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means 
more than 
metal 


Imperial MrLJ Industries Limited ■ BirmiqgliMl 

K.„U,i, c i II-.Ii ii.i- Mnivl mnit .1 

'-•••'ll* i-il.-n-iif.-. iiuu :*'J. 1.1 I--JI.T■ 

I'l-llll' ll .1111.1 Allinjll Ilf-1 il. 



Noj 27,451 


Thursday January 5 1978 . **12p 




Cost-effective 
developments 
for industry 
and commerce 


IDC Limited 
Stratford-upon-Avon Tel;0789 4288 


CONTINENTAL SELLING PRICES: AUSTRIA Sch.T5; RELCOM Fr.2J; DEM HARK KrJ.5; FRANCE Fr.i.O; GERM ANT DM2.P; ITALT L.5M; N6THEHLANOS Flj.9; NORWAY KrJJj PORTUGAL focJfl; SPAIN Pte»XQ; SWEPBNK Kr-l-OS; SWTtawJtKO FrAPj-PJte-llp 



GENERAL 



to 


Downturn 
in gilts; 
Wall St. 
4.16 


A meeting has been arranged 
between the Prime Minister and 
Mrs. Indira tiamihi, the former 
Indian Premier who faces 
charges of corruption and abuse 
of power during her J!)-month 
emergency rule. 

The meeting, nn Monday, was 
arranged directly ijy the British 
High Commission at Mr. Callag¬ 
han's request. The request was 
not routed through the .new 
Janata Government which has 
*laried inquiries into charges 
against Mrs. Gandhi. 

British officials in New Delhi 
say that Mr. Callaghan asked 
for the meeting because Mrs. 
Gandhi is a di/tinguished former 
Prime Minister But what will 
essentially be a ennrt*e*y meet¬ 
ing is bound to create cnnirn- 
vei-sy. Callaghan in Baugiudesh, 
Page 4 

Fairemen get 

letter bombs 

Striking firemen were given a 
warning by police to look out 
for letter bombs after two 
devices were delivered to homes 
in Bradford and one to an 
address in Halifaw Tile bombs 
were in hollowed-nut diaries 
with the words “ bastard fire¬ 
men "* on the inside cover. One 
blew up but nobody was injured. 

Carter pBadge 
on Europe peace 

-A firm undertaking was given 
in Paris by President Carter that 
the U.S. was committed to 
defending the security of 
Europe. The President was 
sneak in a on the ff-f ■ •’ 
i.i.w-i.. oiuciai visit to France. 
Page 2 

Portugal pilots 
to strike again 

Pilots and flight stuff on TAP. 
Portugal's national airline, are 
to go on strike again lu-iiwirrow 
over pay. A stoppage which his 
just ended cost the comnany 
more than $3ui. a day. OECD 
report Pace 'J 

Editor Boses 

The runaway editor nf The 
Yorkshire Miner lor.i an .•i|i|>»*al 
against conviction after his 
arrest in the (i run wick picket 
line. Maurice Jones. 32. of 
Sheffield, iiad been fined I'50 with 
150 costs for using ihrca.eiiing 
words and behavniur and lost 
£50 bail because he tied t«< East 
Germany. 

Wind power 

A hllJe windmill, designed to 
generale 3 to 4 ro*-gawaii'- of 
electricity and eqsiing ■reveral 
million 1 'iiiinds. max l»e hn:tt by 
the Energy Department m 
demonstrate the latest t<.i-:.uri|iigv 
in aero-gopf.. a rir»rs. Hor;; Page: 
Men and ’laiters. Page 14 


9 GILTS made early gains but 
then turned down as a result of 
sales to finance take-up of the 
short tap stock. -The FT Govern¬ 
ment Securities Index slipped 
».22 to 78.36. Record gilt busi¬ 
ness in 1977, Page 26 

O EQUITIES were generally 
firm, the FT 30-Sbarc Index 
rising 2— to 4S7.S. 

• STERLING closed at S1.9620, 
off 15 points, -after touching 
SI.9950. ILs trade-weighted index 
rose to 66.2 (66.1). Dollar’s 
trade-weighted depreciation 
widened to 6.02 (5.97) per cent. 

O GOLD row S2.7S to 5171.875. 

9 COCOA prices fell in London 
to their lowest level for 14 
months- reflecting Die rise in 


2,200 


n 

78j| 

2,600 

f GDGDA 


2,400 


- 

2JZ00 

l 


fl 


2,000 

i 


_UNHfl _\js 

2 i mwm rv 

■ 


ms r 


1.600 

19771 1 i | * 


AUG SEP OCT NOV DEC J. | 


Prison piea 

Prisoners shuuiri in* given 11 <re 
• hnice m lh.- v.-av :hev ! 1 ;<.• llieir 
i iaside, a Church nf England 
report said. Gi-'til.: shin' I be 
pressed i*» re-iric 1 ih.,- nun her 

<.f jiiii sen tun.. .:;id perhaps be 

Piquir-d In give reasons for 
iiupmun.aenl. 

Worldwide .. - 

London: Single byi of U2.60U 
piaced in U S. duHai's at 5—I on 
with Larthrokf that a penorai 
election v. ill be held within six 
month:. 

Belgrade: E.'ri- Spassky, former 
world cuess auminion. and his 
■solf-e-aled I Russian com pair ini. 
Victor Korchnoi, rire s the 15th 
jame of their 2W-gamc series in 
find a challenger to Anatoly 
Karpov, present world champion. 
Moscow: Hold manager who 
pretended there were no free 
wiiiis and then provided visitors 
•. ilb acci'fiimudatinn in return 
oy bribes was sem io a labour 
•amp fur eight mars. 

5nnn: West Benin Philharmonic 
rehestra will perform in May in 
'.asi Germany for the first time. 


the value of sterling and fears 
of a decline in consumption. 
Commodity price details. Page 
25 

rt IV NTivywi It-?; 4.1* 

«13.58. 

O WEST GERMANY is expected 
ij double iis imports of U.K 
\orih Sea oil liiia year, reducing 
it* dependence on Arab nil pro¬ 
ducers. Page 3. Rise in German 
unemployment. Page 3 

Incomes policy 
must continue, 
say Ministers 

Q GOVERNMENT must have an 
incomes policy to follow the 
present pay round, according to 
Mr. Joel Barnett, chief secretary 
to the Treasury. He said if 
inflation was to come down to 
the level of the U.K.’s competi¬ 
tors. earnings growth in the next 
round must be well below 10 per 
cent. Back Page. Incomes policy 
i- not a temporary expedient, 
^aid Mr. William Rodgers, Trans¬ 
port Secretary. Page G 

O MINISTERS next week will 
discuss the future of the Govern¬ 
ment's special measures to ease 
unemployment, against a back¬ 
ground of EEC concern about 
one scheme, the temporary 
employment subsidy. Back Page. 
Government has launched a study 
to see if social security benefits 
remove thu incentive to work. 
Page 6 

O NEW-STA LE Post Office Board 
•in,, been named, with seven 
v.iirker directors, seven manage 
int-nt directors and five 
independent members. Back 
Page. Editorial comment. Page 
14. Picture, Page 6 

O HOUSE prices are unlikely to 
surge ahead this year as io the 
1972 bnrmi. but they could rise in 
line with incomes, possibly by 12 
per cent., according to the Nation¬ 
wide building society chief. Page 
6. Extra £I(Wliu. for local 
authority spending on housing. 
Page 7 

COMPANIES 

9 WESTLAND AIRCRAFT made 
Jnxver pre-tax profit of £5.S4m- 
(E9.34m.i in the year to 
September 30. Page 16 and Lex 

0 TIIOS. IV. WARD pre-tax profit 
slipped bj 5.9 per cent, to £7.6lm. 
in the year to September 30. 
Page 16 

© ILL expects an improvement 
in its unprofitable North 
American activities this year. 
Page 16 


U.S. invokes swap 
network to stop 
fall of dollar 

BY JUREK MARTIN, U.S. EDITOR, Washington, Jan. 4 


- S Billion 


25. 


E GOLD and 
CURRENCY 
RESERVES 



1974 197S 1976 1977 


The U.S. to-day drew on the weight of the International Central Bank # 

swap network and is own reserves to stop the fall of the dollar on the foreign in 

exchange markets. 

back to June 30 last year. The President Carter's statement .in 
swap network totals rather more the "»*ek before Christmas^ once 
than $21 bn hcain reiterated that the U.S. was 

‘ the 


The decision to Intervene, out¬ 
lined in a brief joint statement 
put out by the Treasury and the 
Federal Reserve at lunchtime to¬ 
day. shortly after the European 
markets had closed, represents 
a significant change in U.S. 
policy towards the dollar. 

Late this afternoon sterling 
had fallen Lo SLS750 from $1.96 
earlier: the D-Mark fell to about 
DM2.13 from DM2.06 the Yen to 
Y243 from Y237 and the Swiss 
Franc fmm Sw.Frs.2.01 from 
Sw.Frs.1.93. Trading was 
described ns hectic, though it was 
unclear if the Fed had actually 
intervened on the massive scale 
th*t was first thought 

Ehc joint statement said: 
he Exchange Stabilisation 
Fund of the U.S. Treasury will 
henceforth be utilised actively 
together with the S20bn. swap 
network operated by the Federal 
Reserve 5 }stem. A swap agree¬ 
ment has just been reached with 
the Bundesbank and is already 
in-force. Joint intervention by 
thi Treasury. Federal Reserve 
aqd the foreign central banks 
isjdesigned to check speculation 
aal restore order in the foreign 
exchange markets.” 

Die Exchange Stabilisation 
Find stood at S4.7bn. at its last 
ofl|cial measurement. dating 


The new West German swap 
agreement, reached within the 
past 24 hours, it is understood, 
is additional to the $2bn. 
arrangement with the Bundes¬ 
bank available under the existing 
facility. However. U.S. Treasury 
officials declined to disclose the 
size of the new agreement. 

Some foreign exchange dealers 
were none the- less inclined In 
feel that activation of the swap 
network might turn out to be 
no more than a holding action, 
pending more substantive 
measures, such as the enactment 
of a satisfactory Energy Bill, 
designed to attack the large U.S. 
trade and current account 
deficits. 

President Carter commented 
in Paris tast night that U.S. 
efforts won Id be directed 
towards maintaining the 

strength of the dollar. 

The’ careful wording in the 
joint statement of the intent to 
“ check speculation and restore 
order ” to the foreign exchange 
markets indicates a much more 
concerned Policy; on the part of 
the Administration, particularly 
in contrast to the regime of the 
past six months. 


prepared to intervene m 
markets only to eliminate what 
it consiruc-U"to be erratic market 
fluctuations. The President had 
also reasserted his belief that 
the dollar was "-fundamentally 
sound." 

it is. therefore, reasonable to 


£ falls 
New 
York 



LO man killed 
n London office 


■HEEF PRICE GBAEGES 

Price? in ponce unless oilier wise 
indicated) 


RISES 

> seed. New/papers. ... 

,-on Rubber . 

"Ciittie (.1.1 A . 

; riliah Hume Stores 

:oi.; l R. H.» . 

s,»i!y .Moil A . 

Hons of Leeds 

Ij.slcmere Esiaie- 

fnri.toO Midlands 
:< Industrial 

'C’ilO'V . .. 

’laston'*: . 

'rudenliat Assma 

ft.ink Ore. 

Mat us Discount .. 

Mucks iJ * . 

Sunlcv (B.1 . 

Thomson Org. 

V.il.-von (Connolly* 


I fill 
]9ii 

no 

>17 

124 


YESTERDAY 

Zenith A ... .... 

Cons. Gold Fieli 
Durban Deep .. 

FS t-ecluld . IJ3 

Kmros.i ., . 30.1 

no 


Mustr> Expln. 


1 

30 

22 


iSouihsaal . 454 + 35 

FALLS 


... 338 

-f- 

13 

Evi-hcq. ti/pc JHW1 

.. £110 

— 

1 

. 2H0 


7 

Treas 1 ilpc 1U96 . 

.£I31( 

— 

* 

... 2ili 

-i- 

7 

ANZ Bank . 

.. 235 

— 

la 

... bit 

+ 

H 

Hngg Robin , -an 

.. 171 

— 

S 


+ 

n 

IJK and Shanghai 

.. 2.36 

— 

10 

.. 1'02 


12 

-larding Ser-.. 

.. 72 

— 

5 

... t‘22 

-h 

7 

Leigh Interests 

.. 173 

— 

S 

ICC Ibt 

+ 

s 

Man/ar.e'tc Bronze 

.. 8S 

— 

3 

,... l!.Vi 

+ 

11 

^l.itthew-. Wrightson 193 

— 

7 

... nt 

I- 

10 

Ranger 0‘I . 

..I17A 

— 

1.% 

... iso 

— 

21) 

Royal Dutch . 


— 

U 

.... f.ifi 

4- 

C 

Bougainville . 

... 7t 

— 

5 

. Tin 

+ 

29 

’mi Hlcig.S. 

... 134 

— 

7 

... 121 

T 

17 

f>Tah Minins . 

... 230 

— 

20 


BY RICHARD JOHNS 

MR. SAID HAM MAM I, repre¬ 
sentative of the Palestine Libera¬ 
tion Organisation in London 
since 1971, was killed by un¬ 
identified gunmen in bis Mayfair 
office yesterday. 

As Commander Jim Ncvill, 
chief of Scotland Yard's anti¬ 
terrorist squad, took charge of 
the hunt, plain-clothed and 
uniformed police officers 
mounted a close vigil at Hea th¬ 
row Airport. 

Mr. Hauiroami’s death in the 
basement of the Arab League's 
office in Green Street. W.l. fol¬ 
lows the car-bomb explosion four 
days ago. in which a Syrian 
diplomat and his chauffeur died 
in near-by Stratford StreeL 

Mr. Hainniami was close to Mr. 
Yassir Arafat, chairman of the 
PLf). However, he had come 
under criticism recently within 
the Palestinian . movement be¬ 
cause he was reckoned to be loo 
moderate io his views about the 
prospects for a Middle East 
settlement 


This autumn. Mr. Hanimami. 
who was 34. look part in a 
seramar organised by the Parlia¬ 
mentary Association for Euro- 
Arab Cooperation at which 
several leading Israeli “doves” 
were present Initial speculation, 
inevitably, was that his killers 
were “ rejectionist ” Palestinian 
elements opposed to any settle¬ 
ment with Israel. 

But prn-Palestinism elements 
Maimed lhat be was- killed by 
Israeli agents. In Beirut, the 
PLO promised revenge on the 
“Zionist and imperialist" assas¬ 
sins of Mr. Hainniami and said 
that it would hold the British 
Government responsible until the 
identity of the killers was 
revealed. 

Commander Nevilf said last 
night that Mr. Hammami was 
shot after a man. who had 
previously made an appointment 
with him. was shown into his 
office. After letting loose a burst 
nf automatic fire, the man ran 
out. brushing aside a student 


' By Peter Riddell, 

Economics Correspondent 

THE POUND fell sharply last 
night in New York following the 
. . .. _ . . announcement of the swap 

conclude that , ^ e 11 tnarkets arrangement. The rate dropped 
behaviour. especially since by 8? cents t0 si.8750—one of 
Christmab. ha 5 been sueb as to t j, e [ arses t daily movements 
persuadeJhe l -S. that inore than ever forded- This is ih sharp 
simple erratic fluctuations con trast to earlier in the day in 
needing smoothing have been London when sterling had risen 
takme place. to just short of the S2 mark, so 

Adrian Dicks adds from Bonn: the re W as a fall of 12 centd from 
The new action to support the th e dajr ' s peak, 
dollar came after the most _ . ... . , 

hectic day on the Frankfurt Last nights move will mainly 
foreign exchange market since come , a s a relief to the U.K. 
the middle of last month. The authorities. ■ Some senior 
Bundesbank was reported to Treasury officials had become 
have been intervening in the concerned about the possible 
market on a greater scale than impact of the recent sharp nse 
on anv single day since late ,n sterling—51 per cent, against 
November, buying at least S50ui. the dollar at the London close 
on the official market-in addition since Christmas—on the competi- 
to an unknown quantity in inter- ii v ® position oE exports, 
bank dealings. The official view has been that 

The U.S. decision to enter into a large part of the recent upward 
a. new series of measures to pressure on sterling has resulted 
underpin the currency is certain from the weakness of the dollar. 

Coutinued on Back Page There may be some surprise at 
Economic Viewpoint Page 13 the extent of last night’s fall and 

the closing level in New York 

_i— would probably not be regarded 

as excessive by the U.K. authori¬ 
ties. There will, however, be 
close interest to see if this rate 
can be sustained in view of the 
expected large current account 
surplus this year. 

The Government had anyway 
been adopting a wait-and-see 
attitude in the hope of inter¬ 
national moves. Officials be¬ 
lieved that there were relatively 
few effective ways of stemming 
the inflows and holding down,the 
exchange rate wthout threaten¬ 
ing domestic monetary policy. - 

The .main developments ini 
London before the news of, the! 
swap arrangements were: . 

• An early rise in sterling of 
more than three cents to S1.99J, 
which was soon checked after 
limited intervention by the Bank 
of England and some profit¬ 
taking. The pound closed 15 
points downon the day at $1.9620 
while the trade-weighted index 
Continued on Back Page - 



near 
to dropping 
new 



BY STUART ALEXANDER^ 

BRITISH.LEYLAND Is close to -Leopard Bos are built at Sydney, 
making a decision not to go ahead In Melbourne, Ley-land builds 
with the new .Mini car project heavy trucks. As in S. Africa, it 
Instead., it -faveurs continuing is thought that the commercial 
with- the present Mini while vehicle side is far more profit¬ 
using the facuities, and- some of able than cars. 

IS? made for Mr. Horrocks will also con- 
° produce a * ew sider whether the cars division 
Jaeger moueJ.. - should, be split up. Present 

The switch in .model .emphasis thinking within Leyland top 
would form .part of a product management favours considerable 
rationalisation . plan which is strengthening or the management 
close to completion and is team and a concentrated recruit- 
thought now to. need only the ihg programme is thought to be 
approval of the British Leyland under wav. 

agr£ement . After a period of farailiarisa- 
f the Government. ... -j. tion, this would be followed by 

An outline plan is'expected splitting up the volume and 
lo.of-completed within two weeks specialist car divisions. As well 
and presented, probably, to thp 1 



Prime Minister: 1 

Leyland is also expected to.call 
in union leaders.for detailed dis¬ 
cissions on the. implications of 
the plan and the possibility of 
widespread redundancies. These 
talk.- . could take place in the 
second half. of this fuonth- 
A £2m. tooling. order 
announced on- December' 29 
brought fot £45m. Leyland’s 
investment in the Mini replace- 


Leaders of Leyland Cars 1 
toolroom workers who last year 
brought the company to crisis 
point with a strike over pay 
differentials and demands for 
separate bargaining rights 
yesterday threatened further 
• industrial action. Renewed 
attempts to solve the long 
strike at fhe company's Speke, 
Merseyside plant, will be made 
in London to-morrow. Page 6 


terry Hit It 

Said Hammami 

who was working in another 
room. 

“Mr. Hammami died instantly." 
?.aid Commander Nevill. ** We are 
tanking for a suspect who is 
male, of Middle East origin, aged 
24. abnut five foot eight inches 
tail, wearing a green overcoat 
and with dark hair and a sallow 
cm up lesion.” 

Protection for Arab and Israeli 
missions in London was stepped 
up by [Scotland Yard after the 
shootin 


£ in New York 


January 4 


I’w i*n» 


f*|.i |Sl.37d,MSOO MiKiVLORSO 
I iifiiiih .0.02-0.03 pr<-iii O.Cfi-U.12 prrin. / 
S nmni Ii? jO/‘0-O.2r> jif*!«i. , 0,33-0ji7 niriu. I 
12 nii jii Ii* p0.ii0-0.7t> iirvm. 0.70-0.80 |uvm. i 


meat programme. But it has 

been known fo r some time that _ ^ 

Ley land's weakness in the « making it easier to identify 
medium-size car market was con- Profit and loss makers inis 
sidered by some to he a more *. ould also b® «tesig«ed to make 
pressing problem than the intro- t “ e c o m P»Qy more manageable 
duetion of a-new Mini restoring eroded loyalties 

At the same time. Leyland is ** J™* marc l ues 33 the Jaguar 
pushing ahead with, plans to re- :an “ “ ove . r *:. 
structure the management and Both car division's would then 
organisation. U an.noimced.~be supplied by satellite body, 
yesterday that Mr. Ray Horrocks power train, and other compo- 
had been "■ appointed deputy nent divisions which would be 
managing director of (he care managed separately'and encouts 
division. He will be responsible aged to expand sates on a world-., 
for co-ordinating the reshaping wide basis as well as supplying' 
of Leyiand’s cars output. / ; Leyland. • 

Eiironfl/n 0 Wb> C i!^o-This would replace the present 

•system where- the whole ia man- - 
the u^S- axlesand tom- aged as a single unit 
ponent.Jiandlhig company, teavtxig - . 

also worked in the US^ Before - 

that be wasrwith Eotd. • • in, P«sed^QJ*ta. allow -Levi and An. 

' ATnon“ the-bhtiB8>< - he wilv h P ‘ five-year 'plan to fhe 

e S &* SV! j£Z 2SVSHFT--IS2* by 

cldShn: of..^ant^^ifie f -lf.Ki^'the latest 
{hough : : Le^ianir- \ ;Before that however, the corn- 

emphasised yesterdJV that? n® weiiid have to take many 
decision had been {ai^n to close .tough; decisions, including the 
the Speke. Liverpool, assembly thorey problem of redundancies, 
plant—and the;nmdown of loss- would foUow any new 

making ope rations ,overseas |iich maim|ng agreements, 
as Aumralia and ; Afr^ lt^thought that these would 
-In South Africa, Leyland ,rs in nia'mo many thousands' and 
the middle of an estimated JEIlra. would affect ail-sections of Ley- 
investinent programme leading . land cars from top to bottom, 
up lo the launch of the Rover- There" is no early prospect of . 
3*0(1. But the company has. only a . restoration of Ley land's 
about 4 per cent, of total sales in market .share and the target of 
a market that is languishing- . :-33'per cent In the master-plan 
■ However, it is -a leading bus put forward .by Lord Ryder ia 
producer in competition-.with generally agreed py top-TDaoagc- 
Mercedes and it is .unlikely that ment to: be unattainabie in the 
this operation woulff he included foreseeable i future.'' 
in any rationaiiadtion - prp- Ai smaller share, of the home 
gramme. • V market coupled with rationali- 

In Australia. . 'Leyland • sation of-both loss-making pro- 
axsemhles about £30tf ears a. year duetion. at. home and -los-s-making 
and builds about 9,000. Minis a markets oversea^ would mean 
year. As well: : cars, that Leyland would need far less 

tractors. Land RoVers 4iuT the workers. 


4 

Investment plans trimmed 


BY DAVID FREUD 

BRITISH manufacturing indus¬ 
try appears to have scaled down 
ils investment plans for 197S 
since the summer, although the 
level nf capital spending should 
still show a significant improve¬ 
ment. 

The Department of Industry's 
latest survey of investment in¬ 
tentions indicates that the year- 
on-year increase between 1977 
and 1978 will be in the range of 
10 to 13 per cent, in real terms. 

This is the second downward 
revision. In June an increase 
"f more than 20 per cent, was 
forecast, while the Auaust-Se.u- 
teinber survey indicated -in in¬ 
crease of between 12 and 17 per 
cent. 

A preliminary forecast for 
1979 ishows a smaller increase 
h'it it could tie enough to lake 
the total up to the peak £2.1 bn.— 
in 197(1 prices—invested in manu¬ 
facturing industry in 1970. 

The Department's figures ior 


1978 fall midway between the 
recent forecast of S per cent, in 
the National instilute's Economic 
Review and the 15 per cent, or 
so anticipated hv Ihe Confeder¬ 
ation of British industry and the 
London Business School. 

At consi am 1970 prices the 
intal invested in 197S i> ex¬ 
pected lo be ClfiSbn.. compared 
with the £l.Sbn. estimated for 
last year. This is below the level 
recorded in 1974. which was 
£2bn. 

The Department of Industry 
said that it saw the downward 
revision as beinc only marginal. 
The 10-13 per cent, rale of in¬ 
crease was well ahead of the 
historical average of 3 per vent, 
annually between 1955 and 1973. 

The factor underlying ihe 
downward revisions is prohablv 
the ir<in and steel sector, the 
only one expectc-d to show a fall 
in investment. This sector also 
distorted the trend in the first 


nine mouths of 1977. when nianu 
facturing investment increased 
13 per cent, over 1976 excluding 
iron and steel, and by 7 per cent 
when they were included. 

The survey indicated that there 
would be large increases in 
invpstment by coal and petroleum 
producers and vehicle industries 
and a fairly iarge increase by the 
chemicals industry. 

Little change is expected Tor 
the food,' drink and tobacco 
groups, wbich increased their in 
vestment sunsiantially between 
1976 and 1977. 

in L-ontrasi to the downward 
revision in manufacturing indus¬ 
try. there was a slight increase 
in the expected investment rise 
in the distributive and service 
industries—from 5-7 per cent, lo 
fi-S per cent. The forecast, at 
1970 prices, is for £2.2hn. to be 
invested, cum pa red with £2.1 bn. 
last year. 

Editorial Cmuiueni Page 14 


CONTENTS OF TODAY'S ISSUE 











American news . 

. 4 

Management page .. 

. It 

Euromarkets . 

. IS 



Oicrseas news . 

. 4 

\rts page . 

.13 

Wall Street . 

. 24 

106 + 

6 

Wnrlii trade news .. 

. 3 

Leader page . 

. 14 

Foreign Exchanges . 

. 24 

181 T 

6 

Home new«r—general . 

. 6 & 7 

1 JL Companies .... 

16 & 17 

Fanning, raw materials ... 25 

289 + 

21 

—labour .. , 

... . S 

Mining 

. 17 

U.K. slock market . 

. 26 


A Scottish leaser for the 

Couscrvatites . 14 

Economic Viewpoint: The 

currency tangle . 13 

The battle for Brazil's mini¬ 
computer market 5 


FEATURES 

Row nier hydroelectric 
project in Bni/i] ... . 4 
Business and the courts: 

EEC dispute <111 patents 12 
Engineering in Denmark: 
Small is beantitul . 3 


Japanese Mi-elmaking: 

Nippon Kukkan's island 19 

L.S.India relations: 

No begging howl offered 4 


Apniatvwnli .. . 

8 

FT■ Actuaries indices 

=b 

Racing 

12 

Apptfninwffu Mvi. 1W8-3 

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Financial Times Thursday; January 5 1978 


EUROPEAN NEWS 


CARTER VISIT TO FRANCE 


U.S. resolve to maintain 
troops in Europe confirmed 







iSlliP- 


BY ROBERT MAUTHNER 

PRESIDENT Jimmy Carter gave 
a firm undertaking here to-night 
that the U.S. was committed to 
defending the security of Europe, 
and would continue to give its 
unqualified support to EEC 
efforts to strengthen European 
co-operation. 

The U.S. President was speak¬ 
ing on the first day of his three- 
day official visit to France, the 
longest stop of his current world 
tour. 

“There should be no doubt 
that we will maintain in Europe 
whatever forces are needed to 
meet that commitment,” Mr. 
Carter told a joint meeting of 
several U.S. organisations in 
France. He added that the U.S. 
saw European strength and unity 
as a boon and not as a threat. 
“The real threat to all our 
interests would be economic 
weakness and disunity.” he said. 

Earlier in the day, Mr. Carter 
had made a special effort to 
underline the great improvement 
which had taken place, he 
Claimed, in Franco-U.S. relations 
since M. Giscard d’Estaing and 
he had. been elected to the 
presidencies of their respective 
countries. 

In his arrival speech, he naid 
a warm tribute to President 
discard and tn the French Prime 
Minister. M. Raymond Barre. for 
u the very helpful advice ” which 
he had received from them on 
international poetical and 
economic issues. He also des¬ 
cribed the relationship between 


the U.S. and France as M special 
and rare.” because it was largely 
an alliance of ideals. 

The U.S. President and his 
host delighted Parisian crowds 
by strolling casually down the 
Champs Elysees, after a wreath- 
laying ceremony at the tomb of 
the unknown soldier, and 
shaking hands with by-standers. 
to the consternation of nervous 
security guards. 

The exuberant reception, when 
Mr. C a iter plunged into the 
crowds a ad shook hands, like a 
politician campaigning in the 
U.S., emphasised the new spirit 
of friendship-which has displaced 
years of suspicion between the 
U.S. and France, as well as the 
personal repport which the two 
Presidents struck up when they 
first met in London in May. 

Western defence 

The two leaders later had a 
first round of talks lasting I! 
hours. The subject which they 
are due to discuss during Mr. 
Carter's visit will cover inter¬ 
national economic problems, 
western defence, the Middle 
East, east-west relations, dis- 
atmament energy problems and 
human rights. 

Mr. Carter referred to some of 
these issue in his speech to-night, 
fter stressing the U-S. commit¬ 
ment to the security of Europe, 
be emphasised that the U.S. 

wanted to move beyond con¬ 
frontation. to resolve the dif¬ 
ferences between east and west 
and to progress towards arms 
control 3nd disarmament. 

The U.S. was determined to 


PARIS, Jan. 4. 

seek balanced and mutual limits 
on the qualitative and quantita¬ 
tive deployment of nuclear 
weapons, leading to the eventual 
elimination of nuclear arms as 
a potential destructive force 
among the nations of the world. 

The U.S. was also determined 
to seek an early agreement on a 
comprehensive nuclear test ban. 
covering military weapons and 
so-called peaceful nuclear 
devices, and to work for a sub¬ 
stantial reduction of inter¬ 
national trade in conventional 
arms. 

Mr. Carter recognised that the 
U.S. and French approaches to 
these issues differed, but he 
promised that bis country would 
consult and co-operate closely 
with France and other allies in 
finding common solutions. 

The differences to which he 
referred lie in the French inten¬ 
tion to continue testing nuclear 
devices, in order to perfect an 
independent nuclear deterrent, 
and the conditions which the 
French have attached to joining 
an International arrangement for 
restricting arms sales. The 
French emphasised that such an 
agreement would prove to be 
ineffective, unless it were 
adhered to by the Soviet Union 
and other eastern European 
nations. 

The two leaders plan to fly by 
helicopter to-morrow morning to 
Normandy to visit, the beaches 
on which allied troops began in 
1944 to roll back German forces. 
They are to bold further talks 
during a two-hour train journey 
on their way back to Paris. 








move 


^ - 


i. S 





[jfn 

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President Carter and his wife (left) greeted In Paris by President and Mme. GUfcard dTSstaxng. ... 

Mitterrand would still rule with Communists 


BY OUR OWN CORRESPONDENT 


W. FRANCOIS. MITTERRAND, 
the Socialist leader, said here 
to-day that his party was still 
prepared to form a joint Govern¬ 
ment of the Left after the nest 
general election in March in spite 
of its differences with the Com¬ 
munists. 

The Socialists were as attached 
as they ever were to the original 
common programme af the Left, 
worked out in 1972. If the com¬ 
bined forces of the Left won the 
election, the Socialists would 
make proposals to . their part¬ 
ners for the formation of a 
Government including the Com¬ 
munists. 

M. Mitterrand also indicated 
that his party was prepared to 
come to an arrangement with the 
Communists under which they 
would present joint candidates in 
the vital run-off round the elec- 


;tion on March 19. 

In spite of these conciliatory 
remarks, M. Mitterrand did not 
appear to be hopeful that the 
Socialists, Communists and left- 
wing Radicals - could patch up 
their dispute over the updating 
of the common programme, 
which led to the breakdown of 
their alliance in September. 

After emphasising that time 
was running out. he presented a 
purely Socialist version of an 
updated common programme of 
the Left, setting out the policy 
differences with the Communists 
in detail. 

He made one significant conces¬ 
sion to the Communists. .After 
consultation with the trade 
unions, the Socialists have 
accepted the Communist proposal 
that the monthly national mini¬ 
mum wage should be raised to 


Frs.2,400 (about £266) for a 40-. 
hour week, after the formation Of 
a left-wing government 

Originally the Socialists had 
proposed that it should fie 
FrsA200. 

The Socialist programme, pub¬ 
lished as a book, argues in-its 
introduction that while the dif¬ 
ferences between the two sides 
should not be under-estimated,!! 
was questionable whether they 
were big enough to justifs. the 
breakdown of the negotiati<gis-in 
September. 

As early ns last July, the dele-, 
gations of the three left-wing 
parties bad agreed on a jbmt 
text covering a host of impotent 
problems, including employment, 
health and social security, iidus- 
trial policy, monetary and finan¬ 
cial policy, international (rela¬ 
tions, E rope an security } and 


‘ ■ PARIS, Jan'. 4. 

development aid. 

Differences on other policies, 
including education, agriculture, 
prices policy, decentralisation 
.and the status of . women, were 
ironed out at the summit , meet¬ 
ing of the Left in September. 

On other questions, such as 
the retirement age and rises in 
family allowances, agreement 
was virtually assured. The dis¬ 
agreement over nuclear defence 
policy had; also been overcome 
by-a jofnt group af expert§.‘ .' 

Although it does -not minimise i 
the differences between the 
Socialists and Communists over 
the nationalisation programme 
o£ the Left, which, was the big¬ 
gest single sticking point in the 
negotiations, the Socialist pro¬ 
gramme underlines the conces¬ 
sions made by the Socialists to 
their Communist partners; 


Poland’s dissident -human and 
■civil rights defence movement 
yesterday claimed a victory 
after the formal publication 
In Warsaw of the UN human 
rights covenants. - Renter 
reports. 

The .two covenants—one on 
civil and political rights, and 
the other on economic, social 
and ■" cultural rights—were 
adopted by the UN in 1966, but 
only came into force 10 years 
later after 35 States ratified 
them. 

Poland ratified them last 
March and has published them 
in a magazine and book form, 
but the movement said that 
until they were published In 
the official gazette they would 
not acquire the force of law, 

Cyprus elections 

The Cyprus Communist Party 
leader Mr. Exekias Papa- 
ioannou said yesterday he will 
not contest next month’s Presi¬ 
dential election, although his 
party. Abel, is * the biggest” 
in Cypms, UPI reported from 
Nicosia. 

German loan 

The federal loan consortium 
will meet at the Bundesbank 
on January 11 to set the condi¬ 
tions for a new federal railway 
loan, a Bundesbank spokesman 
said yesterday. Renter reported 
from Frankfurt. It Is likely 
to total up to DDUbn. 

Soviet population 

The population of the Soviet 
Union reached 260m.' on 
January I—a rise of 2^2m. over 
the past year—the Government 
newspaper bvestia. reported 
yesterday, Reuter reported 
from Moscow. 


Ecevit sets priorities to 
tackle Turkey’s problems 


3,500extra Olivetti 
TC800 systems reinforce 
banking services i i Japan. 
Banks know whom to trust 


The problem , 

To achieve real-time automation of counter transactions in savings banks 
and in banking service departments of agricultural consortia in Japan. 
Also to administer other services provided by the consortia for their 
members, such as insurance coverage, the collection and sale of agricul¬ 
tural produce and the purchase of implements foir farming co-operatives. 

The customers ... [ 

Eleven of the most important agricultural consortia (Nokyo) and savings 
banks in Japan. 

The solution J 

Olivetti TC800 intelligent terminal systems, which have raised distributed 
data processing to a new level of efficiency. Oyer 500 TC800 systems 
are already operational with these institution?'and orders have been 
placed for an additional 3,500 systems valued at $ 63 million. 

The choice jj 

The Japanese, who are amongst the world’s most knowledgeable experts 
on electronics and computer technology, were won over by the out¬ 
standing capabilities and reliability of Olivetti TC800 terminals. Olivetti 
systems were chosen in preference to those of major Japanese and world 
manufacturers, competing in one of the world’s most advanced and 
sophisticated markets. 

Companies everywhere are choosing Olivetti systems 
Here are the latest world-wide totals:. 330,000 accounting machines; 
140,000 data processing systems and personal mini-computers; 65,000 
terminals and data collection units; 150,000 teleprinters and telecom-' 
munications units. 


THE INTELLIGENT CHOICE IN DISTRIBUTED PROCESSING 


BY MFF1N MUNIR 

MR- BULENT ECEVIT, Turkey's 
new Prime Minister to-day 
announced his government's 
priorities. They.lnclnde settling 
political violence,'foreign policy 
and the economy. -..' 

Mr. Ecevit was named Prime 
Minister last Sunday. His govern¬ 
ment is formed - of his own 
Republican People’s .Party (BPP) 
and is snpported by 14 Right-wing 
deputies. . 

Thirteen of the 14 deputies are 
expected to be given seats in. the 
Cabinet which is probably to be 
mmoancBd to-morrow. The total 
.. jnbertef seats will:be boosted 
from the present 29 to accom¬ 
modate the* extra posts.' 

' In a -joint declaration by Mr. 
Ecevit and the deputies the new 
government si^ii -We bdieve in, 
tiie necessity, of 1 .instituting- and 
enforcing tfafiodaJ unity. .He 
principal condition - for this Is - 
that ideas can be discussed with¬ 
out lead^g To armed clashes." 

. This .was .appareikly .a. refer¬ 
ence ir /tpthe potitieaL violence. 
which- Tias caused-great blood¬ 
shed and undermined discipline 
in Turkish universities- over the ’ 
past years. ’ 

.“•In tiie foreign .field, our 
policy i/adll be directed Sot at 
tendon, -but TeUguttion 'and . to 
peace, not confrantation^ ,. the 
document continued,; “Although ■ 
keeping in mind, the -importanoe. 
of our alliances, emphasis will 
be laid on fonmii&tisg a-tiationai: 
defence concept which will give . 


ANKARA. Jam 4. 

priority- to our own national 
requirements in the very sensi¬ 
tive, region where Turkey lives.” 

The joint declaration did not 
make any concrete proposals. 
Since defeating Mr. Suleyman 
Demireps.tripartite coalition and 
. forcing him to reBign. Mr. Ecevit 
has given very little idea of how 
he is going to come-to. grips'with 
Turkey’s problems. What Is also 
a mystery is how much power 
the 14 deputies who support him 
will enjoy and how they will 
exercise it 

Eleven. of these' deputies are 
.independent assembly members 
'Who -recently iquit.MrdjDemirei’s 
Justice Party (JP) . causing his 
parliamentary overthrow. The 
other three belong to two Right- 
wing parties.. . . .... 

Mr. Detmrel to-day! condemned - 
the alliance of iMry Ecevit with 
the former members- of Ms party 
and accused: him of K establish- 
togthe ' dictatorship of his 
minority.'' Mr. Ecevit, he. said, 
was.,. stabbing democracy tothe 
bacfc" ; . 

._There is speculation that hav¬ 
ing- lost the premiership 'and 
having been ..unable - to. prevent 
the splintering .of his party, -Mr. 
Demirel- may. face a revolt and 
lose the cbsinnansHp of the JP. 
\ It is virtually tserfain that Ur. 
Ecevifs Government - will be 
■ratified by the president aid‘win 
a vote -of -confidence-. in .the 
National Assembly. • His Govern¬ 
ment. controls. -227. of the -4J50 
-seats.-.-. ; 


• — • * t, 1 p* A • i 

Italian Communists repeat 
call for new Government 


BY PAUL BETTS 

THE I TALI AN Communist Party 
10 -day renewed its - demand for 
tye creation of a new Govern¬ 
ment in Italy;. • 

-- After -a'.meeting of:economic 
experts from the- country's; main 
political parties >to review -tiie 
Government's revised , .1978 
budget, SlgySiorglb Napottiaho, a 
leading Communist Party deputy, 

said .to-day that his party believed 
there was an “ urgent arui essen- 
tjal- need? for' a change of 
Government in Italy.-'• 

■ Yesterday, following.talks with 
the- Communist Party secretary, 
Slg.. Enrico - Berlinguer, the 
Socialist leader, Sig. Bettino 
Ctaxi, 'indicated that the two 
Left-wing . opposition .. parties' 
wanted the creation of an emer¬ 
gency Government to cdpe with 
Italy’s acute economic and social. 
problems.^ 'Such s - Government 
would . give . the Communists 
greater political power.' ‘ 

'?jp 3 r e cent- weekr the.-Opposition 
parties. who a5re ramntly keep*-. 
Iris In p£Bcethe mihority Chris- 
tiap Democrat. Government of . 
Srg- GhUio Andreotti through the 
^called “inter-party agreement” 
Signed, last summer, have in¬ 
creasingly called for a change in 


ROME,'Jan. 4i' 

the present .Ithlian political- 
formula. _ • ; - 

% But while a number of leading 
Christian Deihacrat party 
members have said lately ‘that 
- the y acce pt Tn prin ciple the idea 
'of • giving -the Communists a 
"wider, role in the: governing, pro¬ 
cess;- they have so" far'rejected 
any direct participation of the 
C&inmtirilrt Party-in the Govern¬ 
ment as such. - , f ' . 

However, despite their official 
position, the Communists, whose 
-central. - committee., is to - .. meet 
later- fids- month, .appear to. be 
divided over .how to tackle the; 
present - delicate political 
situation. ■ 

The : trade unions, - whose 
leadership is scheduled to mee 

to-morrow to decide' Whether li 
call a one-day general strik 
against the .Government’s lates, 
economic package, now ala- 
seem to be divided.. - 
. .. Although they have continuer 
to express dissatisfaction witl: 
the ' Government’s economC 
. policies, they have nevertbeles 
said 1 'that they are still prepare 
to-, maintain 7 an. open dialogue 
with, the Andreotti administri 
tion- ~ 


Fiat executive shot dead 


-BY OUR -OWN CORRESPONDENT 




British Olivetti Ltd., 30 Berkeley Square. London W1X 6AH 


TERRORISTS TO-DAY shot-dead 
a Flat executive and seriously 
wounded another at Rroasinone, 
50. miles, south of Rome.' 

The Italian car manufacturing 
company has .become one of the 
principal targets of Italian urban 
guerillas in recent months. Last - 
year, a . somber-of Fiat officials 
were victims of terrorist'attacks, 
mainly attributed to .the extreme 
leftwing “Red Brigades" group. 

. This movement has beento the 
forefront of the revival of the 
so-called. “ strategy - of tension " 
in Italy, and has been particu¬ 
larly active in the northern city 
of Turin, the headquarters of 
Fiat.-'*.. • 

-.. The Red Brigades are reputed 
to have links with West-German 

terrorist ' organisations and fire 


ROME, Jan. 4." 


understood to have-contacts- 
-Czechoslovakia. - 

There were also incidents 
political violence in the norther 
region of Padova to-day whe:- 
extremists threw incendlar: 
bombs against a regional office i- 
the Christian Democrat Parf 
and. against a police station. 

Renter adds: Several petrr 
bombs exploded in the Ron, - 
office of the. Italian, daily new-.-' 
paper - Corriere della Sai' 
-to-night, causing small: fires ah 
injuring the newspaper’s doo* : 
keeper, police said. 

And in Italy’s first reporte "- 
kidnapping of the year, bandit: --, 
armed with pistols and. sub. . 
machine guns abducted the 3£ - 
year-old .proprietor of a building. 
supply company, police told UPI 
in Rome, 













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to buy 
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BY GUT HAWTIN 


FRANKFURT, Jan. 4. 




E. Berlin 
bars Der 
Spiegel 
journalist 


OECD urges Portugal to 
adopt rigorous restraint 


*wF nw ^ n f^“ an 8Up < jly - ■■ V.-' report as that British exports io By tes,ie c °l'« 

report ' t?*®?'*; ** oil ***** SSeTT be BERLIN, Jan. 4. 

IlittaportsorN^thVn *221 1S expected to maintain their cur- EAST GERMANY says it Is 
_ ’ ea erude likely to grov by. only aboui i rent hiah growth rate durine barrios the new MmsiuniiMi 


should rise from w.n^Ti^T rent mgn growtn rate during oarring me new correspondent 

tSSSffA^-.* 11, ^ DnIin 2 the ^ uiue for the West GermaS news 

The report-produced by Esso tonntt Mb -months of 1977. U.K. exports.to magazine Der Spiegel from 

ss w &£*i ■%S2 s=ss'“ 

s , ^2.Ji?V35"ffS 

ss-rasyg ji rfs-ss* tars vr as SSsrasTEi 
ss-fidsaa ^-ssuss 

^ ^? e 1-5 per cent, natnra gas by 5 p t .> cent., while West German ^SSI on th „ uw 

fr»m BriSS, c£af£ p£\Z d ° UClear ,W6? by 13 fhem^holtemSSfa^Td items CenB “ W*"“™ ^rap^re 

fflUra-.«;4SJ2J ff £ - S? “ SS&SB fiS&S 

North'S enTde w'^rati^tas S keiy “ rteiai» one anged, says what is parUcularly etscourag- |S*t Bert^” 8 ” res ' aUls 10 
some -.7 . - per cent of West Esso. However, sale <: petrol and ing about the prospects of in- The Spiegel correspondent is 
Germany's total-oil needs. aiesel oil is expeciet to increase creased British oil sales to West the third West German 

If Esso’s -forecast is: correct, by 2 per cent. Germany' Is that at last the journalist to be excluded from 

there- will be a major switch in Utilisation of West German re- -trade surplus in the federal East Germany since 1975, and 
West- Germany's i>U purchasing fining capacity is exp ctedto rise republic's favour should start to the East Ger man move follows 
policy. The - country will be from just under 65 p< -cent to 66 decline. However, there is little accusations that a number of 
cutting back its reliance on the Per cent., while uports of doubt that West German maim- West German correspondents 
OPEC oil producers of ..the finished oil products are expec- facturers are showing an even have links with BND, the West 
Middle East-and increasing its-ted to decline by a out 4 per ereater interest in the nouveau German ;ntpHi*» n <> a iinmi>, 


knowledgeable East Europeans 
and Westerners residing in 


OPEC oil producers of -the finished oil products 
Middle East-and increasing its ted to decline by a 
dependence on its European cent., primarily-as a r 
Economic Community ally from rise in imports of J 
which . it can expect a more Sea oiL A 


BY ADRIAN . DICKS 

UNEMPLOYMENT in. West Germany must, not 
Germany rose:- ohee again in to take far granted. 


out 4 per greater interest in the nouveau German intelligence agency, 
suit of the riche 13 .K. and their sales efforts East Germany’s leader, Herr 
jht- North there this year are likely to be Erich Honeckcr, has singled 
even greater than in 1977. ou, (he West German media as 

being responsible for “ poison- 
lug" the political climate 
.* , . . ‘ between East and West Ger- 

■’ 'a ' A (T%£\ / many. Behind these charges 

|TA TA A lt« the difficulty East Geiv 

Ll/V^ '*3 LU "f #15 /II many has in coming to terms 
A with West German correspoud- 

• • * „ nMH . ents circulating inside East 

BONN, Jan. A Germany, as agreed on when 
the two Germ any 5 signed their 

low itself Bi-rlin-based German Institute ba«*c relations treaty in 1972. 
v. ; for Economic Research (DIW> The East German Foreign 


BONN, Jan. A 


BY ROBERT MAUTHNER 

PORTUGAL’S ECONOMIC situa¬ 
tion continues to be serious and 
the Portuguese authorities have 
little room fur manoeuvre given 
Ibe over-riding need to rut the 
large current external deficit and 
to curb inflation, according to the 
-latest OECD ■ review of the 
Portuguese economy. 

• The report, which was pre¬ 
pared Just at the time Ihe Por¬ 
tuguese government of Sr. Mario 
Soares was defeated in a confi¬ 
dence vote, emphasises that it is 
not possible to discuss the 
country’s economic prospects for 
1978 in precise terms until the 
economic policy options of a new 
government are fully known. But, 
nevertheless, it strongly urges 
the -Portuguese authorities to 
adopt restrictive fiscal and 
monetary policies to ensure a 
long-term recovery of the 
economy. 

Noting that, contrary to official 
expectations, the current external 
deficit in 1977 remains roughly 
at its 1976 peak level of SL2bn.. 
the OECD secretariat points out 
that a considerable volume of 
long-term funds from official 
sources will become available in 
1978 to finance a large part of 
the deficit, but only on the 
assumption that it is brought 
down to SSbOm. in keeping with 
the official target This would be 
difficult to achieve without reso¬ 
lute stabilisation measures. 

Nor is a substantial reduction 
of the paj meats deficit likely to 


be attained if the economy is 
allowed to grow this year by 3 
to 4 per cent as was the objec¬ 
tive of the last Government 
The Portuguese authorities 
cannot count on any substantial 
inflow of private long-term 
capital before a significant im¬ 
provement in the prospects for 


Pilots and flight staff of 
Portugal's national airline, 
TAP, have said they will 
strike again on Friday, writes 
Diana Smith in Lisbon. They 
have only recently returned to 
work after a stoppage that cost 
TAP more than $3m. in daily 
losses. Apparently the pilots’ 
unions and management have 
not been able to agree a satis¬ 
factory wage figure. 


the economy, the report adds. 
The financing constraint calls for 
a rapid adjustment of both the 
external and internal imbalances. 
The best results can probably 
be achieved by rigorous restraint 
being applied during a short 
period and demand management 
being progressively ' relaxed 
thereafter. 

Given the decline of real wages 
in 1977, it is unlikely that private 
consumption can carry most of 
the burden of adjustment in 1978. 
A temporary restraint on invest- 


PARIS. Jan. 4. 

menL which could produce quick 
and sizeable eirects on the bal¬ 
ance of payments, therefore 
seems inevitable according to 
the OECD. 

The report issues a special 
warning about the continuing 
dangers of inflation, after a rise; 
in consumer prices of as mut-h 
as 27 per cent, in 1977. The fact 
that the purchasing power of ■, 
wages probably declined signifi¬ 
cantly last year and might there -1 
fore lead to a “catching up" 
process in the current year, pre¬ 
sents a big risk of Further 
acceleration in tble prices-wages 
spiral. Without necessarily 
boosting economic activity, very- 
rapid inflation would clearly 
have an unfavourable effect on 
the balance of payments. 

The OECD, therefore, advises 
Portugal to use all possible 
methods of cutting inflation, 
short of a sudden, savage de¬ 
flationary package. 

After criticising the last Por¬ 
tuguese Government for 
belatedly recognising the indis¬ 
pensable role of monetary and 
credit policy in any stabilisation 
effort, and complaining of the 
lack of adequate and up-to-date 
statistics, the OECD neverthe¬ 
less feels that there are a num¬ 
ber of positive aspects in recent 
economic developments. “ It jn 
dear." the report says. “ that 
appropriate policy measures 
could produce significant im¬ 
provements in the situation.” 


Economic obstacles for Soares 


Uiujsuig among women than aliong men, wing m wesi uermuay, Germany's second television 

unemployment rate up from 4.4 and to rather Thore fbblessness about the harmful effects of im- channel, charging him with 
per cent, to 4B per cent. — the among those interests! in part- P°ns from.the developing world “slander and distortion" in a 
same, as. jt was in December, time work than in fuil-ime work on domestic employment, commentary on the Spiegel 
1976.' ■ —again, a category thxincludes Aciording to the DIW, “nearly article. 

At the same time there was a more women -than m4 There all the workers who have been The correspondent, Herr 
further slight drop from- 199A00 was a further slight ifcease, to lail off as. a result of imports Dirk Sager, has reported in 
to 186000 In the number of S 7 * 000 in- the total . people d>uld find new jobs in export depth from East Germany for 
positions waitins m he filled under 20 out of waflfc. and a production "—although it con- West German television, and 
_. . . - . . ’ rather bigger increas^ffQ 105,000, ceies that about half would his ’interviews with East 

ine increase tii December is j n the number of- unemployed bate to adapt themselves to new Germans are avidly followed 
largely explainablefrom normal foreign nationals..':. ini us tries and to learn new by viewers In East Germany, 

seasonal facto«;,and indeed the Ndt surprisingly, -the Decern- skills. most of whom ean receive 

president of the Federal Labour ber figures have .been -taken up The institute concludes that West German television. 

“ err Jo ™ Btingl, said immediately by ."the employers' from the standpoint of domestic c* r 
that -milder weather-than usual federation as ammunition in Its employment, there is no case to SUSJKJCtS Seized 

■ _ ® el ? ed members' fortbcdtelng trial 5f be made against the federal re- West German police arrested a 

Keep the mcrease m unempjoy- strength with the? trade, unions public's traditional free trade married East German couple 

tb * 11 might have been over 1978 wage settlements. The policies and that “demands for who used to live under assumed 
expected.-. . . • ' federation warnra once more pr»iection are limited essentially names in the Netherlands on 

Although the December figures that only reduced pressure on to the representatives of a few suspicion of being Communist 
gave.^little cadse;'for surprise, the cost side cotdSinduce com- particularly hard-pressed sec- spies, the Federal Prosecutor’s 
they 1 bring td an end the third parries to undertakfe the invest- ton." The DIW calls for similar office announced yesterday. UPI 

year in which the West German ments necessary tofeeate more .research to its own to be car- reports from Karlsruhe. The 

unemployment rate t has : on jobs. ft. „>. tied out in other member-states suspects have been identified as 

average remained above the 4 - Similar advice "to ’me unions -<of the European Community,- Marie Luise and Horst Schadock. 
per cent mark. Hejr-Stingl :and to. moderate their wftg claims and suggests that this ought ro aged 38 and 44.-'The couple used 
the representatives of all the came from the .Free lSmncratsJforni,i the basis of discussion to five under the assumed names 
major: political -parties ip^ jHe /tuaior partners, in the eoalit.-afR jbin .the Community of trade of- Werner and &fith Hasewaid 
'B^otfem«i Vj wart»ea- that this was Government . • poljele* towards the developing at Sittard in the Netherlands 

r development ' that West In another development, the werld. . before their arrest 


BY DIANA SMITH 

PORTUGAL'S balance' of pay¬ 
ments deficit and,- while the 
Government hiatus lasts, a lack 
of a budget or plan for 1978, 
continue to provide a stark back¬ 
ground to the round of talks 
between Sr. Mario Soares and 
his political rivals aimed at the 
formation of a second constitu¬ 
tional government. 

It is now almost a month since 
Sr. Soares's minority Socialist 
Government fell on a motion of 
confidence. His parliamentary 
opponents refused him their 
backing, essentially because of 
their disagreement on the 
Socialist's administration of the 
economy (both the Right and 
Left joined foftes in a “nay" 
vote to illustrate their lack of 
confidence), and their refusal 
to share responsibility for future 
gteasures. These measures would 
deflect the IMF's call for a 
sharpjh: deflationary 1978 package 
to redut^the balance of payments 
deficit to a supposedly manage¬ 
able S800m. compared with, the 
present Sl^bn. t. 


The package, still outstanding 
while -the IMF waits for a new 
Government to be appointed, is 
one of the major stumbling 
blocks Sr. Soares faces in his 
efforts to persuade Christian 
Democrats and Communists to 
give him the props he needs to 
ensure a stable Government 

Meanwhile, in the absence of 
any formal legislation regulating 
Portugal’s finances in 1978, 
Parliament has approved the 
floating of a state loan over Slbn. 
to cover immediate budgetary 
needs. At the same time, the 
OECD report on the Portuguese 
economy published to-day reflects 
Portugal's major challenge: 
reduction of her external deficit, 
and containment of inflation, 
which, according to recent 
figures, reached 29.5 per cent, in 
1977. 

At the same- . - time private 
Portuguese industrialists, who 
say they still account for 95 per 
cent of all employment, 93 per 
cent, of all exports and 89 per 


LISBON. Jan. 4. 

cent, of production, are not 
investing, in spue of a large and 
what they call “ atrophied, 
chaotic, ruinous sector.” 

They want a drastic review of 
strike laws, holiday laws, coin- 
pensation laws, and above all. 
the laws defining the frontiers 
between the private and public 
sectors, and hope that the 
Christian Democrats participa¬ 
tion in Government will ensure 
this. 

Industrialists say these laws 
make it impossible at the 
moment for private enterprise to 
function effectively and on a fair 
basis. They are also asking for 
permission to set up private 
merchant banks 

Although the Portuguese pub¬ 
lic ■ has grown increasingly in¬ 
different to the question of who 
does or who does not.take part in 
the new government. Portugal’s 
financial and economic problems 
in themselves, according to the 
vast majority' of 'observers, cry 
ont for a rapid formation of a 
new cabinet 


Belgium 
reduces 
bank rate 
to 8.5% 

BRUSSELS. Jan. 4. 
BELGIUM cut bank rate to 
R.S0 per cent from a per rent, 
effective to-morrow. the 
National Bank said. 

The Bank said the rate for 
normal advances, the Lombard 
rale, is also cut 1 o 8-50 per cent, 
from 9 per cent., effective to¬ 
morrow. 

The rate for special advances 
outside commercial banks' 
normal discounting quotas is 
cut (o 8.75 per cent, from 925 
per ccnU also effective to¬ 
morrow. 

The cnl in bank rate sur¬ 
prised Ihe market, hankers and 
foreign exchange dealers said. 
They said a cut from Ihe crisis 
level of 9 per cent, had been 
expected later this month after 
Belgium had reduced Its debt 
of BFr?w25.4bn. to the Euro¬ 
pean Monetary Co-operation 
Fund. 

The rate was Iasi changed on 
December 14. when it was 
raised to 9 per cent, from 7 per 
cent. 

Reuter 


Fish subsidies 
anger Danes 

By Hilary Barnes 

COPENHAGEN. Jan. 4. 
THE DANISH fish processing 
ioduslry is expected lo urge 
the Government to protest 
against wage subsidies paid lo 
U.K. fish processing plants 
according to Mr. Leif Goethe, 
director of the Danish Fish 
Industry and Export Associa¬ 
tion. 

Mr. Goolkp said that accord¬ 
ing to his information. British 
fish processing plants are able 
lo obtain a subsidy of up lo 
£20 a week per employee in 
order lo prevent companies 
from having to lay off or 
dismiss workers when raw 
materials are in shorl supply. 

He said the Danish industry 
receives no subsidies and is 
concerned at the distort ion lo 
competition embodied in the 
U.K. subsidy. 

Denmark is making the ques¬ 
tion of subsidies to industry in 
general in the EEC a matter 
of priority in its term as presi¬ 
dent of (he -Council of Minis¬ 
ters during the first half of 
this year. 

The U.K. is one of Den¬ 
mark’s main markets for pro¬ 
cessed fish products. In 1970, 
exports of canned and pro¬ 
cessed fish amounted lo almost 
7m. tonnes and will be about 
Ihe same this year 


4s repei 
rnnient 




diV 



Remarkable or rational ? 


The Porsche 928 is a totafl^new; V-8 powered, 
Iuxuiy2 + 2Coup& £ 

Its overall specification ana excellence dictate a 
price that puts it within reach oipnly the most fortunate: 

Yet it has been voted Car ofeae Year1978by a 
jury of 51 internationally recognised motoringjoumalists. 

lb some, a remarkable choice. 

But to those who appreciate Porsches 
acknowledged leadership in technological innovation. 


Longlife construction principles, proven reliability and 
attention to the smallest detaif .it was aperfectly 
rational choice. 

The first right hand drive 928b will be delivered 
in June, 1978. 

British specification wiffinclude air conditioning 
Porsche sdf-seeking stereo racao/cassette unit automatic 
or 5 speed manual transmissioh: 

Projected price: £18,75CIiiidusive of taxes. 


CAR OFTHE YEAR 
1978 


Porsche Cars GreatBritain Limited, Richfield Avenue, Reading RG18PH. Tel:Q734-59541L Tburistand Diplomatic Enquiries Tel:01-5688700 

_unmi, rh,ii>->.FfilMiIiiLlliAl.Hr.ftl'OKSI9U2S&tlLilniCni9HiMKhiidiiii<d11.uLtUUiM.Vnr4i (ilhUt-rui _im ■«— 1 ' - _ .___ 


uliLiSi^irwt^^iwlUcl-BourwiiK«ilLTH:O20eSlOzaj ■WertHMtaate Sirtufort Mix ore iCcnunmiajJ Ud. SJourbiidgt 0384823041H 
« Soalb:_(ir ridrOLltL linn; TH.Obi7612l£L fanAnihcDiISiilcIlid:Knur-cwuTd-030552737 ■Nmb Esau jrT600Ud.Yp«lan.ti.05.T2S 
-MftbVPW. faM . Ait TH: IC«2 HI S31 filrn IMufcrwn Mtfmbd. lingo* fct !M L-JU31 Mm.*, wd. fcdtaburgfc.'fcfcOO 

dCha«acll*I«adK Jwi».Tuu^M.SinwittJcr^'W:0SHlWI5u _ —---—---- ... - 























Financial Tines Thursday 


AMERICAN NEWS 


' Ta T PIT ?o 



U.S. Steel confirms plan I Car output 
to shut down Ohio plant 


BOUMEDIENNE VISIT TO IRAQ 


itrn 


Bid to end Syrian feud 


BY STEWART FLEMING 

MR. EDGAR SPEER, the chair¬ 
man of United States Steel, has 
confirmed that the company will 
be closing steel-making facilities 
in the Youngstown, Ohio, area 
which provide around 5,000 jobs. 

The statement by Mr. Speer 
follows months of speculation 
about the future of steelmaking 
in the Youngstown district, which 
is already facing a grim future 
following the decision by Youngs¬ 
town Sheet and Tube last 
September to shut facilities also 
employing around 5,000 people. 

The Youngstown Sheet and 
Tube move contributed to a wave 
of protectionist sentiment which 
helped to unite the steel indus¬ 
try and over 100 Washington 
politicians in pressuring the 


Carter administration to protect 
the U-S. steel industry against 
what was seen as unfair import 
competition. 

The closure ' also dealt a 
devastating blow to the economy 
of the Youngstown region, with 
some small communities there, 
heavily dependent on the steel 
industry for employment, facing 
unemployment rates of around 
30 per cent. 

A closure by U.S. Steel on the 
scale suggested' would further 
undermine die economy of the 
region. Although US. Steel is 
saying that no ten -decision has 
been taken on closures and no 
timetable set. Mr. Speer’s state¬ 
ment is certain to spark fierce 
local opposition which could 
■again spill over into Congress. 


NEW YORK, Jan. 4. 

Mr , Sfceer cited the movement 
of Industry away from the in¬ 
dustrial North-east and Midwest 
to the South and West among 
the reasons for the planned 
closure. U.S. Steel has decided 
that it -cannot put new investment 
into its outdated Youngstown 
facilities because of their poor 
location. 

Ironically. Mr. Speer’s remarks 
come the day after the Carter 
Administration announced some 
details of its proposed trigger 
price system for controlling steel 
imparts, one of whose objectives 
is to save steelworkers’ jobs. The 
U.S. Steel policy underlines -the 
fact that it is not just Imports, 
but also the existence of outdated 
facilities, which accounts for the 
U.S. steel Industry's troubles. 


Chilean referendum goes ahead 
at army and police insistence 


BY HUGH 0*SHAUGHNESSY 

CONFUSION surrounded the 
national consultation, staged by 
Gen. Augusto Pinochet, the 
Chilean President, yesterday on 
the question of whether the 
voters would support him against 
a resolution in the UN General 
Assembly condemning the viola¬ 
tions of human rights in Chile. 

In the absence of electoral 
rolls, which were destroyed by 
the junta soon after it seized 
power in 1973, voters in the 
referendum presented their 
identity cards at the hastily- 
prepared polling booths. 

But, contrary' to earlier indica¬ 
tions. Gen. Pinochet decided not 
to declare invalid those cards 
which had not been punched at 
the polling booths as a sign that 
their owners had voted. Nor 
were voters obliged to leave 
their fingerprints at the booths, 
contrary to what had been 
planned earlier. 

Officers in the armed forces 
and police have been encouraged 
to vote, but non-commissioned 
officers and other ranks were 
told not to vote. 

Confusion also surrounded the 
question of which of the three 
colleagues of Gen. Pinochet in 
the ruling junta — the com¬ 
manders of the air force, navy 
and the gendarmerie — support, 
and which reject, the idea to hold 
the consultation. 

Gen. Gustavo Leigh, the air 
force commander, has denied 
authorship of a letter, attributed 
to him by tbe Spanish publica¬ 
tion Cambio 16, which con¬ 
demned the whole idea in strong 


terms- Nevertheless, It is thought 
that Gen. Leigh and Admiral 
Jose Merino, the navy com- 
tnandec. have strong reservations 
about the consultation, as the 
president calls it 

However, Gen. Pinochet appears 
to be supported by Gen. Cesar 
Mendoza of the gendarmerie, 
and observers point out that the 
a "ray and the gendarmerie have 
twice as many men as the* air 
force and the navy, and there¬ 
fore would have the whip hand 
over the two smaller services in 
any confrontation. 

Gen. Pinochet and Gen. Men¬ 
doza have shrugged off a strongly 

Canada to build 
new frigates 

The Canadian Defence-Minister, 
Mr. Barney Danson said that the 
Government has approved plans 
to build six new patrol frigates 
at a cost of SlJjbn., Reuter 
reports from Ottawa. Tbe pro¬ 
gramme would create 4,600 jobs, 
he said. All the ships can be 
built in Canada, but two con¬ 
sortia, which have not been 
chosen, would probably work with 
design teams from other countries 
in building the ships to be 
launched between 1935 and 1969, 
he added. ... .. 

Retail sales up 

UR. retail sales rose by 1.7 per 
cent to a seasonally-adjusted 
$14.l3bn. in the week ended 
December 17, from $13.89bn. the 
previous week, the Commerce 
Department said, Reuter reports 
from Washington. 


worded appeal from the Catholic 
church in Chile -that the con¬ 
sultation should be cancelled, or 
at least suspended. 

Police have moved against 
those who have publicly sought 
to persuade voters to vote no. 
The communications media have 
been carrying exhortations from 
Gen. Pinochet to vote yes. 

The state of siege and the 
curfew, which have been in 
force in Chile since September. 
1973 (when the military crushed 
the regime of the elected 
Socialist President. Dr. Salvador 
Allende), were not lifted for the 
poll. 

Great Atlantic 
and Pacific 
Tea loss 

GREAT ATLANTIC and Pacific 
Tea chairman Mr. Jonathan I. 
Scott said third quarter operating 
Joss of S2.4m. was because rising 
costs, particularly labour, were 
not offset by sufficient sales 
increases. The overall results 
were virtually unchanged from 
estimated figures released on 
December 13. _ - 

GT. ATLANTIC Sc PACIFIC TEA 

Hi Ini Qnartar 2978 1977 


December 

By Our Own Correspondent 
NEW YORK, Jan. 4. 

U.S. CAR* production fell by 
892 per cent, is December, 
refiecting, among ether factors, 
moves by manufacturers to 
restrain output in the face of 
evidence of some Slow-down in 
sales. 

Deliveries of new cars slowed 
in mid-November, and, in 
December, companies re¬ 
sponded by reducing production 
targets. Chrysler and American 
Motors, respectively the third 
and fourth largest U.S. pro¬ 
ducers, temporarily closed 
some assembly 

Another factor in the decline to 
648,055 from 713,717 units was 
bad weather, im-iwf<ng snow, 
which hampered some assembly 
operations. 

Industry analysts are carefully 
watching sales figures for 
December and early January 
to try to determine how serious 
the evidence of Mowing car 
sales is for the industry, and 
for the U.5. economy already, 
some analysts are forecasting 
sharp cuts In car production 
next mouth, unless there is a 
jump in car sales. . 


Tough line on 
oil prices 
urged by GAO 

By Our Own Correspondent 
NEW YORK, Jan. 4. 

THE U.S. Government should be 
more aggressive Ja using its 
economic power t& encourage 
reductions in international oil 
prices, according t<ka study by 
the General Accounting Office, 
the investigation branch of 
Congress. 

The study, which adopts a tough 
stance at odds with current 
U.S. policy, makes ho specific 
recommendations on how the 
U.S. should put pressure on 
oil exporting countries. 

But it implies that the U.S. 
should use economic pressures 
such as oil exporters’ require¬ 
ments for Western technology’ 
to encourage them to lower oil 
prices. 

The report is already provoking 
opposition in • Government 
agencies which favour a co¬ 
operative, rather .than an 
aggressive approach, to the 
energy question. 


BY IHSAN HJjAZJ 

THE VISIT to Baghdad by 
President Houari Bournedienne 
of Algeria has heightened specu¬ 
lation about an imminent 
reconciliation between the rival 
Baathist regimes in Iraq and 
Syria. 

Mr. Boumedienne arrived in 
the Iraqi capital last night as 
part of an Arab tour which will 
take him to Damascus, the Gulf, 
and possibly Saudi Arabia. 

His Immediate purpose is to 
ensure.Iraq’s participation with 
Syria in tbe “rejection front” 
which had emerged out of the 
anti-Sadat conference hi the 
Libyan capital. Tripoli, last 
month, according to informed 
sources here. 

The Algerian leader's aim is to 
seek to expand the “Arab circle" 
against President Anwar Sadat 
of Egypt's peace initiative with 
Israel. 

To-day Mr. Boumedienne and 
President Ahmed Hass an ai 
Bakr began talks in preparation 
for a possible Baghdad summit 
conference ' of Arab states 
opposed to current Middle East 
peace moves by Egypt 

The Iraq News Agency said 
tbat they conferred soon after 
Mr. Boumedienne arrived last 
night The foreign ministers of 
the two countries attended the 
meeting. 

The agency said that they 
discussed measures to confront 
“ obstacles facing the Arab 
nation as a result of the serious 
conspiracies which have affected 
the course of the Arab struggle.” 

Iraq has invited the five 
members of the “hard-line" 
rejection front Algeria, South 
Yemen, the PLO, Libya and 
Syria, to hold summit talks here 
this month aimed at concerting 
opposition to Mr- Sadat’s initia¬ 
tive. 


Two other Arab leaders 
arrived in Baghdad at the same 
time as Mr. Boumedienne. They 
were Dr. All Tureiki. Libyan 
Secretary for Foreign Affairs, 
who two days before visited 
Damascus in a bid to mediate 
betwen Iraq and Syria, and Dr. 
George Habbash, the leader of 
the Palestinian militant “rejec¬ 
tion Front" .. 

Dr. TTnhhqgti had met secretly 
a few days ago with Syrian offi¬ 
cials at the Lebanese town of 
Shtoura near the Syrian border, 
according to reports published 
here. 

Efforts to end the feud be¬ 
tween Iraq and Syria have been 
intensified in preparation for the 
bolding of a second conference 
by the Heads of Arab States 
opposed to Mr. Sadat Iraq bas 
offered to host the conference, 
but Syria said it preferred that 
tbe meeting be held in Algiers. 

However. Mr. Boumedienne 
has called off, for tbe time being, 
the restricted summit in Algiers ■ 


BEIRUT, Jan. 4. 

> hich he invited Syria. lrM» 
oi h Yemen and the Palestine 
£ ration Organisation. 

ron so hopes of an Jraqt 
y an reconciliation are being 

li d. As Sayyad. * Beirut 

Mine, said to-day that Fresi- 

; Hafez Assad of Syria maj 
«_ Caiah Bitar to form a 
Syrian Cabinet that will. 
stage for a reconciliation 

who returned to 
a last week after living 
e abroad, is a co-founder of 
Baatb Party ^lmse estranged 
ions rule m Baghdad and 
nkaeus He leftSyna after 
military coup in DamiM 
ted his Government in 1966- 
la remains close to Mr. Michel 
ak. with " bom he founded the 
ath Party 32 years ago. Mr. 
[ak, who is also a Syrian, us 
ks Secretary-General of tne 
Bmbdad-baped “ National Corn- 
End *’ of the Arab Baath 
bcialist Party which has a rival 
iiuivalent in Damascus. 


Clashes in Sfuth Lebanon 


RENEWED FIGHTING betweei 
rival factions in south Lebanoi 
has reached its highest intensit: 
in three months, Palestinian mu 
Leftist sources said Wednesday 
The clashes betw©: 
Palestinian-Leftist forces wx 
Israeli supported Chrisffc 
Rightists, in south-east Lehan* 
near the border with Israft 
began Monday. 1 

Reports reaching Beirut 
the Christian enclave of MaA 
youn said Israeli sunoft 
pounded Palestinian positions A: 
night, flares were used to lighlfo 
the rainy night sky. I 


I HASBAYA, Jan. 4. 

ft The sources said the buttles 
Beached their highest pitch on 
jTuesdav. Several witnesses 
IcaUed them tbe heaviest clashes 
Tjinoe a u.S.-mediatcd cease-fire 
took hold in the. area on 
September 28, following Israels 
military intervention in the 
region on the side of the 
Christians. , ' ■ _ 

Incomplete casualty figures 
said at least five people had been 
killed and eight injured 

Monday. In addition, at least 30 
buildings were reported to have 
been badly damaged by shellfire. 
UP! 


Vietnam disputejeontinues 


Net per share... 

Nina Months 


Net per share... 


1978 

1977 

s 

S 

1 .8bn. 

LSbn. 

•5.0m. 

5.1m. 

*0.20 

tO.20 

5.4bn. 

5.3bn. 

2.9m. 

22 .1m. 

0.12 

0.89 

t Profit 



Reserves 
in Canad 



BRAZIL AND THE ITAIPU DAM 


Power balance row 


BY DAVID WHITE IN RIO DE JANEIRO 


THE LONG-STANDING quarrel 
between Brazil and Argentina 
over their respective plans to 
harness the power potential over 
tbe Parana River is now reaching 
a crucial stage. The Brazilians 
are insistent that some kind of 
agreement must be reached at 
the next meeting, scheduled for 
February, between themselves, 
tbe Argentinians, and the 
Paraguayans, who are involved 
in both countries; dam projects, 
to stop the dispute gaining more 
damaging proportions. 

The Brazilians are becoming 
distinctly tetchy over the future 
of the dam planned at ltaipu. 
which is to be the most powerful 
hydroelectric dam in the world, 
and provide the main power 
source for the industrial South 
nf the country. Already they 
have awarded Sl.6bn. in building 
contracts for the dam; and in 
March or April, some $650m. 
worth of turbines and generators 
are due to he ordered. 

The first turbine is due to be 
working in 1983, and the lSth 
in 1988. producing 12.600MW in 
total, and the Brazilians are 
concerned to avoid any further 
delay in the project 

In addition to the Brazilians’ 
pique with Argentina, which they 
accused last July of mounting a 
concerted press campaign against 
them, they are now exasperated 
to find that Paraguay is pressing 
its own claims, Paraguay is un¬ 
likely to need much of the elec¬ 
tricity produced, and has an 
annual gross national product of 
about a fifth of the estimated 
cost of ltaipu ($7-Sbn.). 

The bone of contention 
between Brazil and Argentina Is 
their mutual fears of the conse¬ 
quences of their respective dam 
projects at ItalpU and Corpus. 
The Argentinians fear that 
Itaipfl will jeopardise their use 
of tbe river; the Brazilians that 
if the Corpus dam is as high 
as tbe Argentinians want it to 
be. this will gravely reduce the 
power potential of Itaipti. 

Two years ago, Brazil and 
Paraguay agreed on the specifi¬ 
cations of the ltaipu dam, which, 
including earth dykes, will run 
about five miles from end to 
end. Built where the river is 
100 metres above sea level, it 
was to derive its power from a 
fall of 120 metres. 

Should the Corpus dam down¬ 
stream reach a height of 100 
metres or more above sea level, 
then the power output of ltaipu 
will naturally be lessened. The 
Argentinians initially wanted 
Corpus to be 130 metres above 
sea level. Differences in height 
make a large difference to the 
dam's power output. At 130 
metres above sea level. It would 
have a power output, of 
8.000 MW; at 115 metres, 4.500 
MW; at 100 metres, 3,000 MW. 

The Brazilians say their 


criterion is the natural height of 
the river. The Argentinians 
demonstrate that the Parana in 
the stretch concerned has 
reached 124 metres. The 
Brazilians retort that this was in 
the biggest flood of the century 
and the argument does not count 
For their part, the Argentinians 
are concerned about what- chang¬ 
ing water levels as a result of 
ltaipu may do to riverside ports 
and to their large trade in cereals 
and other goods along the 
Parana. In particular, there is a 

Farand River] 
J' Development \ y 


p tin » e v * * ) 

W, J _ nun 1 BRA2IU 


J MSP^ _ 

ff ARGENTINA p 

risk of ltaipu creating very low 
water tu the period from January 
to March. The Brazilians mean¬ 
while claim, that because of 
ltaipu, Argentina will have a 
more regular river at its disposal 
at no cost. 

Other arguments have been 
dragged- into the debate, often 
an thin factual grounds. These 
Include the spectre, ruled out 
by engineers, of a tidal wave 
from ltaipu. and the prospect 
of the Corpus reservoir flooding 
large areas of Brazilian farm¬ 
land, which It will not 

It would be conceivable for 
tbe two sides to develop their 
separate plans without on the 
one hand, affecting the river 
ports, or, on the other, flooding 
any Brazilian territory—but at 
the cost of many megawatts on 
both sides. This in turn would 
make electricity from both dams 
more expensive. Brazil and 
Argentina are in fact closer than 
ever be rote to admitting that 
plans that would enable them to 
draw a total of 20.000 MW of 
energy from the stretch of river 
bordering Paraguay are com¬ 
patible. 

Both-sides however also need. 
In order to settle the issue on 
the best terms possible, to secure 
the support of Paraguay, which 
stands to gain on one dam what¬ 
ever it lose 5 on the other. For 
Paraguay. ltaipu represents 
perhaps tbe biggest single chance 
of wealth in its history, as the 
. half of the dam’s electricity it zs 
to set will make the country tbe 
leading exporter of electric 


power, and probably the only 
country to have electric current 
as Its main source of revenue: 
Its stake in the venture, as ip 
the Corpus dam and Paraguay's 
other joint project with 
Argentina at Yacyreta, is In the 
use of its side of the . river. 

For the Paraguayans, the 
Yacyreta venture is in fact of 
more Immediate Importance than 
Corpus, which may be another 
reason for believing an agree¬ 
ment to be in sight. Paraguay 
has a fifty per cent, share In tbe 
former project, though this was 
only agreed to after Brazil set 
a precedent with the ltaipu 
project 

But Gen. Stroessner, the Presi¬ 
dent of Paraguay, is clearly 
anxious to lever the most he can 
out of ltaipu while the argument 
is still hot In November, Brazil 
caved in to Paraguay’s insistence 
that its share of Itaipu’s power 
be generated at Paraguayan 
frequency, even though it will be 
sold to Brazil. This means that 
Brazil, which uses the American 
00 HZ sysem, will have to instal 
costly imported converters, 
while Paraguay could theoretic¬ 
ally sell its half of the power to 
Argentina, which uses the same 
European-standard 50 HZ 
system. 

At their last meeting, Para¬ 
guay presented a demand for 
priority for navigation from the 
Seven Falls, an area upriver 
from ltaipu, due to be flooded 
by. it and in the past the subject 
of a serious border dispute, 
down to where the Parana meets 
the Paraguay River. The request 
was apparently retracted In the 
face of the violent Brazilian 
reaction, which is probably an 
indicator that in future Brazil 
will take a tough line on ltaipu. 

Brazilian exasperation with 
Paraguay has been taking an 
increasingly vociferous form. 
“ Destiny." ran an editorial 
recently in a leading daily paper. 
“ has determined that Brazil 
should commit itself to building 
another Brasilia, only in the form 
of a hydro-electric dam. The 
fates willed that the construc¬ 
tion of this dam should depend 
on an alliance with Paraguay. 
Brazil is condemned by fortune 
to live with this alliance." 

Surpirsingly, perhaps, Brazi¬ 
lian authorities are optimistic 
tbat the February meeting will 
produce enough of an agreement 
to go ahead. One view is that the 
two sides will then settle on 
something in the region of a 
height of 105 metres for Corpus, 
and that Brazilians will swear 
they are not secretly planning 
to bring back their former long¬ 
term scheme of expanding ltaipu 
from IS turbines to 30, which 
would seriously affect the river 
as a transport route. 


OTTAWA, Jan. 4. , 

OFFICIAL Canadian Interna¬ 
tional reserves at piece* ber 31 
were $4.60bn ^ qp $417m. from 
a month earlier, the Finance 
Department said. A year ago 
-the total was S5B4bn. (reserves 
are stated In U.S. dollars). 

The change last month included 
an increase of $58.7m. in SDR- 
denoinitiated assets, reflecting 
appreciation of the U.S. dollar 
value of the unit of SDR, aid 
an increase of $X-9m. represent¬ 
ing the book value of gpld 
transferred from the mint 

The Finance - Department said 
that figures reflect a purchase 

- of 89.7m. In gold as part of 
Canadian involvement -In the 
International Monetary Fund's 
gold restitution programme. 

Reuter 

AF-DJ adds: The Finance Depart¬ 
ment has announced the-terms 
of a previously disclosed 
Sl.5bn. stand-by credit facility 
with Canadian banks. It said 
that no drawing had ydt been, 
made on the facility.. {. 

The Finance Department said 
that the facility, which will be 
available for seven ] years, 
entitles the Government to 
borrow UR. dollars for terms 
of one, two, three, dr six 
months at its option. I- 

The Government will bay a 
stand-by. fee of J pea cent 
per annum on tbe uidrawn 
amount of the facility. During 
the first three years /of the 
agreement, the interest! charge 
oo any drawings would be 
l per cent, above the prevail¬ 
ing London inter-bank offering 
rate for U.S. dollar deposits. 

• General Motors of Canada has 
raised prices on its oars and 
trucks by an average overall 
increase of 2.8 per 1 dent, In¬ 
cluding Canadian federal taxes 
and optional equipment, a 
company spokesman said at 
Qshawa, Ontario. The higher 
prices were due to : increased 
costs for imported harts and 
vehicles, he said. r 

Guatemalan 
kidnap claim 

GUATEMALA CITY, Jan. 4. 

A CLANDESTINE ‘Left-wing 
group, calling itself the 
Guerilla Army of -the Poor 
(EGP) to-day claimed responsi¬ 
bility, for kidnapping here on 
December 31 the former 
Guatemalan Foreign Minister, 
Sr. Roberto HerreraTbarguen. 

The EGP demanded that a com¬ 
munique which they sent to 
journalists to-day should be 
published, with a message to 
the Guatemalan people and 
said that his family would be 
required to pay a ransom for 
the release, of Sr. Herrera. 
He was accused in the com¬ 
munique of being one of those 
.responsible for *• the violence 
against the people in tiu> 
country.” 

Last April, the EGP kidnapped 
the Salvadorean ambassador 
here, and only released him 
after a communique was read 
to a public meeting, accusing 
the governments of Guatemala 
and El Salvador' of being 
repressive. 

The latest kidnapping comes 
only two months before pre¬ 
sidential and general .elections 
are due in Guatemala. Some 
sources said that tin govern¬ 
ment of Gen. KjeU Laugerud 
might consider imposing a 
state of emergency. 

Reuter 


BY OUR FOREIGN STAFF 

CAMBODIA AND Vietnam yes¬ 
terday appeared to moderate the 
caustic war of words they have 
conducted since Phnom Penh 
temporarily broke off relations 
with Hanoi at the end of last 
week following an escalation in 
their border dispute. 

Fighting was reported to be 
continuing, but the Soviet Union 
and China, both potentially in¬ 
volved in this rift between 
Asian communist governments, 
maintained their low profile. 

A commentary from Phnom 
Penh radio monitored in London 
last night, describing Cambodia’s 
achievements since the fall of 
the Dan Nol regime in 1975,. did . 
not mention thfe border fighting 
which precipitated the break with 
Hanoi, but claimed that not “a 
single square inch ” of its terri¬ 
tory had been lost 

Another broadcast monitored 
in Bangkok yesterday said rice 
was still being harvested north 
of Parrot’s Beak, suggesting that 
the Vietnamese incursion had 
not penetrated beyond that 
region. 

Thai intelligence sources were 
reported yesterday as saying 
that elements of six divisions 
of Vietnamese troops with frinks 
and air support had occupied 
most of the region and that fight¬ 


ing was going on. 

The Sqviet Union—with d 
ties to Vietnam—and Ch 
which has lent support to Cl 
bodia in the past, apparei 
remain reluctant to beco 
involved in what is seen esi 
tially as a local conflict desi 
their own mutual antipathy. 

Moscow has restricted it 
to half a dozen brief m 
reports, quoting the fore 
Press to publicise the V 


pounced regret at the fighting 
e and voiced hope of a peaceful 
a solution. 

- Cambodia's Ambassador to ‘ 
Y Hanoi arrived in Peking on 
e Tuesday and is reported not to 
i- be expecting to have talks with 
a officials there before leaving this 
week-end. 

f Altho ugh precise details on 
s the conflict in Indo-China remain, 


reports, quoting the forejn impossible to determine, some 
Press to publicise the Vat- observers sec the Vietnamese 
□amese offer of negotiations ftd aim as retaliation against 
to pictnre China as gutting repeated Cambodian .incursions 
Cam bodian actions. . § during the past Tew months. 

Radio Hanoi repeated its mH The belief is that Vietnam 
for talks towards peace agun will endeavour to hold its gains 
yesterday. . • ■ TV .and await negotiations to end a 


yesterday. .and await negotiations to ena a 

The only comment from* fflspute which goes back to 
China came last week-end whfh,traditional rivalries as well as 
an official spokesman pro- territorial differences. 

ELF “halts” airlift to Asmara 

ROME. Jan. 4. 

THE Eritrean Liberation Front ment hands. Reuter 
(ELF) said to-day it had stopped • Ethiopian, aerial bombings 
Ethiopia's massive airlift to its have killed “many thousands’’ 
besieged garrison in Asmara by of people In embattled Eritrea 
shelling the runway. Asmara, province but guerillas are 
capital of Eritrea and the second tightening their stranglehold on 
largest city in Ethiopia, is. one remaining Ethiopian garrisons, 
of only four or five towns m the an Eritrean secessionist spokes- 
northern region still In Govern- man said to-day. UPI 


Israel | 
arrests 
bomb 
groups 

BY OAV» LENNON 

TEL AVXV,;Jm.'«. 
ISRAEL’S security force* cap 
lured a five-man sabot** gram 
Sbicta crossed into tbeWaklSE 
from Jordan. Anwwnwte* the 
arrest, which took pUce. .on 
November I", tbe artny fpoh®- 
man said the captured Bn wt* 
members of the Iraq****** 
Arab Liberation Front. . 

Although infiltration-. ‘ thfq 
Israel across the Jortteawas cam. 
xrnra before 1BT0. iUruor* 

unusual and this group jmt me 
first reported entering ZacMl iq 
this way for some time. 

The security tones At 
announced Tlw arrest of ftrati- 
dents of rhe West Bank ateuatd 
of membership of tear mbetags 
cells. . , . . ' 

One group, which Inclwwdriro 
schoolteachers, was. ttacormd 
after a bomb exploded te « house 
in east Jerusalem in November. 
One of the ceH'a members wu 
killed in the Hast which 
occurred while the group -wa» 
making bombs. The group is 
accused of being responsible far 
iwo bomb attacks. 

A Fatah cell operating out of 
the Jenin refugee camp wu 
picked up after staging a number 
of Molotov-cocktail attacks - on 
army vehicles. Two other rings 
were uncovered In- the Jenin 
area of the West Bank before 
tbey staged any attacks. One wu 
reported to be organised by. the 
Syrian-sponsored Sc Ik* organisa¬ 
tion. the other by the Indepen¬ 
dent Popular Front for . the 
Liberation of Palest ino. 

These arrests come alter a, 
period of almost daily snail 
explosions 

S. Africa death 

Criminal prosecution may follow 
the death in a police cell of a 
you nil Indian salesman whose 
family claim he was beaten up by 
police. Reuter reports frtun 
Johannesburg. Police said a re¬ 
port on ihe death on December 25 
would be sent to the Altorney- 
General tor Transvaal Mr. Jacobus 
Nothl’mg, who would decide 
whether to order a trial or an 
inquest. 

Police refused to give details 
of the case involving ft-year-old 
Moonsamy “Vella" Pillay, from 
Lenasla Indian township near 
Johannesburg, saying their com¬ 
ments could be used as evidence 
in court Bui friends and family 
said Mr. Pillay was taken away 
from his house by police on 
December 34 and died the next 
day. 

Philippine dash 

Philippine army troops and pan.* 
military constabulary clashed here 
yesterday and at least foul people 
were reported killed, Router 
reports from Zamboanga City. 
constabulary lieutenant said that 
only two of his 11 men had been 
accounted for...He believed that 
some were being held hostage by 
the troops, . 

ON OTHtH PACES 

international Company News: 
Japanese steel-making 
Sandoz turnover and profits 18/19 
Farming end Raw- M a t er i al s: 

EEC fish talks in London 
Brazil sugar ..25 


Callaghan begins visit to Bangladesh 


BRITISH PRIME Jffinlster 
James Callaghan arrived In 
Bangladesh this mooting on the 
first stage of a tour of the 
subcontinent. 

Mr. Callaghan, the first 
British Labour Prime Minister 
to pay an official .visit to the 
region, was welcomed by a 
19-gun salute at Dacca airport 
He was greeted by Bangladesh 
President Ziaur Rahman. 

“The object of my visit is 
to build relations with one of 
tbe newest and most valued 
members of the Common¬ 
wealth,’’ Mr. Callaghan said 
at the airport 


Mr. Callaghan, who Is here 
on a three-day visit will have 
a first round of talks with 
the President later to-day. 

“ We want to discuss ways in 
which we can help each other," 
Mr. Callaghan said. 

Apart from discussion on 
international Issues, two impor¬ 
tant questions expected to be 
covered are Immigration to 
Britain from the subcontinent 
and bilateral economic rela¬ 
tions. 

Mr. Callaghan’s visit will 
enable him to see at first band 
how Immigration procedures 
work at the Asian end. 


There - are about 70,000 
Bangladeshis living in Britain' 
who hold British passports. : 
One of the problems concerns 
immigration procedures, for 
their families. Bangladeshi 
sources say formalities and 
investigations can take up to 
two years. 

19»e annual trade flow 
between the two countries is 
about £60nu, with the balance 
of payments slightly In-favour 
of Bangladesh. 

The visit may also help to 
increase British aid to-Bang¬ 
ladesh 


DACCA, Jan. 4. 

Britain hag committed £33nz. 
for this year through the Aid 
to Bangladesh Club. - 

• Britain- to-day signed In 
New. Delhi five agreements 
providing aid worth £144mu to 
Ifldhr for the 1877-78 flnandai 
year. 

This Is the largest amount 
Britain has ever Signed over 
at a single ceremony in India, 
which receives one-quarter of 
British bilateral aid. The aid 
package, entirely" in grant 
form, represents a 30 per cent, 
increase, over laid year’s sum, 
Reuter 


U.S.—INDIAN RELATIONS 


No begging bowl offered to Carter 


BY K. K. SHARMA W NEW DELHI 


President Jimmy Carter's 
characteristic beaming smile 
dimmed, somewhat alter his 
clanger on the “cold and blunt 
letter’’ he plans to send to his 
newly found Indian octogenerian 
friend. Prime Minister Morarji 
Desai. Bat Mr. Desai managed 
to take in his stride this off-the- 
cuff aside picked accidentally by 
a microphone. 

In fact, he is not displeased 
since it shows him as a person 
who has stood up to pressures 
from a super power while ex¬ 
tracting much-needed enriched 
uranium and heavy water for 
India’s nuclear programme. The 
nuclear issue caught the head¬ 
lines because of the President’s 
remark but it was never meant 
to be, nor was it. the principal 
issue for the Delhi talks. 

The Americans say Mr. Carter 
came to Lidia not only to im¬ 
prove bilateral relations but 
also to dramatise a major tilt 
of U.S. policy towards the Third 
World which previous Adminis¬ 
trations had all but written off. 
Since the tilt was in India's 
direction, the Indians were 
delighted to give Mm the stage 
he wanted. Hence the impres¬ 
sive sounding “ Declaration of 
Delhi" signed by Mr. Carter 
and Mr. Desai with great pomp 
in tiie glittering Ashoka Hail of 
the President's palace in New 
Delhi. 

The declaration gives expres¬ 
sion to both leaders' genuine 
concern for human rights, inter¬ 
national co-operation, % new 


world, economic order and more 
besides. Both are now commit¬ 
ted and eager to press ahead 
wife these. It Is on fee cards 
that India, described by Carter 
as being uniquely both on 
industrialised and developing 
nation, will take initiatives" to 
salvage the North South 
dialogue. 

Yet the x gains are mainly 
bilateral. Indo-U.S. relations 
have been sour since Mr. Nixon's 
famous ‘’tilt” towards Pakistan 
during the 1971 war over 
Bangladesh. Since then both 
countries have experienced in¬ 
ternal traumas which they are 
trying to forget Mr. Carter 
arrived In Delhi at an unusually 
auspicious period. Indians feel 
they are in the same moral 
league as fee U.S. because they 
have just gone through their 
own version of Watergate bv 
ousting Mrs. Indira Gandhi and 
raking up the unsavoury details 
of her dictatorship. Carter's 
vistt was a confirmation of their 
return to democracy. 

Equally important the back¬ 
drop for the visit was propitious 
For once. India did not have its 
begging bowl out. With embaras- 
smgly large foreign exchange 
reserves and grain stocks, it does 
not need aid or subsidised food 
of the kind the Americans dis- 
pensed for more than two 
decode^ The if s. Congress has 
voted S60m. for Indian. But 
both countries are finding it hard 
to put this to use and it can- 

symbol anyUlinS more th “ 


In this context, Mr. Desai 
was able to make a significant 
change In Mrs. Gandhi’s foreign 
policy, which was ostensibly 
nan-aligned but in fact had a 
marked Mas towards the Soviet 
Union. The Soviets feared they 
would lose their position after 
the general elections last March 
anfl sent Gromyko posthaste to 
make the right noises to India’s 
ney leaders. The Indian leaders 
soon realised that the. ties with 
Russia were toq close to Shake 
off- IndoSoviet relations may 
not be as close as they were 
during Mrs. Gandhi's time, but 
Mr. Desai’s visit to Moscow last 
autumn ensured that they remain 
valuable to both. ' Mr. Desai 
calls this “genuine non align¬ 
ment" and the tumultous Wel¬ 
come arranged -for Mr. Carter is 
part of expression of this con¬ 
cept. As an Indian official said: 
“Genuine non-alignment means 
judging events and Issues ns they 
affect India’s own interest and 
economic development.” 

- On fee American side, expecta¬ 
tions were clearly no longer as 
high as they were a generation 
ago. when India was looked upon 
as the democratic candidate in 
the race against Communism In 
the Third World. 

Mr. Carter’s view of a .multi¬ 
faceted world now makes that 
irrelevant and disillusion be¬ 
comes less likely. Neither aide 
expected the other to become its 
most Important ally and when 
questioned what tbey wanted 
from the visit, both, the In dians 


and the Americans said, * rap¬ 
port.' 1 

In concrete terms. India 
pects a substantial increase •» 
private investment In certain 
key sectors. Mr. Carter pointedly 
told Indian members of parlia¬ 
ment feat UjS, private enterprise 
was playing a negligible role'to 
a country of millions of people- 
Perhaps he was not fully aw»rt 
feat-the climate for fore'gn to* 
vestment in India is not exactly 
inviting. There are signs tprt 
it may even be discouraged^ • 

The Indians have noted ‘tM^ 
tbe U.S. is more symjwthejto 
than the EEC to exports fro® 
Third World countries. Ax * 
result of Carter’s visit, tbe . 
will be more generous in 
transfer of technology not only 
through private investments &“V 
also by direct technologic**, 
collaboration between resear® 
bodies of tbe two countries, la™* 
bas been asked to name-a*?- 
area of technology where 
liberation Is ’ needed, the #*• 
spouse would be prompt- A* 

Mr. Carter and his experts : 
that there is no reason for Jog;, 
to be singing about its currag 
food surpluses which mlitfit Jg;- 
temporary. He. has said jg 
world food outlook is not braST 
for the coming .decades, 
should be. taken globally* 

-India taking the -lead -i® AsU* -- 


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5 


WORLD TRADE NEWS 



U.S. STEEL CURBS 


concessions 
next week 

WASHINGTON,'Jan. 4- 
WHEN the U-S. international 
trade negotiator, Mr. Robert 
Strauss, goes to Tokyo nest 
weeki the ' US- Government 
expecia Japan win be ready to 
commit itself to substantial 
additional steps to belp 
diminish: . economic tension 
between the two countries. 

After - the Strauss mission 
-was announced last night the 
Initial reaction from Tokyo 
appeared -mixed. The Prime 
Minister, Mr. TaJkeo Fnkuda, 
according to one report 
expressed- confidence Oat the 
U-S.-Japanesc trade problems, 
could be settled In the talks 
next week. . But there also 
were. indications from Tokyo 
that the Strauss visit was un¬ 
likely to! produce-any major 
new steps to reducethe 
Japanese trade and - current 
account surpluses. 

In Washington, an Adminis- 

- tration source . hinted - that 
Japao, in addition to relaxing 
further its quotas on several 
Items, will be ready by late 
next week to acknowledge that 
previously - announced tariff 
concessions .will be extended 
and that other actions are to 
be -taken to ease Japanese 
economic problems - vis-a-vis 
the U.S. 

- This expectation, ft .was 
Teamed, ts based on negotia¬ 
tions which have been under 
way between U.S. and 
Japanese government officials 
since the visit to Washington 
In December of the. Minister 
for External Economic Affairs, 
Mr. Nobuhiko Ushiba. 

Despite some efforts by the 
U.S. .State Department to 
moderate the U.S. reaction to 
Japanese offers daring the 
Ushiba visit, Mr. Strauss and 
others have said bluntly that 
what Japan proposed initially 
would not be satisfactory to 
the US. Government 
U.S. officials .said that they 
eonld not say for sure that the 
Fnkuda government will take 
additional steps to resolve the 
trade conflict- with the U.S. 
AP-DJ ' . . 


Japanese sates hard hit 


BY CHARLES SMITH 

JAPAN’S STEEL exports to the 
U.S. could drop to 5m. tons in 
1978 from their peak ‘ level 0 f 
7.44m. tons in 1976 .as a result of 
the introduction ofthe trimor - 1 
- price system announced by the 
ILS. Treasury, it wag'estimated 
to-day. •_ r . 

An industry official: said the' 
trigger prices. Based oh- Japanese 
steel production costs and apply, 
ing to 18 categories of products, 
were higher thag had been 
expected. Japanese steel makers 
also fear that tl ? U.S. steel 
industry might d tnsnd an in¬ 
crease. in trigger-t ice- level® at 
some time after it forthcoming 
round of pile increases 
scheduled * for 1 ebruary 
•March, 


The U.S. trigger-prices 
announced on Tuesday coupled 
with similar moves under way 
in Europe, are seen in Japan as 
steps towards a permanent inter¬ 
national price cartel in steel This, 
is bad news for Japan in so far 
as its steel industry currently 
ranks as the most active in the 
world but could ultimately turn¬ 
out to be good news if the effect 
is to prevent price cutting by 
newly emerging steel makers. 

Japan will also benefit if it can 
manage to use the trend towards 
a fixed international price level 
as a lever in its periodic steel 
negotiations with nbina. 

The prices at which Japan 
makes sales to China are believed 
to be extremely low, although the 


. TOKYO, Jan. 4. 

exact levels remain secret. 

David Buchan adds from 
Brussels: The EEC Commission 
and the European steel industry 
were today reserving comment 
on the new trigger prices. 

Commission officials said they 
would have ready a proper com¬ 
parison of the US. system with 
minimum prices the EEC has 
imposed for the first- three 
months of 1878 in time for talks 
with U.S. officials on Friday when 
President Garter visits Brussels. 

Both the Commission and the 
industry are concerned that, the 
trigger prices should not be 
higher than the EEC minimum 
prices to avoid imports being 
diverted to Europe, 

Nippon Kokken’s Island, Page 19' 


Triggen prices welcomed 


Br STEWART FLflKWfG 


reaxain 


STEEL INDUSTRY 
in the U.S. are 
Carter Administratidt 
trigger prices to 
import competition^ 
but on balance fa 
come. 

The prices were* 

. yesterday and" set 
which imports for 
products cannot en 
without sparking of 
investigations aime 
their sale. 

This morning. Mr; 
Verily, chairman 
Steel, the nation’s fi 
producer, said that 
felt that on the evi 
trigger price anno 
Carter Administrfti 
sincere in its .stated 
bringing the impark 


executives 

| giving the 

’s proposed 
unfair 
guarded, 
wel- 


ytfbrable 


sSwABed 


announced 
fevels below 
steel 
the U.S. 
Jitt-dnmping 
d|at stopping 

JC. William 
ARMCO 
ojrth largest 
company 
<fcnee of the 
ent the 
ion was 
bjective of 
share of 


trireme 


- ' NEW YORK, Jan. 4. 

the US. steel market down, to 
12-14 per cent. 

. Current estimates suggest that 
imports raptured around 18 per 
cent, of the U.S. market last 
year. . 

But Mr. Verity emphasised 
that the U.S. industry does not 
have the evifleece yet to come to 
a firm conclusion. He pointed 
out, for example, that ARMCO 
makes six different types of cold 
rolled non-orientated steel but 
the • Treasury's trigger , price 
announcement yesterday only 
gave a price for one type of this 
product without specifying 
which. 

He pointed but that the 
Treasury announcement gives no 
indication of the “ extras ” which 
will be allowed. 


Rve key 
announced 
yesterday 


steel trigger prices 
in Washington late 

Trigger 



estimated 

Current 


customs . 

US. 


duties 

list-price 

Cold roiled 

sheet 

5329 

$333 

Hot rolled 

sheet 

5262 

5288 

Plate 

$301 

$324 

Tin plate 

$500 

$481 

Hot rolled 

bars . 

$373 

$359 


All prices per ton. Eastern UA 
Japanese prices include cost of 
production (raw materials, labour, 
interest expense, profit margins 
and depreciation) plus shipping 
and estimated customs duties. In 
some cases prices are higher than 
US. prices, which are due to rise 
by upwards of 5 per cent, next 
month. 


EEC sieel production declines by 6% 


CRUDE ST CTfL prediction in 
the European Conumnity was 
126.4m. tonnes in XB7, off 5.8 
per cent: from the l$£ 2 m. tonnes 
in' 1976, according t$ an initial 
estimate from Eurostat the EEC 
Statistics Office, published to-day. 

The decline 1ast- ; :year con¬ 
trasted with a 7A per cent, rise 
in ^crude steel AUtpot -in 1976 


over 1975; and reflected the 
seriousness of the steel indus¬ 
try's situation is the Community, 
Commission experts said. 

The Community has decreed 
minimum and guide prices for 
almost all domestic'rolled steel 
products " and also introduced 
base prices for imported steel 
that are;to be effective until the 


BRUSSELS, Jan. 4. 
end of March to allow the 
Commission to negotiate price 
and volume restraint agreements 
with most supplier countries, 
including Japan. 

In Britain, production was off 
7B per cent to 20 . 6 m. tonnes 
from 22.4m. tonnes and-France 
fell 4.2 per cent to 2&3m. tonnes 
AP-DJ 



Dfls.’ 50,000,000.— >. 

7i% Bearer Notes 1973 due 1977/&80 
. of * 

SOCDETE DU PIPEL1 
SUD-EUROPEEN 

Neuiltytfitf-Seiiip 
: : r FRANCE ' ■ 

Second onmwlredemptiim instalment 
(Redemption Group ho. 2 fdl due 
_;; February 15.1977h. 

As provided in the Tenns and 
Redemption Group No. 4. amt 
Df& 12^00,000.—, has been i 
ndemption on February 15, a 
consequently the Note which 
and'aH Notes bearing a numlfer which is 4, 
or a multiple pf 4, are pavble as from 

February-15^1978 

• at 

' Algemene Bank wfesfea® N.V. 

' (Central Pawng Agent) 

Amsterdam-K o ttaroam Bank N.V* 
Bank Meql& HopeNV 

& Pierson N.V. 
in Amsterdam: 

_ _yJ Freres & CSe 

Banqne departs et des Pa j-s-Bas 
•f in Paris r 
Banquette Paris et desPays-Bas pour te 
Gumd-Doche da Luxembourg &A. 

7 * in Luxembourg; 

AlgemeneBank Nederiand (Geneve) S.A. 

in Geneva; 

A^emese Bask Nedcriand in der Schweiz AG 

in Zurich . 

December 21,1977. 


J 




;:1*cmPL 



28-31 JANUARY 1978 

' TORFEZZAmEWSSO 
- . Vde FlppoStazi 

A-SHECIAUSH) TRADE EVHVT OF 




- OfTOAL FRESBMKI10N 
. . OFTHE 

AUTUMN/WNTER P/8-79 

cruEcnoNS b/themost 

.IMPORWIT FASHDN FIRMS 
' ■ N THE SECTOR 

crifrisacft iK&'cted fo fcuyersend thepess 

CENTRO DIHRENZE 

PERL4MOmnAUANA 


toJ* 


■fllrthn-fiOmMu I 
Wi r hB w BW 


BRAZILIAN COMPUTERS 

v 

Local projects beat 
the mnltinationals 

BT sue brandpobd in SAO PAUi^> 

ThE.'- PLENAR Y Council of advertising agency Sharp also 
re, the Government body in recently bought up a bankrupt 
of $be country’s computer investment bank. Banco Xnde- 
has announced here that pendencia-Decred. 

Another of the selected pro- 
^ i! Posals comes from Edisa, a pro- 

. ^ u f ject submitted by private 

production of mini-ocmpuSera to Brazilian companies from Rio 

. _. . Grande do Sul, Brazil’s most 

v-“P :iSK>n a «nons set- southerly State, in association 
the *JS? rVls BKDB - regional bank of 

H&£ 2 p« 5 S ,i rSSiS? ex ? eine sonth » which is the 

L 0 ** 1 State-owned development 
bank. Technology will be pur- 
andTRW—which had all pre- chased from the Japanese com- 
presearted proposals for stxm^rt pany Fijitsu. 

SSSSfU^ “ y f8V 0 o ne r of T a * nsss ?■ ^ 

^n, as lAJSSES 
ment is increasingly committed 
t0 a decentralisation poUcy to 

owrtiieoesjt^rad^Acro^E ^ excessive con- 

cen tration of industrial activities 
Sm de Jmei " 

USSSSf fc'Wt JSS JS The mcst^rp^ decide 

coanpirters annually. selection of the project 

However, he added, this pro- subnutted b ? yetromca, a 
jectaon may well .be an under- 2 * m Pcontrolled by the 
estimate, as demand has prob- ^ or ^* ^ s ^ m ' 

ably been artificially repressed ve ^ which is a kind of inter- 
by the Government's present naiaonal^ merchant bans; con- 
striet import controls. Brazilian capital m 

Xy the 1990s, turnover in the Jfhich some of toe world’s hugest 
wtejmter industry as a whole is pai«s participate, mcLudmgMut 
expected to be larger than in g n . d »«sdner Bank and 

any other sector, apart from the Swiss Bank .Corporation, has a 25 
motor industry. P®* cent - stake in the project Its 

It had been thought that the technology will come from the 
Government would select two West German company, Nixdorf. 
proposals. The inclusion of an At present, Brazil has one 
extra project was Jus tifie d by the mini-com puter manufacturer — 
council as “the most adequate Computed ores e Sistemas 
solution," . given the need to Brasileiros, Cobra SJL, which is 
create healthy and efficient com- largely ran by Navy officers. The 
Petition.” project is mainly financed by a 

One of the selected projects group of Brazilian private and 
submitted by Sharp Equips- State banks, including Digibras, 
tos Electronicos, in which the which is a subsidiary of the 
Japanese Sharp Corporation has large, State-owned development 
a 25 per cent, stake, in associa- bank. BNDE (National Economic 
tjoo with two other Brazilian. Development Bask). The British 
companies. Dataserv and Inepar. group, Ferranti, has a 25.7 per 
technology will be purchased cent share in Cobra's ordinary 
the French company, shares, 
b ar. The overall decision is a defeat 

was widely expected that for the multinationals which have 
Sharp project wonld be been carrying out a powerful 
led, partly because the lobby throughout the year to 
p also offers a full support change the specifications accord- 
unme. As well as two ing to which the projects must 
g companies, a brokerage have “a majority of the capital 
, a finance company, a dis- in the hands of Brazilian resi- 
ntion company and an dents.” 

loyds in Romania loan 


BANK has granted a 

_to the Romanian Bank 

fwaForeign Trade to help finance 
contracts placed by Romanian 
buyers; with British companies. 

by the Export Credits 
itee Department too loan 
ip finance capital goods and 
ited services. Contracts 
under credit facilities by 
i Romania already include 
_a compressors, machine 
textile machinery, shipyard 
lent and cranes. 

™*WiJUe, Morgan Grenfell 
has signed a £ 3 m. line of credit 
toe National Bank of 
also to finance UJC 
of capital goods and 

BOGD has also backed tills 
is the sixth “shopping 
fine arranged by Morgan 
for the National Bank 
-1970, The previous Hues 

totefjed f 2 fim. in value. 

e £2m. contract 

Heavy Engineering (part 
Whessoe Group) has won 
an .ottter to build a series of fixed 
and;.floating roof steel, tanks at 
two cdl storage and distribution 


depots located at Benin and Ore 
In the Federal Republic of 
Nigeria. The order, valued at 
£ 2 .6m. was awarded by Uuion 
Industriefie et D'entre prise of 
Baris. 

ITT in Argentina 

International Telephone and 
Telegraph’s Argentine sub¬ 
sidiary, Campania Standard 
Electric has signed a $SSm. 
telephone supply contract with 
Bn tel, toe Argentine telecom¬ 
munications agency. Reuter 
reports from New York. 

Danish-Iran row 

Danish Foreign Minister Mr. K B. 
Andersen, who Sew to Teheran 
on Tuesday to sort oat the 
Iranian boycott of Danish goods, 
said in a telephone interview 
with Danish radio that he looks 
forward to a rapid solution to toe 
problem, writes Bflmy Barnes 
from Copenhagen, air. Andersen 
had an hour-long interview with 
the Shah and talks with the 
Iranian Foreign Minister. It is 
hoped that trade will be back to 
normal within a week or two. 


U.S. raises 
paper and 
board output 

By Max Wilkinson 

Ttys U.S. production of paper 
and paperboard is expected to 
be 81.8m. tonnes for 1977, an 
increase of 2 per cent on the 
total for 1976. 

In an end-of-year statement, 
the American Paper Institute 
said the total was still below 
the high of 62m. tonnes in 1972, 
when a sizeable proportion of 
production was diverted into 
inventories. 

The largest increase last year 
was in the supply of coated print¬ 
ing papers, up 9 per cent 
Imports of coated papers 
increased from 16,000 tonnes in 
1976 to 100.000 tonnes, while 
exports were unchanged. 
Uncoated free sheet papers were 
up per cent, and shipments 
of bond papers were up 8 per 
cent. 

The institute says the produc¬ 
tion of tissue papers also showed 
a significant increase, rising 
3 per rent over its 1976 total 

The weakest paper sectors 
were packaging grades where 
production of both bleached and 
unbleached kraft papers fell 
below their 1976 totals. 

The total production of paper- 
board for 1977, estimated at 
2&&m. tonnes, was only 1.6 per 
cent more than toe 1976 total. 
Strongest gains were in the pro¬ 
duction of paperboard for 
domestic use, which increased 
3 per cent over the previous 
year. ■ 

Total sales of paper and allied 
products rose by an estimated 
7 per cent to reach about S42bu. 
This figure, however, included 
the non-paper activities of the 
companies involved, including 
lumber and wood products. 

Total wood pulp production is 
expected to be about 50m. tonnes, 
an increase of 2JS per cent over 
1976. 


Iran places contract for 
$265m. desalination plant 


BY ANDREW WHIHfiY 

IRAN to-day set new records in 
its nuclear power programme, 
when it contracted for what will 
be the world’s largest water 
desalination plant. 

Dr. Akbar Etemad, the head 
of Iran's Atomic Energy Organi¬ 
sation, said a consortium of 
Japanese companies, led by 
Sasaknra Engineering, would 
build a two-unit plant at Bushire 
on the Gulf coast with a total 
production capacity of 200,000 
cubic metres of fresh water per 
day. 

The S36om. project is being 
sited next to toe two West Ger¬ 
man nuclear reactors under con¬ 
struction by Kraftwexfc Union. 

A letter of intent was signed 
last month with the consortium, 
which includes Mitsubishi Heavy 
Industries and Sumitomo Shoji 
Kaisha, after a year’s negotia¬ 


tions. Payment will be by way of 
an oil swap very similar to the 
two deals worked out already 
with American defence con¬ 
tractors. 

Simultaneous with ‘today’s 
desalination contract, a group of 
unidentified Japanese oil refi¬ 
neries signed an agreement with 
the National Iranian Oil Com¬ 
pany to lift a volume of oil to 
the value of the project over a 
four-year period. 

The refineries will make pay¬ 
ments into a special account 
which toe IAEO will draw on to 
pay the constructiou consortium. 
Construction is to begin immedi¬ 
ately, wrth the first unit due on 
stream in 36 months’ time and 
the second six months later. 

The Iranian Stateowned Indus¬ 
trial Development and Renova- 


TEHRAN, Jan. 4. 

tion Organisation is to supply 
some of the plant from its manu¬ 
facturing centre at Arak. 

Rivals for the desalination 
plant were Demag, of West Ger¬ 
many, and Sidem, of France. But 
at today’s signing ceremony. Dr. 
Etemad said that Japan’s tech¬ 
nological experience in the field 
had put them in the strongest 
position. Sasakura Engineering 
built what was until now the 
world’s largest desalination plant 
in Hong Kong. 

It had been a precondition in 
toe final round of tendering that 
the successful company find 
refineries willing to purchase oil 
from NIOC over and above any 
previous commercial undertak¬ 
ings they may have had. Dr. 
Etemad said this would be a basic 
principle for all future large 
scale deals of this kind. 


Shipping levy cut likely 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT 

A FURTHER cut in the Shipper’s Council has made it 
emergency surcharge levied by clear that it will continue to 
shipping lines on toe North advise its members to use ship- 
Atlantic to cover costs incurred ping Unes outside the association 
by last year’s strike by U.S. East so long as the surcharge is in 
Coast longshoremen looks pos- operation, 
able. The starting date for the sur- 

The surcharge, originally set charge from UJC ports is 
at 10 per cent, but then reduced March 5, but from European 
to 6 per cent, after protests from ports, the original starting date 
European shippers, is to be was January 6. This has now been 
reviewed again, the North put back 14 days to allow the 
Atlantic Westbound Freight shipping lines to reconsider the 
Association confirmed last night, position. 

There is pressure from some A notice issued to shippers 
of the member lines within the informing them of this post- 
association, as well as its east- ponement refers to pressures 
bound and mainland- Europe from governmental agencies, 
counterparts, for a complete taken to be an indication of 
cancellation of the surcharge. representations made by the U.S. 
At toe same time, the British Federal Maritime Commission. 


Agreement on 
India textiles 

By 1C. K- Sharma 

NEW DELHI, Jan. 4. 
INDIA and the European 
Economic Community have 
sorted out most of their prob¬ 
lems on import quotas for 
garments, and the Commerce 
Minister Mr. Mohan Dharia to¬ 
day expressed satisfaction at the 
agreement reached recently on 
EEC imports of shirts, skirts and 
blouses for this year. 

Under the agreement, the 
Community will import 53m. 
(against 43.8m.) shirts and 
blouses of all kinds, and 1.4m. 
skirts (against l£m.). The 
average growth rate for Import 
of Indian garments is around 
6 per cent 




rT. 


flaw Issue 
January S.t97g 


‘nwjaduHrifflcmcnrappoare 
as a matter of retard only 


Standard Chartered 

Bank Limited - 


DM 125,000,000 

6%% Deutsche Mark-Bonds of1978/1988 



Plicae TOO Wife 

interest: 6'WSpji. payable BimuaSy on Jamsry,1 of each y«ar 

ftapaynunt; January 1,1988 

Frankfurt (mi Mem and Hamburg 


Deutsche Bank 

AkriyngeseOschBft 

\ 

Abu-Dhabi Investment Company 

Am «x Bank \ 

United \ 

Banca Commetrfafc Kafiana 
Bank Julius Baar International 

Ixratcd 

Bankers Dust International 
United T 

Banquet Ftmcabedu Commerce Exttrieur 
Banque Internationale & Luxembourg SJL 
Banque da Pans et das Pays-JBae 
Banque Worms 


J. Henry Schroder Wagg ft Co. 

limited 


Alabli Bank of Kuwait (KS.CJ 
AmstoitJam-Rotturdan] Bank N.V. 

Banca del Gottenfo 

Bank ter Gtemeinwirtschoft 
AUienawBscfiatt 

Banque Ara beet International ’ 
rrinvesdsnament (BJU. IJ 

Banque Gin&aledu Luxembourg SJL 

Banque Nationals da Paris 

Banque Populaire Suisse S A Luxembourg 

Baring Brothers&Co^ 

Lonited 


BayerwcheHypoIbeken-undWeclioel-Bank BayerischeLandesbanfc t 

Gtanantiale 


Bergen Bank 

Blyth Eastman Dillon & Co, 
teMimtaul limited 

Chase Manhattan 

UnM 

Gxnmerzbanlc 

AkttenoMeoscheft 

Cred rtanstaft-Ban kverern 

Ctedit Industrie] et Conumrcia] 

Daiwa Europe N.V. 

Deutsche G froze ntrale 
-Deutsche Komniunalbank- 

Eflectenbank-Wartniig 
■teti wi gte —ri wtt 

Rat C hicago 
team 

Gmehahieldc 


Berliner Bank 

AktiaegBafladteft* 

Caisse das Depots et Consignations 

Christiania Bankog Kreditkawe 

Cnmpagnio MonJgasque da Banque 

Credit Commercial do France 
Credit Lyonnais 

Den Danake Bank 

afte71 Aktiaseiskab x 

DG Bank 

Peg fciw Ca i MWTWcfca t ttb mfc 


EnromabiliarB S-P.A- 
Antony Gfcbs Holdings Ltd. \ 


European Banking Company 

Algemene Bank Nederland N.V, 

Amhold and S. Ble re h roo dw. Inc. 

Bank of America International 
Lnaud 

Bank Leu International Ltd. 

Banque Bruxelles Lambert SJL 

Banque de rindochine et de Suez 
Banque de Neuflize. ScWumberger, Mallet 
Banque Rothschild 
R Albert de Bary & Co. N.V. 

Bayerische Veteinsbank 

Berliner Handels-und Frankfurter Bank 

Cazenove&Co. 

Citicorp International Group 

County Bank 
limited 

Crtdit Industrie) d*Alsace et da Lorraine 

Credit Suisse White Weld 
Limited 

DeJbruck&Co. 

DresdnerBank 

AU«a«seUsehsK 

First Boston (Europe) 

Dinted 

Goldman Sachs International Corp. 


Gioupementdc 


iBanquferaPrivfeGenavois Hambies Bank 

Limited 


Hendeisbank N.W. (Overseas) 


Hia Samuel & Co. 

Limited 

Xstituto Baneario San Paolo di Torino 

Wdder, Peabody International 
Limned 

Kredietbank N.V. 

Kuwait Foreign Trading Contracting a 
I nvestment Co. ($ JUC) 

Landeshank Rheinland-Pfalz 
.-Gfrozemrale- 

Uoyris Batik International 

Limited 

Merck, Buck* Co. 

Samu el Montagu £ Co, 

Limited 

The National Baltic of Kuwait SJUC 
The Nildto Securities Co, (Europe} Ltd. 

Den nooke CradRbank 
Orion Bank 

Limited 

PostipanWd 

Salomon B ro t f ietn totametiwial 
limbed 

Ska ndinavtska Encode Ban ken 
SociMfi Centtalede Banque 
SocMttGtafirofe <te Banque SJL 
Strauss. Turnbull A Co. 

TrinJams&BwWiardt 


ebank von Japan (Dautschland) . 
amt 

KaiwalBaOaaka-Pankld 

sir” tBe * M 

Kittag Loflb Lehman Brothers International 
Kuwtit Investment Company (&A.KJ 
Laamd Friias at de. 

Mrijseri. Young, Wwt International 

LtrtBted 

B-.MttzIersaef.Sohn&CO. 

■i 

Stanley International 

MtebittThomson 
Lntited 

Npradeutscbe Undesbank 
Ginnantrela 

SaLOppenbeim jr. A Cie. 

Pidtson. Hekfrlng A Pierson N.W 
W.fjtltothsdiild A Son* 

LfOTOBd 

Schrtder. Munchnwyec Hangst A Co. 

Sooitt* Bancafre Barclays (Saisse} SJL 
SocMtA-General* Ateacaenna do Banque 
Standard Chartered Merchant Bank 

LntfUd 

Sw^Benk C o rp or a ti on {Ovaraaas) 

LMHIIQ 

JJrrion Bank or Switzerland (Secwitite) ,5 VarfaandSofnvaSeeilseharKanto 
J-VcntobefACo. 


Wan«ey 

Limited 


MJVLWBtonig-Brim>kmsmi,Wlrt 2 &Co. 

Wegtdeotecho Lapikujb iUlk 

-dramraato 

YbrnaS chi li tta ma flaial (Europe) 


The Industrial Bank of Kuwait ICSXL 
Jsrdine Fleming 4 Company 

Limited 

Kjabenhavns Handalsbank 
KredwAank SJL Luxembourgeoisa 
Kuwait Int e rnational Investment Co^jjJc. 


Lazard Brothers A Co- 
United 

Manufacturers Hanover 
United 

MeiriU Lynch Internationa] & Co. 
Morgan Grenfell & Co. 

Limited 

The National Commercial Bank 
(Saudi Arabia} 

Nomura Europe N.V. 


OsteireSehischB LSnderbank 

Afct ten yctflMhift 

Oversea-Cbinese Banking Corpn. Ltd. 


Rothschild Bank AG 
Schroders & Chartered 

Limited 

Smith Barney, Harris Upham A Co. 

litetevenAad 
Soctetft GSnflrale 

Standard Chartered Bank AG 
Svenska Handetsbanken 

UBS-DB Corporation 

Vei^na- und Westbank 

MoicnseMllKhrit 

SJ3. Whrburg & Co. Ltd. 

Wood Gundy Limited 


HlWUiriHMHI 














Financial Times Tlraisday January 5 



Housing Long-term Incomes 

policy ‘necessity’ 


Police 


‘unlikely’ 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


to apply 

new rule 


By Michael Cassell, Building 
Correspondent 


THERE IS no likelihood of a 
house price boom this year, 
according to one of Britain’s 
largest building societies. 

Mr. Leonard Williams, chief 
general manager of Nationwide, 
said yesterday that while price 
rises would almost certainly be 
higher than last year, he did not 
expect a price spiral of 1972 pro¬ 
portions. That year, average 
prices rose by about 47 per cent 

According to Nationwide, aver¬ 
age prices for new homes rose 
by 3 per cent over the last 
quarter of last year, bringing 
the increase over the whole year 
to about 11 per cent 

The price of secondhand homes 
in the last three months of last 
year went up by only l per cent, 
giving an annual rise of 7 per 
cent. 

The average price rise for all 
homes during last year was cal¬ 
culated by Nationwide to be 8 
per cent, about the same as the 
increase in average earnings but 
well below the rise recorded for 
retail prices. 

Mr. Williams suggested that 
average prices this year could 
again rise in line with incomes, 
possibly by around 12 per cent 

Although there was a very 
active housing market which 
had been supported last year by 
record building society lending 
of £6.75bn. involving 750,000 
loans, house prices continued to 
rise slowly. 

Cautious 

The isolated cases of gazump¬ 
ing which had been reported re¬ 
flected local pressures on indi¬ 
vidual properties rather than 
any overall trend. 

It was likely that real incomes 
would rise by between 4 per cent, 
and 5 per cent this year, the 
largest increase since 1973. 

It was, however, unlikely that 
this factor would stimulate de¬ 
mand for trading up and so lead 
to the bidding up of house prices 
on anything like the 1972 scale 
because rapidly rising costs, in¬ 
cluding household running costs, 
and economic uncertainty bad 
made borrowers much more 
cautious about their total com¬ 
mitment on housing. 

Recent experience had shown 
house prices could not for long 
stay out of line with incomes 
and a short-lived boom was not 
in the interests of either buyers 
or sellers. 

The housing market had 
digested the effects of the last 
boom and house prices had 
returned to their normal, long¬ 
term relationship with incomes. 
During the past year, house 
prices had increased in line with 
incomes and the same trend 
could be expected this year. 


ONE OF the clearest statements 
to date by a Cabinet Minister of 
the need for a voluntary long¬ 
term incomes -policy was made 
last night by Mr. William 
Rodgers. Transport Secretary . 

Mr. Rodgers, speaking in 
Leicester to a. group of indus¬ 
trialists, said: The time has 
now come to stop thinking of 
incomes policy as a temporary 
expedient and to begin to accept 
it as a necessary—and obvious— 
component of economic manage¬ 
ment and social planning.” 

The mood of the country was 
ripe “for a constructive discus¬ 
sion of how a settled incomes 
policy can evolve alongside, and 
in conjunction with, a substan¬ 
tial measure of collective 
bargaining.” 

It would be a voluntary policy, 
reached by agreement between 
all those involved. TUC back¬ 
ing would be essential. 

Mr. Rodgers has taken a stage 
farther the debate on the future 
of pay policy Which was started 
by Mr. Healey alac weeks ago. 

There is no agreed Cabinet line 


on the issue at present, nor a 
concerted campaign of speeches. 

But some senior Ministers 
clearly want to create the right 
climate for the acceptance of a 
continued pay policy after this 
summer. 

Mr. Rodgers, who Was involved 
as a junior Minister In the 
creation of the mid-1960s Incomes 
policy, had no specific proposals 
for the next round of pay policy 
but set out a series of long-term 
objectives. 


Prosperity 

He argued that incomes policy 
must be linked in people’s minds 
with the whole question of our 
future strength and prosperity. 

Any incomes policy must be 
related to achievable objectives 
and based on a sense of propor¬ 
tion about expectations. 

It most not be regarded as a 
substitute for the effective use 
of all the conventional tools of 
economic management and could 
not redeem the consequences of 
wrong-headed monetary policy or 
public expenditure which has got 


out of control. 

If incomes policy was to be 
permanent, short-term decisions 
must not be allowed to prejudice 
or pre-empt the future. There 
must also be csuSou about the 
extent to which Incomes policy 1 
can be redistributive. 

“I doubt whether it can 
succeed if attempting to change 
differentials Is a.m&n objective. 1 
Our taxation system and our 
social benefits are more relevant 
to that.” ! 

Incomes policy infest also allow 


leniently 


Unempi 
study wi 
take twi 


BY JOHN EUIOTT, INDUSTRIE 



First sign 
of break 
in teachers’ 


view on 


curricula 


BY IAN HARGREAVES 


room for genuine Improvements 
in productivity and “ more 


money In your pocket if yon 
work harder or better.” while 
respecting the position of those 
who have little or oo scope for 
improved performance. 

A long-term voluntary policy 
most leave room for negotiation. 
"The function _oI the trade 
unions cannot ~be usurped by 
detailed and; inflexible rules 
imposed from on high. There 
must be scope for tee negotia¬ 
tors.” 


Call for industry law curbs 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


C ALLS FOR the Government to 
stop introducing new legislation 
affecting industry so that 
managers can have time to “ con¬ 
centrate on managing” will lie 
issued early In March at the 
second national convention of 
the British Institute of Manage¬ 
ment. 


The convention will last for 
one day on March 7 at the Wem¬ 
bley conference centre, north 
London. The institute's first con¬ 
vention was held in March 1976 
at London's Festival Hall, and 
was the first such event to he 
held in the U.K. for industrialists 
and managers. 


Since then, the CBI has estab¬ 
lished its own national confer¬ 
ence. held for the first time last 
November. This ig now to become 
an annual event and the second 
conference is planned for 
Brighton this November. 

The BIM intends to build itself 
up as a national representative 
organisation for managers along¬ 
side the CBL This will emerge 
during tee debates in 'March 
which will be based on resolu¬ 
tions and amendments submitted 
by BTM branches. 

The objection about Govern¬ 
ment legislation will be made 
during a debate on “ Government 
and managers ” which will be 


based on a resolution complain¬ 
ing that there has been an 
“intolerable” amount of new 
legislation and .Government 
intervention in industry in 
recent years. 

The resolution adds teat it 
would prefer new measures to be 
introduced through, codes of 
practice rather than precise laws. 

Three other debate! during the 
convention will call on tbe 
Government to cooperate with 
the Institute to develop national 
economic objective* and will 
also cover education and training 
and the Institute's job of repre¬ 
senting managers.-. 


Ships misusing radio channels 


BY OUR SHIPPING CORRESPONDENT 


AN APPEAL to seafarers not 
to use radio frequencies 
reserved for emergencies has 
been issued by the Department 
of Trade. 


The Department says there 
has been an increasing number 
of co mplaints .about abuse of 
VHF radio • channels and that 
such abuses have hampered 
rescue operations and inter¬ 
fered with normal ship-to-shore 
cornual cations in congested 
port areas. 

Most concern surrounds mis¬ 


use of radio frequency 15&8 
MHz or channel 16, which Is 
supposed to be reserved for 
brief contact-making purposes 
other than during emergencies. 

There are many reports that 
this and other port operations 
channels have been used for 
routine shlp-to-ship communica¬ 
tions and even for singing sea 
shanties and telling jokes. 

Yachtsmen, whose increase 
in numbers has pushed up 
steadily the rate of applications 
for marine radio licences, are 
said to be responsible for many 


of the abuses, although com¬ 
mercial fleets Also have 
breached the rules.- 

The DeportmefK’s notice 
warns British seafarers that 
they could lose ifeeif radio 
licences If found to “be abusing 
radio frequencies^ but any 
action against nolWKritlsh 
nationals can be pursued only 
through tthe UN maritime 
agency, IMCO. 

The agency is studying the 
international problem of radio 
wave congestion. 


THIS ANNOUNCEMENT APPEARS AS A MATTES OF RECORD ONLY 



THE KINGDOM of DENMARK 


U.S. $ 200 , 000,000 
Medium term loan 


MANAGED «Y 


Bank of Montreal 
The Bank of Nova Scotia 
Canadian Imperial Bank of Commerce 
The Royal Bank of Canada 
Toronto Dominion Bank 
Banque Cahadienne National® 

The Mercantile Bank of Canada 
The Provincial Bank of Canada 
Bank of British Columbia 


Privatbanken 

Aktieselskab 


Den Danske Bank 
af 1871 Aktieselskab 


K]0benhavns 

Handefsbank 


R. Henriques jr. 


FUNDS PROVIDED SY 


SANK OF MONTREAL GROUP THE SANK OF NOVA SCOTIA CHANNEL ISLANDS LIMITED RBC FINANCE O.V. 

TORONTO DOMINION BANK CANADIAN IMPERIAL BANK OF COMMERCE BANQUE CANADIENNE NATION^LE 

THE MERCANTILE BANK OF CANADA ALGEMENE BANK NEDERLAND NV AMSTERDAM-ROTTERDAM BANK NV—LONDON BRANCH 

BANKERS TRUST COMPANY BANK OF AMERICA NT AND SA THE BANK OF TOKYO. LTD. CITIBANK HA. 

THE DAMCHI KANGYO BANK. LTD. THE FIRST NATIONAL BANK OF CHICAGO THE FUJI BANK. LIMITED 

MANUFACTURERS HANOVER TRUST COMPANY MIDLAND BANK LIMITED THE MITSUBISHI BANK, LIMITED 

THE MITSUI BANK LIMITED MORGAN GUARANTY TRUST COMPANY OF NEW YORK NATIONAL WESTMINSTER BANK GROUP 


THE PROVINCIAL BANK OF CANADA THE SANWA BANK. LIMITED SECURITY PACIFIC BANK 

THE SUMITOMO BANK LIMITED THE TOKAI BANK, LIMITED BANK OF BRITISH COLUMBIA 

ALLIED IRISH INVESTMENT BANK LIMITED BANQUE BRUXELLES LAMBERT SA- BANOUE CANADIENNE NATIONALE f BAH AM AS I L7t>. 

BANQUE SCANOINAVE EN SUISSE CANADIAN IMPERIAL BANK OF COMMERCE (INTERNATIONAL] SA JAPAN INTERNATIONAL BANK LIMITED 
THE MITSUBISHI TRUST AND BANKING CORPORATION THE MITSUI TRUST AND BANKING COMPANY LIMITED NORDIC BANK LIMITED 
PKBANKEN PROVINCIAL BANK OF CANADA (INTERNATIONAL) LTD. SHAWMUT BANK OF BOSTON. PLA. 

STANDARD CHARTERED BANK LIMITED UNITED STATES TRUST COMPANY OF NBAT YORK WI LL I AM S & GLYN'S BANK LIMITED 

AUSTRALIAN INTERNATIONAL LIMITED DEUTSCK-SKANDINAVISCHE BANK AC FIRST NATIONAL BANK OF OREGON 

THE INDUSTRIAL BANK OF JAPAN. LIMITED KANSALLIS INTERNATIONAL BANK SA. MERRILL LYNCH INTERNATIONAL BANK LIMITED 

UPLANDSBANKEN WORLD BANKING CORPORATION (WOBACO) 


SECURITY PACIFIC BANK 
BANK OF BRITISH COLUMBIA 


Adk Agent 

IS Bar* 


Bank of Montreal 


December 1977 



POLICE ARE to be advised by 
the Department of Transport not 
to enforce strictly certain parts 
of the EEC regulations reducing 
the maximum permitted driving 
day for lorry driven. 

This is understood to be tbe 
key provision in an Order which 
Mr. William Rodgers, the Trans¬ 
port Secretary, will lay before 
Parliament to-day. 

The Order will give^effect to. 
the first phase of the regulation, 
which Britain promised tbe EEC 
to activate at tee beginning of 
this year. 

Tbe most controversial aspect 
of this first phase is tbe imme¬ 
diate imposition of a 450 kilo¬ 
metre driving limit for a single- 
manned heavy lorry unless that 
lorries fitted with tee tachograph, 
measuring device, which the road 
transport unions have rejected 
on the grounds that it constitutes 
an infringement of liberty. i 

The precise wording of thei 
order will attempt to re-assure 
the European commission that, 
Britain is in earnest about adopt-: 
lag the new regulations, but will 1 
seek to avoid a confrontation 
with the unions on the taebo-1 
graphs question. 1 


THE GOVERNMENT has 
launched a two-year study of 
4JQ00 unemployed people to dis¬ 
cover whether the- level or 
unemployment and other social 
security benefits removes the 
incentive to find new jobs or to 
remain at work. 

This was disclosed at the 
monthly meeting of the National 
Economic Development Council 
yesterday when the Cabin^ 1 ** 
two Ministers responsible for 
I Department of Health and Sot*-* 
Security explained their policies 
in the context of the Govern¬ 
ment's industrial stratesy- 

The Council also ap, 
plans drawn up by the r 
ment and the National 


,s lat could he eaUed “ saIooa 
if r views " on the subject. 
sr Soriw Criticisms were aired at 
5 e mot INEPC meeting early in 
5 UE5£ and yesterday the two 
a misters responsible. Mr. David 
o ; amals arid Hr. Stan Oruie. told 
e • council 1 that the social 
„ i curity system underpinned 
d Jonomic efficiency” by giving 
n £o workforce confidence that 
H Kmrtgion will be available to 
l the T-arious risks of inter- 
^Wtjption of earnings during work- 

Iffn addition, the Ministers said 
in a paper to the council that 
adequate - provision for those 
‘Wvhor lose their job s as a result 
f industrial change is of partial- 


ment and the National Economy*^ importanc e.” As a result. 
Development Office for reviewinAj^ unemployment could be 
the strategy's first two years P* en clurcd without the “ intoler- 


U1C a*. -- 

work at Its meeting next mom 
It will also discuss ways 
communicating its proposals 
individual companies and 
shop-floor workers. 

The Government’s study of t 
unemployed has already be 
started by the DHSS and reflet 
concern ’among Miinsters ov 
what they regard as unfound 
criticisms about the impact, 
social security benefits on§£ 
Will to work. Mr. Bernard Afcl 
acting NEDC director-ecfflfc 


said the study would counwict ago by the NEDC 


I men uui —- — 

endured without the “intoler¬ 
able hardships ” or eanier 
recessions- , . . 

The Ministers acknowledge 
that it-was important not to 
reduce incentives for work, but 
added that it was also important 
H in economic as well as social 
§ terms “ tu provide adequate sup- 
# port for those out of work 
I •The NEDC also afirecd to 
S reconstitute tbe Roll Committee 
la on finance for industry audio 
r, review its membership. The 
2, committee was set up two years 


Post Office democratic pioneers 



By Michael Dixon. 

Education Correspondent 

SIGNS came ln London y«terday 
of a break in the National l Union 
of Teacher*’ solid opposition to 
allowing industrialist* and other 
laymen a voice in deciding whit 
is taught in schools. ' _ 

The opposition Of the 33&Q00- 
strong union has been the biggest 
obstacle to the Government'* 
•■great debate" hopes of bringing 
education more into line, with 
economic seeds. 

But Mr. Max Morris, a past 
president and executive member 
of the NUT, unexpectedly said at 
a conference orgsniaed by tbe 
union that it was high time rep. 
resematives of Industry and the 
rest of tea community were 
brought together nationally and 
locally with teachers to discuss 
school curricula and college 
training. . .. 

“This need in no way diminish 
the proper professional responsi¬ 
bilities of teachers for the earrf. 
cultnn, 11 he said. 

The next five yean would be 
crucial “ in this vastly important 
field,” Mr. Morris said. Current 
curricula and educational-orgaot* 
sation were inadequate in face 
of changes in society end the 
ecoomoy. especially prospective 
high unemployment among 
youngsters caused partly by a 
severe decline in unskilled 
jobs. 

In spite nf the " hullaballoo ” 
of the Government's great 
debate, there was still an 
abysmal absence of. any consis¬ 
tent thinking—let alone policy— 
on the fundamentally Important 
educational problems among 
Ministers and their Civil Service 
advisers. 


Foreign 

reactor 


plan wins 
backing 


THE POST OFFICE will 
pioneer industrial democracy 
in the public sector with its 
new Board, announced yester¬ 
day, composed of seven worker 
directors, seven management 
directors and five independent 
members. 

Pictured above are the seven 
worker directors: (left to 
right) Mr. . Ivan Rowley, 
organising secretary of tbe 
Union of Post Office Workers; 
Mr. Robert Thomas, president 
of the Society of Post Office 
Executives; Mr. Fred Moss, 
UPW general treasurer. Miss 
Nina Williams, Post Office 
group executive committee 
member of the Civil and Public 
Servants Association; Mr. Ron 
Barrett, chairman of the Post 
Office Management Staffs 
Association; Mr. Arthur 
Simper, executive committee 
member of the Post Office 
Engineering Union and Mr, 
Peter Shaw, POEU research 
officer. 

On the management side, the 
Board members are: Sir Wil¬ 
liam Barlow, chairman; Mr. 
Peter Benton, managing direc¬ 
tor, telecommunications; Mr. 
Denis Roberts, managing direc¬ 
tor, posts: Mr. Sam Walnwright, 
managing director, giro; Hr. 
Ken Young, Board member for 
industrial relations; Mr. 
Frederick Waterhouse, member 
for finance; and Sir George 
McFariane, member for tech¬ 
nology. 

The independent members 
are: Mr. Derek Gladwin, 
regional secretary of the 
General and Municipal Workers 
Union; Mrs. Janice Walsh, 
manager or the Islington Con¬ 
sumers Advice Centre; Mr. 
Peter Waiters, a managing 
director of British Petroleum; 
and Lord Wlnstanley, a Liberal 
peer and broadcaster. A fifth 
independent Is to be appointed. 


Midland sis up branch 
for corporate business 


By Davfd FtaMock, 
Science Editor 


AFTER dramatic expansion of 
tbe corporate funds unde* it* 
control. Midland Bank wist 
Company has established a new 
branch to handle corporate busl-. 
ness. 

Funds under the control of tee 
new branch in its capacity a* 
trustee to unit trust holders, 
beneficiaries of insurance and 
pension schemes, debenture 
holders and so on, will top 
£2.5bn. Five years ago. Mid¬ 
land's trustee services controlled 
only around £500m. in corporate 
funds. 

. The speed of expansion has 
been largely due to implementa¬ 
tion of tee provisions of the In¬ 
surance Companies (Amend¬ 
ment) Act 1973, and insurance 
company trusteeships now pro¬ 
vide the largest single class of 
business. 


But pension fund and other 
employee benefit work is ex¬ 
pected to form the fastest grow¬ 
ing class of business from now 
on, though the branch hopes to 
maintain Midland's ‘position as 
trustee to a larger number of 
unit trusts than any other in 
the field. 


The new branch will be the 
largest in the Midland Bank 
Group, employing about LUO 
people in the City. Its formation 
marks a formal division within 
Midland Bank Trustee Company, 
between the fast growing corpor¬ 
ation business, and the tradi¬ 
tional, expensive and time- 
consuming executorship and per¬ 
sonal trust and tax work, which 
as far as possible is being moved 
out of London to cheaper loca¬ 
tions within provincial branches. 


SUPPORT for the Idea that 
Britain Should license a foreign 
nuclear reactor design as 
insurance against tbe British- 
designed advanced gas-cooled 
reactor (AGR) running Into 
further difficulties, came yester¬ 
day from the Electricity Counci], 

The Council said in a state¬ 
ment denying there were 
differences at view on tee matter 
between the Electricity Council 
and the Central Electricity 
Generating Board, that accepted 
the need for a “fall-back" and 
recognised that .**at the present 
time this must' be the PWR 
(pressurised water reactor). 

Development of- the PWR 
should be taken to a point where 
the electricity supply industry 
could make use of the reactor 
when needed, ■ but that Its 
development should not hinder 
progress with the AGR. T be 
Government •_ should make a 
“clear commltinenf ’to the AGR. 

The Board has also asked the 
Government for a firm commit¬ 
ment to the PWR. 


Ailing cutlery industry 
to seek State support 


BY OUR INDUSTRIAL STAFF 
GOVERNMENT support for the 
U.K.’s ailing cutlery industry 
wiil be sought on Monday by a 
strong delegation which is to 
meet Mr. Michael Meacher, Trade 
Under-Secretary, and Mr. Robert 
Cry or. Industrial Under¬ 
secretary. 

Tbe delegation which is led by 
Sheffield City Council, includes 
representatives from South York- 
shite County Council, unions, tbe 
local Chamber of Commerce and 
Trades Council, and the main in¬ 


dustrial associations. These In¬ 
clude the European Cutlery 
Federation, the Cutlery and 
Silverware Association and the 
Cutlery and Allied Trades 
Research Association. 

The delagation will ask the 
Ministers to consider controls on 
imports and to take the lead In 
arresting the decline of the in¬ 
dustry. 

It will also ask.the Govern¬ 
ment to help prepare a rescue 
plan in the light of the results 
of a survey of the industry. 


New paint 
plant for 
Tyneside 


By David Freud, Industrial Staff 
INTERNATIONAL PAINT, a 
subsidiary of Courtaulds, y«ter* 
day announced plans to baud * 
new plant on Tyneside which vul 
Increase total production capacity 
at the site by about 50 per, ceri- 
The plant, thought to; cot 
about £5m^ is expected to to® 
four years to complete. The 
Felllng-on-Tyne plant produce# 
mainly marine paint. Souk 
70 per cent, of output is exported- 


Promise of wealth without waves 


BY RAY DAFTER. ENERGY CORRESPONDENT 
THE NATIONAL euphoria that Argyll Field and almost compar¬ 
ts accompanying the build-up of able to Sbell/Esso’s Auk Field. 
North Sea oil production tends to when it is realised that on- 
disguise tee fact that Britain has shore fields can be brought on 
been producing oil from onshore g tream at a relatively low cost of 
sites for over 50 years.- £lm.-£10m. as against £500m.-plus 

Admittedly, tee amounts have for a reasonably sized North Sea 
been tiny when set against the discovery, the attraction of pro- 
_during crude oil onshore 




U.K. ONSHORE OIL PRODUCTION (1977) 




“ 1 ' .. ' becomes evident. Tbe operating 

NEWS ANALYSIS costs are also in another league. 

• In the case of Wytch Farm, 

British Gas. as operator for a 
/\WQUADC group which also includes BP, 

V/llonviiC. hopes to start production this 

OIL autumn. By the late summer or 

autumn of 1879, Jt could be pro-" 
" during between 5,000 and 10,000 

country’s pH consumption. . In 


ONSHORE 

OIL 



BECKIKGHAI 
l Not Is. i 


GAIRSB0R1 


CQRRINGHAN 


S.LEVERTON 
(Nous'_ 


G3&J5S 


tee pak they have never risen o£ *is 

above 2^00 barrels a day; just _, 


0.1 per renLoflhe amount wbtoh oU **» be a 

Sgtt te .Si.5rf from ita ,h “ 

Norte Sea in tee early 1980s 1 n £ "T 

when Britain will be self- S*£_ t 5™ in . a . 1 »{. 
cuffipippr tn pnerev From here, jt will be earned in 

sufficient In energy. rail tankers to BP’s South Wales 

That does not detract from the refinery at LJandarry. Swansea 
potential of on-shore reserves, it is a beautifully simple 
however. Oil and gas has been operation that must be the envy 
found to the east in the Norte of offshore operators faced with 
Se a and to the west in the Celtic exploiting oil from below (he 
and Irish Seas. It would be sur- deep waters of tbe Norte Sea 
prising if sizeable reserves did rt . 

not extend to the landward area , ” surpr l s ‘ 

In between ;? e that 01 i lndustr y interest in 

• „ . the prospects of landward oil and 

. Th® POtontial was underlined gas production has been quietly 
by British Gas this week. An growing in recent years. This 
exploration team has found a is probably because the industry 
separate oil reservoir below the is anxious not to upset ecoltJ 
Farm oil field, near Corfe gists and environ men lalists As 
Castle, in Dorset. The oil mdos- it is, tee Wytch Farm develop 
tzy is already speculating teat ment Is coming under scrutiny 

tna twrwtiQM racontmiv nnulrl nnw. - -- i __ fcUI J 


years have been Becking bam, 
Nottinghamshire, Kimmeridge in 
Dorset and Gainsborough, 
Lincolnshire. In addition tiny 
amounts have been extracted 
from the Welbeck and Bever- 
cotes collieries in Nottingham¬ 
shire. although the National Coal 
Board regards this crude, which 
seeps into the worked seams, as 
more of a nuisance than a com¬ 
mercial bonus. 

In the past year or so, some 
17 operators have been carrying 
out seismic work and shallow 
drilling under Department of 
Energy licences. These licences 
confer the right—-subject to cer¬ 
tain condition—to carry out 
seismic work and to engage in 
exploration drilling down to a 
maximum of 350 metres only. 
Invariably, such wells fall far 


BP, Candaces Resources. Ball 102 
Collins, Attock and Shell- . 

Surprisingly, Shell has be« ■ 
comparatively latecomer -to on¬ 
shore exploration, although to* 
company has commented tM l 
serious appraisal is warrant#“- 
“ The land area has been. r°**~ 
lively unexplored using 
evaluation techniques, eartawu 
not to the extent of similar arts* 
in the a spokesman a**®; 

Some of tee explorers «■ 
expected to ask for producow* 
licences this year (none hasn?Sf 
issued since 1972), signalling®*;. 
start of a new round of ousbw* 
development. : 

To prepare the way,'the .JSbIKP 


To prepare the way*»» 
Department has puoushefl *.SET 
sult&tive document' 

now tan»« and r -MimiltlQflS-‘Jr. 


new terms aid-eonditw®*;^ 
such licences. A tay 


kLtidT ftP nil Santa • e>t■■ i ehi mp• 


that, for the first tMflf-K:- 
Britisb National Ofl GprpoteMJ 
should have an oottOU H 


tain at least 50m. barrels of attractive part of Dorset 
recoverable reserves. This would There are now 13 on*hn«» 
make Wytch Farm bigger than fields, each of which iovolve* Bp 
Hamilton Brothers’ offshore The biggest producers in recent 


they merely hint at the unde*- 
lying geological structure. 


: Among, the most active of these 
explorers have been British Gas, 


snouia nave an opuw " ^11- 
.majority interest fa onshore v* 
discoveries, just ax it - 

North Sea. 




; jjt'lf 1 

AP» 


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HOME NEWS 




7 ^ sa i». .. 


ders 


*Y STUART ALEXANDER 

FEARS THAT the strength of 
sterling may hit yital export sales 
were overshadowing the boat¬ 
building industry as it prepared 
for the opening of the London 
Boat Show at Earls Court to-day. 

This is a. reversal of the last 
two years when British manu¬ 
facturers cashed is on a rela¬ 
tively weak, pound to push In¬ 
dustry exports up to 4Q per cent 
of total turnover. 

Many companies were selling 
80 per cent. of. their boats over¬ 
seas as the home market dried up i 
under the influence of 25 per 
cent. VAT, Increased prices, fuel 
rationing and successive incomes 
policies. 

Now the industry Is looking for¬ 
ward to a continued revival of 
buying interest in the'home mar¬ 
ket which-first .became apparent 
at the Southampton Boat Show 
in September. 

. There is considerable over¬ 
capacity in Europe, and with the 
French and Dutch markets 
weaker and the Scandinavian 
producers holding large stocks 
of boats, the additional advant¬ 
age of a strong pound should see 
many Continental manufac¬ 
turers mounting a strong 
counter-offensive. 

British producers are now 
considering a number of 
approaches from overseas to 
' build their products under 
licence. This may be a way of 
maintaining overseas market 
penetration. 

Battleground 

But this is also happening in 
reverse. One American design, 
the J24, is npw being built in 
this country under licence for 
the whole of Europe by Westerly 
Marine, one. of- the biggest pro¬ 
duction boatboilders in the U.K. 



Concorde 
flights 
heavily 
hooked 

By Michael Donne, 

Aerospace Correspondent 

BRITISH AIRWAYS Concordes 
have been operating nearly full 
since services between London 
and New York began on 
November 22. 

The airline said yesterday that 
average load factors — the per¬ 
centage of available seats sold— 
have been between 90 and 95 per 
cent on the 100 -seater aircraft, 
which means that many flights 
have been completely full. 
Forward bookings show the situa¬ 
tion is likely to continue. 

British Airways began with 
two flights a week in each direc¬ 
tion between London and New 
York, but stepped this up to four 

__ li __ ______ __ __ flights a week each way last 

Britain also, "seems set to the' replacement for its ageing broad 100-120 seat category—at N P W « it plans to operate 

become a fierce battleground for Trident and One-Eleven ahort-to- a coat of perhaps £200m. includ- flights a week each way from 

outboard-engine manufacturers, medium range jets through the nq spares. More may be needed Jannai y 15. 

During the fuel crisis, sales 1960s. eventually. --- 

of outboards slumped until they Mr. Roy Watts, the airline's The requirement for a 100-120 fl fp • 

were only one-third in 1976 of newly-appointed director of sealer does not alter the airline’s 1 ITT TTFIPP 

sales in 1973. -..This market is finance and panning said in other, less urgent, requirement m_a_ pi!V>V 

also set for Tttovery and the New York yes%day that the for a bigger airliner of about , 

Japanese-have setup marketing choice lay between British and 100 seats, also for the short-to- TT1017- HfATt 

organisations in the UJC. to take U.S. types. - medium range market This air- JLllil J UJL U U 

advantage of any upturn. These are undipstoad to in- craft is needed for the mid- to “ Mr 

The show, sponsored by the elude a new variant -of the [ate-1880s, when traffic levels are _ ^,1 „ EZ{\CTf 

Ship and Boat Builders National British Aerospace fcOne-Eleveu, expected to be much greater ||rri PIV 11 I /O 

Federation^ and the Daily Ex- the Boeing -737-20% and the than at present st v uasj 


Federation, and the Daily Ex- the Boeing--737-S 
press, has Scotland as its' theme. 

It will be opened this morning .. '' "• 

. :*hjvthe. Lord Mayor of-London t* • Jf il 
t and will be-open every day until Kin Tfh ( 
January 15 from 10 a.m. until AMU. lv f 
S-30 p.m. on weekdays and until ^ / 

7 p.m. on Saturdays and 
Sundays. . dppilyd 


Thatcher 
to visit 
Scotland 


speed up planning 
tions and appeals 


BT JOHN WJNT. PARLIAMENTARY CORRESPONDENT 


t _ By David Churchill 

•m ' • THE PRICE of snuff is expected 

nlonniriCT t0 ■Inost a half this 

t/lftlimiltl month when the duty, at present 

£5B5 a pound, is abolished as a 
n result of the new EEC tobacco 

51 I) IIP HIS taxation structure, which came 
into effect this week. 

{RESPONDENT For to ® rst time since 1590. 

when Queen Elizabeth I imposed 
ommittee reebmmenda- a duty of 2 d a pound, the 


THE Goverjfnent is to discuss One \ommittee recommenda- a duty of 2d a pound, the 
with local Juthority associations tion was,that planning assessors Government wll not be imposing 
setting uj/ a new consultative be appointed to advise local a direct revenue levy on a 
body to improve the system of planning authorities and to tobacco product. 


• local plaSnlng and development monitor performance. snuff sales in the UJL last 

Cl ^>1 • _ J| controhf The Department of-the En- y6ar . t0 ££ led « about 350,000 

Nonfmnn Thi/announcemmt was co^vironmentsees meritin the pro- pom , ds ‘ 11,6 figure was U P 011 

ULUUaUU taine/ in the Government’s p 0sal Tand is BttrSne talks with pr f7i° us years 

B _ _ • •• - respAse yesterday to a Coni- {L-i “{Lori!v reDresenfativM Vivian Rose, president of the 

By Ray Paiman. mo/Environment Sub-Com-{^o n toSmnt Societ y of 5131x5 Graders, Bten- 

Scottbh Correspondent m «ee report on methods of-SeS. 1 111113161116111 ders and Purveyors, said last 

MRS Marearer Thatcher arrives seeding up planning applica- . _. . right that the price cut will 

in Siofl^tiif & Government S JESKw'SKb ».£“ ° f 

sgyqyj.f S -!”” 1 con[ 7 cSfoi s t t or, 1 a ' s .!5? uW s 8nall!e i tobacco leaf used in^the making 

enco of businessmen, / 616 ^f clmnE up regtonai and by havln e costs awarded against of snuff, there is certain to bi 

SJuLdlin^^took"ovejas national consultative machinery ^ on appeal. • ome reduction In snuff prices 

frnlSw to adjust planning procedures (Plonmng Procedures, Com- when existing stocks have been 

iSH B? in'Sk Ke in response to fluctuating teond 7056. Her Majesty's Sta- exhausted, she said. 
vS&aS^iitS: jut ^“ands! OjPce. Price 25p.; See Men and Matters, Page 14 

over three months ago. / ’ ’ 

To-night. Mrs*. Thaicjfer will T ^ a a 1 

msnkspl U.K. opposes EEC patent law 

Scottish Tory Party chairman. 

To-morrow, she will visit a _■ ‘ . _ 

food processing factory, a paper THE BRITISH Government hii tfiese is the question of licenses tion would have increased the 
mill and a school, before attend- withdrawn Its support for the ,and territorial restrictions on number of licensing agreements 
ing a joint meeting of const!- EEC Commission’s proposed production and sales. The Com- for which individual applications 
tuency workers from the two regulations on patent licensing mission Insists these require were necessary. 

Aberdeen seats. arrangements. .special permission. The block, exemptions which it 

Mrs. Thatcher will open a a revised draft was circulated;--.The Department .now suggests P^P^^d would not have 
conference of businessmen in by the Commission shortly before -that, until the European Court benefited companies which 
Glasgow on Monday. Christmas, but It contained nOjdeddes, they should not be con- them most And It intro- 

Last night, Mr. Malcolm fundamental change in the Conwgklejeq “ notifiable ” restrictive d uc ®d several new restrictions, 
Rifklnd, Conservative MP for mission’s approach, which l^agxeements. t°r ^cample on arbitration, not 


Snuff sales in the UJL last 
year totalled about 350,000 


|wi( 
iint for 

. upside 


By Ray Paiman, 

Scottish Correspondent 

MRS. Margaret Thatcher . 
in Scotland this evening 
four-day stay. During thTi 


,vaves 


™ naaer 10 ““P 16 ” 6111 ders 'and Purveyors, said laxt 
_ night that the price cut will 

But the Government turned apply only to some of the 


l Mr to adjust planning procedures (Planning Procedures, Com- when existing stocks have been 

zl " j n response to fluctuating tnand 7056. Her Majesty's Sta - exhausted, she said. 

just demands. Honery Office, Price 25p.) I See Men and Matters, Page 14 

v ! U.K. opposes EEC patent law 

“• BY A. H- HERMANN 


!i, i ' 


luring companies naa snown jusi agreements even more auncunxgr EEC Treatv and therafore do t as , f regnia- 

how dependent prosperity In San they are under the present^® tion, has already led to a restne- 

Scotland was offtbe maintenance Sc Sn? “^m^ConSi^on 9 S? n r? f activity within 

of union with the rest 6 f the U.K. m,. Department of Prices and, -? 0 ™ the Commission. the Common Market 

Of about £S50m.-worth of hew mninmer Protection has told^’ The original Commlsison pro- The British Government now 


ui aooui umraorm Consumer Protection has tom* 
investments, creating 12,000 jobs, Dr WiUy SchUeder, the Commissi 
only ooe-quarter would come slo ' n - s Director General forw 
from Scottish companies, he said. Competition, about the British® 
A vast proportion of the rest p^ifon. t 

would come from companies and r suggested that it should be£ 
industries located in other parts j e { t t0 t tie European Court to| 
of Britain. clarify the controversial issues. J 

Teaser for the Tories, Page 14 Among the most important of| 


; The original Commlsison pro- The British Government now 
>osaI on patent licensing agree- fears that the adoption of the 
bents provoked a storm of pro- rules proposed by the Corn¬ 
iest when it appeared in 1976. mission could also lead, in- 
I Though the aim was to provide directly, to a restriction of 
t general exemption from the technology transfers between 
mpact of EEC competition rules industrial and developing 
ior certain categories of patent countries. 

{censing agreements, the re gala- Business and courts, Page 12 


BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 



GRESHAM TRUST 
LIMITED 

Permanent and long term capital 
foi the succes sful priv ate company 

Also a wide range 
of banking services, including:- 
Selective finance for property development 
Commercial and mdustrial loans 
Billdiscounting 
Acceptance credits 
Leasing 

For further information 
please telephone 01-606 6474or write 
to Barrington House, Gresham Street, 
LONDON EC2.V 7HE. 

riw "-h,nTiTniit'Tril. ’Rrrmnftrm House, fin^hnm Stnrr, I rmifrn 1 EC1V7HE 
H± 01-6066474 


QUANTITY SURVEYING FIRM IN THE UA.E. 

We are interested in establishing a Quantity Surveying'and 
Cost Management firm in' the United Arab Emirates. We are 
seeking to enter into partnership or similar arrangement with 
a viable Chartered Quantity Surveying and Cost Management 
firm with proven capability in this field. Write Bos G.1171, 
Financial Times, 10, Cannon Street, EC4P 4BY. 


INVEST NOW 

IN OUR MAGNIFICENT SPANISH DEVELOPMENTS 

fantastic capital growth and return per innum; 5 year deferred payments, low 
interest races, free hot water (solar heat), pools, gardens, beach front, 
■ports ind recreational facilities, golden sunshine. Live luxuriously In a choice 
area of Spain'i Costa Del Sol.. . and watch your money growl 
Ring Now—PAUJkDIAN INTERNATIONAL—il-VM 23*4 (Revetse Charge) 
Woodstock Lodge, Woodstock Road, London W4 IDfi. 


INVESTMENT 

WANTED 

Ex-Public Company Chairman with 
available finance wishes to invest in a 
manufacturing company which requires 
additional finance. Would be wHffng to 
work a few days per week where my 
knowledge and experience of engineer¬ 
ing and marketing could be an asaet. 
Also my sales contacts with major mall 
order and retail organisations couM 
be of assistance. 

Companies of Interact would be in 
London vicinity and require up to 
£100.000. have potential for expansion 
and be profit making now. 

Write Box G.1185, Flrrancitfl Timas, 

10, Cannon Street, E C4P 4SY. 



INCREASE YOUR INCOME' 


If you are a company directs^, senior 
manager in a company or ytw have 
contacts with such people, thin you 
can increase your Income co mi drably. 
We are a diverse group of companies 
offering a wide range of services, to 
employers and we wish to add m Mr 
hit of agents who represent us \o 
their company or biuines* associated 

Sand fan details In confidence to the' 
Managing Director M 
Bee G.f f90, FI model Timm, 

10. Cannon Street. EC4P 4BY. 


GENEVA 

Full Service is our Business 

• Law and Taxation. 

• Mailbox, telephone and 
telex services. 

• Translations and secre¬ 
tarial sendees. 

• Formation, domiciliation, 
and administration of 
Swiss and foreign com¬ 
panies. 

■whiaff Advisory Service 
3 me Plerre-FaUo, 12M Geneva 
Tel: SB 09 40. Telex: 23S42 


5 year loan of 

£ 200 , 000 .. 

Required on Building Value 
£300,000. No Capital Repay 
ments. Full Repairing and 
Insuring Lease. 

Write Box G.l 186. 
Financial Times. 

10, Cannon Street. EC4P 4BY. 


WANTED 


TTlRfATH; 


BROKERAGE COMPANY 

A small expanding public company 
with strong financial Interests wish to 
purchase an insurance brokerage com- 
Piny with commission Income in 
excess of £100,000 per annum. Essen¬ 
tial that existing management remain 
with the buii nets. Strictest confiden¬ 
tiality observed. 

Write to Box G.116B, Financial Timas, 
10. Cannon Street, EC4P 4BY. 


COMPANIES FORMED 

Expert!*, speedily, throughout the 
worm. Compare our prices. 

ENGLAND . 09 

ISLE OF MAN . £98.44 

GUERNSEY . £250 

LIBERIA . UA5870 

SELECT COMPANY FORMATION 

I. Athol Street. Douglas, I.O.M. 
Tel: Douglas (0624 ) 23710. 
Telex: 623554. 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £80 
COMPANY SEARCHES 
EXPRESS OD. REGISTRATIONS LTD. 
30. Oty Road. E.C.I. 

01-428 5434/5/7361. 9936 


DO YOU NEED MONEY l 

We can arrange finance from both 
institutional and private sources for 
all types of Industrial and commercial 
property including hotels, factories, 
home and overseas developments, com¬ 
pany acquisitions, corporate finance etc. 
<*. |. DARBY CO. 

Suite 2D, Y» Budchgham Gate, 
London SWi. Tel: 222 4063 


FINANCE WANTED 

Are you a chemical trader who -has 
good money-making ideas but lacks 
backing, financial aid. shipping ware¬ 
housing, etc.? Soeccssfu! Chemical 
Distributor seeks people with live 
contacts to discuss potential. 

Please write Initially giving fullest 
details Co Box G.l 157, Financial Times, 
10, Cannon Street. EC4F 4BT. 


OPPORTUNITY KNOCKS 
EXPORT 

Any U.K- manufacturers wishing to 
expand by exporting their products to 
any part of the world, please write 
with full details: NILESH KUMAR 
BHATT 6 CO., exporters and Inter¬ 
national trad* promoters, 23 Selbome 
Road. IKord. Essex IGI 3AH. Tel. 
01-553 1406 


FOR TAL&—FREIGHT 

FORWARDING COMPANY 

1ATA registered. Based at London 
Heathrow. -Tea] tuff 15. Own trans¬ 
port. Tur ncb ar in excess of £!m. and 
Incnising- .Enquiries from principals 
only will hai treated in s t ric te st con¬ 
fidence by chsJrmafl. 

Write Box'G.l IBS, Financial Times, 
10. Cannon Street, E CAP 4BY. 


More cash allocated for housing 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT : y 

a cm at t ncrREASE in the More money will be provided D^artment with a statement of tions between blocks and carry 
fcvcl^M,ral SttSriO SpttS in tSe NorthTthe Nortb-wsst and local strategy a “ Wd - for ovar to ttaa following y«ar up to 
expen^ture on houSng for in London, principally to support ta finance required to carry out 10 per cent of their unspent 
197B-79 was wriounced jester- the drive for revitalifltog inner tor plans in the year ahea£ allocation 

J5JJ ^naVrmrait of the cily areas. a statement of households The major beneficiary in the 

&vlr/nm h cot.^ Tte allooaUona form the Sn* # “felt •*. . 

Details of regional allocations stage in the distribution of boos- St is understood that housing gj Sverthe 

totellteg Ua for the mat in? capital resources ask f d Jt! SSeS y™ 

financi^ year wore given by the new system of local housing‘gg of about £ 3 bn_, agrinst to is^rnetS 

Department This rise of nearly strategies in vestment pi^ firniy agreed figure of £2.43bn. £ 3 ^^ whne*£253m. will go to 
1100m. on the budget for the grammes, which are ^SWlocations for 197S-79 have the West Midlands, 

.current year reflects previously ensure that both local ana rou- j Q -three spending 

announced Government measures tral government cau direct hftcia. Of the total money avail- Fiycf VP « r 
aimed at stimulating construe- resources more effectively in try- 79 per cent will go to- J caA 

tion output. Ing to meet boosing neens. wards housebuilding, slum clear- The Department emphasises 

v To complete the process, arifce,. local authority improve- that the new system is evolu- 

■]NeW SVSteTn regional offices of the Depart- meqt and acquisition schemes and tfonary and that, in the light of 

niinMiinn* first niMt are now issuing cash allocs- tnbbalance equally split between the first year’s experience, talks__ ■ 

tn U te made rSSit of to tions to 367 individual local the block covering private sector will be held with all parties to 
hew hSSbhi" invesSflent pro- authorities. . »^wement granls, private of improving both 

rvwlnn is espeeted The system is intended to d^ lending for purchase and im-tiie quality of data and the £■£" VJ 322 

tS^£“SJS s next year SS velop more comprehensive and ptpvemants, and that covering mechanism for making allots- caSSureSC^^ouT^FiEiHl 7 i>4*r& 
v. cxnKiriw assessments of housing boosing associations. tions. * figw, ta ^ B< —■ 01 

" dual LI 1° find they requirements. Earfi year, hous- fiiisthoritiefl-can transfer up to So far, officials seem fairly 

S?fc av 5 Sb“ S authorities will provide the 3ff*er cent, of their total aUoca- pleased with progress. RMi ' " T “ 


SKATE PARKS 

Finance available 
for skateparks 
Telephone: 01499 2SS7 


TAX LOSSES 
Of Approx. £100,000 

in light engineering company to 
be sold as going concern. Write 
Box G.l 189, Financial Times, 10, 
Cannon Street, EG4P -4BY. 


have less cash available. 


So far, officials seem fairly 
leased with progress. 


OFFSHORE PUBLISHING 
GROUP 

fi**vily imoljtfi ; n rspldty expanding 
incoming narktc, Invlm par- 

tkJpWoa kR.airect nr silane czphti 
Wrofremenc. 

DirectorsNs Pn^ably Available 
Apjif In miUmh 
Box 6.1191. Financial Timas, 

10. Ccaoon Street, EC4P 4BY. 


■ tiwaTradin*. urn or null 
bo. oacx or collection, immc. 
cstn ravmwit. m. j . rvsd. First 
Finsnra Lcom. 182 BlrrUeeld RokI 
HartjMssptQW. Tti. 0SM 714830, 
tS_rftKT OUT FILINS. UW Hu 
ir ame nr -n tfitoublo to da al 
iw**. 1 * mo-out. colour 

'■ _ Fsriaoa fiisrtkx Lto- Norm 


NtdaoHiud H arfactu rpr «f 
Garden Furniture & Household 
Light Furniture 

Located new Rouen Is for sale, for 
Hmify reasons. Hu expanded rapidly 
dPnng tiw last 10 year*. Write for 
Aero information in firrt inttann to: 
BARATTE INTERNATIONAL 5.A, 
II Rue Vomer. 75092, Paris. 
Tefoe F 690 744. 


BELGIUM/EEC/SPAIN/ 
SWITZERLAND 

British businessman, home and office 
in Bruise Is, entrepreneur, consul tarn, 
extensive European general manage¬ 
ment / mark stint f finance ex pa riant* 
with major mu Id-nationals, fluent 
French / Italian / Spanish, Invites 
propositions. 

Write Box FJff. Financial Times, 
IS Cannon Street. EC4P 4BY. 


Ortt «MW SCHOOLS AND EDUCA¬ 
TIONAL ESTABLISHMENTS can Dc 
reached tn mall. _ Hi* . Eduextloiul 
AddressUie and M*111 no Senrtee. Derby 
Haase. RMhlll. Sorrev. RH1 9 DM 
Mcrvthim nu, 


2SU"»- -fgw g— L td- Warm professional olAN to share endll 

KgSi"***..** * : 


■ WE ARE MEMBERS OF THE 
BRITISH CANADIAN TRADE ASSOCIATION 
and agents for a leading Investment Group in the 
UNITED STATES OF AMERICA 
who ire seeking European Finance to supplement their 
North American Sources. 

Investment opportunities in the U.S.A. and Canada ranje from 525.000 to 
$3,000,000 and cover raw land acquisition to development projj:a. to outright 
purchase of completed Functioning prelects. Exceptional returns arc offered plus 
tax (belter facilities. Our clients, who can provide the highest rclcrencei. have 
»n excellent record of success over a number of yean. Strictest confidence 
observed with all enquiries. 

Write Box G.l 194, Financial Times, fO, Cannon Street, London EC4P 4RY. 


Luxury Snooker Centre 

For Sale in North West 

Fully licensed. 12 first-class tables, luxurious separate bar.loung* carpeted 
throughout. Alarm system and fully centrally heated. For sale due to health 
reasons, price in the region of £90.000 inclusive of property. Only genuine 
enquiries please. 

Write Box G.l 196, Financial Times, 10, Cannon Street, EC4P 4BT. 


SYNDICATE 

about to launch a City financial weekly with considerable funds 
and editorial expertise would like to discuss a joint venture with 
publishers or printers. Principals only write Box G.l 182. Financial 
Times, 10, Cannon Street, EC4P 4BY. 


SUPPLIERS OF FOODSTUFFS AND HOUSEHOLD GOODS 
We are an investment and international trade organisation in the 
United Arab Emirates with world wide interests wishing to 
diversify into foodstuffs and household goods. 

We are seeking major suppliers of fresh and frozen food, meat, 
fish, poultry, dairy produce, dried and canned goods, health foods, 
confectionery, soft drinks, toiletries and detergents and any item 
that would be found in the kitchen. 

Write Box G.l 170, Financial Times. 10, Cannon Street, EC4P 4 BY. 


Island in the South Pacific 

FOR SALE 

Beautiful tropical coral island with airstrip available In the Salomon Islands. 
Ideal for porsow use or for exclusive resort. Superb sailing, diving, fishing ate. 
Natural harbour with wharf. Interviews by appointment. 

Interested parties please contact; 

dement, c/o Grocvtaor House. Park Lane, London W1. Tel: 01-499 6363, 
or writ*: P.O. Box 59, Honiara, Solomon Islands. 


A REAL INCOME—AND, BEARING IN MIND THE RATHER 
POOR TIME MOST RETAIL TRADE5 HAVE HAD LATELY, A 
VERY HEALTHY ONE. 

A large expanding Cornish lown. 100 foot iranuge — car parking — Depart¬ 
ment Score with a turnover of about £175.000 per annum. To be sold due to 
Impending retirement. It Is available aS a going concern £135.000 freehold 
with stock at valuation — or it could be purchased as an empty redevelopment 
property. Fall details from : 

MICHAEL PR1SK, 

Chartered Surveyors, Chartered Auctioneers & Estate Agents 
25 Commercial Street. Camborne. 


ELECTRONIC 

WEI6HING 

The advertiser. * reputable and estab¬ 
lished electronici manufacturer, having 
developed a robust, high accuracy, fasc 
response, weighing unk for a specific 
and proven application, now seeks an 
association with a mechanically based 
company. Involved in genaral weighing 
applications, with the objective to 
•xplolt mors fully this Interacting 
device. 

Write In confidence for more details to 
Box G.l 1 BO, Financial Tines. 

10. Cannon Street. EC4P 4BV. 


RETAIL CONCESSIONS 

A large departmental store in 
Bristol offers trading space on 
all floors including ground floor, 
to manufacturers and retailers 
wishing to expand retail opera¬ 
tions to this thriving city. 
Due to reorganisation, units 
totalling 12,000 sq. ft. are avail¬ 
able at reasonable rents in this 
old-established, well-known and 
highly respected store. 

Pleas* writs. In confidence, to the 
Managing Director. 

Box G.l 193. Financial Times, 

10, Cannon Street, EC4P 4BY. 


WE ARE LOOKING ?OR 
PARTNERS TO 
COMMERCIALISE A 
HIGH-LUXURY LEVEL 
PRODUCT 

CHARLES FERRET 
CHAREVEL S.A.. 

5, Rue Toepffer, 

1206. Geneva 
Switzerland. 


SWITZERLAND 

WE OFFER 

office facilities & 
ACCOUNTING SERVICES 
Comprehensive Portfolio & 
C ompa n y Management 
Please write to:— 

SCHAFFNER PARTNER AG 
Postfadi, 8040 Zurich 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guarantee! 
by IBM. Buy, save up to 40 px. 
Leu* 3 years from £3.70 weakly. 
Rent fram £29 per month. 

Phone: 01-641 2365 


MODULAR GAS 
FIRED BOILER 

A substantial U.K. engineering com¬ 
pany has developed a new concept, 
high efficiency, natural gas-fired, modu¬ 
lar boiler for domestic, commercial 
and Industrial application!. Boiler 
modules are produced in the range 
50kW to 300kW. The boiler is U.K. 
Gu Council approved and we are 
now seeking agents In each of the 
British Gu Regions. 

Write Box G.l 184. Financial Times, 
10. Con non Street. EC4P 4 BY. 


PRESTIGE CARS WANTED 

TO ALL COMPANY DIRECTORS 

TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Are you obtaining the best price for 
your low-milcage prestige motor-car? 
We urgently require Rolls-Royce, 
Mercedes. Daimler. Jaguar, Vandcn 
Plas. BMW. Porsche. Ferrari. Mucrati, 
Lamborghini. Jenson Convertible. 

Raver. Triumph and Volvo Cars. 

Op on 7 days ■ week 
Collection anywhere in U.K. Cash or 
Rankers’ draft available. Telephone as 
for a firm price or our buyer will all. 

ROMANS OF WOKING LTD. 

Brookwood (04B67) 4567 


WANTED 

FOOD PROCESSING 
CONCERN 

Investor with restaurant experience 
seeks to back or purchase specialised 
food processing business. New ideas 
encouraged, ample finance available. 
Scale of existing operation unimportant. 
Scope for rapid expansion necessary. 
Premise! for expansion available. 
London base preferred. 

Write with full details: 

L.F.J. LTD. 

132 Cromwell Road. London SW7 4HA 
Tel: 01-373 0572 


We wish to acquire a 
SMALL UTHO PRINTING 
COMPANY 

which is situated in the Greater 
London area. Must have 5RA2 tixe 2 
and/or 4-colour printing machinery. 
Profits not important. 

Strict confidence assured. 

Please write to Managing Director, 
Box E.9943, Financial Times, 

10, Cannon Street. EC4P 46 Y. 


FURNISHED 

ACCOMMODATION 

In major towns of Saudi Arabia, with 
full catering and ancillary sorvices, for 
executive!, staff and labour, offered to 
companies now undertaking or already 
engaged In contracu/ASSignmcnca in 
5audi Arabia. 

Write Box G.f 192. Financial Times, 
10. Cannoa Street, EC4P 4BY. 


Do you require sponsorship for 

starting any projects in UAE? 

Are you offering a franchise system 
that can bo used in Dubai and other 
Gulf poft staMif Do you have any 
exportable products or services regard¬ 
ing UAE market? 

Write; STERLING TRADERS, 

FO Box No. 29. Dubai (UAE). 
Telax No: 6726 CAPRI DB. 


ALERT SALES COMPANY 

remunerated commission only, has 
unique connection chain etc. scares 
US. and Canada. Manufacturers 
capable supporting nock wise large 
turnover, invited contact 
KENTGRAM 
Telex 262420 
Tel: 01-607 1620/9 


ARABIC 


TRANSLATION-TYPESETTING 
Qualified ArabTransiBtors 
Typesetters and Printing for sales 
Literature. Exhibition Material for 
tne Middle East. 
Pan-Arab Publications Limited 
meptione or- 553 B5T6 


Small/Medium 
POLLUTION CONTROL 
EQUIPMENT COMPANY 
REQUIRED 
Profits immaterial 

Details In strictest confidence to: 
■ Managing Director. 

Box G.f 781, Financial Times. 
10, Cannon Street, EC4P 4BY. 


COLD STORAGE—FREEZING 
—ICE—FISH PROCESSING 

AND CANNING COMPLEX 

50 tonnes * day freezing capacity. 
Penzance. 1.3 acres freehold. Option 
of further 7 acres sale or lease. 

CHARLES CRAZE LIMITED, 

78 Towpr Road. Epplng, Essex. 
Epping 73657 any time or 0279 32028 


AUSTRIAN TIMBER 
EXPORTER SEEKS IMPORTERS 
IN ENGLAND 
For Hard and Soft Umber 
Any quantity can ba supplied 
and cue to site. 

Please write to: 

MESSRS. PAACHER GMBH 
3250 Wleselburg. Scheibcoratr. 13 
Austria 


WiH 
































































































































































Financial Times 


Thursday January 5 


8 



LABOUR 


Bristol sticks 
to guidelines 
on dockers’ pay 

BY PAULINE CLARK, LABOUR STAFF 
ABOUT 1.300 registered dockers negotiations in progress in other 


in Bristol have accepted a wage ports. 
increase within Government pay One area t 

guidelines in a deal which, it is remains: South^pton. where 
hoped, will set the pace for about 1.800 dockers are ne^otiat- 
severai thousand other dock ing an increase due .oni January l 
workers also due for a post-Stage but where it he 

Two pay settlement this month, that a productive a^wulbe 
The 10 per cent across the acceptable to the employers 
hoard increase on basic rates side. . . . .. 

including consolidation of the Dockers there will to-day hold 
Stage Two 5 per cent supple- a meeting to bear the latest oner 
ment is, however, to be boosted ** within Government pay guide- 
by a self-financing productivity lines” from theLr negotiators, 
scheme, the details of which After the failure last autumn 
have yet to be concluded. of a call for a national dock 

Negotiations on productivity strike a number of British por 
between union representatives have accepted.JJe 10 per cent, 
and the local port employers Government limit m deals con 
association at Avonmouth are eluded near varans Pay 
expected to be based on versary dates 
increased handling of tonnage by year. These [Jf 
a maintained workforce. Yarmouth, Ipswich, Lowestoft, 

Bristol is the 12th biggest port and Preston, 
in Britain in terms of tonnage But several major ports such 
handled but, as the largest as HulL London, and Glasgow 
municipallv-owned port in the have still to conclude negotia- 
country, it is expected to have tlons for pay increases due from 
at least some influence on the beginning of this month. 


Leyland toolroom 
men renew demand 


BY PAUUNE CLARK 


redBuXun it pat 00 


LEYLAND CARS' toolroom After reporting to "the full Workers and the Tr g}*.P° rt *?{} 
workers whose month-long strike executive commitee in Binning- General ^orken 
nearly”' year ago led to the loss ham on Saturday representatives r fP r ®”? l Jh _ t ^ i t e ^i*80O 
of^SO^OOO vehicles, are to renew of the breakaway uolnon group rtMh ****** 

- - separate will go to a meeting next Tucs- auction . wonders 


of 

their demand for ovp«a*»h. •»*** ^ •— 

rights. Another day of the 40strong eniftsmen's officaai. 

committee, representing all 


side, 

prb- 

un- 


bargaimng 


strike i S not ruled out. committee, representing all The 3 Jg se ^de° ‘ 

At Leyland's other immediate Leyland Cars plants, to re com- L_.- m , rs8 ^ • . 

trouble spot at Speke, Mersey- mend that notice of ind ustrial 2>Teirtr>. Cowley- management I 
side, fresh talks will take place action be given the company. • a month to settle 

to-morrow at the headquarters of Mr Fraser complained yester- has been-Swen^m gjjJI 

ihe Advisory, Conciliation and day that disparities m wage rates the funire or sn p .wh* 1 

MltnSon Service in a bid to and differentials had still to be Alan Thomett, known as The 
resolve the two-month old removed and that the .'question Moie. ■ management 

assembly workers' strike. of differentials had been “rele- t0 SroiseMnThornett 

The threat of a new toolroom gated from the agenda.” As a ref "“{J - wSwS* led a deputy 
ispute emerged after arnee ting mmon^ skilled Transport and 

sers Union ballot 
could continue to 


un- room men Felt their ability to senior dewrd 

being General workers 
and said he 


dispute- 

yesterday of the 14-man 

official negotiating committee argue' their case was _ 

representing the 3.000 workers stifled. *£"1^ n *!v as“a*shon steward 

w£j struck last year. Mr. Roy The ACAS invitation to British “rapport dSpSSSm 

Fraser, chairman, said members Leyland management and union “ Jf? ' 

wSe “very determined'.’ to re- representatives to holds explore- where be ^ or ~'.. 

2EJ their problems. tory talks in London on the pro- Fears of a ^“*"252? £ 

AnoSer 14,000 craftsmen, who ductivity dispute at-Spgfe follows the issue receded > “^^fewanL 
have been pursuing parallel the failure to find a formula for the unions senior steward, 
Sn. Sd abobn involved, e return to work at local level. Mr. Bobby Fryerj said the«m- 
Mr. Fraser declared “ If we are National officers of the Amalga- pony had been 1 , 
forced into a ispute situation ma ted Union of Engineering 1 to solve the problem. 

again, we shall seek to make it - - 

conclusive and get some satisfac¬ 
tion.” 


BOND DRAWINGS 


=1 Strikes cost 1.5m. 
days in November 


CUURTAULDS INTERNATIONAL FINANCE N.V. 

9"? GUARANTEED LOAN DUE 1982 

,S HE REB u v N % N v?L T, ffi^g^^ 5 M^SSi-BSkjI usmjs 

SST4? ^nV'' D ^ U Sd a5 Llm.^ C . ffSSn^lS^’jaJrS 

"naa tsttttss :!?■« s rw s redc,m * lon M ™ 1 


NOTICE 


TSHBMB USV Sk mSSSm « »»""« 1978. 

Bonds will cease to accrue on or liter such data. 


l merest on such 


2 
90 
193 
35l> 
470 
hIS 
722 
Bad 
ItnJj 
11 Jb 
1215 
1510 
147Q 
1570 

1$1! 
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19*9 
2US2 
2201 
2zs9 
2465 
2bb5 
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28tt2 
3ul3 

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3410 

3399 

3*09 

3646 

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36B2 

39*7 

4014 

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5502 

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5400 
661B 
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10414 

10548 

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10961 

11095 

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11297 
11391 
11471 
11569 
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108 

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27?6 

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The above numberca Bondi will bo rcflM'uedthe urlnciual omens of Chemical Bank. 20 Fine Street. 
New York my. 10015. U.S.A.: Deutsche Bank A.G.. ■■<BhoFffiras&e 5-11. Frankfurt am MaHi. Germany; Credit 
t van mis 19 Boulward do luiiciu. Paris. France; Kr-«*rttwrrk N.V- 7 rue d‘Arep6erQ. Branaeks.. Belgium: and 
KrcdictlMni! S.AT Lu»embOurBO«se. 43. Boulevard Royal. Luxembourg, uoon surrender ot such Bands for payment 
and can collation. .___ ____ 

N.V. 


CHEMICAL BANK on behalf ol 
COURTAULD5 INTERNATIONAL FINANCE 


Dated 5th January 1978. 


NOTICE 


206 
94 l 
2407 
3314 
4 37’ 
5814 
95?3 
1193S 
17853 
13842 


me tcl.e-.nB Bom callefl^or redemoilon lw*c not as r^bcon BfgHiua hH^ymcn,.^ 


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340 
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17065 
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Ncmma. value of Sends m c.«ujrt;a« ! *10 962 OOE «*Mud.n B lends drawn r« redemot.ot g» 1* FebruTy. 
1378 and Bonds not us yet arcagn tcd ty payment^ 


>/ 



BY ALEX GRAHAM 

BRITAIN lost more than 1.5m. Britain’s strike record in 19T6 

working days because of strikes also improved compared with 

the worst for any month since by Japan ana 
October. 1974. Almost 5m. work- Britain s strike record was 
ing days have been lost in the significantly better than Canada, 
four months since the end of Italy, Australia and the U.S. 
Phase Two, more than in the However, this '' 

seven months up to the end of unlikely to be sustained into 
July 1978, after the marked reversal 

The figures show that, while in domestic strike trends, 
the pay guidelines may be hold- ^ upturn in activity resulting 
ing, the Government’s efforts to in ‘ a drop j n unemployment 
make them stick appear to have st iU leave a large number 

ied to an increase in industrial Q f youn g people without a job, 
disruption.’ - since employers refer to recruit 

The Department of Employ- more experienced workers, 
ment conceded last week that the aCL . or di ng i 0 a working party 
move to a more open system of repor t on Young People and 
pay bargaining had led to an \y 0 rk. published in ihe Gazette. 

‘"'wo'rktav dSflost in the first • Earnings in the public sector 
II months of 1977 totalled nearly have fallen ii ^®“ n ^ in( i ose 197 5 
Q m thrpo times the figure -for private industry since laJ/o. 
the corresponding period in Between 1970 and 1975, earnings 
1976. Last year, strike figures in the public sector rose faster, 
dropped for the second year but this trend, says tho Depar^ 
ranSing to the lowest lev# for.ment has been reversed in the 
ten years. ’ ! l ast two years. 

Gen. Accident pay offer 

BY OUR LABOUR STAFF 

thf ASSOCIATION of Pro res- will be based on improved 
™naL Executive. ClericaL and. income in Che company m rela- 
fnmouter Staff is recommending tion to staffing, 
aceptance of a deal which would Mr. Roy Grantham, general 
give about S.000 staff at General secretary of APEX, said yester^ 
Accident Corporation a pay in- day that agreement on aproduc- 

“P 17 - “■* *2 inSJStf in ?be r 

year- .. . . • ^offer depending on the outcome 

The union said yesterday that f report by management con- 
.averal branches had indicated sultants 

favourable reaction tp .the-oner jj ut jj e was “satisfied" on his 
although a final decision from ^ preliminary examination 
its 4.000 or so members in the tbal toeir lev ' el wou id be 
company would not be known tui atlaina bi e . 

the middle of this month. pay round at General 

The proposals include an S per Accident is the first to involve 
cenL increase on basic r^tes at APEX in formal wage negotia- 
the bottom and 12 per cent at tions since its recognition'in the 
the .top, but also allow - for company last May on a recom- 
further rises through a self- raendation by tbe Advisory, con- 
financing productivity dcaL This dilation and Arbitration Service. 


Newsi . 
in move 
to end 
strike 
to-day 

. By Qur Labour Staff 

JOURNALISTS in Darlington 
are to meet management of 
North, of England Newspapers 
to-dav In a further bid for a 
formula to end their seven- 
month strike — the longest in | gg; 
history of- the National Union 
of Journalists. , 

The 106 Journalists Involved 
originally went on strike in 
support of a dosed shop but 
now hope for an improved pay 
offer which will meet their 
demand for parity with provin¬ 
cial Journalists elsewhere. 

In any event, a union chapel 
meeting is scheduled to take 
place Immediately after the 
talks with management to con¬ 
sider any proposals which 
might emerge- 

It is thought unlikely mat 
any final decision on whether 
to call off the strike will be 
made before next week. 

The strikers would have t» v 

make the recommendation toq- 
a return to work to th 
national executive of the nu _ 

Although executive leadera 
traditionally endorse such 
decisions by their members 
without delay, it could take 
four days for the necessary 
emergency committee to meet 

The journalists claim tta 4 
the lower-paid employed on th 
affected newspapers in tn 
Westminster Press Group w 
taking home only £28-£30 
week before the strike, again 
£40 elsewhere. The Danin gw 
Journalists are receiving £40 
week strike pay 


CHILIAN 


of me itHi? low IdM 


external long tum nwr 
IAW NO. 8942 

CHILEAN S% LOAN OF 1*11 

for £4^05,000 nominal capital ^ ^ ^ ^ ^ 

i9» ^ tSm SSm'SSSrt" ...*««» 

£5»o ^ 



i Bonds of 

aSOOl 85126 


856931 


154 Bowls of £1» 


60X16 


63.702 
65454 
M72I 
67715 
68033 
70129 
717S4 
73X41 
75X59 
766X9 
81579 
8X544 
83X14 
84164 


M2SO 

6X7X6 

637/3 

65564 

SMI/ 

67006 

66193 

70304 

7176X 

7X595 

75701 

70934 

81585 


83413 

84273 


60X96 

63067 

63096 

65696 

66902 

67b7X 

60363 

70363 

71081 

73661 

76893 

70952 

62070 

0X430 

83414 

84340 


60969 
65161 
64472 
63oOO 
67X96 
67678 
6884X 
704*4 

_ 7X690 

73727 7383* 
77103 

78954 70955 
82073 8»M 
82512 8X53* 
83680 63S52 


60314 

6J13B 

84211 

65799 

67177 

67674 

60039 

70293 

7X4X0 


6MS& 616X9 
MWO 6319* 
64766 64933 

SnS 63967 
67613 67479 

67000 6/UX 
MUM) 69262 
7090* 76718 

75155 73X13 

73970 74040 

77474 76191 

70*57 80046 

8X126 6X1*6 

6X956 
83631 


81760 6X186 


6X666 

63761 


6X106 
689/1 

«/m ■ 

siis*’ 

7071* 
73X16 

?s?a 

60676 

02701 


SIS 1 

67631 

s ins 

71X38 

73210 

74961 

78197 

81X30 

6X463 


Bond, of £20 nomIMl optal 


310 
1935 
3679 
6101 
7694 
8534 
10237 

14866 
17045 
20743 
23081 
25004 

25382 

25681 
25933 
28236 
28791 

29357 

30909 
31802 
3X867 
33918 
34634 
35372 
38042 
39863 
41732 41053 

42690 42703 

43053 
43514 
45238 
46357 

46941 


290 

1799 

3456 

5903 

7564 

8306 

14003 

17010 

X04SS 

22867 

20996 
25564 
25677 
35928 
161 SI 
2B549 
29300 
30889 
31709 
33862 
33888 
34849 
35270 

37377 

39773 


43055 

435X3 

45362 

40420 

46960 


475X6 

48130 

48594 

48979 

49858 

51451 


47712 

48145 

48649 

49005 

49867 

51507 


51802 31847 

52181 -522B4 
5X388 53558 

54331 54339 

54849 S4B66 

SS290 55459 

55826 55898 

56651 56751 

57MB 58094 


311 
XI86 
4746 
6102 
7703 
8587 
111/10 
15701 
17335 

30910 
23053 
25241 
25596 
25691 
25950 
26262 
28804 
29395 
30910 
31942. 
33945 
34086 
34968 
35517 
38357 
40078 
42251 
42750 
43056 
43530 
45364 
46432 
46964 
47799 
48171 
48650 
49012 
50133 
51672 
51874 
52335 
53565 
54345 
54868 
55544 
5592S 
56895 
58219 


365 

229/ 

4750 

6X10 

7712 

8631 

14071 

15790 

17418 

21375 

23640 

25249 

35693 

3S& 

28849 
29401 
310S3 
32636 
32970 
34194 
35021 
35938 
38599 
40362 
42335 
42790 
43079 


45443 

46475 

46967 

47991 

48264 

4886= 

49049 

50193 

51693 

51875 

52810 

53567 

54427 

54910 

S5622 

559*7 

56925 

58262 


1151 

4691 

6430 

7790 

8724 

14240 

1G25B 

16227 

223*3 

23726 

33257 

25628 

25697 

26022 

27319 

28863 

2946* 

3108* 

32843 

33066 

34318 

35036 

36361 

3o4oa 

40555 

42339 

42838 

43099 

43607 

45611 

46508 
4/106 
48091 

46509 
48669 
4*072 
50351 
51694 

51898 

52991 

53570 

54678 

54911 

55624 

56059 

56927 

58674 


1442 


5168 

7110 

7894 

8853 

145*0 

16339 
19510 
32417 
34326 
35290 
25633 
25747 
26028 
27335 
28986 
29677 
31109 
32844 
33087 
34624 

35038 

36508 

36510 

40557 

42495 

42860 

43322 


mu hh 

ff? 38 
To*: 

19«t . 20017 


45738 45950 

46328 46643 

4719* 

48093 48123 

48510 48513 

2b674 48767 

49080 49288 

8SS vm 

51915 52044 52049 _ 

533 Eff 5S8 
sal S5S Sfg 
MU? sff tffff 
iSS2! ISSi SSit 



53704 

B6280 

57333 

59074 


643 Banos ■»= 
F. C. BAKER. 


aunUno to £31.000 nominal uvferi 
Witness: K F. c. — NOla/r PMMc. 

E/Ch 41 WO above ISW “jj JffLSi 

gmTSS wiStfloTw* ^ *» COTPO,tt **“ ^ 

four ctar daw, gU Mj-go- 

necessary umti/turcO MUM"* ^ tioo nominal CF8..8I 

bono* Of other dwomin/tiowi 


Tanker mei 
back token 
strike call 

By Our Labour Staff 
MOST OF the *2,500 petrol-tank 
drivers in tbe Midlands su : 
ported their leaders' call for 
unofficial 24-hour token stri 
yesterday. . • • 

Oil convpan ies hope- that 
strike—in support oF a 30 
cent, pay claim and increase 
fringe benefits—will not spread.' 
and- said that work was going- off 
normally elsewhere.- • ' • 

Gulf. Elf and Total drivere at 
their companies* depot in Wesi 
Bromwich stopped work in a 
separate strike on Tuesday. 

Gulf and Elf drivers ignored 
the regional strike call and were 
back at work yesterday, but the 
Total drivers decided not w 
work because of a separate dis¬ 
pute over bank holiday pay 1 
ments. ’ _ 

Too few jobs 
for disabled 

By Our Labour Staff 
THE Government is attacked 
to-day for falling to provide jobs 
for disabled people in Britain- 
Unemployment among the dis 
abled is now three times the 
national average, according to a 
report ■from the Low Pay. Unit. 
Unfair Shares: The Disabled and 
Unemployment 


und pro 

EXCHANGE CONTROL ACT. 1947 

The above 




the reteivini 


ra «cu/ili« *** 


Control puroowi *n conwowreo. 
redemptions ot bor.js OT Thl- 
snoulj be deal: 

.aaaSKS * - aB “ yi ’ 

| Fer Hvn MM -V^ M arawB bond .««» *cOUjJ. T ml5o - ?S 

18Br « bTOTafcaw-iBsaa w- - — “ 


Nfro Court 

SL Sw.min-i Lane. 

Lono i. tC«P ADUo 

St» Januarv .<=73 


COMPANY NOTICES 


; > • >' •> .- 


UNION CORPORATION GROUP 

ANNUAL GENERAL MEETINGS 


The Annual Gs.ierai Meetings -■ --- -- -- . - .. ^ hBW umon 


or TIMS otvdcrtncmionc^ CotnMn^ ^ 1 ^'^’ 


Corporation 
times mentlonod below:— 

Name of Company 

Unfctct Gold Mines LlmKed 

SL Helena Gold Mines 
Limited 

Kinross Mines Limited 
Wuikeibaak Mines Limiicd 
Leslie Gold Mines Limited 
Bracken Mines Limited 


London Secretaries, 
Princes Hou»c. 

95 Gresham Street. 
London EC2V 70S. 
5th January- 1978- 


Dates and times 

ol Meeting s 

Thursday 26th January 
1978 at 9.30 a.m. 
Thursday 26lh January 
1978 at 10.15 a.m. 

Frioav 27th January 1978 
at 9.30 a.m. ’ 

Friday 27th January 1978 
at 10.15 a.m. 

Friday 27t» January 1978 
at 11-CO a.m. 

Friday I7tb January 1978 
at HAS a.m. 


Transfer 'Boohs Close* 
Iroro » . 

23rd Jan. 2Sth Jan. 

23rd Jan. 26th Jan. 

23rd Jan. 27th Jan. 

23rd Jan. 27th Jan. 

23rd Jan. 27tn Jan. 

23rd Jan. 27th Jan- 


«, UNION CORPORAT,ONJU ; K., s I.»ITEO 

L. W. Humphries 


APPOINTMENTS 

G. L. Aspell is Leicester 
Building 1 Society chief 

BUILDING SOCIETY. He succeeds relinquish his position as chair- Boards of the Charles Colston 
Sir Basil C. S harm an, who has man and chief executive on March Group and of Tallent Engineering, 
retired. Mr. Roy Kemp x is the 3L He will be joining the bead * 

Society's new vice-chairman. Mr. office of the Inch cape Group m g ir Anthony Bowlby has relin- 
j. Geoffrey Hilton remains London to take up a senior ap- n^hed his post as chairman of 
president pointment directly concerned with ^ WORKING TOGETHER CA11- 

* its automotive Interests, air. D. R. pajgn, which he has held since 

Mr. W. G. Hanson is to" retire Davies. presently ^managing the campaign was founded in 1972. 

as chairman of HARDYS AND director of the Angto-Thai Cor- ^ now assumes the position of 
HANSONS with effect from the poration, will become chairman j 0 - int deputy chairman with Lord 
annual meeting next February. He and managing director ot Ragan,The new chairman is Mr. 
will be succeeded by Cot T. E. Inch cape Berhad fro™ April L ^ P . (Percy) Coktrick. formerly 
Forman Hardy. Mr. R. W. D. Mr. Davies, who f®*"®"*..®" pen era! secretary of the Transport 

Hanson is to become vieercbair- the Board as a non-execuuve salaried Staffs Association and a 

man, and will continue as manag- director, will be succeeaeo a s member of the General Council of 
inc director. Col. Forman Hardy managing director by Mr. M- t. ^ -fUc. 
has been a director since 1943. He Doherty, executive direct or of the * 

chairman of Forman Hardy corporation, from April 1. Mr> j_ r, Mariey has resigned 

.. _ o i_1 as a director and secretary or 

Mr. T. M. S. Wmiield has been BARES ESTATES and its sub- 
appoinied raanaglng director or Mrijaries. havinc now ceased to be 
G kJSEN HAM CONSTRUCTION ^ ploy ^ by S the group. Mr. 
Mr. A. IL Cave, who hus retired EQUIPMENT, succeeding Mr. .D. Corley's departure was fore- 
Tram his executive appointments Blackwood, who has relinquished shadowed last October, when he 
as chairman of the merebanting this position to devote more time disposed of the bulk of his shares 
companies in the GUINNESS to other activities and respon.si- ^ company. 

PEAT GROUP, remains a director bilities for the company, of which * 

or Lewis Peat and becomes he remains a director. Hr. R. H. Loneridcc a Briton 

adviser to the group on commer- Cogswell continues as chairman. g qTffjSSu 1 -“SJJ? 

ctal and raerchaming matters. Mr. Winfield has relinquished bis Jho controls Avis Kem^ cars 
+ appointment as managing director __r.lt H^rTlu 

Mr. G. M. Warty has retired of Greenham (Plant Hire) but S the 

from the Board of BULMER AND remains on the Board, and Mr. g A „ r h SJSriSe 
LLHWB (HOLDINGS) and has been j. Watson becomes chairman and £fhased^t Brack'nelI Ber^ ^hrad 
.ucceded as cKalrmaa by Ms. maaastaE director. qaSera of' Av™"'KaSi 

J. H. Nnnnerley. u ■ division. A few months ago he 

* Mr. Keith Holloway* who joined became the division's Hrouu vice- 
Mr. J. E. Aisher becomes vice- lhe TIMEX CORPORATION in president, a newly-created offire. 

chairman or MARLEY J™" September 1977. as U-K- market- Mr Longridge is also chairman of 
January II. Mr. O. A.Aisher i n;? and saira director, has become Avis Rent a Car UJC and of Avis 
and Mr. W. J. W. Courtney have managing director, marketing and car Leasing 
been appointed joint deputy- saw Europe. fa ‘ * 

chairmen from the same date. * . Sir Stan toy Holmes, who retired 

Mr w j Shenunni ioint SIr - as chief executive of Merseyside 

'fiiraVtnr man of MERSEYSI DE AND County Council in December, Is 

HAM^GROUP hal addSSally NO OTH WALES ELECTRICITY lo join tbe Board of the MERSE\ 

apS^d depu^KaS BOARD, since 1974. has been DOCKS AND HARBOUR COM- 

«r?hP romnanv while r»talnin« appointed chairman or the Board.. PANY on January 9. havinp 
SL responsibilities for the^velop’- He succeeds Mr. Denis Dodds, who elevied to HU a vacancy for a B 
ment and expansion of Topmix, has retired - • director, 

the group's ready-mixed concrete ^ . * 

subsidiary. Mr. G. H. C. Needler’s Mr- Oliver Blanford has been sir Peter Thornton, who has 
appointment as executive chair- appointed executive vice-chairman joined the Board or the LAJRD 
man has been re-designated chair- of Tallent Engineering, a member GROUP. Is a director of Hill 
man and chief executive. of the Colston Group of Com- Samuel Group and was formerly 

*■ panies- He has also joined the Permanent Secretary to the Dc 

Mr. A. A_ Webster wilt be.rctir- main Board of tho CHARLES partment of Trade. 


Holdings and ol T. Bailey Forman; 
publishers of the Nottingham 
Evening PosL 

* 


BEARER DEPOSITARY 
RECEIPTS 

Representing Preferred Stock of 
BAXTER/TRAYENOL 
.'.International Capital 
Corporation 1st series 
Convertible Preferred Stock 

A distribution ol Dollar 0.0/5 per 
depositary shire, leu inf applicable 
nx» depend me on the presenter's 
country of residence, will be payable 
cSTsnd after January 7-1978 upon 
presentation of coupon n 12 at tbe 
Office of any of tbe following 

mSSScSn'guaranty trust cr of 

N fSw < TORK. 15, Broad Street (ADR 
Section) ' 

BRUSSELS, 35. avenue des Arts 
LONDON. 33. Lombard Street 
PARIS, 14. Plato Vondome 
FRANKFURT. Bockenbeimcr Land- 
itraase. 8 

BANCA VONWILLER S.p.A. 

Via Armorari, 14, MILAN 
Via Boncompagni. 27. ROME 
BANK MEE5 & HOPE N.V. 

Hareflgracht S48, AMSTERDAM 
K REDIET BANK SA. 

37, mo Notre-Da me. LUXEMBOURG 


THEATRES—Cont'd 


RANIS MINES LIMITED 
(incorporated in the Republic d sons 
A!r»ci! _ 

6 Member of the Bartow ItauMl Creep 



WHITEHALL. 01-930 6692-776S; 

Man. to- Thurb. 8.00.. Vrt. and ML 5.M 
and 8.30. Must end bat. 

PRUNELLA 
SCALE* 

in 


NORMAN 

KO6SINGT0N 


BREEZESLUCK PARK . 

Wickedly Funny Christai** Con*en£_ 
"Not to be iPiia*8.' Gdn. EPIIOM1SE3 
THE BEET OF THE WESJ tND. 
'■HILARIOUSLY FUNNY. TIME . OUT. . 
■■ Both play ana out dewm this trwj- 
ter." D. let. " Prunella Kales load*. 

splendid cast-" D. Exp. 
instant confirmed telephone credit cam. 

bookings. Easy ParhlnB- _ 


WINDMILL IN EAT RE. CC. 447_63t2- 
Twice Nightly at 6.00 and 10.00. 
OPEN SUNDAYS 6.0 6 8J0. 
PAUL RAYMOND presents 
RIP OFF _ 

THE EROTIC ENPEHIENCE OF THE 
MODERN ERA ^ _ 

"Takes to unprecedented limits what ta 
permissible on our tUBM." EfB. News- 
You may smoke and drink in tn* . 

Auditorium. _■ 


WYNDHAM'S. 836 3028. Credit card 
bookings 836 3692. lEx. Sal.i. Moo.- 
Ttmrs, a. f-n. and Sat. S.l 5_and 8JB- 
■• ENORMOUSLY RICH 
VERY FUNNY." Evening News. . 
Mary O'Malleys smash-hit comedv 
ONCE A CATHOLIC , . 

"Surefire comedy an sex and reHEinn. 

.. Dally Tetagyaoh. 

“MAKES YOU SHAKE WITH 

LAUGHTER.'* Gon. - 


YOUNG VIC tnear dd Viei, 928 636J. 
Tonight 7^5. 

THE IMPORTANCE OF BEING EARNEST 


DIVIDEND UeCLARATION 
Hlyvooniltzlcht flow MMtg Company 


Further to tne OMOcnd notice -adver- 
dsed tn the Press on 20th Decemocr. 1977 
the conversion rate applicable to payments 
in United Kingdom terrene* in resacct o) 
the ibavcmentloncd ai«IOCi»a tt £ , 1 — 

R 1.699940 equivalent to 17.64768P por 
share. 

The efleeti** rate of.South African Non- 
ReUdert Slwreholdera Tax Is 15 o*r 
cant. 

Secratarles ot the company In th* 

United Kingdom; 

Chirtcr Coosa idarca Limited. 

40. Holborn viat act. 

London EC1P 1AJ. 

United Ktnodom ReaNtrars >ad 

Chanw^ CeSSsaS?dated Llmltod. 

P.O. Box. 104. . 

Charter Housau 
Park Suoet. 

Asniord, Kent. 

TH24 8EQ. 

4tit January. 1978. 


I.C.I. INTERNATIONAL FINANCE LTD. 


7!.-% 


GUARANTEED U.S.S BONDS 
1978/92 

c G. WARBURG 6 CO. LTD., announce 
that the first annual Irmaimwit or Bonds 
to a nominal value of U.S33.2SO.QOO 
have been purchased lor redemption 
1st February. 1976. 

U ^546.750.000 nominal amount 
bond* will remain outuandfns alter 
1st February. 1978 

SO. G«Phani «rc«. 

London EC2P -EB. 

5tn January, 1978. 


ONEMAS 

ABC 1 6 2 SHAFTEottURY AVE. 831 
0861. SCO. PcrtS. ALL SEATS BKBLE. 
1 THE GaOnil&T (X). Wk. and Sun< 
2.1X1. 5.00. S.00 tale show frl. an* 
Sat. 11.00. 2 THE LAST REMAKE Of 
BEAU GE5TE lAJ. Wk. and Sun. 2.00, 
5.20. 8 20. - _ 


CAMDEN PLAZA opp. Camden Town Tuhfc 
48S 2443. Tailanls' PAORE PADROn* 
tXi. Grd- PrtaoCannes '77. 4.05 6.23 8-50 


CLASSIC i, 2. S, 4, Oxford Street tOyo- 
Tottenham Court Rd. Tube.. 636.0510; 
li SIN BAD AND THE EYE Of W 
TIGER lUi. Progs. l.»0 ^3.30. 3.M- 
Latc snow 11 o^n AHo Guttino. Jl* . 
Hendrla WOODSTOCK iX). 

2: THE HIDING PLACE «A>. _ _ 

2-00 5.00, 8-00. Laic sHN _l 

Elvis Presley Gi BLUES tUi 
TAT rtJi Laurel and Hardy. __ „ 

Si DEATH IS CHILD'S- PLAY 
Press. 2.00. 4.15 6.50.. 8.45. 

show every nlpni itiis p.rn. 

4: WIZARDS IAI Props. 1.0 


Ftff/6 
,. a-*- 
TIT FO" 

iX'i’ 

Law 

S.O. S.O... 




U. 


7.0. 9.0. Late show evEnruiafit .11 AJ5 
Plus Children's FKm Fo woatio n 
Morning Snow THE GUTTER*ALL lU»- 


10 3 0 a aw.. 1205 p.m. _ 

CURZON. Carton Street. M .1 *99 3737;' 
COUSIN COUSIN E lAA> lErsUSh 
trtfesi. **»ioiome. enlovabic «K 

Froncn.** Thr Observer. Props ,** 

■not Sun-). 4Z5. 6^5-and BJO. Last jgi- 


LEICESTER SQUARE THEATRE 

NM Sun.i. Smu MMc tor ill ,pW»r 
except 10.50 am prog. 


ODEON LEICESTER SQUARE «S2i’wr. ’ 
THE DEEP IAI. 5CP. pt tofc-if SZLTat 
Sean mav be booked. Doors ®PJr \ - _ 
1.20. 4.30. 7A5. Late S«*L f"*- - 

Sats- Doors 11.15. - _ »r 

-30lf-?>.. 


ODEON 


MARBLE ARCWk CTi? 
AUDREY^ ROSE fAAl_ 


See. props, WKs. 

4.M. 8.15. Late show FrL A Sat, 


I.; r 

i' ■ 


PRINCE CHARLES.. Left. ' K 

salon KirtY «l Sw ftu . I % 


s-i & JSSLt^>-- 

4.10. 7.49 Late afiui, fn. * 1 




/Ward-ltd M;' 

gt rr .0 me FAR 4). 


fr >«• l 1 


V- 




























.... 1 . 


** ■«■*,. 


¥::: \\ 

"‘•V 

"-'V’: °> $ 

' r;, ‘. I 

' N " :>r M 


■••■■*» I.Y *■ 
;;;;: s-iaj 

«mu j 


HTLb 



BY C. p. SNOW 


• • ^~ZZ r, great capacity and complicated youngest daughter of the 

U !LSfSSSL! fk L 01 VmnOUr. HetoWWd to London SUSS. ’T^ . 

A 3 ig£ia ivuroett-Couits oy Edna as a young man, and after a Tt was « hriiiimt n ; anQ ' „» 

IHf* 253 ^ 03 ecs aDd Jack£0n ’ ■“}*■ /ell managed txans- talcnt-spottog. . Angela P — who 

gages acuous'and manoeuvres became had under the of the will 

— . — _ ■ . the... chief proprietor of Courts to change her name-to Burdett- 

** 1 “«P saying, biographies Bank- He wasn’t a gambler but Coutts; and who was always 
are attracting much of our liter- he understood people as well as known afterwards simply as Miss 
ary-, energy, and St is getting more he did “money, and he had a re- Coutts—was a tall and lanky girl, 
and more -difficult to find, a'good, markable gift for inspiring trust-r with a long and intelligent face, 
subject So many good subjects He had absolute discretion, and She probably lacked sexual 
have now;.been treated master- the dynasties of Europeearner to allure and warmth, though she 
fully enough;to last for a gener- rely on -him, .'.including the-had plenty of emotional warmth, 
ation. This is particularly true British royal house. Edia Healey ‘She had been well educated- Her 
.of major - figures of the nine- permits herself to ‘teH us a good father, in the midst of his extra- 
teenth Century. Dickens, Lord deal abouthtot; as wfell as his vagances and many mistresses. 
Melbourne.' Qufeeh Victoria, granddaughter, and vfre could- believed in the emancipation of 
Oscar wllde, a dozetuothers, now have wished for more. women. - 

Kipling—-for each of'them there Although m-Ttipmas’s public .Miss Courts-to-be had z high 

is no ro om.foe another ftiU-sorie activities-he was t e incarnation -academic intelligence. She 
biography forthe-next thirty of what is now cal :d The Estab- learned languages well, had a 
years. Biographers wfil have to ijghment his pers mal life had P * 88 * 011 for science, became a 
be content with the-second order * bracing touch of the 18th cen- friend of Tara day. In fact, when 
of notoriety;, and there the gaps tury-(he was born iu.1735). He' ' Wa s thb richest woman in 
are being effectively filled: It married a domestii servant from En^and she became, a friend of 
took very good judgment,'and the house of one o: ttteibrothers, tops* •“ t“ e great Victorians, 
a nosefor the unusuai/for Edna working-class girl frotp. Lanca- who. weren't .indifferent to the 
Healey ' to ... pick . bn ‘ Angela shire. All his life he did what magic -of wealth, though there 
BurdethCoutw.' Mrs. Healey' has he wanted; and ic.^had the Faraday.wSuld have been as pure 
shown-the' same' qualities, -plus authority to get t vay with it. 88 a man can reasonably be. 
robust liking, far the variety, of By tins wife, whom ie vigorously Miss Coutts applied hexself to 
human chancter,-to-writing her loved, he had mi >y children, the Coutts business, and soon 
-life. It is a cheering start to the though- all the b ys-died in understood, it Much tp her irri- 
New Year.: i .. Infancy. The third laughter was tation, '-the Duchess’s will. 


... . 

mim 

J*::®! 



\Before the fall 


BY ALEX DE JONGE 


At tire age of. twenty-three Angela Burden-Cadets’ mother, though-giying M<gg Coutts-Ithe 


Angela Burdett-Coutts suddenly, who'like her sisters 
to her own. astonishment and the beau monde.'..! 
every on ev clse's, - became- the was the washing, a 
richest woman ihEngland- To us. Whig, Sir Francis 1 
dazed by inflation, the actual ' ^ 

team don't Men. so over- ft 

d“to™£«HLt J 

height, her income seems to a « v .«, ^ rv,.,+♦«, tS 

But remember that she pad to jnajor -appototm 
pay negligible, income _tax. ; the rest ^ his famlly. | 
value of money was many times complication.- for! 
higher, .smd this was- at least with p ^ l0 vij 
equivalent to a fpresent day dis- as an ageing-man 
posable income of half a million, passionately attache 
.It is hard to ^estimate, how her actress, a- kind oi 
fortune . compared. - with - the ins*,. Emm*- .Hard 
American ones of. her own Emma, this girl 1 
period, but we are safe in think- mensely faV but, 4 
tofi tbat she could and did spend s h e had a shrewd bi 


Tried into supremacy, prevented her from 


__ , 

Angela Sanfett-Cootts: a friend of Dickens and the Duke of 
Wellington, subject of a biography-reviewed- to-day 


The Men of Ubertv hv ciauda RobespierTe - wUT ^ making could always bend the law. while 

ManSom Metouem Wstory - For ** Frendl revolu ’ if > ou were n °t the establish- 

n&RRsn Memuen, was a j^mtion without ment could put you away for 

pages revolutionaries, it had no ever regardless of what the law 

It is fashionable nowadays to equivalent of a Lenin in Zurich, might say in your defence. All 
frown at narrative history and Although U. Manceron is this, incidentally, concerned 
positively to sneer at the kind immensely scholarly and con- people more or less in the public 
of history that strings a whole .trols a vast amount of original e y e * beneath that small number 
series of short episodes together material, he is never pedantic, there existed another, ^unknown 
into a narrative patchwork A lively writer and a lively . ^" ance consisting of 20 m. starv- 
quilt However, I can’t see any- mind, his zest" for his subject wgpeasants, 
one frowning at this magnificent even survives an abuse of the bo *? k ®j so conveys a sense 
book. The Men of Liberty is historic present, which works “ 1"® deadly inertia of old 

the first of a projected eight better in French than in this Europe, an inertia wmch 

volumes on the French revolu- otherwise outstanding transla- frustrated all the efforts of 
tion. Set to the dneien regime, tion. The author is never too ^3 r ’°° s urgent reformers who 

covering the period 1774-78, it much the .scholar to turn his t0 overcome it. frustrating 

is simply tire most enthralling back on spice; -Joseph II of eve o more men of ideas looking 
piece of history I have read for Austria coming to visit his sister “ de " 

a very long time. Marie Antoinette and Louis XVI “1*1 

It unfolds those years before in order to provide those two ! n ^. 0 adventurers, Casanova, or 
us, imparting to the reader a innocents with a piece of simple 1 *4: 

vastly enriched sense of time, but clearly effective sex-counsel- ^ 

manner and place. M. Manceron ling—the queen was pregnant nf 

uses very short chapters to cover soon after he left 

the Uves of various characters The author also begins to trace Luivalent of toeakinc schouU 
during th e period in question, the career of the Marquis de p?4y restilrtiSS on to* 
jumping from one to another In Sade. lendin s credence to some f ree dom hf movement 3 to? ?s 
mid-action. of the more fanciful allegations his wM a 5 d ecSntrte 

Some are nnknowns, like the of violence that were .made courtship of Sophie Mounter, 
two young dragoons who com- against him. One only hopes abetted by an ex-lover who just 
mitted suicide because they some later volume will have happened to be his sister, and 
were “ disgusted wito the uni- tom recall that de Sade was said constantly coming up against the 
versal scene.” others , like to Im.Incited the mob storm- judicial relics of a once authori- 
Voltaire occupy the forefront of mg the Bastille to its final effort tariun culture now falling apart 
the contemporary stage, some, by yeUing obscenity and This is an outstanding book 
like Marie Antoinette expect life encouragement to them through which bandies its material 
to go on to the same old way a drain opening off his cell. brilliantly. It makes for fascinat- 


sag A »J5S EISS 

SHffH s&SS&S SSiS 

Svsfettl ssmS3S«s rtfS'SsSfi Rar/sresars 

”T sensible, and she bad the wit to flicts with Dickens—she had been be became half in love with her. ,Tk jr *5 7 7 

? obtain ;the best possible guid- known to prevail. Not that time. She gravely proposed marriage. l\/§ /Yl«V 7 CWl P 1/1S?1A J //I/l tjr 
mmareSl? p S? >n / ,f ^ Char i es a S“' ^ utts understood' ; many pe D^e consdckared it. but he 2VJL (At •XLoftL j3 t IfZ W lUUft, BY GILES RADICE 

- a fP~F nu y Dickens. The two. of- them be- thing s , but not sexual love. • had an acute sense of the ridicu- 


BY GILES RADICE 


fr fnloroTinn • wa **« »•»«« we- mlic. aui oCAUoi luvs. bcuos w* 

B,- - ce ’ came taring friends, both at the That innocence exacted a price taus, and decided that it wouldn’t 
rv time, quite young, Dickens just -in Hex own high-minded exist- do. 

i ? ver $9* Mta® Contis just, under, ence. She bad a long Intense At long last Miss Coutts’s 

luteiugent Mrs. Healey suggests, with some friendship with an ex-governess, pent-up emotions were too 

v™_ o evidence,. •• that Miss Coutts was who became in turn something strong for her. When she was 

,be ' 5 ^, tr al origin 'Of Agnes like a companion and then chief nearly seventy, -she became to¬ 
mes -Kmmn Ur:.Vfioli4 ro<um<l nf TVoniil __ m. .... . __ . ..._..j . .. . • 


Mxrrizm and Polities by Ralph ft* 1930s - tbe increase to western the French. Italian and Spanish 
Miliband. Oxford £3 50 393 “ V1D £ standards since the war Communist parties to adopt a 
’ makes revolution seem irrele- constitutional strategy of secur- 

g,nt to Moinoitrr V Ani) inn nnuioo tknuiA knll.t 


rtune ..compared - with - the Irish Emma- Harrfton. Like ^ irienosmp wun an ex-governess, pep^up emotions were too _ vant to the vast majority? And tog power through ,the ballot 

merican ones of. her _own E mma, thte girljesame im- the -'central 3 origin' of Agnes Kke a > comDan\?n t ?^H W ^f Professor of Politics at Leeds bow can the dictatorship of the. box. But be fails to draw the 

•riod, but we are safe in think- mensely favebut. uflike Emma. WiekfiSdrecondWife 0 of David ma i f" University, Ralph Miliband is a proletariat be a legitimate con- conclusion that M Euro-Com- 

g.that she could and did spend s h e had a shrewd bfctoMs head. Cormerfield. - She didn’t evoke Victoria" r,? i^ at ?rith a ? d mi? e ? ! .ir e w y ao!f distinguished Marxist scholar cept in societies in which basic munism,” at least if it is taken 

ore on- charity, in adjusted It was to her that hfhequeathed aSyamonras frelingto DidfewS SutiS%ftS^eStTe^d» f fihe'iSsted on\ia?rvto? toS* with an original and subtie mind, democratic freedoms have been at itirfacc value, is more a 
rms, than any. modem Texas the supremacy.. Afl: tos-deafh. wtochtetos nssomeSL* aS SSf'oSy thfnkendo^otoS' we to?k to Son ms ^o^on to Marxist won ? triumph for democracy than 

ulti-miHipnaire. ghe climbed furtherfcid became her. but. he said that riie was Sfed woSd tmaffi” thaf t£t SeSlybut with ktod'ev^TtheS? politics is dearly and, within the ’ It . » on .the question of Marxism. Fontmeansabandon- 

She came mlo the money in a the wife of an ine^tive duke, “the noblest spirit we can ever relation had any Snd of sexuS much dSbt that hi ™Sd °f 1115 ™ pos,tl0n - cnh ' , de ? 1DCracy ? at mo f r of riie original Marxist 

pec^iar and weirdly. “direct She kept a watchfultye on the know.” That.vras a piece of semi- expression. Contis alShS Er money He mti rid o“S “ Uy 'r ntten ' Bnt * for me at , 15 ^ persuasiv ^,' Ideas—irreconcilable class con- 

festoon. Hot . , grahdfetber. whole Coutts brood,Jwhicb was official rhetoric, but in a more aperies of passionate ber£wo£ of it, and di^ifhed her aiSSe >? te - . U T&lses more questions Miliband tomseti te a convmced toct, revolution and the dictator- 

Thomas Courts, was the fourth becoming large, in o*«r to find subdued-and private passage he ships for men « action, a rather riofy. But i^Eght tohoto^ “*" £ answers. dem^rat. He is highly cntical stop of the proletanat 

son o^ . an Edinburgh banker- her own successor. ^She passed also said that she had the gift odd collection, such as Dickens to Dickens's words. She was a Until recently, the Etndy of of Stalinism and of the one party If MV. Brezhnev and other 
cum-merchant comfortably sue- over grandsons, whqpvtere ruled- of seeing clearly with kind eyes, to one of hte aspects/ Lotos remarkable Md^gomf woman has been largely ignored states in Eastern Europe. He Eastern European Communists 

cessfto but not preposterously out as useless, and &ally elected This^waf one of the-deepest tri- Napoleon, Rajah Brooke. Gen- and no one could have more cto by Marxists. Miliband explains pomts out that the .civic free- ar e understandably alarmed by 

wealthy..-Thommi was a man of Angela, who was ^ fifth and butes Dickens ever paid to any- end Gordon. The most profound served what good luck she had. by emphasis Jomr of western societies are fte implications of this develop. 

_ ... • • Marx himself gave to economic the product of centuries of un- meat, our problem is to decide 

. "• ' • ■ iiw; ' • . and. industrial relationships, remitting popular struggles” how far “Euro-Communism” is 

I jf/t "i . ‘ - / 7 || • 7 ' J .-7 7 . partly by the extraordinarily and concludes that “the task of merely an electoral tactic and 

1/1/ ylOVI TH£>- h*V*f0 Q7 I W/7/l n/*k\A1/2V complacent view taken by early Marxist politics is to defend how far it represents a.genuine 

r f t ^C/ L Lfl IS A. / Cu^liCr LL MllALA L/vJ WtZf RV TAP* CTPIMPR Marxists of the ease with which these freedoms; and to make shift in approach. If it is the 

. ■; • ' - 7^ -.•TT •• • . *. WVF Jtf ^ T v . BY ^AKA oltJPitK political problems could be solved possible their extension and en-former, therf these parties con- 

j." - ' in post-revolutionary societies largement by the removal of tinue to represent a threat to 

0 . 1 , 1 . riZZ! V, ™by cronies auft-caUeagues. Pa RooseveWs aide. There can be dent” can hardly escape the the Importance of the “Arsenal (“the government of persons is their class boundaries.” A state- democratic liberties—and should 
Watson Tom jGonwan, Missy little question that Elliott dis- notice of a post-Vietnam writer of Democracy” speech. He replaced by the administration ment of aims which all demo- be treated as such. If it ig the 
S2J5S, . a ,? d .IK* J-rfMwd. wfa o comprised Roose- liked ChurehiU though it is diffi- though Mr. Lash never quite feared that aid for Britaio would of things ”), and, lastiy,- by the cratic socialists must applaud! latter, then the sooner they 

A v en ’ ±a - velt’s inner circle .. . cult to distinguish between the faces the issue. At another he diverted tbBuraia and that a hideous impact of Stalinism on . The author is well aware that abandon their “Communist” 

pages. - There is an earemely hostile son’s and father’s impressions or level, this is a masterly account 1 Japanese war would reverse independent Marxist thought In it was the great attraction of label and apply to join the 

lbsevelt aud' Churchill bv though interesting portrait of between past memories .and of a long courtship and a sue-Roosevelt’s order of priorities his attempt to construct a democracy for the inhabitants of Socialist International the better. 

JosephP. Lash AndrdDeutsch Harry Hopkins ttd a critical present views. In any case, the cessfto marriage. ChnrehiU did Y @t in thA pt»h ri, 11P « h ,n Marxist approach to politics. Mili- tbeir countries as well as tiie Perhaps Professor Jltiiband in 

£695 528 Pages - ' ' riew of William Ifatlitt whose younger Roosevelt stresses the most of the courting for he“SSSU band relies primarily on the electoral possibilities that this tos next work could address 

■ . ■ ———---- role in-the SuTBCie^yeBes case president’s suspicioh of the believed from the start chat 2S7*„writings of Marx and Engels—.opened up, that have persuaded himself to this vita! issue. 

_ ._ ... ,__.n2L-+_ l. j_p_ veit cummu American resources _a. .i_- — 


BY ZARA STEINER 


Brough.' W, H. Allen, £5.95. Volt’s inner circle 
446jtegeS r ^V- : V There an 

Roosevelt aud' Churchill -hy' though JnterestiB 
Joseph P. Lash.: Andrfr Deiitsch, Harry Hopkins I 
£6.95. 528 pages view.of William 

■ • ■ ■ '■ — -- - ' ■- role m-the Somtn 


Franklin Roosevelt remann jr isjgain explored. *WMt epiergra pnme minister, his great caution Hitler could nof be defeated 
enigma rf strangelv isolated andi fre™ these, pages isf^e presf- lc^ he be misled,- h». dislike of without American intervention: 
hiohlx ^Plex depeademce.^caus?' 6 r .Churchill's conservatism and Like the president he did not 

b^nk^amMg r ^Blys1s,"ou'TuF^wlfe^itimperial sentiments. Without expect the Russians to win and 

American presidents. Both thesc toTtoiates for news/jf the world $py doubt the president. pre- anticipated only a few months’ 
books, though of unequal impor- outside the WhiteMouse apd yet tin *f toi deal wittoStelto alone respite for Britain. “You’d 

tance, attempt to bring thp his inner detachment from all arid felt that Cburchi 1 sintezaee- have thought be was being t h - Atil PoQrl 

reader dtSer to thtaTelusive who advised h&. Rotfmlt’s OoL^ only complicated an earned up into the heavens to P 5 a , r J 

figure. Elliott Roosevelt’s defen- sense* of physiall isolation may already difficult task. . meet God, wrote Harry Hopkins 

sive and somewhat naive portrait explain his acpte senritivi*y to It is this general theme which of Churchills first wartime 
of his father is the slighter of the shifts in publ/ opinion. . constitotes the heart of Joseph encounter with Roosevelt 

two books. lt js ahighl^personal The-son aJso records his im- s ^v J L? ore , 8 ^? DI ^ an ° T* ie ' president had other 
memoir whose value. Ties in the praratona ovthose wartime con- po rtan t.ytudy of the Roosevelt- options. He hoped that by 
son’s vignettes of fils family, ferences /th Churchill ,S^ tne ^ P v”£ ween Britton with the 


doubt the president. pre- anticipated only a few months’ ffHSLa tn nrnJ?S» mnl? was primarily concerned with the 
to to deal with Stalin alone respite for Britain. “You’d l 5fl class conflict that arose from the 

felt that Churchill’s interjec- have thought he was being ^f^esert 6 I exploitation and domination of 


Atlanrin wptp A nwr difficulty is that Marx 
rnwnkp nfftor was primarily concerned with the 
S?™.. “Hff class conflict that arose from the 


*o records tos im- Lash’s’far more serious and im- 
fthose wartime con- portantjsttidy of the Roosevelt- 
th Churchill and;Churchill partnership between 


only complicated an carried up into the heavens to “V 

r difficult task. meet God,” wrote Harry Hopkins j'j 

this general theme which of Churchill’s first wartime 111611 be concJud , 
ptes the heart of Joseph encounter with Roosevelt an 6qual 


W other "SSSTTJUSASZJ* “SAS* 


fr®.*! the proletariat by the bonr- 
w S ?» npoir gf ® 1 ® 8 within capitalist 
AnirtnpraM? society, and with the emancipa- 
Non of the workers through file 
, aad “overthrow" of capitalism. 


U.K. ECONOMIC INDICATORS 

ECONOMIC ACTIVITY—Indices , of industrial production, manu¬ 
facturing output engineering orders, retail sales volume (1970= 
100); retail sales value (1971=100); registered unemployment 
(excluding school leavers) and unfilled vacancies (000s). All 
seasonally adjusted. 


Mfg. 

output 


Retail Unem- 
value ployed 


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4th qtr. 

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103.5 

105.6 

111 ' 

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217.1 

1,330 

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2 nd qtr. 

102 ^ 

103.1 

104 

103J) 

221.5 

L330 

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3rd qtr. 

102.4 

103.1 

108 

106.8 

235.7 

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102 R 

uvu 

102 

107.0 

232R 

1,394 

113 

Aug. 

102.7 

103^ 

117 

■ 107 J 

237.6 

1,414 

154 

Sept • 

102.7 

103.7 

104 

106.2 

236.6 

1,446 

145 

Oct 

101.4 

102.4 


105.4 

234.4 

1.433 

153 

Nov. 

Dec. ' 




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1,433 

1.428 

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^Structure and Functions . American archives have been yet be had to convince Roosevelt uo °- _ ?. r - . teaves bis dictatorship of the proletariat 

Of Rural Workers’ • wore thoroughly explored and of the necessity of war. He reade^ m no dqubt about the have been largely overtaken by -ho^in 

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A Workers’ Education . Mr - L « sh develops two themes, to Intervene to moderate his connecnon even before Stalin t0 talk about capitalism in --- - 
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workers who are already posed by an “imperial presi- Churchill failed to understand many deades to come, stock, and employs nearly a June 

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.y-'f 7. 7 • j 7 9 » V Even Miliband occasionally has Aug. 

(jroldsmith s genius ™ ^ & s a? 

O . ^ tmued to burrow- 7 -so much so 

The Notable Man, The Life and "When they talked of their were a mane Goldsmith’s speciali- s^vely^coHhng^tcT^^lMt P Jdtto ^ nf^d 

Times of Oliver Goldsmith by Raphaels, Correggios and ties, and was in effect “The socialism towards which it is 


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Consumer 

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starts* 

U5^ 

99.0 

104.4 

100.4 

855 

1036 

205 

115.9 

100.9' 

106.2 

1015 

845 

105.1 

195 

112.5 

99.7 

104.9 

100.1 

80.8 

995 

22.4 

114.8 

99-4 

104.8 

100 ^ 

83.7 

102.8 

24.4 

110 

98 

103 

98 

75 

96 

225 

115 

100 

305 

101 

87 

304 

24.4 

114 

100 

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100 

79 

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stuff. 

He shifted his trumpet and 
only took snuff. 


Good-Nai 

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Mr. Gl 


amo» Goldsmith’s speciali- sively coming to be what Itind of 
and jfe was in effect “ The socialism towards which it is 


id-Man ” of his own burrowing and, as a related 
question, how it is realised.” And 
r in his biography is how are we to assess the irrecon- 


tyi-f.kNM TRADE—Indices of exnort and import volume' 
(1970=10fl>: visible balance: current balance; oil balance; terms 
of trade *1970=1001: exebnnee reserves. 

Export Inioort Visible Current Oil Terms Resv. 
volume volume balance balance balance trade USSbn*! 


j.- Mr. GtogeFs book on Gold- 'Di his life of Johnson, Boswell reveaitog.tand well annotated, 
smith begins admirably with is rather hostile to Goldsmith's about Goldsmith's Protestant 
Jhe painting of his portrait by vanity and desire to be con- Irish b^&gronnd and his 
Joshua Reynolds to his studio ?t spienous to company. “His medical 1 studies which never 
Leicester Square. This wak in mind resembled a fertile, but brought him a genuine degree, 

g ust .1766. when Goldsmith thin soil. There was a quick but although he ascribed one to him- 
aged 38. The Vicar of Wofcfc- DOt strong vegetation, of what- self. In Ms early manhood be 
had just bee* published ever chanced to be thrown upon toured Flmders,- France and 
well received. So. had been it. No deep root could be Italy, pJajppg his flute and 
Sis. poem, The Traveller. But struck.” Johnson himself seems behaving jjike a wandering 
lj' Stoops- to Conquer was not to have thought .differently, over scholar andj*a professional enter- 
Itet written, nor his best poem. Goldsmith in 1761 at his lodgings tai.ner. Af times be had had 
Hie Deserted Village. For some ta 110x16 Office Court Perhaps dreams of Dtograting from Cork 
fed years after his medical Mrs. Thrale, who had her own to America or of becoming a 
studies at Dublin, Edinburgh reservations about Goldsmith, nabob in India. But London 
nd Leiden, Goldsmith had been described the nature of his became MS' centre. He died of 

i London working as an active appeal when she wrote of John- fever at Bric k Court off Fleet #,rArr. 1 

irarnalist and a gifted, pub- son: “He used to say that the Street in at the age of 45, . _;___l 

Usher's hack.. In Reynolds’ por-«**>*■> man’s understanding partly because he dosed hiirfself 5 ^,^ by John Jerome. The 
fait he has .a receding jaw, a *^£2? justly be measured with unsuitable remedies of hk Bodley Head, £350. 145 pages 
jog nose,.a coarse full month ly tos mirth: and tos own was own prescription. Johnson’s 

■- ■ a * • w. AAtUV Artrie X3a tfrnnlil M M ft Sunils - An Viam 


4th otr. 

141.5 

1385 

-982 

-366 

- 1,002 

79J 

4.13 

1977 








1 st qtr. 

!«.». 

14q,4 

—930 

—516 

-816 

80.4 

9.62 

2 nd ntr. 

1*0.9 

144.4 

-698 

— 2 RO 

-725 

80.1 

105 

3rd qtr. 

153.7 

J4T.9 

- 50 

+399 

-587 

81^1 

145 

July 

1535 

149.1 

-241 

- 92 

-199 

.79R 

13.4 

Aue. 

15V.0 

131,7 

+ 140 

+290 

-183 

82.0 

145 

Sent 

155.7 

1444 

'+ 51 

+201 

' -205 

83.0 

17.17 

Oct 

150.0 

140.4 

+ 46 

+191 

-231 

83.9 

2051 

NoVj 

Dec. 

1424 

1335 

+ 73 

+218 

-J53 

855 

20.39 

2056 


Cautionary 

tale 


FINANCIAL—Monev supply Ml and Rteriinv M3, bank advances 
•in sterling to the private sector (three months ernwth at annual 
rate); domestic credit expansion (fm.): building societies’ net 
inflow: HP. new credit: all seasonally adjusted. Minimum 
lending rate (end period). 

Bank 

Ml MT advances DCE R5 HP MLR 

% % % £m. inflow lendin 


nd a curious cleft forehead: the never contemptible. He would “ Club " frtends wished to have Every back-to-nature freak has 4th ntr. 
gliest man in London, some of kugh at a sudden sally and odd him buried in Westminster a problem. How far back does 1977 
is contemporaries thought,’with absurdity as heartily as I ever Abbey, but Reynolds revealed one go? John Jerome decided i s totr. 
perpetual look, of anxiety and 5 aw , w man - - - though the that be ha&ieft debts of £2.000 that for his little piece of New 2ndotr. 
1 jumping habit of conversation J 6 ® 4 was qften such as few felt and they settled for a tomb on Hampshire he still needed some 3rd qtr. 
tet- was sometimes gauche and besides himself.” .Sudden sallies the north ale of Temple Church, form of. mechanical power—a j u jy 


5.3 -1JW2 


BY WILLIAM WEAVER 


HEootoSh.- but often showed y-* m 
(expected: originality, f- «*7 W7S7C* 

lines BY WILLIAM 

iy, to offset them, he often » ■ ; . —-—;— to this stor 

feraed in strikingly coloured . Inci Joan one 0 f w | 

Towards the end of his Fleming, Collins. £3.25, 193 n arrator-an 
| he. wrote, some vertex about book. He 

^ US0Q . S on A yonng married couple with, ruthless b 

I? seaTevewMLg to Uv, lor. coarse, th 


pick-up truck. Not a new truck, ^ue. 
That would be a betrayal of tos Sppt. 
ideals. But an old clapped-out net. 
truck that he would completely. Nov. 
of a brokerage firm, rebuild to prove bis self- Dec 
pS!2?4 ftt sufficient- His amusing little w 
tear sleuth of the book catalogues tos problems raat , 
is pitted against a buying “your basic truck" fl97 
stoek SmiST of t0 ft? wben was ruD T B com 
iDcrwMity of to, ««l 


38S2’ 2* “ord™ 5w. n Is . cautoary «tofor 

0Wn The aomato. characters are 

oqatribution he wrote. found brutally and inexnlic- portrayed with economy and yet mechanical Knowieage who are 

-ItelWUcw.lrilr oSSrtf SSSZ SFS« Briskly S g p ^ecr ba ^ AGa 

■ a father starts investigating, but is paced, -<f- similar propel. Brian .aber 

L Goltodfh a soon murdered inexactly the 

4 . 85 SJK In the same set' -*- 

ofyerns. he was appreciative: . Flan tagJ )ol ds Wnr Jtieutjon. :y. 

“born to improve ns to every eve ® : *tos stoiyis not so well-- Vernon Scannell, in an article 
pa|t;..his pencil our faces, his crafted as her best- in the Hfeandal Times of 

manners our heart.” And op how Schroederis Game by Arthur December 3$. referred to his 

dealt with talkative coxcombs oh ^ h published by- Robson Books 

printing shatters: ' -. The Lathen Influence is clear at £ 355 .' . 


fcpt .’M.4 fd.fi 20J2 402 8 

let. 35.8 ] 75 0.0 299 590 385 5 

fov. 415 19.8 2.1 289 . 554 7 

)ec. 7 

INFLATION—Indices of earn in cs (Jan. 1978=100) ,• basic 
matprial «5 and fuels, wholesale nriees of manufartnred nroduete 
(1970=1001: retail nriees and- fend prices (1974=1001: FT 
cammoditv mdev (jntw 1952=100); trade weighted value of 
sterling (Pec. 1971=100). 


U4G REVIEW 1977 - 

EUWARD K. FARIDAltlT _ . 

A SXvtiy at Mwln« Operations, ShJf 
TocbnoloBy. Prelect Finance. LNG 
Prices and . Market Prosotets hr 

Lianettd Natural Gas; miblUwd In 

September _ 1977. 

. (Coat) £35 (inclutflnp mope) or 
SOIUS plus 3JD airman, p o stage 
sBtatee Europe. 

E u erPT Economics Rasemdi Limited. 
CuIHgate House, The Terrace. 
Wettnohim. <G11 IBP. 

TN. Woklnsbam 788470. 




Earn-.' 
togs* 

Basic 

matls - 4 

Whsale. 

mnfg.* 

RPI* 

FT* 

Foods* comdty. 

Strlg. 

1976 

4th atr. 

1094 

329.9 

233.9 - 

165.8 

172.7 

2505 

595 

3977 

1 st qtr. 

1125 

3415 

248.0 

174J 

184.7 

276.4 

615 

2 nd ntr. 

1145 

347.8 

259.0 

1815 

191.1 

250.0 

6 L 6 

3rd qtr. 

116.1 

341.1 

267.7 

194.7 

192.1 

2395 

615 

July 

1165 

344.5 

2«55 

183.8 

192.0 

24.12 

615 

Aug. 

115.7 

3395 

268.0 

184.7 

* 1915 

239.9 

62.0 

Sept 

1155 

339.1 

2695 

185.7 

1925 

2415 

624 

Oct 

1175 

333.9 

271.0 . 

186.5 

1925 

23658 

625 

Nov. • • 


3305 

2H5 

187A 

1925 

23854 

635 

Dec. 


* Not seasonally adjusted. 

23450 

655 















EDITED BY ARTHUR BEMHETTAHDTHISCHDETERS 


• SAFETY 

Closer look at silo 


explosions 

*THE tact -that there have 

• roceDbly bee a several, grain silo 
explosions in the U.S. throws the 

jUm&\ighi on an invest iga l inn 
iabout to be carried out by the 
.WoLfeon Applied Electtwtalics 
-Advisory Unitt at the University 
►of Southampton. 

A team will be looking into the 
'whole question of explosion 
"hazards in stored/pumped 
■"powders, since the problem 
arises in several other industries 
"where -powdered foodstuffs and 
finely divided substances surh as 
paint and polymers are handled. 

The unit, part of the Electrical 
Eag-rneenrrg. Department, has 
recently received £90.000 From 
ten companies with an interest 
in the problem Including- Glaxo. 
United Biscuits and Bcstobell 
Mowbray in the U.K„ the latter 
an .-instrument company under¬ 
stood to be interested in provid¬ 
ing hazard warning equipment. 
A U.S. powder paint company, 

- Nordson, is involved, and funds 

Survival in 
the sea 

A' SURVIVAL suit, which is 
claimed lo increase the survival 
chances of accident victims at 
sea. is being manufactured and 
marketed by Hellv-Hansen A/S 
of Moss. Norway. 

- The Helly-ltaiiscH D-600 suit is 
slated to be the only one ul its 

»ljpe to meet the standards set 
by the Norwegian Maritime 
Directorate. These standards 
‘siipufalc tiiat a person must be 
able to remain. in uulcr at 
' 0 degrees C. wearing only winter 

• underwear beneath a survival 
’ suit, without the body tempera¬ 
ture dropping more than I degree 

“C in an hour. 

The suit is insulated by a 
‘'polymer-coated synthetic uuler 
coating and foam lining. Sand¬ 
wiched between these tWo layers 
is a section or metallised foil 
which prevents dissipation of 
‘ body heat. The suit's buoyancy 

- system consists mainly of soft 
synthetic, closed-cell foam built 
into the lining. 

The D-fiOO is intended for use 
by seamen, fishermen and crews 
. of offshore installations, and Is 
constructed in such a way that it 
. can he worn over ordinary 
. clothing. It can he put on with-, 
nut assistance in less than two 
minutes, it is claimed. 

HcHv-HvnsrnN U K. vulwifliarv 
is at 12. Ronald Close. Kempston. 
Bedford 1IK43 7SJ. 


have also come from the British 
Health and Safei.i Executive. . 

Dr. Jean CVoSs. deputy 
manager at the uilit, points out 
that it is usually hot possible to 
carry out tests In sufficient 
detail on silo systems that are 
used for production, so it is 
planned to build a pair of silos 
near to the University that will 
be fully instrumented. 

Main effort of the unit, which 
specialises m electrostatic 
hazards and has investigated a 
number of explosions in this 
country arid in Europe, Will be- 
to determine charge build-up 
inecfiatftisws using formerly 
acquired data as the starting 
point.. 

For example, it-is known that 
the faster powders are pumped 
the higher are the levels of 
charge iikely in be. carried by the 
particles arid the greater is the 
risk of explosion Sue to a spark 
discharge. U is planned, to 
pump various kinds of powder 






tip 


between the two silos at various 
speeds and to measure the 
charge on the powder by current 
measurement methods. The 
results, together with electric 
field measurements and other 
data, will be processed by a com¬ 
puter program with the abject 
of . plotting charge distribution ' 
patterns in equipment so that 
positrons of highest, charge can 
be seen. 

But there are several knotty 
problems to -be solved. For 
example, while the friction pro¬ 
duced by pumping Is building up 
the static electricity, leakage due 
tD dampness and the conductivity 
of the powder involved' will be 
draining it away. The delineation 
of what constitutes a hazardous 
charge level could depend on a 
sizeable number nf variables. 

However, solutions involving 
loss of product will be avoided; 
for example where the product 
is cheap enough venting panels 
can be used through which any 
explosion is. directed safely, 
accompanied by a good deal of 
the powder. Uneconomical^ 
low pumping speeds are also un¬ 
likely to find favour in industry, 
even though a possible cause of 
the latest U.S. explosions was. 
excessive speed. 

The investigation will extend 
over three years and is 
expected to play an important 
part in understanding the 
causes of such explosions and 
preventing them in the future. 
More from Dr, Cross or Prot 
fessor -A. W. Bright on 0703 
532266- GEOFFREY CHARUSH 

J.r'? This band- 
.• r ■. : operated red 

flare is among 
• ’ .. c the safety and 

survival equip- 
- ' ment being 

shown at the 
International 
Boat Show^now 
on at Earls 

- . gm Court, London. 

by Channel 
' Marine of 

'* • Ramsgate. Kent 

It has a “twist 
and strike" 

*' firing device and 
will bum for 

Pr- CvT one minute and 

# v will continue to- 

temporarily • 

k *V V '' / . ■ submerged. 



Power line hazard warning 


LIVES ARE still lost due to 
over-close approaches or mobile 
cruncs and similar plant to high 
voltage overhead lines. 

The safe working distance 
depends on the voltage, bu.t is 
not easy to judge- To combat 
the hazard Siebe Gorman has 
introduced a device called 
Electrbwani which senses the 
elpftrostaMd.. field surrounding 
ibe live conductors and delivers 
an audible warning whenever the 
jih approaches the minimum safe 


distance. The operator is re¬ 
lieved .of the task of distance- 
judging and ihe alarm will not 
ston until the jib is moved away 
an appropriate distance. 

the unit is tamper-proof, fully 
weather protected, and although 
mains operated is able to provide 
30 hours of protection using In¬ 
ternal batteries should the mains 
fail. Operating temperature 
ranee is -20 to +60 deg. C. 

More from Avondale Wav. 
Cwmbran. Gwent NP4 1YR 

rtitens 61211 ). 



NOTICE OF REDEMPTION 


To the Holders of 

Phillips Petroleum International 
Investment Company 

6% Guaranteed Sinking Fund Debentures Due 1981 ' 
Due January 15,1981 


NOTICE TS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as of 

“ .. *•■■■*■ * ‘ ~ Trust 

ration 
i date. 




w: 




mm 







IS! 






This hyperbaric chamber was specially developed by Tickers 
Medical for a new Radiotherapy Centre at St. Thomas' Hospital, 
London. Hyperbaric medicine is a method of aiding recovery by 
placing patients Iff ft pressurised pure oxygen environment. 
Maximum oxygen pressure is 30 psL Its application ih radio¬ 
therapy has been pititietred at this hospital since the mid-1950s. 
Known as the Can&fivered Radiotherapy Chamber, the new 
system has a hydro-pneumatic chassis with air-cushions to allow 
smooth movement and easy transportation. Special features 

This new ovrrliedd projector ^ 
from the Fordigraph'Division of ‘ v ‘ 

Of rex uses an adr&cg.U optical 
system to throw a sharp image 
at over 2500. lumens oh to the 
screen. Made In the U.K. to 
British Standard safety speci¬ 
fications 3861 and' 4644. the 
machine, uses a qudftz halogen 
24-volt, 230-watt laftp and is 
available in two platen sizes of 
254 mm or 385 mm square. The 
platens- are inlerefiang'eable. 

The mirror unit pivots through 
90 deg. offering a wide choice of 
picture heights and will even 
project on to the telling If 
necessary. The light unit can be 
adjusted for height by a finger¬ 
tip control to eliminate colour 
aberration and facilitate ultra- 
fine positive foeusing. A 
moulded fresnel lens'- refracts 
maximum light th/oligb the 
transparency on to the silicon 
coated mirror. A two-position 
switch gives two ; brilliance 
settings, with substantially In¬ 
creased lamp life oil the lower 
one. More about the projector, 
which weighs 1X.3 kg, from Ofrex 
House, Stephen SitfedMlxmdon 
W1A 1EA <01-636 3686)7 


required by St Thomas’ tod 
levered area knd complete' a 
head below the patient To adr 
door (at the patient's head) 
The movement of the head is 
lowering’the hyperbaric :cyli 
maximum movemedt Is 12 Ite 
position the forward al 
motors and hydraulic ranis 
Details from Vickers Medic 



a greater length of canti* 
tor the radiation machine 
uSPiUs toe legs of the pressure 
Mere made to fold upwards. 

* accommodated by raising or 
oft foil? Hydraulic rams — 

to stabilise the unit when to 
■* are swung, outwards by air 
4-“»n feet V’ 

eke, Hants. <0256 29141). 

# INSTRUMENTS 

Compact 

anemometer 

ABLE to measure air velocities 
between OJ aftd 30.0 met res/sec., 
.a hand-held electronic anemo¬ 
meter from Airflow Developments 
makes use of an electrically 
heated thermistor bead in which 
the electrical consumption to 
.maintain .a temperature of 130 
degrees C is measured to give a 
reading of velocity. 

The changes produced by varia¬ 
tions in airstrearq temperature 
are compensated far by incor¬ 
porating a second, unheated 
thermistor in the measuring 
probe; its resistance is depen¬ 
dent on air temperature and the 
Instrument measures this, setting 
It off against the output from 
the measuring sensor. Thermal 
compensation range is 0 to 70 
degrees C. 


mater with 75 mu scale soli, 
brated in both metric add-Im¬ 
perial units. m ^ v. . 

F The unit* designated TA 6000, 
Is powered by. four dry batteries 
providing up to 2 Q hours of .con¬ 
tinuous use; but since power is 
consumed only whoa the M teed * 
button is pressed the effective 
life is much longer. 

Probe al the instrument can 
be fitted with interlocking e» 
tension rods allowing the user 
to reach wall or celling mounter 
terminals normally out of retorts. 

Based on a unit already 
specially supplied by the com¬ 
pany for tne' use of factory 


checking ventilation conditions, 
particularly in potentially 
hazardous areas. Dimensions 
170 k 93 x 40 mm and the Weight 
900 gms. 

More from the company tt 
Lancaster Road. Hieh Wycombe. 
Bucks. (6494 26282): 

Laboratory 

recorder 

INTENDED tor use in liquid 
chromatography, ml troctlo ri¬ 
me! ry and-similar work, the 2310 
potent to metric recorder from 
LKB instruments -Is capable of 
single or dual channel operation 
and uses disposable-fibre, tip 
cartridge pens to glee dear, fine 
lines. 

The recorder has seven Cali¬ 
brated Inputs, 14 chart speeds 
and external chart drive coatTOL 
The null balance servo system 
has a 95 per cent response time 
of 0.4 sec., and If the peas are 
driven outside the 200 mm chart 
paper limits a power cm off pro¬ 
tects them from damage. 

A useful facility in chromato¬ 
graphy applications is the ability 
to control the recorder chart 
speed from the stepping motor of 
an LKB2120 Varioperpex pump. 
In this case the chart speed w 
directly proportional to the flow 
rate, and void volume, peak 
retention .volume and peak 
volume can be measured In units 
of volume directly from the 
chart. Any subsequent change 
in pump speed will result in a 
corresponding, change in the 
chart speed. 

More from 232 Addington 
Road, Selsdoft, South Croydon, 
Surrey (01-657 8822). 


CONTRACTS AND TENDERS 


APPOINTMENTS 



Jonathan Wren • Banking Appointments 

The personnel consultancy.dealing exclusively w ith the banking protession 



CHIEF DEALER c. £15.000 p.a 

Prominent American Regional bank requites a Chief Dealer for its 
London Branch which is shortly to be opened. Applicants should be 
fully experienced in the full range of dealing-room activities. 

Contact Mike Pope 

CREDIT ANALYST To £5,000 p.a 

Consortium bank seeks a junior Credit Analyst The ideal -candidate 
will be a graduate or be an A.I.B. with one year's experience in an 
American bank. Forma! Credit training would be an advantage. 
Candidates should be in their early twenties. 

Contact Sophie Clegg 

BUSINESS DEVELOPMENT/LENDING To £10,000 

A number of our clients are currently seeking bankers with all-round 
experience to expand the banks' U.K. business. Candidates would 
be expected to be thoroughly conversant with all bank services and 
well-grounded * n Credit procedures. 

; Contact David Grove 



170 Bishopsjratc* London EC 2 M 4LX OI -62.5 1266/ 7 8; V 


PRODUCTION DIRECTOR/ 
MANAGING DIRECTOR DESIGNATE 

c. £ 10 , 600 . 

A medium-sized clothing manufacturers situated in Southern Ireland 

• to , 

with' a turnover of about a million pounds per annum are currently 
looking for * highly experienced production manager who would be 
responsible'not only for all aspects of production control but would 
also be expected to lead a capable management team concerned with 
the financial and marketing areas of the company. This post will 
eventually lead to overall, control of the company's operations. 

In return the Successful applicant chn expect a Salary in the region of 
£10,000 per annum and would be able to participate in a share option 
scheme together with usual fringe benefits. 

Write to Box A.6192, Financial Times, 10, Camion Street. EC4P 4BY. 


(MPAJNIIIIA HIDRO ElETRICA 
DO SAG FRANCISCO 
CHESF 

SUBSIDIARY OF ELEdROBRAS 

2 BIDDING INVITATION 

DS/GREAPE -027/77 V 
V EXPANSION PLAN 

SIM ULTAIVEOCS PRE-QUAIMCATION 
AND BIDDING 

iSbCOMPANHIA HTDRO ELETRICA DO SAO FRANCISCO 

• ; —^CHESF by means of this Bidding Invitation, Stakes 
- public to all concerned its decision to open, simultaneously 

with a Pre-qualification Process of Manufacturers, an 

• international bidding for the designing, rtiafaufactdrid* 
.-. testing, packing and delivering to the work Site of the 

.. equipment listed below; 

• la I) 72-50 and 40 KA 2000 A 230 KV Circuit Br&akeW; 

111 28-69000/115 V Inductive Potential Transformers; 

III) 5A69 KV Current Transformers,’ ; 

IV) 8-69 KV Three-phase Grounding Reactors; 

- V) 12 Oil Disconnecting Switches for operation of 

14A KV Bank of Capacitors; 

VI). 30-69 KV On-Load Disconnecting Switches for 
Capacitor Banks. 

2J3' For payment of the equipment referred to 1b item M 
above. CHESF will count with funds from IBJLD. Loan 
. 200S/BR. 

fi.0 The pre-qualification process for the selection of finds to 
.. - ■ supply the equipment above is limited to BrazTbafl and/or 
: foreign manufacturers; isolated and/or joint-VefatiifeU, M 
> ■,countries who are members-of the International Bank for 

- * Reconstruction and Development and from Switzer!add. 
4.0 CHESF might, at its own judgment, make inspection at 

.' the manufacturers’ plants In order to appraise thdlr 
.. capacity to supply the equiment, object of this Bidding 
■ Invitation. 

5j0 The instructions needed to prepare the pre-quallfieation 

- - documents and proposals, will be available to-thO interested 
... firms at the price of Cr.$2,000 (two thousand crua&irot), 

J er item, at the following address, as of December 26, 
977: 

COMPANHIA HIDRO ELETRICA DO SAO FRANCISCO 
DTRBTORIA DE SUPRDCBNTO 
, DEPARTMENTO DE COMPRAS E CONTRATAGOES 
—DCC 

DIVISAO DE AQIJISICOES ESPECTATS-GEAPE 
RUA DR. ELPHEGO JORGE DE SOUZA, S/No. BONGI 
TELEPHONE: 2273944 227X244 

RECIFE — PERNAMBUCO — BRASIL 

&-Q The Bidder Ss to submit each of the bidding doeumidt* j 
required: | 

a) Pre-qualification documents; • ’ _ 

. b) General Bid; and 
" c) Bid Price 

in three separate sealed envelop^, being each o 
them submitted in qaadniplttate for each Item, 

■ Bid Bond shall be no copy and must , also be deliver®"; 
.in sealed envelopes, for each item. 

7.0 The envelopes as per the above referred -iteku: «iU '£*; 
received until * ami. on February 2fi. 1678 wfceh 
simultaneous opening of pre-qualification documents 
proposals for Item la: I II 111 IV V VI will taka #***♦ :r 

8.0 The envelopes containing the Bid Price will, bi 

. later on a date to be announced to the bidders. .*. • '.. s 






































































































































































































































































































































7*-c* 
,ions ^ 
e«Bi. 



J^andal-ffinxes Thursday January 5 1978 


.Vi ^ 

. ’ ; *«* 

Mil ... ,.? 

’7. '•’■-V,' 

' • r:M... 

, =*’■ 7 

'■‘ i '..I.. .‘‘ l >i 

• .:\ii V 

• ! ';i 

'“■■■■ •:•,;( ’ 'tfc 
US-:-.. - • ,J,, Sr 
■ " " 1 ^ 11 ;. 

r::7 i£5? 


«-t -v 


w, 


:'n,, 


rpji 


•ratorv 

"tier 

lir- 

1 ■••'t C 

si? 

,U ■- 

4* r Tins v .,pj _ 

: ! 44 

* ■ i n: ;u 

. . . :!■?».-, Z, 

l '*’ •’ 1 I <•., tigv f 

’in 

,:r :i '' • : ' >l 

J ~ cl.. 

F 

*J. ... 

'* 1 :■ llT A* 

" "r r*-i ^ 

■|.j«i -i,-, 

' 'V.'-.. 

: . • ii.-.p 

V ■! ! 

w .. .. •; ■ 

I- 


•» 


v*s r ->a \ 


MDERS 

■lirwti 

s<:« 

TROBRtf 

no\ 

FT" \ 

LAN 

ii in i wn 


lV if 

-.-•I 


r : • 


•• 1 ,-’r-' 


. 1 H- ' 


ii . 1 


. .r ; 
\ 1 *■ ' 



u 


g Scene 


EDITED BY MICHAEL THOMPSON-NOEL 


Food has changed for good 


hardly , Tn (fact, these remarks are not 
market: entirely fair to the retailers, 
pastry, Tesco, for one, despite a year in 
savoury which it appears to have con- 



BY MICHAEL THOMPSON-NOEL 

* den dj ^ e3 f® bhjnng patterns those other products to escape following products 

fifth occurred »» .^at. year. Con- the high pride of potatoes, aid existed in the U.K. 

ture that- it D 1 ^ ,n ! 5 ™^P e ° t * * ™ m < irs looked.; for, and found, some are going to stay with them frozen cakes and 

surnVfeinp' that J? ot D te f ^ at | ve5 tQ expensive foods, because they have discovered yoghurt, extruded __ ... . _ _ 

mpntatu™ rOt '' £° m ' ? ea J purchase of canned that they are tastier, more con- snacks, mousses, cream desserts, centrated exclusively on price, is 

sometimS «« IT w,8dp °V £ ood * **°P ped cent, venienL The enforced revival of- snack soups, canned maize, dry making great strides in its bid 

BurtMVrJ - f ”« en wds shed ^per cent, and home baking during the reces- meals.-cottage cheese, pates and to improve merchandising, 

niurttv 5 S “?'i!L 5 i0ne lts C0IU ’ otterconvemena foods-dropped sion is also likely to have an cobked sausages, canned sponge ambiance and service, as a per- 

S y t Per cent" .■ Housewives effect and there will be oppor-puddings, soya dishes, canned sonal visit to the third-largest 
uinerabiiiTy to change. bought flour ..to bake, at home tunities for baking mixes and savoury sauces, muesli, prt- Tesco store, at Weston Favell 

syrup baking aids which make the job packaged coleslaw, toast toppers, near Northampton, recently con- 


Last June, when Tesco booted instead pf baked 
out Green -Shield Stamps - - * __ 

eating habits. Mr. van 
reckons that the trend 

wae ___, . -r-- .. tm'' *—me prat in wuee uMiis win to souieiuins jiKA ipaum of con- lw ^&hter meals and to eating 

referencp| P COnsu 1 , nej-continue to decline in 1578 but sumer food spending and that between meals is an increasingly 

SSS55?"S;»SJ5 r **SrL i flbn - 10 back_tr ^ L^° P ^ 1 ® 74 because of the pipeline effect the does not include all the new important one: “The importance 

llmrwf market. . Which was buying patterns, b t a number, end product will remain expen- brands, new packages new of formal meals is being eroded 

toe 2L fact0rs co ,? ! ^ l afiaanst it; « ve *n» 1978 and those who varieties and tSTfSSiuSm- fay Per cap& food 

food on t1 M-a; UI1 “*255* - h ' L' have-switched to tea will not included in the £5bn. or so of requirements because of shorter 

f l°?J bCT «;ages wblrfjjmshed up he. pnee 0 f switch back. Similarly, the un- older existing packaged, branded working hours. It is also being 
nKhn year was probably most vegetables, fn its an Brazil precedented price of cocoa will foods British households bought' affected by the high and increas- 

njjgufc.iadiiding £13biL or which caused havoc n the coffee further reduce chocolate con- ^ W7s " S ing ratio of full or pan time 

thereabout, on mut and'bacon, .I' • During the recession, oays the -“J 2 ' 7m -> 

author, the actions and attitudes 1®5 

of the food industry switched £Jg» n highest ratio in the 
heavily-to the defence. Packag- ® EC) and , the greater mdepen- 
ing was simplified, manufacturers ° r 4 y 0 H n S Bte 1 rs - 0Dly 

reduced their advertising expen- P e J C L Dt- i? f peop j no ^ eat 
diture fat 1970 prices)by more' «*£*£ , breakfas H and J , 1 
than a fifth between 1970 and ce*rt».eat no breakfast at alL Mid- 
1976, out-of-stock positions took ™ eals eate “ at *?° me 
on an alarming appearance and ^ e ^? n ° f ewer an d evening meals 
although the giwery chains al bome are setting lighter and 
beefed up their advertising ex- el J, r ‘ , . , 

penditure from £ 7 . 5 m. in 1972 to a partial replacement for 

£24^m. in the 12 months'to last ^ daced meal-ume eating. 
September fMEAL), they merely between-nieal eatmg and meal- 
hammered away at price, so that f epIa 1 C l mem are increas- 

price selling came to be dispro- i-«^ Ve . made r ^ D ^ StJrr !f te of 
portionately emphasised at the *!? e prt |Poruon of food and non¬ 
expense of product or brand sell- al w°H,° - P beverage expenditure 
j ng . ■ which is used for between-meal 

Mr. van Mesdag has some sharp *! n . d “ e al-replacement eating and 
things to say about the retailers- d™^. 111 * (disregarding eating in 
•• pvan k«f„ro « -- catering establishments), and 

a^t a Bria' S b I ’foof 1 l , b£° ”“" y “'Sod and 

SST-ffa -°5or Sh ffa S u ft- 

5 s *“ ^rss«“jKSsa 

T “®- recession aggravated consumption." 
tbls situation. The totally Mr. van Mesdag says in con- 
absorbing preoccupation with elusion: •* As always in the 

price in food retailing left no ma fk e t place, what actually 

room for any improvements m happens this vear will depend 

merchandising, store ambiance, Q ot only on consumer ability to 

other forms of food SO that real srowTT^v"^d\dth”r“he^“rte services - , store image spend but also on manufacturers* 

pal busfne^’ actf^tiesoflOO va4 “|Pur chases of-'frozen food demandfflarger freezers, wkh SS^Foo'd reSfers Seared r ! la,lers ‘ abill ^ v m&ke ix 

in 1975 rose by 17.3 per cent >h e <sweet wrm- fcakes nactrv rL -• 5 00 °. ? e,ai,ers increased -itraijUve lo buy. For four years 

(National Food Survey) and the fmit^h£ J£in mSS deS2S> th K e,r f advertJS1 ° 8 expf° d Jture by the emphasis has been oa price. 

S? number of home, freezers con- ,ES®fc?hBfi 35 «Srate£ gS ™ lt W0Uld seem that lbe time baS 

■nLJrzsr rtToid erowth in , reduced theirs but it c0me to shift the accent to 

rapia growtn in -went on selling price. Retail value." 

e pilce British Food Profile by Martin 

sumers will notirevert to tneir (j 0Ils Tj 01 iitrv meat'roliu and *“ 1 i' uw> 5 0ut t>an Mesdag. £125 plus VAT. 

prfr^ consun^tion .pattern- commuted p^ducts like chicken Sain^ woufd^o th/^e Sn ■ t A S°f Ulte *' SUmwav - 

either this year nr ever. At the (ar burgers . rissoles ^ ? Q „t 0 f S ?5 751 EsseT ’ C03 SLJ ’ 

___ - r ^ same time the wc^aon, aggra- and Cbicken 134 ofite items (out of the 5.751 - 

cent- and in 1975 it. actually fell vated by factors speb as climate, > eSi chicken fingers. 

by 0.7per cent. Food priceinfle- f 01 ^ 1 "Frozen ready-to-serve dishes 

tion for those two years was 18 ta the method of. subsidising vjl] ^ d(j wej] ag 

H a M’i.rai SH£% rtei ssr t:^L uso ^r si _ 

4 S ^rc,s»o c r» e ot gysAsr.jsys? js 

- o.w t ar4sn. 

we (bere even faint 30 per. cem. below fti first belf a “, r ' in^ba^'^ontran^w th< ' ,r busibrM- But 1879 is goips 

signs of recovery. of 1974. Part of JBat los^ con- SfLi "kSS? t\S 

When the recession began to sumption has g/ne to/other ^ e l 

bite in 3974- the consumer was vegetables, to ricf and 10 pasta 

quick to react, and the most sud- products. Considers yrned to are^beh^ 

phased^out rapidly, he says, and 
are b 
rapidly 


fl.Tbn. or- so on bread and 
cereals, £2.4bn. (perhaps) on 
dairy produets and more than. 
£ 2 bn. oh: vegetables. 

. So'it’s'big. But the food mar¬ 
ket has also Just weathered its 
most painful period of trauma 
and -recession-since the war, so 
that it is with a fine sense of 
timing that - Martin van Mesdag 
of Halllday Associates has just 
produced a 300-page report, 
British Food Profile, described 
as the most -comprehensive 
survey of British eating habits 
ever, undertaken. It concludes 
that eating habits have under¬ 
gone permanent alteration as a 
result of recent upheavals but 
that for the first time since 1973 
there will be a real; increase, 
perhaps of 2 per cent,, in food 
expenditure this year: ■ 
Modestly, van Mesdag says the 
study la not intended to teach 
food companies more;about their 
own businesses than they ought 
to know already, but that it seeks 
to present an overall picture of 
the market It is based on three- 
quarters of a ton of research 
documents called in from 110 
Government-bodies, trade and 
industry organisations, research 
specialists and 170 food corn- 



markets. and so onA At the sumption in 1978 by something 
nanies and ovnlnroc 07 s n Hi same time, frozen fooi* suddenly like 5 per cent, in volume. 

viduaT proXct^teg^ries! " *““!J SDack foods wiU beDe&L 

In addition, i special chapter SS _ Frozen foods will continue to 


U.K. food 
in the case 
lists .their operating divisions 
and subsidiaries together with 
their main brands and market 
positions. ....... r -:_. ... 

First -a brief journey “through 
the immediate past: in 1974, real 
personal disposable income in¬ 
come increased by only 2 per 


turned to grow. 


There will 


The result of this unhappy 
episode has been that food shop¬ 
ping has become exceedingly 
dull, store identities have worn 
very thin (and so, T must 




If you’re looking for a 
place to re-locate or 
expand your business, 
the New Town of Corby 
has got so much going 
for you. 

It’s ideally placed i 
the industrial centre of/ 

Britain. Within easy reach of the East Coast ports. 
London and Birmmgjiam. And neatly situated on the 
major road and rail networks. 

What's more,Corby is young enough to be 
vigorous and exciting -with modem factories ready for > 
you to occupy at highly competitive rents. (Or our 
“design and buHd"service will help you plan your own 
specification.)! But Corby is mature enough, too, to offer ^ 
wetl-establishecf ho using, schools, shops, public 
services, leisure activities. And skilled and unskilled 
labour is readily available. ~ 

Many companies have already put down roots in 
Corby-.withsuccess.Why not join them? Our 
experienced help and advice 
is at your service., \\ i / /’ 


to offer the food market the 
opportunity to rid itself of the 
dullness and austerity which is 
cuTreutlv holding it back. 

Food srores will benefit from 
more involvement with fresh 
jg replaced, even more foods.. • take-away foods, fine 
jy a vast array of novel foods.’ premium quality foods AT 


Clark 
controls 
Marten 
Kane\ 


32, ERIC CLAI 


not 


_ v is 

foods. Eyen more significant is and foreign foods. Food stores only reasonably wealthy but 

the very high proportion of should become associated with finds himself chairman Vif what 

factory-prepared foods - among the enjoyment of eating rather has emerged as one of thV U.K.’s 

these novelties. than with ' the efficiency of largest sales promotion\enter- 


Fifteeir years ago the handling merchandise.' 


Advertising is selling. 
No more. No less. 

J. C.Bamford Excavators, Embassy Hotels,. 
Britannia Building Society, BiltonsTablevvare, 
Royal Doulton Sanitaryware and Sandvik 
are just a few of the people who agree with us. 
Send for our brochure and find out why. . 

GR Brookes Advertising, 

Leighton House,53 Balance Street,U ttoxeter. 
Staffs., ST14 8jQ.Tel:(08893)4931. 


prises, the Harden Kane ftftrket- 
ing Group. The group \was 
formed last year after a merger 
of Graham Paul’s Harden Kdpe 
UJ\. and Clark's own company. 
The Mouse That Roared, but on 
December 19 Clark bought his 
partner out He plans to reduce 
his share-holding to 51 per cent, 
and says that the group (1977 
turnover:. £2.25m.) will expand 
into above-the-line marketing 
activities. He predicts a bonanza 
year for sales promotion. 

• GRAHAM OWEN, media 
director at Norman, Craig and 
Kummet-is to become managing 
director of'British Posters. 

• MICHAEL BUN GEY and 
Partners Won the £600.000 Safe¬ 
way actftunt Together with 
another recent £600,000 acquisi¬ 
tion, Polycell Holtofill, it takes 
the agency’s projected 1978 biU- 
iogs to £ 6 m. 

• OEM ..IS PLANNING a 
£500,000 launch for the new 
Player's No. 6 King Size, which 
as a result of EEC tax harmon¬ 
isation wil| cost only 54p for 20. 


. i: 14 

1 i.\. 





For a fully detailed brochure on Corby, Contact K.R.C. Jenkin, BA, 
F.R.l.C.S« Chief Estates Officer, Corby Development Corporation, 

9 Queen's Square, Corby, Northa nts NN171PA. 

Telephone (05366)3535. . . _. _ 


Juvt Iuitwi: EIU Spaclal Report No. 41 

Sponsorship 

Sponsorship has been in the news lately—but how biff is it in the 
UK? Where does the money go? Which industries and companies 
do what ? This Special Report investigates the pros and cons of 
being sponsored and the points to watch if thinking of sponsoring. 
PrfcB--UKC!5 r Ov*tK0* US «65*. Airmail omsMa&imfw US az». 

Payment with order pto-W- *or Uerling equivalent 

The Economist Intelligence Unit Limited 

Subscription Depart™*fFTl. 27 St.^i P B ^ e «JfSSS! rtA1NT - 

or to ElU (Europe) SJL Avenue Lum^a 137/5, B-1050 Brosseis. 


Why the finest hotel intown 
seems a long way out pf It. 

- Rnightsbridge may be the chic, colourfol heart^f all 
that’s exciting in Loudon. But there’s one place in Kmghtsbridge 
where peace and quiet prevail. 

Behind the doors of SheratonParkThwec 
Here everything is quiet elegance and luxury. Here all 
the bustle of city life gives way to relaxation- 

You’ll find every facility for comfort Delightfulspacious 
rooms and suites look out across parkland or^vistas of London. 

’ And in bars, restaurants, lounges, private i 
rooms, you’ll enjoy the kind of excellent 
service you thought no longer existed. 

Give us a call on 01-235 8050. 

• Andwe’ll give you the best 

of everything. 



Peace and quiet in the heart of Knightsbridge 

101 Knightsbridge, Loodoa SWIX 7HN Telephone: 01-235 8050 Tblex:9l7222 


A good year for Kops, 
Clarks and cliches 


. BY PAMELA JUDGE 

FUNNY LOT. the Creative 
Circle Council members. You 
give them a simple question — 
“ What ad or advertising cam¬ 
paign would you most like to 
have produced in the past 13 
months, and why?"—and a dead¬ 
line for the answer. They 
respond, in most cases a good 
week late—some lo the point of 
terseness and others fully to 
bursting. No matter, it’s partly 
fun. 

The president of tlie Circle. 
Mo Drake of Lintas, is devoted 
to the Gordon's Gin Press and 
poster work. "It is a beautiful 
use of pictures which talk to you. 

It would be very hard lo write 
and I think we are in danger of 
forgetting the power of the Press 
and posters." 

Catherine Williams of Grey 
Advertising and vice-president of 
the Circle has practically freaked 
out over the TV commercial for 
the Supremes* LP album. “ It 
starts with them as babies, then 
as six-year-olds, then 14-year-olds 
and finally as adult stars. You 
hear four tasty bits of music and 
are charmed by all 12 Supremes. 
A lovely idea beautifully styled, 
shot and directed. 1 couldn’t see 
it often enough, and 1 rushed out 
and bought the album." 

Key Markets’ Kops were the 
ehoice of David -Barker, of Chet- 
wynd. Headlines such as u Hops 
Win Price War" plus the whole 
of the Press and TV content lead 
Barker to describe it as stunning 
retail advertising as well as being 
witty and in formative. He also 
understands that it has been good 
for sales. 

As befits a name like Dorland 1 
Financial Services. Syd Abraham 
is honorary treasurer of the 
circle and bis attention was held 
by the Black and Decker Work¬ 
mate commercial called “ An 
extra pair of bands." “ I should 
think every DIY enthusiast in 
the country remembers it as well. 
By dissolving hands into tools it 
shows viewers how easy it is to 
have ap extra pair of hands." 
In his opinion it involves the 
viewer from the moment it opens. 

Paul Hoppe, of Gordon Proctor 
and Partners, selects a Press 
series: u 1 did like the neat strip 
cartoon campaign on the dangers 
of trusting * Whatsisnaine ’ rather 
than a solicitor. Exactly the way 
to talk to people who haven't 
got a solicitor. The Law Society 
only spent £15.000 in Press adver¬ 
tising. They got a bargain." 

John Ashcroft Df the Creative 
Business was very impressed with 
the graphics used in the “Fly 
the Tube” Press ads. and in the 
special effects (split screen tech¬ 


niques) used on TV- He reckons 
the ads worked very hard for the 
new line. Mike Bradshaw of Dor- 
land was must taken with the 
sensation of taste conveyed by 
the Treebor Extra Strong mints 
commercial where a housewife 
starts skipping around in the 
launderette. “It turned her on 
so it seems good news to me." 
Terry Coonibes of Limas and 
Judy Morrison of Masius were 
two terse respondents—he would 
liked io have done the Clark’s 
Shoes Press ads; sbe was ail for 
the Schweppes Tonic TV' com¬ 
mercials. 

Reg Siarkuy of Beverley Fow- 


way?” For another member 
BMW only just led Mr. Wrangler: 
"I’d thought about buying one 
but five pages of a lifestyle with 
evening dress and wind io your 
hair made me feel 1 just couldn’t 
be seen in one. It was ray wife’s 
view too." As for The ploy of 
encouraging you not to huy Cin¬ 
zano Secco ion TVi: "It just left 
me disliking the whole pompous 

atmosphere." 

One respondent felt that it 
was unfair in the plethora of 
mediocre ads to pillory just one 
so he chose "that group of com* 
merciaN selling records which 
gives me a iota! recall of blar- 



David Bailey (left) and the Olympus camera TV ad.: 
" Strategically flawless ... a genuine original among a host 
of stereotypes." 


ler Maslia Oxlade and Starkey 
(to name but a few) puts the 
Olympus camera film first in his 
private list. ‘*11 is strategically 
flawless, a powerful expert testi¬ 
monial set up with iremendnus 
wit and charm. A genuine 
original among a host of stereo¬ 
types." 

Royston Taylor, of Dorland 
is also into Clark s Shoes where, 
on TV. the superimposition of a 
drawing of a foot on to a child's 
foot "relates the screen to 
actuality: mothers will naturally 
connect with it." ^ 

What members admired from 
fellow agencies was not the only 
question put. They were also 
asked “which ad- or coinpaign 
they were most thankful ihey rf'ri 
not produce, and why?" The 
answers are anonymous and nn< 
in any particular order. 

The funny thing is that several 
people were put off by the 
toogue-in-cheek Wranglers pos¬ 
ters. According to one member: 
“I should buy jeans because Mr. 
Wrangler says so? Who’s he any- 


ing music, flashing tights, 
raucous voices and dozens of 
dozens of titles—and not one 
name. They just irritate." 

Another replied that the most 
disliked ad could be one of 
many: " BMW with, its blatant 
exploitation of everything one 
dislikes about rich people in 
expensive cars. Or Hirondelle 
wine, just plain soppy with the 
* pigs might fly ’ ads. Or Benson 
and Hedges' cheap surrealism. Or 
White Satin Gin’s invitation to 
drink furnishing fabric. And so 
on." 

Barrett's Liquormart. regarded 
by one as an improving cam¬ 
paign. was seen by another as 
“ not really caring. The campaign 
is successful and the spending on 
radio is large but it simply dues 
not show how the medium can be 
used." ■ 

The St. Bruno pipe tobacco 
commercial was not loved, while 
Polo on posters was thought to 
have reverted to mentholated 
cliche complete with mountain 
stream. 


NOTICE OF REDEMPTION 
To the Holders of 

ENTE NAZIONALE IDROCARBURI 

E.N.L 

- (National Hydrocarbons Authority) 

6 1 / 2 < ’c Sinking Fund Debentures due February 1,1982 

NOTICE IS HEREBV GIVEN that, pun-uanl to I he proviri-mt. of the Sinking Fund for llic Debentures oft ha 
above-described isMie. Morgan «’•uaranty Trust Company of ,New York, as Fiscal Apent. has selected by lot for 
redemption on February J, J*i78 at the principal amount thereof 51.319,000 principal amount of said De ben* 
lures bearing lbe following serial numbers: 


M- 27 
38 
153 
189 
202 
258 

8S 

Si 

500 

514 

518 

S4T 

TOC 

716 

% 

803 

818 

839 

955 

i 

1013 

%£ 

& 

1232 

14B2 

1504 

1512 

1792 

1840 

1858 

19C2 

1906 

1909 

2054 

20M 

2129 

2140 

a® 

2173 

2191 

2211 


2247 
2371 
2310 
2324 
2332 
3337 
24 CC 
2474 

HU 

2518 

2526 

2536 

2553 

2554 


u 

2740 

2751 


3910 

2912 


2831 


2967 


3017 

I 

8279 

m 


3737 


3755 

?7«S 


3772 

3775 


2806 

2626 

3638 


2848 


4095 

4122 

Ii 

4218 

4248 

4282 

4314 

4326 

4328 

4334 

4348 


4981 


4535 

4560 


DEBENTtIRES OF IIS. 61,000 EACH 

•4655 6856 8076 8845 10448 11781 13872 14998 13880 18967 17821 18708 20023 21130 23618 

4676 6871 8088 8959 10463 11798 18673 15004 15882 16988 17838 18711 20043 21135 23679 

4684 6708 8090 8971 10472 11853 13677 15009 15894 16993 27949 18719 20046 21150 23703 

4692 6715 8091 8982 10483 11890 13714 1501S 13002 17000 17955 18738 20089 21158 23711 

4693 6788 8122 8992 10492 11914 13725 15027 15814 17040 17983 18742 20093 21178 23718 

4729 6791 8128 9018 10536 11919 13733 15035 15922 17078 17971 18757 20113 21196 23729 

4771 6798 8137 9039 10539 11996 13743 15069 13925 17079 17075 18T75 20117 21198 23732 

4999 6886 8152 9285 10546 11997 13749 - 15080 15923 17103 17978 18786 20121 21213 23761 

50C3 6903 8158 9366 10553 11996 13782 15081 15936 17108 1801B 18792 20128 21232 23784, 

5013 6930 8184 9269 10566 11999 137B3 15084 15S37 17111 18018 18800 20190 31233 23795 

5018 6954 8186 9279 10567 12072 13784 15085 15941 17138 18023 18846 20101 21347 23801 

5064 8997 8196 9289 10590 12078 13787 15109 15S43 17140 18026 18872 20193 21302 23924 

5068 7001 8199 9290 10598 12095 13802 15114 15944 17149 1B034 18878 20194 21329 23931 

5076 7002 8209 9305 106CC 12164 13814 15118 15957 17178 18041 18883 20204 21342 23937 

5090 7034 8224 9312 10629 12219 13815 15140 15975 17179 18044 19044 20242 21330 23941 

5115 7040 8234 9318 10649 12223 13819 15147 15982 17206 18045 19046 20265 21356 23995 

5198 7041 8240 9319 10851 12245 13838 15151 15984 17207 1B04S 19053 20266 21374 24034 

5238 7062 8248 9446 10677 12281 18841 15173 16070 17209 18082 19094 20282 21383 24D3B 

5293 7069 8252 9449 10685 12282 13982 15174 16073 17217 18100 19095 202D0 21390 24040 

5323 7070 8273 9457 10699 12285 13998 15175 16087 17219 18112 19301 20317 21413 24041 

5327 7091 8279 9470 30707 12354 14359 15216 16096 17220 18119 19305 20367 21423 24062 

5332 7097 8297 9472 10709 12368 14372 15223 16104 17236 18136 19320 20378 21442 24136 

5388 7103 8308 9511 10724 12370 14885 15229 16112 17845 18142 19324 2037B 21477 24139 

5395 7106 8309 9822 10760 12373 14387 15230 16124 17265 18151 19325 20416 21494 24156 

5414 7172 8316 9523 10767 12374 14396 15257 16146 17289 18156 19SS6 20420 21705 24173 

5424 7180 8365 9533 10772 1237B 14398 1536» 16174 1TOT 18139 19344 20436 21707 24174 

5443 7238 8382 9008 10788 12380 14414 15272 16201 17295 18164 19372 20445 21742 24182 

5449 7260 8386 9613 10789 12512 14438 15285 16202 17298 18172 1037$ 20460 21772 2418S 

5460 7208 8392 9651 10799 .12513 14465 15308 16203 17308 38178 19381 20476 21776 24190 

5462 7270 8406 9068 10802 12515 14485 15312 18204 Z7324 18184 19383 20479 21784 24208 

5479 7279 8422 9072 10838 11528 14488 1SS31 16211 17329 18192 19389 20485 21803 24213 

5489 7322 8436 9753 10845 12527 14489 15833 18314 17335 18200 19397 20539 21804 24273 

55G7 7404 8453 9754 10865 125S4 14493 15344 16219 17343 18201 19401 20544 21818 24280 

5514 7422 8522 9756 1OTBO 12553 14495 15348 16220 17367 19202 19412 20551 21838 24313 

5518 7444 8530 9768 10892 12553 14488 15358 16269 17384 18208 19418 20561 21850 2431B 

5541 7469 8534 9779 10893 12582 24500 15381 1 6271 17386 18221 19448 20S66 21860 3434S 

5553 7476 8547 9788 10895 12597 14303 15427 1B2T7 17394 18230 19472 20571 22408 24352 

5561 7365 8556 9795 10897 12600 14506 15428 16402 17408 18262 19473 2058a 22433 24357 

*5963 7388 8566 9800 10906 12601 14517 15435 18407 17409 18267 19484 20589 22466 34399 

- 8570 9807 10918 12632 14550 15440 16412 17447 18308 19507 20597 22472 24414 

9811 10919 12670 14568 15471 16422 17463 18307 19517 20607 22482 24488 

9821 10926 12872 14590 15004 16436 1T4G9 18311 19530 20629 22503 24489 

9831 10953 12674 14592 15509 16454 17470 18325 19533 20647 225BB 24491 

8646 9885 10966 12816 14583 155lfi 16460 17477 18327 39560 30654 22082 24496 

864B 9907 10971 12817 14618 15515 16461 17487 18329 19569 20665 22305 24499 

8650 9915 10972 12824 14614 15517 16468 17520 18332 19598 20674 22597 24500 

8859 9917 10975 12825 14617 15537 16480 17521 18334 19614 2D679 22603 24601 

8684 9935 11069 12846 14627 15544 16305 17542 18358 19616 20 729 22608 24602 

8688 9978 -11076 12859 14835 15555 1 6526 17554 18369 19518 20739 22651 24615 

8683 9978 11079 12898 14653 15578 16532 1 7555 18372 19622 20742 2 2721 24695 

3686 9983 31089 12933 14883 15582 16550 1 7577 183M 19626 2074 7 22727 2469S 

8704 10010 11099 12918 1486B 15580 16551 17578 18SB3 19668 30786 22781 2*74* 

8712 10044 11104 12919 14871 15599 36563 376=0 18396 19875 20759 22762 24759 

8714 10082 12138 12924 14689 15605 26564 17823 18413 19680 20800 22888 247M 

8732 10088 11144 12934 14694 15613 16588 17631 18440 19685 20822 22892 24768 

8737 10067 11146 12956 14722 15817 16589 37889 16451 19695 20831 22896 24783 

8738 10089 11258 12857 14724 15629 16685 17647 18408 19697 20840 22901 24793 

8751 10128 11261 12958 14742 15631 16704 17650 18471 19718 20642 2298 1 24811 

8787 20181 11298 22971 14744 15843 10706 17653 18474 19723 20853 23390 24812 

8801 10154 21309 13008 14745 15648 18768 17680 18311 19771 20883 23S92 24841 

8802 10149 11331 I3D09 14752 35660 16767 17678 18513 29772 20895 23424 24851 

8806 10153 11333 13011 148DO 13670 16769 17683 16522 19784 20909 23428 24870 

8807 10151 11342 13072 14817 15690 35777 17888 18535 19788 20917 23441 2491S 

8609 10190 11402 13116 14837 15696 16791 17690 18571 19801 20929 33446 24918 

8827 10202 11408 18132 14838 15713 16815 17694 18580 19802 Wl 23448-34992 

8847 10209 11418 13145 14844 16743 16817 17701 18588 19824 20963 23449 24940 

8895 10222 11420 13149 14645’ 15752 16828 17717 18589 19842 20988 23474 24956 

8800 10237 11450 13166 Z4854 157S4 16830 17718 18589 19865 21008 23486 24957 

8861 10238 11462 13211 14871 36755 16842 17732 18613 19884 21013 284B4 24964 

8863 10252 11467 13351 14684 15771 16843 17737 18624 19888 21030 28019 2496S 

8902 10262 11509 13274 14892 15790 16854 17738 18650 19908 21033 23529 249SS 

8907 10265 11661 13373 24904 35799 16888 17746 18654 19912 21060 23547 

6909 10275 11566 33382 14924 15808 16870 17756 18655 19927 21083 23554 

8911 10342 11583 13387 14942 1581$ 16875 17775 18666 19953 21065 23563 

8913 10373 31589 13404 34947 15839 16917 17780 38867 19984 31100 23568 

8915 10375 11564 13*08 14950 25844 18932 1TTBS 18878 19968 21106 23383 

8919 10432 11850 13455 14987 15851 16957 17806 18680 20001 21112 23606 

8943 20443 11757 13561 14991 35859 10959 17615 16694 20002 21118 23619 


3469 5606 7399 8621 


5829 7613 
5641 7855 

II 

5710 7702 
5732 7716 
3718 7749 

5739 7772 
5972 7774 

5989 7864 
6012 7886 

II 

6165 7960 
8344 7963 
6272 7972 

6318 7983 
6415 7987 

6503 7989 

6504 7998 
.6513 8026 

6529 8028 

6530 8029 
6533 8030 
6621 8031 
6035 8098 
6639 8064 


Oil February I* 1978, there will become and be due and payable upon each Di-bcn l ure the principal amount 
thereof-in such coin or currency of lbe Lotted States of America as mi said dale j.*, legal tender for the payment 
therein or public and private debts, at the option of the holder, cither |a) at the corpora te trust office of Morgan 
Guaranty Trust Company of New York. ].» Broad Street. I\ew WL. N.Y. 10015. or (b) subject to any 
Loss and regulations applicable therein wiih respect to the payment, currency ol' payment or otherwise in the 
country of any of the following offices, at ihr principal office of Kiiicj Naziorule del l^voro in Rome or the 
principal officp of Banca Commcreule Italiaru in Milan or the main offices of Morgan Guaranty Trust Company 
of New York in London. Brussels, Paris or Frankfurt or the main office of Alpemem* Bank?lederituKiK.t7 in 
Amsterdam or the main office of Kredietbank S.A. Lurembourgeoi'-e in Luxcmbnura-ViHe. 

_ Debentures surrendered for redemption-should have attached all unmalured coupons appurtenant thereto. 
Coupons due February 1,1978 should be di-lachrii and collccti*l in the u«ual manner. 

From and after February 1, 19.8 inlcieat shall cease to accrue on Lbe Debentures herein designated for 
redemption. 


December 29,1977 


ENTE NAZIONALE IDROCARBURI 

By: MORGAN GUARANTY TRUST COMPANY 
or hew Yos&j Fiscal Agate 


NOTICE 

The following Debentures previously raffed for redemption have not as tcL been presented for payment! 
DEBENTURES OF US. SLOP® EACH 

10203 10437 10702 18850 


5072 


5113 


5114 



















12 , 

LOMBARD 


BUSINESS AND THE COURTS 


Parish pump 
politics 


Disagreement in the EEC over 
patent licensing rides 


|inancial Times i aursoay 

Leg-spinners take toll 
of England wickets 


i: 

; i ; 


by JOHN CHERRINGTON 

NEARLY twenty years ago 1 was 
staying on a ranch near Denver, 
Colorado, when iny host had a 
visitor who turned out to be the 
local official in charge of roads. 
He was such a polite and ingrati¬ 
ating individual, asking if every¬ 
thing was satisfactory for my 
host’s transport, that it came as 
no surprise to find that his posi¬ 
tion was subject to election every 
four years in that State. During 
the same trip to the U.S. I found, 
among., the great prosperity of 
those days, isolated pockets of 
deprivation and misery mainly 
because on a national basis the 
members of these communities 
had no political puli at the 
centre. 

Responsible 

This illustrated to me the 
essential benefits of American 
local government, which is local 
responsible control, and the 
dangers of far away government 
based on enormous constituen¬ 
cies. Of course there are possi¬ 
bilities of local irresponsibility, 
but they can in the end be cor¬ 
rected. But the effects of national 
policies are almost impossible for 
minorities to redress. 

In Britain we seem to be get¬ 
ting further away from local 
involvement and treading very 
dangerous waters in activating 
an elected European Parliament 
with as yet undefined powers. 

To begin at home. 1 see from 
my local paper that parish 
councils in Hampshire, to say 
nothing of groups of indignant 
residents, are continually com¬ 
plaining of what they call high¬ 
handed decisions of the planners 
and other bodies, set in authority 
over them by the various Local 
Government Acts. The most com¬ 
mon complaint is that the plan¬ 
ners have allowed certain deve¬ 
lopments. without consulting 
those likely to be most affected 
by them. 

One parish council requested, 
very reasonably I would have 
thought, that the planners 
should consult them before mak¬ 
ing a decision which could 
fundamentally alter their sur¬ 
roundings. They were told by a 
councillor that if such a proce¬ 
dure were to be followed there 
would certainly not be time to 
govern the district, or words to 
that effect. 

The rights and wrongs of this 
particular case are not my con¬ 
cern, but if local government is 
the basis of democracy, there is 
certainly a great deal wrong with 
it at the moment. It is generally 
held that matters have worsened 
since the changes brought about 
by the last Acts which drastically 
reduced >the number of councils, 
and amalgamated them into 
larger units. 


BY A. H. HERMANN, LEGAL CORRESPONDENT 


In my own area four council 
districts were put together, two 
rural and two borough, and while 
there have been no verifiable 
economies in administrative 
costs, there has been a--definite 
reduction of democratic control 
simply because the only apparent 
saving has been in-the number 
of councillors. Instead of there 
being a representative from 
every village or parish on a dis¬ 
trict council, each councillor 
to-day has to represent a num¬ 
ber of parishes. In some of which 
he is unknown, and where he 
had no interest In the old days 
a parish could, and on occasions 
did, make life hell for its repre¬ 
sentative unless he could 
defend himself adequately. 

To-day this sort of pressure is 
hard to achieve because the 
complainants form only one sec¬ 
tion of a constituency. Unless, 
all the parishes combine against 
him, the councillor can. and 
usually does, remain indifferent 
to sectional clamour. This situa¬ 
tion undoubtedly fosters party 
involvement in local government 
which is universally deplored. 
But do these days oE enlarged' 
local council constituencies, it is 
the only way in which to achieve 
democratic change, even if such 
change only follows a national 
trend. 

It is a big jump, but not an 
irrelevant one. from the frustra¬ 
tions of the parish.pump to the 
European. Parliament. The con¬ 
stituencies will be so enormous 
that once installed an Incumbent 
will be very difficult to shift 
unless the party system takes 
over representation. But even 
if it does, local problems which 
are the result of European 
Parliamentary decisions are 
unlikely to be solved to the 
satisfaction oF the constituents. 
The decisions made are likely to 
be in a consensus of 9 or 12 
countries interests and not of 
one national body. 


Retirement 


Of course if the European 
Parliament is to remain a power¬ 
less talking shop and retirement 
haven for political misfits who 
might otherwise do a lot of harm 
at home, there could be some 
point in its existence, particu¬ 
larly as the supply of colonial 
governorships is running down. 
At least one public figure of my 
acquaintance, coming to the end 
of nis present career, is believed 
to be actively seeking a seat 
The crucial question is what 
powers will the Parliament have 
on our lives, bearing in inlnd 
that any majority decisions 
could be taken with British 
representatives in a minority. 
British Interests and priorities 
will not necessarily be those of 
our fellow members. 



BBC 1 

t Indicates programme in 
black and white. 

9-55 ajn. The Wombies. 10.00 
Jackanory. 10.15 Boris the Bold. 
'tlOJZO White Horses. 10.45 Close. 
12.45 p.m. News, weather. 1.00 
Pebble M1U. 1A5 Trumpton. 2.00 
Close. 3J>3 Regional News (not 
London). 3.55 Play School. 4.20 
Winsome Witch. 4-25 Jacfcanory. 
4.40 Scooby Doo. 5.00 John 
Craven's Newsround. 5.05 Blue 
Peter. 5.35 Fred Basset. 

5.40 News, weather. 

5.55 Nationwide. 

6.45 To-morrow’s World. 

7.10 Top of the Pops. 

7.40 The Good Life. 


. 8J0 Wings tnew series). 

9.00 News, weather. 

9.25 Cannon. 

10.15 Omnibus: Charlie Chaplin. 
11.03 To-night,’ including News 
headlines. 

11.45 Weather, Regional News. 
All Regions as BBC l except at 
the following times:— 

Wales—1.45-2.00 p.m. Baruaby. 
4A0 Crystal Tipps and Alistair. 
4.45 Mae Gen I Stori. 5.55-6.20 
Wales To-day. 6.45 Heddiw. 9.25 
Welsh Sports Personality of the 
Jubilee Year. 10.15 Cannon. 11.45 
Weather; News and Weather for 
Wales. 

Scotland—5.55-&Z0 p.m. Report¬ 
ing Scotland. 1L45 Weather; News 
and Weather for Scotland. 

Northern Ireland—L53 p.m. 
Northern Ireland News. 5.55-&20 
Scene Around Six. 11.05 Last of 
the Summer Wine. 11J35 News and 


THE EUROPEAN COURT has 
already dealt with a great 
variety of attempts by large 
companies to prevent inter¬ 
state trade in their products in 
order-to protect local distribu¬ 
tors selling at higher prices. 
Hoffmann-La Roche and United 
Brands, awaiting judgment, may 
soon be joined by Distillers, 
unless their dispute with the' 
Commission is settled amicably. 
But one particular method of 
separating national markets, 
namely by restrictive clauses 
which are part of a patent 
licensing agreement, has come 
before the Court only rarely. 
There are indications that such 
cases of patent licensing will 
become one of its main pre¬ 
occupations in the not too 
distant future. 

Withdrawal 

Such a development can be 
expected to result from the 
withdrawal of British support 
for the project of an EEC regu¬ 
lation exempting \ certain 
categories of patent licensing 
agreements from the impact of 
EEC competition rules. After 
negotiations which have been 
dragging on for some two years, 
the Government has reached the 
conclusion that the proposed 
regulation would make matters 
worse and not better. The 
revised draft, produced by the 
Commission shortly before 
Christmas, is still felt to be 
highly unsatisfactory. Some 
small concessions were made to 
industry, these were offset by 
making other provisions more 
strict In the end the CHI's 
view—that the adoption of a 
regulation in the form 
currently envisaged by the 
Commission would be damaging 
to the interests not only of the 
U.K. but of European industry 
generally — prevailed with the 
British Government 

In a letter addressed to Dr. 
Willy Schlleder, the Commis¬ 
sion’s Director General of Com¬ 
petition. the Department of 
Prices and Consumer Protection 
stated that the granting of ex¬ 
clusive licences and territorial 
restrictions on production and 
sales — the main taigets of the 
Commission's objections — 
should not be considered pro¬ 
hibited (and therefore notifi¬ 
able) until the European Court 
had had a chance to examine 
the issues thoroughly. This, of 
course, is a challenge of the 


Weather for Northern Ireland. 

England—555420 pjn. 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 


F.T. CROSSWORD PUZZLE No. 3,559 



lLOO ajn. Play School. 

11.25 Close. 

5J5 pjn. Open University. 

6- 25 News, weather. 

6.30 Planets: Royal Institution 
Lectures. 

7.30 Newsday. 

8.05 Cantilena: Recital of 
Renaissance and Baroque 
music. 

&35 World of Difference: The 
Broadcasters. 

9.00 One Man and His Dog: 
sheepdog championship. 

9.35 ** Why Shoot The Teacher?” 
starring Samantha Eggar. 

, 11.10 News, weather. 

11.20 Closedown: Julian Glover 
reads “ Growing .Up,” by 
Michael Burn. 

LONDON 

9.30 a.m. Cartoon Tune. 9.40 
Documentary: " Cause for a 
King." 110.20 “ Hopalone Cassidy.” 
1L35 Dynomutt 12L00 Animal 
KwacXers. 12.10. p-m. Rainbow. 
12.30 The Inventors. L00 News. 
L20 Help! 1.30 Crown Court. 2.00 
After Noon. 225 Hunters Walk. 
3.20 The Squirrels. 3A0 The Cedar 
Tree. *L 20 The Little House on 
the Prairie. 5J5 Mr. and Mrs. 

6AS News. 

6.00 Thames at Six. 

6.35 Crossroads. 

7.00 Wish You Were Here. . .. 

7- 30 Mystery Movie; Rock Hud¬ 

son In “ MacMillan: Affair 
Of The Heart.” 

9.00 1TV Playhouse: “ Home and 
Beauty." 

10.00 News. 

10.30 Time for Buidness. 

11.15 Phyllis. 

HAS What the Papers Say. 

1245 ami. Close: Debby Cum¬ 
mins reads about famous 
men and women. 

All IBA Regions as London 
except at the following times:— 


first magnitude, attacking the 
whole legal doctrine by which 
the Commission has transformed 
the original provisions of the 
EEC Treaty. The DP(jp letter 
asked for nothing' less than that 
the words of the Treaty should 
be revived and accepted as law. 

The Treaty of Rome prohibits 
restriction of trade between 
member states by tariffs, quotas 
and other means. But it slates 
that this prohibition “ shall not 
predude . . . the protection of 
Industrial and ^commercial 
property.” The EEC Commis¬ 
sion however, has Interpreted 
this in its own way, insisting 
that patent licensing agree¬ 
ments containing restrictive 
clauses capable of affecting the 
internal trade of the Com¬ 
munity, are prohibited and 
invalid in law, and that parties 
to such agreements must apply 
to the Commission for an 
exemption, if they wish to avoid 
fines and secure validity for 
their agreements. j 

Certain restrictions dn com¬ 
petition spring ffom the very 
nature of the patent system and 
are a necessary inducement for 
the transfer of technology by 
licensing. The conflict between 
the pro-patent view held by 
European industry, and that 
of the Commission, assumed 
a new dimension after 
the access of the UX to the 
Comm unity. British industry is 
much more active in the patent 
licencing field than Its European 
partners and one of the first 
consequences of British acces¬ 
sion. had been an influx of 
thousands of notifications nf 
patent licensing agreements to 
the Commission. A large back¬ 
log soon developed and still 
exists. 

The establishment ' of a 
specialised division in the Com¬ 
mission’s Competition -Depart¬ 
ment did not help and uncer¬ 
tainly over the legal status of 
European patent licensing agree¬ 
ments increased when the Com¬ 
mission officials indicated that 
they no longer felt bound by the 
guidelines given to companies 
in the Commission’s “Christ¬ 
mas Message” of December 24. 
19fi2. 

Complaints from industry, as 
well as the unmanageable pile 
of notifications, seemed to make 
the need for some general solu¬ 
tion unavoidable. Finally in 
1976 the Commission produced 
a draft of a “ block exemption ” 
for certain types of licensing. 


ANGLIA 

9-25 um. Funky Phantom. 130 Look¬ 
out. 20J5 Electric TOuttzc Show. 1030 
Diegos for Yesterday. ' 0-05 PotHnauoB- 
1135 Hogg'S' Bade. US P-To- AngUa 
News. 330 Women Only. Ul Tba White 
Stars (part 11. MS Solo One. 5^5 On 
the Twelfth Day. AM About Anglia. 430 
Arena. 730 Bygones. 730 The Bionic 
Dos. BJ0 Cad: no Waltz. 10J0 Police 
Woman. J130 Catch *77. 12.00 Ask a 
SlOr Answer. 1230 an. The. Livlfl# 
Word. 


IMS aurn. Untamed Fromi/ra. Elba. 
UjSO A Day to Remember, 1135 Puzzle 
Party. UJ0 Jam. 1135 Tba Adventures 
«if Parsley. L2Q p.m. A Tv Newudeak. 
UD The Sullivans. 330 The Collar.Tree. 
SJJ Happy Days. 630 ATV Today. 730 
The Squirrels. 7J0 Bionic Woman, S3® 
Rising Damp. -1030 Pottos Woman. UJB 
Master Golf. 

BORDER : 

9J0 a-m. Lookout. 10351230 as Angbal 
tUO pjh. Border News. 520 Thu Nature 
of Things. 420 Lost Islands. AC Solo 
One. 5-15 The Fllnmones. 620 Look- 
around- 7J0 The Squirrels. 7JQ Mr. and 
Mrs. a DO The Streets of San Francisco. 
ALSO Police Woman. U-30 wish Yon 
Were Hero. 1135 Border News and 
Weather. 

CHANNEL 

138 pjn. Channel News. whaVp On 
Where. Weather. 630 Channel News, 
Weather. MO Fantastic Voyage. 730 
Feature Film: "The Barbarian and the 
Geisha-" 10J2B Channel News. Weather. 
1932 The Story of Wine. JUJU TV Movie: 
West Side MedlcaL 1235 ajn. jjewa and 
Weather in French. • 

GRAMPIAN 

935 B.R1- First Thing. 9304230 As 
Anglia. L2D pjn. Grampian Headlines. 
AM Grampian Today. 730 1 Mystery 
Movie; Colombo. 1030 SporujcaiL 1X30 
Reflections. 1135 Baretta. 

GRANADA . 

1930 o.m. Dennis the Menaces 935 
Woody Woodpecker. 1035 -«Untamed 
World. 1930 Holiday Matins:.« Billie." 
Starring Patty Duke. 138 p.m. This la 
Your Right. &20 Looks F amil iar. 430 
Code K. 530 'mis is Your Rfght. 535 
Crossroads. M0 Granada Reports. MO 
Cartoon. 4.40 “ Monte Carlo.or Bust.” 
Starring Ton; Cants. 1030 whit's On. 
1X30 What the Papers Say. 1X30 Quincy. 

HTV 

935 ajn. Lookout. 103542.00 As Anglia. 
130 pan. Report West Headlines. 135 
Report Wales Headlines. 230 Women 
Only. 430 Dyuomutt—TT» Dog Wonder, 
le The Lost Islands. 535 Caitoan Time. 
530 Crossroads. 430 Report Woof, 438 
Report Wales. 635 Best m the West. 
7.05 Rising Damp. 735 Mystery Movie: 
Colombo. 1935 Frank Evans and Friends; 
Jazz. 12X30 Terror! 


agreements. But to the dismay 
of industry, far from creating 
greater certainty and reducing 
red tape, the draft was such 
that, if adopted, it would have 
actually increased the number 
of licensing agreements for 
which individual exemptions had 
to- be applied. It would have 
drawn into the Commission’s 
net many agreements previously 
concluded in reliance on the 
Christmas Message and never 
notified. Iu this draft the Com¬ 
mission went far beyond the 
application of the “ exhaustion 
of patent rights” principle, em¬ 
bodied in the Community Patent 
Convention and safeguarding 
free circulation of patented pro¬ 
ducts once these were placed on 
the market by the owner of the 
patent or with his consent. 

The Commission’s draft regu¬ 
lation listed 17 clauses fre¬ 
quently appearing in patent, 
licensing agreements which it 
considered to be illegal under 
any circumstances. 

The EEC Commission’s 
hostility to patent licensing 
agreements has already resulted 
in some reduction of licensing 
activity. The line the Com¬ 
mission takes is now evident 
not only from its previous deci¬ 
sions but, even more clearly, 
from the draft regulation, now 
rejected by the British Govern¬ 
ment It is uncertain how far 
the European Court will go with 
the Commission when dealing 
with appeals against decisions 
which can no longer be post-, 
poned. i 


AFTER 20 MINUTES play on the 
third day of the Second Test 
here. Boycott was run out for 79 
and a remarkable change came 
over the game. 

England were then 137. for 3, 
but just over an hour later they 
were 157 for nine before they 
were all out half an hour after 
lunch for 191. 84 runs behind the 
Pakistan first innings , score of 
275. Pakistan increased their lead 
to 139 by making 65 for one in 
their second innings. 

Once again England suffered 
at the bands of a leg-spinncr and 
Abdul Qadir took five more 
wickets to-day, finishing with six 
for 44 in 24 overs. It was a won¬ 
derful piece of howling and this 
match confirms that Pakistan has 
discovered two extremely excit¬ 
ing new Test cricketets-—Qadir 
and Haroon Rashid. 

It is sad fact that there is not 
a single English leg-spinner play¬ 
ing county cricket and England’s 
vulnerability against such howl¬ 
ing is traditional. U was always a 
possibility that Pakistan's leg- 
i spinners would win thorn this 
series but it was not expected 
that England’s'batting. Boycott's 
performance apart, would col¬ 
lapse so dismally. 


! who has a «>« pf 1 
1 gives the ball plenty 
s made to seem almost 
e by batsmen who 
ire terrified of tegspin. 
one spell though. Boy- 
his excellent technique 
playimr either right 
r right back made mra- 
ythlng but unplayable, 
jrning he bad 
mg hop froru Qadir for 

he turned Iqbal Qaalm 
mg leg. Liaqat All was 

:ricket 

enry calthorpe 

0 yards in from the 

played the stroke, 
at off without waiting 
ill’s call and Randall, 
t cninlng, took a step or 
a& him before realising 
was no run and sending 
Boycott, too far com¬ 
as run out by a yard 

x later Randall drove 
1 Qadir swooped and picked 
i a catch so low that Randall 


HYDERABAD. Jan. A 

waited for the umpire’s decision, 
Roope hod poked and prodded for 
half an hour as if each ball was 
cuing to be htf last and finally 
«ave Qadir a rath er sim pler 
return catch when he owt. 

Taylor pushed forward to the 
next ball, a »«> T*Wh 

S£‘g*iB t »2r&st 

ffiSfc'p&l <£& 

and was caught behind. 

At 163, Miller went forward to 
Iqbal Qasim and was ello rather 
unwillingly caught behind. X«vir-. 
then played forward to Qrttr 
and was bowled, but Cope and 
WtlHi both defended with spirit 
and stayed together for mare 
than an hour before Cope tuned ; 
Waslm Raja's googly to back 
ward short leg. • . 

On this pitch nnd with 
England's batsmen so diungftfr 
ised against legspln. an opening, 
lead of S4 gave Pakistan a big 
advantage wltH 2J day* left. 

If they are to save the match, 
only Boycott is capable of doing 
it for them, and on the evidence 
I would not stake too much 
money on their chances of 
surviving for more than. a day. 
in the final innings. 


Dickinson is man to follow 


Awareness 


The Court, which has on 
several occasions manifested a 
greater political awareness than 
the Commission, will be faced 
with the task of hammering out 
rules which can serve the Com¬ 
munity internally without jeo¬ 
pardising the basis of its external 
transfers of technology to de¬ 
veloping countries. Since 1973 
direct investment in developing 
countries has become more diffi¬ 
cult and more insecure so that 
the importance of patent licens¬ 
ing as an alternative to direct 
investment has increased tre¬ 
mendously. The UNCTAD talks 
taking place in Geneva indicate 
that the Group of 77 would be 
unlikely to accept more restric¬ 
tive licensing agreements than 
are admitted under the EEC 
Treaty in business between 
member States. 


HTV Cymru/Wates—As HTV General 
except: XJ0-13S pan. Pciuwtiau Newyd- 
dtan r Dyfld. 430 Wy Gvydd. -U&333 
Mtolladu Cor. 63043* Y Uydd. 435-735 
Sports Arena. 

MTV West^-As HTV General except: 
U9-130 P.m. -Report West Headlines. 
*3*435 Sport West. 

SCOTTISH 

930 a-m^ULM As Anglia. 1230 pan. 
A Ripe Old Age. 135 Headlines, Road 
and Weather Reports. 5J5 Professor 
Kixzel. 530 Crossroads. 6.00 Scotland 
Today. *J0 Garaock Way. 730 Univer¬ 
sity Challenge. 730 Oharilc's Angela. &J0 
Rising Damp, nun wish Yoa Were Hero. 
1X30 Late Call. 1135 Thursday Cinema: 

1 Fright." starring Honor Blackman. 
Susan George, lan Barmen 

SOUTHERN 

935 ajn. Sean the Leprechaun. 930- 
1230 As Anglia. 130 pjn. Southern News. 
Weather. 230 Women Only. 430 Cartoon 
Ttme. 435 Little House on the Prairie. 
530 Crossroads. 430 Day by Day. *30 
Survival. 730 Car Along the Pass. 730 
Hawaii Five-0, 830 Rising DannJ- 1030 
Police Woman. 1130 Soothers News 
Extra. 1130 What the Papers Sky. 1230 
Weather tallowed by The Orthodox Church. 

TYNE TEES 

930 tun. The Good Word. foUowM by 
North Han Headlines. 930 Tkdra. 930 
Beachcombers. 1035-1230 As Anglia. 
130 p.m. North Bast News and Look- 
around. 2 M Women Only. 335 Looks 
Familiar. 535 The Brady Bunch. 430 
Northern Ufe. 7.00 Gel Some In! 730 
Rising Damp. 83Q What Fettle Special. 
1030 There's a World In a dob. xloo 
B aretta. 1230 Twenty Nine. 1230 a.m. 
Epilogue. 

ULSTER 

930 a.m.-12.00 As Anglia. 130 pjn. 
Lunchtime. 438 Ulster Headlines. 430 
Big Bine Marble. q45 Utile House on the 
Prairie. 430 Ulster News. 435 Cross¬ 
roads. 630 Reports. 7.00 Hippy Days. 
730 The Bionic woman. 8J0 Rising 
Damp. 1030 Couarcrpolnt. 1130 Mind 
Your Language. 1130 Wish You Were 
Rare. 

WESTWARD 

930 ajn_J2JH) An Aug11*. 1237 p.m. 

Gils lloneybun's Birthdays. 130 West¬ 
ward Headlines. 630 Westward Diary- 
730 TUn Big Film: “Mie Barbarian and 
the Geisha" storing John Wayne. 1038 
Westward News, weather. 1030 West¬ 
ward Report. 1130 TV Movie: West Side 
MedlcaL 1235 ami. Fatih for Life. 

YORKSHIRE 

4.45 amt. A Bib Country. 1035 Mombly. 
1030 The Lost Islands. AL00 Run, Joe. 
Run. 11X0 Cine Club. 130 pjn. Calendar 
News, weather. $30 Looks Familiar. 
430 Look Out. 4 je Little Boose on the 
Prairie. 4.00 Calendar; weather. 730 
Get Some In! 730 Rising Damp. 830 
The Streets of Snn Francisco. 1030 The 
Frankie Vaughan Shew. UJO Wish Yon 
Were Here ... 7 1230 Man and Woman. 


MICHAEL DICKINSON, who al 
6 Ft. 1 In. is the North's tallest 
j and, some would say. most 
stylish jockey, could be the raaq 
to follow at Doncaster this aftefr 
noon. ft 

His mounts include by 
father’s AngeJ Clare, Fua* 
Baby and the Mick NaughtBn| 
trained Chosen Slave. 

The first to run is Uie seved 
year-old Fable Am us a at mara 


RACING 

BY DOMINIC WIGAN 


Funny Baby, among the rus 
ners for the Rose Hill Novid 
Chase. j 

Winner of novice hurdles i 
Kelso and Ayr last spring. Fund 
Baby has failed to make mud 
jof a show in her two runs th$ 
season, but she is said to hatj 
come on a great deal since di( 
puting the lead until three night 
from home in her last race-r 


Bewcasile's Long Town Hurdle, 
Jack in October. 

Xlf this is Ihe case, she could 
Shake a winning debut over 

Chosen Slave, who bids to add 
to an already impressive list of 
victories in the ffi-mtic Gains¬ 
borough Chase, made short work 
of Tuesdav's easy Ayr winner, 
Hind hope, in the Rochester 

Chase over to-day's trip at Gos- 
forth Park on December 10. 

Although he shoulders n 4 lb. 
penalty for that success, the 
veteran Chosen Slave is in such 
fine trim lhat I expect to see 
him again come out on top. 

If he is to be beaten, it may 
be bv the New Zealand-bred 
Granny’s Gift who makes the 
long journey from Sian Mellor s 
Lamboum stable. 

The absence of Choral 
Festival. Sanskrit and Sun Lion 
has reduced the Dinnington 
Chase to four runners, and what 
may turn out to he a match 
between Angel Clate and Lord 
Brae. 


Angel Clare made up for an 
expensive Sedgefield failure at 
Market Rasen oh Boxing Day, 
when disposing of IS opponents 
in the Bruce Carr Trophy. He 
beat little or nothing of note/ 
and may find It too much to 
concede 4 lbs to the talftflUff 
though erratic Border Brig, 

Mr. Essam Khashogfii owns a 
promts iog recruit to. hurdling la 
the six-year-<rtd Hunter’s Joy, 
and I hope that this chestnut 
Head Hunter gelding, a promts 
ing tith of IS at Newton Abbot 
recently, wilt be up to winning 
the first division of Ihe.Bawtry- 
Novices Hurdle, 

DONCASTER 

1.15— Funny Baby* - 

1.45— Chosen Slave 

2.15— -Hunter's Joy*** 

2.45— Border Brig* 

3.13—Lok Yee 

3.45— -Simpson Jersey 

TAUNTON 

1.30— Slide Over ferity 

2J30—Captain QeW . ; ‘ 

3JB-Sylvta’s Jfettflt •*•*::: 


Masters Ivent loses prestige 


v.:& 


AS THE minutes ticked awal 
towards the start of the $400,0® 
tournament at the CoIsaj| 
Masters this afternoon. tensid| 
was apparent among the eigt^ 
inen who, over the next five days, 
will be contesting what should be 
the last major tournament of the 
1977 season. 

> However, even before play 
begins the'event has lost prestige. 
The decision to limit all but the 
doubles final to the best of three 
sets is a regrettahle step. 

In previous years, singles semi¬ 
finals and final have been played 
over five seats but the change, 
according to Ray Benton, tourna¬ 
ment director, is due to the 
demand of television. 

“I believe that the five-set 
singles final would have been in 
the best interest of tennis,” he 
admitted. “But it is tough to 
interest commercial television to 
cover more than two hours live 
and in the interests.of building 
the event, it has to be three sets." 

Now that tennis is inextricably 
a part of show business, this sort 
of thinking Increasingly domi¬ 
nates the decisions of promoters 
and sponsors. It is a regrettable 


trend which must be halted if 
the'-gamc is to retain its credi- 
biity with the public. 

Already, there is a feeling that 
totunucb money is going into too 
fev# pockets and. now that the 
plants In the last showpiece of 
the ‘year are being rewarded 
With more than double last year s 


TENNIS 

BY JOHN BARRETT 


prize money of S150.000 while 
competing over the smash and 
grab shorter course Instead of 
the testing five-sets formula, the 
value of the Masters as a measure 
of ultimate skill must be in 
question. 

The other more serious sliort- 
cominjL'Js the astonishing deci¬ 
sion to use the sudden death 13 
point tiCrbreak system which is 
not only illegal, but patently 
uufaff to the players. 

Aiit Grand Prix tournaments 
are Splayed under the rules of 
tennis which now incorporate the 
12 point tie-break- It Is un- 


thinkablethattiia ; lfo«t«^ 
use a system adopted ufiOafenilly 
by World ehampUmshlp: TectoJi 
.as a gimmick for,their afStHL 7 ^/ 
■ Hasty consutiatloas ^ Hfej ; 
being conducted betwegd BttftMji 
referee Dennis. B g}|t gi frr> %re ] 
David Gray (general 
the International Tennin 
lion), prior to the st*rt M P&y 
lo resolve this contcntiota 
Let us hope that sanity pwrijs 
before the first ^ bail i* struck. 

The first three days <*- 
Masters is played in two wf- 
man rtund-Tbfcih. group*- WRh 
Vilas and Oran tea In the 
group are the first-and seepw^ 
ranked Americans Jimmy Cont 
nors and Eddie Bibbs, who- meet 
this afternoon.. ■ ■ ■ . 

Connors was in restrained 
mood at (he bonus cheque prise- 
giving ceremony, and clearly 
irritated at his failure to cow 
plete Irr the minimum 15 Grand 
Prix tournament- (he. played, wdy 
nine) deprived him of the eighth 
place prize of 530,000. He knotWi 
he must win thie. tournament^ 
he- is to re-establish hlmwfiff- 
ahead of Vilas and his WimWtS 
don conqueror Bjorn Bart, of 
Sweden, at the top of the game.- 


It can be made child’s play 


ACROSS 

I Sheep from Beds upland (8) 

5 Renounce father’s drink (4, 2) 

9 Turner at Lords Is leaving by 
chance (3, 5) 

10 Fruit of the corn it could 
be (6) 

11 Three-quarters get In trans¬ 
parent detergent (SI 

12 Present during trial as one 
can certify (6) 

14 Criticise humiliation covering 
... <4. 4, 2) 

18 . . . tiower found to suit com¬ 
fort (6-» 

22 He takes drug to bartender 
( 6 ) 

23 Mechanical advantage of get¬ 
ting to bar on lime (8) 

24 Fashionable excavation ought 
to produce colouring (6) 

23 Way a student takes one 
heart for another fS) 

26 Crescent-shaped lute? An 
alteration needed (61 

27 Credit the States with the 
German campaigner (8) 

DOWN 

1 Exquisite church takes round 
hard water (6) 

2 Sweet going to fathead with 
charge for services (6) 

3 Putting Women’s institute-on 
phone is electrician's job (6) 

< Reserves for after the Fail 
(6,4) 


6 Flying with article on VAT I 
repeated maybe (3) 

7 Cloth worker looking after 
police station (3) 

8 Sorry camp for a copper we 
hear (8) 

13 intelligence landlord displays 
In club circular (4, 6) 

15 Her work should be counter¬ 
productive (4, 4) 

16 Mother’s gone over to college 
fellow to see old monster (8) 

17 Frank has good hand at 
poker (8) 

19 Utter misery like Greece (6) 

20 A drive could become diverse 
<61 

21 He's inclined to be slimmer 
(6) 

Solution fo Puzzle No. 3,558 


fTitiHrmuraa amaaran 

n a ca b a in e 
UBSeaBOSQ QSQQQS 
Q Q H E H Q Q Cl 
CTEHEJa E3t3QBH3B£3B 
H CJ -El 0 H E 
aaaaHH aEUGiiHaa 
a B Q H B H 

onQUQQE ESDaQQH 
Q H 0 O KG 
anHHEJHHEE BE3QE 

0 □ a u a a si a 
nnHQaQ QHacaiaaaa 

Q H Q H- 0 0 E 

gsaanQ hgbhebdh 


RADIO 1 *«m 

(S) Stereophonic broadcast 
630 uil AS Radio 2. 732 Noel 

Edmonds. 930 Sbnon Bates. XX3Z Paul 
Burnett. Including 1330 pjn. Nevmbeat. 
230 Kid Jensen. 431 R'a D.L.T. OKI 
including 530 NewvbcaL 730 Country 
dub ilolns Radio 21 . 1032 John Peel 

(SI. 1230-12.06 «.m- As Radio 2. 

VHF Radios X and 2-430 ajn. With 
Radio 3. including 135 pjn. Good Listen¬ 
ing. 1032 With Radio L 12304236 a-m. 
With Radio 2. 

RADIO 2 1,500m and VHF 

630 sum. News. Weather. 632 Ray 
Moore with The Early Show (S), tnclod- 
ins 635 Pause for Thought 732 Terry 
Woman IS), Including 837 Racing Bulletin. 
835 Pause for Thought 1032 Jimmy 
Young (Si. 11.11 p-m. Waggon e rs' Walk. 
1230 Pete Murray's Open Boose (Si. 
.ndndlng 135 Sports Desk. ZJ0 David 
Hamilton (S>. including 235 and 335 
Sports Desk- UO Waggoners' Walk. 435 
Sports Desk. 437 John Dunn <S>, Includ¬ 
ing 535 Sports Desk. 635 Sports Desk. 
732 Connery Club: Codntry music (S'. 
532 FoDnreava IS). 935 Sports Desk. 
1032 Two by *711(0. 1030 Star Sound 
Extra. 1132 Sports Desk. ‘ Hitt Brian 
39nftbeu( with The Late Show, 12XB- 
1236 ajn. News, weather, motoring 
information. 

RADIO 3 464m, Stereo & VHF 

6J3> a-m. Weather. 730 News. 735 
Overture: BoethovelL Massenet. Schubert 
on. records (S». 830 News. 835 Morning 
JodCOrti Dcorak, Vertsefc- Smetana on 
meorOif (ST. 930 New*. 93S This Week's 
Computer: Haydn (Si. 1030 Holiday 
Special tST. 1030 Cello and Piano: 
Redial; Beethoven. Josephs (ST. XLM 
in Sum. 1L10 Cello and Plano, pan ti 


Mendelssohn, Brahms, n w Northern 
Slnfnnla Orchestra: Strauss, Mozart. Stra¬ 
vinsky, Selber (S). 130 p.m. New si OS 
Manchester Midday Cork-en: - Schubert. 
230 The Florentine Straw Han Musical 
farce in four acta. Nino nodi; Acts 1 
and 2. 330 Interval Reading. XU The 
Florentine Straw Em ■ continued). 4JL0 
Amadeus String Quarrel: Haydn. Mozart 
(Si. 435 Interval Reading. sj| Amadeus 
String Quartet, part 2: Schubert. 535 
Homeward Bound CSV 435 News. 430 
H outward Bound. 630 LlfeildM: The 
Wider World. 730 Lelpztg Gewaadhaus 
Orchestra: Cberobhti. Mebul (S). 8.05 
Interval Reading. 835 Lelpztg Gewand- 
hans Orchestra, part 2: Beethoven. 930 
Drama Now. 1030 French BATMde Can¬ 
tatas (SI. XUS News. 1X3MXJS Scflnhert 
Song IS). 

RADIO 4 

434tn, 330m, 2&3m end VHF 

8 Medium Wave only . 

435 a.m. News. tl7 Farming Today. 
435 Up to the Boor. 432 VHF Regional 
News and Weather. 7jn Newt. 730 
Today. 73S Up to tbo Hour. 732 VHF 
Regional Newa and Weather. 830 News. 
■3D Today. HAS The Bast of Bierce. 
930 Newt. 936 These Von Have Loved 
(5). 1030 News. ■ 1035 From oar Own 
Correspondent. 1830 Dally strain. 1035 
Morning story. 1130 Newt. £U5 Down 
Your Way. 1X35 Speaking Mr Myself. 
1230 News. 1232 p.m. You and Your 
Baying and Budgeting. P n The Burfdse 
Way. 0235 Weather and programme 
nears. VHF (except Londoa nod 691 
Regional News and Weather. 130 The 
World at One, 130 The Airbus. 13S 
women’s Boor, Including 230432 News- 
235 Listen with Mother. 330 News. 335 
Afternoon Theatre. 5Jo Jack dd Manto 
Precisely. Including 830435 Kem. 4J5 


Btorfr Time. 530 PM Reports. 530 
Serendipity. 2535 Weather and programme 
nows. VHP Regional News and Weather. 
630 Newa.' Financial Report. 430 Top 
Of the Form. 730 News. ' 735 The 
Archers. 130 Sounds Natural. 735 The 
Quiet Watered Land. 830 Tbo strange 
World of Arthur Fcdrlck. 835 Hawks 
and Daves part 3: Communist Approaches. 
930 Kaleidoscope. 939 Weather. M30 
The World Tonight. 1030 Any Answers? 
U.00 Book at Bedtime. ” Financial 
World Tonight. U30 News. Weather. 
Interlude followed by 12334236 jura. 
Inshore Forecast. 

BBC Radio London 

206m and 944 VHF 
4.00 a-m. As Radio 2. 630 Rash Hour. 
9.00 Carry on Councillor, SJB London 
UVe. 12.03 In Town. 1233 p-m. Call 
in. Inc Lading 130 London News Dosk. 
233 206 Showcase. 4.IQ Home Run, 
including London News Desk. 630 Look. 
Stop, Listen. 730 In Town.. 830 Soul 
'77. 103) bats Night London. 1230-ciosa 
As Radio 2. 

London. Broadcasting; 

261m and 97 Jt VHF 
530 k.m. Morning Music. 430 A.M. 
10.00 Brian Hayes. J -00 pan. LBC 
Reports &» Alter Hlgfti, 930030 3411 . 
Nigh lllne. 

Capital Radio 

194m and 953 VHF 
6.80 ajn. Graham Dene’s Breakfast 
Show. 930 Michael AspeL 12-90 Dave 
Gash- 130 pjn. Lovciine. 33Q Roger 
Scott. T30 Lord George-Brown's Capital 
Ooammair. 7.10 London Today. 730 
Adrian Lore’s Open Line- 9-99 Nicky 
Hone: rock music. U3Q Tony Myall's 
Lam Show. 230 ajn. Duncan Johnson's 
Night Flight. 


TAKING the family skiing these 
days is something of a trial 
financially. Kids eat up cash in 
a ski resort as fast as they do 
ice creams at the seaside. It is 
a great pity, of course, because 
skiing provides one of the best 
family holidays there is. Even 
when everyone is at a different 
ski standard there Is still a sense 
of togetherness. 

Tour operators are not par¬ 
ticularly generous with child 
discounts—price cate tend to 
end at age ten; they rely on 
the rbiJdren sharing your 
room; and, when scheduled ser¬ 
vices are being used particularly, 
do not seem to. exceed 10 per 
cent, very often. The bargain 
hunter with children should 
seek out charter based tours, or 
go by car. 

The jav of children on tbe 
slopes is the speed at which they 
learn. Teaching a 13-year-old gin 
the other day I had resigned 
myself to a laborious time on 


WINTER 

SPORTS 

BY ARTHUR SANOLES 


the nursery slopes to be aston¬ 
ished once again at how quickly 
the basic skills were acquired. 

This apparently meek little 
charmer was insisting on beinc 
taken to tbe top of the mountain 
after one morning's tuition and. 
sure enough, came down It again 
with confidence and aplomb. 
Short skis, comfortable modern 
boots and much changed teach¬ 
ing methods have taken us a 
long way since my first agonising 
days on snow when cramped 
feet, sore legs and despair were 
early symptoms. 

At any age. however, those first 
few hours on skis are absolutely 
crucial. If at alt possible it is 
best to get private tuition for at 
least the first four hours of your 
ski career. Rates for such tuition 
vary considerably hut you can 
quite often negotiate with local 


ski instructors for a special 
period before main ski school or 
during the lunch break, an 
arrangement which is frequently 
somewhat cheaper than strolling 
up to the ski school desk and 
asking about private lessons. Two 
nr three people can join.up for 
■j private lesson and stiU get 
much closer attention than is the 
norm in a ski class of ten or 
more Two days' private tuition 
are worth a week or more in 
ski school. 

Fortunately for me, the pupil 
in this case took easily to the 
concept oF steering herself down 
the mountain. Forget all the 
theory and just Imagine you are 
a waiter carrying a tray. At all 
times .that tray must point the 
way you want to go, and at no 
time-must you spill the drinks. 

She went down hills of suffi¬ 
ciently sharp incline to have me 
awkwardly stemming my way 
down behind, shooting aids. 
(•* bend zee kneez ’’) which I 
couldwell have done with myself. 

The trouble with children 
comes between four and eight. 
Most adults are eager for a quick 
hot - chocolate, a shower and a 
couple of hours’ sleep before 
-hitting the dining table and the 
discotheque. Many youngsters 
find their skiing more tiring than 
they expected and want to eat 
around six or seven before a 
restful evening and an early 
night. 

If you want to remain as a 
family then probably the best 
idea is a chalet or. apartment 
holiday, preferably one with 
some sort of cooking aid, when 
at least yon can adjust moal 
times to suit most of (he family 
tastes. European hotels tend to 
operate rather late meal times 
for the average British child. 

Ski clothing can be a problem. 
There is surely little point in 
spending vast sums on kitting 
out- a youngster with clothes 
which are going to last two weeks 
at most. There are one or two 
excellent clothing hire com¬ 
panies (more of that on a later 
date)' and friends are siippriR. 
.ingly eager to . pass on ginvos. 
anoraks, goggles and bate which 


their own children have long 
since outgrown. - 
Whether renting or buying, 
however, avoid cheap skis/ 
bindings (kids' legs break, too, 
you know) and plastic gloves 
Tbe cort of frost-bite treatment 
can be quite high. . 

SNOW REPORTS 

Depth 


L 

SWITZERLAND 

U. 

piste 

Andermatt ... 

22 

40 

Good 

Champery ... 

8 

24 

Good - 

Chat. d'Oex-.. 

4 

24 

Good 

Engel berg ... 

6 

28 

Good 

Grlndelwald . 

4 

14 

Fair 

Gstaad . 

4 

16 

Poor 

Kan dors teg 

4 

12 

Good 

Klosters . 

12 

32 

Good - 

Lenk ......... 

4 

20 

Good 

Lenzerheide . 

12 

24 

Good 

L. Dlabierets 

IS 

40 

Good 

Leysin .. 

4 

IS 

Good - 

Margins . 

18 

28 

Good 

Murren . 

14 

29 

Good 

Fontresma ... 

8 

30 

Good 

Saas-Feo . 

10 

48 

Good 

St. Moritz n . 

14 

20 

Good 

Vlllars . 

FRANCE 

8 

33 

- Good 

Avoriaz . 

JO 

.58 

Good 

La Plaqne ... 

28 

46 

Good 

Lea Arcs ... 

6 

28 

Fair 


GERMANY 

Berchtesgadn. 6 28 Fair 
Garmiach " *" ■»*— 


a 12 Poor 


Hindelang ... 6 14 Poor - 

KleinwaLsrtL. 16 32 Good 
Mittcnwald ... S 16 Fair. 
Oberstaufen . 8 10 Poor 

AUSTRIA 

Sl Anton ... is 36 Good 
Cairngorms. Main runs s&4 
lower slopes: Most runs complete 
new snow vertical mas: 3,600 *£ 
Access road; clear snow levef- 
2,000 ft 

Glwtshec: Main runs} 
high level complfcte* -&***: 
Mopes: Limited humr? *™* 
new snow. Vortical runs 
Access roads: Clear, Sflow.wv®" 
2,000 ft 

Glencoe: Main ruiuti^lbri 

£ leW. new snow on a fifo® *23: 
owef stapes: Ample . 
areas. n ew snow vertical g&Sf 
i.aoo rt. Access roads: 
snu w level: 900 ft, :. - - ' - 5 


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rE?OR tS 


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Financial Times Thursday January 5 1978 

Lyttelton 


l Record. Review 


The Guardsman SongS for Mary 

- by B. A. YOUNG . . •/ 

by RONALD CRICHTON 

Tb? SCContf Set Af Molnsr’s tbpv ara nlsvinn Tha Rnvfla. j 

The Guardsman )s as exciting as SeirfZte offirtane B -“---original, with French translation, in one number, vrtpeh sounds like 

a waUc .oai the tightrope. Ilona. I can't sa7 that this *«-*»>„ -• Cantigas de Santa Maria (to!. 1). The format is the doable envelope a studio gfamrick is listed among 
a successful 'access well known irood idea in mi fnf as t -* Ctenneacw Consort/Clemencic. for one record, which may give the instruments! 
fbr taking a nevrlover every six one of tiie oomtsofthe^omedt,* 234 977 ’ Cas s 8tte 40977 - Each good protection, but leads to lay- The Catalan Middle Ages” 
months, has arranged Vo mSt the rontraK^? femS £3 " out problems and provides less record (HMU 10/051) by the Ars 

in her box at. the opera the and Sctors in Uxeifprivate livls Cantigas de Santa Maria (voL 2). space for information than an in- -ASTSiSl 

ta-SStfer Bondeleux/ ^ ^"“thTSSTpS 1 ft ft2 

Sonto maMeS In 4 S°I? 1 ^ttue U Sid ™D Acs^.e aarlw CM. “fflWe 

SffSjSSVttt-ftSSSJ by M “ &ive M^oue Arab, . Andalonse. *■> *a » to 

Does she see through him? sively theatrical 4 s; soon as he Messe ie Barcelone. Atrium Qemencic players are and where f ^ ^ ta 

SeWsr^ ng T « s °° h ° B - h - sxra SwS Sr 

Sf 800,1 Reviews ; are r-s w;i 

Paee 9, asau 10/051. £3.99 S° ™ereDt from tie 





.^ja-TjawsSS-SRfcsS 

‘ of the ” lg • Pave Q. KMU 10/051. £3.99 7 ho cap - h a ? dly version vastly different from the 

comedy of a class not written ■• ■ ra & e M ’ . from a handsaw had better be Atrium musicae one—no doleful ______ 

much in the age of realism that-r— 1 -- - C 2 e ^Jl l I2f dB ' carefn1 ’ but 1 fi f d , the “fi bakzlngs and squealiags but Festival Hall 

has overcome the theatre, even adds-a silly aff*ted accent SL'W*®*- Oapelea. springiness and sharp colour of s^etMng sere nV and musical 

Neither Diana Itigg as Dona nor that involves . such unlikely 792. £359 these performances most pleas- y^tii the words coming through— ^ 

Richard Johnson as .her husband misuses as “ applawse ” for Orgnes des Baleares (voL l— ing. while being slightly (and in the Madrid performance about 7 I ^L* ^ \Tn4-rn*r> /%1 r „ 

Naodor gives anything away, applause. Since bothlie. and she Sant-Augusti, Palma de probably nnjastiflably) worried ooiy understandable word is I llr; rXllll.THl.K r*l Tiv fT FMFNT fPTCp 
though Bona treads on.thin ice are actors of the higlest calibre • Majorca). Chapetet. HMU 949. now and again by the degree of “ miserere.” and one feels liviVvl vy c i- t m l n i * k/Jvl Jr 

when she caries "How wonder- (fn Molnaris script, 1 mean, as £3.99 sophistication. One or two of inclined to echo that prayer. 

ful to meet ; a. man who doesn't well as ih life), Bona Jyould have Oreues. des Baleares (voL 2— tt ® Uke tte deUghtful, The “Emperor’s organ” in To raise a voice against The has to do service day in day end of the first act was 

project bis voice to the gallery! detected .this at once and- not Saj*-Gen>ia pjm a ae p astor al No 73 (given here m an Toledo cathedral may, in respect Nutcracker at this time of year out. and twice daily at this time mellifluously done, the bravura 
In fact, - is- we learn In the bothered to go alongiwith such MalknCa) Ghanelet. HMD 948. “ ls trtimentai version) sound of some of the gilded marble is to invite accusations of Un- of year, is that bad habits creep of Jjbe grand pas de deux was 
third act, me saw through the an amateurish impersonation, 13 oo . composed. decoration, date from the time seasonal Activities and crypto- in and are perpetuated. Thus bright as anyone could wish. Mv ■ 

masquerade at^ once; but the however well Simulatai- . .'.•■■ The smgers include an out- of Charles V, but the works, it Scroogism. So I will content the Stahibaum party has become own wish, carpin'’ as it may 

adventure was as entertaining Of the supporting carts—and ' standing counter-tenor. Zeger appears, are late 18th century, myself with noting that the rather more rough and ready seem, is that some of tbe 

to her as it. was cathartic to-her this; is basically a two-part play Alfonso- the Wise. Kin g of Vandersteene. Among the instru- Tbe full sound, as revealed in rites are being celebrated as than when the staging Was new. soirtiua-1 and nvroteohnie 

ninshanri. Indeed oe the final _ic a Oharmini nei-fn-rm- .nil T IU>. monte are the hnrdv-eiirdw the first nf th... nn»1 amid the Cnnlh -Ront-'p 1 .r . K ._. ■ _ . . . - 


■formances most pleas- the words coining through— . 

e i “2 ™ the Madrid performance about I U ^ \llTfrw*n 

unjostifiably) worried the only understandable word is I ||C \1JT Cl /I C K PT 

again by the degree of “ nriserere.” and one feels ^ ^ W-1VI CiViV VX 


by CLEMENT CRISP 


third act, she saw through- the an amateurish impersonation, 
masquerade at. once; but- the 7 however.well simulate- 
adventure was ~as entertaining - Of the supporting fearts—and 
to her as it. was cathartic to her this is basically a twf-part play 
husband. Indeed, as the final —there is a charming pertonn- 
curtain falls she is once more ance by Madoline Thomas as 
at the piano, playing the Chopin Ilona's dresser, now heihonorary 
that indicates the onset of her “mothera■somewhawtfieatrical 
romantic wanderings and gazing representation by PhSip Stone 


perform- Castile and Leon from 1221 to ments are the hurdy-gurdy, the first, of these three fascinat- usual amid the South Bank’s and the careful placing of inci- furbelows should have been 

iuiub 90 IWM _v._ /'ll,_. /IV._Calimnn haoniiup finnhlo Ants inn nroan V., .nnnwit. ik.i_J_. il. _. __vi. i___ ' _ _ 


romantic wanderings and gazing representation hy PhBip stone for he got his subjects into 111 the Pelican Musical instru- though God were being praised it saw m Festival Ballet s staging, general melee. Another debit is rhu Alicia Markm-a nave * it 
wistfully through the window of Bela, Nandoris confidante, one trouble through his inordinate through the Ages) played with a thousand tootling The production is Ronald Hynd’s, tbe unrelenting vivacity of Clara, ah „: 1 i l J VuT Than it 

where only the day before she of the few sympathetically-drawn and he often neglected v* 01 ravishing delicacy by one trumpets and burbling bassoons and one which I admire a great a role which it would be agree- * taEr „n»i tkl 

had seen her guardsman. dramatic critics to b£ seen on affairs of state to indulge his Chemirani. Whatever help the —the pieces chosen favour the deal because it makes the Stahl- able to see performed at some- *T" , p tt_ « 

No doubt because the play is the stage; and some mce minia- passion for the arts and illuminations may be, the codex extrovert side of the Spanish bacrai household more credible thing below a fortissimo of .y," 

about actors and acting, Peter tures by David Schoffild as the sciences” Perhaps that is why evidently gives no instructions character. There are battle- t * 330 in any other version I know roguishness. MigBesieu oy tne programme. 

Wood's production is consciously stage-struck debt-collfector and he is also known as the Sage, for performance. Just how much pieces, tientos and a jolly —Margaret Miklosy’s Frau Stahl- gui all in alL the presenta- 7 ■ a P art ’ Terabusr and Bart 

theatrical. Instead of opening in Brenda Blethyn as th^eid. th e Beamed, or the Astronomer, divergence there may be in ensalada, literally a salad of baum ® triumph of social aspira- tj on i S stju a charmer, and “f 111 ? sincerity to their dramatic 

the sitting-room of Nandbr and - ★ . -'gt . _ • We can forgive his political modem practice is indicated by tunes, and rhythms. This Uons come t0 naught — and Elisabetta Terabust and Patrice P la >ung and an easy assurance to 

Ilona’S apartment , we open on At the Olivier at 5 ^ in the shortcomings and be grateful for comparing the version heard Emperor of instruments is said because the nonsense of the RartlinTl i M 1 | 1 UUI ...„ m . n ,i, 11 |, their dances, and Festival Ballet's • 

the stage of the theatre, where evening you can see Michael bis passion, above all for gathei- among the group of Cantigas on to owe its good state of preser- Kingdom 0 f Sweets is at least ■ , , r ,\ ^ , arlisls go through their various 

they have ■ been playing in Goueh. Gawn.. Grattger and inc tnwth*r at court “a tbe “Troubadors ” record of vation to ha vine been rareiv cleverly plotted. The trouble * n command of the roles of pates with the best will in the 


Othello. The curtain-calls over, Robert Cushman Ig a bio- notable group of writers, poe‘s No - 34 °, “Virgen, madre used—it seems to be in spanking with any production, though, that Louise and Karl. The duet at the world, 
flats ftU from the flies to enclose graphical recital of lioeins by an d musicians, among whom the gloriosa,” with the Clemendc condition. 


the sitting-room downstage, but Ogden Nash that Mil Cushman Moorish instrumentalists from one. The latter uses three singers The two Balearic organs are TallrnffhATnum 
they do not transport ub to every- has arranged. Mr.I/Nasb is Andalusia and troubadours and 1113 a flute, the former-a solo tucked away in convents at lOWn 

day-life. We are in a small remembered as tbe paster of jongleurs from France” were baritone unaccompanied. The Palma, Mallorca, at once near 

theatre set where the walls, the false rhyme, ofteif requiring set to produce the celebrated effect of the single voice is and infinitely far, one may T'fc 

designed by Ralph Koltai, are an American pnmunflation, as Cuntiaos de Santo Maria. beautiful te a. consciously surmise, from the tourist track. Kll /l / I rfAPA > a mtamv TiTAnxrnnnrT 

only pamted flats covered in in “poniard” and “Ifernyard"; T he collection, embodied in a a “«ero way. like a romanesque The Sant-Augustl organ (given I ILLUli V VJICLU OV AMlUiNY 1HORNCROFT 
fantastic designs that incorporate but be is also a- great^master of sumnt n 0 iis- codex now in the cburch over-restored, with later confusingly on the label, J 

three portrais jof Diana Rigg in anticlimax and the ipempba- Esrnrial contains over 400 sones accretions removed. though not on the sleeve, as n „ „ , „ t , ,,, j 

costume; and before the curtain sised joke, such af “And T ?'“SSeiS ita the That goes as weU for most of SantJerooil was built at the ^Buddy^Greco is the typical songs like Quando. Quando? 0 f the end of old style nigh 

comes down on the first act we Columbus never said aword/All virinn Marv some of them the other cantigas sung hy Jose- end. of the 17th century, the one Talk of the Town top of the bill. MacArthur Pnrfe, Around the L .| U b entertainment as we knoi 

have seen more flats descend to he said was, I am Col 


of the end of old style night 
club entertainment as we know 


have seen more flats descend to he said was. I am Colufcbus, the l iuT?: aSSLo himself- Lui s Ochoa on HMU 566—since at Sant-Jeroni half a century s ? typical that this is his fifth World, and The More I See You d h t it Th . feelin , 
take us into the. ante-room of 14th-century Admiral Byrd.” An “SC UhJmnlt Alfonso’s train included trouba- later. For SantAugusti Mr. visit and be is booked to appear -has kept cabaret artists fed that tee customers^ expected a 

Ilona’s box at the opera, where enjoyable hour. »* . tone tfSSi axSS d °urs and the reverse has Chapelet. clearly a player who at 11/clodkeveiy night for the tor many tedious years already. g? m «e ttan wSo^tand 

•• ■ • • senuine troubadour songs sung knows exactly how to handle next four weeks. Why. then, was His attempts to amuse the audi- dellTrod in ?uch a casual th?S5? 

? 0n ^ a different baritoneTLouil these instruments, chooses works tee opening performance on ence were half-hearted, and his S 7t?,e It wi ail dead and 

—H—M—i deques Rondeleux, with viele by Catalans and Anagonese com- Monday so dull, fiat and nnprofit- versatility was Umited to link- ^ed’ Ind unSnative there 

\ Jr ^5 and tambourin, & title of the Posers of the period. For the able? ling the piano keys and drifting „ a £i t U Sffil?^SieShS 

Floi^ce ^wS^ roSi* te^S record is admissible. Madden- delicious]y_ clear, cool tones of A big reason was probably slowly across tee stage. mfre creativety entertSSns o5 

s“ a^.risMiiSrss ^ 

Provide aho»it music^ testru- ^ ngriod 0 f 14 * 1 . century Ars northern composers as dance floor again, the edge has T f-, . 

? eats of ^ et f“ e ’ »S° ut P^* Nova^it couS tteSifieJt Sweelinck. Scheldt, and Pachel- been taken off virtually every LOWfV 111 SCOtlaild 

b about the multi- oCho^selting Sthe beL Thus tee gramophone appetite before Buddy Greco J-»WWljr in OWJtiailU 

nationality of the performers. . . , d rnn „ h i v enables us to hear musical appears, as on the part of the Following the Scottish Arts ton Lodge Museum, Hawick. 


nationality ot the pertormers. ^ and olayed ronehlv enables us to hear musical appears, as on the part of the Following the Scottish Arts tan Lodge Museum, Hawick, 

The language was Gahcian, . . , £ i b treasure hidden in remote man himself, who flew in that Council Gallery exhibition of February 19-March 12. Aberdeen, 

ancestor of the dialect of North- Atrium MuSSe Enmblefrom reli ? ious foundations If they very day. It shows a profes- the English artist L. S. Lowry's March 18-April S. Dundee 


wm, 




m wiI1 not **« entirely at sea. f 4th centnrv ^ are not withoirf' restored. I thing strenuous. His material— January 21-February 11. Wil- Perth Art Gallery. 

l4;jgg> interest, and they'Lave relevance]---—---—-;--- 

I S?SotoS317 O" “ nt ^- I I I'i 111 I III II IIII ■III I mi .lull.Ill..Hi 

1 iDClUd , ed ?- mon8 t 1 he The same Madrid group is 31^8 if Si f « Pi I IBTHI 81 8 il HI 

I appealing hst now in- heard on HM 389 a recital of >* 

■ dependent from the French Arabo-Andalusian music wel- 

■ branch of Harmoma mundi. They come for rarity and historical V . . 

■ are a variable.m Britain: if infor- ap pea j —material and style have 1 CC—These theatres accept certain credit cards by telephone or at the box office 

■ znation ^should be unobtainable been 1 transmitted by oral tradi- odcda * _ L _.___ 

P from defiers, try c/o Rediffusion, tion through Arab performers in ^ ° PERA * BAL1 ^V THEATRES THEATRES THEATRES 

F 19 Ramilfles Place. I^idon WJ various Nortii African centres rausiu ^ S^ie 0 awf. C SS .“ V 30 Sd^afso^W^SS 1:8: LONDOH Sit 437 7373 ‘ Q E U 4f N s 8M 

.telephone 01-784 1483. Though where Moorish musicians settled To » iB M 7 ^ 7 30 wi bS pIaJ"oi 1B i 7 hl y™ r rdl ro THF “i« GuiSn^A ’ 

M one or two issues have previously after they had been expelled, cen- uS^grid?' hywel^b?nnett*1„ 1 sU“oravs book n8U 1 TSmm«wmm. a N«.™f a y°b? auanmnnctt 

s appeared on other labels, tee list tunes ago.during the reconqnest XttZgVSXSS raff nn b?cufpood wiumSSs 

| is rich enough to demand a look of Spain. Some items are enjoy- LAST wseks. mm end jan. «. ‘Bffi ? sSS s3 6 '«mT'aSM>: Pi a » s Mhm u^M^m^a-ard 

■ before record tokens are spent able (there is a teasing antrei- wrf, -.* iBW B far Frt ‘ T*' 555 = 5 = -^- oi-sas 3276 3 ihc ver m ai t on n , otawe wt-tnefi 


OPERA & 


CC—These theatres accept certain credit cards by telephone or at the box office 


THEATRES 


THEATRES 


THEATRES 


ol eerl. Now booking for Feb. gerts. 


Sats. 5.30 and fl.30. Mato. TTiurs. 3.0. 
Winner ot all 1375 Awards 
Bast Hay m the Year 
HYWEL BENNETT in Simon GRAY'S 
OTHERWISE ENGAGED 
Directed by Harold Pinter 
LAST WEEKS. Must end Jan. 21. 


OPENING MAY 25. 

FOR A SUMMER SEASON 
THE TWO RONNIES 
BOOK NOW; Theatre and Agents. 

LYRIC THEATRE. Ot-437 3686. E*s. 8.0. 
Mats. Thurs, 3.0. Sats. 5.0 and 8.30. 


Evgs. 8.0. Sat. 5.0. 8.30. Mat. Wed. 3. 
Alec Guinness 

THE OLD COUNTRY ; 

A New Play by ALAN BENNETT 
Directed by CLIFFORD WILLIAMS 
BEST PLAY OF THE YEAR 


Notes' are in French, sometimes pation of Ravel’s BoleroT. oteen “^S^S^Sjrdtt 


r 5i-5,-0- B1 Sa,^-_S.O and 8-30. Plays and Players London critic’s award, 
JOAN .PLOWRIGHT I ■■ One Ot the most notable theatrical 




Ir'-wmi 


translated into English. Words are more fun to read about than 
are in most cases provided, in the to listen to. The trickle of water 


Collegiate Theatre 


-r VHE ROYAL OPERA Impeccable . 

Tonight.:.Sat. A Tires. 7-30 p.m. , 

■n.‘P > ZJL e & n 5* ui _ ’ ** HILARIOUSL 

* ROYAL BALLET —--- 

Tom Of. 4 Weds. 7.30 p.m. Sat. 2 p.m. DRURY LANE. 
Swan Life. Mdo 7.30 pjn. The Sleeping night 8.00 si 


LESLIE PHILLIPS 

*■ Impeccable . . . P maste r. 1 * Sun. Times. 
’• HILARIOUSLY" f’unAy." N. ol World. 


Beaunr. 65 Ampin* feats for *Ji parts, on Sat. a'.oo. 

sale from 10 a.m. on day of perf. a chorus line 


The Magic Circle 


3216. COLIN BLAKELY 

3.00. and Patricia Hayes In 

FILUMENA 

,mC *' Dlr^nJ >r h5 ai r l D ^'^riOFi I I REGENT. ‘01-637 9862-3. 

forld. ** T D OT^Tr7umph." C e» Z N^ EL ” AN T.. W. W l.MIL Thurs and Sat 

Everv PT ^FILL THe” LYTrir E 'fdr' ^'hLINOUD SEXUAL PERVER5I fY IN CHICAGO 

“J3 F,LL YEARe-in n Hil R T^nR< U DR£ ° AND DUCK VARIATIONS 

*"“ _ YEARS. Sunday Times. Oy oa»id Manet. 

uAvtm n , ... The laiL 'S dirty, the people are mcc 

M »ai®M 2031. Daily 10.30 You will have a good time. NY Dly. News 


events In this country lor a good many 
years." B. Levin. Sunday Timcs- 


ROYAL FESTIVAL HALL 928 3191 

LONDON FESTIVAL BALLET 


A CHORUS LINE 

** VOTED BEST MUSICAL OF T976." I 
DUCHESS- 836 8243. Mon. to Thur. ' 


2.00 and 4.00. Last 3 days 
SOOTY'S CHRISTMAS SHOW 


until Jan. 14, This week dally 3 & 7.30. E*S». 8.0. Fri and Sat. 8.15 and 9.0. MAYFAIR. 


Diana Rigg anif Richard Johnson. 


Leonard Ban 


Next wej* mm. 7_Kl Mat. Sat. at 3 
„ _ THE nutcracker 
T oday -matinee*. Terabastaart 
Tonight; EvdofclmovaiBreuar 


OKI CALCUTTA] 

" The Nudity is Suinnina." D. Telegraph. 
8th SENSATIONAL YEAR. 

DUKE OF YORK'S. CC. 01-836 5122. 


MAYFAIR. 01-629 3036. 

. THE MAGIC MAN 
Marvellous Magical Musical 
** STUNNING TRICKS.” Dally Telegraph. 
Mon.-Thurs. 8. Frl.-SaL 6 IS and 8 JO. 


%|ll )W bv ANTHONY CURTIS * r ,W*U* THEATRE. Rosebery Mon-Sat. 8 - 00 ^ M >“- 3 -°° and MERMAID. 248 7656. Rest. 248 2835. 

JllV/ TV U J L ii w X LJ XV X A A*e^ E.C.1- 837 1672- Until Feb. 1 a! StA^pSn ?h»c Evgs 8.00. Mats Mon wed Fri * Sat 5.0® 

p OYLY CARTE OPERA pSVii* niwliui DAvY Jf? 1 ** 5 - MICKY DOLEN2 

The emphasis In this year's Still, there were three acts with ev^ 7 .io . m \ES* s.m. »..L ■ ln h ^ r e y p5'i e ^ ON 5 


Elizabeth Hall 


Magic Circle Show is on produc- a completely different flavour £so. '^r^Weg. wt'mijfcgwgfc 
tftm numbers. In magical par- **** fenzance. *__ PIBA 

lance this means acts where tee ensure te with its own highest ^-. TDCC - 

magician converts a space standards. One was the Great thAS^c^ 5 ot-bsb tsii. 


SIAN PHILLIPS 
PAUL DANEMAN 
In 

SPINE CHILLER 
Tickets from £1.80-L3-B0 
Opens tonight at 7.00 
Instant Credit card Reservation. 
Dinner and Top-pnce Seat £7.30. 


DAVY JONES. MICKY DOLENZ 
In HAARY NEIL5DN'S 

.. THE POINT ] 

"a dozen delightful songs which linger In ; 

tho memory.” D. Express. \ 

Stall tickets £1.25. £3.50. Combined 
DInner-Theatre ticket £5.95. 1 


ELLE Ot LUI. CC. 01-437 2661. 
Walker’s Court. Brewer Street. W.l. 
Twice Nightly 8.1S and 10.15. 
PAUL RAYMOND prpMOtS 


NEW LONDON. Drury Lane. 405 0072. ROYALTY. CC. 


vymond presents 


International SoectacuUr with the 
magical Ingredients ol Theatre. 
Cabaret and Circus 
SURPRISE. SURPRISE , 

Until Jan. 15. Mon.-Frf. 

Sats. 2.0. 5-0 and 8.0. £1.SO. £3.50 
REDUCED PRICES FOR CHILDREN. 


sexual act.*' Evening* News. You may l NATIONAL THEATRE. 


OLIVIER (open stage): Today 2.30 I red. 
Or. mat-’ A 7.30 THE PLOUGH AND i 


AGATHA CHRISTIE'S , .... nr ronu 

MuRDE Th^ T G ^ g«sy? rvs?: 

__—- Mortimer. Tomor. 10.30 a.m. & 2 p.m. 

•ARRICK THEATRE. 01-836 4601. Sir Gawaln nri Me Groen Kntght. 

Evs. 8.0. Wed. Mat. 3.0. Sat. 5.15 6 8.30 COTTESLOE (Small auditorium): Ton't 6 , 

JILL MARTIN. JULIA SUTTON Tomor. 8 HALF-LIFE by Julian Mitchell. T 5®5, u .7” ■ , D J A 8 S ?. 5 ? 6 ^Z 

DAVID FIRTH and ROBIN RAY hi the Ton L 10.50_p.m. La to-Night THE Ew. 8.00. Mat. Thurs. 2.10. 5aL 5.00 

■•BRILLIANT MUSICAL GROUCHO LETTERS (all seats 50p. Lasts T.rucT2 d x??2-ra nn 

ENTCRTAINMENT-*' People- 5Q mins.). TICKETS £1^0-£*.00. 

SIDE BY SIDE BY SONDHEIM Many excellent.cheap seats all 3 theatres _ PAUL JONES 


Dales, wane aominng me skjii ot - dibck an, raai is movements lmnel bart-s- 

snifested by both teams, I performed against a black back- miraculous ^muskai. fib. nmes. 
und the dyed feathers and coats cloth in luminous lighting where- ;‘«oy sciwm Derfprmance,-. 

tiie animals most distasteful, by chairs and tables appear to wtS^fJn J . OA ^ »i R ^lw ”is D i 

More elegant and agreeable levitate and the magician to walk tr!umphant|5'- °unsi ! der c your s 
ire two more production along the sharp edge of his own 5 !gain u d k Mir? M A84 - t 70 SEE ,T 
perts: John Klox with a cornu- sword having beheaded a col- now" booking through 197 8 i 
pia of timepieces, graduating league with it! . -- 

E humble fob-watches to Finally we heard a fine 
rable grandfather-docks, and example of ventriloquial art 
Stevens, the rangy-Jooking from Terri Rogers, a lady built 
fyung magician of the year” on Rita Hunter-like lines, and 
£h bis deftly bandied tens of with a comparable lung-capacity 
sying-cards and lighted candles, which she projects into the per-__ 


GARRICK.THEATRE. _ 01-836 41 

Evs. 8.0. Wed. Mat. 3.0. Sat. 5.15 6 E 
JILL MARTIN. JULIA SUTTON. 
DAVID FIRTH and ROBIN RAY hi 


ID FIRTH and ROBIN RAY hi ttW 
** BRILLIANT MUSICAL. 
ENTERTAINMENT.*' People. 

SIDE BY SIDE BY SONDHEIM 

'* GO TWICE.” Morlev. Punch. 


■■ GO TWICE.” Morlev. Punch. dsv ol port. Car Dark. Restaurant 9 

'* GO THREE TIMES.” S. Barnes. NYT- 2033. Creflit cam hkgs. 928 3052. 
GLOBE. CC. 01-437 1592. Evenings 8.15. OLD VIC. 528 761 

Sats. 6,D A 8.40. Mat. Wed. 3.0. Christmas mats, for tnldres. 

PAUL EDDINGTON, AMANDA BARRIE _ ^ “Shrieks of dNighc 

IP the SECOND YEAR Of THE GINGERBREAD MAN is a hi' 

DONKEY’S YEARS. _ Dally Telograph. 

bv MICHAEL FRAYN ** SotelKHd.** ITic Times. 

THE BEST COMEDY OF THE YEAR ■■ Lovely atnff." Daily Express 


' >• • - * SL . J LTL iZ Cirde gave US somethong com- _ -r _ oSSraSSTS^SmYSTm. Dinner-Theatre' ticket 55-9 S._ 

■ ' * a3Dce this means acts where the ni ensure te with its own highest ^lifatdcc elle ot lui cc- 01-437 2661 new. Lon don, . Drury U nt. aos 0072 . 

r^OrhPrdtQ 1 \7C\7 ma0cian . converts a s P ac f ^andards. One was the Great AmHl ttaS^^Pot-sm ran. Wa &* tnr.STO.iS?' u '’ maDlc^JnBrSeT^ U of r Theatre 

V y/lT l rCI d.Ld I j Vu V apparently empty into one pal- Kovan, a Hungarian illusionist E »S*- 1 Z-JgoS&i, a* sa«7 4 . 0 .’ paul^iaymond ' sunpRw£ n EURPRisE 

V^UllIVXW*tM. J VJJ pably - ^ 0 ,^ ^th objects, with a winning manner, who is sp £ c^^v3u? iv 2^ ^unes An erotic oomo- 

• ■ - animate and inanimate. Brian often seen on television, and is AND Ry ^ r r C ?J£SZ V '" *- Peof,, «- graphr. ■ CDocL.iooking mw»*nci women Deduced 5 p°rices for children 50 

bv ARTHUR JACOBS Maieraod Audrey start the show even more baffling face to. face - s , lc J HE „teS^is MUSI ^ L NF has ^ national theatre: -azT^iia: 

A ^ - 1 11 w ■ ■ by. -conjuring multi-coloured a5 be spirits his pretty assistant SL K-BRrn8NG U ° l n ai T7 HAS drink and wnokc in the »udrtarlum._ OLIVIER lODon .r«. 

: . ... • doves from nowhere, and later away suspended In a net which K CRe |^ ilARD FOBTUN£L 85 Lb 23 s b - j ^b 8 ' Thur ' 3 ' the"ctar| s 3 s»”o(S?“ c "o*ot. 

An Vivaldi’s “great if Mr. Tyler taiew better, his The Wychwoods periorm the is then s^n to contain only her 7E -- Mur,el ^W^chri 5 ^' 1 * ,n bum): to»-l 

rAmviiii iva Talents n noorlv served variants and. additions helping to even more remarkable feat of dress. Before him there was ^ ^ murder at the vicarage bvHimSf. E r^f Y hv F ^JS 

repetitive talen pass ■ the time agreeably with creating the same effect with Omar Pacha, a skilful exponent ^ J ^ Sj «' 4 5o’ _ _ Third Great ywt _ Mortimer. Vorao^ioiio'lJn' »VI 

by devoting a concert “ what is rather a duU woA-Ahe poodles. While admiring the skill of - black.art,” that is movements * "Br?? ! LCOME 15 ^Iff bWlSa s^VW* 4 ^ cot^de * 

hun, as Ronald Cnchton jaandoKn Concerto in C, for manifested by both teams, I performed against a black back- wraculo* musical fib. Times. . jill martin. julia~sutton. Tomor. b half-ufe by juiun Mitchoii 
suggested on this page this which he employed a smaller in- roun d the dyed feathers and coats cloth in luminous lighting where- j ,R ®Y " brillIaS^t musical groucho letters’ uiTfeats lop. Lasts 

week? The accusation ol mono- stnunent than the mandolin oj tftthe animals most distasteful, by chairs and tablra appear to s-d? by T sIS^so^mm iM s the*™ 

lonv in his riiusie was haonilY to-day. Miss Dolmetsch, blessed £More elegant and agreeable levitate and the magician to walk triumphant^y"-. cdns derVour- .. » < ? leV B,rS^' , Nv T Stf 1 ^^g 1 -- 928 

lon> in bis music, was happi y wWj a much more satisfying were two more production along the sharp edge of his own JHf.W 1 ® w SBS'WJiPfc ' gg= ™ ^ 92 \ -“S’ 

evaded on Tuesday by a clear concerto< muc b more difficult to Aperts: John Klox with a cornu- sword having beheaded a col- now booking through 197 s s«L^ C 6.o s sno. tfit. 'v£S? s5i. Christmas mats, for h.fireL 7 * *' 

contrast of textures. As well as play ^i [C n in C, no. 443 in the ^jpia of timepieces, graduating league with it! . --- - ■ Dr . ,Nr * Tati 1 “ A **' 4 rarrie 

the usual sound web of bowed new . Ryom catalogue), gave an $ran humble fob-watches to Finally we heard a fine 
strings and harpsichord, there astonishing virtuoso perform- merable grandfather-clocks, and example of ventriloquial art 
was the novelty of a concerto for Mastering her tiny instru- R£ss Stevens, the rangyiooking from Terri Regers, a lady built 

S with its finger-boles so ^eng magician of the year” on -Rita Hunter-like lines, and 

mandolan (with Jmnes Tyier as close together, his deftly bandied tens of with a comparable lung-capacity 

soloa«) and one for sopramno ^ herself truly the ^^ing-cards and lighted candles, which she projects into the per- ___ ..... _ _ 

recorder. (with Jeanne illustrious Carl Dolmetscb's Me as all these performers son of her cheeky male puppet, ambassador, cc. « 1171 . e«. Z ?ippjW i, Fup’ fCo? g^mdrom and all h wr^ove 

Dolmetsch). . T. daughter. >fere, it was surely clumsy pro* without the slightest apparent MM, ‘ J.Sioi'lfc,-5^“' , 5 J °, ,r ! d a<30 - •oon. a munch for vwnp cMUren- *hton^.«» 

d*££SSSS * - BgagMfe 

f f SS at inS^ I p A r T 'c for A r+ ’ _ ,K-« >"’• " “SsSs;."”' 

SHfi!* T SKi, teoderu platform by ,(K think) |h e dynamism which seems to that it can call on the services of ^ F £ h B rri M !^S^N IST ‘ E ' Iuw^Ir. 8 4 ° : 

S^iSssrs P?mm b vnu-n “ sm 1 *® 

tone and fiww , Barshai’S • self-imposed exile- thjpspring when Business Art art, not only to embellish offices £**° ’ S2T^w J i 2 2 ld. 7 D sat & 5n b ?is‘. xeith penelope 

ni S fir Bec * UK I l erfoni ? rs ' 6ets under way. and Boardrooms, but also to offer "^'t K !ffl&u>*Nvr^Ti-T«. 1 y«ndy 8 hiSer n mic %jgel sto^'™ 

full, and deserves to be so tor f 0rward on this plan, and perhaps B®ness Art Galleries (or BAG’S to employees, in addition —great bnmrtaimment_ ‘’ n 0 w. DOR, s habe June jago roy dotriu 

their renwaning coacerts to-. als0 because of the greater free- as^t will be commonly known) selected galleries throughout the ARTS T ™S EA iS hL-, - <"•» ” » «■ c2™y Ch itSW 

flu® for strong bodily movement, in^ives the Academy in selling countty will act as agents, stock- waters o^"the moon 7/ efffi s“w T 

Vtvakhs Opus 3,-No. IV wie -the- sound was projected with wo%s of art first and foremost mg BAGs output; which will ftUH;SfJJaHa- “outsuneinsL i rr h 9 l !V hSavei* »*»■” 

»!?"“ UveUl,esS - t»JNmp»nia. but to the. mM,; consm ofHmhea editioot m majEstv s. - . SijS wri : ■«««. S'3fS®!^*Na 


Stuopnt Stand-by Tickets available alter 
7 30 P-m. £.1.00- 

ROUND HOUSE. 267 2564. Evas. I. 
ACTORS COMPANY in 
THE IMPORTANCE OF 
BEING EARNEST 
bv Oscar Wiloe 

** I laughed almost without slopping." 
Financial Times. 

ROYAL COURT. 730 1745. Evi. 5 

Sat. mat. at 3 
7-94 Scotland in 
TREMBLING GIANT 
bv John McGrath 
See also Theatre Upstairs 


01-405 8004. 


Mondav-Thursday Evgs. B.O. 

Fit. 5.30 and B.45. Sat. 3.0 and 8.0. 
London's critics vote 
BUBBLING BROWN SUGAR 
Best musical ol 1977 


and 8 - 00 . 

TICKETS £1.50-14.DO. 
PAUL JONES 


day ol pert. . Car pirC ftestaurain 928 A NEW CENTORY ROCK MUSICAL 

2033. Credit card hkgs. 928 3052. .DRAKES DREAM .. 

., - ■ . Many Merry Retrains. Evening* News. 

ILD VJC-,_ „ . ^ S28 7616. ‘-Bouncing Vigour/* Evening Standard. 

enristmu mats, tor hildrei. - Soectacutar Presentation.*' Stage. Dnr. 

°1 deliglit and Too Price seat £7.75. Instant Credit 


THE BEST COMEDY OF THE YEAR 
GREENWICH THEATRE. 858 1755. 

Evos. 7,30. Mat. Jan. 14. 2.30. PINCH- 
ME-NOT. A new Comedy oy Richard 

O'Keetfc. ” An excellent first play/* 
Times, “ A considerable aUiwvcfnent.” 
D.T. Late right mus'cal reyue. at to.15 


as all these performers son of her ch^ky male Puppet, 1171 . e«. b. ^p^'flE’ nor gumdrok JKS 


e. it was surely dumsy pro* without the slightest apparent 
nme-plaiming that brought movement of her lips. The 
nany similar acts together in backchat between them was 
bill* likely. ■ 


M^.T^.^^Sn-SatB. 5.30 and 8.30. BOOTS. A Musical for voting children. 


Musical 

SOMETHING'S AFOOT 


Jan. 4-6 at 4.45. Jan. 7 at 2.15 and 4.45 | 


Christmas mats, for h'ldr-T. 
■■Shrieks of delight 

THE GINGERBREAD MAN is a hit." 

.. t , D *!!r Teiegraoh. 

** SolencHd." The Times. 

■* Lovely stuff.” Daily Express 
Dally at 2 p.m. until January 7th 
10.15 mats, now at 5.00 P-m- tor 
Friday §th and Saturday 7th 
Seats available. 

PROSPECT AT THE OLD VIC 
In reoertolre Jan. 16-Mar. 25 
HAMLET 
ALL FOR LOVE 
.o™.,“ IKT JOAN 
ANTONY AND CLEOPATRA 
Bookings now open 


PERFECT lk pAM|LY "SST7%fwed. 230. *H °UoVa“?i; OTU* SPACE ™BATRE. 01-3B7 6969. 
SHOW." 5- |JWi “ EmwKaiiffy, | CLAIRE DANIEL T SSg4Ir5H5. dl, L.S' fls * 

loved every daq minute of K." P. Mirror. BLO SM.,. MASSEY CENSORED SCEN_E5 FROM 


. 01-836 1171. 

.owt at 7.00 
JM McKenna 
tarfft. in MEMOIR with 


BAG’S for Art ' ZTMk~l''2 

le dynamism which seems to that it can call on the services of Nljt » 8yggv._^». a. mjl tiS* sllats! 
i infected the Rojqd Academy most of its academirians. The idea apollo. 01^7 2665 . ew. sjjo. 
e days takes a new form in is that companies will invest in " donaId v s'^«n S is' superB n “ mSS’ 
spring when Business Art art not only to embellish offices .■WWW FMra*»Kn° 


uays taxes a new m u> lwki cuiUKAuiea wm uiveat m « DONALD S'WJsnTs Superb ” r 
ipring when Business Art art not only to embellish offices ^thinfS? 

ties gets under way. and Boardrooms, but also to offer - *• wicked|y_ FUNNYrrimea. 
ess Art Galleries (or BAG’S to employees, in addition — great^ n ^taiwent." now . 


BLOOM MASSEY CENSORED SCENES FROM 

MICHAEL ALDRIDGE Hi KING KONG 

ROSMERSHOLM “ Monitrously wlovvble.” THnei. 

DIRECTED BY CLIFFORD WILLIAMS MUST END SUNDAY 

. _ “A MURDER PLAY MORE EXCITING pVVVrr - .«V.^ 

«nr«aHN W h» THAN ANY BY AGATHA CHRISTIE.* *"£*- hlir . 8.00. Frl.. s„. ^3^*8% 
a. Mat. Tue. 3. s«t. s. rih S A t u > MrrE? l SlA^N jesus Christ superstar. 

HAYMARKET 930 9832 PHOENIX. 01-836 8011 

pSftoOjM. 24 {Charity. andJan': 25.' Ergs. a.O. Mar. Wm. 3.0 Sat. peris. 
Opens jan. 26. 7.D. Sabi. 8-0. *** ■-0?- 


Oom jan. 26. 7.0. Sabi. «*g». 8-0. 
MM. Wed. 2.30. Sat. 5.0 and B.1S. 
INGRID BERGMAN 
WENDY HILLER 
DORIS HARE 

BEREK FRANCES 

GODFREY CUKA 

WATERS Of" THE MOON 
bv N. C. Hunter. 

NOW BOOKING 


Zisman, delayed an even-toned It good, too. 
eloqueuce of b« own as partner- 
to Mr. Lysy hknself- Wolfgang 
Me hi hero being tbe colHat ‘Realism at the 

For all its fire, what Mr. ItfSy’fl , T 

direction : curiously lacks-asd it French Institute 


JALUW, UUL 41160 LM ASTORIA. CWrihe X Dri nn .. HER MAIBTY^ 01030 Uni' 

public. of original prints, never exceed- 01 - 4 it 4 *5757 w oi-% 4 01 4 i<r 7 . ^nrnt evs*. b oo. wed- »nds*t s-oi^ami «.oo.’ 

Jly the Royal Academy tog 250 to number and costing S^. VS^sg’tjw^Si 'g%£ Thn lee Montague* h^l.ndsay 


LEE MONTAGUE. HELEN LINDSAY 
in TERENCE RATTIGAN'S 
CAUSE CELEBRE 


4.30 and s.OQ. 

KEITH PENELOPE 

MiCHELL KEITH 

NIGEL STOCK 

JUNE JAGO ROY DOTH ICE 

W% the Chkhff«l*r FcatWal Theatre's 
oroductlon of 
THE APPLE . CART 
bv Barnard Shaw 

” Outstanding revival of b>igy«nt Shaw.” 
Dally Telograph. 

Directed by PATRICK GARLAND. 

■ LIMITED SEASON 

PICCADILLY. 437 4606. Credit card bkfl. 
836 3462 <Ex. Sat.] Mon. to Frl. 8-00. 


is a lack made obvious by wbj ^ ro ^ cide ^ ^ exhibition 


. mj —— *—* q.OOi FrL 6.00 and R.4B.- LEE MONTAGUE. HELEN LINDSAY 836 ?«62 lE*. Sht.1 Man to Frl 8.00. 

the a majority shareholder from £40 upwards. _.JFelvis ** m batticaws sat. 5.1 s. b.io.-wml s.o'. 

lG’s, along with Curwen In addition to the prints there nek***™?c«dit cam “ ratti gan r eveals his e mastery.** boyal IaucouIly* 1 funny PANY ,n 
and Mountstream. ptween wffl be plctum a^l scnlptures. & ’ T ’ d G t LYN 1S , ’"SSnS* 

hey will S6l8Ct works of JUt, which could cost £500 OC more, after sho++ In fidvaflce< rn-g?Q d Erwv ®!3 1u I, 10 Pl«st entire families 

r in the form of limited with a stock of around 500'items .. __ ownhs March 2 a ’ 


s and Mountstream. Between wffl be pictures^ and sculptures, I J* jWSPSSaTSSift^ d g ^ vws 


■they will select works of art, which could cost £500 or more, 
ly in the form of limited with a stock of around 500’items 
of commissioned prints; the finally available. . Among the 


__ " Infections- afl 

trast wtth last niches two guest commissioned prints; the Anally available. Among the - 0 ***^. ' " m 1 *^ bB53? 

soloists—is the touch of fantasy Gustave Courbet 1819-1877. which Ctafen Press will be responsible artists whose^worbwill berepre- ^i2! a W ,l 2M“»!!t*?A« it “ 7 -*« N ^ M R s r 

and invention. Repeatedly m has been organised by the Arts for^tbe. reproduction; while sented Graham, Sutherland, *‘SS n 5* a £ kins' ROAD THEATRE. 552 7488. 

Vivaldi’s scores, as te those of Council and will be on show at Mougtotream handles the mhrket- David Hockney, He nry Moore, s» M cn»^S*” m ^toe TI SE^h F «»rSr 

his: coirtemporaries, there are R 0ya l Academy of Arts from “S^de*, ^ all goes well BAGs Hepwwth, Ben now in its su. rocking^ ear 

Places where trills, cadenzas * ,om,_v , Q rh _ ■F TPJU .h could qmddy become the biggest Nicholson, Victor Pasmore and "A-" 7 * lr yfctt,y» London .casino. " 437 6 B 77 . t«.i«i 

aud^variSre Med to be wp-Inarch 19. the French puiTCyor of ^ in the Sir Osbert Lancaster. The Royal ^ -1 S 'MAaSSt* 

Sill K?ti!r ^rfkrmers. Mr. Institute have organised a series country, and the first year's sales Academy sees BAG’S as a way of *«■» * l !g3g!°°». sutw e»wl susannah^yor.k^rdn moody 

Ly^ rSd?fch P p?S^ , baMly of lectures on “Realism - to be target is £500.000. popularising worthwhile art; it ««■««» tgEgST" ,n 

aod unstylishly. What would held oh Saturday. January 2L Ike Academy will provide a also hopes to make some money -mjlsatinc SgsToS?* m n~n. L 2^l?S!U’ j yf45i! ,M * cc *- 0 >rf ;n :7» a - 
VteliKf have thought of ^ 9.45 where^tential customers '' 

ending the^slow movement of W. TRabaud;' 1L15 a.m.. can-ylew the works on offer. It «er more woirying ^p«ret ^ ^ ^ |<k . 

Mme. Rees; and at 2.00 pun. M. wiffidso take the lead te select- Slei^no help £o m to5S “SSSfejp, L&J&gZ* "ft 8^£S2EP 

^w^«sch-l»la a n..dull repeaaea ingtoe artists in the expectation CounciL m, &FV1X SS^ncw, book ^^VS^abvou. 


KING'S ROAD THEATRE. 5 
Mon. to Thurs. 9.0. Fri.. Sat. 7. 
.THE ROCKY HORROR Sf 
NOW IN ITS 5th ROCKING 


437 6677- Twice 
I. Last 2 Weeks, 
t. RON MOODY 


GOLD."" Sun. Tima 


W»M Oatt S*awn 


in t Mkw wiSa 2 coila5iu p S£SL."! ch ®?’ fiSSS 


Winning Comedy- “rtau* 0 „ Parade 
oerH. h*r« from 2 Feb. 


Card Reservations. 

SHAW. 77 " 01-383 1394^ 

Today 5.0. No Pert. Frl. 

Last Ports. Sal. 2-30 & 5-00. 

A RIGHT CHRISTMAS CAPER 
A new children's ulay bv WILLIS HALL. 

*' Mamc irom start to glittering finish.” 
■F.T. ChND prices. Easy Parking. 

STRAND. 01-836 2660. Evenings 8.00. 
Mat. Thurs. 5.00. Saturdays 5.30 A B.30. 

NO SEX PLEASE—— 

_ , WE'RE BRITISH 
THE WORLD'S GREATEST 
LAUGHTER MAKER. 

ST. MARTIN'S. CC, 836 14UJ. Evgs. 8.00. . 
Mat. Tues 2.45. Saturdays 5 and 5. 
AGATHA CHRISTIE'S 
THE MOU5ETRAP 
WORLD'S LONGEST-EVER RUN. 
_ 26th YEAR. _ 

TALK OF THE TOWN. cc. 734 5051. 
8.15. Dming-Dancina 9.30 Super Revug 
RA2ZLE DAZZLE 
and at 11 p.m. 

_ BUDDY GRECO 

TH. UPSTAIRS. 730 2554.“"E^r VTjfo, 
David Signer in THE KREUTZER 
__ SONATA by Leo Tehtoy, 

VAUDEVILLE. - B3S 9938. £vv~at“l. 
Mats. Tuh. 2.45, Sats. 5 and 8. 

Dinah Sheridan. Dulcfe Gray. 

Eleanor Sutnmerticld. Jamea Grout 
A MURDER IS ANNOUNCED 
THE NEWEST WhDdonnlt 
bv AGATHA CHRISTIE 
"Re-enier Agatha wnn another who¬ 
dunnit hit . . Agama Cnnstle Is naH(. 

Ino the West End vet again with another 
of her fiendishly Ingenlons murder 
myrterte*.' Fella Barker, Ev. News. 

VICTORIA PALACE. ’ 01-834 1317‘ . 
Twi-e Daily at 2.30 and 7.30. 

BASIL . BRUS H’S NEW REVUE 
BOO Ml BOOMI BEET WEEDON 
BOBBY CRUSH AND STAR CO. 

•‘A true lamily show." D. Tel. 

WAREHOUSE. Donmar Tbralre. 836 6S08*" ■' 
Royal Shakeweare Company. Ton’t 6.00 


er nuffrt B»r gacn-ume b etore dr Johns mays pniiianur.- p.t. wild oats TwEJ b,ST m a sn ¥V IW ' 

after snow--b«§g^ r j, HER MAJESTTS. tn-930 S€06. Bp E ^°Sd vUetie^eft!lM •■^ThllSe ’"PURE BA5IL BRtJsJrs^NEW RrVTJE 

InfectiOto- ggggafl, foot-KampInp and BRUC? FOJBYnf THim f..* W IH Oett Seawn BOBBY CRUSH AN^STAr'cD^ 

rj _ ■ is®?" SHa&g gy « -afeafesgA. 

™ KSf «s» » iss^ 

. . ...TELVB ” NOW IN ITS 5th ROCKING YEAR TW -AGLOW.’’ WESTMINSTER. 834 0283. Mon-Thur, J. 

Pe rt o i med with .« verve rar> In British rnuwi« ~ r«ci'»a TrS 'em Lv .7 * iK. T Jr9 r »h. _ Friday and Saturday VM and 6 . 00 . 

■•terally IliSl the in 37 RICHARD BECK INSALE RUnRrs CHRISTMAS ADVENTURE 

5 Fbu 5USANNJU? d YORK. Rprf MOODY^ IlflVEMYwitc The Family Musical, “in a hit.” f. t. 

— J* ?™& l,oaa - Sund a y JgMC PETER PAN ** HILARIOUS COMEDY ’MUSICAl.." Sun. WEMBLEY EMPIRE POOL, Until Feb. 25 

CAMBRIDGE CC^i-Bjg 6506. Mon to " T>n JChH*^*J** In DlreCM.'«V Gene Saks W.th ■’Bountiful LAV HUMpty tft/SiSrJ IME 

TfluTa 8. rri-v .at_ _town. ■Evenlns Stendinl. Imr^ntlon and! wit." Tlrnn. HIIMPTY DUMPTY _ 


- 4tt . p«!NCE OF WALES. Cr oi.qm abri W™ 11 *. company. Ton't fi.00 

.«■ 1a1: zsAfcssM. grasrassa 

IG YEAR " THt r5T*^-.jg -AGLOW.’’ WESTMINSTER. 834 0283. Mon.-Thur, a. 


Daily Tdeanui 
RICHARD BECl^NSALE 

_J. love. MY WIFE - - 


Fnday and Saturday 3.00 and 6.00. * 

RUPERT’S CHRISTMAS ADVENTURE 
The Family Musical. ** if* a htt." F.T. 


and top -erk» year CJ.7S Inc 


Chambon. ' 


inglhe artists in the expectation CounciL 


:OLL«n|ATC. 01-837 9829. 

IMerutlDMl SUM J„ Famjlt Show 
. .«W*LK SHOW 

Ja*. 2-7. 3.00 and 7_50. Book Nowl 


EVENINGS at 7.30 
• TOMMY STEELE 
SALLY ANN HOWES 
and ANTHONY VALENTINE 
in The Ftliy Tale Musical 
HANS ANDERSEN 
BOOK NOW: Theatre and Agent*. 


INSTANT CONFIRMED CREDIT CARD J'* he 2T fS lrt J l !5 apeeuele.*' D. T e l. 


RAYMOND REVUEBAR..CC. 01-734 1593 

^ 7 V2lh? Savun^ 1 "' ope". Suns.;. 
PAUL RAYMOND preterts 

THE FESTIVAL OF I 

EROTICA 1 

FuMy AIR CONDITIONED You may 
drink and smolea in th« auditorium. | 


Chldn, A Senior Cits, hall price eye' 
S»n. at 7 6 5. Pa« at 'leery. Ernmnn 
■*- Spacious car par*. ” 

EM-nsqTAiNHEHT GUIDE Is 
CONTINUED ON PAGE 8 


























financial Times Tiiureaay J*m«.. 




FINANCIALTIMFS StODpUIg the Scottish rot: a 

BRACKEN HOUSE. CANNON STREET, LONDON EC4P 4BY -BT JL C7 'I 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BT 
Tdepuu: Finantlme, London PS4. Teles: SM3U/2, 883897 
Telephone: 01-248 8000 

Thursday January 5 1978 


Revised down 


teaser for the Tories 


By RAY PERMAN, Scottish Correspondent 


again 


THE forecasts of capital 
expenditure published regularly 
by the Department of Industry 
are not forecasts of the sort pre¬ 
pared by the National Institute 
and similar bodies. They are 
statements of future. expendi¬ 
ture intentions by a sample of 
(mainly large) companies: in 
the case of manufacturing in¬ 
dustry. for example, the sample 
accounts for some 45 per cent 
of total capital expenditure. 
When the figures have to be 
revised, it is because these com¬ 
panies have themselves revised 
their spending plans. In recent 
months they have been revising 
them steadily downwards. 

The most drastic revision 
related to the year just ended. 
The first tentative estimate was 
that capital expenditure in 1977 
would be up by something 
between 15 and 20 per cent By 
the spring, however, the prob¬ 
able range of increase had been 
brought down to 6-20 per cent, 
and by the autumn the figure 
bad settled near the bottom end 
of this range, at 7 per cent. The 
figures of actual investment for 
the third quarter (the latest 
available) are an improvement 
on those for the first half-year 
and suggest that an increase of 
7 per cent may turn out to have 
been reached. But the question 
remains whether this sharp 
drop from the increase origin¬ 
ally planned implies a cancella¬ 
tion of investment plana or 
merely a postponement of 
them. 

Unrealistic 

The more optimistic post¬ 
ponement theory seemed to re¬ 
ceive some support from the 
first survey of spending inten¬ 
tions for 1978, which showed an 
increase over 1977 of 13-17 per 
cent As time went on, however, 
it began to seem only too likely 
that these figures were un¬ 
realistically large and that in¬ 
dustry would once again revise 
its plans in the light of ex¬ 
perience. The-National Insti¬ 
tute recently forecast a rise of 
only eight per cent The Bank 
of England, though not suggest¬ 
ing any particular figure, ex¬ 
pressed the opinion that many 


companies would be reluctant to 
undertake substantial new in¬ 
vestment until they saw clear 
signs of a sustained upturn in 
activity. And the Little Neddy 
for . mechanical engineering, 
which has always been sceptical 
about the investment outlook— 
largely because of the low level 
of profitability in real terms— 
last month.flatly declared its dis¬ 
belief in the Dol figures and 
said that there would be no 
major investment boom in 1978. 

The sceptics are vindicated to 
some extent by the new 
estimates published by the Dol 
yesterday, though tbe re¬ 
visions for 1978 are not yet, 
at any rate, as drastic as those 
for 1977. The increase of 12-17, 
per cent, expected earlier has 
now been lowered to one of 
10-13 per cent iron and steel 
is the only industry likely to 1 
show an actual drop in invest- 1 
meat, but the large disparity 
in performance between thej 
private and public sectors re¬ 
cently apparent will be reduced 
by a “ large ” increase in the 
coal industry. 

Service sector 

The question which again 
arises is whether the revision 
of earlier investment intentions 
represents a cancellation or aj 
postponement. Given the level 
of idle capacity, the uncertain 
prospect for world trade and 
the pressure on profit margins, 
the possibility of some fuzlber 
scallng-down of spending plans 
for 1978 cannot be ruled out. 
As for 1979, the Dol is unwill¬ 
ing to read more into the 
results of its inquiry than that 
some further Increase Is likely. 
1979 must seem to most busi¬ 
nessmen at present to be a long 
way off. Perhaps the most 
encouraging feature of yester¬ 
day’s figures is that the estimate 
of capital investment in the dis¬ 
tributive and service industries 
for this year has been revised 
slightly upwards, from 5-7 to 8-8 
per cent Even this, however, 
may represent an attempt to cut 
costs in a relatively labour- 
intensive sector of tbe economy 
and may do little to bring down 
the level of unemployment 


I F Mrs. Thatcher needed to 
* underline her belief that 
a radical Improvement to 
the Conservative Party’s position 
in Scotland is essential to any 
chance of winning a working 
majority at the next General 
Election, then her arrival in 
Aberdeenshire this evening 
should do so. 

This visit lasting until Mon¬ 
day night is her ninth to Scot¬ 
land since taking over as leader 
from Mr. Heath. While the 
Prime Minister has been making 
one or two trips a year to Scot¬ 
land. his opposite number has 
been making two or three, 
usually combining a set piece 
appearance at a conference or 
lunch with a whistle stop tour 
of constituencies. One of her 
purposes has been to put heart 
back into local party organisa¬ 
tions, which were demoralised 
by the crushing defeats in¬ 
flicted by the Nationalists in the 
two 1974 elections. So she has 
been attending a lot of recep¬ 
tions for tbe Tory faithful, show¬ 
ing the flag and dispensing 
comforting words. 

There have also been calls at 
factories and yards — which 
might be described as edu¬ 
cational visits — and a large 
number of walkabouts, during 
which she has engaged in 
earnest conversation with 
shoppers about prices, and tried 
to leave an impression of con¬ 
cern which can be invoked 
again at campaign time. Mrs. 
Thatcher has been getting better 
at these events and although she 
has not quite equalled the 
effortless geniality with which 
Mr. Callaghan gets along with 
the Scots, the nervousness of 
the coloniser among hostile 
natives has given way to a more 
! relaxed style. She seemed 
genuinely to enjoy * her 
encounters with ordinary people 
during her tour of the High¬ 
lands in September and there is 
no doubt that from a public 
relations point of view it was a 
success. 

The highlight of the present 
trip is a one-day conference for 
businessmen in Glasgow on Mon¬ 
day at which her opening 


speech will be backed up by 
others from Sir Keith Joseph, 
Mr. James Prior, Lord 
Thomeycroft, the Party Chair¬ 
man, and the Shadow Scottish 
spokesman, Mr. Teddy Taylor. 
The invited audience of 250 
— each of whom has been 
asked to pay £10 for tbe 
privilege of attending—should 
be the backbone of the Tory 
Party in the West of Scotland. 
Made up of successful managers 
and heads of small companies, 
the audience reflects the very 
essence of private enterprise. 

But in recent years some 
have wavered. Financial sup¬ 
port for the party from industry 
is poor and some individuals, 
like the fanners In the east, 
deserted the party to vote 
Nationalist at tbe last General 
Election. It is vital- to win 
them back because the year 
ahead could be crucial for the 
Conservatives in Scotland, hold¬ 
ing the promise of big gains to 
reverse the long-term, decline In 
votes and seats, or the threar 
of a further slide from which 
it would be difficult to recover. 

Over the past three years the 
Party's fortunes have waxed 
and waned. According to 
opinion -polls, support for the 
Tories in Scotland has largely 
followed the national trend, al¬ 
though the size of the leads 
over other parties at times of 
triumph such as the Walsall 
and Workington by-elections 
was smaller north than south 
of the border. Tbe latest poll 
also reflected the national posi¬ 
tion. Having lost the lead in 
England and Wales, the Conser¬ 
vatives are back to third place, 
in Scotland behind Labour and 
the Scottish National Party— 
bade to the position they held 
in October 1974. 

Local elections have shown a 
similar pattern. At the height 
of the Government's un¬ 
popularity last May, when 
Labour councils iff England 
were massacred by the Tories, 
the Party’s performance in Scot¬ 
land was poor. Offered a 
straight fight in two Labour held 
cities, Aberdeen and Dundee, it 
failed to secure the ample 



A more relaxed. Mrs. Margaret Thatcher taking a cup of tea: at MacDonald Fraser’s cattle market in Perth, Ust year. 


THE RISING TIDE OF THE SNP’s 
FORTUNES 


ELE CTION 

1955 


Participation at 
the Post Office 



Poll % 

50.1 

44 3 

03 

I* 

1959 

MPs 

31 

38 

0 

1 


Poll % 

47.2 

44.7 

ft* 

- 4.7 

1944 

MPs 

. 24 

43 

0 

' 4 


Poll % 

40.4 

48.7 

2.4 

7* 

1944 

MPs 

20 

44 

0 

' 5- 

1 

Poll % 

37.6 

49.9 

5.0 

4* 

1970 

MPs 

23 

44 • 

l 

3 


Poll % 

38.0 

443 

11* 

S3 

1974 (Fab) • 






MPs 

21 

40 

• 7 

3 


Poll % 

323 

343 

21.9 

7.9 


1774 (Oct) 


THE COMPOSITION of the new 
Post Office board, with Its equal 
number of management and 
trade union members, together 
with an independent element in¬ 
cluding two members appointed 
lo represent the consumers' 
interests, bears a close 
resemblance to the 2x plus y 
formula proposed in the 
majority report of the Bullock 
Committee a year ago. But the 
two-year experiment in in¬ 
dustrial democracy which was 
launched at the Post Office yes¬ 
terday uwes its origin not to 
thar report but to proposals sub¬ 
mitted somewhat earlier by the 
Union of Post Office Workers 
following an invitation by Mr. 
Wedgwood Benn when he was 
Industry Secretary in 1974. 

Divided 

While the antecedents may 
differ, the new Post Office board 
will be regarded as one of a 
series of experiments in new 
forms of management-employee 
relationships which the Govern¬ 
ment is now keen to encourage. 
For Ministerial thinking has 
shifted a good deal in the year 
since Bullock. A forthcoming 
White Paper Is expected to make 
clear that, while legislation may 
eventually be envisaged, the 
Government would prefer to see 
changes achieved by voluntary 
agreement, both in the private 
sector and in the state-owned in¬ 
dustries where opinion about 
appointing worker-directors has 
been just as divided. To add 
to the air of pragmatism the 
White Paper is expected to dis¬ 
cuss extended systems of collec¬ 
tive bargaining, the alternative 
to worker-directors favoured by 
Mr. David Basnett oP the 
General and Municipal Workers 
among others. Yet another 
option will be discussed in a 
further White Paper now being 
prepared in response to Liberal 
Party pressure on possible 
changes in the tax system to 
facilitate profit-sharing schemes. 

This new emphasis upon an 
evolutionary, as against a re¬ 
volutionary, approach is dis¬ 
tinctly welcome. In some ways, 
the Post Office may be a good 
place to try out a scheme of 
worker directors for the in¬ 
dustry has by and large a 


history of successful industrial 
relations and the experiment is 
being launched by a new - top 
management team, drawn 
largely from private industry, 
in co-operation with all seven 
unions Involved, it will be in¬ 
teresting to see whether the 
new board becomes, as some 
fear, another arena for con¬ 
frontation or, alternatively, 
whether its part-time members 
will lack the. experience, the 
time, and the authority to 
handle the range of complex 
issues they will now face. One 
cannot help but notice that 
the seven trade union board 
members will' all retain their 
existing jobs and that, while 
discussions are to be held on 
the question of Introducing 
trade union representatives at 
regional and area level, the 
management boards nf the tele¬ 
communications and postal 
businesses will continue to be 
composed, solely of senior ex¬ 
ecutives. 

Users * interest 

The Post Office, however, is a 
monopoly and, even if its prin¬ 
cipal activities were to be split 
into wholly separate businesses, 
the users of their services 
would still have no choice rf 
suppliers (nor. for that matter, 
would the equipment suppliers 
have a choice of customer). 
The spectre of management and 
trade unions ganging up against 
the users' interest is not at all 
allayed by the inclusion of two- 
part-time consumer represen¬ 
tatives on the board. 

The introduction of worker 
directors in the Post Office and 
perhaps eventually in other 
nationalised industries where 
market competition is weak or 
jacking makes even more 
urgent the need for a clear 
definition of the respective 
roles of the boards of tbese 
industries and their sponsoring 
departments, together with the 
setting of consistent and 
realistic financial and per¬ 
formance targets against which 
their progress can be judged. 
Since technical—and political— 
difficulties stand in the way of 
Introducing competition into 
these industries, other ways 
have to be found to promote 
efficiency. 


MPs 
Poll % 


majorities for whicb it bad 
hoped, and in Glasgow, where 
Labour was most vulnerable, 
power has had to he shared with 
the SNP in a very uneasy 
alliance. Since then local by- 
elections have hardly provided 
stunning successes. 

Organisation is perhaps the 
one bright spot, although it is 
still weak compared to the SNP. 
Like Labour, the Tories do seem 
to have stopped the rot among 
their own supporters in con¬ 
stituency parties '-and are re¬ 
building their headquarters 
staff. 

Apart from the General Elec¬ 
tion, whicb may or may not 
come this year, and the Euro¬ 
pean Elections, the Party will 
have to fight regional council 
elections in May, the devolution 
Referendum in the autumn and, 
depending on the outcome of 
that, possibly the first elections 
for the Scottish Assembly next 
spring. It is the Referendum 
which could hold the key to the 
Party's future. The campaign, 
fought on the scale of a General 
Election, will come at the end 
of an eventful summer when 
political appetites will have 
been whetted by the local 
government elections and 
national feeling raised by World 
Cup football games televised 
from Argentina. Scotland has 
qualified, England has not 

The Shadow Cabinet has so 
far not discussed the stance it 
will take, but there is little 
doubt that the hard line opposi¬ 
tion to the Government’s pro¬ 
posals held by Mr. Taylor and 
shared by Mrs. Thatcher will be 
the one adopted. Having failed 
to kill tbe Scotland Bill in tbe 
Commons, the Party will nut all 
its energies into persuading the 
Scottish electorate to dump it 
at the Referendum. The first 
seeds of this policy will be 
planted by the Tory front 
bench response to the Refer¬ 
endum proposal, when it comes 
up for discussion during the 


committee stage uf the Bill, and 
it will be brougbt to maturity 
with a suitably worded motion 
presented for approval to the 
Scottish Tory Conference > px 
May. 

If it is approved — and it 16 
almost unthinkable that Urn 
delegates would reject a clem 
request from on high — it wifi 
represent a nearly compiem 
volte face within two yeaif. 
From the pro-devolution policy 
of Mr. Heath and Mr. Alls 
Buchanan-Smith, Mr. Taylor^ 
predecessor as Scottish spokejk 
man who resigned because fif 
front bench opposition to devt 
lution, the party will hate 
arrived at an anti-devo!uti(& 
position. Although it remaufr 
official Tory policy that thej 
should be a constitution 
conference to considi 
devolution anew, there can t 
little confidence that a Conse 
vative Government would hat 
the political willpower to can 
through a scheme of its own. 

In opposing devolution at tm 
Referendum, tho Conservative 
will stand virtually alone, wife 
all the other political partas 
opposing them. Their only alUfis 
will be the "Scptland is Brituff* 
group — an anti-Assemb^y 
organisation financed by a few 
Scottish companies— and \ 
handful of renegade Labour* 
MPs like Mr. Tam Dalyell and 
Mr. Willie Hamilton. The old 
spilt over devolution in the 
Conservative ranks has not 
healed (although it is no longer 
so noticeable) and some 
Tories like Mr. Buchanan- 
Smith and Mr. Russell Fair- 
grieve, the Scottish Party 
Chairman, and possibly Mr. 
Heath, are likely to campaign 
for a “Yes” vote. 

There is an obvious attraction 
in fighting alone, since if vic¬ 
tory was achieved it would not 
have to be shared. The stakes 
are high: if tbe Government’s 
proposals were defeated, the 
Labour Party would be saddled 


With the electoral liability of a 
policy which had dominated two 
legislative sessions, yet had no 
appeal to a majority of voters. 
The SNP would be discredited, 
with its plea of a “vote for 
Scotland " rejected in favour of 
a vote for Britain. And the 
Tories would be riding high on 
the euphoria of their first major 
triumph in Scotland for years: 
confidence would be restored 
and the Party would be set to 
sweep all before it at the next 
General Election. 

On the other hand, defeat 
in isolation would mean suffer¬ 
ing ail (he consequences in 
isolation: Tories would he 
accused of opposing Scotland’s 
just demand for a larger say 
over her own affairs. Thu temp¬ 
tation would be strong for Mr. 
Callaghan to follow a successful 
Referendum with a General 
Election, and Labour in Scot¬ 
land would be in a good position 
to deflect some of the 
Nationalist attack away from 
itself onto the Tories. Having 
opposed tbe creation of the 
Assembly in the Referendum 
would hardly be the best back¬ 
ground for Conservative candi¬ 
dates in the first Assembly elec¬ 
tions next year. 

The * constantly changing 
nature of Scottish politics 
makes it risky to say which of 
these two possibilities is the 
more likely. The outcome of the 
Referendum is not a foregone 
conclusion, but opinion polls 
have consistently showed a 
majority of Scots In favour of 
an Assembly, Including a sub¬ 
stantial proportion of Tory 
voters. Two polls at the begin¬ 
ning of last year showed about 
35 per cent, of Conservative 
supporters favouring devolu¬ 
tion, and a further poll last 
month (by National Opinion 
Polls for the Glasgow Sunday 
Mail) showed tbe proportion up 
to 46 per cent., against 38 per 
cent opposed to an Assembly.' 

The Party could still fudge 


the issue in the Referendum by 
pointing the campaign at tits 
defects of this particular plan 
for devolution (Its cost, ths 
added bureaucracy, tbe danger 
of a slide towards separatism), 
making a feature oE the 
Tory alternative of a constitu¬ 
tional conference and turning « 
blind eye to the Conservative 
campaigners on the other ridt 

But Mr. Taylor, who is largely 
responsible for the rapid change 
in policy over devolution, is 
determined that It should not 
be fudged. He regards a show* 
down both inside and outside 
the Party over devolution as. a 
step towards building the sort 
of party that he and Mrs. 
Thatcher want to see: aggres¬ 
sive, Right-wing, city-based. An 
all-out anti-devolution campaign 
built on Tory gut Issues such u 
patriotism (defence of the 
union), less Government rather 
than more, and tower public 
spending, could,finite the Party 
in a way in which Mr. HeathV 
devolution pdliey never did. 

Further,: he -hopes to 
capitalise as touch n possible - 
on the Conservative isolation 
by seeking to Identify a “No" 
vote as closely as possible with . 
a vote for the Conservatives. He 
argues that even if the referen¬ 
dum is lost, the percentage wte 
against devolution :can ft*rd& , 
fail to be larger than the V pet 
cent, of the poll the Toriu won 
in October, 1974. 

Mr. Taylors view is not uok 
vcrsally accepted to the 
Scottish Party. The uncom¬ 
promising way In which he aod, 
his supporters have, propounded _ 
it, hte brash papoljtt style and 
unconcealed contempt tor the 
amateurishness oE the patri¬ 
cians who still hold office af . 
local and national level* have 
all combined to make this ; 
approach - a difficult one to 
accept. Mr. Taylor may hate' 
the ear of Mrs, Thatcher, but he 
is not fully accepted by tin eld 
guard. 


MEN AND MATTERS 


Red signal 
for Parker 


Train driver Dave Bowman 
went to Dundee’s engine sheds 
yesterday and -“had a word 
with the gaffer,” as he puts it, 
about getting back to the job 
after a five-year break. That 
event gives Peter Parker, 
British Rail’s gaffer-in-chief, no 
satisfaction at alL Parker 
wanted Bowman to jour the BR 
Board, but the appointment has 
been vetoed by Transport 
Minister William Rodgers, 
according to high-level railway 
sources. 

Bowman retired as president 
of tbe National Union of -Rail¬ 
wayman at the end of 1977. He 
will be 65 in March, so his stint 
“ back on the footplate ” will be 
brief, and Parker thought him 
ideal to fill the trade union 
vacancy that has existed on the 
BR Board for 18 months. After 
a lifetime on the line, and 
years at the top of the NUR, 
Bowman seemed tailor-made to 
bridge the “ them and us ” gap. 

But there is one thing about 
Bowman that could send a 
quiver through a Right-wing 
Labour man: until 1970 he was 
a member of the Comunist 
Party. “I stood as the candi¬ 
date in Dundee in seven elec¬ 
tions—and lost seven deposits,”, 
he told me yesterday. “Then 
Jimmy Reid persuaded me that 
it was no use standing by my 
guns, if they wouldn't fire any 
more. So I joined the Labour 
Partj%” 

I asked him how well he gets 
on with Rodgers. " We are 
friends in my view. I've been 
to dinner with him several 
times. His wife’s a splendid 
lassie.” But when I asked bins 
about the seat on the BR Board, 
be showed all tbe shrewdness 
that took him to the top of a 
big union' “ I know it was aired 
around when I was president 
But nobody said anything *o me. 
OF course, I would have takes 
the job, if it bad been offered— 


I’ve studied railways all over 
the world, from Canada w the 
Soviet Union.” 

At tbe Department of the En¬ 
vironment where Tradsport is 
housed, questions about the 
“Bowman affair" are quickly 
deflected: “ There is nothing the 
Minister can say about indi¬ 
viduals." 

So Bowman returns to his 
old craft 14 Til have to remem¬ 
ber bow to stop tbe trim with¬ 
out spilling the passengers’ 

coffee,” he says. What Will hap¬ 
pen after March ? *' rH.be like 
Mr. Micawber." 


Lost report . 

There has been so nmdr desper¬ 
ate activity in recent months 
centred upon saving works of art 
from leaving Britain, that 
speculation has been mounting 
about the non-appearance of the 
annual report of the Reviewing 
Committee on the Export 0 f 
Works of Art. Even: taking a 
generous view, the report — 
covering the year up to June 
1976 — is about six months 
behind schedule. Does this 
delay hint at some dirt quarrel 
between Lord Donaldson, the 
Arts Minister, and the commit¬ 
tee 7 

It seems that the committee’s 
long silence has more mundane 
causes. Civil Service cuts in 
Whitehall have stalled produc¬ 
tion of the review. With luck, it 
should be out at the end of 
February. So we shall have to 
wait until somewhere in 1979 to 
hear the committee's views on 
Mentmore. Significantly, per¬ 
haps, tbe committee, chaired by 
Professor John White of Univer¬ 
sity College, London, was busy 
for much of last year on a 
memorandum for Donaldson on 
the way the system is working. 


DffPT OF 

ENERGY 




/va* owtrzxz 
WlNPMLL =r=j 


Give it a whir! 

Sir Ma rtin Ryle, radio-astro¬ 
nomer extraordinary and ardent 
advocate of windpower, is 


“To be ran on hot air, I 
presume.” 

perhaps the mightiest voice 
whose continual harrying of the 
Department of Energy lies 
behind the serious considera¬ 
tion now being given to in¬ 
vesting several million pounds 
in a giant windmill. 

But Sir Fred Hoyle, for one, 
is highly sceptical about wind¬ 
mills. In his recent book on 
energy he wrote that they 
would “ cause appalling roar " 
and serious accidents as bits 
flew off in high winds. It is a 
fate which has befallen many- 
other ambitious windwill pro¬ 
jects like the giant windmill 
built in 1945 on a hill called 
Grandpa’s Knob in the U.S. It 
worked beautifully until one bt 
the 80 feet long propellers 
came adrift 

If technology docs succeed in 
producing a safe and economic¬ 
ally viable British windmill, ;t 
could lead to problems of a 
slightly different nature. It 
appears that most of tbe best 
potential sites for wind power 
in the UJC are in Scotland. 
That would surely blow more 
wind into the sails of Scots 
Nationalists, already filled by 
North Sea oil. 


Brussels snuffle 

Long before Christopher 
Columbus set foot in North 
America, the Red Indian tribes 
. discovered that grinding tobacco 
leaves down into a fine powder 
and inhaling it through a straw 
made them sneeze, but gave 
them a nice littAe burr of 
pleasure at the same time. Such 
were the origins of snuff. 

The habit subsequently spread 
to Europe, but it only became 
.really popular in the UJL when 
a British fleet under Sir George 
Rooke captured a Spanish 
Treasure ship in Vigo Harbour 
and found it loaded, inter alio, 
with some 50 casks of top 
quality Havana snuff. This was 
subsequently sold off in Ports- 
mouth at the knock-down price, 
even for those days, of four 
pence per pound. 

Snuff taking enjoyed Us hey¬ 
day in the Regency period, when 
no self-respecting buck was to 
be seen without his ornate snuff 
box and lace handkerchief. 
Since then the habit has 
declined, but there are still 
around half a million habitual 
pinchers in the U.K. and last' 
year consumption rose slightly, 
for the first time in years, to 
350.000 lbs worth some £4m. 
„ It , ts 411 thanks to the Common 
Market which, in the name of 
tax harmonisation, has obliged 
t ? e ST 1 "* Government to lift 
the £5.85p per lb. customs and 

*S,£A ntteB - now. snuff- 

addicts have taken it on the nose 

28222^, 1590. when 

Elizabeth T imposed a duty of 
2p per pound. 

Stranger yet 

ITV yesterday announced a 
change in to-night’s Ahelia 
jnewing. It reads: “1930 hours. 

The Bionic Woman, -amend sub¬ 
title to ‘The Bionic Dog’.” 


Observer 



You’re looking at Mike Brace. Age 26, 
and a winner. Judo green belt Hot at skiing, 
fencing, canoeing, football, ice-skating. We 
saving. A cross-country skiing contestant for * 
Britain in the 1978 Winter Olympics for the- 
Dlsabled. And blind since he was ten; 

How do you get to be that good when ’ • 
you’re blind? 

Largely it’s your own drive and 
determination. And partly it's training. Mike is - 
the living proof that rehabilitation end - - = 

training for the bfind really works. 

Training the blind to'live and work'like 
you and me' is the lifework of the RNIB. 

Please help us to carry on with It through 
your legacies and donations. 

MB 

royal national institute 

FOR THE BUND 

£24 GREAT PORTLAND STREET, LONDON WIN (BAA- 

Under the Finance Act 1975, bequests to chartttefl up to aiOtti M " 
£100,000 are exempt from Capital Transfer-Tub ' - _V . 

Registered in accordance wrth ihe National Asfatanca ActlM* 







. x xaaaeia i VTixaes TTiursSay JanUsay 5 1978. 


ECONOMIC VIEWPOINT 


- *' 


15 


BY SAMUEL BRITTAN 


Sterling’s joy and the dollar’s misery 



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THE RAPID rise in sterling 
seems to mahy ordinary citizens 
the beginnings, of the long- 
awaited British economic 
miracle, ‘‘The pound dances for 
joy.” as one. recent headline 
puts it But people : in - high 
places have a way of looking 
on the dark aide of everything, 
The industrials and economic 
establishments are worried 
about' the -threat -to' export 
profitabUity, ; ^and . ■ corporate 
treasurers-; and . accountants 
always .see ..“exchange rate 
losses" :‘in whichever direction 
rates TOOve. ; At a ' ^called 
higher - leva, international 
financial, statesmen are having 

another fit of'nerves about the 

decline of the dollar. ..... 

How one summarises .all".-this 
in the sort nf. dinner table'com¬ 
panion who Insists -on- being 
given a view, -btit only wants 
to know whether the news is. 
good or bad,ah insoluble 
problem. But atJa more prosaic 
level it Is possible to 7 make - a 
rough distinction between the 
pound's joy 'and the dollar's 
misery." 

The .beat comparison to make 
is probably with September 
1976. The reversal in the long 
downward slide or sterling is 
best measured ' from there 
rather than from the very 
lowest point it momentarily 
reached during the hysteria and 
rum our-mQngering of October 
in the Tun-up to the' HO? 
negotiations. Compared; with 
end-September .1976, sterling 
rose by nearly . IS _ per cent, 
against the dollar (before the 
U.S.-Germ;an T .. jswap was 
announced). .The official 
trade weighted average of ster¬ 
ling against all currencies had 
however risen by some 10 per 
cent, which gives a much belter 
picture of what has actually 
happened to the pound. 


Unfortunately one cannot 
assess exactly.how far the dollar 
has itself depreciated quite 50 
simply. The U.S. weighted index 
suggested a drop of only about 5 
per ceoU since September 1976; 
but ttus is because of the very 
high, weighting given to ihe 
Canadian dollar lh;..,the U.S. 
calculation. In.terms of the 
German mark the priee ; of the 
dollar had fallen by, about 15 
per cent, which exaggerates 
the true 'fall. Thedollar's 
depreciation. in terms- of a 
basket -of currencies-of interest 

this side of the Atlantic was 
probably somewhere between 
these two figures — say 10 per 

cent! : \ - 


Altemativi 


remain 
to hear 
alterna- 
e two 


- If the dollar prosp 
clouded we are boun 
a great deal more abo 
tivc reserve assets, 
main contenders woultfbe some 
sort of revised Special®rawing 
Rights and Mr. Roy Je nidus's 
Europe. The SDR wptai only 
become attractive if tf 'ceased 
to be a central banker's, “funny" 
money and could be'actually 
used to buy things -such - as 
tinned salmon, corporate bonds 
or the services of mercenaries 
In the African jun£?e. The 
Europe would heed ansutbreak 
of statesmanship In Europe- to 
come into Its own, odd more 
than a little financial and econ¬ 
omic skill -in ihr introduction. 


In the meanwhile 
funds will try-jo div 
existing national 
and we would do we! 
with a pinch of salt 
about there being no 



Iders of 
into 
pdes; 
to take 
cliche 
other 


than dollars (dr sterling) to 


hold the currency mo^'ments 


shown in the chart suggests that 
corporate treasurers are having 
a good try and thar the oil 
producers are at the very least 
trying to diversify their newly 
accniihg funds. 

One hears expressed with 
equal confidence categorical 
assertions from some people 
-that the dollar is a very good 
buy and equally unqualified 
jeremiads from others. The 
most important point to stress 
is that we don’t know. Neither 
the official forecasters nor the 
market operators. At the be¬ 
ginning of 1977 the OECD 
secretarial predicted a U.S. 
current account deficit of about 
$3bzx. compared with an actual 
outcome, of about $20bn. (and 
a trade deficit of about $30bn.j. 
At the end of 1976 the one year 
forward rate for sterling was 
SI.56. The Amex Bank Survey 
of international bankers and 
corporate treasurers, taken in 
late November and early 
December 1977. came out with 
a mid*1978 . forecast of $1.85 
for th*» strarling-doUar spot rate 
which has already been far ex¬ 
ceeded before 1978 Is more than 
a few days' old. 

The moral of these and other 
forecasts is that we will just 
have to learn to'live with some 
uncertainties. -European Gov¬ 
ernments and central banks 
should think a great many 
times, before they either put 
pressure qn the Americans to 
try to “ do something about the 
dollar" or try.to force a rescue 
operation on the U.S. Even the 
U.S.-German swap is doubtful 
wisdom. 

What .could the Americans 
do? The orthodox analysis of 
the U.S. current deficit is that 
about half of it is due to oil 
imports and about half to the 
lag of economic Recovery in 


H5 

m 

SHW EXCHANGE RATES 

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rt5 


U£. Dollar 



R£j 


Swiss Franc V*^ 



KfU 

-V Yen 

,2^— - - 


WG 

95 

90 

85 

w 



95 

90 

85 


DaitscheHark 

_1_1_1 1 .J J—>—1_1 .. JL-J— 

% 


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— Canadian $ 

'.. r 




\ X... Smss 

r *■- Franc 1 


90 

„ Deutsche m 

ark 




80 

. IIS. DOLLAR I 

£HD AUGUST V 

_l_1_l_1_ 

XCHAIBE RATES ] 

t 

7BhWB 

_I_1_ l _l_L_ll_1_1_1_1 -1— 

m 

IZ _ TO ■ _ - 

2L 


no! 


«5l 


95 


90 


85 


80 


other countries behind the U.S. 
The weakness of this diagnosis 
is that it focuses entirely on the 
current account. When the 
OPEC surplus alone is running 
at about $40bn. there would not 
be the slightest difficulty in 
financing these sums without 
large exchange rate changes, 
given confidence in the - dollar. 

The weakness of the dollar 
pretty clearly reflects a shift in 
portfolio preferences. Total 
overseas dollar assets amount 
to over $400bn. The OPEC 


countries have over $l30bn. in 
accumulated fixed assets all 
over the world. Moderate shifts 
In preferences by asset holders 
can dwarf any movements of the 
current balance. Of course these 
preferences do not operate in a 
vacuum. A tighter U.S. money 
supply.policy would reduce the 
'demand for foreign currencies 
by U.S. citizens and increase the 
overseas demand for dollars. 

Thp right balance for U.S. 
monetary policy is difficult 
enough to determine in its own 


right But it would be self- 
contradictory for European Gov¬ 
ernments, who are bemoaning 
the slow recovery of world de¬ 
mand for their products, to put 
pressure on the Americans for 
monetary restraint Ti is 
extremely unrealistic to sup¬ 
pose that slower U.S. monetary 
growth would strengthen the 
dollar without in any way 
retarding U.S. recovery. 

It is easy to fall back on say¬ 
ing that the Americans should 
reduce their oil imports and 
thus reduce the OPEC surplus 
without restraining their pur¬ 
chases from the rest of the 
world. But it is extremely 
doubtful if Congress and Presi¬ 
dent will oblige in this way. If 
the American authorities arc 
pressed too hard they are more 
likely to take more protective 
action against imparts rather 
than either exerting a draconian 
monetary squeeze or listening to 
European' views on what their 
room termperatures or petrol 
consumption ought to be. 

After all we were in this 
situation in 1971 when we had 
John Connally as Secretary of 
the Treasury aod the import sur¬ 
charge to force the rest of the 
world to accept *a dollar 
devaluation. Indeed the Smith¬ 
sonian devaluation on December 
1971 was well below the 
Administration's minimum aim : 
and it was only the last minute 
intervention of Dr. Kissinger 
that caused President Nixon to 
call off the battle. 

The switch of funds into 
currencies such as sterling and 
the mark is laregly beneficial 
for the inhabitants of both the 
U.K. and Germany. It implies 
two main things. First that 
people in other parts of the 
world are prepared to supply 
resources to those countries, 


whose citizens can therefore 
consume more for' the same 
level of output. Secondly it has 
a direct effect in lowering the 
inflation rate. 

The best guarantee against 
the renewed rise in British 
inflation later in Z97S that so 
many forecasters fear is a con¬ 
tinued free float for sterling 
and a- stable monetary- policy. 
Mr. Callaghan's hint about a 
five per cent rise in wages 
(meaning up to ten per cent, 
on earnings 1 m the 19/8-79 
negotiating season may be 
much more realistic than flic 

scoffers suppose. But it 
depends for its achievements 
(a) a continuing fall in the 
inflation rate brought about by 
a stronger pound and (b) 
the realisation by wage 
negotiators on both sides that 
uncompetitive settlements will 
not be bailed out by an 
engineered currency deprecia¬ 
tion. Indeed this is the best 
pay anil prices policy it is 
possible to devise, and infi¬ 
nitely superior to tbe para¬ 
phernalia of norms and 
relativity boards which Mr. 
Healey has bought from the 
Treasury. 

Nothing new 

In Germany on the other 
band near price stability is not 
such a revolutionary experi¬ 
ence: and there is probably 
little to gain in terms of busi¬ 
ness confidence or investment 
from pressing down harder on 
prices. Indeed, if this happens, 
tbe term “deflation" which has 
so often and so wrongly been 
flung about in recent debate 
might for once begin to apply. 

But it would be the easiest 
thing in the world for Germany 
to prevent the effective rate of 


the mark from rising higher. 
This would be to print more 
D-marks and also increase the 
Budget deficit. It may be, as the 
Bundesbank argues. that 
enough has already been done 
in that direction.. If so, we 
will see it in the mark exchange 
rate. This is for the Germans 
10 decide. 

The alternative of trying 
to control capital inflows would 
be full or snags both for Ger¬ 
many and the U.K. A new 
study in the latest Ifericir of 
World Economics or the Kiel 
Institute of earlier German con¬ 
trols suggests that although they 
appeared to reduce capital in¬ 
flows their impact “was offset 
through banking flows and varia¬ 
tions in leads and lags.” In the 
U.K. there would be the addi¬ 
tional absurdity of superimpos¬ 
ing inward exchange controls on 
a complex network of outward 
ones. 

The further liberalisation — 
and preferably eventual elimina¬ 
tion — of U.K. exchange control 
would not necessarily lead to an 
upsurge of direct investment as 
this can already be financed by 
overseas borrowing. But it 
would lead to more portfolio 
investment and a shift of financ¬ 
ing to the UJ\. The arguments 
for this course are partly that it 
would in the medium term 
create an off-setting flow 
across the exchanges and help 
to prevent the real exchange 
rate from rising too much dur¬ 
ing the period of the oil sur¬ 
pluses. But the immediate effect 
of any dramatic move might well 
be to strengthen confidence and 
the sterling rate. This would be 
all to the good, as the U.K. is 
not exactly like Germany: and 
if it became so the same mone¬ 
tary and fiscal advice would 
apply. 


. . thmieiit that banks "do not have PnrchMro mm 0 fwo eoo ensure mat ne has oougni at the 

*i i.li-.: .* : i “““KLJh jut? .-: 1 m bottom by following the price Cbancdlor to adopt 

.. , v. : * »“. v (apart from the Odd T . T .- down and increasing his stake spend money—i 

• : cheque book or two) but tbe * am r fi sutce d h 


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Letters to the Editor 


!» Should banks 
pay tax? 


Sir,—-'Hie ■ last two weeks of 


forward at low prices, fiiilk buy-thing in early January, 1975. For a reduction in <lihe basic rate authoritative advertisements— 

ing. Is it intended that profits myself I picked up St Piran on helps most those who are at tbe from Milton Friedmann and 
obtained from efficient' purebas- January 27, 1975, at4p (adjusted top of the scale. In neither case John Maynard Keynes), backed 
ing arp to be reduced by a cost for scrip issue) and part sold are the poor better off because by an assorted but unified group 
of sales adjustment, and if so. is them for 83p on October 27,1977. they do not pay tax anyway. of growth merchants, skate- 
tbis correct? I bought Ropner “A” at lOp, In a situation where we have boarders, monetarists and other 

The following example shows Tricentral 7 per cent CLS at £40, enhanced retail prices, declining galloping gu estimators who 
the result In traditional accounts and several others dirt cheap, direct taxation helps most the wonla bring the house down with 

Their their closing nnmber ($21bn.?) 


overseas bank. It. might be dmoIh* ««* i.m *? aw ..- 


^ Lionel Goslin. 


lo treat foreign - currency, msJ 7.000 w aw 

bullion, foreign exchange con- _ _ . -nr ^oitade 

tracts^ etc the ■ ** Brrf* '1 «vt of, rifles afljumnmit •*"£, _ . 

Hcffiifr'ir-52* CAT* r .800 « 08 .-. Wyke Oltver Road. 


«« AH Mr. Carter has done is to they have a two-witf gain 

« - ensure ^ *»«« - *»« E£ X EASES 

_ money—If we have it casting? 

at random intervals - This ran —reducing the cost of living. Stephen CastelL 

130 £ly“e d ™M tal J* ?«• ^.^“255 'JESS-ISS*. fiooA 


definition .pr stock for SAR par- 
pose* now contained in paragraph 

29(1) ts) ot Schedule 5 to the 
Finance Act 1976, that is that ®g- 

such items are “property such as ^ unZ!L. .. 
is sold in the ordinary course of 
the trade." This view bra _ . 
apparently been supported by 
leading tax counsel so that the 
claims involved are expected to ■ 


success. ' tws:" 

The effect of these claims inflation 
applied over the years in which 
SAR bas been'in force is of 


the increase in international . 
business the claims, if successful. Adjust 
would completely eliminate the woi 



TradWopid Pres 

miB 


Weymouth, Dorset 


rooo 

■moo 

1.400 

1 1.400' 

_w 

700 

nw 

7M 

500 

500 

100 

ZOO 


Efficiency of 


500 From Mr. H. Glass. 


VAT (which incidentally would WicWiom Bishop, 
eliminate a mountain of bureau- Withtmu Esqex. 
cracy, and paper-work on the 
commercial side), and by abolish¬ 
ing rates, with concessions to 
official tenants, as is being done 
in Eire. This reaHy would help 
commerce and industry because 
tbe extensive purchasing power Prom Mr. D. Yates 
released would be spent by those Sir,—I am sure 

who best know how,to use it farmers in the UJC sh 
What a chance there is for the of Mr. Hodgson’s 


GENERAL 

Prime Minister in Bangladesh. 

President Carter in France. 

■Mr. Frederick Mulley, Defence 
Minister, on week's visit to Cairo. 

Mr. Roy Hattersley, Prices Sec¬ 
retary, in U.S. 

Mrs. Shirley Williams. Education 
Secretary, gives Macmillan Educa¬ 
tional Lecture at Association of 
Science Education meeting, liver- 
pool University. 

Mrs. Margaret Thatcher, Opposi¬ 
tion leader, addresses Conserva¬ 
tive Party workers at Skene, West 
Aberdeenshire, during North-East 
Scotland tour. 

Sir John Methven, CBI director- 
general^ speaks at its London and 
South Eastern Region annual 
lunch. 


To-day’s Events 

Oxford Farming Conference 
ends. 

National Union of Teachers’ 
two-day national education con¬ 
ference ends, London. 

North of England Education 
conference continues, York Uni¬ 
versity. 

Assistant Masters' Association 
conference continues, Cyncoed 
College, Cardiff. 

Sir Peter Vanneck, Lord Mayor 
of London, opens London Inter¬ 
national Boat Show, Earls Court 
(until January 15). 

Mode! Engineer Exhibition 
opens, Wembley Conference 
Centre (until January H). 


COMPANY RESULTS 
Allied Breweries (full year). 
S. and W. Berisfard (full year). 
Morgan Crucible Company (third* 
quarter figures). 

COMPANY MEETINGS 
Comet Radlovision, Hull 12. 
Jessups Holdings, Winchester 
House, E.C.. 12. 

OPERA 

Royal Opera production of Die 
Fledermaus. Covent Garden, 
W.C.2, 7.30 pjn. 

BALLET 

London Festival Ballet dance 
The Nutcracker. Royal Festival 
Hall. SJ2.1, 3 pjn. and 7.30 pan. 
SPORT 

Golf: President's Putter, Rye. 
Tennis: British junior covered 
courts championships. Queen's 
Club (10.30 a.m.). 


Frustration in 
fanning 


-Mr. P. C. Baker (Decern- Tories to push the idea of actu- (December 31), but, possi 



success in the Stock Market m and what support they might It has surely been clear\ for 

no way undermines the validity gain from those millions of months that the Minister of Agri- 

of % tiie efficient market theory retired and to-be-retired people ..culture has no interest in the 

when applied to major market who are trapped between ever-"viability ot domestic farming. 
_ capitalisation stocks. He con- rising prices and fixed incomes I He may express some views on 
__ tends that the leading market Why must we put up with infla- food from our own resources, but 

stjocks are “ efficiently" priced, tion at all even at the 10 per he means food from our existing 

tf® t 300 and implies that Mr. Carter’s cent, to 5 per cent rate which resources. Any expansion of out- 
raoeess-was due to the fact that Mr Callaghan seems to want? put, or increase in productivity, 
SCC0U nts will purchased “riskier” second- During tbe past years of crisis would be an embarrassment to 
duce substantial corporation.tax ajJfJst certainly be taken as the :i»e-shares. we have been right to go right his deft currency manipulations 

repayments. If SAR continues m a 3h e ntic version by the non- ^Unfortunately, this is not borne with a left-handed Government within the EEC, and an inter- 

its present form in- the. future ^o Un tant But which accounts J oiit by the facts. Mr. Carter did « there really is a more rosy ference to trade negotiations 

the banks wiH only pay < cor- Jfeflect company management and not confine his purchases to com- future, now may be the time to with EasteraUbloc countries eager 


t Profit. 

Hyde ” 


poralion tax on a voluntary basis^j erfonnttnce 'njore correctly? panies with small capitalisations. ^ opposite, 
since it is an easy matter t0 Comparisons such as the above His purchases included such J. P. H. FJurabe, 
crease the volume of foreign may caUBe t h e "Hyde" guide-major companies as Rowntree Hill V/ay, 


lined. 

d. 

nd. 


exchange contracts at lines to lose their credibility, 

pnate year end at the cost owy rj, j . 

‘ of JL. STn ? u commiMion.. ... 35. Brootaride, Wttfcm Gilbert, 

TWs situation puta the banker, Co 

: as a group,' in. the ; same “ ___ 

privileged category-as stores (for 
example Tesco) in Jming jyolun¬ 
wary corporation tax payers. 

Stores usually pay: for their 
goods after they have been Sola 


A one-off 
adventure 


Mackintosh, Midland Bank and WOteinp. Surrey. 

Maries and Spencer (how safe - 

catryou get!). His results there- C» rQn pYphantTP 
fore suggest that even the shares kJl*! fly CALlWllgC 
of major companies do not obey . i 

u control 

-'Since it is the major companies 


for bulk carriers but without 
cash to payjor them. 

U.K. fanning is certainly con 
trading, and the rate must 
accelerate. The •« political view 
is that ao efficient national farm 
is not required, but of course, 
you mustn’t fell the children. The 
political migtyl i$ brim full of 
North Sea gu, and it will not be 


hut arc still able to claim SAR. Fnm flj r . l. Goslin 



e we shall hear 
from the Minister 
t for revised 
land use. There 
demand for 
the countryside, 
Bee 


that effectively make up what we From Mr. W. Platt. until most o^ffhi s has boon burnt 

call “ tfafc market," all that the Sir,—If Mr. Smedley (January off, that saner thinking will 
theory .is saying is that one 3 > is advocating a complete dis- return. ^ 

JM ,. cqnnot beat the market by buy- mantling of the exchange con- lo the mei 

Thus by simply stocking up tat sir,—Dr. A. Henfrcy's letter in^ the market. We hardly need trol apparatus so that part con- growing cl 

no cost) towards their year enns / December 31 ) exposes Mr. a sophisticated theory to tell us trol of the economy and the ex- of ' Envin 

; their corporation tax; bill « {^ rter >s system for what it really that blindingly obvious fact change rate is handed back to priorities, 

■eliminated. t .. ^ i ^ is—a one-off adventure in sue- The theoiy as expounded by all the people (sic), he must not will be 

ce*sful and opportunist spectila- Mfc. Stern, however, makes much cry out for help from the “ inter- public a— ------ 

withdrawal of this nonsensical „ Successful, because it was m bre sweeoinE assertions it ventiomsts” when the foreign And, the pubfic may want te b 
relief. The original purpose of ^ a g^gujariy fortuitous cStendT^fSecurity analysis speculators, or indeed those at the odd fieldfof com, 'maybe _ 

the relief was to assist traders Mt oi circumstances which is Irtseneralis a waste of time, that home, are manipulating the cur- cow or two. aqfl certainly a yokel 

nl'pr the ail and commodity nnce ■„ »_• ——w. u? ■ « ■.■ ■ . , rpncv.fnr ttiiui* Aum calflch mdn ahaurina drew hut only as SOme 

backcloth to 
Agricultural 

controy? land will be "required for the 

lack mwSd" 5 * 5«M»« *«« w P^iSiaci.-fi-a-tke*^ W. P. Platt uUaul P W P M.iw* " 

□hck over tne. next nve years.ana tmm 9 orf^it ♦+»*— tha t Mr. Carter has shown SO. London WaU. E.CJL 

false, and. so far no one, - 

throughout this debate Fiscal fun for 

en absolutely deafening), 


hack over the next five years and from » «iTrfeit 

[gives the resulting tax yield ba^t 

■to the ordinary income tax payer fnr anv- 

by , xenerd «ducUon in m« ot: gU.*" 

* Disorderly markets have little 


i tax. 

I J. A. Newman, 

|2i Mincino Lane. EC3. 


Guidelines on 
accountancy 


affinity with ** efficient market 
models “ or for that matter any 
other rule-of-thumb principle 
practised by in vestment 

managers. 

Where are Mr. Carter's ultra- 
high ylelders now? His perform¬ 
ance during the 1950s was pretty 


to go as an. alternative to being 
on strike. And any farmer 
having ideas qg-earning anything 
out of working his land will be 
frowned upoffi: Farmers are not 
supposed to be motivated by 
profit such aril the preserves of 
the industrial co mmuni ty, and 


i ^str,_fn jtp statement of intent -sedate, A system .is pj not .much a: 


sui 


published on July 27,-1977, the practical value if it can only ati 
i Accounting Standards Committee -be operated once in a blue moon, levi 
.oinmented that It believed that:- .In rational . markets high exr* 
there it a wide recognition of the‘Fielders have a nasty habit of of 
'fact that the rapidly-changing suddenly ■ becoming non-yielders emt; 
! price levels associated with in- and sometimes disappearing ua- 
| flatten seriously distort results altogether Into limbo. The fn 
"!»w» 1y accounts dr.™ up on ChroMle 


ku3diului ucuomugi, n r> 

shown how Mr. Carter’s all tllfi taiTIllV 
is can be reconciled with uc AailLUJ 

statements. From Dr. S. CastelL —- — ^ - — 

reply to Dr. Henfrey Sir,—I refer to Samuel calculating poHucian. 

her 31), it is quite true Brittan's Lombard article of So Mr. Hoqgson should cer- 

b efficient market theory January 3. As last year, Mr. tainly be making plans now, even 

of the possibility of Brin an provided a piquant and at this late sjage, to come to 

or investment perform- refreshing New Year’s present terms with realty. 

It only allows it, however, in. the way of delicate roasting D. Yates. . 
price of accepting a higher of sacred cows.. Grope F ^ r1 ^* arompton Groue, 

" risk. What the theory The contemplation of the four 
denies is the possibility main economic . modellers— 


tg superior results by National Institute of Economic Qninrplc nf 
ing a trading rule or by and Social Research. London JUUi 

“known or knowable in- Business School, Cambridge • 

ion," as Dr. Henfrey him- Group and Manchester Mone- I TIT Ol lilHQOIl 

• »«vw« -_j.- - _ ^ Since this is pro- tarisrs—coming together for a _ __ . 

:the conventional historical cost high yield portfolio system for risetf what Mr. Carter did, I do grand rewriting of history From Hr. L-Mmtker 
1 basis end there-ii a. wide recoa-years, but it has always prefaced not. lpe how Dr,. Henfrey can modelling event (=“con£roiita- . Sir.—I thinkjj*aye 
I nition of the urgent need to it with tiie warning never to buy den; 

■ Indict, the extrnt of the « g “ ^ 

‘ The guidelines state that With just as much experience The 


... the answer 

Mr. Carter’s results tion on Semand management’^ to Mr., Wfflnot’s comment 

or the theory. provokes further ideas In this (December ^J abont your less 

s. hitherto untapped field of enter- affluent readem. Unlike all the 

University, tainment, or fiscal fun for ail otimr- daily newspapers (and 


t ;J?hn Street E.CJ. 

Taxation 




the family. I hope he has despite the pretests of some of 
already secured worldwide stage yom - staff), the>appea] of the FT 
and fli™ rights of Heinemann’s ie strictly ’ specialist” 

“book of the show" because, if This means ghat having got 
he would care to extract a from tbe pink.-paper what they 

libretto' therefrom, I would want, instead (^ taking it home 

gladly play Sullivan to his Gil- to their wives Aid friends, your 

bert to. produce a UJC. first m readers tend p discard their 


/ 


adjustments should be made for: as Mr- Carter and with .a much SL;#m Street. E. 

depreciation, cost of sales, gear- wider spread I have found that - 

ing. The first two—depredation non-yielders and very low 
uVrai of MlM mliunment— yeldtrs perfom equally as 
arc' cenerallv accepted as not well as some of Mr. carter s 
being particularly contentious, high fliers- Eastern Produce. uv 
But on rlAKp infioection the cost.National Carbonteine. Mining * J 

Supp«es. t pr. (Malays ^ E. Plumbe. 

Injs T. Norton. Wearra, Oil Exploration c ‘- - -■* — 

The guidelines are specific in.- Crystallite. ■ cappcr-Nelll, 

Sfes^adiuBiSMt °is t te *^itch Son^remarkahiy'^weU over tte in. Ufc'.anwh “annotmcetT the The Star of the §iiow~woajd Fields, and tbj^s the explana- 
wiminr Tvmnir nricev with past X8 months. lowering of income tax, with its be that crooner with the twink- tion of how th^a mps 0 f wil- 

rumnt costs!-• Tbe difference Anyone with a bit of nerve beneficial effect for those lower ling feet and syrupy voice, Milton mot’s observation got their 

between current cost and his- and some spare cash - could quite' down.-Actually, raising the tear Keynes (purely a stage name; favourite reading-matter. 

toriMt ha the result easily have outperformed -Mr. threshold gives tins Same relief derived—to correct impressions Leon Drucker. 

»ofc ^normal ^inflation, buying Carter by bujing practically'.any- to all who pay income tax, and given in some recent Jess 25, Dieeji Avenue, N.W3. 


iVofi'ce o f Redemption 

Avon Overseas Capital Corporation 

Guaranteed Bonds Due 1981 

NOTICE IS HEREBY GIVEN that, pursuant to tbe provisions of the Indenture dated as of 
February l, 1966 under which the above described Bonds were issued, First National City Bank 
(now Citibank, NA), as Trustee, has drawn by lot for redemption on February 3, 1978 (“sinking 
fund redemption date”), through the operation of the sinking fund provided for in the said Indenture, 
$1,500,000 principal amount of Bonds of the said issue of the following distinctive numbers: 

COUPON BONDS OF S1A0O PRINCIPAL AMOUNT OUTSTANDING 


iff 


ago 10283 11803 12534 32887 13410 33888 

JOSg urn 3 3878 12898 13411 13887 

255 1 M3£ 12577 12882 18412 18888 

8833 10433 11-493 13578 32933 19413 13981 

9837 10433 11498 12595 12934 13417 13992 

9892 10434 3MM 12599 12935 13418 13992 

SIISSS ii II n§ iitilissns 

^ ^ 11M6 12839 12944 13581 Um 

---gngg 1M40 11800 32840 12958 13582 1*382: 

55® 10444 11801 12841 12959 13383 14383 

9970 10445 11803 12842 12989 33885 1438* 

9971 1DB7* llffii 12843 12971 13587, 14285 

8872 IMS79 11605 12844 12972 13588 14388 

9973 10576 11606 12645 13081 13SB9 143ST 

9975 10078 11609 12849 13032 33857 24388 

lOOQO 10676 11610 12830 13033 13839 143B0 

10001 10677 11811 12854 13036 13881 343B3 

10002 10073 11812 12856 13037 13882 14394 




JC74 819 1580 1971 2438 2841 4717 5915 7752 

75 830 1581 1978 2444 2842 4720 5986 7754 

76 832 1583 I960 2445 2343 4864 3975 7755 

79 627 1580 1961 3475 2844 4385 5975 7756 

82 Mg 1337 1863 2479 2848 4886 5978 7737 _ 

36 829 1588 1984 2480 2840 4887 5979 7758 9287 

94 830 1539 2006 2481 2847 4888 5981 7779 - 

M 831 1593 3007 2497 2349 4869 5862 

102 832 1594 2010 2509 2888 ~ 

108 837 1397 2011 2510 2887 _ 

104 828 ..1649 2012 2515 2338 4888 5993 7057 9837 

305 839 1881 2013 2516 2889 4887 5990 7981 9328 

111 844 1852 2022 2518 2890 48B8 6004 8020 9329 

312 J ® 4 1853 2081 2520 rag* 6005 80*1 9330 

113 895 1605 2143 2524 2602 4690 6173 8022 9331 

125 BOB 1658 2224 2325 2898 4891 6174 8021 9382 

138 897 1858 2225 2328 289* 4903 6175 8 M* 9333 

138 917 1889 2226 2SS7 2014 4994 6176 8025 9334f 

208 918 1680 2228 209 2948 Sl 8 l 6178 8020 9385 

311 919 1661 2229 2530 3021 3182 8179 8027 9338 

324 920 1882 2230 2532 3022 5183 8180 802* 9338 10003 10880 218M 12888 13040 13383 14398 

3ZB 927 1684 2232 1533 3023 5184 8181 8039 9839 10004 10681 11688 12687 13048 1368$ 34394 

3X7 928 1685 2233 2534 3024 5285 8183 8031 9342 10008 10682 11705 12688 13059 13865 1459S 

329 039 186a 2288 3638 3015 5Z63 8273 8074 0847 10009 10750 11706 13889 13060 13867 14590 

380 943 1687 2238 2537 3Ufl SW 0175 6075 9849 10014 10823 11707 KSS 13061 13868 14597 

388 945 I860 2283 2388 3027 5270 6278 807T 9850 10020 10825 11725 12893 13082 18889 145BB 

■335 948 1672 2284 2B39 3026 8271 6281 8078 9851 10034 10829 11736 12894 13063 13870 14599 

435 947 1674 2285 2840 3039 5278 8488 8079 9882 10038 10848 11727 I289S 13067 13871 14600 

438. 948 1678 2286 2542 3C30 5279 6469 8080 9853 10037 10383 11728 12896 13068 13672 14601 

452 949 1661 2267 2548 3031 5U0 6470 8081 9854 lOOfZ 10853 11729 12697 13071 13673 14602 

456 950 1682 2269 2544 3094 5281 6471 8082 9855 10048 10854 11730 12898 13072 13877 14603 

451 951 1685 2170 2547 3095 5262 BS12 8084 9856 10049 10855 11731 12701 13073 13878 14804 

482 980 1688 2271 2848 3098 5283 8513 8116 9887 30050 10886 11733 12702 38074 13879 14805 

485 53 1M9 2272 2849 3184 5284 6514 8117 9356 10051 10837 11734 12703 13076 13682 14606 

467 965 1691 2273 2550 3165 6385 6515 8 U 8 9381 10054 10856 11735 12707 18078 13732 14607 

470 9OT; 1606 2282 2655 3186 5886 0516 8119 9262 10055 10839 11738 12714 13079 13734 14BQ9 

471 1377 1899 2293 2557 3187 5387 8517 8120 9369 10056 10860 11737 1*736 13080 13738 14610 

472 1278 1700 2294 2856 8320 5388 6518 8128 9370 10057 10881 11738 12737 13081 13737 14811 

■ 485 3280 1704 2195 2559 3321 5389 6519 8127 9371 100BS 10882 U74Z 12738 18082 13738 14812 

496 m 1706 2296 2580 MBS 5390 6520 8190 9873 10089 10863 11748 12758 18083 13789 14613 

498 1282 1709 2298 2501 3323 5392 60X1 8 lBl 9374 10070 30888 11751 12755 13006 13740 14677 

499 535 1710 1299 25§2 3399 5443 8548 Sltt IB75 10071 1W67 11778 12784 18087 13742 14678 

302 1809 1715 2300 2583 8400 6444 6547 8346 0378 10072 108& 11777 12789 13088 13743 14T5T 

SOB 1311 1718 2301 28» 3401 5448 8549 8350 9377 10078 10899 11980 12784 13090 13744 14758 

SOB 1400 1719 2303 2808 3402 5447 8550 8351 937* 10075 10900 11961 12787 13091 13745 14759 

510 1401 1720 2305 2*10 3403 5448 8551 8352 «W 1007B 10903 119® 12788 13092 13746 14780 

619 1403 1723 2306 2812 3404 5449 6562 8438 Htt2 1O077 10M 11963 12789 13093 13747 14781 

020 1403 1724 2308 2813 3405 M50 655* 8489 Kttff 10073 10904 11984 12790 13094 13748 14762 

Ml 1407 1726 2310 2816 8377 5505 6535 8440 tel 10079 10905 11971 12791 13098 13752 14730 

922 1408 172T 2311 2618 3578 5508 8835 84*1 9337 10080 3094E 11972 12792 13097 13753 14781 

851 1430 1729 231 7 2 6*1 3579 5807 8838 8443 94& 1008S 10949 11973 12794 13088 13780 14786 

S3 1431 1730 2320 3633 WOO 5309 6837 8448 9407 10084 10950 12103 12798 13099 18831 14787 

S uss 1734 3329 2825 3581 5510 6838 8449 9410 10089 10951 12104 12707 13100 13867 14862 

1433 1735 2330 2626 8582 5607 8839 3452 941* 10090 10952 12106 12802 13101 13369 14883 

W 1435 1738 2386 2027 3772 5806 6840 3511 9413 XOOBl 10983 12108 12609 13102 13870 1*66* 

1437 3737 2M7 Site 3774 5809 6841 SIS gfiS 10092 10954 12194 12815 13103 13871 14885 

B 5 3322 325 S £8* 3rn 8843 Sgl* i«®* loss 12195 12322 13100 13872 usee 

578 1439 1740 2341 2633 3778 581* 7049 8515 9416 10095 10981 12196 12823 ISIS 1 3878 14689 

379 1440 1743 2342 3685 3777 5613 7050 8318 9417 10106 10988 12107 12824 13107 13877 14870 

080 1441 1T4S 2844 206 3873 3687 7062 8517 93*9 10107 109® 12198 H2B27 13106 13878 14871 

581 1443 1748 2345 1638 3 878 .0688 7063 MIS 9 535 3018® 10970 12203 12828 131® 13879 14956 

754 1444 1848 *348 *842 388* 5889 7291 6521 9587 30124 10971 12204 12829 13110 13880 14959 

755 1446 1849 3M7 2643 3886 5871 7198 85*4 9838 30125 10972 12205 12830 13112 13881 14980 

756 1488 18BB gS4B 3544 g 887 5672 7394 9» 10126 10078 12206 12831 13113 1388* 14981 

7® 1461. US 2349 2851 3888 5873 7290 8828 9M4 10127 10079 12287 12832 13134- 13884 14982 

TO 1462 1858 - 3351 2852 388 9 5674 7298 8829 9825 10126 10980 122B8 12833 33335 13888 14964 

770 146* 1857 2332 2653 3890 5702 7298 8832 MB 10129 10081 12290 12834 13118 13887 34965 

773 1494 1889 2983 2855 4008 9703 7299 8703 9703 10131 10982 12294 13837 13117 13888 3*906 

774 1489 lSn.SBB 2656 4006 5704 7316 STttt 8704 10132 10988 1£»5 12838 13118 13896 3*067 
775 1512 UK 1360 28» 4110 5708 7317 8706 9703 '10133 10989 1*296 12843 181*0 13938 149® 

778 1534 1BB7 2370 2680 4111 5707 7320 8SS2 9706 10134 10990 123® 12849 13122 13929 149® 

780 U16 18& 2380 JS661 4126 5708 7331 B99S 9707 10136 10991 1*370 1*857 13123 13830 14970 

781 1317 1870 2381 2882 4127 H7M 7322 9004 9715 101S7 10992 12371 128® 13124 13931 14971 

784 1518 1874. 2402 U63 41*8 0710 7340 BOOS 9718 10138 11009 5*44 12861 13125 13032 14974 

765 1519 1875 2403 2738 4129 5711 7341 9073 97U 101® 11010 13445 W«52 13128 13926 14978 

786 1520 1877 2405 *737 4130 5736 7445 9074 9771 10140 1UU 1*448 12884 13127 13997 34979 

TO2 1=22 1878 2408 37W 4131 g3T 7448 9075 9772 1014* UU2 1*447 1*866 13128 33938 

902 182? 3740 4182 3738 7449 9076 9778 30143 11235 1*4® 12867 13129 13939 

803 Z £J 1 25 B **<* *744 «» 9739 7518 9131 977* 10144 11218 1*451 12888 131® 13040 

? 5 ? *82 3 S 5 SH Si? £ 2 ! SE 5 sous nui i*4s* us® ism W 

“5 “g MW 2W6 Zg 2 »133 9778 1014T 11*8* 1*453 1*870 1313* 13942 

*» 222 35SS IfJS SSI S5S SS 225 SH t?ZL mm* 11287 1 * 45 * issrn mss 13944 

2JJ “J 2 STO* jgg gftj |778 ID 149 112® 1*4» 12878 13136 13946 

E? KK ?221 £££ itSS fSlt 8J2S 2ZZS 10u0 ima 12438 12875 13137 l3fl4 ? 

8JII JESS im31 11280 12439 12878 miss laws 

St ESS 3 £S SZ® 52 & 7828 g}£® 22 S ioibs 11201 124® us® 13139 1*95* 

S25 1SS2 SJt 25? SJ2S 23? 10158 11207 “S* 12880 ismo 13960 

816 1578 3964 2435 3789 4655 5913 7531 9140 9784 10263 n«« i«« nito n 13141 13034 

817 *579 3970 3436 2790 4716 9914 7781 9143- 0787 1Q2S4 11 ^ 1^2 1^5 134® 1 M 8 S 

The Bonds specified above, are to be; redeemed fqr the said sinking fund at the W.C.G.-Agency 
Services'of the Trustee, ill Wall Street, 2nd Floor—Bond Windows, in the Borough of Manhattan, 
The City of New York; or at the main offices of Citibank, N.A. in London (City Office), Amsterdam, 
Paris, Frankfurt, Milan, Citibank (Belgium) SA, in Brussels, and Banque de Paris et des Pays-Bas 
poor le Grand-Duchc de .Luxembourg in Luxembourg, 25 the Company's paying agents, and will 
beoame due and payable on February 1 ," 1978 at the redemption price of 100 percent of the principal 
amount thereof plus accrued interest on said principal amount to such date. On and after such date, 
interest on the said Bonds will cease to accrue. • 

The said Bonds should be presented and surrendered at the offices set forth above on the-redemp¬ 
tion date with all interest coupons maturing subsequent to the redemption date. 

Coupons due February 1,1978 should be detached and presented for payment in the usual manner. 


AVON OVERSEAS CAPITAL CORPORATION 

By: CITIBANK, N.A. 

as Trustee 


December 30,1977 




























































































































































































































COMPANY NEWS + COMMENT 


Westland down by £3.5m. to £5.84m. 


ICI details given In 
NY prospectus 


[CL expects a 
n North America 



■WITH ADDITIONAL costs and 
delays in the assembly. o£ the 
Lynx helicopter and hovercraft 
contracts affecting results, taxable 
profits of Westland Aircraft for 
the year to September 30, 1077 
fell from a record £9.S4m. to 
£5£4m. on turnover up from 
£13 1 Jim, to £13S.9m. 

The directors say that in recent 
months -the output of the Lynx 
has improved and that there 
need be no doubt about the 
opportunities, in the longer term, 
open to the company or its ability 
to match them. They intend to 
exploit -fully the investments and 
experience of recent years. 

Stated earnings per 25p share 
are more than halved at 5.79p 
(I2.97p) and the dividend is 
Stepped up to 3.1837Sp <2J85049pl 
with a l.672o9p net final. Share¬ 
holders funds per share work out 
at 93-26p (90.66p). 

Subsidiary Nonnalair-Garrett 
despite being affected by indus¬ 
trial relations - difficulties in the 
neighbouring Westland Heli¬ 
copters' factory produced good 
results. British Hovercraft 
Corporation, in Cowes, substanti¬ 
ally increased Us turnover, but 
later in the year found that the 
fulfilment of its sizeable contract 
with British Railways to lengthen 
two SR.N4 hovercraft involved 
additional work which had not 
been fully foreseen. 

The directors say that taking 
together the provisions that are 
necessary for the Lynx and the 
Hovercraft contracts, the years 
profit is about £6.3ra. less than It 
would otherwise have been. 


BOARD MEETINGS 


Accounts show total net assets 
of Simpson ahead from £0.74m. 
to £L 16 m. at balance date. 


The following companies have ngUfiod 
dates of Board meetings to the Stock 
Exchange. Such meetings are usually 
held (or the purpose of considering divi¬ 
dends. Official mentations arc not avail¬ 
able whether dividends concerned are 
Interims or finals and the sub-dJvhdaas 
Shown below are based mainly on bat 
year's timetable. 

TO-DAY 

later } ms—Anxoa Holdings, Esperanaa 
Trade and Transport, Hollis Bros, and 
E.SJL, Ratters UmfeUexs). F. H_ Tom¬ 
kins. 


Pinal*—Allied Breweries. S. 

Berisford, Btrmlngbam Pallet, 
Motor. 

FUTURE DATES 


and V. 
Reliant 


Interims— 

Cray Electronics--- 

ERF ..■... 

Poulins —-—---- 

Finals— 

Allied Textile..—.— 

Epicure .-. 

Ceitemer ...-. 

M. and C. Dual Trust . 


- Jan. id 
. Jan. 11 
.. Jan. 8 


T. W. Ward 
falls 5.9% 
to £7.61m: 


THE PROSPECTUS published In adapt to c h an gi ng world condfc lOL EJECTS an American 
New York in connection with the taons. ^viinpro, ’« rnl „i vear, Mr. 

5150m. debenture issue by 1C3 The fourth quarter’s results wifl MaIks ijLS^KSZnl says m 
North America Inc. reveals that Include an extraordinarycharse JJ*accounts, 

short term debt of. the Id Group of £27m. (S49mj arising from the W statement wiui » 
stood at £166m. at September 30. sale or ICTs interest in OH. Be says ICL products are now 

1977, and the longterm debt was ICI is investigating whether a mfirketfed in sonic SO 
Xl.lTbn. Minority interests in con- payment of about *20,000 made wjuj operations general p™** 
soEdated subsidiaries amounted to in 1977 outside the U.S. by an in all areas but ^orm 

XlSTnu, total shareholders equity indirect UJ3. subsidiary might AAerica. 

to £L37bn. and total capitalisation have been in violation of the h senttMirbor 30. 3977 year 
to £3J3Sbn. , . , group’s policy on questionable ^ profit jumped'Jl per 

It also discloses a .previously payments and will take corrective «*■♦ to £30i«L, and Mr. Hudson 
onpubfished divisional breakdown action if necessary. Iff, the swift expansion in the 

of the group's sales and trading 3* i‘ Ls business shows its 


■saan®S® ■ 2r8a TSSr t ' 

Wtfa In the 

C. Hudson, chairman, say* m 

Matthew 

l rTST-irffi SBS Rrnwn . 


Matthew 

Brown 

outlook 


Changes in 
U.S. by BP 
and Sohio 



1976-77 

£006 

Tumor er .-. 

13S.K6 

Trading surplus .—. 

8.300 

Helicopters . 

4.013 


1.064 

EnvIranmnU. control r 

:.5S9 

Door* . 

73 

Other products. 

793 

AsmclatL-d companies... 


Interest charges . 

2.938 

Frolic before tax . 

5444 

Tax .- 

1893 

Net profit .. 

3.949 

Minority interest .. 

31 S 

Attributable . 

3.430 

Dividends . 

1.SS7 

Retained . 

1-343 

* Loss. T EqnlpmcnL for alrci 
allied products. 


VM9 

6P24 

xnea 

MBS 

-383 

571 

SO 

1.583 


Prospects 
at General 
Stockholders 


British Petroleum and -its UJS. 
affiliate Standard Oil (Ohio) have 
agreed on a series of personnel 
and property transfers affecting 
the oil and gas operations of the 
two companies in the UJ5. 

BP, which will gain a majority 
interest in Sohio as Alaskan oil 
production builds- up, says that 
the changes will enable the U.S. 
company to proceed with long¬ 
term plans for expanding oil and 
gas exploration -in Alaska and 
other states. 

Sohio Natural Resources, a 
wholly-owned Sohio subsidiary, 
has acquired the geological. 

geophysical, aaterxtjific and 
engineering dam which various 
-subsidiaries of BP have developed 
in tbeir past o'U and gas explora¬ 
tion and production efforts. The 
subsidiary has also acquired HP’s 
Anchorage office building and 
certain joint venture interests in 
BP. 

San Francisco wSI be the head¬ 
quarters for oil and gas explora¬ 
tion tend production activities and 
four area exploration offices will 
be located at Houston. San 
Francisco, Denver and Oklahoma 
Olty. BP say’s this will require 
a significant increase In the 
existing Sohio and BP Alaska 
exploration staffs. 

Production operations will con¬ 
tinue to be directed separately 
from Anchorage (for Alaska) and 
Oklahoma tfor the lower “48” 
srates). BP*s personnel In San 
Francisco and .Alaska engaged dn 
.exploration and production have 
become employees of Sohio 
Natural Resources. That company 
has also assumed the responsibili¬ 
ties of BP Alaska, os operator for 
the Western portion of the 
Rrudhoe Bay unit in Alaska. 


would be raised to one and a 
halftimes (instead of once), the 
aggregate of paid-up capital and 
the total of reserves. This would 
-raise the borrowing limit from 
127.3 m.—against which actual 
borrowings are at present some 
JE20m.—to about 141m. The exist¬ 
ing margin is considered insuffi¬ 
cient for the continuing needs 
of the business, although no sub¬ 
stantial increase in the level of 
requirements is expected in the 
foreseeable future. 


Another new article would re¬ 
place the present figure of £U250 
for the fees of each director annu¬ 
ally (with an additional £1,250 
for the chairman) with a provi¬ 
sion that there should be a total 
annual limi t on directors’ re¬ 
muneration of £25,000. The total 
number of the present directors 
is ten. At present, there is no 
intention that the directors’ pay 
should be increased except in 
accordance with Government 
policy- 


St. George’s 
Laundry up 
mid-term 


La unde re rs and dry cleaners 
SL George's Laundry (Worcester) 
lifted pre-tax profits for the half 
year to August 31, 19 n from 
£15543 to £20,183 on turnover of 
£608,602 against £503,485. 

Reporting a depressed profit of 
£15.852 (£45,294) for the 1976-77 
year the directors said that 
figures for the current half year 
showed little sign of improvement. 

The net interin) dividend is 
maintained at 02Sp per lOp share 
—last year's final was 0.14p. Earn¬ 
ings for the half year are show ti 
as 0.42p compared with 0.35p. Net 
profit emerged as £10,038 l£8,380) 
after tax of £10,145 (£7,563). 


FOLLOWING A slight. decline at 
midway from £3-39rn_ to £3-29m- 
Thos. W. Ward finished the year 
to September 30, 1977, with tax¬ 
able profits down by 5J) per cent, 
from £8.08jxl to 17.61m. Turnover 
imornved by 5.3 ner cent, to 
£242.7nn against £229jm. The 
directors expect to see an 
improvement in the current year. 

An analysis of trading profit, 
down from £l2.i2m. to £i 1.53m. 
shows that with a further decline, 
in scrap metal deliveries and 
prices the iron and steel division 
suffered a drop from £352m. to 
£2.15m.; construction was up 
slightly to £5B6m. (£5.68m.); a 
weak demand for wire drawing 
machinery and mobile cranes in 
the engineering sector caused a 
fall to £Q.75m. (JEOffSte.); Motors 
went ahead from £L04m. to 
£1.74 m. and industrial services 
Increased to £L03m. (£0.74m.), in 
a difficult market. 

Stated earnings' per 23p share 
are shown as 7.3p (7£p) basic and 
6-9p (72p) fully diluted. T he 
dividend is stepped up to 4.0S375p 
(3.B5625p) with a 2JB65p net final, 
payable on April 1, the maximum 
allowed. —■ 

The assets of subsidiary Thomas 
Smith and Son (Rodley) were sold 
during the year and an agreement 
was reached for the'sale of the 
steel stockholding business of 
John Lee to B.S.C. Manufacture, at 
Marshall Richards Barcro. is to be 
phased out and in future sub¬ 
contracted. 


AE sees 

some 

increase 


unpublished divisional breakdown action if necessary. expansion in the c j /UNSCOUGHrcbdrinaiA 

of the group’s sales and trading business show* its JJr Wdiew Brown am CeTta 

profits for tbe first talf of 1977 m _ 5£*2 inmcSthc operations aMte.T*o*fe*J 

which shows: agricultural £4 l2m . A li^ rinAri Mwdrcd from Singer, with the ainfldfnt 

and £75 m. compared with £645 m. SvvS ^nwSin&cr operations profit* i omnan y i- *> least M well pWtri' 

%i£gSj" J&SfiSSSS: !$?£ SSfWftUl yew. Turn- S"S5 l •ttaSta 

CATVifk ofer rose 45 per cent, to 1419m. to realise those hope* 7 

ScaS^ fSsS ^5f Js£L SOinC Xlth the inclusion of the Singer Brown is current^ fajmog-*: 

against £738m. and £136m.; indus- • qfcratious overseas JgTfK* SS 

SA&ffufa mcrease 

s - ■ssss p!srsttSTK'-Wa gyssffvsf aft 

and £63m., paints ami bmiding of industrial relations Mr. Hudson say-s the .iildeu tasi umyj* ■ ^ 

services £207m. and £7m. against J ? a |y5?i m , KOn . <y,e is most valuable in Port on the brewing 

and £2lnu against £l99m. and same ^ ' . hnB vested both U> manufacture Jag*, 

£34m.; plastics £312m. and £3Sm. JJ* Md D fofiui' The increase m croup ajwi has #nd improve effidency la traffi* 

against £53Sm. and £42m.; miscei- S? 5 ® ** yolame * profit ;/been reflected in a. high level of Uofwl ^ 

Ian ecus £34m. and £4ra, loss abUity - , ^orders booked. Equipment orders „ We ^ thus Increased. Qw 

against £ 73 m. and £mu loss; inter- He says it is extremely difficult- rose by 53 per cent and the fles ,bility to take adv an tage af 

class sales of £328m. and royalty to forerast the likely outcome fo^rfesuitant badtiog provides a sound ^-fu^gver changes do or do artk. 

income £i2m. the 1978/79 year but is confident'hue for current operations. place in consamers 1 -domadt 

A geographical analysis shows: the group will tackle any prob- . As rtated last month the com- tastes. 1 * 

UJC. £l^52bn. and £262m. against lema which might arise. xJpeny ha> begun tiie latest year ^he Workington purehM* *a|- 

£2j3ba and £399m.; Continental As reported on December 1$' With a record order book. no tbo subsequent revitalisation !»• 

Western Europe £397m. and £3m. pre-tax profits for the September given a continuing toprovMwnr tifiated there, is J»w product®® 
against fOTSm-and £7m. Toss;. so year rose from £20.9Sm. toi m industrial relauoni mrecrore resulls which are amply fUffiffint 
Amencas £383m. and £29m. m47ra. and the dividend are confident of further stemucant hinhest exnectaQbni. MV 


and engineering products £247m. *T , mniTr;n SALES and profits 
ami £20m. against.-S27HL and ■$ i jg22&mi3!e& ITS 

first^two monti«ofthe current 
year are somewhat below budget 

and £63m., paints ano bmiaing nf industrial relations . 

ffiSS^aS^inl^neteSieSSS P™ bleras . Mr. J. N. Ferguson, the : 


within the group £28fim.: royalty faculties available to the group, "models to customers. Output feH « th _ AG « m reso 1000^*2- 

income £12m. against £4rem. and p^g J strong financial to* below plan for much of the year. ™ JJ* SjTAffi“ i 

“S. 01, , .. to support a substantial capital while the U.b. factory at Utica, Btn l j nv . M share scheme wfll be 

&tports /row t 5S»H JC, _JS , 2 expenditure programme as wefias acquired from bincer, had a most Dtt . jq members. 1 

made up of EEC, £i79m.; rest of any additional working capital te- successful year and met all its p Unc J e _ ^ scheme skaroc wfit 


comment 


The efforts made to improve 
the yield on. the portfolio of 
General Stockholders Investment 
Trust are continuing, says Mr. 
M, H. R. Govett, chairman, who 
in his annual statement tells 
members that be looks forward 
to a further significant dividend 
increase in the. current year. 

As reported on November 24, 
the net dividend for the year to 
October 31, 1977 is stepped up 
from Up to 1.7p, representing a 
28.S per.cent, increase from earn¬ 
ings of 1^4p (l.alp) per 32ip 
share. 


IS raising 
borrowings 


64% jump 
at Simpson 
Lawrence 


At the year end. Stockholders 
Investment Trust held 62.7 per 
cenL of the ordinary and 27.9 per 
cent, of the preference capital. 


Meeting, 77 London Wall, EC, 
January 25 at 10.45 a.m_ 


Proposals to increase the 
authorised capital and borrowing 
powers of Initial Services are to 
be put to an EGM on February 
10. Shareholders will also be 
asked to approve a new clause 
in the memorandum of associa¬ 
tion to define the objects of the 
company, though Mr. Allan 
Carling, the chairman, says that 
the changes in the memorandum 
do not foreshadow an alteration 
in the business. 

Certain changes are proposed 
by addition of new articles. Under 
one of these, the limit on the 
company’s borrowing powers 


Marine equipment maker and 
distributor Simpson-Lawrence, a 
private company, increased pre¬ 
tax profit from £206.180 to £338.148 
in the year to September 30,1977. 

Turnover rose from £3m. to 
£4.1m, with TJ.K. sales accounting 
for most of the rise. The profit 
increase came despite a small loss 
from the Dutch subsidiary which 
is now trading profitably. 

Turnover of £5m. is anticipated 
for the current year and directors 
expect to resume the export 
growth of recent years. A new 
distribution warehouse is to be 
opened in Plymouth, and four 
other centres will be expanded. 


The rise In Thomas W. Ward's 
share price yesterday to around 
its 1977-78 high had more to do 
with the uplift in the dividend by 
a maximum 10 per cent, after 
three years of only -maintained 
declarations, than with the profits 
performance, which was much as 
expected. With average scrap 
prices falling from £42 to £27 a 
tonne, a drop of over a third, 
during Ward's last financial year 
It was inevitable that Iron and 
steel activities would'diow a sharp 
fall in profits. These fell from 
£2.3Sm. to £0.77m. in the second 
half. Construction materials, the 
group’s principal earner now con¬ 
tributing over a half of trading 
profits, managed a recovery in 
the second half thanks to price 
rises in cement At the associate 
level an increased oontributiou 
from Ribblesdale from £ 1.14m. to 
£1.4rrL helped offset some of the 
effects, of the fiat performance 
elsewhere. The Tunnel share¬ 
holding chipped in an unchanged 
£1.7m. 

Total group borrowings have 
risen by £600,000 to over £38m. but 
the capital base is supported by 
higher retentions. Retained profits 
In the current year wifi, be boosted 
by the proceeds from a vigorous 
disposal programme, as well as 
loss elimination in the engineer¬ 
ing division. At 59 (up 4> the 
■shares stand on a p/e of 8.1 and 
yield 11.03 per cent, covered 3-8 
times. They ere fully valued. 


maae up oi suivm., rest or any additional working capital re- successful year ana met an iis ^ under the scheme shares wOt 
^^ e . rn ,^? n pe, r ^ r V’ quiroments, to _ meet both the lareets for output and proht b a Hotled to employees with 

XT9nu Africa. f3Sm^ Far East, effect of inflation and any fa- performance. ^an five years continues* 

£30m.; Australasia, £28m.; other, <^5^ in the volume of busing. Actual turnover per employee ^«^ onlv when orofitir m- 
£74 , m - , „ * . Capital expenditure duringjte jumped from £lii.«W to £13.000 tSSve £&S? ai then WiS* 

As already known, pet Income year amounted to (£9-8m.) fc, the year however. A self (inane- JEIl v Tnot exwid more t5* 

f° r the nine months to Septem- f a ii 0W , lT1 g the announcement* at ing productivity’ scheme has been *“« Sewux 

ber 30, 1977, was £218m. (£245m. the time or the rights issue^in introduced for one year for UJC Th ^ airAeaUon wlH not 

for the corresponding period) and November 1976, of a £35m. ex-employees and a share option ‘ riwrorcuntnt faa^- 

^r)SS I «^ ne ^n y Penttitu^rogramme spread dter scheme «as introduced in the or more than 1 per cent' 

accepted U5. accounting pnn- the succeeding two years. year. ;»*««•» war The scheme pmh 

ciples is ffiron at £200m. (£142m.). fa following the Hyde ffiffde From 1971-72 to 1975-76 ICL £ flgj > ' r “ 

The group's operations continue lines for Inflation accounting, Mr. receivetl £40m. from the U.K. *“ 

to be affected by balance of pay- Ferguson says that profits would Government towards research and 

ments deficits in some countries, be reduced by £o^m. far addl- development, and apart from £3m. F FIlinH" 

fluctuating • currency exchange tional depreciation and £llfan. carried forward last year nQ * J * JJlUUU 

rates fparticnlariy in the value of for cost of sales adjustment *us research and development COM3 *>K*-ir* A 

sterling), high rates of inflation, reducing pre-tax profits from .the we re charged to the profit and allCffU aL 

the accumulation of large foreign historical £32.5m. to £15.4m. The 10^5 account. 

exchange reserves by. ofI export- gearing adjustment would offset Mr Hudson says directors are ttillTWJIV 


log countries and efforts by many the reduction by £6J3ra. 

countries to protect foreign n d investment can be financed Plastics moulders and optled j 

exchange reserves and control in- . m r ¥ v from within ICL, but it continues goods mamifacturea E. Elliott 

flation. The directors are unable JrlvAJVJLJlLJL jl ? to watch carefully the ways In lifted ptv-rax profits for the six; 

to predict the effects of con- nnxc A r nyi? * which overseas Government? make months to September 30, 1877 

tinned Inflation, changes in * JnlJCiA 1 li C/ extensive support to ICL's major from £45,000 to £63,000 on turn- 

economic activity and currency in- net i oss n f piecadtily competitors. over of JElMta- aflatost £lA6aL r 

stability on the group's inter- Theatre for the six months-^to fa the year the U.K. Govern- The rfoecters state that it. the*, 

national operations. While the July 2, 1977, came to £5,244. ^&e ment annoum.*cd that at least current Improvement In produc* 

group's profitability has been Board believes that the secefed until 1980 all central Government tiviiy la maintained, then there 

affected by certain of these half will show an improvement departments would be required should be a satisfactory increase 

factors, they believe that the resulting in full-year figure*' in to order large computer systems in profit for the fall year. Profit; 

group's international trading ex- excess of those for 1976 whence from ICL. for the 1978/77 year was £184,U(k 


confident that an increasing R 
and D Investment can be financed 


E. Elliott 
ahead at 
halfway 

Plastics moulders and 




L 


perience makes it weil suited to pre-tax profit was £39,056. 


NEW LIFE BUSINESS 


Scot. Amicable up 44% 


Under the arrangements with Stated earnings per 25p shat* .. 
the Government for the £40m. are up from l.Ofip to 1.44p at tb*r -. 
R and D support. ICL will repay halfway rtage and the intato^.,. 
this amount up to September 30, dividend Is increased to OJBp- , 
1984. from any amounts by which (OJp) net payable on February 
pre-tax profit exceeds 7.5 per cent 17—-hist year's final wau lp. Tax - . 
of turnover, up to a maximum took. £33,000 (£23.000)ttoariML-a; 

25 per cent, of profit. net profit of £30.000 (S24BO). .. j. 


■ “ • ■ w ■ • * m mam • “ ■ " ? i M 

2 5 5 2V j ; *5 2 r*^ 2 • 2 « £ » * • 







<: ; :W 






*tmn. ■ v •*? - ^ > r ' 

^ 



Scottish Amicable Life Assurance 
Society reports a record new 
business growth of 44 per cent 
last year on its new UJC. in¬ 
dividual assurances and annuities 
regular premium business, with 
annual premiums rising to £12.6m. 
in 1977 from £S.7m. in 1976. New 
single premium U.K. business 
showed even more dramatic 
growth with premiums last year 
more than doubling to £&5m. 
from £3.1m_ 

This growth pattern is ex¬ 
ceptional for a life company last 
year. The overall picture emerging 
from the results so far published 
is that life companies In 1977 
advanced only slightly. 

The company experienced 
dramatic growth in three main 
areas, the most impressive being 
in the self-employed pensions 
market Here -annual premium 
business improved to £3.76m. from 
£0BSm. and single premiums to 
£3.02m. from £0.82 m. ' 

Next the company had a 30 
per cent rise in individual 
pension arrangement business for 
executive pensions, with annual 
premiums at £32ra. (£2-5 m.) 

Finally, it made a 50 per cent 
increase in its advances for 
topping-up mortgage loans with 
a corresponding increase in 
endowment assurance business. 
The company, a leader in the 
flexible endowment market also 
saw annual premiums mcrease 
slightly in 1977. 

Group life and pensions 
business improved by 13 per cent 


to £5m, from reflecting the dull¬ 
ness of the pensions market in 
1977. 

Peart Assurance Company ex¬ 
perienced a fall in new business 
in its industrial branch, life 
business where premiums are col¬ 
lected by agents- at frequent 
Intervals from the homes of policy- 
holders, on account of an indus¬ 
trial dispute with its agency staff 
over pay. which started in July 
and was not settled until the end 
of the year. Consequently annual 
premiums feH to £12.7m. from 
£14.98m. in 1976 and new sums 
assured to £189.5m. from £234.3m. 

The dispute also affected 
ordinary branch business to some 
extent, but annual premiums rose 
to £9-2m. from £8.5m. with sums 
assured of £344.9m. against 
£362.9m. Single premiums and 
annuity considerations were 
nearly £lm. lower at £G.4m. 
(£7.Sm.). The company ex¬ 
perienced good growth in its self- 
employed pensions business—it 
ran a strong TV campaign for 
this type of contract. At the half- 
year stage new business growth 
in both branches had shown a' 
steady increase of some 16-17 per 
cent 

The Pearl last year started a 
marketing drive in the unit- 
linked business with the appoint¬ 
ment of specialist sales staff. This 
saw annual premiums rise to 
£209,000 from £6,600 and single 
premiums to £1.2m. from 
£174,000. 


Concentric 


Controls for domestic gas appliances 


• Pumps for automotive engines 


Industrial controls and heat exchangers 


• Stainless steel fabrications 


Aluminium ingots 


Plastic mouldings 


RESULTS- YEAR ENDED SEPTEMBER 


OTHER LIFE COMPANIES REPORT 


Even without an ICLcomputer 
you can calculate which is Europe’s 
most successful computer group 


LIVERPOOL VICTORIA FRIENDLY 
SOCIETY—New Life sums assured written 
durJnir im unowned to 2257.9m. 
iH-HIm.l, The new- premium Income 
was rs.730.B00 117433.000). To the 

ordinary branch new sums assured £S8m. 

with new premium Income of 
(XL205.MOI. In the Industrial 
branch new sums assured £L19.5m. 
(ElO&XitL) with new premium income of 
£7,350.0M (£8,128,000). 

PROVIDENT MUTUAL'S HEW LIFE. 
Pension and Asnukr Business for 1977.— 
The estimated net new annual premium 
income for 1977 Is nj, 000.000 0976 
£U.1U,0B9); too- recurring single pre¬ 
miums and considerations for annuities 
totalled approximately Blh.400.tW0 
f I6.CHLM0). The benefits secured by these 
new pr emium s exceed £435.000.000 
■£343X21,000) under assurances and 
£ZX500,OM> Per annum >£22,400,000 per 
annum) under Immediate and deferred 
aumbries, including tn both cases new 
entrants and Inonemeiils tinder group 
schemes. 

REFUGE ASSURANCE COMPANY— 
New business for 1977: ordinary branch: 
Annual premiums £2.49m. fE.Mm.r; 
Single premiums £830.000 (£5S44Mi, sums 
assured I74.am. C£8L34m_) and annuities 


A year of exceptional growth 

in 1977 ICL turnover rose by 45% to £418.7n?., with pre-tax 
profit increasing to £30.3m., a rise of 31 %. This profit 
performance was achieved without significant exchange 
rate gains, which contributed £2m. to the previous year's 
profit. A dividend for the year of 11.25p per share restores 
the gross level last declared in 1971. 

ICL products are now marketed in some 80 countries. ■ 
Overseas turnover rase in 1977 by 85%.and now, for the 
first time, contributes more than half ICL’s total revenue. 
The impact of the Singer acquisition has been most marked 
in the European Division which was previously the smallest 
and has now become the largest of the four ICL systems 
marketing divisions. 

Record order taking 

Orders booked rose by 53%, of which overseas orders 
amounted to half the total. The two overseas marketing 
divisions each reached the £100 million mark for thefirst time. 
Satisfactory cash flow 

The favourable cash balance of £11-4m. (t19.7m.) was 
achieved after repaying £11.7m., the amount outstanding of 


the 8i% German mark loan. The Group has strengthened 
.further its sources of finance and is well placed to finance 
future operations. 

Excel lent response to staff share offer 
The savings-related share option scheme for U.K. 
employees was taken up by 30% of those eligible to join, 
a significantly higher response than any other industrial 
company had so far experienced. 

1978 prospects 

The Company started the current year with a larger order 
book than on any previous occasion. Given a continuing 
improvement in our industrial relations, your Board is 
confident that a further significant growth in turnover and 
profit can be achieved. 


pw annum ibco.Mb <£405.000). Inttunrui 
branch: premiums rsj5m. - and 

sums assured HM.&n, . iL&Q.QTm.i. 

ROYAL UVER FRIENDLY SOCIETY— 
New!business marred IflTT. ludasmar 
branch—annual omnium value £4. 67 b ma 
tM.66fl.2SWj; sums assured xgs.OStIsss 
iESS.TOS.Sso); Ordinary branch—annual 
premium ndne £1.148,632 id.3M.rs3); 
Sums assured £34£77.1M (£35.002 421 ■ 
New sums assured by ibe SCOTTISH 
LIFE ASSURANCE COMPANY increased 
from £224m. to CS9m. In 1977. Nrl ly-n- 
annual premiums were op from £S.2m. « 
pJm. and net single premiums Jurancd 
from flJhn. to 14-Zm. 

^ TIME ASSURANCE SOdETT annoui»:« 
new business Tor 1877s New annual life 
ana pensions premiums £343.000 iHM.BoOi. 
iww single pensions premiums H.SSin. 

premiums and eonsWora- 

ToIal funds n"w 

exceed £TTm. (£2fl.s3tn.)_ 

Vanbrugh life—-F unds for 

_J? e , W “"•“l Premiums 
“SL- >**d new single premiums £47m 
'mjTORY REINSURANCE GROUP— 
For_l977 new mans assured amounted to 

vSw?" ilfT annaal WMM'ums 

and new sinsiu 
prommms were £6.7m. OBXm.i. 



1977 

1976 


£000s 

£000s 

Sales 

31.540 

24J280 

Net assets 

9;347 

7.640 

Profit before tax 

2.454 

2,208. 


Pence 

Pence. 

Eamings per share 

11.73 

■ 8.18 

Dividends per share (gros3) 

3.S3 

3.30 

Neta5^ulsper share 

49.43 

40.41 


Copies nf annual report and a-asnxnls we available’front? 
Coricentric Limned. Coleshiil Road, Sutton Coldfield.. 
Went Midlands B75 7AZ. 


Mattbew Brows r 1 On i 

& COMPANY LIMITED . IV-. l 





Lion Brewery Blackburn 


Extract from the Report and Accounts to 1st October, fttt» 


BONUS DECLARATIONS 


From the Annual Statement by the Chairman. 

Mr. T. C. Hudson. C.B.E. 


A copy of the full Report and Accounts may be 
obtained from the Secretary. ICL Limited, 

ICL House, (Room 1103), Putney, 

■ London SW151SW. Tel: 01 -788 7272 Ext. 2017 




S'T" , IN ^ URANCE ' 3 Of UK 

National Fanners insurance Croup, has 
increased its Interim rer erg ternary bonus 
rates on wlude life and endowment asnir* 
oncas to £3 per c ent - from 14.8 per cent, 
and an personal pension pnildes tbe rate 
is lilted to £7 per cent, from laj per cent. 
Tbe terminal boons rate on death or 
maturity claims for Ufe contracts will be 
V> per roar, of attaching bonuses plus a 
further l per cent, rpr each pear tn force 
prior to 1971. On personal pension con¬ 
tracts the terminal bonus Is 20 per cent, 
of too] bonuses. 

MEDICAL SICKNESS SOCIETY has 
main tained Its reversionary bonus rate on 
lue assurance contracts at the 1678 level 
ot JAAS per cent, of the sum assured 
and attaching bonuses. However, the 
terminal bonus rate, payable on death and 
maturity claims is increased to JS per 
cent, of attaching bonuses from 26 pet 
cen L He rate of vesting boons on pw- 
sonal pension policies la imnnjved to 
» per cent, from 23 per cent. With profli 
sickness and accident contracts receive 
a terminal bonus of JO per cent, of 
attach!us bonuses. 

NATIONAL FARMERS UNION MUTUAL 
INSURANCE SOCIETY U raking its 


imerim reversion ary bonus rates to £ 4.20 
per cenL from £L3 per cenL on life and 
endowments and lo £7 per cenL from fsi 
per cenL on Farmers Pension PoIIuIm 
T he terminal bonus rate lor 197i 0 u 
assurances wlU be 10 per cent, of aiudi. 

tachldiD B mtertan bonus, plus 
* 1 per com. for each pear in 

5TS. prt0 a 1970 tor WW&.pi-oHta 

tea; U - 30 

3j at w-T r ***” ^SmSwmSm 

31 --. 187 T - Tke rate in respect or the sum 
assured Is lifted to-^axo per cent rw‘r 
annum ttum the interim value of t£so 
Per cenL, but the rain npplicahie m 
* dropped *o es.m’ 
cenL from £3.50 per coni, since these 
tracts have only been In rarce lor TsSn 
the net effect Is a higher bomis 

Tbe company announced Its bonus rotns 
^ orthiary life contracts last and 
« tte same time taformeU policybo]d er8 
It would be declaring hnniw w on . n 
ammsl baBis in future? on an 


RESULTS AT A GLANCE—In £’009 

Turnover 
Trading profit 
Depreciation 
Interest payabfe 
Profit on property disposals 
Profit before tax 
Profit after tax 
Eamings per share 
Dividends per share 


1977 
17,278 
3,540 . 
(496) 
( 21 ) 
77 
3,100 
1,529 
9.D4p 
3J92p 


W-r 

15,65f. : 

3,1# ( 
(370: 
(190 
26 

2,600- 

1.257 

&94P 
asJp. - 


52 weeks in 1977as compared with 53 weeks in 1978. ? -,y : 

Points made by Chairman, Mr. Cyril Ainscough in mid-December*^: 


# Trading profit is up 12K9» but, with bank interest greatly reduo|Hs 

by rights issue proceeds, pre-tax profit Is up.19%. . ■ #3 

# Against national trend, total beer sales averaged 216%growth, 
including 1194 up on ail lager despite untavourabje summer* 

# Installations for Slalom Lager production complete. .Gwf ■ : ’t. 
£6,000,000 has been spent on assets In the last four years- y 

# Improved beer trade since September Is helping to 
narrowing margins, generating hopes far another goog.y”^. 

















Financial Times Thursday January 5 197S . 

BIDS AND OEALS I 


MINING NEWS 


ASH buys Brock’s A gold boom? Depends 
burglar alarms h are 

BY CHRISTINE MOW T “ W «/ v ~ 


Automated Security (Holdings), with ASH'S 14. After reorganise BY KENNETH MARSTON. MINING EDITOR 
the burglar alarm group which tion, towards which Brocks is to 

rose (ram the ashes of the bub- pay £130,000, there will be 22 ___ ' . _ . .. ' 

pended Vab Products in 1976, has branches in all, which will result GOLD AND the shares of its pro-_ _ 

bought the security division of in greater density of contracts and wer ® ®3 a,n . a 11U J 

the Brocks Group or Companies, sizeable savings in overheads and yesterday as against a back- odzs/ 77 *loo 

Th® wlil dou . b,e lhe nuraher purchasing benefits. Furthermore, gr°47* WaUfflwet GDIII PRICE 

SMjr&svzji ss ." hM assess ss*afisnas msra ■“ ^ 

S££ d fleW. Ubb "" burelar Midlands and Northern *1^^, tad* IBS- /- 

«*£*■ £ r th S its part Brocks will be free montt,ly . „ A III / 

Mnnwm ** 1 . cas , h an ? to concentrate on its main profit The accompanying graph shows JTV,ej»B jg-—* : 

S ® 0 ^* 00 either In cash or by wa$ pe ntres. mainly in renavigation how the weakness of the dollar / Y^ aun '«"» J 

EljiB, “? ,e of 300,0 92 £ } con ‘ and radar control equipment has been the major influence In I\ \ / / 

J t ** r cenL Preference wuch accounts for more than the rise of the dollar gold price rill _ -* / _ 

L 1 ^' . u- own ° ptl0I V three-quarters of profits.' Accord- over the past two months. 10° \\ i I „■ / 

debt Ukas ° Ver £lnL * bank in 3 to Mr - *■ G- lrwin - 11 dJre ^_°I Taking a base date of October - JS 

At thn uma * of Brocks, the company bad 2S last and expressing the price 1 .y 

rn^LtSn ffSdSS ASH decided , in **. % hl JT ra ?- rket as 100 it will bT^n that the ^- * 

is tonto foSh. .™^ competition and the Price Com- dol i ar ^[ce has outstripped a 

eight rii^t/^i'^nr raission report on burglar alarms J^ee expressed in terms of nu l 1 ^ 7 .^ 

riSplmSi? issue of S per cent. t j 1 a t a successful future for its ftneclal Drawing Rights-—Interna- ■ *"=«** 

^ma^le^umulabvePreference security division lays only In a *g£[ a J >£of L.° 

S3Be°VvS wS of S’ next SSSiy Wl Bro“?sto 4 S m ^ or ™ rid “"y 1 * . KllfYV 

ST SSftfW” M 10 74P ^ the MnSTte not advanced ■«■«*«* 'jgSj 

tr»J n a ”E • «“* . S ,y W ^ If JSSE »£*■ 

stake, is guaranteeing that profits Automated's profit estimate is because the metal has not priced 5!“*™^^ Xh£ oranraii 

for the division will be not less certain to be on the cmiservntive itse i f above what Continental [or J ““ otner OVBrseas 

than £300,000 before tax and side and around £300.000 is prob- fabricators, notably in jewellery, investment. , 

holding oompong iotorosu “ ably more likely, giving an ymore ore prepared la pay. prfm'Syf is^en moLh preS 

ing to possibly £200.000 pre-tax. of close on 50 per cent, for the fadualftal demand for jT,?, & Invertor it remains 

s&araus? ants* inarat: «e.ssj=s s&sr.«? - e 

“ ^PO b rfa„«i«g JS S’JS f o h a fiSW SSaS.S «y55 rpn 

I TSK r , V P W . or bullion snrfnj-^ 

sz*n* «c q So? :r- “■ ““ “ u ” 5 

Msnnm ,™ 5 ™, ..a Although ASHs conserrauve \ bekir reaemed in the 

“, d * do “ ble depreciation policies will knock oanringg anddividends of the pro- « m , » 

firS W ,h l^ ret f t ?. r comribuuon back^ dudng^nines; a Tresh advance in MllStO mBK 6 S 

■RtmSd nrnfih pertmps little more than £ 100,000 ^ Afra-an n^ne profits can 11 

Stated profib for Brocks Alarms pre-tax, by 197B this could rise to u- in the 1977 Decern- *1 J 

wtn be SignificanUy reduced on Sver £300.W bwSJrteriy reports, the first or Oil find 

consolidation into ASH due to These prospects make the cur- wh!r?t n^r- duo m-xt Week 1111 

ASH‘s . accounting Policies for rent raar ket rating look decidedly HolwerYfulxScr rile in South NEWS OF a oil and gas find 
depreciation but Mr. Toro Buffett, historic. At 43p the shares are AftSnn ™\d share orices yester- t^ted the shares of Canada's 

chairman of ASH, said yesterday standing at a p/e of around S on dav ^r_ b flieHpd i a ™ely by over* Mnst ° Explorations yesterday by 

that the intention was not to buy pre-tax profits of £Jnu employing kT.v-V i «ho do not have to to 90p. the price having rather 

profits but rental Income. the same tax charge as at half im-ostment dollar nrore than doubled in the past six 

There will also bo considerable time.' The inbuilt contribution gfgL. Jk „ d , ^2fy5S; obtain a weeks, 

benefits from rationalisation, from Brocks by 1979 could drop HMie^HiJjdend vleld Musto says that during the 

Brocks has 19 branches compared this to under e. investors were recently drilling of Musto 30-1 uranium 

. ^ .. rtfSSTiEafLVJ® 

Attock to seek relisting *s ss 

° at Hie removal of this Pax has sedimentary strata Subsequent 

OTiOF 1 / /vfi flllFOnQCD waned In line with the subsequent logging of the wtu suggests 

micl dLZjQQt PUrLlldNv raH la the premium which was *??! t a h n 0 d ne!* 

* down to an effective rate yesfer- reservoirs in the Tres Hermanos 

BY RAY OAFTER, ENERGY CORRESPONDENT dayxrf Just under 28 per cent /“Dakota”) sandstones. The total 


Oct 28/77*100 

BOLD PRICE. 


in 

*SDR Terms 


B 1 1 « a * ‘ 

Dec Jan 


I I i I E I^V. 

GOLD MINES INDEX 

I (cun-pramunl i 


iilll 1 

“m 

GOLD BiNES INDEX 

'• T ✓ tex-pramkBTi 

i 


N 


?*■T 


. ’f" 


Musto makes 
oil find 


Attock to seek relisting 

after £2m. purchase 


BULLOUGH OFFERS 
. £1|M. FOR 
: NEWMAN GRANGER 

The bidder for Newman 
Granger, the precision engineers 
and jack manufacturers whose 


BY RAY OAFTER, ENERGY CORRESPONDENT day .of just under 28 per cent 

, In view of the industry’s re- 

Attock Petroleum has started the existing shareholders have covering earnings it is felt that 
to build Its oil and gas reserves been compensated for their share prices, cum-premium 
by buying a £ 2 m. stake in three development costs. as well as ex-premium, are still 

fiNds in the Guif of Mexico. Premier Consolidated Oilfield s 1(nv enciush t0 discount a good 

The London-based group says ^ ^^Teemlm the South African political 

SSftaT/S? of m DaE P Tem E fo e / 5 the C dTffi v^rsTnow 'We fw ttat* the 

jlnhed Wl the three fields and -f f nl , r pinlnratnrv pas welLs near vwro ™ 15 , w J ne Iear 11131 l .,® 

further development drilling is ri£Z?m cJSSett County w5 ? r ^ uxa rhat 1 they P ay ? ay wlM 

SS?. m Tl^ ro w C e k n ?wm U be^drnieA br £*!%»&, S, 1 ® 

Attock wall now be seeking a at AMPECO's expense on Premco’s overdone rince it 

reteteng on the London Stock Hoover Ranch leases. Under the “ Ming overdone since, it is 

Exchange, probably within the terms of the agreement Premco " ' " " .... 

neat two months. The company's Is being paid $177,600 and will 

share quotation was ■temporarily receive a one-sixteenth overriding RTF! 1 DTTfJH AFFFR 5 
suspended in July following the royalty on all production from the „ 13 , urreno 

side of a 51 per cent holding in -it-s leases. - *»*M. rUK ___ 

Pakistan oil operation. Attock Oil. _ • : NEWMAN GRANGER 

Kfiwtfflt International Finance damttajC a cl'c cnD The bidder (or- Newman 

Oompany peid £2Jm. for the sale; ^UIN I lIVs AjS*V» rUK Granger, the precision engineers 

a further £900.000 to Lira, was SUSPENSION and jack manufacturers whose 

paid as reimbursement of Dealings In the shares of shares were suspended last week 

exploration expenses and repay- Pontin's, the holiday camps group at 37p, emerges as Bullougfa, 
ment of ■inter-company loans. As headed by Sir Fred Pontin, were which has Interests in caravan 
* ,ff Mlsaetton resulted in suspended yesterday at the com- chassis, office furniture, electric 
■Atto ckjs araets consisting sub- pany's own request, pending a motors and shelving. 
sBantiaMy of cash, the quotation further announcement. No hint The bid, at 35p cash per 
was suspended. of what any future statement is Ordinary share and which values 

Much of this money—S355m.— likely to contain was forthcoming Newman Granger at JElJm, is 
will he used on the acquisition of from Pontin's itself, but take-over recommended to shareholders by 
working Interests In the offshore speculation has been rife for some their Board who, together with 
leases. They are all located In time and the shares have moved Raymond Baggaley (Holdingsl, 
shallow waters inside the Texan ahead from 2Sp at the beginning have given Irrevocable under- 
tendtorial ibnits. This means that of last month to yesterday's takings to accept in respect of 
he finds are exesnpt from suspension price of 38p. At this 45.5 per cent, of the Ordinary 
federal restrictions- level, Pontin’s. in which the capital. Newman Granger has 

Details of the deal will shortly directors (including Sir Fred been advised by County Bank, 
be sent to shareholders hut it is Pontin) have a holding of just A statement issued yesterday 
known that Attack has gained a over 7 per cent, is valued at sa is that Newman Granger will 
«take in two gas discoveries and around £ 4 * 5 m. he given substantial local 

* n ® °“ fle i d - .. _ _ Both Ladbroke and Rank autonomy and will benefit not 

J-JS* i!®»£ ht P 61 *. Ce “f.’ Organisation (which owns ° n| y from a broader financial 

U,e ** 8 >L singie-weU Butlin'sj said yesterday that they base but also from the expertise 
.as aiscovory operated by Corpus weriJ not involved while EMI ex| stmg in related areas within 
Ihnsti. The well is producing reacted ilth a ^ no comment*' ^ Bullough organisation, 
as at a rate of 21 m. cubic feet Howler, the strongest contender F ? rma l otter docimients will be 

The' other cas field DR L. is is bought to be Coral Leisure, b X. m ® r, *? nl “J*" 

oerated by theKllrov Corrmarrv whose own share price has been Singer and Fnendlander on behalf 
RES. A?fc* & b?u™?rJ «wfas "head strongly. On of Bullough as soon as possible, 
per cent stake in the field which Tuesday this week. Coral shares 

: currently being exploited "“jed ahead by lOp ex the rights ALLIED POLYMER 

irough two wells; one yielding capitalisation issues, but 

■n. cubic feet a day, the other ended Ip easier last night at 143p. A t an EGM of Allied Polymer 
n. cubic feet a day. Further An equivalent mid-December Lroup a special resolution to 
ells are planned. price would have been approxi- authorise a capitalisation issue of 

3Tie oil field—code-named 30-L mately 120p. n *w Ordinary shares or 10p each 

-is a Iso operated by Kiiroy. Here a7,d . t° convert the existing 

ttock has acquired a 7 per cent. „ . „ . T Ordinary shares into 5 per cent. 

:ake. One well is currently pro- RAC AL/ADWEST Non-Cumulatlve Preference shares 

ucing oil at the rate of 420 RacaJ Electronics ha« converted of 25p each was duly passed, 
arrels a day; another is pro- a holding or £23.500 8 per cent The resolution is conditional 
luring at 840 b.d. It is expected Convertible Unsecured Loan stock upon the offer on behalf of ETR 
hat at least one more well will be in Adwest into 14,449 Ordinary to acquire the share capital of 
drilled on the structure. shares increasing its Ordinary APG. other than that already 

In certain instances Attack's holding to 557,014 shares (6.51 owned by it, becoming uncondi- 
stake will be activated only when per cent.). tional in all other respects. 


potential net pay zones amount 
to 88 feet. 

The company has filed on 13,000 
acres of U.S. .Federal oil and gas 
leases surrounding the test loca¬ 
tion. and lifts negotiated under 
very competitive circumstances a 
50 per cent, farm-out interest in 
9.520 acres with a first right of 
refusal on the remaining 50 per 
cent. Interest The company Is 
completing negotiations on other 
tracts in the area of interest The 
total block being assembled will 
encompass about 46,000 acres. 

An exploration agreement has 
been negotiated with Mountain 
States Resources to exp hire the 
oil and gas potential of the area, 
whereby Mountain States Re¬ 
sources purchases a 50 per cent, 
interest in the lands held by 
Musto and becomes the operator. 
Worldwide Exploration Consul¬ 
tants or Denver, Colorado, have 
been retained to further advise 
Musto on its New Mexico proper¬ 
ties. 

Prior 10 the latest news. Musts's 
principal exploration hope was at 
Parral in Mexico's Chihuahua pro¬ 
vince where the company has a 
49 per cent, stake in a sliver de- 
■pos/t which is reckoned to bold 
the potential of an underlying 
major primary sulphide orebody 
containing lead, zinc, copper and 
silver. Musto is also Involved in 
the uranium search in Saskatche¬ 
wan's Key Lake area. 


■< vr' -i- 


e alia meta dell’opra: 

OXfell begun is half done) 

Success in international, trade and money matters 
begins with enlisting the servicesof a financial 
institution which has the world-wide experience and. 
depth of resources which axe essential.^ ’ 

Credito Italiano is highly qualified for dais role. - . 

It can bring to your business the special skills, the 
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Europe’s top banks, and plaice it high on the world 
ranking list. 

All Credito I taliano’s comprehensive .services are 
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branch. r .‘ 



Credito 




17 Muxirgate, I/.irbJon EC2R rtHX 
Telephone: 01-606Wl 1 Telex: SS3456,'5SS075Credit G‘' 
Head Ohio.*: Milan . 

Branches and representative ottices; London. New York, Los Angeles, 
Buenos Aires, Caracas, Chicago. Frankfurt, Moscow, Paris, 

Sno Paulo, Tokyo and Zuridi. 


it * y 

m. '4^ *'A 


' ■' ; ' :: v'v ' 

>*•' ■< 

>\<t 






- ' ife- 

■■ :: : tw 






_ 

; v-'r 








- : 




Signal on interest rates 


Bank of England Minimum 
Lending Rate 7 per cent. 
(since November 25, 1977) 

Comments in the Press about 
a possible sharp fall in interest 
rates, coupled with the strength 
of sterling in the foreign exchange 
market led to a further drop in 
short-term fixed period interest 
rates yesterday. Discount houses 
buying rates for three-month 
Treasury bills fell to 5; per cent, 
from 6 £r 6 i^ per cent., poiotin? 
towards a probable cut or l per 
cent, to 6 } per cent, in Bank of 
England Minimum Lending Rate 
his week. 

Day-to-day credit was in short 


supply, and the authorities gave 
an exceptional amount of 
assistance by buying a moderate 
number of Treasury bills from 
the houses, and by lending a large 
amount overnight and a similar 
amount for seven days, to seven 
or eight houses at MLR of 7 per 
cent. 

The lending for seven days was 
intended to convey to the market 
that the authorities wish to res¬ 
train the downward pressure cn 
short-term interest rates in the 
money market. 

Bonks carried forward run-down 
balajTCi 1 *?, repayment was made of 
the exceptionally large amount 
lent to the market on Friday, and 


settlement was made or substan¬ 
tial gilt-edged sales. On the other 
band the market was helped by 
maiurin?; Treasury bills, j size¬ 
able excess or Government dis¬ 
bursement over revenue payments 
to the Exchequer, and .slight fall 
in the note circulation. 

Di-counr houses paid around 
6 j per cent for secured caH loans 
at the start, and closing balances 
were taken at 51-6* per cent. 

In Lhe Interbank market over¬ 
night loans opened at 6J-7 per 
cent, and touched 7-7i per cent, 
before easing to B-fiJ per cent., and 
closing at tij per cent. 

Rates in the table below are 
nominal In some cases. 



tlan just maximum security. 



6tg-6i* 

6-7i g 

6^i-7 

Bie-6iz 

6.-:.-6sa , 

6,V.-6,i 

6j-6Js 

e,s-«ia 

6,^-61- 
6ia-6;^ 







Call in any Halifax office for a friendly chat 
about tha right savings scheme for you. 


1 aathoriues and finance houses sesen days’ nqnce. or hers wen day*.' ttted. * Lanarr-u-rni local authority raortaa;- 
initially three years S»-9 Per ciuit.: four years Bl-Uj per cent.: live years 10 |i..t rent. >t> Bank bill rate* ik 
buy ins rates lor prime paper. Baying rate for four-month bank bills JZ9.u-ji*(6 Per cent.; four-month trade bills T 

■male sell ton rale for one-month Treasury bills Ml it per «cm.: i-.ro-month 5J-3Uis per v.-nt.: and rhrw-mnnifc 
tpprfultnatc selling rate for qttc-monrh banV bills 8Sis-Ul per cent.: hio-mnnlh 6-1’.I,», >;p cent.: and ihree-niunth sr'-.-.q 
ine-month frade billy per cent.: tuo-month s; per cent.: and also three-manih (t; per cent. 

House Base Rotas ipobllshed by the Flnamc House-: As-Hiclafloni SJ per cent, from January 1 13:?. Clearing 
k Role* 'for small sums ar seven days' noun? ■ per lcbl a ear Up Bank Rate* for loadiu 6.-7J per cciu. 
t: Average tender rates of dlscaunl &2831 per cent. 


You can relax knowingthatyour money is 
always earning good interest 

HALIFAX 


We’ve moretrianl,j5pol3rai1«^^ : : 
agencies M,wtiiBrei^-yau~Ql^m^ssur» 
to be an office near you. - - . ; • 


Get to know the security of thebiggestbi^ ^ewodd. 

Member of The BuiJding Societies Assodatioa 

























j Financial Times TirarSday Jam my 5 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 



Sandoz shows 
improvement 


American news Weiis Fargo £> an jsh currency 

ASE options findmgs due runs down ■. 

BY STEWART FLEMING NEW YORK. Jan. 4. Luxembourg! JTU16S CaSCU 


BY STEWART FLEMING 


NEW YORK. Jan. 4. 


BY JOHN WICKS 

Turnover or the Swiss Sandoz 
concern rose by some 7 per cenL 
in 1977 over the previous year’s 
total of Sw.Frs.4.11bn. This is 
stated in a letter to shareholders 
from board cbairxnan Yves 
Dunant. The anticipated growth 
is better than the 4 per cenL in¬ 
crease recorded for 1976 but still 
well behind the expansion rates 
booked in the 1960s and the early 
1970s. 

A similar development is fore¬ 
cast for profits, which last year 
were higher for The chemical 
group than the Sw.FrsJ.46in. 
shown in 1976 but which grew 
at a rate slower than in earlier 
years. 

With regard to the various 
activities of the Sandoz groop, 
the pharmaceutical division 
booked a rise of about 7 per 
cent in its turnover from the 
1976 figure of SwJ r rs^.I3bn. This 
■was achieved primarly from sales 
in national markets where prices 
could be adjusted to compensate 
to some extent for inflation. 
Prices in some major markets 
however, important among'them 
France, remained frozen. 
Despite problems facing tbe 
pharmaceutical industry world¬ 
wide. Sandoz expects a “bright 
future,” partly in. view of 
successes in research and 
development. 

Owing to fierce competition, 
the dyestuffs division fell about 
2 per cent, short of its 1976 turn¬ 
over of Sw.Frs.I.Mbn. Harder 
market conditions, brought about 
in part by companies in weak- 


ZURICH, Jan. 4. 

currency producer countries 
operating at “rock-bottom 
prices,” were also due to the 
sluggish demand in the textile in¬ 
dustries -of most countries. 
Earnings, eroded further by 
exchange-rate developments, 
were subjected to considerable 
strain. 

Elsewhere, sales of the agro¬ 
chemicals division—of some 
Sw.Frs.252m. in the previous 
year—are seen as rising by over 
30 per cent, in 1977 with a 
resumption of the gratifying 
growth pattern interrupted by 
bad weather in 1976. In U-S. 
seed operations, Northrup King 
increased sales by some 5 per 
cent while turnover of Rogers 
Brothers suffered from unfavour¬ 
able markets for vegetable 
seeds. 

The food division “exceeded 
all expectations ” with an in¬ 
crease of some 20 per cent, in 
sales (caused partly by higher 
Oval tine turnover), while there 
was a 5 per cent increase in the 
joint venture with Rhone- 
Poulenc in tbe sector of hospital 
supplies. 

In 1977. Dunant declares, ex¬ 
change rates were once again a 
source of major concern for the 
Basle parent, Sandoz AG, par¬ 
ticularly in the second half. 
Goods originating in Switzerland 
thus became more expensive for 
Sandoz affiliates abroad while 
the parent firm sustained vaiua-. 
tion losses od net current assets 
and income. I 


A NEW YORK State Grand Jury York but also in Chicago and on office space, taking 15 years to _££• _ _ 

is expected later this week to other U.S. exchangee, the U-S. fully develop, it said. Qll H 

indict as many as 20 members Securities and Exchange Com- The companv added that its 

of the American Stock Exchange mission put a ban on new Dresent complex—3M Center—is By Mary Campbell 

(ASE) following investigations developments of option* markets. adequate t0 h^ie ils needs w w. T .« FARGO is to move a 

of alleged abuses of option The SEC has been increasingly through to 19S5. laS part ^f the operations it 

trading. concerned about the potential for . ITT m out of its 

Last year 36 members of the abuse of options trading and is . . ... t^Lrmdon 

ASE were disciplined by the carrying outi ■t .thonmgTexamln- Old newsprint mill anSSnc^yLt^y The 

Exchange itself following ns ation of trading and of the . it was announcea yesieraay. »» 

own investigation of allegedly regulations before allowing fur- for Special steels oDPraSws The 

false reporting of option trans- ther expansion of options "“°“ e > V JSSr *S he 

actions during 1975 and early markets. A FRENCH private company. Luxembourg branch . i 

1976. Societe de Forges ge. of Rive de maintained as a service branch: 

Some of those disciplined cpqa _ Giers, will have a 60 per cent, for the Benelux region rather 

received fines and suspensions. postponesS50vm. interest in a new company, than as Wells Fargo* 

They had defended their Forges HPC LtcL, which will, P«an commeroiaibankiag arm. us 

actions on the grounds that U*OOStnal Complex make special forged steels used ‘t has v 

reporting the non-existent trades vrwirenTa mtwtwp and in oxygen tanks and other pres- Announcing tne moves, wr. - 

merely filled thl priSs SKnr i°d ™nsedflinders i» pert or the A «p HolroyO. he M head of 

SSw s 4f£3 mmK44 iSOTsS 


1976. Societe de Forgeage. of Rive de maxntainec as a servicu »*-»**■« 

Some of those disciplined om , . ccoA— Giere, will have a 60 per cent, for the Benelux region rather 

received fines and suspensions. postpones 5500m. interest in a new company, than as Wells Fargo s /^tef 

They had defended their j Forges HPC LtcL, which will, P«an commereial bankiag arm. us 

actions on the grounds that industrial Complex make special forged steels used ‘t has v 

reporting the non-existent trades vrwirenTa mtwtwp a nR in oxygen tanks and other pres- Announcing tne moves, wr. ■ 
merely filled thl priSs o?£e SKoy i°d 5 'linderp ip part or the A «p HolroyO. he M head of 

re® mmm 

° I S.t D V qa ? d?l by H la ^ en h force ' Reuter frora ^neapolis. ftSS^MroSSS^SSmSt wm The Luxembourg branch was. 

meat officials is producing bitter- Th e company said plans for £ set up in 1969 as Wells Fargo's! 

ness among Exchange members the 593-acre development, known De auiura ' first major venture in the Euro- 

wno feel that the sanctions as Carlton Park, were announced A 20 per cent interest will be pean market The operations will 
already imposed are sufficient i n 1974 an d construction was to held by Consolidated-Balhurst be shifted to Wells Fargo Ltd.,; 

Late last year, in the wake of have been begun in 1977. part of tbe Power Corporation the London merchant banking! 

its own investigations into Carlton Park was to be an of Canada group, and the balance subsidiary which was eslath 


options trading not only in New expansion of 31Ts 


rch and by unidentified interests. 


Irish Distillers whiskey deal 


DUBLIN, Jan. 4. 


ni^ii muarvL y u^ai authorisation to do foreign etf 

** change business from the Raids 

BY GIL£S M6RRITT DUBLIN. Jap. d. impart of tbS 

IRISH DISTILLERS to-day set the distillery is located near the in cash that could be put toward change will be felt mainly in 
the seal on its domination of all Giant’s Causeway on the ancient its planned £29m. purchase of money markets since .tmf 
spirits production throughout road toat oace !ed t0 ®oyai Tara, the Glenlivet malt whisky Luxembourg branch will stop 
! I ? I the home of Ireland’s Celtic distillery in Scotland. trading. * 

kin § s - the whiskey's own Irish Distillers, for its part Meanwhile Bank of America 
that it is to buy for tl—m. the rticrini-tiwpiu RnniM hie that it- ic has detailed its clans to toOrae 


office BY HILARY BARNES COPENHAGEN*, Jan. 4. 

^ Denmark HAS partially that Danish companies and in- 

By Mary Campbell li£Sal5ed portfolio investment dividuals will be able to use the. 

WELLS FARGO is to move a by D anish residents abroad, but market as a means or ensuring 
large part of tbe operations it banking circles it is thought against foreign exchange risks.at 
has hitherto done out of its ^ .. tb _ llhe ralNation is enough Umcs when the krona, is Minder . 
Luxembourg branch to London, t open a substantial gap in !he speculative pressure, and that, 
it was announced yesterday. The 0 t_:defences against short- they will be able ttrohtwn Ihe- 
main activities being moved arc t foreign exchange specula- advantages of forward,buying at 
money market operations. The t r a much lower enst than js normal, 

Luxembourg branch will bei nberalisaiion was intro- The premium on forward buss- 

maintained as a service branch ■ ^ Cec j j n ort i er ;o meet the re- ioR can at times rise to-about 50- 
for the Benelux region rather Jc lrpmen ( i 0 f Denmark's EEC. per cenu and is currently , at 
than as Wells Fargo's chief Euro- t Mnbership. One of the terms between 18 and 20 per cent on 
pean commercial banking arm. as ( KcesS j OIl was that Denmark German marks and Swiss francs, 
it has been hitherto. , liberalise indirect invest- The measure also means that 

Announcing the moves, Mr. t«. , , nt - nv Danes abroad fruin companies can gel round the 
Alan Holroyd, the new head ot . ^ X^rifolio investment by current limits in the foreign - 
Wells Fargo s European <i:vistoit xn Denmark was exchange regulations on delaying' 

said that the relative cost ot on accession In 1973. or bringing forward payments to 

employee compensation »**** frh e new regulations only allow an< i from abroad for commodity 
determining *. a £ tor - H, elwecn Danes l«» invest in a limited transactions. These regulation* 
Luxembourg and Lon«on Selection of paper. These arc have proved an effective defence 

The Lu^mbourg braach nas P ads issued H bv a specified Ust against runs on the krona 

tot^r 1 ^ “re ifie ^ Li nl f„ r S£ n ;ie ^ : 

b^iiHte^toinstitutions, tbe Asian Develop- i n December the official gold 1 ; 
fhP T^nri* ISant bLS men! Bank, the Inter-American and foreign exchange reserves. 
sShddfar^ Xrh Jas Development Bank, the Nordic plunged by KrJfibn. m KrJJbn. 

h “ . Investment Bank, the European a result of substantial, private 

ihic uitairKar^ Council, and the World Bank, capital outflows, the Central Bank 

W^ls FaSo is^n ^he priSeJfS Danes may only invest in paper announced As official borrowing 

«ttSg u? a branJh in iTndQi with an original maturity of at contributed Kr.l.lbn. to the 

Howefer; P tMs does Dot .vet taft ?-5JS»JSSt .... ... SEA SS 


•least two years. reserves, the outflow was even 

Banks believe that the market larger than the actual figures 
in this type of security is so large indicate. 

Nat-Nederlanden on line 


ANIC may cut capital 


AMSTERDAM, Jan. 4. 


ANIC SPA. Italy’s State-con¬ 
trolled petrochemical group, has 
scheduled an extra-ordinari - meet¬ 
ing of shareholders for February 
10 to consider a possible cut in 
its registered capital as a result 
of a severe 1977 balance loss, 
reliable sources reported. 

ANIC sources said the com¬ 
pany loss in the January- 
September period of 1977 was 
L99bn-. and was thus expected 
to exceed 50 per cent, of 
registered capital by the end, of 
the year, making a capital reduc¬ 
tion compulsory, AP-DJ writes. 


MILAN. Jan. 4. 

In 1976 ANIC, which is con¬ 
trolled by Ente Nazionale Idro- 
carburi (ENI). the State energy 
groun. had posted a loss of 
LlOSbn.. later reduced to L44bn. 
after use of reserve funds. 

Sources also reported that 
ANIC sales in the nine-month 
period last year amounted to 
L575bn. against a total of 
L773bn. for 1976. 

At the end of September 
financial burdens of ANIC. from 
borrowed money, amounted to 
L54bn„ sources added. 


irpUnH withTn * e home o£ Aland’s Celtic distillery in Scotland. * trading. ^ BY CHARLES BATCHELOR AMSTERDAM, Jan. 4. 

Ireland with an announcement fcings md ^ whisk • own Irish Distillers, for its part Meanwhile Bank of America . _ • . . J 

Jfr, 1° 9 b n Uy ni 0r distinctively peaty taste comes has commented that it is cur- has detailed its plans to tWge NATION ALE - NEDERLANDEN, reportsCharlesBatcheloThpen*- 

outstanding 20 per .cent stake from tfae water of SL Columh ’ 5 reQtIy in an improved position its two Luxembourg subsidiaries, the largest Dutch insurance com- ing on foodstuffs m Holland w 

in the Old Bushmills uistii- r ijj tGat ena &j es it ro purchase full Bank of America SA Luxembourg pany, said that it maintains us stagnating due to the difficult 

l ?2L5? l 5 pa cL-! l ^;. ls beld at ^ dcaJ ^ beIfl « described by control oi Bushmills without and Bank of America Into- forecast that 1977 net profits will economic situation which lias 

present by beagrams. Irish Distillers as “a tidying up placing undue strain on its bor- national SA Luxembourg. Sub- be at least 10 per cent, higher bold down wage levels, tbe Board 

The Irish Distillers Group will operation,” in that it was thought rowing position. ject to shareholders' approval at than a year earlier, despite a said in its New Year message, 

therefore become the undiluted anomalous for Seagrams to hold The Groap’s last full year, a meeting due to take place ion slow-down in revenue growth. gales rose to about FlstLBlin. 
owner of an Ulster whiskey that a minority stake in Bushmills ended September 30, 1977, January' 20, the latter is takfog The company made net profits j , g77 from the yMr 

is not only one of Ireland’s when it also bolds a 20 per cenL showed a 62 per cent increase over the operations of the former, of FIs. 178.4m. in 1976, and u 0 r 0re excluding the results of 

premier brands but also claims interest in the whole Irish Dis- in pre-tax profits to £358m. and The merger is a tidying lip reported a 12 per cent, rise in h American Bi-Lo firouo. 
to be the world's oldest com- tillers Group. It has been sug- net borrowings as a percentage operation being carried ouffas first-half 1977 profits to Fis.S 6 . 8 m. lonired ; n t t. e sun .. ner f 0r 

memal distillery, fouoded in gested. though,- that Seagrams of shareholders' funds were re- part of Bank of America's Group revenue rose about 12 ’ . Tht , r_ 

1608. For Bushmills is a name may have proposed the rational!- duced to 62.4 per cent from a rationalisation of its tn&r- per cenL. to Fis.5.4bn.. last year. w ibour 

that fairly reeks of Irish history; sation in order to realise £1.2m. 1975-76 level of over 90 per cent national merchant banking Ibti- compared with a 16 per cent rise 5 

_• vilies. The bank is in the posfflon tiie year before. Tbe slow-down r 


in tne wnole Irish Dis- in pre-tax profits to £3^8m. and rue merger is a iioying jip reportca a 1 ^ per cent, nse iu th Amcric 

jroup. It has been sug- net borrowings as a percentage operation being carried out&as first-half 1977 profits to Fls.S 6 . 8 m. * ed j 

though.- that Seagrams of shareholders' funds were re- part of Bank of America's Group revenue rose about 12 ** . 

re proposed the ratiooali- duced to 62.4 per cent from a rationalisation of its infer- per cenL. to Fis.5.4bn.. last year, , ■ ' 


Renault sees turnover rise of 9% 


PARIS, Jan. 4. 


of owning two separate Luw 
hours subsidiaries because 
A. International was original!* 
joint venture with Hieing 
Benson and Banquc de ParM 
des Pays Bas. Bank of AmeS 


Mitsui Eurobond plan 


: as nrst-naii acquired in lhc suminer for 

£ l^t vear nearly $60m. The sales of Bi-Lo 

pr- per cent— *o r is.d. , »od.. lost JWi Aupuot - were ^ibout* 

ti- compared with a 16 per cent rise * uguM rc 

on tile tear before. The slow-down *»■*»»*“■ 
m- was ‘du« to the Government’s Discounting inflation, spending 
of controls on wage rises. This in Holland on foodstuffs and , f 
a reduced the growth nr premium tobacco in 197S Is expected to be “ - 
>rt income fiom existing pension unchanged on 1977 levels after 
et contrarts. an increase of an estimated OJi - , 

ca The group's International per cent last year. 

In activities contributed ■ 37 per ni^ir* rho Onw^nwn in ,<H 
cent, to revenues, compared with cr ow?h Ahold exS to ^veS 

S per "S!;L he yo . arb c f ° r ' - nSStaTaliund tfi’ 


• FINANCIAL TIMES REPORTER 
HAMBROS Bank has agreed to 
sell 10 per cenL of Hambro 
Mitsui, an underwriter of inter¬ 
national bond issues, to its 
partner in the firm, Japan’s 
Mitsui Bank. Mitsui’s share will 
thus increase to 60 per cent and 
Hambros* will fall to 40 per cenL 


On completion the company 
will change its name to Mitsui 
Finance Europe. The move 
reflects the fact that the firm 
is and will be Mitsui's sole path 
to participation in Eurobond 
underwriting, while Hambros 
underwrites in its. own righL 


TURNOVER of the Renault output Truck output was down bia. Yugoslavia Argentina. ^| ht 0Ut llS tWo * Jartne *f ln JJn^fo^cvemies^rompaS with Des ? Ut L ft* slow-down in 1 
group in 1977. including motor by 16 per cent Romania and Spain-increased 19 ‘ 6 • t S ier cwfThe «S?bcfS? New BrowtitAljoUl aspects to invest, 

vehicles, machine-tools, farm The company sold lm. vehicles by 15 per cent last year. f iiJp hurin^*: " mse a ret ' or ^ hlk 6 (hn in Holland this 

equipment and engineering, is abroad, and retained the first The machine-tool division n n g/»V | nt Z P u. 17 npr t n 1Rhn i' ear Tbis include opening 

expected to show a growth of 9 place as the biggest importer in went through a d^cultvear Uebcit foreseen | ncarl > 11 P er ^nL, to Fls.lSbn. five or six Albert Heyn 

per cent, the company said. For West Germany and Italy, it said. Renault said, but remarked'that at Ah Prinfomnc t ALriJ f Aar c supermarkets and extending the. 

1976, the group's turnover was a without giving figures. Sales in contracts valued at Frs.240m M anoiu lean shop-within-a-sbop idea in its 

record Frs.44.6bh. Switzerland and Austria rose 17 with the Soviet Union were AU PRINTEMPS SA, the mifor nrpccnrA Simon supermarket chain It: 

Renault’s world-wide produc- per cent and 7 per cent, res- signed last year. retailer, will record another pleasure a i so pj ans g ve more self-service 

tion of private cars and commer- pectively. . Renault exported 35.4 per deficit for 1977, but *1978 shtffild AHOLD, the holding company or druggists and five off-licences. It * 

cial vehicles increased 5.10 per Sales of the Renault-5 model, cent of its production of farm be a more favourable year, efrn- Albert Heyn, Holland’s largest will open new restaurants in. 
cent, last year to L745m. units, recently Introduced, in the U.S., tractors, up from 22.4 per cent P an y president Jean Vlgneyas supermarket group, said it was Holland. Belgium.and West Ger-. ; 

which, together with 54,000 amounted to 15,000 units. j n 1976 . The main clients were told a shareholder meeting, He not dissatisfied with the 14.5 per many. Further expansion plans' 

trucks, corresponding to 43 per Assembly of Renault vehicles West Germany Holland Yemen company made a loss jrf Frs53tn. cent increase in sales last year abroad include nine more sforoa' 
cent, of French motor vehicle abroad—in Turkey. Iran, Cofom- and Vietnam. ' in 1976. and a loss of Frs2Sffm. but it will have to make a special in Spain and about the same 

■ | -in 1975.. Agencies* plfqrt to .keep this up in 1978, number in the U.S. 


Ahold fears 
sales pressure 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY 


GERMAN BONDS 



Federal Railways starts the queue 


AFRICAN DEVELOPMENT BANK 

U.S. $125,000,000 

Long-Term Credit Facility 


MANAGED BY 


Chase Manhattan Limited 


The Long-Term Credit Bank 
of Japan, Limited 

Compagnie Luxembourgeoise 
de la Dresdner Bank AG 
-Dresdner Bank International- 

Midland Bank Limited 


CO-MANAGED 8Y 


The Tokai Bank, Limited 
First National Boston Limited 
Banque Worms 

Provincial Bank of Canada 
{International! Limited 


The Chase Manhattan Bank, N.A. 
Standard Chartered Bank Limited 
Midland Bank Limited 
7he Tokai Bank. Limited 
Credit Commercial de France 
Banque Europeenne de T okyo 
Banque Intercontinantale Arabe 
□G BANK Ooutsehe Geno«t»nschaIt3banfc 

The Industrial Bank uf Kuwait, K.S.C. 
Banque Worms 
The Fuji Bank, Limited 
Williams & Glyn’s Bank Limited 
Banoue Internationale pour I’Afriqua 
Occidenca/9 CBfAOJ 
The Mitsui Bank. Limited 
Amex Bank Limited 

Associated Japanese Bank (International) 
Limited 

The Sumitomo Trust and Banking Ca., Ltd 
Union Mediterraneanne de Banques 


First Boston (Europe) 

Limited 

Standard Chartered 

Merchant Bank Limited 

Credit Commercial 
de France 

Union de Banques Arabes; et 
Francaises-U.B.A.F. 


Banque Europeenne de Tokyo 
Banque Intercontinentale Arabs 
DG BANK 

Deutsche GenossenschaftsbaDk 


FUNDS PROVIDED BY 


The Long-Term Credit Bank of Japan, Limited 
Compagnie Luxembourgeoise de la 
Dresdner Bank AG 
-Dresdner Bank International - 
UBAN-Arab Japanese Finance Limited 
The First National Bank of Boston 
Barclays Bank International Limited 
European American Bank and Trust Co. 
Provincial Bank of Canada (International) 
Limited 

Societe Generate de Banque SJL 
Banque Franchise du Commerce Exterieur 
Kuwait Foreign Trading Contracting 
& Investment Co. (S.A.KJ 
The Taiyo Kobe Bank. Limited 
Arab African Bank—Cairo 
Banque Bruxelles Lambert SA. 

' Credit Chimique 
UBAF Bank Limited 


AGENTBANK 


The Chase Manhattan Bank, N-A. 


IS DECEMBER 1977 


BY JEFFREY BROWN 

BOND MARKETS’ in Germany 
continue to surge upwards, 
prompting an early start—by tbe 
Federal Railways—to what 
promises to be a substantial 
queue for domestic new issues in 
1978. 

As the first local borrower of 
the New Year, the Bundeebahn 
is expected to seek between 
DMSOOm. and DMlbn. later this 
month. Details of the new loan 
will be announced on Wednesday 
and although many dealers feel 
the market to be seriously over¬ 
bought the possibility- of a 
further reduction in coupons, to 
5} per cenL. has yet to be 
entirely ruled out * 

Market activity is high and the 
current two tranche issue by the 
Federal Republic is selling 
rapidly. The ten year issue at 
6 per cent closed yesterday 
almost three-quarters of a point 
above Its 993 issue price, while 
tbe six year funding at 5i per 
cenL stood at 100.9 compared 

EUROBONDS 

Mixed day for 
markets 

By Our Own Correspondent 

Tbe Eurodollar market bad a 
mixed day yesterday. Prices 
were mixed in tbe - morning, 
affected by a'very weak dollar. 
However, some dealers reported 
good institutional demand for 
some bonds. The situation 
stabilised Ln the afternoon, along 
with the dollar. 

With the Shell $500m. bond 
overhanging the market, tbe 
European Investment Bank’s 
8200m. two tranche offering 
generated little enthusiasm. One 
T 1 . 00 m. tranche offers an In¬ 
dicated coupon of 8 J per cent. 
Tor ten years (average life 9* 
years) while the other offers 83 
per cent for fifteen years 
(average life 123 years). UBS 
is lead manager for this offering, 
as for Shell. 

The Deutschemark was under¬ 
going a phase of consolidation 
yesterday as prices on some 
recent issues shed up to a 
quarter of a point- Money paid 
to investors on coupons at the 
beginning of the year was flow¬ 
ing back into the market and alt 
signs are that there will be no 
shortage of demand for tbe many 
issues which will come to the 
market this month. 

Terms for the bond for Brazil 
which Deutsche Bank is manag¬ 
ing should be known later to-day. 
Even if the market remains 
strong, any further cut in tbe 
coupon on the DM200m. bond for 
Norway Is ruled ouL 

BRAZILIAN 
INVESTMENTS S.A. 

Net Asset Value per 
Depositary Share as of 
30th December 1977 
UJS.S106AS 

Listed; The Load on stack Excfesnse 


to an issue price of'par. 

If these buoyant conditions 
persist into the middle of the 
month, the issuing authorities 
behind tbe Bundesbabn loan may 
either follow the trend m the 
foreign D-mark sector with a 
coupon cut to 5J per cenL or 
extend the length of the 
maturity to, say, 12 years. 

Over the past week or so 
yields on ten year bonds have 
nanwed by as much as a quar¬ 
ter point to around 6.1 per cent, 
on average—taking them back 
to levels last seen in 1963. Insti¬ 
tutional liquidity is high in 
Frankfurt, while to some extent 


the foreign; investor rush for D- 
matk assets currently taking 
place in the foreign bond market 
is washing over into tbe domestic 
arena~- 

Currency influences are also 
helping to underpin the very 
firm tone in Amsterdam where a 
new -ten-year offering by the 
Bank Mees en Hope NV is ex¬ 
pected to be priced at S9J. De¬ 
tails will be finalised on Mon¬ 
day. The Fls.75m. loan is sche¬ 
duled' to carry a coupon of 8 
per cent, which compares with 
the Si per cent coupon attached 
to last month’s Fls.lODm. offer¬ 
ing by tbe Nationale Invester- 


ings Bank which was priced at 
par. 

Bond Issue volume on tbei 
Austrian capital market in the 
first quarter this year will prob¬ 
ably rise to Sch.7.S5bn.. com¬ 
pared with Sch.7bn. in tbe same 
period a year ago, Reuter reports 
from Vienna. 

The first issue will be a 
Sch.750m. loan by Investitions- 
kredlt AG from Wednesday fol¬ 
lowed by a SchfiOOm. Issue by 
Laenderbank. a Sch.400m. loan, 
by Gewerhe Finatuderungs AG - 
and a Sch.500m. loan by< s 
Getnossenschaftlidie Zentral-'' 
bank AG. 


This announcement appears as amatter of record only 


PARSYLON CORPORATION 


US $20,009,000 

Seven-Year Floating Rate Loan 
- •••* Arranged by 

Iran Overseas Investment Bank Limit ed 


' ' Managed and Provided hy 

Barclays Bank International T.nnite*T 

Compagnie Knanciere de la Deutsche Bank AG 

The Industrial Bank of Japan Limited 

Intianational Mexican Bank limi ted 
—1NTERMFX— 

Iran Overseas Investment Bank limited 
Manufacturers Hanover Trust Company 
■ Midland Bank limited 
United California Bank 


Agent Bank 

IRAN OVERSEAS INVESIMENT.BANK LBMQTED 
(IRANVEST) 


; Vi, 



'December l?7f 












Times Thursday ianaaiy 5 1978 


19. 


VTIONAL FINANCIAL AND COMPANY NEWS 





I,., , •.* 

*Mci 

l ilKv. 

. v 

CV'V 

■ j». . ■ 

I-. r , . »\ 
1P i 1 

Sffis 

1 us % 

Ny. 

.. .' » kl< 

. ‘"‘“■■I p.- 

■:-^X £ 

■ -,uV- 


WESTRALIAN FARMERS Co- 
ophrktive (Wesfarmers) has re. 
e ? t £ red . contest for control 
of Cuming Smith. The cooper&- 
mm has begun - buying’Cumlrlg 
Smith shares oh the market itr 
an apparent, attempt to thwart a 
$A37m. (£22m.) fornufl■ takeover 
offer from diversified industrial 
group, Howard Smith* *■ 

Wesfarmers focused . attention' 
on Cuming Smith ih November 
when it made a.-kAOOOm. offer to 

? fertiliser - manufacturer.' 
CSBP and Farmers, which : is 
owned as to otte third each by 
Cuxntag Smith, British Petroleum 
Company of Australia and Vfest- 
rauan Farmers Superphosphates, 
which is close to the - co-operative. 

The CSBP' hofcting * is Cuming 
Smith’s major .alette Its Oirij- 
other large asset is a holding of 
Sm. Eh ares in . ICt Australia; 
worth about -£A10.Sui. Cuming. 
Smith directors subsequently, re¬ 
jected the Wesfarmers offer for 
its-.CSBP stake as Inadequate,. 


but in the meantime corporate 
takeover’ specialist Industrial 
Equity Ltd. announced a cash 
offer of SA3.no a share. This ha* 
been, topped.. by the Howard 
Smith'. Offer of SA2.45' cash h 
share or five Howard Smith 
shares plus 36c. cash fas cver.v 
six Cuming Smith sfiar«. v Yaliied 
at 5A2.60 - on rcurreot ibarfcci 
prices. - - . - 

; -- r 4 ' 

.. Weflfarmert torday moved into 
the -. marketplace through u 
Melbourne ~ sharebroking firm 
and bought a parcel of 366,217 
earning Smith shares at SA2.45. 
The broker let it be kiiWta that 
the firm held an order to acquire 
a total of 3.64m. shares, or 26 
per cent, of the. capital* up to 
$A2:46 a share. The IpatiC is 
similar to several re waft-market 
manoeuvres which have enabled 
control' of a company K to- be 
obtained through the m arise t and 
leave minority holders lotted in, 
unable to Obtain equality oF 
opportunity. These operations 


SYDNEY, Jan. 4. 

have attracted considerable criti¬ 
cism and the stock exchanges 
have 'announced they are com 
sidering making changes . to 
improve their'takeover require¬ 
ments!. 

Wesfarmers is anxious to 
black Howard Smith because the 
directors .of that company have 
stated that the CSBP holding 
wbulil' not "be sold if Cuming 
Smith was acquired. Wes¬ 
farmers wants CSBP in order to 
increase.’ the rebate oh super¬ 
phosphate fertiliser to. its farmer 
shareholders. 

Because Howard Smith's offer 
contain*) a share element, Us 
formal takeover documents-must 
include audited, accounts and 
Hdward Smith has stated that its 
bid is unlikely to be made until 
February. Guiding Smith-share¬ 
holders wU dow be under pres¬ 
sure to sell thqir . shares on the 
market. . 

The aiteroative is lo run the 
risk that others will sell, causing 
Howard. Smith to Call off its offer. 


Afrox 


is 


on lint 


* ' *' -'.L: 

7.. "V 1 ^ 

,! " it 

.• ••«» “‘ii.ii 

;h-f' 

•' »■"!:« -I.-, 

' ,. ll \ 'im& 
;;" 


-v^ e - 


Bid to revive Singapore options 


BY ANTHONY ftOVYLEY 

THE.'STOCK Exchange here has 
begun 'issuing share options at 
Striking or exercise prices 15 per 
cent, below the prevailing market 
price- at the time the option ■ is 
issued. - - - . • -•-••• - ; 

This device, known as creating 
“In' the JMotiey’* options, It aitned 
at reviving the-market in traded 
slock options introduced lest 
February by the Stock Exchange 
after studies of similar markets' 
in .North America and in 
Australia. 

After an initial flurry' .of 
activity, trading dwindled _• -to 
almost negligible proportions, 
and the Stock Exchange indicated 


recently that -the pilot-scheme 
might be scrapped. Quiet option 
trading has. reflected ggperitiiy 
dull conditions In equity'trading 
here oyer the past year. '*•' 

With striking -- , prices.-- now 
pitched below market -prices, 
option premiums are higher but 


SINGAPORE. Jab. 4. 

the higher intrinsic value of the 
option is .designed- to provide 
greater attractions for both 
buyers' and 'setters (writers! of 
options.' . Sixteen securities, 
including, Sime Darby Holdings, 
arc subject - to' option trading 
here. 


El Al orderi more aircraft 

EL AL ISRAEL AirlifldS. lias ordered, will, be -available in 
decided to go ahead with-taepUr- August 1979, report? L. Daniel 
chase of an additional-"Boeing from Tel '/ivivl 
747F Jumbo jet, its sevdfftfc, due At present El Al has five 
for delivery at end-197? 0 £ early Jumbos add will take delivery of 
1979, and to obtain an option its sixth in mid-June of this 
for an efghth Jumbo wkfch, tf year. . .. 


cautious 

view 

By Richard RoKe ' 

JOHANNESBURG. Jan. 4. 
AFRICAN OXYGEN, which 
60 per ' cenL-owned . by BOG 
International, says in its annual 
report that though It has experi¬ 
enced “ marginally improved 
trading™ from August onwards. 
It is difficult to forecast any 
meaningful growth in the cur¬ 
rent year. In the year to Sep¬ 
tember 30. the group achieved 
a rise of RI-7m. In pre-tax profit 
to R17.4rh. on a decline of RIOm. 
in turnover to R132m. 

Though a profits split is not 
provided, the Afrox subsidiary 
engaged in the manufacture and 
distribution of gases and weld¬ 
ing equipment accounted for- 
R71m..cf the total turnover, and 
Bowsed and Dobson, the mining 
machinery subsidiary, for R59m. 
with the balance coming from 
small industrial catering in¬ 
terests. . . - 

The major problem area has 
been Silicon Smelters, the R20m. 
operation in the Northern Trans¬ 
vaal which is fire intensive and 
has been hit by rising electricity 
costs as' well as weak end 
markets. Losses amounted to 
R3im during the. year with one- 
third distributable to African 
Oxygen. One of the three 
smelters has been abut down 
and the Board is obviously, con¬ 
cerned about the level of fosses 
being incurred in the operation 
in which one of the other part¬ 
ners is Alcan. 

Group liquidity has improved 
with stocks and debtors declin¬ 
ing again for the third succes¬ 
sive year. End balances amount 
to about R7 di„ attributed to the 
effects of '** concessionary liqui¬ 
dity.™ 


MEDIUM TERM CREDITS 


Malaysian loan now doubled to $400m. 


* ; 


a- 

\i ji i 
*?r m 






BY FRANCIS GHiUS 


v :, -i THE- S400m. eight-year loan raised last year, the loan cur- conditions very similar to a re- is approaching the markets for 

v 'i' . Which Malaysia i& currently liegb- rentty being negotiated boasts a cent Hungarian bperation. The the first time for a $40m. seven- 

o tiatine with a eniuo af banks led spread Of 2 per cent which puls syndication on this occasion year loan. Gulf International 

K -the country among thfije develop- however appears to b8 restricted Bank is leading the operation. 

- • te-'tte^a^est tor*' ,h ch the MU,ltries whichtttn command to Middle East and Far EJast The Yugoslav Investmi 


the finest interest rates. 
Commitment and management 
has been more ihan : gl e . s arc described as average. 
doubled from the initial amount 7j]* 5 
' "-.and part is earmafked for the mua 


;; v* - country has so far approached to" 
the medium term market. The 
• 1 amount has been - more 


operation ' huts ■ Malaysia 
that group of countries 
HSnancing of «tU« crwJlu, in which .wgl-t w reitmcture 

mrtimriAr a “SI Tnsrt k>kaH tiUMl? u6Dt. OQ -TODrc ffiVfttullbllS. 

™ -terms^md which have bepoHraO" 
2" , , ■ cessful in doing so. i* 

That loan carried a spread or Two .other loans /currently 
U per cent, over the interbank being negotiated carfr a 1 per 
rate and.. While Malaysia has cent., spread. A SlOOm. seven- 
enjoyed better terms on loans year, "one for Hiureary boasts. 


banks plus a select group of four 
Japanese co-managers. Abu 
Dhabi -Investment Company is 
lead manager. 

Gulf Air of the Middle East 


Investment 
Bank meanwhile is raising 
Sldm. from ' United California 
Bank for five and a-half years. 
The proceeds are earmarked to 
develop the chemical industry. 




0- 

r« 
. 1 .. 


Weekly net-asset value 

bn January 2nd,;T978 . 

Tokyo Pacific Holdings 

as.;$ 39:65 

Tokyo Pacific Holding 

US: $28.90 • 

Listed on the Amsterdam Std£k Exchange 

Inlormatlon: PWflwn. Htldrtnfl L Plarqon N.V., HerengracM 3W, Amstardam 

• - 1 



Selected eurodollar bond prices 
MID-DAY INDICATIONS 


JAPANESE STEELMAKING 


Nippon Kokan builds an island 


BY CHARLES SMITH IN TOKYO 


(Seaboard) N.V. 


PRICE INDEX 
DM Bonds 
HH Bonds S Notes 
U J. t Strf. Bondi 


YONTOBEL EUROBOND INDICES 
145.76^100% 

• "3I.-I.7t.- 27.12.77. -AVERAGE YIELD J.I.7B 27.T2.77 

108.42 . _l07.9f DM-Bomh 6.441 6.4f3 

'IOI.1V -101 0* • 'HFL Bonds & Nows 8.202 • 8.22* 

100.49 100.37 - U.8. S Strt, Bends 8.608 - B.627 


STRAI6HT5 

Alcan Autmilla S»pc ]M8 

AMKV -8k 1987 . , . .. 

Awtralla^ipc W82 . — 
Australian m. A s. 5}pc- ■n : 
Barclays Bakk 8! pc 1892 .. 

Bowilcr 94pc. 1992 . 

Can. V. RaI»M 8|pc T096 
CrNBt NathMuO Sipc 1988 

Dnxnlrk Bine 1984 . 

ECS 9pc 199a ... 

S Slpc 1BB7 .. 

Alpc 1982 .i.._^... 

fiiPC 1988 ... 

Krteteon Sipc' 1989 _ 

Esjffl spe 1988 NOV. ._ .. 

GIntakes Paper 8hw.2984 
Batocrtlty 91 pc 189» .. . . 
mafb-Qnebec 9pc 1B9S .. . 

lCT»pc 1987 .. 

ISSrOanada Sipc 1986 . 
"Ian Bleed b] 9pc 1992 
Ferguson 9jpc issi 

9*pC 1998.. ... 

_ im. Fin. SJpe 1992 
RifiRul Coal Bd. 8pc ig*7- 
National Warransrr. ,9pr *8B 
NewNundland 9pc 1989 
NbrM Korn. Bk. 9|pc 1992 

Sorptoa Wuc 1999 . 

IWrsf Hydro Sine J992 ... 

D*lo 9oc 1988 . 

Pans Autonomes 9 pc 1991 
Brov," Quebec -9 k 1996 
Rrov. 'Saskstrh. 81 PC 1988 
Reed-.ilntemtnL 9pc 1987 
fM IN! .... 

Ta, 8IK 1989 ... 
SWt»l; BnsklMa 9 k 1891 .. 



Bid 

984 

9M 

99 

IDO 

97| 

981 

98 

86 

Ml 

Ml 


•86- 

MI 

1001 

Ml 

1001 

971 

971 

1021 

M 

last 

1011 

971 
95* 
1021 
109 - 
991 
97* 

m 

108 

mi 

Ml 

100 

98*. 

9«» 

B3| 

100 


Offer 

M 


IOOI 
881 
.99 
881 
891 
INI 
IM* 
98 
100 
180 
99* 
101 
100 
1011 
98 
M 
199} 
■ Ml 
103* 
IDS 
98} 
98 
103 
10W 
974 
98 
98 

100 * 

IBM 

971 

190! 

87 

97* 

94* 

1D0* 




NOKCE OF REDEMPTION 
. To the Holders of -. 


S ■£-. 


ENTE NAZIONALE IDROCARBURI 


-E.N.L, 

(National Hydrocarbons Authority) 

6 % Sinking Fund Debenture* doe Feb: 

NOTICE is HEREBY GIVEN that, pursuant to file provisions of the Sin 
Above-described issue, Morgan Guaranty Trust Company of New York, as Fis 
redemption on Fchnuuy l. 1978 at the principal amount thereof $310,000 ~ 
hearing the fottoWt ag aerial muaberat 


DEBENTURES OF VS. $1,000EACH 

83 HS 1997 3873' 1VS3 BOt4 7579 8431 10279 13722 14744 

a is 1^ P mat m i&s ^ M * 


at 63 

su 

152 1275 2U1 29Si 3990 5439 «17 7709 

173 1883 2195 2985 4109 54*8 6984 773B 

17* 3417 2387 3017 4133 S«3 fflBS 7770 

233 7419 2390 -SOW 41i» 5*80 7059 7781 

207 1505 2*02-3075 4336 S534 7092 7828 
321 1834 2418 3088 4729 BM2 7932 7889 

380 1033 34BZ .3087 4742 3037 7373 TO49 

384 1622 2502 3113 4878 5gM 7326 793ft. 

VO 1060 2567 3117 4881 5759 7875 8006 

473 1762 2OT8 3120 5774 MlO 

568 1785 3625 8138 4902 5847 7384 8031 

572 1838 2881 3187 N»S 0330 7500 - 

374 1865 2894 .3243 MW 5884 7B23 

614 1880 2741 

732 1901 2818 

838 


8075 


Hu il3 3884 ^2 8008 7577 8892 10874 


M68 113*5 18788 15073 

8674 11351 13825 15063 

8688 .11438 18944. 151M 

8839 12315 1JM3 1B1B0 

3884 12806 13985 1OT4 

SD9T 1296S 14004 15316 

9484 13398 14047 15350 
9303 13434 34073 15300 
9038 335U 14X88-13*71 
9687 13516 14212 18478 

9747 18589 - 14297 15563 

*931 13581 14298 15565 
99M 13356 14347 15742 

■Hi 18638 14486 15621 

33071 14S74 15926 
13573 14708 16061 



2»1981 . 

fin-the Deheq tores ofthe. 
at, Ms selected by lot for 
amount of said Debentures 


16870 17917 18897 1966S 
16981 17929 18957 19688 
18897 18016,18973 19S74 
17M8 18031 38975.19798 
17140 18097 19050 19630 
17199 18104 19072 18632 
17234 18116 1905*5 
17228 18137 39127 
1736* 18237 19146 
17442 18280 191 
12E32 1B287 — 


-M isISS 

m as ii 

117703 13347 19330 
I 17742 13616 19374. 
.17788 18633 19401 
LlTO? 18649 19406 
17868 18798 1 9489 I 
>17888 U848 M 


On February 3,1978, there will become and be due and payable upon each 

thereot in such coin or eurrenry of the T)nit«i States ofAmerica as on said date 

therein ofpubtkMK) private debit-at the option of the hold®; either (a) at the cm 
guaranty < L . i sy ot New 15 Broad Street, New lorit, 
hn and regulations applioable thweto with respect to the payxoent, crorencx 
counlrY Of an? of the fo!lo«tug offiw*, u the principal office of Bern* Nasi 
priori raJ office of Bents Comirmtciale Itoltana-in Milan or the mstaufficeg of. 

NewYork In London, Brussel*. Paris of Frankfurt or the main office of 
Austexdam «the mate office of Kredietbeai JLA. Uaembouigetrise fn Lu» 
Debenturessurrenderedfor ledernntkm should have attached all imrpaturcdcO 
i&!®oaa dirii fhbnutfyl. 1978 thoaldbe detached tad collected in the usual matin: 


amount 
merit 


f •' 


From and *fter Fe 

rednnptiuti. 


December^, 39?: 


i the principal 
al tender for the payment 
ate trust office of Morgan 
i or (i>) suited to any 
nt or otherwise in the 
[ Laypro in Rome or the 
i Guaranty That Companv 
Ned^land IM.VUq 

i appurtenant thereto, 

i herein designated for 


It 1978 ihterat shall erase to accrue on the i 

3ENTE NA^ONAlEffiROCARBURI 

By: MORGAN TRUST COMPANY 

l£Gax,Fitail Agent 


NOTICE 



. 3*. 1908 1985 2lto 

-1911). 2001 2S08 

UU 2812 2173 
- 9046 2304 

auao Sei 


DKDENTUREfcj Off VS, $1.000each 

90M 12892 1499? 38197 MD48*. 18199 18914 1 68BS 
BiM i-ww iaifa leica laiw «m inarr i|g| 


0177 .14513 ‘ 149*2 18*49 
202BT 14919 149*5 39484 181! 
18273 14921 


4583.16W2 M«g 
3028* 1* 
11*37 1 


. IU sen 

14993 15790 16170 l fM M24T 1^ 
15072 35796 16174' lK07 7ft23i 38^0 2l 
15076 15997 36180 2(209 16«2 IffiSOB ij 



338 18717 


iem 


1S08B 15043. 18m.:i6»3 IBpM, 1630* 163*816638.18760 


BM 

SKff 8PC 1M7- W* 

SVede-n iKkioin) 8*pc 1987 Ml 
United Btaculta Bpc- 1989... H* 
Volvo 8 pc 1987 March . Ml 

NOTES 

Australia 7»pc 1984- M 

BeH Canada 7Jpc 19S7 .. Mi 
Br. Colombia Hyfl 7|pc '85 

CnU- PaC. Sipc 1984 Mi- 

Dow Chemical 8pc 19BB lPOi 

ECS 7*pc 19S2 .. P7i 

ECS Sipc 1989 —.-.. 87* 

EEC J?PC 1BB2 - »7l 

EEC 71 PC 1984 .. . 94* 

Enso Gmartt Btpt 1881 ... 9T 

Con vert Mi 7|pe 1982 . V7| 

Rocfcoms Bpc 19M.. J7i 

Michrilo 8*pc 1841 ... U» 

Montreal Urban 8lpc 1981 9* 
New Brunswick Bpc 1984 97* 

New Brims. Proc. Sloe 'S3 10! 
New Zealand Sipc *9SS 97| 
Nordic Inv. Bank 7|pc 18S4 Ml 
Nor^ Hrrtro 71 pc 1982 _ 97| 

Norway 71 pc 18SZ - 87 

Ontario Hydro spe 1987 ... 9** 
Sinner BSpc 1BS2- ... IM 

S. oT Scot. Elec. Sipc 1981 Ml 
Sweden fK’domi 7|pc 1982 97 

SiredWi Sratc Co. 7lpc 198S B7i 

Telmea Bipc 19M . Ml 

Teimeco 7|pc 1987 May wt 
Volkswagen Ttoc 19S7 —. 94i‘ 

STERLING BONDS 

Caimanlds Sloe 1989 _ 98} 

ECS Hpc 1989 _ ... IM* 

EIB MpC-1992 .. 98 

Finance for Ind. Sipc 1987 98 

Finns Wipe 1987 . Wl 

Tool OD 9*pc 1984 - 98 

DM BONDS 

Aostria Sipc 1085_ 19ft 

BFCE 7pc 1987 ...- IM 

Denmark fiipc 1HB _ 394* 

FIB GJpc ISM 16M- 

nraJOd Mer. 7pc 1984 mi 

Tf-viiro-Qiiebee B|pc 1937 _ 1814 

ICI Sipc 1987 183J 

Montreal 7pc 1987 1021 

Norsea Gas 7pc 1989 .... 1954 
Norsk Hydro Bine 1939 105 

Norway Hpc 1983 104 

Shell Hpc 1899 _ 308* 

Spain Hoc 1984 _..... 196|. 

Sweden Hpc 19S4 . 1054 

World Bank Sipc 1887 . 193* 

FLOATING RATE NOTES 
Bank of Tokyo 1984 712upc Mi 

BFCE 1984 7bc .. 97* 

BNP 1M3 Hpc .... 9S4 

CdF-1983 Tpc ... 99 

CCUTF 1884 813ft PC - 98 

Crcdirarural! 1984 7tpc. 981. 

Ctedlt Lyonnais 1983 Bipc 98J 
DO Bank 198! 7Dftpc .. . 992 

G2B 1991 7ipc . 190* 

MIL wmnnstf. %4 7l5ftpC 9» 

Lloyds 1988 73pc __ 991 

LTCB 198! Hpc .-. 99i 

Midland 3982 Bpc_10T4 

Midland 1987 TUkpc —- W* 

0KB Utt «pc .. 991 

SNCF UM5 SlSftCC . ... 971 

stndd.and omri 14 6fpc 8s* 
Wraa. sod Gbms 7pc 951 


Offer 

85 

97* 

ioa 

95 


981 

97 

98 
100 
181 
98 


971 

873 

J£* 

684 

loo: 

Ml 

98 

10*1 

981 

87 

98* 

97* 

97 

1001 

IM) 

973 

W 

Mi 

944 

95* 


97 

1014 

951 

Ml 

99* 

981 


197 

IM! 

IPS 

UN. 

191! 

IM 

1084 

m 

inn 

i»i 

\%i 

ion 

398* 

1041 


Ml 

9S 

99 

Ml 

W 

m 

Ml 

1004 

1BH 

9M 

ion* 

Mi 

103 

991 

m 

2 * 

99 

m 


Source: White Wald Securities. 


CONVERTIBLES. 

American Esprera 4ipc W 79 
Ashland Spe 1988 - ..91 

Bctbrock & wnnw Hue 17. M 
Brattice Foods Akw H) 
Beatrice Foods IMS U7 

Bcccham Bipc 1993 ■. IM* 

Borden fipc 1993 Ml 

Broadway Hale 4foe 1»7 7» 

Carnation 4pC 1R87.. 78 

nw\«m 5oc 1988 ... 151 

D8H 4!PC 1987 . 79 

FJWmari Kodak 4?pc 1988 Ml 
Economic Labs. 4*pc 1987 78 

F! resume 3 pc 1888 . £0 ' 

Forfl Spc IBM.. 82 

General Elcctrii- 4RN.--U67 Rt 
GtHene «H>c 19ST .... .... Tfl 

aooM Spc 1987 . «I 

Ottlf a»| western 5pc 19SS 78 

Hariifl 6pc im .. 14« 

ffnwywen 6pC lira .. 8 t 

iCI fijpe 39K . 87* 

DMA One 1997 . 95 

ischcapc Sipc 1992 -208} 

TW 42PC J9V7 ... M 

Jaseo epe 1992 .— 184 

Komatsu 7ipi> 1990 . . 99* 

J. Ray McDenrwn 4ipe 17 1ST* 

MaisiKhha Sloe 1990 _118* 

Mllsnl -7JIW 1 W 0 ... .30 

J. P. Moreau 4:m- 19S7 .. -84* 
Nabisco iiw IMS ...» . IT* 
fhreiu Illinois Cpc i9BT .317* 
■L C. Fenner 41 nc-3B57 ..•'w* 
Rrt'lmi 4J0C 19S7 . . 3 is 

Merah »8S «41 

Sandvlk flluc 1P«B -- IM* 

Spcrrv Raijd 4'pt- 1937 J.. 53* 

4.'pc 1997 . 7?*' 

Terraco Vrv! MM 75 

TuMium «pe n«3 «0| 

Union CarWW «3pc IBM. . 91 

Wanrtr Lamherr 4* pc oft7 ra 

Warner Lambert 1938 73* 

Xerox 5 k ISSS 784 


St 

93 

97 

M* 

109 
1831 
1014 
734 
M 
123 
81 
. tot 

so < 
82 
St 
88 
784. 
llS 
78 

148 - 


88 

lBBi 

78 

IM 

IM) 

164* 

110 * 

164 

MI- 

88 * 

1194 

784 

111 

mt 

IK 

85i 

Mi 

77 

911 

93 

n 

754 

78* 


IF'.YOU LEAVE Tokyo's Inter¬ 
national airport ia a plane which 
flies east over Chiba prefecture, 
as many do before' turning south 
to Hong Kong, you hiay see a 
huge white gash in the moun¬ 
tains below, baked by two con¬ 
veyor belts to jetties several 
miles out in the Shallow waters 
of Tokyo bay. The'gash was 
made by excavating sand—SOni. 
cubic metres of it—to build an 
artificial island. .60 kilometres 
awhy oh the far side of the Bay, 
not faf from the airport itself. 
The island, named Ohgfshuna. 
or “fan- island” after a fan- 
fitlaped breakwater which it 
replaced, is the home of a 6ru.- 
ton' Integrated 'steel. complex 
being built by Japan's number- 
two steelmaker. Nippon Kokan. 

Nippon Kokan (NKK).. and all 
the other big five . Japanese 
steelmakers, have been' building 
their . plants on artificially 
reclaimed land, with deepwater 
access for ocean-going bulk car¬ 
riers, ever since the supply of 
natural, sites with this kind of 
access ran out soon after the end 
of World War n. Ohgishima,- 
however, is the first example of 
a steelplant being located bn 
an . island built for the purpose. 
Obgishima took three yeairs. and 
cost $500nj. to build, wblch is 
not exactly cheap for site pre¬ 
paration. The ultra-modern 
steel complex which stands on 
it will have cost at least another 
S2.5bn. by the time it reaches 
full operational capacity at the 
end of 1979. 

Nippon Kokan decided to build 
an ift&nd after -it was faced with 
the need to close down its steel 
making operations at-Keibin, on 
the west coast of Tokyo Bay. 
some' 30 kilometres south of 
the capital. The Keiirin plant, 
which was opened early this 
century, bad become hopelessly 
uneconomic by the" late ’sixties 
because its various sections were 
scattered about a beavHy popu¬ 
lated suburban area—which was 
also being badly polluted by the 
steel plant. 

Nippon Kokan could h&ve 
bought land In northern Japan 
for a -new plant- to replace 
Kelhln or (as some other 


Japanese steel companies have 
done) gone abroad -to a country 
like Canada or Brazil!. Where a 
steel plant could he located.near 
to a'raw material source. It chcse 
to stay at home because 20,000 
workers were directly or 
indirectly dependent on- its 
Tokyo plant, and a-teo because 
the plant was conveniently 
located bang in the middle of 
Japan's main industrial area 
(which is also probably one of 
the world's "most concentrated 
markets for steel i. 

Ordinary. land reclamation, 
however, was ruled out by the 


division and joined under water 
after being lowered as separate 
units. 

The road link carries finished 
products from Obgishima to 
customers in the immediate area 
of the plant. The bulk of 
Ohgishim&'s output, however, 
KTid ait its input of raw materials 
afe moved by sea. Coal and ore 
carriers from Australia and 
Brazil dock nt one end of the 
island, at berths than can accom¬ 
modate bulk curriers of up.to 
290,000 dead weight tons. 
Finished products leave from 
the opposite end after emerging 


Japanese steel companies have been building their plants on 
reclaimed land ever since the end of World War n because of 
the lack of suitable natural sites with deep water access. 
Nippon Kowau's brand new integrated steel plant at Obgishima, 
near Tokyo, however, is the first one to be built on- an artificial 
risiand. Obgishima is a chunk of steel, concrete and sand which 
took jJbree years to build and cost ?500m. On it stands ad 
ultra-modern integrated steel plant, which will cost at least 
another $2.5hn. 


fact that the old Keihin site 
fronted onto an 'Important ship¬ 
ping channel used by other 
plains -in the same area, and buy¬ 
ing new land elsewhere in the 
Tokyo Bay area would have been 
either impossible or astro 
nominally expensive. That loft 
island building as the only 
choice open to the company if -it 
wanted to stay put, or as nearly 
put as possible. 

Obgishima is by no means the 
only artificial Island in Tokyo 
Bay, but the others are made out 
of dumped garbage, not of rela¬ 
tively costly sand, concrete and 
steel, suitable to support a steel 
plant Excavating and shipping 
the sand m specially designed 
bargesr which could dump their 
cargoes straight into the sea was 
a major part of the bnilding 
operation. Another problem was 
bow to link Obgishima to the 
mainland under the kilometre- 
wide Keihin shipping channel. 
This was done eventually by 
means of a four lane under-sea 
tunnel made up of caissons built 
at NKK’s own heavy industry 


from a straight line production, 
process that, according to Nippon 
Kokan, represents the ultimate 
in steel plant lay-out. 

The first of Obglshiiua’s two 
3m. tans per year giant blast 
furnaces was pul into operation 
fn November 1976, simul¬ 
taneously yrilb the closing down 
of six smaller blast furnaces on 
the mainland (the.oldest of which 
had been in use since 1936). The 
second blast furnace, bringing 
production capacity up to 6m. 
tons, will open in 1979 or early 
in 19S0. Al This rate Ohgishiiua 
is not, and will not be, a record 
breaker in terms- of sheer size. 
.Even after completion; its 
capacity will he less than half 
that of Nippon Kokan's 14m. ton 
Fukuyama plant on the Inland 
Sea 300 mile.s south- west of 
Tokyo. However. NKK does 
claim to have put into Ohgishima 
every one nf the. latest tech¬ 
nological refinements known to 
Japanese steelmaking—plus a 
few more that it developed for 
itself. 

A special feature . at 


Ohgishiuia, which is proudly 
shown off tu visitors, is the 
hitherto untried dry-quenchim* 
system for coke which was 
developed from a pruenss 
originally discovered in the 
Soviet Union and cuts out most 
of the fumes produced by the 
normal process. Another feature 
is the total computerisation of all 
aspects of the Ohgishima opera¬ 
tion. As one part of this produc¬ 
tion is geared In on-line market¬ 
ing data fed in from the Nippon 
Kokan head office Jn Tokyo there 
is no need for warehouses on the 
island to store finished products. 

Nippon Kokan says ibat 
Ohgishima is several times 
cleaner (in terms of hourly Nux 
and Sox emissions) than the old 
Keihin works which preceded it. 
In order to get to that point the 
company had to spend approxi¬ 
mately YlOObn. (S400m.i. nr 
about 20 per cunt, of its initial 
investment in the steel complex 
as such, on a wide range of pollu¬ 
tion control devices. These 
include roofing in of all conveyor 
belts, the installation of massive 
dust collectors and. of course, the 
computerised monitoring of air 
pollution. 

To the. obvious question: was it 
really worth it ? the company 
emphatically replies yes. With all 
the extras involved, construction 
costs at Ohgishima are claimed 
still to have been less than they 
would probably be tn-day at a 
greenfield site in Canada nr 
Brazil (where initial investment 
would have had to include the 
building of port facilities and 
perhaps railways and even power 
stations). 

Ohgishima** initial construc¬ 
tion cost works out at Y 150.000 
per ton or capacity, cumparvd 
with Y230.000 testimated) for a 
plant which Kawasaki Steel 
Corporation bus been planning in 
Brazil und Y200.0U0 (aeuin 
an estimate) for a new plant 
currently under construction in 
southern France. At this rate.- 
Nippon Kokan thinks it has a 
bargain—or rather that it will 
have one if and when the 
Japanese steel industry gets back 
to normal operating levels. 


Aseam Singapore completes restructure 


BY H. F. LEE 

BANK OF AMERICA has com¬ 
pleted the restructuring of its 
merchant banking associate ixr 
Singapore, Asian, and Enro- 
Ainkric&n Merchant Bank 
(ASEAM Singapore). 

‘Bank .of America and the 
Overseas . Union Bank ndw 
hold'-SY -per cent each of the 
merchirit .. hank, compared 
with 30 per cent previously. 


While Dai-Chl Kkngyo's 
participation has been raised 
from-11 per cenL to 28 per 
cent 

With the change, the 
merchant bank has now beeri 
renamed Aslan-American Mer¬ 
chant Bank and will move 
away from general and equip¬ 
ment financing activities to 
concentrate on the full range 
of traditional merchant bank¬ 


ing activities, including cor¬ 
porate finance, mergers and 
acquisitions, and under¬ 
writing. 

• Anthony Rowley adds: 
When Bank of .America first 
announced the proposed 
restructuring of shareholdings 
-in Asian and Euro-American 
Merchant Batflr" iTtseambank) 
last October, no reasons were 
given for the move although 


SINGAPORE, Jan. 4. 

sources within the bank' indi¬ 
cated that it reflected a change 
of direction and operation in 
line with changes elsewhere in 
Bank of America's merchant 
banking operations. The case 
of Bank of America Intei^ 
national In London. In which 
the parent recently bought out 
other participants and raised 
its own stake to 100 per cent, 
was mentioned. 


Source: Kidder, Peabody ScntrtUee. 


\ 


Chemical Bank now 
owns an international 
5 merchant bank 

n- 

t endon Multinational Bank Limited 
has become a wholly owned 
subsidiary of Chemical Bank, 

If has been renamed 
Chemical Bank International Limited, 


fc; 


CkmicalBaisk 
International Limited 

j 1 Union Court, OldBroad Street, LondonEC2N 1EA 
Telephone:01-283 8171 Telex:883615/6 


•f 









































































Financial Times Thursday January 5 



THE JOBS COLUMN 


Personnel profession’s proposals for recruitment code 


BY MICHAEL DIXON ■ 


THERE could hardly be a bet¬ 
ter start to this column's sixth 
successive year than good news 
about one of its ideas which, 
when proposed last spring, drew 
messages of support from well 
over 100 readers. The proposal 
was for a basic code of recruit¬ 
ment practice to reduce the 
evidently large weight of ill- 
feeling between those who offer 
jobs and those who apply for 
them. 

During the past months the 
Institute of Personnel Manage¬ 
ment has been pondering the 
idea and has now produced its 
draft proposals far the code, 
which it is keen to set about 
establishing as soon as possible. 

Naturally I am anxious that 
people interested in the em¬ 
ployment market, whether as 
applicants or recruiters, should 
have a chance to comment on 
the draft before any further 
moves are made. So I am now 
going to quote it verbatim: 

THE CODE sets out what the 
Institute believes represents 
current good practice. Organi¬ 
sations who observe the Code 
will do so to promote good rela¬ 
tions between themselves and 
the people who apply for the 
jobs they offer. 


Recruiters' obligations 

1. —Job advertisements will 
state dearly the foizn of reply 
desired,' for example, curri¬ 
culum vitae, completed appli¬ 
cation form and any preference 
for manuscript or typescript.- 

2. —Each application will be 
acknowledged. "Where consul¬ 
tants are acting mainly as for¬ 
warding agents for companies, 
the parties will agree who will 
acknowledge applications. 

3. —Candidates will be kept 
Informed of the progress of 
applications and will be in¬ 
formed of the form of the selec¬ 
tion procedure, the likely time 
involved and the policy regard¬ 
ing expenses. 

4. —Detailed' personal infor¬ 
mation (for example, religion, 
medical history, place of birth, 
family background, etc,) will be 
called for at the later stages 
of selection if it is relevant to 
the- job. 

5. —References from current 
employers will be requested 
only if the candidate has agreed 
or an offer of employment sub¬ 
ject to a satisfactory reference 
has been made and accepted. 

6. —Candidates’ applications 

will be treated as confidential. 

Candidates' obligations 

1.—Responses to advertise¬ 
ments will be as requested, for 
example, telephone for an appli¬ 


cation form, provide brief 
relevant'details, send a curri¬ 
culum vitae, etc. 

2. —Appointments and other 
arrangements will be kept or 
the recruiter _ informed 
promptly wben candidates dis¬ 
cover an agreed meeting cannot 
take place. 

3. —Recruiters will be in¬ 

formed as soon as candidates 
decide not to proceed with an 
application. , 

“ 4.—Only accurate informa¬ 
tion will be given in applica¬ 
tions and in replies to re¬ 
cruiters' questions. 

5.—Information given by a 
prospective employer will be 
treated as confidential if re¬ 
quested.” 


Comments 


There, then, is the Institute 
of Personnel Management’s 
version of the code. Since it' is 
only a draft, amendments in¬ 
tended purely to tidy up the 
wording can safely be left until 
later, and 1 would be grateful if 
readers would confine their com¬ 
ments at this stage to matters of 
substance. 

From my point of view, 
although the institute's draft 
touches on all of the topics 
covered by the Jobs Column '5 
version (printed on July 14). 
there are one or two points 


which seem in need of clarifi¬ 
cation. 

Take for example the. fourth 
of the IPM's recruiters’ obliga¬ 
tions, stating that detailed 
personal information “will be 
called for at the later stages of 
selection if it is relevant to the 
job." This would represent a 
definite advance on the not un¬ 
common practice of loading even 
initial application forms with in¬ 
quiries into what axe essentially 
candidates* private affairs. 

But it nevertheless glosses 
over a worry stressed by many 
of the readers who responded 
to this column’s original discus¬ 
sions of the code. * 

The worry is that wben 
suddenly asked for personal 
details a lot of 'job-applicants 
feel themselves placed in a 
dilemma. On the one hand, 
they have an eminently reason¬ 
able resistance to- answering a 
question' about their private 
affairs unless then have first 
been shown bow g# question is 
justified. Oh thevther hand, 
they feel that if they ask for 
justification before answering, 
the recruiter jna& well view 
their attitude as evasive and so 
reject them. 

Whether or not tile recruiter 
actually would do so, is beside 
the point The important thing 
is that many applicants suspect 
that the recruiter might And 


if the code of practice is to 
reduce suspicion between the 
two parties to the transaction, 
then the code surely needs to 
make clear that recruiters 
recognise that it is only reason¬ 
able for applicants to withhold 
persona] information until they 
have received an explanation of 
why it is wanted. 

No such recognition is given 
by the institute's clause. Indeed, 
its wording implies that, at some 
“later” stage of the process of 
selection, .a recruiter is per¬ 
fectly justified in asking for 
private * information provided 
that the recruiter considers it 
relevant to the job. 

With all due respect to the 
EPM, I still feel that the acknow¬ 
ledgment of the applicants' 
right to demur before answer¬ 
ing, is more important to the 
objects of the code than is the 
stage—whether early or late 
in the process—at which the 
personal question is asked. So 
I would like to see clause four 
of the employer’s obligations 
restated on the following lines: 

“ Candidates will not be 
expected to supply detailed, in¬ 
formation on personal matters 
such as religion, medical history, 
place of birth, and family back¬ 
ground, unless they have first 
been given an explanation of 
how the details are relevant to 
the job." 


The only other amendment of bung asked whether you^e 
substance which I currently popped beating your wife.” 
think necessary in the institute's jjtany a candidate has real. 


version, is intended to avoid 
placing applicants in the same 
dilemma. As things stand, 
there seems to be a distinct risk 
of this in the IPM's clause five 
of the employers’ obligations: 
“References from current em¬ 
ployers will be requested only 
if the candidate has agreed or 
an offer of employment subject 
to a satisfactory reference has 
been made and accepted.” 


Misses point 

At present, the institute’s 
wording evidently means tiurij 
tiie references “ will b< 
requested - from the current 
employer only if the candidate 
. . . etc.” On this interprets 
tion the IPM’s version woulc 
once again miss the point whiefi 
from the response to the pro 
vious discussions of the code? 
mainly, worries job-appliean»- 
about the matter of approach#' 
to their current employers. J- 

What bothers applicants'll 
being asked by the recrtdfijgr 
whether or not they tm s® 
object to the making of saj& 
an approach. Being faced of 
this initial question well befqje 
any firm offer is made ob tfifc 


1 private reasons for fearing 
: wndictivexiess which could not 
> «Teasily explained to a stranger 
: A a pr elimin ary interview. 

* .m*oe, a fully self-assured candl- 
: &te might solve the problem 
" fer replying that there would be 
r v objection if—and only if—- 

* fich an approach wore the only, 
t jem&ining condition to the 
^Appointment. But full self- 

Jpsuranee is hard to retain 
•Hi the emotionally charged 
Jgtaosphere of an early inter- 
Jpa-w, and the effect of asking 
[She question surely risks pro- 
poJdBj a defensiveness in the 
Candidate far outweighing the 
lvalue of the answer to the 
^recruiter. ■ 

f It seems to me that to take 
la risk like that unnecessarily 
{Is against the spirit of the pro- 
Eposed code of practice, one of 
Fwftose major objects is to 
^establish relations between the 
. parties on a more open footing. 

* So it seems to me best to put 
the issue beyond doubt, which 
would not need more than a bit 
of re-wording of the IPM's 
danse, for example: 

“ Candidates will not be asked 
for permission to approach 
their current employer for re¬ 


new job is,'to quote from a~ferences unless they have 
reader's comment, “ a bit&Ske volunteered specific approval, or 


an offer of employment subject 
only to the receipt of such * 
reference has been made 404 '■ 
accepted.” - 

That completes my list of the 
substantial amendments to fee 
argued with the IF*. Readers 
who have a case to make for 
other changes or far additional 
' clauses to either the'employers* 
or the candidates 1 side of the 
code would oblige me by send, 
ins them in quickly, because 
the sooner the IPK can agree 
its final shape and start pro¬ 
moting its widespread ac¬ 
ceptance among employing 
organisations and recruitment 
consultants, the better. 

There is little point, however, 
in anyone’s writing to repeat 
the objections that the proposed 
code smacks of more bureau, 
erotic intervention in the work¬ 
ing of employment markets, and 
that since it has no "teeth,* tt 
will anyway be ineffectual. 

From the outset, the purpom 
of the code has been to civillre, 
not to dictate. True, it consists w 
of little more than a list of basic 
courtesies which, in unwritten 
form, have long been observed - 
by many people. But by briefly 
Spelling them out, the cofi$.. 
must surely have a fair chance 
of getting them practised by f ; 
lot of other folk — both 
recruiters and applicants—who 
have evidently forgotten them. ‘ 


CsU 


A medium-sized 


-■American public manufacturing company requires a: 


c £11,000 


DIRECTING 

TELECOMMUNICATIONS AUDIT 


The Client Post Office Tdeoomzmmications. High technology. Complex 
systems. Approaching a quarter of a million employees. Asset 
base of £6,000 milli on, five year development programme of 
£5,000 million. 

The Job lb formulate, implement and direct a comprehensive audit 

policy throughout the telecommumcations business. 

The Candidate A professional. Strung in organisational and managerial 
skills. A natural motiyator 

Brief but comprehensive details of career and salary to date, which will he 

treated in confidence, should be sent to: • 

E. J. Robins, The Executive Selection Division - MF928, 

Coopers & Lybrand Associates Lid., Management Consultants, 

Shelley House, Noble Street, London, EC2V 7DQ. 



INTERNATIONAL BANKING 

Project Finance Management 

The Merchant Banking Division of a major International Bank seeks 
additional managers to market and develop the Bank's international 
project finance services. 

The Project Finance Department is well established and has a proven 
record of success. It assists companies to achieve the most 
advantageous financial structure for potential projects throughout 
the world. The successful candidates must, therefore, have not only 
the expertise to undertake such financial structuring but also the 
initiative and imagination to innovate and produce new solutions to 
problems. 

Applicants, probably aged 30-35, will ideally have the following 
experience and qualifications: 

• marketing and negotiating skills gained in dealing with international 
companies 

• experience of medium term lending and syndications 

• working knowledge of export credit systems in UK and elsewhere 
■ some general banking experience 

• experience of project appraisal and the associated analytical 

techniques * 

• appropriate professional qualification or degree.. 

Some overseas travel is necessary and therefore fluency in another 
major European language would be useful. 

The Bank offers a highly competitive salary; fringe benefits arc 
'excellent. Career development opportunities could lead to further 
executive positions either in London or overseas. 

Please write with full details. These will be forwarded direct to our 
client List Separately any companies to whom your application 
should not be sent Ref. B.L743. 

These appointments ore open to men and women- 




CONFIDENTIAL STREET 

anan nmrs cirannca LONDON 


W1X6DB 


A member of MSL Group International 


Treasury Analyst 


Ilford 


c. £63 OOO 


Plessey is a leading British company operating in over 130 countries. Total turnover is in 
the region of £500 million. 

Aa opportunity presents itself at Headquarters in Ilford for an Analyst in the Group 
Treasury Department. The job is to report on and analyse worldwide movements of funds 
and workins capioL 

The successful candidate is likely to have an accounting qualification and experience in 
budgetary procedures. Experience of treasury management would be an advantage. 

Pleaic write with full c.V. W M. R- M. Wright, Personnel Manager - Finance, The Plessey 
Company Limited, Vicarage Lane, Ilford, Essex. 

•PLESSEY 




Development 

Executive 


c £5,500 + Car 


Griffin Factors—a subsidiary of Midland Bank—is one of 
the country's leading factoring houses, providing services 
to commerce and industry. 

Its continued growth has created the need for additional 
members of the Development Team, whose job it is to 
promote and sell the Company’s financial services to 
expanding industrial and commercial concerns. 

After comprehensive training at Griffin's new headquarters 
in Worthing, the Executive will be working largely on 
his/her own initiative. He/she will be responsible for 
generating new business within a given area and this will 
require the ability so grasp the salient details of differing 
lines of business and negotiate successfully at top level. 
Experience in factoring is not necessary but the successful 
candidate will already have an impressive record in sales 
and a good educational background with preferably a 
degree or some banking or financial qualification. 

The career offered is a challenging one with excellent 
prospects for promotion on proven success. As a member 
of the Midland Bank Group the Company offers first class 
conditions of service. Assistance with relocation will be 
given. 

Applicants aged between 25 and 32 are invited to write, 
giving details of age arid career to date, to:— 

Mrs. j. Marshall, 

Personnel. Manager, . 

GRIFFIN FACTORS LIMITED. 

21 Famcambe Road, 

Worthing, Sussex 

TEL: Worthing (STD 0903) 205181, Extn. 281 


:®'. SrHFf in Factors 
Limited 


•••• 


A SUBSIDIARY OF MIDLAND BANK LIMIT ED 


Finance 

Director 


U.K./Brazil 


c. £15,000 


A $200m US company with overseas operations in 
Brazil and the UK is seeking a qualified accountant 
with, good experience in manufacturing cost 
systems. Based in London he would have overall 
responsibility for all accounting functions in the 
two countries.' 

He/she would be expected to travel frequently to 
Brazil and roust speak fluent Portuguese. 

Replies gluing full details erf qualifications and 
experience wiU be forwarded in confidence to the 
Management Consultants who are advising on this 
appointment 

JWT Recruitment Lt<L, (Sll/FT), 
r ■ 40 Berkeley Square, London W1X GAD. 


requires , 

DATA EDITOR 

for their FOODS DATA TEAM. Applicants should 
ideally have some knowledge of the City. “A'* 
levels would be an advantage. Starting salary for. 
the right person around £3,000 p-a. 

Please apply to Miss A. M. Redman, The Exchange 
Telegraph Co: Ltd., Extel House, East . Harding 
Street, London, E.C.4. 01-353 1080. 



Ffhancial Controller 
& Company Secretary 


This is an exciting 
of this light engine 
diversified subside 

A high level of pro 
the existing subsid 
excellent career p< 
and financial manaj 
reliable financial e 

S.W. London 

Applications quoth 
these requirement^ 


opportunity brought about by the rapid expansion 
ring manufacturing company comprising four 
|es with a turnover of £20m+. 

sssional and managerial ability is required to control 
fries and to consolidate new acquisitions. There is 
intial within this widespread group in both general 
ment for an industrially minded and thoroughly 
cutive. Early availability Is desirable. 

• Age 35+ Salary c. £13,000 + car 

SMF are invited onlg from candidates v)ho meet 


Robin MWhalley, 

INTENTIONAL APPOINTMENTS (LONDON) LTD 

Colder Hpuse, Telephone: 01-6296367IS 

1 Dover Street^ London W1X3PJ Cable: Interappt London W2 


Chief Accountant 

Home Counties : 


c £10,000 +Car 


A medium sized public company in the field of high technology requires a 
Chief Accountant.The Cqnapany isdivisionalisedboth in the U.K. and overseas. 

The Chief Accountant wflfcbe responsible to the Finance Director and will 
have functional responsibility for the financial control both of the parent 
company and the trading divisions and will have direct control of a^staff 
of-about fifteen. 4 

The successful candidate, who will probably be aged, between 35 and 45, 
will have:- j: : - 

□ A recognised accbuittahcy qualification. - 

□ Experience in a simli& industry at senior level. 

□ Considerable experience of costing with particular reference to- • 
stock control and refeted problems. 

A knowledge of data processing is desirable but not essential. 

The salary for this caterer appointment will be jn the region of £10,000 
p.a. and a company csg vdil be provided. Other benefits will Include a non¬ 
contributory pension scheme and a generous relocation allowance, if required. 

Applicants should apptf in confidence giving brief career details and quoting 
reference number FT/28/F, to:- 


Tutquand, Youngs & Layton-Benneft, 
Management Consultants, 

If Doughty Street, London, WC1N 2PL 



A major UK pension fund requires an experienced investment 
analyst to join an existing team.. The successful candidate will be 
responsible for‘representing the fund in meetings with managements 
as well as preparing written reviews on the fund’s holdings in 
particular sectors. " 

Candidates should have a professional qualification,.or a degree, 
and at least 2 years’ relevant experience in the research department 
of a stockbroker’s office or an institutional Investment department. 

Please write with Full details. These will be forwarded direct to our 
client. "List separately any companies to whom your application 
should not be sent,'Ref. B.1752. 


This appainattath opm to men and women. 


ATPl! CONFIDENTIAL £S™ ATraN STREET 

A member of MSL Groop International 


$ 



























V 

‘'A\ I, 11 V. . 

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1 -i v’.vi’ j 


Head of Finance 
: arid Administration 

j Middle East . from £15,000tax free 

: plus benefits 

client is a large,- welf 'established British organisation 
• whose international activities.include trading, manufacturing 
and management sSivicesin developing countries. 

r • An assistant manager.Is required to' take full responsibility for the 
finance, administration and personnel functions or one of the major 
.' • -, activities in the. Middle East 

, .This Isa senior position;.reporting to the local general manager, and 

' ■■TfiOllirtS rmstitiot nS. drnnn .losriiwchin TA. 


New Year Career 
Opportunities for 
Young Bankers 


Group Tax Adviser 


City of London 


from £10,000 


£3,000 


£ 6,000 


... --■ Iautuesaiuiij Will I 

...' local senior officials. He wiR bean Important member of the manage- 

■ -mentteam. ■ ■ 

/'.Candidates, preferably'aged between 35 and 45. should possess a 
recognised accounting qualification and must have had several years’ 
experience in a senior fli^hce/admlnistrat.ipn. role in. a.large, well 

■ managed,’ enterprise.” •. 

.Apart from a negotiable'tax free salary, the htfra.ctive package Includes 
free accommodation and food; a car, life : and health Insurance, 
-. terminal bonus and generous leave arrangements. • 

: Writ© in confidence; quoting reference 1929/1, to E. M. Nell, 

’• :Pe ^ Warwick, Mitchell & Co., ■ 

.... ■ ' 1 Management Consultants,' 

I .1 11 Ironmonger Lane, ." 

-London, EC2V BAX. 


The 1978 corporate development plans of a number 
of our international Bank clients are now under 
way and give rise to career opportunities in a 
variety ol specialist activities for ambitious young 
bankers with appropriate skills.- . *• 

Some emphasis is clearly placed on:— 

Euro-currency Credit Analysis 
International Bank Accounting 
Documentary ’Credits 
Foreign Exchange *■ Back-up” 

Loans Administration 

with a very wide range of specification in terms 

-ol age, level, of experience; salary, etc. 

' ' • - 

To discuss these possibilities in the comert of your 
own career objectives—in .confidence, of course— 
please- telephone either John CMverlou, AJJB. or 
Trevor Williams . . . on 405 7711. 

David White Associates Ltd. 

Hampden- Rouse, W, Klngsway, London, W.G£ 


Booker McConnell Ltd. is a public company with over 100 subsidiary companies 
in the U.K. and abroad with a current turnover of around £550 million and with 
18,000 employees in activities ranging from lood distribution to engineering. 

Management is exercised through a divisional structure .with a parent-company 
staff small enough to be effective and speedy In decision: A retirement from this 
team later this year requires the recruitment now of someone who, in conjunction 
with outside specialists, will advise the company and its subsidiaries on all aspects 
of taxation related to groups of companies. He or she wilt also assist with the 
preparation of group consolidated accounts, budgets and forward plans. 

The successful candidate, who may be in industry or professional practice, will 
be a qualified accountant probably over 30, with current knowledge of U.K. tax 
legislation. Benefits and working environment are excellent 

for further information ’and a personal history form contact /?. J. Mooney, 
reference T£341FT. 




Arthur Young Management Services, 

Roils House. 7 Rolls Buildings. Fetter Lane, 
London EC4A 1NL Tel. 01-831 7130. extn. 444. 


APPOINTMENTS 
ADVERTISEMENT RATE 
£14 PER SINGLE 

COLUMN centimetre 


Manager, Employee Communications 






*>• i*--t.frr! 
Tii» i ,* 

•!?’. .. :■ !--.[ f 


LTD 


OU Company' seeks for its OJv. lubricant subsidiary 

' MANAGER, 

SALES AND MARKETING 

The ideal- applicant will be between^ thirty^ and 
fifty;, baying considerable Marketins/Sales experi¬ 
ence in- the lubricating oil business in the jU-K., 
preferably with" a major company. The post dentends 
a typical extrovert skies personality; able to motivate 
a field force leading from the front This will be 
combined with the supervision and administrative 
capability to Organise and manage* the ovtijrall 
marketing operation, formulating plans .and control 
ling budgets.- This is'hn executive position, repdrtihg 
to the Managing Director, and the ability to function 
efficiently.;at a-.high level is required. A working 
knowledge the French- language would he 
desirable. 

The successful candidate will-he required to be 
domiciled near to . London, and assistance with 
relocation costs will be : considered.. The. job neces¬ 
sitates some travel throughout the U;K. ; V 

Salary will be commensurate with age and experi¬ 
ence, but in any event will be not less than JES.500 
p.a. Other benefits are in : . line "With- industry 
practice. • - > 



enclosing an up-to-date currinculum vitae, to;*' Mr.’ 
A, G. Tomlinson, Elf Petroleum (G.B.) Ud., 197 
Knighlsbridge, London -SW7-1RZ. ■ j * J - 


Economist 

A City-based international banking group has a 
vacancy.for an economist, male or female, with at 
least four years’ experience in commercial, 
financial or other relevant employment since 
graduation. 

The post .offered is in the Economic Department 
and concerned with a wide r&nge of subjeers 
including international monetary matters, develo¬ 
ping countries in which the group operates, 
primary commodity markets and developments in 
the United Kingdom and the OECD area. 
Experience -in sterling money markets will be 
valuable, though not essential. 

The appointment will interest candidates possess¬ 
ing a good degree in economics or an .associated 
discipline who seek an attractive basic salary and 
substantial ancillary’ benefits. A working know¬ 
ledge of -a major European language would be 
useful." 

Write, giving relevant personal data and career 
history to: The Personnel Manager, Standard 
Chartered Bank limited, 10 Clements Lane, 
London EC4N 7AB. 

' J,. 

*]Standard Chartered <sjk 

ZH BANK LIMITED fli 

* <*, 


London to £15,000 plus car 
Our client, with 35,000 employees and operating in some issues for writtei 
80 markets, wishes to appoint a person within international education progr: 
headquarters to develop the employee information/ communication | 
communications function. This new appointment reporting capabi 
recognises the movement in industry towards employee national operatii 
participation and the growing complexities of providing appreciation of I 
employees with a proper level of financial, social and other a sensitivity to p 
relevant information in this context. Responsibilities will motivations, exp 

-'include the preparation of information on company-wide media and a well 


issues for written or oral transmission; economic 
education programmes; training of managers in 
communication processes and the development of employee 
reporting capabilities within both international and 
national operating units. Candidates must have a thorough 
appreciation of European industrial relations legislation, 
a sensitivity to political and trade union activities and 
motivations, experience in using communications 
media and a well-developed talent for writing. 


H. W. FitzHugh, Ref: 20071/FT 

Male or female candidates should send a written C.V. immediately to: 
j- ’ ‘ LONDON: 01-734 6852, Sutherland House, 5/6 Argyll Street, W1E6EZ 

|> Hoggett Bowers 

Executive Selection Consultants 

BIRMINGHAM. GLASGOW, LEEDS, LONDON. MANCHESTER, NEWCASTLE and SHEFFIELD 




INTERNATIONAL FINANCIAL 
ADVERTISEMENT SALES EXECUTIVE 

riTY FAST developing and leading economic and financial monthly MAGAZINE £6.000-4- 

• 1 1 WITH WORLD-WIDE CIRCULATION _ * 

This vacancy is due to Internal promotion. It calls for a sales executive, aged 25 plus, with a proven sales record 
which- will have been gained either with a publishing house, or within a dty environment. The prime responsibility 
wjll be to sell advertising space on the telephone as well as face to face. Besides the fundamental ability to sell 
successfully; personal qualities will include common sense, a quick wit, mental tenacity, coupled with an excellent 

• . telephone sales approach and a good command of the English language. French and German' would be an asset. 

■v* Above-average initial remuneration by way of basic salary and-commission. Apply in writing or Telephone: 

Christopher Leefe. Advertisement Manager, Euromoney Publications Limited. 20 Tudor Street, London EC4Y Qj5. 

01-353 0841/01-606 1234. 


FINANCIAL CONTfpLLER 

- (FINANCIAL DIRECTOR DESIGNATE) 
Age: 30-45 . .Up lo £12/00 + tar 

Ldndort f * 

Our client is it public conipapy in the freight 
taudlDns and warehousing, travel and 
general trading field. They require a 
Financial-' Controller (Financial Director 
Designate} Who'will report to the Managing 

Director. " 

The appointee will be responsible for the 
complete accounting function including the 
review of existing systems and the design 
and" implementation 6f mw systems through¬ 
out the Group. He/she will be responsible for 
the preparation . of monthly, accounts and 
the consolidation of-annual accounts. He/she 
will be responsible for all financial aspecis 
of the business and there are also .secretarial 
duties. ....... . 

Applicants will be chartered accountants m- 
tftc age range 30-45 and wUI have sound 
experience at a.senior JevehiB 1 .financial and. 
management accounting • in .-commerce or 
industry • and *have had. some secretarial 
experience. A strong systems background is 
necessary.; - : . . 

Please write or telephone Tor ah application 
form, quoting ref. 901/FT to: 

W L. Tait, 

. _.Touchc Ross and Co.,. . 

. Management ConsultahIs, 
r 4 London Wall Buildings, 

. London EG2M 5UJ. 

^ Tel.! 0LSSS 6844. 


• Pension Funds investment 

London ' * ~ C.C9250 


British Gas Pension Ffinds have investments of alxtuL L'4iRt million 
including property. 

We are seeking a person uho will deputise for the Manager in managing 
and making investments of the central funds of the gas pension schemes 
and be responsible for the administrative and accounting work of the 
department. * 

The job demands organising ability, knowledge of monetary economies 
and familiarity with City institutions and methods. ^ • 

An appropriate degree and or professional qualification is necessary, juid 
financial experience in a senior position in a £multi-million organisation is 
also desirable. . 

Salary within the rangeL'83S2-/J9 | J51 including Inner London Weighting 
-Applications in writing, giving details arid quoting reference number 
F 0160UI should be sent to’Personnel .Manager HQ. British Gas 
Corporation, 59 Bryanston Street, Marble Arch. London 
-W1A2AZ. Closing date for applications 12th January 197§. 

■ 'rfxis pLtst is open to both men 

m n BRITISH GAS 


a 


Stockbroking 

ASSISTANT OFFICE MANAGER 
SYSTEMS 

About £7,000 + bonus, Age: 30-35 

London 

Our diene ii one of the major stockbraking firms in'the City. They require 
an Assistant Office Manager whose .-esponsibiUties will include the review 
of computerised office systems -nd the implementation of new systems 
including TALISMAN. He'she will also review communications within the 
office and between' the office and other departments and have responsibility 
for training the department's trainees and staff. There are additional ad 
hoc duties. 

Candidates, preferably in the age range 30-35, should have considerable 
systems experience gained in the business settlement or computer department 
of a large stockbroking firm. 

Please write or telephone for an application foriR, quoting ref. 899/FT, to: 

W. L. Tait. 

Touche RoSs & Co.. 

, Management Consultants, 

k 4 London Wail Buildings. 0 

A London EC2M 5UJ. 

m Tel: 01-58B 6644. 


a 


SENIOR INTERNATIONAL AUDITOR 


NIGERIA 

Senior Financial Executive 


Based in London 


c, £7000+car 


c £id,G00 p.a. 

GjWip 

Emancial Controller 

LONDON 

Hotfel Group'. • 

Chartered Accountant. Male or Female. 
Age 30plus. Mustbe fully conversant with 
uniform system of computerised hotel 
accounting and control Systems in a group 
environment. Outstanding career 
opportunity, with international company. 
Excellent fringe behefitsinclude'Company 
car, pension/Ufe cover and relocation 
expenses. . . , 

Suitably qualified candidates please phone 
01 -493 7117 for application form quoting 
MRD 7071 (24 hour answering service). . 

Previous.candidates^hould not re-apply. 


. . .J 

A major international pharmaceutical company requires a Nigerian national.to take up 
an important position in fis Financial Department in Nigqria^ 

The poritioh is e xt r em ely challenging and win provide ample opportunity ffifi: farther 
advancement in management within the company. **- 

Candidates should have an internationally recognised accountancy quali5cati^a and be 
available for iniervie w at short notice. - 

Please contact Terry Jones at home on Little Gaddesden {0442 84} 3376 or at h& office in 
HStchin (0462} 55303 (24 hour answering service). % 

Growmor Stewart Li m ited, Management Recruitment Consultants, Hamilton House, 
'15 Tilehouse Street, Hitchin, Hertfordshire. ■ 


GROS VENOR STEWART 

Executive Search and Selection 


Our client is a multi-diillion dollar American engineering group whose main 
European activities ate the taanulacture and distribution ol a wide range oi 
valves and pumps. ~~ 

The company wishes to recruit a Senior Internationa] Auditor to monitor the 
operations of the European units located in tfie U.K., Spam, France and The 
Netherlands; The successful candidate would spend a large part oi his time 
travelling, and-would report direct to New York. 

Applicants — male or iemale — should be sell-motivated qualified 
accountants, preferably aged between 25 and 35. A working knowledge of 
French is important and an understanding of Spanish would be an asset. 

For more detailed information on ttitn appointment and a personal 

history form, please contact Neville Mills A.C.I.S. err Joanna Bennett ' 
quoting reference no. 2047. 

commerd^irxlistr^ 

Douglas Llamhla* Associates Ltd., 

410.5lrami, London A'CSRONS.Telephone ul S369SOI. 

121 St. Vincent Slteol, GLnajow G2 SHW. Tel-j-iione 041-226 3101. 
tied in Edinbuigb. 


DBR 


Management Rscruiuuenc Diviriim . 
BOYDfiN INTERNATIONAL LTD.- -.' 
li/15'AKL2NGTON STREET. LONDOT. SW1A. 1KD. 

USMBON, FA3U3. SRUSSELs. b&MKVA. fctaAW, 

MADSIO B.ttepemKA. TDKtO. CAX &CAS, 

MQQCO Cirr. SAG PAULO. 

STU.VKT. JOBAWTESBinuu^ift TBSOUaHOUT THE USA. 


Senior executives 

INTEREXEC gii-es positive assistance to Executives seeking 
new employment or to improve or change their careers. 
Wlferei-to start looking for a job. Which Agencies call Help? 
Kljh -to’ find unadvertised .vacancies,? What are conditions 
li.kif-'ln the Middle East? How to succeed at interview. 

10 find the right job. at the right salary 1NTEHEXEC 
Mflfl.talns all the Information you need, provides a coui- 
prfifiensive advisofy service and dcim* all the grouM work 
or.job hunting Cor you. enabling Executives to. explore , 
thfc market with confidence, and to secure the right appuint- 
- rpents-faster.. 

- ' t ~ 1 

' ' .! ...• Why icaste time?.- Phone for detnils: ■_ 

THE INTEREXEC REGISTER LTD, 

. * The World Trade CenLrc, Loudon EL 9AA. 

Tel..* ^1-483 2400, cxL 53. 


GLANFIELD LAWRENCE LTD. 

._kotor Distributors (Public Company) 

- Sc v en*Main Dealerships and Turnover'£10.000,000 
require a 

GROUP SECRETARY 

bated or i North London Head .Office with small Board. 

The selected On didate will be in the 35-45 age group with good 
professional eiw/or. commercial,experience. Doties will include, 
responsibility, far a j| aefiountirtg functions and financial control. 

. Previous experience of the motor trade an advantage. 

CAR PROVIDED , SALARY NEGOTIABLE 

Apply. Chairman 

401 High Road, North ftinchlty, London N1Z‘0AL~ ’ 


MANAGING DIRECTOR 
FOR TRADING COMPANY 

This i5-an opportunity for a dynamic director of 
proven-ability to run a trading subsidiary in East 
London for a young, vigorous and fast expanding 
• public company. Ploase write in first instance to: 

The Chairman, 

GR0VEBELL GROUP LIMITED, 

Bawl plug House. London Hoad, 

. Klngston-upon-Thames, Surrey KT2 GNR. 















Unvifatwv 


by the Financial Techniques Group 

TO POTENTIAL TAX PLANNING ELITISTS 


Our City-based tax planning divisionris holding a series 
of individual private and informal meetings during 
January arid February. We shall be inviting to these 
occasions both existing and potential top level tax 
consultants -who are suitably qualified and who wish to 
become highfliers in their field. 


Held in complete confidence, the meetpigs wSl provide 
the opportunity to explore with senior members of our 
consultancy team the unique career prospects offered. 
Our tax planning division has been established seven 
years and during this period has bunt up a multi- 
discipline team of chartered accountants, barristers and 
solicitors who are now at the forefront of their field. 
Our rapidly expanding workload now requires that we 
significantly expand our consultancy. 


If you would tike to be considered for an invitation to a 
meeting, please write with brief personal and career 
details, marked private and confidential, to: 


Wide scope is provided for original end creative Hanking 
in sophisticated UK and international tax plamdng and 
problem solving for public and private companies; 
partnerships and individuals. We do not specialise in 
devising artificial tax avoidance schemes but concentrate 
cur expertise on cracking the complex and chatienging 
tax problems experienced by our clients. 

We also provide the opportunity to contribute to-oartax 
publications, among which is Business Tax Quarterly, and 
to present at our national conferences on tax planning. 

Fully trained consultants operate at principal level and 
determine their own future. The career pr os pe ct s are 
exceptional and are linked to a sophisticated remunera¬ 
tion package which, through a profit sharing scheme, 
offers very substantial earnings potential. 


The Chairman, 

Financia l Techniques Tim iteA a 
BQIlgate House, 

Old Bailey, 

London EC4M7HS 


■Financial Times Thursday January .5 







rhe company, which. 
Midlands and has a small 
a wide range of precision 
[lion and there is considerable 
rt. Please write with full 

male or female ca ndid at es , 
nd should quote reference 


VE RESOURCES LIMITED 

'2IN. Telephone 01*499 7363 


Merchandising Planning 


International Recruitment Specialists 
lor the Commodity Markets 


As part of a major UK company, this profitable division or advertising agency experience”dealing with marketing of 
offers a challenging appointment within the Marketing capital equipment 'Analytical ability and the personal 
function. The successftrl candidate will take responsibility skills of communication and motivation are key 

, for the strategic planning of merchandising and requirements. First class 'conditions include a company car 
promotional activities covering a range of capita! equipment scheme and generous assistance with relocation to a high 
selling in volume. Applicants, ideally aged 25-30 • amenity area. Tbere is considerable scope for personal 
preferably with a degree must have proven industrial development and advancement. 

J.C. Brown, Ref: 31312/FT. 

" Male or female candidates should telephone in confidence for a Personal History Form tp: 

, GLASGOW: 041-221 2585 ,127 St. Vincent Street, G2 5JR. 


Capital Equipment 
East of Scotland, to £6;300 


Executive Selectkm Consultants 

BIRMINGHAM. GLASGOW, LEEDS. LONDON. MANCHESTER, NEWCASTLE and SHEFFIELD. 



Financial Director 

(Designate) 


£Uk000 p.a.+Car 

Our client is an independent 
British Group with a £ multi million 
turnover and a sound profit record. 
Its products enjoy international 


fast Anglia 

and interpretative control data for 
operational management. 

This position will attract those 


repute across a wide span of user aged35-45 who have already demon- 
industries. strated their creative professional 

and managerial rIoHr at a senior 
The salient requirements of the level in an engmeering environment, 
appointment are the capacity to The salary package is up to 
identify the full financial, impUca- £15,000p.a. Board status will be 
tions of business plans and objectives accorded by invitation well within. 


appointment are the capacity to The salary package is up to 
identify the full financial, impUca- £15,000p.a. Board status will be 
tions of business plans and objectives accorded by invitation well within 
and the further development, within . twelvem o n t hs, 
the profit centre concept, of stringent 

Applications in confidence quoting refi 6184 to O. E. B. Hughes, 
Mervyn Hughes Group, 2-3 Cursitor Street, London EC4A1NE. 
Telephone: 01-404 5801 (24 hours). 

Mervyn Hughes Group 

— Management Recruitment Consultants_— = 


European Banking Company 
Limited 

European Banking Company is the international merchant bank of the EBfC 
Croup. Its shareholders represent seven of the largest commercial banks in 
E urope with combined assets of over $164,025 million and a network of over 
10,000 offices. 


successful candidate will work as a member of a team in all phases of the banks 
financing operations. 

All candidates must have had at feast two years working in a rperchant or 
invest ment bank; and preferably one which is highly active in this field Fluency 
in more than one language will be a considerable asset 

It will become apparent very quickly that the successful candidate can make a 
significantly rewarding career for himself in die bank and that his job will be 
exacting and his learning curve steep from the outset 

Please write in total confidence to Broadbent-Jones& Partners, 

Business Consultants.^Wilton Houst.-, Hobart Place, London SW1. 

Telephone 0^-235 0149. 


PENSIONS 

MANAGER 

NEW 

BUSINESS 

Highly motivated and sales • 
orientated consultant 
required to lead a compact 
team expanding our 
portfolio of pensions clients. 
The Manager will operate 
from KingstorHjpon-Thames 
and cover the United 
Kingdom. He/she will offer 
advice on all aspects of 
pension funds, including 
self administered, 
managed and insured. 

Non contributory pensioo 
fund and car provided. 

Salary in excess of £7,000 
p.a. will be negotiable. 

Contact Miss Sue Waite 
Personnel Administrator* 

Stewart 

<^}i?Wrightson 

Assurance 

Consultants 

Stewart Wrightson Ltd 
Kingston Bridge House 
Church Grove 
Kingston-upon-Thames 
Tel: 01-977 8880‘ T ‘. 



Managing Director 
Metals 

London ■ 

ATrading Company operating in the field of soft commodities^ 
and metals requires a MANAGING DIRECTOR with the 
emphasis of background and expertise in non-ferrous meials . 
trading, the LM.E. and Comex. 

The person appointed will have had management 
responsiMity for the performance of a trading activity and wiU . 
also have had substantial client contact. He/she may have had 
experience on the metals desk at a senior level as an Account 
Executive in a Commission House, as an Executive with a Ring' 
Dealing or Non- Ring Member of the London Metal Exchange, 
or elsewhere in a senior metals trading function. 

He/she will be responsible for controlling and motivating 
the trading team.The challenge will be to develop fully the 
potential of a first class company with world wide producer and 
customer connections. 

The envisaged age range is 35-45 and the successful 
candidate will recave a substantial basic salary negotiable with 
participation in the resutts of the performance of the company. A 
car and substantial benefits will be provided. . • - 

In the first instance please contact Graham Stewart of 
Commodity Appqintmerrts Limited who will supply further 
relevant information and will arrange interviews in complete • 
confidence. * ■ 


Egmont House 116 Shaftesbury Avenue London W1, 
Tel 01-4391701' ■ i 


FINANCIALTIMES 

Commodities 

Appointments 

On every Thursday, from 19th Jan nap' 1978, look 
out for the Financial Times Commodities Appoint¬ 
ments section—just part of our regular Thursday 
appointments column. 

For details of advertising in this new section 
contact: Steve Nevitt or Mike Hills on 01-248 8000, 
ext. 591 or 588. 

FINANCIALTIMES 

EUROPE'S BUSINESS NEWSPAPER 


T his group, recently established, in the United Kingdom, has interests in 
property and in hotels. There are plans for considerable expansion in 
both fields in the United Kingdom and in Europe. The group which has 
strong Middle East connections is looking for a Financial Controller. 

The role being new has a wide range and includes advice to the Board, 
investment .appraisal, financial control and guidance to line accountants. 
Responsibility is to the Chief Executive. 

’ The requirement is for a chartered accountant preferably in the age range 30 to 
40 whose commercial experience includes success in exercising finanpial 
control in a volatile service industry. The ability to present periodic and project 
results simply and clearly is essential. 

Salary and benefits will provide remuneration of £12,000. Location London WL 

Please write in confidence for a job description and an application form to 
David Prosser, Price Waterhouse Associates,. Southwark Towers, 32 London 
Bridge Street, Londorf SE19S Y, quoting MCS/3642. 


Financial Controller 

£12,000 


AUSTRALIAN STOCKBROKER 

INSTITUTIONAL DEALER 

We are seeking an experienced Institutional ^ Dealer to join the staff of oar 
London Office. A sound knowledge of the Australian market is essential. The 
successful applicant will become -part of a small team servicing the Firm's 
broking associates and irattaiinauf clients ■ in various investment cent re s around 
die world. Subsequently, the opportunity may arise go transfer to the Firm's 
■ Australian operations. 

PREFERRED AGE: 25-35 
SALARY: FULLY COMPETITIVE 
Applications la confidence to: MR- G. N. WEBB, 

POTTER PARTNERS 

Members of Tbo Stock &«****’• of Melbourne Ltd. 

Estates Heme, M Gmstao Street, LONDON EQV TAP 

Telephone; 01-4M Mil 


Fund Management c £6,000 

Highly respccseO team of food managers seek to resonant analyst, 
graduate: with. 3 years' experience, in woriTon overseas markets. 

Institutional Sales c £10,000 

An o pp ortunity [or someone working In this area to further their 
career and enjoy substantial earnings. 

Economist c £5,000 

Vonng bright economist required by trade association- W -S-W.L 
Varied responsibilities lndodb forecasting, report writing and liaison 
with government. 

ALL ENQUIRIES ARE TREATED IN THE STRICTEST 
CONFIDENCE . 

Telephone or sand career details to Stephen Short* are*, 

J. mtilann LHL, T Gresham SU &CL TeL OW lM> 

RECRUITMENT CONSULTANTS 


BBC Radio News 

fs looking for a new 

ECONOMICS CORRESPONDENT 

Dominick Haired is leaving us to go into industry, and we are 
looking for someone to replace him. Our new correspondent 
will already be an experineced financiad/economic journalist with 
a high level of expertise and the ability to talk about comnlex 
-subjects in a way that will be understood by the general listener 
He or she wiU work mainly for Radio News and Current-Affair* 
but wal be expected to contribute to other prog ramm es from 
time to time. Applicants may be required to take a voice test 

Tie salary will be In the region of £7280 to £9460 per annum 
with a special allowance for £400 for irregular hours. 

Telephone or write immediately, enclosing addressed 
envelope, for application form quoting reference 77GlfiSRii r r 
to Appointments Department, BBC. London W1A VaA tH; 
01-580 446S ext. 4019» , 


Tax Planners—Partnership 


London W1 


From £8,500 


Would you be interested in joining an extremely 
successful specialist partnership In Wl, where the 
growing requirements of personal clients for advice 
on financial matters, including tax planning, Invest¬ 
ment management and general financial advice make 
an expansion of the professional team necessary ? 

Our client is looking. for chartered accountants 
between say !5-30 with exposure to tax before 
qualifying; a genuine interest in and feel for tax, 
and concentrated recent UK personal tax, experience. 

The persons appointed will be high Biers who will 
be expected to become partners within a year to 
IS months; a prospect which is enhanced y the 
firm's recent and forecast growth. 

It is unlikely that salary will be a barrier to the 
right man or woman. 

For a fuller job description write to Donald 
MacDonell, John Courtis & Partners Ltd.. Selection 
Consultants; 7fS Wigmore Street, London "WlH 9DQ. 
demonstrating your relevance briefly but explicitly 
and quoting reference 519/FT. 


JCffE 


?• 


........ ^ 


Engineering c. £1^000 

To assume total responsibility for a well known- 
engineering company engaged in the design, manu- ■ 
factors and marketing of its own product range. The : 
company holds a unique position In its sector of the 
market; a position established over the years by the 
achievement of unrivalled, quality in manufacture and 
durability in service of its products. 

We should be pleased to receive enquiries from •. 
qualified engineers in their mid 40's, who are afready . 
running a sizeable engineering company, preferably 
in a sector of the automotive Industry and who, 
although probably production or engineering orien¬ 
tated during the earlier part of their career, are now ' 
fully attuned to toe financial and marketing impli¬ 
cations of ronning a multi-million pound company. 
The remuneration package will be negotiated around 
a basic salary of £17,000. 

P Jea £e reply, in confidence, quoting reference 
N0.418/4/FT. ' 

Charles Barker-Coulthard 

30 Earringdon Street, London EC4A 4EA. 
Telephone 01-2360526 


i* 

L 


New York Stock 
Exchange Firm 

After a long period of consistent and increasing 
profitability and substantial expansion of our client 
list, we are seeking a principal to join others in 
a strong London-based team. He/she would take 
responsibility for certain major U.K. accounts and 
for developing new clients both in the UJC. and 
on the Continent 

The individual we are looking for should fill the. 
following requirements: ■ ; 

1. An established record of success in the 
brokerage industry; 

2. An interest in being involved in the adminiS” 
tration and planning of the future of the firin 
as well as being active on the sales side; 

3. Age 2840, - /V 

The salary for the successful applicant will be in. 
line with Wall Street levels. - la- addition, w® 
would expect to offer a meaningful equity/profit 
sharing arrangement within a short period. 

Write Box A.6194, Financial Times, 10, Cannon 
Street, EC4P 4BY. 































































V* fi ;’ ::: •. 

'• Ffeandal^m^ : feiiz53ay Januaiy^l97S ‘ 


c. £5^500 + Benefits 


London W2 


OLYMPIC HOLIDAYS. Britain’s largest tour operator for Greece, are currently 
seeking a Cbief Accountant for their Lopdoo office. Reporting to the finance Director, 
the man or woman appointed will be responsible for controlling the London Accounting 
Centre; life includes the preparation of statutory and management accounts and 
• - • theattendantadministration. 

Age is not a vital factor but itis essential that applicants have a'wide and thorough 
knowledge of accounting in general and mparticUlai; of the production of timely and 

SrClirSte wnrtrtfl Th^ nhilltir nmonina xi.rr:_ 2 _._._ L 


• - ' " .';fequirernerit. - 

We offer a negotiable salary,, starting at around £5,500, plus benefits which include 
a profit sharing scheme and travel concessions. As an expanding company, we ere able 
to offer valuable experience and good prospects. 

Please write, with brief personal and qaxeerdetaijs, or telephone for more 
■ ' '•. ... .. infoimattor^to:. : 

W. E. Dyer, Finance OLYMFlt HOLIDAYS LIMITED, 

24/28 Queensway, London,W2 3 RXTbI: 01-7778050. 


rtnership 

From £8,51 


!. n vi r ‘ cVt =* 

:w a & 
r,.n } *. arc, 
nr:.-.. ...Ivhp ay, 

•usj ::riv% 5 3n* 
p " ri ’- -ircaunuaj 

r v 

an:J !«•«•; j,» r ^ 
a. • ‘jn-ru'-m 

;U ‘Ir.-rr. ^ 

w»!*. * jkt ; i 

rnfc.-i-.-d i g. 


* Ji.ii .-r », 


it * Ilp-V; 

rs !.*•! 

ilUt-.VT 

■d\ i«.*i c'.rirj 


CREDIT ANALYSTS 

Age 2440 ' . £6,500-£7,500 

Leading International Bank seeks two experienced and ambitious Bankers 
as part of _a major. ..expansion. programme.. A minimum of two years’ 
analysis ■work-in corporate currency lending,- aid at least Pt. 1 are essential. 
Prospects for advancement into marketing are good, and fringe benefits are 
fully commensurate with the seniority of the appointments. . ^: 

■For further, information regarding these and other banking pasition&fl. 
please telephone Bod Jordan 

(SS> BANKING PERSONNEL ^ 

41/4S London WaU'L-orirfDh EC2-Telaphona: Od-SSS Q7E}1 

(Recruitment Consultants') . i " t wWB& fF’ 


\ MASSEY UNIVERSITY 
Palmerston North, New Zealand 
j PROFESSORSHIP IN BANKING 
The newly established Chair in Banking 
I k the third praFouonhip in tne Busi- 
| nest Studios Department in the 
Faculty of Business. The other pro¬ 
fessorships are in Business Ifidiet and 
Accounting and Financial Management. 

The Profei»r of Banking will be 
expected to take a leading rale in the 
development of teaching and research 
in Ms or her discipline in -lie Univer. 
sity. In addition to responsibility for 
the postgraduzce/poscexperience Dip, 
lorn a in Banking Studies to be Intro, 
duced in the 1978 academic year, the 
Professor in Banking mute bo able m 
develop effective relationships with tho 
professional banking community on a 
local ami national level. It is antici¬ 
pated that especially close liaison will 
bo mainoinod with the Bankers' 
Institute of New Zealand, through 
which financial support for the Chair in 
Banking is provided. Extension of the 
teaching of banking into tee under¬ 
graduate Bachelor of Business Studies 
and postgraduate degrees is seen as a 
likely evolution. 

Library resources in the field of 
banking are in the process of develop¬ 
ment. The Professor of Banking will be 
expected to guide the acquisition of 
reference material and to make recom¬ 
mendations for establishment of other 
necessary resource support. Specific 
enquiries should be directed to the 
Doan of the Faculty of Business in dia 
University. 

Salary within the range of 
NZSaO.n3-S2S.59B (plus a Special 
Interim Allowance of 3J%). 

Further details of the position and 
of the University together with Condi¬ 
tions of Appointment and information 
to b« supplied by applicants may bo 
obtained from the Secretary General, 
Association of Commonwealth Univer¬ 
sities f Appts.). 36. Gordon Square. 
London WC1H 0PF. or from the 
Registrar oF the University. 

Applications dose on 15th February. 
1978. 


ACTIVE MEMBER 

with useful commission income 
seeks association with member 
firm possibly, combined with 
salaried dealing. 

' Write Box G1t77 
Financial Times 
10 Cannon Street, E.C4P 4BY 

CREDIT ANALYST required for inter- 1 
national Bankers £.CJ, minimum two 
years experience with preference to 
A.I.B.. Salary negotiable circa £5.500 
+ usual fringe- Benefits. Telephone 
Lee Personnel 01-409 1944 




Financial Executive! 

Sussex £9,0«a 


' The / expiajision and expoirmarketgrowth of r a well 
established: British group has led to their 
. maximising penetration of UJv markets and 
establishing 3 newExport Division.- This has : . 
resulted inJij».ost for a "rising and already proven - 
Finandarmecutive. =■ Thp.Group iS engaged in 
design, development, Tnanufacture an ri marketing: 
well known ranges of electronic communications, 

* remote supervisory control' and firfe-detection - 
systems. .. ■ V : 

- The:Financial Executive will be required to advise 
.the Chairman and ManagingDjr„eetor on how • ... 

-financial improvements may be made in all-area^, 
v of activity. This will be-aehieved by the analysis-; Y 
of budgets and monthly management accounts 
and study of the companies’ operations. Viability: . 
analysis of new products, markets aue current 
and projected expansion plans are:inherent.^- 
responsibilities.. Visits to installation sites and 
liaison with’various deparhbentai heads; -. ' 


a analysis of new products, manners auc current 
w ^ ■ and projected expansion plans are inherent - 

H m ;■ responsibilities.'. Visits to installation sites and 

■ M ■ liaison with-' various departpjentai heads; 

-m customers'and the senior insaiagementof siipportin •. 

■ ;■ \ banks are ateoinvolved; ,r jrf. v • ^ 

R •«• »•**•'•* ■ ?■ The succes^fukcandidate will be aged up to 40 and > r . 

■ probably be a qualified accountant or economist / 

I. who has.wide experience of flnanee/accounting / 

M .' functions and systems within Industry. This } 

Y may baveheengained directly or from :a.period . 

' S • iii consultancy. A sound commercial acumen f • 

will be required together with the ability to / 

■ improve existing systems. - " / 

ifrpffO^aMMpftXelcphoae Rreiiardjfbwnes, 

1 i: Brighton (0273) ^31. 

£170001} Professional * -Applications fra/both men and 

• t & Executive B women are weenie. _ 

. Becruitment %h*hh|Ibbbb^m 


.. • L*T 


• • 




;l!i..■ 


' £15,000 p.a! / 

Finance Director 

. London ■ - 

"Manufacturing Group- ■- 

. Y.CHaiierii Accountant, iraieorfemale. . 

■ ...Agei^ta50. Able todemorstr ate 
. ^uccessfultradk fecorctwith full.financial • i 
-• : responsibilEty arid business involvement. -. - 
Familiarity with computerised accounting : 

.. a’ndvcontrolsystems. Career opportunity . . ■' 
with a highly profitable and expanding * 
international group. Must be mature, 
positive thinking and articulate. Package 
. ■ includes bonus, Company car; pension/] ife 
coyer, BUPA^sn^ re-location expenses: :. 

Suitably qualified candidates please phone 
01 -493 7717 for application form quoting 
MRD-7048 (24 hour answering service). 


Stock 

Firm; 


- MnEKig-emnn c Ttecrui Unen t Division 

.. BOYDEN.INTERNATIONALLTD. 

, H/15 ABLINGTON STREET LONDON. SW1A 1RD. 
lhspO?i. j?ATtM, BIU.'-'SEIS. CE.VEVA. ROMR, MIL. 1 !:: 
M.UJRJIl.a'iRCELUJU, TOKYO. HONG BONG, CARACAS. 

- MEXICO CITY S AP PAIUJO. ACCKLAND. MELB OLTLY U 
SYTJNKS, lUBAJ>aosaiI1«5 ANU THBOCaBOCT THE, CSL. 


COMMODITIES 


Senior CcxroaTradcr 

An actively forward-looking trading house are seeking to 
meet the employment aspirations and salary requirements 
of one of the prime Cocoa traders on the London Cocoa 
Markets, The successful applicant will be.responsible for 
all the Company's Cocoa operations. Applicants must 
already be commanding a substantial Five Figure basic 
salary. 

Senior Bullion Dealer 

Our clients, well established Metafs traders are seeking an 
experienced Senior Bullion or Precious Metals dealer. The 
right-applicant must be currently active on either Market. 
•Age'30/35. Salary will consist of e Five Figure remuner- 
Aaiiort package. . 


Abgve is a selection from our Senior Appointment Register. 
If y'au are interested in these or any other position in die 
Commodity Markets, please contact Ray Wellhead or 
/ Robert KimbelL 


Charterhouse Appointments 
40 Bow Lane London EC4 
Telephone 01*2361221 


OPPORTUNmES IN LIFE 

ICONOMIST 

Edinburgh 

fi m 

We require an economist to work with our investment team at 
-faaad.office, Edinburgh. For the right person it provides an excellent 
opportunity in a progresslve arid"expanding mutual Life office. 

Tgasuccessful applicant, who will be responsible to the Investment 
Manager, will be expected, to monitor and to report an various 
economies. . He or she will have the ability to communicate .and . 
express thoughts dearly, and to understand and interpret economic, 
financial and monetary developments as they affect financial markets. 
Affiklications are Invited from Honours Graduates in Economics with 
“We post-graduate working experience in commerce or industry. 

range 2 S- 3 I 5 . Attractive salary and conditions of. service. 
Plgase write giving brief details of education and experience to:— . . 

• • .The Staff Manager 

7 The Scottish Provident Institution 

- - 6 Sl Andrew Square 

. Edinburgh.EH2 2YA. . . 

I SCOTTISH 



: WILLIAM REED AND SONS UMITED 

YVi’^V- •— ■ A: MANAGING BffiECTOR 

l- pi- - - . ; .... 

.. vifj- r, is required for their newly acquired, carpet yam 
! !”■ 1 i. spinning millm Newbridge, 30 miles from Dublin. 
j ,"l! :J- The plant is very modern and equipped with 
Mackie spinning, and facilities for twisting, heat- 
setting and stock-dyeing. ■=■-;• v. 

• ‘' Applicants should be fully experienced, in carpet 
, ti -\ yam sp inning and -have aH-rpund ability to deal 
‘ withindustriai' relations. ’ 

Salary will be negotiable and commensurate with 
,l the wspqnsibibty .and. seniority of the position., 
y redress applications in the first- instance toi 

■ ! , lie Chief Execntive V -> 


Controller 

£10f)00+car 


1 


; \ yn.T.TA M REED AND SONS 1JJMU?ED . 
t ; Parkgates, Bury New Koad - 
|l. - PrestwiotuJtlahchester. M25 8JX • 


g he parent corporation develops, manulactiires and 
markets throughout the world -a wide range of 
tcchnicalprodacts. Recent expansion h;is led them 
new* growth area compatible with their reputation, 
•hnologkal excellence. One acquisition is a major 
er of mini computers terminals und peripherals 
is now looking to moke u new appointment to its 
.., United K i nplam f nmpi n y 

."..'Hip UK Controller reports to the Fin.uice Manager ‘ 

« trope, -with an additional reportinyr line to UK 
lerating managtnnent The task of the Controller nill bo. 
upgrade tho finance function of the limited company. 

*Thereq \a irement is for a Chartered Accountantwith post 
' ^prefeesiuniil management esperi«x»in liigh tech nology. 

. It would be belpfiil if applicants had worked in a 
suhffldiury of u US parent company. The.environment is 
: deraancUng. 

. Age aroupd 30. Location Slougb, Salary JJ 0 J.W 0 plus cat 
. / Please write in confidence for a job description and an ’ 

; -fiappliration foew to David Proper, Price Waterijouae 
1 AffiOciates. Southwark Towers, 33 London Bridge Street, 
.-London SE19SY, quoting MCS/3643. 


Degree+ACA? under 26? 

A career in Oil 
London, to £7,000 

One of the largest UK oil companies requires 2 chartered their operations in the UK and overseas. Up to 25& travel 
accountants to be groomed for a responsible management can be expected and a foreign language would be useful. 


career. The initial appointments, at their head office in Excellent conditions of employment include a salary review 
London, will involve project accounting and internal within 6 months, non-contributory pension scheme, interest- 
consultancy, providing technical and commercial support to free season ticket loans, and heavily subsidised lunches, 

Mrs Indira Brown t Ref: 19Q76JFT 


Male or female candidates should telephone in confidence fora Personal History Form to: 
LONDON: 01-734 6852, Sutherland House, 5/6 Argyll Street, WIE 6EZ 


w 


Executive Selection Consultants 

Filk.MlNGH \M, GLASGOW, LtEHS. L UNI JON. MANCHESTER, NI-WCASTLF.SHnKHlILD. 


James Capel & Co 

EUROPEAN DEPARTMENT 


We have a vacancy for an executive to join the 
small team servicing our Continental clients. 

Suitable applicants should have at least two years’ 
Stock Exchange experience. A working knowledge 
of French or German ; is preferable but not 
essential. 

This is a position which offers substantial scope 
for travel, and advancement within the firm. 

Remuneration will be commensurate with experi¬ 
ence, initiative and ability. 

Applicants should send a brief curriculum vitae to: 
^ SS9SJW P. F. J. Rendell, 

v /r\ James ^P 61 & Co -» 

I 8 L J Winchester House, W ft [I, jl 
' 100 Old Broad Street, 

• London EC2N 1BQ. 1 ^ 


ANALYST 


London 


up to £7858 


The Rmsion Funds Department, within the Finance 
^ . Division of British Gas, requires an experienced Research 

" Analyst. You wfll assist the Principal Research Analyst in 
_ - die preparation of recommendations for investment. This 
will involve continuous monitoring of equity and other 
sectors as well as dose scrutiny of die financial press, 

. brokers’ circulars etc. In addition you will be expected to 
prepare both industry and company reviews and make 
company visits as necessary. 

Candidates should have an economics or numerate 
degree, or a professional qualification, and experience in a 
relevant environment. •. 

Salary will be in-the ran^e £5721-,£6S82 plus £456 Inner 
London Weighting plus, phases I and II pay policy 
. supplements. 

Please write with full details of age, qualifications, 
experience and current salary, quoting reference 
F, Olt>90li to the Senior Personnel Officer 
(London), British Gas, 59 Brvanston Streep 
LondoaWLA 2AZ. Closing date lor 
applications 19 January 1978. 

V BRITISH GAS 

BUCtMASTER & MOORE 

* have vacancies for 

SENIOR ACCOUNTS CLERK, 
RldBTS/DIVIDENDS CLERK 

. and 

^ OFFICE JUNIORS 

■6 

Telephone or write: 
r GERALD RISDON 
Administration Partner 

Bnckmaster & Moore, 

19t2i Floor, The Stock Exchange, 

7 London EC2P 2JT. 

( Telephone: 5S8 1955 

INTERNAL AUDITOR — 
STOCKBROKERS 

We are a larg^firm of Stockbrokers and invite applications for 
thijfjVacancy from persons experienced in 
T SETTLEMENT 

and who have been professionally trained in 
AUDIT PROCEDURE 

We can offer a progressive career with competitive salary, profit 
participation and other fringe benefits. 

. Please write in confidence tos 
Box Ail^^flnahdat Times, 10 Cannon Street, EC4P 4BY- 


FISH FARMING 

A chance to li*«» *5d work In the 
GDDKkcn'Etdfi- An oPPwjBmky occurs for 
twa single penarts irith good *|>P«r. 
uoe and pertonilityteo act in sales/ 
delivery as high dw^otel and restau- 
rant outles. joining q group of yoang, 
entbucianic fish fSTOiW .sdendsa in 
a remote but beau u^ Cocwold va'loy 
farm. Ptoasanc acf*®modation offered 
on the (arm, and Kfec .fish farming 
training included- S&ry plus bonus 
scheme offered. Wr™ for Interview 
wtib photograph ana alrtlculum vttne 

tor ■ 

HELD, STREAM & COVERT 
. (ENGLAND) LTD, 
fbh Farmlnf Menaftas jnd Engbrniert; 

Heriden, WarrrkJoWre. CV7 71J. 


FIRST-CLASS OPPORTUNITIES 

available to qualified, student and. 
experienced accounting period nal. 
Contact Bob Miles or Brian Cornet 
on 01-62B 2691. 


Jl 


drake _ 

accounting 


APPOINTMENTS 
ALSO APPEAR 
TO-DAY ON 
PAGE 10 


Senior Pensions 
Administrator 

Around £7000 

Grindlays Bank Group operates a 
number of sophisticated Pension Plans, 
both self-administered and insured, on 
behalf of members of the Group and 
. companies in the UKand overseas. The 
requirement is for an experienced, tech¬ 
nically competent Administrator to join 
Group Pensions Department and take full 
responsibility for applying existing UK 
Plans within legal and corporate constraints. 
The Administrator, male or female, will also 
assist the Group Pensions Manager in 
developing pension benefits worldwide in 
order to maintain standards. 

Candidates, preferably in their late 
twenties or early thirties, must have wide 
experience of pension schemes, their 
administration and related problems, gained 
in a sophisticated company pensions 
department, a consultancy, or perhaps an 
insurance company. Personal character¬ 
istics must include ambition and the ability 
to work independently. 

A starting salary of around £7000 is 
offered: benefits include subsidised 
mortgage and non-contributory pension 
scheme. 

Please write with full career details to: 



Grindlays 

Bank 

Limited 


R- J. E. Barker, Group Appointments 
Manager, Grindlays Bank Limited, 
36 Fenchurch Street, London EC3. 


COMPANY 

NOTICES 


LUXAM TRUST SA. 
sorifitfi anonyme 

Registered Office: 
LUXEMBOURG. 

14, rue Aldringen. 

Registre de Commerce: 
LUXEMBOURG. Section B 
n* 8374. 

An oxtraardlnirr meeting ef ilure- 
balden of LUXAM TRUST S.A. will 
be held « its registered office at 
Luxembourg, M, rue Aldringen, on 
January llth, 1978 at 10.00 a.m. for 
the purpose of considering and voting 
upon I allowing m alters: 

1. LUXAM TRUST S.A. be dissolved 
with effect from the date of this 
meeting or If this meeting be 
adjourned, from date of such 
adjourned meeting. 

2. Appointment of one or more 
liquidators of the company. 

3. Instructions to the said liquida¬ 
tors to distribute the assets o( 
tho company in kind or In cash 
alter providing for all 'iabilltics 

- of the company Including liabili¬ 
ties to be Incurred in the course 
of Its liquidation, to the Share¬ 
holders of the company. Deter¬ 
mination of the liquidators' 
powers co execute his mission. 

Resolution on the agenda of the 
extraordinary general meeting will 
require chat at least 50 per cent of 
the total Issued and outstanding capital 
ire represented at the meeting. Should 
such quorum not be reached, a second 
meeting would then be convened not 
aarlicr than a month later. Ac such 
postponed meeting no quorum will be 
required. In the exntordmary meet¬ 
ing. a majority aF two 'thirds will be 
required for resolutions on the items 
of the agenda. 

In order to ake part,at the above 
meeting on January llth. 1478 tho 
owners of bearer shares will have to , 
deposit their shares five business days 
before the meeting arc the 'egistorad , 
office of the Fund. 14. rue A'dringen. 
Luxembourg- or with the following 
banks: 

—Banqur GenCrlle da Luxembourg 
5A. 

14. rue Aldringen 
LUXEMBOURG 

—The Mercantile Investment Trust 
Limited 

Bucklcrsbury House (9ch Floor) 

II. Wi I brook House 
LONDON EC4N 8EQ 

Shareholders arc advised that the 
right to have their shares repurchased 
is suspended as from 24rh Decamber 
1977 In view of the liquidation of . 
tho company. 

The Board of Directors. 


ENTREPRISS DE RECHEREHCS ET 
D’ACTIVITIES PETROURR8S 
ERA? 

Public Corporation oi the French State 
(Decree no 65-1116 oi decamtmr 17. 
1965 


Registered oiflce: 

7. rue Nel aton—PAR IS llSfcmet 

9<hi BONDS 1P70I1TO2 OF 51000 

NUMERICAL LIST 

1 ) el (he series including, with tee previous 
purchases, the 1600 boots drawn m 
let on December 20. 1977 (seventh 
orawingj mating on the entire 
51.600.000 nominal amount la M 
redeemed on Fetmurv IS. 1978 

5434 to 7165 

2 ) or the series previously drawn oy lot 
among which are bones not vet rare- 
sentod *or the repayment 

Drawing ol December 21. 1973— 
Repayment on February 35. 1973 
4434 to 5433 

Drawing oi December 23. 1976— 
Repayment on February IS, i«76 
12455 to 15570 
□rawing ol December 22. 1976—- 
Repayment on February is, 1977 
13671 to 15274 

Each ot. these bonus is repay ante at 

8 41000 at tha jlfloe of the First National 
City Bank. in Nw York, and at the olltccs 
I Banoue Nartonate de Pans, nan s — 
Rnqne oe Paris er des Pavs-Bas. Paris 
—Credit Lvonnab. Pan g -Baiuwe Frao- 
eaisc no Depots _et da litres. Paris— 
Deutsche Bank AG. Frankfort-am-Mam— 
Drrinnor Bank AG. Frankfurt-am-Main-— 
Comma rzoank AG. Dteseidorf—flame 

Brandies Lamoert. Bruxelles-—Kreeie fbank 

NV. Bruxelles-—Socwda Generaic on 
Banauo SA. Bnneiias—Barclays Bank. 
L4ndpB-—Banco N«zJandln ael Lavoro. 
Bo rne O encfl CornmarcJaia 1 Uliana. Milan 
—Banoue Generaic do Luxembourg. 
Luxembourg—Kreaiottunk SA. LuMot 
bourgeois*- Luxembourg—AlBame ne Bank 

SSSnV. H&nASF" 1 "* - 

arc onncf sup. 


BRAZILIAN INVESTMENTS 

5A. 

Sotiedadc de Inycrtimcnto 
Decreto Lei N" 1401 

Notice of Extraordinary General 
Meeting of Shareholders 

NOTICE; D HEREBY GIVEN tltac an 
, . Extraordinary General Meeting of 
1 BRAZILIAN INVESTMENTS S.A. 
SOCIED4DE DE INVI5TIMENTO. 
DECRETO LEI N" 1401. will be held 
ac Avemda Rio Branca n“ 138. Bth 
floor, Rio de Janeiro. Brazil, on Mon¬ 
day, 9th January. 1978 ac 3.00 P-m., 
for die following purposes: 

1. To consider and adopt Articles ol 
Incorporation in the form of die 
draft laid before the meeting and 
initialled by way of identification < 
by die Chairman, such Articles 
being amended in accordance with j 
die provisions of the Brazilian Cor¬ 
poration Law of 1976 fLei n* 6404 
of I5ch December, 1976). 

2. To accept the resignations of Sergio 
Coutlnho de Mcnezes and Crlitiano 
Buarquo Franco Neeo from (he 
Board of Directors. 

3. To elect Sergio Coutinho de ' 
Menezes as President of die Ad¬ 
ministrative Council and Crlstiano 
Buarque Franca New end Geoffrey 
Ainsworth Linglinds u members of 
the Administrative Council. 

4. To establish the remuneration of 
ebe members oF the Administrative j 
Council which will be nominal. 

5. To dissolve the Audit Council. 

By Order oF the Board 
G. A. LANG LANDS 

Rio de Janeiro. 

16th December, 1977. 

" The proposed amendments to the 
Articles oi Incorporation may be snm- 
m anted as follows: (I)—Mechanical 
signature of share certificates wil’ be 
permitted: (111—Shareholders will have 
power to appoint an Administrative 
Council of 3 (three) members (only 
one of whom may be a Director) 
which will (inter alia) have power to 
elect or dismiss Directors of the Com¬ 
pany, to establish tho general business 
policy of the Company and to call 
general meetings of the Company: 
(HI)—While the existing powers of 
the Board of Directors and me Ad¬ 
visory Council will not be altered, 
provisions will be Included to suspend 
the operation of the Audit Council 
though shareholders will retain power 
to call specifically for Its reinstate¬ 
ment from time to time; (IV)—The 
powers previously excreisablo by the 
Director President will now be exer¬ 
cisable by the Director Superintendent, 
in addition to the powers formerly 
exeretable by him: (vi—Sharehotders 
wifi hive sped fie power exercisable 
by resolution passed in general meet¬ 
ing to distribute or retain net profits 
of the Company after provision for 
income tax and legal reserves where 
necessary In accordant* with Article 
193 of fix 64D4/76 and (V))—Pro¬ 
visions will be included to permit the 
Board of Directors to pay half yearly 
dividends. 

Copies of che proposed amended 
Articles of Incorporation and the 
BRAZILIAN Corporation Law of 1976 
(Lei n* 6404). together with English 
translation* thereof will be available 
for inspection at the registered office 
of the Company. at MORGAN 
GUARAN7Y TRUST COMPANY OF 
NEW YORK, 35. avenue ties Ara 
1040 Brussels, and at (AMES CAPEL 
AND C*. Winchester House, 100 Old 
Broad Street. London EC2N 1BQ. 

Holden of International Depositary 
Receipts (IDR's) issued by MORGAN 
GUARANTY TRUST COMPANY OF 
NEW YORK who wish to have die 
underlying Brazilian Investments shares 
raced at the above meeting must 
deposit their IDR's not later than 
January 4. 1978 at. any of the payi n 8 
agents liend below. 

MORGAN GUARANTY TRUST 
COMPANY OF NEW YORK, In 
Brussels - Avanue do* Arts, 35 1040 
Brussel* - New York, Wall Street* 23, 
New York N.Y. 10015 - London, 33 
Lombard Street, London E.C.3. 
together with instructions indicating 
chc way the shares be voted or allow, 
ing Morgan Guaranty Trust Company 
of New York to give a discretionary 
proxy to a person designated by the 
Company." 

GUTEHOFfNUNGSHUTTE OVERSEAS N.V. 

7V% GUARANTEES BONDS 1981 Itfltl 
S G. WARBURG & CO. LTD., announce 
that the HComf annual instalment of 
Bends to a nominal value of U.isi .250.000 
have been purchased for redemption an 
1st Fenreary. 1978. 

U-S-S22.50O.D0a nominal amount ef 
Bonds will remain outstanding altar 
lit February, 1978. ' 

30. Greeham Street. 

London EC2P 2EB. 

5th January, 1978. 








24 


J'raaiicial Times —J 




WALL STREET + OVERSEAS MARKETS + CLOSING PRICES 



4* 


Above worst on dollar intervention 


BY OUR WALL STREET CORRESPONDENT 


SEW YORK, Jan. 4. 


AFTER SUFFERING a further 
sharp setback this momlnc. Wall 
Street slatted a dramatic reversal 
in the early afternoon on word 
from Washington that the Govern¬ 
ment is intervening to support 
the dollar, but prices resumed a 
downward track later to close 
broadly lower after heavy trading. 

An initial fresh fail of nearly 
13 points in tbe Dow Jones Indus¬ 
trial Average was cut back to a 
net loss of only 3, before the index 
slipped back to end the day 4.1 ff 
lower at 813.5S. The NYSE All 
Common Index was finally 19 
cents easier at 831.63. after $51 AO. 
with losses leading gains by 936 
to 437. 

Trad inn volume, which had been 
sluggish in the morning, expanded 
rapidly after the news on the 


Carter in Paris that U.S. efforts 
will be directed towards main¬ 
taining tbe strength of the dollar. 

Exxon, the. volume leader, 
declined 1 to $463. while Hewlett- 
Packard, preparing a secondary 
offering, shed 1J to S71i. 

Gold Mining stocks were higher 
earlier an the dollar's slide and 
another big jump in the price of 
gold, but the majority came under 
selling presusre later in tho day. 
Dome Mines reacted 23 to 9653. 
THE AMERICAN SE Market Value 
Index finished 0.55 off at 126.14 
after moderate activity. Volume 
2,50m. shares <2.(B>m.). 


OTHER MARKETS 


WEDNESDAY’S ACTIVE STOCKS 

Cbaivie 


Canada weaker 


Exxon . _ 

St net* 
iradi-d 
32(L50<) 

CI'iMng 

price 

Mi 

nn 

day 

-I 

American Merficorp 

513.100 

2+ 


Hrilith Pcir-ilcum .. 

Ml.BOO 

IG 1 . 

■-» 

General Moturs ... . 

2*‘.W0 

Oil 

— 

G. D. Scarle . 

i53.sn,] 

1.1 

•k ■ 

Sears Roebuck ... 

i (ft .700 


-i 

Marshall Field . 

an.stia 

£11 

+?; 

Onu- Chem/cai ... 

3M.30O 

2*-,’ 

l 

CUicnrp . 

199.700 

22* 

— 

General Electric . 

171.300 

*s: 

—! 


dollar, with 24.0f)m. shares chang¬ 
ing hands on the day compared 
with 17.72m. yesterday. 

Also contributing to the brief 
euphorious mood on Wall Street 
were assurances by President 


Canadian Stock Markets were 
broadly lower again yesterday 
following an active business. The 
Toronto Composite Indies lost 4.1 
more to 1043.7. while Oils and 
Gas fell 20.4 to 1,432 2. Banks 3.00 
to 235.86. and Papers 0.57 to 93.63. 
The Gold index, up 40 points 
more at the opening, later re¬ 
treated to close a net 25.0 down 
at 1344.6 on news of the U.S. 
G overmen!'s intervention to sup¬ 
port the dollar. 

PARIS—Shares moved sharply 
lower following the early fresh 
fall in the dollar. 

Pocloin weakened 8 to Frs.108 
in Engineerings while, elsewhere. 
Sad lor was withdrawn from trad¬ 


ing after falling the day's permit¬ 
ted amount. Carrefonr lost 68 to 
Fra.1,187. Aquitaine 19.3 to 
Frs.807.2, Miehelfn "B ” 48 to 
Frs.1.086. and Pengeot-Cltroen 12 
lo FrsJ254. 

However, the rise in the Gold 
price brought the gold-linked 4i 
per cent. 1973 Government Bond 
to a record Frs.699.90. at which 
level it was withdrawn from trad¬ 
ing having risen the maximum 
permitted. 

BRUSSELS — Losses predomi¬ 
nated after fairly active trading. 

UCB declined 66 to RFrs.1.024 
and Petrofina 50 to B.Frs.3.680. hut 
Banque Bruxelles Lambert put on 
30 to BJ'rs. 1,450. 

AMSTERDAM—Generally easier. 

Shares with losses of at least 
Fbt£5 included Van Ommeren, 
Ahold. KNSM and Pakboed. How¬ 
ever. KLdVi and OCE Grin ten rose 
Fls.1.3 apiece. 

State Loans Improved on 
foreign demand. 

GERMANY—Stocks weakened, 
although late buying orders by 
large investors pared some early 
losses. 

Dresdner Bank lost another 
DMl. while Thyssen led Steels up 
to DM1.4 lower. BMW fell DM3.8 
in Motors and Kaufhof were 
DM5.5 down in Stores, but leading 
Chemicals and Electricals were 
fairly steady. 

Public Authority Bonds 
recorded fresh gains to 20 pfen¬ 
nigs. The Regulating Authorities 
made no net intervention over the 


session after Belling DM26.Ira. 
nominal of paper the previous 
day. Mark foreign loans were 
firmer. 


SWITZERLAND—Bourse prices 
retreated in a heavy turnover, 
undermined by the sharp decline 
of the U.S. dollar and some other 
major currencies against the 
Swiss franc and the overnight 
weakness of WaH Street. 

OerlDton-Buehrle fell 90 to 
Sw.FrsA390 in active trading, 
while Nestle were 73 lower at 
Sw.Frs3,4l5 and Ctba Gcigy 70 
down at Sw.FrsJ,105. 


Elsewhere. De Beers added 7 
cents more at R6.Q5. 

Industrials also improved, with 
most of the buying on institutional 
account. Barlow Band were 10 
cents higher at R3JJO. 


MILAN—Prices hardened _ in 
more active trading, with buying 
Interest covering most issues, but 
particularly Insurances. Finan¬ 
cials and a few Industrials. 

Banks had substantial rises In 
Btneo di Roma and ComiL Among 
Industrials, Flat rose 20 to LI,920 
and Pirelli 33 to LL933. 

SPALN—Market continued to 
lose ground, tbe General Index 
dosing 0.70 lower at 9SA3. Banks 
remained under pressure, particu¬ 
larly Banco Urtjuijo, which fell 11 
paints to 248, but selling of 
Electricals abated. Elsewhere, 
Motor Iberica found support and 
hardened 2 to 146. 

JOHANNESBURG—Golds rose 
strongly, although some ended 
below the day's best ahead of the 
DIF gold auction, Advances 
ranged to 305 cents in Heavy¬ 
weights. 


HONG KONG—After Monday's 
marked depression* share prices 
fell afresh but became somewhat 
steadier during the afternoon. The 
Hang Seng index was finally 5.43 
lower at 3S&29, a new’ dosing 
two-year low. 

Dealers said there was some 
indiscriminate heavy selling in 
the morning, particularly of Blue 
Chips, with Hutchison Whampoa 
touching SHFC2.35 befo re c losing 
a net 5 cents easier at SHK3£5. 

Hong Kong Bank retreated 20 
cents to SHK18.80, Hong Kong 
Land 10 cents to 5HK620. and 
Jardine Matheson 20 cents to 
SHK11.10. 


TOKYO—Shares put on a mixed 
performance in the half-day 
trading session which followed the 
long New Year holiday, with 
trading volume amounting to 
170m. shares. 

Large-capital and low-price 
issues rallied, but export- 
orientated Blue Chips fell fol¬ 
lowing the yen's appreciation and 
the fall on Wall Street 
Sony declined Y50 to Y1.B70, 
Matsushita Electric Y1S to Yoal. 
Honda Motor Y15 to Y422, and 
Canon Y12 to Y390. 


Indices 


H.Y.S.E. ALL COMMON 


NEW YORK -DOW JONES 


Dee. . Dei:. 


' Jan. ; Jail. < Dec. J Do. ; 

4 I a i M • LJ I Zd I 27 


1311-78 ::>Lncevoraj>U*EH<n 


1 1 

1977-78 

4 J 3 { 30 | 

! 29 ; 

High , 

Low 

51-65' 51.82, 62.55 

> 52-45' 

! i 

57.07 

(4»l/77i 

49.78 

(2/lll 


Rises and Falls 

< Jan. 4 I Jan. 3 Dec. 50 



1.868 

1.668 

1.798 

It He#-. 

487 

410 , 

792 

Fall# .. 

938 i 

1.061 | 

648 

LTnchanttHi. 

443 ! 

397 : 

458 

Near High*...- 

3 i 

19 : 

43 

Sew Low*. 

39 f. 

18 1 

23 


Hub ‘ Lo* I fflgft Low 


: . ; l i 1 | 

lii'liiUnal... 8I5.SB 617.74 851.1? 830.63'822.70! 029.701 ftftd.16 WUB I 10BU*- 41.22 

; (3/1/77/: (P/Ui {klUliTOj: (2/7/32) 


■ M j * : (3/1/77/: ©111 iill/b 

H'meU'n.la 1 30.EB 90.71, 90.96 90.0*1 90.98, 91.14] 36.87 ! JO-OB I — 

!il j flfii 

TraninirU—'2 IS.45 216.77 : 217.18 217.01- 216.74 216.79] 248.64- 198.60 1 27M8 

1 , (lb/t, ! {26 101 ; (7/2/«) 

llilllic*...... 110.75 110.96. 111.28 111.28' 110.96! 110-69 U9.S7 ; WS7 ] 188.52 


18.23 
(8/7/32) 
1 10.58 


j itttfi) I (26/21 W0rtie9)|(2H/4/42) 

Trailm-j vni "ii- J I I 

Odj'* j 24.090 17.720 25.660 25.810. 19.830 18.760, — : — | — 


MOMIkilAl 

: • ; 1 1977-18 


4 ! 3 I 30 !■ 33 | Hi K li ! 


Industrial 

Corabliud 

175.12 174.681 17B.8& 176.15 196.47 iL7/3l t 168.02 |2b/I0i 
ITSJT 1B0.64J 182.48 1B18£i 187.96 (19/1/77) [ 166.60 iCa/10) 

T0B0NT0 Compraite 

1045.7' 1047.ljtQS9.691065.r6j 1067.4 (19/7) j 661.0 i26/!0i 

JOHAUffESBUBG 

Gold 

lurfirarriale 

[ J i • 

214-2. 204.7] (ri ! 2042 1 214.7 1 17/101' 

214.4: 8)2.8: (ci ; 211.5 , 214.4 (iillTgf 

159.4 124-dl 
’ 169.1 <&*} 


Hart* M -nttn pflaimen rftmt Allans !• 


• Uc-.S 0 

Dei-. iS ■ 

Dcr.lt? 1 You-jum (approx./ 

. w 5.63 

5.54 1 

5.64 


4.08 

STANDARD AND POORS 

1 Jan. ' Jan. 1 Dec. ' Ite'. ; 

j 4 ; 0 1 oO ; 29 , 


lyn- 

73 

sin- c t_..,ni|iitrat n 

28 | 27 ! 

HI^L , 

Ura 

! Higli | Low 

I iniiustrialaj 102.91 105.22104.71,104AS) 
JCemiTOite.] 93.52! 95. in] S4.B4, 

104-31) HM.27, 

94.75 34.69 

111.92 i 
(3/1/Tii! 
107.DU ; 
i5:1rt7i 

&5.dB 
12/11) 
90.71 
<2/111 

134.b4 1 6.52 

1 ft 1/1,75)1 (30/6/32) 
12586 | 4.40 

■ llfl/73i' i!.+'.. l 2l. 


Jan. I I’rev- 1977-78 1977-78 
4 [ ipus - High ; Low 


i*m- iia/i-7o 

I HI*' " - 


i vioua 


•b i Low 


Spain 


tntfmlia i4v 478.79 : 4TB .iS 47B.43 41SA6 
1 '0/1/78) (16/2) 


Selfrium K.f. 9L3R 9L67 j 99.12' 90.71 
^ • 1 (10/1) (20/12» 


Dec. 28 


lie- 21 i Dec- W i Vrar agu lappnji;.) 


flirt, iliv. rlcH 1 


4.90 


4.39 


4.69 


3.71 


Inrt. I'.'E Kalin 


9.13 


0.97 


9.06 


11.86 


Denmark***)' 96 j> 5 96Uw ! 107.92 9r-i>* 
' *. t | (8/6) ( 88111 ) 
France tit)' 5L2 \ 63.L ’ 50A ; 43.5 
' ; I (7/D (1061 

Germany(Kf 7862 794.7 813J ! 7126 
* i (17/11)1 (10/31 

Holland 80.4 60.7 93.2 1 7S.6 

nr (4/5) ! (29/9) 

Hong Kong 388.29,393.74 426.17,380.29 
* ! /Il/fil 1(4/1(78) 

Italy (itkJ &&-3S • 65.66 I 73.71 I M-90 
y i (5/1) 122/12) 

Japan ta) 364J»| | 330.93 M.*8 

^ ) »28/9i (£4)11) 

Singapore 1 - ■ 263.45 1 26A021 Z4&21 
^ ^ (6)1 i 1 C29l®> l (S/68J 


(d)L 98.13' HUB1 lOO.uu. 98.13 
\ ; I»3i.-i2i:i4/i/ra) 

Sweden mIm, 

Svriterl'dff l 1 29L0 ' 3000; > 2tAA 

•- i • ' ) (14,10) i5/3) 


Indices and base dales (all base values 
100 exeepr NYSE AB Camasaa — SO 
Standards and Poors ~-10 sod Toronto 
304-1,800, tbo last named based on LSm. 
t Bxdudifls bonds. *4M (ndusuials. 
5*00 inds^ 40 u to ides, 41 Finance and 
•0 Transport. i') Sydney All OnL 
(l/i BeigUa SB 3102/0.. <**) Copenhagen 
SE 1/1/73. itT) Paris Bourse 1W. 
ui camnenbank Dae- J933, («» Amsier- 
dam. Industrial 19TB. mi Hans Sens 
Bank 31/7/SI. f]iD> Mflm 2/1/73 (a) Tokyo 
New SE 4/1/88. ib>Stralts Times 19K 
(el dosed. Madrid SB 3V1207. te » 
Stockholm Industrial JSU3S. <D Sirhs 
Bank Cord. 31/12/58. <u) Unavailable. 


!«mgtinii. Hcm-t vii‘M 


B.02 


7.96 


7.86 


3.40 


OVERSEAS SHARE INFORMATION 


NEW YORK 

, Jbii. I Jan. 
Slock '4:3 


Aid tula Lil».. ■ 

A-klrmipmJi ...| 
Aocnn Ltle^ Caw 
Air Pnalut-ts.^... 1 

.. 

Ai.-no Miiininliiiai' 

AI .. 

Allegheny Luni... 
Aiiealienv tVwor! 
ALlleit Cliemtiu.., 

Al|le«l Store*.. 

.MIL* Cbanner*.,. 

AM AX-.i 

Ainerolft Hew... 1 
Amer. Alriinu... i 
Amw. Brand* ....I 
A nice. llnaileaM.I 

Anipr. fan. 

A him-. I'.vanainii 
Amer. h'w--. Pu« 
Amsr. tspeew.. 
AiiiCr-HmiK-l’ii* 
Ainer. Mednwi.. 
Anwr. Uutm,.,. 

A liter. Aat. Ua-.. 
AiihT. Slainlanl 
Aitlpr. Slurw.^ 

Aiiii-r. I’m. A ri-».. 

Ailli-ICk.' 

A M V .j 

AMI*..I 

Aiiiiv*. 

An iii-r Ho-Vnir.l 
Aillit-u-ci Uum |i.‘ 
Ami nsfteei. 

A.*3. A.. 

A vt inert Oil.| 

Awpsi. 

Ailitaml Oil.■ 

\1I. KHiibfUi..... 
A in.i IHu I'ltii.. ■ 

AVI. 

Ai .. 

-WiHl ITnIurta . 

Hull Ua* hiei-l...., 
Itaiik Aim-tim.... 1 
lit ii Hlt* 1Y. NA. 

Bnri<ui- Ui. 

Hnxier Ti^TOmi. 
Bbhi-i.-o ►'■*»«. 

ktv-t'UlUl.-hnintHI 

toll A U<mOil.... 
ton-lit. 

Hcna-iel ‘..hi-’U*. 
Ilelliiclirin sieei. 
Lia. li a We-'Lin .. 

Iv-eniis. 

H-'ise Ua*le.. 

U-'i'len. 

b«irii Warner. 

Hraniii ini. 

IIrsa.eu *-'■-.. 

Hn»l>- Mven.-1 

Hru. fa.. Aim...; 
JiinckWH.) Utaea.. 

Hiunswlfh.I 

liucvniB Brio. 

Uut&l . 

Hnk-.K 'Vnlrti ... 

lkiriinRIiHi Xibu 

lturmugba. 

LanipMlI Sunji... 
(Jan.i>iuui ftiellU-l 
Lanai llaiidoi/di..i 

LarnaLiuii. 

Cartier A (iuueral 
Cartel H*nlej .. 
t-aMrplIlO* ‘L’raeln 
cite. 

I utancsev'ii'im.... 

Central A s.U. 

(. orwlnteed .| 

(«hih .Mr-1*11 ..) 
Cbsae Msotisttan, 
l lieii'l-* 1 6k. NY 
I Ireve/mtli •‘"O- 1 ■' 
(!|ie*ale!S\«tnn...j 
l lnuauu bnuue..,| 

V h««n*U«v.I 

Clin »ler. 

Cineiwnw.. 1 

Cnh.% Milaenai...- 

.j 

Citim PCiS'i^v.- ] 
1 'ilv ln«eatluit ... 
t .*3* Lmul.. 

L.iiuaie t‘« ,| i | . 

l.iIIiii* Aifciiiau.-i 
l .giiinliiK 
iniumm* Kiel,.-: 
fimi.Iu«t-'njuAiii| 
(.mplanuaa biu.l 

CuinbuatkH 1 Kq--| 

l 'lll'w'tb B-llMHI.j 

(W*thOU Hoi) 
Cvninn. stsU'iite... 

I ..HipMUSTaCWlM 

C-III1.W. - 

l .in. Ivliwui .\ 1 
1 ■hia'-i Liiu-la...... 

CirtiiiilL Nei. Una.. 
LunHinna 
l4jnt mental Urt>. 
Luntlnentsl Oll-J 
l-onUnental Tele, 

< nrtn-l UtU.., 

L«n|i(-P lndlii — 


5413 I 
143* 
353a 
34 i t 
3** 1 

25 la 

447 0 

ia ; 8 

2ci„ 
4BSg 
913(| 
24 la 

36 >4 
26: 6 
11*89 

4E3 4 

40 

3a.<8 

26 
24 1 = 

c 6 

B77 fl 

lBifl 

aag 

446# 

37 it 
303s 
39-a 
aO 
17 
27 ! U 
10 
27-S 
19‘9 
27'n 

2 d-'* 

936 
14 .-a 
31 la 
493* 
2d >4 


163) 
47J6 
2bjfl . 

2214 . 

344. . 
2d^4 • 
AB 

24 U 
aC 
Ibis 
36Je 

2*0 
21‘4 : 
25Js 
B7-* ■ 
Sj a u 
ill) 
2734 
yi-j 
13*9 : 
53 

16*8 ' 
2914 1 

13-a ■ 
20 
23*4 
33e ; 

40 n • 
72 

33 la - 
103ft ; 
Ills , 
291" - 
i2i s ; 
lS3e 1 
53-t : 
4al5g ! 
403* I 
15.S I 

25 >8 1 

32 ; 

2BW ! 

41 i a i 

22 U l 

Sm-t 1 
47 • 

143* . 

‘S : 

41'2 • 
221e , 
SU 
las* 

363i ; 

an* ■ 

Hag < 

28 14 - 
IS'-s 
16 4 
361* 
201* 
asr B 

a» 2 , 

23 Ja 

J** 1 

32i* . 
2b 13 ! 

24So - 
445* ! 
23 i a | 
35^4 j 
283] ! 
13 | 

277 a 
44 i a * 


base 
15 
357 B 
2538 
34 i a 

253* 

4516 

19 
2U1« 
43sfl 

213b 

24a* 

363b 

26 i B 
10 U 
421; 
393] 
id-6 
063* 
243* 
54J) 
273ft 
191) 

5:i 
44:, 
371 2 

30 >4 
bJ 
dli 8 
17 
27i« 
lUi a 

27 5« 
1912 
2HI* 

21b s 

9l 8 

15 
30« 
49 i 3 
2U 

BI 4 

16 ig 

46V a 
261* 
22b* 
34 
267s 
373* 

24 J 1 

31 If! 
la*fl 
3S3] 

33] 

20'e 
IS* 
27*, 

25 

50fit 

27- a 
«'* 

15 ip 

33sa 

163* 

2914 

14 

20 h 
23* 

CD* 
40/B 
701a 
3570 
1536 
11>3 
297 S 
la j i 
181] 
S3 7* 
4914 
40 J » 

16 i a 
2338 
o2ia 
29l« 
417 b 
22 

32 la 
463* 
loJa 

123# 
1*4 
417a 
223 b 
65 U 
123. 
363* 
S11U 
113* 
2836 
163* 
163* 
367* 
2 OI 9 

28Jft 
2 ^ 
293* 

S1 B 

25 

2SU 

247b 

4430 

2512 

3530 

Z9 

15'* 

271* 

45*2 


Stuck 


Li-ruinn UIbkk....! 
LHC Info' 


U-.HM.j 

Cnuic.-. 

iM-km-XHU. 1 

i-'row iiZelicrbseol 
■.umniln* Kugioe! 
Uott-Wrighi ..._.| 

. 

0»rt (orinautM. 

ueciv........ 

L*ev Monte. 

L*elums.. 

L*vnta|iiy lnt»„ 
UelnHt KiI1m«i.. 

UlKirn*KlS(i*nii-t. 

l'l-U(jlNine. 

L*i"U*l K>iul|v,., 

Disney (M alt)_ 

Onvcr L'urpn. 

Oun Cboniii-ml.... 
(Itwner..............; 

"n Ruui.: 

Hymn lll>‘nalrt«el 

Ka-rie llchet.I 

Lftut Mrllnen.I 

NastitMu Ki»lat..[ 
b(un..J 


Jan. 

4 

Jan. 

5 

5156 

51^ 

45ie 

455* 

257# 

26 

247a 

25 

333* 

335* 

375a 

38 

19 

1856 

23J 3 

24 

46 J* 

36 >* 

243b 

245ft 

255a 

251# 

65g 

55. 

19 

19 

16*8 

1612 

887b 

285. 

1ZS* 

12 7 S 

4556 

«4 te 

39 

395* 

41 

42 

2656 

26 

43&g 

4370 

11656 

116l 2 

lau 

155# 

16.8 

185ft 

6 

6 

60(2 

50 


h. U. i .1 

Si I*mo Nat. ((■* 

Kiub.I 

hinurviii bin.'irlc| 
I,inert Air Rr’gMI* 

unilwrt .. 

lx 31.1.. 

Kii^eilunl. 

hi-nurb. 

Kth.i- . 

KdiiQ.. 

t invtillil Iftium 
ro-l. Ik-)*. M-to 
K lreeluno fire.... 
I'm. Nat. Unstim. 

rie*i Van. 

KlinU.«ae. 

i-<,irUla I'trner.... 
Flnur-- 


».»U.I 

/mil Mult*. 

Kmi.-iiiinl Muk....| 

KusI-imii... 

Fmiikllu Mini..,. 
rreei«nt .UmeiMi 
Fruetutni......._J 

I'nqiUt llnlmrtnoJ 


li.A.K.- 

4< nil act ( ., 

■ cu.Aiiu-r.ln...... 

U.A.1.A.■ 

k:cn.CiUuf. 

Uqn. U> ilanifri....! 

lieu. Kb* lriiV.....| 
lieiuiw) Kik*I*»..; 
lieiienl Mnia.^..! 
•Jcuenu .Vlutoi-B.-.l 
Ueu. 1 'uIl Ltll.... 

l>cu. .--Icuki. 

Uen. TeL lilect... 
•«cn. Tyre. 1 

UeiKM .11 . 1 

licwKia PgeliB-_ 

Lrotly Oil.I 

dinette.I 

Unndri-Hi K.F.[ 

IKimly ear Tin- ....- 

llnilhl. 1 

Cnu.vM.lt.j 

tii. Atieii >**--i«i; 
lirt. .Ninth Ims.. 

Limy In'■■■iif. 

Unit 4 Wcbleiii... 

dull Uu...... 

Hmiilmrim. 

Unnoa Muiloy.... 

Harubcbleiiei .... 

Karrig Cnrtai. 

Heinz H. J. 

UuUtlUHtL . 


Hewlett I'lU-'Kanl. 
K.vl.Uy I not... ..* 

H. unevtahc.. 

H>nie\ wen.. 

Huuvi-i. 

kimp Cut (► A«»«.,* 
HOUSUIU Sftl.1,11; 
Hnm(Pli. t.JChui 

Huu-n 1 K.P. 1 .... 

I. 4 . IliilliKtrll-K.... 

IX \. ' 

I nsei MU It'll-!. 

Inland HIM..... ; 
luilb-o.. 


liiieranl brent}) 

IBM- ! 

Inti. rinronni.„.^ 
fiter. Harwacr.../ 
IntL Mm a Chem 
Inti. Mullih«■>»-! 

I lieu.— 

lull. .— 1 

l«i .I 

nit. Heelt*det-1 

I ill. lot. 4 Toi-.-l 
Inceut- 

|.|WK toel_; 

Hi lntenMlimat^ 
Jim IVaJtw.| 


dio>* 


Jan. 

4 


J an. 
5 


Johns Mijit 1 lie... 
John sou Jobusudj 
Job mod LouIrol.| 
JcyMamiCaruir’ej 

K.llartC-trp- 

KalurAluiulni'iul 
Kalaer lurtuatriM! 

Kainr»tce>. ~\ 

k».V-.. 

Keona.-'.'it.. 

KietT MKiee.. 

KtilJe Waiter_ 

KI ml-er ipy Clark. 
Koiifcre. 

Kran- 

biriBcr Co.. 

Levi Strauss- 

UW^Ow.Pcvri... 


3Hs 

75i* 

2833 

321* 

263ft 

307b 

226a 
faift 
22 
463* 
28< a 
421 0 
22 1 * 
46ia 
263« 
89 
261* 


313ft 

75 

29 

32 

261ft 

3078 

4l a 

223b 

57| 

22 

468a 

28*e 

426b 

223b 

443ft 

267 S 

29*8 

26i a 


Ltpuett Group.... 

Lilly (HU). 

LUton (ruliiM—; 
Lu-.-Ltwed Aircp’ltj 
Ume dtnr lni<s„. 
Lome Ittaikl LmJ 
U dilatana Land.J 

Lubrtaol_—. 

Lur-ay Stores. 

L'kesY'uiutst’wa 

MneMtllan. 

.Uayy IL H- 

MirsRaooser— 

Ul|«u.— 

Marat/KRi <AI- 

Marine Midiand. 
Marshall Fiuhi... 


267 a 
373* 
14 la 

19 i a 
183 b 
813* 
35 
14 
61* 
103ft 
39U 
323, 
36is 
4a i g 
12v a 
33 <8 


261s 

373, 

143a 

16 

191 B 

103a 

2Ua 

35 ig 

14 

39i« 

333a 

38 

48k! 

127« 

3130 


IlST Utpt.MOm 1 

MUa -j 

M^i/ermott..- 

M(.-I>jnneti Uoujil 
MSin* Hill...... 

Uemnrex 


Uervs..: 

Merrill Lvth-b. ...I 
-llav Petroleum J 

mum.; 

MiuuMitiv8MLc.| 
Muol. L'«*p..»... 

Munsauiti^. 

Muraau J. P_.... 
N-ft-i-w 

Murt-bvLHI__ 

NaMavu..... 

NaUuL'betnkai... 
N Kite on 1 Can-1 


267 8 | 
375e I 
571, 
251* j 
1» 

295, 1 

0413 ! 

14sb I 
387s 

28 I 

47 i 
621# I 

56*4 | 
42is 1 
sou i 

3618 
46'a 
25 <2 
ISS 4 


267a 
38 
&55g 
25*8 
19U 
30 
935a 
MS* 
38 
282* 
464ft 
627 8 
563] 
427s 
361* 
3730 
46 li 

251& 

16 


.Vac ihsUHers_,1 

Not. serrue liui.- 
NAtnmai areei....! 

iNatORtMi...,. 

MJU.... 

Neptune Imp.; 

Now bngmo-l Hl.j 
iNi-w bug land Tel, 
Mat^ni U-luwki 
NlaairH .Mmrv...l 
N. L. Industrie* 

N on utui West ern: 
-Nurtii NauGas...: 
Mnn mates f*wr) 
.Nthweak AlrlUtea 


\ til west Bancorp 

Ni.irtmiCiiiiiOD-! 


OteMentsl l'ei ml: 
Ucilvj- M*thee_.| 
Ohio fcdl«7B-.f 

UllQ ...1 


S03ft 1 

141* I 

59->ft 

373, 
387 C 
loJft 
231 8 
3&ig 
19S» 
105, 

171b 

267a 

895a 

28 

333s 

223ft 

1918 

923ft 

40 

19k> : 
163ft , 


203ft 

14 

3268 

38U 

383, 

14s0 

231, 

3SU 

15i s 

107a 

175a 

267a 

41 

281 8 

23U 

2a *a 

1978 

2a Ib 

40 

19ie 

163. 


Lrvereeos Ship—J 
OnenaCaruiuu... 1 
Uwens I NId..»U_ ’ 

h. 10 - tia».I 

LtKhUOc.j 
Ho.. Pwr. A U....; 
HhnAmWorloAlH 
Harkor HannUliiJ 

Hoituly Int_. 

Pen. I'vA Lt. 

■Win J.C-’ 

fenpiqli........... J 

P'K ft de* l*ni!l.I 

■’enplea Gas—...! 
lV|»to.4 


2450 

64> 2 
23 
231c 
20 *a 
2Ha 
5 

2378 , 
221 , 
223, 
3959 
28 
830 , 
34 
271* 


243ft 
64 
2330 
24 
2110 
21*4 
5 
24 
22 
23tp 
55 ia 


8*s 
34 bg 
27aa 


forkin' b’linor.. 

tol. 


filler.. 


i*ue<)rt Oudae-—; 
('Litoiieiubfai too.- 
I‘iii1i|i UihiiN... 1 
fbill)/* mrn/'iiil 
l*ilihury. 


fluey Ko»e*.~j 

Hltlrtun.. 

fleasev Ltd AUBl 


19^ | 
555s 
271* 1 
21 j 

19*8 I 
60 

503, 1 
38i 2 ; 

19*fl 

836a 

173, 


1913 
353ft 
37 U 
21U 
lOSs 
60 
303ft 

39 >a 
1970 
231* 
17*i 


foUtotd- . 

fuliniin-- K-eu— 
PPU InduHtries-. 

I'livua (mull -Ic.^ 

fub sene biect..; 

funniHu.- 

Kiuei.) 

Quaker Oat*.. 

K&ptd A mertcanJ 
Knytheon 
UCA..— 


26 

153, 

267 S ' 
84'8 1 
22i0 
2714 
161« 
231* 
67 0 
3230 
2518 
2212 


Stock 


Investment premium based on 
52.60 per f—681% <71|%). 

Jan- I Jan. 

* J 3 


Hevttm- 

Heyookli Metals. 
BcyaoMa K. J—.. 
Bieb’mtn IIerred. 
Hock well lnter...j 
Hotun A Haas—i 


427a 

32 

sa?a 

£ 21 2 

89ia 

3130 


43 U 
3170 
69i 8 
2210 
29 >4 
32 


Rnyat Douij__. 

BT8-__ 

Hues Logs.. 

Ryder 8r*tem „. 
fmtenf Store*.. 
St. Joe Mineral* 
St. 

tfiinii 

dam invert- 

aazon inn*.. 

SchKtz Urewtnf( J 
tachiombezRer-... 

_ 

dim Paper-- 

dcovU Mr*_. 

dcudr’ Door Vest 


• Paper- 
ota we I arts— 


561* 
Xjj*( 
IB* 
15 Ig 
40 
313] 
30 
39 ■* 

1" 

fit 

171* 

1360 

ZZ* 

63, 


661, 

133ft 

12*8 

16 

40Bb 

3118 

301* 

391f 

41* 

47b 

1U* 

713ft 

1738 

133* 

223, 

670 


Sm Cornell 


dearie (&JX)— 
dear* Uoebock— 

dBOCO 


dheli OH_j 

S be l ITian«port_.j 
dignai- 


ai^nodeL’orp...-. 
dimprteity Pat-.. 

duiker-J 

draltb (kllne__ 


doittrrei 
southrfowo 
southern Cal. bd. 
douthenj Cct^... 
dtfan. Nat. Ha*. - 
doothprn Pactflc. 
dowtliwn Hal tway 


847b 
28 
13 
27 Ig 
373* 
33 
40 «b 
3070 
363* 
12 ia 
20 *b 
48*i 
2 
18 
2640 

175b 

as 

34H 

495# 


25 
281# 
18>* 
273* 
38 
3a i# 
403a 
3li* 
371* 
1138 
20ia 
487# 
a 

18!* 

26i« 

17* 

33*8 

3310 

50 


Southland. 

d'w't Uamsharw 

d|«ri^- HuLch__ 

dpeny Kao d- 

dfliub... 

aituidftrt) Breads 
dhLOUCalliui tun 
dtd. Oil lodisosj 

btd. OH Ohio_ 

atauff Chemirai. 


■iterHna Uruc ... 
dwdebaker . 


aua Col. 

dmadstraud__ 

ayotes 

TeiHiaicnlor._ 

Iftktnolte....... 

leledyo*.. 

tOWSX—.. 

linear. - 


I’eesro Peav/etteij 

Intai-...... 

BmortMl i -.... ..... 
tens 1 nsl in—. 
l’eiuu- On 
Teres Utiilttea... 
rime ia\— 
Time# Minor..... 
n taken 

Trune__— 

l’nmaiineiKw 
InatiM 


Lreiu UnHin-.. u 
Liana way Uu’roij 
Irens World Air. 

Trs tellers..—. 

Tn Cuutinental.. 



r.iLW.—. 

4)th Century Po». 

L'AL__ 

L'AJiGO.. 

UOI __ 

LOP_ 

I’nUever .......... 

UolleTer > V. 

Luioa Bancni)-.. 
Vinton CaiMile... 

Colon Conimetv^ 
Uotoo Dll Call),., 
L'nloa fsclrtc-.- 

Unixwei- 

(Jolted Brands_ j 

United Corp— 

US. USTU-TTp_ 

US. Gyp#um_.- 

L'd. &ooe._.... 

US. duel—. 

U. XeriuioloelesL 
UV Indurtrie*—. 
Vii^1 all Klect-. 

Walgreen_4 

Wsroev-Oommn 
Wiirymr. I-jtwhw f 

Waste-Maa'inefll 

Weiii-Fiujin_ 

Wwteru Banrt-rj 
Western N-.Viaei 
Wertem Lnion... 

Wretinsbre BiQri 

WeKavco—_... 

Wayert»eu#er_ 

Whirlpool_ 

White Con. lad- 
WllltemCa— 
Wbtaealn hlatj 


251* 

26 

16Sa 

557# 

231* 

85ift 

371ft 

48 

7u>4 

3550 

I4«e 

461, 

411 g 

351« 
8036 
1038 

37 Ig 
60 

4 

301a 

75* 

27 
191, 
711* 
3158 
8170 

38 
2o 
501* 
3350 
13 
2140 
32': 
831* 
10 
SOS, 
201* I 
32 
2130 
20i# 

805a 

228a 

In 4ft 

41 

54lft 

13 

401* 

71* 

511ft 

48 

8i B 

788 

104# 

315] 

82a# 

833« 

311* 

35s# 

194# 

1440 

177a 

321# 

2b 

181* 

85*9 

3118 

26U 

I67 a 

173, 

28 
2&Gs 
£ 21 # 
2Ua 
187 S 
30*2 


253# 

26<a 

16aa 

36ia 

ZSifl 

8550 

38 

484, 

7o*a 

3568 

I41g 

481ft 

4ZU 

367a 

197# 

105ft 

374* 

59 

3 

3030 

7rg 
271# 
19 U 
704* 
3210 
22 
377a 
2b 
601b 
34 
15 
21fla 
(S2i« 
2330 

97 8 

304* 

203ft 

317 8 

203* 

20&a 

811# 

83 

161s 

416* 

644, 

13 

4040 

7 

521s 

4830 

8 

71* 
101 * 
3158 
221 , 
24 
3140 
36E« 
19 
1400 
18 Ig 
32*9 
ZOSft 
181* 
26 i s 
3178 
26ig 
167 b 
18 
28 
261b 
22 
211* 
18* 
31 


Stock 


. Jan. I Jan. 
i * ; 3 


Wuunxmfa_: 184 I M** 

Wyly-- 07, 0:5 

Xerox.. 1 464 ! 454* 

Zapaa_I 165, } 15 

Zenith Uadw—. 135* 

Chile Iff, 1333.! 1015b 

UJ&Trau •SISW-' 1937 b 
LI 6.Tre##4if7b/7t! Wl5* 

UAL 20 Day billi.i BJ6% 


135* 


1«37a 

tala,, 

6.17X 


CANADA 


AbUitH Hapet.....; 104 b 
.V suioo Hayie— 57 B 
AlcanAliuirtniunil 28U 
Aiaomadteei— 1400 

Asbestos—.; 38 

Bank of Montreal! 18 
Bank Nora boot is 19 
Haile Jtfsnnvaej f74 
Boll Telephone--..' 537a 
bow Valley iniis.) SIS# 


103ft 

61 S 

277# 

147b 

t381* 

18 

191, 

768 

63Se 

22 


BP Canada..j 

Breacao_J 

BnDCO mrnm.mmmmmmm ..«. 

Calgary Power.... 
Cacsula L'oinent.. 
Canada NW laml 
Can I mp HnkCt.m 
Canada loduM...' 

Can. rtiifii-.. 

CstcParifii InrJ 

L'-an. Super Un_: 

Carlins O'KnftJ 
Caasair Asbesua-I 


174 

15 

*3.25 

366a 

94 
134 
947# 
1184 
174 
194 
584 
3^*0 
- 94 


174 

147a 

13.25 

T* 

S3 

tl8 

19 

59 

3.45 

.94 


Cblettaio ___ 

Com Uiro—...... 

Cana Hathuru.... 

Cooaumer Ot»... 
Coreka Hesoun-es 

Curtain liich. 

cetnsoo Mines... 

Comp Mines.. 

Come PeLro-e-im 
Oomintoo bn-i^e ; 

Comtar. 

Unpoui.. 

Patenn’s# Aickel 
raid Motor Lftui- 


204 
2868 
814 
374 . 

73, 

84 

644 

73 

66 

23 

147# 

124 

194 

804 


804 

284 

214 

1“ 

<55 

74 

664 

83 

147# 

124 

20 

1804 


Genstar.„i 


Clam XeTwknwl 
UullUu Canada. J 
Hawker bid. iJan| 

UoHInset._... 

Home LHi -A_I 

Uudaoo Bay Mart 

Hudson bay . JL 

HudftooOn AG, 

l-A-C_ 

■ DtsBro...., 

Iraperia- OU.J 

lao-.. 


271* 1 
114 
294 
64 
894 
434 
463* 

184 

464 

17T B 

304 

207a 

187b 


274 

117# 

294 

6U 

30 

444 

16sg 

184 

474 

ia 

304 

914 

184 


Indal. 

In intnl Nat. ■]■«. 
•trtl'pr'.v Pi/vLiaq 
Kalacr HesnurvesJ 
Irturm't Flo Carpi 
LnOiawUoai. 'BU 
Mu’raili'n U-oedl 

Maasey Feniusafl 

U -I my re Putpbd 

Moore Corva...— 

Notanila Mines- 
Ntoten tncivj.. 

Nthn.leie.--.nl_ 

.Numw. CU \ UsH 
Css woo. i Ppti’rn 
Vtoflc Copper M 


87b 

104 

14 

1378 

74 

3iO 

174 

154 

nn 

864 

154 

„ ST « 

2.16 


tedtcPeiuieui 
Pan- Can. prft 

PMUnu.. 

PeotMea Uept. b. 
Biaue Omt U/i- 
Paper Cere topjm 
Paw er Corpora t'o 

Price—__ 

(Juebee bturueos 

Hanger OH._... 

Hcsd dhatr_ 

■do Ajpom__ 

Itovai Bit. ot c 
Boyai IVusl... 


417# 

334 

164 

4.70 

1.10 

83 

10 

104 

1.27 

887# 

„ 9S « 

a-74 

271# 

17 


5>-eptrehew-uice* 

artntnujiK..__ 

Jbeil Liita. ui__ 

dhnniuti.MLnei 
bte&easLi.G__ 

dim psoas__ 

steel at Csosda-. - 

dteepKoek iroo.. 
JtesBeoUaula— 
romnto Cr.m.Bfc. 
Trans CsdhpcLb 
runs Mount Oils 

Iflree.-J 

Union Gas...—..J 
Walker Uirem— | 
Wed Ceasr Ttas I 
Mesuni i i#o.-....} 


10 

24 

274 

5.00 

8600 

4.20 

244 

2.41 

384 

174 

154 

B7a 

110 

104 

894 

844 

144 


1 assented. tBIfl. *Arte<t 
3 Traded. fHm/ W*. 


AUSTRALIA—^Profit-taking left 
prices closing easier for choice 
after moderate activity. 

BHP reacted 10 cents to $A5.70, 
while Bank of NSW were similariy 
lower at SAn^O, hut Container 
gained 3 cents to SA2.10. 

Among wining stocks, Renison 
Tin lost 10 cents to SASSO on the 
lower tin price. Hamersley relin¬ 
quished 3 cents to $A2£5, but 
Pancontinental moved ahead 70 
cents to $A13520 and Central 
Norseman, responding to the 
higher Gold Bullion price, put 
on 10 cent to SA7.40. 


$ recovers 


GOLD MARKET 




Sctrilng touched a hiBh point its highest closing 

of S1JCT .sniDK tM donar in 1975 . Trodau! «« «w' *7EJ 
early trading in tho foreign Jn tbe morning, hut was uun 
exchange market yesterday, the at the close, a *“ ad 
firmest level since March 5, 1976. auction by the International 
This was at a time when the dollar Monetary Fund, 
was very weak against most major - - 
currencies, with the German 
D-mark, Swiss franc and Dutch , 
guilder touching record levels 
during the morning. European, 
central banks, including the Bank^ 
of England, probably intervened;, 
to support the dollar when trading:, 
was thin. During periods of heavy f 
selling of the dollar the central., 
banks tended to avoid interrela¬ 
tion to prevent adding further^- 
large amounts of tbe U.S. currency 

to their reserves. 

Profit-taking also played a large.. 
iart in the dollar's recovery from-. 


r.»irt BmtVHi 


w lioei-unrri 

VIM.. ,.-'»»14^n4AWI44C».- 
0|euins... : -,>525-lM*| 31*54-187 1 


8188 AO 
^».595i 
^*163.20 
-X86.94B) 



m sep an mw deg m 


its weakest levels. The Swiss 
Dane touched a record Sw,fta-. 

L8940, before dosing at SwJ^ 

L9S23, compared with Sw.Frsr 
L92 previously. 

The D-mark was at an all-time., 
high of DM2.0430, before dosing 
at DM2.0640. compared with 
DM2.0850 on Tuesday. The guilder _ 

rose to FlsJL 216 G against the dot CURRENCY RATES 
lar. and closed at Flsi-2340, com¬ 
pared with FlsJl.2390 previously. 

Sterling eased to around $1.9750 
at lunch, but' then improved to 
JL97S3, before falling to a low 


UraainsHi'M-< 172.80 

1IC85.B36I 

AUwa'u&i'c S171.85 
,687.1581 

(•t>Ul Coin .. 

■ IiiIIK" 4U'«1I\ i 

Kni&onwn<i..'S 177»i-17B4S»75ij. m 
.88010-9X1(1 i 68 »i 4 «M, 
N#wS<re‘£n». MS-55 — 

-C 27-28i 

OM s/«v'ijfUa JL5II U -54 

'<£864-8741 


: :0584 544 
■r27-2«l 
-3514-534 
'i£26i*-2?i# 


(i-M ('unis.. 

(Inn*ra#nift .' 

KniKenuid... S170-180 Sl? 5 >,.iv> 

il'M'i-SIiO ;i6894.800i 
A'* Knr'itnmSb3 U .55 4 !<58lc-64ii 
16274-2841 - £264-37*. 
Ohl bmr'nu*534-944 95Xu^jh 
-£2b>*-27-41 ii£264-37i. 
thJ biRtft-... s8554-2584.-<2534-a» 


FOREIGN EXCHANGES 


Jm. * 


I Market Bate*' 

I4iiL- 

IMn, [inv's 
I -i : S|irft*Ht 


L'lnt 


' ) E S3?5" 


i __ Aecouni_ 
jioijarl 4 - Juliwiy ‘f - 


point of $1.9480 in tho late after- ottnmi:.—! 0.621167 

noon. The pound closed at S1.36J0- Ua ooiur.--; 

$1.9630, a fall of 15 points -on 
the day. Its trade-weighted index. Trencl. iaitae 

as calculated by the Bank of KlttUP “ 6.99466 

England, rose to 08.2 from 00.1. uemw-ticuiai-Vi 8.53541 

rtflAw ft-rorir1in<7 of rift ft at VtAon huFfK ■nilhlfT 


bilgUUiUf I U84 LV W.rt ■AW**# wwu# UQUWTIIMim>- 

after standing at 66.0 at nOon Dutth piiwcr 
jnd 68.5 in early trading. ~ * }£**'•- 

Tbe dollar's trade-weighted de- 
predation, as calculated by Siof- o.j.d»** 

gan Guaranty, widened to 6.02 per s,*i 0 (Wreu..- 1 98.3715 
cent from 5.97 per cent swedi-h lkw. 5.63507 , --g= 

Gold rose $2} to $1714-172*, to 6w<w n m. 1 _BJ333S _ 


2.74439 

5.68301 

1056.48 

291.342 

6.16919 


0.636625 

1.25849 

1.33271 

18.5403 

40.3716 

7.13231 

2.57805 

2.78928 

6.76880 

1074.71 

294.488 

62B&7& 

99.7876 

5.7443S 


Nc« Yi-i’k .. 
Momrml.. 
Am-IMiltm j 
Hruurto... - 
iof-nilwn«>a 

rrefikiUft..J 

LtebiKi. 

M#.li1ii.; 

Milan. 

IMn.I 

farii.j 

M.-iL/k-Iui... 

Tt»kio.j 

X'lCimm..| 

Ziirirh.I 


6 l.?OV1A2UtlJlt8.u 
7VZ.IMM.17B5 21*86-2.1 
4ic! 4A7M-1 

ti ( BS.0b-H.25 U.li-M. 

3 s' 4.80-4. n *.C4ij-*J 
15 | 70.n-7ft.B9 /6.3W7. 
8 IW.ft.B83a ; 167JS.JU 
in* taaa.UK 1 un.u 

9.BS 1.9.B8 
8.041-9.11 
3-JU-9.13 | 

♦BM73 I 
81; ! ItOIMJ.SO 
IV 47*4.11 


h 

4Ui 


ISHi 


w. 

4flS*4« 

n,iui. 

A7S«4JS 


: Hates siren are lor convartibt# tn 
Financial franc C3.034S.2S. 


OTHER MARKETS 


EXCHANGE CROSS-RATES 


NOTES: Orersesa prices shown below 
exclude s premium. BolsUn divtueniis 
are after wicbbokilag tax. 

4 ONI 30 aeoom. unless otherwise stated. 
V PtatsftO den am. antes# othsrwiss sured. 
^Kr.ioo denom. unless otherw is e stated 
O FrsSQO denom. and Bearer shares 
unless ooierwtM stated, f Van 90 denom. 
unless otherwise stated, t Price at tune 
of ——man n Fiorina. nsrinOtnas- 
c Cents, d DteUeod after Bending rixbts 
and/or scrip issue, r Per share, t Francs, 
o Cross, div. %. h Assumed divuenn after 
serin and/or rlshta Irene, k After local 
taxes. m% tax free. nFmCf. todndina 
UnUac die. p.Nom. q Share split. tOlv. 
and yield exclude special payment, rmdi- 
csted d)v. n DnofBcui trading- v Minority 
holders only v Kaiser pend lna. * Askod 
t Bid. | Traded. I Seller, a Assumed. 
xr Ex rtebes. xxtEx divMmd cc Ex 
scrip issue. xaBx alL Atnterim Knee 
Increased. 


Jan. 4 t'rauklim’New FnS ['“"ttm TBSiwifi* iSxiitin Vmrt^ /u , /Sth-Ii 


b'ranklutt 
Now lock 
VBria .. .. 
tirtitaeii... 
tftjndun .. 
AontMam.. 
Zurich .... 


- I imiiwo 
; 16.7047.20 
,1 aBJj4.0 ; 4.617 «29 
lb.54-H) 32.12-17 

' ' 1.961050 

.inn(Wi.lK<L« 


r-77 


I 4JJ7SftJS» . ySWOftk* : I-.-?.4a-5iS 

Li OUXWXiOO UKtW-tftX 1 3.7b-4i.UU 46.S3-15 
^36S^9J 9.1S63-14 (k; ai 7M tsJ :i*08h-U5 
— 1 W.40-DC1 j l4.40.4-i | IB.7S-H 

ftWA j — | 4«»7iS58i • 3.7Si 79* 

6.830>tv MllWlfe - i t16 «46 


*■* 07 

__ J30, fcoea 

I0a.06 , i-Iti’2.25l2-J , 53i| 4hJgS5S5iw.<>«wv. | - 

'32.98-35 26- 135LO50 [ 4L67-7P |&538 6.I.V6 3^047 ^14&- gjgtf , — 


L'.S S in T.mmtoffAf.a. 109^32 Canedtaii vONIs. 
r.n»ai«w s m YnrlftsSl22-24 couik f.-t. 3 iu Milan t€lA*-90 

bierlingia Milan 1690.40-1691^0 


1 NoteaBalo 

AaC BUt, n>-. 1 199-5*1199.5 \i umtiRa.l 199*1 
Auau alia ~ 1.7302-1,71/1 AiitUta..„2Sir-f 

Hi a-*>l.. SI.5 -51.50 Ueiaium BlM 

f r lnlartrt,...i 7.74-7.77 ■ tTra^i)_f lit 

(i-niv.n..)IT.EU*9.Rli , 4iMiii,. 2 . 1 S/- 2 . 
H-hir K’ni-' 'Iteanwrk^ILK-l 

Iran—..J 154-IA ltmni«™„liJ»-0 ' 

kunxiLn.,,.1 0.145-lLUS -Gitn»nt_jSJ7-4 
Lu.wnb'v.1 03.ID-ttS.25 Grreee._.j7W 
MatnyMu J 4.BBi-4^8i Kai.v __ fifth -1 

N. Zrateml lJtSOS-I.SOftTiJamn_ *8(M 

MmU Araii' b.744Ai 'Netbcri’ou 4264 
bingaiureJ 4.SO]!-4A3; \ontav^..)3JIhft ‘ 
a. Airtea... l 1.7l3l* 1.7582-l*nrtti(pl,,.i ftU 

L'.b.' . iftft-l 

l-umda_I -Him aland I 5794 

ISl. l .'1.95-1. 

L A J*5*.< 91.48-8142 -Vncnriartt: »4 
Kate given for Argentina U free d 


EURO-CURRENCY INTEREST RATES* 


i 

Jan. 4 [ sterling 

Lanadtafr 

Driiar- 


6-7 


67 

XrfHh^ . 0-&L* 

6l : -67g 

Three mouth*j 6U-6** 

65*-71* . 

Six months.... 1 6is-7 

7.L-7A 

One rear7l«-7l2 

7*4-7tt6 


CJL Uoliui 


LhiU'li 
(> ni/dor 


6Tb-7 1 B 
670-718 
61*-63* 
V-71* 
740-730 
7Ie-7* 


5i*-8l* 

5U-513 

btj-53* 

5JS-59B 

53,-6 

61H-6S8 


9# IS) 

iraiw 


U .l<«i nan 
mark 


FORWARD RATES 


Om luwrtth i Three «ia 


)«ir-ls 
Mr-1 3 

1-1 la 
1*2-140 
irt-i:.: 


5ia-3>« 

2*t-5 

23ft-2 ; a 

0-318 


him York-pir-lfl r. rtw ;0.2B4).32r. 
Uioureal . 1000 - 0.16 ertl# 0^00.40 r. 
AniA'daniifts -^gn-H «-• i-. pm 


Euro-Frvnch deposit rates: twoday lll-K »t*r cent.: SevdHUy 12-12J P»*r cent.: 

one-month 12J-13 per cent.: threhmanth 135-131 per cent; six-moofe 14-14* ner 

cent.; one rear 13i-l3j per coni. 

Long-term EuradoUar deposit*; tiro yean n-i6-< ,; -io per ccbu Uirce rcua 
7 15is -81 it Per cent.; four >vars Mk per cent.; five yeara si-Si per com. 

The foDowinx nomitul rales ware quoted for London dollar certificates nf deposit: 
one-monte 8-89-9-99 wt cent.; tbr#»moath S33-7.05 por cent.: BX-month 7JD-7J9 
per cent.: one-rear 7.40-7JB por ceu. 

• Rates arc nominal el osina HUM. 

Sfton-rcnn rates arc caB for nerllng, U.S. dollars ana Casafllw dollaiv: tiro 
days' notice for guilders and Swiss francs. 


BmBWia. ..116-25 c. tin 
L'nti'nhfra.lHj Mi rtia 
Franxfuri llte-lt 1 |U. pm 
IJatvn.. ....55.165 1 *. di# 
MaUrui.,., 8 > 15Uejila 

Milan.19 36 Ihv^ila 

ObIo .21-23 cnftrii* 

LVu-te..45*-53| rtU 


40-501-. di* 
Wi-ns; wn 

,350-450r. d 
4986 lire* ill 
46*485 cost 

H5i-16ic.it 


StucLh'lin.BA*-ll/ft ia*; rti# '26;-281 ora 
Vienna.... 10-18 gro dm — J1 

y.Mrich.HI#-Ha 1 -. pm 


S8#-43 b r. pn 


six-month fonram dollar 0.804.77c.« 
18 -month 0504.33c. dlx. 


GERMANY ♦ 



Price* 

;+or 

Div.' HU. 

Jan. 4 

Dm. 


% 

> £. 

IaKU_ 85.8-0.7 


j _ 


+ 3 

*1B 

1 i_a 

BMW- 

1 222-2!—3.8 

20 

: 4.6 
6-2 
63) 

tiayer................ 

1S4 1-1 

16 

Haver. Hypo.. 

; 277ad. 

20 

3.6 

| Bayer. Vereinebli 306 
l Cft*lat->'ed.wTri 15G 

-2 

20 

3.3 

'—10 I - 

4^2 

| Commazbaok.— 

212 

j+0.1 

18 

[Uonti Gummi — 

1 67 

-0.5 


— 


—:i 

19 

2.9 



+ i 

18 

3.4 


• 151-5+2 

14 

4.6 


: 298 

1-0.5 

20 

3.4 

Drartlner Bank.. 

1 237.5!—1 

20 

4J 

Dyukerboff Zrtuit 
iiutehuffnung— 

152 



1.3 

206 

—05 

12 

09 

5.4 


Harpeaer— 

226.5+0.5 

s9 

4.0 


128.4 —0.4 

16 

6.2 


44.3+0-3 

4 

4.5 


134 

—1 

10 

3.7 


141.5;+ 1-5 

9 

3.2 


346 

—6 

20 

2.9 

Raulboi 

220 

-6.3 

20 

4.5 

■vkwknei Dm ICO 
KHU _..... 

87.6 

—1 

■- 

— 

166.0 —2.5 

12 

3.6 


100.5 



— 


236 

—2-5 

16 

3.4 

Um'aluauDui KX 

1.560 


20 

1.3 

107.8 

—131 

7 

3.3 

MAS- __ 

192 

<—1 

12 

3.1 

Mannewnaon..— 

160.3-05 

14 

— 

Uptallcda.- 

227 

-5 

10 

2.2 

UuDcUener Koek. 

475a 

......... 

18 

1.9 

Neckennano—... 

122.0—8-3 


— 

Preuirad Dm 100 

11B 

-2 

7 

5-9 

tiiien West Klect. 

205.8—0.7 

16 

5.9 

x-UeritK_ 

269 

+5. 

20 

16 

17 

3.7 

2.7 
3.6 

SlemOQi —-- 

dim 4u>-ker.—... 

244 ,+ a 

niyraeu A.U——. 

115.£ 

— 1.4 

11 

4.8 



14 

4.0 

VBBA_ 

114.6-0-5 

12 

5.2 

Veretn A t\ eat Uk 

310 


MO 

3.2 

i'oik swagea.. 

202.2 

-2.6 

10 

23 

AMSTERDAM 






Prit* 

+ or 

Dir. 

Kid* 

Jap. 4 

FIs. 


s 

% 



1-2.3 

.. 

24 

43 


24.1 

Altera Httk(F'.K» 

328.! 


A22.& 

9.9 

\mev. (FI.10)...— 

72.5,—07 

As44 

6.1 

Amro HanktFuSJ 

67.7-0.3 

22 i 

5.6 

dgeoknrf (Fiid- 
boa*Weat'm(7I.IO 

78 


23 

6.9 

122 

-1 

#70 

5.7 

dub nr, -Tetterodft 

66 

. 

25 

7.8 

BiserlertFUB).- 

(tanlaN.VJtearcr 

£50.51+0.6 

122.61—1.0 

62.0-0.6 

121 

33.5 

1.7 

4.7 


9 43 

B.6 

GMUracaitaKF.X 

41311—0.1 

22 

5.9 

HetnOtten (FUA)~ 

180-31+0.7 

14 

2.7 

Hcujpjvena (F120* 

26.0 

-0.8 

18-28 

7.9 

Hunter V. (F.IOO 

24.4;+0.4 

12 

4.9 

( H U UoHend- 

16.2+0.2 

10 

5.0 

BLM (PI1CO)- 

117.B1+1.3 

— 


lui. Itmier ila 

40.0-0.2 

18 

9.0 

.Vunleo iPlKJl... 

374 

... _ 

10 

2.7 

SatSedlnsjFL-iC 

9931-0.2 146.2 

4.7 

.NedL-redB* iFUA 

49.0—0.8 

20 

8-2 

Nert.UUBk(FII60 

173 Sd 


20 

6JB 

Dee (FLED)__ 

161.61 + 1.3 

A34 

43 

Van UmmawL... 

128.6 

-2.5 

8 

63 

fnkbued (Fi JSJ)~ 

38^1—3.3 

21 

103 

t*faii(p#(F,.tO)—• 

26 A^-OA 

16 

8.1 

(tiiaseh VsrF). 100) 
Itobrn, (FlteO)— 

57.7 + 1J2 

— 

— 

169 

—O.B 

A ZB.2 

7.B 

KoUftCO <PLO0). 

117.5 

—IX) 

5 

2.1 

dutenta (FiAO).... 

129.71 + 0^ 

14 

5.4 

U-ftyaftDutcfafFi.kC 

127X1—0.2 

ABO 

7.9 

itarenUuv-—.— 

238.5 

-1.6 

19 

831 

5terinG*p(FiJSJ! 

147.6,—0^ 

27 i 

8.7 

Tokyo FocHldsft. 

B7 

-2 

30 

0.8 

1/ ni lever (Fi SOi „. 

122.5 -0.5 

A91.0 

63 

Vlkluft;Kea.Int.S] 

45.2' +0.7 

20 

Ul 

West Kiodlu. Bank 

393 . 

“ 3 

32 

4.1 

COPENHAGEN * 





Price 


Dlv. 

Tin. 

Jan. 4 

Kroner 

- 

£ 

% 

Alrietstmukeu-... 

1365*1 + 1* 

10 

73 

biirm'itrWjiia -. 

386 

+ 4 

15 

8.9 

Uauake nan It- 

127 

+ U 

11 

8.7 

iiut Asiatic L«- 

2465*1+ l* 

12 

4.B 

KN n#TV«ha nLnn 

X16tel+l6 

13 

11.2 

For. Uiyzeener.. 
Far.FaplT!-_ 




3.4 

BO 

—1# 

8 

10.0 

HandeWbaalt. 

129U 

Sv. 

11 

8.5 

G.Ji’th'n H.iKri* 

2521s 

12 

4.3 

ifnl Kabci_ 

257 

101 

+ 31, 

12 

4.7 




ei 

fluVliftink - 

1405, 


11 

7.9 

soph. Uereudsen. 

362 

194k 

+ 2 
—IS* 

12 

12 

8-3 

6J 


VIENNA 


Pne« 


Dlv. 

Ylu. 

Jan. * 

% 

— 

* 

& 



. 

in 

2.9 


267 


*s 

3J 


2 


8.4 

^emporia_—, 

97 M 


•ilrvr LVimlsr— 

178 

+ 1 

*7 

3.9 

'tef Mwne»>t.„. 

220 

i—lO 

14 

8.4 


TOKYO 1 


Jan. 4 


■l*rt«3#| + w|6if. 


Veu j — ! % 


Arttbl GlM 


Caria. 


320 

390 

511 

P40 

olB 

448 

118 

422 

879 

223 

1.300 

460 


CfaiOMI---! 

Uni Nippon Frinl' 

Fuji Ptoto_1 

Hitachi.... 

Honda Motors-... 

Houi-e Food 
U Itab.._._..M, 

lto-Tokado..„. 

Jaora.... .— 

J-LI—..<2.884 

Kantal 2lect.Kw.| 1.143 

Komabu._...i Xb3 

KuboU...• 470 

Kyoto Ceramic....,2.290 
UaiMinima iorf...i 661 
Mktaubiahibank..! 

UUrtil-1 shi BesV.VI 
UtltmibiMbi Cerp.J 

MitaulACa_! 

Ultaukoahl_ \ 

Nippon Unai,... 

Nlpprio (rttiopan- 
Nlnaao Motor#-.. 

Inoueer- 

ttanyo Electric.— - 

Soklrtii t‘refotu...:i.uLO 

ahi#eidn„..| 915 

oouy>..- 1 , 6 /u 

0#l«ho Marine..[J 208 
ihlied* Chemk»iJ *47 

tuk --—ilLiaj 

lu6 
&00 
L164 


1-12 

15 

:-ao 

1+5 

1-12 

cj a 


—20 
+10 
+ 64 
+ 10 


M 
12 
I 2s 
h «& 
18 
IS 
12 
18 
36 
12 
SO 
13 


a 


SL-_ 

1.7 

1.7 

0.4 

2.1 

AM 

a. 7 
1.2 
1.4 


10 ! 4.4 
I IB | 3.4 


2BS 

137 

405 

AL8 

5)2 


o44 

65a 

1^10 

200 


rejln- 

Homo Mart no... 
L'ukto biset Ko-a'i 


lok.vooanya_ 

3bib*ura_.' 


Cbityodbi 

rainy.--— 

fnjri* Motor......; 

Sourot 


211 

*14 

1-9 

692 


: 

lo 

1+30 

db 

:—18 

20 

!+5 

+ 6 

10 

12 

+4 

IS 

1-3 

14 

'—6 

20 

|-12 

15 

1 + 16 

12 

—20 


!-3d 

48 

1 

12 

1-20 

OU 

h 6 

20 

\-30 

40 

F 3 

11 

+2 

lb 

1-30 

So 

| 


-3 

11 

Uso 

a 

+ i 

12 

1-2 

IQ 

f + fl 

10 

:-rii 

< 


a.u 

1.S 

1.1 

1.2 

2.2 

3.0 

1.3 
4.7 
1.1 

3.4 
c.B 
4 4 
4.2 
l.H 


Nfkho Smsxrfria# Tteao 
BRUSSELS/LUXEMBOURG 


Jan. 4 


Art»t-1,840 

tiq.erx. Uun ti...._-1.450 

Uckert-ti"_.11,775 

C.U.K. UenrcnL....) 1.214 

Urtkerill_„| 363 

BBIte_L_‘2.230 

W^-troLe:_,...[5.850 

P* 6 rique Rig.. „ 2.5O0 
i*. U. I mu-dm.—|L876 

Oevaert-i 1.196 

Hoboken..2.525 

LntetcOfD. n _il.76B 



KredieUaiik_..6,360 

La iterate Boise 45,190 

Pan Hul.llaa_J2.580 

Furotioa_....15.680 

See Gen Han^ue .12,680 
■-tec Geo Bemtqo«| 1.860 

SoJlnn,._--.7-2,972 

Sol ray.._B,475 


Sol ray...B.475 

rreution Hi mu... _2,450 

L08-..*1,024 

Uu. Uto. tlilO> ..J 748 
VWIle Montegael.BOO 



170 

Lio 

13U 

,—20 

ttU 

-=0 

150 

1+10 

142 


1 _ 

3 05 

.. 

*a./b 

-60 

174 

. . 

18b 

—5 

14U 

+ 12 

au5 

-10 

■1200 

—20 

162 

-66 


+6 

6 J 

+4 

1 JO 


AUSTRALIA 


I OSLO 


Jan. ft 


Ai«.« — 


F 


Jm. 4 


i r+~ (ThiwT 


Krunet | — 


ACM 11 . <a> rani).„.! 

.Unjw Austmila.. 

AliteiMMq-TMc. Jndu# j / 

Ampol KSploretion—......... 

.Antpol PUititeunu.. 

-'•■oc. Mineral#^.—I 


;+fl.M 


beam dual- 103.0 0.5 j 10 

tjarreguri-1 62.6-2.5 4 

(.rertlitnnk.. . 1I4.B;:—1.0! 11 

fy*"**. 323.0 -7.5 20, 

kraitUKaaacn.! - tla.O 1 ....xri 

NomHvdrt*crJ4i 198.75 -6.7S 12 1 
aiorennmrt.I 90 ,-3 | 9 [K 


Arttoc. Pulp Papers I. 

Con. Industries.. 


Xteoc.Gon.l__ 

Auw. Pounrtaooo Invert. 
AJK.I... 


Vudimco.. 


Auto L*il t Gan.. 

tilue Metal l«L-.«... 

dMinaiavllle Copper..,_ 

drufceu R 1 H Hrooriuiarr... 
dH South 


BRAZIL 




Jan. 4 


Price j + or i X>reT;T 
Cnu- — -Crn*. 


Gruri 


Carlton United B rew e i v— 

L.J.UHto--- 

GtiUdb- 

Lena. GonlHeida Ana.- 

Con (minor iSil__ 


Cnnrino Waclnto . .. 

LOrtalD Australia_ 

uunwp Utibber (IS).- 

H5UUU. 


.C.-ft-sUa_I 

da 0.0 Hnuli BJ*J 
, iteiRoMiueinUP 

Doom UP_ 

ln)M Anier. AH'.- 
lUitiMamad UP.. 

fwrotre- PP.. 

Minim 1>P.. 

*aj 2 a Crus UP ...j 
Vate tf>i ix»-e pi-| 


1-26 l+O.OJJJ.W^ 
4.14 ,+0,10 J.lhj 
1.86 H3.u3kia) 
0.9B ,+ .Ulliltl 
3J!2 r OJJ3.JJd0f 
2.37 L.-.021.J.ttrj7. 
2.76 + .uBilOti. 
2.80 f-0.0Z-d.06L 
3J3 '-ft-O.081tt.C3 fc 
1.65 -+0.031-.13 7J 


fikte 0n5ttb„... 

KJL loriurtiirt. 

Urea Propertv Tru#t-- 

Hpacraiey.___ 

Hooker. 


IJJJ. Auatralk 
idtepOopper. 


-JAmines Industrie* 

done* (I/avid)... 

Metals HK(Jarau,nn_.. 

Ml JCHoftdlnp*.. 

X^urJuDporioTTi___ 

litra.—....___ 

Mcbotoa Incernatkmai- 

North Hrofeea H'-ilnm tOOc 

Uatondcei_____ 

LtiuSearcti... 


VoL Cr.16ft.3tn. Shares 72.8m. 
Source: Rio dc Janeiro 5S. 


+0-06 | 
r+0.01 

-0.05 I 


JOHANNESBURG 


Plflnew Concrete.__ 

lUteittA Colman—. 

UL C. Sleiub... 

teirtbianrl Mminp„. 

iSU. 


grab 

Ifntffl 


JaitooB.- - -- 

ffeatern Minin* (DOeenta). 
doolwrtlia____ 


HUM 

(+0.06 

*051 


HINES 

January 4 

Anglo American Corpa. 

Charter Consolidated „. 

East Drlclomen . 

Eisburg _____ 

Human) . . . 

Kinross ___ 

Kloof ____ 

Rustenbure Platinma _ 

St. Helena ...._.. 

Soutlwasl .. _ 9.40 

Grid Fields Sa _ lSJft 

Union Corporation _ 5.00 

De Beers Deferred _ 6 .OS 

Blyvoornltzicht _ 6J5 

Bast Rand pty.__ a. 75 

Free State CeUnld_ 20.75 



i— U'i 

-OJK 


-0.91 


PARIS 


President Brand 1030 

Stnyn -- 12.80 

weifcorn . 415 

West Driefomcio_30« 

.Western Holdings ;... 3080 

Western Deep .. 13.60 


INDUSTRIALS 


Jan. 4 


SWITZERLAND 


Jan. 4 


Price j + w | Uir.jVid. 


Aluminium _'l.£4a 

dBC 'A’_Jl.675 

Ulbat 


UwGeicxFrJOO 1.10a 
Do. PL Certs 880 
Da K(W. .cQo 

I'teditduhne_2.195 

Kwcnottitl...1.57o 

Pie-bet (Geot^ei.. >15 


—85 
-60 
—7U 
-60 
—24 

I—15 
—40 


Hodman hllertv c4,00j 

IX* (small)_18 40 j 

Intenood u_a.250 


-i.OOO; 350 ! 
1—3001 5b 


1.383 
3.416 
2.160 
a.590 
aai 

3.87b 
480 
305 
37a 

awlaralr 1 FJ 0 O 1 ..J 79b 
Swim Bu) (F.1QCI +27 
dvrira (8e.Fj80)..f “ 
Union Bank 
^oxtob Ini_... 


Jelinril (Fr.UD).. 
Xratio (Ft. IDOL-.. 

Da. lies— 
OerlUcoo - tiT( F^bO| 
Pirelli (Fr.IflOj.. 
tenduE. (Fr. rtbOj..- 
Da Htrttierta_ 
defalndlerUtsFUCl 
duiaer (UtsJ'.lOQ. 


4.8 >0 
13.250 
11.000; 


-60 

-30 

—76 

-35 

-90 


20 


Pi 

-16 ! _ 

—10 1 14 


sJ&A 

W«&.8 

14 

15 
26 
26 


28 
4.0 
68 
88 
1.7 
n.9 
1.4 

, 5.8 

hi 7 :8.6/1 48 
-.5 
2.1 
5.1 
18 


2.6 

38 

20 

u.6 

A.7 

5.6 

SJ2 

u.7 

U.7 

5J 


20 flft+ 


1° 

-IOO; -+J 

j—70 go 
—600 40 


MILAN 


Jan. * 


Uaatoet. 
Flat 


Do. hit._ 

Pimirtw.. 

luwcvmenM...... 

llaUkler—. 

Meritobanca__.. 

UoDiertlsua, 


Pirelli A'_ 

Pirelli 8 pa._ 

sola VWcosa_ 


114.B 
358 
1.980 
1.514 
67 

9.700 
97 
30.790 


11985 


j 880.51 
>1.935 


! 1.009 
371 


Prico - 4 -or [ (jiv.TYid. 

Lira — | Lira * 


I—08 I _ 

+ 10.5- _ I 

+20 ! 150 

1+8 I 150 
+ B 1 _ 

+ 100 200 
+ 2 _ . 
+780 1.200 
(-0.76 — 

+ 1981 — , 
+33 lioj 
+ « | 80| 
+6 | — 


78 

98 


kerne - 

AfMqoeOcclil't’lc 

Air Liqnlde_... 

Aquti&ine. —. 

die_ 

Uouysuea....„ 
IW..1. Gerrai#,... 

Carrel oar__ 

U.G.K.__ 

O.I.T. Alcatel-... 

Cl* bancairn.- 

ULub lletltfr.. 

UrMll Com Fr’ce- 
toeoKit ltoire^^.. 
Dmner—. 


41ft 0.7 
—19 ,21.1b 68 


307.21- -19.51 


i/.Peeirtej- 

Get,. OcOdentaJe 


AECf ... 

Attfo-Azner. tndustriai' - 

Baitow Rand_ 

CNA Investments 
Currie Finance 


1*5 ^ 

KM +} 
030 " +• 
l.« +• 

0.00 ... 


—10 


-+1 


6781_ 


1 metal_, 

Jk-qura Beret_j 

Ubree.- 

L Oraai-- 

X4grand. 

Mabtotu. 


578)—0.9,1 


-Plien Lx.. 

Ulclwiln -B”. 

Beet Hmnwy... 
Moulinex... 
Paribas. 


H9 


ftniu 

16^/0 2.9 
(5I.M c .4 
M.9 5:i 
SiJt 6! 38 


Ul9.S 12.6) 


-7.7 


Ph.-hLoey—— 
Perncrt Jiu-baiti.. 
LWaitA'Itiwn. 
Pouialn........ 

Ikiiio Teobnlque- 

Hedoute_— 

Kbane Fauleac „ 

6 U Gotsdn. 

5Us Kasaifirnoi. 
ou 


Cetemec*nlqu*_.j 
Zhonuaa Uraadi. 
Uainar- 1 


Or Brers Industrui'1...."" 10*0 
Edcara CgaoUAfated tev. ns 

Eomra Stoma . tl950 

BverBeady SA__ L73 

FodoTale Voiks&niegBtaes 

Grealernnuw Stores . SJ» 

Guardian Assurance (SA> !.« 

Rnlatta _ jjT 

LTA ...” ax 

McCarthy Rodway_ 4*3 - 

NedBank ..._ IS 

OK Basaars . 410 

Pwnter Mining; - ua 

Pretoria Cement_T04O **. 

Pwrca notdiBca .. t« 

hand Mines Properties — 2.50 

Rembrandt Group_ 4JS 

Retco . __ 03S 

Saac Holdlnsa_ 1.45 

BAPPI . 18? 

C. C. Smith Snmr ft30 

Some ______ tOAS 

SA Breweries . LS 

TlB-r Oats, and NatL Alls. 0.63 
tTnlseo . l.ift T*V 

mv 


Securities Rand Discount 





3tCon 


Uilfi 

1-1 - 


STOCKHOLM 


Jan. 4 


Prit* I + 

Knw 


or | Dlv.; 
tie. 


AUA. Au iKrAlft.. 
Aft (a ImvalUrKfOO 
AUHA ft Kr^Oj_... 
.UmaGovcorKrJx 

■Unerud --- 

Hotel*- 

Garma. 


UslIuKrta..- 

Hiectlux -BCh 
Hrteractn* b'(lCrjbC| 
Utteelra-B’. 
hgen 


Graunoa ifraei—.. 
HwleltthankeD... 
Uantni......... 

KnOoh LMuAp-. 
hodvu AH— . 
3.ICF. ‘W Kr#— 

SkaiMl Koaklldjft— 
(WkI itik ‘BTCrtO. 
Uddebolm —.— 
Viflen (Kr. OOl. 


4881 98 


212 
66 
39.S: 

266 
•IU 
66.6+0.51 
192 ;+& 


SPAIN ft 
January 4 

Ariand __ jot 

Banco Bilbao ... 27S 

Banco Central_ 3« 

Banco Exterior —__ 270 

Banco General _ 35fl 

Banco Hispano . 211 

Banco Ind. Cat. n.OOOl UB 

B. fad. Mediterranean. 102 

Banco Popular . 290 

Banco Santander rS38) 

Banco Urquijo U.BOG) 280 
Banco vucaya 2li 

Banco ZaraEoxatw ..... 2n 

Bankunlon _ 152 

Banna Andalucta __ 2M 

Babcock W0CW __J* 

Drasadoe _.... - 222 

inttotnntr -- 1 » 

F. L Arasuncaaa_..... 54 

EBPWlO/a Zlrw —__ 202 „ 

Bred. Rio Tinto_ Wh 

Fecaa a. 000 ! 


|4d7| 


+2 


5.0 


Ftoore a,B»i ... 

GaL Predados-- 

Grutro Veiaxouaa (4001 
Bidrola _ 

Ihcrduero —___ 

fllarra .. 

Papripraa RetmMu _ 

PKrrilber .. 

PotrrieM _... 

Sarrio ihpilen 

Snteoe_ 

Sflaefitaa 


Taletenica 
Torra* RostenA 
TubaWS .. 


59 l-i 1 6 li0.2 ufiZSaeZZ: 


































































:$j^cii9dL .'pmifeS Thursday; January. 5 1978 


25 


WHfIMIiaiWfll 





i .-'-Jhi 


Tin market 


-V«AH 






strong rally 

B/John Edwards, 

Commodities Editor 
TIN PRICES rallied strongly on 
the London Metal Exchange 
yesterday. Standard grade cash 
tin gained £170 to £6395 a tonne 
—the first significant gain for 
nearly a month. 

The market was boosted by a 
nse in the Penang Straits tin 
price overnight in defiance of the 
lower London values on-Tuesday. 

At the same time * borrowing " 
against forward commitments 
restored .the-premium of cash tin 
over the three months, quotation, 
and there was. continued buying 
interest by chart followers. 

Other metal markets were also 
firmer, although strongly influ¬ 
enced by the SuciuAtions in. the 
value of sterling against the 
dollar throughout the day.' 

Lead was buoyant as a. result 
of. buying interest and some 
nervous covering of - previous 
sales. ■ Cash lead closed £6.5 
up at £380 a tonne, narrowing its 
discount with the three months 
quotation that rose by £5.25 to 
£364^5. .... 

Copper ' resisted some sub¬ 
stantial “ hedge ” selling to close 
marginally higher on the. day. 
and sine followed the upward 
trend in lead and copper. 

Reuter reported from Tokyo 
that - the Japanese Finance 
Ministry said it rejected all 
bids for importing 1,500 tonnes 
of copper for mint use in' a 
buying tender .because of high 
prices. 


U.S. 
to fix 


RD R4TES 


■* *. 


' *1 . 


meat quotas 

WASHINGTON, Jan. 4. 
AUSTRALIA and a dozen other 
major meat producers are ex¬ 
pected to sign new “voluntary 
restraint” agreements in the 
coming weeks aimed at restrict¬ 
ing the amount of beef they ship 
to the UJ3. this year. 

Sixteen countries are eligible 
to ship fresh,- chilled and frozen 
beef, veal and mutton to the U.S. 
under a 1964.law. Most of the 
meat is low-grade ibeef used for 
hamburgers and processed food. 

Formal agreements will cover 
13 countries. Canada's meat 
shipments will be. regulated 
under a separate arrangement 
as they wore last year: 

So-called “ voluntary ” V res¬ 
traint agreements have been 
used for some years instead of 
fofma! quotas to regulate the 
amount of foreign meat entering 
the U.S. market 
Australia is the largest sup¬ 
plier of this type ot meat Of 
.more than lbn. .lb imported, in 
the first 11 months of. last year, 
Australia provided almost 53, 
r cent. . 

?.-D6w.Jones 


■SS, 


Silkin launches new bid 
to break fish deadlock 


BY RICHARD MOONEY 

MR. JOHN sifidn, UJv. fisheries 
Minister, met EEC Commissioner 
Finn Gundelach in London yes¬ 
terday in the first stage of a bid 
to break the deadlock oyer nego¬ 
tiations on a new. Common 
fisheries policy. ' 

Talks on the policy^ which 
stalled In Brussels early last 
month, will be resumed on Janu¬ 
ary 16 . 

' Preparations for the new ses¬ 
sion continue with a meeting 
with British Fishing Federation 
representatives this evening, 
talks with U.K. fish' catchers' 
associations on Friday and with 
fish users' pn Monday, And will 
be completed at a meeting with 
Britain’s fishing unions next 
Tuesday. 

Despite last month's break¬ 
down observers at the EEC 
Council of Ministers' talks noted 
a mood of cautious ontimisxn. M. 
Antoine Humblet, the council 
president, discerned “ an obvious 
will to succeed.” 

Catch quotas remained the 
main stumbling block at the 
December meeting.' with other 
EEC Ministers seeing Britain's 
demand for a total .'catch of 
W 2 . 800 - tons as “ astronomical." 
This figure 'also alarmed British 
flshine interests, but for opposite 
reasons. 


They pointed out that it repre¬ 
sented less than a third of the 
3m. tonnes of fish which fishery 
scientists estimate the EEC 

pond ” will yield this year. 
“This does not accord with a 
U.K catch commensurate with 
the 60-70 per cent contribution 
the nation- is making to Com¬ 
munity fish resources,” the BFF 
said. 

At the December -talks EEC 
ministers were generally agreed' 
on the need for strict conserva¬ 
tion measures and all such 
measures — both national and 
Community-wide—were extended 
for one month. The further ex¬ 
tension of these restrictions, 
which include the ban on fishing 
for North Sea herring and the 
U.K. ban on industrial fishing in 
the “Norway pout box,” will 
obviously be high on the agenda 
for this month’s meeting. 

Our Aberdeen correspondent 
writes; Crucial talks begin to¬ 
morrow in Brussels over con¬ 
tinued access for EEC trawlers 
to Faroese waters against a back¬ 
ground oF considerable pessimism 
in the U.K. ftablng industry that 
agreement will be reached allow¬ 
ing a viable fishing effort to 
continue. 

Failure to reach agreement 
with the Faroese would have 
implications throughout the 


Scottish fishing industry and may 
result in part of the Aberdeen 
fleet which accounts for 7a per 
cent, of the U.K. fleet fishing 
Faroese waters, being tied up. 

Mr. Ian Wood, managing direc¬ 
tor of major trawl owners John 
Wood Group in Aberdeen, who is 
Scottish vice-president of the 
British Fishing Federation and 
who will be attending the talks 
in Brussels as an industrial 
adviser, said he was not optimis¬ 
tic about a favourable outcome. 

The Faroese seemed intent on 
keeping the projected increase 
in mesh net size they wanted to 
introduce although, they had 
undertaken to consider the points 
made to them after the past 
round of talks in December. 

The new mesh size would dis¬ 
criminate in favour of their own 
fishing methods of long-tine boats 
and gill nets, and make the tradi¬ 
tional Faroese fishing activity 
from Aberdeen unviable, be said. 

The Aberdeen trawling indus¬ 
try, which has long cultivated 
fishing relationships with the 
Faroese, can have as many as 
20-30 trawlers fishing the 
Faroese grounds. But in the past 
year they have suffered increas¬ 
ing restrictions on their activi¬ 
ties through the number of boats 
allowed, areas to be fished, and 
the allowable catch. 


New coffee 
contract 
this month 

THE COFFEE Terminal Mar¬ 
ket Association announced 
yesterday that the new arabica 
market will start trading in 
London on January 16, pro¬ 
vided building alterations are 
completed. 

The official market calls will 
each, last 10 minutes, starting 
with an opening call at 10-15- 
10.25, followed by the lunch¬ 
time close at 12.00. Afternoon 
trading opens at 14.45 and 
closes at 17.05. 

There will be no option or 
. afterhours trading, the Associa¬ 
tion said. Trading will cover 
coffee from Kenya, Honduras, 
Nicaragua, Colombia, Costa 
Rica, Guatemala, Salvador and 
Mexico. 

Last November the assoiea- 
tlon said it planned to start 
trading in an arabica contract 
quoted in dollars per 50 ldlos 
with a contract unit of 17,250 
ldlos and April 1070 as the first 
delivery position. 

Other delivery positions win 
follow the usual bi-monthly 
pattern: April, June, August, 
October, December, February 
and April. 

Reuter- 


Farming ‘uses too much energy’ 


BY JOHN CHHUUNGTON, AGRICULTURE CORRESPONDENT 

MASSIVE increases in energy fuel and' for every calorie of 
use on British farms in the past food produced from present-day 
70 years have not been justified sunshine we used ten calories 
by comparable rises hi output, from residues of plants fossilised 
Sir Kenneth Blaxter. director of millions of- years ago. Sir 
the Rowett Institute. Aberdeen, Kenneth said, 
told the 32nd Oxford Farming He advocated greatly increased 
Conference yesterday. . research into. energy saving as 

Sixteen-fold increases In horse- w .^ as into the possibility of 
power and .a 20-foW L rise . in alternative supplies, 
nitrogen fertiliser use this Because his vision of doom 
century had not been we U when faelTan out would become 


d0 #i ed stances outlined in a paper by 

Although British agnculture Prof Gordon Dixon of Newcastle 
consumed only 1 per cent of University 
primary fuel resources, the even- He tooktlie view that it was 
tual use of energy to food j n t h e national interest to pro- 
actually eaten — including cook- d uce more food at home. In his 
ing -and waste disposal — opinion too many farmers were 
amounted to 26 per cent, of-total coasting along on farms with low 
resources used in this country. fixed costs. 

This rate of . conautnption. Sir He said perhaps the effects of 
Kenneth said, would lead to con- capital transfer tax—which with 
/derable difficulties in the years the latest concessions could be 
Ahead as fossil- fuel - supplies contained by the smaller farm 
were exhausted. businesses—could raise these 

It was alarming that for .every formers' costs so as to make 
unit . of energy -Wfcu.atc.' w^thma keener to increase produc- 
expgndcd nearly ten ^rinitsv of tifan_ 


A devaluation of the green 
pound would In the same way 
help the farmers on higher cost 
base to expand. Admitting that 
increased production would lead 
to marketing problems. Prof. 
Dixon suggested greatly increased 
cooperative selling. 

Mr. John Nix of Wye College, 
underlining the serious rise in 
fanning expenses, showed that 
labour and machinery costs bad 
risen 240 per cent in the past five 
-years. In particular the rise in 
the price of machinery had been 
exorbitant. The cost of equipping 
a 500-acre arable farm in 1970 
was £24,000. To-day it-would 
amount to £110,000. 

Over the same period the cost 
of equipping a 150-acre dairy 
farm had risen from £6,650 to 
£29,000. 

Farmers had not resisted 
manufacturers' price rises 
strongly enough, probably 
because of the 100 per cent 
depreciation allowed on 
machinery purchases. 

The conference continues toH 
day at the Town Hall, Oxford. 


Record Brazil 
soya crop 
possible 

RIO DE JANEIRO, Jan. 4. 

BRAZIL HAS a fair chance of a 
further record soyabean crop this 
year with planting almost com¬ 
plete, Trade and Government 
sources said here. 

Most sources expect an increase 
in the. crop of about lm. tonnes 
to slightly more than 13m. 
although the preliminary ideas of 
the foreign trade department of 
the Bank of Brazil (CACEX) and 
some trade sources are for a crop 
of about 12.5m. tonnes against 
11.5m. last year. 

'nse Ministry of Agriculture's 
Commiss ion for Financing Pro¬ 
duction (CFP) expects a 9 per 
cent Increase in the soyabean 
area to 7.6m. hectares, and up 
to a 10 per cent increase in out¬ 
put to 13.35m. tonnes from 
12.14m. 

Trade sources said planting for 
the coming crop has gone well. 

As happens every year, there 
have been reports of excess rain, 
insufficient rain, erosion and 
other problems. 

But none of these, nor the 
much discussed low germination 
rate of seeds in Rio Grande do 
Sul, has been widespread enough 
to alter estimates significantly, 
they- laid.— — 

Reuter 


SOUTH AFRICAN AGRICULTURE 


Drought brings fear 
of big crop losses 


WIDESPREAD RAINS in the 
past week have come too late to 
save many South African 
farmers from their heaviest crop 
losses since the disastrous 1973- 
1974 season. 

Abnormally dry weather 
during November and December 
delayed the planting of signifi¬ 
cant quantities of maize, 
sorghum, wheat and groundnuts, 
while scorching heat has 
destroyed young plants in many 
areas. 

It is now too late to replant 
maize and although no official 
estimate of the 1978 crop has 
been made, most observers 
believe this year’s harvest of 
South Africa’s leading agricul¬ 
tural foreign exchange earner 
will be 15 to 20 par cent below 
the 9.5m. tonnes in 1977. 

With local consumption run¬ 
ning at nearly 7m. tons a year, 
a fall of this magnitude will 
sharply curtail the Maize Board’s 
export programme. In anticipa¬ 
tion of a lower crop the Board 
has already cut its weekly tender 
offerings of white maize, the 
variety most suitable for human 
consumption. 

Two months ago it sold four 
cargoes of whites for January 
shipment, it has since reduced 
offerings to one for February 
and none at all for Marcb. 


BY BERNARD SIMON 

Johannesburg grain traders 
expect it will be some months at 
least before any white maize is 
again sold for export 

They would not be surprised 
to see the number of yellow 
maize cargoes — currently run¬ 
ning at 12 a month, compared 
with 16 last September—reduced 
even further. 

The dry weather has also 
seriously disrupted the summer 
potato crop. Fanners in the 
Transvaal Highveld region, who 
account for nearly 40 per cent of 
production, will probably deliver 
less than 10m. pockets this year, 
as against 12m. last season. Har¬ 
vesting has been delayed by a 
month and it is feared further 
rain could ruin the large part of 
the crop still in the ground. 

Irrigation 

The Meat Control Board 
reported that many farmers were 
sending low-grade animals for 
slaughter. In some areas, particu¬ 
larly in the Western Transvaal 
and Orange Free State, pastures 
had withered, and poor feeding 
conditions would probably delay 
the main cattle marketing season 
from February-Marcb to early 
April. 

Although dams last month 
were on average an eighth 


emptier than in December 1976, 
rivers have generally not dried 
up. This has meant that crops 
relying on irrigation have fared 
relatively well. Orange trees in 
the Eastern Transvaal for in¬ 
stance, are still in fine shape, and 
hopes are high that last season’s 
record export earnings will be 
matched in 1978. 

With the picking of the 
tobacco crop well under way. 
record yields arc predicted, but 
no precise estimates have been 
released. In Northern Transvaal, 
one of the three major tobacco- 
growing areas, the crop is ex¬ 
pected to be about 20 per cent, 
up on last year’s record high. 

Fanners are hopeful that con¬ 
ditions will improve during the 
remainder of the season. Con¬ 
sumers are beginning to feel the 
effects of the drought Potato 
prices have shot to new highs at 
urban produce markets. 

Since production estimates 
arc an important factor in deter¬ 
mining Government-controlled 
prices of farm produce, it is ex¬ 
pected that the prices of maize, 
milk and numerous other staple 
foods will soon be raised. Indeed, 
the bread price jumped 25 per 
cent, this week. The increases 
will he compounded by last 
week’s 14 per cent, rise in fer¬ 
tiliser prices. 


Proposals ‘endanger’ sugar industry 


THE European Committee of 
Sugar Manufacturers said EEC 
Commission proposals for a cut 
in production quotas and a mini¬ 
mal rise in the guaranteed price 
of sugar could endanger the 
industry. 

In a statement on the sugar 
proposals for the 1977-78 market¬ 
ing year starting July 1. the com¬ 
mittee says it does not agree with 
the Commission that a cut in the 
“B" production quota to 20 per 
cent from 35 per cent of the 
basic quota is essential because 
of the slump on the world 
market and a possible EEC sugar 
surplus for export of up to 3.3m. 
tonnes In 1977-78. 

The Commission has proposed 
a rise of only 1J6 per cent in 
the intervention prices for beef 
and white sugar in the new 
marketing year. 


The committee said EEC beet 
producers and sugar manufac¬ 
turers Bhould not have to bear 
the responsibility for re-export¬ 
ing the L3m. tonnes of sugar 
the EEC imports each year 
under the Lome Agreement with 
African, Caribbean, and Pacific 
States. 

On tbe London terminal 
market yesterday priceB fell 
sharply under the influence of 
sterling’s continued strength. 
Traders said that had the market 
been active currency changes 
would have made much less of 
an impression. The only other 
potential influence, the EEC 
Commission's weekly export 
tender, bad already been allowed 
for. 

Brussels cleared 52,500 tonnes 
of raws for export—markedly less 
tiian in recent weeks when export 
licences have been issued for 


BRUSSELS. Jan. 4 

about 70,000 tonnes. 

Tbe March futures price for 
raws closed £2.75 down at £116.60 
and tbe May position lost £3.075 
to close at £121.60 a tonne. 

• Brazil's raw crystal and refined 
sugar shipments rose to 2.48m., 
tonnes worth S452m. last year. 

In 1976 exports totalled 1.24m. 
tonnes, worth S311m.. the Sugar 
and Alcohol Institute said. 

Brazil's 1978 exports would be 
limited to Its basic quota under 
the International Sugar Agree¬ 
ment of 2.35m. tonnes, which 
would be cut by at least 15 per 
cent., because prices were below 
11 cents a pound, the institute 
said. 

All the signs indicated that the 
11 cents a pound minimum ISA 
price would not be reached 
before the second half of this 
year. 

Reuter 


COMMODITY MARKET R 

-BASE METALS 


COPFffR—farmer in active trading on 
Hie London Metal Exchange. After open, 
tag on' the- pre-market at -UT9,- reflecl- 
ing Um initial sharp tim (n ktetiiloft 
uatnsr the donor. forward jnetal rallied 
is 082 In (Be Kings before - substantial 
badge WBtns took -H» price down to 
below 1880 oo the Starring kerb. It fell 
afresh In the afternoon hi Come* opened 
hnrct'-than-eKpectBd taking forward tteUI 



qrts And prices 


Turnover 


COPPSR 


; a.m. 
OfflMal 


i+ ori p.m 
| I -UnnfflHnl — 




3 moatha_Bai-.fi 
BMtl'm’nM 667,6 
Cathodes! 
cKT.UbS-.S 

3 months..I 688.8 
Sattl'm'nt: B86.fi 
UJ. Smt..' — 


j*S 

I 4 ' 

!+Z.& i 

'&£l 


664-5 

B7B-B 


*62.3.3 

667.0 

60-6fl.fi 




down to £677 on the 
28.773 tonnes. 

Amolgaflutod mmjb Trading reported 
(harm the morning cash vrtrebare traded 
■t f66K.fi, -«7.9. mnfe monlbl £680. 80.5. 
81. SL5. Si. SI A SI. Cathodes, three 
months IflOfLS. Kerb: "'irebars, three 

months £681. 90S. *0. 78.5. Afternoon: 
Wirebars, tit red monti 
JT.5, TS, 78.3/Kerbs: 
months £670. 77-5, 77. 

TtN—Routed strongly in Ime wltb tbe 
recovery Ui-the Penang price. Forward 

|~~«.n). )4* orl p-wi. it+or 

TIX - Official I — IPnafflcial! — 


monlbl JEflTS. 77.5. 77, 
Wtrrbars, three 


Grade A * *: . 

ruth.I 6390-400'+167.1 

1+2.85 3 months. 6410-80 (+155 
ft 8.75 6400 kl«0 

Standard I 

Cash. 6390-6400.+157 

1+1.15 JWmsba. 6380- 
h-3 SatUem'i. 6400 
Strait* B-- 151715 

New York.' 


6440-60 

6415-20 


+220 

+182 


I.CL Index Limited 01-351 3466. One 
29 Lama At Rofcd, London SWlD OHS. 


month Gold 172-1731 


standard tnalertal opened firmer at £6.288 
and quickly rose to £&385 as continued 
chartist boring touched oil stop-loss buy¬ 
ing- and bear covering. In the after¬ 
noon the price cased a shade to £8.3sn 
before good borrowing against forward 
commitments caused the backwardation 
to Widen, Forward material then climbed 
tallhe day's highest level of £8,400 prior 
to closing at 0,343 on tbe lata kerb as 
UjS; prnflt-taWn* emerged. Turnover 
tynm Ionites. _ 

Jloreing: Standard, three months £8,380, 
**>0, 80. 83. SO. 75. 80. High Grade, cash 
£6,395, 90. three months £6,430. 
Standard, three months £8.370. 
n: Standard, cash £8.440, three 
£8,380. 75. BO, 95. £6.400. High 
cash £6.440. three months £6.430, 
UfKerba: standard, three -months £6.380. 
75. BO, 60, 45. 

D—Gained ground. After trading 
I £380 on the pre-market forward 
rose to £383,5 in the morning rings 
to nervous covering of nearby 

mMM _and fresh buying of forward 

-metal. In the afternoon the price con- 
'tinned firm with- forward roetsl finally 
-CSSS on tin late Kerb. Turnover 7,133 
routes. 


£250. Calcutta floods quiet. Quotations C. should have read 62-Op g, pound (not lower. Same support at the lower levels, 
and f. U.K. for prompt shipment: ltf-oz 32.0p>. helped the market to regain Its initial 

40-inch QUO, 71-oz £4.47 per 100 yards, MEAT COMMISSION—Avenge fatalock losses and finish the day with gains of 
Jan. CIOST, £TSO, Feb .-March ne.02. aXT. prices at representative markets on » pence, reports SKVf Commodities. 

B twills £29.16, £28.71 and £30.30 for the January 4. CS—Cattle 58Jlp a. kg. Hve- 
respectfre shipment periods. Yams and weight r+ojsi. U.K,—Sheep tt9-5p a kg. 

doth quiet. _edew (—S.Oi. CB—Pigs 58.1 p a kg. Uve- 

weJcht f-3-81. England and Wales—Cattle 

COFFEE 


YeKerdyk j ■+■ or 
Ckne 


mudneiu 

Done 


?T£ n ... 27 - < 5F cen V ave ” B f wi™ ® J8 I» February. ....ffjs^uloI+O.IB! 118.4.-14.80 
>4-0,641; Sheep down 38.2 per cent.. ApriL.lm.SO-12.4+0.4S| 112.30-10JO 


on a day of increased activity London *T* rafie pne * UOJp f-lfil: Pig* up ... 

coffee remained strong throughout (he 1L0 per cent, average price 68-lp f—SJi. Aagutd- .I 

session ahhongh iniilafly some heavy swuaan—uttie average mice 67.87b; October_■ 

trade wiling held prices down, reports ■ v * fr * a L W 1 ®* 128Jn; Pin average December. ... 

D rex el Burnham Lambert, lu New York, P™?. Price or number change Feb.. 

buying Merest ensured advances to the 'or _ Scotia nddtte to hob flay. 

Scent limit, thus confirming London's Mi*>iorvcaat rates of U.K. monetary 
unward trend. Light prafit-taktag at the compens atory amounts for tte week from 
dose eroded values slightly and (he .figures In 


1H.S+ I1J +0.18:111,66-10.00 
111.8 J-12.0 +O.EO 1l2.Du-11.B0 
110-00 12.0'—D-25' 111.70 
109.0D-OB.fl-0.10 1D9JO-D8.60 

109.00-12J —0.26, -_ 

Sales: 100 ilfiai lots of'lOO tonnes. 




Commodities ln* 78 : 

BOOM or BUST? 


Whatever happens to the markets this year one thing Is 
Bare; any success commodity traders enjoy will largely 
depend on the quality of the market intelligence they - 
will get from their 'broker*. Perhaps the most Important 
factor is accurate price forecasting. 

Our Annual Market Review which, gives firm price 
predictions at end-78 will shortly he sent to all our 
clients. If you’d like & free copy plus the next four 
issues of out ^weekly Market Report, ask us. 

Tclephone"01-4Kl 584l or write to:—* - 

CX^SXGoniiiiodities lid 

:\VaIsingham House, 35 Seething Lane, 
| London EC3N4AH. 



. B.U 1 . [+ wl p>m- ;t+or 

LEAD I Official | — [ Unofficial | — 


Club:_ 

i month*.. 
Sca’Ua'nU 


a 


385.28.-6 h-1.6» 


S61-.fi 


+ 3.51 


SUGAR 

LONDON DAILY PNICE (raw sugar 

C^nlral ‘ 15518 a lon! * f 23 S- 68 >. ' £107.00 (samei a tonne cU tar Jan.-Feb. 

COVENT garden tin sterling a rttoraenr. While sugar dally price was 
m £?’JSr ta^ package escaw where othwirire stairtv- used at £m mm. 

off-take a m wto h physic ala.- Imported produce: Oransras-Spania: Opening levels were little changed 

. —~ - -- Kavelina? 3.00, Navels 3.08-3.:-:; Creek: front Kerb quotations and gains of about 

3JO; Jaffa? 3j5-430; Egyptian: 3J0; 30 Potato w<?rc recorded during the 
Cyprus: Oraia approx. 16 Ml op 5-yHfls 4. DO. morning, reoorta C. Ckarzrikow. Later. 
Lemoos^fialUll- 180020 4J0-L3O; Cyprus: the New York market eased sharply and 

i_. 3.50-5.75, Grapefruit—Cyprus- is kilos tosses of aboot ISO points occurred by the 

January-'1920-1925 +23.5 1940-1810 2.40-1.BO, 3D Mtag 3.00-3JO; Jaffa: 15 kilos close, when prices were at the lows of 

March-1770-1771 .+34.5:1785-1740 4.20-2.68, 20 kilosi SJW4L80. Saurs—Spania: the day. 

May- 1697-1700-+48J5 1713-1566 Approx. 40-lb S2MJ8. Clementines— zrerr 

July.:.;1B3D-1660 {+6L511660-1898 Moroccan: 3.8W" Spania: SJ30. Apples— 


COFFEE i 


i Vemerday 1 *; 

Clone l-J-nri Baric 
. — | Done 
£ per tonne; 


+ 3.5)360.6-1,5 +6.5 


364-.5 j+8.25 

■32^3 JZ"; 

’ Mnrnliis: Cash £S8L5. three months £383. 
fL5, 883. 63. ms. Kerb: Three months 
0*3.23, BSJ. Afternoon: Cash £361, Ihfea 
months-083. S3 J. 64. 64.5. Kerb: Three 
months HE4J, 65. 

' ZINC—Htaher, mainly Influenced by the 
BrmnosS of lead and ooppar. Forward 
metal traded withta narrow limJtR mtn« 
to IS8n in tbe morning before recovering 
R> <3o*o at J29LB on the late kerb. Turn- 
otar woo looms. 


September ..|1600-1625 +70911610-1555 French: 40-Ih Granhy Smith 7^0^50, ' 

is«n.i<wn,a.Mii!ii<»n C olden Dell dots 3.3S-S.W. 20-Ib 72/UD 

Cranny SmJlfi M8-L28. Golden Delidoai Umn> - 

2.80-SAC, stark? Crimson 3J0. Jumble - r 

pack, per pouAd, Golden Debdons 0.13- 
0.13: Italian: ijGolden Delicious 0.13; Mareb.J 

:r mud Spartans O.U; VS.: May. 

Red Debdous LM. Peaches—S. African - 


November _;154O-1360 i+53.oi 1550 

Januaty._jl500-15H5 j+4ZJi[ - 

_ i r _ ! __ 

Sales: 3,082 IL333) Ion oT 5 tonnes. 

ICO Indicator prices for Jan. 3 (U S, n ,_ teh . p,, r 
cents per poondi: Colo mb tan Mild 

Arabica* 205.30 fSB.ffl). 

Arebtcas 215.00 (same). Other UDd 
Arablcas 2D4-37 <262-561. Rflbustas 172.50 
(17LB61. Daily average US.19 (150.78). 



GRAINS 


Uhwsahed ». »-ewuies—B. AUican; ajjz. 

hirMnS pcr ™ 2M - *hricst»-S. African: Per OcC_i 

Bpr Pound 0.3O4*. Grapes—Spanish: ^" J 

Napoleon Tl-Ib IM-4SQ, Afmeria 2JO3.50: Match' J 
Californian: Rsfl Emperor per pound u... 

0.46-8,45. —Jamaican* Per — 

pound 0 .ik. kflS Sates- »««•» W* « » , 

Canary: Spanish Mainland: VWe and Lyie e*-reflnarr Price lor 

(GAFTA)_Tbe S-DM-50. Cnwtams-Canary: Per pound 


£ par tonne 

116.50-1B.7ej Ilfi.eO-l 9.80;115.50.18.50 


12I.56-fll.B5, 


124 Jfi-24 401 
IZ7.2S 27.40 


1^4.6X14.70,114^0-. 1.68 


ta7.4S-Z7.50127JA-i4.4ri 

_loO.5G-cO.Bff It 0.25-27.23 

laO.OiK.OAD 153JID-c5A5ll55J»-50.n 
I54.00-M.2o H6.75-S7.0fflo6.BB-L 5.76 
IS7.00.57.75140.054B.65i140.BD-58.00 


J6INC 



a-m. 

Official 

+ OT 

Unoffipfa] 

t+oc 

£ 

£ 

£ 


mss 

— 

884JBS 5 

+5-12 

288.5-9.5 

-.25 

291-2 

+5.26' 

283.6 

— 



— 


305-31 

. 


mS^"opeiSl 1 SS OXMJS': israriL-fiMb XMl ’co'cSnbe'rs- Jiwl own nete bone trade and n 71.00 

andafi^^lower^n bSto. torley Ca***: Avacados-IaraeJI; (same> for export, 

options lost gro un d during both sessions 4.00: Canary: Ut. Dates Iraqi: 51 x 

with one tending cwnmcrdal house seDtag 01 LiL a JiT mS5£ r it ^, : 5 0 s o £ a fM|, 

tala a market wifh no real buyers, tosses Ftas—ijunosh: «.k Sot OJO pcr 


WOOL FUTURES 

LONDON—Tbe market was dull and 


a oraing: Cash £283.5. three months 
, flfl.5. 90, B9.3. Herb: Early February 
. three months £280 Aftcmooo: Cash 
an 83.5. three months css.5, »o.5, ti. 
Kerb: Three mouths £2fiL 2L5. 

per pound. ton prev io us 
Bjfflicial dose. zsU oer oicoL 



kilo) 


points in tight trading, reports AdL 

WHEN* 


Qnflaiiy Woolj 


i investing in commodities 

,1 .--•*• *1 a one-day seminar on Thursday, 2nd February, it the 
U London International Press Centre. 

H Write or telephone for a brochure: _ 

ft " ^ThaRT A^ALYSIS^^ LIMITED, 

1 194-200. Bishopsgate, London, E.C2. . . 

01-283 4476. 


LEGALNOTICES 


nvraiS^ ^tSg^ LlMiraD: 

■Mb ffuEfM M 

SOTy yquldat* 

DM*d Knd Dbrember tfl/r. _ 


CLUBS 


119 9M«M SriWIL 714 «07S. A la 
AIMn Menu^Three Swdwulif 


or AiMn Me 
Shows 10A0. 
: of Johnny H* 


fswfeoswari 




m 


I fitrast, London Wl. 


ART GALLERIES 


nesa^KSS^SSt 6 las Q ® 




r& 

Si , iJ?y DtJ £ffli*SS W, S& CHR«TS?AS 

' KBSTRdn^S*^E notlsh. W-UKdOure. 
Until 20 Jan. MomM. 9 . 30 - 6 .DO. sat. 
10-1, - _. - 

"^“iGiOflUL^ ORlCU+iu 

PAJNTtNGS FOR PRE5Exits from £M 
to 63.000. 


PUBLIC NOTICES 


CLWYD COUNTY COUNCIL 

SS9a®«WH»- 

am. . _„ - 


sUHSm h aST 

Bienie? CWMS -allotted in tall.' These are 
»• only nuis mastanding. 


,VER 


was find 1.4&p an ounce higher 
r«pot delivery in tbe London htdHttn 
yesierdar, it 2&l^Sp. - US. cent 
of the fixing levels were: mot 
- up 10c; tbrwmomb 5«^c. up B.flc: 
' Slfic, op 104c, and u-momh 
np 10.4c. -r The metal opened at 
J8 Jp (484-42510 and doled at 2SL3- 
HBswmo. 


M'ntfa 

Testorday’fil + or 
| dote j - 

Xeatcrday*a 

dose 

+ or 

Jan. 

81.60 '+9.15 | 

70.50 

Lfl.50 

Mar. 

B3.XD ‘+0J9 

72.45 

■JLSB 

May 

84.9S j»u. 6 j 

74.00 

+O.B5- 

Bej*. 

82.00 -W6 

77.65 

-O.lJ 

Nov. 

8430 L+.2j i 

80.00 

-0.10 


kalian: 20-Ib 240; Canary; 25 Uos SJO. 

Lettace—Duich: 24s >48. Cetery— j 

Spanish: 2« 348. March __340-574 

Enfllteb Priidmo- Potatoes—Per 5Mb, May_Sifl-efl 

Whltes/Red-c uHMjs. Lottwee—Per 12, j^jy_Sa-eB 

Jcdoor o.BO-LSff.■ Cabbage—Per 4-bag Camber......442-3® 

Primo 8.60-4.70- CaflBfhniers—Per IS, December ...Srt 40 

Kent 240. ■ wffije ta r er 2Mh 8.70. Match ..‘24B-4I 

Carrots—Prr bag_28-fc B.8M40. Onio ns » jiav. ^ . f24<M4 

Per 56*H» l.OO-Wil. Celery—Prepark W j u fr.:24B44 

22s 540.-naked IQ6LB0, us LTD. Swedes- 

Per bag. Devon &4n. Apples—Per Bound. Sales: 0 (samel tats of .1,508 kqos. 


Sualnen 

Done 


PRICE CHANGES 


Prices 

stated. 


per tonne unless otherwise 


U.S. Markets 


Hocaia 

Aluminium._...[£680 


Jan. 4 + or I Month 
1978 — j ago 


.id680 


Free Market iu S )i3980-l-J +20.0;894D 80 
Coppenwab W.Bai»lfl6B4.B ! + 3.26,1:676.5 
i months do. do -> .. £67B.S i + 2.7fi£691 
Cadi Cathode.£652.75 +2.26 £t 64.5 


U679./6 

*160 625 
ti7D 
572.25 


a nuinth* rto.do.....]£667.a 1 + 3.0 

Gold.Troy qe.^171.876 + 2.75 

tondUwb...tCZSO ' + 6.5 

5 months.,£364.25' + 5.25 

Nickel.J - I.<£2.752.9 

Free Martn (cfr)...31.f5-2.ol.i+«.f-t.. 

Flat in uui troy qe_JS 6 I.jiUJd.- 

Free Market.;ilkBJ35 1+ l.3fi|i>6.85 

qulctailver (78lbi.|file v 3D.;Jlnb -0 

Silver Troy ot -^01.45 !+1.4at59.8 

S months-Bfifi.lu ;+ 1.2 «64J 

Tin Cosh..[£6,305 +-170.W£7,1BO 

S months..j£6 1 582.5l+157.BIE6.B70 

Woirram22£ibL4eir;siK--17h 1 .|418a-o 

Zim-caab..£*84.625 + 3.12KCaB6 

i month!.;291.6 j+5.25 !£2o2-57B 


Prod noon.-JbBiL. 

Oils 
I'oumut 

Uroundnizt. 

Linseed L’mietr).. 

Palm Malayan... 


Seeds 

Copra Phillip....... 

Soyabean 


»55B/. 

£597 

S2J3 


:.d69U>«ij 

'-7.5 !m45 
..'.5577 

._..5r6a 


ob09m 1-8.0 >5506 


V386v 1-5.0 5385 
5248.6 k -1.1 [3841 


Buukm 

Dslnfi 

prkrinc 


doM. 



IftfS.lp U-1.2 
259-fip U-TA 
ZGajBp 1+1.0 


U-oe 


255.35p 1+1.4 


Bnetaen done: Wheat: Jan. 81.7541.45, t.wim gji-n.12, Derby 0.1841.12. Roared 5YDNEY GREASY—dose (tn order 
March &28-3Z.73, May 83-ID-84.7s, Sept o.il-OJ4. Cox's tjioji Brantleys 0.13- buyer, seller, business, sales)—Mlcrau 

EL35-BZ.05. Nov. H3064JO. Sales, 118. o.i7. p«ar+—Per ’potind. Oonfersoce 006- Cemracts Marcb 340-5, 340.7, 340.7-040.5, 

Barter: Jan. 7080-7030. March 7J.7B-K!.®, ajO, Cornier &BWI.1B. Seraata—Per U; May 346.0. 5402. MSJ44S.0. 7; July 

May 75J0-J3.43, Sept 77.75-77.63, Nov. noend 0.088 07- Parsnips—P?r Jg-Ih l.*B. 358.0. 364.fi. 363.0.354.6. B: OcL 3510. 33U. 

aiL Sales. 06. Tarnipp-Per 0S& S.SS, Rhabarb—Per 357.0-557.0, 6; Dec. 358.0. 350.5. 880.0-380.0. 

HGCA—Location ez-fenn spot prices: tumid 0.20- 7: March 3SL5. 362.5, 363J)^3SL& 6; May 

Peed wheat—Hertford £70.70. ■ 383.0. 364 S. nil; Jniy 384.5, 387 3. niL 

The U.K. monetary coe&dent for the n TTnnm Total sales; 53- 

January 9 Is expected to be RUBBtlt - - 

EEC IMPORT LEVIES—Effective to- .tfSL,2u PpPfinl VPJIF 
day. to order coirent levy phis Feb.. LondW *££* J\.CLUlll jCfll 

March and April premiums, wifh previous c,oslna * tejKUer ‘ " 


251.45p !+]■«251-7n [+1.6 tn bracketsTiti i n unta’of account a 


toone: Caramon whret-87ff4, ml, nil, nil cShrnary)? 

- <83.77. nil, nff. nff): durum wheat- F ebruary).-. 


.Turnover 91 (M).lots of 16.088 
Months: Cash 2% 'three JDontbs 
5A 5A 6.6, SA Kerbfl; Three 
2JS.fi. SJ, fl.7. Afternoon: Three 
-SEGJ9, 8.1. 8. SJ8. 8.1. S& 5.5, 
Three months 3553, 5JL 


consumer buying ted to 
and commission house short- 

. _ triih prices hoMlntt steadny 

through the day, reports GUI nod Dnffus. 



„ |krat«itey’»i + oe j Mtetlnew' 
COOOA Uaw Done 


us.84. nil. mi, an U1BJ1. nfl. nfl, afri: 
rye—70.97. nil, oil, 1.01 <68.65. nil, nfl. nBi; 
barley—75.63. nfl. nil. nfl I75J7. nlL nil, 
nfl); eats—89X8. nil, nfl, nil <68-59. nfl. nD, 
nil): mote (other than hybrid far reed* 
tag}—77.14. nil, nfl, nil <75.12. nil. nil, vw, 
nfli; buckw haat — A ll nil: mlllei—70.38. nil. Man*"' 1 
nil, nil <68.28, nfl, nil. nfl); grain sorgb^n AnrJnp 
—7B.14. nfl, niL nil <77.53, nfl. nil. nil), jfcy™ 

Floor: Wheat or mbad ariwat and rye— 

133.77 (131.57); nm—1103* OOTJS). Ivn.Wr 

' S4;»-Bff.M| to. - 

__ 68.00-584« 67JN-S7, 

Oct-Dec 68-45-58.601.88, 

SMmiff 1 ELD fin pence a poondi—_-. 

Beef: Scottish tailed 46.0 to 4SJ). SMes- 307 •liSI-lotg of 15 tonnes. 


for Chicago 
futures 

CHICAGO, Jan. 4 
BUSINESS on the Chicago Board 


MEAT/VEGETABLES 


46.S-tt.80j 48.60-47.28 

SttSj SSS3 4 i.fM 7.65 Of Trade in 1977 reached a 
48.70-4a.7Bj wjKMS.iff 40.8O-4S-M record for the eighth consecutive 
5i.45-6uaj.6i.aMijtii 51 JO-61,is ye ar. Futures contractu changing 
8UMU5j |M0-5tw hands rose by 21.S per cent to 
bbIis-SLsg 23.02m. lots against the previous 
58.46 record of 18.90m. in 1976, the 
. Exchange said. 

Mr. Robert K. Wilmouth, 


+0.5 I1770.IM0J) 
-3.75 IB47.U-2EUJ. 
I—7J& : lbfl4-lS8U 
-13.0 1575a* 80S 
j-15^!l5tt.l-8ILn 


Xa-hCPntr'tl 

—|iBae.ri-57j 
July-1&92.U-86-U 

-l B 60.ti-62.i) 

Dw--_'1531.1)35.0 , 

M*«1+h^.«3B05JMOS \-7A .I61--U 
>l a,v.„ T 4 60 .ff+O-B [-25 S 1 — 

SUoc- a.08S (4.808) taU of ID tonnes, 
brtatnufonal Cocoa OrsankatiM <UiL 
walk Per. potmflJ—Daily price for Jan. 9; 
10.05 (198.38). Indicator prices for 
Jbb. t 1U» avenge 144JCL (144.48): 
TMay-wragfi 144JS (1405). 

JUTE 

DU NOME JUT*—firm. No offers tor. 
thWAtU but afiou jute mtaflfeUe: BTC 


•kilted «Msg SB.B: Utetw Madgiaiton e.0 Pfayi'cal clostas' pricre (buyers) were: Board Of Trade president, attri- 

^ SSd the Sd'S. fo 5S 
in 34A v . to increased market participation 

JTZEfilT&tE-ZrS VEGETAfflLE OILS om mm, -.Most,-iwtra 

50* Scottish medlom SO fi to 54^. heavy , BilMM PAUt oii—rinrinv j.n. tiiemSelVeS BOB tM . yefiTS 

4M to imported iiwwk New ,mSSJco Feb; fiiS uncertain commodity prices. 

grJJ Soy.be«i futures were e^n 

riSTtBo-^^' m * i2o-i*°ihs 2M.ob-2oo.Mi, Jnw jgw»-28Mo. jmy S50.00- the most active commodity in 
S-s'ii aS" " ^ ’ «*«. aj^ *«■ ^ the U.S. with a record volume of 

_ English fUrae) leach) iu.fi Saks no., . . gm contractSj ap ^ ^ cent 

“.SsUm* Best a brad 9D8.fi to 340.9. SOYABEAN ■ MEAL »« JPj second mart 

■special mi«atto»-very high Quality ; ««-***- active commodity, market trad- 

protfttet in lfaritrd wpp3y* A irpftrt of i PBBIbh icgoN Mnb^an ing rose by SJB per cent, to S. 0^ m 

The Central Markets Commit tte nays crop from Braril Cfihpted with-weaker -nn+rjii'tf^ * 
tw nduizmun anouttan tor Tare h»r Chicago oriels and the nrengti: of conwacia. 
tamdmanere in the list tor January I steriiM ensed <hfi mariw u open £2 Reuter, 


Grains ! 

itertey KKC_ 

Boino Puture*....£70.S |—O.fi !£70.4 

M i ure.. 

French Ao. 6 Am£97^ 

Wheal ; 

-No. 1 Ked tiprhn^ffse 
No. 2 Hardwtatwl .r 

Nn^Uah Mlillo e .-| j |. 

Jn-uadhipniMib....|£l I 762.5 - 3.5 iiar.lflB 

Puiuro May-;t!i.tiS«r 3.75 E1.932 

U.4T«iFntUrOa....! | 

MMufa..’.. - El.rnj + 54.fiii-I.7E8.fi 

-.ouui -A Juite« u .. 62.If' + 0.2S;99.09o 

luteUABC_ 8437 1 .i 

Kublier kliu.._...! 46.95 l —0-2S 

5iral£BA3L._.j.|a 6 U- 7 i,l. 

5u»ir (Uaw>—.......| £U17 |_ 


r 

-0£ i£93 
j .:i»B.75 


-457 

50^Sp 

406J-M 

<-110 


«-QOl«n|w B4et fla..| g70p 275,. 

' Nominal, t Unquoted. aSeDer's Quota- 
lion, c ceuu a pound, e Ex-tank LoDdoo* 
HolL m reba n Jan. p Jan^-Feb. q Dpcl- 
Jan. rDec^Frt. a Feb. Mar. u Fob^ApriL 
to March, y Jan.-March. j Per ton. 


financial- times 

Jan. 4 | Jan. 3 |Slontii aabiYenr agn 
2S3.95 1233.47 f 841^55 | 249.46 


(Bom; Uth 1 MSfisiOO) 
REUTER'S 


Jan 4 i JiuTff j Month agoj Year two 


1413.6 >142 1.91 1800,7 1 15S0.1 
(BNteT Soptembof 18. inisMBr 

now jones 


Dow | Jan. 
Jim 1 4 

Jan. 

3 

Hun till l'ear 
ago j «■» 

spot. ...iM7.07j346.7fi 
Fiit urea |332.17 356. M 

S49 61369.84 
325.Q9.3b7.29 

(Average 183+S 

tafcrlOD) 


MOODY'S 


Uoody'v j 

_•-- . I 

Jan. 

4 

Jan. I 
3 

M unih 

400 ! 

Year 

48*’ 

apie Uomnibrj 

tees 3 , B78.3 

t 67.9 

*f4.0 


COTTON 


COTTON. Uvarpoo*—No spot or ship¬ 
ment sales were again recorded in Liver¬ 
pool. leaving the off-take for tho week 
so far at nil. reports T. w. TattersaiL 
Btmng was again at a low ebb with 
only a modest Inanity in regular qualities 
grown in (be Middle East and Africa. 

* 

GRIMSBY PISH—Supply pew. demand 

prowrert): ffltalf cod l«.S0-£7JS0. Codings 
ELfiM&a, laite haddock £7.«Vf7J(l. 
jHfoni hs«gck ifl.B0-f7.D0. small had¬ 
dock £3J6ZS.fiL 


Currency 
concern 
hits metals 

__ MEW YORK. Jan. 4. 

PRECIOUS mclals and cupper closed 
wiarply lower an commission baure 
liqnnation foflowlnc greater L’.S. concern 
over tbe decline of the dollar. Sugar 
eased no chartist selling and speculative 
liquidation coupled nth arbitrage selling. 
Crains firmed on tight commuMon honre 
short covering and commercial buying. 
Coffee dosed limit up on roaster baying. 
Bache reports 
Cocoa— Nut available. 

Coffee—■•C” Contrail: March lfii.oo- 
187.50 <155.171. May 1SS.SMS5.74 <178.78). 
July 178.43. Sept. 172.50, Dec. loS.M bid. 
March 155-50 bid. May 190.00-130.00. 

Coppor—Jan. 59.S0 iWJOi. Feh. BO+’fl 
(60.901. Mariffl 60.60. May fll.Sd, July 
C M. ScpL 03.40. Dec. 64.70. Jan. B5^U. 
March 60.10. Maj- 87.00, July 67JO. Sept. 
PS-80. 

Cotton—No. 2 : March 53.50-53.80 ( 54 -CJi. 
May 54-50 <55.19), July 55J5. Oct. 56.40- 
55-90. D«. 57.15. March 57J8S-58.00. May 
5S.30-5S-55. Soles: C5.000 bales. 

*GaM—Jan. 198.08 llTUiO). Feb. I 6 S.M 
<173.001, March 18B.M. April 170J8. June 
172.50, Aiut. 174.SO. On. 177.10, Dec. 
179.40, Feb. 181JHJ, April 1 SL«, June 
167.00. Aug. 169.80. Oct. 192.20. 

tLaid—iChlcagn louse nui available 
<19.00). New York prime sieam 30.50 
traded lame). 

XMaize—Afardl 223;-333f <3231, May 227 
i 22 fii>. Jub 339-3501, SepL 3HM, Dec. 230*. 
3301. March 238*. 

S Platinum—Jan. 155.00-1S3.70 1 192.40), 
April 198.50-189.00 <195.801. July 181+0- 
1 D 1 J 0 , Oct. 104AD-IBS.00. Jan. 197A0-198.00. 
April 2M.40-20O.fi0. Sales: 1,891. 

iSlhrer-Jan. 481.10 (-u+JOi. Feb. 4S3.B0 
(405JDI. March 487.00, May 493.60. July 
MOJO. SepL 506.60. Dec. 516.70. Jan. 
030.20. March 531.80, May 533.40. July 
540.10. Sept. 540JO. Randy and Harmon 
spot bntilon 401 .SO (491.001. 

Soyabeans—Jan. 592-501 (58SII. March 
8*04-001 <590;i. May 61M00. July 614+010, 
Aug. 814. Sept- 597, Nov. 5044-595. Jan. 
6 & 6 . 

Soyabean Mu)—Jan. lB5.S8.U5.fiO 
104.11)1. March 108.00-165.80 HO1J0), Map 
1C7.58-1B8.B0, July IRBJ50-169.01). Aug. 
16flJ5.170.00. SepL I87.90-1CS.00, 0«. 

JB8J0. Dec. 187JO. 

Soyabean Oll-Jan. 20.50 <30.72 1 . March 
20.76-20.70 < 28 . 571 , May 20JO-20J3, July 
20.55, Aug. 2B.&2LO0, SepL 20.60. Oct. 
:OJS-2D.40. Dee. S0J5, Jan. 30J3-S0.3:. 

Saw—No. II: March 9.11 tOJOi, May 
>.» <9.791. July 9.76, SepL BJ4. OcN 
10.07. Jan. 10.81. March 10.89. May 10.85, 
Tlh—Not available. 

-^Wheat-March 277M7K1 (273 1 . May 
2833-204 (2803j. July 287+288. SepL 292*. 
Dec. 198. 

WINNIPEG. Jan. 4. ttRye—May 113.00 
bid (113.31) bidi, July m.io asked muo 
asked). OcL 113.40 tad. Nov. 114^0 
asked. 

ttOais—llay 75.00 bid (74.40 bid), July 
73.00 bid. 

Iffarior—Mar 76.30 iTU.OOi, July 75.48 
Ud <75.40 asked). On. 73.60 bid. 

gFtej m ad May 500.50 bid <319.001, 
July 2 UJ 0 asked < 212 ff 0 a«ked.i. Oct. 
215.88 asked. Nov. 217.80 asked. 

Wheat—sc wrs 13.3 per cent, protein 
content MI a. Lawrence not available. 

All cents per pound ex-warehouse 
unless otherwise stated. 9s per troy 
ounce—100 ounce tats, t Chicago luo.se 
Ss per 100 lba.—DepL of Ag. prices pre¬ 
vious day. Prime St ram f.o.b. NY bulk 
tank cars, f Cents per 56 10. bushel es- 
warebouse. 3.00 bushel lots. | h per 
trojr ounce for 50 ounce unite of 90.9 per 
cent, purity delivered NY. T Crate per 
troy ounce cx-warebouie. fiNew "R" 
contract in Ss a dwi Ion for bulk ioiv 
of wo short tons dutivered f.o.b. wire 
Chicago, Toledo. St. Lome and Alton. 
"•Cents per 89 lb. bushel in atorcj 
■ v Cents per 24 lb. birihcL Tt Cents per 
4 S lb. bushel Mc-warehottse, ff Cents per 
58 lb. hushd. ev-warehouse, 1.900 bushel 
lots. 


Thai rice 


THAI RICE exports in December 
decreased to 176.691 tonnes from. 
226,799 tonnes in the previous 
month and compared with. 
167,936 tonnes in December 
1976, Commerce Ministry sources 
said. 
















r 



Knancfal Times THnrsaay January -S ’3978 




British Funds turn easier after early further gains 

Leaders steady but second-line equities attract buyers 


financial times stock indices 


~JkU- JtM. | LtoG- 
4 » J ! W 


Account Dealing Dates 
OpUon 

“First Declare- Last Account 
Dealings lions Dealings Day 
Dec. 12 Dec. 29 Dec. 30 Jan. 11 
Jan. 3 Jan.12 Jan.13 Jan.24 
Jan. 16 Jan. 26 Jan. 27 Feb. 7 
* *' Hew time " dealings may take place 
tram Ml ui. two business days earlier. 

Trade picked up slightly in 
stock markets yesterday with 
official markings, 4,747, at about 
the average ruling in mid- 
November. Gilt-edged improved 
at first in line with sterling's 
further rise on foreign exchange 
markets but reacted to end with 
net Calls—generally to t* in the 
shorts and to double that amount 
in the longs—and the Govern¬ 
ment Securities index gave up 
0J22 at 78-36, 

The early enthusiasm in Gilts 
was again reflecting optimism 
about a cut in Minimum Lending 
Rate after tomorrow’s tender Tor 
3-monUx Treasury Bills, and Ibe 
Bank of England's signal for 
moderation in this respect only 
served -to lower sights to a cut of 
* per cent, in the key rate: The 
U.S. reserve figures were much as 
expected, the later falls in the 
Funds stemming from sales to 
finance take-up of short tap 
Exchequer S} per cent 1881 
following notification that official 
supplies had run out after only 
ten days' trade in the £900m. 
issue. 

A further fall, of 3J to 26i per 
cent., in the investment dollar 
premium caused numerous falls 
in overseas issues securities, but 
equities were generally firm over¬ 
all as seen in the 2-to-l majority 
of rises over falls in FT-quoted 
stocks. 

Leading Industrials were 
generally neglected and the FT 
30-share index, 3.2 up at 10 a.ra., 
ended with a net rise of only 2.2 
at 487.8: price changes In the 
constituents were usually res¬ 
tricted to a. couple of pence. 
Similarly, movements in the FT- 
Actuaries three main indices were 
minimal; cheaper money hopes 
led to above-average gains in 
Properties and Hire Purchase 
issues, while Life Insurances 
attracted buyers, the last- 
mentioned on the high levels of 
new business written in 1977 and 
hopes of a continuation of the 
trend. 


both the shorts and the longs as 
recent profits were taken in order 
to fund tap commitments. The 
Bank of England signal regarding 
Minimum Lending Rate failed to 
restore equilibrium to the market 
which also became concerned 
about possible . replacement tap 
issues. Corporations improved | in 
places while Southern Rhodesian 
bonds edged quietly forward 
awaiting developments in the 
current peace talks. 

Although still highly volatile, 
the investment currency market 
experienced its heaviest trade for 
some considerable time. Early 
rates were lower because of ster¬ 
ling’s opening Sorry but they 
rallied before heavy selling 
brought renewed pressure and a 
fall to 67 per cent, prior to a 
close of 6Si per cent.; this repre¬ 
sented a fresh loss of 3£ points 
on the day and of nearly 24 points 
over the last five trading days. 
Yesterday's SE conversion factor 
was 0.7902 (0.7699). 


340p, Ley land Paint and Wall¬ 
paper, 62p, and IDC, lOSp. McNeill 
Group were also 4 to the goad at 
44p and Francis Parker 2* better 
at 15. Still reflecting investment 
recommendations for 1978, AP 
Cement improved 3 more to 265p 
and London Brick 2 to 76p. 

An early rally by I Cl soon 
faltered, the price falling from 
353p to end a net 2 lower at 
349p. Elsewhere In Chemicals, 
Alginate Industries shed 5 to 290p. 


Stores wanted 


Stores maintained a firm appear¬ 
ance with secondary stocks pro¬ 
viding the features. Speculative 
buying in a thin market prompted 


results. Eva Industries came to 
life with a gain of 4 at lOlp along 
with Wo Iseley-Hnghes, which 
gained 6 to 182p. Westland (dosed 
3 dearer at 43fp awaiting- the pre¬ 
liminary figures. Baker Perkins 
also firmed 3, to lOSp. but Man¬ 
ganese Bronze, down. 2 at 86p, 
encountered profit-taking after the 
recent good rise. 

Interest in the Food sector 
broadened a little. . Associated 
Biscuit continued firmly at 92p, 
up 4, while similar improvements 
were established in J. BEbby, 197p. 
Meat Trade Suppliers, »ip. and 
Robertson Foods, 139p. Arena 
Group were a reasonably lively 
market at 31j. up 2*. In thin 


ENGINEERING 

CONTRACTORS 

EX-ACTUARIES INDEX J 


Prudential firm 


Short tap exhausted 


Exhaustion of the short tap 
eventually signalled a general 
reaction in Gilt-edged which, 
after recording gains to { at the 
longer end, closed that amount 
down on balance and were head¬ 
ing lower still in late unofficial 
dealings. This technical move¬ 
ment was blamed on over- 
enthusiasm for the tap. Exchequer 
Si per cent. 1981 which sur¬ 
rendered a marginal improvement 
to end a net & easier at 97,V 
Loose stock was evident among 


A Press prediction that the life 
assurance .sector is equipping 
itself for an outstanding year for 
new business in 197S induced a 
fair amount of support for shares 
in this category. Prudential 
gained S to 164p as did Legal and 
General, to 174p, while Pearl rose 
A to 246p and Sun Life 5 to 103p. 
Equity and Life hardened 4 to 
172p. Composites made progress 
in sympathy with Sun Alliance 
closing 12 to the good at 596p and 
Phoenix 6 higher at 284p. Brokers, 
on the other hand, turned dull 
on concern about the effects rising 
sterling may have on overseas 
earnings. Sedgwick Forbes shed 
10 to 343p and Hogg Robinson 
declined 8 to - 171p. Matthews 

Wrightson tost 7 to 193p as did 
Alexander Howden, to 162 p. 

The Banking sector was again 
notable only for fresh weakness 
in overseas issues following a 
further reaction in the investment 
currency premium. In active 

trading, Hongkong and Shanghai 
feH 10 more to 236p; ANZ 
cheapened 15 to 235p. while 
National Bank of Australasia gave 
up 13 to lS7p. In contrast Home 
banks closed quietly firm with 
Lloyd r and NatWest both 2 dearer 
at the common level of 287p. 
Demand in a thin market left 
F.C. Finance 8 to the good at 83p 
among Hire Purchases. 

Brewery leaders were inclined 
easier. Allied closing a shade off 
at 93p in front of to-day’s results. 
Vans continued firmly among 
secondary issues and gained 7 to 
397p. 

Selective support was forth¬ 
coming for Buildings where Wilson 
(Connolly) were especially notable 
for a gain of 17 to I21p following 
demand in a thin market Milbmy 
put on 6 to 83p for a similar 
reason, while improvements of 
around 4 were recorded in 
H. and R- Johnsou-Richards Tiles, 


APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 


a rise of 10 to 131p in Status 
Discount while James Beattie A 
closed 6 dearer at 90p for a similar 
reason. Martin the Newsagent 
also put on 6, to 236p, and House 
of Lerose rose 5 to 63 p. Fresh 
interest in Front of to-day’s 
interim results helped Rainers 
(Jewellers) edge forward a penny 
to 93p for a two-day advance of 
9. Of the leaders, British Home 
gained 7 to 227p. 

Decca. 510p, and the A, 500p, 
advanced 15 apiece on revived 
bid hopes. Elsewhere in the 
Electrical sector. Brocks Group 
improved 4 to 74p on news of the 
sale of its security devision for 
just over £2ul, but dollar pre¬ 
mium Influences left Philips Lamp 
20 lower at 770p. Dale Electronic 
firmed 4 to 148p and Lee Refrigera¬ 
tion put on a similar amount to 
77p, while demand in a restricted 
market left Petbow 12 to the good 
at 202p. Fresh baying. interest 
was seen in Telephone Rentals, 5 
dearer at l25p. Leading issues to 
make a little headway included 
EMI, 135p, and GEC, 276p, both up 
2 . 

The Engineering majors passed 
a rather quiet session, but ended 
on a slightly firmer bias. Else¬ 
where, Redman Heenan improved 
3i to 54J following the encourag¬ 
ing annual report and T. W. Ward 
gained 4 to 59p in response to the 
better - than - expected annual 


markets, J. Stocks, ISOp, and 
British Sugar. 465p, advanced 20 
apiece. Occasional demand left 
Geo. Bassett 3 to the good at 156p, 
while Barker and Dobson con¬ 
tinued to reflect Press mention and 
hardened a penny more to Z5p. 
Among Hotels, Grand Metro¬ 
politan responded to- an invest¬ 
ment recommendation with a rise 
of 4‘ to 107p. Elsewhere. Reo 
Stakls were noteworthy far a rise 
of 4 to 35p, while Swan Ryan 
firmed 1J to 12p and Warner 
Holidays improved 2$ to 24§p. 
Pontin's were temporarily sus^ 
pended at 38p, up a penny, pend¬ 
ing an announcement from the 
company. 


ended 5 better at 69p. Press com¬ 
ment. drew buyers’ attention to 
ft. JEL Cole which, put on 6 to 
I24p and LCP which added 4 to 
94p. . Speculative interest lifted 
Avon Rubber 6 to 296p, while 
Horizon Midlands ended a like 
amount better at SOp. By way of 
contrast. Leigh Interests met 
profit-taking and lost S to 173p 
and, on continuing consideration 
of the weakening investment 
currency premium, Schlumberger 
shed 22 points to £46 } and Jardine 
Matheson fell 8 more to 154p. 

A better trade developed in the 
Motor sections where some useful 
gains were recorded. - Haxtons 
were noteworthy for a rise of 7 at 
122p, while Zenith A. an old 
speculative favourite, encountered 
support and put on 6 to 106p. 
Sup are continued firmly at 36p, 
up 3. Among Garages and Distri¬ 
butors, GL Paris advanced A to 
SOp and Manchester 3 to 31Jp, but 
HenJys continued to reflect fading 
bid hopes and shed 3 more to 
U6p. 

North Sea oil enthusiasm arose 
again for Associated Newspapers, 
X66p, and Daily Mail A, S38p. 
which rose 9 and 13 respectively 
while Thomson, additionally 
helped by share split hopes, closed 
9 higher at 710p. Elsewhere, 
Independent Newpapers rose 10 
to 15p while, among Paper/Print¬ 
ings, Mills and Alien moved 
forward 3 more to 115p and 
Watmoughs added 4 at S2p. 
Ogflvy and- Mather, on the other 
hand, cheapened 25 to £25} on 
investment premium influences. 


before reverting to the overnight 
level of S42p, while Shell eased 
3 to 522p. Elsewhere, revived 
speculative interest raised Charter- 
hall 2 to 28Jp, but Premier, frac¬ 
tionally softer at 16}p, made no 
response to the gas exploration 
a g reement with American Public 
Energy of Texas. . 

Apart from an improvement of 
6 to lisp in BET Deferred. Invest¬ 
ment Trusts often gave ground in 
sympathy with the lower invest¬ 
ment currency premium. Inter¬ 
national Pacific Securities lost 5 
more to llOp as did Jardine 
Securities to 72p. 

Buyers continued to show selec¬ 
tive interest in Textiles. SEET- 
were firm again at 62p, up 4,- 
while J. Hggffas Improved 3 to 88p 
and rises of 2 were marked against '■ 
H. Ingram, 32p, and A. Martin, Sip, : 
while HI eld Bros, rose a penny to _ 
12!P. „ ••’- 

Still an bid hopes. London, 
Sumatra improved 2 more to SOp, 
after Sip, in Plantations where 
buying in a thin market prompted r 
a fresh gain of 7 to 145p in. 
Lnnuva. 


florcnn naa t Soon. —i 
And [moot.-.—', 
tndiutrtkl Ordinary — 

OohUffaiM.--- 

OnL Dir. YieM.. 

Burning! V’!d*ift.IIKli 
P/B Ratio [mu) Ctl—« ! 
Pealing! nwW....-; 
^Bquiiy turnover £m_; 
■Bhoity baqpUns totnJj 


78.36j 78.08 
81.17; 81.05j 

487.8! 485.6 
158.3' 1337; 
B.Mi 8.5* 
16.751 16.78! 

8.48| 8.43 

4.747; 4.1781 
_ ; 49.10, 
— j 13.097* 


“■* *r> 

77 JEj" 60.68 
8023: 80.89 
485.7; 383.7 
151.8! 1X8.1 
8.3s[ 8.14 

16.79! 19 
8.44 7.82 

3819* 6.17a 
Sl.fllj 87.81 
6.3741 13.378 


? u - 4518." H Am. «fa. Noon 1 p.rn. 48T.8. 

M *• 2 p.m. «?.(*. 3 pmi. 487.4. 

>. - Latest index nM 9024. 

j: , d..—, nn *V* npf m*. enrporaUtMi tU. T NI1-94D. • 

* Basis TOO G«t. Secs. 13/10'W.^ ^ 

ic/9/53. SE Activity JalyDrc. 194* • Corrected. 

MIGHS AND LOWS S-E. ACTIVITY 


HIGHS AND LOWS 

"| 1377(78 pAnr O CwapUvtfon | 

r Hljjh ( ton- i High ! !rtvf 




(IllSsSRAiJ 1798 
1 wturtrto*. ...I 1408 ' 
ypoiulatlv*^: 48.1 

TutaW. ...• 108.0 ' 

!>Jav If'nwr* 

UlklBdaed -J 148.1 

.lodnj*mt!~.! 285.9 


KAU7F ; V». 'f ) --- : -- , 

'•~H»ai«s , USA I !5sa 




'5'imrolntiro.J 36.1 
Tufaf*.. I 90.1 


Properties busy 


Rank Org- up 

A firmer trend developed in the 
miscelleaneous industrial majors 
but the volume of business was 
small. Buying ahead of the pre¬ 
liminary results due on January 
23 helped Rank Organisation stand 
out with a gain of » » 255p, while 
Reed International added 5 to 
130p with the help of Press com¬ 
ment. Bowater hardened 4 to 
I84p and Glaxo 3 to 593p. 
Beecham, however, dosed 2 easier 
at 870p. Some useful gains were 
recorded among secondary issues 
following selective buying. L K. 
Industrial Investments rose 6 to 
3Sp and Boosey and Hawkes added 
7 to 183p, while Courtney Fope 


Properties gathered momentum 
again as hopes strengthened oF 
an imminent Call in interest rates. 
Activity was considerable frith 
institutional business evident in 
Land Securities, up 4 at 223p, after 
225p. and Haslemere Estates, 
which rose to 250p, after 252p. 
MEPC picked up 2 to 128p, while 
revived bid speculation raised 
Bernard Sunley S to 196p. Gains 
of 5 were established in Berkely 
Hambro. 117p, and Bradford. 227p. 
and in thin markets, United Real 
were adjusted 10 higher to 252p 
and Corn Exchange up 8 to i&6p. 
Still reflecting the revised higher 
interim profits—a result of the 
increased income being derived 
from the Walton Works property 
—Evans of Leeds advanced 7 
further to 200p. New 1977/78 
peaks were attained by many 
issues but not by Avenue Close, 
3f dearer at 71p, or Law Land, 
2} better at 50p. Option business 
was reported in English, 47p, 
British land, 37p, and Capital and 
Counties, SOp. 

Premium dollar influences con¬ 
tinued to affect overseas Oils, 
lowering Royal Duteh U more to 
£36}, Ranger i& to £I7-fe and 
Woodside 4 to 63p. The two 
majors also traded uncertainly and 
British Petroleum slipped to 8S4p 


Golds strong 

Cautions optimism over the out¬ 
come of yesterday’s International 
Monetary Fund gold auction 
coupled with the further decline 
in the U.S. dollar prompted con¬ 
tinuing strength in the bullioif 
price, which was finally 32.75 
higher at $171,875 per ounce—Its 
highest closing level since May, 
1973, and a “two-day gain of $8.75. 

Consequently South African 
Golds moved ahead strongly 
despite the restraining effect of 
the lower investment currency 
premium. Buyers came in for 
Golds at the outset of trading and 
as Cape and Continental interest 
followed the Initial mark-up of 
prices they surged further ahead 
until the afternoon when profit- 
taking pared earlier gains. Never¬ 
theless rises were still sufficient 
to lift the Gold Mines index fey 
5.6 to 138.3. 

Heavyweights were featured by 
Free State Gedtdd and Western 
Holdings, which were both a point 
higher at £13 and FL4£ respec- 
tively. 

South African Financials, 
although firmer iu line with Grids, 
remained quiet and were held in 
check by the sharp fall In the 
investment premium. Gold Fields 
of South Africa, however, were an 
exception rising 57 to 932p. 

In contrast, the Londen- 
donxiciled Gold Fields attracted-'a 
good deal of business opening 
sharply higher at 186p before 
easing to show a net gain on the 
day of 6 at 18lp. 

Australians again sustained 
heavy losses on premium con¬ 
siderations which prompted small 
London selling. Peko-Waltoend 
dropped 20 more to 410p and 
Conzinc ftiotinto 13 to 173p.-. 

Elsewhere, Canada's Musto 
Explorations soared 22 to SOp 
following news of the VS. oil and 
gas find. ... 


OPTIONS TRADED 


dealing dates 

First Last Last For 
Deal- Deal- Declare- Set Us¬ 
ings ings 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 rote indications see end of 
Share Information Seruicc 
Money was given for the call 
of Selincourt, Furness Withy, 
Charterball. Town and City, 
Francis Parker. B. Sunley, 
Colter Guard Bridge, British 


Land, Tricentral, GEC, Avon 
Rubber. SpiUers, British Baaol, 
Poulin's. Marley, Trident TV A, 
Britannia Arrow, Royco, WUktu 
and Mitchell. Burton A, Bunolh 
OU. London Brick, Wm. Pun, 
Carrington Vlyella, Dares 
Estates. Talbex and Manchester 
Garages. No puts were reported, 
but double options were 
arranged in Selincourt, SpfUers, 
Marley, Carrington ViyelU, 
British Land. Capital and 
Counties Property, English 
Property and Britannia Arrow. ‘ 


NEW HIGHS AND LOWS FOR 1977/78 


Tim following securities Quoted In the- 
Shore information Service 
attained new Highs and Laws tor 1977.78. 

NEW HIGHS (1641 

COMMONWEALTH «, AFRICAN - 

LOANS m 
FOREIGN BONDS (11 
BANKS (3) 

BEERS QU 
BUILOINOS til) 

CHEMICALS (X) 

CINEMAS (1) .. 

DRAPERY A STORES (94 
ELECTRICALS M) 
ENGINEERING (131 
foods m 
HOTELS 17) 


BUILDINGS (1) 
FOODS m 
HOTELS (11 
INDUSTRIALS <•) 
INSURA NO (1) 
MOTORS (11 
PROPERTY (2) 
SOUTH AFRICANS GO 
TRUSTS 118) 

OILS <11 

OVERSEAS TRADERS (1> 


INDUSTRIALS (31) 
INSURANCE a) 


RISES AND FALLS 
YESTERDAY 


MOTORS >4) 
NEWSPAPERS IS) 

w E£3ms! m 

SHOES fZ) 
TEXTILES >■> 
TRBSTS I5» 
RUBBERS O) 

TEAS (1) 

MINKS (1) 

NEW LOWS (102) 

AMERICANS 149) 
CANADIANS (127 
BANKS (SI 


Up Down 5 * 04 . 

British Fuads .-_ 5 54 U 

Corpus* Den. and 

Foreign Bowls ...._ 30 5 SLr 

Industrials . W 251 8M. 

Ftnaoclol and Prop. )« 200 ITt; 

OKs ..- 2 M a : 

Plantation -__ 5 3 J 

Mines . 52 M 57", 

Recent Issues .9 i * 


T3S 5 a IX* . 


STOCK EXCHANGE BUSINESS IN 1977 


ACTIVE STOCKS 


Record trading in gilt-edged 
with 65% increase 


No. 

Denomina- of 
tion marks 


FT—ACTUARIES SHARE INDICES 


BP. f 1 

Barclays Bank ... £1 
BAT* Defd. 25p 


HK & Slhai Bank $HK2fiO 9 


Midland Bank ... £1 
Rank Org. 23p 


BY GEOFFREY FOSTER 


For the third successive year. 
Slock Exchange trading in 1977 
was featured by record business 
iu gilt-edged securities. During 
a year which saw a dramatic fall 
in U.K. interest rates with the 
Key Minimum Lending Rate fall¬ 
ing from 14 to 7 per cent., after 
touching 5 per cent., and sterling 
appreciate substantially against 
the dollar and aLher major cur¬ 
rencies. activity in gilts reached 
the highest level since figures 
were first published in 1964. 

During 1977. the Government 
Broker issued an unprecedented 
£13.S5bn. of Government stock 
<JC5.75bn. was sold in 1976) and 
also set precedents in intro¬ 
ducing variable rate and partly- 
paid issues. A heavy inflow of 
foreign money helped trade in 
the Gilt sector during the year 
increase bv £53.Sbn^ or 65.7 per 
cent., lo £135.8bn. This took in 
last September’s monthly record 
to dale of £17.6bn. Trade in 
short-dated issues at £78.9bn. 
contributed more than half of 
the total. Overall, the number 
of bargains transacted in the 
funds was around 25 per cent, 
up on the previous year at 
96S.S09. 

The Financial Times Turnover 
index for Government Securities 
in 1977 recorded its highest-ever 
monthly average at 478.8: the 
1976 average was 2SS.9. 

Stock Exchange business in 1977 

Business volume in Ordinary 
shares also improved smartly 
last year. The exceptional bull 
market saw turnover here jump 
XBbn- a rise of over 42 per cent, 
on the year, to £20.2bn. This 
compares with the 1972 (Loudon 
oul.v) peak of £20.1bn. 

The FT Turnover index for 
Ordinary shares in 1977 averaged 
299.9 compared with the 1976 
average of 210.6 and the 1972 
record of 345.8. The number of 
hargains transacted in Ordinary 
shares during 1977 was at 4.6m.. 


MONTHLY AVERAGES 1967-100 

HOW STOCK EXCHTURNOVER IS MOVING ~1 


ICI. £L 

Manganese Bronze 23p 
Town* City Props. 10p 
Barker & Dobson lOp 
Cons. Gold Fields 25p 
Shell Transport... 23p 
Assoc. Leisure ... 5p 


Assoc-Newspapers 23p 


BR(TlSN60VEII)ME]fr& 
coo- BfllUSWEOyEMCNTGiMiWIffl) 


Closing 
price (p) 
842 
337 

235 

236 
387 
255 
349 

86 

15 

15 

JSl 

522 

62 

166 

670 


Change 
on day 


1977-78 

high 

966 

345 

260 

341 

392 

276 

446 

91 

15 

15 

224 

635 

62 

197 

693 


1977-78 

low 

776 

22S 

202 

236 

245 

12S 

325 

13 

5 

31 

137 

454 

26* 

120 

373 


Hiese indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculfy of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Wed., Jan. 4, 1978 


Figures in parentheses show somber of 
stocks per section 


RECENT ISSUES 


AliSEUIRiTIES 


over 1m. higher than the previous 
year's total. The peak of 6.7m. 
was also recorded in 1972. The 
average value per bargain in 
1977 was around £4,550. 

Overall, turnover in 1977 rose 
by £66.9bn. (over 62 per cent.i 
to a record £l73bn. as reflected 
in the FT Turnover index for all 
securities which averaged 442.6 
compared with the monthly 
average of 27 LS In 1976. 

Over the year, gilt-edged prices, 
as measured by the FT Govern¬ 
ment Securities index, rose by 
nearly 30 per cent., while prices 
of Ordinary shares, as measured 
by the Industrial Ordinary share 
index, jumped by 36.8 per cent 

December proved to be a. 
reasonable month for stock mar¬ 
kets. Despite seasonal influences 
and the Fact that there were two 
fewer trading days than in 
November trade during the 
mouth in gilts increased £0.Sbn. 
to £12bn. Business In the ’shorts 


in December contracted £0.5bn. 
to £6.1bn. but trade iu other 
fixed-interest securities rose by 
£Ubn. to £5.9bn. Tbe number 
of bargains in gilts overall fell 
by 20.030 to 65.631. 

The FT Turnover index for 
Government Securities in 
December was 510.3 compared 
with September’s all-time record 
of 744.0. 

Trade in Ordinary shares also 
fell last month, contracting 
£0.4bn. to £1.3btu, the lowest 
monthly total since June’s £1.2bn. 
The year's high of £2.75bn. was 
recorded in September. The 
number of bargains transacted in 
equities decreased by 99.661 to 
240.514 but the average value per 
bargain improved slightly, by 
£403 to £5,384. 

Turnover in all securities 
during December showed little 
alteration at £14.7bn. with the 
FT Turnover index hardly 
changed at 449.7. 


Category 


Value of all 
purchases % of 
and sales total 
£m. 


Number of % of 
bargains total 


Average 

Average Average no. of 
value value per bargains 
per day bargain per day 
£m. £ 


British Govt, and British 
Govt. Guaranteed 

Short Dated (having five years 
or less to run) 

Others_____ 

Irish Govt. . 

Short Dated (having five years 
or less to run) 

Others 

UX' L ocal Authority 

Overseas Govt. 

Provincial and Municipal 

Fixed Interest Stock 

Preference and Preferred 

O rdinary Shares__ 

Ordinary Shares 

Total __ 


6.1293 41.8 

5,927.4 40.4 


21,712 *3 

43,919 12.7 


282J99 1,085 

134,962 2.196 



F.P.j 2/11.14,1 


2/lBl 13.-1 
16,12i27,l 


275,218 

70,021 

63.743 


I 226 LVdweat..1... 

149 123 i Allied Irish Uwlu.. 

122 100 Bsrmtt Development -.. 

35 32l!'J)rW[ii>rt Q tudij .................. 

22pm 1 Spin 1C ati ..„ 

15pm ennKCbriny Biw... 

Kfj 132 Commeirial Colon...__ 

10Op IBDp [CnanperzlAak.. 

181 166ij‘C-'ii«. Ci>l>l _.... 

a? 223 I Coral Let-uro... 

570 630 |De Ia Kue.__ 

nmBSODiuaOODeutsotu? But:... 

71 I Cfl lEaat SlkUaod Allied Press A.... 
ggpmi 10ptii;KHer lniliistrial.... 

ifpni' lapunJiiUiiS'.in* .... 

S3 I 64 i^biiHD nrth Brutd. 

14pm! 9pm! K«anlui; Hour... 

210 I 210 Knit Ssn Ulrnuoi.. 

63 I W Nation*! Dk. uf Auauslsita...^ 

, 53>l 24 hwani W. L...— 

6)p» 6*pm B-C.F... 

80 64 Itoeurd Ririgwsy.. 

r lira/itmta /Gai.J —.... 

148 Ptd- Bl*ujt.. 

237 Dtd. SriestLQc..- 

40 'SB VTuHam* (J. Curfiffi.. 


_ 240 | _ 

.. 146 _ 

.. 121 —1 
34i a ...... 

.. IBpml . 

12 pm'—I 

_ 148 I . 

-I 180 I . 

.. 180 i + 7 

353 ; -.... 
S60 +S 

.. Om 210 _ 

..j 71 1 + 1 

..t 20pm J . 

S 8P™ i— 

J 63 Ul 
..’IS>sP<n I—*3 
. I 255 [ „.... 
.. 55 pm —6 

32 _ 

.. 614 pm . 

... 85 ...... 

: lir 

.. 292 . 

.. 40 i+2 



1M.79 -023 - 

125-76 -026 — 

134.40 -030 — 

1«.71 -037 — . 

122.40 -039 


(LOO 

0.00 1101 irredeemables. 


f.67 

1X13 

1126 


1 1X12. [ 1X07 



Index 1 Tidd 

so. r * 


73X1_0.9 

J .295. 0 X 8 

14.675.4 HKkO 


24J07_ 72 

'iiOJSU _69J 

344,963 lOOJf 


5325 1X40 

5384 1X026 

*4X542 *17348 


1 Avmp of all noriBn 


Renunciation date mud]? Ian day tar dcalUS free of stamp ©sty. ongppn 
based on prospeems isUmste. 0 Aasumed d ivtaep o wa staid. * Forecaa nrrid end: 
cover Cased on previotn reert ear n in g ^ rPtada wl and staid naaad op wt a aecnis 
or oltwr offleia! esumafos tar URV. qGross- vPtgnrea assumed. £ Cower aooss 
Wr amvfliirfon at sbarea not now ranMns tor d ividend w rankin g only tpr reg ained 
dlstdeiws. 1 Plums prica w tnVUe. whenriw tedte tad. I bred 

by tender. HOffered to hoMara of O nttnyy ton* » l “d*»J Z?* 8W 5 
by way or capttaltsanmi t* Mimsnnn tender price- SS RetatredneeA. n named 
tn connection with reocaantndaD merger «r takeover. U|| imredocdon. Q Issued 
to former Preference twVtaro. ■ /UloimeiTt leases (or (oily paid). • Provisional 
or partly-paid allotment letters- gkWltti warrants. 





—"1 

Friday 

Than. 

WnL 

jm 

Dec. 

23 

Dm. 

S' 

Dm. 

21 

iaW. 

“S 

— _ 1 






































































































































































































































































27 



\ 


Binaccisd Times Thursday; January 5 1978 



Ahfaer twt.Tst-: Km. xtd. <*xg) 

7 ^ >l frUAyleabnry. - .0298soil PrafewHmal_H67-1 

MWWW«<a,T KM+03) in J*»ertySbaroe „M2 
AbbeyIu 0 Ome__-T.pXO •• *&.« -frail sn ^hTelit , ~ , M 6 T 

Abt*» ln»^LFai.S43 - -SiJ -d 3 gal Stamt Hinge_JZ7J 

AMtfQfa.VKM.jlKi . _•■ mis +33 uo Energy_ 



n,. 


Allied Bam^.GrarpV ft) (g) 


-in.. 


,; 4« 


!l v 


-*-E. 


easffl- 

Hamhro ACC Fd. _ f 
ImMhMi 
S igh Yield Fd _ 

JUKUbntlfK,Tl„ 


Smeller Cato FtL_ 

&&& 

Fampt State. CoX. 


g 'n 2 . St. Mary Axe. EC3A 8 UF. 
m (zlAmerieanTtt:—P32 
4J8 British TStlAre I _ 5a_3 5SL2 + 0 J 3.0 

237 CommodityShare. 133* Mft 2 n - 2 i 3.77 

( 21 RvBltK.TniEt. 22 i 244 -8 2 130 

The British life Office ULVU S3 3* TaJ *8 

ItalleiKwHxa Tunbridge Well*. Et IMS23271 IhlAhkIh -1258 33.43n -012 3.82 

BL ftrtttah Lift._W 9.1 52JM+Q5) .830 lnU.&*mp{ Fd. __ MS 91.7 +03 556 

|LB«W»i£ _J44.4 473 5.48 (*amLftUA*cJ-.|2ka 24*| -03} L43 

•Pricex Tin *1 Tleri^il rail n c osg~Mss. fi** Gibbs (Antony) Unit Tst. Digs. Ltd. 

23, BtomfleM St, BC2M 7NL. 
lei A-G. Income*_140.4 


Gartmore Fond Managers V (aXg) Perpetual Unit Trust MflgmLV (a) 

01-2833331 *8 Han St, Henley on Thames 049120800 

25.001 -OJI LOO fpetaalGp-Cth - 13550 38.06) —4 43, 


sjoi Broun SMjdey ft Co. Ltd* 
Meets; n»Bd«sCt.BC3l 
K RS Unite Dee. 20 _B135 
OcUtoJ DOC. 29-^23 
Oj^e Treats faO 
7.W Financial 

m 2 O anaral.._ 

H* GrowthAccwa—l .. 

ATS Growth Income [35.9 

M r w—.— &? 

3 JJ la(l<n 


Piccadilly Unit T. Mgrs. Ltd.V faUh) 

WardoteHscL. 394 London W4DEC2 8380601 

Extra Income_1333 355I+0.U 850 

Small Co'lFd._38.7 415 *03 320 

Capital Fond--W.O 523* +0 4 351 

Ini. Eras. & Asset*- 476 510s *03 498 

Private Fund.-37.9 . 40.6 +03 3.7S 

AeftmjJir. Fund—.. 63 1 675 +12 456 

Techno! mr Fund. 590 625) +03) SLBB 

22.7 


01-5684111 Ftor&MtF§ 

—1 BM Aqterictu> Fired 

4.70 


M 


244-031 

242J -03] 


350 

330 


us onmu. 


373 +0.4 
193 +02 
473 +0.4 
383 +0J 
313 +02 


ITaS-ISaI ?S »Grt*6amSt,ECSP2DS. 

612! +0.7| 450 BarOULlaS.4-KB4.0 

T£f3 -foil Sifi fArcmallnltw) .... 2183 

_Z] 5.45 BlgaHYDec.B9_ 1713 

C leena Units)—— 1 92 1 

la] 535 Cw*tolito^ftfcMngra.lid.V 

■ ---- - BM 


030 


013885820 

- 1 2.01 

J 251 


359 


Practical Invest Co. Ltd* (yXc) 

44, Bloomsbury Sq.WClA2HA 0J-6238803 

Practical Dec. 30 _|M55 154.95—| 359 

Ac cum. Ll nils-(203.7 216.4.4 

Provincial life luv. Co. UtLV 

222.Btshopssaie.EC3. 01-347 ®33 

Premie Unite_1732 7841 —031 3.82 

Midi Income_PL073 114.91 +05} 754 




01-6008320 WA.G.GrowihTt-^__.. 

■ | « <«A.G.Far£krt*_&97 

—"[ JJj Sealing *Tu» ftWi 

Bovett {John* 

!■“ 77. London Wall 

Jh S*Mdr.Det !8 -[125.4 

a» " Accnm-UnK—(U04 
900 Next dealing dap Jan. 

| 57 crieveoan Management Co. Ltd. 

--fll fttfl-rg 

PrndL Unit Tst Mngrs.V (aKbtfc) 

Hoi burn Bars, EC IX ZNH. 0I-405BB22 

Prudential:-(123.0 1305) +05J 452 

?;S. Outlier Management Co. Ltd* 

2.71 TtoSthEuhange,ECSN LBP. 015004177 

2.71 QnadrsatGen.Fd .imO 106.9}.| 456 

051 QmidraDl Income—pl75 Z2Bj| . .| 752 

_ ______ _ __,_, DJKL 

7S9 Guardian Koyal Ex. Unit Mgm. Ltd. D ?Jf J5p*-J* L ^L 

Reliance Hsc^TnnfarldgeWePa, EL 069223271 

_ 64.71.J 554 


P. Bor 01122 Gmclutr. DccJ31S_. 

' 430 (Accnm-Unltri_B6 l9 

4QO iAfcBrvla.Jan.4-.IWJ 


759 (Actum. Uultal.. 


ptL2 


2145 -05 
228.4 -0.4} 
1793 .... 
? n i 7 . _ 
H8.7 

1*3.9 uh. 
075* ...... 

903* 
mo +aS 
72J +£2 


430 

430 

733 

733 


Royal Exchange, EC3P 30N. 
B15880010 i»«) CuardMll T*t_.. (88.4 


01-828 SOU 
9L6I+0-4 434 


551 M High SL.Fotter» Bar. BMts. 

. 559 flfw GmiDW..(373 

Anderson Unit Trot Moa^ew.Ud.'SfcSSStt^i: 

158 Kenchurch SL EraMBAA 0BSKB1 SftlBC. 

AWtersnhUJ. —H63 49*+Lfl 457 - J - f - ' f _ 

AMbMher Unit Mgmt Ca Ltd. : 

02*i^r--E-J SS—H 3-S Hendcrwa Admt n intr atiwrirtV 

1 Mr. Mont:■ f Fund. p.sa.0 17*51 ...™J Ut ar pL J 8aw Premier D.T. Admin.. Kfljleiuh Koad. 

ArtHithnotSecmft£eo Lli (a)(c) «*.«■ J «-*«“**”**”■ . Brentwnod.Sto rar 

37.Qcu»fi£LLMdonEC4R1BY CadM Unit Pft Mgrf. tM.f (tKO 33^4 

kfflbarn Houae.Newcaade+ipan-Tyne 21165 It^urupean :—K-S 3351-051 

Cvrlial_:_ MB . 67* +031 458 '£?irg5:. 1-&3 565} 

' So. Aecnm. Units-.1775 793+53 «■« KiHnan.*ITO M5 

7.77 (a) ffitfi Income—56.6 645 +0J 

737 le»nc.fcAr»vni-K5 + 0 .^ 

i miw«»—»HnTni — 155 Z73 -03 

<*)Nth.American— 133 35.4 -0.9 

N.a. Greet Dee. 30. 11O.0 1146* —. 

on a. Mm 24.q 26J —03 

01-2483699 71,7 82.E 

1-0* *55 teiCabot_705- - 753 -LG 

Cabot Extn. Ine.—p25 54K(+05| 

... “For tax«Mm>Dttorute ooly 

+ 8 a. 450 Hill Samuel Unit.Tot Mgxs-t (a) 


OOTSnaoO ^tteeCeld Manag em ent Ltd. 



tg-S SS:«SSto 

jvrd J* Nntiii 



_ C ha rt e AooaeJatfhett 
550 l.paterwuta 
3.00 CJ. Internal 

a «eg® 

:d IS ZSSSigEi 

_ _ 

Price*. Dee. 28. Neat deallna Ten. 4- 



060 

359 

1.42 

0511 


PO Be* 4JB. Banlt Hce. Manclwr. 
Rldeefleld Lot LT .187.0 95 Od 
mdceUeld Income, fizj . 985 


061 SB 8821 
356 
938 


:d 


Next dealing "iSn. it 
Rowan Unit Trust MngL Ltd. 


851 


352 45 Beech SL.BC2P2LZ 
33+ fhi Bruiah Trust.—(1541 


'•lr 

£3* 

* r, d»nt Xi 30 

*"> ru . frf, 





FWelini* - 

"J. American let—feSJ . . 275}^BL5l 
DeaL «aon. -Tue». trSaaT 


Dee. 18 l 


w - (BUmi Treat—_ 

i~£ CUeftala Trust Managers Xid*&Hfc) {£c2f£iiw!r 29.9 
U5 aomOueenSUBCWtlBB. „ OMIBM 155 

™ snE» 


S!g +ag 3 . 8 ® RtbcUd. & Lwnds. Bfgrs. (a) 

$■“ SL9wiUiiMLane.L<ln..EC«. 01-8264336 
jjj NewC-t_ Entmpt—J119J I2fc0| .. T .J 360 
13T. 

2L25 
1.45 

3.% CUy-G«te Bte..FincbnjySq.,ECC. D18061066 
356 RowaaAm. Jah.5—I6L0 63.^-13) 250 
Rowan Sec. Jon. 4- I58.f 
Rowan By. Dec.38- E5 

lAcemn. units)_... 725 

Rwn.StxIn.Jan. 2 -. 73.3 
014988011 (Aecwn. Units) — 87.8 
164.91 +«.?) 552 ^ Fi jHg,^ Ltd. 

C4.Jennjm Street. S.W.I. 0I42082S2 

Capital Fund_1675 7L11 J 358 

Income Fund-_^S05 74.4) .J 758 

Prices nOec. 30. Next deaLmg Jan. 13. 


. Ho p. 

.. UMb. J 


476 InteLW (*Mg) 

IS, Christopher Street, EC2. 


365 -05 
7L4 -U 
323 . -. 
lflLt +4.9 
29.4 +0.4 
563 +02 
90.4a +02 



352 

2.17 

424 

429 

726 


831 


Next (IlJCa.'* M Dec. 

Archway Unit T*t. Hip. ulf fa)fc) 

ConfcderatlMi Funds Mgt LfeLT M imcL lav. FUmL—1887 * 5 * 4 -lt( 

Ar ftl^ at Jan. 4?N@st sn&^JaS 1 R M^mot PTLene.TO Algg Pppd JHaBagBTB Ltd. (aKgl 

Barclay* Unicom Ltd. Wgm* TtwSS 0 ^ 

Unicorn So.232RomfordB5.ID. Ol^SMSSM COMUOpclHm FuMI !BMg»r 8 .. 7 «3 SM 


Save ft Prosper Group 

4, Great 5L Helens. London EC3P SEP 
01-2477243 68-73 Queen St. Edinburgh EH2 4NX 
■ “ 6.10 Dealings to: 01-554 8809 or 031406 73S1 

Save ft Prosper Securities Ltd* 


,l!1 - "iiri. W DoiXoat 
.ir.-in-j,,,, ™ 

‘ ’ip'll] * 

,1 ___• _k 


Unicorn Amcrica^laj 

DoAnn.^rc._ 


l*t«»ju-ri». 
**• '***rnia 



234' CoptbaUAve,LondoidBCafttTJX 
225 CoanopOta.GUuFd. (173 ' U5(: 

22S 


Do. Growth Acc—-H05 
Pnlmwe lit, . ,p< l 

•Do. Prf. A're. TrL-lUC 1 ._ 

“Pricer at Dec. 9^. Next sob. 
Do. Recovei 

n^.WMwUle Treat 
BTBln.Fd.Tnc— 

Do. Acrem. 


__’x wy fifcx BUI + 0 Jl 

_ Kw Fixed Int.Fd._B95 63m _..7J 

JN Crescent Unit Tst. Mgr*. Ltd.- (aHg> Key small cohFd_fM 5 '. OTi( +c.fl 
7 ,B 4 Mehdlle Cter. Edinburxh 3 . 4 BUB 6 B 1 Kteiswort- Bensotn Unit MunagenB __ 

KS SU < tE122!!P*“E4- sJ-S 4 ??! 125 SO.FettehnrehSt.E.Ca. 01-6238000 Dumae 

?2 mwaSdm s unmzjBL jh =j “ 



High-Yield Units _|5S1 
High lncamr Funds 
High Return_^.9 


5921+051 653 


3.99 


428 



959 Dlscretkmary Unit Fund Ma na ger s 


IJg 33, Blomfield BL, ECZM 7A1. 


Old Jewry, BC2 

3R W7T.i 


459 DiscIacoam——1156.7 1672) —J 515 lAcinttbGeuFd.^M^ 

US 1 X. F. Winchester Fund MagL Ltd- 
457 


UJt Funds 

UR Equity Fund —144 2 

L ft C Unit Trust Management Ud.y 
The Stock Gohauga. ECZN 1 HP. Dl-388 2800 

752 lG.fi7Gth.Fd._ 

357 


01-4B0446S L&Clne-Fd 


>M :;d 

Lawson Secs. Ltd. WaXO 


%%% IS 


47^+05} 420 


354 

154 

259 


Sector Funds 

CuuddAUj m . 
Energy...__ 


!Uiir i 
I r»-»i» 
»:o;:s 


•I 

iw y. 


BaLeadmUMnsttRCX 
Stratton Tit... ...-[1775 
Do. AccuUL . .+....P366 — 

Next imTdiy lap. 


Saw Materlsls —t 
Acenm. T 

Find. 


_I 758 

014883890' '"■™“" 3r « r - •*"'» ——1 *38 _ 

H . JS Exnson ft Dudley Tst MngntBt. Ltd. 

“ ‘ 20.AritalhmBL.ftW0. . 

*■“ -Hi B b Yield 


“‘•V 'fr.M 
MAIul-t •. 

•run; ll> . 

in >.») .: JK- - 

mo t', uj 
Oli •. .1 

■Ay. 




l/Lcnum. XJnlt»)__. . _. . . . 

DeaL tHon. *T1W4. ffWfcd. tThurs. »FtL 


38J 



• wlre- 

5flj 

_ 

435 


402 


7 ? ft 

-l.t 


—LO 

50-® 


68J 



■uwwt.nwwi-iiX'e.* B ^ 1 ^" LIIU ' 7331 

fl.BtshopuatfcE.GhLi . - 01-9888380 EquUafl Sees. Ud*(aX£) 


6.96 

696 

307 

357 

150 

027 

027 

12.0 

115 


Bt |(MIII»hiniw Funds 

Salest Interest_ 

Select Income- 

Scotblts Securities Ltd. 
SeotbtU 


—1685 . 70S—001 450 
.... 63.0 67.71 -1.0 ZM 

— 66 b • 703M| -Qj] 35b 


—_“BZ: 
»-is. 


Equity ft Law Un. Tr. M* <aXbXc) 
Ame rtham HtL. High Wycombe: . OOM 33377 
SqtdtyfcLaw;_(66.6 . 6851+021 459 


omzsHi 
5.15 
520 


:_:J 


Schlesinger Trust Mngrft Ltd. (aKg) 


.B- gtsu intJea. 

,ASCU Nn>tt%hrdi5rim; 177 "^sa. 1 
Bridge Fund ManagetaVCtfc) 

King William SL.EC4R BAR 01-8234031 kvhuc xnuuuuauauai UH. Affl.EumK' 

MJI+321 656 FramID«tsn Unit Mgt Ltd. (a) a.DulwSt,Londonwpiam 01-486»9l Am.Growth.__ 

SridS*S£jE»f:K« M.todS«riE0«B5S“ Ol-ataaon -1717 765(+L2] 528 Exempt High yid*(24 7 


18. Cuiyitce Rood. Brlstuft 

DU Dec. 14_1542 

(Actum. Units)_£75 

_ Next sun. day Jan. 

Leonine Administration Ltd. 


ScoWieldB 

Scotahares. 


Sem.Ex.Gth**_ 

Scot Ex. YU.*fl_ 

“Prices at Dec. “ 


'.4 

555 


:d 


255 

720 


353 

658 

422 

228 

652 


Next sub. day Jan. il 


\m>fuiHSeH, |E'l 

'Ti kdav Bs&kK^ll= J 


flnc or nor a tlng Trident Trusts) 
140, Sooth Street. Dorking. 

K. 


Capital Ttt—-1 


Leo Acc urn____.1775 


[7L7 7651+L2I 528 Exempt High Yld.- 

|77J n^+12} 457 Exempt HkLLdn.* 

.U_>.J U Extra ine.TsL- 


Us 8 mV 
: i 


Brt ^reDMr flOfldT DeeUng’TSefc'fAfei- 

Britanafat Trust Man igM nentiaKiQ 


_| 3.85 

^ Lloyds Bk. Unit Tst Mngrs. Ltd-V (a) 
+ 4 R Registrar's DepU Goring-by-Ses, 

Worthing, West Sumer. 

.Lcnd^W^Build,^ 150dm, W- ,Untf Tft *S»* 

\-&4flrH8S3B£fc=B 

^ rfsaSKSzK « VS822g+=:ti, 

„ SS'.at.lWt Manager, w ) gS^JSgf*-" g. 7 , 

-kMI 323 - 16,nnahnryClrcosEC3H7pD . tfeOSMSl ^ 



S3 


DICES 


IOvestTnShare«- 

Mineral*...—__ 

Nat. High Iw ■ y. 

Nmt^taMriceb— 


B7.9 


& 

■ SU -0.7 

475* -0.7 

I £2 il| 

38.9* +eJ 

mam -as 


t _ t . __' M5 

Extra Inc. TsL_292 

Income Disc-- >97 

lne. 10% Wdrwl-315 

01-6291388 InraL Growth__ 422 

«*« “ aaS-fiSSrrSJ 

•NU Yield'-_283 

Property Share*_272 

Special SK.Ttt_:*_ 245 
ILK. Grth. Accum. ZLO 
“UBLGrtkXHst_195 


731 +05 

5L9n . 

645 -02 
862 + 0.6 
1155 +05 
622 +05 
682 +DA 


459 

345 

345 

395 

5.95 

754 

754 


20.7 
271 -0.4) 
260 

3L4 +0.2} 
442* +0* 
34.0* .. 

45.4 -0.4l 

262 -Q - 4 

3LM +05) 

30.6 -02 
.292 +0A 

263 
225 
2L4 


(0308)86441 


227 
2.98 
8 67 
431 
953 
. 928 

+0J| - 
320 
453 
453 
021 

254 

255 
528 
528 


, 5 5'3 2-3S G-T. Csp.Ine-K3 

ISvlln^ aS: D®- 6 «——»— 
-H-S'S-S J-2S G.T. IBB.POM 

421 



. . J.T-Inn. Fund—fill- 

aT. Four Yd«Fd__ pj.9 

If TG. ft A. Trust (8) tK) 

^ ftRsylMlh Hd-BmCwpori 


lab Lloyd’s Life Unit Tst. Mngrs. Ltd. 

-. IS 72-80, Gatehouse Itch, Aylesbury. 00889041 

■—I 750 Equity Acctun.-11452 15tl| -05) 3.99 

ua. Mfc Q flmBpf (yXcKx) 

S three W TUimr HU 1 , K3R 8 BQ. 01820 4988 

«• ibM 5^_!2Msr™ia+3ir»* 

(Accum. units) _ 1405 

nr ■ AnHT flliifan lffl H 

(0277)327800 (Accum. Uuttsi__|4L7 

39.7J+02I 459 ‘ 


“Next sub. day Jan. IL 
J. ffenxy Schroder Wagg ft Co. LkLV 




;<ilr til Ncton 


T 


r- 

a- 


CLIVE IN^ 

1 Royal Exchange jAvft, London ECSV 3LU. Tel 01-283 1101 
Index Guide as ardth December, 1977 (RasdflOO at 14.1.77.) 

Clive Fixed Interest Capital ._j... 133.19 

Clive Fixed Interest Income .J - .. 128.03 


CORAL INDEX: Close 434439 


INSURANCE BASE RATES 

f Property Growth ... SiPo 

Cannon Assurance ..1..:.. ^ 

♦ Addres* shown under insurance sod PtoOertr Bond Tabic. 




BASE LENOING RATES 


.-0 1 r 


A.B.N; Bank .. 7i% 

Allied Irish Banks Ltd. 7J% 
American Express Bk. 7 % 

Amro Bank .74% 

A P Bank Ltd.. 7 % 

Eenry Ansbacher .. 71% 

-Banco de BULban. ,— 74% 
Bank of.Credit ftCmce. 7j% 
Bank of'Cyprus . ”4%. 

! Bank orN.s.w..... 74% 

Banque Beige Ltd....... 7|% 

Banque du Rhone .i. a % 

Barclays Bank 74%' 

Barnett Christie Ltd—'.. ■ 
Brcmar Holdings Ltd. 8}% 
Brit Bank of Mid. East 7 % 

I Brown Shipley .......... 7 % 

CanadaJP’ennanent AFt 7J% 
Capitol C ft C Fin; Ltd. ' 9 % 

Cay*er Ltd..: 7 . 4 % 

Cedar Holdings S % 

■ Charterhouse Japhet... 7 .% 
C. E. Coates-84% 
Consolidated credits -. *74% 
Co-operative Bank 7 % 
Corinthian Securities.... 74 % 
Credit Lyonnais -7 % 

:: ; C i Diincan 'Lawrie ..I 7J% 

■y*>. Eagii Trust- 74 % 

, English Transeont. ... 8 %- 
. » First Xondon: Secs.'... 74^i 
First Nat Secft'Lfd.... 9 % 

: First Nat Fiti- 'Corpn. ■ .9 % 
yf! >■ Antdny Gibbs.'.......... 7 % 

Goode Duriraht Trust... 74% 
^•'1 Greyhound Guaranty... 74% 
Gritidlays Bank..7|% 
Guinness Mahon ....... 7 % 

:» s '■ HambUM-Bank ........... 7 % 




■ Hill Samuel ..5 7 % 

C. Hoare ft Co.....f 7 % 

Julian S. Hodge . SJ% 

• Hongkong ft Shanghai 7 % 
Industrial Bk. of Scot 7 % 

- Keyser UUmann .7 % 

• Knowsley ft Co. Ltd.!.. 9 % 

Uoyds Bank . 7 % 

London ft Earopean ... 81% 

- London Mercantile ... 7 % 

Midland Bank . 6J% 

■ Samuel Montagu. 81% 

■ Morgan Grenfell . 7 % 

National Westminster 7J% 
Norwich General Trust 7 % 
P. S. Refsan ft Co. ... 7 % 
Rossminster Accept'cs 71% 
Raya] Bk. Canada Trust 74% 
Schlesinger Limited ... 7i% 

. E. S. Schwab . 9 % 

Security Trust-Co. Ltd. 84% 

•; Shenle.v Trust . 9J% 

Standard. Chartered ... -7i% 
Trade Dev. Bank . 76% 

.. Trustee Savings Bank 7 % 
Twentieth Century Bk. 8j% 

- United Bank of Kuwait 7 % 

Whites way Laidlaw ... ' 7J% 
Williams ft Giya’s ... 7i% 
Yorkshire Bank . 7J% 

IMiiUbm ol tte Accept I ns Hobbes 
cmadiiK. ■ 

k 7487 fl*0MltS.«, 1-Saoflth depodis 

t 7-aay deposits on sohut «t aejm 
>nfl uniter- 4%. up-to 124,600 4 *% 
and over J2S.6M 861.' 

I Can deposits over n.080 ' - 

I Demand deposits 

S Rita also applla -ta SierUis tad. 

-Stcs. - - • 


PUBLIC NOTICES 


P i EEC FOOD AID PROGRAMME 
'• Disposal of 2,500 tonnes Skimmed Milk Powder 
: ex. Intervention Stocks to India under 

■ v, Regulation (EEC) 2852/7J. 

The Intervention Board for Agricultural Produce invites 
-V’ tenders from companies established in the Community for the 
-• removal, between 26tti.Fehinaiy and 9th March.1978. of 2,500 
; tonnes powder packed in 25 kg. sacks from AUtraniroprt 
International^"Group LtiL, Curran Road. Curran’s Trading 
Estate, Cariifi; to. a Community j»rt for collection-by the 
InduuiGovernment. t -v. j _ . 

Forms of tender are available front the Intervention Board 
far Agricultural Produce, Braneh C, Intenul Market Divirion, 
at Fountain House. 2 West Mall. Reading RG17QW. Telephone: 
TO7341 583626 ext. 294. «‘ J „ 

.Tenders must be received by 12.00 hours on Monday, 9th 
-January, 1978: 'A notice has also been published in the official 
vJSurnar Of the 'European Communities.- ; _*. 




CatiUmodU^——&35 

(Acenm. UntoD —- 67.4 
Compoond Givwth. 99J 
CmlndHi Crewtb 483. 
DhSdUtd---mi 


A«o»fc.Ualli)^_ 204.1 

tAcann-Dtum_- 

RxtM YtollL-L_ BL.7 


(AEmna. Unttx) 
FnrEMtairn-™ 


B8.4 

TJnlTsl_WL7 

__ jnv.TMs^-UftO 

ACCBVL Units)-.025^ 

fAmriSa-Unitii_[2405 

linifu) _£157.6 

_pa.9 

»_12253 

150.7 



Units) 74.6 

„ __ 158.9 

.Units)_ 2375 

SkS UtoteTJI Z ^-8 

SpnrWWd Fnwta 


0.93 

252 

252 

5J5 

i£ 

392 


433 -LI 

44.1 -13 
44.4 -3J 
67.9 -0.4 
7U -0.4 

I05.C 
512 +03 
1375s -3-2 

217.4 

49.8n +0J 
304 +0J 

is 

45? -02 
445 —02 
63.9s +02 
76.7 +03 
1675b 
25S.2 -02 580 
1032s •HU 826 

167.1 +02 826 

1192 -25 132 

119.4 -2.6 * - 

193.6 +0.1 
2377 +0.1 
1605 +02 
260J +03 
785a +O.J 

79J +05 
1M2b +0.4. 

252.9 +05 
1572 -0.4 
1947 -05 


120, rheapnlde. E.C5. 

Capital Jan. 3_ Wli 

(Afcsufc)-- WJ 

Income Jnn. 3-1755 

(Acenm. Units)— S95 
GeneralJ ul 4.785 
(Accum. Unital ___ 972 
EoropeDee.29-— Z7.4 
(Areum.Unlt 9 .l__ 29.9 
“PVCtar Dee. 80-_ 1719 
•Spect^Ki Dec.30 . 2242 

•Recovery Dee. 30 _p£72 _ 

“For tax exempt (nods only 


itm«f 

-ars . 

1815b .. 

«Jta -1^ 

315_ 

1772 — 
2310 „,.. 
192.1 


2.45 

2.43 

6.94 

6.94 

334 

334 

158 

138 

355 

5g 

452 


7 Is Scottish EqniteMe Fad. Mgrs. Ltd.f 
756 28 St. Andrews Sfc, Edinburgh 031-8889101 

Income Unite-B17 53 0 +051 550 

Accum Unite -___paO 617) +07| 5.08 

Dealing day Wednesday. 


357 

3*7 

820 

820 

SB 

SB 

453 

453 

550 


132 

4.06 

4.06 

7.10 

7.10 

454 

454 

512 

522 

425 

425 


Trustee 

Units __ 
Jen.3_ 

_..Jan. 3- 

(AccnmVnlts)_ 

Ffes.tt.JniL 3- 


11402 

BM.0 


147.91-051 


2785c 


120.7 
2«5 1452 

U702 173.4 

2233 1302 


—021 


638 

638 


+L 6 | 1027 
7.47 
7.47 
5.75 


Seta# Unit Tst. Managers Ltd* (a) 

PO Box 511. Bcklbry. Hse., E.C4. 01-2385000 

ScbogCapita) Fd..M3 3! , , 

Seba£lnconMFiL-P95 3221 +Q2J 752 

Security Selection Ltd. 

15-lfl, Lincoln's Inn Fichte. WC2. 01-83100350 
UnvlGtbTstAce_|m 24.61 ....J 3 83 

UnvlGthTsttac_|203 21M 353 

Stewart Unit Tst. Managers Ltd. ta> 
45t Charlotte SO, Edtoboigb. 031-2383271 

Stewart Amrrtean Fund 

Standard Unite_B7.0 615j ..._J 161 

Aceum Vans-1614 66 

Whhdrewxl Unlu-I46.9 50. 

Stewart Brtiteh Cnpllal Fond 

■Standard—.-.11324 142*1. J 325 

Accun. Unite-PM.0 16U| .....[ — 

Son Alliance Fund Mxigt. Ltd. 

Sum Alliance Hie . Horsham. 0403841*1 

l/IhLDec. 14.1E1943 20351 .....I 4.47 

“ 'W—@75 9l3+03} 329 

Target Tst Mngrs. Ltd* (aXg) 

: 02966041 


u 14. ton 
i _@75 

MamdUUe Nbnagawnt Ltd,f 
StGeorfe’sWay.Stevenage. 043836101 
GcowfeUniis—_)50* 533J .4 181 

M«rcmy Fond Managers Ltd. ~~ — 

30,Gtta#tett St, BC 2 P 2 BB. 

MareGenJan.4_DM.9 

AcrtUtaJaa.4.. .. 17187 
Male. Int Jan. *1584 
Acrin. Uts Jam. 4. _1623 

M*c.ErttJ3ar.3S_ — 

Anam.UuJMte.aB. 

MUland BanbGnmp 
Untt. Trqfft Managers Ltd* <a) 

Coortwood gouge, silver 
shnfflcid. si mnT 
Commodity A Gen..| 

DfcAecam._ 

ere** 



Tarpet Flnand*)_ 615 

™ eDo-Aec. Units_Z723 

TargetCHJt Fund _ 1243 
Tsrset Growth gn .0 

4.40 




u Dec.50. Nextdaaitafi Jan. 3L- ___ 

Mfc&br Fond Managers Ltd. ~ ^52 S^°d^'sb; 

Arthur St, E.C.4- 01-623 1050 Bw*m.Dee i a»- 

3Ui^ __J 521 • Aceum Unite) 

'nit Thut Mgesmit. Ltd. 
WdliStauStfeelBWTaaiG. 01-9307383. 

UIAtps_tMO 39,91 .".-I 426 


Tmxet Inti-to 2 

Do. Kdnr. Unite—(253 

TaiEctlnr. - 

Tarcm.Pr.Jan.4. 

Txt-imc.- 

TBLPret -- 

Coyne Growth Fd. ^ (1E.9 

Target TBt. Mgrs. (Scotland) faXb) 

Ifl. Athol Crescant.Edln.3. 

Target Eatje_—.f ‘ 

Target ThiAlB -.—-l 
Extra Ineonie Fd.-2 

Trades Union Unit Tst. Managers^ 

100 , Wood Street. EXi 01-4388011 

TUUTJ*n,a.„_-1513 546| _...| 4.96 

TnmsatlantSe and Gen. Secs. Caf - 
91-68 New London Rd. ChehretordCOiS 8105) 
'Barbican Dec. 30. 




Cblemco dm. 30. _ 
(Ac eu m. U ol li ) , 

Cnjurld. J<33.4._ 

(Aecum. Units)_ 

nten.Jan.3- —, 

(Acenm. Units)_ 

Marl boro Jan. 3_:. 

(Acenm. Unite)- 


Unit Trust Managers? (*Wg) 

Avfc,EC2R7BU. 01-6004803 YMGWthlJl 

' 552 (Acenm Units). 
+0.7J 722 Van‘HYJan.3. 

- 5.68 Vamf.ne« Jan 
+UX 129 (Acenm. unite.1 


(Aecum Unite)— 

“ vJtaejSdU- 


and CommereLal _ 

Square, Zdlnburfb 831<oSC 9151 Wfe&Div. 

_j 5.66 r * — 

z~\. 329 Tyndall Managers UdLY 

3601.4 32® 18. Caayngn Road, Bristol. 


rrljB 

806 

+03 

r iB 

iau 



BA* 


H-S 

HO 


S72 

1022 



1293 


1465 

1543 


SU 

57* 

■^U 

57.9 

415 

-OJ 

D* 

553 


65.4 

49* 

_ rl 

47.7 

901 



5*5 

, 

482 

508 


583 

61* 

nlH1 

W* 

735 


OS 

46.0k! 

+ai 

443 

44.4 

+03 

S0.7 

643 


70.6 

743 


m 

692 

763 

--- 


358 


OFFSHORE AND OVERSEAS FUNDS 


Aitafhnat Secmritte* (CX) LfrnUed 
FO.B« 281SL Haller, Jereey- 053472177 


Cap.TfcUeroeyi.._ 

Next ociiAu date__ 

BaatAMLT4UCI)-CU25 llAOj ...._( 
N«et sub. Jan. 1ft 


U8M __ 

Jan. 11. 


-I 159 
328 


AafltrtHan Selection Fand NV 

. 1 - 

BatMiae BrexeUes Lan&ert 
Z Roe dr la Regace 8 iooo Breuels 
Renta Fond U—{1951 251H +9| 5 

Bk. of Ldnden & S. America Ltd. 
966ft Queen Victoria SLE9C4 


Fidelity Mgmt. ft Res. (Bda.) Ltd. 

P.O. box 67D. Hammm. Benmida. 

Fidelity Am Aaa_ 

Fide II iv lnt. Fond. 

Fidelity Star. F£te_ 

Scnc*A(lntnl)_ 

SorlMBtPacUfe).. 

Series D (AnUtat) 

nrst Viking Commodity Trusts 
ftSLGBorgeteSt.Doustas.lojf. 

0624 4882 Ldn. Axis. Dunbar & Co, Lt d. 
53,M]HalVLwSnSW176JH. 01-9807867 

^^SS^dSi 378 

Fleming Japan Fond SJL 


SU520.93 

-023 

5US19L08 

__ 

s 

-X(N 

.033 

— 

£*03 


£13.44 

-aib| 


KempCee Management Jersey lid. 

1 Charing Crow, St Heller, Jersey. 0534 WKI 
'■ “ 2£l^a 79. 


Save ft Prosper International 
Dealing to; 

37Bxoa<15LSLHMlcf-. Jersey 0S34-20M] 

VS DeHardoMsatmlcd Ftarit 


Dir. Kxd_ lot. _ 

Internal. Gr.’t, 
FhrEattorn" 


Key»h* Hngt Jersey Ltd. _ ____ 

roHoxSftSLHalier.Joruy.{EM014KM70mn N«thAj»»ieu“$. 

nnuelex—--OPMJIS MM ._ v 3.000 Sepro**?. 

KeysdexInti—, E545 fiX 426 

Ke7Hl«Emopo«, 0.87 18 ...... 3.85 

JapanCtb.Fund_U79 mb _ — 

Reysdex Jnpan _ SJC . — 

Cent Assets Cap_ E229J7 +052 — 



7.06 


Ring ft Shargaa Mgrs. 

1 Char) 


_Capital*-. FZ175 

Channel blaad3*-.B445 

commocucr^t_R24.Z 

SL Fiat lnL“““t__ 

Fricea on *Jan. 4. ■■Dee. 2L 
tWeeiiy DeaJmts. 



oi-mtsm CT- n * e Notre-Dame, LoxembourE 
Alexander Pand-.{ JUS6.44 — FTmg.Jan.4-1 5CS3651 I+4L25} — 



Net amt value Dec.: 

Barclays Unicorn Int. <Ql. Ia.) Ltd. 
1, Charing Crow. St. IJcH«r,Jriy. 063472741 

Orerieu tocoroe... to? . 56.71 ,_.J 951 

Unldoltar Treat—ptossa KM+uq 4JB* 

•Sabjoet to fee and witabcddlng taxes 

Barclays llnjcom Int CL O. Man) Ltd. 
I Thomas St. Doaglnx. I.o.lL 


Free World Fund Ltd. 

Butterfield mag Hamilton, Barnuda. 
NAVNor.30_| SUSU356 I.| — 

G.T. Management Ltd Ldn. Agtft 
Park Hse- 18 Ftaaborr CirCds, London EC2. 
Tel: 01-628 8131. TLX; B8S100 


GDt Fnnd [Jersey), 
Gilt Trust U^-lfO.-. 
Infl. Got Snft 
inn In i If n m 
First IntL^fe 



aO.FenchnrebSt.EC3 
Euxnncst Lux. F. 

Guernsey lnc.__ 

Do. Accb 


Schlesinger International Hngt. Ltd. 
nifS 41 La NnoeSL. St. Helior. Jersey. 083472568. 

SJUI_IBS 90f -II 8 06 

SJLOL. -__E«aU0 U« -10) 430 

-««= gg &ggfe . iii- 

United 


Unicorn Anst-BcL. <UB 

Do.Ab4.Wb-W 

Do, Crtr. Pactfle— 555 
Do. In tL Income— 3)2 
Do. t of Hn «j 

DaMxnxHntu£l_ 234 


_ Crt) BE of » 

08244006 AnehorGitt 


. ...... 25 

2M|+0.4f 250 

3 1 US 


-ojfl 


320 



AachorlnJi 
Anchor V Unite—! 
Anchor Int IU 
G-T. B 
Bh. of ... . 

Berry PacF. 
G.T.5FU 


% HBWaSi: 

fs Hgoat Benmida 


SUS955 7 '* 


noji 


Schroder LUe Group 

01-633 BOOH Enterprise Boose. Portsmouth.. 070507739 

JS taUtbatisaal Shads 

J" £Eqnlly_1022 209.71 -1« — 

SEanity-USJ 122*1 +24| _ 

*3? CRxed tatmsi_143.9 153.m +1« - 

SFtacdlnleresL_102J ma +0 4 — 

tg-0 DA5 Olmufed-.,1231 130 Q -DJ _ ■ 

+M3 - SHuuged,_1085 115.^+14 - 


Bltohapigate Commadity Ser. Ltd. 

PD. Bax 42, Douglas, Io5L 088+39011 «- T - Hgt. (Asia) Ltd. 

ARStAODer.6-j SUS2S.D1 I_| — Hutchison Hse 

CANRHO—Dec.Dj £lS4 ■ . - G.T.AstaF._ 

COUNT" Dec . 5—| 0370 j — C.T. Bond Fund 

n jipMUy issued at “S10 and *wT 


^ J - Bmxr Schroder w *« * Co - ud - 
SB act as London paytag aganta only. 120>cbnplldF>K c5. oi ssS4Guo 

Cheap $ Jan.3-1 SU53109 |-0.1b| 252 

TnifaJ^- Nor.» J SLS203 


U«ydfl Bt (CJ.) U/T Mgrs. 

6-71 I—J-flJS P.O.Box 106.SLHdicr.Jerter- 033427361 Aatan 


■ Dee, 


Harcottrt Rd, Hone Koax 


Bridge Management Ltd. 

P.O. Box 50ft Creed Cayman. Cayman la. 

mvttBLjEsr 

** 

Britannia: Tst- Mngmt. IQ) Ltd. 
30BatbSt,8LHeUer.Jency. 003473114 

Growth Imwat,,—Ptt.7 . 353>d_.1 340 

Intel, Fd.- —619 KB 150 

Jersey BnnrnXH.. M95 16LM .( 150 

UnivA.Dlr.fM-S5.41 1M_J 150 

UniVSL S TlL Stg— |S.42 ZsM J - 

Value Jon. 3. Next iteniiwj Jan. > 

Bntterfldd Management Cfc Ltd. 

PO. Box 19ft Hamilton, Bermuda. 

Buttress Eqtdty —1255 1481 _I 258 

Buttress income—1198 l.«Q_I 7.4* 

Prices at Dec. 12. Next sab. day Jan. ft 

Capital-latertuKional SJL 

31 rao Nolre-Dame. Luxembomrs- 
Capital JtntFoixL-1 SUS2551 • |_J — 


Charterhouse Japfaet 
i Paterncoter Row, EC4. 

I0H295I 
DH463B 
DIDOJB 


“■••ifliae&i!VHsssfflfc 

issErPHtt^lriJ In toteniatlonal Mgnmt. &A, 

— 1 1 ■- ■' 7 Roe On Rhone. P.0. Box ITS, 12U Geneva 11 

**' ■■ 



365 
6 ID 


180 

640 


G. T. Management (Jersey! Ltd. LUydsInt.Growth.I sfsw j 

Royal Ttt. Bn, COtanbcric. St Helior, JeriMF Ltonfs taL Income. |SFSBD 
CIT. Asia Starting-IflO 85' ll*3j —| 172 M _ 

Bank af Bcremda (Gocreaer) Ut BX ft G Group 

31-33, LePoUd.Gumpiey.^,.., , Three Qoasfc Tbwer tall ECSB OBQ- 01520 OB8 
Berry Pac Stria-[19950 2X7J6|-l 138 Atlantic Ex. J 

Gartmore Invest. Ltd. Ldn. Agta. - cm^jSU: _BnsiJ7 

2. SL Mary Axe. London. EC3. 01-2833331 Island -DD9B 

- (Aceum Unite)..B534 


Singer ft Frledlander Ldn. Agents 

20. Cannon St, EC4. 01-243 «W8 

Deksfoads,_IMB6H 275H-020I A00 

TokyoT eLD ec.28_| SUS29J6" .{ 206 

Snrinvest (Jersey! Ltd. is) 

P O. Box OB. SL Holier. Jersey. 

A m er i c an Ind-TsL, |£7 M 7 




_ _ — Hareourt Rd, HJCOna 

hk * Pae. U. Itt—.t-; >;.s2 a’- 234 —-I 2« 

N^maricSTiiLZfe^H 10^ ”“"J — 

BttL Bond Fund_RUSUB 1M .—1 — 



QSU7382S 
139 


Gartmere Investment Rift, lid. 
P.O. Box 32, Douxlaa, IoM^ 


_;32. Dotij 

InlmmtiwiaJ IacT, r 
Do. Growth_G 


138011 


Samel Montagu Ldn. Agta. 
214, Old Bread St, E.CSL 
Apollo FftDec.21.|SF4665 50 

Japfett Dee. 15_URDU* 9 

117Ireop Dee. 14.. . 

117 Jersey Dee. 14_ 


MdSV HwSSKfe 



Adirepfcl 

AcHverba, 

Ktmdak... 

FondliM 


01-3482 



Emperor Fuhd-taJSUZ 

Hispaoo___IR5QJ1 


Cornhill Ins. (Guemsey) Ltd. 

P.a Bos 187. Si. Peter Pori. OaeniMy -■ 
tatel.Nan.Fd._~.11635 177JJ-_4 — 

Delta Group 

P.O. Box S812, Nmni, Babamai. 

DeltaZnv.Dflc30-ISL35 1.42J_J - 

Datedwr Investment-Trust 
Postteeta SOU BIcIwrum 6-108000PHrattiri. 
Conerebs. 


Hambro Pacific Fund Mgmt. Ltd. 

2110, Connagght Centre, Hons SOng 

Far East Jan.4_N57 9791-0581 _ 

Japan Fund--pUSSAI SJR — 

Hambroo (Gue rnsey ) Ltd/ 

Hambro Fund Ugrt (CX) Ltd 
P.a Box 86, Guernsey 0481-36531 

CJ.Fnnd.Dec2_0375 346.1)4 -.I 40 

Intel. Bond_EOSUU 1H7M .I 500 

lot-Equity—__SOS9J7 Uti -J 250 

J&SSBS--SSS iSH IS Ne * tt tUL 

MSSmi^EX^SdeshSjiifclL 30 ^ I ^ c B JJ n ^ d11 ^ Ug5 i i.^ ,ll>Ut | lra ' B |T U ' 
Henderson Baring Fond Mfcra. Ltd. 

P.O. Box N4723, Nassau, Bebomaa Old Codlt Fund Mngrs, Ltd 


Copper TVubuZ^T JSo° 46 
Jap. Index Tst-|£AOT sSl-Btol _ 

Snrinvest Trust Managers Ltd. lx) 
50.Athol Street, Douclar. I.dIL (HB4330I4 

The Silver Trust |964 984) +0J! — 

TSB Unit Trust Managers tC.l.l Ltd 
01-3880484 BafisteRcRd.,St.Saviour,'Jersey. 0SU75VU 

‘ Jersey Fund-145 0 47.41 J 405 

ISO Guernsey Fund. 9 47«J I 405 

L91 Prices on Jan. 4 Next sub. day Joa. 11. 

~ Tokyo Pacific Holdings N.V. 

Intlmls Uanaccment Co N.Y.. Curacao. 


Murray, Johnatoae llnv. Adviser) NAY per shore Jan. i. lUiQSB. 

' Gta **r ,, ^U.« 0M«i8tti Tokyo Pacific Hidgs. (Seaboard) N.V. 

-SSnvKa==:l SU99W :::::: - ‘ l»tUnta Slana£aiD.nt Co. N V Curacoo 

“NAV Dec. 15. NA\ per share Jon. 2 SLASlOn 


Neglt &A. 

10a Boulevard Royal, Luxembourg 
NAV Dec 30-1 SUS9.fl l . 


.4 - 


Tyndall Group 0534 37331 

Hamilton, Bermuda, a st_ Helicr. Jency 

600 


Jgonl'ft ■=-r-^K 5 ’ S3 3 ..iiNj-..—! — PD. 58LSL Juliana CL. Gueruaey. 
Prices an Dee. 2BL Next dealing date Jan. 11 Eqjy. DeeJ30 W9.6 53 


Efcpy. l, 

Inc.FdL Jan.3._ 
lna.Fd.Dec.I5—. 
Snt-CoJCd. DecJO 


_^ —iDliZUB Z140HLUI — 

InL Rentatfonds—|WC258 74 jfij .TZ| — 

Dreyfus mtercontineiital Inv. Fd 
P.a Box 713712. Nassau. u»lnm<»« 
AVDee-JB_ WHOM B2tJ.| — 

Gmson ft Dndley TsOfgUrsyJUd 


BOD-Sanmel & Co. (Guernsey) Ltd. 

8 l*Febm St, Peter Port Guernsey. CJ. 

Guernsey T*L_(ISftl 364.9( +0.91 351 

mil Rurnn el Overseas Fund S-A. 

g£SB9L%rpi 

International Pacific Inv. Bfiigt Ltd. tPrt^e^‘S^zi. 

PO Box R237. 5ft Pitt St, Sydney. AusL 
Javelin Equity TU-ISL9B 2851 •—I — Phoenix International' 

J-E.T. Managers (Jmey) Ltd. Cb S 2T* t - , ■ 

PO Bax 104, Ratal Td Hie, JersayOSSC ZM41 tatet-DoUarmnd-PIJaa 201 -1 — 

- «HbT 


Old Court Commodity Fd Mgn. Ltd. 

PD. Box 8ft SL XuHsate Q, G e ta uae y MS1XM1 

OjC.C oatttylbL“_p27.7 lKfl I 168 

OJ.5Srai.TBLt.to4.73 26jej | _ 

'Price* pq Dee. 30. Next dealing Jon. 13 
ah ns date Jan. 8. 


Overseas Dee 30..... ISCSI D6 

lAceum. Unitai...Sl'5157 

taSoc Dec. 30_si-san 

3-war int Dec. 2i_. ns? 45 ... 

TOPSLDee.30,.— £675 _72Cl . . ) 600 

!Aceum. Sbareal... 00.15 

TASOFDee.30_008 

lAcemn- Shares) so 0 __ . ., 

Jersey RL Dee. 30.. 183 6 194.9. 7 JO 

lNon-J.ACC.UtS.l_. Z50.4 2656] .... I — 

048128331 Gilt Dec. 30_ 1366 U90|.| 1008 

SJSB (Aceum.Share&i—1428 
Jny. Man. Dec. 22... [1258 

lltd IntnL Mngmnt, (CJ.) Ud 
14. Mulenater Street, SL Helior, Jersey. 
L'X&FnnsI-1 5USU0 I .. | 629 


P.O. Box 73. St. Heller. Jersey. 
EJDiC-T. 


Am ta Nov. 30. Next sub. dny Jan.. 
Jardhtc Fleming ft Ca lid 


Pi op wt y Growth Overseas Ltd 


United States Tot. lutl. Adv. Co. 

14. Roc Aldrlnger. Luxembourc- 

UdTtt.Inv. FndL..| SUS1012 j .4 0 99 

Net aaaet value Dee. 30 

SL G. Warburg ft Ca Ltd. 

30, Gresham Street. ECU. 01-8004553 

Ca.BdJan.3_I SI'S® 34 [-01 

Engy. InL Jan. 3_ 5US16B4 1—03 

GUftSFUDecJl -..] SUS6JS 

Warburg Invest. MugL Jrsy. Ltd 


-IU7.Z ' 124.7) +L1[ — 

F. ft C. Mgmt. Ltd Inv. Advisers 
1-3, Laurence Pouutncy HiO. EC4R OBA. 
0V823 4080 

CenLFd.De4.38L- I SUS450 | —| - 


0S3420591 48th Floor. Connaught Centre, Hong Rbug 


Jari&ne Bate. TaL_. 
Jardtee J'pn. FdjH 

janflneSJjL_1 

JarduMtPhlp.TU_. 
Jardine Flam. Int^. 


NAV Dee. 




Next sub. Dec. 301 


290 

110 

2*0 

370 


28 Irtab Town, Gibraltar. I Gib) 0106 1. Charing Cross, SL Heller, Jsy. Cl 053473741 

UA Dollar Fond _| SUS9036 1—3.751 - CMFLtd.Dec.8—(S15UJ3 11« . 

Sterling Fund- 029J1 +1*2 — CMlld.Dre.ft . tolSS UM 

- Metals Tst Dec. 15. £3220 12»| 

Royal Trust (Cl) Fd. MgL Ltd raTL^D^lsr-E 11 9 ^ 

PXXBu 104, Royal TsLHsfc. Jersey-OS34SM41 

R-T.iart.Fd._msu «65l. ...I 300 World wide Growtn Muagoieiita 

R.T.Into.(JiyJFd..fi7 fij , _ J 3.2 10a, Boulez Royal, Luxembourg. 

Prire* ta Dec. la. Next dealing Jan. 13. Worlds u s G_ r«f SUS13J5 |+004| — 


INSURANCE, PROPERTY, BONDS 


Abbey life As Durance Ca Ltd 
l-SSLpBulteChuiehyard, BC4. 01-3480111 

Equity Fund_BS.9 

EquUyAcc._DOJ 



iizn —- 


Property Fd.__ 138.7 

PropatyAcc,-Mti 

S+lectfre Fund-Bl 

Conrertlbto Fund - UM 
IH 1 

Pens. Selective— 79B 

Pirnx. Srenrity.__ 138* 

Pena. Mtaaged—— UB.4 

PtetaEteiity_,-.154.4 

VProp. Fuger, 4_U9* 

man. Fd. Ser. 4_ 127.9 
VEquatyJFd.Ser.4_ 333 
VConv-LFd. Ser. 4— SftB 
VMorey Fd. Ser. 4_ 1870 . .. . . 

Prices at Dec. 90. Valuations normally 

Albany life Assurance Ca Ud 
31, Old Burlington St, W.L 01-4375062 

IWFd-Acc—B744 1839 .. 

tdInt Acc-J3J2 346.5 .. 

PGtdJdoseyFdA/t. I12J . mo .. 

flnUJJan.f’d Acffl. W.6 1041 .. 

VPropFdfccc-10ft* m.1 .. 

V.Wptelav.Acc-ISftO U7J .. 

fPreJUArc. 2B3J 213.! _ 

_I.PeuAee— 173* 182.! .. 

GldJUon PreAre. 124 9 m.4 .. 

iMlJdnJ'nFdAce — to5* UDU .. 

PW» Pen Acc. B7.B 12<S.« _ 

IPple InvJ’enAcC„ll92.4 202.4) .. 

AMEV Life Anunuce LtdV 
Alma Hse-Aln»ftd,RtaKtae. Rmgaie4010L 
AJffiV Managed—I®.; 135J 

AMEV' M^dTa 1 ...M93 1HJ 
AMEV Money FU.-MftO 108.4 
AMEV Mgd-Feti Jdm.7 . U7J 
AMEV UgtLPen.'WWi 1B0J 
nSribm-PM 104* 

Arrow LUe Assurance 

30 Uxbridge Road. WIT 01-7409111 

Barclays life Anar. Ca lid. 

2S3 Romford Rd- E.7. 01-534 5344 

BordwtaadG’...—Qfft 12S.«j +a*| 

Utfiaji wl 

Money- 

JCamPenaAceum. 

Do-Initial-- 

Gilt EdgPens-Atx. 

Du Ini dal .- , 

Money Pens. A«.- 


Credit ft Commerce Iannuce M ft G Group* 

120, Regent St-London W1R5FB 01-4307081 Three Qnars. Tower H1Q EG3B 8BQ 01-838 4SBB 

COCllnnLFtL-pZLO 130* — Pere-FMatoa^^POM 

Crusader Insurance Ca lid. ceav.Deposit*—, lg.7 

Vincula House, Toner PL. ECft M-S268031 

■sifriBaunis 1 - L^=sk 

LThreedneedleat-Eta. 01-8881212 WSSJSnlS™ 1 "- 

EagWWd.Unite_|5Lft 53.4)+0^1 S.70 ^SjSflSST*— 

Equity ft Law Life Am. Soc. LtdV SSftLfti" 77J 
AmersfaamRood. High Wycombe 040183377 K 


Scottish Widows* Group 

P0BOX M2. Edinburgh KUJtiSBU. 03143558000 


[US* 


iFtLBd.*-|40i 

Ices on *Jan. 4, *+Drc. 2ft 1 



Xnvjny-Series L._ 
jnv.Pta. Series 2... 
Inv.Ctafa.Jan.4__ 
Sx UtTy Dee. 21— 
Hgd.Pcn.Dee30_ 


R0L4 

0 

_ 9 

PSLI 


1014 __ 
IBID +0.2 — 
1BL1 +0J — 

MZi . - 

253 7 +15 — 


_ Solar life Assurance limited 


— lOTCheapsidfc&CSVSDU. 


Fixed Interest F. 

- 1 iS9 .1 Z Merchant Investors Assurance* 

■ 1 ^ General Portfolio life Ins. C. Ltd* 

00 Bartholomew Cfc. Waltham Cross. W3Q1971 jSjLiStft- -- 

Portfolio Fund-[ 1262 I «... I — Mer. inv. ««n FdJ 

Portfolio Capital _.|'iL4 43*J ...._[ - MStafcP 

Gresham life Ass. Soc. Ltd EgaitgBond-- 

WOP- JneniL 


1462 

104.7 

142.0 

603 

MU 

3344 

270* 

136.0 

188.6 


Solar Managed S_ 
Solar Property S 
Solar Equity S. . 
Solar Pid. uiL ft. 
Solar Cubs 
SaIarMcsagedP_i 

0M88fll71 iSSSST^ 
Solar FxfUnL P., 


127.4 

1042 
1552 

121.9 

98.6 

1273 

1043 
. 1552 

1218 


_ - Solar ChahP-1985 


01-4080471 
234.3+05| - 

109.7 ... _ 

1634 +21 - 
1284 —05| — 

io«j . r\ — 

1341 +8.5 - 

109* . — 

163J +21 — 
1283 —05l — 

104.7 .... I — 


Sun Alliance Fund Hragnt. lid 
Son AllianceHoure Horsham. 04(1384141 


-Dec. 14.1053.9 


1.9 163.01 . ..J — 

£1335 1-0.99) - 


SOU 


Sun Alliance Linked Life Ins. Ltd 
Sun Alliance HousfcUarehan 04050414X 

10171+Dfl| — 


£ Prince of Wales Rd., B^aouth, 0202 787033 HZt-SST - 

GO. CUt Fund_J217J 123.7]+0J| - Equity Penill" 

Growth ft See. life Asa. See. Ltd* Conv.Etop^«iii._[ 

Weir Bank, Brw-oo-Tharoes. Berks. Tel 34284 “^-"“-Pcnx- 
•F1tsJbleFta*joc-.| | 4- NEX Pemdons Ltd 

lamdbnnk Ses. Are|ll6.9 120*1 — Sj° n 5 0l SSL P ” fci S 5f a n ley _ 

G-liS.SaperFd._l £*.057 | .j — JrlexEq-Cnp-P9* 0.5 

Guardian Koyal Exchange NtareSw^oS::Eu 0 65 J 

Royal Exchange. Ed 01-3837107 Neiex Koa. Aea.fms 67J 

Property Bond*—(157.4 163.91 .1 - Next sab. day Jan. 2 

Hambro Life Assurance Limited ¥ New Court Property Fund Mngrs. Ltd 

70M Park Lone. London. W1 _ 01-4890031 st Swtthlns Lrnie, London, EC4. 01-8364366 Sun Life of Canada lU-K.) Ud 

N.CLPrJF.»re30_jl3fcl JgLti.| — 2.3,4. CochspurSL. SWIYSBH 01-8303400 

Next mb. day Hareb 31. MnptaLfiGrtb._I 199.0 [.I — 

NFI Pensiona Management Ltd SSSSKSSfll izSo r; " 

4ft GracecburehSL. EC3P3HH. 01-6284200 PersoLPnlFd.-1 204J {.| — 

Managed Fund _j_p5Ll 157.4).| — 

Prices Dec. 80. Next detaing Feb. L ^ Assurance Ca Ltd 

House, Gatehouse Rd.. Aylnbuy. 


EquItaFand_196.6 

FixedInterest Fd_|97JB 

Property Fund-95* 

International Fd....lE33 

Deposit Fund-N5J 

MBnJged Fund—(949 


1031! +30 — 
100.0 .. — 
37.7 -L6 — 
1002 . — 
99 « +12 — 


_ . Fixed laLDep-1232 

_ Equity--1682 

Property--15*3 


Maa aged Cap— 
Managed Acc_, 

Oversea! - 

GUI Ed 
FMlF. 

Pen 2 


135.9 
1643 
lifts 



1242 

Qfc.B 

1446 

W5.0 


__'LDeiiAre 

Pea. Prop. C&p ^ 

Pen. Prop. Are _—B4ftO 

Pen. mul Cap.- PP5 .B 

Pea Kan. Are... „K59A 
PeatHHEde-CapL-toft* 

Pea <2 It Ed*. Aec.. OXU 

pea BA Cap-p3 

Pen. ftft Are.___ [1353 

Hearts of Oak Benefit Society 

Button Road.London.NW1 01-3875030 

Hearts of Oak-p7.1 J5M 4 - 

Wmn Samuel life Amur. Ltd. 

NLA Tut.. AdtBscombe Rd, Croy. 01-888 4355 


129.7 . 

177J — 

161.4 -; 

143.1 

273* 

1232 
UOJ 
132 7 
152J 
2053 
25M 

W) 

2733 

135.4 
1402 

127.4 
M2* 


ices Dec. SO. Next dealing Feb'. L 

Norwich Union Insurance Group 


“ PO Box 4. Norwich NR13NG. 003322200 Bn 

Managed Fund-HU.0 22231 +03 

Equity Fund-1332.4 349.91 +1.51 — 

Ptvperty Fund_02)3 126N .. .. f 

Fixed int. Fhad_.Q648 172.6) -0.9 
Deposit Fund.-—&0L6 __ 106.9! 


Nor. Unit Dec. 15 _| 1972 

Phoenix Assurance Ca Ltd 


Maa, ?Uod im* „„ 
Man. Pupd Accl_+..^ 

_ Prep. Fd. Inc- 

_ Prop. Fd. Ace.- 

- SS&^fa-iK 

Dep.Fd.Acc.inc_ 
Ht-f. Plan Ac. Pen.. 
RcLFlanCaoPea— 


4-ft King William St,'BC4P4HR. 01-8380878 RSSSiSSjSTriSl - 
“ ■*■ _ ■ ReUianMan.Cap... 0172 \ 


Da initial_l%8 _ .... 

■Currwi any .value Dec. 2L 

| Beehive Life Aa^ar. Co. LtdV 

71. Lombard SL, ECft i 
Black Horse Bd.—i <13251 


♦Property Units— 142.4 
Property Series A- 

iiwuf ri Units__ 

Managed Series A. 
Managed Series C.. 

01-8231388 Moo+rUnda--- 

|_| _ Monr * 


Money Series/ _ 
Ftxodjnt Ser. A. 


M9I 
1815 . 

165.4 -03 
972 -0J 

100.7 +03 

mt +o* 

154 4 _7 
168/ —. 

109.7 . 

113.91. 

Imperial life Asa Ca of Canada 
Imperial House, Guildford 

1,Olympl cY,y., Wrn>W«yUA90NB 01-5086878 pSaFdLJaod 


'.1 
.9 
1 

1 

: * 

_ .J 

Canada LUe Assurance Ca ' pSaWga £m'_ 11523 

2-0 Ugh SU Potters fear. Horta. P.Bar 61 US Pus. Gtd.Cap.--~h042 

Grth. Fd Dec. 3--3 03 |. I- PbiS.Gtd.Acc. - 

HetmLFedDee.8-1 ^ Uft5 - - 

Cannon Assc/anoe LtdV 


= ■ 

Ehv. Fh-KqE.-1*95 73.0|.| - 


CiitFwoAec- 

Gilt Fcn.Cap... 


Ay let horj ■ 0296) SMI 
1039! . 


Pft2 _ v 

» 1231 

L , 1082 
12*0 
990 

mo a U7.1 

Q6 7 102.1 

[74.7 813 

MU 67.3 

1324 
1240 
149 9 
14411 


ML9 

.03*5 


+ 12. 

+1C 


Prop. Entity ft Life Ass. CaV , . 

liftCnmford Street.W1H2AS. W-4B608S7 TrattilnteniaUonal life Ins. Ca Ltd 

R. Silk Prop. Bd.—| 168.7 - I ... I — 2 Broun BldgK, EC41NV. 01-4058-i97 

go. JSPL I. — Tulip Invest FU_ 1J4.4 1415] ... I — 

Da FlL lfay. Bd. Fill 353J J.| - TnllpMmpt.Fd_. mz m3.. - 

Property Growth Aasnr. Ca LtdV MrePra t F4ftepT; Sail 1MLD II — 

teoo Bouse.Croydon.CaaiLU 01-8800906 Man. Pea Fd Are .[119.3 


Equity Unite- 

Property Units.- - 
EquityBond/ Ex CC- 
I’rop. Bcnd/Ex <* - 
BaLBd/Exee/UmL 
DopoMtBood.. . - 
Equity Aecum- 


2nd Equity-- 

2nd Property——— 

_ d — 



Provident lav. Mngrs. LtdV 

SL.EC3P3HH . 01-8284200 Cp.J»B.« 




97 .4 I 

1733 

USA 


6060. 


1 Acenm. Unite!_1673 

Exempt Dec. aO_lOftO 

(Aceum. Units)_1490 

Canynga Jan.4_953 

(Acenm. Units i __117.0 

InLEara.Jaa4—_ 234* 

(ACCnSL Unite!_ 2593 

Seat Cap. Jan 4_132.6 

(ArenttLUnlte)_155.0 

ticot Ire Jau-4 
Lemfon wan 


UttTtt_ 

,ap_ 

‘ " H|e 

on Dee. 30. Next ttaalteg Jan 2& 

Jan 4. Next dealing Jan. 18. 

WestmlnMeiVta) 

K3V (®U. 01-4-.__ 

".a 66.4) I 430 

* 705) +a« 6.94 

13 SftB +0.a 4.84 

_,-1.9 3bJ+oB 6.05 

Fd- 169.4 743)3 +0jJ 4« 

DC3P2BP-' 01 

|84J 915] HI 

Managers Ltdf (aXg) 

.Pnrktag, surrey.- SOU ii5donWifliltur_Sil 

M £2133 3S 2“ 

New Court Pnnd Managers Ltd. (g) TS® Unrt Trusts (y) 

72^0. (WstmoM Rd,. Ajlcebury. ozeoSHl 
-IB 359 
-2S 2.96 
+15 
-15 
-15 
+13 


NEL 

Mnuta 


__: Group 

Capital Growth__f77.7 

DO Aceum. —_77.7 

Extra lne. Growui_ 35 4 

BM* Dp. ArcuKL-- 395 

«-7F Financial Pitety—.. 1*5 

Da Aceum_19.7 

'High Inc. Priority— SI 7 


4.83 

7JEL 

7*1 


027232341 


102 * -ais 
182.C -IS 

12ft8fl -2K 
173.4 ~Z3 
1UJ 
1566 

TOftt -1.4 

m 


7.4S 

7.49 

430 

430 

739 

7.19 

M4 

5*4 

557 


MJ +13 634 
*32 +15 634 

3§C +QL3 iaj* 
S* +0.4 1016 
27* 403 455 
2LG +D3 455 
63.1D +0.4 026 

27* -a< 118 
3LS +0J 4*7 




SliCbauSty Way, Audocer, Raida. 096483188 
Deeltaga te IBM 834m 

rbtrSBGreara)_M.7 47W+05I 350 

ibiDaAccma—. 560 . 59-W+sj| 350 

(6) TSB Income—59.0 iUta+flS 734 

)bi Do. Aceum._60.2 MlJ *07[ 734 

TfiftScnm&h_ 75.8 79*1-OH 134 

(b)De. Accum_(79.6 843]—fl*I 

Norwich Union Insurance Group 1W mww BukV <al 
PA Best, Norwich. NJU3NO. 080322200 


N C- 

N.C._ 

N. G. te-~m r Fd,„_ )1435 
N-ClnteroxUat-gp 
N. c. tassnat. vice-(71.7 

N.C.Sna.Srpa_6493 


7.99 

ISO 

250 

430 


GroupTBtFd.-pMftl 9664]+L7[ 4*5 

Peari Tttiit Managers Ud (aXgXx) 
292Rlri>HoU«aWC3V7EB D1-40984U 


Waring Street, Betfaiu. 
lb)Ulster Growth _ (5B3 


Peari <$mmh 

Aceum unlia. 



FriicaxL-Unita Aflvrfll. Ltd. tejte) 
81F»WtalaSt,M*DCbester 081-3863885 Income Unite 
Pelican Haiti.' ....plS I5*i+0*f 4*9 Aceum-Vails 


02323S231 

«U[+031 4.71 
Unit Trust Account ft Mgmt. Ltd 
KJugW) Ulan SL2C4R BAR 01-8234931 

Mfif - Wrd 

Do-Accam _P3J 354 — J 355 

Wider Growth Fuad 
StaewmiamSLEC4RaA» 01-8234091 

SSzjiS 



:Ri. 


Unit Linked FttrtfnUD 
Managed Fuad—J%3 100.11 — 

FStedlnt-Fd_ toll 1003 . 

Secure Cap. Fd._NS* 100*1. 

Equity Fund-(950 100.81 .... 

Irish Life Assurance Ca I*d 
IL Fi atttuiy Square, RC2. 

Blue GL Jan. 4[705 

I Fund-IZU* 228.1 


Prop. Mud. Jaa 4 _ 

Prop. Mod. Clh._ 

King ft Shnxson Ltd 
52. CornhlJl, KC3. 

Bond FtL Exempt-029.08 12X4 

Gort. Sec. rfe *®* - d * T - J “- 


P ro pe rty Fund. _ . 
Property Fttnd iAj- 
_ AgriolUunlFUnd. 

71255 NlTL^Fund” ' 

— Abbey Nat. Fd. (A). 
72.4j+0*( — Invettmeut Fund— 
Invemnwat Fd. (A). 

Equity Fund_ 

Equity Fund (A! — 

Money Fund_ 

Money Fund (A'.._.. 
Actuarial Fund.— 
Gilt-edged Fund— 
01-6288253 QUt-Edged Fd.fA)_ 

« tt-aflBfc 


All_ 

VAU Weather Cap.- 

OL«85438 

- Coov. Pen*. Fd.__ 

&411 - se.i&fQe^ 

* ut 


LftEftLF.l-- - .-- 

Curreal value Jan. a 

capital life AtanuaneeV 

Conitton Bouge. ChfPftArii Wloc 

SS£Sr>i.l 1S£ |::: 

Gnnerloose Magna Gp.V 

1ft Chequers So. U^idra UBS 1NE 
Chrthw Eaerr' 

Chit hse. Hooey——- 

Chrtirta. Manage*- 
Cbrthae. Eqtdty — 

Magna Bid. Sor .. 


080228511 


— I fcn gham lift Assurance Co. Ltd Man. Pena. 

— LanghamHg.HoimbroohPr.NW4. 014039211 

— tassa-^gf, ja = i= ssbksss 

Wisp (SB e&n &IS ■ 733).I — 

l«d ft .-knekClCUnlt Araur.) Ltd 

Hecse. EOngfwoed. 


170* 

U 


14*2 

1483 

4*2 


Wo 


Growth Fnabai fc Aamddea ud, 
" Ac. Utap29.9 13*ri+3.4| 


+ 0 * 

+ 0 * 

+44 

+43 

+0.4 

+0.4 


+05| 


+24 


+3.8) 

+0.fl 

+ 0 .« 

+0.4 

+M 

+ 0 . 5 I 

+10 

+ 0.61 


Trident life Assurance Ca LtdV 
RenaUdeanuae, Gloucester . 0CS238541 


w—§8 

prelaw-M31 

OK.Bquitjr'FV'Si:.': 10&Z 

High Yield..141* 

GilEEdced_— . 128.6 

tet^^mey Mangr~ 9fcV 

Fiscal---1296 

Growth Cap.-128.7 

CrnwibAre-1310 

Pena. Mngd. Cap— 113 4 

Pens. Mngd. Arc_12*1 

Fena.Gtd.13cp.Cap. 1002 
Feus.Gtd-Dep.Acc.. UZ6 

Pens. Key. Cap_IB9.6 

Pens. FW-Acc_1172 

TrdLBood .. 359 , 

“TnfL GJ. Bond—| U22 

“Cnsb value far tlDO prrmtum. 


1283 +0.01 - 
163.4 +0<J — 
1516 , 

87.4 -0.4 
1124 +12 
M9.9 +0.9 
1362 +05 - 
12*6 + 0.2 
101.7 +0.1 
137J -0J 
1362 

1382 +0i1 
1202 

123.6 
10*2 

108.7 
116.1 
11 m 

979 



5230 



Fixed initial_ 

Do. Accum. __ 

aUMgedtaitiaL., 

Da Aeeum.__ 

P rope rt y Inlttal-— 
Da Aeeuu. 



Prertttdal Life Assurance Ca Ltd 
222, Blataragtffc K.C3. 

Pro*. Managed Fd..0173 

Prov.CSah Fd-h03* 

Gilt Fuad 20-.[1305 OTA 


AWgyDec.K — - 

Dee. 22_ 

_(re 22._' 

01-247 8S33 P»p«t7»«32_. 

- | z SUS'tSFiSs : : 

.| _ O'sea* lor Dec. 22- 

. 1 MaPb*-WJaa3_ 

Prudential Penstons Limited^ . Da Equity Jaa3_. 
BtabornBan, SCINWH. ' O1-S050222 g* ^ jfti™ 

EquiLFU Dec. 21.—£23*7 ar— 1 W — 

Fid. Int. Dec. 21—[£19.94 1 

Prop. F. Dec. 2J- 


Tyndall AsBoranre/PensionsV 

Ifl-Cnflyngo Road. BnstoL 027232241 


120.0 


152.4 


168.2 


100 2 


1245 


1418 


4S.4 


MJJ 


2496 


1842 


m a 



,»5.4 


City of We9tnuD*fe*J*8iir. Soc. lid. 

Rinjataad Rook 1 . 4 Wfatefaoxw Road. no Aronr _W 


Croydon, CR02JA 
Pint United- 


01-8840064. 

__ 1273] „.„.[ - 

Proparw Unite— 

City of Westnufitter Ass. Ca lid. 
RtaflMBfld House. A Wb R a bta fe Haiti, 


0002 2 2371 
.J - 


PrepertyFtL 
Cash Fund — 


CanydnaCROUA. 

Wert Prop. Fund. 

Fund- 

PULAFnnti_-P?j 

Fund muxently cWed *! 
Perioco. Units—-1 +9114 

Commercial UniovGraap 
St Hei eik's. l,Uiuf«rt»taft«a. 
Variable AmtaX ts- 
Da An natty Uti — 


01-884 0884. 





Reliance Mutual 
Tunbridge Welii, Kent 
ReLProp.Bds.— 1923 

Royal Insurance Group 
New Hall Place, Liverpool. 0612274422 
Rt&al Shield Fd._pJ3.0 140.7]+0,71 - 

Save ft Prosper GrotipV 

A GtSLHeien'S. Lndn_ BC3P 3EP. 0I-SS4 8000 

Life Assnr. Ca of Pennsylvania @S -U | Z _ ‘ ~ 

Lioyda Bk. Unit T8L Mngrs. Ltd. S ml 

71, Lombard fiL,HCft 01-091288 Si 4 3S 4 

Exempt-[mi 1095J.—J 7*1 ™ 

Uftyds life Assurance 
12 Lea deobaQ SL. EC3M 7LS. 


Exempt EqtJh IniL- 
Da Acctun. ___ 
Exempt FIxsti nut: 

DaAraiCL_ 

Exempt luvL_ 

Do. Acctun.™_ 

Exempt Prop. lnlL. 
Da Aceum. 



Festtresb Lid. 
moo 
108.0 
100* 
uai 
1000 
loot 
loan 

Si 

mi 


Vanbrugh Life AssnranceV 

41-43 9f»ddMSL,J4ln.WlRBL.V 01riS04S£3 

UstajedFd._0415 149.0) -031 - 

ESuUyFtt_2242 236ffl +1.0 _ 

In tnl. Fond-M.7 093 -2.4 — 

Fixed Inters* Fd.175.1 1M.« -0J — 

Fd_134* ULW . - 

015* 1219] +0.1 — 


Welfare Insurance Co. Ud.0 

The Leu. Folkestone. Kent. 0303573+3 

MoneyfnalweFd._| 1015 _J .,. [ — 
For other f u nds, pi rare refer 10 The Londoo it 
Manchester Group. 


+0.4 — 


Coolederatkm Life Jnsurmce Ca 


9). Chancery tame, WCtiUS, 


M-MJHOO g£Sg“K&S- 

l:d= StipS!^ 1 

Opt- S Man. Dre 28. 
Opt, G Dept, Pre 


_138984 

[m.7 12ft! 

1122* 1285 

1593 167) 


01-6236821 


OEquUyFund.... 
VManaged Fusd^+ 
PereoaalPen Fd- 
EonfayPea Ptind 
Fixed J^JPen.Fd-l 


Manage 


Fd... 


1463 .. mu 

W2- WT 

nT X23™ 


01-200382 London Indemnity ft Gnl.Ixts.Ca Ltd. 


fpS2Hrttafpoi4 
CornhiH Kurarance Ca Ltd. 
32,CornbiH,llCa _ 01*8289410 

Capita) No> IS.—BIBO _ ' 

CSSpreNov. I5—-| 

Mnrith V rf rm+ t¥i 


18.20, The Forbiny, Reading583511. 

ME=» S|iSi| = 

Fixed Interoet_[345 j*4j „....| — 

The Ltmdon ft Manchester Ass. Gp.V 

The Lea*. FbUettnnaKenL 03035T J3 3 

Ore Growth Fund. 

bExempt Fiex-FU 

0E2(empt Proa Fd- 
+E*ptfair. Tit. FtL 

Flexible Fuad._ 

lev. Trust Fund__ 

Property Rind...— 


2UL4 
1273 
887 
M33 

7BJ 


Depoeit Paa&FdLt >|S* Ifldjj 
Price* on “January 4 ! 

tWeekly daaltatf. 
Schroder life GraopV 
EetaprlMHo«*fcFmtam«dh. 

Equity Dee. 20.,^., _ 1 

EquRy2Dee-2S_ 2118 2223!-Ij 

fbp&kzm m - 

HfcS Gilt Dec, 2fi_ 1H.9 
SfcSGvtSeDeeJB. 1345 

mracas 

Mooar Dm 1 . 28_1K4 

Honey 3 Dec. 18 — ll |3 

Dep^ltDrea_ 11 7 

Property Dec S8_ 1445 
Prop«5r3D«.28_ M23 
BSJto.cS). Dee. 28 _ 117 jo 
BSPTl Acc.Der.2B. iw« 

Mn-Pa.Cp.Dreffi.^.J 


-aja - 


Windsor life ASsnr. Co. Ltd. 

1 High Street, Wlndaor. W indsor 06144 

Life Inv. Plans.-|f' 

FutareAMti-Gtha).] 

FuturcAssd_GihrbJ.| 

Rrt. Asad Pena. _ 

Flex. Ipr, Growth. 


Indoor. Windsor 8814 

IbJ.I 47.0 ...._ _ 

h~ta*4 27 ' 7 ii2.4 ~ 


— htoftj_4ce.Dre.2a 


tntBsma 



NOTES 


Prices do not includes premium, exnept uiiere 

indicated +. and me in peace unlc-sa otherwise 
intfieswa. Yields N 1 shown ta tan cohimni 
allow for all buying npMwu OU+rcd prices 
Include .all .expenses- b Today's price*. 
e Yield based ee Offer price, d EdirnXcd. 
g Today's opening price, n DlttribuUon free 
of UJL taxes, P Periodic premium Insurance 
pUnx s Sane premium insurance, 
x Offered pricelncmdes all expenses except: 
agent's eammadna y OUcrcd pnee Included 
an espen&ta If boapM through aumngerx. 
z Previona day’s price. *N« a' tax on 
realised capital cams unless iadloited by a 
f Guernsey grosi. 6 Satpoaded. c Yield 
before Jersey tax. TCft-xubdivisioa. 


) 















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































fllKflfVinU LfTANSAfONE 

nlUUI UIIE flSSWK YOUR PHONE 

I From only £1.50 per week 


19 Upper Brook Street London, W7 Y2HS 

ft!N 5 ANVJtMi 

01-629 9232 


FINANCIAL TIMES 


Thursday January 5 1978 


Weatherall 
r^i Green&Smith 


Chartered Surveyors-Estate Agents 

London Leeds Paris Nice Frankfurt 






Pay policies likely 
to stay—Barnett 

BY RUPERT CORNWELL, LOBBY CORRESPONDENT 

MU. JOEL BARNETT, tbe Chief constituency that there was u If public sector wages take 
Secretary to the Treasury, in- absolutely no question of intro- a bigger share of the national 
sisted last night that the Govern- during statutory, measures. But, cake, then if we are not simply 
meat must have a wages policy he emphasised, “the Govern- to finance inflation by printing 
to follow the present pay round ment must have a policy for money as our predecessors did 
which should aim to keep the incomes." in 1972-73, the consequences axe 

growth of earnings well below He said: ** Whatever that turns clear," he argued. 

10 per cent out to be, if we are to bring our «.*_ _ lire « v n ; C hr fniiowadav 

His remarks are perhaps the rate of price inflation down to s0 excessive nuMic sector pay 
most explicit so far from a the level of our International « r of»i ftra ,> n t s h*» followed bv 
Cabinet Minister as debate inten- competitors and keep it there. cuts^J piSlic slices. The 
sifies on what, if anythmg, the overall growth 10 earnings alternative of flnaneine hitrher 
should follow Phase Three of in the next round would have mibS seSor wa^SSm hi!t£r 
the Government’s wage control to be well below 10 per cent" ^ atJO n^ noT^n m us ‘ 
policy, and seem bound to upset To aiiow wages to be settled T “ tiJnkine P was also sDelt 
Left-wingers and trades unions by free collective bargaining out °!?L t erdav^bv Mr Norman 
by their resounding rejection of would be to “ ignore reality.” It {^LjL ^nestonin 

any return to free collective was “nonsense" to talk about nnnniSfr, 

bargaining. free collective bargaining in tbe ™ a “ es ’ “ d ■" £ 

Already. Mr. Denis Healey, the public sector, where the Govern- tn „?! 

Chancellor or the Exchequer, has ment was directly concerned as ill pa> 
indicated a preference for some an employer, as a magical solu- i®?'J 

form of pay guideline when this tion to tbe problem. Instead to boost industry »nd 

round expires at the end of the Mr. Barnett left no doubt that re “ uc€ unemployment, a Coaser- 
summer. While last week-end, be sees an extension'of pay curbs va & ve government would work to 
Mr. James Callaghan, the Prime as essential if the Government’s encourage increased company 
Minister, hinted strongly at a 5 economic strategy is to- achieve profitability, cut income tax, and 
per cent goal for pay and prices long-term success—with its com- special priority to small 
in 1979. bination of firm monetary control businesses, he told a Liverpool 

Mr. Barnett told a Labour with tax cuts, and maintained or meeting. 

Party meeting in his Lancashire improved public services. Rodgers speech. Page 6 


U.S. and Egypt 
near to accord 
on peace aims 


BY ROGER MATTHEWS 


ASWAN. Jam 4. 


Post Office participation 
experiment launched 


BY JOHN LLOYD 

THE FIRST full-blooded experi¬ 
ment in industrial democracy in 
a British State industry was 
officially launched yesterday 
when the 19-strong Post Office 
Board was unveiled. 

The Board contains seven 
worker-directors, seven manage¬ 
ment directors and five indepen¬ 
dent directors, including two 
who represent the consumer 
interest 

Introducing the new Board 
members, Mr. Eric Varley, Sec¬ 
retary of State for Industry, said: 
“They face a challenge which 
is in every sense of the word 
an epoch-making one." 

Sir William Barlow, Post Office 
chairman, said that four years 
ago, he had made a speech in 
which he had said that industrial 
democracy was a premature idea. 

“But now. in the Post Office, 
the ground is well prepared for 
this experiment. 1 made it clear 
to the Secretary of State when 
1 took the job that 1 looked 
forward to working with the new 
Board with enthusiasm." 

Mr. Fred Moss, one of the 


two worker directors elected by 
the Onion of Post Office Workers 
and the union's General Trea¬ 
surer, said that be saw no con¬ 
flict of interest between his union 
and Board functions. 

M 1 want to approach my work 
on the Board as a union member, 
as a director and as a consumer." 

The structure of the Board 
has been thrashed out over the 
past three years in discussions 
between unions. Post Office and 
Government 

In composition, it is very close 
to the “2X plus Y" formula 
recommended by the Bullock 
Committee (an equal number of 
management and employee direc¬ 
tors, plus independent members 
holding the balance), but was 
arrived at independently of Bul¬ 
lock’s deliberations. 

The two consumer representa¬ 
tives, named yesterday for the 
first time, are Mrs. Janice Walsh. 
29, manager of the Islington Con¬ 
sumer Advice Centre; and Lord 
Wiustanley, 59, a Liberal peer 
and formerly Liberal MP' for 


Cheadle and Hazel Grove. 

Lord Wiustanley also presents 
a consumers' advice programme 
for Granada Television. 

Two other independent mem¬ 
bers are Mr. Derek Gladwin, 
regional secretary of the General 
and Municipal Workers Union, 
who has been a part-time Board 
member since 1972; and Mr. Peter 
Walters. 46, a managing director 
of British Petroleum and chair¬ 
man of BP Chemicals. A fifth 
independent member has still to 
be announced. 

The experiment will last for 
two years from its official incep¬ 
tion. 

Sir William Barlow sal d thal 
one of the first pieces of paper 
he would lay before the new 
Board would be a number of 
criteria for measuring tbe 
Board’s efficiency. 

These criteria would enable 
the members to determine, on 
an objective basis, whether or 
not the Board was working well. 
Picture and full Board, Page 6 

Editorial comment. Page 14 


THE U.S. AND EGYPT appeared Israeli political committee which 
to edge closer towards a common is due to meet for the first time 
view on Middle East peace aims in Jerusalem on January 15 with 
after the brief meeting here U.S. participation, 
to-day between President Carter There were certain principles 
and President Sadat that must be observed If a just 

Mr. Carter, in a carefully- 
worded statement repeated the 

phrase on the Palestinian issue £rst hj“»}*" 
whiel* had caused such distress J?? 

to the Israeli Government at the rt.^ e i.!S aC 9 n 

beginning of October: “The prob- ^S^SSUSSt * 
lem must recognise the iegiti- ♦„ Kp 

mate riehts of the Palestinian p^ eI t0 

Eft SS 

Z.2L* or “ d rec08 ‘ 

Accord n e to U.S. officials Third, he emphasised the 
accompanying Mr. Carter this necessity of finding a resolution 
was only a hair's breadth from of tbe Palestinian problem in all 
admittinc the right of tbe Pales- its aspects, 
tinians to their own self-deter- One of the next steps both 
mination. an Egyptian demand, parties are anxious to achieve is 
firmly retried bv Israel’s Prime the active participation of King 
Minister Begin at his Christmas Hussein of Jordan in the peace 
Day meetine with President process. 

Sadat, and again this afternoon. David Lennon reports from 

The phrase “legitimate rights Tel-Aviv: Mr. Begin said to-day 
of tbe Palestinians" -was first that after President Carter had 
used by an American in the joint telephoned him it was clear that 
US.-Soviet statement' on the the American leader still re- 
Middle East last October which garded the Israeli peace plan as 
brought an irate Moabe Davao, * good basis for negotiations, 
the Israeli Foreign Minister. Mr. Begin also said he was 
hurrying to New York for talks “glad that the term Palestinian 
with Mr Carter. State was not mentioned at 

Mr. Sadat declared, after their Aswan, either by President 
45 minutes of talks: “1 am very Sadat nr by President Carter." 
happy to say that our views were Speaking to reporters shortly 
identical and we have agreed after the telephone briefing by 
upon certain steps to keep up the President Carter, Mr. Begin 
momentum of the peace process." said that M there cannot be any 

What these steps are, be did self-determination for the Pales- 
not reveal but it is understood' tinian Arabs.” 
that they relate to the Egyptian- Carter in France Page 2 


EEC concerned about British 
employment subsidies 


BY ALAN PIKE, LABOUR CORRESPONDENT 

MINISTERS will next week dis- quiries about 
cuss the Future of the Govern- scheme axe to 
ment's special measures to academic, 
alleviate unemployment against However, the EEC has 
a background oF EEC Commis- asked the British Government 


the existing dancies after the subsidy period 
some extent, has ended. 

Ministers and officials will next 
mo wee k consider the future of all 

sion concern about the operation supply details of any new sub- ° iJillt 


of 


one of the most important sidy arrangements which it in- BjipLJunder 
sememes, the Temporary Em- tends to Introduce by tbe end of wS?h cSS^nief a fSb- 

j ment Subsidy. January and it is expected Jiat . take on extra labour The 

t r h L ‘ STfrlf 1 haS w t ritl ? £me .eSntai SubJected t0 °* letter from the cSSmteSX w'll 
to the British Government ask- same scrutiny. considered and discussions 

icy lor its comments on TES hy Although final decisions have with EEC officials in advance of 
January 23. following a com- no t yet been taken, there can be the meetings are possible 
plaint from another member little doubt that the Government _ _ . _ _ 

slate that the scheme is having is planning a successor to TES • T P e P«Ymeut ?F Temporary 
a distorting effect on comfieti which, since its introduction in Employment Subsidies is being 
lion. August, 1975. has done more than a f t © r an “ unexpectedly 

The complaints are understood any other scheme to keep adult “g* number of applications, 
in concern the precise areas workers off the unemployment . This has led to a backlog aifect- 
where the subsidy has been most registers. ing 71,000 employees in 948 com- 

effective in maintaining jobs— To date, TES has supported the panies where applications are 

textiles, clothing and shoes. jobs of nearly 365,000 people at Pending. Additional staff have 
In the letter. Commission offi- a cost of £342ra. It takes tbe b ©©p taken on and redeployed at 
cials suggest that the EEC form of a £2Q-per-week payment regional offices. Processing of 
should have prior notification to employers for every worker applications should take tour 
when the subsidy is used on a who would otherwise have to be weeks. 

wide scale—believed to be cases made redundant, followed in Some applications now are tak- 
where TES is granted in respect some cases by a £10 per week ing two months with the worst 
of J00 or more workers—with payment for a period after which effects in the south-east. The 
the Commission holding a power the subsidy would normally have nortb-west is said to be “on 
of veto. expired. top" of its applications. 

With the TES and some other The overall intention of the In fact, while the number of 
existing job support measures scheme is to give a company a applicants is at a record level, 
due to expire at the end nf breathing space, in the hope that the rate of increase of new 
March, the Commission's in- it will be able to avoid redun- applicants, is slowing. 


State cash for windmill power 


BY DAVID FISHLOCK, SCIENCE EDITOR 


A GOVERNMENT scheme to 
spend several million pounds 
on a giant windmill as a full- 
scale demonstration of the 
latest advances In aero- 
generators is taking shape 
in the Department of Energy. 

Such a windmill wonld be 
taller than the highest UJL 
electricity transmission towers 
—a 400 kV tower is about 
150 feet high—and generate 
perhaps 3-1 MW. The project 
is contemplated as the Energy 
Department’s response to per¬ 
sistent pressures from eminent 
advocates of windpower. 
among them Sir Martin 
Ryle, the Nobel prize-winning 
ridlo-aslronomer. 

The fundamental questions 
such a demonstration could 
resolve are at what cost past 
design weaknesses can now be 
overcome: and to what extent 
big windmills will Intrude on 
the environment — in their 
appearance, noise. Interference 
with TV and micro-wave trans¬ 
missions, and as a hazard to 
people and wildlife. 

Government estimates put 
the capital cost of enough aero- 
generators to equal the output 



of a single' nuclear power 
station (a typical figure would 
be 1,300 MW) at about £LIbn. 
-—at least twice the cost of (he 
unclear station. 

■ The Energy Department is 

already supporting the 

development of two possible 
configurations of aero- 
generators. Last week it 
announced aid of £924)00 for 
experiments with a vertical- 
axis machine designed at the 
University of Reading. They 
include structural studies by 
Taylor Woodrow Construction 


and wind-tunnel experiments 
by tbe British Aircraft Cor¬ 
poration. 

Last summer the department 
provided £75,000 towards a 
£160,000 study of a large 
horizontal-axis machine, under¬ 
taken by a consortium which 
includes British Aerospace and 
the two Scottish electricity 
utilities. The Electrical Re¬ 
search Association, which 
heads this consortium, has 
identified more . than 1,000 
potential hill sites for big aero- 
generators. 



Non-pay emphasis 
in firemen’s talks 

BY ALAN PIKE, LABOUR CORRESPONDENT 

A SECOND day of talks which concentrating on non-pay aspects 
may bring the seven- week long Mr. Brian Rusbridge, Secretary 
firemen's strike closer to solution of the local authority employers, 
was still in progress last, night, said at the start of yesterday's 
The Fire Brigades’ Union talks that the negotiators would 
executive spent all day at the “flog on until we find a solu- 
Home Office considering the pro- tion.” Progress is proving slow, 
posed new pay formula which but it is expected that at the end 
would take firemen’s wages into of the discussisr-s with the em- 
tine with skilled manual workers ployers the FBU executive will 
in industry by November, 1979. discuss whether it should recall 
Most of the day was spent with its conference 
the two sides-in separate rooms This will be a most difficult 
and it appeared that, following decision to reach. The strike is 
the firm declaration by Mr. over demands for more money 
Merlyn Rees, tbe Home Secre- immediately and tests of opinion 
tary, on Wednesday that ibe fire- among firemen have indicated so 
men would not be allowed to far thaf they do not favour end- 
break the Government’s pay ing their action on the basis of 
guidelines .that discussions were long-term formula alone. 


THE LEX COLUMN 

The shadow of 
the dollar 






One safe prediction for 1978 ■ AV7'9 ~ 

was that the UJL’s domestic Index rose 2-2 to 457.8 market 
financial markets would have to , 
contend with the destabilising 
influence of the dollar, and this 
message is coming through 
with a vengeance in the first 
week of the New Year. Yester¬ 
day morning sterling came 
within a whisker of $2 in Lon¬ 
don at one stage, but then profit 
taking set in, and by late last; 
night/following the unveiling of 
the U.S. Administration’s 
aggressive new intervention 
policy, quotes in New York of 
well below SI.90 were reported. 

This dramatic turn- around 
comes at a moment when. 
the gilt - edged market is 
being buoyed up by the strength 
of sterling and by the prospects 
of lower interest rates. The 


150 


50i 


£tnil 

km | j 

, RIGHTS_ 


T* ISSUES 

1 wrnmY FtEOKS 1 



J 






[ 







J 



the clearing banks will tap th* 
in- February and 
whether any debenture issues , 
will be launched: it is being 4 
suggested that at least one nf-Vj 
the latter may be on. the cards,, ^ 
As far as new flotations are con. 1 
ceroed, it looks as if the 1977. 
pattern will be repeated with, 
only a few widely dispersed 
offers for sale and introduc*- 
tions. One of these may already 
be in the queue. 

Company finance directors 
could also be considering the 
possibilities of making a ster¬ 
ling Eurobond issue. The mer¬ 
chant banks will be particularly 
keen to revive sterling Euro¬ 
bonds as this will be one way 
of restoring some of their status 
in the international bond map 
kets. But the banks will have 


Continued from Page 1 

£ falls in New York 

finished 0.1 higher at 6&2 after and officials welcome a rising 
a peak of 66.6. exchange rate, even those who 

• The announcement of an in- are unhappy about the extent of 
crease of Si63m. in the UJC the recent rise—3$ per cent on 
official reserves in December to the trade-weighted index since 
KiOfiSbn., compared with S4.13bn. Christinas—ere undecided about 
at the start of 1977. AFter adjust- how to respond. 

ing for borrowing and debt re- A sharp cut in interest rates is 
payment, the underl* mg increase ruled out because of the impact 
last month was $257m^ mainly on the growth of the money 
reflecting tbe current • account supply and the belief that this 
surplus and showing the absence might anyway have little effect 
of-any significant official, action on the demand. Significant 
in face of tbe demand for official intervention to bold the 
sterling. rate, as In September and 

• A clear indication by the Bank October, is also not seen 1 as a way 

of England that ii wants to res- Jor *5® 8a * ri * reasons, 
train the downward pressure on There has been considerable 
short-term interest rates. This market speculation about a pos» 
was interpreted by the money revival of contiols on in- 
market as a decline in Minimum Ward as in 19p. but at 

Lending Rate of no more than Present, these are not regarded 
half a point to 6 1 per cent after ?L app ™P nate s “ ce th '?. ha . v « 
to-morrow's tender. A further. and . ar f’ X requel l t ^ M in ’ 

more specific sinnul may be Given relaxation 

to-day and last night’s moves c ?? tr o 0 J s ® n 

could raise doubts about a cut 13 ,se en as impracticable for 

But if MLR is cut' by this po l‘^”V^, a n s ° nS ,' V A ltnr 
amouot the pressures-will in- Jotin Elltotu LnttiiEtrtaL UIAItor, 
crease for a realisnraeot of the £rites: The Chancellor of the 
clearing hanks’ base rates and Exchequer yesterday fa ile d to 
for a decision next week by the reassure leading mdustriansts 

point from the present 9| per WJd, o^the mlJ-~J» 

• Tie exhaustion of the E900m. •> SJS, 

short-dated tap stock first offered 2j™£jL, by repre ‘ 

on December 15 following strong sentatives of the CBI. 

demand in the morning- This “^ ni “ e i le ? h / ep I , f? hl 
leaves thp snjthnriti^* without rGcogniscd the problems in' 

new stocks are issued either to- rate of ^change, 
morrow or next week. But he stressed that the main 

Conditions in borh domestic requirement for industry was ro 
and international money markets improve its competitiveness by 
remain nervous and' volatile, lowering unit labour costs and 
Tf the demand for sterling so boosting productivity. This, 
persists, the Government faces he said, was a prim ary aim of 
a growing dilemma in view of the industrial strategy which 
the threat to the competitiveness was being discussed at the 
of exports. While some Ministers meeting. 

Continued from Page 1 

U.S. acts on dollar 

to be welcomed in the West January 12 and 13 for further 
German banking community, talks on ways to reduce the 
where there have been Increas- Japanese trade surplus 
ingly vocal complaints that the Last month, after negotiations 
policy of the Administration was in Washington with Mr. Ushiba, 
confined to “benign neglect." the Japanese Minister For 
Behind these complaints, the External Economic Affairs. Mr. 
rising Fears In West Germany Strauss said that he would only 
that Its exports will suffer this go to Tokyo if there were con- 
year from the devaluation of the crate signs that such a trip would 
dollar, and the remorseless climb be worthwhile, 
of the D-mark. Thus, in electing to go now 

■ It was also announced yes- Mr. Strauss may have received 
terday lhai Mr. Robert Strauss, intimations from Tokyo of some 
the U-S. special trade rep re- advances on the previous 
sentative. is to visit Tokyo on Japanese position. 


money market, for instance, was n gays that the annual payments to find some way, of avoiding 
yesterday interpreting the be more than covered by the the rush of last time when six 
Bank of England’s signal to the c^j, generated from the assets, issues worth £120m. were made 
discount houses as a go-ahead And it admits that the pre-tax within four weeks. It is now 
for a half-point drop In MfaKmargjii on the near-£70m. of thought that two £20m. issues 
mum Lending Rate tomorrow. Singer's sales is broadly in line per month is as much as this 
The Bank will have to decide with that of its original busi- market can take. It seems, 
today whether its signal nesses (around 7 per cent). So however, that the merchant 
should be changed in the tight it is dear that a significant part banks have not yet been able to 
of the latest turn of event, in of the £7m. rise in group profits anree among themselves os 
one sense the Government .wDi.to £30m. last year came from arrangements for a queue, 
be relieved: speculative inflows’ this source. which presumably would be 

should be abruptly cut off, did Another feature of the organised by the Bank of 
there will be less need to search accounts is a further fall in England, 
for complicated means to hold sales to UJL leasing companies 
sterling down. If anyone were —which in two years have Westland 
fearing that further money dropped from 20 to 10 per cent ^ ... 

supply problems would follow of group turnover—and a con- Not only did westiand Ah' 
an attempt to repeg sterling, tinned build-up in ICL’s own craft run last year into -he 
that danger has receded. rented business. This now productivity problems on Lynx 

But the gilt-edged market, accounts for nearly half its assembly reported at the tntor.m 
faces a short term problem Of turnover, and is obviously a stage, but it has also under- 
indigestion. Yesterday a num- much more stable profits base, costed lengthening work being 
her of buyers underestimated „ carried out on two hovercraft 

the residual amount of the IsSUCS owned by British Rail. So pro-: 

short tap Exchequer 8J per ... ... . . .. visions of £B.5m. have been 

cent 1981 remaining -in the . After the usual seasonal lull ^aje against 1976-77 profits to 

Government broker’s hands; *?} e . new lssue ? ueu ?.f ee ^^cover these two problem areas, 
and they received embarrass- up again, although it is | eac j.j n g t 0 a sharp drop from 

ingly large allotments of stock. f ? r fron ? pac ™ . s V“l? al |£ {9.34m. to £5.84m. at the pre- 
And next Monday holders of 2 e peak . ^2°° « between tax Within this total‘here 
the partly paid Treasury 10$ *^ rct J and “ u,y aod J * l pres * nt is a £2-2m. drop to £4m. in trad-, 

per cent 1999 are due to pay 1 i lo ° ks as if “fjj ing profits on helicopters, and; 

a £320m. call. In these circum- (hp hovercra f t surplus is down- 

stances tbe authorities mav by more than half to £lm '* whi1 *' 

decide to wait at least a week JJ5E interest charges are almorfv 

before launching yet another yJJJf™ 0 doubled to just under £3m. 

tan uoon a market over- J&nu3r y — where the first issue ■ 

sKdowrf by current turmoil Q > uId emerge, within the next But there is at ie*H nne Iteet: 
snaaowea oy currency xurmou. ^ weeks.. of good news for shareholders, 

Tpy With one or two exceptions, with the total dividend raise* 

all of the issues so far booked by the maximum-10 per cent, to 
The purchase of the Singer are likely tb be rights issues, give a yield of 11.5 per cent, at 
businesses appears to have been and a few-are thought to be 43§p. And although Westiand « 
an extremely profitable deal for fairly substantial. However, it not making any specific forecasts 
ICL, to judge by its latest is unlikely that lotal rights about the current year an 
accounts. The cost was £19m.. issue s for the year will exceed proving order-book and rising" 
largely in respect of resaleable the £773m. raised in 1977. Lynx output rates should ensure 
inventory, and most o fit will be which, like the previous year, the absence of further provi- 
paid for in equal instalments showed a drop on the record sJons. But after’ recent upsets 
over the next three years. £L2bn. raised in 1975 .Westland is bound to lake a" 

ICL is still being coy about Uie Once again there will be spe- while to rebuild its stock market 
actual profits contribution. But dilation over whether any of image. 


Weather 


U-K. TO-DAY 
CLOUDY with rain. Sunny spells. 
London, $.E~ CeoL S. m E. Eng¬ 
land, E. Anglia, Midlands 
Cloudy. Rain at first. Mostly 
dry with bright spells later. 
Mild. Max. IOC l50F>. 

Channel Islands, S.W. England, 
S. Wales 
Cloudy, occasional drizzle. 
Mild. Max. IOC (5GF). 

N. Wales, N.W. England. Lake 
District, Isle of Man, S.W. Scot¬ 
land 

Rain. Bright intervals later. 
Normal. Max. 7C {45F). 

Cent. N„ N.E. England, Borders, 
Rest of Scotland 
Rain or sleet Brighter, mainly 
dry Jater. Normal. Max. 7C 
C4SFL 

Outlook: Mostly dry in S^ more 
rain in N. 


BUSINESS CENTRES 


Amstrdm. 

V'day 

Mid-day 

«c ~y 

F 4 Ml 

Madrid 

V'day 
BUd-dav 
a C *f 
S B 49 

AltKBN 

S 

13 

34 i 


S 2 

Ti 

Babrdln 

s 

20 

KS 


S 21 

Barcelona 

s 

11 

52 


S IS 


Beirut 

c 

IB 

B'l 

Milan 

S 11 


Reliant 

«: 

3 

41 

iMootreal 


14 

Belgrade 

c 

J 

41 

Moscow 

C 0 

Berlin 

s 

3 


Munich 

Sn -1 



c 

2 

34 

Newcastle 

S J 

34 


c 

3 

37 

Now York 

S —4 


s 


41 

Osin 

R -S 

■In 

Rtxfaoesr 

s 

5 

41 

Parts 

R 4 


B. Alrea 

s 

2fl 

*2 

Perth 

S 29 


Cairn 

s 

17 

S3 


F l 


CairitfT 

Ur 

2 

38 

Reykjavik So —2 


Chlcuo 

C 

0 

32 

1 Rh> de J’o C zv 


ColOKne 

Sn 

2 

36 

Rome 

P IS 


CopttfiBn. 

S 

0 

32 

Srroajwre 

C sn 


OnbllB 

C 

6 

43 

Stockholm 

S -7 


Krtmhnih. 

S 

-3 

2S 

SnvbTK. 

C i 


Frank/urt 

S 

4 

39 

Sydney 

n fi 


Reoera 

t: 

4 

39 

Tehran 



ClasKow 

s 

-t 

30 

Tel Avlr 

C 13 


ftefslnhl 

a - 

-la 

S 

Tnftyo 

C 6 


Jnlnjrj: 

0 

21 

70 

Toronto 

C. -6 


R. Rrms 

R 

13 

39 

Vienna ' 

S 7 


Lisbon 

F 

13 

83 

Warsaw 

C 1 


l^jnfinn 

F 

S 

41 


Sn 2 

Luiemb's 

F 

t 

34 




HOLIDAY RESORTS 


A teed a 
Algiers 
BlarrUz 
Rtecfcpnnl ■ 
Ronleaiu 


YUw 
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GENERAL 
MANAGEMENT 
EXECUTIVES OF 
OUTSTANDING 
ABILITY 

Currently earning 

£10,000 — £25,000 

Odgers and Cu. are Management Con¬ 
sultants specialising in Executive Recruit¬ 
ment. Wc are extending our contacts tiiili 
young executives of nutstaiuling ability aucl 
ambition in the field of general management. 

He would like to hear from executive 
aged -t> to 45 who led that in developing their - 
careers over the next lew years they should 
not rule out the' possibility of a tumv it? a 
bigger job in another company. Wc are 
interested particularly in tlnwc who are happy 
in their present positions and arc doing well, 
but who nevertheless wish to keep in nuu It 
with the market so that if an mi wand ing 
opportunity mines along, they will be in ,i 
position to learn more abnut it. 

As a first step, please write (u Michael j. 
AVaggett, giving a brief vumniarv of voiir 
experience, qualification*, age and sahrn. 
.Alternatively, write asking fi> r mure infurm.w 
tkm about Odgers and Go., at our new 
address i, Old Bond Street, London, W. i. 

Any approach ivill be treated in the rciv 
strictest confidence. 



MAN AG EM ENT CONSULTANTS 

Odgers and Co. Lid.'. ' 

One Old Bond St. s London Wr'XfTD^ 
Telephoned i-^gg 88ir 


bt rife Pirn Officer. FrmutJ }n , si. Olimenr* Fmnr.-W and- au&Ujffi 
by «tto Financial Times LW-. Bractam House. Ca|mon Sum:, bondoa BC4P 

^ The Flos octal TtBMB titd-lT*