¬ 
ing down on cereals farmers’ 
incomes. 

And in his own backyard, in 
spite of all his efforts, he seems 
fated to see an unprecedented 
build-up of surplus farm produce. 
There is so much butter in store 
in Britain now that a sizeable 
proportion of this year's home 
production seems certain to be 
taken straight Prom the churn to 
the intervention “ mountain.” 
Grain, too, will soon be going 
into intervention store. 

An unhappy prospect for 
Europe's fiercest opponent of 
intervention at the opening of 
what threatens to be a franti¬ 
cally busy and only scantiy 
rewarding New Year. 

CHEAPER NICKEL 

A cut in the sterling prices of 
nickel, effective January 1, was 
announced by Entores. U.K. 
agents for the French-based Le 
Nickel group. Nickel rondelles 
are cut to £2,641.50 a tonne 
against £2,73250 last month. 
There were similar reductions on 
ferro nickel products. The prices 
are based on an exchange rate of 
S1.8795 to the pound. 


• + 


JUf-n 
sa*w*" 


i..j 


... 1 “ 


COMMODITY MARKET REPORTS AND 

BASE METALS 


PRICES 


toepgn—Oewti *S*ta In active trading 
m utc Load on Mila I Exchange and 
mainly- reflecting • the limber weakness 
nr ihr dollar againw .sterling. After 
opening on. tbe pre-marker at £*bh larward 
■.in. .+ «■: :{+.* 

OBU-ml " — i t'o'iUii-iat i — 


l.oPPJhK • 


- e • x ; e ! x 

uS.-.i...W.S4 -US ;663-5 -A25 
IniMih*. 677.5-8 -1.5 y 675.5-6 S.S 
•taU'm'iti* 664 —8 - • • . 

; 652J-3 +.25 650 1 -2 

Pim-iillm..666.3-7 -.5 . 664-5 t-Z.TS 

KeUi'm'nf - 653 .' - • 1 . 

T.S. Sort.;. •.- 60-62.6 ;....... 


metal tnmo Bff to £616 on currency con¬ 
siderations. Hils trend continued in tip? 
'afternoon will) tbe price foiling la SSiS 
hofnrc it ntUJcd 16 £677.5 an the late kerb 
fuUowlng buynm thought to bate town on. 
Japanese account. Turnover. 
lonnra- 

.Mnslcmtuted Metal Trading reported 
that in tbe morning cash wire bars traded 
ni {664. G3.3- 64: three months £676, 75.5, 
75. 76.5. 77. 77.5. 78. Cathodes: Cash 
three month! £667 . 66J. Kerb: 
Wircbare- Thrif months 1677.5. 75. 773. 
Afiernoom Wtrcbsrs: Three months £677.3. 
77. T6.5. 75. 75.3. Cathodes: Three months 
IU4 j 65; Kerb: Wtremuw: Three months 
IK*. 78.0, 77. 

TIN—Lower following the fsD in the 
Penang price and owing to the strength 
of. sterling. Forward standard moral 
oftened at IU» on the pre-market and 


J.G. Index Umlled OX-351 3466. Three months Gold 172.15-17-L15 
29 Lam on t Road, Lopden SW10 OHS. 


COMPANY NOTICES 


GOLD-FIELDS GROUP 

decuration of dividends—united kingdom 

CURRENCY. EQUIVALENTS . 

■ :to'-accordant* with ttw Standard"Conditions relating to the nsymeM oT ttie 

dldStndt declared **v eacb- cl the midei mentioned companies; on 13 December 

1 o v mentslr O m the offree oi the United'Kingdom Registrar will be made 

l«fumSSfwSwiwrt the rate o( Rt .6*555 South Air Iran currency; 
to tl Urillrt KiwWi currency, this being the *r» avaliahto ire ot embange 
for remittances bet weed the Republic oi South Africa and the Un L !^. tl n ^ m 
bfl 3 January t97B as advised bg .tile companies South African bankers. 

The-united Kingdom, currency ecwlvatonts of the dirideeds are therelore 
•i follows-— 

Name of Company 
'Each incorporated *• ttn 

Republic Soatfi Africa* 

Dividend 

No. 

Amount 
per share 

.Interim DlidtnS . " ' " , ■ .... 

PotnSgntdn Gold Mining Company Limited 
- Klogf COM Mftjno Company Umited , 
Lioeaon Cold Mtnmt Company UgW 
VNIMWOM Cold- Mretng. Company Limited 
West OrioMnteln Gold Mining Company 
• United- - ' • 

Finnl oivMends 

■ East DriefoitM* .Gold- Mhdno -Company 
Limited 

Vtakftwtela Gold Mining Company Limited 

42 

18 

S4 

75 

AO 

9 

B9 

713S&42P 

■J8SBlp 

23d73S4p 

Z.99fi50p 

BO.MBXSp 

25.770000 

8.9*941 p 

London OtoctK 

49 Moorgete._ 

London ECZR fiffQ. 

United Ktngiww ltegwran 

Close Regotrara Limited. 

Q03 Mlfk ... 

Leyton, ... - -- 

London ElO 7AA. . 

3 January 19T8- 

By order ol the boards, 
c. E- WEhlNER. 
London Secretary. 




Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 


Tfiere's no need to hunt around the West 
End for a suitable veniie or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfort for 504- people. Full 16mm film . 

projection facilities. National Panasonic 1 /*" colour 
video tape and Philips 15G1M video cassette I 
viewing. Eledrosonic3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering facilities. 

FINANCIALTIMES CINEMA 

- All*nqniri« to the Press Officer, 

financial Times, Slacken HousiklOCannon^reet, . 
EC4P4BY.Tel:01-248 MOO (ext 71Z3). ; 


fltttckly tell to the day's low. a! £6£I9 
before bodge -buying In tbe rings enabled 
ibe price ra recover la £0.250. In the 
sftemonn ir dipped to 16.220 but then 
rallied stron&Jy following chartist buying 
Which took the dosing price up to £6.270 
on the late kerb. Turnover, 2335 tonnes. 

«.m.~ + on — p.niT |l+i it 
O ftldal | — l I'noffliJAi | — 

i—55 ! 6220-50 -673 
& momh-J6270-90 ;-25 6250-6Q -SO 
Sottlem'i. 6240 J-55 
Standard 1 1 1 

Caih.; 6255-40 ■ 65 6220^0 r 67.6 

5 qmkitIib-i 6240-3 ■ —SO . 6220-50 .-673 
Saoiciut.! 6240 1—SB ■ — ...... 

dtraixa K-.i :S168Q 1—15 ; - I- 

-W York., _ I -560.00 +14 _ 

: Uoraliig:" StandardT Cash £6343. 4ti: 
three months £6345, 40, 50, 40. Hi Eh 
Grade: Cosh £6340. Kcib: Standard: 
Three mouths £8340 . 33. 40. 38. Afternoon: 
Standard: Three months £6320 35. Kerb: 
Standard: Three months ibjSSO, so. 6D, 
£L TO, SO. Hisb Grade: Three months 
£6380. 

LEAD—Slightly easier in routine Trad¬ 
ing with prices affected by currency 
influences. Forward, metal opened 
around £381 on the pre-market and -fell 
away io a day's low of £358 in the after¬ 
noon prior to closing at I35S.S on the late 
kerb. Turnover, I8J225 tonnes. 

> n-ifi.' + p.m. t-fvir 
LKAJ) ! CHHeial I — I L-nofflcfnJ; — 


PRICE CHANGES 

cents per pound i—Daily pnee fer Deo. 30:'nil >. Grain sorghum—77.53, ml. nil. nil 42. o. 1M-I24 lbs 3E.0 ro 41.0. 120-160 lbs 

139ZS USh.SSi. Indicators prkxs [Or «77.33. ml. ml, ml> Flours levies: Wheal 34.0 to 3S.U. Knees oer tonne •iniesa offlerwu* 

Jan. 3: 13-day avenue 141.0 tI44.05t; or mixed wheat and rye floar— UIL37 Partridges: Vounri 'vadu ISO 0 to Cifil.O. staled. 

22-day averapr 141S3 n45.1S>. «I3l 57i. Rye Flour—107.56 (107-56). old 'eacbi 00.0 to 100.ll 


COFFEE 


On a very quiet day. coffee values 
revered .link- ground once more desnuc 
Further fluctuations on the currency raar- 
kets. reports Druse! Burnham Lambert. 
The New Vorfc exchange opened sharply 
higher principally due io weakness in 
ttp. dollar hul did nor provoke any 
reaction in London. Values at the dose 
were unchanged to 15 points higher on 
balance. Physicals were dull and there 
was no news of noie. 

YealefiLiy'a 

CUEFBB tw +'*! 


MEAT COMMISSION—Average faistovk: 
prices at representative markets week 


£ per tuuue 


— Ikme 


i £ AI r 

Oaab.I 367.W +2 

d monthsJ 561.5-2 +2.12f 


r i i: 
354-5 -1.625 
55a 5-3 J-.625 


dbatTpi'Ml 366 >2 1 

■ V-X.Mtx uil_■ .—| *32- 33 ; . 

''Morning: Three months EJ8L5. 81, stu, 
6 L 61J. Kerb: Three mouths £382, 01 j. 
Afternoon: Three months £361, 60. Kerb: 
3hree months £899-5 5$. 57.5, 58. 5&5- . 

.ZINC—Lost ground. In line with other 
base-metals, owing.to the rise in sterling 
against th e d ollar. Forward material 
opened at £28! pre-markei bur eased back 
to £288 as sterling moved ahead. Trading 
was thin IP the afternoon with the price 
moving between £339.5 and E288-prior to 
charing at the latter on ihn lam kerb, 
Ttuuuvci. 4,375 tonnes. 


JamiaiT. 1808 1900 - 05£ 1926 1090 

March_11*5 1737 -Q6J 1755 1720 

May .. 16b 1 1655 + 08J 1655-1650 

July.—. 1=90 lr9o - 12.5 1600- 1SS8 

Seiiteniiier.. 1540 1545 - 15.0 1542-1530 

.Wemlwr .. 1490-1500 -05.0 • - 

January. 1*>30 1510 + 10.0 — 

" Sales: 1-332 115221 tots of 5 tonnes. 

ICO Indicator prices lor Dec. 30 (U.S. 
cents per pound': Colombian Mild AraIn¬ 
cas 2fla.D0 isamci. Unwashed Arubicas 
215.00 iudil'i. Other Mild Arabicas 
3KL56 < 203.59'. Robostaa 171.00 (17150). 
Dally average 1S6.79 1 187.05 1 . 

SOYABEAN MEAL 

The marfcei opened £1 down due to the 
strccsih' m the pound and continued to 
drift durine the morning in thin tnlume- 
Anxlety of a possible VS. warehouse 
strike stimulated dealer sbort-covernrs 
In the afte rnoon, following a Beady 
1 e»l eniy 'n t ouuiina 
L'kiw — Dfjiie 


RUBBER 

ABOUT UNCHANGED opening on the L ' ndl1 ® December 31. CZ.-Catlle. 3t*.5<p 
London physical market. Little inter esc PL ' r j 1 * Iw '-0.07'; U.K-~-Sheep. 132.Up 
throat hour Uw day, dosing easier. Lewis IHfr dew t+O^i'. _G.B.—Pigs, till <p 
and Peat reported the Malaysian god own P’-' r hs lw 1 1 —England and Wales— 
prl'.-e was 1*7 cents a kilo (buyer, faille numbers up 34 per cchl. avurdfie 
Februaryi. Pnw 5a.i2p (-D.lSi: sheep aunibcrs up 

G.O per cent., overage price i:C.6p t-D,2i: 
Pig numlw-rs down 47.B per cent., average 
price GU.Tp i +IJI. ScoOaml—Ca'He 
numbers down ."^.3 per ccni.. average 
price 3S.15p (-8.04»: sheep ulimbers down 
14.1 per ecru., average price l'Jti.7p 
(+3.4 c pig q timbers down 27.4 per ueOl.. 
average- price 60.Sp c-LOi. 

MEAT COMMISSION—Average latstock 
markeis on 
per ka. 


Jin. 5 ■+ ’ni 
H(B - 


\I< mull 
sen 


i Vr-teniay'-l l*iev-iuu» 

llusmex- 

K.SjS. l-iom ' 

>lt*ne 


lei. 


-6 0U-47.2& 


Mnu-li.. «7.il0 47^0 «B.0646.4L> 

Ajir^lde 4t.30-i>B SJ 4A.GUH3.D ; 48.fi -48.20 
J:v-»e|i. :u.uG5u.lb, -0.73 -dU.d^ bO.55-3fl.bD 


Sales: 179 flTTi Iols of In tonnes. 
Physical closing prices rtniicm were: 
spar «.3p '47JD; Jan- 47p i4».5i 
47.23p • 4V.T51. 


SUGAR 


■ iMNi: | 

r.ul 

OlBt-imi 

■+ nr |ktll.- [t+or 
| — ; Cniiflli-iai| — 

Uub. ..] 

a 

£ : £ . 1 

£ 

283-.S 

.! 281-2 ! 

-2,.75 



- .5 280-.B 

-1.5 

ti’pieiit....( 

283.5 

- f 


IVm. iv«r 

“ 

^„.i 30.5-31 1 



-1-E5 (1GB .-18.00 
-£.ofl M2 ns-il.fl 
-2 60112.50-11^0 
-2.90 H2.8i.-H50 
-3.0 - 

-ijo t io.5g- iojn 
-1.75 - 

of' 1M tonnes. 


Morning: Cash E2S3: three months £289, 
89-3. $9. Herb: Three months ESflj. 
Afternoon: Three months BB9.J, $9, S&5. 
8& Kerb: Three months £3SS.J, jot. 

■ 2 Cents Per pound. ton previous 
unofficial dose. ; *M per. plcuL - 

SILVER 

fiQVvr was fined «Jp tut ounce higher 
tar spot delivery la the London bullion 
marker ■ yesterday, at 2jOp. U.S. mil. 
eaUvaicDts of the fixing levels were: mot 
dtetr, up 114c: three-monUi 49S.Sc .up 
T l.rc: sB-tnonih 5M.Sc. up 11 Sc; and 
iSmonth 323.5c, np ilsc. The metal 
Opened at 25U-231P (4SlJ-iSSct and dosed 
at 250-251P (488M830. _ 


SJJ.VKR 

Wr 

•tswi-nx. 


^POC—™ 

i.mooHu. 

"inomtaL.| 

UlmuuUiM.: 


Hulllun 

fixthg 

Iiricing 


t.*j 


L.M.K. 

dorr 




250|. -+IL5 250.In +0.45 

253.9p +0.4 Zn3.95u >0.1 
25B.4o +0.1 1 - 

2*7 Jp -0.1 : - l 


. me—Turnover 94 nn> tats of 10.000 
dUm, Mondng: Three monthg 251k. 
yUA. Kerbs: Three months 254. After- 
noon: Three months 254. 3.S, S.T. SJl 
I jtfbs: Three months Sfi4i U 


COCOA 


BeiKlWi-d t-onsomer demand after lhe 
bottday held prices Heady despite the 
strength of -HerUiw. reunrts GO] and 
QnSng. 

Veiteri1*y'i|'+ or: Kusinew' 
.'gUCUA • Llcvo | — : Uoe 


Suvhfnrr'ti 

17S5JM4.0 

J£a\_I841U^I^ 

July IcDO jj 02 J 

dopt.—1570.0-78.0 


+5.0 1755,11-1727 

4*.il 1842.B-14.il 
* 7.0 ilcOSJ 74.0 
4 8.ll 157B.O-IWO 
+ 4.0 1 I&48.U-25,u 
IhlOJI 20.9 !—3.0 I515.I.-D5.U 
t4W.o 20.fl- ..... 1480.41 

Sales.- 4.889 I1A7I lots oi 10 tonnes, 
internaiiead Cecoa OrsaaisatlM 4UA 


Uec _.....1544.L-49-0 


Jltaa-tuiiiie 

February.llS.0u-i6.4- 

A|itn. II1.9 j-i2 0 ■ 

Juue_111.0J- U-a - 

Autpnii... Ill Df-l2JI - 

I'cintvf.. lOB.aD-lLO- 

Ue.-enilwr...." >09.03-10.0 - 
Feft. ..' 108.65 :S.O- 

Salea: 123 i25»~ tots 

GRAENS 

GRAIN FUTURES CGAFTA)—The 
market opened 25 higher on old crop 
wheal and found good speculation siop- 
Ub* buy mg logcther with shipper short- 
co+enns. Values then moved up to ED 
hight-r with snccnlaiive profit-taking 
apparent. The spot squeeze uoniftmcd 
wfth January wheat np 90 points and few 
sollrrs. Sew crop options were crueraUy 
steady with very -(oh sellers apparent. 
Bartel' options tradt-fi up to 2n hiZhtr. 
Bur by th.- close losses were prevalent, 
reports Acll._ ' 

"HEAl ‘ • UKLEr 

lYesteniay'-j + nr 'YeaterilayV + nr 
U'ntii ' -kr« t mm . 'hix- ' — 

Jau. . 81.43 *j.Sj 7J.80 -3.05. 

llac. ' ei.OS +d.6i 7255 -0-10 

Uav b5 DO -c.fi VaUSs- -t.lj 

N-til. ' @2 35 -O.fiJ 77.75 +0.11 

K««v. | 24.75 T-.-.6/ ■ _8 .10_ +9.15 
” Business done: wbeiu: jan. S1.08SL45, 
Mar. s2.65-hJ.tQ. -May M.85-&5.00. Scpi. 
Slii»S2.3fl. NOV. 54.45-S4.J8. Sak-S, 136. 
Barioy; Jan. 7D.75-71.W. ilar. 7250-73^8, 
Waj- 73.S5.7j.B5. SEpL 77.7n.77X5. Snv. 
tul. Sales. 119. 

IMPORTED—Wheat: CWRS No. 1 13# 
per cruL Jan. 82, TUbDxy. 1>JS. Dark 
Nortiicrp Swum .No. 2 !4 per cent- Jan: 
89.58. Keb. si.Se. transhtomeai East 
Coasl. U.S. Hard winter ord. unquoted. 
Australian wlk-ar imunoied. 

Maize: U S-Krenrit Jan. and Keb. 98, 
transhftnndni East Coast. Sown African 
grade* unquoted 

Barioy: Unquoted. 

hgca—LOL aftwi es-lann spot prices. 
Other milting wheat—No prices. Feed 
bar toy—Gloucester rte.ld. 

The U.K monetary cocffiant for' the’ 
week beginning January 8 will remain 
uni-hahfit4- 

EEC DAILY IMPORT LEVIES—EEC 
tones and pretnmms effecave lor Jan. 4 
are as fotUnre: la orter, enrrenr l+vy 
plus Fob.. March and April premiums 
'with ore man in brackHsi In Unite Of 
Account p Kt tomie. Com man wheat— 
93.77. nil ml. ml 185 17, ml, ml. nib. 
Durum wheat—tin.51. nO. nil. ml fI1EL91. 
nil. ull. mi l. Rye-fiSJO. uL. ml nfl 
ihs. 03. mi ml. nil>. Bariev—75J7. nfl nIL 
mil. Oats—86.30. till. nfl. nil ttiSJO.-nfl, 
ni! ndi. Mnbe fether than hybrid for. 
seeding)—fa 12. nIL iuL ml U4U28.. nil 
ml nili. Buckwheat—Ah nfl r aft mil. 

Ml Ret—68-26. nfl. nil. nil t& 28 . nfl. nfl. 


Uvt-Uev bl-SO-hlJOi a2.b0-a2.6i b2j50-S*Ja Witvs at representative ma 

Jau-Mi. 53.55-S5.i5l 54.ail-p4.8 ' — January 3 GB—Cattle 5Su33p 

Anr-Jne .5 4>b5.5lil-a.MLBtnSi 55.65-55.BH lreewemlu: U.K—SUl-l-p 131^!p per kg. 

Jir-Fep. -7 2i-s7.50i ii.K0-5b.2c. 57.50-67.50 edew: GB—Pits aiXp nor kg. bvewelgbl. 

Ud-L«ei- 5b.43-6>.IiO 5a.65-5s.7l — England and Wales—Cattle average price 

53 33o: sheep average price I30.8p: oi>s 
average price 57.3p. Scoinsh pigs nor 
avaffahle due ro the Bank Holiday. No 
cumber or price changes due to the 
holidays 

COVENT GARDEN 1 prices in slcrlmg 
per pdckagL- except whore othordne 
siaied—Importod produce: Orange*— 
LONDON DAILY PRICE (raw sugar j »“«: Naveiinao 3.2PJ.4U. fiavelb 3.M- 
£107.00 iumel a tonne ml lor Jao.-i-eb. 5;®®- (-reektL5u; Jaffa: 4.40-4.50; 
shipment. White sugar sally price was Lsypiiaa; 3—0: Cypriot: Ovals approx, 
fixed at £111 i£112j. 16 kilos 54.-8fl's 4-40- Sawumas—flpaiiia: 

The marker opened some 50 perms 3.30-3.70. Lemons—Italian: 100/120 4.20- 
bclow pre-holiday levels and thereafter 4.50: Cypriot: 3.60-8.00. Grapefruit— 
prlciU United In very light trading coo- Cypriot: U> kilos 2.60-3.00. 28 kilos 3.00- 
duions, report* C. Caanuknw. Arbitrage 3-50: .Jaffa: 15 kilo* 2J80-Z.GU. SB kilos 
seiltng oo (ho renewed weakness of the 3JB-3.62. soure—Spanla: Approx. 40 lbs 

dollar developed later and final prices 3.30. Clementines—Moroccan: 4JO. Apples 

were the lows of the dav some 380-250 — French: 40 lbs Granny Smith 7.3041.50, 
poims below first traded levels except for Golden Delicious S.8O-8.00 20 lbs -72.110 
the prompt March position which hardly Granny Smith 3.E4H.3U. Golden Delicious 
declined ar alL ■ 2J«-:(.so. Siarir Crimson 3JSO. jumble pack, 

per pound. Golden Delicious 0.12. Granny 
Smith 0 11-0.15: Italian: Golden Delicious 
0.14: Danish: Per pound Spartans 0.13: 
Bung an an: Approx 45 lbs Start-ins 7 no: 
U-S. Red Delicious K00 Peaches— 

1 ~ 1 i~- ' 5. African: Per tray 2J5D. AprttotS— 

i- per 1 Lqiue S. Afncan: Per pound OJto-fl.-lO Crapes— 

March ..'119-0 19-OI| IS 1.0^-81.85 150.35 1856 Spanish; Napoleon II lbs 4-10-4 30, 

Slav_ 1.4 6/-4 701 IxbAo /8.BJ 1.6.25 4.7 j Almerla 3.80-2JO. Bananas—Jamaican: 

Aug_1.7 45 .7.50 1 to!./5-»0.lia 128.BO *7.50 Per pound 0.1B Tomaioes-Per 8 kilos. 


USLAIS I 

Aluminium.-£680 \ .'£680 

Fit* Market icisi(SB6a-flO'.'r930 50 

C'-iqwn.-n.'-li VV,Hiii^|iac61.25 —4.25 .l 671.fb 
j mouths tie. ilu...,-.iS67B 7a—5.5 XbH6.7- 

la»h Uatlheie.U6B0.5 -2.J 80.25 

S niumU* ili.i.ilo_... ; i*64.D —SL75C675.«v 

Gout.Trur rw..51 S3.125 +4.0 |rl59 8 75 

Leaif fash._....|£354.5 -1.825 i.- 68.75 

a nmiulis.|tLJ59 -0.6251 .'371.576 

Nickel. 1 - .! ; 

Free Market u.-rr>...:S1.7S-2.U.jtl.7-i.il 

I'latiiiuin true «•>..£96 I. . 

Free Market.'j^ 6 4 '—0.6 k-7.05 

(Jui -k-i'ier i7b!ln..til j.JO. i-1<5 jD 

silverThiro*.'*50 ■ +0Jt,it0.7. 

i imin(h-...rip3.9p ' * 0.4 1.65.5 

l ‘n t-a-li._..J16.225 !-6f.bit7,097.5 

4 iiHinths.-L6.Z25 — b/.n lb,b27.3 

1Vnilrein2£.L)lb.li-ii,MB> I/b ..168 r 

... . -2.25!c .85.23 

MmnUw.XZba.25 — l.a iil t25 

I'mliieera.'S60- [..>60u-u 

Oils 1 

L'u-.vnut (i'liilr,.IS662.5/- +3.S <53S 

Gniuiiiliiiii. 1 L 397 .Sd7 / 

larwe+'i l'ru>leip)..| 

1**1111 .Malayan. 1 


U.S. Markets 


.;wi7n 


s,68 
10.0 5187 


6ua*r , I 

I'nH. ,TesieniB.v »| PrevUiua 
Orfimi.j ' (use I Cluae 
Conn. 


Bmlnoai 

Horn* 


K-L..;liO 50 .OBj 133. 

>ee_,1.3.00.5 zh U6- 

larL'Ii- 1 138 75 57 05 140.1 

i»- iiuji iJLaflA* lax 1 


7w«4.J6 Ufl.0«.D.75 Canary- 3.S0-4.60: Spanish Mainland: "i&- 
30-16.50 I36.0U Capsicums—Canary- Per pound 0 26- 


.OjJKIJiO.IM. 7S .8.80 “ M - J Cucumbers-Canary: 1.0O-3.4O. 

.SU.44.25 1413j- 4 1.00 Avocada*—rsraeu: 4.00: Canary: 3S8 


CtoL 
ItoL- 
Uarvli 

May.;i«0.u5-4iLfisj 1*3.50.44.25.1413j-41.t. _ 

— : -- .... Oates—Iran- 32 x 8 ounces 0.17 each: 

sales: 69b iLSlll lou Of SO tomica. Algt-nan: S-ouncc boxes 0-35-0.40: Cali- 
Tate and Lyle ex-refinery price lor form an: s-ouncc mbs O.M Piss—Turkish- 
graflUlaied liaws While sugar was £210.40 «I8 fl&nn-s 0.10 per pat-kt-r. Oniooy— 
1 same 1 a innne for homo trade and £172.8(1 Spanish: 2 GD-2.60 Brazils— Per pound 
[same 1 tor ^Port. No. 1 LWM 0X3. Tocantins 0.33-0.36. 

EEC IMPORT LEVIES—The foUotslttg .Filberts—Aspics; Per pound 0-S2. Walnuts 
Import levies for white and raw sugar arc —Chinese: Per pound 0.30. CaullftowewL. 
effective for January 3 la units or Jersey: S^0-2JID; French: 7RH. Potatoes 
account per 100' kilos ■ previous tn —Kalian: 20 lbs 3.W L«Uuce— Duich- 
braekeisi. Whlre sugar (denatured and 24 'k 2.40. Celery—Snanisfi: S4 - s 3JO. 


SeadB 

Lupm Hlullip. 

BiiwiMtn i L -S.i_ 

a3BO if 
*247. otr 

-5.0 >575 
+ 0.6 .afl42.1b 

Grams I 

Barley EEC.! 1 

Hiime Pulbrei>.... l E7G.8 

Uai.-o.. 

French Xu. O Aiu.flus 
tVhoat 

. . i . 

"+o!'55;g7a.i 

■r 3.5 Cw3 


.Vi.HnnllViniei 

a 


hiijpibli Mining. 

♦ 

.!e82.o 

(. all ij •infill. 

Futiiit- Mi v. 

(£1.766 i..C.-.118 

«-i M0^ + 6.0 JiT1.924.5 

Jlan-li..'. 

LuuifiiM luilec.... 
Jute'UAtMJ. 

£i:736 
61 S. 
5437 

—1.5 cl 777 

. 9.05i- 

. ! 437 

oi-<hi£U.\^L. 



>'upu litiin'i..^,!.... 

£lU7 


Uoulto|n b4- Kiln... 

Z70p ! 

.1 475.. 


noa-deuaiurcd> 24JH (24^6). 
20J8 (20,74.. 


Raw sugar 


WOOL FUTURES 

LONDON—The niarkti was dull 
fflauiruhas, reports Bauhe- 

lPence per kiloi 

.Vunilnxlau YntenlqjvW- '*r 
limevIViql CKw ' 


and 


March-2S7A48 j| 

Mar—.236.0-38 J) 

.Jut[t—__£3tiJMa.O 

tA'Utoer-233 JM 2.0 

December... 240JH2J) 

Uareh_242.0-4h.D 

Mav-..^— 244.0-18,0 

= 24 i^ 4 i!>__ 

Stiles: 0 1 S 1 tots of 1^00 kQos. 
SYDNEY GREASY—Close Ufl Order 
buyer. Seller, butlhMS, sales 1 —Micron 
Contract: March 340.-34U.2: 342JW40.0 : 34. 


Buslnesi- 

linns 


Bngilrh produce: Potatoes-Per Se lbs 
Whites-Reds L 10 - 1 .SO. Lettuce—Per 12 . 
Indoor ijaMM Cabbage—Per :-bas 
Pruno 0 8041.70 Cauflftmmrs— Per 12 . Kent 
1.40. Beetroots—Per 2v lbs OlTO. Carrots 
"Per bM 25 lbs D.00-0.70. Onions—FT 
5fl lbs 1.00-1 40. Celery—Pre-pack lR'2J , a 
3—0. naked ID's o.so-i 00 . 10 s I 7Q. Swedes 
~-Per baa. Devon 8.40 Apples—Per pound. 
Laxion 0.11-0.12, Derby O.IO-0.42. RussifO 
011-0.14. Cos's 0 .IB-O 24 , Brantleys 0.13- 
0.17. Pears—Per pound. Confermcr oifr 
0 20 Cnmlc* o.ib Sprouts—pi-r pound 
0.07-8.05. Parsnips—Per 38 lbs 1.48. 


Indian harvest 
near record 

WASHINGTON, Jan. 3. 

May 346.0-J47J): 348*4463; 3. July :i35.0- j fDod::T, 3in 

333.4; a3fi.n-3S53; S. On. 857,4-3373; in 1377*78 is expeded 

33SJJ37J-. «■’ Der. 360.O380.3; 3«0- to he between llSm. and 121m. 

tonnes, compared with 107&-7TS 

364.Jv*n3.5; Hup rnL JQlT S95>M0U< Til Rtn fn□ u,*a 
3853-589-0: 1. Total m lex: 43. . Ji.™* J?* 111 *. ,tiajn/est- A 

MCAT/l/rrCTi n| CC ? £ lm ‘ t0Dtle tMBl WOnId "P 1 * 1 

MEAT/VEGETABLES ^ re » rt crop produced in 

SMITHFIELO iPrices in pencu p«r 1975*76. 
pound J—Beef: Scotch killed odes 46-0 lo A report ljj th? U.S. Depart- 
Wiku ddHI fhftth mtahryi uo. Ulster menl of Asricul lure's weeklv 
nindgnaneft 63.0 tn st.O. fttrcqmmecs Z3.0 rmWinMi,,. ^ h, * v 

to 34A Eire hindttusrters yii to y? o, publication. Foretsn Aginculhire. 
lorettuancrs 32.0 to jsjj. puts total 1977-78 rice prodoe- 

* w tion at about 495m. tonnes 

Lamb: «maii m.o io 58 . 8 , small (tnitied basis), 15 per cent, up on 

ihigh qmuty* 003, BncDsn mdJum 3o.o the previous year. The Kharif 

to 55 .o. hravj clo to 50.8. scoron medium ( autumn-winter') 'trrair hatrepst 
566 to 3*0. «avy 42.1 to 50.8. Imported i- 

frosrn: KZ PL 47J to 47J. TLf 48.0 I5L f ° e ^ Qa * 1976*7rS 

m i«j. ?3lm. tonnes, 

Porto: EngiM. natter 100 Stiff to Reuter 


Mlkklv'v 


(.iimiiire- 


COTTON 


Coffee and 
gold ahead: 
grains weak 

NE WYORK. Jan. 3. 

PRECIOUS METALS and copper rallied 
sharply on mixed buying as the U.S. 
dollar plunged in Europe Coffee closed 
firm to Umit-up on Ion- roaster stocks and 
nearby tightness of supply. Soyabeans 
eased on local and technical selling with 
somp commercial sales Sugar opened 
firm on U.S. dollar weakness bat eased 
to dose mixed on scattered selling. 
Cocoa was strong but wheat and maize 
were considerably weaker in Chicago. 

Cocoa—March 143.55 1 142.33*. May JX5J4 
iixiJiOi. July 130.30. Sent 127Jo, Dec. 
124.30. March 12*J 10. May 1M.80 settle¬ 
ments. Sales: 1.370. 

Coffee—- c ” Contract March 195 U0- 
103jfl (I8L03*. May 179.73 ilHAtl. July 
170.4J bid. Sept, los.50 bid Dec. 152.00 bid, 
March 149.00-130.00. May 138.00-145.00. 
Sales: 455 lots. 

Copper—Jan. £040 (58.50 1 . Keb. GO JO 
>59301. March 61 JO, May 8130. Juft- KI.JO. 
Sept. 64-20. Dee. 03J8. Jan. 68,00, March 
88.80. May 67.50. July 88.70. Sop:. 89 60 
svnivtm-nis. Sales: 1430 lots. 

Cotton—No. 2: Slarch 54.20^U'9 (53.89 1 , 
May 55.15-33.24 (34.41 >. Job 582KW423. 
U«. 56.90-57.110. Dec. 57.75-aT.90. March 
3B.20, May 58.50-59.00. Sides: 255.000 
bales. 

•Gold—Jan. 17LM <166.301. Feb. 173.00 
U67 30'. March 174.10. April !T5.3u. Juno 
177.60. Aug. 179 JO, Oci. 1S2-2U. Dec. 
IS4.no, Keb. 1ST.ID. April 188.80. Juno 
192.20, Aug. I94.su. Oct. 197.40 setifcmcnis. 
Sak-s: 9.700 lots. 

tLard—Chicago loose 19.00 isatnei. New 
York pniru- sft-am 20.50 traded 'same). 

tMaire— Mareh 223 ^; 1 22.11*, May 92B* 
>226;>. July 228-2281. Sept. 2285. Dec. ISKU- 
2294. 

SPiUinmn—Jan. 1M.60 ' 188.20.. April 
195 50-198.40 (159^01, July 19S.SM9S.80. 
Oct. 201.70-201.00. Jan. 204.00, April 207.30- 
207.50. Sales: 1.50S lou. 

'SIleer—Jan 492JO '47SilO>. Feb. 495.30 
• 4ri 70■. Starch 499.50. May 505.10. July 
511.99. Si-pi 318.30. Dec. 525.30. Jan. 
xaso. March 539.50. May 545.20. July 
5S2.no. Sept. 55v.S0 scnlements. Sales: 
40.300 lots. Handy and Hannan spot 
bullion 491.00 (479.001. 

Soyabeans—Jan. 5SS-5S9! 1 59411. Mareh 
5971-596 16 C 3 j i. May 6034UL July 6084. 
Aug. 607. ScpL 593. Nov 559-3894. Jan. 
5U-: 

'Soyabean Meal-Jan 184.00-164^0 
>lti3.40i, March 184.10-164.30 (I84X0i. May 
16E.20-166.W. July 107,011. Aug. 187.50. ScpL 
IIU.D0. OcL 163.50. Due. 16U0-16CI0. 

Soyabean Oil—Jan. 2O.T»2S.70 ( 20.991, 
March 20.90-2o.84 t2l.0S*. May ti.OO-aiJO, 
July 21 JO-21.65. Aug. 21.08-21.05. SepL 
20.80-20.8a. Ckt. 28.50. Dec. 20.40. Jan. 
20J15-2D.45. 

Sugar—No. 11: Mareh 9.30 (9.48K Ua 
9.79-9.M (9.S0-. July 10.90-10.01. SCPL 10.15- 
10.17. Uct. 10.20-18.30. Jan. 10.60. March 
I0.S5-10.98. May liJla-ll.DS. Salem 3JS5 
loU. 

Tin—556.00-570JM asked <558.50 asked): 
“Wheat—March 2751-274I I2T9J1. May 
May 20M-»« '28431. July 28«-7S4J. Sept, 
2884. Dec. 295i. 

WINNIPEG. Jan. 3. THbra—May 11130 
btd 1114.60 bid). July HL29 asked <11358), 
OCL 114.50 asked. Nov. U8.00 asted. 

now*— May 74.40 bM <74.60 bid), July 
72.00 bid (samo). 

ZBariey—May 76.08 < 76,60 bW), July 
75.40 asked (78.00), Oct. 73JO astnd. 

SFlaxsced—May 210.00 (21050). July 
21220 asked J2ULM) asked). OcL. 21B.9Q 
bid. Nov 317J0 asked. 

Wheat—SOW RS 13J5 per cent, protein 
cooient df Si. Lawrence 3921 <397i). 

40 cm In per pound ex-wareiutns 
unlevi niherwfse stated, ss per troy 
ounce—'TOO nunce lota, i Chfeago loose 
Sn per 100 lbs—Depi. of Ag. prices pre¬ 
vious day. Prime Steam f.o.b. NT bulk 
tank cars, t Cents per 58 Tb. bushel ex- 
warehouse. 5.00 bushel lots, fils per 
troy ounce for 50 ounce units of 99.9 per 
reel. Purity delivered NY, (Cents per 
tn»y ounce ex-warehouso. j New "B “ 
romrao tn Ss a short ion for bulk lots 
.if ion Rhnrt wxm ddhrered f.o.b. cars 
P*it»»i:!n. Toledo. $l Louis and Alton. 

Cpok per 89 lb, bushel In store; 
„, r ! • ‘ rntu-. per ’i fl». bushel. It Cents per 

auli ion—Q oaWy laap t is u> bn-h»t ex-warchiHtse. SS Cents per 
ilium l34p tsamej; plain; 'b hu>iwl, fv-vearehowe. LMO hndm 

r 


fiotnuial L Unmintm a Seller's uuaia 
tioji r Q-nfB a doiomi ' v Ex-tank UxKl.n 
Hull, m +eb. lap „ lan.-Keo -i n«-.: 
■Ian » r*ec.-Kph « iA»r, v ar .. k-nn a+ril 
to March, u Jan.-March- r Per ton. 


FINANCIAL TIMES 

■Ian.3 “l»cc. 50 M<>ruli i.- i Vwr"^cT“ 

2aS.4 7 ; | Z41 35 250.26 

(Base- iiilv I 

REUTER'S 

Jan, 9 ; Dr . 50 .Umitn fl.'u| Year aen 

148UII48U ! 1584.5^ 

(Run: Uepicmbai th tflktsiiMi 

' DOW JONES 


Dow 

Junes 

Jan. | Lic+-_ 

S ■ 30 

limit li 

Year 

Fill iinrei 

346.76 348.20 
\iZ6 54,332.171 

34B 22 
42S.OCL 

371.66 
569 55 


MOODY’S 


Jan. i 

tv... 

U.KlIll 

3 | 

30 


873.3 388.&I 

-40.7 


YJTr 


(Dpiwninpi vi. ip>i = inov 


COTTON—LiverpooL No spot or ship- 
menr soles were recorded on Ae first 
trading day of the New Year, reports 
f- W. TatterSalls. Minor Interest was 
shown In some American-type varieties. 


LONDON 

• kite M 62 p); medium 

80P (StiP). 


v 


i 


1 









Financial Times Wednesday January 4 1378 



Gilts end below best but with numerous gains to il 

Share index up 0.2 at 485.6 after 482.0—$ premium drops 

. _ _ . ... t _ _ _. . ,_i_ >_v_ m.. tr..____i_i o *n Mn hut InnHin DAr nnnre. its liiulws 


1977 

LEADERS AND LAGGARDS 

_ _-_ukivk aUcb unMr* Wt' Lm i 


Account Dealing Dates 
Option 

"First Declara- Last Account 
Dealings tions Dealings Day 
Dec. 12 Dec. 29 Dec. 30 Jan. n 
Jan. 3 Jan. 12 Jan. 13 Jan. 24 
Jan. 16 Jan. 26 Jan. 27 Feb. 7 

* " New time “ dHllM) aw take plan 
frwi 4JO iLtn. tin business days earlier. 

Movements in the currency and 
related markets dominated senti¬ 
ment in Stock Markets yesterday. 
British Funds went better from 
the start on the pound’s strength 
and on hopes about an early cut 
in Minimum Lending Rate/ while 
hedge buying against the dollar’s 
continued slide took the price of 
gold bullion to 81691 an ounce, a 
rise of 94. 

The Gold Mines share index put 
on LS to 134J> In cum dividend 
form (it was Q-5 easier at 132.7 ex 
the dividends) and would have 
shown to better advantage had it 
not been for the drop of 7| points 
to 71| per cent, in rhe investment 
currency premium calculated at 
the fixed (S2.60) rate or exchange 
on the first day of dealings which 
marks the end of the 23 per cent, 
surrender rule; yesterday’s effec¬ 
tive premium was down 2{ at 
$29| per cent. 

The Funds closed below the best 
but with numerous gains to 2 in 
long-dated maturities and the 
Government Securities index, up 
0.49 at 78.5S, edged nearer its 
65-month peak of 79.85 recorded 
at the end of last September. 

Leading equities started the 
New Year as they ended the old 
—under the shadow of the effects 
of rising sterling on overseas 
earnings of the major UJC 
exoprters. The FT 39-share index 
was 3.4 down at 11 ajm, but 
steadily rallied in the absence of 
sellers to end with a net rise of 
0(2 at 4S5.6. 

As the closing index suggested, 
price changes at the end were 
narrowly mixed, but Beeduun 
shed 6 to 672p, after 669p, while 
BP lost 16 at the day’s lowest of 
842p. Small irregular price 
changes also characterised the 
rest of the equity market which, 
however, displayed many weak 
spots on dollar premium influences 
and also a fair number of firm 
features in second-line issues. 

British Funds began the New 
Year on a mixture of interest rate 
hopes and optimism about 
sterling’s continued strength in 
foreign exchange markets. These 
twin factors engendered sizeable 
buying of both short and longer 
maturities although it was the 
latter, unrestricted by the 
presence of a tap stock, which 
registered the larger gains. Ex¬ 
tending to a paint and more at 
one stage, the rises were finally 
clipoed to just under a pobit. 
while improvements at the shorter 
end of the market were limited 
because of the attractiveness of 
the tap Exchequer 82 per cent. 
198L To satisfy the demand for 
this particular issue, the Govern¬ 
ment Broker twice raised his 
selling price, withdrawing BnaJJv 
at 97-3-: any further support could 
easily bring the stock’s exhaustion 


either to-day or to-morrow. 
Reflecting a specialist demand, 
selected low-coupon shorts made 
sharp headway in difficult market 
conditions. 

Sterling's strength was a con¬ 
tributory factor to fresh 'weak¬ 
ness in the investment currency 
premium. Persistent selling' which 
included institutional offerings 
against transactions in Far 
Eastern securities together with 
the reversal of recent surrender 
business was only spasmodically 
countered and the premium fell 
7? points further to TIB per cent 
for a loss of aver 20 points in the 
last four trading days. Yester¬ 
day’s SE conversion factor was 
0.7699 (0.75R3). 

Foreign Banks down 

Foreign Banks were dull again 
on investment premium in¬ 
fluences. Hong Kong and Shanghai 
shed 13 more to 246p, while falls 
of 42 and 32 points respectively 
were recorded in Deutsche. £952, 
and Algemene, £98}. Bank of New 
Sooth Wales gave up 15 to 425p 
and ANZ dipped 6 to 250o. Home 
Banks, however, closed steady to 
firm with NatWest 3 bettor at 
?«iTi foUnwine’ Press comment. 
Hire Purchases gave ground with 
Wagon Finnnce 2 off at 90p and 
Moorgate Mercantile the same 
amount lower at 12n. Narrowly 
mixed price movements were the 
oi*d«T of the day in Insurances. 
Willis Faber were marked un 2 to 
2S2n following a 1978 inve«*ment 
recommendation, but Prudential 
soften^ a pennv to 15fin desnhe 
disclosing record new sums 
assured on worldwide life busi- 
ne«<s in 1976. 

Build ines began the new 
Account on a quietly firm note, 
investment recommendations for 
1978 hefned Barratt Devefnnmenfs 
put on 5 to 121 p, after 123p. and 
left both AP Cement and London 
Brick 2 dearer at 262p and 74p 
respectively. RMC added 4 to 
136n as did William Leech, to 80p, 
while Orrae Developments rose S 
to 56*p. Marehwiel also hardened 
3. to 270p, but SGB softened a 
penny to 152p: the latter's pre¬ 
liminary results are due nest 
Tuesday. 

Still affected by the Board's 
gloomy remarks about fourth- 
quarter trade and the adverse 
effects a risine pound is having 
on overseas earnings. fCT con¬ 
tinued easier and touched 34Sp 
before closing only a penny down 
on balance at 351p. Elsewhere, 
in Chemicals. Rentokfl gave up 6 
to 5fin following profit-taking 
after the recent speculative spurt. 

Ratners .wanted 

Leading Stores pa«wd a qu>At 
session hilt closed firmly. Dehen- 
hams rose 3 to ]03n and a 
hams rose 3 to Win on a 
1978 investment recommendation, 
while British Home were a like 
amount dearer at 220n. More 
interest was shown in secondary 
issues with Ratners (Jewellers) 
narticularlv pnnular. rising 8 to 
92p on buying ahead of to¬ 


morrow’s interim figures. For- 
minster put on 6 to 124p xd and 
Allied Retailers rose 3 to 186p. 
Shoes were featured by a jump 
of 5} to 22p in AUebone on Press 
comment. 

The Engineering majors picked 
up after a dull start and final 
losses were limited to a penny. 
Tubes, however, ended 4 to the 
good at 3S4p, after 374p. Else¬ 
where, Manganese Bronze stood 
out with a gain of 11 at 91p in 
response to Press mention. For 
a similar reason, James Neill 
hardened 3 to 94p, whfle Leon 
Berner advanced 4 to 22p on the 
alternative share exchange offer 
from D. H. Bevan. Bayers showed 
interest. in Young Austen and 


The Motor sections recorded 
mixed movements. Dowty were 
noteworthy among Components at 
157p, up 5, in response to Press 
mention, but Blnemel came on 
offer at 56pxd, down 4. In Gar¬ 
ages and Distributors, fading bid 
hopes prompted fresh selling of 
Henfys. which gave up 4 to 119p. 
On the other band, buying 
interest was seen in Lyon and 
Lyon, 3 to the good at Sip, and 
BSG International, u dearer at 
41iP- 

A firm market of late on news 
of the major investment pro¬ 
gramme planned for this year, 
Jefferson Smurfit were good again 
at 200p. op 6. 

Sterling considerations regard¬ 
ing the group's overseas earnings 



APR MAY m JUL AUG SEP OCT NOV DEC JAN 


Young, 4 to the good at 59p, and 
Johnson and Firth Brown, 2 
dearer at 62p. 

Continued demand In a re¬ 
stricted market left Joseph Stocks 
5 higher at 160p. Elsewhere, 
Robertson Foods revived at 135p. 
up 4, while Press mention 
prompted a gain of 2 to 14p in 
Barker and Dobson. Pontin's were 
favoured at 37p, up 3. along with 
Queens Moat which firmed 1} to 
28p. 

Coral Leisure up 

Last Friday’s ICI statement con¬ 
tinued to cloud sentiment in 
miscellaneous industrial leaders 
and prices drifted lower from the 
start. Despite a late improvement. 
Beech am closed with a loss of 8 at 
672p, after 669p, and Glaxo 
declined 3 to 590p. after 588p. 
Unilever were 4 off at 544p with 
the N/V If down at 122, the latter 
on investment premium in¬ 
fluences. Similarly affected by the 
weak premium. Jardine Maiheson 
shed 15 to 162p and Swire Podfic 
lost 6 to 73p, while Wheelock 
Warden gave up 2} at 3lp. Else¬ 
where. Press recommendations for 
1978 prompted several firm 
features. “ Suits ” moved up 3 to 
95p and Coral Leisure rose 10 to 
144p ex-the scrip issue. Associated 
Leisure improved 32 to 611p and 
S. Lehnff ended 4 to the good at 
54p. Talbex gamed 3 to 17p and 
Pentland hardened 2 to 20p. 


and interests weighed on British 
Petroleum which, although only 
lightly traded, gave up 16 to 842p. 
Remaining Oils were not subjected 
to the same influences and Shell 
shed only 3 to 525p, bat in recog¬ 
nition of the weaker investment 
currency premium Royal Dutch 
fell 1* to £S7|. Of the more 
speculative Issues, Oil Exploration 
lost 4 to 300 p. LASMO Ops. 
relinquished 5 and Tricentrol 
cheapened 2 to 174p. 

Properties maintained a steady 
undertone, although features were 
usually confined to secondary 
issues. Evans of Leeds put on 5 
to a 1977/78 peak of 193p follow¬ 
ing the company’s statement 
about the increased income It Is 
deriving from its Walton Works. 
Liverpool, property, while 
Regional A responded to a New 
Year Investment recommendation 
with a rise of 52 to 7 -Hp- Daejan 
picked up 2 to 62p and Carding 
were 1* better at 13ip, but 
attempted selling in a restricted 
market lowered Glanfield Securi¬ 
ties 9 to 270p. Leading issues 
recouping small eariv losses to 
close unchanged on .balance 
included Land Securities, at 219p, 
and MEPC at 126p. 'but selected 
overseas stocks moved lower on 
investment dollar influences, 
Hong Kong Land fafling 6 to 92p 
and Lend Lease 5 to 193p. 

Among Overseas Traders, S. 
Hoffnung continued to reflect the 
fall in half-year profits and gave 


up 2 more to 68p, but Lonrho 
responded to favourable Press 
comment with a rise of 3 to 74p. 

H ar cros featured Investment 
Trusts with a jump of 12 to 82p 
following the agreed bid terms 
from Harrisons and Crosfteld. 
London Australia Investment 
moved up 3 to 107p in response 
to the SL30 cash offer from 
Hooker Corporation. Investment 
premium influences brought about 
a reaction of 5 to 115p in Inter¬ 
national Pacific Securities and a 
fall of 6 to 106p in Argo, while 
Jardine Securities shed 3 to 77p. 
Among Financials, Britannia 
Arrow moved forward 1J to 23Jp, 
after 24p, on Press suggestions 
that 1978 will be a prosperous year 
for the group Dalgety firmed 7 to 
233p for a similar reason. 

Selective support was Forth¬ 
coming for Textiles where 
Textured Jersey featured with a 
rise of 9) to-2?ip in response to 
favourable Press mention. 
Courts aids, 115p, and Coats 
Patous, 73p, both hardened 2, 
while Jerome were similarly 
dearer at 4Sp and Levex put on 
1} to 14|p. Among Carpets, 
Yonghal finned 3 to 57p.- 

London Sumatra, stood out in 
Plantations, rising 9 to T8p on 
speculative buying fuelled by bid 
hopes. Among Teas, demand in a 
thin market left Lunuva 6 up at 
138P. 

Two-way poll in Golds 

The fresh weakness of the 
dollar and the ensuing hedge buy¬ 
ing of bullion, which pushed the 
metal price up 34 to $169,123 


per ounce, its hfebes ctostag 
■level since May 28, 1975, prompted 
substantial gains in Golds in 
dollar terms. 

In sterling terms, however, the 
further sharp fall in the invest¬ 
ment currency premium had a 
restraining effect on prices and 
with many stocks going “ ex ” the 
December dividend payments 
prices were a shade easier overall 
as shown by the 0.5 decline u 
the Gold Mines index to 132.7. _ 

There was a good Cape, Conti-, 
Dental and local demand for Gol 
in the morn big but busine 
petered out in the afternoon ami 
prices tended to ease back a few 1 
pence. 

Heavyweights to improve iiK 
chided Western Holdings, which 
put on | at £13J, and Free State 
Geduld, which rose a half-point 
to £ 12 ; the latter in front, of the 
annual report and chairman’s 
st a t e m e nt 

In contrast Sandfouteln slipped 
i to £30i. President Brand 
advanced 16 to 795p but Western 
Deep gave up a similar amount 
to 619p ex-dividend. 

Among London-based Financials 
Gold Fields attracted strong sup¬ 
port, reflecting the higher bullion 
price,' rising 9 to 175p. Rio Tinto- 
Zine also g»i"H ground as per¬ 
sistent buying left the shares 4 
higher at 189p. 

Premium considerations caused 
heavy losses in both Tins and 
Australians, although there was 
some modest London support for 
the latter following the good 
performance in overnight 
domestic markets. 


.js.tvsJr se sun : 

N priet 

CMOvctlM __ +MM* FmancUl Group . 

Bsfer"=: ss esse, bw: 

enpiuMrira (itomn ._ + 7 ,^* Textne* .. 

Proper ty .~. + 75^0 gw share Hide* .-• 

- 1_+ 7M5 All-Share JWJc* - 

““.+ 72-» tmmmsn »n**rt - 

“= + + ss s arasr= 

t g Snasir'"—: 

gpUtfCoods Group + U* ftwiwedkw (General) - 

SSijaf^rL =t a sssr r y= 

ESSE? .. + MHta. P.T. ........ 

EncortmJDnmt end catertau ... + 2“®“ .-. 

Coos. Goods iNon-dwaMel Group + *5 MUnta iHneiiro * 
Xudusrial Group -+ «*■*• - 


•W XHT i* 4. 
•N n a flm «« 

1 ar tort 


OPTIONS TRADED 


dealing dates 

First Last Last For 

Deal- Deal- Sedan- Settle- 

logs lags tion ment 

Nov. 22 Dec. 5 Feb. 23 Mar. 7 
Dec. 6 Dec. 19 Mar. 9 Mar.21 
Dec. 20 Jan. 10 Mar. 30 Apr. 11 
For rate indications see end of 
Share Information Service 
Stocks to attract money for the 
call included Sellnconrt. 
Thomson Organisation, S. and W. 
Berisford, Burton A, EMI. 
Burmah Oil, SpUlers. \1nten. 

Town and City, Woolworth, 


Barratt Developments. Cwuv 
taulds, Marehwiel, J. Lyons, 
Talbex, UDT. tauxterhan, 
Pontin’s, Trident TV A. USL 
Property, Westland, Stafiox Inter, 
national, Wm. Press. Fumes* 
Withy, Debenhams, Boots and 
Lonrho. Pats were arranged in 
Associated Dairies. New Throe- 
morion Capital. Hestalr and EMI, 
while double options were trans¬ 
acted in Sellnconrt, Bridea, 
Thomson Organisation and 
English Property. A short-dated 
call and double option was 
arranged in Fodens. 


NEW HIGHS AND LOWS FOR 1977 


FINANCIAL TIMES STOCK INDICES 

Jan. | | L^r . " 11 ^.. | Dec. '] Ue- . i A.$iir 

~ : 3130 29 23 23 22 apo 


Gov em mem Sees._■ 

Ftwwi Interest_i 

iniloscrtai Unlinuy..: 

Gold Mines_.....| 

Ord. Dir. Yield_ ; 

Uarain«s Y’’<l%(fuiri( B )j 

H'K Untn. (net) (*t)_ 

Heelings marked__ 

Nqulty Cmnnvei £m... 
tqultr herseln* Intel. 


Jen. | Dn-. 

3 I 30 

7a.5aj 78.09 
81.03! 80.72 
48S.8 489.4 
r 132.7; 133.2 
5.52; 5.51 

16.78 16.74 
8.45> 8.47 

4,178 4.818 
— I 52A8 
— I 11^49 




10 aUL <82.6. 11 un. 4SLD. Noon 4S3J. 1 pjn. 483.7. 

* 2 p.m. <8X9. 3 O.m. 484.1. 

Latest Index U-24fr 8026. 

■ Based on SZ per eenL corpor a tion tax. t NU=839. 

Basil 1W Govt. Secs. 15*10-26. Fixed lot. 1938 lad Ord ITSS. Gold 
Mines 12/9/S. SE Activity Juty-Dec. 1943. t Corrected. I Cnm.-dlv 1*43. 


The folicnviiia iccurltles meted In the 
Share information Service 
attained new Highs and Lows tar 1977/78. 

NEW HIGHS (105) 

BRITISH FUNDS til) 
CORPORATION LOANS <2> 

commonw’lth^&^frican loans m 

CANADIANS 1 Cl) 

BANKS Cl) 

BURS 123 

BUILDINGS (10) 

CHEMICALS (1) 

CINEMAS ID 
DRAPCRY A STORES (» 
ELECTRICAL* <2i 
ENGINEERING C3> 

FOODS [G) 

HOTELS C4> 

INDUSTRIALS 1X1) 

MOTORS (4) 

PAPER * PRINTING UK) 
PROPERTY <9) 

SHOES ID 
TEXTILES 16) 

TRUSTS I5> 

OIL (21 
RUBBERS «3) 

TEAS <1l 

NPW LOWS (79) 

AMERICANS MO) 

A max Gen. Elect 


HIGHS AND LOWS 

I 1377/78 • K ince Compilation 
High | Loir High I Low 


Govt Secs_t 79.85 60.45 127.4 49.18 

} (30/9/ ] (4/2) (9/1/36) (3/1/76? 

Fixed Ini_i 81.03 60.49 150.4 60.53 

j (3/1/78) 14/1} (23/11/47) (3/1/75) 

tod. Ord._1 549J 357.6 549.2 49.4 

j am (12/b (14/9/77) (26/6/40) 

Gold llinea.! 174.5 95.1 442-3 43.5 

1 118/101 f aiZi , Z22(6/76)• (26/10/71) 


S.E. ACTIVITY 


—Dm l.i 
Out-Bilged... 
IiviiiarMee.... 
Span la i ice... 

Total*._ 

Dilav Av'mvi 
Gilt-Bilge.!... 
In-ltutriaU... 
Spp-uiative... 
6**K.. '. 


A max 

American Exoreu 
Amtco Inc. 

Rmoix Corn. 

CBS 

CPX. 

Chase Manhattan 
'’h'viler 
ntieorp 
Cltv |nv. 

S ltv Inv. Cum. Prf. 

olaate-Palmoilire 
Cant. I'Knol* 
rent. Oil 
Crown ZellerOacfi 
Pwnarle , 

Exxon 

PI rex tnne Tire 
Plr-x Chlcauo 
Gatx • 


irtu GUietre 

Honeywell 
I.BM. Com. 
innerwili.Rantf 
I.U. Inti. 

ttan Kaiser Alnm-Hum 

Mant Hanover 
Meroair fj. P 1 
Norton Simon Inc. 
*. Prf. Richard-an-Morell 
Olive TRW Inc. 

Tenneco 

Tesoro Petr oleum 
bach Texaco 

Tran«amer1ea 
(Jilted Tnrhnoloav 
t Woolworth* 

Xetuv Coro. 

VOnlrc Inc. 
CANADIANS (3) 

Manev-Ferouson 


CHEMICALS 11) 

Hoechst ELECTRICALS Cl) 

5#nV FOODS til 

Kf,ft HOTELS ID 

Borel U.) INDUSTRIALS IS) 

Jardine Matheton Swire pacific - 

Sander* Grp, Whcolack Mar dtB 

Stelux MamiCacturlnB__ 

INSURANCE (1) 

Travelers Coro. 

MOTORS 111 

Gen. Mown_ 

PROPERTY HI 

HK Land Swire Preotrtlaa 

SOUTH AFRICANS (1) 

Abercom ^ (1> 

SmaYUcow nom 

Jardine Secs. Rollneo Sub. SH. 

Roheco Selected Risk liw, 

Roiinco US Treat Fund 

oil m 

Roval Dutch 

OVERSEAS TRADERS <3) 

Hofinunp u Cltv Marc. 10oc L% 

Slme Darbv 

MINKS <■) 

Annlo-Vaai Western Mining ■ 

jo't-ura Com. Aver Hltam 

Pom Cons. 5euth Crottv 

8H South Mewina 


RISES AND FALLS 
YESTERDAY 

x Up Dawn Santa 

Brftbb Fund* tfi 3 » 


Bell Canada Mamev-FeroiHO 

HolllPOCr waNKS f3) 
RxnVAmeHca HK 3. Shanohal 

Rvnhe-x NY. 


British Funds . .. 

Corpns. Oam. and 

Ferekf" Bonds .. . 

Intndrfab _ 

Financial and Prep. .. 

Oils .. ... 

Plantation .—- 

MhKS .—.... 

Recow Issues .— 

.Totals .. 


8 4 3* 

W 57 « 
M U K 
1 U U 
9 S I* 
« « • 
n so 
pi mw 


ACTIVE STOCKS 

No. 

omina- of Closing Change 
(ion marks price (p) on week 


1977-78 

high 

284 

17 

27$ 

24 

966 

193 

446 

59* 

392 

81* 

260 

693 

124 

254 

108 


1977-78 

low 

163 

3 

11 

6 

776 

120 

325 

17 

245 

26} 

202 

372 

78 

170 

62 


FT—ACTUARIES SHARE INDICES 

These indiees are the joint compilation of the Financial Hines, the Institute of Actuaries 

and the Faculty of Actuaries 


Tues., Jan. 3, 1978 


Ratio Zodex Index Index Index Index 

(Net) No. i No. No. No. NO. 

Cowl ' 

Tteafik 



209.13 206.30 13U3 
191.83 13948 ] 13213 
338.91 333JI 
458.72 9ELH 
39302 29751 2M» 
16102 159.65 I IBS 
360.15 






















































































































































































































































































































































































































































































































































UNIT TRUSTS 


OFFSHORE AND OVERSEAS FUNDS 


IS** 

'**^2 


Unit M. 4frt Ltd. uU(g} . CritUURi 
'JJH.GHntiBiaRl.A^eihKy QBBUMl 
abbey Capital p>* ^**.71 ftqSrSta 

Abbeylnwrae r ®S . JSa - f* ShShF: 
UrixrylnvTM-Rtf Sis t£5| Jltl Im StatusQlMU 
vbbarGcn .feu. . .. «ui l ?S Ha)* KnarS? 


4lB«d ffantbn 1 Cnsp# (at tg) . 
tthuri rands 

UBodlat . - Mi . .. rta 
BrtL tnd Fund |U ''BS.h-OSi 
.« rtli*lpe~ S64 d.taj !oi 

OKI k tad-Oav 5.6 •- dl 1 

AlJtettCamtal . n.I M .4 ,B 2 

HUbrtFund .. U34 tUUri J 

4 *Bbro AcrM l«A8 l«l .1X1 

•dcmb Puwfa 

rftgb Yield Fd [ten tftu _q« 

equity Inane • [383 a.*) 

High meow 1613 ujl | 

Hambro [qc FdT 1531 sir it -fll] 


■nlematknal i 

MhoiAinann I _ __ _ __ ____ __„ .. . 

‘’wifi?Fowl &0 Chi -o3 xu Overseas . |t70 ,£52 ". 310 5flGr«liKnSt-HC 2 P 2 DS 01-6064433 

-(prcMIsi Hand* . gql p n om ce__ iu .„ 465 Bar'gm.D«c, 2 t) Bflfifi a*m .1 iu 

imill*rC»iFd 9* a m n« . m —, [20. tin . US lAtrattUtiW-. 

gz si ^ •*» S2gffl a&“ 

dS^unACAy 36,9 Si tol sS Canada Life Cult Tsu Mngrs. UA.+ fi g*" 

m x 1SS31 HP WHjghSt.P 8 tturtBar.Hert* FBarSTOS aSrDeSb 
-icmw ^mlr npc 003 92fll *0^ 535 Can.CcuHat . p75 ; 193] -OJt 431 iiCsSunlS!. 

M fcrom UDll fnm Mnaiaa ud. SSdS"rK! Ilia 'S jsSSfeSS*- 

SSSf? »S*“ Vt£ Si 453 ^ <*■«» Rayal Ex. TJait Mgn. Lid. 

, n ^_ hl _ ilWt , , _ ... Carpel (James) Mage. Ltd* RoyalExchange.BWSON 01-6286011 

‘OOOWBniralS-BCSNlBO 0M88WJ0 GuardhflJT* KSU HJ\ l«fi 

WiTS ass —si sa:a is 

utinUmot Securities Ud. (aMet • ■*«« * *=*daaUng Jro « P^a^ato. R»,UMb 8 ^^ 

17 £S” S «w*»OM« 'BY 01-2308381 CariloIUnii Fd Hgn. LbLV (a)<d ■' £3 **■3 "S 

M M J .11 sr’iiwn^ Bli • r.l sg IlsS&r- S2 -SJ -5g 

. S&l 68.1 +flJ 8.07 
. JZJj 3%^ -0 J UB 


i -. Kmami nur-oaruM - ft--—— sw.^ —- - - ■ 

«fl nomsSma' ’fi?- * 9 u!S Ij? a.sj oumsai 

S QLki •-. m ii ^agat s.. jg- ^ 

x^L llqhrEnamy .:.BzS <4«-01 t5b Comnx^iBShare Q5J «4&Saj -Lj J.7B 

* -. la'F^rfiMt-Tnn?- 22JB 343-0.7 L29 

rhe firttuta life Office UdV i«. SI 25 

> . KebatweEbe. Itodirhlt*®*Ua,£a OQBXSim lna.Anucra '." J2M 3.79 

BLBritirtLBe M8.7- ' SU I SIS [nU-SSnptFd 84.7 n9 (4L8 552 

BLBatojwed- . . |K4 -I - 5.48 «*Mna T« «« i . Ba »3--oq 1« 

’g ^^S^CVr&droiaJdwIroT?* GSbbs (Antony) Unit Tot. MgB. Ltd 

504 _ i, , ■ - .... «a.BtoHWdSt.BCaM7(«. ttWB84lll 

sm Brwm Shipley ft Co. Ud.* i«)A.o. income- . m.4 tts «oi| too 

«9 •ingrKPhnKhsaCL.HS - OWMOffiB) Rlr f?a IS 

s-e-Bss.'fep-ss :gi.. i® , “ G ; , *sh^L. B a :!S “ 

gcnale Tnuto tm tg> Gomt (John)* 

«3» BBSS - •■■"*■ Bl aS l- ^ T7.UmdonW8a.ECO 01-5680620 

im _- !**■! M I Ckli. Tumi m HWA .MM I 9ffl 


f!“ nnrocial 

4.77 iGcbcraJ 

Growtb Aecum . 
Growth Income 

«, !M**TVr:- 

3.06 Urdu_ 

x u OveweaB . 

Pwlvum ace . 
. _ RwiTOJ 

^xmnt aio» 32-._ 


^uiAGFro^^rrSa^ 830 

Garrett (John)* 

S T7.LmdooWaJlE.Ci 01-5680620 

iM S'hldr DM IB— QZSA iXUrd .. I ifll 
S-Z Do Aeeum. Unit . -pU T58J] _ I ZOX 
Next (Valine day Jan A 

JU Grievcson Management Co. Ltd 

J 40 SflGrediatnSt- HC2P2DS 01-6064433 

£S$ _;| Sif 


1 _' 4.15 

‘ 7J3- 

. 7J3 
-1U 2.42 

-0J 2X2 

- 271 

... 2.71 

_ UBS 
- LOS 


‘ hi. • 3 Lv 
tid,,u 

''•“"‘•‘'.Mail'’ 

ihxJJ' 10 - 

l^inrv v rr ' n -‘: 

■" 

^<'l||||ai|| r | ' ^1‘: 

"''uiiivj,; ^ 

'*• “» \..■ 
. 1 'ill: 


r °R 1977 

4MK.41.X 

•OCD*. ,,. 
•K»T|f. 
•USIHlAtS -s. 


;u*tANvr .11 
toiom i. 

* armcxKi , 
.1 


ansbacher Unitt Mgmt Co. ltd. iorad 
YobleSU EC2V7J a - Jl«a6TO S 

■up Wrottrly Fund 065 B «758t -«0| 830 (nranu. 

artmtiuiot Securities Utd (aMct PrtK 

it Qoera St uMKbn BC4K 'BY • 01-2368381 Carito: 


Prtcei on Jan 


sAftodsat ctnpna 
(f Aecum. (Jalt*i ' 


((Arcuxn. Unitx 

118 > 2 % Widultnati 

tntiimae 
-UCh Inc. L'nlla- 
■WAcc llts.i 
XrbBtlinot Prri ■ 
HAmikk Units) 
VrbnthnOl iSitj.' 


01-2388381 Caritol Unit. Fd Hgn. Ltd* (aKO 

J 8 A ISiHuun Hooae. Newcestloupon-Tyne -21MB 

|l &7SJ? «* ' ■ « # 


2-Si Do Aeeum. Onits-f 

WJ Mm HmV 


457 leanasuukmi 

.4L9| _.l W2 (DBlgblneonM. 

5*3 -J *32 & Aasett,. 

i Jan 4 . iKHnlemsrionxl 


vrbnthnoicroV MX u.o« »o i . Chanerhooae Jnphet* - ' niiAicit- - — ‘ — 

5ii «-PateraoaerROW.K4 01-AB38D0 W.W14D« 30 

wvrdnm&f* Sx- (M 3-ff CJ loteman_|ZL2 73M - J 371 <K)Cabot_ 

'lK Jii ■ SI AMUM-Uii* —.M.4 S3 —. 3.71 <Stb« Extra Ine... . . _ 

^U^GiSw wl 4Lp du cjnS?Kir"" oS 11 — MX *For tax exoopt hnul* only 

gj siix 4a *32 .XSeSfu^S *r: u« da Hin Saronel Unit Tat. Mgrs.t (a) 

5 S 2 ^& g| gS -° A IS IV* a|rr WBewhSUBCEPSUE 

iSSZGrSrtS- M7 uu 33 

'srtSctr Ldrfl.tt Ml; ' B( 379 • - Fnc ** oee ™ N«t doTOn* Jaa_4 UpbrlTnut_ 

t§li(*tSaw»D Si. 25 5 j lS Chiefwl* Trust Manager* UdffaHg) 

as -^s ss TSses^ wa fs > ‘-'moSsrs 

arcbway Unit TM. Mgs. Ltd* (aHO T " t ^ 53 ** SSl£2to«.ECa 0I«77=C 

Conlederatioi 1 Funds Mgt. Ltd* (a) « 6 f Tm? 

^5^ '^ext-^ sL V 8 “TS5? ^ Fond Managers Ltd W (g) 

Barclays Unicorn iax (aHeMNc) 2s.roifcst.EC3Vam Ol-OWTOTO 

iacM.O.SrtlU E7 0i«»H4* ^^ W J® I M 

L'niraxnAmerica 29.6 ttj| -6JJ 278 Cojjthal]Ave,londODECZRVJ8 6288222 oKeyEjJmrfvri. ^^5 VttjS -4Sa 6.74 

X> Arm. Ace -. 57.5 ..... £3 -oi 271 Cbamopotn.Cth.Fd.pJl.. IBS I 495 EcyineamEUad P5J ■ |5S» -oJ 876 

toAusLInc . 45 A 495d -SJ 271 ; . _ . Key Fixpd Jnt rd .&9J 63.0^0.3 12.43 

£ Su iSM ii - HI Crescent Unit Trt. Mgn. Ltd (Mg) KejfimaiKto’sW fex 88.5 H 676 

To atSitnccmio 2 & . 293 *4 2 7M 4 M^rille Cres. Edinbm*J3S -031-^64821 Klein wort BeQSO» Unit Manager** 
[» Financial - - g.2 «ia-OJ 4.98 gwrwMenjrtb _g7 2*3 -4 JS 30, FVndmrehSt-ELCJ 01-6238000 


. eal KMoc Tuea rtWM. gttnoiL ._... , . . . , . _ __ __ ____ 

Voct 6lzt Dee tl -Der 15^ Daily !3frnxtiona] T»t_ [SjzSS "24^ -03 33t 

Arcbway unit Tat. Mg& Ud*WfC) 8-Sc ®“ re * Trtja44 ^ 

•17 Higb Holborn-WClV TNL. 01-8318333 fimfwIffaHm »nnit« M gt- Ud* (a) 


274 50/31 Queen St_ EC4K IBB ' 
Anariaa fc»w • 

Pri High, income 

I r Infern .Oona] T»t_ fejae 

BMP Besrc* Tatlff* 


- NjX.GrtW.Dec » OMfl 1X4641 .1 225 

01-»83H» W W±d5: , » 

_ 371 <8> Cabot_ 

A71 Cabot E«raInc. _pum wjq uia uh 
m. . 854 *For tax exempt tamd. only 

^ IS Hin Samuel Unit Tst. Mgrs-T (a) 

4S Beech SL.EC3F3UE 03-638800 

I 3 - 9 * (b) British Trust ^053-3 . l&4.« -0.4) 565 

Jan -4 mhtiw.H nil w; _s4J 357 

33^ -@"7j .272 

3L( j 424 

1007 -0.6 473 

297 J 774 

5&.1 -84 456 

1023 . I 876 


Barclays (Jqiconi .Ud (aMgWcl 
IdIcothUo 233aontfO»dBd E7 CU-6345044 
L'nieom America 129.6 TL8I -Oil 278 


Perpetual Unit Trust Mngmt.* M) 

48 Hart SL. Henley on Tbamef 040X36868 
PpctUlGDLGtB— P390 1907) I 47 

Piccadilly Unit T. Afgrs. LhLV laKb) 

Wwdgne B». 50* London won EC2 6380601 

Extra income_B2.7 M.* *071 UN 

Small CD's Fd _ 583 4L0 +07 576 

Capital Fund._*87 9L8a +07 3.49 

latEms.&AsKbt <77 9I3B -m 509 

Private Fond. _ *7.7 Q0J-IU3M 
Acazmttr Fund-—. iLl.- 664 +iM 4.H . 

rochonlojty Fnod„ 55.9 623 _ 766 

FUEm fS- 224 242 __ 30 

Amerhati Fund_ ^7 247) _ | 300 

Practical Invest. Co. Ltd* owe) 

44. BkxmurtwiySQJFClAaiA 01-6338008 

FnctioaJJjm.3_0455 154.* *2Jft 789 

Accom. Units _W.7 2U4I riq VW 

Provincial Ufo Inv. Cat Ltd* 

222f Bbb operate. E1C2L 01-3476533 

PntUflc Units mm.03,7 78.*-0^ 5.78 

8i£h Income_PUJ ITU) +07] 750 

PrndL Unit TsU Mngrs.* (aXbKc) 
BolboraBaa.EClN2Na OMOBBSa 

PnuricnUil P225 138.0) — . | 473 

Quitter Mnutgement Ca Ud* 
tlie Stfc. Exchanse. ECtN 1HP 016004177 
Quadrant Gen. Pd 003.9 106.* __J 476 

Quadrant Income .P^5 1293) m! 7 B2 

Reliance Unit Mgrs. Ltd* 
RehimroHse, Tunbridge WfeB&SL 08 B 2 32371 

§§®s^tfeiss aa^3 as 

SefcfotdeT lac _|40j6 o!* _l 535 

mpfifl M *ai ngwe^ t ltd 
PO Bqx 4ift'Bwifc Hut. Manehatr. 06139B89EU 
Ridgefield Int UT .1875 93.M _.l 756 

m disfirJd Tacoma. |&0 98o| _| 970 

Rthchld. ft Lwnds. Mgrs. (a) 

SL SwJtMra Lane Ldn. EGA 01-6864301 

New CTL Exempt—0X9.0 U6 j0) .. .\ AM 

Price on Dec ISTtihat *«ii^ Jan 17 

Imran Unit Trust Mngt. Ltd 
aty^atoHxe^FlnsbmTSa.EC2. 015061068 

BowauAm.Dec70.K25 645)_250 

Bew au Se e .Jan.4_ 1585 USA — 358 

Rowan Hv. Dec SOL S25 552 770 

(Accnm. units)_210 .755 . 770 

BwnJtrba.Jan.2 _ 733 . 772 -0.7 300 

lAccum Units*_B7B «3 -oil 310 

Royal Tat. Can. Fd Mgrs. Ltd 
54. Jernrm Street.&W1 01-6S08SS 

Capital Fuad. __ K75 7171 I 358 

Income Fund-J707 7Afl .j 758 

Print at Dec So Next dea&uc Jan 13 

Save & Prosper Group 
A Great St Helens, London EC3P SEP 
58-73 Queen St- Edinburgh BBS 4NX 
Dealings to 01-E54 8890 or 031-236 7391 

Save & Prosper Securities Ltd* 


>M> Am. Ace ■. 
Do AustL Inc 
no Capita) . 

Oo Exempt Tot ' 
no Extra income 
Do nrumelal . . 

Do 500 . _ 

Do Genaal 
Do Growth Ace 
Oo ImeemeTsL 

Qe.-Prf A'na tSt . 

Prices, at Dee 9 
A>. Recovery 
Do Trustee Fund : 
Oo WTdwideTnut 
STitJtLFtUnc 
Oo Accum . - 


A2 - . . 691 
565 002 

!*>• - 29J 

■92 64JU 

99 745 

».9 .. K2 
02- 435 

1.9 87.5 

94.9 MLS 
Next-Sub. d 


5.7b Cro*. InteroatT. . -f 
655 0^p.Hi«h.K*t -l 
451 Cm Betenea_K 


■ m *u, rmaranii*. 

rn K B. Uni! Fd. Inc 
4 ^ «BLB UnitKd-Ac . 


ffl/.-I ^ 


999 Oiscretionaiy Utttt Fpnd Huugen 


LAC Unit Trust Ma n ag ement lid* 
.. The Stock Uebeng* ECZN IHP .01-586 3800 


5 J 3 2LBl0DzfiridSL.EC2M7AL . 015384485'LOCInc. Pd Q30A 1346) +33] 752 

4$7 Disc Income_P56J-. U721 I 975 UcCInUAGenFd (55-6 93 <9 *041 «07 

4M EL F. Winchester Fund Mngt Ud P*-, TSKL 

A» Old Jewry, BC3 . . OWMlff '2£T2^W!ff “*?m 0#M ? I Su 

* Manes.- as isBnSP m I lls 


Lawsen Secs. Ltd tftaMc) 


Capital Uaiia. _ 045 

LTU__ m.7 

Unix Growth-|M6 

Increasing income Fund 
High-Yield Units (546 
High Incmae Funds 

m*fc Return_(435 

Income — H36 
ILK. Fundi 

UKEIJuily Fund (439 
Overseas PnAU 
EorapcGtiiJ^d [743 

J«pnn GUuFd-(745 

U JgUuFB - (465 . - 
Sector F iunfa 
CcsnuaodiSy -— [165 


i65m -051 354 

LB 

9971-0 31 659 

iU x-OJI 754 
46« -Oil 791 

.477] -Oil 423 

195 -0.91 329 
793-L« 157 
773 -7fl 277 


Baring Brothero ft Cu Ltd* (ajU) mj . n*. | 75 

tf.LeamihallSL.BC3 01488M30 Ct Wnch’er <7ae«&7 • - 2»S t 935 

staff...Ja -aa_ r» Batson ft Dudley Itt HagmL Ltd 


. Next sub day Jan 12 20. Arhngtmi Sl. S.W.1 ^ 

Bishepsgate Pregresaftve Mgmt. Co.* Ens * on ** 1 1 

a Biahopecaie BC2 ' 01-6U6280 Bonitaa Sees. Ud*faNg> 

OtatePr **Dee30 DM7 DIM I 353 ai BMitpu8« wr? 


“4 I IS "W—”—•“ “ 

*”1. 10 ■“ Equity tloottL Tr. BL* MMbHei 


AM) FVUi 

rKRDW 


6'gatePr **Dcc50 DCLl- I7LM I 
Act DtS.-Dec < . (MSJ 202^ I 
(fgtateliiL Dec.li.p5S5‘‘- ITOB ~) 
-Accum.) Dec-l3I.|ua®T 1*73' J 
- Next sob day Jan 4 **Jaa 10 

Bridge Fund ManageroVfaMc) 
King uriDiamSuECIR PAR . 01-69 

m ii i 


•Growth Fond . 535 582) 

•(Accum Unit® 5BA £55( 

ftCill and Warrant. 16.9 402 -0 

^American Fd 2L7 2AH 

UAcciun Units) ' 226 2451 

•“High Yield . . <53 S)S 

'tAccum. Units) |*74 6&3| 

Deal Won *THea TtWed fTtattn 


dnldgelne*' . . 
Bddgc Cap Xnc.f 
Bridge Cap. Act* 
Rridcc Ewitnpt-t 

saggs-at 

Wugo inu- awlt „ 
-Prices.Dec 30® 


45 155| 

Dnehns Tuea 


uai Sii S Le«*J * General TyndaU Fund* 

IB. CaangeBoad. Bristol Q272333U 

“»-«Sw OfirsAd.. |n i lis 

«W Nsst snb da? Jan 3 

* Leonine Administration Ltd 

Ltd (at 2. Duke St. London W 1 USJP O1-4BSGB01 

01-348007L UoDla . M5 75.31 +-0L8) A26 

1 AU I XWt Leo Accum._(76J soil -e05j 4.94 


rt ••. AmerthamRtl. High Wycombe 04M33877 Next sob day jaa 12 

757 FYamHugten Unit Mgt Ltd (at 2 . Duke St London WIM 8 JP O1-48SGB0I 

g gBBS^TS?* USB ™7tm teBt-1 --H 5S 

: n *«l I is 

m Do Aramr- 




Brifanula Trust HauagexnaiKattg) *^ 4 ? Prevdt UuitTr Mgn.* 

. S lxjrfo fcWrtj^BiiUdlnn: tn°d o Si 1RU I ^ : _ PixUamEnAboridM amsOBB s^SdS)"“ 

LondOt KCMSQL ffll538««780m Mends Pro* Utt 1*25 . . «5 -0JI 400 Do.<Accura.|. — 

4A9 dq Aeenm. Bs 3 US -03 «» Third (Income).-. 
J-94 --.■•• Do rAccumJ. _ 

*** G.7 Unit Atanagma ud* SS“ 

_ !&Fln*tttiryClron*BC3M' T DD 01-6*88131 . ... ... 


01-6231288 
-OJJ 403 


)ICES 


ftiuir* c-i Vrtua 


Assets ■■ .--■ 

Capital Ace. 
CoomAInd 
ComnaxHty — 

Qom estlc __ 

Exempt.. —■ 
. Extra incooa . — . 
ShrEast 

Fnuutclal Secs. . 
GbW A General ~ 
ttrosrtb;.. j'rZ. — 

- Inc.-MNwIli.- —- 

Iniiiii^TiFTIisns 

AV-sftStoc'*. 
Nawbsae — — 
North American 


g*5 G.T Cap b* - ' WLT 

DO ACC-: 55 

52 G.T. Inc. Pd. Ua. 1585 
*« aT UttftGen :- oao 

G.T Japan ACa ZU.fi 
’^2 9Gt Pcna.Ex.Fd 130.0 
-J-*} GO* tan. Fluid. 187.0 

CT PonrVdsW »•. * 

*G. ft A_ Tniat t*)4g) 
a 3 BkRsfyleifb ltd- Bmdtwaod * 


pa -o.g ' 3.40 Lloyd's Life Unit To. Mngrs. Ud 
<1! *6.7 340 72-80. Gatehouse RcL Aylesbury 02969041 
MJ ~° 4 ?!jg .equityAccum 11457 1536 l 19B 

- IM <M ft G Group* (yXcXM 
TX* *ni 'QnayiTTbSer'ffiJLH3H050-01826*S8» 
Hn tm , See also Stock Exchange Dealing) 

Aimrican_ H2S 44.7 -0J 0.91 

lAcSiin. Unit* 425 45J -O.t 091 

______ AuSOalaslap 426 -05 258 

ICtrm3*7306 (A^STunltsi - C2.9 45.7 -0.4 258 

051 I 462 commodity. U1 6BJ -05 553 

_( Accum IfniCn S75 725 -05 503 

Compound Growth. 995 1852 -05 3.73 

Coaversioi Growth 48.4 515 -05 356 

Dividend-, 1105 U75« -0.7 7.86 

(Accum. Unirai 2045 2172 -L4 756 

European_ 4L7 *9.7* -O.fl 

(Accum. Unihd 475 505 -0.4 

Extra Yield KL«_ .86.7 -0.4 854 


43JVE INVESTMENTS LIMITED 
.1. Royal Exchange [A^e, .London EC3V 3LU, Tel. 01-283 1101 
Index Guide as at fith December, 1977 (Base 100 at 14.1.77.) 

•. CJtve ITixod Interest Capital ....;... 135.19 

Clive Fixed Interest Income...... 128.03 


CORAL INDEX: Close 484489 


INSURANCE BASE RATES 

t Property Growth . S\% 

‘ Cannon lAssurance .. 4g°& 

" i Address shnwn under RHUtranoe and Property Bond Tabic. 


BASE LENDING RATES 


(Accum Units). 
rte’EtxtCTD 
(Accum Units) 
Fuad of lav Tata 
£Arcnm Units' 

(Accum Uallai - - 
High Income 
(Accum Uniw - 
Japan Income 
(Accum Units! 
Hacnum _ 
(Accum Units! 

Midland_ 

[Accum Units! 
Recovery 

(Accum Units 
Second Gen 
(Accum VJolts) 


45J -C.t 691 
«A -05 258 
455 -O ' 251 

685 -05 553 

725 -05 5.13 

1A5J -05 3.73 

515 -05 356 
U75» -0.7 7.86 
2175 -U 756 
097* -0.4 359 

595 -0.4 3 69 

867 -0.4 8J4 

U2J -05 804 

411*03 133 
445 . 353 

&3.7a +« 403 
764 +05 443 
167 it* -15 558 

2563 -12 5.70 

(038xi -0.4 8i23 

1677 -66 823 

12U -25 UO 
1220 -15 150 

1935 -14 4 06 
2374 -20 4.06 

1603 -Oi 759 
»W -0.9 759 

*82a -02 453 

795 -fiL3{ 4JB 
1685a -l.( 552 

2524 -LI 552 
1574 -0.7 453 
195 Zl -1* *13 


Cammoditr -— (655 705) -04) 459 

Knetgy—_|63.9 6 BJ\ ~0M 264 

Ftn'dalSflCA Fd [U.9 lU-Sd -09| 355 

t ?^37 236.01 -251 262 

Select Income .. (07 55 H -05) 716 

Scothits Securities Ltd 
ScaUrits. ’ OIS 40Jl -05) 362 

Scutjluld..____ BtU 533 -03l 662 

Scotsfcsrcs__ ^4 595ri-a3'423 

ScoLEx.Gth'5- - gI7? ZZZJxd _.| 258 

Scot Ex. Y7d_*4___p665 1745^ . , | 652 

•Prices at Dec SLNext sob day Jan 11 

Sehleslnger Trust Mngrs. Ltd (axg) 
Inc o r p cro Un g Trident ftuata) 

40. South Street. Dorkinf (0306988441 

Am Exempt*_Q9.7 2051 .... 227 

Am. Growth- 26.0 2S.0 -05 247 

Exempt High YId.* 24.7 26 C_667 

Exempt sfitTLdra.* *45 26.1 451 

Extra Inc. Tst_ 290 3U 9.67 

Income DlaL__ <03 435a 933 

lac. U)%WdrwL _ .. 315 SLTxw — 

In tnl Growth-426 454 +05 255 

lav. 1*. Units.-246 264 +05 467 

Market Leaders. — 267 M -05 431 

•Nil YicltT ' — 

Proper! ' 

Special 
ILK. Grth. 

‘U KGrthJXst-P9J 2L4-05| 537 

•Next subk day Jan. 11 

J. Henry Schroder Wagg ft Co. Ud* 
120.CbenpskJe.KC2 01-2403434 

Capita) Jan.3 __ 1976 lOTIal -0.S 245 

(Accum!-.—_DX73 1215] -U» 24S 

Income Jan. 3.. nvec ** ns - J - ,r - D ’ *“ 

(Aeenm Units) 

General Jan. 3. 
lAccom. Union 
Europe Dec. 29— 

(Accum. Units; 


+05 255 
+05 437 

-05 431 
+04 621 
+05 236 

:. 285 

-05 537 

-03 537 



INSURANCE, PROPERTY, 


*4641 *0.9 
27871 *17 


. -a’S! B 

■ 1 ; j s 

• y#*-i 

; Nf*iJ 

aolM- 
: -.155» \> 

0 
!Bi*ljS 
.V 75 l 

; 

]r> ir j ri 


A.B.N. Bank 7j% 

Allied Irish Banks Ltd. 71% 
American Express Bk< 7 %. 
Amro Bank 74% 

'A P Bank Ltd. .. 7%- 

Henry Ansbacher74% 
Banco, de Bflbao ...... 7J% 

Dank of Credit & Cmce. 71% 

. Bank of Cyprus'.. 74% 

Bank.of N.S.W, 7J% 

Banciue Beige Ltd.. 74% 

-. Banque du Rhone. 8 % 

- Barclays Bank - 74% 

Barnett Christie Ltd. ... S*% 
Bremar Holdings - Ltd. 84% 
Brit. Bap k of Mid. East 7 % 

M Brown Shipley 7 % 

■■ Canada Permanent ATT . 71 % 
Capitol C & CFta. Ltd.. 9 % 

Cayaer Ltd. ... 74% 

Cedar Holdings".. 8 % 

■ Charterhouse Japhct... 7 % 

C. E. Chates ... Sf% 

Consolidated .Credits-...- 71% 

Cooperative Bank.* 7 % 

Corinthian Securities.-... 74% 
CredrtLyonnal*......... 7 % 

Duncan ■ Lavreie. 7i% 

Eagil Trurt ...:........:.. 7i% 

English - Traaseont' S % 

■ First Nat. Sec£ Ltd.... 9 % 
First London Secs. ... 74% 
Fiftt Nat' Fin. Corpn. 9 % 

■ Antony Gibbs ... 7-^ 

Goode DunttAt Truet... 74% 
Greyhound Guaranty... 74% 
■Grlndiays Bank. 74% 

. ■ Guinness Mahon : . 7 % 

■ Hambros Bank. ......... 7 % 


.-J'C v 

Bit 

•**. 1 f 
■r»siP 
S** i »' 


74% ■ Hill Samuel .§ 7 % 

74% -C. Hoare & Co.t 7 % 

7 %■ Julian S. Hodge ....;. 84% 
74% Hongkong & Shanghai 7 % 
7 % - Industrial Bk. of Scot 7 % 

74% Keyser Ullmann . 7 % 

7J% Knowsley & Co, Ltd.... 9 % 

74% Lloyds Bank . 7..% 

74% London: & European ... 84% 
71% London Mercantile ... 7 % 
74% Midland Bank 63% 

^ M Samuel Montagu. 63% 

Sl% M Morgan Grenfell . 7 % 

64% National Westminster 74% 
7 % Norwich General Trust 7 % 
7 w- P. S. Refson & Co. 7 % 
7 iro Rossminster Accept’cs 74% 
gi* Royal Bk. Canada Trust 74% 
7 it? Sehleslnger Limited ... 74% 

E. S. Schwab . 9 % 

_ „ Security Trust Co. Ltd. 84% 

7. %. Shenley Trust . 94% 

Standard Chartered ... 71% 

71% Trade Dev. Bank . 74% 

7% Trustee Savings Bank 7 % 
Twentieth Century Bk. 84% 
7 %- United Bank of Kuwait 7 .% 
7i% Wbiteaway Laidlaw ... 7i% 
7i% williams -& Glyn's ... 74% 
| . Yoritshtre Bank. 74% 

■ Members of Un Acceptinc Hobbes 
i f ^ - Committee. • 

* Fday deposits 4%, I-mooth dopoaits 

7 «in.‘ 


)?i(F t 7-djjy - deposits on sups or £U.obq 
4|n9 rod under «4. up to 153.000 4i* 
74% and over £SflM 5?;. 

.'5% ; cat] deposits over fl.900 **i- • 

7 DC ■ tkunand deposits 41%. 

H ‘ ! Rale also applies to Sladlns tttL 

7 % Seal. 


INVEST IN 50,000 BETTER TOMORROWS!! 

50.W0 people In the United Kingdom suffer tram progressively 
MULTIPLE SCtEROSI^-*ei mg cure of 
Which sre still .unknown—HELP US BRING THEM RELIE F 
AND HOPE 

We need vour donation to enable us to continue our work 
for ^ CARE JSd WELFARE OF MULTIPLE SCLEROSIS 
gHtfw wa itw ) in continue our conunitmeiM to hpo ^tbe rause 
and ^rare^ MULTIPLE SCLEROSIS through MEDICAL 

research. ■■ - • 

Fleasa help—Send a douatioo today to: 

Tf^uMpIe Scleroste Sodeiy of GJB. and NX 
TachbroohStreet, • 

- London‘SW11SJ. •_ 


TriUUC 040.7 148.41 -O.g 63b 

(Aram Units) 2642 2787 *17 636 

CharibandDev 2a . 1030 

Charted Jan-3 1430 -195-2 *13 7.47 

(Accum Units) DB5 173.4 +Li 7-47 

SSi Ex Jan 3 CZ33 1303 *1 479 

Manulife M a n ag em ent Ltd.* 

SI OeorRCS Way Stevcnaxe 0(8898101 

Crowtb Uttlt&f t»6 S33) < 381 

Mercury Fund Managers Ltd. 

30i.Gresham St. BC2P2EB 014004555 

Kerr Geo Jan 4 U69.9 U»5T -67] 439 

AccUm Jan 4- 2182 -7.9j 439 

U .1 MS 

Midland Bank Group 

Unit Trust Managers Ltd.* w 

Courtwood Hoax* Silver Sauce Head 
Sheffield. SI 3HD Tel-0743 T9M2 

CommodilyAGett K6 *0.91 5.91 

Do Arcms *- KS.® +1C 5.« 

SriUD*. ... P? <6*4+83 3.0 
Do. Accum — ■ B.7 saa +a.4 3.41 

Capital.- 253 27Jm -0-4 339 

Do.Accum m— ... ZT3 »3.-g.5 3» 
r m o m e .. m ■ 495 329] —&J. few 

Ito Accum- 555 59 « -02 609 

UmaUaul —— 50.6 _ «3Ari -0.9 254 

Do. Accum. ■ — 0.9 43* -O-J Z*4 

Hlrh Yield _ S92 S3.® -85 7.n 

Du Accum. — — BU 53 -05 7.91 

Equity Exempt- _ 007J U3.7j 5 M 

Do. Accum*_...|1075 - • uSi7| 558 

■J ’Price* at Dec 90 Nett deaRnf Jan 32 

Muster Fund Managers Ltd. 

Muster Hae-Arthur St-EC4 01-0831090 

SSSlSfc-BK W^l« 

Rla Unit Trust Bfgenmt Ltd 
(?M Queeu Strom SW1H8JG 01-0807383 
ULA Units NLB 99 91 —029 426 

Mutual Unit Trust Manager** <a)(g) 

f& Cupthall Ave EC2R7BU 01-6064803 

Mutual Sec Pin*. [513 . «*] -03 SJS2 

Mutual IDC TU-. fc.7 7821 *0 J 729 

Wnnix) Bine Chin 1423 46.0) -42 574 

Hotuul High YId IU 6251 1 C37 

National and Commarcla] 

K St Andrew Square. Bdiabuzgb 031-S5B 0151 
taooeDrc 2D 1103 -15M] | 566 

[Accum Units) 0026 21631 - I 566 

Cape Doc SB . P29A DU - I 550 

EMcum Unit* 6560.1613 > UO 

41osal PnvMeat Inv Mngrs. Ltd.* 
ittCra c« c h inTh8LEC3PaHH 014234200 

TU+i M 

IteSnttilla)*’ wl 1 

■~PrieM «y D«? M Nra dealing Jbb 38 
-Price* Jao- 4 Nexr deaUng Jan 18 

Nattanal Westminster*! a) 
lO Cheaps) de K5V 6EU 014JM80® 
CaplUKAccomi (6L8 0641-0-3 25 

£ttr»Inr {64.7 696) +03 7_K 

(haw - B4J - - gfl -03; 450 

^SSolnv Fd_Ka9 06* -Qjj 447 

«. LoiMhoy BCSS»teP ■ _ _ O1&7B0M 
Crowlbln* W<9 9UJ+0U 475 

MEL TruM Manage™ Ud.* URgl 

MtUaaGoun OaririnnScrrev 9011 

j«SSrHIgbIw twl wS 

N«w court Fund Managers lul (g) 
Ja® Ostshonss Hd- Ajlestxny 


Ifll-lxd -O.0( 245 
1233 -1.0 245 

18L8n +G3 6.94 

- 264.7 13 694 

- K33 „... 334 

UO.fi — 334 

295 •... 138 
3L8 mm- 158 
1772 __ 365 

—233.6S .v— ■ 337 
-Recovery Dec.304M73 192j| .... 432 

•For tax ■»—«!* funds only 

Scottish Equitable FUd. Mgn. Ltd.* 
286t- Andrews Sq. R fi nl a n gh OB1-5S8IUOX 

Income Units-g-1 54.41 - I 500 

Accum Units-B73„- 6 L®J - J 500 

UesUufl day Wednesday 

Sebag Unlt Tst. Managers Ltd.* (a) 
P0BmS21.Bdlfai7.Bae. EGA. 01-2385000 
Sebag Capital Fd ffi.7 3531-051 337 
Sebac Income Fd B97 UlJ -1 704 

Security Sdcctien Ltd. 

LS-ia Lincolnlatuo Plrids WCS. 01-8318036-9 
UDvIGUi TUt ACC . 123.1 Mil | 333 
UaviGtfaTtfinr 1203 2LW I 383 

Stewart Unit TsL Mana gers Ltd. (a) 

45 CharlotteSq. Btfinbureb 031-2203271 

Stewart A ieailca a Fund 

Standard Unit* J57.D 6LH - ..I 161 

Accum. Unite - |614 663 i - 

Withdrawal Units H69 MtI 1 - 

Stewart BriUsb capital Faad 

-Standard.. [I32.A 14261 1 325 

Aecum Unite — 0500 1616) * - 

Sun Alliance Fund Mngt U<L 
Sun Affiance Hse_ Bonham 04038U41 
ExjkEq.TsLDec 24 QM3 2B3) J 4.47 

•Tbe^iniij,Fd 6» -07» 152 


Target Tst Mngrs Ltd.* (aKg) 

81 Gresham St-BC2 DcsUngr 0208SOU 

TkigdOumfla 8U 33M -o.4j 432 

Target Financial 613 661 -03 4.13 

Thiget Equity 366 194u -05 539 

Target Ex Jan 4 2054 212J +13 607 

♦Do ACC Unite Z7Z3 2825 +L7 6.07 

Target Gill Fund 124.9 1XL4 *08 3.00 

Target Growth . 29.7 3X.f -05 4.13 

Target Inti . Z36 25.4 -04 1 24 

Do Reinv Unite. 25.7 276 -03 134 

TUrget Inc - 316 333 -06 369 

Target Plr Jan 4 - 1573 1653 -LO 4.22 

Tgtjnc . — 28 4 30 S -03 903 

TgtPref ----- - 144 15.9 10.90 

Coyne Growth Fd (U.7 »7dl 435 

Target Tst Mgrs. dcothad) uu<b) 
TUAthoJ Crescent Etfin 3 031-229S82U2 

nsn^-u *s|=8i] ^ 

Extra Income Fd 159 7 64^+0 3 U64 

Trades Union Unit Ta Managers* 
too. wood SUM.8C2 01-8288011 

TUDTJan 3 . JS13 546J-1£S 4I8 

Transatlantte and Gen. Secs. Co.* 
Bl-SB New London Hd Cheliasfcml024551651 
p yrhjy p Jan it m mj Nil ■MU] &oo 
(Accum UniteJ__-]U3i 120JU -HI Jj 6BO 
BarbXuro Dee 28 HUB Mm .1 363 

Bucfcm Dec, 20 [796 84^ . j 368- 



Merchant Investing Assurance) 

f 



BB9171 

Oonv Dep-PVt.^ .. 

Hooey MnLB- 

Her tor Man. Fd. 
Her Inv. Pw Bd _. 

SquiteBond ___ 

Prop. Fima — 

1266 



1463 

TOO 

142.0 

M3 

1453 

Eqmir Pens. ——. 
Couv Dtp. Pena._ 

Hon Mb Pena. ^ 

Z»6 

1366 

1886 










: JTT7T7.m 

miSSiarii 



» m^S34SOO 

”59.| *-0 lj Ii 

120.3 ) 350 

127,9< 350 


Buckm Dec. 29 
(Accnm. Uwtei- 
CoIemeoDec.30 
(Accnm Unite). 

Cumrld Oec-SB 
(Accum. Unite! 

Glen Jan. 3— 

(Accum. Units! 

Marlboro Jan. 3 
(ArCum. U nite ) - 
VaaGwlb-Jan 3 
(Accnm Hwum 
van TTY Jan 3 
VantTtee, _. 

■Accum UuittLl 
WiiJuiMi Dec 3 
lAccom Unite) 

Wide DhrJ3eCJ30 
Oo Accum 

Tyndall Managers Lid.* 
l&CanyngeSoed Bristol 
tneeawpee.ao M2 
(Accma Units). 
cap Deft 30 
(Aecum Unite) 

Exempt Dae. 30 
(Actum Units). 

CUyngeDec.30 
(Aeenm Unite), um 
1st Earn. Dee 30 CT76 
(Accum Unite) - P62.fi 
Scot Cap. D« 

(Aecum Units) 

ScnJnc Dec 30 
London Wall G 
Capital Growth 
Do Accum 
Extra Inc Growth 
Do Aecu m - 
FhwndaJPrrtr 
Do Accum 
fflrii toe. Priority 
London Wall tot 
Special Site 

TSB Unit TTOsts tyj 
21 Chantry Way. Aodww. Hantk 



ii 

+i( 7.0 
5.77 
537 

463 

- $s 

7*1 


027222211 
732 
732 
AM 
464 
759 
759 
536 
536 
. 526 

536 
■ 4J2 

SS 

1| Si 

+0J 2034 

. 460 
+03 *31 
-03 551 
*0? 492 


-03! 332 
332- 

& 
232 
232 



















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































frEix^v ■ .v.- •• ~ 

.' %j Financial, Times Wednesday January 4 1978 

Sr ; t * ’• - '• '• INSTiBANCE—Contmiied 

?;r \ . ■ *1 W»M 8 MKklJpLI «_* L Hg Uj 


23 ^ 


a **%£Z!Zz iWaPIHHflitt «• 

79 '■**! foils. 50p_ 1S3 +2 J7J7 .26 .7 3. K*f X16 63 

JO . 58 LMutcntaaStg.™ 105' u99 a'n §0 u055 551 

H |S kftSSdl— 40 ST tLH 1 63 1 170 115 

■54 30 UbofffobellOp 54 +4 +L62 25 XI 133 £31% £20^ 

ft it WraHam*-^ 52.i, #377 g| 9 5 <123 510 |194 

55 || J*tehT£j4Sjp..- 183, -3. u|^3 22 3-0 23 C 

K H j4to»Cw^0p. M7 *4.+h4.03 b22 57113 ' 

I le^f^ytrMoi 

M ll J 2 .'tin 11 4.815.1 » t vr 

II n *« -? +*9.0 2.8 W™® 1 17 


•„ „, t erj Kt na ■ 1KK8 

Sbck Price - Net Cw Grt WE High lew 

n Alliance LL. 584 +4 11832 — flri— 343 216 

nUfe5pI_._ 9B . 311 u u _ Hi 40 

JshoMur.EDR 714 -21 gQlB% — 0.7 — 69 34 

adelndemnhy 165 ._... rfU - 7.0 - 312 176 

aiders $2.5(L. £20% -4 QS128 — 3.5 — 155 44 

UisFaher— 282 +? fTil 2.6 43143 4% 


37 17 tSSmfc 3 +1 h -fillip K L« 
l\lMs tfl ” * g 8S lo II ft? s!'B 

.mAs % gffias « if a m g 11 8 • ■ 

=... I § SBftftfc rift; H’Htfs la Be 


MOTORS, AIRCRAFT TRADES “§■ 

* Motors and Cycles ^ 

i I17 (HLLo!aMl5Qp 22 ...... -- W 

c T£. Sn.Jte.Umte- 215 -5 IB 17 73 83 £773 

16 Locus Carlo?.— 46-1 — — — _ sm 

4 ■ BfiliMMtr.aP-. 5% . — - - 7.9 195 

54 MfrHtfttMtK- 64 -h 13.9 23 93 6.6 SI 

87 |v5»El50.__j BOO ... .. Q1294 o£| ^IM 67% 

Commercial Vehicles J? 

24 JCnu*ftneh.lQpl 99 .... +t2J8| 19J 3.3123.9 23% 

34 teiLF.IBWstl-] 127 _ 33 6.3 39(42 290 

19 FodeaswST-, S3 ...... P3.25 44 8.5|<4.7) M? 


•mWJITOS 


U S 5( % , 7^ , A-..- 12% +% *135 - » M I 7 P“H*«b-WP 9% Li!!! 0.5 2fl &1 66 280 

I 1 1 ESftgSi S * as Si II St% I g-fesasisN S :i Sfi tM *2 8 

1 I £&&& J-S&* I’ai ? ■ Components 

•f f ESAt: & it gf 6 3 ,^ SfjS 1 g 
ii»ls £ S 1 .« a|« Sfc 


PROPERTY—Continued 

I | j+ ari Dir VM _ 

w j Sadr j Wee - Nat Cff Grt RfB 

34W+2yrf34 13] 2.9144.4 
78 +1 fl.O 0.8 73IS3I 

67 tL59 ZD 36 213 

310 _d469 13 23 443 

154 -1 188 - L9 - 

31,+i* --- 

Prop-1 85 +7” 0.65 _ - 12 - 
1 7<Pz +5% 0.65 - 13 - 

103 _t2.61 2J .3.8143 

94 -1 2.1 0.9 3.4 493 

115 +1 el94 13 2.6 523 

<3 +>2 173 2.0 61123 

126 JL S226 13 2.7 39.9 

£173 +1 51Q%119 £53 — 
262 +2 LB1 33 L0 40J 

188 3.97 02 33 — 

3312 -2 Olffigc 15 7.3 93 

* H * i’i 

97 +1. 3.65 14 5.7 188 

2»2 +1 - -- 

242 .517 14 33322 

142 ..._. t242 16 2 6 353 

268 . I486 16 2.8338 

17la +>a dhO.48 24 42 148 

EstSn-^| 3012 +i 2 UA U 58(198 


INV. TRUSTS—Contiimed 

hST'ldwI Sack I Price j^-"] St )c«)g 


67 46 

L24 83 

180 235 
56 40 

29 17% 

125 69 

56 « 

L00 71 


•S M gteaiqoares- 'If. r:.'ft83 29( &9f 73|is’ 34 

a ol g? 10 ?:--—n~ « -*232 4.0 7.D 5.9 12 6>a 

z;Wmi 7 dM it 

.£ ta teSfSS** ^ -? 74.79 29 61 85 8912 51 

J? 24 Moma(Abd)_ 35 +1 t22. 27 93 59& 96 

*7 33 ...... gi s: 2? 93 M012 58 


« S KSfc.-S — t3M U . 
t S EiSfc « ±& USS . 8:3 £ 

>8 . 35 NaLC’rb’imjlif 50 -3 L32 40 4961m- aS 
» MS NjCAfMWl £61 +1 1X9 fi6 ”^19 59 

S n ■—33° 2 - 6 63 77p4Tu rp 

ii. S' SSgSiiSg: ^E V I'® » 



K SHIPBUILDERS, REPAIRERS 

| 4 162 I 40 K&wS:| I5Z 1-rltK ] If! I?|l26 


103 


3Z3 212 
298 143 
170 54 

354 204 


58 39 

9 4 STi, 

172 

275 


16.6 —■ nig 56 
mumn (1 ...... JJU j!M (J ■ J.| l-«n. TO 

StfnatlDp 68 tL82 t.O 62 37 ^ tS 

Idpiopi 13T 2 -t08» 1810.0 8.71 A. W 

rGnwp£1. 59 - _ — _ ’ -kv 2 fi 

a--gM-1% 4.02 26 68 6.6 iS 7J 

178*2 W3.b 29 llmo |ff 

WKP- S -Jffislrfr.a a 


a rtietritmtnre 172 126 UtoShippiiK— 144 _t4.4 

UlaUiuuUMa 275 215 ttm.lSCT&»- 255 5JO 

77 -1 KM « 7.9 4.7 24 6 MomtDLuSs 2*fe — 

11%- - — — — 95 46 Mllforti Docks £1. 76 272 

76 - 4.47 26 29 6.7 179 123 OceaBTnmmort 137 _t7.4 

119 +1 97.75 2410.3 6.9 175 10% P.fcaDefdEU 118 +1 J5.9I 

«lia +Ua Tt21 2.9 7.7 5.9 Z35 135 ReardonSm.90p 140 164 

37 . 125 - *A 5.1 88 84 41 Do/A’SIpJ—l 43 _164 


41 +1 1198 19(1-^10.7 *129 


5 ll -8M-H* 402 2 

t S BE»e-®a» 5 

W* 14 Jh»rrtcS«s.Wp. 28 __ t22 l 1 

6 S SSKfe W ! ii 




Vr " i? »erwWM» A. Ut> ...... 3.Z4 7.9 -4.B - 14U, 7% 

14 75 ftMbftWhites- 100 -2. {4.22 3.4 6.4 6.9,«E? 33 

Jfe 21. Pfeoafieltoi-.: 321 j ...... 1 4.1 6.9'm J5k£0- 

W 6 Potl&ndlq)— 20 +2 tf.61 38 4.6 6.9 jf 55 

31 42 PtotosIOp-75 ....;. 1489 25 8.7 78 32 16 

137 m Da 19SCl.ln.S5 £133 ~A Q15%25.4fll3 - & 49 

’S *! —if"* t4J9 1.9 27 88 84 35 

18 6 PhillipsPatenis. 18* +1 B— — — 42.4 52 


«_ tU 1 

99d_5.84 2 

41 +1 HL55 3 

s = a? 1 

& i 

30 127 1 

21 -d0.42 9. 

92 _M3.72 3 

82 _3.98 X 

119 -4 15.99 2 
89 +1 383 2 


f l03 
81 

46 S 

^ 22 10 

7.7 68 35 

219 63 36 

52 104 67 

6.6 34 12*z 

7.0 64 37 

9.9 54 26 

10.4 38 31 


SHIPPING 

,6COn.5(to. 282 +2 tfl.42 
BOBEras.^- 182 — 561 
«riJJ__ 120 __thUS 

«ss Withy £1 327 +2 17.43 

ingGfffflLfl_ 235 _1039 

faux.uigp. . Bias 

Cr$m.ftta_ 37 +*a 337 

ShipptiK— 144 _14.46 

lSotSp- 255 _5J0 

seyDLUmts 22* 2 — 

utlDodsU. 76 272 

mTranspcHt 137 17.44 

O.DrfdS— 118 +1 15.95 

TtoSm-SOp 140 164 

A'50p_ 43 164 

dam (WO- 102 -2 t806 



5 Photo! rLon)—_ 52 td248 3.0 72^ 7.1 81 23 

B Pbo»o-UeJOp.„ 263 -9 3,% 6.51 2jl 8.0 g 

3 PiUdngtonBr.EL 478 +3 +102*6 4.3 33) 9.0 7 2 

5 ntn-sEweeLa. £57 .taa* 5.6^ 9^ - I f? 

9 WasACoostlOp- 60 —td33B .23 9.3 7J 173 S 

iramaSp— 69 _ 202 4^ 4> ™ im 

a*M>p_ 55*2-f2« Id bM 7.6 37r, 3% 

5_ 235 .. #7.82 271 5.0|124 171! fc* 

IDuff.50p. 192 +1 llO.O 2« 7.4 8J p t£ 

Wm.l5p_ 27*2 .1 *0R4 4.4 4.3 75 « 

je Group_ 162 +1 5.08 29 4.3ll2 t® 

Sdau&V 31*2 +135 2M 63 27 W >) 

Mndiap. 7*2 _ 0.36 0.1 73)444 • 

uRU Sp 83 ..... 5.45 1«10.M(62) . 

Croup 10p 71^2 — 143 7.w 3.0[ 65 




030 -1 010% 17.0 £7.8 '— 40 22* 2 

72 _ £.45 32 115 4.1 48 22 

31 ‘ . 155 4.4 7.6 4.6 66 45 

78 — *2 fCIS 32 8.1 6B 37 21 

77* a +*2 1141 22 6.710.4 B5 56 

48 . g246 42 7.8 4.6 46* z 17% 

81 +3 S&B 22116 5.7 28 18 

28% ...... tftS6 42 U 5.9 70 19 

g r - - = * 35% 11 

165 2 Z" +4.93 4^ US 72 

235 -3 1005 12 70 20 2 

35 . {162 45 7 ft 4.8 

15 . g062 .48 62 53 _ 

43 . 0.63 13.6 2 2 5.7 550 390 

37 +% t22 29 9.010.0 U3 79 

70 . i0 g 

230 115 
130 87 


SHOES AND LEATHER 

22 +5*2)1101 

61 - §39 

63 _5389 

104_330 

34_g!25 

64 _4AZ 

52ni —% 2J7 

38 _291 

39 _t254 

46 —. +171 

66 +2 1252 
37 ..... hi92 

67 _4.24 

«* 2 15^ 

M !!-I f27 
32xd +% Gl 




SOUTH AFRICANS 


r.lamds.fti. 7*a_ 036 73 44 j4 1 41 

muRUSp 83 ...— 5.45 19^10.0(62 . 230 115 

D.Group lfip 7112143 I 7.§| 3.0 65 130 87 

lliBB ■ NEWSPAPERS, PUBLISHERS SI *8 

ddU.LlB. 62 ..... 153 43 3.8 9.6 — U " 

lalls—E—i 72 _td4.7 J 23 9.9 60 

kOroaa—_ 246 +5 7.24 33 43 7J g 
rWC5.Slfr. 435 -3 1965 3.4^ 3.410j f® » 
ream data- 317*d +3* 2 6F15R4 b30 7.6(481 ™ ^ 

JEwc.5p_ 45 hlfifc 23 5.710.0 .g “ 

125 +1 13.201 18)16.0 52 ;5f g 

aMC Ji --SOTPTh P* ” 


125 +1 1300 
. 6 ? 


*-JEZ ^ Zfflli IllaSS iS g “ 

"t: Sh=:|fi 8KHf & 

b^u- S +1 tl? 40 71 53 270 117- 

fores_ 128 _+5-81 24 69 9.4 . 1M 

(A-110p_ 47ul +1% +2JH 4.6 66 53 g 
07% -V fofiW 19 9.8 S2 }» « 


+T — * & 

. 4414 5.6 62 .42 Z? U 


g s«asi2:jp-aa! 

1 \::::: I 

46 22 RoUF»1nt20p„ 44-1+2 

26 12% RwmtBote- » +1 fli 

52 37 ESa?% 47b 1 +1% llj 

f 1 -! 

20 79 B%pu-! 79d -1 ’ SX 

.116 m {SM^GrtJpEI 112 ...... 45. 




ScoLtUataaZ 


95 f3~ 

I ± 


B L9 9!b tf 

a 1 

fiw 56 \ a 

5.7 03 25.4 V** M 
3J 5JL 7.8 
U 5.4 47 - ■ - 
+4.92. 17 .83 114 
234 U 5315.4 

t!14 60 2? 8.9 . 



[68* 2 «% 
550 ■ m 
68 46 



textiles 


136 73 

52 28 .. . — 

67 33 BeaksCJJ2ft>_ 59 __1262 5^ 67 4.4 

74 48 Beckman A. top- 71_h4.49 2M 9.6 7.9 

27*2 16 Blackwood Mot 26 ...... 8.82 IB 5.8 04® 

34 18 Bond St Fnb. top 32 %h1 +% 26 A 121 * 

41% 27*2 Bright (John)— 39% ..... 246 1.7 9.4 95 

9V 5*? BrigrayGrp5p_ 8 .... ~ — 43 

1&2 10 BrCEobdonl_ 13 _ — - - - 

43 24 BriL Mohair_38%_ 25 3.4 96 4.6 

48 29 BntottLInb.JOp. 41 .g31 2610.4 5J 

42 13 Caird (Dundee). 16 ..... - - - - 

77 48% Carpets hi. Sto. 52 . «S59 0.6 1145 

» i ^ Z |S H 4 li 

83% 56 CoatsPatau_ 75 4-2 12% 3.8 60 4.9 

35* 2 16*2 Corah_34%_ 102 19 45183 

135 89 Comtaolds_ 115 +2 t681 24 9.0(53) 

£82% £60% Do. 7%Deb8^7 £80%_07% 295 eto' — 

45 28 Crowthera.)_ 37 — 050 - 25 — 

119 49 Dawson Inti_ UMd ..... 1338 69 4.9 35 

138 48% Da'AV_ KBal. 1338 69 5.0 3.4 

60 24 Disco (David)— 55 -1 t238 26 67 85 

31 15 EarkOARIOp 30 180 17 93 6b 

33 18 FMerUofan)— 27 — 154 18 93 93 

95 55 Hamas U.)10p_ 85 _ hO.67 196 12 64 

85 63 HdflagP'stMp. 83 ..... t648 13122 9A 

14 9% BfeMBros.5p_ U% -Jo 0.75 02105- 


i Textile_] 136 |_115.9 1 25| 6.61 9.4 

sBn&_49 _ 334 27^103^ 55 


56 —I tl241 6flj 33) 63 

to LJIlb USmoj 


PAPES, PRINTING 
ADVERTISING 


IlpSg&fia 

llfeilil 

3 ^ -I 13 

11 19 Sonric__ 28 236 20 


if »a 


20 Aboc. Paper— 51% — J2.86 - 8.4) - 
2% SSX^bSZ £ 33% -%“ 24 li 7.7 


115 80 
126 101 

83 47 

28 13 

44 25% 

® 62 
202 133 
170 88 

142 143% 
134 IOO 
146 114 1 
31% 23*2 

195 42 

70 47 

245 126 
64 39% 

97 65 

162 113 
230 163 ! 

93 ea ; 
77 56 1 

77 53 

103 61 

104 62 
186 116 
273 173 

42 28% 

■77 42 

93 69 I 

§ ii\ 

153 117 
50 29 

38 25 

73 43 

131 101 

139 92 

84 60 

150 99 

116 77 

106 74 j 

83% 65% I 
102 76 

87% 64% 1 

84 57 

68*2 51 1 
66 48% 

122% 71 
59 42% 

75 49 

110 74% 

83 61% 

59*2 24 . 
55 38 

85 56 

95 61 1 

82 37 

18 6% I 

196 m 1 

78 41 I 

76 35 1 

£9 8 

775 620 
53% 36% 
128 97 

76 52 

150 107 
322 88 

75 59% 

206 161 
133 111 
125% 77 

143 107 
262 185 
49 28% 
51% 28 

A £ 
* S 

41 24 

101 69 

Sk X?V 

3T 18 

70 M 

«■! 
in 83 
73 57 
a 13 
75 45 
m 139 

^ s- 

»|S 

54 38 


Cedar Inr_ 

Ohanl ls.ine.Ll. 

Do. Cap- 

Charterimc— 
City fi Com Inc. . 
Dacip.i£ii__ 
ntyiFOr.Inv.„ 
Citj-AImernn.- 
Cflj'ttfOsfort— 
Cist ■hadseSOp. 
Clifton IraslOjL 
(^de|iale tov_ 

Coitaia] SecT^d. 
CoaRiMBflilnd 
ChdubmU'iiIbb. 
crtj’nt Japan Mp_ 

io^rtars__ 

Pmmil mTm 

DBoafi(Isc.i(aOp) 
S9.iCap.U0p_ 
Debenture Con. 
Detrn8.Inc.il 

Do.Cap.50p_ 

Dominion & Gen. 
Drajlon Com'd.. 
Do.Coss.__— 
Do-FarEastero 

Da Premier_ 

DnahwtlocSOp 
Da Capital £1„ 
Dundee k Ira— 

Erffathw.DC.aJ 
Hedra fo.Tst.. 

□eetftGea_ 

EntUnlernafi. 

En*.6N.Y.Trusu 

EkifrAScotlnv- 

EodtyCfflis’ta- 


65% . 23 

124 . Q12 5 

480 . — 

55 ...... 214 

2B%-% Tib 
108 -1 — 

54 . — 

98 -2 4.07 
63 . 13.05 

*i 2 :::::: V? 

68-1 t!67 
66 -3 - 

245 ..... 7J1 
200xd +% 15.84 

H =™ 

3 :::: 

..... 1187 

4 — 


rw 

Cvr fit's ME 

11 5.8 24.9 

1.010.1 * 

f.O 2417.4 


10 6JZ3J 
0.9 73 221 
ID 6.0 24.8 


FINANCE, LAND-Continued 

19TM8 ) | |+ vj Dlv | |T1d] 

BSgblaw] Stock j Price) - | Net JPw|Gr , s|PJB 


K inancttr 


i c iT“ gfe ® 


23% 14 IKwahul 
15*> 8 ILunoffl 

126" 30 
17 10 

86 34 

120 60 
I 39 22% 

! 78 50 
£12% 950 
i 16% 13 
1225 200 


EkmitSriDC.Sw. 
Estate Dunes £L 
T. AC. Eurocrat 
Phnahto-Tst- 
rust Sent Am._ 
FDst Talisman— 

F! ore* t Lit_ 

Fknden&Coi_ 

F.USLTlRIto5). 

Fundinrastlnc.- 

Da Cap_... 

/IT Japan 


202 . 11205 

164 +2 - 

190 ...... 6.85 

134 ...... 4.06 

145 -1 4.7 

31I 2 .flJl 

194 -1 609 

£ 5 

62al+% 203 
95 -% 0.91 
159 +3.55 

227 _ t63 

m ...... 437 

b 2 :!? Si 

96aJ_ 15.94 

104 .3-96 

182 -1 8.58 

273 +3 t7.61 

41 __0.85 

76 _t3.65 

89% -% 12-59 


13 4.4 273 
10 4.4 34.4 
13 3.930.9 

10 64 210 
1.0 4.3 35.7 
1010.6142 

12 43 262 
1.0 9.0167 

U 5i 261 
12 4.6 27J 

11 4.9 Z73 

12 3.9 333 

11 43 283 
1.0 93153 

10 10262 

13 15 793 
U 3.4428 
LO 42393 ; 
U 63 226 

12 3.4 403 
12 6.0 223 
12 53321 
12 4.6 266 
U 9.4152 
12 52216 
12 7217.7 i 

12 42 30.4 i 

13 3.1383 | 

10 73 24.1 1 

11 4.1 S31 


22 % 10 

207 120 


126 47% 

£50 £40 
60 37 

13 Vi 

£38-’* £29 
£10% 900 
28 22 



128 46 AttortMp_ 112 

1B7 130 ML Borneo Ito. 148 
966 776 BrtLPeCnd'm.a 842 
79 60 Da8°.Pf.£l_ 74 

83 41 Bumshfl- H 


22_165 13114)10.4 

13% «... 010 — LI — 

30 ._.. ♦—-- 

85 +T tU5 42 20123 

107 _1115 31 43113 

38 _0.68 22 27 26.0 

72_ 5.98 1112610.9 

00% -% Q5116 - 71 - 
I6i 2 — L3 0.711917.7 

210_- - - - 

10%_ — — — — 

21% _.... 10 26 7.0 6.4 

201 -3 619 3.7 4.7 8.7 

£45% -% Q9.4*4 _ 63 - 
10 ...... +0.44 0.9 66 26.4 

122 -1 3.02 17 3.8 23.7 

£50_Q4.25 - 83 - ' - - 

58 . 4.47 IX117 123 

£3§;% 05% = 93 i* MINIS- 

» ZaSl 17117 fi CENTRA 

74 +1 1124 33 25133 ^2. | ^ 

195 70 lFaIaraRO50c 

OILS » ! 

_ 112rf . 426 0.9] 5.8)315) 164 115 

). 148 -2 1613 16 6.315.7 80 70 

I 842 -16 g2210 3.0 4.0140 « ^ 

74 .. 5.6% 548113 — 27*2 12% ZamC|»SBD031 

51-1 — — — — 

: £SMrtd -2% <J8%% - *14.9 - ATTST 


^3nItrnational 3-t 

DAIWA 

SECURITIES 


MINIS—Continued 


* V 

+» 

Dhr. 


Nrt 

+5 

QSOc 


037 

-3 

_ 

-1 

QU£I 

1-2 


— 

— 


U 8.1 
164 9.2 


£64 £40% DaSMxJHAS- £59%ni -2% Q8%% - el*. 1 - 

£16% £10 ttCCPSthSeaD- £U -- 

&T 44 Century life._ 54 _t243 S3 6.8 43 » JS 

34 18 ChBJteroa05p— 26%-%-— 681 HZ ii 

£1B% 03% CeFr.PetnteB^ £14 -f QlUfr. 19127 61 “g ” 

550 400 tidifoaa— «o ...... — - - - 

170 in HCWePetroin 130 ...... -- 60 M S 


AUSTRALIAN 


Gen.CoiBQhM_ 
General Funds— 

Ba. Com. top.— 

Gen.Im«tora_ 

Got. Scottish_ 

GbomrSfUdn— 1 
3endenaln7— 

DO. -B-- ; 

Semnarraylnv..' 

Do.'B'Om._ 

Gtobeln v._ 


ffiL North'll Ibv_ 
pcenfrlarluv— 

Souplmestorel 

Gunman lm.T5L_ 

Hamhros_ 

Barcrosluv. Uto. 
8eUenicAC.10p 

SiDiFhilip)_ 

HcmeHlds.-A"- 
Do.-r_; 

Wimrirtl 

Da©_ 

Industrial A Gen. 
1 k.Fu.Sc.GEM- 

Internall Irrr_ 

ha.lnr.TstJtjr£l_ 
in, hi Success— 
Investin'Can.— 
[nrestiH.TH.Cip_ 
lartitne Ja pan— 
Iirdme Sec. HES5_ 
Jersey Ext P£ Ip 
JerreyGen ^Q— 

Jure Im-lna top 

Do.Cap.2p_ 

Keysnoe Im. 90p- 

Bjhesidelm._ 

Late View lot— 
LanaALaa.Ihv_ 
lmw Debenture- 
Ledalnv.lnt20p 

Do.Cap.9p- 

LeVaUonetlnv.- 


7.fl^8 84 51% feemrose \ 72* . p.TJ 2« 7.9 66 14 9% ffleld5ros.5pl U%-% 0.75 0^103- 

I4‘6J 50 31 2 (Britftxntfng-—j 44 +% 123 0.9011 m 45 26 Breton-; _ 45 ..._ 279 3M 9.4 43 

771-. IS +■ L 1 PC X*a ML ldlQC A 4L TA 1C R.tUAA-b. C.fl N In 4 ^ilA £ (Ml 


[ilfcr 




Q.11 *j.t 

mil 


ES: S . Z. 1646 34-95 46 60 35 W il” 429 23 ]£Z & 

DaBestrttiVl 54. 13.46 34 9.7 43 64 45 Bombay- 49*d +1 <1312 A 9.7 4 

Bund Palp_ 97 -1 t4.88 4.4 7.6 43 34 20% nTpraihM.aOpL 31 ...... 134 31 65 67 

CapsealsSaJ— 43 —.174 3.3 6 2 75 34 17 Da‘A'%_ 30 .— 134 31 6.8 64 

CaSanlsFj.'- 18 ...... — ♦ — * 40 26 Ingram(§5top- 30«d— d281 1514.4 7.0 


StagFundhBw— '96 t4.l 

Stectley..192 +1 t5.i 


25 25 60103 62 33 

.96 82 26 4.9 28 13 

r^Bal -v 
(Mniii 11 
^ .i i y I 1 


stoniSirJ.'- 18 _ _ * — * 

pnmBaLaOp.. 65 _ 3.98 22 93 1.4 

&ardi_ ' 57 _1Z87 2.8 U 73 

fettHsooWp 56 . 1297 4.1 8X 46 


26 Ingram (Hj top _ 30»d— d251 1514.4 7.0 
31% Jerome iHUft). 48 +2 h2J7 31 8.8 55 

46 Leeds Dyers—_ 80 +1 3.02 5J 55 45 

_ __ ... ... „ _ 15 —dl,IJ5 2S 10.6 52 

Cnher Guard_ 20 .101 38 81 5.1 18% 7 Lever 5p_—. 24% +1% — —- 

DriynaOp_ 18-1 --tl 2 litter_39% +1 02 _ 0.4 A 

DRG_J__ 123 -1 1637 23 7.8 8.4 74 33 I*fes®.i20p_ 62 +1 43 22110 64 

East Lanes. Ppr_ 44 _ 297 02102205 44 28 MackayHogh— 44 _ d330 12LL41X.4 

Eucalyptus-_ 69 _ 5.08 41 111 2.4 19 U HsckhWSeoti IS — - - — - 

PenyndilOp..- 63 _hZ56 311 62 8.0 80 36 MartinCA-12)p„ 79 _CJ 3.4 72 63 

FLnlas Holdings- 111 — u7.7 - 10.5 — 36 22 Miller CP.)10p_ 36 -CL45 32 62 82 

Geers Gross lOf- 51# — 1229 1.9 6.8120 53 35 Morttat-» ..... 1327 2B 92 62 

BarrisonASoM. 64 _ 3.82 0.8 9.0(2(21107 60 Notts.llanig_W +2 1294 36 42102 

IPGIOCts_£19%-% ffiURI 3.6 05*, 58 43 6% NaraJnni»20p- 36%rd +1 103 75 22 8.9 

lflverakGrp.50p- 79 -1 t4.79 2312l63) 80 25 Parkland^A'— 64 —td288 66 68 11 

LAP. Foster Up 168 _tB.81 17 8.B114 15 11% Pfckles/W.jACa 12%+% 1667 24 20 7.7 

McCuniuodale£L- 220 _tl295 0.9 8.918.8 10% 7 Da'A’NVlOp. ?% ...... 10.67 24103 5.9 

Hdody Milk_ 70 . 29 4.B 63 5.0 58 29 RKTUto- 58 +2 424 2.0113 68 

ftfillx A Allen_ 112 +2 f- - - - 44 19 BadleyFWwns 41 — eO.94 2814.6 3.7 

MoretTFerr I<4> 82 +2 d3.09 12 5.7 222 71 35 KeedfMta.]- 69 — t458 24 9.0 69 

Osh-y4M-$2_ £28 -% tQ140c 3.7 28 9 5 39 13% ReUancaKimap. 36 — 289 29122 32 

0&c«P.Mm!0p 24 ?L27 26 8.0 66 21 13 BwtanislOp— 21ri +2 103 42 95 52 


111 28 -2 W4c 12162 5.7 56 32 
J 25* 2 1— 1117 16 7J131 72 33 
1 B6 L...E60 1710.9 8.3 £K- 05 


11% 

39% BO 
9 5 

22 64% 

45 32 

37 15 

63 91. 

32*4 £21?, 

74 48 

5 Z 
52 130 


« aoaefunjm®.. » —.ao ym yea- as% 

IP ::::■ KS 11 u 

3 SwirePaeUieflOc 73 -6 hDMc 14 4B163112 25 

3 Sypww __ 94 +1 d5.0 33 8.1 4.4 83 25 

3 &toSp_ 17 +3 027 3.7 - 17.0 £31% £3% 

Ii rebtott%_13 __ - — — 26 20 


_ 37 ...... d682 2.0 3.4 22.7 200 -7V 2 

IS* 5 +?a 5JLb „ 3-1 « 8-8 ‘W ^4 

*.£«- ZS& -vqftS? 12 ^ 


BiUeffeiD- 200 +6 tQhRS 

sap: s-ti nr 

WattarTop- 53 . t297 

Group 20p. 2W +% 142 

ssEva m 

ffwiwfp-l 12 +1 — 


s ESSE EffS 

g » SBSSK: * i.SS |410J H . . 

^ £ g H ^ & SF .H a a PROPERTY 

63 26V United Gas Imk 53*d ...... #353 2110.4 72 59 ZB lAJd London «*e — hlg 

21 4% U GnaameeSp- 21 +1 - T To T 228 327 AHwttLm*n- 2» ...... d38 

15 7 Unoctownt,— 33 — 0.48 *. 5.8 * 10% 5 AmdgnroiStoiES. Iff* +% . — 

(3% 18 vST:- « +1 t!91 to 7.2 (63* fT 43 SSSSpi,-. Uf ..... *24 

— — Vfnesta______ 1 Hrf — — — — z 38 113 Apex.Props. I0JJ. 235. ..... 35 

29 21 VtowIUp Z& _ 214 1611.6 75 igi, u nqS-Sed^?-- 18 —0.61 

87 Wh VlS^iOp.. a tl34 5.0 2.7105 7^ 43 StoA 67% +% 15 

73 38 WftfttWBilS- TO ...... U33 S.9 6.9 55 Banit&OCTlOP- 3, — — 

s = \i naat & a » BiH b s I ksk * =a 

49 a wS^rtSp—; «* +1“ fife 26 3.0 128 57 -1 2^5 

» 169 SSpSdZ!: 2K 1680 3.9 52 55 % 2 % — - 

21 9 Vr^oHUflCSA 21 _ 05 81 31 3.8 43 BritishLand^-_ -35 — — 

62 34 KbSSj* 57 ...... d3J5 16 8.S 103 235 204 DaBPcQr.MB- 135 +1 012; 


46 Interest Grp. Wp- 79 -1 M.79 23 92 (63) 80 25 ParUaDd-A’— 64 —td288 66 68 3.1 

94 LAP.Fosterwp 168 _18.81 17 8.0114 15 11% PicklesfW.jACa 12%+% W.67 24 20 7.7 

37 McCunjMd«le£L- 220 _tl2.95 0.9 8.918.8 10% 7 Da'A’NVIOp- 9% — 1057 24105 5.9 

50 Melody MilL_ 70 . 29 4.B 63 5.0 58 29 BiTJOp- 58 +2 434 2.0113 65 

25 M31sAAllen— 112 +2 f- — - •— 44 19 EadleyFWons 41 — H3.94 2814.6 3.7 

... „ _ 25 MoreOTcrr JOp 82 +2 d3.09 12 5.7 223 71 35 Reedflfta.|- 69 — t4.£® Z4 9.0 69 

_x= s tS •? I 7 = "VVKSfclfe ^.ifl B B tt B ?sas* ^ li 
BB® I £ Boas t S :l.Mz » HA g i S 4 # M a 

|3 *F - - - - ™ * Hate 8 li II i & ISSSife B ^-p 5 

UB.W— ' dIL82 20 34 227 200 -79% SnwrfitUeffsn.1. 200 +6 tQh8.5 22 4117.4 104 62 Std)awlnds50p„ 97 -2 547 14 B5129 

- w ^ ~ 48** TkansparenlPpr. 71 +1 g4-93 3.0103 5.7 57 30 Sidar_ 52 — d!82 33 62 3J 

35 IhhtadGroop — S7sd-% 334 24 69 58 28 20 SmallfcTidmas.. 23 4203 2® t — 

41 PsberWritelOp- » '. t297 3.4 85 53 119 28 Sn.races*U2SL 28-2 ~ -- 

16 Ware Group 20p, 23sd +% 142 3 3 9.4 4.9 85 20* 2 Daftir.U200_ a* 2 - ~ - — — 

11% ffaddfafifionSI. 224*-f F120 4.4 73 83 49 22 Sfenee-f&wl- 48 — ffc23 17 7J (US 

29V WattnoaSs_7B +1 b225 52 4.4 67 35 14 Soddard'.V— 30 . 132 60 67 3.8 

9 VnUWwvi^P- 12 +1 — —-27 10 Stroud Bdeyto'iL 27 +1 Lttl 53 5.7 53 

30 10 ren+Consulate- 27 +2 1663 64 36 4.6 

' . 27l 2 11 rexrrdJrsy.l^J. 27i 2 — — — 40.4 

49 32 rmridnsons_ 46 -335 *, 124 « 

PROPTHTV 51% 31 room- 47 ...... 12.4B 26 60 73 

muriittl I 42 29% rorayY50_ 31% -1% 010% 10 35 28.9 

« iiTTdTjiMhuilOD -Be Mlc 2.41 ejjii# 45 13 rraifoedCarpets 27 —3 12.06 18120 69 

g gjagg ™ - tt aiiai 5. h M mefc. ^ _ a 

<16SS!£ « * as?aj»s: a « w. hh k 


Consulate- » +2 1663 64 36 4.6 

rdJrsy.ll^,- 27% +9% — — — 40.4 

fcz 9 =» LiSfe 

?Y50- 31% -1% 010% 10 35 28.9 

Md Carpets 27 -3 12.06 1812JJ 69 


PROPERTY 

London] Op I 53a: |_IhlfcJ 


*r e ar a a h a i * ttaia b wm q •i h 

McO’se&p 67% +% 15 18 3.4 255 

f& Com top- 3,' . — — — — 

SfflE § ail’s TOBACCOS 


*45 169 «Wgwood._-_ 202 
21 9 21 

61 34 Batin. Bund top 57 

15% 10 VstnuaAOyP M 

50 31 winck-MaSsa. JS 

>02 175 VkasaaBAngd. 275 


SK: SP-rMi hUiLmm 

ae:fl. = 3SBS , Uf i 
aSI:l 

i— r— wn* lie mw_ _ - _ _ w 


0? 175 VtaBMRAngeL ZQ i m 8-6 2.2 73 

84 42 S^Sar! 82 — #44 2.J 53 73 

-3 9 :rff SS \ 4 i 


i% 128 

54 IB JWbSeky&itt.-j - 43 -1 051 40| lf|W^ u 124 DaCaaSto^- 7b |+1 - -J -1 50 

51 30 VUklUl. - -3- ...... 1M 1311| (92)312 m aestSeld— 310 — 353 19 18 461143 

51 20 WUtte UtchaU 46id__ tdO-1 — 0.3 — 14% 6*, Sown Sees.- 14% +% — — — — in 

*13 129 WKSH: 206 -3 +8.37 .21 63 95 ffiT W aurchlftyQU 2«“ — H2 r/ 17 25 367 9* 67 

£102 £79 JEfetopeCm.—. £100 -2 016% 132 £104 — 57 37 OtyOffices—r ■”: +1 1156 14 4225,4 224 l£6 

m 25 BapiiSaf* > - 38 +1 1275 35 111 *.9 61 30 artaNldmlte-. +1 til 22 52733 m 91 

49* 26 WillatGemel— 48 _tdl-tl b65 4.5 52 23 13 . Control Secs. 30p 2%_ — — 1Q3 81 

S * SSSt &1 %s B’S-V SBSK 1,3 8E S 8 * 

g 5? “Jif uqug i aKSdlE “«*&” a MB ss S 

i J| Bast* s arte = B 


eyBAfcW- «3 
u%S j«6 h 


135 16 8.9183 235 m Do.OpeCm.X^ 135 +1 012% - - - 1 " 

1 - - - — SI 62 BriSnEstide- 112_&J1 15 26056) 

u ^ r ? seat t = - = -= n 

5 a a wJr S SS5£Sf.& B SS 1 

¥ 5 S 'SSS* 5: ;r = = = 'z „ L3J 

ffl 13113(92) 312 i«i f>dm^eld — 310 __363 19 18462 143 h® 

Ewk:#2LA h«k«iS 


TOBACCOS 

BATIate_ 290 — H1287]l32} 671-62 

DaDeftL_ 240 .— — - - 5.1 

. Jtoiu 380 +5 +7.92 65 32 7.4 

_ 74% —*2' 515 li 105 82 

V3s~ +% 8204 9.4 62 26 

aa&SenHalte. 60 -2 *2.75 32 69 92 


{QtyO&K—, -57; +1 1156 2.44 42J25.4 224 
amtoNktoUs- 5&d +1 118 22 52333 m 

SS&h 5 la +4" 1132 li 17229 ^ 

C^AKstl^u Wxd +l!% tff79 26 14(S0> 46 

DMJBllffldgSl- 62 +2 296 22 73 83 44 

DaesQWesp)- ,.U% ..... - - - - m 


25.4)224 

333}m 


^ M 

ill* 


TRUSTS, FINANCE, LAND 

Investment Trusts 

50 _ 1208 11] 63|23.0 

137%-% 467 11 61265 

10W+r 14.12 U 5.7 243 
91 +1 249 10 4J 365 

220 — «-« M 45 329 

120 — 1731 10 92161 

170 +1 tM6 _ -- 

61 H06 11103 13.9 

4 ? 1 -&t 02 &2 « 3A4 

43 —% — — — — 

98 -r 268 U 4333.8 
49 -1 294 13 93153 

126-2 - - - - 
43%-% 161 10 55273 


INSURANCE 



UCE 193 64 

V ... 28 
-1 112681 43 35103 10 4 

+1 128 * 35 * 2% 116 

-« I - 8.0 — 320 198 

- 53 31 14 

- 7.8 - 9 5% 

_ 5.9 - 595 305 

- 7.4 - 25 18 

- £8.4 - 251 150 

- 55 - 147 92 


BftSOp- 46% -1 233 .U 75 OM) 136 86 

UaftflEft*;.— £99 +4 33.9^67 — 44*i 31 

Dal&cCnr— H7 +2 Q12% 5.Kfl2i - 79 52 

-g; SS ffBVA l 

op.lw— .82 -1 IffiL 1 25 ± 322 UL 94 

rtbife. li -1 s^ 5 } at m W 2 w i |K'»:| m\-S Ida I Zi\Ui 

Sterf =r» a«BS 8 ffteasi ! }z-h Him 


u u 


Lp»p.iw_- m -r lira. 

ssfadB hSf 


n loans 


535 4 1U # 

106 -6 *339 J 55 J 

131-^45 10 4.039 1 

53 -h 05 05 14 595 

89%-% 0.41 43 0.7 501 


tfi.l - 53 - 327 |140 

19.24 - 55 — 46 20 

115J3 - 8.1 - .48 -35 


98 GtPortland50p_ 518 -2 3 96 18 19 43.0 61 41 

14 Green (Ri top— M% +% dl^ IS 63124 56 39% 

li “7.: 5^ 12 13968 if 

U BotolalTttiMp 24 .&66 17 42 (BD 298 208 

JO Kneretop- 243 *1 1297 22 ISlMj+l % 

K aKLand-HEfel « -6 *Q37c 13 45 363‘‘S. 9 


m Invest—I 38 


1(H 0-712D2J[ 


fh3.03 44 27125 71 40 

1M 25 8 3 72 119 69 

11.44 — 72 - 131 42 

t9 41 — 53 - 17 8 

IS - 3:8 = 18 £ 

& M = U = S- S 

ZiST k — 55 — 132 «6 


,. ... _ __ .35 Uenaniinvest— 38 _ira 11 65219 6% 4% 

1664 52 25105 134 81 MfiwsL— M3 __ 2Jtt 13 23 565 4? 30 

560 31 4 E 105 230 137 Sind Secs. 50p_ 219 4.82 15 33 29.7 71% 49% 

t$8 31 4.6 9.9 MO AM DASHf^*- -v'- H S'5 “ ^ .70* 

« 2 — 4.7 — £155 £94 DaflScam-®- £M3 +1 «C% 3.7 £4.4 — 102 74 

+412 27 64 83 £1^ £106 D*10ftCont.'S5 £145 +1 $3% 5.7 173 - ul 121% 

Sro t 60 - 33i Law Land 3A— .47% _ fl.0 14 33 Oft 14? 

3» 43 19 B.9 ^ 137% Lend Lease&- 193 -5 §25% 20 4.0127 97 

fiM9 U d8 29 K 45% LooIlwSajplOp ^89 ...... 0.74- 2.6 13 *5 76 

^- 40 Lro-Stoftm- 71 +1 33 0| 64fl5.«i 65 

69 LySOoHdES-W 138 +1 228 23 29 213 280 

42 2epC_-_!_— 126 _ 17 1.9 20393 72 

B MarierEsWW- .14 —. -17.6 70 

Ub lS —! 141 30 15 34.4 2 « 

15 ifidhurBirh.!.^- 31% __ — — — — 106 

g Mpnntriew5p_- ,60 ...... 132 63 31 73 125 



57fli _.... 233 10 62 Z3.6 

55* a -% 087 IB 24 616 

IO 2 «33 IS 48 £4 

297 +1 7.5 11 3.8353 

145 ...... - - - - 

S^*_QKL44 5.9 45 3.7 

$95 ...... QSLD5 0.9 12 87.9 

25 .— T05 15 00 03 

6 . 032 13 8.1172 

40%-% 1142 U 53 266 
70 -1 20 12 4.4 30.0 

107 —, 539 26 7.4 83 

100 - 3.4 13 52263 

136 -#1437 10 43358 

146 - 457 11 4.728.7 

355 6. 67;* 


Xp _ 76 —. 234 It 43 2^1 

Iff_ fig 19 13 4.4 275 

aims- 252 +1 17.67 12 4526.7 
anTtt- 71 -Jj 142 pi 10 44.6 

a Z'Z 35 llhliSA 

198 +5 184 28 14 398 

IB -1 1335 13 4.9 29.1 

323 _ UJ li 4.9 30.7 

119' — — — — — 

DH—1105 — 335 IB 48 39.4 
ta_1132 -1 +075 5J[29.6 


_ 55 1+2 I 46 (MurUowfAAJI U2. ___ 6232 18 3.0 Z72 U9 

Voiq 16 4115.7 M [M Isatton_• % _ 28 0.4 684719 KJ6 

IlST 82 jS Mtf-- 78% -% 199 UlLH- U3 i 86 


81 54 

25 11. 

* ‘S' 

If- 

33 16 

58 24 

84 47 

ii 

123 24 

5 A 

ai iM 

ft 

in 

72 63 

Z9* z 16 
123 98 

40 25 

26% 15 

£65% £50*4 
652 502 

STBS 

6 8 

81 30 

190 103 
70 43 

m 88 

88 58 

48 35*? 

181 90 

133 103 
39 25 

t 91% 
111 
AMI 70 
131 104 
87 72% 

88 71% 

#18 

79 61 

78 57 

184% 143 
450 315 
137 87 

59 47 

125 76 

167 111 

m « 

93 71 

175 .131 
95 67 

94% 69 
193 121 
26% 1B* 2 
104 60 

73 42% 

£1 32 £70 
78 48 

130 77 

167 126 
670 57B 
67 46% 

179 92 

108 72 

139 94 

110 90 

55 29 

128 96 

I &| 

188 144 
980 685 
104 68 ; 

62% 44 
310 218 1 
186 141 
86% 64 ! 

1 l l 

80 49% I 


285 168 

27*2 10 

163 102 

66 42 

£20% 850 
241 196 
35 13 

23 12 

H s 

16 32 

27 15 

164 64 

22 17 

h 

16 4 

« 28 


LoaAastIn+5Al 
Lrm.4Gart50p_ 
LwtrLSBofynwL 
Loil fe Lennox — 
ImALiv.lOp- 
. A Lomond- 
Lon. A Montrose. 

Lm-iProv- 

Ion. Prudential _ 
Lon. AS'cWe— 
Lm.Ta.ud.— 

Lowland luv_ 

HiGDnslhtlOp 
Da Cap. 1ft)— 


30 

151 -1 
37a) -2 
37 ...... 

68 -1 
104 _... 

138 ...... 

82 -1 
140 -1 
113 -1 
104 -2 

82 -% 
98% _... 

ST _ 

84 _ 

68 __ 

113% -f 

■ s 2. 

^ r: 

S^*d -% 

m z -i 
82 +12 
16 -2 
185 -2 
78 . 

76 ._... 

• £9 _ 

670 ...... 

52 _ 

115 -5 
75% ...... 

147 _ 

122 

73 -% 
203 -t 
1117 _ 

77 -3 
123 -1 
246 -2 

I 49 _ 

50 +% 

140 

51 _ 

90 +% 

m 

101 +1 

42 ...... 

in __ 

62 . 

107 +3 

62 . 

ii 

108 _ 

72 -1 
41 -% 

192 -f 

52 _ 

191 _ 

118 -1 

79rri +1 
?? -% 


+L56 10 7.9 203 
194 10 3.0 517 

tQ5**c 12 93 R6 
|24ff 1.0 9.815JI 

1101 23 15HL4 

14.92 11 5.4 263 
1115 U 5.8 232 
4.16 10 45 542 

3.45 07 10 413 

13.05 bli 5.617J 
t22 11 3.4 45.6 

1166 10 29 528 


u42 M 
IB 12 
tLB4 12 
35 10 

122 14 

flfii 

239 10 

133 10 

7.01 10 

3.71 11 


550 400 
170 1C® 

45 2l 

418 260 . 
326 78 

23 8 I 

a«; 
&* ejK; 

635 (54 


A_flr Mi -m = S B 

gtfO I79 _3 _ _ — _ 2+4 JJu 

53IOl1%U8l-83 £109 +1 Q14% _ el!9 - “ 

If = = = = 11 

S&IS: £37^ -ni 25 6.6 U ^ 575 

dlTransJeg. 525 , -3 tJQffl 4.7 41 55 ” „| 


- -U uLfi “ 


llOp_ 300 

irCoo.^] 17 
rOU_—084 



iQlOc I 15 83 


186 -6 
56 -2 


69% 54 dTtWLoZ: bU -3 ’bSSPattlH _ 555 545 

350 68 t»Sietens(UR)£L 266 _ — — — — — ~T 

£66 Texaco4i%QrrT £56 __Q46% — ffi.7 - -H nr 

204 100 TriCHrtia_ 174 -2 127 45 0.7226 

266 116 Ultramar_ 224 ...... — — — 7.6 75 40 

157 85 DaTpeCuv._ 131 mI -% 7% 13.0 7.7 - 

98 50 Weeto-Vatioas. 90 --- Tj 

98 50 DaPM-OnLMc- 98 +4 Q154iC — 93 — 39 118 [AnnLNl«u_ 

J2 1 DaOrtiads — - - 395 245 UyerHttaraaU— 

■99 49 ffoodsideASfc. 67 -1 -- 57 25 IBeraltEn_ 


M3 -5 Q9c 1.7 3.9 

33+3 - - - 
2*2 +% — — — 
88 -i Q8c 1.5 5.6 

129 -5" QUc 19 54 
30 -4 — - ~ 

975p -25 — — — 

13 .. - - — 

430 -15 Q15e 9 22 

g* - = = = 

95-3 Q6c 14 3.9 
5a —... — — — 


— | 57 25 BeraRT5n_— 

260 155 Berimnai SKI 

570 260 Geeror- 

1 13. 8 Gold A Base to 


OVERSEAS TRADERS % TJ IE* 

285 h275|305) 15) 23 7 J. Ji 00 ^ 

64 -1 Q25c -H-l- l™. « ItoslOP- 

216 +1 t8A21 33l 5 71103 101 2 7 *oniarlz% 

226 +1 ROB I II 5 . 7 I 95 ,85 30 K^untta 


&Basel3tf_ 
ngGons._ 


tonkB Invest— 
iouLBostcm lOp 


ioyattU- 

cadelnv— 
i^teTrurt- 
tSASCSl- 


— 14 - 

11 42 33J 
13 18 408 

12 42 27.6 
28 3.7186 
LO 3.0 428 
10 2.5 58.9 
I f 43 329 


12 4.718.4 
10 6.4 23.0 
10 103152 

17 2?! 

1.0 3.6 40.7 
1.1 6.0 23.7 
10 6.1243 
10 8JU.0 


11 65 27.4 
1.0 5.21R5 
11 0.8 - 
LO 4.4 345 

13 5.127.6 

14 3.7 29.7 
10 45 326 
10 4.4 335 
1.0 43 34.9 

10 5129.9 
1.0 51 29.8 

12 63 23.B 
U 62 22.2 
1.0 8.7193 

10 16182 

16 71145 

11 5.9 24 2 
10 3.8 383 
10 5.6 30.9 
10 4.4 33.7 
0.8 2.4 83.6 



TO 6.2 1113.1 (9.91 260 

Z7 -1 1.52 12 8.7 (13JR 21 7 

309 -1 g654 7.0 3.2 5.7 -- =T 

227 +2 B8.71 3 2 5.8 7.4 “ 

£51 002% 23 45 72 215 133 


3 68 -2“ S“ 2ll 9.7| 6J g |9 South grftytoP;- 

TO -6 O5_o « turn gg ,77 

B :: T _ Z _ 1 160 57 SongeiBenSMl _ 


5.171 S 15 - 


fenlOp_ 

*nu_ 


TINS 

— 30 _251 1.6)12.7 

_ 245 —10 «UJc 0.9 422 

__ 46-1 175 23124 

— 205x4 +2 ±QfcSc « - 

— 460 -15 mi? 14 6.0 

1, 260 -5 13.2 19 7.7 

— 130-5 - ~ - 

_ 13 . 9.14 1014 9 

Si 72 -l" 3Q155c t.l 53 

— 45S . 0225 A 12.1 

Ml. 295 -25 095.5c 6 8.0 

__ 27jt . tQ2.5 05 9.3 

58 ...._ 558 1314.6 

— 185-5 mQ12*<c 10.9 17 


74 +3 *6.45 3.6132 3.5 

41 _ 3.4 18126 55 

220 3237 12 7.7Q4® 

98 -1 h229 35 35 82 

225 . 7.0 7.9 4.7 42 

215 __ 7.0 7.9 4.9 3.9 

49 _ 4.43 1313.7 85 

94 -t Q35 35 3.7114 

362 ...... +025 4.4 52 5.4 

47 +1 3.09 2510.0 65 


_ _ _ 160 57 SungEiBesiSMl _ 

3.6132 1 5 *6® 19 Supreme Carp. SMI 

IM! 3 gifeE 

3.B % 9 if 9 203 93 rTranohSMI- 


185 -5 

60nl . 

59*11 +% 
150x4 -S 
250x4 -27% 
148 -4 
55 ..._ 
97 -3 

W _ 

158_ 


HZNclD.9 17 

1.99 * 5.0 

4.12 15102 
778c 14129 
mje 1113.0 

Q10 - 45 

iis « 10.2 

pin 16 4.7 
330c 20 4.7 


COPPER 


13.7 85 198 | 88 |MessiiiaRfl50_| 88 (-5 |.Q30c 1 19(225 

iiii MISCELLANEOUS 


RUBBERS AND SISALS 


Q35 3J 3.7114 

+*125 4.4 52 5.4 
3.09 2510.0 65 u, 9 

08% 102 193 - n5 M 

h0.75 11« 22 6J 600 250 

B.8 312 0426.0 475 275 

247 173 
70 28% 


1877-78 
High Law 


160 121 




rice | — | Net [CtrjGr's 

0 l±IVS IU ii 


86 -2" - - - 

255x4 -1 Q30c 4 t 
285 -5 — — — 

189 +4 *85 q32 68 

46% _.... — - - 

925 -25 -- 

45 L21 25 41 

137 Q7c 4 32 


NOTES 


1^2 ■■■_■■* 5J27 {D 6.1 otherwise indlcatad. prices and act dbUtrix are la 

+S 5“ T, 25 pence aad «wwhotn»« are SSp. »>»<—*—< ptccTomlao 

J? 4.0} _ Ll 55 ratlas and eosen are baaed aa beast mmaliwiani and sccewOs 

96 -2 0120 12125 and, nfccre potriUt, srr apUatcd oa ktif-fenh tlpircs. P/Ei >n> 
46 +2 0,71 22 — tilralxlri on Utr basis of net dlKrtbadsB: bracketed rignza 

8% .... 055 4 95 lmilcale 10 per cent, or more difference if ealculafad ea “hH" 1 

227x3 -1 110.15 15 65 dl fr iha ti— ■ Cam are based oa “waxfanam" distrihariaa. 

67*?-1 3.05 — 65 Vleldswe based ao middle vsfeca *• (mb, adlastad la ACT of 

60 -lb I01%c _ 51 *4 per ecu. sad allow far nte of Adnd diatrlbufeos and 

45 —1 Ol&p ll 5J rights. Securities with d m ia Jw fltM other than sterling ara 

30 -1 Qn U 9.B tarinsi** sf the investmenc daUv pretnlnm. 

IS + 2 AP,. A, If a Sterling den wnl ua ted —earitieswhich inchxte lnr e st m ea* 

g -4 J-7 5.6 doOsr premium.' 

30 +125 0.4 55 a "Tap" Stock. 

32*2 +% WL43 li ?-9 * Highs and lam marked thus hava been adjusted to ailoar 

57 +2 C.1B 23 5.0 for rights issues for cash. 

£18% ._ 50.77 17] 4 2 + Interim since i nc re a s ed or rosnued. 

Interim since reduced, passed or de f erred. 
tt Tim-free to non-residenU on nppUeattaa. 
npTn M C 4 Figure* or report awaited. 

lJCriU ft Unlioed secoritF- 

_. a ^. * Pnee at time of suspension. 

ana flanglMesa ? Indica t ed dividend alter pending scrip and;or rights Isannt 

cow relates to previous dividend or forecast. 

190 ...... +951 5.91 7.6 ** *■*«« ■* Stamp Dutf. 

385 +5 +4.0 4 L6 ♦ ** er 8 er Wd or reorg anis ation in progress. 

104 7 0 37102 1 Not g wupnre bte 

211? " 614R 1614 0 1 Same Interim: reduced final and/or reduced earning* 

215 * +5" T>n 35 1 fi5 indicated. 

S4 +2 18a 65 68 ^ Fora*** dividend; cover on earnings updated by latest 

350 105 7.7] 8.( j Cover allows for conversion of shares not xww nnkiag foe 

4 OB . I- — ■ 1 %> I dividends or miking only tor restricted dividend. 

23%-1PL72 3^116 * Cover does not allow for shares which may also rank for 

151 I-— P13.Q | 35)10.9 dividend at a fntnxe date. No P/E ratio usually provided. 
146 [-._ 95 I 4.7) 93 4 FtriuiHng a final dividend declaration. 

* Regional price. 

CM T antrn II No par value. 

ml m n i m a Tax free, b Figures baaed an prospectus or other official 

_| 138 |+6 1353 115} 4.0 

1 1 1 * 1 cn. capital; cover os&efl on arvioena on rau c&pim. 

e Hedempdoa yield, f Flat yield, g Assumed dividend and 
Afri ca yield, b Assumed dividend and yield after scrip tone. 

1 . nn , - J Feyment from capHalsoureea. k Kenya, m Interim higher 

39m .._ Z335 cm 9JL than pnevlmu totaL a Rights issue pending q K e rn i n gs 

130 )..._. 1756 [ L71 8.9 based on preUminary figures, r Australian currency. 

s Dividend and yield exclude a special payment, t Indicated 
dividend: cover relates 10 previous dividend. P/E ratio based 
TLfTTkTCtC on latest annual ear ni n g , a Forecast dividend: cover based 

lUlil£a3 on previous years earnings- v Tax free up to 30p in the £. 

__ _ _ _ _ w Yield allows for currency danse, y Dividend and yield 

TH AI, RANT! baaed on merger terms- x Dividend and yield loelode a 

Bpeelal payment: rover does nee apply to special payment. 
_ __ . A Net dividend and yield- R Preference dividend passed or 

f ~ + *. ~ — — deferred. C Canadian. D Cover and P/E ratio exclude profits 

P-M. 315 +14 tC&c 16.4 X of U.K. aerospace su b s i d ia ries. H Issue price. F Dividend 

StR2. £30% —J* Q35flc 35 7.8 and yield baaed an prospectus <r other official estimates for 

l- 144m —8 Ql3e 4 t lffr7-18. G Assomed dividend and yield after pending scrip 

and/or rights tone. H Dividend and yield based on 
prospectus or other official estimates for 1918-T7. K Figures 
nxnv nivn based on prospectus or other official estimates 'for 1970. 

I uIUv lull" mJ ll Dividend and yield baaed on pro sp e ctu s or other official 

cn dlI rwc- , , estimates Tor 1978 N DWdend and yield based 00 prospectus 

5L. t? 2 Ss? 1-5 28.4 or other nWfeiai estimates lor 3976. p Dividend and yield 

+7 Tyflic — — based on prospectus or other official estimates for 1977, 

1404 —... — — — Q Gross. T Figures assumed. IT No significant Corpor a tion 

I3Ld +6% Q24c 4 125 Tax payable, z Dividend total to date, ff Yield baaed on 

275 -12 Q34e LB B3 aMnuuption Treasury Bill Bale stays unchanged until maturity 

35-1 Q3e 12 5.7 of mode. 

95a! +1% Qfec 15 32.4 

ftffl -1 t02Lc 107 ± AhtaeriaUons: ri ex dividend; a ex scrip issue: XT ax rights; sex 
55xd +1 qSc 4 3(j 4 all; ri e* capital distribution. 

522 ~8 Q86c L71L0 -- 

33% +% - — - « Recent Issues ” and “ Rights ” Page 20 


32% +% 1 
57 +2 
£18%_ 


TEAS 

India and Bangladesh 




jgTta^lne: Jg* .?G4 LO 3L313J 

S^wmsi X 20 ;n;;; — — - — 


DaNewWrnsL. 
N.Y.fcGartmoie. 
IJSS Invest——. 
NDi. Atlantic Sec 
NthaAmerleaa- 
NoithernSecs— 
Oflfc Assoc. Im-.- 

Outwkhlnt- 

F OTtiand lnv__ 

Prag. SCS. hR. ,5Qp 
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BaHlyim 

BeatooakIuv._ 
Rights tlss. Cap 
RivertMerc.— 
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Roheeo(Br.)F150 
DaSuhSTlFU 
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Da Sub. Si’s FB- 
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St Andrew Tst_ 
SectAm.Inv.50p.. 
ScotiCont-Inv- 
Scot Cities‘A’_ 
Scot East. Inv— 
SEOt-Bnopean- 

Scftfishinv_ 

Scot Mott, ft Tst. 
Scot. Nationals 
ScotNonhmi— 
Scot. Ontario— 

Sco.Utd.Inv_ 

Scot Western— 
SeotWota.®-. 
SetAUllnff'W— 
SccGrcitNthn.. 

Da“B-_ 

Securities T.Sc_ 
Sderi.iaslIn».SUa 
SMre*Itrv.5Qp_ 
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Sphere Inv- 

SKIT Inc. 10p_ 


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L Brit Sees— 
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US. A General Tat- 
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W.CattTaailDp. 
Wnnyailnv.Q-. 
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85 -2 L98 
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0.6 L4 - 
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Ll 45 31.7 
LI 4.4 335 
L4 45 23.9 
X.0 4.9 29.9 
L4 3.7 30 3 
L0 45 M3 
Ll 53 265 
Ll 7.9173 
Ll 42 33.0 
Ll 4.4 3L0 

12 63^0 
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L0 5-2163 
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13 8.217.6 

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13 68 203 
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13 63 275 
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250 123 
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215 +3 120 
224 +2 10.0 


400 , ') 
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181 L- 

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390 _ 2335 

130 ...... 756 


MINES 

CENTRAL RAND 


248 +6 — 

315 +14 ±Q5c 


EASTERN RAND 

59 +1*2)0 

iss; 7 . s 

55bj+i e 
522 -8 Q 
33*j +% 


1.0 4532 2 

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La 3.9 325 
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L0 84128 
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— 86 — 

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1.0 95 180 


FAR WEST RAND 



This service Is mnilaible to every Company dealt in on 
Stock Exchanges throughout (he United Kingdom tea 
« fee of £400 per annum for each security 


REGIONAL MARKETS 

The following is n selection of London quotations of share* 
previously listed only In regional markets. Prices of Irish, 
issues, most,of which are not officially listed In Loudon, 
are as Quoted os the Irish exchange. 


OJ\S. 



Albany Inv. 20p 23 

Ash Spinning— 41 
Bortam19 
BdK*wtr.Est 50p 273 

Clover Croft_ 23 

Ctalg 4c Bose £1 380 
Dyson OLA.)..- 35 

EUlsiMcHdy- 65 
Evans EVfclOp. 28 

Evcrcd- 16 

File F'orfie._ 47 

Finlay Pu. Sp. 20 
GralgShipLEr— 250 
HigsonsHreff- 135 

LO J*. Stm. £1_ 143 

Hott.(Ja£j25p-. 237 
NTfan. Goldsmith 39 

ES5S’S 

Sheffield Brick 45 


SbeftRefrshmt. 50 - 

Shiloh Spiim— 20 

Sindali (WmTj— 83 ..» 


35 .— Conv.B+6 >80/82. £987, +% 

“ . Alliance Gas— 67^ ...... 

2| --j-- Arnon_ 300 - 

*6 +% CsttoU fPJ.i_85tod 

J 7 Clondalfan—. 75% 

20 +1% Concrete Prod*.. 110 .— 

2M - HftitontHldgw 48 

}$r< — Ins.Corp.„___ 160 .—. 

1 C — Irish Hopes_130 —. 

737 . Jacob_— 45 

31 -Sunbeam-24 —. 

Ill T.M.G_175 _ 

17 nni rjnm 65 _ 


L0 62 24.9 
L0 7J2U 


Finance, land, etc. 


m* 

-. ^ 
tfminglDp.l 57 

s 


1100 ] 48% IKniaziK. 



Ttykrapl 45 


6 \132i t 


V U J 3 

21 firAi 

20 52 319 
- - 213 
6.0 2610.7 

21 53123 
L71DJ 85 
53 29 UJ 
13 42 293 
L9 8.0 93 


3J 7,« 5.7 
3-0j 6.7] 5.0 


186 
130 
£15% 

59 
500 
230 
55 

£ 12 % 

230 117 
294 1170 
80 (52 


FINANCE 

470 __ 

252 +2 
£35 

630xil -» 
130 +1 
175 +9 
20 +% 
248# ...... 

£15 - 

875 +51 

** 
IK -4 
104 ..... 
£30 +% 

57 . 

402 +2 
164 -1 
36 -1 

_ £ 11 %. 

.C.hwtttRl- 182 -1 

.’monCcnm.fl^Se.l 240 _... 

[Vogels %_[ S3_ 


OPTIONS 
3-month Call Rates 


DIAMOND AND PLATINUM 

£33%KL9 [Aneto-ABLlnvSOe- £31 +% HMDc Ll) 8.1 

73 47 E^sgtieKtlOe- 66 -t QTLe 6 U 

3U 188 DeBeers DL5c_ 295 +1 §35c ±4 7.« 

£11% 850 Da40pcPf.R5._ £3(J;nl +*j SfiMs. 1S9.9 12i 

^ S.BftSEz I TBy 


IndiutrUls 

A. Tire w-6% 

AJ*. Cement.™ 18 

B. S.R.-U 

Babcock—— 10 
Barclays Bank. 25 

Beecham_38 

Boots Drug_15 

Bovraurs_16 

B.A.T-- 24 

BridahOxygen 6 

Brown l J. I_20 

Burton 1 A’„— 9 

Cadburys-5 

Coortaalds — 10 
Debenhuu_ li 

Distill era_13 

Dnnlop.i_8% 

Eagle Star.— U 

gJi?J.- 18 

Gen. Accident 17 
Geu. Electric- 16 

Glaxo-— 40 

Grand Met-V 

18 

Guardian_18 

G.KJC.—-_ 22 , 

Hawker Sldd. 60 iTbon'A’ 


20 Mines 

4 CbsnerCons.. 12 
4 ChanerhaD fin 3% 

n«»ici oiao .1 ou i.Bwo a .— .1 22 Cons. Gold_20 

Rouse of Fraser. 112 |TrwtHooses ] 13 RioT.Zinc— U 


25 Tube Invest- 30 

7 Unilever-40 

20 Utd.Drapeiy- 7% 

7 Vickers.-.-— 15 
5 Wool worths.- 6 
17 „ 

14 Property 

L Brit Land-3% 

“ Can, Counties. 5 

5 ELP-_ 5 

2 Intreoropean 5 

7 Land Sera._IB 

75 MEPC_32% 

^ Peachey_10 

J- Samuel Props.. 10 
H Town 4 City _ 2 

22 Oils " 


A selection of Options traded is then on the 
London Stock Exchange Report pace 


} 


7 































































































































































































































24 


g? Tarmac 

CONSTRUCTION 

Buifds for Business 


FINANCTALTIMES 


1 I 1 ■ L? i fep 

r 






Wednesday January 4 1978 


r DESIGN & BUILD SERVICE j 

phone Fairview 01-3EB nn 


■ V 


Saudis press Carter 
on free Palestine 


BY MS AN HtjAZI 

PRESIDENT Jimmy Carter 
arrived in Saudi Arabia to-day 
on the fourth leg of his tour to 
face strong Saudi Arabian de¬ 
mands for a change in the U.S. 
Administration's policy towards 
the Palestinians and the applica¬ 
tion of more pressure on Israel 
to make major concessions. 

Despite claims by a senior 
U.S. official travelling aboard the 
White House aircraft that the 
Kingdom was “moving in the 
direction of a Palestinian State 
linked to Jordan *—a sugges¬ 
tion which the Palestinians 
vehemently oppose—all the 
signs are that the Saudi leaders 
will be pressing for the creation 
of an independent Palestinian 
State in the Middle East- 

On the eve of Mr. Carter's 
arrival, Saudi Arabia demon¬ 
strated its renewed support for 
the Palestinians when it allowed 
the local representative of the 
main commando group, Fatah, 
to hold a gathering in Riyadh 
on the occasion of the 13th anni¬ 
versary of its establishment. The 
Saudi governor of the area was 
present 

The Palestinian official Mr. 
Abu Hisham, disclosed that in 
1977. Saudi Arabia gave Fatah 
as much as $34m. in aid. Signifi¬ 
cantly Abu Histaam’s statements 
were reproduced by the Stale- 
controlled Saudi news agency. 

Saudi officials are understood 
to be concerned about the grow¬ 
ing hostility between the United 
States and the PLO. 

Both the State-controlled radio 
and Press urged Mr. Carter to 
bring pressure to bear on Israel 
over the Palestinian issue. . 

During his overnight stay in 
Riyadh President Carter is 
expected to urge King Khaled 


BEIRUT, Jan. 3. 


New oil hunt 
follows rich 
Dorset find 

BY RAY DAFTER, ENERGY CORRESPONDENT 


THE LEX COLUMN 


Pressures on the 
dollar premium 


■v, 


\ ,■ zl ; 


President Carter is given a smiling welcome by King Khaled. 


and Crown Prince Fahd—whom 
he met to-day—to be forthcom¬ 
ing in supporting President 
Anwar Sadat of Egypt's contro¬ 
versial peace initiative. 

Mr. Carter attaches crucial 
importance to Saudi Arabia, the 
world’s largest oil exporter and 
the main paymaster of Egypt 
However, he is in its debt 
because of the action taken by 
Saudi Arabia together with Iran 
last month in effectively impos¬ 
ing a price freeze for the com¬ 
ing six months on other members 
of the Organisation of Petroleum 
Exporting Countries. 

Oil prices, the depredation of 
the U.S. dollar and the energy 
problem in general, as well as 
the Somali-Ethiopian conflict, 
were also expected to figure 
prominently in the U.S. Presi¬ 
dent's discussions in Riyadh. 

According to reliable diplo¬ 
matic sources here, Mr. Carter 
derided to go to Egypt after 
receiving an urgent message 
From Mr. Sadat in which be 
allegedly said that unless the 


U.S. rectified its position on dhe 
Palestinian question. Mr. Sadat's 
entire initiative would be in ruin. 
Such a state of affairs could lead 
to Mr. Sadat's resignaUon, the 
Egyptian President warned in his 
message to Mr. Carter, according 
to the sources. 

Roger Matthews reports from 
Cairo: Mr. Sadat has again 
insisted that there can be no 
half-measures on the question of 
Palestinian self - determination. 
“1 believe there is‘no one in 
the world who would differ with 
me about it,” be told a Mexican 
television team. “ Seif-deter¬ 
mination is a principle agreed 
upon the world over.” 

However. President Sadat also 
thought that he bad made tan¬ 
gible .progress towards peace 
during his Christinas summit 
with Mr. Begin, during which 
Egypt formally rejected pro¬ 
posals for civilian self-ruie ‘ for 
Palestinians on the West Bank 
and Gaza Strip. 

Paris talks Page 2. 

Sadat demand Page 4 


CompAir buys stake Cost of fire 

in US. company J-£ 


FINANCIAL TIMES REPORTS! 

COMPAIR yesterday became the 
latest British company to 
announce a major acquisition in 
the United States, £he group, 
which manufactures air com¬ 
pressors and pneumatic tools, has 
agreed terms to buy the Fluid 
Power Division of the Watts 
Regulator Company of Law¬ 
rence, Massachusetts, for S15m. 
(£7.7m.). 

The deaf is to be financed 
largely by long-term US. loans 
with the balance supplied by the 
S3m. to S4m. remaining from the 
group's SlOm. Convertible Bond 
issue this year—left after the 
group's programme to restruc¬ 
ture its overseas debt. 

CompAir has been indicating 
since the beginning of last year 
that it was poised to make an¬ 
other UJS. acquisition after its 
purchase for S9m. in 1971 of 
Kellogg - American, manufac¬ 
turers of air compressors. 

Sales of Kellogg last year 
“ comfortably exceeded Xlfkn.” 
and Mr. Alex Masters, chief 
executive of CompAir. said yes¬ 
terday that turnover in the U.S 
could double in the current yeai 
with the new acquisition in¬ 
cluded. 

Walts Regulator is a private 
company based in Lawrence, 
Massachusetts. CompAir claimed 
yesterday that its Power Fluid 
Division was the second largest 
supplier of air filters, regulators, 
lubricators and associated equip¬ 
ment in tits U.S. controlling 


around 20 ■ per cent of the 
market. 

The group said that all the 
formalities necessary to complete 
the deal should be concluded by 
the end of February when a 
letter giving full particulars of 
the acquisition, including past 
sales and profits performance of 
the new division will be sent to 
shareholders. 

As well as acquiring manufac¬ 
turing facilities in the U.S. the 
group will also be purchasing 
some “ elements outside the 
U.S." including a U.K. subsidiary 
company Watts Regulator U.K. 
based at Thrupp near Stroud, 
Glos., as well as operations m 
Canada and Germany. 

CompAir plans to vest the 
newly acquired U.S. division into 
a new subsidiary company Watts 
Fluid Power, while Watts Regu¬ 
lators will continue to run the 
remaining features of its 
business, selling specialised 
products to the plumbing and 
heating industries. 

The U.K. subsidiary acquired 
as part of the deal will have its 
name changed to Watts Fluid 
Power Ltd. 

Mr. Niall Macdiamiid, chair¬ 
man of CompAir said yesterday 
that the new acquisition would 
strengthen CompAir’s existing 
product range and represented 
a valuable extension of the 
group's business " in the world's 
major market for compressed 
air equipment." 

News Analysis. Page 15 


Financial Times Reporter 

THE FIREMEN’S strike, now 
in its seventh week, has poshed 
up the cost of fire damage to 
the worst monthly total since 
the Fllxborough disaster in 
1974. 

Latest figures from the 
British Insurance Association 
show that the cost of fire 
damage for November of 
£42.7m. was more than double 


FIRE 

DAMAGE 

G.B. 



Token strike called over 
petrol tanker pay 


BY PHILIP BASSETT. LABOUR STAFF 


LEADERS of 2,500 petrol tanker 
drivers in the Midlands have 
called a 24-hour unofficial strike 
from this morning over demands 
for pay rises of 30 per cent and 
fringe benefits. 

The stoppage may be the first 
of a series which will bit oil 
and petrol deliveries. 

More than 150 tankers drivers 
at the Rowley Regis oil terminal 
in the West Midlands walked 
out early yesterday a Tier the 
strike call, and more than 65 at 
Worley. West Bromwich, stopped 
work for 24 hours over their 
union's slow handling of their 
pay claim. 

Drivers’ leaders are threaten¬ 
ing to step up the action unless 
the pay demands arc met. 
although all the major oil com¬ 
panies except Gulf arc already 
■negotiating with the drivers. 

Drivers’ basic weekly wage is 


just under £60. but pay aetile- 
ments are negotiated company by 
company. Employers so Far have 
offered 10 per cent., sometimes 
with productivity deals as well. 

Mr. Geoff Parkcs, secretary of 
the Midland road tanker branch 
co-ordinating committee, which 
called yesterday for the token 
stoppage, said: “We used to be 
top of the wages tree but we are 
falling behind.’’ 

Leaders plan to lobby the 
transport union national execu¬ 
tive in London next Tuesday to 
get support for a national strike. 

Gulf, who hav> not yet received 
a pay claim, said they expected 
the Warley depot men to be back 
at work to-day . 

BP have offered their drivers 
rises of 10 per cent, and a pro¬ 
ductivity deal. Shell drivers’ 
claim has been referred to the 
Advisory. Conciliation and Arbi¬ 
tration Service. 


tbe monthly average of £18.5m- 
for the previoas ten months of 
1977. 

Although the firemen's strike 
started half-way through the 
month, the BJLA points out: 
“ November losses were un¬ 
doubtedly higher because of 
the reduction of the cover 
normally provided by the fire 
service.” 

There were 126 fires in 
November, estimated to have 
cost over £30,000, Including 28 
estimated at more than £200,000 
and seven ai over £750,000. A 
£5m- claim from the Tilbury 
power station fire at the 
beginning of tbe strike Is in¬ 
cluded in the latter category. 

This is a sizeable increase 
when set against tbe figures for 
October when there were 84 
fires estimated to have cost 
over £30,000. Including 14 at 
over £200.000, 

The insurance Industry Is 
cautious about making projec¬ 
tions for December. The 
returns from tbe companies' 
branch offices are not yet 
complete. 

Even so, December, tradi¬ 
tionally one of the better 
months because of tbe long 
holiday period when Industry 
shuts down, is expected to be 
little improved on the 
November figures. 


NALGO seeks 
Press controls 


Continued from Page 1 

U.S. steel prices 


over normal business cycles since 
1956, 

European and other foreign 
steel manufacturers geling to the 
U.S. will, of course, also be sub¬ 
ject to the trigger prices. 
However, since the Japanese 
industry is considered the most 
efficient and, where outright 
umping is not resorted to. 
c #pabie of selling more cheaply, 
* is reckoned tint the European 


steel industry could still sell 
below cost, yet above the trigger 
price levels. 

There was no immediate 
reaction from the domestic steel 
industry here, which clearly 
wants time to digest the figures 
announced to-day. By the same 
token. Treasury officials refused 
to say what the Japanese reaction 
would be to the trigger price 
levels. 


By Our Labour Staff 

THE NATIONAL and Local 
Government Officers’ Association. 
Britain's biggest public sector 
union, called yesterday for 
tighter controls against bias in 
the Press particularly when anti¬ 
trade union. 

In its submission to Mr. 
Edmund Dell. Trade Secretary, 
on the Repon of the Royal Com¬ 
mission on the Press, the 700.000- 
strong union suggested a system 
of independent monitoring of 
newspapers to enable . trade 
unions and similar organisations 
to counter bias against them. 

The system, it proposed, should 
come under a strengthened Press 
Cotin 


BRITISH GAS is to drill further 
oil exploration wells m Dorset 
following Its significant new 
discovery, deep .underground 
below its Wytcb Farm field near 
Corfe Castle. 

The corporation's exploration 
team has still to complete tbe 
latest well which is now at a 
depth of some 6,000 ft The well 
may be sunk a further 2,000 ft 
in the effort to find even more 
reserves. But it is already clear 
that Wytch Farm most be rated 
an important oil reservoir in 
terms of Britain’s economy. 

Oil industry sources suggested 
that on the evidence of flow rates 
the upper and lower fields at 
Wytch Farm may contain at least 
50ra. barrels of recoverable 
reserves. Although this is small 
when set against some of tbe 
biggest North Sea finds—British 
Petroleum's Forties field with 
1.8bn. barrels, for instance—it is 
still bigger than the offshore 
Argyll field and almost on a par 
with Sbell/Esso's Auk field. 

It is possible that Wytch Farm 
will be even bigger than 50m. 
barrels. British Gas. operator 
for a group which also includes 
BP, was intending to produce 
oil from the upper field at a 
rate of 4.000 to 5.000 barrels a 
day. Following the new dis¬ 
covery over the Christmas period 
it is thought that the output will 
be nearer 10,000 barrels a day. 

Autumn start 

Production is expected to con¬ 
tinue for 15 to 20 .years, which 
means that at current oil values 
the recoverable reserves are 
worth £500m. to £600m. 

Furthermore, tbe annual pro¬ 
duction rate from Wytch Farm 
alone will be five times as great 
as the output from all the small 
landward fields now being com¬ 
mercially exploited. / 

The Wytch Farm field is ex¬ 
pected to cp-me on stream this 
autumn, .although it could be 
late summer or tbe autumn of 
1979 before it is approaching its 
oeak output The crude will be 
transported from the wellheads 
through a pipeline to a rail ter¬ 
minal at nearby Furrebrook. 
From here the oil will he earned 
in rail tankers to BP'S c nuth 


j in i j Southampton' 1 

r 


|97l [98 


feggSUn, J 

Wales refinery at Llandarcy, 
□ear Neath. 

The whole • operation will be 
run at a fraction of the costs 
faced by oil companies in the 
North Sea. This is one of ibe 
major attractions of the Wytch 
Farm reservoir. 

But there are other reasons 
why the find must be considered 
significant British Gas geologists 
used the evidence of earlier 
drilling to calculate tbe possi¬ 
bility of finding further reserves 
deeper down in the earth's crust 
Similar second-tier finds have 
been made in the North Sea. and 
it is possible that much more oil 
lies below the first generation of 
oil fields. 

British Gas plans to drill 
several more deep wells at 
Wytch Farm, although at present 
the corporation believes that the 
lower reservoir covers roughly 
the same area as the upper one. 

The new discovery’ wiil not 
onlv encourage other oil groups 
which are drilling on shore. It 
will help to generate new explo¬ 
ration interest in tbe English 
Channel off the coast of Dorset 
where new licences may be allo¬ 
cated in future drilling rounds 

British Gas has already been 
awarded a drilling concession 
on block 98/22 to tbe south east, 
while Continental Oil and 
British National Oil Corporation 
are still finalising the details for 
drilling on their new licence. 
98/23. 


Bid to simplify 
spending system 

BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


THE Treasury is considering 
proposals to simplify the present 
system of public expenditure 
planning- and control. 

The possibility of merging cash 
limits with the traditional sys¬ 
tem of Parliamentary estimates 
and accounts is now. being 
examined by officials abd will be 
discussed in detail with the 
Public Accounts Committee soon 
after the Commons returns next 
week. 

At present, public expenditure 
figures are presented in three 
separate ways—survey prices in 
volume terms for medium-term 
planning in the annual expendi¬ 
ture White Paper, the historic 
spring estimates and later Supple¬ 
mentary for approval by Parlia¬ 
ment. and cash limits for tbe 
coatroi of spending inmoney 
terms. 

Ever since the present cash, 
limits system was introduced in 
April 1976 as tbe main method 
of short-term control over 
expenditure, the desirability of 
simplification has been recog¬ 
nised by the Treasury. 

Officials believe a change 
would help to improve the 
scrutiny of expenditure by the 
Commons, while Increasing the 
efficiency of programme manage¬ 
ment. 

The hope in Whitehall Is that 
sufficient progress can be made 


in co-operation. with the Public 
Accounts and Expenditure Com¬ 
mittees of the Commons for the 
merger of estimates and cash 
limits to be implemented in the 
financial year 1979-80. 

'A change along these lines has 
also been urged by a number of 
MPs—and was discussed in a 
Public Accounts Committee 
report last year—to restore some 
reality to Parliamentary control. 
Cash limits do not have to be 
approved specifically by the 
Commons. 

There are some practical diffi¬ 
culties in the way of a merger 
of the two systems, as Mr. Denzil 
Davies, the Minister of State at 
the Treasury, pointed out in a 
recent Commons speech. But 
these are not seen as insuper¬ 
able. Tbe- main problem is that 
cash limit blocks are fixed in the 
spring to take account of 
expected Inflation during the 
financial year ahead. 

Consequently, if Parliamentary 
estimates were to include the 
cash limit figure, tbe Commons 
would in effect be approving a 
pay limit and incomes policy for 
the public sector. 

Without any incomes policy in 
the public sector, it would he 
more difficult to make the infla¬ 
tion estimate for the year ahead 
needed to fix the cash limit, of 
which more than half is wages 
and salaries. 


Sterling has started the New 
Year m fine fettle jumping by 
4.65 cents to $1.9635 and on a 
trade-weighted. basis the 
exchange rate rose by nearly a 
point to 66.L In sharp contrast 
the effective dollar premium has 
been tumbling. Yesterday the 
rate slipped to 29 g per cent.— 
its lowest level since early 
October. 

Following the abolition of the 
25 per cent surrender rule, jus; 
under a fortnight ago, the effec¬ 
tive rate has fallen from 401 
per cent., and;while some Initial 
weakness was anticipated, the 
extent of the recent drop has. 
taken some institutional inves¬ 
tors by surprise. Part of . the 
reason is that certain overseas 
stock markets, especially ii£ The 
Far East, have been weak and 
some investors are capitalising 
on the ending of the surrender 
rule and taking some profits.- - 

However, the key influence 
on the dollar premium market 
in the'short-term is the weak¬ 
ness of the dollar. While ex¬ 
change rales continue to oscil¬ 
late violently U.K. investors are 
adopting a cautious stance to¬ 
wards overseas stock markets 
of which far End away the most 
important is Wall StreeL The 
dollar premium is traditionally 
a highly volatile market and the 
current uncertainty is only 
exacerbating the situation. 
Since the sire of the liquid in¬ 
vestment currency pool prob¬ 
ably fluctuates between just 
£50m. and £150m., UJEL inves¬ 
tors do not have to liquidate 
much of their overseas port¬ 
folios—estimated at £8.2btL at 
the end of 1976—to have a sig¬ 
nificant impact on the rate. 

Consequently the institutions 
are eyeing the current move¬ 
ments in the currency premium 
with some unease. Now that the 
surrender rule is abolished in¬ 
vestment through the premium 
looks considerably more attrac¬ 
tive and this is enhanced by tbe 
fall in the premium. But while 
some investors will become ac¬ 
tive buyers once the premium 
drops to 25 per cent, the threat 
of its eventual abolition will en¬ 
sure that it will remain a vola¬ 
tile market 

Graff Diamonds 

A new offer, effectively of 50p 
a share, has gone out to the 
200 obstinate shareholders oE 
Graff Diamonds who refused to 
touch the 28p a share terms 
which were eventually accepted 
by most shareholders in May 


Index rose 0.2 to 485.6 


Isa'Surrender Rule I 
—T l Abolishedf\( 


“DOLLAR"" 

PREMIUM 

(Effective 

’■Rate)' 


November December . J 
197V TKJ 


last year. At the time of tbe 
first offer shareholders were 
assured that there was “ no pros¬ 
pect of any improvement” tn 
the terms, and acceptance was 
advised by Hambros Bank on the 
grounds that "cash at this time 
has more attractions to you than 
remaining a minority share¬ 
holder." 

The price now offered of lOp 
(after a four-for-one scrip issue) 
would not necessarily have been 
offered generally, had the first 
bid failed. But are the 
awkward 200 likely to accept the 
advice of the very same 
Hambros Bank that aOp is now 
the price at which to sell out? 
The threat is that if there is 
not adequate acceptance the 
offer “ may well " lapse. Yet 
shareholders will also spot note 
3 of'Appendix 2 in the offer 
document which mentions at 
least the possibility of an 
improvement in the terms. 

Hambros points out that its 
willingness to recommend the 
equivalent of 5.6p a year ago 
partly reflected the much lower 
general level of share prices 
then (though this factor cannot 
wholly explain the SO per cent, 
increase to lOp). In Favouring 
lOp new, it is taking into 
account a slight setback in pre¬ 
tax profits of 11 per cent, in the 
five months ended November 
and also the fact that the net 
asset value is under 7p. 

It seems strange, however, 
that Mr. Laurence Graff is not 
willing to go to the psychologi¬ 
cally important level of 11.4p. 
effectively the price at which 
the shares were originally 
floated five years ago. Holders 
of around 45 per cent, of the 
outstanding shares have agreed 
to accept the new terms. But 


Mr. Graff's private vehicle 
Sands! a r could have a struggle 
to get tn the acceptance levels 
—75 per cent, of shareholders, 
90 per cent, of the minority 
shares—needed to allow a final 
compulsory mopping-up opera¬ 
tion. 

Life assurance 

After a difficult rune in IST7, 
the lire assurance sector is gird¬ 
ing itself up for an outstand¬ 
ing year for new business 
growth in 1978. Figures pub¬ 
lished in the last few days con¬ 
firm the pattern set by Standard 
Life a month ago of a very sharp 
fall in the rate of new annual 
premium growth from the level 
of nearly 25 per cent compound 
over the preceding four, years. 

Scottish Widows, for instance, 
to-day discloses a" rise of just 
4 per cent. But many of lust 
year’s negative influences will 
bo working the other way in 
1978. 

The trend has already re¬ 
covered from the first half ot 
last year, when real disposable 
income was falling and house 
purchase activity was fiat. An¬ 
other major constraint on new 
business which has now been 
reversed stemmed from the im- 
pact of the Government's 
incomes policy on pension* 
business. Some companies saw 
a fall of as much as 30 per cent, 
in new large group .schemes as 
a result of Stage Two restraints. 

Now, by contrast, pensions 
can again be treated as deferred 
pay. As a result, substantially 
improved benefits are a feature 
of a number of current wage 
negotiations. The new state pen¬ 
sion scheme starting this Spring 
is also shaping up to he some¬ 
th ins oL a bonanza for the com¬ 
panies. 

Pension business looks like 
being the main growth area for 
the next couple of years, but 
even the less fashionable classes 
seem to lie heading .for real 
growth. In the dult old indus¬ 
trial branch, for instance, tbe 
Pm produced a rise of under a 
tenth in 1977 when it probably 
lost a little of its market share. 
This time, it expects to do 
much better—especially if, as 
seems possible, the lower tas 
brackets get favourable treat¬ 
ment in the Budget 

Overall, industry leaders are i 
suggesting a rise of as much as 
25 per cent, in new business 
this year. If that materialises, 
then in real terms it would rep¬ 
resent the strongest perform¬ 
ance for at least five years. 


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Burnley 
Building B 
1 Society 



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bi hen with IT1 




UJ5. TO-DAY 

SCATTERED wintry showers 
with some sunsine in E; rather 
cloudy with rain or snow in 
W. and N. Rather cold. 

London, SJE„ Cent. N. England, 
E. Midlands 

Sunny periods, cloudy later. 
Max. 4C (39F). 

E. Anglia. E-, N.E. England, 
Borders, Aberdeen, Cent. High¬ 
lands. Moray Firth, N.E* N.W. 
Scotland, Orkney. Shetland 
Scattered showers, sunny inter¬ 
vals. Max. 2-4C (36-39F). 

Cent. S„ N.W. England. W. Mid¬ 
lands, Lake District, S.W. Scot¬ 
land, Glasgow. Argyll 
Cloudy, mostly dry. Max. 4-5C 
(39-41F). 


N, Wales, Isle ot Alan, N. Ireland 
Cloudy, rain or sleet Max. 4C 
C39F). 

Channel Islands, S.W. England, 
S. Wales 

Cloudy with rain. Max. 6-7C 
(43-45F). 

Outlook: Cloudy and mild with 
rain in N. Becoming mainly dry 
in S. 


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HOLIDAY RESORTS 


Ajaccio 

Alders 

Blirrta 
Blackpool 
Bordeaux 
, BonVmne 
Cape Tn. 

1 nirfirovnlk 
Faro 
Funchal 
riibraRar 
c arm sex 

Innsbruck 
Inverness 
'Ts. of Man 
Jersey 
Las-Ptasa. 


Y'day 
Mid-day 
*C -F 

c it a 

F 15 59 
C 10 SO 
C 0 43 
C E 43 
C 9 48 
S 31 S3 
F 10 SO 
C 17 89 
S 19 H 
C 13 81 
C 9 4« 
S 4 38 
C. J 3i 
F 8 43 

c m so 
s 21 70 


Locarno 

Majorca 

UaJasa 

Malta 

Nairobi 

Naples 

Nassau 

Nice 

Oporto 

Rhodes 

Salzburg 

Taiwirr 

Tencnfc 

Tunis 

Valencia 

Venice 


Y’day 
Mid-day 
•C -F 
S S 43 
S 13 59 

f h n 

F U 55 
S S3 74 
F 15 54 
ft U 72 
. S 14 St 

C 16 61 
S 12 54 
S 4 » 
F IS H 
F 1G SI 
■F 16 61 
S 14 37 

r • 43 


Amsrrdm. 

Bahrain 

Barcelona 

Belfast 

Belgrade 

Berlin 

Blrm^hm. 

Bristol 

Brussels 

Budapest 

B. Aires 

Cairo 

Cardiff 

C&Jcaxo 

Cologne 

Copnhagn. 

D ublin 

Edinburgh 

Frankfort 

Genera 

Gla«ow 

Refeinld 

H. Kona 

JoInrS 

Lisbon 

London 

IJBCpmbrg. 

Madrid 

S—Sandy. 



Y'day 
Mid-day 
•C -F 
S II 52 
S M 89 
S 13 55 
C 3 41 
S S 41 

c 4 -at 

S 8 -43 
C T 43 
R 6 43 
S 6 43 
S 28 M 
R 17 63 
C 7 45 
S—13 3 

R 6 43 
C S 37 
S 5 41 
C 3 37 
C S 41 
F 7 43 
SI 3 37 
Sn-2 SS 
S Si 78 
C 21 70 
C 14 57 
S 7 45 
C. 3 » 
S IB SO 
R—Rain, 
sn—Snow. 


Manchstr. 

Melbourne 

Mexico C 

Milan 

Montreal 

Kokov 

Munich 

Newcastle 

New York 

Oslo 

Paris 

Perth 

Pr a gu e 

Rerttarifc 

Rio de J o 

Rone 

Singapore 

Stockholm 

Smsbrg. 

Sydney 

Tehran 

Tel Any 

Tokyo 

Toronto 

Vienna 

Warsaw 

Zurich 


Y'day 
Mid-day 
•C -F 
C 6 43 
C 17 63 
S 19 87 
S 6 43 
G—14 7 

Sn ! 34 
C S 41 
F 3 37 
S —4 24 
S —8 16 
C 7 43 
S 34 S3 
F 3 87 
So—3 27 
R 23 78 
P 18 55 
C 29 83 
S —2 28 
C 8 43 

can 

S 4 40 

R U 53 

C 1 33 
S -9 16 
S 9 48 
C 3 37 
C 4 39 


between /c and 35 k. There are even you under no obi igal ion whatsoever 
greater reductions availablefor and could mean a valuable saving. 

■\W. Twett .1 ienfe Han .FHKKI *OST.'ITX BRIDCK WKL1.S. Kent ■IMAZ.lVmx.m.mI!, 
11 ease send me riel ails ot PI P private health insurance lor y « l 
C riinpamcs □ 11 11 

Ind ivid u u L/Fa mi I ies n 

Name! I am underlie years iifasel FT4178 


Company tifjppiitabici Occupation 


Address 


(i«i timid U- entitled tun rfUnAutt i 


Private Patients Plan 

bstaolished 19411. < livaniscdliv Hn-PnividviiiAMnriulvm inr Mnlimt l jw Luiiiird.. 



C—Cinwiy, F—Fair. 
Sl-SkeL 


ta 8 ttl e, F?n, a n I w ,h r C *i!<’ OS1 b9 SI- tlh-im-lH K Pros* for jml PHMMUH 

n the r tDDDdal Times Lid.. Bracken House, Cannon Stnvt. London KU4P. 4BY. 

O The t'lnaiKUl Times Lul., Ih.R