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CONTfflENTAL SELLJNC Mtiagfr AUSTRIA SeMJs RB-CUiX Fr. 25 ; DENMARK KrJ.S: FRANCE FrJ 4 t GERMANY DM 2 .Q; ITALY l_ 5 M: NETHERLANDS FI 3 J; NORWAY 




There are no finer springs 
than Springs by 


No. 27,452 


Friday January 6 1978 **i 2 P 


4? 

& 

MRS 



Robert Riley Ltd. 1» Rochdale. 

Tel: 44 551 


KrJJI; PORTUGAL Ex. 20 : SPAIN Pt«. 4 D { SWEDEN KrJ. 25 : SWITZERLAND Fr. 2 . 0 : EIRE Up 


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■ 1; ‘ U.S„ reacting sharply to the 
Jean referendum, it 

*■ T r . reared that ?hc Pinochet 

1 P-iiin ghne bad rigged the b^not- 
( /■“•Mi; ;lch resulted In an overwhelm- 
■' ot vote of confidence for the 
Military Government. 

_■ 1 Unu^ r Tom p esTon Deputy State 
partment spokesman,'said that 
-V' US. believed - that “as a 

• '>t:»er of principle any ejection 
*>tTr.4uld offer ail parties sufficient 

» I: ,,xranfees to present their case 
•i-a .3 give voters a full and fair 
ran,.|, ^prlanltif; to express their 
'' ws.. This situation aid: not 
.... *• r xain-in Chile.” Pinochet's rule 
’’", ^dorsedi Back Page . 

■, j. ™ %razirs -President Geisel has 
" 1 osen his intelligence chief, 

' literal Figueiredo. to succeed 
■'.as head of state in 15 • 
'■■■ tatsTrths':' Page 3 

rah murder 
nk sought 

“G otland Yard's anti-terrorist 
.. .J .usd js> working on the assurap- 
in that there is a connection 
’’ ’^tweenthe murder on Wednes- 
£y of Mr. Said Hanjmaroi. the 

• - v.lestine Liberation Organisa- 

•...T-'iO representative, and the car 
.. , -mb explosion in Mayfair- on 
iYear's Eve in which rwo 
irian Embassy staff died. A 
lotoflr of the Hammami killer 
,T '‘s been -issued: Page 5 


fans $5 


• EQUITIES responded favour- 

ably to -the. benefits for over¬ 
seas earnings of exporting com¬ 
panies Implied in the strength, 
ehlng of the doDar. • The■ FT 
Index dosed at the day’s :best 
with a rise of 6.7 points to €&5. 
making a 24.7 gain in the past 
10 days. : : 

• GILTS showed' early hisses, 
and longs dosed '! down, 'with 
shorts drifting lower. The Gov 
ertunent Securities Index dosed. 
0.27 down at 78.09. . . . 

• STERLING fell 7.40 cents to 
$1.8880 after U.S. Government 
moves to support the dollar. The 
pound’s trade-weighted Index 
foil to 64.7 (66.2). The dolhu^s 
depreciation narrowed to. 4.40 
per- cent from 6.02 per cent, 
after the UjS. currency: had 
reached better levels against 
main European currencies. 


“ v c 
■ ■ 


Q;. 


;cevit takes over 

, • .vaf- Bulcnl Ecevit who ordered 
. ... * invasion of Cyprus in 1974, 

. j?k office again as Prime 
^ister -of -Turkey after his 
• .'turret was approved; *»v Presi-, 
v • A W ^uruturk. Rack -Page - 

. I<v #r by rail . ; 

'‘VrtRwuy paKseaEore have died 
• •. train accidents since' the 

«*.«" '\tmnn of 1975—tbe first time 
> r rce the Rocket that there has 
■. v.-.-.cn such a two-year safety 
■ -coiti. 



GOLD ieil 55! to S15Sfefot 
lowing the dollar’s recovery,, 

• WALL STREET dosed 
down at 804.32. 


Firemen’s leaders 
vote to recall 
union conference 

BY AUN PIKE, LABOUR CORRESPONDENT 

The Fire Brigades Union executive yesterday accepted that it could go ho 
further in its fight for pay increases beyond the Government's guidelines. It 
will recall its delegate conference next week and recommend a return to 
work. 


A decision on whether 
Britain’s first national firemen's 
strike should' end now rests with 
the strikers. The executive 
decided to recall the conference 
by a 12 —4 vote: 

Yesterday's move came after 
nearly eight weeks, in which the 
Government has refused to be 
moved from its determination to 
keep public sector pay settle¬ 
ments to 10 .per cent. 

Last night, discussions be¬ 
tween union leaders- and the 
local authority employers on 
detailed aspects of a proposed 
new pay formula for firemen 
were still in progress 
Only the FBU conference has 
the authority U) end the strike. 
The executive has acknowledged 
that its efforts to secure immedi¬ 
ate pay rises of more than 10 
per cent, have failed but dele¬ 
gates cannot be guaranteed to 
take the same view. 

In spite of: improvements in 
some non-pay areas of ■ the 
formula—won - by the union 
during more than 30 hours of 
talks at the Home Office this 
week—the employers’ offer, is. 
in terms of wages one on which 
the strikers could have returned 
to work nearly a month ago. 

When the formula was first put 
to the membership, all but one 
of the FBU’s regions rejected it 


as a basis for ending the strike 
although ir was welcomed as a 
long-term wa$ of determining 
firemen’s pay. 

The executive now faces the 
demanding task of convincing its 
members that improvements in 

Union leaders of 96,900 manual 
workers in the electricity 
supply industry have tabled a 
claim for a " substantial n rise 
in basic pay. Mr. Frank 
Chappie, general secretary or 
their union, said there would 
be a real battle if Lbe Govern¬ 
ment tried to treat them like 
the firemen. Page 6. 

the formula are valuable and— 
most important—that continua¬ 
tion of the strike will not easily 
move a Government which has 
stood firm for almost two months. 

Firemen have shown them¬ 
selves to be a determined body 
during the strike action and 
held together with a unity which 
has surprised some FBU leaders. 
Left wingers in the union will 
urge the strikers to remain 
determined and a campaign for 
a vote to keep the dispute going 
was already under way last night 
' if the conference decides to 
end the strike, the pay of a 
qualified fireman, will, after a 


10 per cent increase backdated 
to November, rise lo £7680 per 
week. 

There will then follow a two- 
stage exercise beginning this 
November and finishing in 
November 1979. to take firemen's 
pay into, . line with industrial 
employees. They will then be 
Ihreeqnalters of the way up the 
manual earnings table—with 
wages roughly equivalent to 
skilled manual workers in 
industry. 

After this, firemen’s pay will 
be automatically adjusted each 
year to-keep them in this posi¬ 
tion. Under a separate clause 
of (he formula, working hours 
will bereduced from 48 to 42 per 
week this Novemher. 

The Government has agreed to 
guarantee the formula against 
tbe restrictions of any possible 
future incomes policy, although 
the Conservative Party refuses 
to he similarly hound. 

Last night, strikers' leaders in 
Strathclyde. Merseyside and 
South Yorkshire predicted that 
their representatives would vote 
to continue the strike. In other 
areas, including Hampshire and 
Northern Ireland, their were 
signs of support for a return to 
work. 

Editorial Comment Page 12 


Dollar 
recovers 
sharply in 
Europe 

BY MICHAEL BLANDEN 


U.K. likely to help exploit 

gas 


>fna) plans 


\T 
N OF 
\(i 


i 


.<rael plans to build, new settle-. 

.. ■ icnts in North Sinai, even 
. .lough .il appears Tentatively lo 
ave accepted that the area will 
’■ c returned to Egypl under a 
•• i: eace agreement. Page* 

■Ushang-up 

—*\ retired computer tiiispecror j iaS 
wen arrested on charges of 
pelting about 47.000 harassing 
uloplwn* calls over IS months, 
apam-su police said the man 
■hound his former employers at 
heir offices and homes and then 
i*placed the receiver without 
■ay ing a word. 

>own returned 

dr. Cyrus Vance. Secretary of 
State. arrives - In Budapest'to-day 
ts head of the delegation return- 
ne- the Holy Crown or St, 
Stephen to the.. Hungarian 
Government. Feaiure. Page 2 

Fire down below? 

A Roman villa has been 
unearthed in Ihe centre of Man¬ 
chester. Archaeologists hope 
also that there may be a temple 
dedicated to IhP of Fire 
below Gity Hall, which faces 
demolition. . 

Briefly . . . 

British '-student 'Andrei' Klym- 
chuk. freed attar.being held for 
five months by the Russians cm 
charges of anti-Soviet activities, 
arrived at Heathrow Airport 
yesterday. 

Lord Plurenden, formerly- Sir 
ltudy Sternberg,. : the chairman of 
ihe Agricultural Esport Council, 
has died, aged 60- Obituary, 
Page 5 

Mt. Brian Wehbam, head of BBC 
TV’s current affairs group, is to 
become controller of BBC 2. 
First heavy rain in ten months 
fell on the droughl-stricken 
Sicilian capital.of Palermo. 
Australian fast bowler Jeff Thom¬ 
son has turned down an offer to 
pluy for Surrey. 


• NEW TEXT life quotas ufider 
the Multi Fifere Arrangement 
will check the How of; cheap 
imports of textile and clothing 
into European countries 
especially from Hong Kong, 
South-Korea, Taiwan, India and 
Brazil. Back and Page 4 

• CALLAHER is launching a 
do-it-yourself-filter cigarette kit 
this month on the U.K. market in 
response to the EEC lax harmon¬ 
isation rule which came Into 
effect on January 1. Back Page 
and News Analysis, Page 5 

Tate & Lyle 
plant contract 

• TATE & LYLE has won a 
contract to develop and manage 
a 3140m. sugar plant in Swazi¬ 
land. Back Page 

• BRITISH AIRWAYS must 
earn an operating profit equal to 
lo per cent, of revenue for the 
next ten years if the airline is to 
afford the aircraft to remain 
competitive.. its new chief 
executive Mr. Ross Stainton has 
said. Pag^a 

• POST OFFICE estimates that 
its parcels service, which lost 
£23.6m. last year wiU be profit¬ 
able by the end of the current 
financial year. Page 5 

• OFFSHORE Oil and gas in¬ 
stallations are being hampered 
by marine growth -according to a 
Government report on under¬ 
water technology. Back Page 

• RETAIL price inflation could 
fall below 10 per cent, in March 
and reach a low of 7* per cenL 
to S per cenu.in June, according 
to a. stockbroker’s analysis. 
Page 5 

COMPANIES 

• ALLIED BREWERIES has 
raised pre-tax profits by £14.2m- 
to £77.201. on turnover up to 
£i:ibo; (£SSS.3m.) for the year to. 
September 24. Page.15 and Lex 

ft. S. AND W. BERISFORD 
reports pre-tax profits for the 
year to September 30 of £23.57m. 
(113.56m.) on turnover .up front 
£768.4m. to £l^6bn. Page 14 and- 
Lex . 



BY RICHARD EVANS. LOBBY EDITOR 




CHIEF PRICE CHANGES 

(Prices in ponce unless otherwise 
indicated) 



RISES 

Automated Security 47 

Dillon (P.) . 184 

Brown U.) .—. 241 

Burt Boulton . 1S5 

(■oiuoierci.il Union ... 155 

Davy Intnl.- 25S' 

Davies and Newman 1J9 
Fashion and Gcm Inv.-175 

Fenner (J. H.J "•.338 

Furness Withy -S4S 

Glaxo .. 805: 

Hagsas <J >. 9$ 

Haiubro Life .29n 

Horizon Midlands. ... WJ 
Irish Distillers J2I 

Lake and Elliot . 36 

Uoyds - Bank . 297 

Manchester Garages WI 
Matthews Wrifihtson 210 


+ 

+ 

+ 

+ 

+ 

+ 7 

+ 7 

+ IS 
+ 9 
+: 17 
+ 12 
+ S 
+ 

+ 6 
* 5 
+ 5 
+ 10 
+ 41., 
+ T7 


YESTERDAY 

Mills and Allen Intnl. 122 + 7 

Morgan Crucible ... 123 + 6 

Norwest Holst . S5 + o 

Rank Org... 265 + 30 

Kaatchr and Saatcbi... 96 + 5 

Sunley (B.) .210 + H 

Tube Inv& . 394 + S 

Vantona .119 + 8 

Vaux Breweries .409 + J2 

Siebens (U.K.) 278 + 18 

Ultramar 232 + 8 

FALLS 

Treasury T2pc 1993.,ilOB - l 
Coral Leisure .. 334 — 9 

Rhtnete . ...29 ~ 3 

Cons. Gold Fields ... 175 — 6 
De Beers DftL ......... 286 — 9 

KinrosK • ..— 2* 

LIbanon - ... 440 — 33 

Western Holdings' ...£33I ■“ 3, 


_PROSPECT pf a major UX 

involvement in the exploitation 
of tb^ rich natural gas fields of 
Bangladesh appears to be much 
closer following further talks be¬ 
tween Mr. James Callaghan and 
President Zia. 

Talks involving the British Gas 
Corporation aid a major private 
company are well advanced. The 
Prime Minister has promised his 
maximum backing on hi? return 
from Bangladesh. India and 
Pakistan. . 

A senior official of British Gas’s 
International Consultancy Ser¬ 
vice Is expected to fly to-, Dacca 
for further -negotiations \ later 
this month. The ICS subsidiary 
is involved in a number of. gas 
protects overseas. In tbe 1976- 
1977 financial year, for instance, 
it woo £8m. worth of consultancy 
business. 

It. is not known whether the 
private comnanv which may be¬ 
come involved i« an ail major— 
such as British Petroleum or 
Shell—or an engineering con¬ 
tractor. 

Apart from exploration and ex¬ 
ploitation schemes, it is hoped 
that an ambitious proposal will 
6e‘ developed-which would entail 
the ordering from British yards 


of around sis tankers to export 
the natural gas to the west coast 
of the U.S. and to Japan. 

Hariand and Wolff, not part of 
British Shipbuilders, has two 
small gas tankers in its present 
order book. Within British Ship¬ 
builders, Swan Hunter on Tyne¬ 
side has the most recent ex¬ 
perience of gas Tanker building, 
but there would also probably be 
interest in any order from Scott 
Lithgow, Cammel Laird, Vickers 
and even Smiths Dock, Teesside. 

The value of the vessels would 
depend on size, but could easily 
be in tbe £450m. area—four times 
the value of the recent Polish 
order. 

Although much work remains 
to be done Mr. Callaghan and 
President Zia were optmistlc 
about prospects for both the ex¬ 
ploitation of natural gas and for 
a feasibility study on how to 
harness the waters of the Ganges. 

Another possibility that par¬ 
ticularly interests Bangladesh is 
a plant for converting natural 
gas into fertiliser, together with 
a plant for its conversion into 
liquefied gas. 

President Zia said he would 
welcome additional economic aid 


.. -'.'ffireav Jan. 5. 

from Britain arid other Western 
countries. He 'hinted that It 
should have fewer strings 
attached and should be on a 
scale that would enable his coun¬ 
try to solve its problems effec¬ 
tively . 

Mr. Callaghan also , referred 
optimistically to the prospects for 
a feasibility, study, financed in 
whole or in part by Britain, to 
harness the waters of the Ganges. 
This subject can be expected to 
come up during the Prime Minis¬ 
ter’s talks with Mr. Desaiv the 
Indian Premier, in Delhi next 
week. 

There is a delicate political 
problem involved as two major 
solutions have been put forward, 
one by tbe Indians and one by- 
Bangladesh. Mr. Callaghan will 
not want to be accused of taking 
sides before the long-term study 
is launched. 

The Indians have suggested 
cutting a canal from the Brahma¬ 
putra through to the GaQges. but 
this would use a great amount 
of precious Bangladesh agricul¬ 
tural land. Bangladesh would 
prefer to have the waters of the 
Ganges controlled by building nf 
reservoirs in- Nepal, an idea 
oppofyi by the Indians. 


The dollar rose sharply in 
European exchange market 
dealings yesterday, reflecting 
the overnight recovery la New 
York after (be announcement 
of the new U.S. support ‘mea¬ 
sures. 

In London, the pound ended 
with a rail of 7.40 cents from 
tbe previous day’s closing level 
at $1.8880. This compared with 
a rate of SL8750 in New York 
on Wednesday night. Sterling's 
Trade-weighted index against a 
basket of currencies fell to 64.7 
against 66-2. 

The dollar moved up against 
the two strongest Continental 
currencies, the Swiss franc and 
the West German D-Mark. It 
closed at Sw.Frs.2.04 compared 
with Sw.Frs.I-9325 on the pre¬ 
vious day, and at DM2.1560 
compared with DM2.0640. 

The improvement in the 
dollar was clearly reflected in 

Sper£ STERLING 

2 OOr 


Unions react 
swiftly to 
Mini leak 

BY PHILIP BASSETT AND PETER CARTWRIGHT 



1 3D J i T 

DEC JANUARY 

T977 _1978_ 

Its trade-weighted depreciation, 
as calculated by Morgan 
Guaranty in New York. This 
narrowed sharply from 6.02 
per cent, to 4 j 40 per cent 
Tbe turn-round in the dollar 
also brought a sharp fall in the 
gold price by $5.75 to S166.125 
an ounce. This was well below 
the Priee of S17L26 paid at 
Wednesday’s- International 
Monetary Fund auction. 

The new U.S. exchange mar¬ 
ket policy, io stop the decline 
of the dollar with the help "of 
the U.S. reserves, existing 
swap agreements with central 
banks and a new arrangement 
with West Germany, was 
widely welcomed by central 
bankers. 

In early New York trading 
last night, the Federal Reserve 
was reported io have inter. 
Continued on Back Page 

End of benign neglect of dollar. 
Page 12 


£ in New York 

Jniiuan b 


I’revlmm- 


*im . si.rf»o.»]ou :si.Hawtt4Xi 

1 month O.Oiu.Cff iirvni.jU.03P.es pmn. 
3 n Hint hi 0.17-U21 [rcni.ICI.20-Ci.25 |*rcni. 
13 iiiuntbs 0.46-0.56 |ireni.[0.60-0.75 i-rcm. 


UNION OFFICIALS moved 
swiftly yesterday to counter the 
damaging implications oF what 
ithey regard as an inspired leak 
tbar British Ley land is close to 
kilting off the new Mini. 

The Confederation of Ship¬ 
building and Engineering Unions 
! bus been asked to arrancc an 
urgent meeting with Mr. Michael 
Edwanles. chairman of British 
Leyland. 

In a separate move TASS, the 
white-collar section of the Amal¬ 
gamated Union uf Engineering 
Workers yesterday refused a 
Leyland request to allow £12.5m. 
worth of design engineering and 
associated work Tor a face-lifted 
Marina lo go to West Germany. 

‘•Our memoer* at Leyland 
Cars arc also heing offered £7 
an hour, tip to £280 basic tu work 
at establishments in West Ger- 
| many where the jobs would he 
I carried out." Mr. John Rowan. 
Midlands secretary of TASS, said 
last night. .“We* are not going 
to sec n trickle of this kind 
become a flood and Leyland 
reduced to assembling other 
people’s cars.” 

Leyland's unions are also con¬ 
cerned about rumours that the 
i strike-hit Speke plant, on Mersey¬ 
side, could face closure. Leyland 
management, trade unions and 
the Advisory Conciliation and 
Arbitration Service will try to 
i find a solution to-day to the 10- 
week-oid strike of 1,S0D workers 
at Speke where the export- 
orientated TR7 is built. The dis- 
_ pute has caused Lhc lay-off of 
{ 2,000 men in the body plant there 
and another 2,000 at Canley, 
Coventry, and Rover at Solihull. 

There was more trouble in the 
car Industry on Merseyside 
yesterday when 300 workers In 
the press room of Ford's Hale- 
wood plant decided lo go on 
strike over work schedules from 
Monday. Production has not yet 
been affected, but a further 700 
workers are expected tn follow 
suit and join the unofficial strike 
next week. 

The reports of Leyland’s plans 
worried British Leyland workers 
at Cowley yesterday . since the 
future of their plant-could be 
affected by any ded-ion to scrap 
the new Mini. 

They fear that if the equip¬ 
ment at Ley-land's Longbridge 
plant is not used for tbe new 
Mini, tbe company will use it 
| for the new LClO middle-range 
ear to replace cars such as the 
jMasi. now nearing the end of 
its life, and eventually the 
Marina, both of which are 
produced at Cowley. 

Union officials are likely to 
call to-day at a meeting at 
Cnwley for discussions on the 
Mini’s future and of any possible 
redundancies to be brought into 
the open. They want the matters 
dealt with at an already planner? 
meeting next week of the joint 
managemeni-union Leyland Cars 
council. 

Mr. Brian Mathers, senior Mid¬ 


lands official uf the Transport 
and General Workers’ On inn. 
said Ihe union would be cajjinc 
for a firm declaration by the 
company as to where it was 
going. 

• Leyland South Africa said 
yesterday that it knew nothing 
about any plans by British 
Leyland lo run down their cor 
operations there. Reports yester¬ 
day said overseas loss-making 
parts of Leyland faced possible 
closure, including the Smith 
African operation. Leyland South 
Africa engaged in a TU5m. 
(£9m.) expansion programme, 
featuring the Rover 3500. 

The Mini assembly plant near 
Cape Town is being modernised 
and expanded at a cost nt Rim. 

John Elliott, industrial Etlilur 
writes: Tbe plans feu- Let land's 
future now heing finalised by 
Mr. Edwardes and his xeumr 
executives seem likely to be 
received favourably when they 
are submitted to the National 
Enterprise Board before being 
passed on to the Government. 

It seems unlikely that the 
NEB will want tn interfere with 
the broad strategy decided un. 
although there ruuld be objec¬ 
tions to certain parts from 
individual union leaders who sit 
on the Board, such as Mr. llarry 
Umrin. u*>npr;»t .••■erotan 

of the TGWU. if specially harsh 
redundancies were proposed. 

Bur generally it is the policy, 
of the NEB. under its chairman. 
Sir Leslie Murphy, to leave the 
management of the company to 
Mr. Edwardes who is himself a 
former NF.R memher. 

One of Mr. Edwardes' close col¬ 
leagues at Leyland is the funner 
head of the NEB’S BL support 
staff. Mr. Michael Carver, who 
remains in close touch with the 
NEB. 

Given these close associations, 
it is extremely unlikely that Mr. 
JEdwardes’ eventual ideas will 
fall foul of the NEB which is 
likely to receive thorn in the 
form of an overall Leyland cor¬ 
porate plan by the middle of 
next month. 

The Government has yet to be 
informed by- the company of any 
firm decisions and may not re¬ 
ceive any official news till the 
NEB sends the final approved 
corporate plan to Mr. Eric 
Varley. Industry Secretary. 

"financial times 

The price of the Financial 
Times will be increased from 
I2p to ISp on Monday. January 
9. We have given an under¬ 
taking to the Price Commission 
that no further eotcr price or 
advertisement rate increases 
are planned for ihe newspaper 
during 1978. and that further¬ 
more, unless the rate or in¬ 
flation turns sharply upwards 
over the period, no further 
cover price increase is planned 
for 1979. 


Coral Leisure bids for Pontin’s 


- AY KEITH LEWIS 

CORAL LEISURE was confirmed 
&St: night as the bidder for the 
Fontln’s hotels and holiday 
tillages group in an agreed cash 
and shares package worth £55ra. 
Announcement of the deal, 
places .a value on each 
’s share of 45.6p. with 
iral 9p lower on the day at 
; _lp. follows two days of intense 
speculation.' This began after 
f on tin’s asked tbe Stock Ex- 
without explanation, on 
ay, to suspend dealings 
Its shares at 38p. 
rrTbe terms of tbe bid—four 
ral shares, plus 240p cash, for 
17 Pontin's shares—have 
blessing of the -Pontin’s 


Board, headed by Sir Fred 
Pontin. the 71-j'ear-oId founder 
of the business. 

Irrevocable acceptances from 
the directors and families have 
not so far been given. The last 
accounts showed combined hold¬ 
ings of only 7.1 per cent, of the 
capital, though, together with 
family trusts, the figure could be 
nearer 10 per cent. 

This would appear to leave the 
way open for any rival bidder. 
However, it js felt that the 
recommendation of Sir Fred 
Pontin will carry considerable 
weight with the company’s 26,500 
shareholders. 

Following a successful con¬ 


clusion to the deal, .which was 
at the instigation of Pontin’s, Sir 
Fred will join the- Board of 
Coral. With him will go three 
other Pontin directors: P. E. 
Hopper. R- G. Whitehead and 
T. J. Hammings. Sir Fred and 
Mr. Hemmings will also be join¬ 
ing the Coral management 
Board. 

- Mr. J- M. Hoare and Mr. D 
Spencer, respectively managing 
director and.finance director of 
Coral, will join the Board of 
Pontin'-; 

A joint statement issued last 
Continued on Back Page 
News Analysis Page 17 
Lex Back Page 


si- 


contents OF TODAY’S ISSUE 


verseas news 


2 

Technical page . 

. 8 

inlL Companies . 18 & 19 

.3 

Management page ... 

. 9 

Euromarkets ... 

. 18 

3 

Arts page . 

. U 

Wall Street . 

. 20 

4 

Leader page .. 

. 12 

Foreign Exchanges . 

. 20 

5 

U-K. Companies . 

.... 14-17 

Farming, raw materials .. 

. 21 

6 

Mining . 

. 16 

UJL stock market .. 

. 22 


12 


Stt end of (he benign 
^neglect of the dollar 
politics Today: Scotland. 
Sprite Germans and the 

l&JLords'... 13 

offirond Britain: Ready for 
itbe worst at Merthyr ... 10 
AsraziPs. leadership: A 
,octant nominee —. 3 


FEATURES 

New York's new daily 
paper: Against the times 
St. Stephen's Crown: 
Return of a powerful 

symbol . 

News analysis on (he new 
.do-it-yourself cigarette... 
North Sea OU Review: 
Breaking new frontiers 


Filling the gap at Textron 
3 , after Miller has gone ... 19 

Turkish premier’s grim list 

a of problems . 2 

U-K. textile industry set a 

5 challenge by. new quotas 4 

Planned leisure link-up; 

6 Coral’s Md for Pontin... 17 


Avpotttmews ......... 

wkPlMdatllKlte 
■ Vp"fmjfKWB ASM. 

, .’Paris Return . 

■sadness On**. ... 

' Cromronl .. 

" 'SMartalBiiMUtt Guide 

: F-TVACtuarle* (Micas 


Tennis . 10 

Todiri Events >■—- V 

TV and Radio-U 

unit Trans 23 

Weather . Ih 

INTERIM STATEMENT 
Heflb Bros. & ESA U 

For latest Share Index 'phone 07-245 S026 


u 

Lcttan ...—.— 

13 

17 

Lex ____....... 

» 

37 

L&aAnrtf .— 

10 

17 

Men and Matter* .. 

12 

21 

Money Markn ...... 

15 

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Financial Times Friday. January's 





Co mm unists rebuff 
Mitterrand’s bid 




. ■ i 

Grim list of problems faces Turkey’s new Premier jo il 

BY METIN MUNIR IN ANKARA 


for reconciliation 


* BY ROBERT MAUTHNER 


PARIS, Jan. 5. 


THE FRENCH Communist Party 
to-day reacted negatively to the 
proposals made yesterday by M. 
Francois Mitterrand, the Socialist 
leader, to natch up the two 
parties' differences on the 
common programme of the Left, 
which led to the breakdown of 
their alliance last September. 

Though the Communists have 
not yet taken an official stand— 
they are due to hold a conference 
on their electoral strategy next 
week-end—the party newspaper 
L'Humanite said in a leader 
to-day that the “ unilateral ’’ 
publication of their election pro¬ 
gramme by the Socialists was an 
indication that they did not want 
to resume negotiations on a 
common programme. 

- Describing the Socialist docu¬ 
ment as *' a hasty bit of tinker¬ 
ing " with the common pro¬ 
gramme. the Communist paper 
indicated that it did little to iron 
out the differences between the 
two . parties on vital problems 
such as nationalisation and 
defence. 

.- Though M. Mitterrand yester¬ 
day went out of his way to 
underline the concessions that 
The Socialists had made on 
nationalisation—they were ready 
to extend the list to seven 
important subsidiaries of the 
nine big industrial groups due to 
be taken over by the State— 
L'Humanite still maintained that 


tbe gap on this subject remained 
very wide. 

On defence, too. the paper 
claimed that the Socialist pro¬ 
gramme had left out a vital 
phrase which figured In the up- 
dared version of the common 
programme worked out by the 
two parties before their negotia¬ 
tions finally broke down. 

That phrase, which followed 
an undertaking that France 
would not rejoin NATO’s inte¬ 
grated military organisation, 
specifically ruled out the associa¬ 
tion of France with “ a new inte¬ 
grated military organisation,” 1 
such as a collective European 
defence system. 

In the light of the differences 
which still remain on the most 
important problems, M. Mitter¬ 
rand’s concession to the Com¬ 
munists yesterday on the level 
of the national min imum wage 
and the rate at which a new 
wealth tax would be levied by 
a Government of the Left, are 
no more than drops in the ocean. 

By refusing to admit that tbe 
Socialists have made any sig¬ 
nificant concessions on the 
nationalisation issue, which most 
independent observers consider 
that they certainly have done, the 
Communists appear to be closing 
the door to any resumption of 
negotiations which is not pre¬ 
ceded by a complete Socialist 
climbdown. 


WHEN MR. BULENT ECEVIT 
was designated Prime Minister 
or Turkey last June, thousands 
of people filled the streets or 
Ankara, chanting songs, dancing 
and waving party Bags. There 
has been no -repetitive. Ankara 
has proceeded with its normal 
grey winter life of smog, snow 
and slush. 

The situation is too grim for 
jubilation. The economy is in 
a mess, political bloodshed is 
rife, and there is a web of pro¬ 
blems in foreign relations. 

Tbe Turkish economy is going 
(brought one of its worse patches 
— “both drunk and suffering 
from a hangover,” as an econo¬ 
mist put it referring to the 
current stagflation. The current 
account deficit last year was a 
record 83,700m., gold and foreign 
currency reserves last week stood 
at under S600m_, compared with 
over 81,000m. in the beginning 
of tbe year. The Central Bank 
owes SL900m. to foreign private 
banks in short-term loans which 
it is unable to repay. 

Inflation and unemployment, 
which have both been high ever 
since 1970, reached record 
heights in 1977. Inflation is 
believed to have exceeded 35 per 
cent, and unemployment 20 per 
cenL, with more than 2.5m. 
unemployed. 

Last September Mr. Suleyman 
DemireL, the former Prime 
Minister, and his two coalition 
allies—Mr. Necmettin Erbakan 
of tbe pro-Islamic National Sal¬ 
vation Party, and Mr. Alpoorslan 
Turkes, of the Ultra-Right-wing 
Nationalist Action Party—invited 


the International Monetary Fund 
for talks. The trio launched a 
programme or austerity, which 
although a step in the right 
direction, was in suffi cient to 
stabilise the economy. The 
coalition parties disagreed about 
the remedial measures as they 
did just about everything else. 

It will now be up to Mr. Ecevit 
to conclude the talks with the 
IMF. He will very likely have 
to devalue the Turkish lira by 
another 20 per cent, readjust 
interest rates, and pursue a tight 
money policy. 

The Central Bank has advised 
the 52-year-old poet to continue 
the negotiations with the IMF 
from the point where his pre¬ 
decessor left off But whether 
he will heed this advice is not 
known. His attitude to the IMF 
will provide a crucial insight 
into Mr. Ecevlt's economic 
abilities which have not yet been 
tested. 

The Central Bank, which has 
gone through a nightmarish 
year, does not want any dallying. 
Only after Turkey signs its 
agreement with tbe IMF can big 
international banks with large 
stakes in Turkey come forward 
with the massive loans required 
to keep tbe economy afloat. 

“ I don't know whether we can 
hang on for another month,” a 
bank official said. 

Another big problem which 
Mr. Ecevit will have to confront 
quickly is law and order. In the 
last two years hundreds of people 
have been killed and thousands 
wounded in the interminable 
clashes between extreme left- and 
right-wing factions. The number 


of acts of violence increased mission to reactivate the dead- Tfhe can get Cyprus, our of. 
by about 120 per cenL between locked intercomraunal talks the way he will have scored a 
1976 and 1977. from about between the Turks and Greeks major triumph- Settlement there 
2,600 to 5.700 incidents. of Cyprus. would no doubt encourage the 

Most of the blame is attri- As the man who ordered the U.S. congress to lift the arms 
buted to Mr. Turkes’s . Grey Turkish army to Cyprus in 1974, embargo and ratify the Turtash- 
Wolvcs, a well organised, fana- Mr. Ecevit has often been American defence co-operation 
tically nationalistic group of described abroad as the only agreement, to provide Tarkcy 
young people waging a private Turkish politician able to settle with more than $lbn. worth of 


THE NEW CABINET is as fol¬ 
lows: Prime Minister Bolent 
Ecevit; Deputy Premiers Orhan 
Eynboglo, Turhau Feyzloglil 
and Faruk Snkan; State Mini¬ 
sters Enver Akova, Salih 
Yildiz, Lirtfn Began, Ali Riza 
Septiogln, Mustafa Kilic, 
Ahmet Sener and Hikmet 
Cetin: Justice Mehmet Can; 
Defense Hasan Esat Islk; 
Interior Irfan Ozaydinli: 
Foreign Gundnz Okcuxu 
Finance, Ziya Muezzinogha; 
Education, Needet Ugar; 
Public Works, Serafettin Eiiri: 
Trade, Teoman Kop rainier; 
Health and Social Aids Mete 
Tan; Customs and Monopolies 


(Uvup til. UChCI lutru dtiiUdU LUC WUJJT IV p *l > 

a private Turkish politician able to settle with more than Slbn. worth of 

. arms. 

^. A settlement would also go a 

long way towards red acme 
is as FoL Tuncay Matarad; Communica- tension between Turkey and 

- Bolent tions Gunes Ongut: Agricul- -'Greece and opening the- way to 

rs Orhan ture and . Animal Husbandry the solution of the Aegean dis- 

. Mehmet Yuceler: Labour pute between them, 

f , Bahir Ersoy; Industry and The question is whether Mr. 


Technology Orhan Alp; Ecevit wiU have the strength to 
Economic Management Kenan 1 -solve all of these formidable 


EitUUUHMV OUlve tin VJI 

Bnlutoglu; Energy and Natural questions, or, indeed, whether he 
Resources Denlz Baykal; will remain in power long 


» WIU Ig mu it i ill 

Tourism and Information Alev enough to make a sustained 


Coskun. 


effort. Tbe Government is an 


Housing and Public Works odd coalition between Mr. 
Ahmet Karaaslan; Rural Affairs Ecevit’s powerful Republican 

_ . ■ ■ n m HahNi* f DDD\ ifiMAnann. 


A 1 UUCL I\uu 4 aMllif sihihi “ I-^ , r'-\ 

and Co-operatives All Topuz; Peoples Party IRPP). independ- 
Forestry, Vecdi Ilhan; Youth ents, and two tiny parties—the 
and Snorts, Ynksel Cakmur; Republican Reliance Party with 
Social Security Hilml Isguzar; .two assembly seats and the 
n..u —„ Vanpr Klein h- ’ Democratic Party with one. 


ruimc nuiM, cwusiuu uuu, okhu ijevuiitj • .-.is _7. .... 

Trade, Teoman Koprululer; Culture Ahmet Taner K i sl afi ; Democratic Party with one. 
Health and Social Aids Mete Local Administration Mahmnt With 11 deputies who my 
T an; Customs and Monopolies Ozdemir. ‘ independent and 214 kfp 

- deputies, the total strength or 

-■ ■ - “ the alliance in the 450 seat 

National Assembly Is 227. Their 

war of attrition against the the Cyprus problem. He will effective majority is only one. 
extreme Left. The latjer certainly now be obliged to live up to this Mr. Demirel is hoping that 
is not without blemish either, expectation, which he himself some of the 11 independents may 
UN Secretary General Kurt has discreetly kept alive. abandon Mr. Ecevit since they 

Waldheim’s visit to Turkey this Mr. Ecevit has said that he is are recent deserters from the 
week-end will probably force planning to tackle the Cyprus Justice Party, who caused ms 
Mr Ecevit to come to grips with problem without waiting for the parliamentary overthrow on New 
foreign policy issues without US to lift the embargo on arms Year’s Eve. If this happens he 
even going to the assembly for supplies Imposed on Turkey as himself may form a coalition 
a vote of confidence. punishment for the Cyprus war, with Mr. Ecevit. This would be 

Dr Waldheim, who will go on but has given no indication of almost the only formula wtuch 
to Athens and Nicosia, is on a how he means to do it. » has not yet come out of the 


splintered Turkish parliament. 

The second weakness lie 
inside tho Government itself, i 
exdiauge for their allegiance, ttj 
14 outside Supporters of. tlie RJ» 
have been given 13 Cabinet seal 
'—nn event probably unparallele 
in the annals of Europea 
democracies. The. 14 indepei 
deals will undoubtedly give th 
Administration a right-win 
slant. 

But given the notorious m 
predictability of Turkish poll tin 
life it is virtually impossible t 
make an accurate forecast of th 
new Government's prospects. It 
Ecevit says he is certain that hi 
Government will be “ stabk 
consistent and harmonious." ... 

An outgoing Minister told uk 
“I could not imagine a Govert 
nient which would be worse tha 
ours. But Ur. Ecevit has foun 
il I give him three to fly 
months." 

Probably both assessments ar 
somewhat extreme. Much wit 
depend on Mr. Ecevit, a man o 
unquestionable integrity, courag 
and determination, but als 
impulsive and lacking expor 
once. Much will also depend o- j 
the 14 independents- i 

However, how Mr. Ecevit wU 
tackle some of his fundaments 
problems should becom 
apparent quite quickly. Mi 
Waldheim’s visit at tbe week-em 
will indicate what the Prtnn 
Minister plans to do abou 
Cyprus and the IMF delegation’: 
visit—probably at the beginning 
of February—will show his intea 
tions about the economy. .. - 


visiH 


Industrialists gloomy over 


French general elections 


•V •.iXJiAk.v&Af!:', Cl,' 


Brezhnev | Italy’s unions delay 


*. *■ 


BY DAVID CURRY 


PARIS, Jan. 5. 


ALTHOUGH a substantial a Government victory would lead 
majority of company heads now to a genera! strike. Almost as 
expect the present Conservative many expected frequent occupa- 
coalition to win the March tions of factory premises by 
general election in France, workers. A majority expected 
many oF them have little confi- the Government to concede 
dence in its ability to stand out retirement at 60 and almost two- 
subsequentiy against union fifths tbougbt that the unions 
demands for costly measures to would also get a fifth week’s paid 
attack unemployment More than holiday. 

half of them expect a period of Also on the dark side, fewer 
sharp conflict in industrial rela- than one in three expected price 
tions. controls to be dropped though 

most credited the Government 

by the 5 magazine SUStaS tPZu&Zf 

the basis of interviews with 500 P ^ a 

fn° m Sr a C t h ion fS fo Tb a e S °^ s ' Go“ "“e^TndurtrJ 

Krum P bem”,n rte Prime S” a “£.'"1' Ul !£ 

”duSrialL Raym ° Dd Barr<! ' “ nd fores “ a whole chapter of 
stnal ts. economic and fiscal horrors in- 

. m , 00 r pessimism is set c i U dfng a limitation on the right 

by the fact that half of those to lay-off workers; a price freeze; 
questioned thought the Barre shorter working hours; a wealth 
economic recovery programme a tax; depreciation of the franc 
failure, 40 per cent, said that and wholesale bank and Indus- 
operating results in 1977 were trial nationalisations. 
M°” e ,u han the - pr * v,ou !S >'® ar : The prospect of a Socialist- 
JJ°«* than one . I f t p° admitted Communist alliance made the 
that they were delaying decisions cup of miseTy overflow. The only 

SjjJ? ,\^n 5tn 3Lf?* consolation was a beUef that the 

"If™ ltl a(ter thc March Communists would hold their big 
el ^ on - CGT industrial union in check 

The questions were based on on the shop floor, 
three possible electoral outcomes At the debate to-day M. Barre 






reappears 
in public 


calling general strike 




* •» . -vw<%S .'(J# 4 * 

■" rtf 
















l*.* ’ «v m f . W W,< j ' ■ ’ 






President Leonid Brezhnev 
appeared in public yesterday for 
the first time m four weeks, 
apparently recovered from arhout 
of influenza, UPI reports from 
Moscow. The official Tass news 1 
agency said Mr. Brezhnev, who is. 
71, • presided at a KremHn 
ceremony in which six high 
government, party and military 
leaders received orders for their 
services to the state. 

Mr. Brezhnev had not been 
seen In public early December 
when he acted as a pallbearer at 
the funeral of Marshal Alexander 
Vasilevsky In Red Square. . 

A senior Western diplomat "aid 
last month he had been told by 
high ranking Soviet officials that 
the Soviet President had influenza. 


BY OUR OWN CORRESPONDENT 


ROME, Jan. 5. 


Presidents Carter and Gfscard d f EstaIng walk alonjfrOniaha Beach, bridgehead of the 1944 

Invasion of Europe-^ 


Carter Europe security pledge 


three possible electoral outcomes At th e debate to-day M. Barre BY OUR °WN CORRESPONDENT PARIS, Jan. 5. 

—a victory b^ toe coali- ™ f ^^ to ^^ t ^ e con ^Jation president JIMMY Carter to- that many difficult issues of Africa. Both sides expressed 

and a Socialist-Communist Gov !vnnnmti> mmSSm f °5 da y S ave President Giscard remain to be solved. Mr. Carter concern about the build-up of 

eminent The° mood of G fhe d’Estaing of France a specific felt that the momentum of the Cuban forces and military equip- 

reolies ranged from nessimism^n t,« h assurance that the strategic arms Middle East talks could be main- ment on the African continent 

dwpair pessimism to £! Umitation (SALT) agreement tained.___ ... and agreed that a diplomatic 


Irish taxation I 

The Irish Governmentis 
expected to abolish capital gains 
tax when Mr. George Colley, 
Finance Minister and Deputy. 
Premier, presents his budget to, 
the Dail (Lower House) on 
February 1. writes Giles Merritt 
in DubKn. In line with the -Fianna 
Fail Government's pledge to 
stimulate Investor interest in 
Irish equities, Mr. Colley is under¬ 
stood to be contemplating the end¬ 
ing of capital gains tax and the 
revision of both capital acquisi¬ 
tions tax and the wealth tax. 


ITALY'S THREE big trade union 
confederations to-night post¬ 
poned calling a general strike in 
protest against the minority 
Christian Democrat Govern¬ 
ment's economic programme. 

After meeting, the union 
leaders said they would recon¬ 
sider their position after talks 
next week with the country's 
main political parties, including 
the Christian Democrats. The 
unions want to see whether their 
demands—especially for in¬ 
creased job opportunities and 
new stale investments In the 
South—can he accommodated in 
a revised economic package. 

Whatever the precise motiva¬ 
tion of the unions, a general 
strike would have direct political 
repercussions, coming at a time 
when - the principal opposition 

S aftiee. but most notably the 
oinmunistx and the Socialists, 
are demanding the establishment 
of an emergency government 
Such a development is, for the 
moment anfrway. being resisted 
by Sig. Giulia Andreotti’s 
administration, at present kept 
in office by the tacit support in 
Parliament of the opposition 
parties. 

The union leaders, even\before 


to-night's meeting, were anxious 
to dissociate themselves from 
direct political involvement, 
suggesting that their plans for a 
national strike could be averted 1 
if the Government showed some 
willingness to revise its economic 
policies. 

A general strike in Italy has, 
historically, been used as a 
direct political weapon. But on 
this occasion the unions, reflect¬ 
ing the confused mood of the 
main opposition parties, are 
reluctant to be seen to be the 
precise instrument fpr bringing 
down the LS-month-old Andreottt 
administration. -i 

What is evident is that a key 
role rests with the Communist 
Party, whose central committee: 
is scheduled to meet within thei 
next 10 days. J 

It is virtually automatic ibari 
a withdrawal of PCI backing,! 
from the Andreotti Government: 
■would result in a new political 
crisis. 

Reuter adds: Latest estimates 
indicate the Italian economy will 
be able to expand by 2-3 per cent 
this year without putting • 
pressure on the balance of . pay¬ 
ments, according to Sig. 
Andreotti 


l!i l V 


Some 57 per cenL thought that economy. 


^ StrUCtural problems * n tbe I currently being negotiated by the The UjS. and French leaders, initiative in the area was called 


Belgian devolution dispute 


BY DAVID BU.CHAN 


BRUSSELS. Jan. 5. 


U.S. and tbe Soviet Union would wbo had a first round of talks for. Mr. Powell did not explain 
protect Europe's security in- lasting 90 minutes yesterday, what kind of initiative the two 
terests. also had an extensive discussion Presidents had in mind, but he 

The security of the United about African problems, cover- said that they agreed that the 
States’ allies Was a major con- i n B both the situation In African situation called for 
slderation and tbe UJS. would southern Africa and in the Horn restraint on all sides, 
continue to consult them on a 


Spanish forces bid 

The Spanish armed forces 
yesterday launched a campaign to 
improve their political image, but 
coupled it with a veiled reminder, 
that they could Intervene if civil 
authority breaks down, Reuter 
reports from Madrid. 


TAP faces another strike 


BY DIANA SMITH 


LISBON. Jan. 5. 


BY GUY DE JONQUIERES 


BRUSSELS, Dec. 5. 


AS FINAL talks between the particularly the Brussels-based ^ Powellftiu} White DmnnAln 4-vcu-n 

parlies of Mr. Leo Tindemuns’ FDF. suspect that Mr. Tin- housp snokesman after talks KniSSfiftlS fi)IK.S £^Ylffl rnn 

coalition Government on regional demans, under growing pressure fZn KLders • VJLItI 11 

devolution for Belgium got under from his'own Flemish Social The discussions lasting two m- r -.. v r,.- .. DOIIt , crr c R 

way to-day. the three French- Christian Party and Flemish and a -half hours took place in BY GUY M I ON Q u, HtE^ BRUSSELS, Dec. 5. 

speaking parties in it were still nationalists, wants to put off the t h e train taking’the two Presi- 

smariing from what they see as implementation of the special dents from a pilgrimage to the THE STATE of the world welcome a signal of U.S. approval 
the Prime Ministers grow rig concessions made to those French graves of U.S. servicemen who economy, international trade and for his own effort: to persuade 

If];?®J n ,\? l T e M c ? n M CS_ ^ a ^ e *' s w ?° . hve in Bessels’ died in the Normandy landings. East-West security are espected Governments to relaunch 
smns unfavourable to his fellow Flemish suburbs. 0D ^ second day of Mr. Carter's JELlS plans for a monetary union, 

flemish speakers. Tbe Francophone parties want three-day official visit to France. 1° main es discus»ed officials here hope to hold 


csuium ui-\oiuuun plan agiuoni pian was presented to ment which would provide for tomorrows on 
i-omiM lo be presented to Parlia- Parliament by mid-February. adequate verification procedures foreign tour, 
ment later thi» >ear. Mr. Tinderaans has publicly during the current year. After While the 


imports and to probe them on 
Commission is the planned American offer in 


UN appointment 

The French commissioner for 
economic planning. M- Jean 
Rlpert, has been recruited to the 
United Nations Secretariat as ; 
bead of its department of 
economic and social affairs, writes 
our UN correspondent. He will 
succeed M. Gabriel van Lae them, 
who has served in the post far 
the past three years and will 
return to the French foreign ser¬ 
vice. The job has been in French 
hands for many years, and this 
was a principal reason for 
France’s opposition to the estab¬ 
lishment of a new. higher office 
of UN director-general for de¬ 
velopment and international 
economic co-operation. 


PORTUGAL'S NATIONAL air¬ 
line. TAP faces its second strike 
by pilots and flight staff in less 
than two weeks to-morrow. 


The last, eight-day strike, 
which ended on December 30 
1977 is estimated to have lost 
TAP between S3m. and S5m. Its 
24-aircraft fleet was grounded 
by the refusal of 1,300 pilots 
and flight staff to work over the 
Christmas period. 

The air crews' unions had 
demanded wage and fringe 
benefit increases which would 
have cost the airline an extra 
$ 12 .5m. a year. Management 
refused to accept the claim and 


made a counter-offer which 
would bring tbe total additional 
annual wage bill to S&250.000. 

This sum, tbe unions said, was 
“an insult” and they began an 
indefinite stoppage on December 
23. The strike was lifted after, 
eight days when management ana 
unions apparently agreed to a 
compromise. 

_ However, when formal negotia¬ 
tions began this week, it trans¬ 
pired that tbe revised sum 
offered by management fell 
short of the amount required to 
cover all individual pay rises. 
Management announced that 
pursers and stewards would hava 
to accept about $50 a month less. 




fT 4 * i r* 


>*U2U 


EEC social fund 


Norway fisheries support agreed 


the Epuont plan were implc- could technically withstand the presence oF 200,000 U.S. fighting should be more closely involved At NATO, European ambas- 

montod in stages defection of the FDF, it would men in Europe were a guarantee hi concerted Western efforts to sadors will be interested to hear 

. , ■smoni plan, agreed in upset the communal balance of that the threat to European free- speed up the economic recovery Mr. Carter’s impressions of 

principle wi«n the formation of the Government and probably dom would never be repeated. and restart talks with the Middle East developments but 

. n 5 w . , ov ‘ frnm £. n ^ '- n ■ ,u^e ■ IS torpedo the devolution Bill. The U.S. President, who also developing world on a new are expected to concentrate *heir 

intended in turn Belgium into a Un the other hand, strains gave President Giscard a full economic order. questioning on East-West issues, 

fully federatpu slate i»f two com- between the dominant Social rundown of his recent talks on The feeling in Brussels is that They are especially concerned 

munitieri tDiilcli and I-reach Christian Party and the Socialist a Middle East settlement, said it would be Indelicate to tackle by bis statement in Warsaw lart 

spCtiKing) and three economic Party over economic policy he was encouraged by the pro- Mr. Carter too directly about the week that Europe4)ased nuclear 


and pnmu-al regions (Flanders, seemed to have eased somewhat grass which had been made in problems of tfhe dollar, though weapons, including the neutron 
\\ anemia .ind Brussels], following yesterday s cut in ceil- the negotiations between Israel the Commission President, Mr. bomb, should be discussed in 

Bui tin* Francophone parties, tral bank interest rates. —* ^ -- »-- 


I and Egypt, though he admitted Roy Jenkins, would clearly any SALT III negotiations. 


Britain will receive more than a 
third of'the £252m. contributed to 
vocational training schemes by 
the European social fund In 1977, 
It was announced at the EEC 
headquarters in Brussels yester¬ 
day, reports Reuter. Figures 
showed thai Britain’s share of the 
600m. units of account approved 
by the EEC's executive com mis- 1 
sion would be 208m. U/A (£87mj. 
The EEC can reimburse half the 
cost of publicly financed retrain¬ 
ing schemes designed to help 
workers in declining industries. 


BY FAY GJESTER 


OSLO, J an. 5. 


I THE NORWEGIAN Government 
and the Fishermen’s Association 
reached a compromise late yes¬ 
terday bn the main outlines oF a 
support agreement for this 
years fisheries, after unusually 
tough and prolonged negotia¬ 
tions. 

On the Association’s advice, 
Norway’s 30,000 fishermen 
temporarily suspended fishing 
just before the new year and had 
threatened to stay on strike 


until a satisfactory deal was 
concluded. 

Under the deal, the Govern¬ 
ment will provide Kr.430nu 
(£43m.) in loans and subsidies 
and a further KrJ9m. in tax 
concessions. This is consider-’ 
ably less than the Association’s 
original demand, but much 
more than the Kr.30ttm- which 
the Government offered when 
bargaining began, nearly two 
months' ago. 


St. Stephen’s Crown: return of a powerful symbol of Hungarian nationalism 


BY PAUL LENDVAI IN BUDAPEST 



"OiCdt-.cr-'V 


ALMOST exactly 977 years after 
Hungary’s first king, Stephen I, 
was crowned on Christmas Day 
of AD 1000 the country’s ancient 
crown and crown jewels wiU 
to-day be handed over to Hungary 
at an official ceremony having 
been in U.S. custody since 
the end of the World War IL 
The large American delegation 
at the colourful ceremonies will 
be headed by Hr. Cyrus Vance, 
the Secretary of State, and they 
will be covered by hundreds of 
journalists from all over the 
world. 

At first glance it may seem 
odd that the Government .of a 
one-party Communist state, 
guided by Marxist-Leninism. 
and firmly embeded in the 
Soviet-dominated .Warsaw Pact, 
should organise large-scale festi¬ 
vities to celebrate the return of 
the mystic symbol of old 
Hungary, Yet the regime has 
been pressing for years for the 
return of what is generally 
known as the Holy Crown of SL 
Stephen. 

It is not the artistic value or 
the gold content that gives the 
crown its great emotional and 


political significance. Experts no 
longer accept the national legend 
which baa it that the crown is 
identical with that giveo by Pope 
Sylvester EL in AD 1000. The- 
lower part, the so-called “ Greek 
Crown,” was in fact presented 
some 70 years later by the 
Byzantine Emperor Michael 
Dukas VII to King Geza. It is 
thought that the two completely 
different parts were joined 
towards the end of the UMh 
century. 

Almost everything connected 
with the crown is a bit of 3 
mystery. An article in a recent 
issue of Nepszabadsag, the Buda¬ 
pest party paper, admitted that 
many questions remain open: 
Why and when were the two 
parts or the crown joined? Why 
are the enamel inlays depicting 
Christ-and tbe Apostles not com¬ 
plete? Why was the joining of 
the two parts done so hastily 
and poorly? Why is tbe cross 
on the top of the crown bent? 

Rarely has a crown been 
through so many vicissitudes: 
seized by rival claimants to the 
throne or by foreign rulers. 


moved to Prague and Vienna, 
Bratislava (now capital of 
Slovakia! and Linz in Austria, it 
was even pawned by the widow 
of King Albert in the mid- 
fifteenth century for a mere 
2500 Hunga r i a n guldens to 
Emperor Frederick IV. to be 
redeemed 24 years later by King 
Matthias. After the crushing of 
the Hungarian revolution in 


and tbe coronation robe were 
taken to Austria by Colonel 
Pajtas, commander of the crown 
guards, and 12 of his soldiers on 
March 27, 1945. The crown and 
coronation jewels were buried 
at Mattsee in Austria. 

Through a curious coinci¬ 
dence, the Hungarian group 
still carrying the chest with 
the coronation sword was taken 


Massed bands, television 
cameras and officials from both, 
countries were on hand last 
night to greet th ereturn at 
Budapest airport of St. 
Stephen's Crown from the 
United States, Renter reports. 


The Crown was honoured with 
a military march-past before 
being whisked to the Hungarian 
Parliament in a motorcade 
flanked by motorcycle out¬ 
riders. The official handing- 
over ceremony will take place 
to-day. 


1848-49 by the armies of the 
Emperor Francis Joseph and 
Czar Nicholas L the heavy metal 
chest containing the coronation 
regalia was buried by the revolu¬ 
tionaries and found only after 
four years of search by the 
Austrians. 

Almost 100 years later, in the 
closing days of World War U, 
the crown, the royal sceptre, 
the orb, the coronation sword 




prisoner by a certain Lieuten¬ 
ant Greenwald, of the' U.S. 
army, the son of the owner of 
a women’s clothing store on 
the fashionable Vari Street in 
Budapest The priceless relics 
were dug up and removed 
later to Fort Knox. 

It may be difficult for 
foreigners to understand the 
peculiar hold of tha Holy 
Crown on the imagination of 


succeeding generations of Hun¬ 
garians. The legal expert 
Stephen Verboecd, formulated 
-in the 16th century the mystic 
doctrine that the true “ political 
being” of Hungary, and hence 
constitutional power, resided -In 
the Crown itself. Up to the end 
of World War II Hungarian 
constitutional law was guided 
by this theory, the only change 
being, that by then not only tbe 
nobles but all Hungarians 
were regarded as members of 
the mystic body of the Holy 
Crown. 

The theory of the Holy Crown 
and the ideals of the crownlands 
of St Stephen also provided a 
basis for aggressive Hungarian 
nationalism, for the belief In 
the intrinsic superiority of the 
Hungarians in the Danube 
basin. 

The break-up of the Austro- 
Hungarian monarchy also meant 
the dismemberment of the 
crownlands of 5L Stephen and 
the Treaty of Trianon of June 
1919, was according to Prof. 
Charies. Macartney, the noted 
authority on the monarchy, the 
“death certificate" of historic 


Hungary. Over two-thirds of the 
land and of the population be-, 
came part of the successor states 
other than Hungary. It was then 
the turn of one in three Hun¬ 
garians to live, and sometimes 
suffer, under foreign rule. 

This is the reason why the re¬ 
turn of the Crown of St 
Stephen, the symbol of a unique 
past and a great destiny for tbe 
Hungarians, is an event with 
repercussions going beyond tbe 
framework of Hungarisn-U.S. 
relations or Hungarian internal 
politics. More - than 3m. Hun¬ 
garians live in the three neigh¬ 
bouring communist countries: 
Romania, Czechoslovakia and 
Yugoslavia. 

They and millions of first or 
second generation Hungarians ‘ 
in .the West also regard the 
Crown as the Holy Symbol of 
Magyar, nationhood. There is no 
doubt that the decision of Presi¬ 
dent Carter to return tba 
Crown to the “ Hungarian 
people N on condition that it is 
placed on permanent public 
display is'a major prestige sue-, 
cess for the Communist govern¬ 
ment of Mr. Janos Kadar. . 


1 




3 



1 C> Hi' 



Financial Times Krlday Jamiary 6 1978 


RICAN NEWS 



w- 


’ v ::t 15 . 

‘I l,-.'. 

'■•••: ;mi 


economy unproves 

as trade deficit vanishes 


BY SUE BRANFORD 


SAO PAULO, Jan. 5. 

BRAZILIAN gross national the Finance Minister.. Exports The servicing of the Brazilian 
. product grew by 5-6 per cent. were worth about $12bn^ with foreign debt, now put at S295bn.. 

1977, and inflation was kepj imports at about $11.9bn. -Coffee is an increasingly heavy burdeD. 

‘ .own to 39 per cent, a marked and s °y a (S2-2bn.) Last year amortisation and 

■'•••• nprovement on the rate of 46 acconn ted for 40 per cent of interest payments totalled 

er cent, in 1376. export earnings. S5.6bn., which was 18 per cent up 

These ' pernitR T^e export sector with toe on the 1976 figure. 

T N satisfacto™^ hv^? 5 largest increase was that of According to Sr. Joao Paulo 

''"-■almon de 7 Sa the MiniwJPnf maBufa< *ared goods, toe value dos Reis VeUoso. the Planning 
: 1 ’■»' ndustrv and*' o£ whicb increased by a third Minister, debt service payments 
■' : 4id St toe SS t0 *wt SS.TSbu. Partly will increase to S8.8bn.. in 1978. 

: ' ontlnue* to^comba^ 1 ^demise : of toe protectionist However, Sr. Marco Viana, 

• roblems of inflatir^ measuJes adopted by many in- president of the BND (National 

rot>leins of inflation and^ toe dustrialised countries, most of Economic Development Bank*. 

S8bn. 

. _ ., __ _ equi- 

Tbe motor in- valent to 31 per cent of export 

year, the figure 

- .«v3ft ner'npnt -- i u H wiiu eijjurui n was UP to 47 per cent 

^ 1 ^ . '. S750m. Despite this increase, toe 

j»or the first time since 1970, Due to stiff import controls, overall deficit on the Brazilian 
,..he country had a surplus in its Brazil has managed to hold its current account fell sharply 
>;_ r rade balance last year, although imports steady over the last-four from S6.2bn in 1976 to an esti- 
■. final .figures have not yet years, at between S12bn and mated S3.9bn. This was achieved 
een published.. .. This, surplus.912.61m. Meanwhile, exports through the elimination of the 
•, .’^s estimated at about 3120m. have been growing steadily, at trade deficit and through an 
l; i: j/J ®r. Mario Henrique Sim on sen, about 15 per cent, per annum, increase in foreign investment. 



•I'fj ilsncp nf navmpnte In tore 51 huoumumu wuuureo, ujuoi ui EJironuuuc ueveiopmeni. j 

: 3ded that X the *** * as for by estimated a larger rise to 

' 'xSIcts to be wSall^SSSi additional ^ ea to the Middle In 1974, debt costs were 

East and Africa. The motor in- valent to 31 per- ' 

• r^on ea bv^rtoeinp ht i^H^ *?' dustpy was Particularly success- earnings. By last 
” - ! So ^ S 1 d0WI ^-ful, with exports estimated at was up to 47 per 


Mr 


U.S. Christmas spending spree 


BY OUR OWN CORRESPONDENT 



“HE U.S. consumer went on a 
l v pending spree over Christmas 
• v.yhicb has continued into the 
.• iew Year, according to reports 
m Tom some of the largest retail, 
bains across the countzy. 

This morning,. Montgomery 
Yard, toe retail store group 
tiwned by Mobil, said that ln the 
jive weeks up to'December Sl¬ 
its sales increased : by 1&3 per 
8705.8m. Its sales 
increased by 13.4 per 
over the previous 


-m -ent. to 8705.8m. 

rt I •revenues increased t 

u I SI rir ent to S4.3bn. over i 
^tll^s-week period. 


V.Ji. 


The company said that strong 
‘m increases were registered across 
he country. Toy sales and gold 
• L-seweUery sales were particularly 
jood, toe company claimed. 


. The second largest . UA 
retailer, J. C. Penney, which has 
almost 2,000 retail - outlets, also 
reported extremely strong 
December selling with -sales 
revenue iip by 22 per ceit., 
according to a company spokes¬ 
man. This was the best monthly 
sales gain for 40 years said the 
spokesman: - - - > 

Share analysts expect Penney’s 
sales revenues to top $9bn. in 
toe current fiscal year. 

At Sears Roebuck, the nation's 
largest retail stores group, sales 
in the five-week Christinas 
period rose .by 21.3 per cent, a 
company record. A spokesman 
said toe perform an e was better 
than expected. 

Some store -retaQ executives 


NEW YORK, Jan. 5. 

have suggested a 4m. increase in 
the numbers employed last year 
has helped to boost sales though 
unemployment remains heavy. 

The strong showing of retail 
sales is leading analysts to up¬ 
grade their profits forecasts for 
some store groups and encourag¬ 
ing economists to conclude that 
the consumer confidence will help 
the U.S. economy in the -early 
months of the New Year. 

But in the background there 
are questions about how broadly- 
based consumer confidence is. 

Over toe past six weeks, there 
has been clear evidence of 
weakening car- sales and some 
analysts, believe this weakness 
will persist. -- 


■l ■■ i J 


Cl.. 

i : - 


O'?;; 






v- 




FDA wants hair dye warning 

WASHINGTON, Jan. 5. 


BY DAVID BELL 


er strife 


' : mE UJS. Food and ‘ Drug found to cause skin, lymph and 
’'■* -\dmmistratioh <FDA) has pro- thyroid cancers when fed to mice 
posed that many permanent hair and rats - 
.. lyes should henceforth carry a This particular substance is 
. ‘ Jjvarning on their labels that they used in many black, brown and 
'.'ontain a chemical that has blonde hair dyes,, and toe-FDA 
Caused cancer in laboratory exr proposals .would force manufac- 
periments in animals^ hirers to print on the label a 

The FDA, which has recently wanting as foUowsr“Contains 
“Itnhounced a more stringent an ingredient that can penetrate 
’policy towards possible carcino- your skin and has. been'deter 
sens, an approach - which is to cause ^ cancer in 

. paralleled in the activities of laboratory animals. -j • * 

. other Federal agencies. The new A spokesman for Albert o- 
• proposal, which will eome into Culver was quoted this morning 
' "effect after comments have been as saying tharitbe company was 
' -received on it, concerns a not surprised by toe proposal, 
chemical called fenethoxym- but be noted that “for abont 
' -phenylenedi amine. It has been 30 years hundreds of thousands, 

... - y - 

Senator rejects Panama treaty 

PANAMA aTY. Jan. 5. 
standings ” were made to clarify 
certain provisions on the future 
defence of toe Canal. 

Re outlined his position before 
making a day-long tour of 
Panama with Gen. Omar Torrijos, 
the Panamanian leader, who 
invited him here as part of a 
persona] effort to win Congres¬ 
sional backing for the treaty. 
AP-DJ 


THE REPUBLICAN minority 
leader in the U.S. .Senate, Sen. 
Howard Baker, saying that he 
cannot support the Panama Canal, 
treaty as written, predicted here 
that the Senate will reject the 
pact unless revisions are made. 

However, Sen. Baker said that 
the pact could win not only his 
vote, but enough bi-partisan 
support.for approvaL if “under- 


if not millions, of women have 
been using hair dyes wito this 
ingredient and certainly no evi¬ 
dence of ill effects bas come to 
our knowledge.” 

Other induspy sources said the 
FDA ruling. like so many others 
dealing with carcinogenic agents, 
fails to take into account the 
fact that the laboratory animals 
only developed cancer after 
being fed large quantities of the 
substance. By contrast, toe in¬ 
dustry said, there was no 
evidence that merely painting the 
skin of; these animals led to 
cancer. 

But Mr. Donald Kennedy, the 
FDA commissioner, said tbat the 
testA done in laboratories did 
shovAtbaj the chemical can cause 
cancel: and that it can enter the 
bloodstream through the human 
scalp. U was therefore important 
that the agency at least warn 
users tha^ the chemical could be 
dangerous. 

The debate about dosage levels 
and about toe validity of cancer 
tests using animals will come to 
a head later this year when the 
Occupational Safety and Health 
Administration holds public hear¬ 
ings on a proposed streamlining 
of action against possible car¬ 
cinogens in the workpiace.\ 


NEW YORK’S NEW DAILY PAPER 


Against the times 


BY STEWART FLEMING IN NEW YORK. 


II 


• ON MONDAY of next week last 
. minute law suits peraoitting 

another group of intrepid in¬ 
vestors unable to resist the allure 
of New York will publish a new 
' morning newspaper in the city 
j*j called the Trib. 

~ Just a year ago it was n'ews- 

1 paper baron Mr. Rupert Murdoch 
who staked $30m. on his' ability: 
to turn toe losses of toe city's 
afternoon daily The New York 
Post into profits. . - 
The jury is still out on Mr. 
Murdoch's venture* Post exeeu- 

• tives are' eager enough to say 
that the project is on schedule 
and to point to recent increases 

■ ‘■in advertising rates and the in- 
- creasing circulation. It bas gone 
from under 500.000 to some 
627,000 as signs of the project's 
^ progress. But they become coy 
when asked to. discuss profits 
and admit that about 100,000 of 
the circulation increase- came 
from purchasing toe subscription 
lists of a failed local newspaper 
in the boruugb of Queens. 

Neither this, .nor the earlier 
failure of oil man Mr. John 
Saheen to get toe proposed New 
York Press past the starting line 
have dissuaded Mr. Leonard 
Kaffir, former journalist and 
political agent C47). and.16 finan¬ 
cial backers from sinking per¬ 
haps as much as 310m. into the 
new venture. •. 

Its title! the Trib. consciously 
harks back to the glories of the 
world-renowned Herald Tribune 
which provided real opposition 
tu the New York Times until it 
folded in 1967- Mr. Saffir says 
he ia hoping .to challenge -what 
he calls the “arrogant” and 
“ unhealthy “ power of the .city’s 
leading newspaper. 

What Mr. Murdoch and now 
Mr. Saffir and Ids backers are 
aiming to do is to turn' toe tide 
of recent. ILS. newspaper history. 
Newspaper - readership has been 
declining,steadily in the U.S. in 
-■ recent years and that decline has 
been most marked in big cities. 
Since 19B3, New York has lost 
four newspapers including The 
Herald Tribune.. But whereas 
,; Mr. Murdoch is . seeking to 
reverse the trend through build- 
i. m . . ing yp. j big circulation.'paper 


playing what Mr. Saffir calls “ the • The other reason for the Trib’s 
numbers game,” the new Trib birth is ideological. Mr; Saffir 
sees itself playing a specialist was" a political associate of 
role. foriner conservative New York 

Another contrast is that Mr. Senator James Buckley. Mr. 
Murdoch has been emphasising Saffir speaks with feeling about 
toe importance of news in the the New York Times' contempt 
Post whereas toe Trib will take for conservatism. Clearly toe 
more of a news magazine format-Trib-will seek to offset tow b 1 *?- 
with more syndicated columns Rut this was not the case * 11 
and features. -seems..until late last year when 

The Trib seems to have grown u^^Treasury^^rSSS' 

concept! SKS SKSM E«SE SS 

js sr-Hi? s £ 

is a market for a morning paper Re was asuea to a*op 

with a more simple tabloid form ,out ana ma. . 

and less rarified intellectual • In spite of the risks, some of 
content than toe New York toe Trib’s competitors, including 

£t is said, Mr. Murdoch, are said 
- - -—--%$£► think that the paper can carve 

Despite a decline in ^ 

newspaper readership m 1 o^ ady up-market New York 
the U.S., the backers of - retail groups tike Blooming dales, 
’ — - ^sjaks. Fifth Avenue and Lord 

V^nd-Taylor, have booked adver- 
■tiding space in toe first issues. 
Hut questions remain. When toe 
- hyperbole of toe paper’s promo- 

tional campaign is removed, will 
' : f tbp product really be new and 
different enough to catch on? 
■■ Another question is whether or 
- -atoT its cash resources will last 
long, enough to keep it going and 
Times- but nevertheless appeal- establish itself. 


the latest New York 
daily the Trib hope to 
carve out a profitable 
niche for themselves in 
the upper end of the 
market 


X1AUCO' UUl JJ.CTV4 -^ .eaUfUUUi 

lug • to ■ “professional classes. •*? Ev e0 if it does survive, u will 
The blue-collar market is : have a long way to go before it 
swamped by ■ toe tabloid Daily ^ hope to command respect 
News which is the biggest sell-ajjd hope to .influence New 

ing-U.S. .newspaper wito a 2™- Yorkers. U does uot have, as a 
.circulation. Mr. Saffir- says the >oew Venture, the head Start which 
Trib will break even with a dally Mr. Murdoch’s Post has been able 
circulation of around 200,000— Tq' build on and its writers and 
one quarter of the New York topi editorial executives have yet 
Times dally sale. . to prove their talent on toe new 

This loW breakeven point, paper. .' 

indeed toe paper's very exist- - A daily small circulation news 
ence, reflects toe advantages of magazine relying heavily on news 
new newspaper technology. The agency copy and syndicated 
Trib will rely heavily on couf columnists will be bard pressed 
miter typesetting and offset to .develop a strong, distinct 
Printing and on news agency image. Indeed, some who know 
copy rather than its own editorial toe New York newspaper market 
staff Of 70 to fill each issue. suggest that it will only survive 
- It will not. however, have its commercially by being bland, 
own printing presses but wiR rather than influential. The more 
become only the second large optimistic view is thai just as 
U S daily to rely on contract Mr. Murdoch's Intervention in 
printers. All ot these factors ’New York- stirred up the news- 
reduce expense and mean that-paper industry, another compel! 
the paper can survive without a tor will stimulate interest in 
big circulation or exhorbiUmt newspapers and news and that is 
advertising rates. -*11 to the good. 


Gen. Joao Baptista de 
Figueixedo 

Reluctant 
nominee 
from the 
barracks 

By David White 

RIO DE JANEIRO, Jan. 5. 
AFTER A painful time in labour, 
and prematurely, toe Brazilian 
military regime has presented 
the country wito a Presidential 
heir. ' 

Gen. Joao Baptista de 
Figueiredo, chief of intelligence 
under President Ernesto Geisel. 
has been given 15 months’ notice 
to prepare to take toe job of 
Head of State. He is reported to 
have said that, if be bad had any 
choice, be would have refused. 
His candidacy is due to be 
approved by federal and state 
legislators in a joint electoral 
college in October—a ritual 
endorsement of the military’s 
choice. In March next year, he 
will take over a difficult mission 
of political reconciliation, aiming 
to establish more stable political 
rules and reduce toe exposure 
of the senior military hierarchy 
as toe authoritarian arbiters of 
the fate of Brazil. 

The selection of Gen. 
Figueiredo, who is closely aligned 
with Gen. Geisel, has not been 
easy. The emergence of him as 
favourite for the succession pro¬ 
voked a rival campaign by the 
extreme Right, whose candidate, 
the Army Minister, Gen. Sylvio 
Frota, was dramatically sacked 
by toe president in October. 

Tbe fact that dissensions 
remain was underlined on 
Wednesday wben another senior 
member of the government. Gem 
Hugo Abreu. resigned after show¬ 
ing himself lukewarm about toe 
-candidate Gen. Abreu, chief of 
the president's military house¬ 
hold, was tbe man who acted as 
liaisoD between the president and 
toe senior army officers. 

Gen. Figueiredo has at least 
one thing in common with his 
three predecessors—be Is virtu¬ 
ally unknown to most BrazilianS- 
He bas no public image, no 
apparent charisma, and few 
declared opinions. 

A man of conservative tastes. 
Gen. Figueiredo seems hardly to 
fit the role of a liberal. He will 
be 60 on January 15. He has 
been deeply involved in the 
apparatus of military govern¬ 
ment—as a lieutenant-colonel, an 
active participant in toe 1964 
military coup against the civilian 
Gouiaxt government; as chief 
military aide to the presidency 
in 1969; and now chief of SNl, 
the intelligence network set up 
by the Army after the coup. 

Brought up in a military 
family—two of his brothers are 
also generals—Gen. Figueiredo is 
a cavalry officer. His pastimes 
are early morning rides and 
solving malhematical riddles. 
Despite a brilliant career in 
military school, he is not known 
as an intellectual. 

His father. Gen. Euclides 
Figueiredo, was a more public 
and colourful figure, an out¬ 
spoken defender of constitutional 
principles who suffered for being 
so during the Vargas dictator¬ 
ship of the 1930s. The son is also, 
by reputation, committed to toe 
kind of moderate principles 
espoused, although not always 
successfully pursued, by Presi¬ 
dent Geisel. 

Sr. Aureliano Chaves, governor 
of tbe State of Minas Gerais, has 
been nominated to be vice-presi¬ 
dent 

He is another close ally of 
Gen. Geisel and a good adminis¬ 
trator. The choice isclearly 
aimed at absorbing the pressure 
for civilian leadership, which 
has come from business and in¬ 
tellectual circles, as well - as 
satisfying regional claims for 
power. Gen. Figueiredo hails 
from Rio de Janeiro, which is 
not a traditional source of presi¬ 
dents. unlike Sao Paulo, Minas 
Gerais and, particularly since 
the military take-over, Rio 
Grande de SuL- 

PolitieaJ prisoners 

The most important develop¬ 
ments during the six-year presi¬ 
dential term are likely to be in 
the political field, where - tbe 
regime is already committed to 
setting up a new constitutional 
framework, lifting or modifying 
its most repressive laws, per¬ 
mitting toe establishment of new 
parties and reinforcing toe role 
of Congress. A partial amnesty 
for political prisoners and people 
deprived of their mil rights is 
also considered possible, 
although moves such as freeing 
union activity, or legalising the 
Communist Party, are beyond 
the scope of the Government's 
plans. 

The big question is whether 
Gen. Figueiredo has toe 
authority, which Gen. Geisel has 
shown, to be able to force 
changes against the -more re¬ 
actionary elements among his 
fellow officers. 

Gen. Geisel seems determined 
to set the stage before he hands 
over, elaborating a new consti¬ 
tution and disbanding the 
current two-party system in Con¬ 
gress, once congressional elec¬ 
tions in November are over. 

The events of this year will 
determine bow great the pros¬ 
pects for change under Gen. 
Figueiredo are. The backing of 
toe army as a whole for Gen. 
Gefsel’s approach has yet to be 
tested. Also, ft remains to be 
sgen as to. whether it can satisfy 
the growing public dissatisfac¬ 
tion with toe current style of 
Government 


OVERSEAS NEWS 


IAN SMITH’S BID FOR AN INTERNAL SETTLEMENT 


Agreement in sight says Salisbury 


BY BRIDGET BLOOM, AFRICA CORRESPONDENT 


THE RHODESIAN Government 
believes that a compromise will 
soon be found to reconcile the 
remaining issue of principle 
between the white and black 
delegations involved here in the 
internal settlement talks. 

Such a compromise, according 
to- a senior Government source, 
would pave toe way to a rapid 
formation of a broad-based 
multi-racial Government which 
would then draw up a con¬ 
stitution and prepare for elec¬ 
tions leading to the installation 
of a majority Government. 

According to the source, the 
Rhodesian Government does not 
see toe. 12th session of the talks, 
due to-morrow, as a “make-or- 
break ” meeting, despite tbe 
deadlock in toe last six sessions 
over toe Issue of white repre¬ 
sentation in an independent 
Zimbabwean Parliament. 

The Rhodesian Government 
has consistently maintained that 
white voters should elect a 
third of the total number of MPs, 
who would have the power to 
block key constitutional legisla¬ 
tion. 

The two major black delega¬ 
tions, led by Bishop Muzorewa 
an dtoe Rev. Ndabauingi Sithole, 
bave accepted the principle of 
white blocking votes but have 
insisted that white MPs should 
be no more than a fifth of the 
total. 

However, despite warnings in 
previous sessions from both Mr. 
Smith, toe Rhodesian Prime 


Minister and Bishop Muzorewa 
that the talks should be broken 
off if their respective positions 
on this issue were not conceded 
by the other side, the Govern¬ 
ment source said to-day that 
some so far unspecified fonnuia 
would be worked out which 
would involve compromise on 
both sides. 

Behind this conciliatory atti¬ 
tude, which seems to be shared 
by the black leaders, is the 
apparent calculation that the 
current talks are toe last chance 
that any of their participants will 
have of concluding a settlement 
which will be favourable to toe 
interests they represent. 

Both sides, in other words, 
believe that if they do not settle 
now, they are in danger of 
ultimately being swept away by 
a Government which would be 
formed by the parties outside 
Rhodesia now representing toe 
guerillas. 

Although the Government 
source acknowledged that there 
could still be delays in toe talks, 
toe Government’s plan is to get 
an overall agreement In principle 
as soon as possible. 

Already the nationalist leaders 
have agreed in principle to 
seven of the eight safeguards Mr. 
Smith bas demanded for whites, 
which range from a justiciable 
bill of rights which would cover 
expropriation of property to the 
guarantee of pensions and pro¬ 
vision for dual citizenship. 

It is hoped tbat once toe eight- 


point, white representation, is 
agreed, a broad based govern¬ 
ment inducting all three black 
leaders would be formed, wito 
50-5Q wbtie-biack membership 
and Mr. Smith continuing as 
Prime Minister until elections 
are held. 

The Government sees this 
interim administration as an 

LORD CARVER, toe British 
commissioner-designate for 
Rhodesia, arrives in Mozam¬ 
bique to-day hoping to find a 
way of solving the deadlock in 
the Anglo-American settle¬ 
ment initiative for Rhodesia, 
writes Martin Dickson. 
Although Whitehall insists 
that the main purpose of bis 
trip is to discuss toe initiative 
with President JH&cbel of 
Mozambique, Lord Carver is 
planning discussions with some 
of the other parlies in tbe 
Rhodesia issue. 

Alter spending the week¬ 
end In Mozambique, be is to 
see Mr. Pik Botha, toe South 
African Foreign Minister, on 
Monday and might slop else¬ 
where in black Africa on his 
way baek to London next week. 

essential step in effort to get 
international recognition for the 
internal settlement. As pan of 
that effort, it would be prepared 
to invite some nationalist 
leaders now outside the country 
to participate in elections, as 
well as to release some 


SALISBURY, Jan. 5. 

nationalist detainees held here. 

There are. however, clearly 
limits lo how far toe Govern¬ 
ment is prepared lo go. Accord¬ 
ing to the source. Sir. Joshua 
Nkomo. the joint leader of the 
Patriotic Front would be wel¬ 
come lu return “ provided he 
renounced terrorism." but the 
return of his colleague air. 
Robert Mugabe would not be 
” contemplated.” 

The source said that he be¬ 
lieved there was a “ fair chance" 
that Mr. Nkomo would return, 
and he believed this would be 
backed by Dr. Kaunda, toe 
Zambian President. 

The Government source 
acknowledged that although 
there might be a reduction in 
the war following a purely in¬ 
ternal settlement, international 
recognition was vital. 

It is accepted bv the Govern¬ 
ment that this could be more 
easily achieved if Mr. Nkomo 
participated. 

The Government is prepared 
to iuvitc a neutral observer 
force—if necessary from the 
United Nations—lo oversee the 
proposed elections. 

Overall, the Government seems 
to be reckoning on a settlement 
with the internal leaders having 
a snowball effect on inter¬ 
national opinion. 

Although it is cautious about 
predicting a timetable, economic 
considerations alone arc held to 
dictate tbe necessity Tor a hand¬ 
over to black rule this year. 


Declaration Israel to build new 
of P r ]?f ipl ® s settlements in Sinai 

on Mideast 
expected 


CAIRO, Jan. 5. 
PRESIDENTS CARTER and 
Anwar Sadat have agreed that 
their two countries and Israel 
will concentrate . on issuing a 
“ declaration of principles ” for 
a Middle East peace settlement 
at a meeting in Jerusalem in 
mid-January’, toe mass circulation 
newspaper Ai-Akbbar said to-day. 

Al-Akbbar’s report was written 
by its editor, Mr. Uoussa Sabri. 
one of a small group of journ¬ 
alists briefed by toe Egyptian 
leader after his meeting wito 
Mr. CaTter at Aswan yesterday. 

Al-Akhbar added that once the 
declaration of principles is 
-issued, Jordanian Prime Minister 
Modar Badran, who is also 
Foreign Minister, would-join toe 
Jerusalem talks. - 

Mr. Cyrus Vance. U.S. Secre¬ 
tary Of State. Mr. Moshe Dayan, 
Israeli Foreign Minister, and 
Mr. Mdbarajjted Ibrahim Kamel. 
Egyptian Foreign Minister, meet 
in Jerusalem on January 15. 
Renter 

Ramiri GL Khdnri reports from 
Amman: King Hussein told his 
Cabinet on Wednesday that he 
and Mr. Carter had reached “ an 
understanding on , means of 
future co-operation” regarding 
steps towards a Middle East 
peace agreement * 

In his first statement on the 
matter since his return. King 
Hussein reiterated that' Jordan 
“ sees no positive aspects ’fyn tbe 
proposals of Mr. Begin, for home 
rule in the West Bank and Gaza 
Strip. 


BY DAY1D LENNON 

ISRAEL IS planning to build 
new settlements in North Sinai, 
even though it appears tenta¬ 
tively to have been agreed that 
this area will be returned to 
Egypt under a peace agreement. 

The Government has kept 
secret its settlement plans for 
this reason. But from toe few 
facts which have emerged it 
appears that the immediate pro¬ 
gramme is for the creation of 
between three and 11 new Jewish 
settlements in toe area between 
Rafiah at tbe southern end of toe 
Gaza Strip and El Arish on the 
North Sinai coast. 

Three new settlements are also 
planned on toe occupied West 
Bank by toe middle of January 
and the Government is reported 
to be considering further settle¬ 
ments there. 

A dispute arose in the Cabinet 
on Tuesday when it was told the 
Ministerial committee on settle¬ 
ments had approved plans ’ for 
three new settlements beside 
Rafiah. The Democratic Move¬ 
ment for Change, which opposed 
the decision, wanted it brought 
before the Knesset’s foreign 
affairs and defence committee 
for a final ruling. 

However, it is unclear whether 
this will be done, or whether 
•the Government will quietly 
press ahead with the implementa¬ 
tion of the committee’s decision. 

Yesterday it was reported that 
work was started on preparing 
the ground for the creation of 
eight settlements between El 


TEL AVIV, Jan. 5. 

Arish and the new Israeli town 
of Yamit. just west of Rafiah. 
Officials were unwilling to con¬ 
firm what the Government’s 
intention is. apart from saying 
that Israel will continue with its 
development plans for the region 
as long as there is no peace 
agreement with Egypt. 

These officials were unable to 
resolve the contradiction be¬ 
tween toe Government’s declared 
desire for peace and its decision 
to proceed with new settlements 
in the occupied territory. The 
Cabinet on Tuesday also beard 
a report of plans to increase the 
population of existing Jewish 
settlements in northern Sinai. 

The sale started yesterday of 
125 plots fur the construction of 
private homes in Yamit. Five 
plots were sold on the first day 
and dozens of inquiries were 
handled by toe Israel Land 
Authority 

The ministerial settlements 
committee has also approved the 
creation of three new settlements 
on the West Bank. These are 
due to be set up within 10 days 
by members of the extremist 
Gush Emunim group. These are 
the last in a series of a dozen 
Gush villages approved by Mr. 
Menahem Begin's Government 
in the past four months. All are 
being set uj) as the Governmenl 
comes under increasing pressure 
from Right-wing groups who 
fear that its .peace plan may halt 
Jewish settlements in the occu¬ 
pied territories. 


Education plea 
from Soweto 

By Our Own Correspondent • 
JOHANNESBURG, Jan. 5. 

A DELEGATION of Soweto resi¬ 
dents and teachers, who met toe 
Minister of Bantu Administra¬ 
tion. Mr. M. C. Botha to-day. bas 
failed to persuade the South 
African Government to make any 
fundamental changes in its 
education policies for blacks. 

Commenting after toe meet¬ 
ing, Mr. R. L: Pheteni, president 
of the African Teachers’ Associa¬ 
tion of South Africa, said that 
hii members would be dis¬ 
appointed wito the outcome of 
toe interview'. 

The body is seeking to have 
black education placed under the 
Department of National Educa¬ 
tion. which is responsible for 
wbite schooling, and a more 
equitable allocation of funds for 
education among the different 
race groups. 

A minor concession was the 
Minister's promise to consider 
dropping the ethnic division of 
the three black universities. In 
a statement Mr. Botha said that 
bis department was also moving 
in tbe direction of making 
standard 10 tbe minimum quali¬ 
fication for black teachers, and 
narowing toe pay sap between 
white and black teachers. 


ON OTHER PAGES 


International Company News: 
Replacing Miller at Textron 

Aid for Volvo . 18/19 

Fanning and Raw Materials: 

Indian record tea crop . 21 


Botha warns ‘few further 
concessions on Namibia’ 


BY BERNARD SIMON 

MR. PER BOTHA, the South 
African Minister of Foreign 
Affairs, last night warned that 
negotiations * with tbe five 
Western powers on the future of 
Namibia were nearing tbe end 
of the road, and that the five 
could expect few further con¬ 
cessions from the South African 
Government or political leaders 
in the territory. 

Mr. Botha was speaking in 
advance of a new round of talks 
between South Africa and the 
five Western members of the 
UN Security Council, scheduled 
to take place in New York on 
January 17. 

It is believed these talks will 
be crucial for the future of tbe 


JOHANNESBURG, Jan. 5. 

five power initiative for an inter¬ 
nationally acceptable Namibian 
solution, which bas so far failed 
to bridge the gulf between South 
Africa and Swapo, the Namibian 
nationalist movement. 

“There is not much more left 
tbat can be talked about,” Mr. 
Botha said. He could ■ not see 
that South Africa, which has 
made considerable concessions in 
the face of Western pressure, 
“can still do much more. Then 
we will courageously and 
honestly have to say io the five 
Western powers: this is where 
we have come, there we stand 
and how we are going ahead on 
the basis of decisions already 
made and norms agreed upon.” 


Cambodia warns enemies 


BY OUR FOREIGN STAFF 
CAMBODIA yesterday ’ marked 
the second anniversary of its 
birth as the Communist State of 
Kampuchea wito a declaration 
that it would defend itself 
“against all enemies including 
tbe aggressive Vietnamese 
troops." 

But a Phnom Penh radio 
broadcast monitored in Bangkok 
made no mention of fighting 
between the two countries along 
their southern border. 

At the same time, reports from 
Singapore indicated that Wednes¬ 


day’s statement from Mr. Pham 
Van Dong, toe Vietnamese 
Premier, that his country was 
acting in self-defence, was being 
construed as an indication that 
Hanoi's intentions were to put a 
stop to Cambodian incursions by 
a limited military operation. 

However reports quoting Thai 
intelligence sources yesterday 
tentatively suggested Vietnamese 
troops had advanced to within 
35 miles of Phnom Penh. These 
support reports that the Parrot’s 
BeBakB region is under Viet¬ 
namese control. 


Ethiopian 
surprise at 
Shah ‘attack’ 
warning 

By James Buxton 

ETHIOPIA HAS reacted sharply 
to toe Shah's statemen i that 
Iran would not stand idly 'ey if 
Ethiopia attacked Somalia. 
Addis Ababa radio has quoted 
the Ministry of Foreign Affairs 
as expressing surprise and 
astonishment at what it said was 
a misdirected accusation. 

Somalia, which Ethiopia 
claims bas violated its territory 
by invading the Somali- 
populated Ogaden region, is the 
aggressor, the broadcast said. 

The Shah, who made toe state¬ 
ment after last week’s visit to 
Tehran by President Carter, is 
known to be increasingly con¬ 
cerned at the possibility of 
Ethiopian forces, now heavily 
reinforced wito Soviet equip¬ 
ment, launching an attack on 
Somalia as a means of recover^ 
ing the Ogaden. He is under¬ 
stood to have pressed Mr. Carter 
to give direct assistance to 
Somalia, If efforts to reconcile 
Ethiopia and Somalia fail. 

According to diplomatic 
sources, the U.S. President was 
also asked to revise U.S. policy 
on the Horn of Africa by both 
Saudi Arabia and Egypt, whose 
leaders he saw this week. 

Since fighting in the Ogaden 
escalated in July last year, the 
U.S. has maintained a policy of 
not gh'ing military assistance to 
either side. America went back 
on an earlier commitment to pro- 
vide defensive weapons to 
Somalia because it is committed 
To the principle nf maintaining 
the integrity of African borders, 
which it believed was threatened 
bv Somalia, which wants the 
Ogaden to cease being part of 
Ethiopia. 

Though Somali forces hold 
almost all the 0?aden, there are 
indications That Ethionian troops 
are going onto toe offensive and 
.Somalia has expressed fears that 
Ethiooia ip planning an invasion 
of Somalia itself. These fears 
have been echoed by Tran and 
thp conservativp Arab States. 

Thev are understood to believe 
thai an invasion, inrolvins the 
eollaose of Somali President Sind 
Barre's noliev on thp Ogaden, 
could lead lo the fall of hLs 
Government. Tf it were to be 
reolaced hv a more left-wing 
regime their recent policy of 
wooing Somalia away from the 
Soviet Union, apparently crowned 
with success when President Siad 
evicted the Russians last Novem¬ 
ber. would have come to nothing. 

A LT S. official said that Presi¬ 
dent Carter and the Shah had a 
“verv substantial identity of 
views” on the situation in the 
Horn of Africa. There is specu¬ 
lation that the U.S. could allow 
Iran and Saudi Arabia to transfer 
to Somalia equipment obtained 
from America. 

However against the U.S, 
desire to assist the Arab States, 
and restrict the Soviet presence 
in Africa and at the entrance to 
the R**d Sea. must be set the 
fact that it does not wish to 
antagonise Ethiopia, its erst¬ 
while allv. which is a far larger 
and notenrially richer country 
than Somalia. It is also by no 
means ’certain that Ethiopia is 
yet in a position to mount a deci¬ 
sive offensive against Somalia. 


Japan and Russia to discuss peace treaty 


BY CHARLES SMITH 
RELATIONS BETWEEN Japan 
and the Soviet Union will pass 
an important watershed next 
week when . Mr. Sunao Sonoda, 
Japan's new. Foreign Minister, 
visits Moscow for talks with his 
Soviet opposite number, Mr. 
Andrei Gromyko. 

The main item on toe official 
agenda is the proposed Japan- 
Soviet peace treaty, pending 
since the-end of World War H, 
but held up by divisions between 
the two. . sides on territorial 
issues- 

Not on- the official agenda, but 
of more immediate practical im¬ 
portance, is the question of 
Moscow’s attitude to toe signing 
of a treaty, of peace aDd friend¬ 
ship between Japan and China 
which appears imminent. 

The Russians -have con¬ 


tinuously claimed that the Japan- 
Chi na treaty, whose conten ts 
will include an “anti-hegemony 
clause," condemning efforts by 
third countries to exercise hege¬ 
mony in Asia, is directed against 
themselves. 

Japan's official response is 
that the treaty negotiations are 
a purely bilateral matter between 
itself and China. 

Mr. Sonoda will say this to 
Mr. Gromyko next week when 
the issue is raised by the 
Russians, as it undoubtedly will 
be. 

Japan seems to be working on 
the asumptlon that, while the 
Soviet reaction may be un¬ 
pleasant, it Is not likely to be 
serious enough to warrant aban¬ 
doning the treaty talks wito 


China. 

These are apparently in a state 
of suspense but the Government 
has been hinting since early 
December that they are about to 
be resumed for what will hope¬ 
fully be their conclusive phase. 

Tbe cond listen of a peace 
treaty between Japan and Russia 
hangs, as far as Japan is con¬ 
cerned, on toe settlement of 
Japan’s “northern territories” 
claim against tbe Soviet Union. 

This relates to four island 
groups off toe northern coasT of 
Hokkaido which were occupied 
by tbe Soviet Union at the end 
of World War II. Japan 
has raised toe issue at every 
opportunity for the past 20 years 
or so but has never yet extracted 
a commitment from Moscow even 
to start negotiations on its claim. 


TOKYO, Jan. 5. ' 

The most that has beeti 
achieved in this direction was 
the inclusion of a phrase in a 
joint communique following a 
visit to Moscow by Pnme 
Minister Tanaka in 1973 to the 
effect that treaty negotiations 
between Japan and Russia 
should include discussions on 
“ unsolved problems pen dine 
from World War II.” 

But the Russians are uniikelv 
to budse on the territorial issue 
when Mr. Sonoda raises it next 
week (as the Japanese Foreign 
Ministry has confirmed he will 
dol. They will probably attempt 

to interest Japan in the Soviet 
proposal for an Asian collective 
security system presided over by 
Moscow hut Japan will reply that 
such a system would be unaccept¬ 
able without China. 











4 


WORLD TRADE NEWS 


U.K. textile industry set a 


WHERE THE CHIEF RESTRICTIONS WILL FALL 

(By most sensitive products and countries of origin) 


challenge by new quotas 


.Countiy.ef origin '' 
DOMINANT COUNTRIES: 
Hong Kong 
India 
Korea 


Products subjected to quota 



7 2 3 4 a 4b S 678 9 10 11 12 13 14a 14b 15a ISb 7* 171* 19 20 27 22 24 25 2 S 27 2* 29 30t 30b 31 
1 2 4a 4b 7 8 9 75b 19 20 26 27 9 30b 

1 2 3 4a 4b 5 6 78 9 10 11 12 14a I5b 16 17 78 19 21 22 24 25 27 28 29 3lfa 30b 31 


By RHYS DAVID, Textiles Correspondent 


Taiwan 

Brazil 


2 3 4a 4b-5 5 7 8 70 71 72.13 14a 1« 15 a 1 « 77 18 19 20 21 22 23 24 25 25 27 28 3to 31 
7 2 4a 4b 6 9 13 20 24 25 30b 31 


FOR EUROPE’S textile industry 
the end of a long period of 
lobbying now seems to be at 
hand; and the perhaps more 
difficult task is to be under¬ 
taken of showing that, if 
relieved of some of the pressure 
from continuing imports growth, 
it can deliver the goods. 

As the list of quota restric¬ 
tions in trade and industry 
published to-day reveals, 
textiles (as a result of agree¬ 
ments reached by the EEC with 
low-cost supplying countries) 
now operates within a tighter 
overall framework of controls 
than any other major industry. 

The EEC agreements, now 
incorporated into a new round 
of the Multi Fibre Arrangement 
(MFA). mean that no fewer 
than 133 products ranging from 
shirts and trousers to tents and 
net curtains are now under 
quota control or could be 
restricted if the need arises. 
Around 30 low-cost countries 
which already are, or potentially 
could be, major suppliers fall 
within the net 

The exact quantities whieh 
individual suppliers will be able 
to send to Europe of particular 
products is still being worked 
out by 3 giant computer in Bonn 
and until these figures are 
known the industry is suspend¬ 
ing its final judgment. The 
indications are, however, that 
Europe's textile industry has 
obtained most of what it asked 
the negotiators to achieve when 
the talks began, though in¬ 
evitably it was necessary to 
allow rather higher growth 
rates for some products than 
was envisaged in the mandate 
to reach agreement with some 
suppliers. As far as Britain is 
concerned, very tight restric¬ 
tions had been obtained for 
more than 20 sensitive products 
representing 73 per cent, of 
U.K. imports and satisfactory 
restrictions on effectively all 


other sensitive products, the 
Government claims. 

This new, much more protec¬ 
tionist approach, aimed at en¬ 
suring that the industry is at 
least given the opportunity to 
adjust to much more intense 
international competition, is 
the result of a major change in 
attitude both by individual 
European Governments and. 
through their influence, by the 
European Commission. 

The textile industry has been 
making the point for several 
years that the first round of the 
MFA. which guaranteed supply¬ 
ing countries a 6 per cent, 
growth rate where restrictions 
were introduced, failed to take 
into account the possibility of a 
major downturn as happened in 
1975-76. Furthermore, the 
impact of the high growth rates 
was much more severe in 
sectors such as shirts, where the 
penetration was already high, 
than in other sectors where 
imnnrts had only a small share. 

With unemployment running 
at very high levels in most 
European countries, national 
governments have been more re¬ 
ceptive to the industry's areu- 
meat that as many as 1.5m. 
jobs in textiles' could be at 
stake if a more restrictive MFA 
stage two was not negotiated. In 
Britain and in other European 
countries where the prospect of 
a decline in the textile sector, 
to be replaced by high tech¬ 
nology industries, had been re-* 
garded with equanimity bv suc¬ 
cessive governments, greater 
importance is now attached to 
preservation of as wide an 
industrial base as possible. The 
U.K. Government’s industrial 
strategy, instead of concentrat¬ 
ing on a narrow band of indust¬ 
ries, has included any sector of 
potential promise. Including 
several in textiles—partly, as 
one senior civil servant ex¬ 
plained, because Britain is in¬ 


herently no more likely to be 
successful in electronics than in 
clothing. 

Under Mr- Edmund Dell, the 
Trade Department—which in 
post-war years has fought to 
open up U.K. markets to the 
newly industrialising countries 
—has aligned itself with the 
Department of Industry in 
seeking a more stable frame¬ 
work for the textile trade and 
both departments have received 
support 'from the Treasury, 
alar med at the £140m.-a-year 
trade deficit on textiles and 
clothing which Britain has been 
recording. 

With the other countries 
taking a similar line, the EEC 
approached the UFA □ talks 
last year with a tough mandate 
and it was prepared both to 
offend low-cost suppliers and 
resist U.S. pressure to settle 
quickly, in order to achieve its 
objectives. 

The package which the EEC 
has pushed through contains as 
a result a number of key 
features , which extend and 
strengthen the coverage 
obtained under MFA L Products 
brought under control are now 
grouped in 133 categories 
instead of around 60, reducing 
the flexibility available to 
suppliers. The categories have 
been divided into five groups 
according to sensitivity, and 
future growth rates will be 
related strictly to the degree 
of market penetration which 
imports have achieved. 


more than existing trade. The 
growth rate for cotton yarn 
imports for example will be 
only 0.3 per cent per annum for 
the next five years and some 
of the dominant, suppliers of 
the products in- this category 
such as Hong Kong, Taiwan 
and South Korea are being 
obliged to accept an actual 
reduction in their exports to 
enable other low cost suppliers 
to increase their share. An 
overall ceiling will be placed 
on imports of Category I pro¬ 
ducts (which accounted in 1076 
for 70 per cent of low cost 
imports into the U.K. by 
weight). To avoid one of the 
main problems in MFA I—the 
cumulative build-up of imports 
as new suppliers emerge. 

In Category II—representing 
a further 18 per cent, of total 
U.K. low cost imports by 
weight—the EEC has imposed 
restrictions on all low-cost 
suppliers holding more than 
1-1.5 per cent ofjdhe market. 
All other suppliers have had 
to agree that, if -their imports* 
begin to reach this trigger level, 
quota restrictions will be im¬ 
posed. 

In categories three and four— 
which consist of less important 
products where import penetra- ; 
tion has yet to become a major 


OTHER COUNTRIES: 

Yugoslavia 

Pakistan 

Thailand 

Macao 

Malaysia 

Colombia 

Singapore 

Mexico 

Philippines . 

Argentina 

Egypt 

Sri Lanka 


1234a4b56789 12 15b 14 It 2* 25 30a 
7 2 4a 4b 5 76 9 24 
234a4b5«78 17 22 

4a 4b 5 5 7 8 13 15a 76 17 78 19 20 21 22 24 25 25 27 30a 30b 
234a4b5578 19 2225 

12 3 

234a4b5678 14b 18 21 22 24 IS 27 29 30a 
12 

4a 4b 5 7 11 15b 25 26 31 
1 

72 r ’ - 

4a 4b 6 7 8 


STATE TRADING COUNTRIES: 


Romania 

Hungary 

Poland 


1234a4b5678 12 13 15a 15b 16 17 18 20 22 23 25 2* 
234a4b 5 6 7 8 9 12 13 75b 16 17 19 21 24 25 30a 
2 3 4a 4b 5 6 8 9 12 13 14b 15a 15b 16 20 23 24 25 26 


KEY TO PRODUCTS 

CATEGORY I SENSITIVITY—Growth limited to OJ5-4 per cent depending on product. 1 cotton yam; 2 cotton fabric; 3 MMF 
fabric; 4a knitted T-shirts; 4b knitted shirts; 5 knitted jerseys; 6 men’s and women’s woven trousers; 7 women's- blouses; 8 
men’s shirts. 


CATEGORY II SENSITIVITY—Growth limited to 6-9 per cent, depending on product. 9 terry towelling; >0 gloves, plastic coated; 
11 knitted gloves; 12 knitted socks and stockings; 13 briefs and pants; 14a men's coats; 14b men's overcoats; 15a women’s coats; 
15b women's overcoats; 16 mat’s suits; 17 men’s jackets; 18 men’s undergarments; 19 handkerchiefs; 20 bed linen; 21 anoraks; 
22 staple fibre acrylic; 23 staple fibre regenerated; 24 men’s pyjamas knitted; 25 women’s pyjamas knitted; 26 women's dresses; 27 woven 
and knitted skirts; 28 knitted trousers; 29 women's suits;. 30a women’s pyjamas woven; 30b women's undergarments woven; 31 bras. 


Thus in super-sensitive cate¬ 
gory number one, which 
includes all products figuring 
most frequently in demands for 
import restrictions—cotton yarn 
and cloth, synthetic doth, 
woven and knitted shirts, 
blouses, jerseys and trousers— 
the EEC believes it has 
managed to secure stabilisation 
of import levels at not much 


disruptive threat-—the EEC has high degree of penetration in certainty over the way in which to take some months. dominant suppliers, a nwv 

secured restrictions on sup- individual member States but Mediterranean associates and Providing this -is achieved which could have unseen repei 

pliers with more than 5 per are not causing disruption on a the Lome countries will be Europe’s textile industry should cusslons on world trade. Cor 
cent, of the total market and Community wide basis. The treated, is the main area of con- be able to plan ahead with the sumors in European countric 
set a trigger point of around burden-sharing formula drawn cera for the U.K. textile-in-assurance of much more stable too are having to accept reduce- 
3-f per ® ent -. for other up at the time of MFA I under dustry. The UJC has been market conditions than it lias access to supplies of cheap tea [ 
pliers. The trigger mechanism which an attempt is made to operating for some time a system enjoyed for the past five years tile and clothiug product h \ 
will also apply in the final cate- share out imports between mem- of automatic . licensing of. all at least, and for much longer albeit in order to save jobs. Al- 1 
gory which consists of products ber states where they fall more textile goods for surveillance in the case of some products, this places a strung onus o» 
where e xi s t i n g trade is low— heavily on some members than purposes, enabling a com prehen- To bring this about however the the textile industry to show tha 
items such as elastic trimmings, others, will also be applied sive picture ito be built up in EEC has had to use a lot of against a background of mud’* 

pneumatic mattresses, and again. advance of likely import levels, muscle, pushing aside in some more stable trading condition 

theatrical scenery. The system, to work properly, but no-such system exists else- cases the interests of other it can go on improving produc 

In the most sensitive cate- will depend very largely on the where in Europe. The Commis- smaller countries. GATT rules tivity and can ensure ; 
gories there will be special efficiency of the EEC’s informa- sion is expected to try and have had to be severely bent in continuing flow of reasonable 
quota arrangements where im- tion about import levels and bring in a common system of order to impose much lower priced, attractively designed 
porters have achieved a very this, together with some un- surveillance, but this Is likely growth rates on some of the good quality merchandise. 


, \ 1 *'% 

■ \it * 


-JuflT 


Tokyo airport charges row looms 


BY LYNTON MdLAJN, INDUSTRIAL STAFF 


TOKYO, Jan. 5. 


THE Secretary-General of 1ATA 
(the International Air Transport 
Association) Mr. Knut Hammar- 
skjold arrived in Tokyo to-night 
to deliver a stiff protest to the 
Japanese Government over the 
proposed landing charges at 
Tokyo’s new Narita international 
airport 

Mr. Hammarskjold, accom¬ 
panied by the chief secretary of 
Pan Am, Mr. William Seawell, 
and the president of Qantas, Sir 
Lenox Hewitt, will see the 
Ministers of Foreign Affairs and 
Transport to-morrow. He may 
warn the Japanese Government 
that legal action will be taken 
by foreign airlines against the 
Narita Airport Authority if the 
charges are not lowered. 

Narita is scheduled to come 
into use at the end of March, 
about five years behind schedule, 
as the sole international airport 
serving Tokyo. The landing and 
handling charges proposed by the 
Government are 60 per cent, 
higher than those at Haneda (the 
present Tokyo international air¬ 
port) and would make Narita the 
world’s second most expensive 
airport after Sydney. 

I AT A apparently claims that 


the charges are based not on 
true operating costs, but on the 
Government’s estimate of what 
will be needed to recoup the 
huge initial . investment in 
Narita. 

The airport cost about Slbn. to 
build (up to the end of stage 
one which includes only the first 
of three projected main runways) 
plus about $1.2bn. in associated 
infrastructure. The real reason 
why the project has proved so 
expensive, however, is that 
Narita has beeu complete but 
unused for the past four years, 
during which time there have 
been prohibitive Interest and 
maintenance charges. 

Japan Air Lines claims to have 
spent $12m. a year on maintain¬ 
ing its own facilities at Narita. 
Airport costs incurred by the 
airport authority itself have 
probably been far higher. 

The delay in opening Narita 
was caused by stiff opposition 
from environmentalist lobbies 
both to flights In and • out of 
Narita itself (which is in the 
middle of an agricultural area 
some 70 kilometres from Tokyo) 
and to plans for the construction 
of an underground pipeline to 


supply the airport with fueL 

The Government finally took 
the decision to steamroll over 
local environmentalist resistance 
only last year when it moved in¬ 
to demolish two - steel towers 
which had been built .at.the end 
of the main Narita runway. It 
has been less successful in 
handling the resistance to the 
pipeline plans, with the result 
that fuel supplies to the airport 
will initially be by rail. 

Narita will be receiving about 
4,000 kilolitres of aviation fuel 
per day—enough to support the 
same number of flight frequen¬ 
cies as Haneda but not enough 
to allow for any increase. This 
means that airlines are, in effect, 
being asked to pay 60 per cent 
more for using a facility which 
will generate no more revenue 
than the one they are using at 
present. 

International airlines serving 
Tokyo do not have the option 
to- continue using Haneda after 
the end of March because the 
Government has ruled that all 
international flights will shift to 
Narita. The only exception will 
be flights carrying incoming 
Heads of State or other Im¬ 


portant visitors and flights by 
China Airlines (the Taiwan 
national flag-carrier which, for 
political reasons; has 4 to- be 
separated from Peking’s;national 
airline). 

Apart from cost and capacity 
limitations, Narita faces severe 
access problems. A proposed 
high-speed rail service linking 


Iranian ban 
onDenmark 


to continue 


the airport with central Tokyo 
has yet to be built, although a 
station has been completed 
immediately, under the main 
passenger terminal. 

Ways of getting to the airport 
include a private railway service 
which connects with a bus 
shuttle service on the edge of 
the airport and a bus service 
from - a city centre terminal 
which will take 60 minutes to 
make the outward journey and 
about 85 minutes to come back 
into town. The Narita-Tokyo 
taxi fare is expected to be 
Y11.500 (nearly S5Q). 

Japan Air Lines is working 
on the development of a high¬ 
speed train which could eventu¬ 
ally make the Narita to'Tokyo 
trip in 15 minutes, but it will 
be some years before the project 
would come into service. 


£2m. Soviet 
deal with U.K. 


Financial Times Reporter 
AN ORDER for machine tools to 
a total value of jusl under £2m. 
has been won in the USSR by 
Renold. power transmission 
group. U was gained against 
competition from West Germany. 

The order covers two contracts 
to supply machines for manufac¬ 
turing screw compressor rotors 
and pump screws, and the work 
will be carried out at the group's 
factory at Milnrow, Lancashire. 

Under the contracts, Renold 
gear division will supply varying 
numbers of rotor milling 
machines, pump screw milling 
machines, cutler grinders. In¬ 
spection test centres and cutter 
inspection ' equipment with 
cutters and associated tooling. 

The new order follows similar, 
but smaller, orders placed with 
the British company by Stanko 
import the Russian Stale agency 
concerned, in 1367 and 1970. 

The machines will be located 
partly at Kazan, on the Volga 
River a few hundred miles east 
of Moscow, and Chita, in the 
mountains of south-east Russia, 
near the Chinese border. 


KHD in Egypt joint venture 


KLOECKNER - Humboldt - Deutz 
AG said it has agreed a DRLIOOm. 
(about £24.8ro.) joint venture for 
the production an Egypt of 
equipment to be used in 'irriga¬ 
tion work. 


Agreement was signed with the 
Osram Arab Contractors, Osman 
Ahmed Osman and Company, and 
with the State-owned Suez Canal 
Authority, it added. 

Under the contract, a company 
will be set up, owned 74.9 per 
cent by the Egyptian side and 
! 25.1 per cent by KHD, the com¬ 
pany said. 

KHD said the company will 
have a basic capital of DM30m. 
and will manage a factory to be 
constructed at Ismaitia on the 
Suez Canal. 

The plant should produce*2.000 
tractors, 5,000 air-cooled diesel 
motors and 400 generating and 
pumping units annually in its 
first development stage. 

The facility is expected to 
serve neighbouring Arab coun¬ 
tries as well as the domestic 
market, the company added. 

Meanwhile, reports from Cairo 


state that Britain and the Cairo- 
based Arab Industrial Organisa¬ 
tion (AIO) have agreed to form 
joint companies to produce 
British anti-tank Swingfire 
missiles and Lynx helicopters, 
according to the official Middle- 
East News Agency (MENA). 

MENA said the agreement was 
reached after talks in Cairo 
between British Defence Secre¬ 
tary, Mr. Fred Mulley, Egyptian 
War Ministers, Gen. Mohammed 
Abdel-Gbani Gamassi and AIO 
Board chairman, Mr. Ashraf 
Marawan. While a Swingfire deal 
was signed in London last 
month, this agreement may 
bring closer a plan to build the 
Lynx in Egypt 

The agency said the thre^ men 
also signed a technical co-opera¬ 
tion protocol between Britain 
and the AIO under which Britain 
would provide the organisation 
with technical assistance for 
advanced military production. 

The AIO was formed in 1975 
by Egypt. Saudi Arabia, Qatar 
and the United Arab Emirates 
(UAE) with a capital of some 
Slbn. 


COLOGNE, Jan. 5. 


Mr. Mulley. on a week-long 
visit, was due to leave for Aswan, 
Upper Egypt, to-day to- meet 
President Anwar Sadat 
Reuter 

• ASEA the Swedish heavy 
electrical equipment manufac¬ 
turer. has won contracts worth 
around Kr.SOm. (£9m.) from 
Iran, They include what the 
company believes is the world's 
largest static reactive 'power 
compensation equipment writes 
our Stockholm Correspondent. 

The orders come from the 
National Iranian Steel Industries 
(NISIC) and are for the 
Pahlavi steel complex at Ahwaz. 
They cover equipment for re¬ 
active power compensation and 
the suspension of electrical dis¬ 
turbances for six electric arc 
furnaces, each rated at TS MV A. 

They include switchgear for 
the 33Kv distribution system for 
the arc furnaces and—under an 
earlier contract — the .trans¬ 
formers for the furnaces. ASEA 
Is also a member of the censor 
tiura supplying the 220/33KV 
substation feeding the NISIC 
complex. 


Call for European motor links 


BY LINTON McLAIN 


THE interdependence of 
Europe's motor industries is 
Britain's theme at this year’s 
Brussels motor show which 
opens to-ctay. 

Without collective develop¬ 
ment there was no way Europe's 
motor industries could survive 
Japanese and North American 
competition, Mr. David Plastow, 
president of the Society of Motor 
Manufacturers and Traders said 
in an eve of show speech. 

This was aimed as much- at 
raising the morale of British 
exhibitors after the “disappoint¬ 
ments of 1377 ” as extolling the 


U.K. industry’s commitment to 
Europe- It was now spurious 
to attribute a single national 
identity to some of Europe’s 
most popular cars. 

British-powered Ford Fiestas 
are assembled in Germany for 
sale in North America and Ley- 
land Allegros with British parts 
are assembled in Belgium for 
sale in Europe- German-designed 
Opels ore also assembled in 
Belgium for sale la Britain as 
Vauxhill Cavaliers. 

This co-operation had to con¬ 
tinue Mr. Plastow said- Britain’s 
motor industry, its largest manu¬ 
facturing sector with exports of 


£3.1bn. in the first 10 months of 
1977, was committed to free trade 
and growth in the European 
Economic Communiy- 


Britain's role as a major, grow¬ 
ing supplier of components to 


Europe’s 'motor manufacturers 
was one of the industry’s greatest 
strengths. 

Between January and October 
last year component exports rose 
24 per cent- on the same period 
in 1976 to £1,30009. Total motor 
exports rose 23 per cent, giving a 
£L,lOOm, surplus on the motor 
and components balance of pay¬ 
ments. 


Mr. Plastow said these 
had to be stressed “to balance 
the wide publicity given to our 
disappointments in 1977." Gar 
output last year could have been 
a lot higher than the “fractional” 
improvement over 1976. 

The Brussels salon gave British 
companies the chance to show 
their competitiveness in Europe. 
But this year would see '‘the 
world’s largest motor show” to 
be held at the Birmingham 
National Exhibition Centre from 
October 20 to 29. More than 75Q 
exhibitors would make It the 
biggest motor show, ever hdd. In 
Britain. 



THE DANISH Foreign Mini¬ 
ster, Mr. K. B. Andersen left 
Teheran early yesterday after 
failing* to convince Iranian 
officials to lift a trade ban 
against his country. Iran boys 
about $85m. worth of Danish 
goods a year. 

The trade ban was imposed 
after Denmark failed to prose¬ 
cute persons who raided the 
Iranian Embassy In Copen¬ 
hagen lost month. A Danish 
Embassy official said: “ We are 
fairly optimistic that the ban 
will be lifted in the not too 
distant future,” following Mr. 
Andersen’s contacts here. Bnt 
there was no indication from 
the Iranian side that trade 
would be resumed soon.” 


Swedish shipping major 
builds up U.K. subsidiary 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


Caracas plant 


Foster Wheeler Energy Cor¬ 
poration said it had received 
a $2Q0m_ contract from. 
Lianoven, part of Venezuela^ 
national oil Industry, for a 
major expansion of the El 
Palito refinery, about 115 miles 
west of Caracas. Foster 
Wheeler said its involvement 
will Include overall project 
management, engineering, pro¬ 
curement and construction. 


Car import ban 


The Venezuelan Cabinet bas 
barred the importation of most 
automob fle models not 
assembled in. the country and 
set duties for those models 
whose import is still allowed, 
according to reports from 
Caracas. 


Brewery deal 


The state-run Danish Indus¬ 
trial Development Fund and a 
consortium of private engineer¬ 
ing companies have agreed on 
joint construction of a $25 m. 
brewery in the Nigerian state 
of Plateau, it was announced 
In Copenhagen. The Plateau 
state . will contribute 60 per 
cent of the construction costs 
wih the Danish side supplying 
the remaining 40 per cent. 


Gold plant 


The Anglo American Corp¬ 
oration of South Africa has 
awarded a design services con¬ 
tract for an undisclosed amount 
to Mitchell Cotts Projects 
(PTY), for planned extensions 
to the reduction plant at the 
Free State Saaiplaas gold mine 
near Virginia, Bernard Simon 
writes. The design services 
for thc RISm. extension pro¬ 
gramme are scheduled for 
completion within II months. 
The expansion Is designed to 
increase plant capacity at. the 
mine from 116,000 tonnes a 
month to 220,000 tonnes. 


Saudi pact 

Celanese Corporation said 
Its subsidiary Celanese Chemi¬ 
cal.plans to enter an interim 
agreement with Saadi Basic 
Industries Corporation and 
Texas Eastern Arabian, which 
is aimed toward the joint con¬ 
struction and operation of a 
Saudia Arabian petrochemical 
complex. The complex, start- 
fug -with a 2,000 ton a day 
chemical-grade methanol pro¬ 
ducing facility, will be located 
at Al-Jabail, 


SALENINVEST, THE major group aims to continue a steady 
Swedish shipping group, is. to process of transferring ships 
rapidly expand its London base front Swedish |.o British flags. So 
as a hedge against what it sees far three dry cargo ships have 
as an inevitable growth of trade been switched over, but Salen’s 


within 


the 


protectionism 

Common Market *" . 

The vehicle for expansion will 

be Whitco (Marine .Services), __.._ ._- . 

the company. bought by Saleu 1 of employment in 

five years ago and which is now 
to be re-named Saien (U.K.). 


future plans are.bound by an 
agreement with the Swedish sea¬ 
faring unions that any future 
transfers will not result in a 


Mr. Sven Saleu, chairman of 
the Swedish parent company, 
said during a visit to London, 
that the U.K -subsidiary would 
be responsible far about 5 per 


Sweden. 

Thus Saien must await delivery 
of the six refrigerated ships it 
has on order at the Swedish 
State-owned Gotaverken yank— 
which was once owned by the 
group. 

Saien- U.K also plans to in- 


Lithorex 

plant 

for Britain 


By . Anthony Moreton. 
Regional Affaire Editor 


cent, of group turnover next crease its marine equipment 
year but that its shore and sea- sales operation and to further 
Faring workforce would, at about develop its role as an agent for 
800, represent a quarter of the world-wide shiprepairers. 
groups total. Other benefits of the London 

The staffing question and the expansion are summed up by the 
relative cheapness of British company as access to new 
crews is one short-term gain sources of finance. “ a compara- 
Salen sees In its strategy, but tively;pragmatic union stance, a 
Mr. Saien says the principal rea- stable regulatory environment 
son is the need for Salen’s essen- with little political interpreta- 
tially cross-trading, fleet to have tion by officialdom and a Bag 
an EEC flog base to ensure per- with world-wide acceptability 
manent access to trade between an< * ^3® safety standards.” The 
community countries and the 8 r °up also foresees that an 
rest of the world. easing of capital transfers due 

Saien U.K.S immediate plans l° e t £® 1 S? h Sea oU sur P lus wUi 
involve expanding the number ifir s- 

f/o^lS PrjtfttbleuSn its SSwtoS 

OMB7& althonSHr heavy . dependence ou tankers 
of 1878, although it is probable bulk carriers draneed it 

that most of these new ships a^^STSS-half ^s in 

"i* 1 * e Jn* na ged * or fi ^jernal 1977, a position which is under- 
cIl “£ ra 5 er , Stood to have deteriorated 

More controversially, .the Saien further in the second half. 


Govan order for Norway 


BY FAY GJESTER 


OSLO, Jan. 5. 


A NORWEGIAN company, Moei- trawlers, since, unlike its 
wo . n a Socialist predecessor, it opposes 

(£ 600 , 000 ) order from Govan the concept of a State-owned 
Shipbuilders, of Glasgow, for ten trawler fleet Moreover, India’s 
diesel hydraulic mobile deck recent extension of its fishery 
cranes to be installed on ships zone bas deprived Sri Lanka of 
the yart is budding for Poland, the fishing grounds where the 
. . or . W o .rwaj ^s ship equipment trawlers were intended to take 
industry the contract represents most of their catch, 
a welcome spin-off from the The, Norwegian development 
Polish ship orders, which Nor- aid agency, which arranged the 
wegian shipbuilders at one time contracts and would have helped 
hoped to secure, before they to finance them, is now seeking 
were placed in Britain. other possible buyers for the 

Meanwhile, two small West vessels. 

Norwegian yards which had The two yards have already 
secured^ contracts worth a total purchased KtlOm. worth of raw 
of Kr.70m. (£»m.) to build eight materials and equipment In con- 
trawlers for Sn Lanka, under a section with the project. Though 
Norwegian development aid pro- Sri Lanka is prepared to pay a 
jeef now face the prospect that cancellation fee, this would not 
the orders will be cancelled. solve the excess capacity prob- 
Lanka s recently-elected lem which the loss of these eon- 


LITHOREX, a Swedish-controlled 
specialised-printing concern, is 
to move part of ils operations 
froiu Brussels to Tbamesdown, 
belter known under its former 
borough name of Swindon. 

The company is an important 
printer of personal sales 
promotion letters. Until now 
it has covered Europe from 
a plant employing some 
50 people in Lanskroner, 
southern Sweden, and the 
Brussels plant, which bus 
about the same workforce. 

The Brussels operation will not 
■.be affected by the decision to 
open in England. Lithorex 
feels that because it has one 
large client in the U.K.— 
Readers Digest-—it ought to be 
nearer the source of its busi¬ 
ness. , 

The operation in Thamsdown 
will be small, with 15 people 
employed when it moves into 
a council-owned factory in the 
spring. The company'is, how¬ 
ever, looking for Its own 
premises and hopes to build a 
plant on the west of the town 
in a new expansion area .at 
BlagTOve sometime next year- 

That would allow it to double its 
capacity. Thamesdown has' 
been chosen partly because of 
its good location for distribu¬ 
tion throughout the country. - 

Mr. Douglas Smith, Thames 
down's Industrial Developmeot 
Adviser said yesterday that, 
“although the company oper¬ 
ates a highly automated plant 
and therefore does not require 
many people, it is important to 
the borough as part of a pr»K 
gramme to attract further cant 1 
parties to invest in the area. 
The more varied the activities- 
and -sources of investment the 
more stable the industrial 
situation will be be. This is 
clearly good for the mainten¬ 
ance of jobs in both good and 
difficult times." 


: iL 


> 4 , 

1 .‘ill* 

■-••V 11 


Steel import 
licence plan 


Sri 


Government mo longer wants the tracts will create for the yards. 


Stockholm gloom on cars 


BY jOHN WALKER 


__ , STOCKHOLM, Jan. 5 

NEW CAR sales in Sweden dur- cent of the market, in 1076 
mg toe whole of 1977 dropped Saab accounted for 29,667, or 
by 33 per cent, compared with 12.29 per cent of the market, 
the previous year, according to compared with 39.520, or 12.63 per 
tne Swedish Association of Motor cent, in the previous year. The 
Manufacturers and Retailers. balance, amounting to 156,000 
Sales amounted to 241,374 cars, cars, was accounted for by 
against 312,800 for 197®. the imports, 
highest level so far. December, Sales of the leading models 
which Is usually a quiet month, during 1977 are Volvo 240 with 
was even worse last year as the 43,122 units sold (64.2QQ tn 1878), 
Slide downwards bottomed out at Saab 90 with 21,810 (27,818), VW 
44 per cent, lower than in the Golf 11,044 (10,410), Ford 

same, month in 1976. Granada 8,684 (10.847), Saab 

Volvo accounted for 55,688 95/06 with 7,657 (11,702), Ford 
units for the year, giving them Tanmis 7.807 (11.937), Volvo 343 
23 per cent, of the market, com- with 7 . 5 S 5 (3,306). 
pared with 70,600. or 24.48 per Aid for Volvo, Page 18 


By William Dullfarce 

STOCKHOLM, Jan. 5. 

TRADE Minister Mr. s tnffna 
Burenstam Linder proposes to 
introduce a licensing system 
for stegl imports into Sweden 
from February 15. The 
licences, -which will indicate 
the origin, quantity, type and 
price, while not intended to 
restrict imports, will give the 
Ministry quicker . information 
on prices. 

The background to the Swedish 
move is the Introduction of 
minimum prices for steel im¬ 
ports by . the U.S. and EEC. 
Mr. Linder stressed that Gov¬ 
ernment policy aimed at keep¬ 
ing trading conditions on the 
Swedish market in line with 
those of the ESC. Sweden bad 
everything to gain from avoid¬ 
ing protectionist pressures, he 
said. 

The Brussels Commission in¬ 
dicated last week that it would 
negotiate on steel prices and 
imports later this month with 
boh Japan and EFTA, of which 
Sweden is a member.. 


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Sunday* *nd holiday*. U.S. wtsaip*'-’" 
SlTfl.uu (air. nviabn UK.W ia1r imlff wr 
«mo». Second du pome P*W « 

.art. N.v, 1 


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. 3fesaary. 6:3878 


HOME NEWS 


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expects 


BY JOHN LLOYD 


P^^n« ICALLl£ i ““Pro? 1 ' It writes: “The Post Office olishing the service while raak- 
« ublktf k e lJ*« C w» s ®f p yj® e considers it has successfully re- ing a “suitable provision ” for 
* J lK Profitable by the versed, the declining financial the 200.000 “life or death" 
iriordiufiiamlmK. “fortunes of the parcels service, messages —8 per cent of the 
in Th n‘T,n, 5 ?, !t is seeking to continue to total-Ssent each year. It wUl re- 
ancnJLPvSJl 6 0f fl01 ’ 2ln - Iast operate a viable parcels service view the case at the end of the 
nnanciai year. and sees this as a practicable two-year trial period 

However, the. postal business possibility-** The Union P of Post Office 

less DrofiUbie 11 als » responds to the recom- Workers has opposed the possi- 

raendation made by the Garter bility of abolition. In its own 
ihan ^4m Committee to abandon the inland submission to the Government, 

mfeettai «S^!h/!2i2! B 2 telegram service if it cannot be it wrote: “We hold very firmly 
flOm the region of ma( f e to pay to the view'that as. long as there 

The decline in profitability The Office proposes that KEnEJJJJf 
will increase pressure on the co? ^ ^11 continue the telegram pubUc ^v^e for the SS 
porauon to raise Dostal trices service, for two years, during ?4 0Llt f ervi "_ tor “ e _ir ian “ 
aFtnp Anrii iir,m which neriod “a determined telegraph system to perform. 

said it 


SCOTLAND YARD’S ami- New Years Eve in which two 
terrorist squad yesterday issued members of the Syrian Embassy 
a photofit picture of the man staff died, 
believed to have killed Mr. Said Commander Nevill said that 
Hammami, representative of the the police were investigating a 
Palestine Liberation Organisa- call to tbe UP1 news agency at 
tion. But the police appear to lunch-time yesterday by a man 
be still desperately searching for who claimed that a group named 
leads. “Tbe Voice of the Palestine 

Commander Jim Nevill, head Revolution ” was responsible for 

of tbe squad, said that be was the {tilling. He claimed that Mr. 

u very willing" to speak to the Hammami had been shot because 

three-man team from the FLO of his ** contacts with the Jewish 
who arrived yesterday from country." 

after April. Until tfiST^pS wWchpcriod “» determined ittSr H?n coKFu” a eumb^of Arfbs 

present leveite '*>'** ^ SmS’TS *£*3E? JmiJ'pS I -S# assumed ,0 be an assasri- named “ Adet- One. a Pates- 

r costs. bility of Sunday collection. 


Yard seek Hammami 
murder clues as PLO 
inquiry team flies in 


BY RICHARD JOHNS 


' RSm 
ti- !; 

fcvd , 


nir 


to P !S C &i 2?i-- which the Carter Committee re- 

possibility of the postal workers Public need rest£I n,led ***** *** P ° St 0ffiCe 

winning a settlement to consoli- restore. 

date pre-Stage One basic rises However, tbe corporation is Other points from the Post 
into all types of earnings. - In his pessimistic about the possibility Office response include: 
last report, the outgoing PO of profit It notes that the price • Disagreement with the Carter 
" .chairman. Sir William Hyland, of a telegram has risen by 400 Report over its proposal- to 

warned that a consolidation 'per cent since 1973 and that the create an advisory council on 

settlement together with easing number of telegrams sent has Post Office and telecommunlca- 
•' > 14 ,of the compression of differen- fallen by 50 per cent Losses rose tions affairs: “ Improvements 
isW tiaK ..“could -• well reduce by 30 per cent will not he obtained by having 

’telecommunications profits sub- “The fact that inland tele- layer upon layer of advice.” 
st anti ally and, in the other ser- grains are not profitable' and flt A welcome for the recogni- 
^ vices. convert profits to lossesl” cannot .be made so would not in tion that System X—the elee- 
t _ The improved performance in itself necessarily be a justifica* tronic exchange system being 
i r ‘^'parcels is due largely to an in- tion for ending .the. service .if it developed by the Post Office 

r ‘^crease in the number of parcel met a significant essential public and its major suppliers—is 

1 contracts won by the Post Office, need. “sound in its concept and of 

1 competing mainly against other “But as other services have great importance. . . in world 
State-owned.enterprises such as grown. Inland telegrams have markets.” 

■ British Rail . and the National come to play a very smalt part 9 Agreement on the Carter 

Freight Crporation. • in national communications, with Committee’s proposal to split 

The Post Office reflects grow- 11,000. sent each -day compared Post Office into two auton- 
ing confidence in the parcels with some 280,000 inland tries omous busiliesses> one fo r posts 
division in its evidence to the calls, some 30m. -letters posted and one for .telecommunications: 
V Government in response to the -and some 50m* telephone, calls- _ • 

report of the Post Office Review The corporation argues that Posting workers to the 

■ -Committee (Carter Committee), there is a strong case for'ab- boardroom Page 9 



British Airways brings back 
low freight rates to U.S. 

BY LYNTON McLAIN, INDUSTRIAL STAFF. . 

BRITISH AIRWAYS has re- qqenlly Pan American, Trans agents contracting for a mini- 
introduced its low-price North World and Seaboard introduced mum -shipment of 800 tonnes a 
Atlantic freight rates after modi- their own cheap rates. year. 

fications to meet U.S. Govern- Modifications were made to the Containerised freight from 
ment objections. The aim is to British Airways scheme and last Glasgow, Manchester and London 
increase by 50' per cent : by autumn a submission, was made to New York now costs 40p a 
December the current 20.000 to President Carter, who over- kilo, with a 5p discount during 
tonnes of freight the airline ruled the Board. The previous the 6 pjB. Sunday to 2 p.m. 
carries to the U.S. scheme involved three minimum Tuesday period. There was no 

Earlier objections forced the cargo contract levels*, at 500 discount in the rejected scheme, 
airline to suspend the scheme in tonnes, 1.000 tonnes ah.d 2,500 The new contract rates do not 
June Iast year-after only 16 'tonnes. - " -V. apply to freight from the U.S. 

months’ operation. The new scheme, effective this to Britain, but freight destined 

U.S. airlines, backed by the week with approval of the Civil for Chicago, Detroit, Miami, 
U.S. Civil Aeronautics Board Aviation Authority -and, tbe Philadelphia - and Washington 
opposed the- rates, but subse- Board, gives reductions to freight -/will'benefit from, the new rates.- 


Staff given 



target 


BRITISH AIRWAYS must earn and much/of this had to be change facing British Airways 
an operating profit equal to 10 earned to-Syoid a crippling debt. ofWgS 

per cent, of its revenue every Faced with cheap charters, Swiss watch. It was 

year for the next 10 years, Mr. Skytrain and throwaway ^" inevitable-that the airline would 
Ross Stainton, new chief execu- elusive tours and an impending hjtYe tQ reduce its costs to com- 
tive of the airline, says in a New ■ proliferation of earners on the p^ngate f 0 j- the lower return in 
Year message-in British Airways Atlantic providing more ana reyenue per passenger. 

News. more competition. British Air- # Sir Frank McFadzean, who had 

this was essential if the air- WEys-lwd to change m 1978, he. albeart - attack in September, has 

line was to afford the new air- saJQ \ - resumed duties as chairman of 

craft to remain competitive. Attractions foT the man in the British Airways, but, on medical 

These would cost “many street had to be developed. advice, he will serve only on a 

hundred* of millions of pounds ” Mr. Stainton compared the part-time baas. 


* s; 


if! 




OBITUARY 

Lord 

Plurenden 

LORD PLURENDEN, chairman 
of the Sterling Group of Com¬ 
panies and a powerful Labour 
Parly supporter, died yesterday, 
need 60, while on holiday with 
his family in Tenerife. 

Lord Plurenden, formerly Sir 
Rudy Sternberg, received. a 
knighthood in January, 1970, for 
services to exports and was 
created a life peer in February, 
1975.. - 

He devoted a great deal of 
energy to creating trade with the 
Soviet Union and its satellite 
rtates, arid in particular promoted 
trade with East Germany. 

Lord Plurenden was a self- 
made millionaire who came to 
Britain as a refugee from Hitler’s 
Germany in. 1985. 

He was among Wealthy friends 
of Sir Harold Wilson who sub¬ 
scribed to a trust fund when the 
Labour leader was in opposition 
between J 970-74. r . . 

Controversy developed over the 
fund with -conflicting views 
among its trustees as to its 
purpose. Lord Pfurcnden’s view 
was that it was for political 
research.' " 

Name change for 
electronics group 

■WITH THE 21st century in sight, 
20th Century Electronics-, has 
changed its company name, to 
T. C. Centronic. The company 
has been trading under the regi¬ 
stered business name of Cen- 
tionic for many years. 

The Ceritrortic range includes 
electro-optic components such as 
photo-diodes, photo-multipliers 
and cathode ray tubes radiation 
detectors and nuclear products. 


PRIVREDNA BANKA ZAGREB: 
USS25.000.000 

Floating Rate Notts due 1985 

In accordance with the torm* and 
condi dora of the. Nam. the cate of 
inuraii hu been fixed it 8 1 % |W 
annum for.tbe inccneit period 
from jinuiry fi, !f78 to JolT 
1978. Coupon amount for ««h 
coupon; US DolUr* 4d.«2 payable on 
July'S, 1978.- ' . 


British Rail Seaspeed 
carried more than im, 

FINANCIAL TIMES REPORTER 

BRITISH RAIL Seaspeed, with lengthened by 55 feet at Uie 
only one hovercraft in operation, British Hovercraft Corporation 
carried more ih*n half-a-miHion wfls a jS; Seaspeed will 
passengers. and 75^)00 vehicles . -introduce a French Railways big 
last year on Its services from-nw Sedam N500 with the en- 
Dover to Boulogne and Calais. larged British Rail SRN4 and 
There were fewer flights the.smaller SRN4 craft in opera- 
because of the temporary with- tion • at present it will give a 
drawal of one hovercraft to be iour-fold increase in capacity. 


nation. However, he stressed: tinian with such a first name but 
“The only people making an a different surname, is under- 
investigation are the police.” stood to have been held for five 
According to Commander hours even though he bears no 
Nevill, tbe witnesses at the Arab resemblance tn the photafiL 
League office in Green Street, The killer .spoke in Arabic, 
Mayfair, who saw the murderer but the Commander Nevill was 
enter the building and depart, not prepared to say in what dia- 
described the picture as " a very lect he was speaking. He is now 
good resemblance.” The killer thought to have been alone 
is said to be about five feet despite reports that other men 
eight inches tall, aged about 24 ran with him away from the 
and of sallow complexion. He Green Street huilding. 
wore a green overcoat ' No difficulties were placed in 

Calling himself “ Mr. Adel,” the way of the PLO delegation 
he telephoned Mr. Hammami's which accompanied members of 
office at 1 pan. od Wednesday Mr. Hammami's family and was 
asking for an- appointment. This led by Mr. Rebhi A wad. He was 
was not granted because the PLO the organisation's representative 
representative was unavailable in Cairo until the Egyptian 
—neither absent from the office or authorities broke off diplomatic 
unwilling to talk at that point, relations with the PLO last 

month and deported him. 

tjI- i An Inquest on Mr. Hammami 

Bombing tmk ope n this morning at West- 

“Mr. Adel” later walked Into minster coroneris court. It is 
Nd. 52, Green Street, at 3.40 expected that his body will be 
and went to Mr. Hammami’s base- flown to Lebanon or Jordan for 
ment room. bunal to-morrow. 

Yesterday’s post mortem Ihsan Hijazt reports from 
examination confirmed that Mr. Beirut: Palestinian sources h^e 
Hammami was killed by three rejected the theory that Mr. 
bullets, probably from a 3.2 Hammami, who was also a mem- 
calibre automatic, though this her of the main guerilla gro^p 
bad not been confirmed last Fatah, may have been lulled by 
night by police experts. s rival Palestinian organisation. 

Commander NevilTs squad is In some Arab quarters it is 
not ruling out any motive for the believed Mr. Hammami may have 
crime—including a personal one. been -the victim of an under- 
His assumption was that .there ground warfare between the 
was a connection between Mr. guerilla movement and Egypt in 
Hammami’s murder and the car which Irari is helping the 
bomb explosion in ‘Mayfair on Egyptians. 


Drop wealth tax plan 
urges Methven 


BY OUR INDUSTRIAL EDITOR 

A CALL for the Government 
to cut personal taxation and 
abandon plans for a wealth tax 
was issued yesterday by Sir 
John. Methven, director general 
of the Confederation of British 
Industry. 

He told a CB1 luncheon in 
London that the prospect of a 
wealth tax was “like an axe 
poised Over the owners of pri¬ 
vate bnsinesses.” It would 
specially hurt small firms. 

Referring to the co-ordina¬ 
tion of the Government's small 
firms policies being carried out 


by Mr. Harold Lever, Chan¬ 
cellor of the Duchy of Lan¬ 
caster, he added: “There is 
already a strong feeling among 
GB1: members that whatever it 
Is the Government intend to 
give to smaU firms through 
Mr. Lever's strategy, they are 
now planning to claw It all 
back with a wealth tax.” 

Sir John also 'oiticJsed re¬ 
ports of the Diamond Commis¬ 
sion on tbe Distribution of 
Wealth for containing “ mis¬ 
leading n figures abontBri tain’s 
relative levels of persdyxal tax¬ 
ation. 




More open sale for range 
of medicines authorised 

BY DAVID F1SHLOCK 

NEW CONTROLS exempting a- hazard io health, or a small risk 
range of medicines and of misuse, and where wider sale 
veterinary products from the would be a convenience to tbe 
necessity to sell them only from customer. 

registered pharmacies, under the The new controls also specify 
supervision of a pharmacist medicines which may only be 
come into force on February 1. supplied in accordance with tbe 
it -j r,--* * «... prescription of a doctor, dentist 

A of veL These are medicines 

« C £r*w whose use needs to be supervised 

H because of a known or potential 

supplied from premises other tojlc hazar(L 

than pharmacies. j n between these two published 

These are medicines which the lists are those medicines—which 
Medicines Commission, in con- the Department of Health has 
sultation with trade, professional not identified—which may be 
and consumer interests, now con- sold only at pharmacies under 
siders to represent only a small the supervision of a pharmacist 


Back pact 
—Scottish 
Liberal 
leader 


Chemicals sector 
revival expected 
during 1978 


By Ray Penman, 

Scottish Correspondent 

IN A move designed to give a --_ 

boost to Mr. David Steel's like being achieved, according to 


BY RAY DAFTER 

THE CHEMICAL industry's 
hoped-for revival this year looks 


chances of securing acceptance 
from the special Liberal Assem¬ 
bly for continuing the agreement 
with the Government, Mr. 
Russell Johnston, leader of the 
Scottish party yesterday urged 
members to support tbe pact. 

A letter from Mr. Johnston. 
MP for Inverness, to constituency 
secretaries was clearly intended 
to influence .the one-day confer¬ 
ence of Scottish Liberals in 
Glasgow on January 14 —a week 
before the special Assembly 
meets in Blackpool. 

If, as widely expected, the 
Glasgow meeting backs Mr. Steel, 
it will give him a bead start 
over those who wish to discon¬ 
tinue the pact immediately. 

Mr. Johnston, who opposed 
Mr. Steel in the leadership con¬ 
test last year and has never been 
the pact's strongest supporter, 
said that it bad enabled tbe party 
to enter 1978 with a sense of 
achievement. 

The pact had averted a damag¬ 
ing general election and provided 
the political stability for econ¬ 
omic recovery. It had also re¬ 
sulted in stronger devolution 
Bills for Scotland and Wales be¬ 
ing introduced. 

Cool head 

Mr. Johnston added; “In 
politics it is tbe time during 
and after achievement when a 
cool head and steady nerve are 
most needed, for then one is 
most attacked by one's political 
opponents anxious to denigrate 
what has been done. 

“It is natural and to be 
expected that the Conservative 
Party, the Tory Press, and the 
Left-wing of the Labour Party 
should not want the agreement 
to produce any successes. They 
have no interest in seeing the 
Liberals linked in any way with 
economic recovery or the estab¬ 
lishment in Scotland of a work¬ 
able and acceptable Parliament. 

“To talk of breaking the 
agreement would be to put in 
jeopardy what has already been 
achieved and to make much 
more difficult any similar experi¬ 
ment in co-operation in the 
future.” 

The executive of the Scottish 
Party is also supporting the pact 
It had tabled a motion for tbe 
Glasgow conference demanding 
that the agreement should be 
continued “provided that pro¬ 
gress is maintained toward 1 * 
achieving the national interest 
of economic stability.” 


SALES OF THE CHEMICAL 
AND ALLIED INDUSTRIES 
£m. at T97Q prices* 


1970 

3.448 

1971 

3.514 

T972 

3,714 

1973 

4,144 

T974 

4J48 

1975 

3,969 

1976 

4.394 

1977 1st qtr. 

i.m 

1977 2nd qtr. 

1.159 

1977 3rd qtr. . 

1.080 


Not seasonally adjusted 

Source: Trade and In Jurtrf 


to-day's issue of the Govern¬ 
ment's Trade and Industry publi¬ 
cation. 

A report on the chemicals 
sector points out that in Novem¬ 
ber the Chemical Industries 
Association was forecasting an 
increase in output this year of 
525 per cent., as against the 
anticipated rise of 3.5 per cent, 
in 1977. 

“ The increase in 1978 is quite 
likely to be achieved given that 
the macro-economic prospects for 

6 1 iL 6 TvJio voluuie of chemicals exported in 
).oJi n mihiVch^ e «Jr i o^h^r f °R^' lhe quarter there was a 

011 C>ctober sharp drop in October and a 

sa further Tall in November. Some 

°r this loss reflected the weaken- 
•? th? *indn«tvv*« iD8 * n Brila » n ’ s competitiveness 

in lhe tight of sterling’s rising 
fnn£. Mt rV^. Vw irnrfi^rrr- value against other currencies. 

Nevertheless export prospects 

irr th h for tills year arc seco as “Suite 

quarter because ICL the U.K s pnpnura „‘i nn ■« The rhemi.-i! 

maior chemical group, has c nco “ r a?» in *«; ine .. cnemuai 

association is forecasting a rise, 
Wr S hv e ihe volume terms, of 9 per cent., 
bU by lb probably much the same as was 
chemicals recession. in 1077 

Lte Tbe pri« "7w„,iol. ^ a 

iere “er cent, higher than in p " 

corresponding period in 1976. d ,„ 4 ’ hl ‘ 


the 


the 


estimated 


NEWS ANALYSIS—TOBACCO 


Now a do-it-yourself cigarette 


BY STUART ALEXANDER 


GALLAHER stole two marches^Nortb America, there would be 
on its competitors when it. nuly two si 2 es of cigarette avail- 
announced its new do-it-yourself-able by mid-way through this 
cigarettes yesterday. The group year. Also, packets of ten are 
had been first to see the oppore steadily being phased out, mating 
tunity and bring the system to.^transition to the new price 
this country, and second, it bas .Structure that much more 
ensured itself a continuing head painful. 

start because it hu secured a Bat ^ U-K ls n|)W 

supply of paper tubes and filters . pric c - conscious. Even 

fi 1978 was to be a time 

0 Ii^ e imnnrt 9 nL j y llen P™* rioting ended and 

rostoW a new 
h»-**“i* of g^e-aways has been 
price “garettesJhouldinj parted by both Wills and John 

running out and the public wui’ 5 >., r 
be coming to terms with having : ■ * 

to pay 6 p a packet more. The introduction of the new 

To make the new cigarette kind of home cigarette maker 
requires a simple hand gadget, by-Gallaher offers the oppor- 
hinged at one end. The tobacco timity of continuing Jow-cost 
is placed in the middle, a tube 1 .fflnoWng but in a way that is 
and' filter attached, and the ^firmly removed from the less 
tobacco Is forced in. ' acceptable image of roll-your- 

Ever since the U.K. tobacco, own.- 
manufacturers realised theBy linking the name of Benson 
implications on prices which :-aad Hedges with the innovation 
would follow EEC harmonisation a further. strong tie is added, 
all the emphasis has been on,, making-It clear that the product 
developing the king size sector, is--part of the cigarette market 
This led. to a fierce price war not the hand-rolHng one. 
throughout last year as theGallaher may’have made its 
major companies sought to announcement a little too early 
establish market Share ahead of '* r creating enthusiasm without 
the new market shape. '.a. product to satisfy it can be 

Everyone knew that, because .counterproductive—and by sell- 
it costs about the same-to pro- 4 &g.. the filters and tubes 
duce a pack of small cigarettes,:separately from the tobacco the 
as it does a large one; the pricevgronp is inviting a rival, tobacco 
of the email cigarettes would go ; manufacturer to take a piggy- 
up with a bump, but most back ride. 



Mr. Stuart Cameron, manag¬ 
ing director of Gallaher’s 
tobaeeo division, shows the 
new “ Custom ” cigarette 
maker.« 


divisions. W. D. and H. O. Wills 
and John Player, have not 

announced any counter-move, 
although Wills sells the popular 
Golden Virginia for hand-rolling. 
But it is Imperial that stands 
to lose most by the-new system. 

With Players No. 6 as the best- 
selling cigarette in Britain the 
do-it-yourself variety will pro¬ 
vide a direct challenge, as it 
will for Players No. 10. Galla¬ 
her has to .accept that success 
with Custom may hurt its own 
sales of Sovereien, but Rothman' 
has little to lose for Its small 
cigarette brand, Piccadilly No. 7. 
has onlv a ve^y small share of 
the market 

Gallaher estimates that the 
do-it-yourself market could 
account for between 3.5 and 5 
per cent of total if ft follows 
tbe pattern set by West Ger¬ 
many. Holland and Belgium. The 
svstem is not widely available In 
France and Ttaly where State 
mononolietf control tobacco sales 
and imports. 

The important aspect is the 
measurable increase in market 
share tbat-tbe two smaller com¬ 
panies can take from Imperial at 
. the bottom end at the same time 
that British American Tobacco 
is preparing to strike at the top. 

And ati_ this with a product 
that is quick and easy to make, 
simple to market, and designed 


assumed* that this would merely^\ Rothmans, for instance, will in about six weeks’ time, thus to cash in ’ on that part of a 
lead to a general trading-up- always, sell the filters, tubes and ensuring that it sells the com- smoker that;, has been most 
There were even predictions- tobacco as one pack when its plate package.. assiduously educated For the last 

that, as on the Continent and in .product comes oh to the*market Imperial's two •manufacturing 18 mentns—his pocket 


IN BRIEF 

Computer 

thefts 

increasing 

ABOUT 100 executives will 
board the QE2 this summer for 
a conference on ways of combat¬ 
ting computer fraud. 

They will be Introduced to 
the latest sophisticated type of 
criminal, the computer crook, 
and will be shown ways of 
detecting his offences. 

The conference is being run 
by Mr. Peter Heims, editor of 
Top Security magazine, who 
said: “Computer fraud is on the 
increase and vast sums of money 
are being lost by companies in 
this country and throughout the 
world because it is one of tbe 
most difficult crimes to detect” 

Top tax plea 

THE TOP marginal rate of tax 
on income should be cut from S3 
per cent to not more than 50 per 
cent The Income Tax Payers 
Society adds io its annual letter 
to the Chancellor of tbe 
Exchequer that taxation should 
start at a higher level of income 
and be less steeply graduated. 

Pilfering losses 

BRITAIN’S retailing industry is 
facing record losses of almost 
£ 2 m. a day from shoplifting and 
pilfering. The Retail Consortium 
said that the percentage of stolen 
goods to sales turnover had 
never been so high. 

Canal bridge 

WORK on a £543,000 Greater 
London Council scheme to 
reconstruct Burdett Road canal 
bridge in Limehouse, Tower 
Hamlets, will start on January 
16. The aim of the work is to 
remove congestion caused by the 
single-lane Bailey bridge over 
the Limehouse Cut canal. 

Texas cheaper 

BRANIFF [NTE\NATlONAL 
CORP., the U.S. airline, is to 
ask the Civil Aeronautics Board 
to approve fare reductions on 
its planned non-stop service 
from Dallas to London. 

Computer centre 

MIDLAND BANK Is to build a 
computer centre at Tankersley, 
near Barnsley in South York¬ 
shire. 

Kidney lottery 

THE FIRST long-term lottery to 
be sponsored by a major charity 
was launched yesterday by the 
National Kidney Research Fund. 
It is expected to net more than 
£16,000 profit for the fund. 

Steel tube order 

BRITISH STEEL Corporation at 
Corby has won an order to 
supply L300 tonnes of steel 
tubes for construction of tbe 
world’s longest floating bridge, 
in Georgetown, Guyana. It will 
be over a mile long and 24 feet 
wide. 


Pharmaceuticals, paint and syn- m 

thetic rubber sectors showed previous three months, 
above average increases, but J* provisionally . 
toilet preparations—the most that in tbe quarter ended 
dependent on consumer expeodi- November 30, prices rose by --5 
ture—suffered the lowest in- per cent, reflecting the relatively 
crease slow increase in the price nf 

Trade and Industry reports rew materials an fuel purchased 
that after a strong rise in the during the first half of the year. 

Lenient start to EEC 
law on driving hours 

BY IAN HARGREAVES, TRANSPORT CORRESPONDENT 

THERE WILL be a “ running “ ensure that the various enforce- 
in ” period of six month's for all ment authorities are aware of 
provisions of the EEC lorry and the situation during that period, 
bus drivers' hours regulations These authorities will naturally 
adopted by Britain tbis month, need to rake account of possiblcr 
and an even longer period of breaches of the rules where the 
leniency for breaches of a regu- driver concerned is charged with 
tation concerning tachographs, other breaches of the law.” 

This was confirmed yesterday This presumably means that 
when Mr. . William Rodgers, drivers will not be prosecuted 
Transport Secretary, published simply for breaking the tactao- 
the timetable for British obser- graph regulation, 
vance of the shorter driving day. other provisions applicable 

„ immediately are: a weekly driv-. 

passenger industries and the limit nf 60 hours for buses 
unions to “get together to make JJg ' reouirement ^or alI bSs 

?rows Upkeep 0 *records. [None 
Pro“*sed that the of these provisions apply to 

during ?he a r lt (,w "omh? y T ^ Ur ™“ tos u " tter 

Enforcement authorities have During the next three vears 
been told to allow a six-months Z 

h( L n ?S? first portaot changes in driving hours 

regulations In tbe first phase or r f 1]nw 3 

British acceptance, and in the ,s ' . 

case of the clause requiring Daily driving period: lorries 
single-manned heavy articulated —down' from 10 to 9. hours in 
vehicles either to carry a tacho- December. 9 hours in July 197B 
graph or observe a 450-kra (281- and S hours in January 19S1. 
mile) daily driving limit even Buses down from 10 to 9|- hours 
more flexibility is proposed. in December, to 9 hours in 

Mr. Rodgers said that because October 1979 and to 8 hours in 
the European Commission had January 1981- . . 

started infraction proceedings Continuous driving period: 
against Britain for refusing to lorries—5 hours until July 1979. 
make tachographs compulsory in ti- 4} hours until December 1980 
all heavy vehicles, the Govern- and then 4 hours. Buses 5 V 
ment was having “ to look again hours until December 1978.^down 
at the whole tachograph issue.” to 5 hours until October 1979, 44 
The review could take over a hours until January 19S1. then 
year and the Government would 4 hours. 


Rise in house building 
costs is slowing down 

BY OUR BUILDING CORRESPONDENT 

BASIC house-building costs rose costs rose by only just over 7- 
by just over 11 per cent, last per cent., a reflection of continu- 

ye,r again,, naari, 15 per cent. ‘"^^50,“, k |. ria- . 
in the previous year and 21 per ^ bv around u per cent, in 
cenL In 1975. according to the jgj« [jj e g ap between these and 
Building magazine cost index ^ basjc cost of building houses ' 
published yesterday. bas narrowed significantly over. 

Tbe index shows a rise oi the past year, according to the.. 
about ! per cent in December, magazine. 

The overall increase in costs It points out. however, that the . . 
recorded during 1977 was the difference in the increases over 
lowest annnal figure since the the ■ last fout years remained - 
index was-started in 1973. Most “enormous.” New houses be- . 
of last year's increase (16.6 per tween 1974 and 1977 rose by only . 
cent.) was due to a rise in 33 per cent, while building costs 
material prices, while labour went up by over 76 per cent. 


Brokers forecast drop 
in retail price inflation 


bank 


that 


THE 12-month rate of retail abnormally low rises in 
price inflation could fall below borrowing. 

10 per cent in March and should The brokers argued 
reach a low point of 71 to 8 per yields on gilt-edged stock will .. 
cent, in June, according to an follow a saw-tooth course in . 
analysis from City stockbrokers 197S. Both money market and • 
Sheppards and Chase. gilt yields will fall in January.. 

Th#» hmbPK «nin« rant thu th^ bul election uncertainty and. 
increase In the all-items retail problems, 

price index from March to could 1:31186 3 re ' e 53 - 

November was 6.6 per cent., leav- -- 

ing only 3.1 per cenL. an average pA V ri r _ lin offo/vlr 
of 0.$ per cent a month for lhe 

rest of the year to oest March. . M Thfltchpr 
ThiB is double the recenl UJ rtllS lMdlUlCl 


average, even though seasonal 
factors will be unfavourable and 


By Ray Pemnan, 

^ J L MRS. MARGARET Thatcher, 

there is likely to be some hunch- Opposition leader, said last night 
tog oF prices rises In January. ^ 197fi cou i d be the year of the ' 
Sheppards and Chase maintain c0V er-up rather than the year of . - 
J be mo .? e y supply figure* recovery as the Government had .’ 
will be excellent for Decemher described it 

irithi n tll tthi a, f a JJL b fS5 In Aberdeenshire at the start ‘ 

Souid *23 ai in of her Scottish tour, she said the 

* B d m farts of Britain's economic*' 

Thlmftnev tiinniv fi-nrefi will situation were being presented ", 

»■ jls "'“ ch save ■■ ' 

& BSS? SltST Wtho fiM-’-J J-** scribed / 

exceptional October increase in as falling to between S and 10 • 
bank advances. Tax payments P er h ut aid not mean 
made during the eoraine season that prices were going down. A 
by the surrender of these m the »t» to this level still ' 
certificates will mean a lower meant that the pound would 
than usual demand for additional halve in value every eight to nine 
bank finance, and hence years. 


\ 



6 


NORTH SEA OIL REVIEW 


financial Times Friday January ~6 1978 


BY RAY O 


Breaking new technological frontiers 





THIS YEAR will see several seabed: the main manifold and 
North Sea operating groups sub-sea wellhead completions, 
sanctioning new field develop- for instance. In addition, con- 
merit programmes, a move sideraWe amount of develop- 
esseniial if the country is to ment effort is being expended 
remain self-sufficient in oil on making the deck-borne 
throughout the 1980s. At least equipment lighter, 
one of these-—the Conoco/Golf/ Another Government worry is 
British National Oil Corpora- B5 {he rig can be moved 
tiun group in the Hutton Field 0 g- station very easily, oil com- 


—is likely to adopt a 
production ' technique 


panies might be tempted to 
tnat abandon reservoirs once the 




breaks away from the concept raost easiiy-obtainable oil has 
of large fixed platforms. h«»n creamed off Hnw*»ver. 


However, 


For several years now oil there are regulatory controls to 
companies have been consider- prevent this. 


installing lighter. 


To take a more positive view- 







SUBSEA INSTALLATION 
FOB SMAU. HELD 


FLOATING PRODUCTION UNIT 
WITH SUBSEA COMPLETIONS 


> sac-waBsatEPBQotgn wawT 
• spiB-TfKsnMetitaummaata. 
nspu it 

TBCFWI ■DflBMSVSIBI 

FLMraaKJSfBM _ 

I HUffOLB CSOK WITH ATWlStfSOC C» 
RflCSK FBffllOCm BCT 

TENSION-LEG 
PRODUCTION SYSTE* 


FLOATING PRODUCTION, STORAGE 
AMI QFF-UKIDING SYSTEM 


expensive production units, point, the manoeuvrability of , i h 111 / f ■ 

some of which are illustrated converted rigs has several /1 I }\ f \ 

here. So far only a converted advantages. A vessel raw be * / \ / ■ \ 

semi-submersible drilling rig moved t0 another part of the *; / ^ ® ‘ V 

has been used as an alternative structure if the results from tbe .? J j ® ® \ 

to the fixed platform. This first production wells shows that *j \ 

early production system is being the unit has been wrongly sited. f _ fiBSKE-™. & 

use d on Hamilton Brothers’ Ttere , number of insun- S ® SSSTnSMgVw. I ■/" @ >5 ® 

small Argyll Field where a con- ces where the formation of a lf -£WK'SJ @sarmen«B ® TBWW Kmss rna / £>. 

ventional steel platform would reservoir has been proved to $ SSS»Hisia-«nH I Sfl^SgBBL- ___ 

probably have made oil recovery be different from that origin- ® cr Fumsc © fuujws psodoctjb* bbt 

an uneconomic prospect British <iiv forecast during the exnlora* _ _ 

Petroleum is planning to employ tion itage. Furthermore! if I SUBSEA MS7ALLATI0N FLOATING PRODUCTION UNIT TENSION-LEG FLOATING PRODUCTION, STORAffil 

a similar system on its Buchan production from a field tails off FOB SMALL FIELD WITH SUBSEA COMPLETIONS PRODUCTION SYSTEM AMI OFF-LOADING SYSTEM 

Field—at least until it knows much sooner than expected—as 
more about the reservoir’s appears to be toe case on 

characteristics. Argyll—then toe rig can be yield between 60,000 and 70,000 deep-water conditions. It may develops its Fulmer Fi eld . But drill another set of production 

-Although BP has already in- moved to a more lucrative pros- b/d by means of a semi- be that oil companies have again, toe development -will be wells from toe main platform, 

stalled a drilling template on pect At least the operator is submersible rig. sub-sea well spent more time and money on based on wefttiried technology. Thus they should overcome the 

the seabed and received not left with an expensive fixed completions and a processing improving exploration tech- The plan, now being considered problem of completing toe drfll- 

authorisation to sink the first structure standing over a series and storage tanker. Eventually nlques, rather than on develop- by the Department of Energy, iflg and installing platform 

two production wells, it has yet of dry boles. the Conoco/Gulf/BNOC group, ment processes. Or it may be calls for the constrortion of two equipment at the same time.' * ■ 

1 to receive full Department of It is hardly surprising, then, as licensees for the main that toe -companies merely felt steel pbtfiorms. Shell and Esso The next veneration of North 
Energy permission to use the that a number of operating Hutton reservoir, will install a that the economic risk of some- aim to place a Steel template fields will be much smaller 

production method. Government groups are evaluating such more permanent_ tension-leg thing going wrong was just too on toe sea bed and drill a series than toe Forties and Brent dis- 

officials want to be sure that floating systems for use in fields production (TLP) system ^ to 0 ff*et toe additional “wtfL Wa SnS ATdeveTcmmern c^ 

BP-and other possible users now in the “ probably commer- capable of extracting oil at a ^ of platforms rL ™ . aeveiopmeotcosts 

of floating systems—will be con- cial” category. The rigs may rate of around 120,000 b/d. - ' “ ntinu . e **> rise it wdi beoun .b 

forming to good oil recovery be installed in association with Again the TLP would be a float- 43 increasingly important for corn- 

practice. From toe commercial a duster of subsea satellite ing unit which would mean that seemed to be ready *> don toe buriders start woric on the steel panies to bnng on stream at 

and political points of view wells; units which not only the equipment could be easily m,antia of ^ nonconformist- structures. least some oil flow as early as 

there are several reasons why provide a greater spread of pro- taken from the field once the change their mind at the These wells will then be con- P 0351 ^. Quite modest-sized 

production from a converted ex- duction facilities but which reservoir is exhausted. (Dis- ^ ast ntoiute. British Petroleum, nected to the smaller, secon- fields can now cost over £500nL 

plaration rig might be con- might also be used for water mantling some of the giant for example, has seriously con- dary platform which will cany to develop. Using only a “W 

sidered a “second best” option injection to maintain the s tru ctures in the North Sea is sldered both a tension legged little more than a cluster of production platform, the oil 

to more conventional systems, reservoir pressure. a problem which has been given system and a slim concrete Christmas Tree wellheads. The companies may have to invest 

First, it has been argued that A case in point is the Hutton scant attention up to now.) .tower for the development of its oil will be piped to the main virtuaUy all of tois cash before 

such rigs are incapable of Field. Lord Kearton, chairman The Hutton scheme will be northerly Magnus Field. But it platform which will carry all of receiving a penny badk in 

accommodating the same amount of toe British National Oil breaking new technological Seem s that toe company will the processing-and accommoda- revenue. The Aiwyn lotrnnia 

of equipment as fixed platforms. Corporation, has already indi- frontiers in toe North Sea. So decide on a fixed steel ^ructnre. tion facilities. Once toe equip- does allow a large part of-the 

But this problem is being over- cated the type of production far operators have been Shell and Esso plan to use a ment has been commissioned 00515 t0 oe met out ■ - 0 * 1 

come. It is possible to put unit that might be employed reluctant to adopt novel forms new system—at least for North and oil (and - cash) -is flowing, revenue, 

much of the equipment on the there. Initially the field will of equipment in such hostile. Sea o-H production—when it the operators will be able to Indeed, although the Aiwyn 


development has yet to be sane- ment suppliers have unde* 
honed by toe partners—a deci- estimated the impact of the 
sion is expected this year—it harSh North Sea conditions an 
could still' be producing oil the giant fixed structures, 
sooner than the other field now Corrosion and fatigue are two 
being developed by the Conoco/ problems worrying many in the 
Gulf/BNOC group: Murchison, offshore industry. The fouling 
The Murchison development of fixed offshore installations by 
received the green light about marine life is another, 
a year ago but because it will A report* j U5 t published by 
be exploited through a conyen- ^ Departmen t of Energy? 
tional steel platform it could be offshore Energy Technology 
at least another 2\ yeara before g oar ^ states tliat “ marine 
the reservoir releases the first ^ on ^ 3ackets of off . 
drop of oil. And even this ^ oH and gas piatfo^ 
development progrmnme is increases the fluid loadhSj 
ambitious when set against ser n ons i y impedes inspectioo 
»me of the exrkcrones intht* and maintenance and may 
remote part of the North Sea. accelerate corrosion. The under> 

The rising development costs inspection nf too gas 

associated with conventional production platforms' in the 
systems is the main reason why southern North Sea some years 
operators will inevitably change after installation has shown that 
to more modem techniques the fouling is much greater than 
over the nest few years. Murchi- was forecast. On some regions 
son provides a useful yardstick; of the structures toe thickness 
its total recoverable reserves 0 f growth significantly exceeds 
are estimated to be only 360m. the design allowance.” 
to 380m. barrels but its devel- M R Goodfellow . general 

^ °f CxJB Underwater 

fff. 5 " ? - Engineers and author of a new - 

S book on underwater technology, ■ J: 

JSSRS said yesterday that the extent -jf 

°f marine fouling had come 
fh^ a surprise to many becaussr. 

conditions in the Goff* ' v 
°f Mexico had been used s*:i * 

i JZLnl rule of thumb for the No«Jii ' 

p rofit able and economically SeB pe r h a ps the temperate!* 


marginal fields. 


of the water, its depth mid 


Dr. Jack Birks. a BP director, salin ity and the. different types I 
told offshore contractors In late- 0 f marine organisms, had- hot 
November that a few years ago been fully appreciated, 
a company developing a sizeable This all goes to show that, 
field could expert to invest in spite of the fast-rising produo* 
£2,000 for every barrel of oil tion profile, North Sea operators i 
.produced each day during peak are stU1 a i on g way from the I 
output. More recently the cost top-of their much-quoted team- J 
had risen to nearer £4,000 a ing curve. But is becoming 1 
daily barrel. A deep-water field clear that if future fields are 
projected to yield about 100.000 to be exploited safely and econo- 
b/d or more, and sanctioned tois micaily—and virtually all of 
year, could cost an alarming these finds will be la toe 
£10,000 a daily barrel. medium or small catego 

But there are other advan- then new subsea . tec 
tages with the new systems; must be more widely a 

some of which are only now _ _ .. . 

becoming apparent There are. nameaMms. j. h. j-Yremnu. moHm 
signs—and these are early days «w«it ag 

nil __JjL tor the Dept ot fnerp-i. bp CHI 

—that ou companies and equip- siow** cari*. Lon*m. swip 3ap 



LABOUR NEWS 



IVira 




Getting our customers into 
new developments: 
ifs Metal Box's business. 

New ideas, new materials, new processes: 
developing these to produce more efficient, economical 
and practical containers is all part of Metal Box’s business. 

And the range of packaging products we’ve introduced - 
in the last few years includes ftifi-aperture steel easy-open ends 
for food cans, two piece cans for beverage, 
high barrier plastics bottles, child-resistantplastics closures 
and laminated pouches for heat-processed food. 

Itfe this kind of activity that makes customers 
all over the world turn to Metal Box when they've a problemto solve- 
and that keeps Metal Box growing steadily 


Metal Box 

A good business lo be in 



Power workers table 
‘substantial’ claim 


■' ■■ 

■ ■ J • i*» 


BY PAULINE CLARK. LABOUR S^AfF 


UNION leaders of 96,000 man¬ 
ual workers in the electricity 
supply industry yesterday 
tabled a claim for a “substan¬ 
tial ” increase on basic pay 
rates this year. They warned of 
a tough'fight If the Government 
tries to hold them .Within toe 
pay guidelines. 

Mr. Frank Chappie, general 
secretary of tbe £0.000 strong 
Electrical and Plumbing Trades 
Union, yesterday predicted “a 
real battle” if there were any 
attempt to treat toe power 
workers like tbe firemen. 

The reaction, he said, would 
be “far worse” than last year’s 
unofficial work-to-rule. 

The power workers’ negotia¬ 
tions are seen as a prelude to pay 


developments later this winter in 
the related coal mining industry 

The National Union of Mine- 
workers will bestarting talks on 
their claims for a doubling of 
their basic wages early, next 
month. 

The extent to which the'-.cur¬ 
rent negotiations on local pro¬ 
ductivity bonuses defuse NUM 
militancy is regarded as crucial 
to the survival of the Govern¬ 
ment’s wages policy. 

Next week, Yorkshire miners, 
who previously rejected bonus 
schemes, will hold a further 
ballot South Wales left-wingers 
are expected to be influenced by 
toe results. ,, 

Power industry employers are 


expected to make an offer—likely -— 
to be within Government guide¬ 
lines—next week. i * 

It was made clear during the f - 
unofficial action that demands 
for concessionary .fuel allowances •'= - 

wonld be unacceptable and tbat 

shift pay improvements must._ 

come within the main pay nego- ... .. 
nations. Claims for travel ex¬ 
penses were approved in priip ! 
ciple. 

Although toe power workers* • 
claim has not been quantified, it 
is thought to include most of the 
demands which led to the un- 
official action. Mr. Chappie „. 
warned that it would be unwise . w ., t sy 
to ignore claims for 40 per cent, 
increases by some unofficial 
groups. 


Left takes control 
of UCATT 

BY CHRISTIAN TYLER, LABOUR EDITOR 


CONTROL of toe building union, 
the Union of Construction. Allied 
Trades and Technicians, will pass 
to the Left wing as a result of 
an election to the union's 
national executive. 

Although it has still to be 
officially confirmed, the vacant 
seat is thought to have be dip won 
by Mr.-Jim Kelly, from Aber¬ 
deen. giving tbe Left a 4-3 
majority on the executive. 

Tbe union’s leadership does not 
divide politically on all issues, 
hut the shift has implications for 
the next national building pay 
negotiations and for the union’s 
merger talks with the anti-Com- 
munist Electrical and Plumbing 
Trades Union. UCATT has more 
than one Communist on its 
executive. 

Mr. Kelly, a Labour Party 
member, is thought to have de¬ 
feated by a substantial majority 
Mr. Tom McTurk and Mr. Tom 
Graves, both backed by the 
Right. 


Tbe result could be a pointer 
to the mood of the union in the 
election at toe end of toe year of 
a successor to Sir George Smith, 
general secretary, who retires in 
June, .1979, and wbo has in the 
past vigorously attacked Com¬ 
munist and other Left-wing 
groupings in the union. 

The front-runner for the job is 
Mr. Les Wood, assistant general 
secretary, - who Is generally re¬ 
garded as on the Left. 

In another union’s executive 
election, tbat of the National 
Union of Seamen, a leading Left¬ 
winger. Mr. Gordon Norris, was 
defeated by Mr. J. McGill, of 
Glasgow, as north-east coast and 
Scottish districts representative. 
The poll was very low. with only 
50 votes cast for Mr. McGill and 
46 for Mr. Norris. 

Other well-known Left-wingers 
on the NUS executive are not 
standing for reelection. 


Helicopter 
pilots in 
new row 

By Our Labour Staff 



Dockers at two ports 
accept guideline offers 


MORE THAN 3,800 dockers In 
two of Britain’s major ports 
indicated yesterday that they 
were prepared to go along with 
the Government’s 10 per cent, 
ceiling for pay Increases this 
year. • 

At Hall, about 2.000 dockers 
agreed outright to accept a pay 
offer within Government guide¬ 
lines rather than pursue threats 
of industrial action in support of 
their original claim for a 65 per 
cent, rise to give a basic £105 a 
week. 

A mass meeting of dockers In 
Southampton decided not to fight 
a 10 per cent offer from their 
employers. But shop stewards 
said the deal would not be com¬ 
pleted until-a container manning 
dispute was settled. 

Tbe two results of mass votes 
Follow recent acceptance of a 10 
per cent settlement by Bristol 


dockers, who are also negotiating 
a selffinancing productivity deaL 
• A dispute which led to with¬ 
drawal of labour yesterday on 
about 30 cargo vessels in Liver¬ 
pool docks is to be referred to 
the standing sub-committee of, 
the local port employers aasocia- ■ 
tion to-day. 

Tbe committee. Which acts as 
the port’s official arbitration ser¬ 
vice. will discuss the dispute 
following rejection by shop 

stewards of independent arbitra¬ 
tion. 

The Strike by 4.500 dockers, 
employed by the Mersey Docks 
and Harbour company, is the 
first major strike in the Liver¬ 
pool docks for four years. 

Industrial action spread this 
week in support of 450 colleagues 
who. walked, out three weeks 
ago in a row over re-allocation 
of work. 


A DISPUTE is brewing among 
British Airways helicopter pilots 
at Aberdeen, scene of the damag¬ 
ing Bristow helicopters dispute 
earlier this year. Loss nf over¬ 
time payments is the Issue. 

Following the end of the 
Bristow dispute, British Airways 
agreed to take on an additional 
21 pilots. But. as a result of a 
fall in demand by oil companies 
for the use of helicopters, pilots - 
are flying only two flights a day 
instead of the usual three. 
British Airways say they have six 
pilots for eaeta aircraft 

An airline official said that this 
had led to a reduction in.Hying 
hours for the pilots, and a loss 
of overtime. As a result, he 
said, the pilots had been In¬ 
structed not to work with any 
pilot recruited after the middle 
of December. 

Mr. Mark Young, general 
secretary of the British Airline- 
Pilots Association, said that he 
had no knowledge of any dispute 
involving his members. 


Print workers 
paid £7 more 

MORE THAN 1.000 members of 
the National Graphical Associa¬ 
tion employed by 150 printing 
companies have received pay in¬ 
creases of up to £7 a week,’ says 
the union journal. Print. 

Claims for this amount are 
isaid to have been met by many 
employers for those who have 
been receiving less than £55 a 

week gross for a standard work¬ 
ing week, excluding overtime. 

The union is also expected 
Shortly to draw up a claim for 
national negotiations with the 
British Printing Industries Fede¬ 
ration and the Newspaper 
Society, ahead of its April pay 
anniversary date. 


■1 
















ffifaanciai limes Friday January 6 1978 



BY JOHN BRENNAN 


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.' ; .; 1 ‘ Nine mon?tfis .after.completion of 
• . ^,‘fcbe 47,Q0tr - sq.' ft Kingsmead 

House offices in Farnborough-,- 
4 . .. Hants, English Property Corpora- 

**'— 'tion has found a tenant for the 
' whole block.' But an tempting 

‘ Diners Club, the "international 
" v > credit card operation, from ks 
?, .‘-Oxford Street headquarters, EPC 
. • -.has bad to torow.in a rent-free 
period and:-' fitting-out oonces- 
i, sicas worth £200,000—the equiva- 
'•: l i .lent’of a fuD year*ff real.' 

' Diners'Club ‘Will make a 

I;-). ">phased. niove info- the Farn- 
-- borough offices over the next ten 
months- by -wtofcfa time telephone 
.., J‘‘ and computer services should be 


Diners Club 


Drily operational.' A spokesman 
for tire credit card group ex¬ 
plains that B3PC has granted a 
rent-free period until June on 
the 25 year lease. This, along 
with EPC’s contribution towards 
fitting but costs will save Diners 
Club £200,000, twelve months 
rent at the agreed £4.50 a sq. ft. 

The‘move will leave Barton 
Group with 28,000 sq. ft. to fill 
in Ks Oxford’ Circus- block at 214 
Oxford Street tins autumn.- The 
loss of -. London jobs will be 
counterbalanced by 200 new jobs 
in Fambocough, and around 100 
of' Diners 'Club’s key London 
staff are .expected to make the 
move wait) the firm. 


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Ktngsmead HouSe, Farnborougb—let for £425 a sq. ft. lease 


Diners Club hopes ^o sub-let 
the.9,400 square feet first floor 
of its new H.Q. on a fivoyear 
lease. Its ever expanding staff 
is expected to‘ take up this sur¬ 
plus space at the end of the five 
yean. Healey and Baker and 
Hillier Parker May and Bowden, 
the joint letting agents, are 
being retained to handle the sub¬ 
lease. 

The move fills EPCs Kings¬ 
mead Centre. a~ scheme-started 
in association with the Farn- 
borough Urban District Council 
in 1972. A 40 shop centre below 
the offices has been fully occu¬ 
pied for some time and, allow¬ 
ing for ground rents bn the 125- 
year council leasehold, gross in¬ 
come from the whole scheme is 
likely to be worth -around 
£350,000 a year to EPC, giving 
the centre a current market 
value of perhaps £5.5m. to £fim. 

Sixfold increase 
in rent disputes 

Fighting rent reviews is becom¬ 
ing an increasingly popular.form 
of lazuHorcReznutt relations, and 
an increasingly profitable area of 
professional -advice for. agents. 

Confirming the trend, 1978 
opens with, news of a spectacular 
rent review battle. Shareholders 
of the andustziaJ property group 
Evans of Leeds were told earlier 
this week. tint their Walton 
Works property in liyerpool had 
been the subject of rent -negotia¬ 
tions since the £99,000 a year 
of -(SEC'S subsidiary. 


English Electric Company, 
expired on October t, 1976. 

Evans asked for a major up¬ 
grade in rents, English Electric 
objected. Negotiations over the 
60 acre site, winch includes 
1.34m. sq. ft- of buildings and 
which was bought by Ewans lor 
■fl.ftm. in September 1975, 
struggled on until an arbitrator 
was called Mir. Jeremy 
Weston, of Manchester agents 
Dunlop Heywood, acted as the 
independent assessor, and now 
Evans and its tozaat have agreed 
a new rent of £515,000 a year. 

That impressive rental leap is 
backdated to October 1976 and 
means that ’Evans has had the 
pleasurable task of re-stating its 
previously reported half year 
pre-tax profits to the end of 
September 1977 from £479.900 to 
£692,400. Additional back rent of 
£212£Q0, arising in the 1976-77 
financial year, will be treated as 
an exceptional credit: 

The increased rents helped 
Evans’ shares up by lp this 
week to 197p, nearly three times 
net assets on a conservatively,- 
mainly 1970, valuation. For the 
market as a whole Evans’ amic¬ 
able battle with English Electric 
underlines the ever rising value 
of the stakes in rent review 
disputes. 

The Royal Institution of 
Chartered Surveyors, which is 
normally called in to nominate 
an independent arbitrator in 
rent review arguments, reports 
a sixfold increase in arbitration 
applications since 1973. 

In 1973 only 503 applications 
were made. But the end of the 
commercial rent freeze unlocked 
a flood of disputes and in 1975 
L564 rent reviews were brought 
to the Institute. This post-freeze 
boom has been maintained and 
last year just under 3,000 calls 
for an independent voice were 
made. Many of these applications 
are settled before an arbitrator 
is nominated. But applications 
do indicate the steadily rising 
tide of disagreements 36 tenants 
become increasingly reluctant to 
automatically accept a landlord's 
view of rent increases. 



Royal liver Friendly Society 
and Its property agents, Goddard 
& Smith and G. B. Corden, hope 
to avoid spending any’ money 
refurbishing the ground floor 
and first floors of Liverpool's 
Royal Liver Building. 


Leonora Bun 

The Sodeiy is spending £6m. 
over the next two years creating 
265,000 sq. ft of modern office 
space in the 67-year-old build¬ 
ing's 15 other floors. But it is 
now asking for potential users 
with the finance to earry out 


their own refurb ishm ent work 
on the block’s 35.000-sq.-ft- 
groond floor and its 30,000-sq.-ft- 
first floor. 

The society's problem Is that 
24-foot ceilings on the ground 
floor, and over 20-foot celling 
heights on the first floor, will 
not easily eonvert to modern 
office use. As there will he 
around 2,600 people working in 
the upper floors when refur¬ 
bishment work is completed, the 
society hopes to attract ground 
and first floor users able to serve 
a captive office population—and 
able to pay for conversion work 
to sports use, shops, a trade 
exhibition or whatever in return 
for concessionary leases. 

Boris Construction started 
work on the internal rebuilding 
last September and most of the 
former tenants—;paying up to 
£2.75 a sq. ft in this warren of 
a building—have now moved 
out. Royal Liver is to keep 
three floors of the block, the 
rest will start to come on to 
the letting market in two years’ 
time. 


Rush & Tompkins raises £3.8m. 


Rush and Tompkins Group has 
sold its 13 acre industrial estate 
at Sevenoaks, Kent for £3.8m. 

Neither the group nor its 
advisers. King and Co., are 
willing to name the “major pen¬ 
sion fund” purchaser. But market 
sources strongly suggest that the 
Post Office's pension fund has 
acquired the 175,000 square feet 
of industrial space and 40,000 
square feet of offices on an initial 
yield of around 6 per cent 

Contracts for the sale were 
exchanged at the end of 1977, 
and the deal is expected to be 
completed on January 27. 
Bernard Thorpe and Partners 
act.ed for the pension fund. 

The estate, one of the group’s 


earliest projects, started more 
than 15 years ago. falls outside 
Rush and Tompkins’ develop¬ 
ment funding arrangement with 
lCl’s pension fund and so all 
the £3.8m. proceeds will be avail¬ 
able to reduce group borrowings 
and finance farther schemes. In 
1976 net income from Sevenoaks 
amounted to £220.000. But a 
small amount of space on the 
site was not finally occupied 
until the Spring of 1977. Income 
from new lettings since 1976, 
along with a number of short 
reversions make the initial pur¬ 
chasing yield look deceptively 
low. 

For Rush and Tompkins the 
sale should cut net borrowings 
from the net £10.3m. reported in 


its last accounts, to the end of 
1976. to under £7m. The sale 
also produces a 11 . 2 m. surplus 
over book value and os the 
Sevenoaks property shares a 
common valuation date with 
much of the rest of the group's 
portfolio—December 1975—the 
surplus bodes well for the 
promised independent revalua¬ 
tion in 1977s accounts. 

Last year the directors took 
the view that the portfolio was 
worth at least £21m.. implying 
net assets of around £2 a shore. 

Rush and Tompkins' shares 
now approaching an all time 
“high” at 103p. still look more 
to the vagories of the contracting 
and building side than to the 
strength of the asset base. 


In Brief ... 

THE property section of Stan¬ 
dard Life’s managed pension 
funds is finding competition for 
ready-made prime property in¬ 
vestments too hot In the £l7.7m. 
fund's latest report Standard 
Life writes that it is “still con¬ 
fident about the long term pros¬ 
pects for ihe properly investment 
market" bul “we do not think 
that the present rapid recovery 
in certain sections of the rental 
market will be sustained unless 
there is a real improvement in 
the productivity of U.K. industry. 
For this reason we think that 
prices now being paid for some 
prime properties are loo high.'’ 
As a relatively small fund Stan¬ 
dard’s pensions arm is no 
longer chasing completed pro¬ 
perties except in exceptional 
circumstances. Instead, the fund 
is looking for the higher yields 
available on developments, 
Norwich Union's £450m. pro¬ 
perty portfolio gives it far 
greater buying power in the 
ready-made market- But here too 

the mutual group sees overheat¬ 
ing in the investment market 
and plans to maintain its bias 
towards joint developments with 
local authorities. With-profits 
policyholders have reason to 
applaud this policy. As 21-year 
reversions fall due and bunch 
with later, 7 and 5 year reviews, , 
Norwich is reaping the benefits 
of its post-war property expan¬ 
sion and has been able to add a 
special bonus for pre-1970 
policies to its usual annual 
bonuses. The special bonus 
ranges from £10 to £500 per 
£ 1 , 000 . 

• 

The latest edition of AIlsop’x 
schedule of investment yields 
puts current initial returns on 
prime property investments into 
historical perspective. Multiple 
shops, bought on yields doicn to 
■f' per ce?if./5 per cent., are now 
loioer than at any time since 1935 
and irield less than prime offices, 
a common phenomena before 
offices overlook shops in invest¬ 
ment fashion in 1963. 


INDUSTRIAL AND BUSINESS PROPERTY 


E 



m 



iiu 



e 



Refurbished Offices 

in suites from 1,520sq.ft. 
to17,890sq.ft. 

Close to Moorgate 

ToUt 

Richard Ellis, Chartered StHveyors 
_ 64 Comhfit, London EC3V3PS 
Telephone 01-2833090 

RjchardBjjs 



PROPERTY DEALS 


ATE, CENTENARY ESTATE, CEN 
EYS ROAD, JEFFREYS ROAD, JE 
ZNFIELD, ENFIELD, ENFIELD, EN 


ico pier 
is hi 
iV'V 


£2m. an acre 
in Birmingham 

SCOTTISH EQUITABLE LIFE 
Assurance has paid the eqivalent 
of £2m. an acre, for a Central 
Birmingham development site. 
The insurers, advised by Ship¬ 
way, Doble and. .Earle, paid 
£350,000 to House or Fraser’s 
subsidiary, Rackhams Stores, for 
a 6,500-equare-foot rite on Bir- 
dm ngham’s Temple. Row, at the 
junction of Cherry" Street. ■ 
Conrad Ritblat, acting for 
Rackhams, have, sold the site 
with planning'permission for a 
30. 000-equ are-foot office block. 
Scottish Equitable will use part 
of the new building as its 
Birmingham area, office. The 
basement of "the "new building 
will be used as an extension of 
Rackhams* existing store and the 
remaining space, a 4,500-square- 
foat tanking tail) and around 
20,000 square feet -of offices, will 
be offered for letting. • 


I > ,,s 

uiir:* 1. 




CENTRAL LONDON ‘ offices 
offered for just £1 a square foot 
are guaranteed, to raise eye¬ 
brows. In this case the conces¬ 
sionary rent i&/offered on the 
first year of a 1 20 year lease oh. 
the former offices . of; Interna¬ 
tional Printing- Corporation’s 
Business Press-division at.33-39 
Bowling Green Labe, E.G.I. Sole 
agents, Debenham Tewson and 
Chmnocksi.have been trying to 
find a tenant, for' the- 44,550 
square feet of refurbished space 
since last'summer. But there, 
have been no takers at an asking 
rent of £3 a square foot. 


THE CHARITIES Property Unit 
Trust has acquired.a prime s&op 
freehold in-' "Winchester for 
flSS^MOrran..Initial yield of Si 
per cent Clive Lewis and Part¬ 
ners, acting for Wilkins, toe 
Baker, the leaseholder of 33 High 
Street,' Winchester. acquired the 
freehold for 80,000 and. then 
re-let ihe r 635*quaretfoot unit' to 
Combined English Stores' jewel¬ 
lery subsidiary, CoHingwoods, on 
a 20-year, five-yearly reviewed 
full repairing and insuring baric 
at £10,000 a year. Jones Lang 
Wootton acted, for. the Trust 


INSTITUTIONAL buying ^pres¬ 
sure and Its effect on- industrial 
property yields is well illustrated 
by the sale of Phase 2 of Bowater 
Properties' 1 Hubert Road indus¬ 
trial estate at Brentwood. - Last 
year the 40,000-square-foot ware¬ 
house first-phase, let. to Little- 
woods and Debenhams, was. Bold 
to Berkeley Hambro Properties 
toshow an initial yield of around 
8 per. cent , 

Now, toe 44,500-square-foot 


Phase 2 has been sold for 
£980,000 to The Schroder Pro¬ 
perty Fund for Pension Funds 
and Charities—an aggressive in¬ 
dustrial property buyer this year. 
The warehousing, let on standard 
25 year leases with five yearly 
reviews, produces £72,000 a year, 
giving Schroder an initial yield 
of just 7 per cent Anthony 
Lip ton and Peter Taylor acted 
for Bowater and for its project 
managers,-Central and Provincial 
Management 


TOWN AND CITY Properties 
has let its 12.500 sq. ft. Cobden 
House offices in Manchester's 
Market Race to National Em-_ 
ployers Mutual Insurance. T & C, 
represented by Dunlop Heywood, 
was asking £2.75 a sq. fL for toe 
air conditioned space. Hamptons; 
for National Employers, reports 
that rents were agreed “close” 
to that leveL Hamptons ani| 
W, H. Robertson are sub-letting- 
5,000 sq. ft of the block and are 
selling the insurer’s S.600 sq. ft 
former offices in Princes Street, 
Manchester. 


Compter House, 18,000 sq. ft 
of' multi-occupied offices and 
home of the “ Hole in the Wall 51 
public house on Wood Street^ 
E.C2, has been sold for £lm.-pluf 
to a private, investment group* 
Barbican Investments. Barbicaiy 
originally leaseholders of the 
block, were advised by Jones 
Lang Wootton. Weatherall Greeztf 
& Smith acted for the vendor^ 
a publicity shy Me- assurance 
society; V 


LONDON AND MANCHESTER 
Assurance’s Great Sutton Street 
development, London, E.CJ. 
•been taken by the internati 
news agency Reuters as its nev 
European Technical Centre. The 
67,000 square feet block wa® 
built .as a warehouse with, 
ancillary offices. But Reuter# 
introduced by L and M’s agents 
Sinclair.Goldsmith, has obtained 
planning, concent for 30,000. 
square feet of offices, 26,000 
square feet of industrial space, 
a small museum and residual 
warehousing.- Internal additions, 
take the block's total floor area 
up to 75,000 square feet. ■ 

Reuters, which was advised Byj 
Matthews and Goodman, will 
move 300 staff-into the building 
over the next few months. Land 
M were asking £195,000 a year 
for the space. But Reuters 
has been" able to get. toe insurer 
to pay £150.000 towards fitting 
out: costs and has a phased rent- 
on its 30 year lease. The rent 
rises from £150,000 in toe first 
year to £ 160.000 in the second 
and to £185.000 for toe next three 
years before toe first full review.. 


El A Higgs Andifili Development 



h 


Modem Industrial/Warehouse Units lb Let 

38,000 sq.ft/40,000 sq.ft/Z8,000 sq.ft. 

Rent £l*10p per sq.ft, p &. \ 



'Oalered Surveyors 
33 Eng Street London EC2V SEE 
.1^3:01-6064060Tblex:885557 


King&Co 


Oanmd&nvroi 

ISno-MOLnooonEOAZX. 

gofnrommMim 



\ 


\ 


fCromwell Road,SW7/| 

Tftvo Freehold Office Buildings For Sale 

104-106 Cromwell Road 114 Cromwell Road 
9,460 SqJFt. 6,100 SqFt. 

Suitable for refurbishment Offices and Residential 

__ Sole Agents 

Chestertons 



Chartered Surveyors 



ByAUCTION 

(unless sold prior) 

By Order Of 



19 ^ January 1978 

at 3 pJB. at the 

ROYAL GARDEN 
HOTEL W8. 


191,193,195 KENSINGTON HIGH ST. W.8. 

Extensive RETAIL STORE 18,000 sq. ft. {gross). 
Main FRONTAGE abt. 56 ft. Return FRONTAGE abt. 70 ft. 

FREEHOLD VACANT POSSESSION 


Details from the Auctioneers: 



niTaTini 


103 Mount Street, London WlY 6AS. 

Telephone: 01-493 6040. 

28 offices in 14 countries:Europe. Australia,South East Asia.Middle East, North America. 


75 Grosvenor Street, London, WlX QJB 01-499 0404 

^din&eCity^Londo^^Cen^gto^IydePaxk^ittleVmice^Chelse^^ 


Savile Row, 

Wl. 

Superb Office Space 

3,000 SqJPt. per floor available as 
3,000,6,000 or9,000 Sq.Ft. 

Sole Agents 

Chestertons Chartered Surveyors . 


75 Grosvenor Street. London, IVlX 0JB 01-499 0404 
and in the City oTLondon * Kensington 
HydePark* Little Venice ■ Chelsea 


17 UPPER GROSVENOR STREET and 
19 CULROSS STREET, LONDON WL 

Substantial property in Mayfair. Previous use 
residential CLUB, suitable for refurbishment and 
part'redevelopment 

Approx. il,300 sq. ft.—Head Lease 56$ years at 
£3,750 p.a. (Subject to reviews.) 

FOR SALE BY AUCTION^19th January, 1978. 

-Details.'- 


WILLETT 


7 Lower Sloane Street, 
London, S.W.1. 01-730 3435. 



Clwyd 

atthepeakof 
Welsh potential 

With its large, multi* 
skilled workforce, proxim¬ 
ity to major markets and 
natkmaj^ntexnationai com¬ 
munications networks, this 
progressive Welsh county 
dominates the north-west¬ 
ern development scene.The 
news m Clwyd is about 
sales, not strikes - and 
it's a great place to live, 
too. ' 

Talk 1 to us about the 
low-cost sites and factories 
plus extensive financial aid 
available to incoming in¬ 
dustries — well make you 
a deal you can’t refuse. 
Contact Wayne $. Morgan, 
County Industrial Officer, 
Clwyd . County Council, 
Shire Hall, Mold (teL Mold 
2121) for free colour 
bradutre. 



TO LET 


HIGH SIRS!, UXBHfiSE, 


PRIME RETAIL UNIT 

WITH CONSENT FOR BUILDING SOCIETY USE ON 
GROUND FLOOR PLUS SELF-CONTAINED UPPER OFFICES 

G/FLOOR : 2,500 sq. ft. 

Ist/2nd FLOORS : 2,000 sq. ft. 

(with own High Street Entrance) 

FARR BEDFORD (Chartered Surveyors) 

21 BELMONT ROAD, UXBRIDGE, MIDDX 
Tel: Uxbridge 54622 


I WALKER 
I WALTON 
HANSON 



Chartered Surveyor* 
NOTTINGHAM 
Byvd Lana. Tel: 54272 

MELTON 
MOWBRAY 
27 Market Place. 

Tel: 67565 

MANSFIELD 
45 Suck well Cam, 

Tel: 15427 


On Instructions received from the Liquidator 

MELTON MOWBRAY 
SUPERB CENTRAL OFFICES 

FLOOR AREA 3,400 SQUARE FEET 

LARGE CAR PARK 

FOR SALE FREEHOLD 


Offices 
Office sites 
Factories 
Warehouses 

Telephone: 

0733-68931 

Ext326 

Chief Estates Surveyor 
Peterborough 
Development 
Corporation 

PO Box 3 Peterborough PEI 1UJ 


FACTORIES AND 
WAREHOUSES 


SHOPS AND 
OFFICES 


0 »ea Haagiiww Airport. Write Bax 
1^787. Rnjncla! TIMS, 10. CaiMOn 
Street. EC*P- «Y.-- - 


WANTED 

FREEHOLD OFFICE PREMISES 
LONDON Wl, W2 or N.W. 
A London professional firm re¬ 
quires for its own purposes small 
freehold office building of 
1,000-1,500 SQ. FT. 
Prepared n renovate if nocemiT. The 
area considered would be . northern 
W.l. eastern W.2 and northwards so 
St. John’s Wood. 5wks Cetup and 
Camden Town. 

• Write Bee T.4797. Financial Times. 
10. Cannon Street, EC4P t&Y. 


BRISTOL. CLIFTON. OffiCBSlcanaulUDD 
rOftntt plus two Bell-Eonwtnee flats. 
Lewis. 1. Harley Place. Cllttcn. Bristol B. 

KINGSTON UPON THAMSS. 5.000 M. «. 
eflKcs To L*L Lease term bv arrange¬ 
ment. Immediate occupation. Central 
loeaLon near car oar la. Apply: Emntirt 
Rattbone Commercial—Startles 61309. 


LAND WANTED 


REQUIRED. One Acre oi Land, not more 
than TOO miles from London in onv 
direction. The land must be close to 
malar highways and railways- The land 
should also be close to a canal with 
hw services linking to a major sort. 
II the prancrtT is already built ue 
Then we rvoulre 30000 so. K. ot 
factory warehouse and office space. 
Will Interested parties kindly write Box 
Tjd796. Financial - Times. TO. Cannon 
Street. SC4P 4BY. ■ 


FOR INVESTMENT 


immense Qaeltai Appreciation Assured. 
Sid Residence In Surrey Let £550 p a. 
exei vie. Paw. Value CZ2.000. £.7.000 
No offers SUTHEBI AMDS. 800. Ful¬ 
ham Road. London. S.W.6. 


WANTED 


JACK MENDOZA, FJLV.A.. seeks lor 
genuine Investors. snoosiDffiEcslIndust- 
r I* oroeemes. Londen/SE. England, 
from L2Q.DOO to £2in Details 10^ 100 
Blatchlr^rton Ro*d, Hove. Sussex 102731 
722795. 


WATFORD 

40,000 Sq. Ft. 

Modern Warehouse 
and Offices 

TO BE LET 

Write BoxT4798, Financial 
Times. 10, Cannon Street, 
EC4P 4BY. 


READY FOR IMMEDIATE occupation be¬ 
tween Sevenoaks and Maidstone, clase 
M2D and M25—20.000 so. ft. Including 
3.000 m. ft- iflieec and ample narking. 
Tel. 0903 35186-7. 

FREEHOLD FACTORY 1 WAREHOUSE — 
10.000 sq. ft. PLUS 2.5D0 alongside 
-^Separate Office .Building—1 Acre 
Site. Ample room lor expansion — 
Development area an Council Industrial 
Site. Close A3B Dual Carriageway, Irv*- 
tu'.flge, DETAILS—EVANS. AND CUT¬ 
LER LIMITED. Tatncs. Phone 8624GB.- 
S.E-15—Whsejdistrib centre—68,760 M. 
It. JDDrav. L te eta. 2003. nr 1QB2. 
Renl £25.000 pj.i. Premium £42,000. 
ApbIv Stewart Newlss. 01-629-2473. * 

FDR SALE OR » LET. Light industrial- 
premises. Beetles. Suffolk. Appro*. 

8.250 so ft. oi oroduciion space, offices. 
Storage etc. Meat as manufacturing nr* 

a ttribution Dcmot. Labour easily avaiU- 
le- Car narking. Rent £5,200 oj. - 
Lease term by arrangement—or 

£39.000 0 . 1 LO. for Omsk Sale ol Free¬ 
hold. For turriisr detailsmrpchure. a»i, 
la Mo. j. Sr r I mo ton. Cre a awy s Ltd_- 
Cattiemesd, Hertford. SG 14 ilH TeL 
Hertford 54949. leu 


\ 


V 


























9 


Financial Times Friday: January 6 1979 




• RESEARCH 


Seeking new sources 
of hydrogen 


STILL under laboratory investi¬ 
gation at the moment in the U.S. 
is an idea for the production of 
hydrogen that would involve 
dropping water on to molten 
rock, literally in the bowels of 
the earth. 

The idea, put up by a five- 
strong team of physicists and 
geologists at Sandia Laboratories. 
Albuquerque, New Mexico, shows 
that there is a long range poten¬ 
tial for producing an almost 
endless supply of the gas in view 
of the virtually limitless thermal 
capacity of the magma below the 
earth's crust. 

Hydrogen produced by the 
technique would be the result of 
a chemical reaction between 
water and hot ferrous iron in the 
magma. Basically, some of the 
oxygen atoms are pulled from 
the water molecules, further 
oxidising the ferrous iron and 
freeing a portion of the hydrogen 
atom complement of the water. 

The Sandia team have con¬ 
ducted laboratory experiments 
which show that under ideal 
conditions (basaltic magma at 
1200 deg C) about 3 per cent, of 
the water would become hydro¬ 
gen. 

In practice this would mean for 
example, that 20,000 gallons of 
water pumped into a magma 

• SECURITY 


body each hour would produce 
about 500 lbs of hydrogen: the 
remaining water would be con¬ 
verted to steam. 

Hydrogen volume will be pro¬ 
portional to the amount of 
ferrous iron in the magma, the 
latter ranging from two to 12 
per cenL; however, Sandia 
envisages that output could be 
doubled or trebled by adding 
plant cellulose—readily available 
on land in the form of sewage 
sludge, straw and stalks from 
harvested crops and bagasse from 
sugar cane: off-shore, seaweed 
would be suitable. 

Cellulose contains a high per¬ 
centage of hydrogen which would 
be freed during the reaction. At 
1-300 degrees C water containing 
10 per cent of this “ biomass " 
would produce gases containing 
10 per cent hydrogen, 4 per 
cent carbon dioxide, 1 per cent 
monoxide and a trace of methane. 

Sandia admits that depth of 
burial of useable magma 
chambers is a serious obstacle 
to implementation; however, 
some are within 6.000 to 10.000 
feet of the ocean floor and 
“should be reachable with 
nominal extension of current 
drilling technology.'' 

The long-term demand for 
hydrogen as a fuel might well 
make such projects viable. 



METALWORKING 


Advising 
Japanese 
4 steelmen 

DESIGNS AND operating 1 
\ _ ( how to build and a 


know- 

two- 



KG E L LTD 

Kennedy Ibwer. 
St.Cbads Quoenaway, 
Birmingham B46EL 


This Is one of the most com¬ 
plex preplasticiser screws 
yet machined by British 
Industrial Plastics (Turner & 
Newall) for its Blpel injection 
moulding machines. It is 2-5 
metres long and will be used 
in a vented barrel assembly 
designed for processing hygro¬ 
scopic polymers such as nylon, 
acrylics and ABS. At its Sut¬ 
ton Coldfield, West Midlands, 
factory, KIP is equipped with 
six lathes to machine the 
screws for its whole range of 
machines. The company says 
new processing developments 
such as vented barrel tech¬ 
niques, can more easily be pro¬ 
gressed with * the aid of 
specialised screw-cutting lathes, 
the largest of which is shown 
here. 


Would-be intruders kept out 


AN electronic push-button door 
locking system put on the market 
by Microbourne of Sheffield 
requires no modification to the 
existing mechanical lock and may 
be easily fitted to a door which 
is in use in about an hour by the 
average handyman. 

There are three components: 
a numerical keyboard which, is 
mounted outside the door, a 


control unit mounted inside, and 
an electric release fixed in or on 
the doorframe. 

The user can continue to un¬ 
lock the door with a key, or may 
deadlock the bolt so that the key 
is inoperative, access then being 
gained by entering the code at 
the keyboard. The code may be 
changed as often as desired, 
either by thumbwheel switches 
behind a lockable plate or on 
other models by removal and 


replacement of a sealed code 
plug containing an integrated 
circuit. 

Control units can be fitted with 
a number of options including a 
remote alarm to warn of tamper¬ 
ing with the lock, battery standby 
to guard against mains failure, 
and a rugged enclosure. Key¬ 
boards can be normal push¬ 
button. water resistant if desired, 
or touch sensitive with no moving 
parts. More on 0742 333729. 


• SHIPPING 

Cuts ship’s 
fuel costs 

A MAJOR fuel-saving ship pro¬ 
pulsion system has been 
developed by combining a new 
diesel engine, turbo-generator 
and steering system. 

Main component of the system, 
which is claimed to save up to 
30 per cent, in fife] costs, is a 
twin-bank low-speed two-cycle 
crossbead diesel engine, 
developed by Hitachi Zosen, of 
Japan, in collaboration with 
Bunneister and Wain, of Den¬ 
mark. The Japanese company 
is licensed to produce the Danish 
diesel engines, but this project, 
although based on the B and W 
type engine, was initiated by 
Hitachi. 

Unlike conventional low speed 
engines, the twin bank diesel 
has a reduction gear. The two 
banks of cylinders are mounted 
on a common bedplate, and the 
engine drives a larger than usual 
diameter propeller at a lower 
than usual rptn. This gives the 
ship greater ' propulsion 
efficiency, while reducing propul¬ 
sion horsepower and fuel con¬ 
sumption requirements. 

It runs on low grade fuel oils 
—important now that higher 
grades are 'rising in-price and 


how to build ant 

strand horizontal continuous Davy-Loewy horizontal con- 
casting machine using Davy- ttinioos casting machines to. 
Loewy technology will be sup- other steel producers is agreed 
-plied to Nippon Kok'an KK, the territories throughout the world. 
Japanese steel producing com- The U.K. company has been 
pany, following an agreement developing the technique for . 
.with Davy-Loewy Research and gome years and the programme 
Development Centre, B edfo rd, frp* included the operation of a 
Under the agreement NKK win pilot machine in one of Davy's 
“build at its Fukuyama Works a foundries. Initial work was 
two-strand machine to cast backed by financial support from 
carbon steel billets in sixes the National Research and. 
ranging from 75 to UOmm. Development Corporation, 
square. Most of the machinery Making use of tins accumu* 
will be made in Japan by NKK, la ted technology on continues 
. „ . but certain critical items, in- easting, NKK will operate the 

becoming difficult to obtain—and propeller, mul resistance oas~rti ^ n ff the computer control new horizontal machine at 

needs less lubricating oiL also been reduced by the intro- system, will be supplied from the Fukuyama to establish cominer. 

The turbo-generator developed Auction of a new bulbous bow u.K. by Davy-Loewy. dal production operating par* 

by the Japanese firm uses steam construction. . . .. Following satisfactory opera- meters for a raulttwrand 

(produced by heat recovered Hitachi Zosen expects that the Q f ma chine at Fukti- machine. 

from the main engine exhaust whole system win help reduce y ama two companies will More from Davy International, 
gas) at about 30 psi instead of f n£l costs oy 10 to 20 per cent complete a licence agreement 15, Portland ' Place. London, 

the usual 100 to 115 psi The f«w? reduction'of required Pro- TJ ^ r wMch they will supply W1A 4DD (01*637 2821). 

main engine’s supercharged air pulsion horsepower; 5 to 7 per 
and cylinder cooling water are cen £ f™ 00 recovery and rfr; 
used for heating the boiler feed cycling of waste heat; and 3 to 5 
water, for further economv. Out- P® r cent, from minimising the 
put ranges from 600 to 1,500 kW. los s of propulsion horsepower, 

Uritw single loop steering » 01 *""* 

gear from John Hastie and Co„ ”°JkL 5 s L. n 
OF the U.K., and an auto pilot 7t £ 77 'TJEJE* win 

system from Decca Arkas AS., of tr?) rai-5S8 

Denmark. Hitachi Zosen has pro- |*“ d . on ' EC2N ^ t 01-588 

duced a new steering: system. 

By introducing a combination 

of a torque motor and a servo _ . 

valve with high accuracy and TT n t-krmi* 
sensitivity.' this system allows 1 1 F ill I tl f 
fast and direct control of steer- ■ 

ing gear, eliminating the dead 


mg gear, eliminating xne aeao • j ■ £ 
band found In conventional steer- Gfllfll/ TfkV" 
ing systems. Tins means the new tJljULAA J ll/I 

a Philips 


system gives faster, smoother 
rudder response as well as 
ter course stability under 
rudder control—resulting in re¬ 
duced propulsion horsepower a YEAR-LONG study worth 
loss and fuel consumption. 3 . 0 m, guilders Is to be under- 
The larger diameter- propeller taken by Philips into the tadr 
that can be fitted with the twin of replacing tbe present shore- 
bank engine also improves man- -based radar chain covering 
oeurrability. as It allows shorter Rotterdam's harbours, installed 
stonning distances and more Ln the 1950s. 


The company has been asked 



What makes two into one? 



rapid change from ahead to 

3S I^ nL . to draw up a pilot system sped- »-r-i r r r 

MTwo-speed bandsaw 

the large diameter slow-rotation m shipping using r B ^ 

the system so that ultimately LATEST IN the range of band- be fitted to earlier models to 
the method chosen will ensure mws from Burgess is capable of provide two-«peed operation. Tbe 

safe and efficient operation. cutting a variety of materials kit includes three running 

a*. ... Kjk , — including wood, aluminium, mild wheels and bearings, two belts 

«n hnr *Tw! 8teel and P^istic 5 - It has a and a motor pulley (plue full 

to the safety of shipping but-also throat depth of 12 inches. instructions). 

1 to the many associated services , With the two-speed machine. 

and companies involved inclnd- tv Two speeds are available on £$v22on St SmW 

! ing .the harbour authority, tug KemM&nevM* is offtt JS&'ZSSTSi be’ usecL A • 
services, • ship owners and three wheel type. 10 change upi* fs sunnlied 

freight carriers. . V &om one speed to another takes “jS £ 0 

The company is in addition about five minutes and involves other grades 

to look at ihe problem of dtt- * t ^e^ake^w 1 s ti£t ^ ore from Burgess Power 

criminating between- the radar drive oeiL ine maicer says tnat ToQl _ gancote Laics t.fo fijw 

returns from ships and buoys b 7 osm3 this method instead of 7^27 2292) 
and those from waves and other providing a motor which runs at 
.oblects. Studies win also be different speeds the price has 
! made into the automatic track-. b«m te P* *0 about £85. The 
ing of vessels using radar, and w onl y *bout 22 

the transmission of radar- data ^ ncbes oigh. 
over narrow bandwidth media The company has also intro- 
such as telephone lines. duced a conversion kit which can 


INSTRUMENTS 


COMPUTING 


Peripherals link-up 


ADP, NETWORK is the first com¬ 
pany in Europe to attach BASF 
peripherals to DEC System 10s. 
It has installed, at its U.K. 
bureau, BASF’s/tape drives on 
four PDP 10 main frames. The 
BASF equipment consists of 
four 6355 tape' drives with 
6250 bpi (IBM equivalent 3420 
model 6) and two 6050 control 
units (equivalent to 3S03/2). 

Malang the link-up possible is 
a “black box" called an SA 10 


wbich was built by Systems 
Concept of California- The SA 10, 
which is the equivalent of IBM’s 
block multiplexor channel; can 
also plug into a DEC System 10. 
It can handle four IBM-style 
devices simultaneously, two high 
and two low speed—such as two 
disc drives and two line printers, 
for example. » 

BASF (U.K.), Haddon House, 
2-4 Fitzroy SL, London W1P 
5 AD. 


Network for Shell 


The Arab world is the richer for a new and powerful bank, the • 
Albank Alsaudi AlhoUandi. As the name suggests the Saudi and the 
Dutch have joined fortes to create a new bank. This marriage of Dutch: 
international banking expertise and Arab wisdom and influence 
promises to bring many benefits to Saudi Arabia. 

The Dutch partner in the new bankis the Algemene Bank 
Nederland which has been in business for 150 years and has already 
been established in Saudi Arabia for 50 years. In addition, the ABN- r 
Bank has vast know-how throughout it’s offices in 40 countries on the 
five continents. - £: 

To this fund of banking knowledge Saudi Arabia now adds ifs 
potential and ifs Arab influence, together with the value of local Arab 
involvement that offers so much to the international businessmen. 

The banking s kills and financial influence that malm up the 
Albank Alsaudi AlhoUandi introduce to the Middle-East a truly 
modem bank of international strength and sophisticated facilities* 



Albank Alsaudi 

AlheISan«II 


The Albank Alsaudi AlhoUandi is located in: Sauc&Arabra-Jeddah (headoffice),Chana King Abdul Aziz. P.O.Box 67, telephone 26266,29455,29635, 
triex 40012. Damman, Main Sneer II, P.O. Box 70, telephone 23212,2370$ 23574,25529,25530,26921, telex 60015. Alkhobw, Prince'Nassir Street, P.O. Bor 342, 
telephone 41207,42544,42749- telex 60015 ■Damman). Riyadh soon 10 be opened.The ABK network: The Netherlands Ireland, Great BrimiP) Belgium, France, 
Federal Republic of Germany,Switzerland, Gibraltar Italy,Greece,T urkey (Holantse Banjt-Cni), Lebanon, United Arab £ nutates, Bahrain, 
inn (Mercantile Bank of Inn and Holland), Pakistan, India, Malaysia, Singapore, Indonesia, Hongkong. Japan. Morocco (Algemene Bank Marokko SA), Kenya, 
USA, Canada, Netherlands Antilles. Suriname, Venezuela, Panama, Australia, Mexico- Operating under the name Banco Holaades UnjdoircAreectnja, Uruguay 
Paraguay, Brazil, Ecuador Colombia. 


TWENTY • DEC minicomputers 
axe to be used by Shell to pro¬ 
vide automation of administra¬ 
tive procedures at over 60 dis¬ 
tribution depots in Denmark, 
Finland, Norway and Sweden. 

SPL International is to 
develop the application software 
and implement the pilot scheme 
in Stockholm. 

Major functions to be covered 
include customer identification 
and order-taking, vehicle des¬ 
patching and printing of docu¬ 
ments, invoicing of cash deli¬ 


veries. trip confirmation and 
reconciliation, cash collection 
and credit control, and the 
recording of product move¬ 
ments. 

Depots will have PDF 11s and 
will be' autonomous, with local 
data bases, dedicated visual dis¬ 
play units and printers. The 
data captured at the 200 display 
units .in the network will be 
transmitted to other PDP-11 
machines at Stockholm and 
Helsinki which will Form inter¬ 
faces with existing IBM main¬ 
frames. SPL is on 01-636 7833. 


Handles advertisements 


TRIDENT Television now has a 
Honeywell Level 66 computer at 
its Leeds offices which will handle 
advertising bookings for its 
Yorkshire and Tyne-Tees inde¬ 
pendent television stations.. 

The system is similar to one 
recently introduced by Thames 
Television for the same purpose 
which utilises a specialist applica¬ 
tions package marketed by 
Enterprise Afr-Time Systems of 
Thames DHton, Surrey. 


The full configuration, which 
will replace the existing ICL 
1901T previously used far 
routine administration purposes, 
consists of 66/05 central pro¬ 
cessor with 192k of memory, four 
disc drives, three tape' units, a 
1.200 1pm printer, a 1,050 cpm 
card reader and a Datanet com¬ 
munications processor. Terminal 
clusters in Trident’s London 
offices will 'be linked on-line to 
the main frame in Leeds. Honey¬ 
well is on 01-568 9191. 


Powerful sorting 


Remembers 

microwave 

spectra 

LATEST microwave spectrum 
analyser from Tektronix makes 
use of a microprocessor for ease 
of operation and adjustment and 
has a split level digital storage 
system to allow the instrument 
to remember and compare 
spectra. 

A high stability phase lock, 
system yields a resolution of 
30 Hz at frequencies up to 
12.5 GHz, while external wave¬ 
guide mixers extend the overall 
range to 60 GHz. Response flat¬ 
ness Is 3 dB so that relative 
amplitude measurements can be 
made with confidence when oper¬ 
ating with waveguide mixers. 
Absolute amplitude measure¬ 
ments can be made up to; 
18 GHz. 

Digital storage provides 
flicker-free displays at tbe lowest 
sweep speeds with fine detail and 
unlimited storage time for sub¬ 
sequent viewing, comparison , or 
easy, photographic recording. The 
split level memory provided 
comparison of a reference with 
an existing spectrum or *■- 
calculated display of the differ-'. 
ence between two spectra- The 
store is also able to retain 
maximum value reached- 

The processor provides auto* 
matic resolution and sweep time/ 
division modes to- optimise 
setting up of tbe display and 
prevent many potential operator 
errors. Furthermore, in tb* 
manual mode any com binsfienter 
control settings which results in 
an uncallbrated display will light 
an “ uncalibrated" warning 
lamp. 

The instrument designated 
7L18. has been designed for ease 
of service with all minor adjust¬ 
ment controls accessible from 
the top of the unit Various, 
parts are hinged for simple 
access. 

Applications include micro¬ 
wave relay servicing, satellite 
work, frequency management 
and microwave component 
manufacture. 

More from Beaverton House, 
P.O. Box 69. Harpendenr Herts. 
(05827 63141). 


•*Q 


INTRODUCED into the U.K by 
Interdata (part of Perkin-Elmer 
Data Systems) Is a sort/merge 
software package described as 
"one of the minicomputer in¬ 
dustry’s most powerful.” 

The 32 bit architecture can. 
claims the company, significantly 
Increase the efficiency of sort¬ 
ing by permitting up to one 
megabyte of in-core work space. 
Called Sort/Merge n, it is suited 
for users of large file data appli¬ 
cations needing high perform¬ 
ance. 


With object code distributed 
on magnetic tape and disc media, 
the package includes a variety of 
facilities including an unlimited 
number of keys in mixed 
sequence, multiple input files, 
IBM and ANSI standard label- 
1 ing/blocking, together with com¬ 
putational, display, packed 
decimal and floating point key 
fields. 

More from the company at 227, 
Bath Road, Slough, SL1 4AX 
(Slough 34511). 


THE telephone number given for 
enquiries about Microsystems '78. 
a-seminar to be held in February 
at the West Centre Hotel in 
London is 01-261 8738. It is 
regretted the wrong exchange 
number was quoted in our report 
I on this page on January 3. 


electrical 

wire&cable? 

r: - < 

R1 

Thousandsottypaewd at* 
fef irmadtale (MhK 
■Noirranumoittar ■ Nomfr 
London 01-561 8 
Aberdeen (0224)32 

-sin stock. 

*y . 

wnumtangtfi 

118 

359/2 

DlSPWW 



AM* SEAL ROOFS 

Roof maintenance or emergency repair 
Robseal can fix rt fast and guarantee 
it for 5 years. Established 15 years. 

ftobseal Ltd, EflStcourt Eartey, Reading. Berts. T^:0734 661122. 
too in Bnmingfram. Manchester. Bedford (Sandy) 


















9 



EDITED BY CHRISTOPHER LORENZ 


■’S-C'-atsoV 

" A 


John lioyd describes the painful birth pangs of the Post Office’s experiment with worker-directors and weighs up the chances of success 




i! " '• month on, fte. Post general secretary .of the Union and that that.initiative was en- with the organisation which is blue-collar domination 

w,li - “f directed by 'a of Post Office Workers.- dorsed by two industrial unions supposed to perform a similar fought hard against it 

! -Soon, after Mr. Benn'was ap- *hieh all- but monopolise their function to their own. -The compromise formula theoretical pleasure of the 

P° Sllted to Industry in 1974, he industry’s labour. - But it was the unions who which 9“ finely been adopted Secretary of State for Industry, 

‘•‘involved 'hut -eSLdS? 3 *!! ms *^ ted DPVrs ieat *- The Post Office Board- did have been required to make the -with tbp help of Mr. Len as before. 

■•unions; ifis'a leaTinS a £S ?***«* * aapba P nottoketo^e new ait once, running. For much of the last .Murray, who was asked to Beneath die 

! -':r ni ,„. a prch union's executive. After he A number of its members—now year, they have grappled with intervene—is based on the 

r, .- ; . - ... had .finished his address; Mr. retired—regarded .it as little^, e pnjbiem of representation, “constituency” solution—that 

V.; They are-taking the leap for Stagg asked, him: “WIH. the short -of ^dicaUan. But under its root is. the difficulty of is, that’ one seat is shared 
'« mixture ijf reasons ahd of Labour Government now con- Government pressure it bowed rpcnn HUng th e need to make between a number of the 

’'motives^ part\idealism,, in dutt; an. experiment in Indus- to wbat.it realised was the the number of wbxfcewlirectoiB smaller - ... raeeis a r ieasr 

.. part to increase, their power, trial democracy within the Post inevitable, and negotiated hard ^gUy consonant' with the of the seat represents his own 

.-•in part because-they have been Office?” Mr Tt».™ that on the orierinai 50-S0 nlan nut I ™ 1 r£L_ cu r > l. , T t ... 71 „ n ; nn »*«i monthly to discuss the broad 

...'.prodded from- above, 

^'because .they are. fearful 

- missing out on what might be a **»«»■«- 77 =-r*"' -»•——«. mu, 

good thing. The tortuous nego- • For Stagg/ the request for “ e UI * i ° as tba* there should be 

■ tiations among the unions to proposals was a considerable 211 independent element of 

'•’li finalise tbe arrangeroeDts for breakthrough. Industrial demo- aro ^ part-tuners who H Qf 

representations—which, are still cracy had been an article of the wouM be -appointed with mutual ***_ these, the Two laigest argue that they have I^TthiTn lo^r 

f^going on after more than two UPWs constitution since its umons-and the co-creators of VrL “5? “•> ^en to area level. 


and management directors, and all 
of its members will sit at the 


Board, the ex¬ 
ecutive structure will remain 
largely unchanged. A com¬ 
mittee composed of manage- 

. .. ment members of the Board and 

ua on,. and th e holder tMr deputie£meets at lesst 

ss ri 

how Board 
be executed. As 
shows, decision- 
takp ta king beneath this level is 

iaKe devolved immediately upon the 

__ different businesses, which in 

The management unions are rheir turn devolve to regional 


POMSA 

another. 


and SCPS 



ars—reflect" 
''^elements.. i 


all. of - these formation in 1920, and the 


Apartfroinits morajimpetus, 2» JS* “fiia 


< ‘rvr---** “““ ■“*; .. ""*u; — - .rr- — — > — i-'"', th , ttpw and The POKU with numerical criteria are used. The experiment is initially 

nnron^ had made a variety of the Govenmnent ba^ for much ™ OM anT l^ OOO mmXre They would agree with Mr. confined to the five poStal and 
l uufia tives to try tq make,.their of the time. played the role -gJjg-Myeiy a ’rwn- third in Stage’s comment, made at one five telecommunication regions 

01 an interested hut polite *■ 


Vjvy The negotiations have been 
- unusual iirthaf "there has been' 
"no -external'..enemy—in the 
v shape ,o£-. management: or gov-. 
. emmentt-r-which could act as a 
focus^fer the unions’ - demands. 


vroidsflesh. 


observer, anxious to see a good 


A poor thir d is orasss comment, 
the Civil and Public Servants °. f their-lengthy bargaining ses- shown 


above. 


Final click 

Labour G^rvenaMent^md i TOC "£«ly *««£s'«* ^ t T, 1W 
• and the arrangements they have both.formally - committed to JI™,™ 1 ?. ^.?, aS Re Sil • life 

produced for their side of theindustrial democracy, ffie con- 
■ board are. the' product of» a text" was right, and Mic. Benn’s 
struggle which is bound to he encounagement.the final^^ click of 
repeated, iprobahly. in.' rather the combination.. o s ’ m ' 

simflar* forms, thfpughont tbe Somuchforthe idealism: 


7~~r -—~ ".e»~“ AmnHntinn with over 30 000 sious* that if board seats went Ireland, which 

settlement more than wfllmg to wttover 30.0TO pw ^ y the size ot tbe unions. Board. 

look the other way when there v®*- umce memoers, mamiy in TTnY , T/T>/NWT -,, j- 

are inter-union disputes, con- the c 1 ® 11031 grades. 

asked for. 


plus 
is a 


regions 
Northern 
combined 


Manajjrtncnt Directors 


MAIN BOARD 

Chairman 


MD Ttlftomm^nV, 

MD Poi:s g.V 1 
MD Giro q v 1 7 Worker 
Member for Induitrial RcUrioniir V_ Director* 


Member far Finance H 
Member for Tcchnofogyiy^ 


C 

V 


v V v ■. 

Independents 
(Including 2 consumer repr.) 


MANAGEMENT COMMITTEE 
( MaiMgcmem-iidt Board Member*) 


H 


MAIN BUSINESS COMMITTEES 


r 

MD TELECOMMS. 

^ pother 

l 3 Cicnior 

3 gmanagen 


HD POSTS 


other 

unior 

managers 


Scotland' 
Wiles 
N. Western 
S. Western 
Eastern 
Northern Ire'and ’ 


REGIONAL 

BOARDS 


Scotland 
Wales 
N. Weitcm 
N. Eastern 
Midlands 
Northern Ireland’ 


REGIONAL 

BOARDS 


Regional Director, Telecomms. O 


Co.-Uroilers 



Regional Director, Pons.- 1 . 

Q \ 

Controllers^’ 


the UFW/POEU would deserve 
even more seats than they have 


become, involved: first, to pro¬ 
pose that there should be seven 
to 


But for the management 
unions, industrial democracy is 
erwn • Whrb-CM. Three management unions— not an unalloyed blessing. Many 
„r. the Society of Post Office Execu- of their members are 1 already 

oil fives, the Post Office Manage- privy to the matters which will 

ment Staffs Association and the be discussed on the board: and 
natidpaiised industries, as they the. .hors.e-tradifig 1 . how. took ® National Federation of Sub Post they are at best ambivalent 

move,towards Industrial demo- over. ;'..First;. the . UPW. was DUI ^? er o1 P ™ T f Masters—have 20,000 members about taking policy directions 


It is -intended to fit industrial 
democracy into this structure, 
at regional and area board level, 
without disturbing the edifice 
as a whole. Negotiations among 
the unions will determine the 
shape of the boards: the atti¬ 
tude of line management and 
union activists will determine 
their effectiveness. 


’ultjuV 

IridependVrfti 

AREA POLICY^COMMITTEES 
General Mgr.. 
Telecomms. 


YTru 


V Worker 
’iJ.Dircctun 
V. 


■Line,; 

MjiugcrsC 


bOircctors 


Indi-petidenls 

AREA POUCY COMMITTEES 
Hrod 

Postmjster 

Line'^ twnrl.tr 

Managers F, Directors 


the 


How the new power structure looks—on paper 
new-style board as a chat- directors treating the board 


ivnuiu uiuusuw ucuiu-. urn. ..-cuau. 1 uic .. w jt.v. • woo .. - ^rith o nrmricinn +V*ot u uuuug uii.c*u 

cracy -their bda?d& So.it is careful; to secure, file co-opera- J each. The other two manage- from - the representatives' 


lenge, rather than a burden. 

Third, and initially most 
important, the experiment 
begins on the base of a history ical aboul 

particularly.;in^oirtarit to exa-'tion.of fhePost'Office.EaiSneer- thp ° mL™!!. S#/ 1 ” 5611 meirt ^ the Society of those they are accustomed to (tHISS FOOtS trial relations, which—as Mr. — ■" 

mihe;whath'as -gbverhed these ing -Union—between them, they «>:osmmerin esc Civil and Public Servants, with direct Tom Jackson of the UP W likes 

nefctifiatipns, and what ‘results account , fbr over 80-per oenL .. I 1 " 18 j 2 ® 7,000 of the senior management Their arguments have tended Inter-union negotiations to emphasise—has included re- 

theyhaye.produced.,; -• , of the. .corporation's Jahour and the Telephone Contract to stress (a) ^ since about which of them gets how dundancy agreements. 

Ak-the fllnsttatlon shows, the force. governmmt'-It was a Ubei S r / SS0Ciat30I1, ' 1 * lth 1,000 worke r-<iJrectors are not to be many seats at regional and Finally, the idea has some UBtlulus Ull IutH1MMCI , w>llJ 

cowposition ef the- board., is - The proposals which ' they idea, and one of the early fruits membe ”’ mandated by their unions, nor local level wiU go on for some power fu] backers. There is MV. projects (the telecommunicJ 

broadly similar jto the Bullock agreed were, in their, basic 0 f the Ub-Lab pact - So ther ® 9X6 ejfiht uznon f’ they expected to represent weeks yet They will play a stagg, supported by Mr. Jackson, t .j ons business spends around 

Repbrt's- “2xy” formula, premise, those which had;been The appeuntmehts have been and seven seats. One approach them, there is no need for key role m iQObrlismg support bis general secretary, at the £ 3 , m a day) they will be raik 
though*. it.- was . developed UPW policy, for years:- the handled tn* somewhat innova- have been t0 Iarger unions to have Iaraer for the experiment at the grass ypw; and Mr.. Brian Stanley, roa ded bv those who do have 

separately from ' Bullock, • the union representatives and the tory fashion/ Partly please of them 2 seat exce ? t f< ? r the ^^sentittion, and (b) that roots, and are seen by many general secretary of the POEU, exr —■- —• — 

two sets of: deliberations taking management should have equal the Liberals, who had in turn Contract Officers, which is the wathouic a full seat on the as at least as important as were whose power within the Labour reduced to 

■_ _ _-__a i - ~k _ *_• Iv____ ts , ... - . . .. . - , emalTsct unfl annnw»ntt\r not Board- their memhprs will feel the arenments over the mm. v__ :__ j u;, reouceu 10 


merely as un extension of col¬ 
lective bargaining. 

Those in the unions who ar^ 
industrial 
democracy — and once again; 
there are more than a few— 
forecast that because the 
worker-directors have little 
experience of evaluating and 1 
deciding on immensely costly' 


place in pwflld." As in r the representation on the policy- been*pressi^ed by the Natiooal smallest and apparently not Board, their members will feel the arguments over the com- Party has increased since his eads°witiimit e authorUv^ 

_ Bullock approach,-the two “x ” making board. Below that; there Consumer Council, the Depart- much concerned about industrial alienated from the experiment position of the main board. assumption of Mr. Alex Kitson's ^ M f pitTi«r nf 

, components have <ach been put was to be an executive board ment of Industry threw the democracy anyway. But real ^^ s /e™nd J® j t must be (hat few of job as chairman of the organisa- forecasts would be that 

.. forward by the .management o n : which the management-side posts open to public applies- JgJ not so sunple For the MOantd by * furUw. sub- ft “ e ra ^ ol b v e ed sai i “ ™ tion sulwommittee. There is Mr. forecasts would be that 

and. union aide* by. appoint riona won!d Part^.a, The «.n. Ina^ of frt ^ on ^and^ the POEU bott S2"S 


nwiit andelection « E? .SSlJSSS^S STtaSTS “ «-* V-eir siae meant alienation ™^bej -£ *. „7 The CouneU “o? P«t oiel 

■ - ij. _____J —w 1 thev must have two seats each, bad thing for key executives to meansm. me aexerminanon ex- Tr _ 4 ___ ctiiie 


..These have haif some say in the be paralleled by'regiooai and good—and attracted some 1,500 ^f y ““f 1 . ha 7® two seats each. 
choice of the “y” (inde- local- area boards,- similarly applications. In tbe event, only r* 16 CPSA then said it must . .. 

■ . . . . ' • . ___: _ hairs' nne. Frnm an earlv kIopp »fKp 


pendents). 


balanced. 


one public applicant was 


r> I ■ 
r*- 

s. 


Board meetings could de¬ 
generate into drawn-out wrang- 

iu^ariouj. tuc UPiWiUlilflUUU CA" Tr . m ■ f 9 - -»■ ling sessions, and the effective 

pressed * officially to make it Unions, whose diplomatic skills (jettons would be taken by an' 

have held the negotiations esecutive which was not raucll 

different to the one whiclt 


have one. From an early stage Ttie experience or the Post would t0 8 ether 

-The Bullock " approach was’ That Was the skeleton agreed enosen: Mr*/^janice waisn, wno Se^that^^^at^e “ to have a number cf . On the government side, tiiere ^ n0Wt except that it* 

for the management and union at both the UPW and. the POEU a . lso , turns out to be 2 Profes- otrtiA^So monaUk . *v._^ elements in its favour. 12 Gerald - Kaufman, efficiency would be decreased? 

; conference* in 1975 Prom slon ®l consumer representative, was now to nt me nv^ manage- ment will repeat itself through- the Industry Minister with. The obvious dancer would ba" 

' S it went ouf^ tbe oto °^ er consumer director is ^ “to two seats, but the nationalised sector; First, the unions have sue- responsibility for the public’ ^ th e m Sement com; 

. t0 ^ ™ rA Winstanley, a '* lth ° ut whol e ^penment in much of which the ratio ceeded, in an uncharted area, sector. On the Post Office Board, i Ld KaUy uri 

^ tS ^S Sffice Un m,? for S Liberal Peer. breaking up m rancour. • of hlue^ to whitwxrilar workers in constructing a framework there is Sir William Barlow, who ”J5£? i S3j d to t«S 

toe appointments rests with the oj PostPffice Umravfor the tb ere wijr be any It has been close to doing so is h igher than in the PO. lor workers’ representation has taken every opportunity, 52£l««? e «-iii2. 

NSTRUKENIi?^^^.^^ d U?wyPO^ eSdo&ment relationship between tbe long- on several occasions. . The. What, then, after all the nego- which has the approval of the private and public, to under- ?Ky have S to theBoartU 

established statutory . con- arguments have been complex: tiations and horse-trading, are strongest unions and the SCO re his commitment to the ^esedanaers are both deaf 

sibihUM to Parlm- meant that the umon sMe had ^ mBrf :- hodTi the .Post Office but the root cause has been the we left with in the way of a acquiescence of the weaker, scheme. and oresent and the enthusiasts 

a "i National Council,, and struggle bettveen. the skilled Board.for our largest nationa- Second, the management side But there are two funds- f 0 r the exnerimont will reouire 

new. rn^obai\ were finally -The--- eoraplei - urterastibn representatives has still workers* unions, which have Used-enterprise? And will it has a number of youngish, re- mental dangers, which the a ii their reserves nf skill and 

I'rmvm determined. It will stqbd firm .on. commanding al work? \ cent appofctments-notebly Mr. on boS sides of the SrSn^oid tern TM 

IV I U * * du on Wednesday. . , , government jAd the ^unions he a blow to the majority on the Board, and the It - l^strong — seven Peter Benton, head ‘of tele- experiment have emphasised. resoMribUities aro inmased bi 

A • The j ld u ealisin ' ,hich . un . li ?v aiSrnS SS Cecil’s P resti g e ^ toe con- management unions, especially u management Wrecto rs,” seven communications, ' and Mr. Many managers below the very the P k£owledge that the Govern, 

prfri pinned the exp«riment had its owes suSer directors have no link the SCPS, which have resented workerdirectors, and five Frederick Waterhouse, board top level suggest that the board menfs hopes for similar expert 

*■ V 1 1 immediate source in Mr. Tony two factor that a reforming \ . - . '‘independents” tof whom two member for finance-who, like waa be effectively prevented meats throughout the public 

• • ' * will represent the 30m.-odd the new chairman. Sir William from doing its work because it sector depend to a considerable 

customers of the. Post Office). Barlow, have come in to the will become an arena for con- extent on the success of the 

Its chairman waH.beVme of the corporation determined to view froo-tation, with the worker- trial run at the Post Office. ! 


MIK-llltaS? 


immediate source in Mr; Tony two facfcjf that a reforming 
Benn, Secretary of State' for Minister,'and a radical trade. 
Industry until mid-1975. and union leader agreed on ah 
Mr. Norman Stagg, deputy- initiative at a propitious time-r- 


LEGAL NOTICES 


No. 003691 of 1977. 

IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION GROUP A 
MIL-REGISTRAR .DEARBERGH 

■ IN THE MATTER of THE INTERNATIONAL MUTUAL STRIKE ASSURANCE 
COMPANY .laERMUDAJ^LIMnrEC^ I^THE MATTER Of THE 

NOTICE IS HEREBY GIVEN Milt bv »" Order fH.gJ.9Mi Dramoer 1977 rojdto 

Id Tbe above matters TM Court Iws directed separate MReOnss of tli tito 1960 Crew 
RlJi •bvm named .Lae International Mutual Srr.fce Aa*urap« 

CcntPinw fBermird*) LlnvItwS MMtnHnaftwr -called ** the Gvlb" ,, l ftehtfl all 
resoeet of Crew R*»k Insurance Nald wM> tbe Club for rhe policy year 
rKWofi I h e 1 St Octooer 19M or lor WM part Of such pofcv year- U) W1970 
Crew Risk Members (being all Members in ra«wct o» Crew Risk insurance held w}Mi 
the Club tor ttie policy year commencing ai j ww ^n. tt * It* O ctolwr 7970 or for 
some part of’such policy year) S3) the 1971 Crew Risk Members (Mns all MpmOsii 
In rmoect «l Crew Risk insurance Beffl w Wrtt f Club lor die policy ve ? r 
at noSSToo the Itt October 1971 or lor some part of such policy, year! «> the 19« 
Shore Risk Member* I be Inn all MemW« m respett ol^Shoru Rhklnsurance h«W 
with the Club ter the doIIcy w commoKins at noon on tbe 1st octcrte 1 * “Wi or 
tor sonw eSre 5 suchToMcv rear) (Si the T»70-.Shore Rtak Members ibelng-aR 
Membera («h*r than. Volfcywagenwerte.A jG. and WoHshuraer Transport G- m-b .HJ In 
■ eweet of Shore Risk Insurance held with -the Cfufe for thejwllcy -year 
itnoononrte 1st October 1970 or some part of such Ppfic* yeari rtf 1971 
Shore Risk Memberi iboirg all . Members (other than aforesaid) In resoecr of 
Risk Insurance beW -with the Club lor the ooltev year commenclna at noon 
1M October 1971 or for some part o- such ooiKy year) (7* the 1969 Dual R«k 
Memtiattlbeing »l r .Members in respect of Pwl ^ *Sk I hs uray e held JJ^h «« 
lor rho trolley yaar coipmeocino at noon on die. 1 »t.October 1969- or tor some oan 
o< such nolKy yeari.TBi the 197> Dual Risk .Members ibelng Ml.Members l# J*®*® 
of Dual Risk Insurance held with-the. ciuhtor the policy year commencing at mm 
on the 1st Ocrobur 1970 or fo - some part a* such policy--yean and (9‘ the 19TI 
Dual Risk Members tbdnfl all Members In resotet of Deal 

the Club for the polity year commencing ar noon an the 1st October 19.1 or tor 
some part of such poficY veari to be convened for tte purposa of considering 
thouobt M «P0itwJng?wlih or wlthotrt madrfrcallon.i a Scheme of Arramgaront orooMrt 
to be made belwaen tbe Oub and Its said respectiv e. Mem bers and W such MeeUwa 
be held at Raid House, Church Street. MamlltonS. Bermuda on_M onjirtw Z DW»- «v 
ai i art a ** >u i.,n» hup rimiM Eoedhed In tbe second column of the 


be held at Raid House, enuren btraex. "amnion a. nrmivn. ,— y — 

of February 1979 at the resoectiue tlioos speghed In the j»cond crium n of t he 
Schedule hereto at which place and respective times an sfiai Members are reoueutad 
to attend. 1 7. 

Aiiy person entiiMd to attend too eaW j Mehtmoa can obtain cop i es o f fte sma 
Scheme of Arrangement. Forms of Proxy .and copie s rcmdredfobe 

fumiuied pnrauant to Sectloh 207 of the .above-mentioned Act at the registered ■■ 
Office of the Club situate it Reid HQiru. Church Street, b 

the omeu of Thom. R. .MUler & Son (Bcrmnda). MerMry lHoum. Front Street] 
Hamilton 5- »mruda And tha oAees of their London. agen ts Th» •*- 
1H0. si- Mary M London. IdA BOA ud at the Qgycs.the uiMerrmenaonefl 
Soikborn at the address ■ mentionad below during usual business noura on ^a nv mb' 
(other than a Saunsay a Similar or Public Holiday) prior to tbe day appointed for th# 
Mid Meetipflft. 

THE SAID MEMBERS .MAY VOTE IN PERSON AT SUCH OFTH E&AJD 
MEETINGS AS THEY ARE ENTITLED TO ATTEND OR THEY MAY APPOINT 
ANOTHER PERSON. WHETHER-A MEMBER OF -THE CLUB OR NOT. AS THEM 
PROXY TO ATTEND AND.VOTE JN THEIR STEAD. -• 

It la raooasnd that form 

tlfe dab u Thoa. R. MIIMr & Son (Bermuda!. Mercury House, Hunt _ 
HamlitOT S. Bermuda, not less ttmn 1 1 v ^ 

said Meetings, but W forms are not so 'odeed thevmay bmhameam rhaOrtimM 
at the Meeting at which they *•*»** 2- *2,’* bS 

vote of tbe senior wfo termers a vo>° w^gier lh .R^y.°r by 
acceotnd to. the exclusion of - tbe vows at ,£1 0, ^L *Snd in uwl 

punoo-se seniority will pe d^armJnad by the order In whlat tko. iwmi stand m wn 
Register ot Members: ..... _ _ 

a- tbe said order "K 'Court ha* appointed James Nlall McGovern or i pflto o 
him Ralph Own MinMft nr MIIh him NiChWas Y ^.SlHL Jr .' 

of cacti of the MM- Meeting* and Ms - directed the Chairman tn report tne 
uiereof respectively to the Court. 7 

The said Scheme of Arrangement w'R be sublect to the subSMuent approval •« 
the Court. • • -n 




Particular* of class meetings 
-ordered to bo canvened. 

1. 1969 Crew Risk Members ... 

2. 1970 Crew Rilk Memaers 


THE SCHEDULE 


Time appointed for Meeting on 
Monday the ,20th 'February 197B 


■-I 



10.00 O'deek io the forenoon ^ 

10,05 o'dock In the forenoon or so soon timj# 
after as the preceding meetLtfl shall have beta 
concluded- , 

10.1 fl o'clock in the lorenooe or ge soon thmm- 
afar . *s .Hut. preceding meeting shall have bow. 
concluded. - 

10.1 S b'dock in dw farenoon or so, wn 
gfjar u the preceding meetano shall nave dm* 
concmoed. 

5, ,a70 Kwe Uak Mmbm . .. 

" " ■■ concluded- I}-'- 

Taas o'clock In the forenoon or w,“ 0 c,tl»W 
«fw a she wecedmg meeUng shall nave bow. 

• condiuluL _ _ • ; -i'j! 

10.30 a'doCft m We forenoon or « »«“ tJ ^ 
gp.' h he preceding meeting shall nave own 
concluded. : 

1073 < o'clock • In the forenoon or gL,.sOffi “ fqb- 
after as the preceding meeting shall haw Mm 
concluded. ™ 

9. 1971 Dual Risk Members -- 

concluded. . " i 

DATED th0 2UH Bav ol December !977 • . 

• Richards. Butler Br Co» 

. - . S. CWttbn-Street, 

.-i London -ECZA aDQ. • 

* . - so’Uitbrs tor tha Club. 


S. 1971 Orgw RWf Menibeni 
4, 1969 Shore Rfsle M e m bers .... 


fl. 1971'Shore Risk M^nbers 

7. 1969 Dual R&fc Members 

8. 1970 Dual'-.Risk Memhert 



KflWUDOS OD WH 1NDUS TBIES LIMITED 

NOTICE li HEREBY .^ v *"jf?S“r?L!2 
tne* Limited *nll 2* 

1P 5i«*d this third day oi 

- - - • - Legal. R ep ra afc nijtj^ 

Kemdse Odbdn lodortrtos-LimRed 


PWOTQGRAPHI C WHOLESA LERS LIMITED 
NOTICE IS .-HEREBY CrVENPUrSuamM' 

ffiT5W^SSS?d£5 l®'5SSUS 

oatoi uw twrt O.. of '^WEIISJ 

M»trt»Wrie*«Soto2i«!?12JS3 



ow the unionists 
see their work 


AS “PART-TIME” members of 
the Board—as they are 
designated -for payment pur¬ 
poses—the BO’S new worker 
directors are entitled to salaries 
of £1,000 a year. But- the 
anions decided, at a compara¬ 
tively ■ early stage, to forgo, this 
statutory munificence in favour 
of 'retaining as complete an 
independence as possible from 
the corporation. 


-. Nor are the worker-directors 
really ‘Workers,” in the .sense 
that they spend most of* their 
time -doing -a .job for the Post 
Office. Mr. Fred -Moss and Mr. 
Ivan Rowley, the UPW board 
members, are full-time, union 
officials, being respectively 
■treasurer and org a ni sin g secre¬ 
tary, The- same is true of Mr. 
Peter Shaw, one of riie POEU 
'.members, who ' is his Union's 
research officer. 

Mr. Arthur Simper, the other 
POEU member, is a member of 
the union's executive, and 
spends much of' his time on 
union business. Miss Nina 
Williams, of the CPSA, Mr. 
Robert Thomas, of SPOE, and 
fMr. Ron Barrett, .of POMSA, 
are, similarly placed. 

■ 'None of them, then, is a 
stranger to committee rooms 
and -bureaucracy. But their 
lives will change, for all that 
The Post Office Board meets 
on the fourth Tuesday of every 
month, usually for a day. There 
is no iron law about the fre- 
quency of its meeting, and It 
may be that the chairman. Sir 
.William Barlow, will want to 
[increase it Board attendance, 
however, will be the least of 
the worker-directors’ duties. . 


decision on postal xatos, which 
in turn depend, partly-on post¬ 
men's salaries (an early, pos¬ 
sibility of a severe conflict of 
interests). In the third business, 
Giro, tbe question of whether or 
not to merge with-the National 
Savings Bank has not yet been 
faced. 

Proper consideration of any 
of these problems, as weH as the 
host of more routine ones.' will 
require study of a welter of 
documents, both plans find past 
history. The unions have 
geared up their research effort 
to help the new members to 
cope,/but riie burden on them 
will be great, aU the more since 
for the present at lea 
they will all be required to 
carry on with their union re¬ 
sponsibilities. 


Promised 


Complex 


If they are to make an effec¬ 
tive contribution to the Board, 
and assure their executives and 
rank and file members that they 
are doing so, they will have to 
master a wide range of complex 
technical and financial data. 
The questions' which currently 
face the Boatd are both urgent 
and difficult. 

It will have to deal with the 
thorny problem of “System X”, 
rite new computer-controlled ex¬ 
change system which is being 
developed by the Post Office 
and tiie major telecommunica¬ 
tion' suppliers. Tbe. rate of de¬ 
velopment has been slow, and 
the future production difficul¬ 
ties will be enormous. 

The Board.will have to take a 


The Post Office will provide 
them with desks and telephones, 
secretarial assistance and cars 
when required, as well as ex¬ 
penses. The worker members 
have been promised access to 
all information open to 
members from the manage¬ 
ment, 

All of the union members 
have been elected for the two 
years duration of the experi¬ 
ment: if -it becomes established 
practice, then tbe unions will 
have to consider fresh elections. 
For the moment, they win keep 
a rein on thair members by 
having them report anouaUy to 
tbe union’s - conference, and 
from time to time (varying with 
each union) to the executive 
committee. 

But they will not be man¬ 
dated. Mr. Norman Stagg of the 
UPW likens the relationship he 
hopes to see develop to that 
which exists between the union 
and its sponsored MPs. The 
MPs are regularly informed cf 
union- policy on relevant 
matters, and expected to. bear it 
in mind. They are not told what 
to do. or how to vote. 

Whether or not that. ideal 
relationship can be struck with 
men and women whose position 
or livelihood -or both depends 
on the union remains to be' seen. 
Clearly, it will mean a. fair 
amount. of self-deoia: on the 
part of the unions’ executives, 
especially if they see their mem¬ 
bers acquiescing in decisions 
which are taken in the Post 
Office's interests,- but which con¬ 
travene those of a particular 
union. 



Call NRDC 
We take ttie risk 
ter granted 


If you've got a good idea that’s 
a genuine technological innovatiori, 
NRDC can shoulder half the risk by ■ 
providing the finance for half the 
development and launching costs. 

You donthave topay apenny 
back until you start generating 
sales. Andyoii stay in control 
throughout 

JNKDC’s money and technological 
backing could be yours for the . 
asking. The very least well give you 
is a sympathetic ear and possibly 


some sound advice based on our 
great experience in technological 
innovation. 

Contact the NationalResearch 
Development Corporation, 
Kingsgate House, 66Y4 Victoria 
Street, London SW]E 6SL 

Or better still, ring BrianMann 
now on01-828 3400. ■ 



Finance ter innovation 



















10 

LOMBARD 


Financial Times Friday January 6 1978 



Public 
is not well 
under control 


BY PETER RIDDELL 


ONE OF the Government’s to decline by more than 20 per 
proudest boasts in the past year cent. between 1975-76 and 
has been how public spending is 1977-75. 

now well under control. But this Tbe unbalanced nature of the 

mI M !LhSS? I !wSi 1976 cuts—leaving current spend- 
expenditure was certainly, well { largely - unscathed — is 
below planned levels in 1976-77. p^^eiy regretted by many offi- 

SE October’s package 

if included the restoration of some 
- St if 8 ™ e items. Mr. Ward his estimated 
confrol, indeed the large gap u ^ t spendinE on capital projects 
between projected spending ami in x 978.79 is now panned to be 
the outcome has shown how diffi- ab6ut 8 per cent higher than 
cuit it is to control expenditure proj ected in the January, 1977 
m practice.' White Paper. But this is insuffi- 

It can be argued that the cieot to offset the reduction of 
current under-spending ;s not around 9 per cent, below previous 
necessarily unhealthy after the Plans revealed then. Overall, 
earlier excesses and that, anyway, the latest plans—in the annual 
it provides scope for tax cuts. White Pa P eT , wthin the next 
as last autumn. Moreover, some couple of weeks—leave the Fore- 
of the margin may only be tem- cast level of public investment 
porary and represent a once-and- j n 1978-79 almost 20 per cent. 
for-aU tightening of control, lower than was intended m 


Growth rate 


January, 1975. 

It may be right to have a 
gradual restoration of the cuts 
iu public investment But Sir 

This is not really the point Alec Cairn cross raised a valid 
Although it may be correct to point in his recent Financial 
err slightly in the direction of Times article on the outlook for 
under-spending, effective con- 1978 when he suggested that u if 
trol should aim to prevent too we are in for a prolonged period 
large an error either way. of comparatively high unemploy- 
SignLficant under-shooting of meat wouid it not be prudent to 
planned levels can also affect review what could be done to add 
the level of economic activity as to or improve the stock of 
much as over-spending, even if publicly-owned assets, especially 
the financial Implications of the productive assets, that wouid 
former are favourable by re- improve communications and 
during the borrowing require- the supply of energy?” 
meat 

The recent underspending has Rpffar halonno 
undoubtedly been an important DCllci U4iaDC6 
reason for the negligible rate of 

economic growth. Mr. Terrv Ward This does not necessarily 
of tbe Department of Applied hnply a rapid growth in total 
Economics at Cambridge has Public spending, but merely a 
estimated that Government better balance in which public 
spending on goods and services and private investment increase 
in 1976-77 turned out to be 2} alongside each other. A return 
per cent less than protected even to a higher level of public invest- 
in the January 1977 White Paper ment—if necessary a» the 
—this was equivalent to about i expense of current sDending— 
of a per cent, of total Gross would also help to offset some 
Domestic Product and wiped out of the disruptive Impact of the 
a lot of tbe expected growth. frequent changes in plan. 

? e “ rrenf fiducial’year rt * too much t0 hope 

22 S. K^ ^?J n ? nl i J pPndi of the cycle of over-expansion and 
i raSh limits was 31 over-contraction of puhlic invest- 

ST rnnit Wl » " 0t "'Ur htlf > «M 

“L® L a ^ 8 U £ lt rj\ ,T he °l ost extremes could be avoided. As 
I lhat the " ndcr : Mr- Ward noted in a memnran- 
WBAu his been concentrated dnm fnr The Commons Exoendi- 

ai n rMdl h ii5.ftimS? t K nt m tore Committee. ‘To announce 
Df r fh 2 y p»fi?S / n iSn f ° r thC b “ k cutbacks •" orders and then to 
or the cuts m 1976. restore those cuts m order to 

According to Mr. Ward the alleviate the unemployment 
latest official estimate of public caused hv the initial action does 
investment in 1977-78 is 61 per not apoear to be the hpst way of 
ront tban ProJ ert cd last achieving such pain* (to »he con- 

Apnl. The implication is that smiction 1 Industry's efficlenev 
the volume of expenditure on fmm continuity of work) or the 
capita! projects is now expected lower costs which mipW en«uf*." 


AROUND BRITAIN: MERTHYR TYDFIL 



BY ANTHONY MORETON, REGIONAL AFFAIRS EDITOR 

FOR 491 PEOPLE in Merthyr in Britain, with well over hall the town end mopped up 230 the Japanese, as if they are 
Tydfil it is rather more than the men. queueing for the dole, people, most of them women, going to mop up the whole of 
the tweltb day of Christmas, the Now, the unemployment ratio Where the parallel between the unemployed overnight, 
traditional day on which die is 7.1 per cent., about the Couxtaulds and Tri-ang comes The decision of Sekisui to 
[decorations and‘cards are taken average for .Wales and not much closer is that both largely set up a £2in. polythene foam 
down. They will hear whether above the UJC. figure. employed semi-skilled and plant has been grasped as an 

they have a job to come back The 491 at Tri-ang, who have unskilled people, and that is important straw by just about 
to on Monday. The receiver spent a Christmases depressed where there are great everyone- But it needs-to be seen, 
appointed by the Government M ^e vile weather which difficulties. 'in perspective. The plant will 

just 10 days before Christinas spread itself ^er the* whole of In most of the larger cities it employ only 30 people to start 

will to-day present bis report south Wales, might find it is possible, even in times of with, though the number might 

to the Welsh Office on the pros- surprising that ■ their precGca- relative depression, to find rise to 60 within three years, 

pects of saving Tn-ang, the nj ent is little worse, slat is- public-sector . jobs for the The one big company that, 

company they work for. ticglly speaking, than that unskilled, such as in public most of the. jobless and paten -. ' . ot ^ t0 ^ probably tod -work on the 

Merthyr is getting rather faced by the rest qf Britain, transport or the Post Office. In rial Jobless pin their hopes on “? n nt i? d JL> m en at Tri-ang, Treforest Industrial estate 

used to nasty shocks around What makes their position worse Merthyr too such opening exists, is Hoover. Hoover ma k es aU. ®® n an « w f men ® ^ 

Christinas time. Towards the than the bare figures would As the bulk- of the Tri-ang its washing machines for When that Cardiff^a'eoftdhoiirhv 

end of 1976 Courtaulds closed indicate, though. Is that tbe workforce is semi-skilled. Europe in Merthyr and now take place Government «!?? thl™.- 

its hosiery plant a blow from number of jobs available in ass e mbling bikes and prams employs 5,200 people, tile hopes that it will go some way PuoHc‘ *™Mpu ■ trtv t nl |;,f5 C f? 

which the town has still not the town is very low. Compared and scooters, the options open majority men. Despite the pro- to offsetting the closure of the littte tradioon of tmcllir^ far. 

recovered. Eighty of the 388 with the 1.853 out of work, tbe to them are very few. sence of other employers such old Ebbw Vale sterimakin*. to workm South ae - .Strange. 

• - rhp one hitt nlant. Around 5.000 jobs, all as it might seem to the Brighton 



people, most of them women, number of vacancies is a mere 
put out of work, have still to 160—and that includes job TanSITIACP 

find a job'. The habit of Christ- opportunities for some , highly- . ** a f iailc ‘ 3t 
mas .closures goes" bade to 1971. skilled engineers, such as tool- The Merthyr Council 


as Thom Electrical, the one big plant. . Around 5.000 jobs, 

employer in the town is Hoover, men, will go when Ebbw \ ale commuter accustomed to spend- 
Its contrioution to the local doses. If the British Steel ins up to 14 hours travelling 

--o ....... — — me vu. U u» has economy is not merely its size,;Corporation is forced to cut each way to and from work 

when one of the larger era- room men, who are in short managed to turn some of its bat also that it is expanding, back sooner than expected. Merthyr man uoes not oeiteve 

ployers. Teddington Aircraft supply throughout the country, land to potentially good use. Many fingers at Tri-ang &r» because of the size of its pre* in strap-hanging. The one 

Controls, announced that it was Comparisons with Courtaulds It has created an Industrial being crossed this week in sent deficit, then this part of hopeful note is that Merthyr has 
to dose, shutting its doors upon this time last year are only estate on the south side of town, hopes that there will be'ato South "Wales -will endure its faced such ^^lionfilieroTe * nd 

600 employees. partly v alid for the Tri-ang and there is another being opening at the big plant 2 .miles worst unemployment for some has. gradually, ateoroed those 

Surprisingly to those whose people. Most of the Courtaulds developed by-a private firm, down the road. Hoover . has time. Before the Great Dcpre* thrown 

memories stretch back a long workers were women, fbr whom Oldway, bn the Swansea road, been recrtiltrag recently, bqtaaon coal and steel. gaveMerthyr serious i 1 

way, Merthyr does not have a it is usually easierto find work. One of the factories on the toe big expansion in its aff*i?s: jobs: now both have retreated to might 'to toe 

particularly high rate of unem- Only five weeks ago Asda industrial estate ' has already will-not be seen in job-terms almost nothing. 5*3^3' 

ployment In the 1930s the town opened its first big hyper- been taken: the. Japanese are before the second-half of next - The only alternative is to ,tt is the most that can be offered 

was one of the blackest spots market in South Wales outside coming. Everyone talks about year. A wait of at .least 18 "travel to work. Some men could them. » * •--* 


Take a chance on Sycamore 

ALTHOUGH IT carries only run). 1 believe he will repro-five-year-old can beat either 
£2.000 in added prize money to- duce this form with- h jm taking Mount Tallant or . Straight 
day’s Londesborougb Chase at advantage of his UghTweight of Jocelyn. 

Sandown has attracted an ex- lQst.SIb. 1 Mount Tallant, a close third 

tremely select field made up of A second possible .winner for behind Bonier Fort and Tuliow 
Tip The Wink. April Seventh, Gifford and Bob Champion, his Lane at Ascot on" bis only pre- 
Commandant. Syamore and I'm stable jockey, is Sycamore's vious appearance will be at pro- 
Smart. young stable mate, Legal hlbitive odds, and should, on the 

In spite of toe obvious claims Branch, one of the runners for face of -things, * justify toe 
of the almost certain favourite, the opening division, -of the support. 

- Metropolitan Novices Hurdle. 

A disappointment on his first 
two starts this term. Legal 
Brandi showed that a small prize 
is well within his capabilities 
when third, beaten a head for 

„ .. ... second place, in a division of 

Tip The Wink, I intend taking a Huntingdon’s Paxton Novices 


RACING 

BY DOMINIC WIGAN 


SANDOWN 
12.45—Mount' TaHant 
1J5—Sea Swell 
L45—Sycamore*** 
2.15—Hay Bridge 
2.45—Skryne 
3J5—Valarfon 

HAYDOCK 
1AF0—Gala Lad 
L30—Lewis 
2.00—Cartwright** 
3.00—Billet Dome U* 


chance with the possibly under- Hurdle, woo by Round-town, on 
rated Sycamore. November 29. 

This handsome grey by tbe However. Gifford is pitting 
Sussex Stakes winner. Roan him against stiller opposition 
Rocket out of PIstaccbio, sur- here and 1 rather doubt that the 

prised many, though not trainer - ____ 

Josh Gifford when he easily dis- 

two^aad T rSf n Teenagers to run own TV show' 

Chase on December 27. .TEENAGERS are to "devise and 45-minute magazine programme 

Making all bis own running present their own television pro- with songs, sketches, news 
in that event in which Pendil gramme aimed mainly at viewers stories, investigations and guests, 
was pulled up nine fences out of their own age. "It. will be One of the production team. 
Sycamore defeated the heavily called “ Something Else ” and 16-year-olA Priscilla Sharp* of 
backed runner-up by K lengths will go out on BBC 2 at teatime Abingdon, Oxon, said: “Up Hll 
after a mistake at the third on Saturdays from the end of now programmes For people of 
from last. this month. our age have always been pro- 

That was a fine effort by Thirteen youngsters have been duced by older people who think! 
Sycamore who was conceding 15 chosen for the production team they know what we want But 
lbs to Tenecon (a 20-lengths from more than 2.000 applicants, nobody took the trouble to ask 
Warwick winner on his previous “Something Else” jyfll be a us." 


TV Radio 


t Indicates programme in 
black and white 

BBC 1 

955 a.m. The WomWes. 10.00 
Jackanory- 10.15 Boris the Bold. 
11020-10.15 White Horses. 12.43 
p.m. News. Weather. 1.00 Pebble 


7.0S Film: “ Father noose.” star- Reporting Scotland. 1020-1050 
rinq Gary Grant, Leslie Spectrum. 1050-10^1 News for 


Caron. 

9.00 News. Weather. 

925 Gangsters mew series). 
10.20 To-night 
10-50 Regional News. 


Scotland. 12.4* ajn. Weather. 

Northern Ireland—3.20-3.53 p.m. 
Trananitters Closedown. 3 . 53 - 3-55 
Northern Ireland News. 5J5-6J0 
Scene Around Six. 10^0-10^0 
10.51 Film: " VUIa Rides .' 1 star- g®W ,Bad Baronet. 1050-10.51 
rinq Yul Bryn ner. Robert News for Northern Ireland. 124* 
MUehum,. ajB - Weather. 

12.46-12.47 a.m. Weather. BBC 2 

All Regions as BBC-1 except: 


' 7.00 Mind Your /. Language Oberao. US Captain Nemo. Ul Ctobb- 
(comedy).-. 

720 Backs- to the Land. 

8.00 General Hospital. 

9.00 The Professionals. 

10.00 News. 

10.30 Police 5. 

10.40 Baretta. 

11.40 George Hamilton. 

12.10 a.m. Fatpous people. 

ANGLIA 


roada. U0 Report West. &15 Report 
Wales. Uo A Day to Remember. KUa 
Report West U4S PUm: Tbe Prestdenfs 
Plane is H MBi 
• KTV CYMRU/WALES—As HTV General 
except; U0-L2S pjm. Penawdao Newyd- 
«Uon r Drtd. 44S4AS Caraau CamairrfL 
4JMJ5 Y DwkL ULaa-XBJS Report 
Wales. 10J54LS5 Outlook. 

SCOTTISH 

9JS ajn. SWmmtng tbe Surface. UJS 
Bow. 10.40 DiesLna for Yesterday. H-05 


4^ ajm. Wooblnria. 4J0 swnnnina tbe Mighty Wnrxels. ” Bosk's Back 


Surface. IA15 Row 


u.« maxbta fu; zm .P.gi. The Stirs' Look Down. 
" — — n 15 do Borden to the Sun. — 


2S5 


Mill. 1.45-2.00 Mr. Benn. 350 BBC Walest—1.45-2.00 p.m. Sion- VNorwic^«'? S ’ 6 'u»nk ,n *lif«h AU5 Pressor 

PoboJ Y Cwm. 3.53 Regional News cyn Sboncyn. 3204S5 Trans- fSds^M^^elter^wc^uSf J£m 

far England (except London). 3.55 miners Closedown. 5J5-6^0 Midlands Todav (Birmingham)' * 00100 SrolI> ^ D«u» *ai tlUS Late calL Rer. Dr. Artb»» , Gw. 

Play School. 4.20 it’s the Wolf. Wales To-day. 7.00-7.30 Heddiw. Pnfn« West (Bristil) siuto ^ aSTiw. 

- ' - Clanqere. 4.55 7J0-8J3O -Diswy, R3MJN[Sykes (SouthStoS).’ MlMw & rS^ 


425 Jackanory. 4.40 
Crackerjack. 5—5 Fred Basseu 
5.40 News. Weather. 

5J5 Nationwide. 

6.45 Sportswide. 

'7.00 Cartoon. 


F.T. CROSSWORD PUZZLE No. 3^60 



. .»«. .... p ---->. Spotlight Jackie Cooper. LOB aum. Cbnatlana ta . ,. f ___ _ 

(new senes). 10^10.50 Kane on south Wear (Plymouth). 1020 - SOUTHERN 

Friday. IQ. 50-10.51 News for ty^O East (Norwich) On Camera, A TV . Sean the u-prechaun. M® 

Wales. 1246 a.m. Weal her. Midlands (Birmingham) Look! «o due ciob. Mao nw Huots- ammin* tbe surfa»- lus sow. «.4D 
Scotland—3.20-3^5 p.m. Trans- North (Leeds) It’s Your Turn. «"•, Are ca ujs 

Closedown N,r,k E« INeweutte) TbM SISuS IS gZtX'ZZjSi g £2. ^S'wSSi oS YS 

Was The Year . . . North West wish You “ere Here wi atv^VwUx 5*““*-_5-» 0 weekend. «J 0 Day by 
(Manchester) Sit Thi Drawn (new v>M rum 7 im nantta HwS D **~ iJ * sc“*_s«wtb East L3* out 
series). South GSouthampton) Wen*. * 

Conversation. South West (Piy- BORDER 

mouth) Peninsula. West (Bristol) tn a.m. skunmtng tbe smuce. 

Public Life (new series). How. lfl.aa Digging for Yeatenlxy 


ACROSS 

1 Hecuncilcd if I walked round 
. (Si 

5 Substiluie fora whip t*i* 

10 Dance with one leg. love (5» 

11 Face the opposite direction in 
rotation (Hi 

12 Sort back about doctor with 
one of the wind instruments 
(Si 


4 Funner metal weight is no 
longer around (7) 

6 Survive prediction made 
frequently effl radio and TV 
(7. S) 

7 Source of irritation when it*s 
in the flesh (5> 

8 Throw tea around and it could 
mean trouble (3, 5) 

9 Can stir porridge ( 6 ) 


13 When navy conceals another support for fish club (54) 

dye (5) 17 Climbing round head of peak 

14 Firewood for soldiers’ and taking a bit of the head 

quarters ( 6 ) ( 8 ) 

15 Ran back with speed to relate 19 Dough left ip shade ( 6 ) 

events (7> 20 Surprise beginning with the 

18 Make tidy and solve the French (7) 

mvstery (5. 2l 21 A toff also (2, 4) 

20 Cake from Bath? ( 6 ) 23 Pole In gallery has dlscrlmina- 

22 Flower in plot of ground tion (5) 

before us (5) . .. Solution (o Puzzle No. 3,559 


24 Don’t say so much without a 
passport (9) 

25 Broke and rude about five (9) 

26 Changed gear with Oriental to 
conform (5) 

27 As grey outside as unscoured 
wool ( 6 ) 

28 Guard posted in eastern pound 
( 8 ) 

DOWN 

1 Plate containing a relish ( 6 i 

2 What musical writers do about 
it having many parts (9) 

3 They may yield a fortune if 
one has crossed the right bees 
IS. 7) 


HEQBEJHHE 
E3 H n a ; Q !3 B 
EGHEEHaa anQtfon 
a h n □ a b n 
HHQOEJEBE nnnrmr, 
a a b b fa n n s 
, issnasEEzaEia 
0 d 0 fl £3 2i B E 

E B 0-0 'B H O B 
HEarana QHnBsasB 
a e o b a □ e 
□□□B aa BBasnaan 
H 3 E 9 □ B Q 
asnaaB hhebbehe 



11.00-1125 a-m. Play SchooL 
625 p.DL News, Weather. 

630 Planets. Royal institution 


7^0 Newsday, Westminster Re¬ 
port. 

8.10 KilvetTs Diary. 

825 Money Programme. How 


of Town. UJO Km« Go Partb. I2J2S 
Sombero News. 1235 ul Weather 
followed by me Ortbodox Church. 

_ _ SS TYNE TEES 

Mighty Worn is 1U5 Uoso's Back. L2# a-m. Tbe Good Word and North 

P-m. Border News. 2JS MaUnes “The Ea*i News, VJS Twelfth Day. 9JB 
Ghost Govs Wust.” 5JS hro«. Days. Skim mint um Surlacc. UU5 bow. UjSO 
__, __ I* Looknround 1IJD Borderers: 11* Dl*«lns Tor Yusterday. LLB5 Mtfihiy 

Lectures, B, y oni .he Sen. S'bZSFJSS’ * SS 

rHAIVIVFI Mannec: “The Ghost Goes West,** 505 

sws--. lEJ4 Mr - and “n- Northern uie. UJ0 

^ Soansritue. UJS Pita; " T7w Abomlo- 

Wciure. 5J5 The Remarkable Rocket able Dr. Phlbes" siarrlng Vincent Price. 
,? e v°" !i S 13 - u -? u Channel ««ra, UM turn. RbHosate. 

, , , Weather. UJS Late with Din too HUB 

ffgll have we done m the uorle: MeMOlan and wi/e. «4n. ULSTE1R 

NewB - We ^SfS; . , , .. VJB a-m. Sktmmlos me Surface. 1113 

9.00 Pol Black 78. GRAMPIAN “.f* D ^ Rl ??,L or „ Yes,ei S aLy - 1X45 

o 5n Helen Redriv Show V-* 5 am Fire* Thin*. VS 0 Dooomea- Mbthty Wurevls. 1U5 Hocus Rack. U0 

1015 Horizon How it.« Dl^Thr ^ LanchUme. 12S Mannee : John 

Horizon. Yesterday. IL05 Mlchiy WmrSflU! Piyoe. Lizabeih' Scent in "Silver Lode." 

11.05 Benont and Rosa, Part 4. nocs‘t Back, uo pm Grampian Nfrwa. Ulster News. SOS Brady Bunch. LOO 
I1JS News, Weather. 2J0 The Stars Look Down. zjS No uisier L30 Reports. 5J0 Police Six. 

12.05-12.10 sum. Julian Glover Borders to the Son. Holidays. LOS v.m Drop m Your Hand, idjo spotts- 

reads “Home" by J. C. Hall. , n u.x nm: “Hteh Risk.'* 

weicoroc to w CeiUdb lus Patma u/rcTU/i n r» 

mrvnniv .vonh. ms couaborators VVtaiWAKU 

LVltLfVyn fiRANAHA SJU ajn. Skioualag The Surface. 10J5 

920 a-m. Cartoon Time. 9.40 SJO a.m. Trams of Wales s.h Sterne SS• Ji MS h, ££ 

Documentary. 10.00 The SainL street. USD Clapporhoard. lLJu popeye. of* 

1050 Wild Country. 11 AO Dyno- ilm Rejd.«c with Lmjtij. ub p.«. this ?^ L ' w "ia lls y2K%w^^xS 
mutt. 12.00 Handful of Songs. uT ^STS'voyif 

!*•« P-^- tt-M Cuckoo W 'w| e S 

in the Nest. 1.00 News, FT Index. Kick off. 7J0 Car Alotur The Pass. ZLM ^ 

t20 Helpl UO About Britain. R.wru Extra, tiub Great I'liaje-Cary ^ lVtfe - 1X38 * JB- 

- -rnrnifl 255 Matins aratrt ta Noiortous. Faltl, ror u "' 


2.00 Mqncy-go-rountl. 225 Matinee 
“ The Magician ” 3i>0 Cedar Tree. 
4.15 Place to Hide. 4 AS Magpie. 
5.15 Horses in Our Blood. 

5.45 News. 

6.00Thmnes at Six. 

633 Crossroads. 


HTV YORKSHIRE 

v.» ajn. Skltamin* the Surface. MJ5 MB aju. pbaotom Pilot. lfi^S Mnmhly 
how. IB-S0 Dieting for Vcsi.-rdav. >US 1BJ0 Lost Islands. 1UB Etna Joe. UJ0 
Jasi Concert. 11.4S Bow's Hawk u One Club. L2D p.m. Calendar tUS 
p.m. Cuckoo waltz, ua Report West. Mari*c: "TIk Chost Goes West." SJ5 
UB Deport Walos. 2J5 Over The Moon. Calendar Sport. 440 Calendar. tUUB 
—e-Uinta Re* Harrison and Merle Great films; •• Notorious.’’ 


RADIO 1 

(SI SicmptionK .broadcast .... 

4.00 a-m. as Radio 1*. 7-82 Noel Belfast: 


D S m mOT N .fUlZ, **00 P K U J »» f cSSwn:* oiorak. tRUSti rS SST 
Hurtvn 12-30 P.m. Nousl>fa9. fc-OO Kid fCi 1 ,dO Xmu'5 1415 PJasbilf LZfl Wffirhpr AM 4 Ih 

Jensca QI H'» D L.T. O K i SJ0 News- Concert- Dohnaiiyi (Si. tSS Meiioh and 7 JO Ptcit or the 
heat. 7 00 Nat WhiTuonti and the new R-rwabf >s. ’JOl w 


247m (VHP only*. - ltLso Holiday SDedal (Si. 3J5 Theatre 1 S 1 “Lame Duck.” 4.0d News. 
10J0 Concert- Kandcl. erahnw. US Vfy Own Inrenilon. Music. SJ5 Story: 
Ssymanowski. Haydn. UJS Music’?™® "Mapp and Lud3 “ 5.00 PM Reports. MO 
Mo*an. Spohr. Ounifte (S». Serendipity Paniomimc. tSJS Weather. 

VHP Rcytonal N»ws. 
News. 438 Gotaa Places. 

^Uion Radw.-!. 10 ^ John LotO. VliW, Sorlutl (Si. JOC In Short'. Lmrr from Arnmta.r038^Su*ie 

E*cel (Si. 12 . 0 H 2 J 6 ajn. As Rad io - T a lk. 330 Ensemble: Alhitioni. Handel Wesiber. IDJO World Tonight. 1030 

RADIO 2 1.500m and VHF ' s j- v _^, V, 2 I J“ Smuras : DebMBt. Week Ending. U35 My DelUbt. 1 U» Bonk 

1*1*131 VS - . V1J . B rahms (Si. Ywo* Un:JMe„ Bedtliao. -Say Who Came In from 

__’ *503m. ana vhf openings (Si. 5.43 Homeward Bound <S>. .k. cold." 1 « Financial wdrU i« » 

6.00 am. News. Weather.. 6 . 8 ? Ray 6,05 News. 440 Homeward Bound. tSJd Weather n ■»-” a ■ m inshore 

MoorcS) 435 Pause for Thou ? ot. 7 M 2 ufeitaro; Lsttn and Recreation. 730 ^SSam. lasitore 

Cricket — Second Test- Pakistant r. Halle Orebestrs: Sctmben. StnemMcy 'S». 

England. 732 Terry Wag an «S». 0-02 845 Peaertacb and, MatenaUmn- Talk- BBC Radio LOfldOD 

Gntkei—Second Test, 8-27 Racing Bone- S35 Halle Orchestra: Straw ,s>. 935 __j fli , ^ 

uij. S.SS Pause tor Thounht. UU» Crtcfcet: Knrt. WeUl fS). 2030 “uno ReduJ- . UIISW VHt 

Second Test. Teatune repair 103 Timmy Bacfa, Beethoven. Brahms iS> 1135 ^ 4* ««. As Radio ; 4J0 Rush Hour. 
Vaults <s. 1202 p.m. Crltftei - Second News. 1130-1235 ScbBben son <S»- i" ,J0 L 2"?. Bn 

Test: report 1245 p.m. Wagsoners’ walk. HUM Y> a-m. Russian Orthorin Christ- Jown. S13S M». CaU In. U» London 
12.38 Pt.-ie Murray iS. MS Sports Desk, mas Vigil Service (M7kHz'iMm and gfewa Dte 228 2ft Showcase. 4J» Home 
230 David Hamilton rSi. 245-and M5 12MSB*/2S2m>. .. Ran. 648 London 5POrt» Peak. 435 Good 

Sport* Do*k. raring results. «30 Mil VHF cnlyt 438-730 pan. Ooeo PWrii ta LW Look. Stop. Llateo..730 In 
Woes oners' Walk. 4.45 Sport a De*k. racing Unl-erdty. X own l. , ' ! !^ ® U £f L«»dotiert.M.00 Track 

results, a .47 John Dunn <Si. 535 snorts RADIO' 4 Record. 1230 Close. As Radio 2 

SSs •S.'ZTJSS t L0n<l0D Br " a i mt 5L, rap 

John Gregory 1 S>. MS Music Night 1 S 1 . J£ a n*V a 8 TofUy. «6lraafld97.3 VHF 

935 Sports Desk. 10.02 Treble Ounce: " the - R J"£ L» VHF Kedotul 530 ajn. Momins Music. AM A.M. with 

nnlv. 1030 Let’* Go Latin. 1132 Spdrre w ?ather. 730 News. 7.10 TtMlsy. 7 -® Bob Hotness. 1080 Brian Hares phone-in 
D^sk. Tennis. 1133 Brian Matthew. 1230- Up 10 the Hour: 732 V^PRcBlonal^ldws. «5S SlUl. L0» mi. LBC Reports. 3.00 

sur N,;w - “ d ttsur&vtttvi 

RADIO 3 464m. Stereo & VHF Coital 

SModlum freooeno HL30 Daily Service, in45 Story; "K Minor 194m and 953 VHF 

4 JS m.m. Weather. 730 News. T.05 Uirade." 1130 New*. 1135 PrlvnOT Up Crtluiii Oette'a Breakfast 

Overture , 3 %- tVSF only from 731i NeUhbotxr*. 1LB Pits irepresstan. 1230 Show. 430 MtdUta Aspel. U3B Base 
Duparc, Roussel. Dnrnqd. 1738-1030 p.m. Nows. 1232 Your Good Rrelrk. 1237 Cash. 130 p.m. Ona. U 0 LoreliDe '01- 
Cricket: Second Test Pakistan « England My Mtttic iS). Q2SS Weather prepraOitne. SB 13351 330 ftoscr Scon. 530 Hltllne 
■ rourtb da> 1 . ■ 830 News iVRF «q|yi. News VHP /except London and SKI 101488 7»n». 430 Cnilsbw. 730 London 
0.35 Morn]ns Conor? 'S> ivhf onlyi Regional News, Weather. LOO wotta At Today. ’IK Strike debate, with Arthur 
Each. Mozart. 530 News IVHP onlyi. One. 1J0 The Archers. L45 tvanan’s SteHilL 430 Nicky Horne. 1130 Kike 
435 Tim Week’s Composer: Haydn iSl Hour. 235 Usun vrUh Mother. 3.M Sew*. 2 aJn. London Unk. 


Borg takes only one 
to crush Ramirez 

NEW y 6 rK.. jaa: 

BJORN BORG, the 21-yesr-oM ‘ Raising ibe pace in tbe □toto tinian has sltown Slncefafe vri ffll . 
double Wimbledon champion ^ld." game Borg broke once more and first major championship in Ifeis 
tennis • millionaire who left" won the mateb in the Qexl game lost June. 

Sweden for. Monte Carlo two on his first match-point with a Yesterday $ match was marred 
years ago, produced another centre line serve. by an injury to Qrantea.vtoo ms 

clinically competent performance Earlier Brian Gottfried had hampered by a painful bHstijr 
to beat Mexico's Paul Ramim beaten fellow American Roscoe underneath the small toe of ms 
6—2, 6-4 on the first day of the Tanner 7—5. 6—2 so that he and left foot. After a dose opening 
$400,000 Colgate Masters Ch^m- Borg seem destined to decide set, which yimed ott the loss of 
pionship. It took exactly an leadership of Blue group when Orantes serve in the opening 
hour ^ ' V they meet on Friday. game, the Spaniard . tried tq 

There were 11,800 spectators . In the White group Jimmy relieve the pain by cutting ^ 
at Madison Square Garden - to" Connors (U-S.) and Guillermo bole in tbe side of his leather 
see the first meeting between toe" Vilas (Argentina) each have'one *hoe. . , 

two since a WCT challenge match -- Still Unming. he tamely sur- 

in Hawaii in 1976. Ramirez had rraiuiC rendered the second set after 

been forced to retire hurt then, TENNIS losing a long service game in the 

and yesterday be must have con- b *boctt thl J™ . .... 

templated the same'course. : BY i° HN BARRETT Despite his success Vilas was 

The Swede bruised him with_ sti1 ' convinced that this tourna- 

his repertoire of sharp whiplash win and their meeting- to-night should have been played 

drives that are so difficult to is obviously vital. The loser will last month. In my country toe 
counter. almost certainly have to face year ends on December 31. be 

“ 1 found it impossible to Borg in Saturday’s semi-final. Ml d- The Masters meant a lot- 
make a plan,” admitted Ramirez. Neither man will relish that to me before, when it moved 
“ 1 could not win from toe back, prospect. every year, but now It does not: 

that is why I came in during toe Both have enjoyed a month's mefi n 50 much. I came here 
second set But -I couldn’t con- rest., and while Connors took only because I must to collect my 
trol my volleys either. 1 was some time to settle before con- bonus money. Tl] try to do by 
not moving too well on this slow fittaing his" top U.S. ranking best but I hope one day the 
court.”. * .. .• .. . against the national No. 2, Eddie Masters will be played on clay”’ 

Borg gave _ him no chances Dibbs, who was beaten 7—5.6—2, When -asked if he hoped to end 
yesterday. Sweeping into a 3—I Vilas "looked as formidable as doubts about tbe world rankings 
lead with a break to lose In the ever in sweeping aside fellow by winning here he commented: 
third game the Swede broke left-bander Manuel Orantes “For me 1977 is over. 1 have 
again to move to 5—2 and won (Spain) 6—4. 6—1 in 73 minutes my own feelings ahout No. I— 
the set in the next game with with typical strong-arm top-spin but you have to write your own 
a searing crosscourt forehand, driving. opinion." 

Ramirez’s volleying tactics This ended a run of five.sue- Despite this lofty attitude I 
held Borg at. bay for eight games cessive losses for Vilas against suspect that Borg. Vilas and 
in the second set. but although Orantes since their match in the Connors all believe that a con- 
he was always tbe odd game in semi-final at Bournemouth early vincing victory here will estab- 
front he could never reach deuce in 1975 and it confirmed the lish in most minds tbe correct 
against the Swede’s serve. improvement that the Argen- world order. 



New British Formula One team 

A NEW British motor racing gate, designer, were also for- will field two cars later In tha 
team is to contest the Bormula merly with Shadow. season, are Gunnar Nilsson, the 

One Grand* Prix series this year. The car is still in tbe early Swede who left Lotus at the end 
Arrows Racing Team is produc- stages of construction with some o' last season, and Riccardo 


mg a new car In a new factory at 
Milton Keynes. 

The target is to have a car on 
the grid for the Brazilian Grand 
Prix. on January 29—just 60 days 
after taking over tbe empty shell 
of tbe factory. 

Chief executive of the new 


MOTOR 

RACING 

BY 8RIAN AGER 


Patrese, toe young Italian. 
Nilsson is recovering from an 
operation and it is not certain 
who will drive in Brazil. 

Signor Franca Ambrosio. the 
Italian commodity dealer, is pro¬ 
viding financial backing, but 
the team is looking for a com- 




company is Jackie Oliver, tbe design-work to be completed. It njerc * al sponsor, 
racing driver who was business was described by Mr„ Southgate Jackie Oliver said yesterday 
manager For tbe Shadow racing yesterday as an exercise in aero- that finances were assured for a 
team untiLbe left them at the dynamics - * which could be full racing season. Signor 
end of 1977. Alan Rees, the adjusted-Tor fspt nr slow circuits.- Ambrosio’s only stipulation was- 
team manager, and Tony South- Drivers for the" team, which that he wanted a successful team. 


APPOINTMENTS 

Peter Ellis heads Baric 

Mr. Peter Slis, who has been of companies. Mr. W. A- Cockroft marine overseas division; and Mr. 
mw mKr &'rs BAR1 ? becomes director and general JR. Gardner is appointed managing 
COW’imNG SERVICES, is a manager of Dorman Smith direclor or ihe non-marine over- 
director of ICL with responsibility SwHtdigear. seas division, 

for marketing worldwide. Baric * * 

Is the com put in? bureau sub- „ * * —. . .. „ 

sidiary of ICL m which Barclays fr JlT' t £ ppvno Tm CINZANO (U.K.) states that Mr. 

Bank has a 40 per cent, share- ® oa / tJ °[ GEEVOR TIN John Davis has joined the com* 

holding. Mr. Ellis replaces a ' aN “ s . and “® s heen succeeded pany as marketing director and 
Sir. Geoffrey Cross, who re- S5 „m reu r ‘ R v^ SIac ' Mr ‘ Michael Butten has been pro- 

llnquished the chairmanship of w 'Uiam. Mr. Tdomas has been moted from general sales manager 
Baric when he left ICL at the end made honorary president of the to sales direclor. 
of 1977 . company.. * 

★ * The following have been 

The Minister for Overseas De- Mr - A - B - Mason has been appointed directors or COUNTY 

.elopment has made three ?PP«toted chairman of the F.\G BANK: Mr. E. A. Barnes. Mr. A. 
appointments to fin cxiVrto* BEARING COMPANY following Brown. Mr. .V R. Deacon. Mr. 
vacancies on the Board of CROWN ^e retircmenl or Mr. C. E. Mar- ^ M fie C Gleu. and Mr." F. W. 
AGENTS They are- Mr Peter ™™- Mr - Mason continues to be Wilkinson. 

BoHield. a director of J.‘ Henry i " VuIve <? «» ,h e day-to-day opera- * 

Schroder Wage and Co. Mr. Uon l ?. e company as joint Mr. Keith Schofield, at present 
Douglas Williams, until bis retire- mana S in £ director. an assistant director, has been 

meat*last year a Deduiv Secretary * appointed a director of FEN- 

in the MiuWrv of OmS Mr - J D - F - Tavendale has re- CHURCH NORTH WESTERN IN- 

Development aiid fas already * ir ed-as chairman and a director MJRANCE BROKERS, a member 
announced) Mr. Jack Jones, re- ° r WANDERS (HOLDINGS), but of the Guinness Peat Group. -. 
Or in® secretary of the Transport continue as - chairman of 4 

and General Workers’ Union. The Zander* Property (Woiverhamp- Mr. Arthur Chambers h$s been 
Minister hopes to announce a *? D >- Mr -. G -,^° rman who affiomted managing director of 

further appointment shortly to fill ,h S 5f°“P l 977 M Rr0 “P mana 8; NEUBUBGER PRODUCTS (1985). 

the vacancy created by the retire- 12* director, becomes chairman of a member of the engineering diri¬ 
ment of Mr. John Gordon from ManderS (Holdings). ' sion of Dorada Holdings, 

the Board" on December 31. ■ ■ . * ' 

* Mr. John Cnrry has. been Mr. Brian T. Jackson has been 

^ appointed managing director of .appointed managing director of 

Mr. O. L S. Minion, chairman AstraJus -Dynamics. He will CHARLES W1CKSTEED AND CO., 

and managing director of BICC remain managinK director of the principal company in the 
Industrial Products, has been Gentecfr International, another engineering division of Dorada 
appointed chairman of the Board ANTIFERBNCE GROUP company. Holdings, 
of DORMAN SMITH HOLDINGS, . * * 

following its acquisition by " BICC Hr. Aubrey MUstein has joined Mr. Dennis' J. Smith has been 
Mr. T G.. F. Atherton has now the Board of the BENT1MA appointed to the Board of 

retired as chairman and from the COMPANY afi chief executive. VENDOPS. He ia chief accountant 

Board, in accordance with his in- Mr. "A. R G Barclay, Mr. D. W. of the companv which ls v a Black- 
teation intimated at the time of Forsyth and Mr. R. W. Hartman wood Hodge subsidiary. 
the original offer. Mr. E. J. have also joined the Board. Mr. * - - 

Atherton. Mr. B. Cooper and A. L Knight has retired. Hr. R. W. Durant, a general 

Mr. M L. Cooper have also re- * manager of EAGLE" STAR 1N- 

tired from the Board. Other ANTONY GIBBS. SAGE has SURANCE COMPANY, has boon 

Board appointments are Mr. D. L. made the following appointments: appointed secretary. He retains 
Boujt and Mr. A. G.- Fowler, who Mr. W. D. Robson Is chief exeeu- his existing responsibilities, in-. 
is also appointed managing dlrec- live: Mr. L J. GreJg becomes divi- eluding that of group chief 
lor of the Dorman Smith group slooai chairman . of the non- accountant. - 


■\s 








■ Miancial -Times Friday'January' 6 1978 

nemar 



A final flourish from Visconti 


by NIGEL ANDREWS 

'Wie iaiidCTirt JXi ' - is- also-hfe-most-re- Mystery of Kaspar Houser and of all, fte best in Uie film, Bruno story's defect* as well as its 

:• f: rau ! 1 e, l : a slow. rapt, exquisitely offered bis services as the Cham* visits an amusement park in an scarcer virtues. 

staged melodrama-(based on a pion of the simple-minded: in Indian reservation and finds a * 

( j£W««tjAA) ..... - novel by DitononzioJ in.vduch this case of Bruno, a 40-year-oid Herzog-ian peace In perpetual 

r..?;-PariS*rulmuu*,and Phoenbc Visconti has finally .banished all Berliner just released from motion. He abandons his car. The National Film Theatre's 
Audrey Rose (AA) conflict and disproportion prison who decides to join two leaving it with the brake off to season of Kenji Mizoguchi films. 

'■Qdeon Marble Arch- °. etweEn . and the friends,. ex-prostitute Eva (Eva chug around in a circle, be which begins this week and lasts 

-R-onil MtzArariii ' ■ cl °®™ at3c , dressing. Mattes) and eccentric neighbour mobilises a row of coin-in-the- until the end of January, is. 

jwiQgucni The plot is a Strange and Herr Scheitz (Clemens Scheitz), slot Educated Animals (a Rabbit according to the NET booklet, 

• -®P onai * 11111 Theatre tortuous imbroglio of. love and on a trip to America. But the Fireman, a Dancing Chicken), “probably the most complete 

- ! —7. ■■ - 1 “ st ■“ turn-of-the-century Italy, land of the free, where harass- and lastly he hoists himself on retrospective ever held of the 

Nothing is-more fascinating in A , w ^ thy . Philanderer (Gian- ment and poverty will reign no board a chair lift to go up, round great Japanese master.” That 
movie. historyj than the process car *° Giannini) neglects his wife more, proves quickly disenchant- and down, up. round and down is not an idle boast, to judge 
whereby - a ' number of film . (I^aura Antonelli). for as .on-off ing. No sooner are they settled a hillside in an eternal rondo of from the number of films here 
makers frpkki"the same country a ? air . wit h a beautiful courtesan into their jobs and their spruce self-satisfied isolation. assembled (2S) from the oeuvre 

who begin-by being identified as fy®nnifer-O’Neill). . The wife, mobile home than the money ^ of a director whose surviving 

a group—thfr Neo-realists in- s P urred on . by feelings. of starts to run out Eva desert's works, or available prints 

‘ ,l ! • Italy, the Nouvelle Vague in ^enge, enjoys a brief encounter Bruno for a pair of truck For those who have still not thereof, are in notoriously short 

l r* France—gradually separate and a handso'me young writer, drivers ^nd the creditors seize had a surfeit of possessed supply. The NET selection 

.*v.„ * go their different ways, until by A reconciliation takes- place and auction the home, Bruno children on the cinema screen, ranges from the 1929 White 
> the end of their careers one between husband and wife, but and Scheitz take to armed rob- Audrey Rose opens in London Threads 0 / the Waterfall (the 


it..- 1 ' V-film-makers more uh-allke than child is born and instantly in the amusements gallery on an novel, is a 12-year-old girl Heifee Monogntari and The 

,' ll ' Godard, Truffaut and Chabrol? becomes a weapon in' the Indian reservation. possessed not by demons but by Emm-ess Van Kwei-Fei. 

..*■« v And yet they began as the couple's renewed antagonism. Bruno 15 played here by Bruno the soul of her former self. As Mtzoguchi is probably the 

’ t:,, ‘ ii>', corporate spearhead- of the Guilt,' jealousy and recrimina- S„ the pop-eyed actor who was “Audrey Rose" she had died in finest ■ director of historical ■■_ t . 

; :, -l .h,,;- French New Wave. In Italy, the tiou flare lip, and the story ends Herzog's Kaspar Hauser and a car accident at the age of five, subjects the cinema has ever pro- HoilipSieaQ I fieaire 
. I,.' *• post-war Neo-realist movement— with a death and a suicide. whose air of defiant eccentricity She was promptly reincarnated duced. He discovered the secret. _ T 

ll? 1 «k-t -am ■ urtian VlcrnnH n»mnpM hit oinac hni4i fllmr mArt phsrm amt ai the hnhv rtf a unnnff r-nunip at nn other film^naltei* hat nf I ■ _ _ 11/ 



Herbert Norvilie. Veronique Choolhun. Sarah Lam and Kim Taylforth 


Ul'Ninil hurl 


. ', "(.it,, the raw w . wa» led.by Rossellini, device of a hand. (Visconti's) Midwest is a potentially hilarious apartment. Into the family's Life realistic. Mia 

.it ' "'Vt Dc Sica, Visconti .and Fellini. opening the pages of a book melting-pot of backwoods one day floats bearded, sinister painter’s eye for 

‘ ''■•ll: ki.. . • — 


Mizogucbt has a 
for composition and 


Penny Whistle 


by MICHAEL COVENEY- 


: v 

'- j'j! •; 

, ‘ l - . ' 
.... , i 1 ' 

‘ l 1 ‘' 15 .' 


hour 


NLW \ Jaa , 

. 


r - '■ 

' ' '’•-•'riei 1 ?’ 

—1 :.x 

% 

• t.ir!,* 
s -i.vi 



Six teenagers have met up in about hi* black skin but is him at arm’s length on holiday 
a Wimpy Bar and removed to a allowed a moment of fantasy a nd is somehow ure"nani Chris- 
glass and neon-lit coffee lounge triumph as a chess champion. ?,£! hi t Ln, 

in a smart hotel where ftfy Easily the most dominating f hc °. thc ft' ha * h,a , " on,p " r . 
proceed to play out a series of personality, and the best played. or S 10r ) in the play, when he 
personality games at their own is Chris, who alone manages to defeats his own shadow to win 
and each others’ expense. Hover- spread his performance con- the lly-weight boxing champion, 
ing in an uneasy limbo some- sistently over the action. Chris ship or the world, 
where between Barrie Keeffo is an archetypal Inud-mouth. Mr. Doblt? fails to provide a 
territory and Stephen Poliakoff cheeky yet vulnerable, coarse reverberative setting for the cun- 
urban desolation. Lawrence a °d irrepressible. As played by rcssionul capers, allowing a sen" 
Dobie's play is a muscle-hound P eler Hugo-Dal.v. he is the sort timental coda In conclude the 
attempt al unleashing adolescent ° r emaciated. spirited youngster play with Jim composing 3 
frustration in a rarefied a ^ out "'bom Barrie Kceffc writes simple tune nn his penny whistle 


harnessed with schematic ponder- 
ousness to a dogged playground 
environment. 

Five of the six young per¬ 
formers are graduates of the 
Anna Scher Theatre in Islington, 
but Nancy Meckler’s production 
does little to display the skills 
they may have acquired there. 
Instead, the cast spend much of 
the short duration (the show 


“steady” even though she kept unborn baby. 

Elizabeth Hall 

Goldberg & Lupu 


the short duration (the show The 1 ®P th anniversary year of quiet and restrained instru- 

runs for only 65 minutes) estab- the deat b of Schubert got off to mental voice is better suiled lu a 

lishing their mundane creden- “ ear] y start last Sunday with h n h ......I... than lhe 

tials in undramatic bursts 0 f a son 8 «cital by Jessye Norman " . . Inan , ■ 

confessional soliloquv. Barrv “ lhe fir st of a series of 12 Jin ' but whert * as ,,L ' re 

(Phil Daniels) has read some t ecitals an three weeks at the “any of them were lost, I suspect 


Doing It with mirrors—Eva Mattes in 4 Strosz ek ’ and Anthony Hopkins in 4 Audrey Rose ’ 


Park Rangers: Peacock the second concert of the series, 9 bt *! uslv ^T l ^ e I adp . ^ 

(Veronique Choolhun) is un- Szjmon Goldberg included some l03e niente. without body or 
decided whether or not to return Beethoven and Debussy in his P a f!';i n3 , . habitual 

to her native Pakistan to marrv programme as well. legato playing through important 


Where are they now? Or 
rather, since three 0 / them are 
: no longer with us, where were 


ny . any siyiisnc simnanues nrst .visconn's astonisumg scuse me vuici ujr — t -& “ , ^ **»• »iu»u »vu «—juj an __. ^ 

• * . either Rossellini was making of colour and decot^-a .sense bank employee, his features between the two men for the and enjoyed Sartsho Dayu and control the proceedings with a their subtle Mozartian and Beet- sp,n *f d attempts to break 

,• .... austere, intelligent; somewhat always harnessed to the meaning permanently congealed in o girl's love and loyalty, the wife Chikamatsu Monogatari in few sharp words, but not her hovenian echoes, unmistakably— If e ® ,r °’))."‘ ana . ness - Kadtl L, “ p , u 

: . claustrophobic films, for tele- of each scene (harsh reds and salesman's grin, who comes to takes the role oF a bewildered recent London release, here is emotions when noise and and with wonderful pungency *** .Irriir,?i C n c ,? m K»? £ 

: ■ ■ .w* vision- De Sica was making Quasi- Holds, for example,' In the prise away the mobile home-But onlooker, now inclining to Mr. . nriceless chani-P tn pvt-nri ^enzy bring on sad memories of and freshness—the composer's seii-enacinq. out in 

• ■ . Hollywoodian" corned and SiS?esan ? s house" brids^White the extremes are caricatured, Hopkins, now to Mr. Beck, a miscarriage: Jim (Herbert Nor- own. Goldberg's readings were add, ' r;,bly d,screet 

., weepies’°FelIini was (and is) in °Se villa where husband and and Herzog's satire is oversim- poor Audrey (or Ivy, as she is y ™ r knowledge and .love of a ville) is “ a champion loser” who suave, urbane, small-scale: agree- and watcbful partner - 

• " • showing us that all the .world’s wife reach their, rdronciliafioin) nllfled to the point of naivety, called in her present existence) great film director. _ copes good-naturedly with cracks able, unr emarkable. Such a DOMINIC GILL 

:...' a film studio (when did a real _4nd secondly thelpspifed slm-mvijrg armed his characters for is subjected, to sundry hocufr . ■ “ -------- 

. .. „ r , street last apppear In a Fellini plicity of his/ camerawork, .the. journey West with IdeallMic pocus experiments to find put if . 

■. film?): and Visconti was offering Baroque flourishes have", been bdpes-of-spaw, he can hardly she is truly a remcarnee. The 

us the cinema's answer to Grand abandoned: the* camera simply expect us to be shocked or sur- film stands or [alls by your 

..... opera, a series of lush, ttrids the -perfect place' from prisM when those hopes swiftly capacity to suspend both your 

1 gorgeously-costumed melodramas which to watch the actors open- crumple, scepticism anu your impatience 

in which colour, tempo and move- j n g up for^S their thoughts and It VS impossible, however, vnth the overload of exposition • CC—These theatre* accept certain credit cards by telephone Dr at the box office 

....1 nient were as vital ingredients as emotions.. The performances- by whpliyvto dislike a.Herzog film, at the beginning of the film. * *P 

' ' story or “message.” ’ ' Giannini/ and ..Antonelli are This; one is wrong-headed but Anthony Hopkins is admirable 

1 1_ «.win \Ttc nnnfi’p _i. "_S - tlii/f in nvon ifA> WTY.n AflnACC SC hftTPaVPfl FntllPr. 311(1 


ENTERTAINMENT GU IDE 


OPERA & BALLET 


elan.. Herzog can capture m a bus an awux as me gin empio>s coliseum, credit cards ovz4o szss. 
single image a romantic defiance to good effect a pair of fetchingly E NGLTsM 8t »?ATioNAL 6 theatre 

that is at once nonsensical and startled-looking blue eyes. But Ton-ghr & rues n**t 7.3o\7an«eii s 

,_ 1 _t. T>_»,} c tin A i aBU ,V>ora n»we ic nnr wnnrt From the Mouse of the Dead; Tomorrow 


THEATRES I THEATRES THEATRES 

. COMEDY. 01-920 2978. Evenings 8.0. j LONDON PALLADIUM. CC. 01-437 7373. QUEEN'S THEATRE. 

Sau. 5.30 and 8.30. Mats. Thirrs. 3.0. _OPENING MAY 25. Evrs. 8.0. iat. S.O. 8.30. 

Winner ot all 1975 Awards FOR A SUMMER SEASON Alec Guinnou 

I Best Plar of the Year T h E h»0 RONNfES THE OLD COUN 

• HYWEL BENNETT in Simon CRAY'S BOOK NOW; Theatre and Agents. A New Play by ALAN 

i OTHERWISE ENGAGED-- - Directed by CLIFFORD 1 

Directed bv Harold Plnie- _ kXmC THEATRE. 01-437 3686. Evs. 8.0 _ BEST PLAY OF TMI 


full tide of The Damned, his .. . ★ that is at once nonsensical and startled-looking blue eyes. But Ton- B ht a. rues ne*t 7 . 30 ■ jaiwceks uvw _. Be «_^ , !^^ TT D, ‘ he cJ£S r 

operatic approach was receding Werner Herzog's Stmszefe lyrical: Bruno blowing his tin elsewhere the news is not good, 4 7jonlSd Thur. next J 7jHEoJoheus otherwise engaged 

. in favour of a sort of chamber ] 0 oks as if it was made as a bugle from the top of the Empire Marsha Mason overacts in direct LAST°wEEK , s bv itll«'«^ ln jan. 21 . 

melodrama. Coneersatwn Piece consolation gift for those who State Building, Bruno ana pr0 p 0r tion to John Beck’s under- g* * ut pw«. now boohing tor fn>; peri*. -■ --- —rrrr 

K a bad its moments of grand-gesture found his previous film Heart of Scheitz robbing a barbers ac ti nK a nd Robert Wise directs covent garden, cc. 240 ta66. Evmingx a‘. sau. s. 30 . a.so. Thur*. a.oo! 

* H»al h5 ' peflMU! ' S'* lte pre, ; ai " ns ^ impenen-ably mystic andMdUien i P “' C ^ wiUl a Ught-fram^. TV^rama '“'"“iaj'aS?!!'KI lS 6 "° 31 -,»««.b.. L “ 1 3l VS|».'; s ua. 

I vU" innp was meditative and elegaic. obscure- Herzog has here re- getaway to no soxne snopping at . . ,, . Tonight, wods. & niur*. 7.30 p.m.. in sextet 

And Visconti's last film- The turned to the territory of The .the grocer's. In the last sequence earnestness that stresses all the ‘ Mon ' 7 M —!^ AR,0USLY FLJNNY " M - 01 Worl g; 


EEN'S THEATRE. 01-734 1196 

Bs. 8.0. !mi. 5.0. 8.30. Mat. Wed. 3. 
_ Alec Guinnou 
THE OLD COUNTRY 
A New Play by ALAN BENNETT 
DirtCtM by CLIFFORD WILLIAMS 
BEST PLAY OF THE YEAR 


LESLIE PHILLIP5 

"Imneccabie ... a matter.'' Sun. Times. 
In SEXTET 


M***- ThuejL 3.0. Sats. S.O and 8.50. Plays and Players London critic's award* 
JOAN PLOWRIGHT 'One ol the most notable thcairlcaP 

COLIN BLAKELY events in this country lor a good many 

ana Paoicu Haves nr rears. B. Levin. Sunday Times. 


COLIN BLAKELY 
ana Painco Haves in 
HLUMENA 

. hy Eduardo dc Filuwra 
mrccted_by FRANCO ZEFFIRELLI. 


THE ROYAL OPERA 


Covent Garden 


Tomor. A Tues. 7.30 n.m. Die Fledermaiis. night 8.00 sharp. Matinee Wed. and 


"HILARIOUSLY FUNNY." N, p. Wpr .d. EVEN? To"TREASURE."^D. Ml" 1 " MAY 
DRURY LANE. 01-83B 81 OB. Every | ,r PILL w I^^. l iy V.C A HUNDcLED 


__ ROYAL FESTIVAL HALL. S28 3191. 

The Sleeping Beauty by clement crisp “ISIS.” 1 

•_ Tonight Ruanncf5chaufnss- 

My sympathies are all-with manner which is happily dis- supreme statement about classic . T sadler-s wells theatre. Rosebery 

dehutaST Auroras. There, can played in.the Vision scene. What dancing. ad^rS° ve^ miS SSsSlym A ”" B '&4v#c3fife op'e^ ia ' 

be few experiences as unnerving was particularly pleasing Wed- ^ piorimund was also mak- ™ e J account of the oenta- 7 i l !r ?, M5u! l Vei. UL ii lV s / iEl zso 
as bearing the entrance music nesday night was the. assurance ing a ^ a pp ea rance. Julian Si.jSL next THE^MIKADo!' Z jan! 

VL ririneefSR -and that she found for the final act. wSikinsi with his blond, vouthful hed . ral SDl0 .°“ last ,. a P t the- pirates of penzance. 


65 'Amphi seats lor air pens, on sale Sat. 3.00. 

Irpm 10 a.m. on day pi peri. A CHORUS LINE 

-—- -VOTED BEST MUSICAL OF 1976 ” | 

tOYAL FESTIVAL HALL. S28 3191. —-----—- 

LONDON FESTIVAL BALLET DUCHE55 836 B243. Mon. id Thur., 

Until Jan. 14. Today A SaL at 3 * 7.30. Evos. B-0. Frl and Sat. 6.15 and 9 0. 
Neal week Evgi. 7 30 Mat Sat. a* 5- OH! CALCUTTA! 

THE NUTCRACKER "The Nudity Is Stunning. D. Telegrapd.. 

Today matinee Asensio/Wemer. 8th SENSATIONAL YEAR. 


YEARS." Sunday Times. 

MAYFAIR. 01-493 2031. Daily 10.30 
2 . 0 0 end 4.00. Last 2 days 
SOOTY'S CHR ISTMAS SHOW 

MAYFAIR. 01-629 3036. 

. THE MAGIC MAN 
.. Magical Musical 

STUNNING TRICKs " Daily Telegraph. 
Mon.-Thurv. a. Frf.-SaL 6.15 and 8.30. 


«r; s c, w ^ essra. E£« 6 fi v 

AW " B 0'0YLy 7 CARTE Op n ERA Frt ,a ' SlA^illvPS ° To J ^ly 

in GILBERT A SULLIVAN PAUL DANEMAM MA r ««.Y NHLaON S 


In HARRY NETLsON'S 
... . THE POINT 

• °.° = ® n oehnnuoi songs which linger in 
c„ii F neir l? rY -" D - EjiP ress. 

St ' i515&«. e, " 2s ' “-SO- Combined 
u.nner.Theatre t.cket fcS.95. 


lint'll wed aert tNEMiKADo' ian' SPINE CHILLER "CHnniio^ songs which linger in 7-Bt 

for “ the ""young "prinern -and that she found for the final act .Hiking. wWbis blond, youthful s “‘ n u H ,= - 1B TH '«'"“ ns OF « n “ nce: SM " T fv“ 

knowing that the Rose Adagio The entree for thei-grand pas de ^ has a natura i disti no- jSde'sMramDtionof^e - - thpatdfc . . .. Tw> - p rka £7 '- 30 — ^i w bSg ?~S-;r' — 

is but minutes away, with its deux was radiantly done within ft at suits the part. He He JJgS,egSt aoelph. theE5?™“oi-b S6 tbit. i^wer kW" 1 ' lB S§ Ss JSPuff” 2 - ^alty. cc 

varied assemblage,of grandeur every appearance of ease and u, e ^ge an air. part- naefe SSt 7 zoT mST^ tiS£ j.d 4 . 0 : t& 4 n!Shti y a.is and 10 . 15 . “ .L nej F r. 5 j D on SSS' T 

and^prr^s. My beart K.U«t confidence.-big. in sole aad Jere .^u. and h, understtnis J„«£“ ^MSff-'cBBvSfSSS “SiMU «“ l 

to Marguerite Porter on Wed- entirely convincing. how gesture can be given weight f th embroidered and racy comedy.- s. Peome. *■» jraoe Awa J»_gwa. s«s. iu“ glff'iJVo*"i'io'«so 'Z . 

nesday. making her initial Suddenly; instead of being a-. ^ttom undue stress or fuss: the that make his cloak so THC musical 6 musical penorm vanout oermutatioiw 01 me _—eouceq prices for chil'd ken. 

OTB eSance in the role, and « talented yonng dancer faced vath Romantic polturing Pf baEers eroj«« ttM mak^hjs cloa^so -suc.^a.MPruoos - .«.« «« “iSLrS. J3!" J?S«Ji1L "A.V.W.£!“ISS-. ..... . S«««' 
can be said that her account of one of the most pr^Hngs are made to t0 good sense in the court scene. IN5 T ^oki c n« fi on" s c ^ ed 7 , 6 t 11 card fortone: 8 «“ 22 sb. ev^. a. xhSiTx * M ^ ’ -- “ i ' 7 SHAl 

the first act showed signs of the challenge 0 coS''Sl? vSKn'seaM soTo was tight 7116 greatest compliment I can —- - -• ——-—- Murw pay^i?MM l is5 8 MARPLE m 

nnMRp she must inwardly have Marguerite Porter looked coin. tbe Vision srene_soiq was tigni t.p«K(» ‘RTiwaritei« tnpav t-hat *uw«Yv;5» 3B 7B- credit «■« weg*. agatha christie-s. __ 


REGENT. CC. 01-637 9 862-3. 

M.. T.. W. and F. BOO. Thurs and Sac.' 
6.15 and 3 45 

SEXUAL PERVERSITY IN CHICAGO 
AND DUCK VARIATIONS 
by David Manet. 

The talk it diny mo people are nice . . . 
You will have a good time NVDly. News. 
" Talented eroticnm." Dally Tel. Student 
St an o-5 v Tickets available alter 7 30 p.m 
E1.00. ~ 

ROUND HOUSE. 267 2564. Evgs. 8. 

ACTORS COMPANY in 
THE IMPORTANCE OF 

BEING EARNEST • 

bv Oscar Wilde 

" I laughed almost without stopping,** 1 

Financial Times. * 

ROYAL COURT. 730 1745 Last pertfc 
ton't <5 tmor. 3 A B. -■ 

7:84 Scotland in 
TREMBLING GIANT \ 

bv John McGrath 
Sec also Theatre Upstairs. 


magical mgreaienu or Tnoatre, 
Cabaret ana C.rcus. 
.SURPRIU, SURPRISE 
Cam 4"“ «J»n- 15. Mon.-Fn. 

liSaoVd ..“otg MiVdltbSM!’ 


UYALTY. CC. 01-40S E004. 

Monday-Thursday Evgs. U.D. 

Fn. 5.30 and S.4S. Sat. 3.0 and B-0. 

London's critics vote 1 

BUBBLING BROWN SUGAR ' 

Ben musical oi 1977. 


drink and Smoke in the auditorium. 


aAVOY. CC. 01-836 8888. Evenings 8.00.. 
Mau. Thurs. 3.00. Sat. 5.00. B.3Q. — 
_ ROYAL SHAKE5PEARE COMPANY — 
RlL.iARO PAbCO. SUSAN HAMPSHIRE 


2 in . ^T* v „ l “2.'llinnjr. kuthu an ak care ARC CUMPANY * 

wima^WiSh-JP** COUNTRY WIFE by RlL.iARO PAaCO. SUSAN HAMPSHIRE 
LYTIELTOM ,, ^ lev ' NICKY HENaON. JAMES COSSINS m 

10JO am Bernard Shaw's MAN AND SUPERMAN." 

AND TUF JJ!k.?J R , 6AWAIN - CMCd Bv CLlM-URD nlLLIAMS- T 


KNIGHT. Ton't 7.49. rat 
* _7.45 THE LADY FROM end 


t in a cloud al Idv from beginning to' 
■d " S. Times. RSC also at Aldwvrh' 


suited to serious roles—her Juliet betroftai, and bbJb « «. but for the big van^ ludicrous - vestris as Ras Mono- A thousa l '?5nel“^ h " s elcq '' ,c 155 garrick theatre. oi-b« 4«n. K. *» Pwlcau trans - « John an d ^“^The'UM^^cred.t card 

has a nervous force that sustains choreography. It is * e ^ ? lulo” outfit because he gives miraculous musical fib. nmas. Ev# - ?,■& m^rtIn 1 ; julia'sutton “ E A tM S* t< u i?S". 0 .cli," lt! Ton ' t a shaftesbury th eatreTci~i^ 836~5596 - 

the entire ballet—though blonde- augury for-her future deveIop-_*sflmcwt fierce energy, that p catalabutte so vivid a presence: --hoy hudds sJi^did performance." ° AV|D r objn pay m me mkcmi. itmo®. Vf /m Young 4op’S E '”‘- Bo °- MJ1 Thurs. 230 sat. !6c 

digged as Blanca.in SHren, .he ment in u.e role. I am not an him tomigh the steps. It bm ., ?l „ „ „„ cr and above the &.«■ ..-fflfffj"" Si»S'„ D ; "■S-"”' “"*■ ' T,cK t ?;\?.|S-„.oo. 

-.TL&ffi PKBnw. -ZZ&M&irzL 

Aurora she brings long- limbs nan h Apbme a worthy andi,i,t it p«va the dance a nervous and distinguished artists in such "now booking through ib7b GLO sI?s. c f d'a^o. 1 wS!"fo. B-15 OLD v l5r_,_ cm .~ 923 7616 JSilSFJ.'IS„ vl 2 ?^ r " 6venins' syn.urd. 

^nd of ftis^citLn^nt which had Its own risible dress. ^CSUB^aJM ™ 


AGAIN. Dr. Mir. 

NOW BOOKING THROUGH 1B7B 


"BRILLIANT MUSICAL 
ENTERTAINMENT." Pcsake 
SIDE BY SIDE BY SONDHEIM 
"GO TWICE" Morley. Punch. 


German theatre 


As You Like It by RONALD HOLLOWAY 


"BRILLIANT MUSICAL fTom iocal 1 .■‘■"’.Young People 

ENTERTAINMENT." Pcsalfl Woman i KhB O l *. ■“! You're a 

SIDE BY SIDE BY jcONDHEIM Mlw c.erihw. _ .... I 

"GO TWICE " Morley. Punch. — day ol mm 1 rS5 6ap ? Mt £ aM 2 HMMlres 

“^P-a^K-r.lXK- *■ - r "”' NYT - SflSs. Credit SSE, 'ffi; o“L a ' J T r S2 l , 928 

iLOBE. CC 01-437 1592. Evenings 8.15 old Vtr-—-- - -- 

Sats. 6.0 S B 40. Mat Wed. S.O. re.)...... . .929 7916 

PAUL EDD'NGTON. AMANDA BARRIE c ?. rt «^4S mats, lor children, 

in the SECOND YEAR ol -u- ol delight . . . 

DONKEY'S YEARS ™ E GINGERBREAD MAN Is a hit.” 

by MICHAEL FPAYN ... Dally Telegraph. 

THE BE5T COMEDY OF THE YEAR .. . SPlenold." The Times 

REENWICH THEATRE. 85G 175S. Dally at 2*Vm “giull iPj'y ^^Ts'malt 

sasiK 0, A at nMMcom'to ffi tod4Y ind «ssrya! 10io ° "■ m 

ear- ’3 iw^«s5SmSsl= Jbs. y \% 

D.T. TIPPITY FLIP FLOP GUMDROPS HAAulrr 2 

AND BOOTS A MuSiCal lor yOUflfl Cll'l- ALL PM LOVE’ 

dren urtlr Sac. Today 4.45. Tomer. 2.15 , 0 * 111 ' 

^"9 4 4S. _ANTONY* CUEOPATRA 

AYMARKET- 01.930 9832 latino* now op«. 


GLOBE. CC 01-437 1592. Evenings 8.15 
Sats. 6.0 & B 40. Mat Wed. 3.0. 

ALDWYCH. 836 6404. Inf. B36 S332. PAUL f n D SECQN[f YEA BARR,E 
ROYAL SHAKESPEARE COMPANY In ,n bonkey-SYEARS “ 

repertoire. Tonight 7.30. Tumor. 2.00 A bvMICHAEL FRAYN 

^vsLsr^rssrsjsn 

comic invention."-Times. With! A MID. GREENWICH THEATRE. 85G 175S. 
SUMMER NIGHTS DREAM (next pert! Evgi. 7.30. Mat Jan. 14, 2.30. PINCH- 
10 Jan.). RSC also at THIS WAREHOUSE ME^NOT. A new Comedy bv Richard 
isec under WV and at Piccadilly and O'KecWe. 'An eccellcnt first play. 
Savoy Theatres, 1 Times, “a consin-raMe acnlevum—t." 

^ . D.T. TIPPITY PUP FLOP GUMDROPS 

AMBASSADORS. CC. 836 1171. Ton't 8. AND BOOTS A Musical lor young CJI'I- 
HiJSiHS' . ,n ,? ?: 30 ; , dren urtlr SaL. Today 4.45. Tompr. 2.15 

Hilarious Whodunit Musical and 4 45. _ _ 


and 6 00 1 

TICKETS fcl.iO-L4.aO. . 

PAUL JONES 

A NEW 16th CENTURY ROCK MUSICAL ■ 
DRAKE'S DREAM • 

Many Merry Refrains." Evening Nijwe- 
*■ Bouncing vigour." Evening Standard, f 
" Spectacular Presentation.' Stage Dnr.* 
and Ion Pnee seat £7.75. Instant Credit^ 
Cj'J) Reservat i ons. , 

SHAW. 01-368 139a!' 

No Peri. To.day. Last Peris. To-morrow * 
2.JD and 5.00. “* 

A RIGHT CHRISTMAS CAPER 
A new children's play by WILLIS MALL. ■ 
" Magic irom start to glittering finish.'4a 
F.T, Cheap p ric es. E asy parking ■ ■ 

STRAND. 01-S36 2660. Evenings S 03.! 
Mat. Thun. 3.00. Saturdays 5.30 & B.JCrr 
NO 5EX PLEASE 
WE'RE BRITISH 
THE WORLD'S GREATEST 
LAUGHTER MAKER. 


^-- •“•-mssHar*"* 

u pprlalnlv the most was periscoped from Aescbylo,. The approach la thus anything maining three anti a half hoars. JW"® “VB™ a.ao. 0 «’j!o 3 i BE jhaniu r,-_»*icj«F_ •_ 

lalenmd Pto tilreotof fn Wret fPro^thenTflound) to .«taj.romantic K b th« =“ di “ re forgets that there «3»^fUTn. ! ^ T c“=^'S d Vc £ E S?‘s ‘l&l° 

r . nn -nv hds been planning for pides (The Bacchae, under the Rental, a fad and overriding has teen no pause for refresh- ambassadors. - o i^ 36 ~ ii 7 T. rosmetchdlm kong • the mousctSlp 

.?™"p S Vn nro^ C e^auftlntic direction . .of Klaus Michael^principle wlu^ belongs vejy ^ ^ studio 00 JUlfS* .PPVZ112' end* 1 Sunday T,mei ' | ORLD S RWNo 


SSiCXKKai. of Klans T ™ ; ^Ple J studio on -dST 

Shakespeare.. In view, of De Gruber, ^SchauhuhM ' nt fu S iamp evenings tends to get A 

someumes discouragin*, faetthat About this eae^ seminar: here the pro- chilly as the night wears on. The lo. 01-437 2663 : Eoo. 

The Bard has been strapped ra fell tO P / 11TJ. AID nidi aMTMiM HnnblPt ic thp inypswav. pvn is fillp.d with that full-eraum f ■ , I l1 i a i I r^ , w2f , n\i?rStL. 5'5S‘ 


BLOOM MASSEY 

MICHAEL ALDRIDGE In 
ROSMETSHDLM 

DIRECTED BY CLIFFORD WILLIAMS. 

" A MURDER PLAY MORE EXCITING 


sSaws 5 

2S&£jS .ar3fl« 

Sims (S popularity here as thin a tragedy or historical play, the-uprooted. tree mto fte sky. ils branches . 'VEMSSSSP 

pSnlht Wuffi one, surpass- In preparation for the pnM *r There >are «MneUqi <mm {3ft a warbling, brook flowing TSSSHnSSr S. Zl* oerek ^ S?r,s ™™a«ce 9 ' 

ing even Schiller In most seasons, a full season was given over to hy Northrop Frye, Jan Kott, and through a thicket, a corn field ^kt^unen ^* Godfrey cuka 

is S duo to the Sriilegal-Tieck another introductory P™j£Ct Agues Latham on the‘ ShaJ» bathed in sunshine, thatched - Hiimwa . . m Sunday Tim«. waters oE n ™ E moon 

translations, 1797-1810, at the Shokcspeor^ a _ nd .l h i S J^ cottages, and Kohinson Crusoe b.i 5 . M ibo H K U , B ^ 

night of the German Romantic the sixteenth century was pert-in particular, ana a..concluding hideaways, and odd sounds like ASTORiA Ci^i ing x ru nV -437 6 ? 3 q ~ ;; h e r majest y^ n v- ' , B BBOB 

oriod) Stein's “dare" to stage scoped as an age of discov^-picture-book of photos and paint- chirping crickets and caws from 2 T : 5 *IJ? 2 ? or 01.734 42s 1 nnk» evm. b!od. w«s! arm sat 3.00 9 «nd afool 

ff&pm i.' been awaited in a kind of ™ treetops ' e The ^ dle , nce retires -»»&«• "sSHSP ^l.ndsay 

f-rp with hatod breath. Survey of Elizabethan England. ..one wpeoences Shake- to rows 0 f grandstand seats over the STAr. D -?if^r.^...«r, ,B ™5« AN ' S 

The Berliner Schaubuhne am Just as the An tiqui ^ sjjeare's imaginative world, patches of meadow and used Ticket £i-so-&fio. imum crooit cam "RArrisAN reveals his mastery.- 

tin, uciuiKi y W9E ct9»A<t in a roOfflf -than annrpr.iatine the -t __ 4- V». r a- y^ id Eat In our tuiiv-liu-Mni R„i>urem S.T. "A oowrrful drama." e.m. -glvmis 


»? .? a I ih ewnlwrut In MEMOIR wltli THAN ANY BY AGATHA CHRISTIE." PALACE. 


Cp2^5?^ S r^£ ,, * , ' Ev8S ' at 8 ' a °- 
CENSORED SCENES FROM 

K . ,KG KONG 

M ° MMcS - l-. 1 c,,lwable -' TJmei. 
. MUST END SUNDAY 


Mat. Tuts. 2 45 Saiurdayh 5 and 8. 
AGATHA CHRISTIE'S 
. THE MOUSETRAP 
WORLD'S LONGE5T-EVER RUN. 

26in YEAR 


J. Baxter, D. Telegraph. 
FOR A LIMITED SEASON. 


ioo- Sat- S-00 8.00. HAYMARKET. 


Mon.-Thur. a.OO fn c,, Soomm'* B 2b' T »^ OF THE TOWN. CC 7J4 5051? 

_ jMfahw f- supeSista r" 8 0 j B - ,s - ,,f ' nie 

HOENIX. 01-836 8011 I anfl at 11 p.m. 

Evga. 8.0. Mil W«. 3 0 Sat K_BUOOY GRECO 


■■ UUNALD SINDEN IS SUPERB " NoWl Previews Jan. 24 (Chantyl and Jail. 25 


930 9B32. PHOENIX. 


OpcfK Jan. 26. 7.0 Subs. evgt. 8 O. 
Mac Wed. 2.30 Sal. 5.0 and 8.15. 
INGRID BERGMAN 
WENDY HILLER 
DORIS HARE 

DEREK FRANCES 

GODFREY CUKA 


Eva*. 8.6. Mjl Wed. 3.D 1 "^5at. oerfi _„ 

KEITH 0 and nturi n« TH. UPSTAIRS. 730 2554. LaR perti' 

MICHF 1 f P l^?T? P? 15?- 1 4 tomor. 7 SO David suctiei m' 

lifcEL STOCK _THE K REUT ZER SONA TA by Lea Tolttov.- 

JUNE JAG° ROY DOT RICE VAUDEVILLE. 836 MBB. Evs. at L 
in me Chichester Festival Theatre's Ju«- Z-45. Sals. 5 and 8. * ' 

• — RrodncUon ol „ D'"ah Sher>da«. Dulcte Gray. 

THE APPLE CART Eleanor Summerfiele. James Gram . 

, dl hv Bernard Shaw A muRbEr i5 announced 1 

Outstanding revfvjj ol auoyant Shaw.’ THE NEWEST Whodunnit 

_ _ J pally Telegraph. „ _ „ bv AGATha CHRISTIE 

Directed by Patrick garland. ^ Re-enter Agatha With another who>> 

LIMITED SEASON dunnit hit . ■ . Agatha Christie IS suik- 

PICCaoilly Tv y ; ,-r.— - ....__ '"9 the West End .vet again unh another 

836 * 39 S iE? S «JK®Sj Cr0 ? lt Si ril m b !£ 01 h * r fiendishly ingenious martlet" 
836 386* jfat. Sato Mon- to Frt 0.00 _wiYaenes." Fc hv Barker. Ev. News . ; r ' 

ROYAL SHAKESPEARE'COMPANY In VICTORIA PALACE. 01-834 131^ 

RAUCOUSLY FUNNY Dai1 * al 2.30 and 7.30. 

1 afh-century romedv BRUSH'S NEW REVUE 

■■ * . WILD OATS BOOM: ROOM BERT WEEDON 

Bii 1 ? » plMie entire lamlllos. . BOBBY CRUSH AND STAR CO. 

d„*rIctvne thing." Times. "PURE A true family show " D. Tel. _ 


WATERS OF THE MOON 
by N. C. Hunter. 
NOW BOOKING 


Pnriftdi Stein's “dare" to stage scoped as an age of discovery-tjicture-oooK or pnotos ana paini- chirping crickets and caws from 01-734 4291 Nearest Eva*, b.od, w«l and sat s.ob and a, 00 ! 

sSspea^ has been awaited ta-a Und treetops ’ e The EFT* retires A " lee mon^ s kI^linosay 

K.^T Jyiih HatArf hreath survey-.of Elizabethan England, .one expecences Shake- to rows of grandstand seats over *o- v is~ <n terence rattican’s 

h The BerUnlr d S^ubuhne am Just as the AnSquiiy speare's imaginative world, patches of meadow and used r,*** £]J£S^o SP fSL A M U cre5t c-m -RArrfaA^^EALS^MASTERY. " 
1 TirLrstill vourut j«t was staged in a roomy .rather than appreciating the p j m s c s j te s: As You Like If as B a r Dr .,tf ,l i!: |ic<:,w i * T ■ 

ra pavilion •«_«?. ..■... susr - 


"ELVIS" 

"Infesiloirt. appealing, roof.tumping ana 
neart-th ttmplng Observer. 

‘•ELVIS' 1 ; 

‘■I was absqlgtefiy caught up In It. carried 
alone by it. remviiyorated by the sheer 


Opening March 28 
BRUCE FORSYTH 


RAUCOUSLY funny 
lath-century remedy 

u rhbugfi fun to pImm ^entire famine*. 
Rare ana wefcogjc thing." Tlmus. "PURE 


rQr*j -"■‘i'HT ininu- i iimit*. .runt. - luiMiir w.utf w. ici. 

In Leslie BTkSSS cTAnoionv NewieVs wISSb W R*vf| M s“kesSSre r c?»S'Si 

KING'S ROAD THEATRE. 352 7488. **MM“te W Fri W< B ,,i lL. CC V ?n' 93 °n ffnirf 1 **’ Al0 ” vctl UwultaWe'lor- 

Men. to Thun. 9.0. Frl. Sat 7.30. 9.30. M ° n ' A S“U S.30, and 84S. diNdren._ 


Pitirfint- iiPhte fBruno Ganz and As You Lake It went into spacer *n Olympic wrestling match on favourite lines of Rosalind and - PrwHt8Wie from _ 

wT C SrtairrS^Sd ShSSs on fte groundfiofthe «, ele veteti pletfom grebe fte j/cqnS fade into theaters ^™' ’SSPJUSJWW: 

to filmmakSa)/ But the Schau-inactive CCC - FllmproduMion attention for a wMle, the audi-and feats of daring turn the ^■• E £?S J ~ V *’ Vmts - *Nt^^ ( ^s K 5 th H RDCKfNG M YEAtt 

buhno Fnsemble has been shift- Studios. And in the same ence, follows the actors^ lead and evening into a sort of intellect SUfEail 011 tiS 1 *h* ,rw f rar if ,n Bri,llh a ^iiv.eiMn —t v - — _ richaok 

ing gradually to the classics on manner as Stein used a sod^oor retires to the enchanted Forest tnal circus performance. When the" fi jiNe*? ,d TnlS d ‘‘susawSi A t ,,d Yf»J D ' a . recking 

Grin™SpenTscale, thus reducing for his share of ^ Arfen-by way of a jaunt a Baroque eartstage U wheeled ■>""«* E »^- SUSanna ^ K pa^ n mD30y -h,lari<Su^ m IK fflS 

the sianiflt-ance of a “star" and Protect and real Wrcb-trees for through an environmental pas- across the floor and a band of ““b 836 6506 Mon - 10 ''^ ,SS5- Ch ?2S!S J* 

tamSS iff importance of his production of GoigJ sage crammed with reKcs from marauding conquistadors invade - w14A tin«‘&M- ^ n ^ 

cnserabie^ucling. Stein went - to Surnmerfotk on fte Halleschen a contemporary art show. Some- the paradise ar fte end, we are TOmo grbatSear^ New8, ^iat?nee Yo^»ay ^b^ c daily 1 « 7 2m. 

Paris to direct Wagner’s ffinp Ufer, he transplant^ an enttra how. the gag works. . ^ back In the time-machine of D.nne ^anr^tJi? B i fte 8 tommy 5 steel! 0 . 

shortly after comploling. success- shade-tree to the CCC-Studio as The treasure at fte end of tfuzfeespeare's Memory . where collegiate. m --ni s.r> ^ v c 

fulfy: laborious thP'primary mdtir of his version th e ; rainbow is. in truth, an fact and fantasy collide head-on TN^SSSnl 

Prvjekt, in which Greek tragedy of. Shakespeare’s comedy. : enchanted^ forest For the re- tn a war of the spirit. j>*. i-r. mTJISJ *525? tttnri book now? r^STf^Agcr*. 


■ THE^T^lV AGLOW." WE ?M | NSTER. 034 0203. fiton.Tnur 

□ailv Tainaraoh Frid*v gno Saturday 3.00 ana 6.00. 

RICHARD BECK INSALE fiKgE M ^|., A 5 V Slf?- U 8 B T 

5„n. 

Di recied . bv g#iw 5ai» with " Bount.ful humpty dumBy me 

INSTANTp n CON fIrm£D^" cRED11 ^"cSrD Mo"n S r““- r *4L ns “ ccl « ,c ■'' D Tel. * 

RSVUKBAR CC. 01-734 1S93. | Chijaran & Senior pti. half ori«' P»y 
At 7 p.m. 9 p.m. IT p.m iooen Suni.j. i 4t doors. Enquiries 902 1214. Snciaui 
PAUL RAYMOND prncnw carMrk. ” slo “ I 

THR FESTIVAL OF I —------ 

a AW C0 n K dTtV 0 C n A eD. you n»y; TH ^^RTAINHENT GUIDE IS 
tfrm* and smpjce In the iuditorium. j CONTINUED ON PAGE 22 


.. CIRCLE SHOW 

jan. 2-7. 3.00 and 7-»p, Book htowl 


TOMMY STEELE 
SALLY ANN HOWES 
and ANTHONY VALENTINE 
in The PAiY Tafe Musical 
HANS ANDERSEN- 
BOOK NQWs Theatre and Agents, 


CONFIRMED CREDIT CARD 
BOOKINGS ON OT-930 0846. 









12 


HNANOALUMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: FLoantimo, London PS4. Teles: 886841/2, 883897 
Telephone: 0*248 8000 

Friday January 6 1978 

Dollar takes 



Battle has 

By JUREK MARTIN, U.S. Editor, In Washington 


Financial Tunes Friday January % 




begun 


V! 


a breath 


"ERY crudely put, the tian still was to try to ride out to Call. This does not mean though the best guesses are that 
US. decision to abandon the storm. Zn the week before that the Administration has Congress will only give the 
the “ benign neglect" of the holidays, buoyed by the abandoned its basic position. President 60-70 per cent, of what 

the dollar exchange rate and fact that OPEC had decided in inherited from its Republican he originally wanted, ir win 

to intervene in the foreign Caracas not to raise oil prices predecessor, there is no none the less be construed as an 
exchange markets represents a immediately. President Carter such thing as a “right rate” earnest of the Administration's 
victory of sorts.for the Federal himself weighed in with a f 0 r the dollar, though it is quite intention to attack a fundamen- 
Reserve, the American central public statement and a couple l&ely that the markets may tal cause of the payments 
bank, over the U-S. Treasury, of minor policy initiatives w ish to probe further to dis- deficit. It will certainly be seen 
But it is a resolution, perhaps designed to underline American cover if there is an Administra- as a foot in the door that could 
temporary, of an internal Wash- belief in the dollar. The U.S. tion policy on an absolute possible further coa- 

ington dispute that satisfies bad been under pressure, par- st rain ts on American energy 

j neither the independent Fed ticularly from the West It external ar*m- consumption in the future. 

[nor senior members of the Germans, to do something, but ments were aUso reaching more Foreign critics of U.S. policy 


Carter Administration. 


had been able to stave it off. 


receptive ears in Washington: have at times wondered why the 


* . For both the Fed and the even at the secret Finance We ^ Germany ’ s contentionthat President does not simply ration 

THE DECISION of the US. the change of course, the policy Treasury, regardless of their Ministers’ meeting in Pans it _ ^ esenand its eco- petrol or sharply force up the 

monetary authorities to use of benign neglect seems to have different public emphasis on the early in December. nomv in accordance with price of energy to achieve 

their own resources and the net- been decisively repudiated. need for a strong dollar, gener- But in the week after ^ was beins savings. That shows no under- 

work of swap arrangements The suddenness of this ally agree on one point-that Chnrfmas there came the irn- b ^ appreciation standing of the intricate nature 

itho- the markets have ignored to an ravelling: First, the President s irtheDeuLSeiS^mick of the balance of power in the 
to support the dollar exchange rides to achieve a sharp im- irresponsible extent fundamen- declaration was perceived to be tv,- xrJu. U.S. and of the limitations of 

rate is a complete and welcome mediate improvement in the tal economic realities. Even something of a mouse, and not * ’ l ' s 

reversal of policy. Until now dollar exchange 

they have left actual interven- the exchange m ^rkptQ _ 

tion entirely to the managers of settle down, and where they [belief 


ement in the economic reauues. isven ih a mouse, ana not - W-VKhalM . - - tte se^e for independent presi- 

rate. Whether Mr. Henry WaUich. the Fed ? departure from the policy of S dead* action: no? does it take 

trkets will now governor who professes staunch intervening in markets only to Qr as 7j' w acconnt of the fart that mow nf 

__ _d where Sey belief in the free market prin- smooth out erratic fluctuations: dfes belTere 

the strong currencies most wiiI settIe if they do, remains bas publicly bemoaned the second, and critically, Mr. that there1?OTeh a thing as^n 

affected by the weakness of the t0 be The dollar may well uncertainties, erroneous per- Carter removed Dr. Arthur *be rot rf Saudi Arabia were to . . 5 


__ ji uutnuuuiio, efiuneoas per- v-axici. icmuveu ur. -— --—- j ■— enerov crisis 

They themselves have have been oversold and mn-1 ce P ti °ns and destabflisang specn- Burns from the chairmanship continue to play a moderating . 

- .- have been oversold and con ^ njcent moaths of ^ Fed ^ replaced him role on the oil pnee front. ^et Pr^d^t Carter W find 

have driven the dollar remorse- with a largely unknown Nevertheless, there remains ^ 

businessman, Mr. William the persistent fear in both ? “» the threat of such 
The trouble is that the mar- Miller from Textron. In the official and market circles here J}? 

kets. engaging in a dialogue of opinion of the international that the activation of the central 35 

the deaf with the Administra- financial community it was bad bank swap network, supple- UUL 


dollar. 

been content to issue an occa- intervention be able to 

sional public statement to the ^ bears but the un-. 

d °» a !i lS th “?■ which’hLve ted to| ,e “ Iy downwards. 

haviour foreign ^ weatoess ot fte 

markets irrationaL 


dollar 


remain unresolved. The prin-1 



to satisfy the 

But ^these^'stetements have ~l? thTa^tioSl^ 

gradually been becoming more ^ JhfoWashington has ignored funda- 8 °. because he had become, rangement between the ™^ d dolhir ^ &e 
frequent and more heated. Wed- tiie slze ^ ij 5 0 4 imIX>r *f; mentals. The markets have rightly or wrongly, a symbol of Treasury and the Bundesbank, value °f the dollar, 
nesday's decision, in fact, must ■ rais m turn 15 o°ona up with been un jjB pressed with Wash- stability and anti- in fla tinnary and the use of the Treasury’s H he fails, he may find him- 
be seen in context as the third the readiness of Congress to contention that it has commitment in a changing and own exchange stabilisation self faced with an even less 

in a series of actions taken dur- accept the Administration's been do j nS! something about the inflationary world. But the fund, will be no more than a palatable option—the need to 

ing the past month in an attempt energy-saving proposals, with u.S. deficits, the principal cause manner and riming 0 f the temporary tourniquet In spite deflate the U.S. economy in 

to bring the situation under con- which its tax proposals are in . - - -*- •*-■■-- -*■ ■**- -*-— *-•-.•-« —■ — J — *— — J —— “— ~~—» 

troi. First at the beginning of turn involved. At best, the ^ _____ w m i t ^ ^ ^_ _ __ 

December ahead of the regular change of intervention policy imports’ amTby H ^xhorting U other wound. " *” Washington ” Ts under^^any country eageriy awaiting the satlsfy mternaaonai expecia- public pronouncemeots with 

monthly meeting of central has bought a breathing-space, countries to spur on economic blood contiiraed to flow illusion that intervention alone details of the promised $25bn. tlo “ s . more n ^Zvr nsian great care. Warrington cannot 

bankers in Basle, politicians and Alternatives «jmwrh and introduce better until the Administration elected is a nostrum. in stimulatory tax cuts, such a ^-inflationary be seen to be speaking with 

bankers everywhere took to For the U.K. however— and balance in the global economic to staunch it In essence It con- It is clear that the enactment policy shift would do the J 16 bne hand andpresiaenuai morG than one tongue, or 

emphasising that the dollar was j * ^ ^ lik system. chided that the markets had of an Energy Bill by the Con- Administration’s credit no good °£j reater respon ^f ness Mr. WtlUdi's M uncertainties, 

undervalued, and it was widely c^ny who^ cSSSS hare ^ actual ehain of events be^me ^rder^” gress now has a symbolic im- at a!L to economc needs on erroneous pereeptions and de. 

assumed that the Basle meeting ^ forced more sharolv inf fading up to Wednesday’s b . . ® '. T ■ y portance that far transcends the Much mil also dearly depend other. Mr. Michael stabilising speculation,” could 

would produce some action. Sc hv ^ iSkW of JE policy shift is easily dis- by Implication, that there “* 

\Vhen it produced none the breatWn^iare is cemible. Until Christmas, the was a level below which it was legislation will have on me Miner ai ine rea. no new owmaij, «»»w •»<» "*»’■« uie erenss so nr 

Carte^annonnred 11 ^usT^efore extremely welcome. The pound seneral Administration indinar not permissible for the dollar actual level of oil imports. Even federal appointee is going to be. thought to have started the vicarage tea party. 

ChristoaTsome^or measiues has been allowed to appreciate 
intended to show his foreign reasonably freely in order to 
critics that the U.S. Administra- d f t ' our ?S e another h ^ e inflow 
tion, too, was concerned about /^nds and keep the growth 
the dollar. They were not im- of “ e money supply under con- 
pressed for long troi. If the rate had been 

D . pushed far past $ 2 , nevertheless. 

Benign neglect there would have been strong 

At that time, indeed, U.S. pressure from various quarters 
officials were emphasisin g that to adopt alternative policies, 
the President was out to re- Loosening of outward ex- 

affirm Administration policy change controls, for which there vt TEST GERMAN officials summit meeting, and that the to cope with a continued run Constant harping from Bonn West Germany with a “ basic turbulence. West German ex 

rather than to change it and that ,s f. strong care, runs up against \f\/ have reacted to the sud- machinery of international co- into the D-Mark. and Frankfurt has doubtless balance deficit ” of DM 8 ^bn. porters have managed to survive 

there would be no alteration in Poetical objections: imposition f f den change of inter- operation has brought this about Until it saw the U.S. Admin- irritated the Americans, but it TjM , siirrvlus f H such sharp Increases in their 

its attitude to intervention ■ ex- 0 F 1 ,r TJ ard controls would prnl^ national monetary strategy by without any fresh round of high- istratinn rut its money where has been no less tiresome for prices reasonably welL New 

cept to the extent necessary ‘‘to ably have been ineffective and the UJS. Treasury and Federal level diplomacy. its mouth was the market had the Germans to be lectured at of in first 11 months njaj-^gts bave been found — 

counter disorderly conditions.” a sharp cut in interest rates Reserve with the quiet, if still Yet for the Germans, it has some reason to be wary. The regular intervals on the duty 1977 was made possible only in the Middle East and in 

That was, verbally at any rate, wouId . have threatened the slightly pained, satisfaction of been a close-run thing. When U.S.-West German relationship of the stronger countries to by heavy inflows of short-term Eastern Europe, for example, 

a step forward. But this Wed- raQDe ^ ry objectives. The need men who feel that they have the Bundesbank decided three has, on the economic level, “ do more" for recovery from funds of a kind which yester- Not least, many of the country’s 

nesday’s statement went much t0 make j* c 7 ° lce ?-2 w . een , es * been right all along, yet have weeks ago to cut domestic in- been uncomfortable, and at the 1974-75 international reces- meaSlires are intended to most important export products 

further, referring to active utili- courses has been lifted, at least not been given their dne. terest rates (already at their times openly strained during sion. For a start, the Germans are complicated pieces of 

sation of resources in order “ to ? r tne ft ® e being. But the in public statements, the lowest levels since the mid- most of the year since Mr. feel that it has not yet been ^ machinery for which reliability, 

check speculation and restore bao demonstrated Finance M i n i s ter, Herr Hans 1900s) and to discourage specu- Carter took office. On the sufficiently well understood Secondly, West Germany has jgtber than price, is often the 

order an the foreign exchange 11131 lt echoes, when the pinch Apel, and the official Govern- lative inflows through'higher German side, that has been due across the Atlantic that the f«t mjurea by the alowness with deciding factor, 

markets.” President Carter S° mes ' r ° wards “ e arguments ment spokesman. Dr. Armin compulsory reserves, if had to a certain lingering uncer- Federal Republic is no longer which the US. has recognised Y et no country where (as 

himself commented that the i° r _ \ sminfler rather than Gruenewald, both stressed that already been farced to buy over taintj- about Washington's running a massive payments tiie dangers to its trade pre- Herr Ape j p 0 i n ted out in his 

U.S. would direct its efforts towards tiiose for a weaker in their view the depreciation SlObn. while watching the dollar goals—Mr. Carter’s Administra-surplus. seated by the fall of the dollar, statement To-day) one job in 

towards maintaining th*> pound - That, together with the 0 f the dollar In terms of the slide to around DM2.15. . tion has come in for particu- Results for the first 11 months Measured against the weighted f our depends on exports could 

towara* maintaining tne prospective payments surplus, is Deutsche Mark by some 26 per -- - - — -•- ' — --—-- .... -- -- .i-- u u ^ uu 



A little sigh of relief 


By ADRIAN DICKS in Bonn 


strength of the dollar, 
ever may have contributed to pound fairly strong* 


What, j. ti * - --- - “i7 "—■ -1 -j Since then, it has been plain lariy heavy criticism because of of this year, published yester- average of the currencies of ns ^ prices pushed up inde- 

pri f itseii Likely to help keep thel cent between the end of 197o that the Bundesbank’s measures the delay in agreeing with day by the Bundesbank, show 22 most important trading part- finitely. 

,eu to nminrt fairiv strnno and the dose of trading on Wed- did not have the desired effect Congress on an energy that although the surplus on the nets, the D-Mark had risen by worries Germans most 

nesday was unjustified by the The scale of its dollar purchases policy that would begin to trade account was up from last Wednesday by over 8.5 per cent , ... ? 

economic fundamentals. They since December 15 are not yet reduce the most troublesome year by some DM3bn. to since the end of 1976, over 25 15 tt3t ™ e late st increases 

went on to express their relief known, but yesterday, before item in the U.S. payments DM34bn., outflows of DM 16 . 5 bn. per cent since the end of 1975 m 136 D-Mark’s external value 

that Washington should at last the swap arrangements were deficit Even after the activa- on the transfers account and by 45 per cent since the have made theirs the most 

have looked to its own resources announced, it had bought tion of the Fed's swap networks (mainly remittances by foreign end of 1972. Last month the expensive country in the wo rid 

in order to defend its currency. 852.4m. on the official market— on behalf of the dollar, few workers and payments within Bundesbank sternly warned the in terms of labour costs. That 

Privately, senior officials the largest single day’s inter- West German officials would be ^ Common Agriculture Americans that a continued helps to explain why Bonn is 
closely concerned in the matter vention since November. Worse, inclined to deny that an effec- nM14hn /T. 1nrirT slide (rf the dollar would damage so worried by any development 

are also pleased that it has been a feeling had begun to be ex- tive UJS. energy policy is the f oucy; ’ uau*on. on tne u>n„- Germm ^ t0 ^ p^t of that makes its exports still 

possible to claim a belated en- pressed in Bonn and in Frank- angle most important need in term capital account and of mating resumed strong growth dearer, and why German buri- 

dorsement of the principles furt that the Bundesbank had the international monetary DMl2bn. on the services account impossible. ness is Inv esting as never before 

agreed at the 1975 Rambouillet few weapons left in its armoury arena. (mainly holiday travel) left In past periods of currency in the U.S 


Pay policy and 
the firemen 


THE FIREMEN'S executive's delegate conference cannot be 
decision to recall their union regarded as certain, but the 
delegate conference to recoin- Iatc5t deTCl o pt „ ents will ^ 
mend a return to work based 

upon the employers' offer was a MinJsters ^ °P nnsm about the 
realistic more. One hopes that chances of keeping the average 
the conference, which called increase in earnings during the 
the strike against the advice of current bargaining year within 
the union leadership eight at i east hailing distance of the Dali QayS 
weeks ago. will simtiarly recog- Guidelines In th P last f P w 

n : se when it meets next week ^ are here again 

that their negotiators have ' 1,ee " s *be pace ot settlements 
achieved as much as could be has Q^cKened somewhat and The Arts Council is now brae- 
reasonably hoped at the present most of tb ® 111 have falle n within i^S itself for roars of protest 
time. Throughout the strike " r reasonably close to the guide- from retired brigadiers and 
the Government has made dear ”ne But several important oChers who consider that to* 
its determination to resist any hurdles have yet to be surmoun- art went out with Landseer, 
breaches of its 10 per cent. te d. Yesterday saw the formal After the notorious Tate 
guideline and the Home start t0 negotiations on the Gallery bricks and the Institute 
Secretarv re-emphasised this electricity supply workers’claim of Contemporary Arts picture 
earlier ‘this week when the tn vbich the power station show for dogs, we are now to 
union came back with a pro- workers’ unofficial dispute last be regaled with a surrealist 
posal for improved overtime autumn was a prelude. The oil exhibition at the Hayirard Gai- 
pay now in return for deferring tankers drivers negotiations are lery. Of course, it is oid stun, 
the shorter working week due another possible area of diffi- really—surrealism was in vogue 
to be introduced in November. culf y. and the miners, railway- when those brigadiers were 

men, and civil servants have barely subalterns. But a re- 
ImpUcit yet to come, although the latter creation by Croydon art 

. 1h „ n ;„„„»c,, n «c th* er°up “ay be more a cause nf students next Tuesday in 

Mtmiflinm* embarrassment than real diffi- Trafalgar Square of Salvador 

SSS” u cuI ty to the Government Dali's antics in the 1930s will 

regarded as ungenerous. It certainly brighten a dull day 

Relativities for Fleet Street photographers, 

immediate increase of 10 per __ . . . 

cent and, in effect, spread the However, if the firemen da Which provokes a question: 
rest of the M per cent they settle nexl week, they will have will Dali be here for the great 
have been seeking over the next been bought off by a formula surrealist retrospective? After 


MEN AND MAHERS 



“I’ve heard of bnilt-in 
obsolescence, bat this Is 
ridiculous! ” 


remote for a celebration, a like feminine innocence abroad 
junket is being organised the First Lady was too dipleg 
nearer London by Ralph matic to name a first favourite 
Barrett. an official BBC among the stop-overs. She 
lecturer on the history of rad;o. enjoyed the “ marvellous dinner 
He will be setting up his trans- at King Khalid’s palace, indud 
mitter at Theobalds Park ing the camel’s milk,” but also 
College in Hertfordshire, and relished her chat with Mrs. 
will be deploying his call-sign Gierek. the Polish leader's wife 
G2FQS, which be has bad since on “ education and social prob- 
he was a lad of 17 before the lems.” She also had genial 
last war. Among those listening observations about the Shah and 
in will be, curiously enough, a “ a mad car ride ” with Mrs. 
knot of guitar players—because Jehan Sadat to the Aswan Dam 
on those evenings when Barrett One eye-opener, which obviously 
is not ou the air he teaches produced genuine dismay, was 
guitar-playing at the college. the poverty in India: “I think 

you are always shocked about 
■ ■■'■ » — ■ that... I worry about it. I feel 

a responsibility. 

Do you wonder whether a man 
. _ like Carter can remain calm 

A fierce, if belated, blow at amid such a whirlwind of 
sponsorship in sport has been activity, or if be tosses and turns 
struck by Deae Koeppen, aj] night anguishing over what 
womens world badminton cham- he said yesterday and what he 
pion. A Danish chocolate wiu S ay to-day? Rosalynn has 
company, named Toms, gave the the answer: “We’ve gotten 


Bitter sweet 


two years so as to bring them ybieh other groups of workers all.he is the arch-priest of that ^ter that spoken messares went national badminton team the ^ mgnt's sleep everTniSt 
into line with skilled manual P“blm fertor have been particularly school and at 73 ^ «* u ^ aIe ? t - of ^-OOO. as long ^“said riieertSv ^ 



the small hours of January 19. 


as the girls would display their 
brand name across their 
bosoms. Lene refused to don 


she said cheerfully. 


Crystal tinkle 


meeting .— — — — . , , 

strike continue in the hope of nne such group and have been prince. _ — _. --- 

securing more than 10 per cent, presenting evidence tn that j p U ^ question to the Arts Tb ® anniversary message will met Britain in Copenhagen this 

immediately, but others will be weet to the Present inquiry on council. “We have invited Dali, be seat ' 3USt like tbe original, week (winning 7—0, by the Headers will recall the Water- 

Mr. Moss Evans. but be doesn’t answer,” a from Ca Pf Cod, Massachusetts, way). A year ago she began ford City council’s debate on 


aware of the danger of the Pp li ce P a y- , . . ----- 

union becoming isolated. Once ponora* secretary-elect of spokesperson admitted. But to Pcridu, in Cornwall. The caJl- practising as a dentist, and bow to beautify the waterfront 
the employers came up with Tranimoyt and General basn 'j it always been alleged ^E 11 be KMlCC. for the explains: “How could I morally — the decision to buy a 
iheir pay formula—with the Workers union, has hailed the will do almost any- benefit of radio “hams”—as defend telling children not to gondola, and the suggestion to 

Government’s implicit support formula as a possible basis for thing f or mo ney? “We don’t *bey hea-rtily dislike being eat sweets and chocolate, if I “buy two and breed them.” 

—support for the strike started Pay settlements tnrnugmiut the bave any Q f that around here,” mailed. Needless to say, the am appearing as an advertise- b provoked gentle mirth 


to weaken in some areas; and Public sector. Such a j was the swift response. 


Council make sense if it were 

only a t ” f Q rm part—but only part— 


start a of a scheme for settling pay 


the TUC General 
refused—albeit by 

J 2 £ 5 S^S° m ^ of relativities for small and clearly. 

lEtemn!^Other imJSrtant ? efine ^ but Ministers|Qver the Waves 


Marconi Company is t-abip.gr a 
paternal interest in the whole 
affair, and some of its British 
directors will be down in Poldu 


ment for the stuff?” 


among the stockbrokers of Dub¬ 
lin and jogged the memory of 
a Waterford man in their midst 
He tells us that when be was 


!OT_=I ’=S=5.“3 3K aloud r shorn’ thbfwidlr I Amateur which the city is fatuous. The 


to pay homage to their founder. Gentle journey ... at school, Waterford council 
In 1903, the British end was not rartor Proposed buying a chandelier 

— 1 —— 5 * j, ~ Carter spectacular left made from the cut glass for 


only recently begun 


_ until 

: an elderly alderman com¬ 
mented: “It’s a great idea, to be 


worxera, uie ““ of public sector workers with busily with their dials a fort- ^ rmnwie persou was notably unruffled: 

“•i* 1 ^av encouraging promises for the °«bt hence. It will be the 75th an the President’s wife. Rosalynn. 

withm the ffi future without considering the anniversary of the first wareless ? ade J° Heading home she has told sure but sbouldn r t"we"find"'o^ 

inevitably risk sect0r as 8 whole—or the impli. transmission across the Atlantic, 5!!^ for ,J?! re P orters bow she enjoys travel- if someone can play the thing 

■ate stage would inevitaDiy risk ratinns of these « special cases ” when a crackling morse message 2“*^. to o f rWBC P n * 3 reply— Rng with Jimmy “ because it is before we buv it?” 

orfeitin* public suppo r - n any f U f nn . phase of incomes arrived for King Edward VII but it serans that a royal be wbo has to do all the arrival 
:he firemens case. pnlirv —could be a recipe for from President Theodore decision is still awaited on that statements" and undergo the 

The outcome of next week’s disaster. Roosevelt It was not until years Since Cornwall is somewhat briefings. Yet if that sounds UOSCiVCi 


Northampton 

can improve 
your situation 
-it has for 
orlsbetf 


Northampton is in an excellent situation, on the Mr 
near the M 6 junction, with easy access to major ports and 
airports and about halfway between London and Birmin gham 
with 50 % of British industry within 100 miles radius. It is 
also an Inland Port with full Customs and Excise facilities. 
The industrial labour relations record of the town is one of the 
best in the country. 

Northampton is an established market town and regional 
growth point. The expansion programme ensures a continual 
supply of sites, factories, offices and also' homes for i ncomin g 
employees. 

The long established amenities, supplemented by the 
new, give a rich environment for liv ing . 

Eight years ago Carls berg wanted to set up a new brewery 
in the UK, their biggest one outside Denmark. They looked 
at Northampton and liked it. So they bttilr architectural award 
winning premises and now their production has doubled. 

Mr Michael C Iaul, the Manag ing Director says 
d As a nationally marketed brand and wick distribution 
costs becoming even mare important , central location tea a prime 
requirement to Carlsberg.99 • 

If you want to improve your situation, find out 

more, about us, phone 0604 34734 or write to; 

L Austin-Crowc, Chief Estates Surveyor, 

Northampton Development Corporation, 

2-3 Market Square, Northampton NNx 2 EN. 








13 



EfeaBdal'.Tjtaps Friday Jaauary 6 1978. 


POLITICS TO-DAY 


BY MALCOLM RUTHERFORD 




the Germans and the Lords 



toejkE IS one compelling 
treason why there can be no 
British general election this 
:< spring unless the Government 
■^Niis forced into it, and that is 
; Scotland. Nearly all claims to 
the contrary tend to come from 
: Englishmen who have not yet 
^understood the Scottish ques- 
!. tion; they afe unlikely to prevail 
j: at the highest level. . . 

'' -!y -The Scotland Bill now before 
>rthe House of ’ Commons can 
! : hardly receive fire Boyai Assent 
;! before July at the earliest, it 
'''J is essential that the Government 
perseveres with at fior two rea- 
! sons. The first is that if the 
Bill is aborted, like the Scotland 
? and Wales Bill before it, the 
; Labour Party, will have to pro- 
•; mise to reintroduce devolution 
"■"■s-in another Parliamentary ses- 
|; slon if it is returned to "power. 
;'t The idea of yet another session 
being dominated by this ques¬ 
tion is itself almost more than 
flesh and blood can , stand. 
!;«Thus. if the Government were 
to abandon the Bill in mid-- 
passage, for the sake of a snap 
''^•5'iG.i.u 'j election, it would run the risk 
. _ /J of looking ridiculous. 





1 H 77 Perhaps the " Government 

* would not mind, this too much; 
the second reason, however, is 
telling beyond doubt It is that 
voluntary abandonment of the 
Bill would be the biggest 
; ! lute fc possible present that anyone 

* 1'■’■•'h'Hirj,■ could imagine to the Scottish 

^ ^ ^ Nationalists* 

»I i ! ’‘■*•^ 13 ;, To win a general election the 

...... »on v > Labour Party has to do Well in 

, ~'- 1 11 Scotland, on which it depends 

1 r» , *v.::v. l > Tls rj- for its existing plurality. At 

* iV -:ias:-jn“ present, the Labour Party holds 

’wii'.'.if, -w ir 39 of the 71 Scottish seats, 
: ' u and the . less-than-independent 

•*’s ' * Scottish Labour Party another 

two. The Tories hold 16, the 
Nationalists 11 and the Liberals 
three. If the Labour vote in 
Scotland were to collapse, or 


anything like It the Party’s 
chances of being the largest 
group at Westminster would be 
minimal. 1 

The latest Scottish opinion 
poll—taken in December—gives 
Labour 33 per 'cent, the 
Nationalists 30 per cent and 
the Tories 27 per cent There 
is nothing there to suggest that 
Labour has the sort of lead 
which it could count on holding 
during ah election pamjwig n. 
The general trend confirms that 
view: it shows the three big 
parties continuing to hover 
around the 30 per cent level. 

It is also generally admitted 
that It is the Nationalists who 
are the most effective once a 
campaign gets under way. They 
could be trailing in the polls, 
but could even pull ahead once 
the figfltt began. .If the Govern¬ 
ment were to abandon the Scot¬ 
land BUI, it would give them 
just that opportunity. The 
Nationalists would turn to the 
country and say: ‘The Labour 
Party has shown that it does 
not care about Scotland. It is 
more interested in securing a 
majority at Westminster on the 
strength of a short-term im¬ 
provement in the financial 
indicators. Vote SNP.” That is 
not a risk which the Labour 
Party can afford to take;- nor, 
one suspects, will Mr. Callaghan 
let it. 

So, barring accidents, the 
Government is here at least 
until September, the earliest 
month in which an election 
could take place after the Royal 
Assent 1 to the Scotland Act 
There might then be some 
attraction in heading the Scot¬ 
tish referendum and a general 
election on the same day, but 
that is for the future. ; • 

*■_ ★ ★ 

MEA NWHILE bade in SW1, the 
struggle between Tories and 
Labour about who can produce 


the more German economic 
policy goes on. It is tempting to 
say that at present labour is in 
the lead. Certainly Mr. Healey’s 
remarks in the January issue of 
Socialist Commentary seem to 
place him right in the German 
court The Government has a 
duty, he said, 41 to give the 
country some idea of the aggre¬ 
gate increase in earnings that is 
compatible with growth and 
keeping inflation under control/* 
That, in a way, is the German 
incomes policy in a sentence. 
Early each year the Bonn Eco¬ 
nomics Ministry .issues a set of 
figures concerning consumption, 
inflation and so on for the 12 
months ahead. It is a little 
reluctant to be pinned down on 
whether they should be des¬ 
cribed as forecasts, guidelines 
or targets, but perhaps “state¬ 
ment of objectives ” is the best 
way of putting it One of the 
figures concerns earnings. What 
is striking is the regularity with 
which this target or forecast — 
call it wtbat you will — is 
nearly met Last year. 



44 If the hat fits, well wear it** 


Government were to argue 
for persuasively enough the case 
example, the figure was around for a particular figure, it might 
7J per cent. The OECD notes in just stick—or thereabouts, as it 
its latest Economic Outlook that does in the Federal Republic, 
the end result was an 81 per And yet we have been here 
cent, settlement for the metal- before, with another party. The 
workers at the upper end of the Tories’ Right Approach to the 
range and a 61 per cent, settle- Economy, published last 
ment for the public sector at the October, comes to broadly 
lower end; and comments that similar conclusions. “In £ram- 
such a spread was somewhat i ng its monetary and other 
widen: than usual. (The rise in policies,” it says, “ the Govern- 
earaings resulting from wage meat must come to some con- 
drift was small.) elusions about the likely scope 

All this, of course, is per- for pay increases - . . and this 
fectly well-known to Mr. Healey estimate cannot be concealed 
and Mr. Callaghan, but for those from the representatives of em- 
who follow German affairs less ployers and unions whom it is 
closely it does help to throw consulting _ . . That is one of 
some light on the statements the reasons why some kind of 
about a government figure for forum is desirable where the 
the aggregate increase in earn- major participants can sit down 
ings. The idea must be going calmly together to consider the 
through their minds that if the implications ... of the Govern¬ 


ment's fiscal and monetary 
policies.” 

In. some respects the Tories 
are still ahead in the debate. 
They have suggested the forum 
in which the consultations could 
take place: namely the NEDC 
44 oot least because-, t is there.” 
It would assume the role of 
West Germany's “ concerted 
action,” which was set up for 
precisely that consultative pur¬ 
pose. They have -a-tan proposed 
a more independent role for 
the Central Bank, something 
which is crucial to the German 
experience, but which, one sus¬ 
pects, <tihe Labour Party would 
never agree to. 

In such company it seems like 
carping -to suggest that both 
parties may have missed the 
point The reasons why (he 
Germans do hatter may Jie not 


only an concerted action stod a 
readiness to bow to a Govern¬ 
ment target, but in certain 
structural differences. There 
are, for example, less chan 20 
German trade unions to speak 
of. One would also have to 
travel a very long way in West 
Germany to hear much talk of 
differentials. The subject does 
not come up, presumably 
because the boilermakers and 
the hole-borers are all grouped 
in the same metal-workers’ 
union. Thai alone could go a 
long way towards explaining the 
German performance. 

Nevertheless, it is at least 
something that outside examples 
are being looked to, and there 
.may be a paradox here. The 
Tories are looking to the Social 
Democrat Germany of Karl 
Schiller and Helmut Schmidt 


Messrs. Callaghan and Healey 
are looking back to the Chris¬ 
tian Democrat days of Ludwig 
Erhard. It is arguable, of 
course, that there is not much 
difference between them, but in 
one respect there is. Erhard 
was pre-refinements. All the 
paraphernalia of concerted 
action and obligatory reports 
by outside bodies of economic 
experts came after him. He con¬ 
ducted his incomes policy 
almost solely by exhortation. 

It is instructive to re-read 
him now, and perhaps the Prime 
Minister and his Chancellor 
have been doing just that. “ The 
connection between price 
increases and the growth of 
personal incomes in excess of 
the progress of productivity," 
wrote Erhard, “must not be 
overlooked. The inevitable 
■consequences can be measured 
to within 1 per cent” Wasn't 
that Mr. Callaghan speaking .on 
The World This "Weekend last 
Sunday lunchtime? ' 4 Thirty 
per cent wage increases, 
roughly 30 per cent price 
increases. Five per cent wage 
increases roughly 5 per cent 
price increases.” It was cer¬ 
tainly very like. 

Again, Erhard insisted that 
the pursuit of a successful 
economic policy meant “ chang¬ 
ing the economic attitude of the 
population by psychological 
means.” It was a matter of 
stomping about the country 
preaching the message that 
wages and prices were indis¬ 
solubly linked. But it was not 
a moral crusade. On the con¬ 
trary, Erhard noted that the 
public would 41 react unfavour¬ 
ably to any attempt to appeal 
to its moral sense.” Instead the 
public had to be persuaded that 
restraint in wages was in its 
own best interests. 

Of course, Erhard had econo¬ 


mic growth to play with to an 
extent that a British Govern¬ 
ment does not He was able to 
point to the rise in real earnings 
resulting from expansion with¬ 
out inflation. But Messrs. Cal¬ 
laghan and Healey do have a 
weapon that could be used for 
a similar purpose, and that is 
tax cuts. “It is very much 
better,” Mr. Healey said the 
other day, “to get people to 
seek to improve their living 
standards through moderate 
wage increases associated with 
tax cuts than with excessive 
wage increases and no tax cuts.” 
That is beginning to look like 
the British version of incomes 
policy by exhortation, and the 
Prime Minister and the Chan¬ 
cellor could be very goo dat it, 
* * * 

TO RETURN finally to the 
Tories, Lord Home—of all 
people—could shortly be pre¬ 
senting Mrs. Thatcher with 
another problem. Before the 
end of the month he will be 
handing over the report of his 
committee on the future of the 
House of Lords. Most people 
seem to have forgotten the com¬ 
mittee's existence. It was set 
up a year ago rather as a 
counterpart to the radical ideas 
an the subject held by Lord 
Carrington, but apparently it 
has caught at least some of the 
radical infection. 

Mrs. Thatcher is under no 
obligation to publish it or to 
accept it, although it is being 
written in publishable form. If 
she rejects it, however, the 
Tories will have no House of 
Lords policy at a time when the 
Labour Party Conference at 
least has voted to fight the elec¬ 
tion on a programme of aboli¬ 
tion. There can scarcely be 
another commission, and besides 
so many of their Lordships now 
favour a radical reform of the 
upper House. 


Letters to the Editor 


•A. 


- <: ‘ :s 3r 




Landlord and 
tenant ■ 


From Mr. G. Luster* 


:-:iw 


to deal with expected and pos- having been missed in present forms: weak, semi-strong and that has worked against the older 

stole but unlikely situations. The discussions on energy conserve- strong. The weak form merely plants. Actual losses are a thing 

choice of sites for, such under- tion. I would go further and asserts that technical analysis of of the past in BSC accounting, 

ground power stations needs to say that there are no sufficiently past prices alone isn’t worth the Costs are being compared with 

take account of cooling water acceptable controls available chart it’s printed on. Academics estimated costs and the differ- 

.vwf™. vi. requirements. . winch wall do tins job really are by no means in agreement ence calculated as the plant loss. 

c?V_w>.n» mkhv of the v “ e cavern mmht well The control makers should on the validity of any form of Thtfs why the claim of £40 per 

bvMr CherriSe J°J£ pe f ? toe whole ^ a lot more research both into the EACH, although most would tonne difference between certain 

t2 !2S? cost of t fe P lan ? ** “ similar conveniem»«nd cost agree that major stock markets works has never been proved; 

^ January * sum might be involved in the C °5SS?i2?oSSdy what I are at least weakly efficient, indeed, the Select Parliamentary 

ha^TmiiTlet^SJei J Stronger forms tend to fail Committee in taking evidence 

_ gm,»2£Z stance: In this nri&urbood tax »» «L 

ing, held before -the Northfleld ment of” the advantages. 


,... ton & your issue of January 4 sum might be 

. * undoubtedly exist and are constraints on 

‘ KB - capable of solution, I too items of plani 

, i ?* f rvre: attended the Chelmsford meet- must be set as 


Committee, but I did not hear d. a. Howells, 
the majority of farmers giving. 63. Victoria Drive, S.W19. 
vent'to their anxieties-on.-the.-... * 
purchase of land by institutions, 
insurance companies, investment 
trusts and the like. A vociferous 
minority perhaps. 

The overall message from the 
great majority of farmers 


Close dgiwn 
canteens 


a larn» cfttinrii' estate structure. unable to get the answers on 

IS A daim mch “ C * rter ’f costing that it wanted, 
ground central heating. There The tonnages being taken from 

<As na gas supply available. Fire- „ lt * pe^pecttje-What someo | the older works to be 

cteely half ttetenants have given S-ateflies^that^othS ^Sple p f od i be l at toeso-caltod e ® cie “ l 
this equipment ^ow^nd^hVf^Sy gfiJS- »iJ5BL & 
«*“ ot didn't bother to write about their S^iJem^ts^dinsome 
failures.) Will a method that SSJnShireS?n“eSt baSto 


present was to make absolutely From Mr. Bt Jacobs, 


. 1 i: 


v 


i T— 


>ton 

jve 

tion 

>r 

3 i 


slot Electricity instead. The oil wTrked in the part be reitesrtSl S^Sfanm * aTcS JTaS 

in fact costs less than half that in future? Probably not- Also. havine roSroceS an 

L . of the -electricity. But because while I certainly do not attribute 80 

. clear the following pomts: That Sir.—I have read with interest the oil Is supplied from a central any such motive to Mr. Carter, 

- they /avour the landlord. and the yarious iteras concerning the tank and is metxed for invoicing professional Investment manag- 

■ :;v tenant system; they welcome faff u, value of the 15p presently.after use the tenants believe ers have, like horse-race tipsters, st * eL w *° 

institutional investors as a land- allowed for tax purposes andthe aey cannot afford to pay such an incentive to gild the lily. c? “2* mprit anrt 

lord, but would prefer that the need for an upward adjustment bills in arrears. All for the lack Mr. Glass’s assertion that SriLitr 

institutional investor should be May I suggest that all employers a coin-operated oil release academics do not put their ideas °U8 bt \° ” >ok “°f® 

in competition with the private close down subsidised canteens ^ fnTo piStice simply does not tbe closure of these plants 

investor and would like to see operating for their workers and -r t ^ oerhaDs ironic that the hold water. I know many ****£ th ^ sr have done so far and 

the existing tax laws amended i£ue tiiem with luncheon “ “gj academire who take carefully « ak ® sure 

to bring this about; they do not vouchers instead. I guarantee: largest users of the judged investment risks with requirements worldwide 

welcome institutional investors that within six months the Trade J* thoseon remits that are often embarrass- vnU be able to be met by BSC, 

as a fanner, other than on a very Unions and^the Government will J®™ 1 . X? to inglysnccessful and typically **v“ over to their 

** " nt «•“ — ... ^ welf * re grants “ ^ ““ letter than those obtained by competitors, as has been the case 

_ * £ ™ the average unit trust manaeer with previous closures, 

to cool the rooms. Again, a con- umi mist manager. 

demnation of the cost/avallaibi- JrJiSSirenf 

hty of comprehensive control Sfumbil * f 

„ Dot ™.iO- iBk. 

stances; only a completely rode- __ 

pendent energy authority could 


users 
D c 

limited scale; and they do not have the tax free value up to aro 

favour the additional security a at least fine weather windows are 

of tenure afforded to the tenant B. Jacobs, 
farmer by the recent- MLscel- 6 Moreland Road, Droitwidi. 
laneous Provisions Act, which in ■ ■ 

their opinion serves only to dis- 


tneir opinion serves omy cus- . . 21 

courage the availability of fanns . JcJICFgy COUllCll 

needed 


BUI Tobutt 
16 , BanweU Place, 

Llanrumney, 

Cardiff. 


KBIUCUL auuuyuij ^wuiU j m . 

be expected to detect and remedy I .nSllTIP CIPPl 
the underlying cause. In as V U3luJ b »ICC1 
much as Lord Robens has identl- 


to rent 

Like so many others, Mr. 

Cherringtou fails to distinguish 
between the institutions owning w 

land for renting to farmers and ¥rom Mr - Jenians - 
occupying land themselves. Sir,—Your issue of December fled the need what can be done 

The great majority of institu- 36, has three items on energy , to support his cadi? 
tions are similarly not Interested which call for further comment Norm an Jenkins, 
in fanning themselves, well • The report by John Lloyd on WfcftehtU, Euuhot; 
realising the problem of manage- Lord Robens’s fears—that the Famham, Surrey. 

ment, but are anxious to provide Energy Comrnissaoa will meredy • —^- 

farms for others to farm at rents repeat the nustakes of the 1960s « _ • • 

which farmers can afford to pay. — does not suggest that either . jlirpriSC Ill 
The meeting at Chelmsford, as I Lord Robens or the author of . .. r 
heard it, confirmed that the he has reviewed. Dr. 

majority of . farmers present Israel Berkoodtcb, have specified 


loss areas 


Slaves to 
machinery 


From the Secretary, 

Transport and General Workers? 
Union, IS 7 Brandi, Cardiff Steel 


From Mr. J. Talbot* 

Sir,—Miy motor insurers have 
written: “you will receive an 
amended policy schedule showing 


_ __the market 

favour our exirttng landlord and rnre fj;BBtv what would take the »_ - „ _ . 

ISpSL^onrind^Jrish Sat'it X^the i Sk-.-Mr. Brian Marker's letter ^ereTtoe" ttrMt nw h^Sig ^^Ts'lnotii^SSSle of the 

programmes that the C “^J. Of January 3 on the subject of over Cardiff’s own East Moors inefficiencies that seem in- 


Sir,—With the recent news details of‘the new car but unfor- 
Items that you have published tuIJa tely this will show the in- 
on British Steel Corporation's correct registration number of 
losses coupled with early closure ve hide. We would advise 
of two of the Bwwick plants, at you ^at all our records are com- 
Clyde Iron and Hartlepools and paterised and we are .therefore 
because of the so-called generous n nable to stop the preparation of 
compensation to the workers ^ incorrect schedule.’" 


should be perpetuated. 
G. L. Lyster. 

Strutt and Parker, 

13, HUl Street, . 
Berkeley Square, W1 


Electricity Generating B j^ Se~effici£ncy'of the stock market works, I feel I must speak up Sp^ble^Sim the use”of co‘m- 

was — and still is — waa*®;. contained the assertion that against those people who say: puters . Another, of many that 

taking. Lord Robens says coal because the market was sur- 44 Close down the old, inefficient cou i^ be quoted, is well known 

In Britain must be used to \ me; prised by trading -results plants." , t0 motorists, that is, the delays 

maxi m u m , instancing a return ^ ann0 unCe d recently by both I Cl First of all, the huge losses have occurred in the licens- 

. - —--—: to research in underground gasi-’^ii- B ass Charrington, the being made cannot in any shape office at Swansea since a 

\ fication, a'technique that is cefe.j&ui&et is not therefore efficient or form be laid at the door of lQfge and costly computer was 

I .3VPmS H1625klir& taindy not -- being properlyargument was that if the the older works within BSC. The installed-there. I fear that we 

researched, very much of a non-Efficient market hypothesis were large modem works created by ^ becoming slaves of these in- 

. sense when compared with the^trne. then the market should BSC with high technology plant f erna j machines, and to tittle 

UP IOi Hi 4 X 1 . sums of money being expended-atways correctly anticipate just are not able to cope with purpose beyond satisfying the 

on solar and wind power. leading results. ^ ^ ^ trade cycles. __ are ,_5® r ? starry-eyed enthusiasts. The 


From Mr. D. Bowells. 


_ ___ ... _ trade cycles. They are __ _ _ 

Lord Robens seems, like many >'This however, is not what the efficient when they are loaded evidence of economy is certainly 
Sir,—I refer to the comments others who have the right target .hypothesis is • suggesting. The with orders, to near capacity. not dear, 

by Sir Alan Cottrell on fast in stoht, reluctact to point to the jparket is “efficient" in the sense But at times of low worldwide j t is reminiscent of the old 

breeder reactors (January 4) and major source of fuel wastage, l&at' all knowledge which is trade such as the current posi- ^ry about the offiee that had 

suggea that the - proposal- to Hi® specification for a better publicly available, Le. which is tion BSC finds itself ^in, they employed two old dears to dis¬ 

place them underground as a enemy commission as a powerful §ipable of being known by themselves become inefficient tribute cups of tea to the staff, 
matter of course should be con- independent energy body could wvestors, is accurately reflected and carry terrific losses. An efficiency expert decided that 

sidered in detail at this stage, -o* be bettered. ■ Ifif current share prices. Clearly,- On the other bond, many of this was a waste of time and 

Not only'does this make less w& have an energy-tour® trading results are not the older, smaller works, like labour: buy a suitable tea trolley 

claim on scarce Jand, it probably -jeetricitv industry . known flV lnvwtors) and can- our own at East Moots, are an d one tea lady cquld then 

also makes it easier and cheaper ^ t waste twice ax'? 0 * therefore be reflected in highly flexible and can (and in- cope easily. In no time, of 

to comply with safety, require- SS5 U : B * ^aa tura into Aare pnees. - deed have) survive profitably course, the office bad a tea trolley 

meats, and when their useful c ™TEb V • th ? t *L°- during such trade cycles if they a pd three old dears to operate it. 

life is over they can probably be nnW aninde- ** ** forecasts of m left none to get on with the J. E. Talbot 

dealt with more easily. to M rtOWM onffan '“ those particular trading resulto job instead of having their order verdley Down. Midhurst Road, 

Surface sites considered co«m ^ ely confinns how difficult book transferred to these large pemhurst, Uaslemere, 

suitable in the past for nuclear cMgeivably befree of the m t0 forecast ^SurprisiDg” inefficient plants, and then being Surrey. 

reactors have often been located nudahon at present represem^u ;Teralts are not inconsistent with condemned out of hand. —- 

on fairly weak regollth requiring by the membersmp Of me ^ efficient market hypothesis. Another charge levelled at , t 

expensive foundations. This ing commission. ._Indeed it would be more surpris- these older works is that they I l£3Tl 1IT1 ihP 

Jroblm docs not arise • In Elsewhere in your same issue g* tiding results did not m ovSnuiuSdn ttaataS ^ 1CrtU 

caverns at properly chosen sites there is an advertisement oy a .from time to time “surprise" basis of tonnage output per man. 

and furthermore provision for manufacturer whose nam^^ e market 
lateral loads can readily be made escapes xne for “power V.mbI H. Richards, 
by propping , from the walls of parachute ” — generators which $2, Soutkwood Lome, 
the cavern. . can be delivered to any xnacces* Siohoate. N£. 

There is plenty of scope for in- sible ®ot by air. But wdnM the , eB 
genuity in choosing the dimen- usors of sudi generators employA punPftUP 
sions and layout of the caverns t0 turn the electricity back ? /ktflucuiiw 
and tunnels and of the plant to ^ Qt0 heat? By examaningttie fuel t 
fit inside them. Caverns 20 m. energy strategy and economics * 1 *1SKS 
vide are now qiute common. 0Q ^ the absur-.; 

they have been built 35m. woe ^ . aweiul consequences of From Mr. D. Emanuel 


Well, again we have - proved here cities 

at Cardiff that at the smaller, _ _ ... 

older works toe good industrial From mr. r. Alien, 
relations that have been built up • Sir,—1 was. especially taken by 
over the years have allowed one sentence in Mr. Sandies 
negotiations to take place that article on Mickey Mouse et al 
have reduced manning by as (December 29) J quote—“ Dis- 
much as 25 per eent If this ney” World and Disneyland 
could be achieved at the modern embody the whole Disney image, 
plants 50 per cent of BSC’s It is one of incredible cleanli- 
losses would disappear because ness, efficiency and Inoffensive- 
Glass’s although these manning reduo ness." How wonderful if one 
20) on tions have been made at these could say -1he_same of the inner 


caverns becomes apparent " comments (December_, __— . . ----- --- 

fin K nntxea3re-the m your letters column on the academics and the efficient mar- older works, the overall manning boroughs of UJC. cities ! 
rock-^Seneed same day a representative of a kets hypothesis both objection- .figures of BSC have increased Philip Alton. 

-rtSi inverttea- control ' systems mmmfacturer able m a ill-informed- during, the same period. P, W-. Allen and Co., 

.tioS £d tbfridof one important pouK. The hypothesis cmnes in three 


Costing by BSC is another area 253 Liverpool Road, IVX 


GENERAL 

Prime Minister ends two-day 
talks in Bangladesh prior to visit¬ 
ing India. 

President Carter ends three-day 
visit to France to complete his 
tour, and is expected to visit 
European Communities Commis¬ 
sion in Brussels. 

Lord Carver, British' Commis¬ 
sioner-designate for Rhodesia, 
expected to arrive in Mozambique 
for talks with President Samora 
Macfael. 

Talks due to resume in Salis¬ 
bury between Rhodesian Govern¬ 
ment and nationalist groups. 

Mr. Roy Hattersley, Prices Sec¬ 
retary, ends four-day visit to U.S. 
to discuss competition and 


To-day’s Events 

counter-inflation policy with 
American officials. 

Mr. Frederick Mulley, Defence 
Minister, continues visit to Cairo. 

' Advisory, Conciliation and 
Arbitration Service (A CAS) 
attempts to resolve two-month- 
old Ley land assembly workers’ 
strike at Speke, Merseyside. 

Mrs. Shirley Williams, Education 
Secretary, speaks on last day of 
North of England Education con¬ 
ference, York University. 

Mrs. Margaret Thatcher, Oppo¬ 
sition leader, in -Aberdeenshire as 
part of Scottish tour. 

London Chamber of Commerce 


trade mission to Morocco at de* 
briefing meeting; 69, Cannon 
Street E.C.4, 1L30 am. 

Assistant Masters' Association 
conference ends, Cyncoed College, 
Cardiff. 

COMPANY MEETING 
Lancaster (D. At), Great 
Northern Hofei, N., 10. 

OPERA 

English National Opera perform 
Janacek’s “From the House of the 
Dead,” Coliseum Theatre, W.G2, 
7.30 pm. 

SPORT 

Golf: President’s Putter, Rye. 
Tennis: British junior covered 
courts championships. Queen's 
Club (10.30/am.). Table tennis: 
nd v. Chii 


England 


ina, Middlesbrough. 



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and discuss it 


^- Standard Chartered j* 

Sh Bank Limited w 

helps y outhrougihout the world 

Head Offices 10 QegocatsIan^Ixi^idon.EOiti TAB Assets CMCBd^^MlflilliOfl 


■j . 












14 


r 



Financial Times FritJay January 6 39T& 



S & W Berisford jumps £10m. to £23.6m. 


FOLLOWING A jump of £6J31m. 
lo £11.64m. at halfway S. and W. 
Berisford reports record taxable 
profits Tor ■ the year ended 
September SO. 1077 of £23.57m. 


turnover advanced from £768.4m. 
to SIMbn. 


acquired on August 16. 1976, and 


contributed 


<£6.2Im.) to turnover and £ 2 . 81 m. 


pre-tax proGls respectively. 

Basic earninsis are shown at 


dividend is stepped up to S.25p 
(6.5pl as forecast at the time of 
the rights issue in May with a 


ALso proposed is a onc-for-onc 
scrip issue. 

Having regard to ED 19 the 
directors consider that the major 
pan of the reduction to date in 
tax liabilities on U.K. profits will, 
with reasonable probability, con¬ 
tinue for the foreseeable future. 
The tax charge is thus minimal 
at £2.Sim. (EL92m.) with the 
majority of the deferred tax pro¬ 
vided in 1976 being written back. 


INDEX TO COMPANY HIGHLIGHTS 



Company 

Page 

Col. 

Company 

Page 

Col. 

Allied Breweries 

15 

1 

Hollis Bros. 

14 

4 

Anston Holdings 

14 

6 

Howden Group 

14 

7 

Barr (A. G.) 

14 

3 

Macfcinnon of Scotland 

15 

2 

Berisford (5. ft W.) 

14 

1 

Morgan Crucible 

14 

7 

Birmingham Pallet 

14 

6 

Ratners Jewellers 

14 

7 

Duple Inti. 

15 

2 

Reliant Motor 

15 

1 

Esperanza Trade 

14 

5 

Richards 

15 

3 

Fodens 

14 

2 

Tomkins (F. H.) 

15 

3 


tage drop in turnover was 4.1 
per cent, taking into account the 
33-week sales period in the 1973-76 
accounts. 


Hollis Bros, 
little change 
mid-term 


Fodens 
tops £l£m. 
midway 


put in some jeopardy. 


- ON TURNOVER up from £lfl.39m. 

15 1 to 122.87m. for the six months to 

__ September 30, 1977, pre-tax profits 

. t- , of Hollis Bros, and ELSA, were 
4 little changed at £l.03m. against 
“ £Lllm. last time, after a higher 

15 3 interest charge of £310,000 com- 

pared with £375.000. 

Profit for the 1976-77 year 
i nrtlIct . i improved from £0.99™. to £2.2lm. 
Industrial ^ the directors then said that 


unrest at some of its suppliers the reorganisation and restructur- 
has upset component supplies in ins undertaken dmlng the year 

t Hp sA/innH Hnlf anH unlace Undone _ ^ . *“«*• lll r r . 


the second half and unless Fodens would stand them in sound stead 
has a good run in the final quarter in the current year. 


The tax charge is thus minimal 1X&* the market may he in for a dls- The interim dividend is in- 

at £2.8 lm. (EL92m.) with the • 1 appointment. .For the longer term creased to L17975p (i.05625p) net 

majority of the deferred tax pro- "ITllffWSIV the group is reducing ns de- and a maximum permitted final is 

vided in 1976 being written back. WttU TT «. Y pendence on the extraction anticipated—last year’s final was 

Comparative figures for 1976 have COVQIERCHL vehicle manufac- 1 ( ldustne ‘?* ^ere demand has been 2.96293p. 

been adjusted by £3.3ra. For the fureS Fodens nf ed ^re-tax depressed - by developing markets . 

year £7.G9m. has not been JSSS from Sl3.0M to &m 0 a n " d d pi ffige^How- 

provided m respect of deferred f 0r the half-year to October 15. eve P r is t0Q to i U H E e the Considering that three-quarters of 
tax. with the result in reremie ___ _, r....... e'er, u is too eany to judge tne u „ nt . o~.,- 



Morgan Crucible ugil 
£2.4m. at 9 months 4 


. 115 ?' 


HAVING ABSORBED the effects However, even though cnrrebtf 
of currency changes. in the tnnvemenls are atiracllng' thun 
quarter ended October 2. 1977. attention Mr. WeMan Smith sajf 
nine month prniib of Morgan their potential effect on margin 
Crnefblc Company are ahead from at the trading level and on tnaditw 
£6.77m. to £9.2m. before tax. prospects in various market 
At halfway profit was ahead should not be exaggerated. 

. orders. 



Nin* 

MorotM 



1077 

197S 

1971? 


Itttf 

loue 

£000 

Salas . 

1.7.277 

37.21 u 

TKftU 


2Z.919 

23.W9 

31.M3 



21 2S0 

.12.36 


10 0» 


11J93 


2.S4t> 

2.473 

3.111 


ld.C,i 

7.071 

11 


* on 

3.B17 

4.4SS 


4.7» 

S.SU7 

3.041 

Acurn 

I 711 

7K7 

4.IIS 


t5j 

121 

246 

UoJdiiw co. 

j. r 

•U 

•.4) 

lntcsimrm Invorne 

192 

1>7 

203 

Ni-l tin.-ith" rturt.1* 

l.M? 

I a».* 

1 'M 


njm 

b.7tt 


-Tax . . 


»:j 

4.ST.7 

Nil pro til 

J7J1 

2 2*3 

3. 

iimorrtios. PL drvs 

«7K 

L’« 

291 

Atmhuiablc urd. .. 

iiil 

J.s.ij 

4.;ji 

Ext fjord, di-iuis ... 

liH 

l.*» 

4.1 

Araltahh- 

A Ail 

SHI 

4.709 


comment 


Ju’ cent., and over the nine month 
,;™ are up over 1 1 points to 13.5 pe 


division 


with beiter-U^n 
ns. Sales growth 


tax. with the result in rerenue 1977 on turnover ahead from iThi*?* “nSSSS 

S f, D 1 t ^ rnber 30 belns £ 22 Jim. to £23.59m. Profits for “Hf imJoduced onlv a^UDlJ from **»• volatile timber 

increased by £11 Jm. alI 10741.77 . amp <« n ram nn ?i^_jL- C0 V p,e cvcle the latest half v»r results 


ail 1976-77 came to £1.74m. on of months back . 
turnover of £4/.lorn, and the rowings_£4.Sm. 


Had provision for defereed tax lurnove r of £47.I5m. an. 
been made on the same basis as single dividend payment 
m previous yeare earnings per 2 . 4375 p net per 50p share. 
i^VDl W h becn 3o - 4, P The directors state 
Ne,Assets amounted to £71 JSm. SSSSr^iSi 0 . 0 -! "ll JT 


of months back Stimebor- gg- %% *""“5“ 

rowings—£4.Sm. in the last ft* ,?™i p «* 

accounts-are lower bu t nothing » E 

dramatic is expected. The R-R i?!*? of between la 


Freddie Mansfield ' 

Mr. Keith Showering, chairman of Allied Breweries—pre-tax. 
profits have risen from £63m. to £77.2m. in the year to 
September 24, 1977. • ’ ... 


N.rs* uranrs mr rapiui •■spyndinm-. 30 per cent, and turnover ran 
Turnover for the nine months on |y 3 per cent, in the last thm 
is £!0m. higher at £67.27m. After months with major markets fc 
all charges available profit comes Continental Europe, Japan at? 
out at £4.45m. (£3.04m.) and earn- Australia still struggling to dim! 
ings per share arc shown at lip out or the recession although th» 
( 7 . 4 p). The irading margin is up U.S. has performed well. However 
from 13.9 per cent, to 13.3 per the group is now reporting 1 
cent. better flow of oruers and -tbt 

Mr. Ian Weston Smith, chairman, company could still top £l3L5oi 
says the final quarter will likewise pre-tax profits for the jus 
be affected by rates of exchange despite unfavourable current 
because 1977 sales and profits movements. The shares yield 6 J 
from overseas companies are con- per cent, on a maximum dividend 
so I id a ted at panties ruling at the and on a p’e of 7.6 taking a Hrtt 
end of the year. through the interim tax charge; 


bidTVortir sSpT share, 'was "re- « pe " .jj» C °™1 

new jected on lonser-torm nrosuects parab i® j ¥ 0,, L S 1 . . has 


jected on longer-term prospects 


—equal To imSTi"' fpj %£ ££ range of vehicles launched during but at 60p. where the yield is 
is at September 30. P C thc . year ht * _^ n wctl receIved 8.3 per cent. and the p/e is 5j 


Turnover . l. 

Profit before ux . 

Taxation . 

Net profit . 

Minorities . 

Exiraord. credit . 

Available ... 

Prrf. diva. 

Interim . 

Final ... 

To reserve* . 

t Debit. 

See Lex 


1976-77 

1973-76 

- MOP 

roon 

1J6I.367 

768.402 

23.574 

13.5M 

2XT0 

2.924 

20.7S4 

10.640 

6H8 

2S9 

■VS 

1354 

20.132 • 

9M7 

7 

7 

1.107 

7RS 

1J577 

1.T3I 

17.141 

8.071 


at home and overseas. 
However, since Ai 


managed to restrict its Tall to a 
mere 7 per cent. This is at a time 
when volume timber sales have 


DIVIDENDS ANNOUNCED 


interruptions caused 


rather than long-term hopes. 


restrained 


pany’s progress otherwise 
deserves." 

First half profits were struck 
after interest of £383.000 


A. G. Barr 
down to 
£ 1 . 18 m. 


To some extent the weakness of Birmingham Pallet 


which has been cut to the bone. 
Moreover Hollis has yet to feel 




Date 

Corrc- 

Toial 

Total 

Current 

of 

spending 

for 

last 

payment 

payment 

div. 

year 

year 


2.6S 

Mar. 1 

2.4 

3.93 

352 

.int 

0.75 

Feb. 24 

0.75 

— 

2.4 


4.46* 

Apr. 7 

4JJ9 

6.46 

5.79 


4.75t 

Apr. 6 

3.75 

8315 

65 


4.1 

Mar. 6 

4 

5.6 

55 

inL 

2 

Mar. 20 

1.8 

—. 

5.05 

int. 

1JS 

_ 

1.06 

— 

4.02 

inL 

034 

Mar. 10 

0.28* 

— 

057* 

.inL 

1 

Feb. 15 

1 


3.06 

inL 

0.35 

Apr. 1 

0.3 

— 

057 


Ratners advances £1.6m: 
to £ 5 . 94 m. for six months 


TURNOVER FOR Ihc six months The chairman reports that tin 
to October r*. 1977. of Ratners group's experience so far in the 
(Jewellers) expanded from £4.34m. Netherlands is a favourable ok 
to £5.P4m. and pre-tax profits with prevailing turnovers closely 
advanced from £375,497 10 resembling those in the UJK! U 

£420969. Last year there were is expected that when the riiou 
additional pre-tax profits of are settled in. turnover should 

£81.498 on sales of property. begin to rise and so offset the 

Mr. L. M. Ratner, the chairman, predominantly higher overheads 


imonnm t*, ro^nnn 111 souwbud iimoer prices waicn 

C m ;th Walll'c £ 98000 ? and the ittrltatoble T URN0VER OF ghoft drink raanu- peaked in July and the group re- 

ollillfl Wallis kS* i« nn frem imMA facturers A. G. Barr and Co. mains one of the more highly ---- -- toti1 

r . . . rtrofinno JnJr «S5!3SIaII slipped from “Hib. geared timber companies. Total TVorld* folio •• fu,1 -- vcar profi,s on last JW* 

pro , fil °L,. brass - zmc > nihirQ °°nf SsiMM) 6 jnrt for the > ear to October 29. 1977. borrowings have risen from £iSDvl3.flZu JL i3.Q6 IdllS £lAm. , . M 

aluminu m etr Attinss group JJIts o( I3S.OOO <nili and- and profits feU from £ 2 . 15n ,. l0 around £8m. to neariy £llm. since Due to the seasonal nature or pro 

rnth Wallis and Co. more than minorities of £S.00Q i£39,000). u.igm. subject to tax of £0.62m. the year end. on a 30 per cent. 0*t £Z-~~± L„l£ the trade ihe greater part of enJ: 

mbled From £R^.6.ia to £136.639 A r'nmmpnt compared with £0.95m. At mid- increase in stocks to nearly £13m.; T, I TT1_ 1T1 T1 |ViT Q |T profits is earned in the second desi 

the sjx months ended S'ep- • COmmeni way the pre-tax surplus was down and debt is now about 130 per Ill UMli half. two 

mber 30. 19. i. Though Foden s 12 per cent, rise from ££488.000 to £219.000. cenL or shareholder funds. At PRE-TAX profit of Esperanza taxable profits for the 1976-77 During the period, expansion of 

After tax of £71.aa0 (£32 050). in sales looks fiat, profits for the The final dividend is 4.4621p 71p (up 4p) the shares yield 9.6 Trade and Transport for the six year of £5.32m^ the directors said the business, with particular rc- % > 
* profit emerges at £65.109 first six months were on target net per 25p share for a 6.4621p per cent., and stand on a pros- months to September 30. 1977. fell that the company was in a period S ar d lo the new venture in the 

30.605). A steady interim divi- to meet the group's £2.5m. fore- (5.7S56p) total. A two-for-one pective p/e of 6.7, assuming a by £lm. to il.75m. on turnover of consolidation following ex.- Netherlands, caused the initial «hi 


Moreover Hollis has yet to feel * Equivalent after allowing for scrip issue. tOn capital increased Vt a Jh. r The 

the real impact of the downturn by rights and. or acquisition issues. X Additional 0.0676p for 1975-76. ,e \ c culn natin m yet another ff s 
in softwood timber prices which outstanding Christmas season. 0 W13 , 


mother T1,e interim dividend n 
seasom &&2S **55 


□ uihiuiiuiiiu v^ur i.NiiiidQ aciiavii. n 4 M An- nft|t 

Accordingly the directors look Cor- (£M 510)^ Last^iiS 

ward lo a satisfactory increase in i f™* 

full-vcar profits on last year s t0,al was equaI 10 u ' ,69p - j 


aluminium. 


Smith Wallis and Co. more than minorities of £S,000 (£39,000). 

doubled From £62.635 to £136.639 _ 

in the six months ended b'ep- • COmmenL 

tember 30. 1977. Though Faden't 12 ner rent. 


■ji ior toe year to uctooer zs. an. Borrowings nave risen from 
dna ' and profits FeU from £2.15m. to around £8m. to nearly £llm. since 


mmenuea u. I1Jgni . subject to tax of £0.62m. the year end. on a 30 per cent. P1-, 

• romment compared with £0.95m. At mid- increase in stocks to nearly £13m.; T. I f 

w ^ way the pre-tax surplus was down and debt is now about 130 per 

Though Foden's 12 per cent, rise from ££488.000 to £219.000. cenL of shareholder funds. At PRE-TAX 


full-year profits on last year's 

£1.4m. Mr. Ratner says that continued 

Due to the seasonal nature of profits growth makes a furthef 
the trade ihe greater part of enlargement of the capital base 
profits is earned in the second desirable. Accordingly a nne-for* 
half. two scrip issue is proposed. 

During the period, expansion oF 
the business, with particular rc- % comment 


...» 


While (be overall mraket for 


j i - * --— —" --f ’■'■r — r' v» uaujuuitb » -aiii. iu Ai.i «ji i*. via vi wviJPViiuauvH iviivmiif, ---—-- _-, - .-. ‘it l « . 

dend of lp per 2op share is to be cast made at the time of the bid scrip Issue is also proposed. downturn for the year of around and fees of £ 18 . 2 m. against pansion which took place during expenses of the new branches in- jcw-eUcry nas grown by about a 

paid. A 3.06p total was paid last battle with Rolls-Royce. But since Mr. Robert Barr, the chairman, a tenth in pre-tax profits, which £15,95m. the year, and that profits in the volved. to impinge to an even filth. Ratners first half sales nse. 

year on taxable profit of £106.020. the interims the target has been points out that the true percen- is in line with the sector. In October, on reporting record first half of the current year may greater extent on the seasonally is -7 per cent- almost all of it* 

—...—_:_ well be less than the first half of modest profits. wrnilng from increased volume., 

^^^————— -1 the previous year. Consistent expansion and lm- About £Q.«m. came from the six 






0 . , . ._provements to existing branches new branches (two in Hollandf• 

titated earnings per share brought about the substantial in- but margins suffered from open*’ 
are nearly halved from I3.1p to crease j n retail sales says Mr. ing costs and a sharp increase in 
n^ a ? d or?i 1 Qi? nra . d i Rainer. The market share of the overheads and the profits rise Is- 

lifted to -p (l^p) net—last years group continues to grow, he adds, just over 12 per cent Like its: 
nnai was New branches were opened competitors. Ratners is geared 

An analysis of profit showrs that during the period at 373. Oxford towards Christmas and thfcr 
the international services division Street, at Swansea, at Portsmouth, period evidently provided the • 
contributed £1.91m. (£2.65m.): at Swindon, and in Holland in High Street jeweller with a : 

copper and pyrites £70.000 Amsterdam and Eindhoven. Since record trade. This should lift they 
(£0.3in.). Group expenses took the end of the half-year branches full year profits to at least 
£232,000 (£202,000). were opened in Newcastle. Glas- XI.Tul,. an increase af about a: 

Profits from cornier were lower K nw ' and *mth Shields and in fifth. At 9Qp the shares are on 
owing to the lower price ruling Holland ai The Hague. Rotterdam a p e of 6.6 (maximum laf 
I for""the metal International ** Vlrecht. charge) but the yield of 1 .per 

[Services did not maintain the Additional branch openings are cent, reduces the attractions 
Ipvp -1 rvf nmfiic nfhiovoH in »ho planned for 1978 and propositions although with a cover of about. 


level or profits achieved in the Planned for 1978 and propositions although with a cover of about- 
previous year due to the down- a . re constantly under considera- 22 times there is ample scope for 
turn in certain sectors of ihe in- tion - improvement. 


Results for the 52 weeks ended 24th September 1977 


turn in certain sectors of the in¬ 
ternational trading, construction, 
and shipping industries to which 
the company’s services are pro¬ 
vided. 


The directors of ADied Breweries Liraited announce the results for the 52 weeks ended 24th September 
1977 and these, with the results for the previous year, are shown below. 


Howden Group sees rise 
in full year earnings 


The directors recommend a final dividend in respect of the financial year end?d 24th September 1977 of 
2.6S2Sp per ordinary share making, with the interim dividend of ].25p per share already paid, a total of 
3.9328p per share. These dividends together with the associated tax credits are equivalent to a gross of 
5.959p (last year 5.417p) which is an increase of 10 % on the previous year. Subject to confirmation at 
the annual general meeting the final dividend will be paid on the 1st March 1978 to shareholders on the 
register at the close of business on the 27th January 1978. 


The company's policy of build- • f 'll • 

ss^iTss^d'?!!! m lull year earnings 

new services starting in the U.S.. . _ . 

Middle East and Central America. REPORTING pre-tax profits of tabling their profit contribution 
The Board remains convinced that £l-56m.. against £1.54m., for the and this trend will continue in the 
prospects for the company’s ser- six months to end October 1977, second half. A reduction in turn- 
vice interests are excellent subject the directors of engineers, Howden over at Howden Parsons because 
I to no further deterioration in Croup say that full year profits of a rephasmg or contract 
| world trading conditions. should be in line with last year's completion dates for the Canadian 

six mouths Ynr 14.65m. but with a decrease in the power station construction pro- 

iW 7 ib 76 amount attributable to minorities gramme coupled with lower 

moo moo rooo earnings, should show an appre- margins and the weakening of 

r Ul ^°7V*rf feos , i*5£ ciable increase on the 5p per 23p the Canadian dollar against 

TaShno****.....!!!.".’ 1 rsi ij® H 1 * share then reported. sterling has resulted in a lower 

Nii nroat . 9 m> 1.5S0 - 5io9i First half tax takes £820.000 Profit contribution from Howden 


Group Profit and Loss 


Tumover(excIusivc of VAT) 


1976/77 

£m 

3,105.9 


1975/76 

£m 

8S5J 


Trading surplus before depreciation 
Depreciation. 


Trading profit.. 

Investment income ... 
Associated companies 


Finance charges 


Profit before tax. 

Tax on above profit 


Minority interests .. 
Preference dividends 


Earned for ordinary shares from operations 

of the year . 

Foreign currency losses. 

Gains and losses arising other than from 
trading ^less tax). 


Available for ordinary dividend 


Ordinary dividends 

Interim. 

Recommended final 


Profit retained transferred to revenue 
reserve. 


109.4 

90.4 

22.7 

19.7 

86.7 

70.7 

4.5 

4.0 

2.0 

2.0 

93.2 

76.7 

16.0 

13.7 

77.2 

63.0 

35.0 

31.1 

42.2 

31.9 

0.8 

0.6 

0.4 

0.4 

41.0 

30.9 

(0.1) 

(0.9) 

3.7 

3.0 

44.6 

33.0 

6.6 

5.4 

14.1 

11.6 

20.7 

17.0 

23.9 

16.0 

44.6 

33.0 


Gains and losses arising other than from trading 
Surplus on disposal of properties (including 
surplus on revaluation now realised).. 
Surplus on redemption of debentures .. . 
Other ... 


Group Balance Sheet as at 24th September 1977 

Fixed assets. 

Investments and loans. 

Net current assets other than cash. 


Net cash overdrawn 


Preference share capital. 

Ordinary share capital and reserves .... 

Loan capital .. . 

Provision, deferred tax and minorities .. 


Increase in net equity 

Balance 25th September 1976. 

Share capital and premium.... 

Retained profit .. 

■Exchange adjustments. 

Revaluation surplus on property disposals 

included in retained profit. 

Prior year stock adjustment. 

Reallocation from deferred tax ... 


Less Excess of cost of shares in new subsid¬ 
iaries over book value of net assets - • 


Earnings per share from operations for the 
vear. 


1976/77 

1975/76 

£m 

£m 

3.0 

25 

0.7 

0.8 

—• 

(0.3) 

3.7 

3.0 

514.7 

454.6 

51.2 

45.8 

147.5 

89.1 

713.4 1 

589.5 

31.0 

4.1 

682.4 

585.4 

9.0 

9.0 

433.8 

316.3 

189.9 

151.3 

49.7 

108.8 

682.4 

585.4 

3163 

299.1 

223 

— 

23.9 

16.0 

(4.0) 

1.8 

(1.0) 

(0.6) 

3.0 

— 

79.0 

— 

439.4 

316.3 

5.6 

— 

433.8 

316.3 



1017 

1976 

107K-77 

Tumor* feos 

Prc-iac Tl'Bfit . 

£000 

£000 

tooo 

15^!0t 

1,707 

13.831 

2.700 

35.242 

5J17 

Taxalinn .. 

St 

1.188 

2.226 

Nii orofti . 

SWl 

i.3«r 

3,1181 

Minority interests . 

9n 

9K 

181 

EarnlmiS 

870 

1.1X4 


Diridcacb _..... 

M3 

204 

• 5X3 


Birmingham 
Pallet dips 
to £142,000 


balance is ahead from £205,000 to , Pre-tax profit therefore has 
£485.000 after minorities. bp en maintained primarily 

The directors intend to declare ^C? u Sh improved results from the 
an unchanged interim dividend of ^.K. group and the reduction of 
0.033p net in March. Last year's losses in Howden Holima 


final payment was 2.72724p. Refrigeration Group. 

Members are told that operating , m . r 

results are being maintained at alUMt 

liquidity position continues to be CONVERSIONS 
satisfactory. . Hnme Holdings announces that 

Companies in the U.K. are show- holders of 400,176 “B" 25p share* 


On turnover ahead from £2.1 m. - l ^ ompanies U - Iv - are show- holders of 400,176 “B” 25p share* 
to £2-83m. taxable profit of ! n ^, ^ ° v erali Improvement in have converted their holdings to 
Birmingham Pallet Group declined 7 °“ groover and proGt. with a like number of “A" 25p shares 
from £152,836 to £142,058 in the Jan2es Howden Group making an as at December 31, 1977. 
year to October 31, 1977. increased _ contribution and The conversion of these “B" 


The conversion of these 


Ar halfwav when nrnftf mu Howden Compressors showing a shares, representing approximately 
™ ™ P I° fi i r °^ welcome recovery trend., 24 per rent, of the “B” shares 


£14.000 to £88.000 directors pre- 


21 come recovery trend. 24 per cent, or the “B” shares 

Overseas the Australian and currently in issue, leaves > 


^ScSnS^rr 011 in Pr0filS f0r S0U,h African Groups are main- balanced U6sjoTb. £ 
Earnings per share are staled j--- - -- - 


at 6.85p (7.0Ip) and the final divi¬ 
dend is ahead from 4p net per 
10p share to 4.1p taking the total 
to 5.6p (5.5p)—equal to an . 
unchanged gross amount. 

1B7S-T7 1973-7G 

I £ 

sales . 2.S2S.TO 2.077.3x5 

Prom before tax .. *112,058 1S2£Z5 

Taxation .—. 72.1SS ri.:«7 

Net profit . G9X70 7I.4M 

Dividends .—.. 37.122 56. Ilia 

Forward . S45J3S S32.3HS 

- Includes temporary employment sub¬ 
sidy received ar rioJlS. 


Notice of Meeting 


Notice is hereby given that the Annual General Meeting of 
Members ol The National Bank of Australasia Limbed will be 
held at Uie registered office ol the Company, 31 Queen 
Street, Melbourne, on Thursday, January 26,1978, at 
11.30 am lor the following purposes: 


Anston HIdgs. 
unchanged 
at halftime 


1. To receive and consider the balance sheet and statement- 
of profit and loss and the reports of the Directors and of the 
Auditor for the year ended September30,1977. 

2. To elect Directors. Mr R R Law-Smith CBE AFC, Sir Rupert 
Clarke Bt MBE and Mr P J V Ramsden retire in accordance 
with the Company's Articles of Association and, being 
eligible, offer themselves for re-election. 






3. To transact any other business of which due notice has 
been given. 


New subsidiary companies 

The results include the figures Tor Teacher r Distillers) Limited and Embassy Hotels (Hyde Park) Limited and their 
subsidiaries with effect from I st October 1976 and the figures for Goldwell Limited and its subsidiary with effect from 
2nd July I9~7. The contributions to turnover and profit before tax from these companies in the 52 weeks results were 
£67.9mii!ion and £4.8miIlion respectively. 


Deferred UX 

The group accounting policy on deferred tax has been changed. Deferred tax on all timing differences and stock relief 
continues to be charged in full in the profit and loss account but that part of the total possible liability that is unlik ely to 
be payable in the foreseeable future has been released to shareholders' funds resulting in an increase to capital reserves 
of £79miIlion. 


Pre-tax profits of property 
investors and developers’ Ansiou 
Holdings was virtually unchanged 
iur ihc hjit year to ociouei a, 
1977 at £83,100 compared with 
£S2,50U last time. Turnover was 
down from L,o-*.UQ0 u> utbu.iUU. 

Stated carniogs are unchanged 
at l^op per 25p share and the 
interim dividend is maintained at 
0.75p net—last years final was 
1.6519p and profits £151.160. 

Tax took £43.200 (£42.000). 

leaving a net profit of £39,900 
l £39,600). 


Special business: 

To consider and, if thought fit, pass the following ordinary 
resolution: 


’That the remuneration to be paid to the Directors for their 
services be increased from the sum of S80.000 per annum to 
the sum of s 120,000 per annum, to be divided amongst them 
as they may agree, such increased fees to be effective from 
26th January. 1978/ 


By order of the Board 
L A Cruickshank, Secretary 
December8,1977 


ISSUE NEWS 


Inflation accounting 

Adjustments to financial results calculated in accordance with the interim recommendation of the Accounting Standards 
Committee arc increased cost of sales £1 l.3milliOn and increased depreciation £22.2miIfion. less gearing adjustment 
£!0.4miHion and together give a broad indication of the effect of rising costs on lire profit before lax. Application of the 
recommendation on deferred ia\ sci out in Exposure Draft 19 produces a reduction of£24.6million in the tax charge. 
The combination of all four adjustments indicates a marginal increase in earnings. 


J. WILLIAMS—89% 

John Williams or Cardiff's 
three-forelghi rights issue ( 0 1 
raise £0.Gm. has been taken up as 
to SS.75 per cent. The balance or 1 
the shares not taken up have been 
sold at a profit, and the net pro¬ 
ceeds will be distributed lo 
entitled shareholders. - 


Proxies 

A Member or other person entitled to vote may appoint not 
more than two proxies to attend and vote instead of him. 
Where more than one proxy is appointed, each proxy must 
po appointed to represent a specified proportion of the 
Member's voting rights. A proxy neednot be a Member of the 
Company. 



The National Bank 


of Australasia Limited 

(Incorporated in the Commonwealth of Australia). 


"I 





1 












































































^iiia^e|al,Tlmes Friday JamiBry 6 19f8 




(JrP-i^ ’oj» U^v£s 



£14.2m. 


15 


at ill2m. 


' '.n.vi TURNOVER, excludin 
* if JlW; compared with ** 




es 

* 

i\ 


j .. 

t’lii 

•j. 


VAT 

. _i,3m., 

vtfed Breweries raised pre-tax 

by £14.2m. to £77.2m. fqr 

s year to September 24, 1977. 

!n June, reporting an £ 11 .5m. 
:rease to £39.4m. -for the first 
weeks, the directors said that 
"'‘■•.wits for the rest of the year 
i,’ ■■ >,ire expected to show an im- 
•• ovement on 1975-76 but not at 
. '% fi’satoe rate: - 

- .'‘"'-'rax for the "year takes £35m. 
.ainst - £31.lm. and minorities 
, 1 ■ '.8m. (fO.feij. Alio taken-below 

• e line are foreign currency 
«es- of £0-lm.'<£0.9m_), as are 

, “ ins and fosses totalling £8.7m: 

. arising other than from 
’Vading^—including a surplus on 
u ; .>posal of properties of £3ra. 

..25m.). 

‘i Profits were after depreciation 

• ; f( ‘2.7m.. (£19,7m.), investment in- 

1 :o»e £4.5ra. (54m.),: associated 

-'umpanies. £ 2 m. (same), and 

' : iance charges £16m. (£i3.7in.). 

•i, •• The final dividend is 2.<£2£p. net 

.) . ' ■ "’'.jr 25p share for . a .- S9328p 
I.,. .;^.52Up) total. - 

J 1 " Results include rtfae figures, for 
•.* :>;acher (Distillers) and Embassy 
r 'n-ptek (Hyde Park) and their 
ibsidlaries with', effect from 
• ctober 1, 1976 and-the. .figures 
*..ir. Gold-well and - its -subsidiary- 
-. , ,T - *ith effect from July 2, 1977. 

xbe : contributions' to turnover 
' 1 <ad profit before tax from these 
jmpanies in the 52 weeks-results 
ere £67 Jm. and £4.8m.' re¬ 
stively. " 

The group accounting policy on 
iferred tax has been changed. 
■eTerred tax on all timi ng dif-’ 
irences and stock relief con- 
nues to be charged In full In 
.ie profit and loss account but 
' - :hat part of the total possible 
. =:• .ability that is unHkdy to be 

■■•payable in the foreseeable future 
: js been released to shareholders*- 

’ i unds resulting In- an increase In 
"■ p capital .reserves of£7Bm. 

, Adjustments to financial results 
'• calculated in accordance with the 
- h ' 1 ? interim recommendation of. the 
'iccounting standards committee 
ire increased cost of sales £115p. 
.:;. l, ->ind Increased depreciation-122 Jim. 
; '-teas gearing.adjustment £10.4m.. 
i' These together give a broad in- 
•lieation of the effect of rising 
'' -osts on the profit, before tax. 

> • . Application of the' recommenda- 
.ion on deferred tax set out in 
, . . £D19 produces . a reduction of 


U 
monff 


BOARD MEETINGS 

Tbfi foltarfag conaanltt bare BOti&cd 
dates ■*. Joard meetings to Uie Slot* 
ExcWisc. Snctr mf clings arc ttso&lir 
hcM Ivr «w purpose of coasidcrins dh4- 
denas. Offlaiai indications are not .avail¬ 
able -wfotttM- dividends concerned are 
interims or fln&h and the snb-dlvtsioos 
shown below are based mainly on last 
year's timetable. 1 1 

TO-DAY 

tmerhor. Geevor Tin 1 lines. Kaou MU, 
Pontic's Stead, uid Simpson. 

FtHb: Robert H. Lowe. ' 

„ FUTURE DATES ' 
Interim— 

ACB Research ... Jan. 'll 

Amber Day .. Jan. IT 

Commerdji Bade Of Auflraha ... Feb. 23 

Crouch Gnntn ....j ... Jan. l* 

Saainrl ih.) ■i..... .. Jan. 9 

Stroud Riley Drummond Jan. 12 

-. Finals— . - 

Epicure . -- 12 an. 11 

Btcfcsoo and Wek* _ Jan. IS 

NcrfoUt Capita! ....-.-..- Jan. ifi 

Tuner MasnfactuxUs —. Ju. 13 

i Amended. 


£24.6m. in the tax-, charge. The 
combination . of all .four adjtisi- 
ments. indicates a m a r gi n a l . In¬ 
crease in earnings. - 
. Mr. Derrick Holden-Brown, vice 
chairman, predicts that the UJv. 
beer market will be marginally 
higher in 1977.-78. 

The summer of 1977 was ao 
very bad he says and it is iiuuKfty 
that this summer will- be any¬ 
thing like that. Because of 
increased' spending the ministry 
is expecting a marginal increase 
in the beer .market and Allied 
expects “ to gain a bit of market 
share.”. •. T 

Pub trade stood up quite will 
over:Christmas and Allied brands 
bad done quite well but on the 
High Streets take home trade was 
surprisingly patchy. - s 
Allied.has obtained permission 
for price increases for Babycham, 
cider and Hoteks. An application- 
for a beer price increase i» bound 
to be made this finanial -year, 
probably sooner rather than later, 
he says.- •- 

Allied has continued with its 
capital spending- programme 
announced just over a year ago 
and has not so far sought to make 
any changes. . - 
In 1978-77 some £B7m. was spent 
out of the £164tn. total and a 
similar sum is expected to be 
invested this year. 

Asked about whisky prices, he 
said the Common Market .ruling 


to 


as 


against Distillers, the Johnny 
Walker firm, could mean prices 
of the better known export brands 
going up in Britain by 8Dp 
70p a bottle. 

It was time that the EEC rulin^. 
if extended to other firms' such 
as Allied^ Teachers company, 
currently under’ investigation in 
Brussels, could mean the prices 
of their export brands going up. 

But he predicted that other 
braqds would still be on sale 
Britain in six months time 
substantially the same price 
now. . . - ■ 

He hinted that Teachers would 
would be holding the price of i 
Kings Royal brand, introduced t 
the home markets year or lw 
ago, _ in . the battle with rival 
Distillers.' ■ ■ 

See Lex 

Tomkins 
up £0.14m. 
so far 

MANUFACTURER OF buckles 
bright drawn steel and nuts and 
bolts: V. H. Tomkins, lifted pre¬ 
tax profit £13SJ)00 to £656.000 in 
the six months to October SI. 1977, 
on turnover ahead from £ 5 .68m. 
to £7.45m. 

Directors say the market for 
aD products handled by the* group 
continues to be difficult with 
margins tinder Increasing pres¬ 
sure from intense competition 
both at home and abroad. 

Two additional distributor 
depots will be operating early in 
1978 but as the major , part of 
their development costs wiU fall 
In the current year no profit con¬ 
tribution is expected until 1978-79. 

After tax of £349.000 (£277.000) 
and minorities attributable profit 
is £904.000 (£240,400). 

The interim dividend is lifted 
from 0.3p net per' 5p share to 
095p. A 0-5flB6p final was paid 
on record. profits of £i.47m. last 
year. 

Directors say that While turn¬ 
over is almost one third up on 
the first half of last year, a sig¬ 
nificant part of the increase was 
m the less profitable areas of 
steel and fastener manufacture. 


limont 


Reliant turns in £0.23m. so far 


SITS 

HtiS 


. Pre-tax profit of Beliant Motor 
'- Group for the seven months to 
. September 30; 1977 Was £229.000 
;' an turnover of £15JLm. 

- Stated earnings per 5p share for 
. .the period are 0.6p (0.7p). The 
- ; last dividend payment was 0.175p 
: for 1974/75. Tax took £67,000 and 
. • the amount, attributable came out 
at fl50;000. . 

• There are no comparative 
figures because in' bringing the 
-accounting date in line with the 
.company’s ultimate holding com¬ 
pany. J. F. Nash Securities, a sub- 

* si diary of J. F. Nash Holdings. 

• the year-end has. been changed- 
from February 28' to September 

. 30. 

The group no - longer. makes 
provision for deferred tax 
' because, in the opinion of the 
Board, stock levels and capital 
investment programmes will con¬ 
tinue at current levels for the 
foreseeable future.• 

k • comment 

Kcllant Motor’s <ar division 
struggled into the -btack to the 
t^ne of £15.000 after net. 
redundancy costs of f 174JKMJ. Last- 
year the car division reported 
profits of £104,000 but this was 
after crediting u temporary 
c-mptoytnenl subsidy- worth in 
. excess of £lm. Though the under¬ 
lying trading profit from car..«.iles 
is improving, actual sales are far 
from buoyant. Reliant t‘ar 
reglstnationr. in thp. U.K. fell. JO 

" per cent, during-the 7 months onU 

this probably takes in 'a 13 per 
cent, decline in the Robin, threc- 
whecler range. An explanation 
for the poor-sales or.rhe three- 
wheeler can posvibly be found in 
greater financial pressures on the 
lower income groups which repre¬ 
sent the Robin’s main market 
" Meantime Reliant is being sus- 
fttineri by its general engineering 
aulivilies.- This feature will prob- 
; ;*bly continue at least for tiw l.lryt 

{ half of.the current year though 

I rs!0' s car profits should be belter now 
' . that its redundancy programme is 

uviT. Perhaps the involvement of 
- : Nwsh will- make some impact on 
the long term but fn the mean¬ 
time Uic shares at a{p. giving a 
• • market capitalisation of-IlJiSm., 

■ are speculative. 

J. & H. B. JACKSON 


Mackinnon of 

Scotland 

optimistic 


time of the profits statement In to £483.646 .and that with 
December. The terms are l-for.20, medium term loan of £750,000 has 
a total - of 1.2m. 10 per cent, contributed towards a substantial 
cumulative Preference shares of improvement in the group’s 
£1 each. -liquidity. From this, however, he 

says that £300.000 has been paid 
since to reduce-a secured bank 
loan and £376^50 will be needed 
to redeem the company’s Loan 
Stock in February. 

Old Court held 213 per cent, of 
the equity at August 31. 1977 and 
W. S. Yeates holds 8fi per cent 
Working capital increased by 
£2.1m. (£0 65m.). 

.. In the official document setting Meeting, . Lytham, Lancs, 
out details of the recently j anwu y 30 it nooiL 
announced options which were r . 
granted to the Scottish Develop- 1 * 
merit Agency, the. chairman of 
Mackinnon of Scotland states, that 
the group’s -turnover for the year 
to October Si. 1977. touched £6m, 
an increase of-nearly 50 per cent 
over the previous year. He 
expects a further modest increase 
in the coming year. 

Exports amounted to some 35 wijm4 
per cent, of the-.turnover and it j n Western Europe and 

is hoped to achieve a similar pro- Scandinavia, Mr. A. R. Robertson, 
portion in. the current year. _ The chairman of textile &"oup 
-directors expect the -preUmmary Rj e j^ rdgj does, not expect a rapid 
announcement of the full year* improvement in profitability, 
results, which will be ^u*dv But jf tte nt€ of pragress 
shortly. wiH show a very satisfac- p rov es.to be slower than the com- 
tor>’ return to profit. pony’s potential and capabilities 

: In the..firsL half of 1976-77 the j£ nevertheless be real and 
group showed a profit of £54,699 h6 

compared with a less of £62,332-- —■are exporting to an ever 
for all of 1975-76. 


Richards 

forecasts 


progress 

Until there is real economic 


Duple sees 

further 

improvement 


sting 


Shareholders oMroa.; steel. and 
non-ferrous mefcjJ merchants. 
J. and H. B. J adman, have been 
sunt details ; of iithe Preference 
scrip issue foreshadowed at .the 


increasing number ol overseas 
countries, and intend to obtain 
a-greater market share for all our 
products." 

: . In tiie year just ended on Sep¬ 
tember 39. 1977, pre-tax profit was 
down from £931.000 to £768,000. 

• Mr.. Robertson says industrial 
'textiles had an excellent year 
with demand consistently out- 
Vflth- good order books in tiie stripping its ability to supply its 
roachbuilding and engineering synthetic tarpaulin canvas. This 
divisions of Duple International, situation is expected to continue 
Mr. ‘ Gordon D. J. Hay. the chair- for some time. Fire hose did well 
man. tells shareholders that the. also, although demand dropped 
1977/78 year should produce a away in the final quarter. ‘ It is 
further improvement in group expected to make a satisfactory 
profits. ■ contribution to 1978 profits. 

As reported on November 23- He says there are dear indica- 
-pri?-tax profits for the year to lions that the man-made fibre 
“August 31. 1377 ruse'from £897.464 market Das bottomed and is be- 
to £1^7 jtj. 'and the company ginning to make a cautious re- 
•returned to - the dividend list with covery. The Involuntary rationali- 
a 0.594d net payment sation of the industry recently, 

Mr. Hay adds tht the group’s '-with its reduction in capacity, 
recovery is complete and the should enable realistic profit 
directors xre currently examining margins in due course:. . 
ways in which- activities can be . .Richards has stepped up Its 
expanded within the framework, development projects and sees an 
or nnple’c known strengths. excellent future for its fancy 
- The chairman says that the yarns in the "knitwear industry, 
total proceeds after expenses of VMeeting, Aberdeen, February 1 
the June rights issue amounted at. noon. 


MONEY MARKET 


Further signal on rates 


Bank of England. Minimum . 
Lending Rate 7 per cent, 
(since November 35, 1977) - 

The authorities repeated the 
message, calling for restraint in 
the downward pressure on interest 
rates, in the London money 
market yesterday: Day-to-day 
credit was in very short supply 
and the authorities gave an excep¬ 
tionally large ■ amount of 
assistance," but this was still not 
sufficient to take' out the Tull 
shortage. 

The Bank of England lent a 
moderate amount for seven days 


to-eight or nine discount houses, wth repayment • of 'the large 
at Minimum Lending Rate of 7 amount lent overnight by the 
per cent,-, as a signal" to the Bank of England. Banks carried 
market, *nd also lent an excep-: forward run down balances, and 
lion ally large amount overnight, a alight net take-up of Treasury 
to the same number of houses ai rbills was another advene factor. 
IIILR. The authorities also bought . bouses buying rates 

a large amount of Treasury bills j 0r yjj-pe-moDth Treasury hills 
from the houses, andasmal! fi^ed at SI2-5&. slightly higher 
number of local authority Dins. yh nn m Wednesday, but still 
Revenue P 3 *?® 11 *, J™ Pointing towards a cut of 4 per 
Exchequer exceeded G ?wernm®nt cent to 6i per cent in Minimum 
disbursements by a huge Unding Rate at to-day's bill 

settlement was made for the very - ■ 

substantial amount of gilts sold . * . 

by the authorities on Wednesday, Rates hi the table below are 
and the market was also faced nominal fn some cases. 


163"* 


Jan. 6 

1378 

Ntnmi! 
I'tifiiArwp 
ni rtcinau* 

Insert null 

UWh 

-AdThnHiv 

•lepvuc 

1**** .mill 

[«£HC1bTiJP 

touts 

t'liMim 

Hmiwe 

UeiHMit 

toNUtnii 

Mkvwii 

nuirlel 

lapoailr 

Traasury 

Sllte* 

kfifiiMc 
Sank 
Bill* 6 

Fine lr»ri< 

OreruMilkU..— 
i -la Vi in*!-*.. • 
1 ri*y, pi 

i -lav- mHws. 

Ono mnath.—. 

IIhw month . 
M* IHottlll-...- 
XiilpiMmilh-,., 
Doe ve* 

Twcbvw**.;,^. 

•iS-e* 
680 61* 

^SK-eta 

esj-? 1 * 

.-'670-7 la 

' 6\',--6»s 
eU-BBa 

69p-6Sfl 

66s-6**. 
61i-6S*. 

6ia 

' • • 

*S»4 ' 

«,-9S* 

BJt-BS* 

6V65* 

- V.6H. 

-«5e-7l* 

- 650-6~B 
66e6re 

63*668 

61*7 

74 

•7J» .- 

71* 
7W , 

T . 

6li 

j 6-7 , 

63*-6T 8 
6x*-6ig 
• ~6-6i* 
8*1-6 . 

61k 

.6 /M 

6£6la 

6-6* 

6-6 

6Jfc 

65*-67 8 

6*6-674 

6i S -7 


■ju.i and fliuiKv houses seven days" mVce. others seres days' Bxsd. *Lrager-lenD Inca! awhoriiy nwrisase 

. Loc * 1 taZry-m n-W W eem.: five yen* M-lM per cem. * Bai* tall raica; in 

te 5ws foepruM bju* Mb M*i* per cem.: four-moalh trade blUa SS-f 

’ ilman'sefflns rate tor ono-n*«uii Trwsmy MB » ■jr'.gMrf nr^rno^.^S ^ifrg 1 mil; 

S^tt.^woxlmate HK fy qq»inonft teilc ^ 

i-K.pw«ni. airf-irenm trade MBs J* per emt.; na-nwnihS^ i J«t.. _ wye. 

r TMiMivhMf Av Un> Flnin B«u» AssooaooaJ tw.em. aen-jamuix i. 


and Uxee-moMh 
Cem,: and three- 

_ mufllh 64-61 per «m. 

FinMffl nwaes Awodatioiii^"6 j pw .c m.asB-JMmj i. wra ebarb* 

tog per «at. QemW, ^ for bndin, «-»■«- rant. 

Treasury ahhU-Aver axe tender rates or dRanm axasi pct cam. 



BARLCW RAND UMITED 

* a 

1977marked the 75 th anni versary of the group 

Pre-tax profit increase of 20*6 percent 

Our balance sheet shows that our finances are 

ii>a strong position. 

Extracts from the statement by the Chairman , Mr. C. S . Barlow 


The past year . 

1977 has been another very 
difficult year for business with South 
Africa experiencing its third 
consecutive year of recession. 

Having regard to the continued 
deterioration of business conditions 

in South Africa other than in the mining and agricultural sections, I 
believe that our consolidated net trading profit of £50.9 million, 
which amounts to an increase of 5.9per cent on last year’s results, is 
as much as could be expected. It was pleasing to see that profit before 
tax showed a considerable increase of 20.6 per cent from £98.2 million 
to £112.4 million. A dividend of 17.2 pence per share compared with 
15.8 pence for 1976 has been declared-which is covered 2.9 times. Our 
balance sheet shows that our finances are in a strong position. 

The mining division, and in particular our subsidiary Transvaal 
Consolidated Land & Exploration Co. Ltd., has done well and greatly 
increased its profits. Many of the other divisions have maintained and - 
in some cases improved their results in this difficult year. The building 
material and consumer durables sections suffered from a severe 
reduction in demand and margins, but were able to reduce their 
employment of capital to the lower level of trading. The management. 
of these companies faced up successfully to a serious challenge and 
they should now he well placed to take advantage of an upswing when 
it comes. - 


Year end 30 September 

1977 

1976 

1975 

1974 

1973 

£ millions* 






Total assets 

730.4 

536.4 

466.0 

371.9 

291.3 

Turnover 

822.2 

704.7 

608.1 

479.3 

404.0 

Profit before tax 
Consolidated net 

112.4 

93.2 

73.8 

61.1 

42.1 

trading profit 

50.9 

48.1 

42.1 

35.3 

24.4 

Earnings per ordinary 

- 





share—net trading 






profit 

Dividends per 

50.0p 

47.5p 

42.8p 

36.2p 

25.4p 

ordinary share 

17.2p 

15.8p 

15.2p 

13.2p 

10.6p 

! *Rate of Conversion—1 South African Rand=£0.66. 



consultation and communication 
but regard them as inadequate 
negotiating instruments. 

On the other hand, we consider it 
impracticable to negotiate with 
black unions, because they have no 
legal standing. The same would 
apply to any unregistered union 

irrespective of the race of its members. The basic requirement is that 
there should be no difference in the rights available to the various 
race groups and therefore we would like to see negotiations at 
industry or national level between employers’ organisations and 
multiracial unions, rather than black unions, with complementary 
negotiation on domestic issues at plant level between managements 
and multiracial committees. 

It will be seen from these policies that we have no major quarrel 
with the codes of employment practice which theUSA and EEC seek to 
impose on subsidiaries operating in South Africa. Indeed we and many 
other South African companies have little to learn from these codes. 
We regard our policies as progressive and have developed them over 
a number of years for reasons of normal enlightened business practice. 


Exports 


Personnel policies 


The time is appropriate for me to say something about our * 
personnel policies wiihin the groug;^.*-£- l. ^ . 

As regards wages we accept that the concept of equal pay for equal 
work should he the goal of any responsible expployer and this is one of 
our group objectives. On the question of znini'mum rates of pay it is 
important to realise that in respect of unskilled workers these should 
not be pitched at levels which bear no relation to wages currently in 
force. In South Africa, with, vast numbers of people entering the 
labour market each year, this would be counter-productive 
particularly in labour intensive industries and could lead to the 
elimination of thousands of positions hyforcing industries For reasons 
of economy to increase their level of mechanisation. We have set 
ourselves and constantly achieved a more limited goal, which is to 
ensure that the earnings of the least privileged sections of our 
workforce rise at a rate materially higher than their living costs. Over 
the past four years the earnings of blacks, coloureds and Asians in our 
industrial and commercial companies have increased twice as rapidly 
as the consumer price index, while the rate of increase in our mining 
companies has been even greater. The challenge now confronting us - 
and South Africa as a whole - is to achieve productivity gains to 
offset the costs involved in pay increases. 

It is our policy to have the same general conditions of service such 
as leave, retirement benefits and medical insurance for all our 
employees. 

We have accepted an obligation to improve all our employees’ lives 
outside the working environment. We are discharging this 
responsibility in two main Ways - by helping them regardless of race 
to acquire and improve their own homes, and by our active 
parti ti pation in the recently established Urban Foundation, the 
primary objective of which is to improve the quality of black urban 
communities. _ - 

In recent years our group has devoted a great deal of attention at 
all levels to the training and development- of our personnel .of all races 
and we are proud of the high standards achieved. 

The question of bargaining rights for blacks if a very difficult one. 
At present they have to negotiate through liaison or works 
committees. We find these committees valuable channels of 


We have continued to encourage our companies to expand their 
exports and to look for new markets abroad. The value.of goods 
exported by the group (excluding the proceeds of the^ale of gold) 
during the year increased by 77 per cent to a record total of £122.8 
million. 

The prospectsfor nextfyear 

Although there"are as yet no statistics to support the view that the 
severe recession in the South African economy is levelling out there 
are indications that this may be the case ..Nevertheless our foreign 
exchange reserves are still inadequate to finance a general reflation 
of the economy due to the reduction fif capital inflow which occurred 
during this period. The rate of inflation shows little likelihood of 
anythiag beyond a marginal improvement. We shall therefore have to 
be content with the measures of selective stimulation recently 
announced by the government and the possibility of a mildly ■ ■ 

reflationary budget. These will go a little way towards alleviating the 
now serious unemployment problem and give some relief to the hard 
hit building and automobile industries. 

Against this background I see little improvement in most of our 
own industrial divisions, and having regard to the relatively 
uncertain short term prospects for the products our group sells in 
world markets, other than perhaps gold, it is difficult to see anything 
more than a standstill position on earnings in the year to come. On 
the other hand our financial position is strong and we are well placed 
to make acquisitions of companies that fit into the group investment 
pattern if such opportunities should arise. 

By far the most important single force to restore business 
confidence in South Africa, both internally and externally, would be 
the implementation by the government of its stated intention to do 
away as fast as possible with restrictive measures which discriminate 
on the basis of race and colour'. It is also of great importance that a 
black middle class is created if we are to succeed in promoting a free 
capitalist society in South Africa accepted by all sections of the 
population in contrast to the leftist regimes of the countries which 
surround us with all their well-known inefficiencies. Action of this 
nature would go a long way. towards restoring the inflow of funds from 
abroad and would I beli eve bri ng about once more the c limat e of 
economic growth which is so necessary not only for our business but 
for the health of the country. 


Barlow Rand Limited is a South African company and the parent of a large group which 
operates in southern Africa, the United Kingdom and the continent of Europe. Its business 
is tbe management, control and development of the group’s mining, manufacturing, 
di st ri buti ng, property and other i nt erest s . Tbe group employs 125,000 people and 
its shareware listed and quoted on the stock exchanges in Johannesburg, London, 

Paris, Brussels, Antwerp and Bulawayo. 

Copies of tbe 1977Annual Financial Statements are available from the London Secretaries, 
Thoa. Barlow (Holdings) Limited, 16 Stratford Place , London, W1N9AF. 


A POL 



Edited by Denys Sutton 

The world’s 
leading magazine of 
Arts and Antiques 

Published Monthly price £1 -50 Annual Subscription £21.00' { inland) 
Overseas Subscription £24.00 USA & Canada Air Assisted $48 

Apollo Magazine. Bracken House, 10. Cannon Street. London. EC4P 4BY. Tel. 01-248 8000. 

• • •• ' 



Coach and bus bodywork, G.R.P. hot compression mouldings, 
textile machinery and precision engineers 


Turnover 
Profit before tax 
Extraordinary items 
Retained profit 
Dividend per share (actual) 
Earnings per share (before 
' extraordinary items) 


4je Turnover and profit at record levels. 
jfr New range of bodywork (Dominant II) very 
successful. 

Impressive turn round in Engineering Division. 
Recovery programme now complete. 

* Currant year should produce a further increase 
in trading profits. 

Copies of Report end Accounts are available from the 

* Secretary. Duple International Limited Vicarage Lane, 

* Blackpool LOncs. FY44EN. 


Year to 31 st August 

1977 

1976 

£0Q0s 

£000s 

15,258 

11,644 

1,269 

897 

105 

(279) 

498 

137 

0.594p 

— 

1.79p 

1.21p 












Its 



AVON RUBBER COMPANY 
LIMITED 


Details from the Report and Accounts 
Year ended 1st October 1977. 


3977 

£ 


1976 

£ 


Group turnover 

£188.920*450 

£87,835-517 

Group profit 1 'or the year before tax 
Ta.\ 

5.416B53 
7408 M 

Z453^4S5 

549952 

G roup profit lor the year after lux 
M inority interests 

4.b76jD39 

110206 

1,903503 

54.750 

Profii lor the \ ear 

Dividends 

4565^33 

640,128 

IB4S.753 

356J75 

Retained profii 

£3.925.705 

£U92J78 

kaminas per share. 

68-4p 

27-ip 


Extracts from the Chairman's Statement. 


The Repon and Accounts fur the year ended hi October 1977 shows 
a m.nor improvement in our results.The company increased iis turnover 
b>>th ji home and overseas, and this combined with aur greater efficient y 
produced the record rrolit before ta\ ofX5.-JI6.85.>. 

At the Annual General Meet ini: in January l<J~" f indicated the intention 
In return ma full diiidend a» soon ua passible, and it is therclorc with great 
pleasure that your hoard hai been able to recommend not only a return to the 
prev inus level ol dividend, but also to uplift il b> the maximum umoum 
permitted by the present dividend restraint policy Treasury consent has been 
granted lor the payment of a linal div idend ol 5-2 op per share. 

The cliicient management m our cash resources resulted in a further 
reduction in borrowings. \uhe same lime.we increased ourcapiutl 
invesimeni programme in buildings and plant, to pro' ids some of the extra 
capacili whiehue.-hall need lor expansion in the cumins years. 

The Ljpilal programme for shows a continued increase in the 

rale ol investment in newmanulaciunng facilities. Vt eanticipate that the 
whole of the capital programme, amounting to a figure in excess of £4ni, will 
be financed from internally generated funds. 

Lord Fnmham will be taking over as Chairman after the annual genera! 
meet mg >>n 2.>rti January N?JJ. Lord Farrtham. who is Chairman of 
bruwnSlupIcv Holdings Lid., lias been a member olour board for 11 years. 


Annual General Meeting: Melksham House. Me Iks ham, Wiltshire 
H.Nooo. Monday 23nL January. 1978. 


Vehicle Main Dealers, Vehicle Leasing Specialists 
• and Commercial Vehicle Body Builders 



■-I 

Year to 31 st August 


1977 

1976 

% 


£000s 

£000s 

Increase 

Turnover ■ ■ 

21,240 

14,175 

49.8 

Profit before tax 

550 

313 

75.7 

Dividend per share 

1.55p 

t 1.39p 

11.5 

Earnings per share 

6.74p 

3.71 p 

81.7 


sfc The current year has started well and further profit 
growth anticipated. 


* Present indications are that car and commercial 
vehicles markets will be.stronger in 1978than 1977. 

# Vauxhall, Bedford and Ford will increase market 
penetration. 


$ The leasing sector continues to grow. 


Copies of Report anti Accounts are available 
from the Secretary, Jessups {Holdings) Limited, 
125-131 High Street, Stratford, E152QJ. 


VAUXHALL • BEDFORD • OPEL ^ FORD 



Little growth at L & G 


Legal and General ure Assur- until last August following the completion of its 

ance Society, the second largest ■ Mr. Peet, however, expects pen- valuation. 

life company in the U-K„ reports sion business to be- more buoyant jj-K. Provident, in contrast to 
a 5 per cent, rise in annual this year. The group’s progra mm e jjf e companies, reports sub- 

premium from its worldwide life for amending .schemes to comply sfentjal increases in new business 
and pensions business in 1077 with new legislation was being f or 2977 g, both annual and 
with new annual' premiums successfully completed. premium contracts. .New annual 

totalling fSS.Sm. against £S4.4m_ Worldwide new life business premiums increased by 5L per 
in 1976. Single premium business vv^s more buoyant for individual cent, to £7.44ra. from £4J3m. and 
showed a similar rate of growth, contracts, with annual premiums single premiums doubled to 
advancing to £21Am. from £!0.4m. rising by 10 per cent, to £25.Sm, £ 2 . 47 m.. from £l27m. But all this 
The group's pensions business, from £23.5m. and single premiums growth came from pension fund 
by far the largest sector with the doubling to £3.1m. from £L4m. business, again in contrast to 
organisation, showed a low rate UJv .annual premium business re- many life companies* results lost 
of growth with annual premiums mained statJC.atXlB. 2 iii.. but single year. Annual premiums on ordin- 
in creasing to ■ XaaJm. from premiums advanced to £ 2 . 8 m. from ary life business fell slightly to 
£54.2in., but angle premiums £].lm^ the increase of £1.'Tm. com- £327m. from £3.43 ol, while 
debited to £17.ym. from £L 8 . 8 ra. jpg entirely from business trans- pension fund business grew to 
But Mr. Ron Peet. L and G's chief acted by the new unit-linked £4J7m. from £L5m. The growth in 
executive, considers these results, subsidiary in the few weeks of single premium business was 
satisfactory in view of the fact trading since its establishment in derived almost entirely from the 
that pension scheme improve- October. company’s - new self-employed 

ments were not completely free The group will make its bonus pension plan and its individual 
from - the pay restraint policy announcement at the end of March pension plan 


OTHER LIFE COMPANIES REPORT 

AUSTRALIAN MUTUAL PROVIDENT— locrMScd ft 


__. .. n«.ua. or twfti* PHOENIX ASSURANCE — Worldwide: 

New business, figures for IS7T front U.K. £&£m. «£6.Sm.> was ruin-fi.c-arnns smile New sums assured £L2KfR. <£LlMm.l 
operations show new annual premium for premium*. Net new individual ordinary rx-w anmmlthrs per annum uum. 
Insurances Increased 23 per cent, to Jn=r life premium mcoma Tor IBT7 u-as C.Sm. iHiim.), new annual premlmns Idem, 
over £lm. New ordinary life bosuteks and secured new 'oras avsured tnLQo.i, sew single pre mium s £X9.2m. 

sums Insured, increased by 21 per cent, of 02Um. Net now groap life i£3Jm.>- Of the £UL2 bl new single 

to £55.80in. and pensions premium income was premiums. £14.11n. Is. attributable 

BRITANNIC ASSURANCE—In the. two £13.4m. 1 £12. Bra.) of wblcfa £8.7m. 125.2 m.) Property Growth Assurance. New husl- 
Ufe branches loul new annual uranium? was ncro-recurrine single premiums. ness from overseas subsidiary companies 
iUMiDN iIllAW.000 m 19TB > and single CMG says 79 per cent rt new mosey was adversely affected by overseas 
premiums £67.000 r£26B,000» secured and cosh on deposlr was invested in die curteocy' devahoOoes: new s 

E33U21.000 1 £204,780,000) Homs assured gll!-ed£cd market." By year end Die assured when expressed In sterUac 
and £267,000 1 £197.080) annuities. Ordinary equity and propaiar contest of the life being: 3 per tea:, down and new annnni 
branch new annual premiums £2.170,000 fund's portfolio w reduced to 49 per premiums 7 per teas. down. 

£>.929.OB0i. single premiums and annuity cent. Expect, u Increase equity invest- U.K. only. New sums assured £9Mm. 
considerations £267,000 (£269.000). Star men! In 1978. f£S17tn.i, new annuities per annum 

stuns assured £88,821.1)00 (iS2.fl03.0B0l and LIFE ASSOCIATION OF SCOTLAND— i VLim. iHim.), -new aaaual premtums 
annuities. Immediate and deferred. New annual pre imnm^ amounted to more K.rm. fg an. i, new single premiums 
Cor,000 pt annum i£I 97AO0>. Industrial than £i.4m. an inereasc of 71 EUm. itUx.i. 

home service 1 branch new annual per cent. SCinsle premituns. mdudins SCOTTISH E OU IT ABLE LIFE — New 
premiums £11,120.900 < £8.473,009 • far sums anntticy canstderrtaas, increased 32 pec annual premiums £9.«m. v 19.6m. 1, new 
assured £142.400.000 «£1X.163.000». cent, lo C.fcn.' (£L7jn_ >. New suras suvje pretnltuns £15.3m. i ttim }, new 

CLERICAL. MEDICAL AND GENERAL assured anmumed to £H>2.-u. '£s0m.i and snes assured It66m (n<8m.i. new amml- 
LIFB—Total net new premium income annuities to £6.3 m. <9 Um i. . ties but annum £17,4m. 4£29m.t. 


COMPANY NEWS IN BRIEF 


BA RAO ORA TEA HOLDINGS-Approxi¬ 
mate crus far 1977 season 2.323.600 kgs 
fl.999.092l of ' which 1,193.300 Las 
1.068.943) sold to November 30 at 
TksJl-23 per Its* fTksJ9.12r. Favourable 


months lo September 20. 1977. Tax mouths to December 3L 1977 during 
£7,375 (£4166i. KartUnzs per too share June 73. 

13c lO.Spi act assets value per share NOYAPARA TEA HOLDINGS—Apprtad- 
33 jp i28.ipi. interim fi 33? already mate crop An- 1977 season 446.301 kgs 
... _ announced. The company's associate. i2G2.4Mt of which 2B5-3M kxs (2U.027I 

weather conditions, combined with 1m- Donna! Investments pretax profit for sold to •November 30 at Tks 23.45 per kg 
proved supplies ot fertiUsers and aan- the period was I4S2B. On basis of present iTks 14-49). subsidiary's estate had very 
cultural chemicals were major factors rentals receivable profit to: the year to satisfactory season, due rmtnty to nn- 
contrfbnting to crop increase. Balk ol March 31. 1976 Is estimated at £9,600 tonally favourable weather conditions and 
black tea disposed of m Chlttagons: '£3,3231 but would be increased If a improvement In fertiBser supply position, 
disposal of green tea. which has further letting is obtained by ibat date. Current market stnanoa Is that Teas still 
accounted for about 26 per cent, of total Doranafcande's outstanding loan to to be sold are likely to fetch materially 
crop, baa been more difficult than pro* Dermal u £73.006. Compensation awarded lower prices than earlier and there has 
\noasts - due to increased competition in b7 the Government ' rf 5n Lanka In been an increase In costs. However. 
Ijhe traditional market in Pakistan. Teas respect of nationalisation of the com- wiffi Improvement in crop u Is considered 
still to be sold, both black and green, pony's estate amounts to S1S.4S7. The that profit of subsidiary is Dkely to be 
are likely, to fetch substantially lower first two payments of ID Instalments ol unsfactory unless there are any tro¬ 
unces than earlier and the recently compensation to be made half-yearly over expected developments. Remittance or 
imposed increase in import doty hy five rears totalling £3:&£ including profit of operating company for 1976 has 
Pakistan may have an adverse effect on Interest have been received, but this been received from Bangladesh and 
Chittagong market levels. In view of amount has not been Included in the directors will be meeting shortly to coif 
this and higher costs, while il is anti cl- above figures. U is slated. aider bow these funds can be nu.de 

pared that the operations of subsidiary GOLD FIELDS GROUP—Sicrhng eqniva- available to shareholders to best advan- 
are likely to result in a profit primarily lenis Of dividends announced In December cage, 
doe to (he Increased crap, it Is expected’ are: Interims— DoorufontciQ Cold Hiring PHOENIX MIXING AND FINANCE— 
to be substantially lower (ban in 1978. Company lL9i£4?p, Woof. Gold Mining For year to September 38, 1877, «i«« 

CITY OF ABERDEEN LAND ASSOCIA- COTijabT 8-W 9S1P . Ubonofl Cold Mining £Lla. i£475.S$i, surplus On sale of 

noN—Net interim dividend Id io^25di Conn** 11 * 23.572640. Ventcrspost Cold invesunems £80.284 t£U,70Si, income from 
rorll77.ni P (O^aopi MlnJM Company 2.99«0p, NVsi DriefOO- mvcamenis £54.879 .£32J97V group 

DOLOl TEA HOLDINGS—Approximate GcJd Mining Ctuupany S0i0833p. expenses £32£S2 (£31.7331, exceptionnl 
crop tor 1977 season 230,900 Kgs <*7» u*i Flnalv-Eaxt Drieloutels Cold Mining debits £42.393 indi pretax profit £38^91 
of which ITS.300 Kgs <164Jii'i sold "to Company 23.77D80P. Ylflkfontcm Gold (£20^48'. Tax £23.072 (£3.839) and net 

November ao at Tta.21.16 per kilogram Mining Company B.BeHlp. profit flASM i£12J58i. Earnings per 2Sp 

(TkS.L5.70i. Under iinomtally favourable LONDON INTERCONTINENTAL TRUST share L8Sp >0.77pi. Net divide ml D.TSp 
weather conditions and with an imDr*u- —Results for September 30. 1577, year '0J75p.. Figures Include slx months of 
meat in supply position of both manure already known. Net current assets 16,$13 Worldwide Group. ■ Exceptional debit 

and agricultural chemicals, subsidiary has (£12.380'. Auditors report qualified on relates to costa of scheme of arrange* 

mode a record crop- Current market inability to forth opinion oo £34.500 due meat, now abandoned with Globe and 

situation Is such that teas still to be sold from Milton Built* Priest and Co., and Phoenix Gold Mining. Directors forecast 

ire likely to fetch materially lower prices the effect, of a claim for £195.000 from maintained earnings in current year, 
than earlier and there has been an 'Barclays Bank. Meeting. London Wd , ESTATES HOLDINGS—Accounts 
increase In costs. However, with Buildings E.C.. January 21. noon. f? r , 7 e * r JJJ J mie 1877. have beta 

improvement In crop, ft is considered lhai ' MESSINA (TRANSVAAL] DEVELOP- delayed. The directors say they will be 
the profit of the subsidiary Is likely to be MENT—Results for year to September M pahiislwd as booh as further information 
satisfactory, unless there arc any on- 1977 already known. Net wmni assets awaited from Malawi is received, 
axpected developments. As a'result of R14.563 (RI8,722). Unless there is same TRIPLEVEST—Ntt asset value per 

recent receipt from Bangladesh * of improvement In next Tew months directors capital share as at November 30. 1977, 
remittance nf profit ot the operating com- feel it may not be appropriate to declare 290-Sap |aU3n us at August 31. 1977. 
pany for 1976 and having been informed an 1 Dterinf dividend for theienfreut year- WHESSOE ftrairu-ers. tic j— Results for 
by Treasury that the company is not Meeting. Johannesburg. Jariuary 26. rear to • September f 3L 1977. reported 
subject lo current regulations on dividend MORAN TEA HOLDINGS—To comply December $.-~wah comments on prospects, 
control the directors have declared with the Indian foreign exchange rcgnia- Group fixed assets SLflSm. iILL86m.). 
loierim dividend of lOp per 50p Stock lions, rdating to tho Indlanisatioa of the Jlet curem assets fT.lm. lELJtm.). In- 
Uon lor 1B77. which Is effecuvely in company's- principal trading subsidiary, crease in cadi balances £i.D3m. (£162,000 > 
respect of profii earned for 1976. This Moran Tea Company, the directors pro- decrease m overdrafts and short-term 
dividend will be paid on January 27. pose to close the company's year end oo loans £60.000 (£2 78m.). Meeting. Sc. 

DORANAKANDE RUBBER ESTATES— December 31 Instead of March 3L They Ennui's Hotel, S.W- on January 25, at 
Net revenue £18.897 (£l0554i for nine expect to announce results for nine noon. 


SHARE STAKES 


Associated Sprayers: Mr. H. E. cent, ot Glenlrvet’s Ordinary Ice Rin'k Is controlled by Mr. 

Nevtort Mason, the chairman, has capital. James Glasgow and, if his personal 

agreed subject to certain condi- Clifford and Snell—Halma has holding is added to that of his 
tlons being fulfilled for the sale acquired a further 500,000 Ordi- company, he has an interest of 
to Mr. R. W. O. Beney of 100,000 nary shares and reached agree- 15^2 per cent in the company, 

shares on or before January Vi, ment to purchase a further Sa.000 Avervs- Kuwait investment 

1»78, and a further 2"^00 shares r r0 m Mr. R. Raymond, -managing Offioesold on DewmberaSIS 000 
on or before May 2. 1978. director, of ^ Ibdolii. 

Clenlrvet Distillers: Following International. The a00,000 were 3 , 200,000 (8.67 per cent). __ 

conversion of dieir holdings of purchased from RJJJ. Halma’s Q „ Dawes:* The foUowine purchased 25.000 Ordinary making 

9 per cent Convertible Unsecured holding is now in excess of 10 per acJ^Sona b? cUroctom tSk &3.000 (5.57 per cent” 8 

Stock into Ordinary shares, the . . _ __ ..... nlaoe on Jamurv 3 at S 5 n n»r Carliol Investment 



- V* 0 

■Financial Times Friday January «.1978 * * 

Wlf 1 


i* 


Go-ahead for De Beers 


new 



iiiine 




BX KDIN£TH MARSTON, MINING EDITOR 

THE BOTSWANA Government-has shaft will reach its interim de^th 
given the givaheftd for De Beers' of a.aou mettM later m thewr. Hkv Ko^oortie fflstritet 

ne»- diamond a t lie »« A)**Sto££5 f 1 &SdS 


country’s copper mining inddt 
may be on the way. ' 


comeris e^tidlo begin'wo- metres-just" over two Jure S^SSSSe&Ln-S 

duetton wfithto four j-«i« and belmv surface huTO hcen » n!Uiax ** m » 

work has already darted on The develop^* of Elu^mmd : Tr 

Inf rastr ucture Coe the pcoiecL- - has been speeded up by i m agma i_ • 

toSSSSflffis nSmBfr a tive Planning end -■» “jraj Zambia 
spokesman lor De Beers said shat tion methods ^h jvthe result that 
the “basic fiscal arrangement" the m n >* mlna plncnrM'- 

had been made but he declined*o been/ brought ijwd to Bj Illlllc ClUSUrcS 

Sitemcnt £ on h 4 he < 1 < cost'tiS ®^e in December. 1974 and in its THE Xambian President, 

statement projected life Ehmdsrand wU Kenneth Kaunde takes thoVj 

mSSa ^ eld « 0,ne 800 10,15 05 8 ° ,d - ^h e that manpower cutsbacks in: 

SSSS - shares were 154p. yesterday. -—’■- 

In his. annual statement With - 

the De Beers* 2976 report in April rxin lupiDC FOR 
last year the chairman. Mr. Harry Jtfw It CAKA tVIt 
Oppenheimer, disclosed that the If AT firtORl.lF 
kimberlite “pipe** discovered at n T 

Jwaneng was overlain by a'sand SOUTHERN? GOLD 

and calcrete overtmrden averag- _ _ 

ing about 30 metres in depth.. He Australia's Kalgoorlle Southern Zambia Industrial and Jfia 
added that “the pipe is large in Gold Mines NX. says that if it is Corporation. . 

size and contains diamond*' in unable to complete a farm-out of The President said that .if t 

payable quantities.” its leases by March 31, it will ** crunch " comes, some .mines- s 

■ Accurate assessment of .' its seek the appointment of a Uqui- well be forced to-close. “ThW 
potential was reckoned to take daror. jtm know, will be a very pa^ 

about four years and wonld 4n- Shares in the company, in which decision on our part beeauM 
voive a “substantial” capital in- Western Mining has an effective means thousands will be ttiti 
vestment The pipe is believed to stake of around 39 per cent, have out or employment. It may « 
be about half rhe size of that at been suspended in Melbourne at be that we arc forced to do. ttt 
the big Orapa mine to the north, the company's request he added, 

reports our Johannesburg The company said that its cash A Presidential committee stoj 
correspondent resources were virtually ex- ing ways of cutting costsJa 

Two means of mining the hausted: its only* assets were-its increasing production in "4 

deposit have been suggested, one exploration leases and its copper industry is expected tp p 
involving capital spending . of secured liabilities exceeded sent its findings to Dr. Kau&dq 
a,bout RIOOm. <£59ra.) and the $A250,000 (£150,000). the end of the week, 

other costing about half that •- 

amount It appears that the 

MINING BRIEFS 


#: 


Mine closures cannot be c«y 
out without taking into 
the effect such .actions, wtt 
have bp workers, he said-‘hr 
interview puMtahed In Ente^ 
Magazine, a pubKcutkm 


smaller profile has been adopted. 

This would yield about i- 5 m , 
carats of diamonds a year, sub¬ 
stantially less than at Orapa Electrolytic Ztec 
which is raising annual output RMob works 
from 2.35m. .carats to 45m. carats ^ ■ • 

by the end of this year. But SS* Sh M,no * 
Jwaneng’s profitability would be u-ad cwu»mra'uJ'*~r" 
helped by a more favourable ratio 
of gem to industrial diamonds 
than at Orapa where some 85 per 


43.389 
1.362 
B,0U 
1,304 

GOLD AND BASE—Output of _ _ _ 

_ , - _ trates 173 per cent, srxdci for November: production of lute tld cupcvut n aefl 

cent. Or output IS in the form of uu 30 wants. colambUc 1 tootle- Eluvuo totuiL-s «Navouibcr 1S3 tonnoti. 
industrial qualities. - _ - 


Zinc coflcrntrote 
Coppor comuntrato 


Four wkx. ended months ecdnl Nov. 3D: tin 388. tail 
Due. u Nov. u columutc 7 tonnea Etcvra moodic w 
Nov. 3Q, 1676: tut 304 toauo. cuftB&fi 
i figs, la urnacol 61' tonnes. 

11.446 11.786 GEEYOR TIN—December: s,«W __ 

irvatcd produced so tonnes buck (hi < 
5p.«S7 cent. Sn.) tocftnHmr 7 tunnel knr.gd 
1.633 concentrates < Norembcr 87 Nmnul. 
1X243 KILLING HALL TIN—December tia g 
1,783 put -47 tonnro (November 4g» tanmi: 
concen- PAHANG CONSOLIDATED-! 


Jwaneng is another move in-De 
Beers' plans to Increase diamond 
production, details of which have 
been already announced. Mean¬ 
while, 1977 has. been the nfosi 
buoyant year in the history of the 
diamond industry. Despite unpre¬ 
cedented increases in diamond 
prices, sales of gems have been 
strong. 

The Israeli cutting and polish¬ 
ing industry reports that its sales 
last year rose in value by 41 per 
cent, to $l.25bn. (JEG58m.>. The 
country buys its diamonds'from 
De Beers’ Central Selling Organi¬ 
sation which markets them on 
behalf of De Beers and other 
world producers.. 

In 1976 the value -of CSO sales 
ciImbed to a record $L55bn. and 
this total will be well surpassed 
by that for 1977 which is doe to 
be announced shortly. Whether 
the pace can be maintained, in 
1978. however, is doubtful in view, 
of the cooling in vforld economic, 
conditions, notably in the US. 
which is the world’s largest buyer 
of diamonds. De Beers were 289p 
yesterday. 


GOOD PROGRESS 
AT ELANDSRAND 


Mr. Denis Etberedge. chairman 
of the Anglo American Corpora¬ 
tion group’s gold division 
yesterday detonated the “ last 
blast” which signified, the 
completion of the main shaft 
sinking operation at the 
Elandyrand gold mine in South 
Africa’s Far West Rand. 

The main shaft has been put 
down to a depth of 2.195 metres 
and the nearby men and materials 


otocK loco urainary snares, me . _ . D i ac -, on January T at 55n nor Carliol Investment Trust- 

Ord inary ^holdings ^ of Beaver Edinburgh lce -Rink—Scottish s f,are : H. ■ A. L. Dawes 125,000 London and Manchester Assur- 

Hou se— 470A94 shares. and Ice JUnk_ (1928) has acquired a (beneficial), 10Q.QOQ (other)* and its subsidiaries, hold 1,859,450 

Pension Fund- Further a,192^ shares, m^easing N . G K. Dawes ioo.000 (benefit Ordinary shares. ■ 

•>06,038 shares, now exceed 5 per holding to 9.83 per cent. Scottish ciaJ) joo. 000 (other): P Griffiths G. BlnmeL Phoenix Assurance 

20,000 (beneficial), 8,000’ (other); “hi 10,000 Ordinary on December 



lew Business Results 


in the U.K. 

1974 

1975 

1976 

T977 

Individual Assurances and Personal 
Pension Policies 

£m 

£m 

£m 

.(Unaudited) 

£m 

New Annual Premium^ 

5.6 

7.1 

8.7 

12.6 


Group Life and Pensions Business 


New Annual Premiums 


4.3 


5.5 


6.0 


7.0 


Premium IncomeGrowfli 


-(These figures include business placed wirii Scottish Amicable Pensions Investment Ltd.) 

Total Annual Premium Revenue 31.6 43.4 


52.7 


65.0 



150 St Vincent Street* Glasgow G2 5NQ 


»•*. >' > ♦ 



B. G. Rose 60,000 (beneficial), 12. 10,000 on December 15. 10.000 
12,000 (other); R. G. Newman ? a December 18. and is now the 
20,000 (beneficial). Non-beneficiaJ beneficial bolder of 126,000 shares 
interest of E A. L.' Dawes (5.54 per cent). ’ 
included in beneficial interest of „ SpeedwcD Gear Case Company: 
N. G. K. Dawes. Non-beneficial Talboys Manufacturing Company 
interest of N. G. K. Dawes holds 49,500 Ordinary. 


-; l: 


Vf 



Imperial Metal Industries 
Limited 

Ordinary shares of 25p each 

Offer for Sale by 

J. Henry Schroder Wagg & Co. Limited 
■ and S. G. Warburg & Co. Ltd.. 
on behalf of Imperial Chemical Industries 
Limited 


I 


% 


Final Instalment Doe 
13thJanuary, 1978 


Holders of Letters of Acceptance are reminded that the 
FINAL INSTALMENT OF 27p PER ORDINARY 
SHARE MUST BE PAID BY 3 P.M. ON"l3TE 
JANUARY. 1978. The final instalment, which must be 
accompanied by the Letter of Acceptance, must be 
lodged with the Receiving Bank .whose name and 
address appears on page 1 of the letter of Acceptance. 
Cheques or tanker’s drafts for the total amount due,, 
drawn in sterling on a bank in the United Kingdom ot 
. the Republic of Ireland, must be made payable to the J 
' appropriate Receiving Bank. 


Registration of Renunciation 
27th January, 1978 


Holders of renounced Letters of Acceptance (i.e., those 
with Form X completed or marked “Original duly re^ 
nounced”) are reminded that Form Ymust be completed 
by or on behalf of the personfs) in whose favour the 
Acceptance is renounced before fully-paid Letters, of 
Acceptance are lodged for registration by 3 pan. on 
27th. January, 1978. 


Included in beneficial interest of 
H. A. L. Dawes and non-benefidal 
interest ot P. Griffiths included in 
beneficial interest of B. G. Rose. 

Park Place Investments 
Siemssen Hunter has purchased a 
further 30.000 Ordinary shares 
making a total of 712,500 (15.1 per 
cent.). 

British Dredging Company : 
W. Adams and Co. (Newport) has 






- -y*. - ■<*£ 

t' ' ^ . •'v^ 





playing ai 
tieMasrioK 


But ibe Amsierdam Marriott is a 
Iwtel! Thai's nighLButeveiy one of 
our400 rooms has closed circuit - 
colour TV showing great films free 
of chaiqe). With iridr ndual air- 
condrti'ofwngand fAnihar too t-Smr 
that's fu/uryTLrere s mcne: 31 hour 
loom-service, hvo restauranrs and. 
five entaiainrTKrnt ki otx cocktail 
lounge and bar and a heated terrace 
overlooking the Letdsepleln.. .right 
in the warm, beating heart of AmrieE 
dam. Marriott: Hie EfetarftoieUviieie 
business becomes a pleasure] 


^Amsterdam/.Marriott 


Stadhouderetede^lAmsiSfdarn, 

The Netherlands. 

Phone. Q20-835l5lTei®c15087. 
Cafl: Marriott Nationaf Sales Office 
London ftione DM938592 
Or call your local Supcmatoul 
Reservations. 


Yet again,CM&G 
have what it takes 
to teach the top. 


Bonus announcement: 
£5.00% p.a. compound. 



OericalJtefisil&GeMl 
Life Awranc* Society 



In anticipation of die declaration ofbonusducin 
May1978, bonus m respect of die riiree yraw 1975-1977 
inclusive wifi be paid on policies in die current bonus 
series becoming claims by death or maturity at die 

increasedrawof£5.00ttperanmuncoTnpoan^{LO. 

c al cu l at ed on the sum aaured and a cradiin^ txx^ges) ? 

Intennediate boons is paid on life pulides beewning 
claims by mannirycir death in the period between one 
bonus dedaiationand die next Fbr die period 
cocraoencinglscJaniiaiyl978andunriJ tunher notice, 
the rare will be increased to t'4-75*>perannum oftbesmu 
allied and attaching bonuses: 

Tenmnal bonus is a special final homo rrfiidi is 
added to tbc sum assured onlyarthe timea ptilicy 

becomes a chun/Ibe scale remams unchained for the 
present at the level (sttfcut Augu.^ ot'£L5096 of die 
Hum assured for each year the policy ranks for brniuji. 

This bonus announcememstMigduxB the Society** 
repurationasa maAet leader tor'widi p t o6« v 
polides. For details of these, conact your Insurance 
Adviser or die Society. 

Widi our bonus pacing record we coidd he^> you 
on your way to the- top. 







17 



y ' 


Beet 

le 





Times "Friday Jansary 6 1978 

/ • NEWS ANALYSIS—CORAL/PONTTN'S BID 


s 



mergers gather pace 


BY ARTHUR SANDIES 


■ainhia 

lint 


X ; WaM5 art; kins a«© that Ure 
tolMv eamjrlMistaiess ’■ of Britain.. 
rts still io Hbe hands. of post-' 
nr entrepreneurs. When the 
1 ^ ferai/Fontin’s deal is completed, 
J r ir ripwever, the entrepreneurs, will 
/'■v^tve left the front of stage. 
Britain’s biggest three such 
hWWMnd therefore 

,rjwaWy Britain's biggest three 
y insure companies—'will be owned 
9 the Rank Organisation, J. Coral 
f ( Bd Ladbroke. Between them ■ 
I cjft|J*y make tour operators carrying 
, 'Ifcritoaa. abroad, such as Thomson 
i'lfit i. Combos, look like minnows. 

» far as the number of 


•».- 


eople bandied is - concerned. 

. ’NU The basic attraction- of the 
. oliday centre, business is its • 

M Blattve stability and potential ex- 
, .ansion. . The .camps (the word 
i ho longer applicable but the 
^odustry Is stuck with it) have 
v *-n enormous through-put of 
t^wople, albeit fora relatively short 
in •eriod. and these are people who* 

're spending ’not inconsiderable 
imounts in cash. They are 'a 
• largely captive audience who can 
"“»e encouraged . to -spend-.- The- 
,-j.. iterator's-Job Is to - secure custo- Ladbroke went 



Freddie UoMietd 

Sir Fred Poatbt. chairman of Pontins. 


1B77. The superb summer of 1976 
encouraged the British to think 
that holidays at home might not 
be too bad after all, and the 
camp operators launched massive 
marketing campaigns. The signs 
are that things will be even better 
in-3978, in spfte of the disappoint¬ 
ment of the weather. The 
general view is that many blue 
collar workers (the bread and 
butter of the holiday centres) will 
feel themselves to be better off 
next year—there’s nothing like an 
up-coming election to create an 
atmosphere of confidence—and 
that this will help, business 
considerably. 

Rank-owned Butlin^ and pre-bid 
Pontin's have been doing market¬ 
ing. battle on the television 
screens lately, while Ladbroke bas 
been playing a more discreet, but 
reportedly also effective, game in 
the sales field. 

If. as seems Hkely. the Coral 
deal goes through. Sir Fred 
remains at the Pontin’s helm for 
a while we can continue to see 
his smiling face urging us to book 
early for his camps. Over the 
years since the Brean Sands' Roll- 
day Resort produced a £164)60 


LEGAL NOTICES 



•Ok 1 ;f ; 


aside the centre- rather than end of the market hi didtheLad- broke have learned to know and P attern . °* holiday camps bas 
Ming spent outside . ; broke chief Mr. CyrU Stein, Coral love. It involves considerable ,_- ... 

Over the years Sir Fred Pontm headed for the budget priced sec- benefits, but also sizeable manage- J[ 0 “ tnj s , T. or I e the ead »est 
=i*s done this rather better than tor with Centre Hotels. Ladbroke’s ment control problems which an ? per ?5? I ^. t0 ' 5,301 movement 
"most The bulk of Pontin’s £6.6m. move . into holiday camps and outsider might find intimidating c ?l!» ri ?,fii a P artn *®"t? and 

.^re-tax profits lasf year came from lefsure' activities generally has at flrsL 1 ?» 

-i VmUday centre operations, and by be«n a gradual one. The company There Is also the point that the operatlonT outsidT Brtrnin Sir 
■ V* r the-bluest slice of - that has made acquisitions from tone bookmaking businesTis under the r?£d wS sharpenoufhto te 
.m more than £5m.> from domestic t™e, hut made the whole thing constant shadow of possible among the rare holiday camp 
. i.-j-amp operation. Although Pontin’s an operation of consequence Government interyentibn in either ownera who saw a loophole Inthe 
... -Jas^one rather, better thantnany ^.tb Repurchase of ahucehoh- the betting shop or casino Hotel Incentives Scheme of a few 
predicted in its overseas ventures aa F conffe at camter in Norfon^ businesses. or both. being years ago which enabled him to 
hey still show around half the an “ thc . fais f; e ^ fleet attracted by the cash end profits get a Government subsidy for 

■clurn on turnover of the boats on the Norfolk Broads, generated by. both. Clearly there some of his new developments. It 
lomestic activities, ■- ' The Coral .move is somewhat is a case for taking out some form is difficult to imagine Pontin's 

f in going .for. .Pontin's. Coral-has more spectacular and would-put of insurance. without Sir Fred Pontin. even if 

j' tz^nce again followed a path that, company ahead of Ladbroke Unlike many areas of the boll- be is now m his seventies. 

ilready taken by • bookmaking in-.the British holiday business. “ day business, holiday camps seem Who, after all, would they .get 
-c. . r ival Ladbroke. It Was long after But why this scurrying Into to have had k relatively healthy to do the television commercials? 


NB. OOJn OfttTT 

to the HIGH COURT OF JUSTICE 
Chancery Division Liverpool District 
Registry Croup “ A.” in the If* tier 
oi TurrcnoiCE losttto tad in the 
Matter of The Comouies Act. IMS.- 

NOTICE IS HEREBY GIVEN, that I 
Petition for the Winding y$ of tb? sbeoe- 
named Company by the HUtfc cewt of 
Justice was on the Wi dap of December 
!977, d resented to the Com hr 
GRIFFIN FACTORS LIMITED WfeOtt 
RecWered Office is stnulo ar si F*ra- 
combe Road. Worthing, BN1I 2BW. hi 
U» County oTSauex and MEUBLrMPORT 
flT.K.) LIMITED whose Registered Office 
is slraate at 3 Great Castle Street. 
London WIN SNQ, in rile Cotmty of 
Greater London, and that the said PetMep 
Is directed to be heard before the Conn 
sitting at the Courts of Justice. St. 
George's HaB. William Brown Street. 
Liverpool 3. In the Metro Minis Coast? 
of Merseyside, on the 38th Bar of January 
IMS. and .aay creditor or contributory 
of the saM Como any desirous to support 
or oppose the mating of as Order » 
the said Petition may appear at the line 
of bearing Is person or by bid Counsel 
for liar purpose: and a copy of the. 
PetltlM will be fnraldtcd by kb* under¬ 
signed to any creditor or contributors 
of I bo oaid Company remrfrln* torfi copy 
on payment of the regulated charge for 
the Mine. 

RVDIflUD 

Solicitors for the Petitioners. 

TndeUI Bouse. 

31/33 Date Street. 

Liverpool L2 *ns. 

NOTE.—Any person who Intends to 
appear on the heanne of die said Petition 
must serve on. or send by post to. Ule 
above-named, notice tn writing of his 
intention so to do. The notice must state 
the' name and address of the p er s on , or. 
if a firm, the name and address of the 
Brin, sod ipnst be signed by the parson 
or fins, or Ms or thdr SoUdtore <U anyl 
and must be served, or. if posted, must 
be sent by. post in sufficient time to 
reach the above-named pot later than 
six o'clock In the afternoon of the 

lBth day of January lfB. 


N&iia: 


I IN- 


Ml, 


■ a »*tM0ar^ 


BIDS AND DEALS 


Walford Maritime expands U.K. base 

I Walford Maritime, freight for- bein^, (be independent directors Property investment Company: stake of 0.75 per cent of toe 

1 ■v&rders and shipping agency with and their financial advisers Robert Following purchase of ‘ 200.000 company and control of a 

intensive Central v African Fleming, recommend shareholders shares. Phoenix Assurance Com- further 4B.8 tier cent, through 

interests, has bought itself a wider to accept toe NCBPF offer. pany is now interested in 3,365,000 a subsidiary—were published in 

U.K. transport base • with'the shares (22J8 per-cent). September.* 

purchase of toe Langvflle group.. Rentokfl: Sophus Berendsen of - 

The cost of the takeover, MARSHALL’S Copenhagen has purchased a fur- RICHARDSON NO TO 

announced yesterday, was £500.000 IINTVFRSAI • ■ tber 135.000 shares. Sophus held riDt rcc ri Dci 

iHliisiries ttWSS pM? 

Marmme. . Whitmore-NorUiway (Holdings) per cenL V , J S. A. Richardson from Carless 


Walford, which is '47 per cent. -f W a' minimum consideration of 
owned - by the : British and £275.000 of which 120,000 is to be 


NO. 004198 ttf J977 

In the HIGH COURT OF JUSTICE 
Chancery lMviafon Companies Court. . in 
the Matt er o f THE kl7?G OPTICAL 
CO. LIMITED and in the. of 

The Com pan lea An. iMg. 

NOTICE IS HEREBY GIVEN that a 
Petition for the Winding up of the above- 
named Company by the ftlKh (fourt of 
Justice waa on the 38ih day Of Oocendwr 
ion. presented to the said Court by 
M. WISEMAN A CO UlOTED. wboK- 
reatmered office is vmiaie at Sl-Tt Collier 
Struer London' Nl ?BE. and that the 
said Petition is directed to be heard 
before the Court emm* at the Royal 
courts of Juatii-e. Strand. London WR2A 
!LL. on the 30th day vf January lots. 

W rreduor or i-oiiirltmtorf pf Lb>- 
said Company dr-urous 10 suppon or 
opposi' the making of an Order on ihc 
said Petition may appear at ihe time 
of heanns. in person or by his nouns?!, 
for that purpose: end a copy Of Uie 
Pehlion wUI be furnished by the.under 
stened w any crtdlior ot cumnbmury 
of-the said Company rcouirtne such copy 
on paynu-ni of the remdated charge for 
ifao same. 

WM. E. PRIOR A CD.. 

T?mpli> R«r Rouae. 

23 ■2*. Fieri Street. 

London EC4V lAA. 

Ref: 3LM 73 k: Tel: W-3SI 33n. 

Solffhora lor the Petitioner. 
note.—A ny person who mLeads to 
appe^p on the hearing of rhe said Petition 
must serve on. or send by posi to. Uie } 
above-named. noiii.e in writing of his ! 
(mention so to do. The nodce must state 
the name and address of ihe person, or. 
tr a firm, the name and address of the 
Onn. and must ho vyied by the person 
or firm, or his or their solicitor nf aayi 
and must be served, or. if posted, urns' 
bo sent hr pusi in suffidem time to 
reach the above-named not- laier than 
four o’clock In ihe afternoon of the 
2Tui day of January IKS, 


! Ci3Ch Commonwealth Shipping Group, satisfied bv toe issue of 15,000 

: has taken the earliest available Ordlnarj- shares and £225460 p<iy- 

opportunlty to extend its U,K able in cash on completion. 




I>«: 


Cape! and' Leonard has been 

^ __' __ ... strongly rejected-as •‘opportunist” 

CAPARO -MUST WAIT by the Ritibardson Board and its 

UNTIL' NOVEMBER advisors. Sa “ ueI - , 

transport trading base under toe "in toe event of pronts after iax onT toat^ ibe^ffeJ^re is P roi- 

.^tenn* of a -non-competiliort ft, r .1978 being £45333. the con-. t» siderably lower than the stated 

gimantee it gave at the time It si deration will be increased by £6 InvJtaenS^mi^iMfo book v ^ ue of assets which, j n ti hoard brfiTre ‘tiT oou£ 

sold its freight forwarding sub- f or every £1 excess. The pre-tax i“ d including 3p per share from de-'- nJn *- a -’ R[>yl,, Couri * °* Juin «- 

P-fit for M.rcWSl, :&**«%£* ™ feSed Ux. P a^* to 50 P Sr 


No 004188 of 1*17 

In the HIGH COURT OF JUSTICE 
Chanwry Division Companies Court. In 
the Mailer of MOBAX LIMITED and 
m ihe Matter of The Companies Act. 
IMS. 

NOTICE IS RF.REBY GIVEN, ihai a 
Paiilion for ih? Winding up-of ihe above- 
named Company oy the Huh Couri. or 
Justice was on the 2flih day or December 
1977. presented io the said Court by 
AUSMAN maritime international 

LIMITED whose registered office is 
wuied at 39. Spray Street. London. 
S-E-3S- and that the said Petition u J. 


enter HI u Uiuuui mew. . 

pimel ■*&&t: Caparj 3 should « * ^ claimed that tlm price 

all1L> hid for Single to lapse 
if it wants to convert preference rhL 1«. 

shareliand make another bid next tr ^l e * 1 ?t<P a ‘ thS * 
vear Cboarn fnllownri this advice documents also .include A 

£1M. FORECAST and ha^now been told that if it ^o’oflO^re-^ ^tcr^SoiM 

The formal-offer documents for wishes to convert sufficient of its 


SPINK CONFIRMS 


’thirh^w-Xford -ro Un Spink and Son from Andrew Weir convertible preference shares to r' 

4 ? ^vesteSSJ confirmed forecast profits of £im- give U more than 30 per cent. B °^ d1vld^??r 15? 

JS25I2: for Spink this year. of toe voting rights of Singlo. then tained dividend of I.op net. 


<U 



" ‘ 'years ago. X977 wa?? £61^43 and net assets 

As part of yesterday’s deal, amounted to £198,519 after pro- 
UnEnlle changes its name to vision for deferred tax of £88.670. 

Walford Storage and Transport... 

The two brothers who started the 
mnipany four years ago, Mr. Tom 
Hodge and Mr. Paul Hndge, 

. . .become joint managing directors 
, ' of the new company. 

Mr. u 

managing tuicwiv*, _ .for vJrvinte ttiK vpir 

. justi^d the pwchB« of Langyille as already known Andrew It .will incur a mandatory hid 

on toe grounds that *hippere are weir’s • agreed -offer for Spink.-obligation on or after November ifll_ NORTHFRN 

• increasingly demanding a throw* m Vr 4 c ^f x has irrevocable so, 1978. reicroixr^ K 

. Iran sport service. Incorporating acceptances for just over 50 per At present Caparo -own?; ENG IN EER1NG 

- road fleet movements -at no' J1 ccnL or toe Ordinary shares, is by l^t)7,50o Ordinary shares and Acceptances have now been re- 

mward and outward porta The H7iy of offseting the cyclical 62^19 preference shares, giving feived in respect of 7598,471 
funds to finance the deal have nalure 0 f its shipping business It 38A per cent, of the total votes International Combustion (Hold- 
' come directly from retorves through diversification, it Will -in ^lnglo- Empire controls 19.5 *“ss) stock units which, together 
, accumulated as a result' of. the also improve the group’s return on per cent, pf the votes through its -with the 763,000 ICH stock units 
sale of Wingate and Johnson and capital employed. The terms of 1325,500 ordinary shares and acquired through market pur- 
ar other African subsidiaries. the offer, 53$p (equivalent to 400p 10,000 Preference shares and Con- chases by Northern Engineering 
Langvllle, based in Kent, has a pe r share after .adjustment for a tro! Nominees owns a further Industries amount in .aggregate to 
fleet of 60 road vehicles and a proposed five for one capitalisa- 6,000 Preference shares. Other f3J55 per.cent of toe issued capital 
220.000 square foot warehousing tiop issue) for the ordinary shares than these* stakes no other share- of 1CH - 

facility. It comprises four main and 40p for each Preference share holder is known to have a -*4ake Elections to receive the alter- 
mbaldlaries, Langvlfie. Sarorwon value Spink at al^out £5m; greater 'than 5 per cent of any native consideration have been 

i-Transport.' Europa Freight For- At this level this year’s forecast class ot voting capital. received in respect of 7,561314 

r.varder?t ^and Jet Containers nntj profits amount' to a 20 per cent- slock units and elections to receive 

” . lad a turnOPer last year of T2;5riL, return on capital. , lh * original consideration have 

' :ompared with'WairordV £5.5m. . The directors of Spink, who are NORTH BRITISH/ been received in respect 0 / 437,257 

“S! J»re house comp*. S3J- 

that future expansion of toe com- main open until further notice 

BIT/NCBPF ■ require financial re- rf tSSaW new and lhose hold f rs Hho hafr e not 

✓ oiww-orr sources which could only cume tsi<S W accepted toe offer may sciij 

The two independent directors from its being, part of a substan- an ” n do so and are entitled to make an 

Df the British Investment Trust- lial group. - «/**?!?• J* pp ^5 n, !2 

fori to look after-toe interests of - 

l'hV n % i ^c-Stu7 1, i“lr rS iSm SHARE STAKES jwli-ji™ 8S:oi per 

National Coal Board pension Vickers: Eagle-Star Insurance- 1 ®^:'offers will rema-m open 
funds—have written to preference ha$ - by further purchases. fortoer notu-e. 

-horeholders abou "the Choice i«btase<i its holding of Cnmuia- ^Gharterhouse Japhet announces 

of ore them now.Jt.4ies between live Preference stock to £615.000 toe value of its offer on Torvlew Cararen Cotn- 

cceptfrwthc 90p a Share offered nominal (8.96 per-cenU. London begBf of North Britlshfor the cofigRTO navaSe m^sh 

y the NCBPF. or*"waiting for toe and Manchester Assurance Com- nw* Ordinary shares of Trust and payable m cash 

iQp a share which She?are due pany has. by further purchases. A^ncy is 178.7p per new Ordinary ™ 


SiranxL London WC2.1 3LL. on the sotii 1 
tfar Of January I9TS. and iny creditor | 
or co gnbolorr of tii4 said Company 
deairona to KfiJWT.or oppoo? ibc nukuu 
of a n Order on. the said Pauuon may i 
appear al the fame of heanos. in person 
or by hi* counsel.‘for that purpose: 
f® 1 .-l J copy tfl '- Feliiion will be 
lonifshed by the undersigped to any 
manor or contrlbuiorr of the said 
Company requiring such copy on pann»>m ! 
of the re gulated chars* for the same. 
MATTHEW TRACKMAN 
.L1FTON ft SPRY, 
iso. Piccadilly, 

London WIV 0BT. *. 

Ref KK. Tel: BI «3 9S7«. 

_Solicitors for the Petitioner. 

NOTE.—Any person nho Intends 10 
appear on the hearms of the said Pennon 
must serve on. or send by post to. the 
above-named notice In trriuss of Ins 
Intention 10 to do. The notice must State 
tin: name and address of the person, or. 
if a firm • ihe name and address of tlte 
firm, and must be sinned by the person- 
or aim, or ha or their solicitor HI any* 
and ratal be served, or. If posted, must 
b> .P®* In sufficient Urne to 
reach the above-named not later than 
■ our o dock In ibe afternoon of cue 
2ith day of January itrs. 


seme W 05 OW cent of the election for either the original or 
OrtSwry SplST iSTm&fiS ^ aJternallve consideration. . 


JOSEPH WEBB 
ACQUISITION 

Joseph Webb an 


nd Co. has 



Allien lion' ibai BIT- .6hkJl continue 5 per cent. Preference stock ro 
in its present form?: foe-toe- time £233^500 nominal (31.13 per cent.). 



any 




~ Hill Samtfel RegjstraryLimited has 
been appointed Registrar of 
The V^or Company Limited'. 

. All correspondence regarding 
registration or transfer of shares should 
in fiituife be addressed to: 


Hill Samuel 



6 Greene oat Roce.London 5 VV 1 P IH-Telcphcsie 0I-SZ5 431L 
A member ofthe Hill Samuel Group 


profils of Torview fnr the year 
. ending March- 31. 1978, will be 

LADBROKE EXTENDS “MW. Assets are Shown 

^ - , - at £180^12. 

»ne offer on behalf of Ladbroke 

Holidays, to acquire Leisure and w V _ ____ 

General had, by 3 pstn, yesterday. WILLIS FABER TALKS 

terminated . 

SAS 1 | , “ !d ’ C. Ta B,v& n 'S,Sl er |^ 

nplay, January 13. announced in November, have 

been terminated- with our a bid 
ABRASIVES INTL.- ' ma «le for Rowbotoam. The 

-‘W off* by Unirorn Industries Jwo sides were unable to agree on 
for -Abrasives International closes * erms 
toiday. - • 


ART GALLERIES 


HftSKETH KUnMWO>in SOCIETY., Aim. 
f*Jy b , R - Mall Art Galleries. The Mill 
^W- 1 -. 10 ' 5 - Sa® 10-1 until 12 Jan. 

AQR1 S r TOC■ 


f 1 ELD BOURNE GALLERIES, 83 Queen's 

^,E S 'w,ffi. ?—■ 585 5600 


COLNAGHI-S. 14. Old Bond St.. W t. 499 
M,oa._TH E VIENNA SECESSION juyend ! 
Bill Prints, and ■ Ora wires. 1897-1917 
l Jfi?i9S l . , S.^S 40 5 4001 wed CHRISTMAS 
EXHIBITION of English WatpcaJonrs. 
yntH 20 Jan. Moru-Frl. S.SO-6.00. Sat. 
10-t 


APPOINTMENTS 


Estates Management & 
\ Valuation 


• the Cict-based property arm of a major financial institution responsible foe 
aArwiistenng a multi-million pound portfolio of prime commercial properties 
throughout the uk wishes to make two senior appointments. 

Estates Manager . 

To bead up the professional team engaged in the management of the 
portfolio and to lead the staff in modem property management 
tec h niques- The Kates Manager will be expected to make a substantial 
contribution to toe formulation of future policy and the reorganisation of 
the existing procedures. Experience of computerised management:, 

recording and accounting systems would be an advantage. 

Chief Valuer 

To head up the professional team, engaged in valuation for balance 
sheet, acquisitions and*disposals, racing assessments, insurance and other, 
purposes. Hie Chief Valuer will be expected to have had wide experience 
at a senior level of the valuation of all classes of property and will be 
required to make a positive contribution to the development of valuation 
techniques and management procedures. 

• the requirement in both cases is for men or women with demonstrable success 
in a large commercial undertaking. A professional qualification of die Rics 'is 
essential. 

• preferred age around 40 . Remuneration will include substantial fringe benefits 
and a car, and could be attractive to those already earning around 10 , 000 . 

Write in complete confidence 
to J. B. Tonkinson as adviser to the Bank. 


TYZACK & PARTNERS LTD 

HALLAM STREET 


IO 


-j LONDON WIN 6DJ 
12 CHARLOTTE SQUARE ° • EDINBURGH EH2 ^DN 


Business Development/ 
Planning 




LONDON 


c. £9000+car 


Our Client, a major company with wide interests, is seeking a young 
ambitious executive to head their Business Development/Planning 
Depanment. 

Ideally, applicants should be self motivated, in their late twenties, with a 
good 1st Degree and an MBA gained at a leading Business School. 
Essentially the person appointed will have the personality and presence to 
deal at high level and conduct negotiations in the early stages of acquisitions. 

REWARDS: a starting salary circa £9000 is envisaged with car provided 
and excellent conditions of employment. Success will lead to progression 
into General Management. ... 

Apply in confidence. Ref. 612 




Hales &Hindmarsh Associates Ltd. 

Century House, 30/31 Jewry Street, 
Winchester, Hampshire 
® Winchester (0962) 62253 


INTERNATIONAL APPOINTMENTS 


EXPERIENCED MARKETING/LENDING OFFICERS 

needed for work in a commercial bank in Saadi Arabia. 

— Minimum three years* experience in same field. 

— English mother tongue only. 

. — Age—25-35 years. 

— Assignment for a minimum of two years. 

— Compensation package attractive. 

Applicants should write-.enclosing full details and applications should be 
received at the following address by 13th February,' 1978: 

Ref: 1U/I9/B 

JEDDAH INTERNATIONAL 
49 Park Lane. London WIY 3LB 


. JMI PURCHASE 

Imperial Metal Industries has 
b«u£ht a majority shareholding 
ut 1 Whittaker Hall, a Lancashire 
based manufacturer of rotary 

compressors, vacuum pumps and 
cUkches for an undisclosed sum. 
TJe company will become part of 
the fluid power products division 

of iun. . - • 

UROGATE INVS. 

The offers for Pundaloya Hold¬ 
ings and Scottish Ceylon Tea Com¬ 
pany by Urogate investments 
have now become unconditional 
['and remain open nntfl further 
notice. Acceptances have been re¬ 
ceived' for 484.717 Ordinary shares 
of Pundaloya (75.7 per cent.). 
ahd-477j71 Ordinary shares and 
S»Q Preference, shares of Scottish 
Ceylon Tea (50.4 per cent of toe 
issued voting capital). 

SONOCO/TPT 

Conoco Products, the U.S paper 
win. has completed toe acquisi¬ 
tion- Of TPT. Ftill derails Of toe 
deal, through - which Sonocn 
acquired toe outstanding shares 
In TPT—it already , had a direct 


BANK RETURN 

- 

A1e>inei,iav! Jne. i+> or 
Jftn.4 - Dcv.t—I 

1978 1 fnr week 

BANKING DEPARTMENT 

LJ A Li k LI Tits I £ | . £ • 

Public ll#|-ia»if*..- 
SpecW lle^«««■.. 

HAkn*. 

|ta«rm& Other 
A la.. • 

Z740U6*- *379^48 
1,IM.M6^00| - ■■ 

85^76.860 

679.USL8S&+ 44^36^38 

ASSISTS 
tiiivi. Securities 
.Uvair.vil ftdihi-r 

Am.. 

Fieiniaes. &iui;<’* 

SiKlierSnl-ft._ 

Amm... 

&219jJ79^aj- <4.fi3)£ZI 

I^E7^8L0BE’-®S36,999 

4&1.1)60.790 +22CL&93A2 

163^)60277'+ 82.694 

E5JJ7E.449+ 2.718.086 
129^6— MJ&4 


a£ia.07fijB9 — #4.53X521 


' ISStB 

ULl'AKTUK.VT 


LTAUlU-EIEti £ J £ 

\i4e* !^ueU_.. k^,CWLOCO'-32fi.OOOXOO 
In I'ln-ulauuii.!7,97<, 121 it2—SS7,718^)K 
In'tiank'z Dfj 1 *' ~ ’ 


2WS78.W8I+ 2.T1&XK 

■on. lieow, ujofcjay — 

OfivOnw. »«. *,<7jm ji i JB Ut-S3B,l&jaB3 
tnlUT s+iwtot- : SHJ6W01I+ 


A»KT5> 
■on. Detiw,.... 


^jxxyx)o^:-52bmooo 



Foreign Exchange 

Singapore 

Our client, a European Bank with an extensive network 
thi oughout South-East Asia is looking-for a top-calibre 
candidate to be responsible for the Foreign Exchange 
and .Aslan Currency Unit’s trading operations of its 
major branch in Singapore. 

Qualifications: • . . 

□ Minimum of 3 years experience as a Foreign 
Exchange Dealer with a Commercial or Merchant 
Bank. 

□ Familiarity with all aspects of refinancing through 
local money markets and foreign interbank markets. 

□ Ability to maintain and develop contacts and deal 
effectively with clients and international banks. 

The compensation package will be attractive and 
include the usual fringe benefits. 

Qualified applicants are invited io apply in strictest 
confidence by sending in full curriculum vitae, indicat¬ 
ing any banks to which your application should not be 
forwarded and quoting Reference No.100T/GMBH. 

* | 

Charles Barker-Coulthard 

30 Farringdon Street, London EC4A 4EA. 
Telephone 01-236 0526 


MANAGER OF ENGINEERING 
AND PRODUCT DEVELOPMENTS 

valves and instruments—u^jl 

EsablafctfL Upidiy growing lautiiticwm of mdusenz, **>ve* aid -contrail 
Ibacad in yndniMti) meds 2 manigw to btid is eagiitMring tod ptodre 
lin* gro'cn. cxpcrtiM U required in indaoHsI fluid bind ling u 4 Rrocna 
itwjmenuioon cooipmeic « 2 l«K. contrail. InKrumMn, puoipi, piping 2 nd 
etc- Must tie qualified in engineering detigo aod Bi Wf o n iit 
** W SS 8 " of n * w PWftocts. ileem. and ■eqtniitfooi. Must know 
p,OC*K jiwiTOy equipment applications. ThJt 11 an exeeVdentr opuortgAity 
laf * r=cr<i» individual 10 terras of care perm bon, comprftr 

wnirennmi. ln aonespbmo of acbimmMm and »«If-expression. Viee- 
lu Lum ir- Rgg “ 80,1 43621 • Clndiuiati. Ohio. 45243. Imw'hwi 


CHEMICAL ENGINEERING 

Applications are Invited for appointment as Assistant 
Professor in Chemical Engineering. (Associate rank 
may be considered for an outstanding candidate.) 
Qualifications required are a Ph.D. (or equivalent) 
.in Chemical Engineering with research or industrial 
experience in fluidised reactor engineering. The 
successful applicant will be required to teach 
graduate and undergradute courses in chemical 
engineering, including undergraduate core courses; 
and to conduct research and ’ supervise graduate 
students in fluidised reactor engineering. The 
appointment is effective July 1. 1978. Closing date 
for applications is April 15, 1978. 

Applications, inclnrfim? curriculum vitae and names 
of three referees, may be sent to: 

®!?3 G. F Chess. PJSng. 

Acting Dean 

Faculty of Engineering Science 
The University of Western Ontario 
London, Ontario. Canada 
N6A 5B9 



COMPANY NOTICES 


NEW ZEALAND 

7J% Sferlmg/Peutsehe .Mark Bonds 1978 
NOTICE OF FINAL REDEMPTION 
S G- WARBURG & CO. LTD. advise Bondholders that all 
outstanding bonds of toe above named loan are redeemable 
at par on 5th February,. 1978, and that interest will cease to 
accrue on that date. 

Bonds are payable at:— 

S. G WARBURG £ CO. LTD., 

30. Gresham Street, tendon EC2P 2EB, 
or with any of toe Agents named on the Bonds. ‘ 

• . S. G. WARBURG & CO. LTD. 

em January. 7978. as Principal Paying Agent. 































13 


Financial ■ 



INTERNATIONAL FINANCIAL AM) COMPANY NEWS 


Rescue lifts government 
stake in Dutch Volvo 


EUROBONDS 


Recovery 
in sterling 


BY CHARLES BATCHELOR 


THE HAGUE, Jan. 5. 


A RESCUE plan was announced 
here to-day for Volvo Car BV. 
the lossmaldng Dutch arm of the 
troubled Swedish, automobile 
manufacturer. 

Under the plan, the Dutch. 
Government will increase its 
stake in Volvo Car BV from 25 
to 45 per cent, cutting Volvo's 
bolding to 55 per cent. This will 
provide a cash Injection of 
Fl&80.3m. (£18.3m.). and the 
Government has promised 
further financial support equiva¬ 
lent to £32m. until the end of 

1980. 

The Dutch Economics Minister, 
Gijs Van Aardcnnc said that the 
Dutch Government will provide 
the F1.60.3m. for the Nationale 
Invester mgs bank, to enable Volvo 
Car to increase its capital to 
Fl.SOlm. from florins 220.7m. 
This would give the NIV, effec¬ 
tively the Dutch State, a 26 2/3 
per cent, stake in the capitaljmd 
leave the Dutch State chemicals 
and holding company, DSM, with 
IS 1/3 per cent 

After Volvo Car has reached 
the break-even point expected in 

1981, DSM and Volvo will have 
the option to return to the pre¬ 
vious 25 per cent^75 per cent, 
shareholding ratio. 

Volvo Car expects to make a 
total loss of Fl237m. in the three 
years 1978-1980. Losses in 1977 
may exceed FI. 119.5m. 

The Volvo parent company will 
meet F1.102.5m. of this loss. The 
Dutch State will provide F19S.3m. 
in interest-free aid and the rest 
will come from general Dutch, 
investment aid funds. | 

If Volvo Car's pre-tax profits| 
are more than FJ.30m. in any ofl 


the years to 1989. the excess will 
be used to repay the Dutch 
state’s and Volvo's contributions. 
Any aid which has not been re¬ 
paid by 1989 will be written off. 
The Dutch Government views 
this as temporary support for a 
company which has good pros¬ 
pects of long-term survival. It is 
meant to maintain the 5,300 
workforce of Volvo Car in 
Holland. 

A Government nominee will be 
appointed to the seven-man 
supervisory hoard which will 
then consist of fbnr Volvo, one 
DSM. one Government and one 
emnlovee representative. 

A Government observer will 
also attend hoard meetings. Six 
of the seven supervisory direc¬ 
tors must approve major 
decisions such as .large-scale 
sackings, liquidation or mergers. 
An as yet unnamed Swedish 
chairman of the management 
board will be appointed tem- 
noranly in place of the present 
Dutch chairman, Mr. A. Van Der 
Padt. 

The teething troubles of Volvo 
Car’s 343 model, which has been 
the ma>n cause of losses of about 
Fis.l30m over the past three 
years, have .now been solved. 
Volvo Car aims to increase pro¬ 
duction of the ■ 343 and- the fifl 
mod**'** to lnonon and 

120.000 in 19SO from 60.000 last 
year. Tt i*s also now working on 
a complete I v new m'vW fnr in- 

tmdimtinn »n J9R3 while the 66 
is heir" nh.i«ed out. 

A snnhesman for the unions 
caiH-fhov welcomed the plan hut 
"aid the social pro^iorrs still 
Ji.irp to he solved. Tha Gnv°m. 
bnent’s two supervisory hoard 


seats mean it will be able to 
veto ' any major changes sug¬ 
gested by Volvo. Changes must 
be made in the internal struc¬ 
ture and the management of 
Volvo Car, they said. 

Volvo Car will write off a 
further FK28ni. of losses above 
its contribution mentioned by the 
Economics Ministry, the union 
said. ■ 

Volvo will he required to 
deliver components to Volvo Car 
af rwt oriee. 

William Dullforce adds from 
Stockholm; In a statement from 
Volvo's Gothenburg headquarters 
to-day Mr. Pehr Gyllenhammar. 
the managing director, said the 
new . agreement demonstrated 
“ the great confidence the Dutch 
authorities have in Volvo and 
Volvo Car BV*s potentiaL" 

The cash drain from the Dutch 
operation was the principal 
factor in Volvo's earnings slump 
last year. Group pre-tax earnings 
during the first nine months 
were only Kr.229m. against 
Kr.490m. in the corresponding 
period of 1976. 

Mr. Gyllenhammar said to-day 
that the agreement with the 
Dutch Government entailed! 
strong support for the Volvo 343*: 
and the type of car it repre¬ 
sented. He has been criticised' 
in Sweden for entering the Dutch 
operation, which started with the 
takeover of the DAF company, 
In 1975j but he has consistently 
maintained that -Volvo needs a! 
stake in a sector of the car 
markeL which is growing faster 
than the segment into which 
Volvo’s larger 240 and 260 series 
fit 


icciipc 

B Francis Gbites I BY DAVID CURRY PARIS. Jan. 5. lUiJJ •._* 

THE DOLLAR sector continuedj AIR FRANCE’S long battle link (FrsJ74m. penalty). It also the UJv. becomes available Ip By..wnibm Dottfbrn r 
firm yesterday helped by the ; seems to be coming to an end, has to fly subsidised services the early 1980s. STOCKHOLM. J ap, y 

recovery of the dollar on the It Has been fighting to have its to Corsica to strengthen the* Air France will dearfy be GO tabaNKEN. Sweden's tn. 
foreign exchanges The floating'relations with the State — its island’s communications with required to place an eMly order {£•_ commSciallSak. * 
ratenote Swasas it has; parent—spelled out in clearer the mainland IFrsJCm. setback);, for this new aircraft ."£{!* fiSS*that it SuTmaS«• ! 
been since before Christmas, to | terms—permitting it to operate in addition the Concorde sen- ®)(*®**£* estimated provisionally at gi 

wrv wood sham* hoboed very-with less ministerial inter- vice will have set the company although Lufthansa is more .rrsom.t 


Air France near solving 
problems with State 


Controls 


.T 


BY DAVID CURRY 


Gotabanki 
loss i 


been since before Christmas, in \ terms—permirang it to operate in addition the Concorde sex- ranee is manmuKu estimated provisionally at s» 

very good shape helped very; with less ministerial inter- vice will have set the company although Lufthansa « nwre (£3.gm.) through e 

much by thVdearth of new|ference. t back some Fre300m. last year.-interested in tto;g»rtened BID ^^IpMnlation bFoSSV 

paper Sterling denominated' The Government has said that The agreement, with the. version of the Airbus. . senior officials. TheSwed 

bonds had a good da yafter open-M* isrmidy to sign a company Government is in the context The British are under some Inspectorate annouw 

ing a little easier. ' contract —a cross between a oF closer co-opeartion between French pressure to solve British to ^ av j, wouldaharr 

Tins strength led to strong {-planning agreement and a peace Air France and Its nationalised Airways’ Trident replacement control over banks* curr£ 

_»u.. __... .•a.-Ki.i, tlfifltV—With tho SPltinP eieta* lirlina Mr Tntav Dka' nmhlom in-a similar W1V which .___ _^ ^ > 


1 the week-end. viding for a gradual scaling down Franco-German Airbus for which , the new European airliner. hank's arbitrage department 

I The Deutsohemark sector ot subsidies. . _ six additional units will be , A further feature of. the_con* Stockholm, is understood tola 

-opened somewhat easier but re- A These subsidies are paid to bought, up to 1982. Jract is that the Concorde 0 T*r* speculated on a rise in the do) 

- covered later in the day. As Air France—and appear as Another reason is to try ■ to ation is likely to be separated rat ^ on j h e forwanj exetn-o' 

, expected, the DM100m. 12-year! revenue m the books—to com- plug the loss of passengers who financially from the remainder or a^et, He was not limine; 

tissue for Forsmark was priced at'pensate for b aniens imposed on fly to Paris by Air Inter but are the airlines bumness—a recount personal gain -and no criml 

99V following the i oer cent. cut| lt .5. y *«. Government. unwilling to change airports to tion that the Government sees -harees are at present. com* 

in the coupon to 5i per cent. . The ch* ef of these burdens is catch Air France internationarlittle likelihood of Concorde 1#t ^ ***1 

The DM200m. bond for Den-| the requirement to continue to connections. To help overcome becoming profitable, at least He . did, however, conceal i 

mark Is expected to he a two-'°P^™^ a this problem Air Inter will b°<ter thew1i?°art dealings from, his - immedB 

tranche issue but fi nal terms are! Carayelie aircraft (estimated transfer some services to Charles In 197S Air France will get according to t 

not yet known. m Frafl5m. last year) while de Gaulle. - ^total state, of . j 0 ? 16 bankmanagraient, acted atml 

The coupon on Norway’s ! the . Government worked out its The main benefit for Air Frs.400m. This will be cut down general instructions. The tall 

DM200m- five-year bond was C ut! na t* onal aircraft construction France will almost certainly be oyer the next three yearsi m the ^ naging director, Mr. 

bv I oer cent to 41 ner cent. as i P°hcy. . permission, at last to replace its airline recovers profitability, a Ny _"r ; t w »i 

■Mfiw. Pm i«ne is ex-! firline is also Obliged to CaraveUes by a dozen or so hope based on the expectation of JSJ'tSPdamace lm? 


anticipated. The issue 


fiTTalicinP fho T1M150m L aouui w uie capiuu, airuner uurrKULij uciug. uis- anuuunj. «ww 

between which there is no direct cussed by France, Germany and is likely to be around Frs.450m. 


bond for Brazil early next week. 
BOXDTRADE INDEX 


Medium 

Long 

Convertible 


5th Jan. 4th Jan. 
99.74 99.72 

93.79 93.77 

10&86 106.80 


Peine-Salzgitter orders fall 


Th^ affair will nqt tm 
Gotabanken's customers, aeon 
ing to Mr, Nyren. but the binl 
earnings for 1977 will~l 
reduced to aronnd Kr.lOOm. fl| 
the Kr.l35m. originally foreca 


BY GUY HAWTW 


FRANKFURT, Jan. 5. 


.Sales rise 6pc. 
at Karstadt 


By Adrian Dicks. 

BONN. Jam 5. 


AMERICAN NEWS 


Buoyant month for retailers 


FINANCIAL TIMES REPORTER 


SALES AT Sears Roebuck in¬ 
creased by 21.3 per cent in the 
five weeks ended December 31 
over the year-earlier period. The 
increase was 483J2m. to S2.75bn. 

Chairman Arthur M. Wood 
said “We had predicted a record 
Christmas season but sales con¬ 
tinued to strengthen throughout 
December and surpassed our ex¬ 
pectations. The extra selling day 
before Christmas was a factor. 
Sales events the week after 
Christmas drew a very strong re¬ 
sponse and our business was 
good in all sectors of the 
country.” 

For the 48 weeks ended 
December 31 gross sales of the 
retail giant were S17-Sbn., up 
16.7 per cent from the previous 


record of S15^bn. in the 1976 
period. 

At the same time, J. C. Penny 
reports a 22.6 per cent .increase 
in December sales. This was the 
store group's largest monthly 
sales gain since April 1973 and 
the best gain for a December 
period in more than- 40 years. 

Volume for the five weeks' 
ended December 31 was a record 
$1.714bn. compared with 
Si-398bn. for the relatively 
strong December last year. 
December sales, excluding dis¬ 
continued supermarket and 
Italian operations, increased by 
24.3 per cent 

For the first 11 months of the 
fiscal year sales were 12.1 per 


cent, ahead of last year. Volume 
fur ihe 48 weeks rose to a record 
$8.8bn. from $7.86bn. a year ago. 
Before discontinued operations 
sales for the 11 months increased 
by 13.4 -per cent 


„ rrrr PEINE-SALZGITTER, ■ the steel- that it had maintained Ita 1975- supply crockery for the House of 

r I Jr TlSlIlim * making arm of the State-oWhed 1976 results. Commons dining rooms in .the 

M»»fvvun Salzgitter concern, has just been The concern’s turnover- in face of stiff British opposition— 

Inon cionafl through its worst* business year 1976-77 totalled DM2.16bn. reported that group turnover 

lUaU blgUCU since the war. Ominously, the (£533m.) — 8.1 per cent down oh rose by 10 per cent in 1977. bunn. Jam s, 

THE 5500m. eight-year loan for current, 1977-78 business year 1975-76, itself not a notable year Although this was a slower rate v'awta nT w»tt raw*.., 
Electricite de France has just; has started off with yei another for sales. Capital in vestment also 0 f increase than in 1976. when 
been signed in Paris, reports [ decline in orders, against the fell back from DM408m. to sales moved up 14.1 per cent to 
Francis Ghiles. Terms are background of an already DM246m, while the workforce DM393.6m« last year’s turnover 
unchanged from the ones indi- weakened order book. was severely trimmed, dropping rose to DM435m- and for the first 

rated when Credit Lyonnais,ethe The concern’s preliminary by 4.3 per cent to 18,291.. time topped the-DM400zm mark. 
lead manager, got the mandate report on 197677, which ended ■ According to the report the busing excludin * trw 

last autumn: a split spread over on September 38, says that there Another rood vfiar to** 1 ® war * an d decorative After " 'illnwlno f Ar 

the interbank rate, of J per cent is still no sign fo the hoped-for AnoinergOOO year sector had a par- j 

for the first four years, rising to unprovemwits accruing from the Rosenthal ' ticularly good year. This side spare during JSrf 

3 ner m>nt anH a errapp npnnri European Economic Community S __ __mmn A.0 nor nom-t- of r . S ■* * '■ OOWeveT, to 


announced preliminary resol 


AP-DJ adds from Los Angeles: 
Carter Hawley Hale Stores Inc. 
reported safes for the five weeks 
ended December 31 were 
S2S6.8m., an increase of 16 per 
cent over the 82473m. of 
Debember 1978, This was the 
largest -percentage increase in 
monthly sales in'1977. 

Sales for the first 11 months 
of fiscal 1977 were. 81.4bn., an 
increase of 10 per cent over the 
$1.2bm for the same period of 
1976. 


a .race period tag-lSconomie Community-s EmST*. weii-taewn »pJ aStaSSW-T feKSTSS 

gftsgSSSs SiStSS&S S-SifSS s£Ss j£Sss 

shunned^this* operation. None’are Strand” S ^LSed large nnSer of the eonnhrs eent to close on 21 per eent somelJm. square metr^: 
tn hL n fn rh leJooolnlt further * consumer goods manufacturers At the same time, the small, harstadt’s department stow 

^AcSrding to the report earn- have been going through a fine earthenware sector reported trading under its own nS 
representing a sfrong 5 cross se<> togs in 197677 have been even period of stagnation. According a 9 per cent sales growth. The fared the best increasing wfc 
tion of banks, withthree smaller worse than in the previous year, to a preliminary report on 1977. gwP > 


?nra appe^Tto^mSie- This h^dly comra^s a ^hoc^ ^les^hlve shW substantial sidiary, Besteckfabrik Neusorg. year arid aftef adjuitos 

First Pennslyvanla Bank Pitts- indeed, things have gone so badly growth, while operating prqfits which reported stagnating sales for greater floor space by U-j( 

burg National Bank and United throughout the industry, it have also improved. in 1976. returned powerfully to eent The down iMrket ” Kej 

SS-V^SSi would be very surprising if The group—which a couple of growth with turnover up by 20 haufhaus and Karstadt 

Peine^alzgitter liad reported years ago landed a contract to percent Warenhaus outlets did less vs 


Virginia Bank. 

EDF can draw the money as a 
straightforward credit or use it 
to back up a commercial paper 
issue in the U.5. a formula which 
it has already used several times 
in recent years. 



Trust us. 


Korea Re. opening in London 


Warenhaus outlets did less v 
.with a drop in sales of 10' 
cent, 

Travel agencies within 
group's stores had a succesi 
year, .with sales up 18 per a 
to. a.new leyel of ,DM196m. 

Results of the Neckermi 
group, acquired by Karstadt ] 


BY ERIC SHORT group, acquired by Karstadt lgst 

THE SOUTH Korean Finance fast to the wake of the rapid direct presence in London, the |* re J* Qt ,T e ' consolidaW 
Ministry has announced that the industrial development in the Korean insurance industry will in «> «»e groups figures. 

Korea Reinsurance Corporation country, but even so it bas not be more readily able to under- 
plans to establish a wholly-owned the capacity to cope with insur- write risks on a world basis mid p .i 

subsidiary in London with the ance requirements. - *ill have easy access to Lloyd s. " linocf gTOWttl 

intention of transacting most To meet this capacity problem. The new company —■ Korean [ „ DoJnufa 
classes of general insurance the Korean Government has Insurance Company United King- " 

business. recently allowed foreign insurers dom — expects to receive .the ‘^woyEKOF the French maS- 

This is the first move by a to operate in Korea in partner- necessary authority to transact Redoute sbotii 

local Korean insurance company ship with local insurance com- business in March. It wi ll h ave - ^ 

to operate directly outside toe panies.' The UK. composite in- a paW^w capital of £500,000 Jg r t ? s S 7 l ll J ,e 22““* 

country and can be seen to surance company Royal Insur- and will managed at least for accordtog r i 

represent toe next stage in toe ance was one of the first insurers ^ firs * five years by Lyon de gro JJi, t ^ ‘jw ^ 

development of .toe Korean insur- to take advantage of this relaxa- F^e Underwriting Agency of nin ? lXof ^ ‘JSS 

ance industry. This has expanded tion. Now by es t ablishi n g a London. The Korean insurance W hieh began on March 1 1977.' 


establishing 


Von Roll loan at par 


FH4ANOAL TIMES REPORTER 


industry bas not yet acquired ^es tor. toe Jtt 

Sj: rtre€ were ilp by 

J5TJ 0 » ble 0 »i' ? er . cent to some Rfa2.4Bh. 

,side of K o rea without expert (£265m.) despite divestment la 
guidance from local established June of a stake in Ediclub-Hoa- 
underwriters. 


THE CONVERTIBLE loan to be 
issued by Swiss engineers Von 
Roll Au will be a 15-year issue 
carrying a coupon of 41 per cent 
and priced at par. 

Issuing consortium leader 
Swiss Bank- Corporation says the 
proceeds of the Sw-FrsiMftn. 
funding will redeem short-term 
credits used to finance the 
acquisition of the capital of the 
Swiss steel group Monteforno, 
finance rationalisation invest¬ 
ments and strengthen Von' Roll's 
finances. 

An amount of Sw.Frs.60m.'will 
be offered to Von Roll share¬ 
holders, with three registered 
shares giving the right to pur¬ 
chase one Sw.Frs.1,000 nominal 
of bonds. The remainder of the 
issue will be offered for public 
subscription. 


An option certificate Is 
attached to every SwJrs.1,000 
nominal of bonds with one 
.certificate giving toe right to 
purchase three participation cer¬ 
tificates of Sw.Fr6.100 nominal 
at a price of Sw.Frs.130 from 
July this year, to July 1983. 

Reuter reports from Paris: 
The Electricite de France (EDF) 
eight-year Eurocredit was raised 
to $500m. from 8400m. following 
heavy demand, lead manager 
Credit Lyonnais said. 

The credit, which EDF signed 
with a group of 44 banks, carries 
a spread of g per cent over 
London Interivnk Offered Rates 
for the first four years, rising to 
3 per cent for toe remaining 
four. 


i ^ 


Increased profit. Improved order book 


BOLUS BEOS. & HU UHM) 


INTERIM STATEMENT—HALF-YEAR TO 
30th SEPTEMBER, 1977 ' 

(UNAUDITED) 

6 months to. 6 months to 


Turnover 


Trading Profit 
Interest .. 


As from 3rd January our branch at 119 Old Broad Street is dealing - 
exclusively with company and-institutional business. 

Midland Bank Trust Company acts a 5 trustee of unit trusts, and 
insurance company funds, of loan stocks and Eurodollar issues. It also 
offers a wide and flexible range of services to companies in connection 


Group Profit before Tax . 

Less Estimated Corporation Tax 


Group Profit after Tax ... 
Less Preference Dividend 


3041.77 

. 30.9.76 

rooo 

£’000 

22,873 

19.990 

L536 

1,482 

510 

375 

1,026 

1,107 

534 

575 

492 

532 

2 

2 

490 

520 


insurance company tunas, or loan stocks and rAirodoilar issues. It also 
offers a wide and flexible range of services to companies in connection 
with pension funds and other employee benefit schemes. 

If you think Midland Bank Trust Company could help your 
company please write to the Manage; Peter Roots, or telephone him on 
01-606 9911, ext 2612. 


*••• Midland Bank 
Trust Company 


Limited 

A member of Midland Bank Group 


There has been no abatement in economic strictures in both 
the construction and the educational industries which form our 
largest market. It is in the latter where toe cuts are more 
severe. 

The Increase in turnover partially represents higher prices 
arising from the lower value of sterling in the earlier part of 
the year. 

The marginally -higher trading profit indicates a broadening 
base which should stand in good stead when the inevitable 
upturn in our major markets appears. Interest increases, 
despite lowering of rates. Inevitably follow the inflation in 
world prices. 

The Directors have declared an interim dividend of 4.7j£> < !f, 
net on each 25p Ordinary Share equivalent with deemed 
Advance Corporation Tax to 7.15% (6.5%) gross. You will 
observe the interim is increased and it is anticipated that 
toe maximum dividend permitted will be recommended as 
toe final dividend. 

Payment wiilabsorb £106B23 (net) and will be made on 27th 
February 1978 to Shareholders whose names are on the 
Register at the close of business on 3rd February, 1978 
By Order of toe Board 
James F. Dowzall 
Group Secretary 


The Ht Hon. Lord Errol I of Hale, Chairman, made the follow^ 
tog points in bis circulated review for the twelve months 
ended 24th September, 1977. 

♦ Group pre-tax profit increased to £3.426 mflfion for the year» . 
^September 1977. 

The Board recommends' a .final net dividend of 2.817p per shff*: 
making a total of 4.604p for the year, including the maximum per - ■ 
missibJe increase, and representing a total net distribution tf- 
£415,790 (1976—4.122p per share, £372,264). 

3|c Group completed sales and trading profit for the year were 
respectively about 20% arid'9% higher than for last year, with pto* : 
tax profit some 20% higher. 

4* Compared with last yfear Light Engineering's trading profit was 
about 28% lower on completed sates which were only 7% down 
from last year's level, reflecting the increasingly difficult trading . 
conditions encountered over the year. 

t|E The Aiton sub-group, has made further progress over last year's 
. peak results with a 22% increase it) trading profit far toe year. Aiton 
Pipework and Process Plant In Canada 'performed particularly well* - 

# Heavy Engineering has also fared better than last year with- 
trading profit increased by 23%. 

■ Whes soe Ireland was affected by strikes and as a result its half 
. year profit has been converted to a fuU year loss. This subsidiary & 
now operating normally. 

# The 60% owned Nigerian subsidiary' had a good year and . 
produced much improved sales and trading profit 1 

* The offshore fabrication facility at Dock Point Middlesbrough - 
operated profitably for the year as a whole. Performance was marred 
however during the late summer by an inter-union demarcation - 
dispute, and with the completion of all but one of the major con- 
contracts on hand, the expected rundown in activity is now in train, • 
sj= Our two major Heavy Engineering Works establishments at 
Darlington and Stockton have both operated profitably. Total activity.. 
over tha year has tricked up progressively reflecting our merited . 
success in securing a high level of new orders early in toe year, many 
of them for export. 

♦ .The total value of new.orders won by>the Group was about. ' 
£2 million greater than last year’s figure of £60 million. Orders were' ~ 
however more evenly spread than last year with Heavy Engineering 
accounting for 68%, Alton for 26% and Light Engineering the balance 
of-6%. 

The Group has started toe 4977/78 financial year with a 
much improved order book. Compared with a year ago this pro¬ 
vides a healthier basis, especially in some areas of Heavy Engineer¬ 
ing. for the current year’s activity and profit though offshore 
fabrication activity is a significant exception.. . 

$ , Although, lost year the nuclear outlook was disappointing there 
is now a greater probability that during toe coming year there will, be 
0 resumption of ordering of nuclear power'stations. This would 
present substantial .hardware fabrication-and construction oppor- 
tunities for the Group. 

& * Given toe improved stats of the Group order book, and with an ^ 
important reservation only about prospects of newoflfchore woik.we 
believe that pre-tax profit for the current financial year wilt show 
some furtow increase. 


Head Off ice-Whessoe Ltd., Darlington 


























\TTAXATIONAL FINANCIAL AND COMPANY NEWS 


” h "H 

P*e« o 

r otaho. 





MR. MILLER AT THE FED 


oves to the court 


Filling the gap at Textron 


BY STEWART FLEMING IN NEW YORK 


|Y JAMES FORTH 


Oulu,. 

. . V 


SYDNEY, Jett. S. 


!E STRUGGLE _ __ „ THE IMMINENT departure of not operating, authority to the Bell Helicopter and Bell Aero- tract for a new advanced attack intermittently only during this 

Hi-du icrr. ^^araxmMu at 72c a toe terms of the arbitration Textron's chief executive—52-top echelon of corporate space subsidiaries. Talon zip helicopter is worrying some decade—for example, in 1974. 

ibtna a rn oustne s, m e mapOf snare,^ wnich^ was subsequently agreement. year-old Mr. G. WllUam Miller, executives, and this has helped saws. Sbaeffer pens, special share analysts. Textron Itself when he proposed a scheme for 


Lite between .4be ptincipils heaton shares 

r _ ii.j._j » ,_< __i 


the^ Smith. 


Is leader emerges 


management through 
have to be through 

on became ■■ 


in.. 5 s - subsequently agreement year-old Mr. G. Willi am Miller, executives, and this has helped saws. Sbaeffer pens, special share analysts. Textron itself when he proposed a scheme for 

-;i -, -Y Su t * . * * who is about to replace Mr. to concentrate power in the bearings, machine tools and even says that the upgrading to its buying 45 per cent of the 

«. ,,!l “.rff,made _In another takeover situation, Arthur Burns as chairman of hands of the ‘dynamic” Mr.—in Australia—greetings cards, existing model will give it a eon-troubled aerospace giant, Loefe- 
l££S£ . agrod to WestrallanFraer* Co-opwaOTO the Federal Reserve Board—is Miller, as Mr. Adams points out. in the U.K., Textron has tinulng share in this market heed—a scheme wnlch eventu- 

\ y appoint independent arbitotow to-day picked up about 15 per 0 f obvious concern to the share- Since Mr. Royal Little began interests in machine tools Textron has been a remarkably ally collapsed. 

':i, J®®®|" Proceediug in an attempt to break Uie dead- cent, of the capital of Cuming holders of Textron, not least creating the conglomerate in the through Adcock-Shipley—which sedate conglomerate, through In the previous year, Textron 

in-. fov > S „„in otter for lock between .thmn, . and it was Smith through a sharemarket because of the succession 1950s, Textron has been domi- specialises in milling machines, sound and conservative manage- had made its last substantial 

^ . ' . , : ‘ JsTC^d that' neither side would raid designed to thwart a formal problem it presents to the com- nated by a single forceful chief other U.K. interests include ment Under Mr. Miller, it never acquisition—an ill-judged and 

* P Tji^nte mo vg as part.pf a wider buy or sell Bradrmli or Cleck- takeover offer from Howard pany. executive. Unless another such stapling and nailing equipment got caught in the frenzied ill-timed move into insurance 

it h vheaton^ until the Smith. . At the verv least, it is leader emerges management through Bostiteh, fasteners merger wave of the late 1960s, through the purchase of the 

* 1 . 1 ,).'■-anna "a Mode ana^ Atameaa-aroitratore* decision was known. Wesfarmers is interested in SU pp P sted. the'removal of the structure may have to be through Aero Zipp, industrial and while other conglomerates Security Group of insurance 

BradsaiM *od Early , this- week, however, Cuming Smith’s major asset—a pjjyferfui leadership of Mr. revised. companies. Last'September it 

fptoer ■ *estee cwnpajujr, Cleck- Alamedasurpnsedby delivering one third interest in fertiliser uijier will make it less likely Textron early on became.. " announced it was selling the 

It is afce'thW ocmhw. troveraocuments, only group. CSBP and Farmers, and Textron—a company with known-as the “father of con- Tcvroftw-e nrDcr>mwjiwrc business. 

' h " r i‘!r., .recent months, in .which the “ays -after it had _ stated they recently made a $A 60 m. bid for 0 f sifibn. and some 64,000 glomerates." As Mr. Little and TEXTRON S rERrORIVIANLt Within the company, however, 

>' Yties pave gotfe to-the courts would-not-be‘delivered until GSBP. which was rejected by employees—will evolve- new his successors began piecing- 7—7 --— =-nrrTT -share anlysts say, Mr. Miller was 

'«■ the matter. \ muWMuary. - • . ; Cuming Smith directors. Wes- aggressive growth .strategies, together through acquisitions the , £?* * bus y improving the quality of 

■ ’ Aa Mode is 'cofltirdlted by W Mode reacted by obtaining farmers moved to block Howard such M ^ 0Be apparent from the diverse range of businesses ir es e management, controlling icven- 

vjibourne businessman ' Mr.-an injunction t<nlay from the smith after the directors de- merger moves now fashionable which became to-day’s Textron, V s « lorles and cash. and motivating 

i„>, "'-mie Hendel arid currently Supreme Court of Victoria until dared that they would not sell u, other leading corporate Mr. Miller, at the early age of _ , 774 u the autonomous executives who 

. about 20 ■ per-cent of January 1Z. when a beartog will the CSBP stake if the takeover Bardromms. 0 35 In I960; bad become an 2, ?7- manage the various divisions. U 

■ i-r.., cedthfikton. and 135 per cent, start- Documents released today offer succeeded. Mr mhw one lead integral force in the company’s Jr* ‘123 lS SSpLuri. 432 m is this “nuts and bolts’* man- 

BradmMl, Alameda is eon- disclosed that the arbitrators had Wesfarmers is seeking 3.frim. Mr ’ “iS* creation. In that year he was Net P* r share 123 238 Metal Product * 432 24 agement and the fact that Miller 

*jy three Melbourne, derided that both parties should shares, or 26 per cent of liSPES*,*V rL xS* appointed president, at a time . . ■» knew “where every dime and 

: ::i- Ssinessanen. Meiers. Abe Gold- disclose their entire holdings ;in Cuming Smith from the current which ha5 typified tte whpn annua l sales revenues every nickel” was. which, to- 

■ u >-M,Srg, Paul Fayriam .and, Solomon Bradmill and Cleckheaton, and market exercise. It has now company saevejopm&ni inline were only §383iu.. and net earn- and aerospace bearings through such as LingTemco Vought gether with the company’s solid 
"n:. ,^:W.' ‘ auction them before February 17 obtained 2m. shares.' Howard *** 10 D€COXne fl30ra ings $14m. He became chief Fafnir, and writing instruments burdened themselves with event-performance in the 1974-75 re- 

ii-.ii, ^Alameda, with the assistance of on. a winner takes all" bass. Smith, however, is still hopeful pronounced. executive in 1968 and chairman through Sheaffer. ualiy unsupportable debt through cession, helps to account fur his 

■•i, r '.^ckheatoh; owns- 24 per cent-l*a Mode claimed that all parties'that it will gain more than 50 What may be Df deeper con- ^ 197i As in ^ of many con- over-expansion, Textron eschewed high reputation as a manager, 

'■in',,* Bradmill- Hr.. Goldberg pwns bad 'agreed to the “absolute per cent, of Cuminv Smith with cern “ the rear, expressed by Textron is accurately described glomerates, however, the diver- rashness- At the end of 1976, Now, investors are watching 
. ‘ per cent, of Cletkheation, and arbitration and., determinations" its SA37m. bid.' Howard Smith John Adams, of the Boston a s a conglomerate, in as much as sity of interests is more apparent long-term _ debt of 8227m. was to see how the directors handle 

’"d , -*th .other shareholders controls-"of the independent■ arbitrators.,;: directors announced to-dav that st^Kbrokers. Adams oarKness t j, at describes the diverse range than reaL At most, a dozen of only a little more than one the succession. ' and there is 

^company despite -Mr. Head el’s'" La Mode claims that . if they would .press on with the 'err,*, 1116 resignation of 0 f unrelated businesses • which these diverse companies make quarter of net worth. To-day, some speculation that Mr 

" w,f 'Orts to acquire Control Last Alameda's offer is posted and it bid and would be prepared to Miner removes the force ^ com pany encompasses, and significant contributions to the cash resources of the com- Miller’s deputy, Mr. Joseph 
i,![! ah to,•Alameda'" announced a-lakes-acceptances from. Bradmill settle for acceptances down to which nas held toe arverse ^ f art that its initial growth profits, and in the past two years pany so strong that it is buy- Collinson, could get the job. 

’■ij’ri', J^rtial offer for another 40 per shareholders, this would breach 50.1 per cent. • ", was based on acquisitions. over one-third of earnings have i^g 9.6 per cent of a leading That, however, might prove 

« - • led to an impressive and steady Today, Textron’s 26 subsidiary come from aerospace operations, chemical concern, Allied Chemi- 0Q i v a PflU tinus. intPrim »nnni«it. 

jji-” is--' , - . - t—- r : growth of profits. company profit centres cover particularly helicopter. For this cal, as an investment. ment, for Mr. Collinson is 63 

:r 'i Km r ‘k^1 ' : Ttie company’s management fields such as. aerospace, through reason the company’s failure in Mr. Miller’s restless enei^y and becomes eligible for rctire- 


j i, c ,| "Tnie Hendel and currently Supreme' Court of Victoria untij dared that they" would not sell 

'about 20 per cent of January :i2, when a'hearing will the CSBP stake If the takeover Bardromms. 
i*r. >n .!;fecltlifialon. and 135 per cent start Documents released to-day offer succeeded. » 

"• BradmaJL Alameda fe ewi- disclosed that the arbitrators had Wesfarmers is seeking 3.64m. . without w 

III ‘*1 ’xvl.r- . 't rlh#M/9of4 __ __ - ■ ^ I IQZ &II3lVSt 


leading 


I960; bad become an 
force in the company's 
In that year he was 


'■ Bradmill. Alameda is ewj- disclosed that the arbitrators had Wesfarmers is seeking 3.64m. witnoutjur. miner, one irau- In th at year he was 

*Jy tttfee JftSbbiihie. tifcWed toal: both parties should shares, or 26 per cent of “8 averts, toe con. ap p 0inte j president, at a time 

1 !:i- Ssines5snen. Meiers. Ahfi Gold- ^selose their entire holdings ;m Cuming Smith from the current when annual sales revenues 

is>_ r,_r* DMiUin aTiri __i_ j? _._ t* _... coinDM7 s deveJooment in toe ___j___ 


Year to 

1 Year to Jan. 1. 

1977 


Jan. 1 

Jan. 3 

Sales 

Net income 


1977 

1976 

Sm. 

$m- 


$ 

$ . Aerospace 

968 

43 

Sales 

2*3bn. 

2.46bn. Consumer 

714 

34 

Net income 

121m. 

96m. Industrial 

513 

14 

Net per share 

3J3 

258 Metal Products 

432 

24 


"■li, ,-nuuuciM, iv.iui. uie oa»|autiiLT ui “ - - ■■ “—.— —• . ■» »»— .jmiui. uu»e»«- u hw|#sii.i 

> i,- r \Jfickheatoh; owns- 54‘ per cent' Ta Mode claimed that all parties that it will pain more than 50 
■ in'. Bradmill- Mr. Goldberg pwns had 'agreed to the “absolute per cent of Cuminv Smith with 

^i... At -rhlrntum anti flalBrniiii)ltinnc n :+n eior_ uj " tJnwnnl Cmith 


^rtial offer for another 40 per shareholders, this would breach 50.1 per cent. 


v 9 \}s&- m ■ 


Slower growth by Wearne 


structure gives only supervisory, fasteners and “ Homelite” chain 1976 to land the U.S. Army con- has caught the public notice ment at 65. 


Il*S riSp jn BY R F. LEE ' SINGAPORE, Jan. 5. South African interest rates fall! Alcoa centralises 

1/ LEADING Singapore motor before an extraordinkry profit of‘thereby helping to boost share- By JOHN WICKS ZURICH Jan 5 

„ rS!a dt ^ r 'S' ro y l,r r0 ^i^ l ri Per by RICHARD ROLFE JOHANNESBURG. Jan. 5. ALCOA GROUP, the world's The uni.^ based on the 

iorc.in Dicki scord 78 per cent increase m Elaborating on the group’s fine announced 8 one-for-two scrip DECLINING tendenev of are primarily government and operated by the Bank Leuml le “<« n 5 aiumimuin concern, has 

i;,,v Y ,-oup pre-tax profit^:has warned performance. Tan Sri Tan Slid issue which will bring its issued i ong _term interest rates in South public corporation slocks, includ- group rose by 63 per cent in set “P a new regional headquar- Ia “* , ernatm n al Inc. 

1'Vm ' "'-‘at it is uttlikeljL to maintain that toe passenger car market capital to SS87.6m. Africa has been resumed after a ing Escom. 1977 to the equivalent of £270nu ters for Europe, the Middle East n ““ European 

1 - v\ -.vT - n, n AMM fW a -1A? Waqmn'e AWoMtfinn ID of. . ___1 . . .. . . _.. _ * \ _ I r m., * •_ _ A #_I. . « . UldlldGPinODl tunrlinn. KPPIfinn 


BY RICHARD ROLFE 


JOHANNESBURG. Jan. 5. 


BY JOHN WICKS 
ALCOA GROUP, the 


world's tion. 


ZURICH, Jan. 5. 
The unit Is based on the 


group rose oy o* per cenL in --- ------ --------. 

1977 to the equivalent of £270nu ters for Europe, the Middle East ?* E “repean 


is' unlikely -that the rate of Malaysia was 26 per cent- five-fold, 
rowth whins has .arisdu from The chairman, added that its . .. * 


per cent. 1977, the average yield on the 

This reduction in the rate at index declined from 11.6 per 


liM ™ declared dividends in re-pect of | 
SSl two trusts for fiscal 1977—Zamid. 


But inflationary expectations Final dividends will be paid by Charles smith 


:.r rowia wmcxj nas .arisen tram me ennarmau aaaeo wjhi ns ... - __ " _This reaucuoo in ine raie ai mue* uctuuea iroui u.u jrei . npr ppnl a f ter tax as 

'• r^.rtater sales - ' volume and new Ford range of Escorts : and Anthony Rowley writes. Mr. w hjch ■ Escom sells its stock to cent fo the current 95 percent, _, n _ t «, p np =_ 1B7fl and 
’*■ imi^tlngent control ;'of*Dsts can be Cortinas, the "new Opel Berlinas. \ Webster vnll retire as tbe secondary market reflects a decline mirrored by Escom, . “o 0 p M)r ’« afte J 
'•virijiaihtalned throughout the Kadetts and GemJMs und 'toe ‘“f « Wef continued high demand from the which paid 12.6 per cenL « n ^vish Mper^«nt aftertax 

T-arrent year. tT • Leyland Austin Allegro ihtro^ tochape Berhadon March M. He inv «tment institutions, which at long term funds during toe year. a S ains * P" ^ nL P, e ^ ousiy ’ 
f Strenuous efforts: ire*.bdnff dueed. last year efljoyed unpre- J™ Present are unusually liquid. But inflationary expectations -final diwde ° ds ,,£j 11 ?*, pald 

■ K „«d. to Binui tiewto ioomet cede^ed awrtss m Motos..' With iostitutional cosh Bows -w curb the fell in long-term eft« Jujuty at aU»F- 

rv'im but the economies of Singa- In Singapore, the new Cortina Q „ e j,“Th^ rising at about 16 per cent to rates before long. The New Year cent before tax, to holders of 

-."irpre and Malaysia catmot remain launched in June 1977 and thg 17 per 1 cent, compound, the has opened with increases in the Zaimd certificates (10 per cent. 

, v plated from external forties arid Austin Allegro in November, he JSrrent^ weight of funds seeking invest- administered prices of steel, previously!. The total of divi- 

liinr* world economic outlook m said, should stimulate sales in ™. u. iLmmmmmij me *^- aTenueg in 187S ^ pro5 . sugar, bread and fertilizer and dends to be distributed by the 

x. II no rneani encouraging. . . -the current year. - ' . Y-StmtSSl"^^T aiWtod ably be over R2bn. others, such as coal, are prob- ^ funds w ju come to just over 

tfcrt. of.immng, ta m^d f .W, tafte pipeline, .ugaj.flhg ^ or about » per cent of 


tions in the countries in ques- completed in the region. 


Fibre links favoured 


TOKYO, Jan. 5. 


With institutional cash flows c^b toe fallln long-term after January 31. 1878. of_13 ^per MINISTRY of International present we have no concrete 


Oils opeuuu wjiu lucruasxss in me ‘ -. .. . ThP icnnkPerrinn wnc prxTYimpnt. 

administered prices of steel, previously). The total of divi- favourable view of “tie-ups” j ng on press reports of an 
sugar, bread and fertilizer and dends to be distributed by the between major Japanese synthetic imminent reorganisation of the 
°to er ^ ®o c b as ooa^ two funds will come to just over natural fibre manufacturers but Japanese fibre industry into four 


lam corporation, oas acceptea — w -“* —.. t_ »hp ninplinp -- --- . --- 

the position of chairman and Of this the greater part will Toom for the standard cosr £5m ” or about 20 per cenL of not Prepared to force such major groups each one consisting 


. '"eitainties, high uheinployment, penetration in the commercial p 9 slt,0 ° 04 cnairman ana or tms tne greater part win uttle room for the standar 
urotectiorusm irnd tbe possible vehicle sector of the market, par- 2SS^#JS?SL2f ^chrape be co^^nly chaTmeMed into of ^ng -indices to fall 
acrease in the priee of oil in -ticolarijr in the bus-and-heavy ® er bad, effective from April 1. 1 prescribed securities, which the current annual rate of 

’ ’ M. ’ « . d_ W- - A. J_1 L?_ ’ __ ■■ ■ ■ M MM. M Mill I ■ ■ I ■ ■ I ■ .111: V«A« AflTlt 


.'The New Year lnay affect truck business. • " ’ 1 "" . 

'dwirsely industrialised as well However, its heavy equipment SELECTED EURODOLLAR BOND PRICES 

s developing countries." . 'division “did not perform to ex- _______ 

For the year ended September, pecta tions,” and a turn round, tbe MID-DAY INDICATIONS 

"-*77, the group'reported S'20 chairman stated, -will depend ^ mtir BU ^ 


11.5 per cent. most c 

. * * * reinve 

ASSETS of the nine trust funds trusts. 


below profits. action on the industry, a Ministry a merger of two existing com- 

about According to past experience, spokesman said today. “We ''mdade^SShl 

most of toe money is likely to be expect some fruitful progress In Ka Sei apd Kanebo. Teijin and 
reinvested in one of toe Bank's this area, and we may be able to Unitika, Toray and Ruraray. and 
funds trusts. push at some point, but at Toyobo and Mitsubishi Bayon. 


; '■Mf'cent- increase in sales turn- modi on the state of timber^ex- Aican Ancnua 84 pc um 
.■’ iver to a record'5S2945m^ while traction activity and new ctmr 

1 ' l:, ')nMaT - fmp- * an- 4bMTt'’Qtnv^rinn nmiArtQ J - 


^''ire-tax profit - reee : at atieveh'struction projects. TanSStauu ks. HtT-u iim 

, ligber rate ol 78 per cent to Wearne .has revalued ns Bardays Banx aipe i m m 
’ -'-J82R2m- - -properties and this-has thrown bowimt wpc . ...... 

° Croup profit; after tax -but-up -a surplus, of tS71^nu, 3 m 


9« SKF Spc 1087 . 

Ml SxpwJen ifCdoniI Slue 1B87 
1D0J Uniicd Biscuits Upc 19S8 ... 

Mi Volvo Spc 18S7 March __ 

99 

??? NOTEI . 


HT i»n »Hlll 
I lt« i ti«iu(e 


Osterreichiscbe Kontrollbank 
AkriengeseUschafl - 

U.s.$40 r 000,000 Guaranteed Heating Rate Notes 1983 


ren pursuant to Condition 5 of the Terms 


Notice is hereby given pursuant to Condition a of the Terms 
and Conditions of the above-mentioned Notes that the Rate of 
Interest (as therein defined) for the.Interest period (as therein 
defined) from 9th January, 1978 to 10th July. 1978 is at the 
annual rate of 7} per cenL The UJS. Dollar amount to which 
the holders of Coupon No. 2 will be entitled on duly presenting 
the same for'paymcmt wiU be U35.39-18-subject to appropriate 
adjustment thereto (or the making-of othmr appropriate 
arrangements of ..whatever, nature) which- the Fiscal Agent 
may make, without further notice, in the event' of an extension 

or shortening of toe. above-mentioned. Interest Period. _ 

. .. EUROPEAN BANKING COMPANY LIMITED 
6th January, 1978. (Agent Bank) 


DemnarkVsipc 1SS4 99| 

^CS Dpc ;jm-. 9S| 

ECS Bloc 1997 - BSi 

BIB Sloe 1992 9H 

EM3 SiPC lfi89 . m 

Ericsson 8*pc 1989 ...._.'. 991 

Esso.Bpc 1986 Nor. INI 

□v Lakes Paper 84pc IBM m 

Hamerslejr. 9ipc 1992 - 1001 

BntnvQnebec 9pc 1992 _ 97| 

ICT »j>c 1987 - 974 

1SE Canada 9|pc 1980 ... 102« 
MacmUl a n Bloedel 9pc 1992 994 

tOassnr'PWwBon Hpc 1991 1IHJ 

MichttUn 9»pc 1888 . 1014 

Midland 1BL Km. Bloc 1992 971 
National Coal Bd. 8pc 1987 904 
National'Wannnstr. 9pc *88'1024 
NewfoondlaDd Spc 1989 108 

Morses Kom. Bank 84oc *92 Ml 

Norplpe S4PC 1988 .. - 974 

Norsk Hydro SJpe 1992 . 974 

Oslo 9pc 1988 ._ .... 100 

Ports Amonomes One 1991 W4 
■ptor. Quebec 9pc 1B9S . Ml 
P10V: Saskatch. SfiK 1986 100 
ftoed International 9pc 1987 M4 

BHM 9pc 1992 90} 

Selection Trout BJpc 1988 . 93} 


JSSJ BeU Canada 73pc 1987 ... 

Br. Colcmbia Hyd 7|pc '85 
” Can. Pac. Sipp I9M .... 
Jrr Dow Chemical Spc 1986 . 
ECS «PC 1982 . .. 


i dor bod 

iw {Jf 

.. r ' 


Has annonncemmit appeals as a matter of record only 

IRAN NATIONAL AIRLINES 
CORPORATION 

US$72,000,000 V; 

SercorYear Roa^ 

Arranged by ’ 

1 - I^an Overseas investment Bank limited 

as Lead Manager V-- 

Managed by 

Bank MelH Iract, London Branch - ; - ' 

The Banlc of Tokyo; Ltd. 

"Canadian Imperial Bank of Commcrco 

Qiase Manhattan limited V 
<Stibc«pInteinationalGToup f_ 


{“J EEC 7Ipc 1992 —. 97* 

EEC 71 pc UM .... — 98} 

Eoso Gntaelt Sine 1984 ... 97 
Gotaverken 7Jpc 1982 .... 97* 

” Koctanns 8nc 1993 97| 

MicJwlin S*pe 1982 . . 100 

J2S, Montroot Urban R|pc 19B1 994 

Now Brunswick Spc 1994 974 

«wa Brans. Prov. 9!pc VS 102 

S* Now Zealand 84pc 19M ... P7| 

Nordic Inv. Bank.7tpc 19M M* 
;S- Nonk Hydro 7?nc 1982 ... 97} 

Norway 74 pc 1W2.. 97 

• Si* Ontario Hydro Spc 1987 .. M4 
S Sinner 1832 ... 103 

.S. S. Of Scot. Elec. Slpc 1M1 99] 

inn* Sweden (K’dom* 7ipc 1982 97 

‘SH SwedLsh State Co. 7.TJC 1982 97* 

.Sn! Tetaua 9Joc 19M ... — -931 

jE* Tenneco 7, PC 19S7 May — M 
j-j. Volkewasun 7Jpc 1997 . 941 

-^ -STERLING BONDS 

— ConnanMs 92pc 1939 - 9G 

™1 ECS Bine 19S9 . 1091 

EIB Slpc 19TJ .. 975 

Finance for Ind. Vine 1887 97} 

Fbwii 104 dc 19S7 . 944 

Total OU 95PC 1984 - 97} 

DM BONDS 

Ansrria «Jpc 1985 _ 10* 


Denmark **PC 1953 ........ 

EIB fl*pc. 1994 ... 

Grand Met. 7pc 1B94 ... 

HTdro-Owboc 8'pc 1987 . 

ICI 8*pc 1097 .. 

Montreal 7pc 1987 .. 

Norma Gat 7pc 19M 
Norsk Hydro 8'pc 1939 .. 

Norway 5]pc 19S2 .. 

Shell 6|pc- 1K9 .. 

Spain Upc 1994 .. 

Sweden njoc ips-a . 

World Bank ,6(pc 1997 . 

FLOATING RATE NOTES 
Bank ol Tatra 1994 7 ISudc 


BNP 1183 04pc_ 

CCF 1983 7pc . 

CC.MF 1984 6 l^m pc .. 

nrrdliamult 1954 71pr* 
Credit Lyonnap: 19*2 fl]pc 
nc Bank 19W 7t3»pc 

GZB 1981 74 PC . 

lot! Wgmru*r.-34 7&16PC 


».TCB 1992 UPC __ 


OKB 1999 Slpc . 

sxcr U85 auifipc .. 

sntdd. and Chnrd. ’SU <fpc 
Wins, and Gfims 198* 7pc 


CONVERTIBLES 
American E^prccs -Upc "S7 794 
Ashland 5pc 19® 95} 

BnbcocX & WBcn «pc W JM»» 
Beatrice Foods 4lpc IR92 94-' 
Beatrice Foods 4i« 19"2 105} 

Bccdtam Bloc 1992 . JO? 

Borden Spc 1992 ... ion} 

Broadway Hale 4Jpc 1387 73} 

^arnaiion 4pc -18S7_ W 

dWTron Spc 2989 .. 121 


First National Boston-Limited : j 
Uoyds Bank International Limited : :. 
Merrill Lynch International Bank Limited- 
Midland Bank limited ; . 

■ Sodete Generate . v . ‘ 
Union. Bank (California) 


■ Agent.Bahk • 

IRANOVERSEASESVESTM^ BANK UMTFED 


0RANVESI) 



Eastman Kodak. 4ipr 1998 S4} 
Economic Labs. 4jpc 18S7 79 

Klrestonc Spc 1998 Sfl 

Ford 5pc 1988 _ g2 

General Electric J4pc 1987 SI 

'Hllette 4Jpc 1K7 . 77 

Gould spc 1987 _ . 109} 

Gulf and- Wcavrn ape 49SS 76 

Barns Spc 199a ... 429 

Honeywell &x- 199S _ $5i 

1C1 Bine IW2 __ 'S7* 

1KA 8PC 1997 . 94} 

Tocbcape GTpc 1992 _ lfla* 

ITT CPC 18S7 - re 

Unco toe 1992 . ..I_‘ 1©j 

Kwsarsn 74pc 1990 . Wr 

J. Ray 38cDeraion 4ipc *S7 187} 
Uaistubitp Cjpc iw .... 11c 
Uitstti 7jpc 1990 ... _ 1U>1 
I P. Morgan 41 PC 1987 .. 94 

Nabisco Slpc 1999 . » 9S 

Owens {Binots 4 5 pc IBS? . ii£} 
I. C. Penney 4}pc 1987 745 

Hevlon 4*pc 1987 .US 

icynoMs Metals Epe 1988 ss 
'areJvOr 63pc iffiS ... . 104} 

-perry Rond line 1887 644 

Squibb 41 pc 19*7 . 771 

Texaco 44pc 19M - 79* 


Dec ember 1V7T 


!’talon Carbide -Up* .1982 J 91 tn 

I ’Varner Lambert ijpc 1387 79} Sli 

Varner la mberi 44pc 1388 73} "7il 

«-rojr spc 1888 ... ifl3 781 

! Snurcte Kidder, Peabpdj SccnrtUea. 


BM 

ORar 

100 - 


91* 

as 

9BJ 

974 

»: 

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9*4 

05 

w 

toi 

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97 

134 

M 

W 

100 

10U 

101 

97} 

98 

074 

98 

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93 

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1054 

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93} 

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771 

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93 

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734 

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791 


Ceudensed Statement of Condition 

The Fuji Bank, Ltd. 


Condensed Balance Sheet (Septen 

ASSETS (¥ in I^HJO) 

J Cash and Due from Banks. 967,662,446 

Call Loans .-.-. 51,453,691 

Securities.— 1,503,002,814 

Loans and Bills Discounted . 6,346,417,163 

Foreign Exchanges. 811,936,467 

Domestic Exchange Settlement a/c. Dr.. 173,695,871 

Bank Premises and Real Estate. 138,493,945 

Other Assets . 51,902,890 

Customer's Liabilities for Acceptances and Guarantees... 1,191,397,725 

TOTAL..-..-. 11,245,963,012 

LIABILITIES 

Deposits. 7,749,357.153 

i Call Money.- 333,873,360 

Borrowed Money. 1,023,585,418 

Foreign Exchanges... 53,431,246 

Domestic Exchange Settlement a/c, Cr. 166,177,250 


Accrued Expenses . v . 163,797,273 

Unearned Income.-. 47/350,418 

Other Liabilities. 49 , 583,820 

Reserve for Possible Loan Losses. 84,355,475 

Reserve for Retirement Allowances. 41,723,551 

Other Reserves . 20,685,981 

Acceptances and Guarantees. 1,191,397,725 

Capital (Paid-up) .. - 89,100,000 

Legal Reserves . 19,754,917 

Other Surplus. 212,089,425 

TOTAL....'..-.-. 11,245,963,012 


(September 30,1977) 
(¥ in 1,000) ($ in 1,000) 
967,662,446 ( 3,645,366) 
51,453,691 ( 193,836) 
,503,002,314 ( 5,680,930) 
,346,417,163 (23,908,145) 
811,936,467 ( 3,058,717) 
173,695^71 ( 673,181) 
138,493,945 ( 521,733) 
51,902,890 ( 195,528) 
,191,397,725 ( 4,488.219) 
245,963,012 142,365,655) 

749,357,153 (29,193,284) 
333,873,360 ( 1,257,764)' 
023,585,418 ( 3,856,038) 
53,431,246 ( 201,286) 

166,177250 ( 626.021) 
163,797273 ( 617,055) 
47,050.418 ( 177,248) 
49283.820 ( 186,792) 

84,355,475 ( 317,783) 

41,723,551 4 157,180) 

20,685,981 ( 77,928) 

191,397,725 ( 4,488,219) 
89,100,000 ( 335,656) 
19,754,917 ( 74,420) 

212.089,425 ( 798,981) 

245,963,012 (42365,655) 


Profit and Loss Account (April i # 1977 - September 30.19771 

INCOME (¥ in 1,000) ($ in 1,000) 

Interest on Loans & Discounts... 227,121,263 ( 855,609) 


Interest & Dividends on Securities . 53,805,675 

Fees & Commissions... 12,318,694 

Other Income. 33,777,036 

Transfer from Reserves.-.. 5,797,360 

GROSS INCOME . 332,820,028 

EXPENSES 

Interest on Deposits. 168,166,843 

Interest on Borrowings & Rediscounts. 36,788,351 

General & Administrative Expenses. 78,903,504 

Other Expenses.--... 14,506,018 

Transfer to Reserves. 0 

' GROSS EXPENSES. 298,364,716 

Profit for the Term before Tax. 34,455312 

Provision for Taxes on Income. 18363,563 

Profit for the Term after Tax. 15,491,749 

Balances Brought Forward from Previous Term . 5,197,676 

Undivided Profit.at the End of the Term. 20,689,425 


( 855,609) 
( 202,696) 

( 46,407) 

( 127344) 
( 21,840) 

( 13S3396) 


( 633,516) 
( 138,589) 
( 297,244) 
( . 54,647) 
( 0 ) 
( 1,123,996) 
( 129,800) 
( 71,440) 

( 58,360) 

( 19,581) 

( 77,941) 


Note: U3. Dollar equivalents are made at the rate of ¥265.45 per U3.51, prevailing on September 30,1977 


Japan’s Leading Commercial Bank 

FUJI BANK 

Tokyo, Japan. 


W 









































































20 



WALL STREET + OVERSEAS MARKETS 


Early rally reversed—Dow net 8 off $ up sharply 


GOI^IMARftCET 

' _ J*n. !< ’■ 


BY OUR WALL STREET CORRESPONDENT against major currencies la the the d 

OT WR WALL SIKttl Lunnwrunutw I york_ Jan. 5 foreign exchange market yester- descr 

£SBW YUtu ^» Jan * J - day following the announcement meta 

AFTER STAGING a sharp and a chronic Us. trade deficit, which fell afresh by 2S.S to 1403.7 and Regulating Authorities sold Hongkong land 15 cents to Q f moves by the UA Adminlstra- 1661. 

broadly-based rally at the opening have not been solved. Bletals and Minerals were 11.5 DM36m. nominal of stock, com- SHKfi-4a._ wfceelock 23 cents to tion to support the dollar. Enro* 

today on the dollar's continued Analysts also traced hesitation weaker at 875 2.. However. Golds pared with- no net intervention SHK2J2a, and Hongkong Bank 10 peon central banks probably _ 

recovery abroad. Wall Street re- awaiting the weekly Money moved ahead 52J8 to 1397/L the previous day. Foreign Mark cents to SHKI6.Su. _ intervened to help the U-S. unit. 

turned to a downward course to Supply figures. After the dose, PAMS—Market staged a good Loan s were also firmer. In arm Utilities^ Hong bong but trading was very volatile and 

close substantially lower on the Federal Reserve reported that recovery in response to the UjS. SWITZERLAND — Widespread * cents to the market remains extremely 

balance after another active the narrow definition. Ml. rose measures to support the dollar, gains were recorded on the “•*•5^** aeic ~ nervous. Sterling opened at 

business. S400m. in the latest reporting Operators who recently moved dollar's Strong recovery .with PhooegU cents *L8750-I-SS50, following.the sharp 

The Dow Jones Industrial Aver- week, while the more broadly out of shares into Gold switched export-orientated stocks showing - £““5“' reversal overnight in New York, 

age ended 8.6G down at 8W.32. defined aggregate. M2, expanded hack again, pushing .the price of large improvements. 55SE™ JrTtchut Improved to a high pomtof 

after initially rising to 822.77, by S1.4bn.. raising -the possibility * he Napoleongold wnn down over Oba Geigy advanced S5 to 2S ^ *«? e3rly tradi ”?-.T^ 

while the NYSE All Common of Prime Rate increases. Frs.6.0 to Frs.26S.5. while Gold Sw.Frs. 1,390 and Swissair It to 255 nt -.?J?, pound fell again, to arou nd $ 1.39 44, 

index was finally 38 cents lower Glamour Issues figured promln- * h "« JeH'Aargly. Sw-J?r^S12, whfle OerlRcon-Boeh^ ra???£« lunch. and to S1^750-L87ra by 

at $51.25 after recovering to entlv with IBM Callin'' 33 to S266S Michelm “ B rose 3o to rebounded 9a to SwJ?rsi4Sa. rose 73 XI to 4^UAS. with volume mid-afternoon. It closed -at 
S51M Um teU ovw ISd dS Pont 41 to SU21 Frs.1,121. Eurafnroce 11 to Frs.162. Sandoz were 115 firmer at Sw.Frs. amounting to STDm. shares. 8L 8870-1R890, a fall or 7.40 cents 

Sins of sK to 547 at thl dost Higher Deceib?r sales failed to BSN 12 to Frs.364. Aquitaine 7S 3 ,990 on the improved results. Export-onentated Electricals. on ^ day. - - <5“. 

white tuSver SHTtoaSfi help 6 the g&l "Sins. £*&*“■ Roussel-Udaf 8 to Domes* *mds moved slight* tjmnimoAUfanlg Sterling's trade-weighted Index 

shares, compared with 24 . 09 m.,K.Mart losing 1J to S25£ and Sears c _ rf „_ SKS^ SmiSPlS but YT75Q MatShtta EteSrfeYIS to aS» inst a basket of currencies, 

yesterday. g to 52*!. BRUSSELS . —- Bourse prices Foreign Bonds edged lower. hv the Rank of EmZ 

Heavy early buying from over- Against the trend. Gold Mining r3 j“ e ‘jjn lively ftMpu 


Gwki thtlltno 

The VS. dollar rose sharply Gold also feH sharphr foSowing 


On*-..:si58Vl6e>»;ll7tifi7i 

Omalnc._S16S4-166 

s&mtnriiavsioe.so jsuuo* 

!iE67.434« fCa&SSft) 
AAem 'oflx ‘h iS183.70 3171.88 

U*»8.04S» 

Gt*M Vain < 

Ooflirot&wlly! .1 

KnutarmxC 8 ITO-ITS (1774-1 

- u&iu-ftiui ucaoiiVi 

Sin Sof^n^tSOK-SS 3 * . 

;t*:a?-8oi »ca7-*a 

Old 6 *rtqp»-SfSO-Sa SS24-5* 


seas and in the UJS. followed the shares picked up strongly in the 1 ineime eanqne aaaea to a downward path in thin 

rally in the dollar on foreign afternoon on the uncertain out- r? ar „ B - Frs -_ 31111 Petrofina trading. 

exchanges after massive VS look f° r the dollar. Dome Mines „ _ Fiat declined 21 to IJ.S99. 

hitenendon to halt itf Ion- and jumped 4 to 8693. Campbell Red- AMSTERDAM—Mostly firmer. Pirefii Spa 16 to L993, and 

Seen derive Jake IJ to $37J. and Rosario ROYAL DUTCH, FlsB.3 higher, Olivetti Privileged 12.5 to LS6S. 

_ ' Resources 1! to 8223- were prominent in Dutch Inter- but ItaIcementi hardened 30 to 

THURSDAY'S ACTIVE STOCKS THE AMERICAN SE. Market nationals. Shippings gained up to L9.730. 

change Value Index recorded a net F1 sj 3.2 while, elsewhere, KLM SPAIN—Share prices remained 


se 73.27 to with volume ra id-aftemoon. It closed -at 

noon ting to S7Dm. shares. 3L8870-1B880, a fall or 7.40 cents 

Export-orientated Electricals. on ^ day 

r'S‘ t h“12; lD Sid toTYo Sprung-.' t nrfe.«igM«l mfe* 

1,750, Matsushita Electric YlS to ? 8 ^i^ nl f t -^v C A ie 0 B a Sk r ofE^ 
>«, Honda Motor Y18 to Y440, « ^culated the Bankof Ee«- 

id Cason Y10 to Y400- JSJtwSS 1 S 

Printing and E*aper-pulp issues 1 .“ 1 DOOD ^ 


LIRA 


Societe Genende Banque added toTdoS in thS and Canon Y10 mjM00.. ShlUT « 65* at TOonaud ’ to 

65 at B.Frs. 2.745 and Petrofina trading. Printing and Paper-pulp Issues “ 

60 at B.Frs . 3.740. Flat declined ' 21 to U.899, nwe in aenve trading foUowrng a “"y 

' AMSTERDAM—Mostly firmer. Pirelli Spa 16 to L993 and statement by Prune Minister Forward sterling was abo 
ROYAL DUTCH, FIsB.3 higher, Olivetti PmHeged 12.5 to LS6S. Takeo Fukuda Aat be would like ea ge r. .wJJ the 
were prominent in Dutch Inter- but ItaleemenU hardened 50 to J® 


American Medicorp . 4SSS0Q 

Wall Disney .3iS,600 

O. D. Searh; . 310.200 

Xerox . 271.200 

Sony . 233.000 

Don: Chemical .219.000 

Aim .lej.om 

S?ars RoebucR .. .. 199.000 

Texaro .TM.fM 

Marshall] [Field 167.000 


Stocks Closing on 
traded pnee day 
430 S00 21 -1 


nesourm 1 ■ id au]. »«e jnuuiuieni Ml uuiui IUIW- UUI 1 WKOUH 1 U naioencB au w -- v ~~ n<« 07 _ _ . _ 

THE AMERICAN SE. Market nationals. Shippings gamed up to L9.730. de- CURRENCY RATES 

Value Index recorded a net FIs^ while, elsewhere, KLM SPAIN—Share prices remained nreci^rkirL^as 0 ^ Milculated ^ - 3 E==m—TTS 

decline of 1.23 at 124.91 following put. on Fls.IJ and Ahold F1S.2JS: easier-inclined, although selling reacIe ? 1 0B S/2S5S^GuaiStv ^ New York l 

another moderate trade. Volume GERMANY—Market was actively pressure was less pronounced and pr ?u^£Tf T * F„rth^r- nmfir n^Sved SSrSv to 4 40 o» cetfe Rigb^ A 

2.53m. shares <2i>0m.). higher, with the rise of the dollar a few issues rallied a little. Motor 7'£}£ T £25* ^ - * 


2.53m. shares (2^0mj. 

“4 OTHER MARKETS 

Canada Easier 


| Dnwhur I Daitm 
1 Rights \ A ocoant _ e««o«uHwJ 
• Jamnryo i J«mao’ t> 


nigner, wjin me rise oi me aouar “ ‘« uw muhki a juuc. awiur . . . . . , . _, a m « n t 

on Foreign Exchange markets Ihertca was a nouble bright spot. JSS _ 6.02 ^ . 

spurring investor confidence. improving 7 points more to 133. ?"!!?-1 

Volkswagen gained DM8.0 in HONG KONG—The market re- s entim ent adversely b^J_erei i Of_Sw ; Fr*a.0S j _a^unst DAdwuJI-l 


itsTisSSLS JSSJSStSSXSSt‘Si ^ ^ tSJSSi^JSS^Hk Ssr-3 5iHB 

SSS , A i B£5=-tW A LEUS7LS, OSS 


0.036954 j 0.638166 
L80639 1,31336 

1.38413 


However, brokers attributed in®, resumed an easier stance. DM4JD while, elsewhere. Metall- Hutchison Whampoa picked up Myer,. 5AL92, and 

later selling to investors'wariness Trading was fairly active. The gesellseiiaft put on DM&5. 15 cents to 8HKS.70. Jardine SAlolL Banks had BNS 

a ^ WI i . £he bzs[c Problems behind Toronto omposite Index lost 5.S Public Authority Bonds rose up blatheson 20 cents to SHK1L30, Vl ® les 14 J*®? 5 down at fiASJS. fanarj 6.25393 

the dollars detenoration. such as more to 103S.4, while Oils and Gas to DM0.15 on average and the Swire Pacific 10 cents to SHK5-15. l and the Japanese yen toYiSS I^li 

* ——— Svl- tnrnc....! 2,46516 


8.79092 

5.73948 

1061.68 


KniMftwKCs 170-172 tmh.|« 
- i£9ow-«iui ^ceoVaii 
N«k Soc'ga*.; 850^-523* ;C63-55 ' 

V27-28) '«C27-28i : 

our &»rt*ii*.#ao^a sssi»64i, 

jiCaSIsr^Tm .tC864t-Si 

tinKI I'MIhJ j 

ilntemat’IK.. 

tkrtu[pniBd...'S170-172 S178-180 
11X90*4-811*) 1 'l£90S.-ttii 
X*»th>vr , «-|5ailt-63k; Sa5UJ551* 

i£27M4iai*< :,£27lt35& 
OW Sott , ri»- 8501*-5S ■* :S52l444U 

:i£26J» a?H) ufisavau 

820 ftgki-.. 18246-249 jjgMBI 


FOREIGN EXCHANGES . 

-- "lUrtitBas" 


New Yivfe.„> B ,1.8754 l.bWft IJB7B-UI 
7le.U5HM.OMO.a8«5M3 
amuentuii 4l3j «1«-M : 4MHM 
Unuwiia..... B* fa2.464LM { k3.20-SJj 
UHWflluwfa a n.OHI.17 ]W.08J-1I4 
JWtfurt.J A 4JSA89 

Usboo^ _» KM.t7.ia MM-tu 

UtolrM. B IS2.B9.IM801U.T6159: 

Mibw._ 1Uf I.M2 UB3 1.163*.IJs 

1 \ui* . 81*1 8868.81 BJ7I8JI 

Stonkbcvun.. 8 : 8.878.87 831*83 

T.tkvi 1 _ <1* 4 WM 8 S 464.461 

Vienna_ b‘s 28.9C-* .M 29.1B8M 

Zurti-b . U>; SMS .SO l.W*83l 

t Rates riven are for converttUa (Mt 
Financial franc S3.U8U3. 


Indices 


F.Y.8.E. ALL COMMON 


NEW YORK -DOW JOKES 


J»u. Jan. Jan. 
6 ! 4 ■ j 


e>lm.-et\»iipuatkMi 
Hiilli !~ Jjm 


1 

1 



1971-78 

s 1 

4 

1 3 " | 

20 = 

Hlxb ' 

Lon 

61-ffi! 51.63 

61.82 

: 52.50 

67.07 I 

46.76 


Eisaa nad. Falls 

i Jan. 5 I Jan. 4 1 Jan. 5 


Ufuea traitat_ 

Uian.... 

Mb... 

Unchanged_ 

\ow Hie bn__ 

New lows 


L8841 UB 66 
547; 487 

834 936 

503) 443 
‘ 13. 9 

16 39 


MOBTRKAL 


. Jan. ■ Jan. I Jan. t Dec. U 

lii'h»innl 809.92 815.68 817.74 851.17 830.83 523.70' ■•Oa./b dOO.att 1051.70 41.22 .5 ; « ■ ; I ffl ' 

, cSil'Ti) I l2/ll» |(11<1'73ji (2/7/32) •___ _ 

H’liieP'inLi* 30.78 90.86 90.79 40.95, 80.94' 80.96; j 4.B7 aO.tis — ' — ImlitMrlaa I 171.89 175.12 174.88 176.86 

1 (7/S' . (7i3j ) Cum*noe.( ! 17 -.31 179.27 180.64 1 I 82 I 44 

Trampirt. 215.-7 215.45 215.77 217.18 217.61 216.74' 246.B4 I l!n.60 1 27S.88 1 15.25 __ __ ■ 

j 1 . ila<&! ; iZ5 101 : (7/2 a®1 118 / 7 «. 12 ) XOROUTO C»uiunite 1058.4 1045.7 1047 8 1058^8 

I tilme-.I 110.32 110.75 118.98 111J8 I11JU I10.8&- 118.67 1 Ib5.32 [ 10.68 ^ ^ 

. ' i22/2i | (26.'2». ;i20i4/3B 1.(25/4/42) JOHARMESBORO , 1 j 

Tradlna »»• ■ 1 I K* 1 904.1 . 914^ 904.7. i.-i 


Imlustrlaa 

Cutnhmeii 


171.89 175.12 174.88 176.86 K8L47 (I7/5i j 158JJ2 iblOl 
17-.31 179JET 180.64' 182.4a. 187.86 (19d|77); 16L80 <2&lQi 


1867.4 (19/7) 


-SA2J0 and MEM tost 3 cents to fr °™ Y237.T0. .2 

SA150. Anjpoi Petrolenm gave up - 

4 cents to 83 cents In Oils. 

,4 Jan.5 JOHANNESBURG—Gold issues. EXCHANGE CROSS-RATES 

--— after Wednesdays strong per- 

166 Tvfisa formance, retreated in slack A^rs^FTaairtuniNv* S«*- ran* ‘ 

If J i JIri trading on the lower Bullion price. -- . - 

43 ■ 397 However, most issues ended above J2“gj? ' 4 tm 64 8-I5 ?; 1B5 SS * 

9 19 the day's lows. Losses ranged to & lork ; SSSu.i» wJ i 

39 w 18 20o cents among Heavyweights, h™« e£J.: | ^5^55 7.0093 

—^— while lower-priced shares Shed 10 Lmicm ..a, *a6*a-8* > 1.887-888 

tn fin fipnte AinsfiVtAiQw KJ7 57/ 62*v£.3077-J 10’: 4?.775££) Pv.—-_— -, 

- ^nancitl Minings and other --^J*^**™ ** 

— —— — Metals and Minerals were quietly u-s. s m Tunaw Uuwino «m>. 

HjgS easler - Beers fell 15 cents to smaS M,l “" MM0 

*** <S -_ R330, but Tin issue Zalplaats SUtlteaInM!lanW®WM- 1 ««Aa 

«LQ |26.10| gained 5 cents at RA3fi. «,„,nrn»»v larvmn 


- t*Krr» liru. -oi' Lxiiiixi 'Atinl'«''aij ZuTivh 

•6.15-40 n.47D500 *jo4W.-86 jii.9^^20 l 4 0-&T 

2LU507 2 9850-0)0 l.90b.'BlUO 45 30*0 *8.1 Sb 


OTHaR MARK STS 

in.cn I i 

— -A41135-12.156^2 Uv;«nlna.’1Waa 
Australia Jl.8454-1.6S» A U.;Zt1* a 
Ur ati 50.0448.94 'IKUcUiJn ‘ 

Fm-uuL...! 7A8-7.81 iUfikdi [ 5259 

QrtKiCM.^—£8-08548.7<6|■ Mala. 5t.W»4K 
tfotv K’nc: XB8S-B74 UtoinMlV. Iffl-lL 

/uilvh Iran........ 129-136 jFi»ai*,_ -.0843 

- blumUt—.. IL525-0.53B I*■ennani-1.6744 

* 0-90 Luxemb'iiJ BJ.20-S5.40 Uiwft^.... 7849 

10.1. £b UakiwU .44.45584 A7WI taiv 1870-171 


14.2b8-.-02 i 8.98 9.00 ; b.6.10 60 - -29.78 502 K. -SaateiwM.BBS-I.WWajM- *88411 

7.00-03 - n2.99-65.16 - ' [ 18239*21 -muiiII Aim's 6.62-6-62 4»4« 

L«lfr90i bk 20 -W - ; 4 .( 45501:'.246845 SVa/emiiWC.W.4B764.4475iXi>Mrav...LIMA 

s.rfeaab sj4SS-9WS4ji4'J78» - ;U2 895 94S Sb Afriei...!l.B2m.kM79riiRw- 8181 


1C 295 945 X Africi.. il.B2I93-l-6478l-i«iui»--. 8181 

Ujf_j js^aln.— wna 

-;— C<iiMd5.~..l :Swii 2 'iani' 57541 

C*l_! U.d.-1.96-Ui 

U.S. i-ontv 8133-8136 )Ym<n*iavw^ 57^ 
- Rale riven for Arscnlin# Is free nu. 


25.570 24.090 17.720 23.589 25.610 19.830. - 


1 Ra-iu> nr index changed frotn auaiuj 24. 


ln- 1 . i»iv. vield % 


STANDARD AND POORS 


* .Ian. : Jau. ! Jau. - IKv. . Pe--. 
b 4,o oO 29 


Teal ac*J (-H'l'Uoui 

4D8 

Sm--e I'omtnlai'u 
cr • Hlcli I Lnn 


Gi* I 204.1 . 2143. 204.7 <ci 

In wenh i 213.0 1 214.4 212.9' (e» 


Jau. j'lev- L*i<-,5 un-/b 
, 5 Ulus High Lnr 


Australia^) *7435 478.79 4/9.43 4 ULKj 8 pals 
t3ll)18>. 1 I 6 © 

Belgium 'l> 92-25 *9136! 99.12 90.71 Swedaz 

: (1U/1) (20/12) 

Denmark/—/ 97.14 : #.95.-10732 9634 Switerl 


214.7 (11/10) 
*14.4 \4;l/78) 


159.4 (24/6) 
169.1 (22)41 


"DIES uvmaesa onct=> <nuwi> ooim ______________ 

cxctude s cmauisD. Beiman dmoendi- ; 

are arm- wtthboUma tax. Jau. 6 • Stems* 

I O DM50 aemm. onlea MbenvtM lutea - J— -- 

V Pus SOD dvaani. unless othennse suieS rShori term... 7.7 U 
* Kr 1f» Seoom unless Othenrwi! su>efl /.lav. nonce 1 7 74 

e KrsJOo denom. uw* Beam stum Uboth_ oij-7 

notes., omerwise stated. I Veo so dmam three mun ihs 1 a a-71h 


EURO-CURRENCY INTEREST RATES^ 


(d) 9738 I 08 13 I 100.C0) 9738 


(ei. Si.85 1 32834 1416j6t) I BS31 


>‘l 2 , '(b.LTC) "Tber wlsr ririgtf- S Pr»er at dnv l-ji* momha.J 6^-7 V ! 

5«i I BS31 •»*_ • "»«*«■ » SCBm,n« One 1 «rJ 7^-7™ I 


France CTti 62J3 ' 6 L 2 68.4 453 

l (111) 110© 
Germany Ct) 796.0 ' 738-Z 8133 712.6 
: : (17/11) (10.(3) 

Holland W. VM 80.4, 953 763 

(«/6> (29/9) 


;U»mt«nile. 92.74 93 

1 ui--In. ili-iil i 
lii.l. P’li ItaiiM 
LiiHi (imi. I « 10)11 


■oi a/ 

102.91 102.22 104.71104^5 

104.31 11 .92 

04.M 

1J4.04 1 5-52 


93.52 93.82 45.10 14-94 

(3/L-n. 

( 2 / 11 , 

1 11,1.7*! (30.6/32) 

92.14 

94.75! 137.01. 
.3/1,77. 

98.71 
< 2 ,Mi 

125.»6 l 4.40 


99.66 ( 10732 9634 Switerl'dC )i 299.0 
(9/6) 128/11) 1 


122.-5) ■ (11/7) 
29L0! 31B.e ; 2E0i 
; (l*>10i - (3/5) 


■ Gems U Dividend after oeodinai nehts 

latitat seno usue " Per snare. » Kranca I Bum-French deposit rates: tvwtfax H-9f per cent.: sevetHtas 10MM pa- cent.; \ Jss'insV VJf. LiaTilko/v 

n Gross rflv %. h Assumed dtvfdrwi after ooc-momh 1 M 11 per coil.: three-moo Hi 1 * 8-122 per cent.: stx-montb ISTu-U^m per u*,ih.i '"a-, iso. . 11 , 
vr>c anrt/nr rlsht* issue * After local f cent.: one rear I3J-IM per cent... uu.„^ !i*axi,.».YL SoSouI-.^ 


Canadian 
Uni Im 

1 

UAOotuu^ 

! 6-7 • 

i 6-7 ■ 

6 to 67 S 

1 64-710 

1 7i 4 -7Bg 

63«-65b ; 

64-7 

6Ta-7i a 

7-74 

■7le-7ka 

71»-74 


forward rates 

nan.- ■ man. ____ ___ < 

-t_;_______ I tini- mum U 1 Tlnve moatt 

3*-6a 3 la-Sl# - 1 -!-- 

*8 St 3B>8 N'cw Yix kjO OSrnm 037 1 li 1 jj.O 8 -O.l 81 .ilk 

l.i-l.V 278 3 Uomroa- .fi.05cpm-fl.B7 il( (| 0.0a vJ.18 r.m 
ly g 1,', 278-3 Ani«iMam[7a e.|.iti-la . iiiaDi >. tor 

l!»2 3-3 la Unmet*... iaes..td» .36-30.-.-il» 

3,’*-3i; ' 55 s 368 <.op'nhi(ii.!l 83 I 64 .ite.lls l33j 3Q1 oredfc 

rt.., —Pmhiwoii 111* S* l*. 1«1 f+U-PUj* |M 


indices and base oua uU ms- values 

Slaodmtte^aod^'S mm **10 ,nn rtdd eschidf special payment. - hvli- " The ToUmniui nom/naT^ltes ; wHT i 

raled dl,f “Unofficial uwtmn "Wlnontv one-month &86A95 per cent.: three 
noiders onh e Hetaer penrtimr • 4sked per cent.: one-year 7 MUM per ,*m, 
*8» .* Traded J Seller * Assumed • Rates are nominal closum n«n. 


uses n% in n«e. 1 Pranrr tnctodma 
I rulac (Uv p Notn q Share spilt. » Div. 
am yield excludf- special payment. • Mi- 


Milan .._..il5 83 lireiitv ,48 49 limits 


r Excluding bands. 


Hong Aon* 392.59;58A23 42M7 388^9 S 498 tods. 40 Unime* 40 ■“ vrEs rlrins MBs dividend 


111© 14/1/78) » Transpon. 


Ue . Zl | lent-*&/■ (4|i|inK.i 
4.99 I A71 


Italy l»si 56J2 66.36 7A71 04J0 »1i Brivu,SE XUUrtS <-1 CopenttMCO | 

(g/li (22/12) 5£ 1/1/73. itfi Pans Bourse ISSLI 
Japan fri 368.01'364.0*! ^A 5 36A49 gQ-ggmtgu I SERMANY • 

Stagaporo ^70 262.73 2^ gf 

' * a,0B l~ 1 rtno^ri .Jl UtnrtrM CO >01 


scrip tssas. n B* alL alntartm stooeldayr none* tor ganders and Swiss francs. 


Shorr-tenr rates arc call tor sterNns. US. dollars and Canadian dollars: two 


I TOKYO 1 


AUSTRALIA 


Vienna. _lltf-28 git» illn ' |38-98 gmdk . 
dnrieh—IBig llg . pn i iSJa^as^paf • 

Six-month rorward duriar'0404.46c «£ 
TS-mOiilh 0J5-6.43C dis. 


BRAZIL 


OVERSEAS SHAKE INFORMATION 

NEW YORK I '■ J T | J r I a „, I J - a “-! 'V I * 


(cl Closed. i</l Madrid SB 31/IV7! tei 
StncKbolm Industrial 1/1/58. (/> Swiss 

Bank Com- 31/12/58 tat OnavaOabto 


Investment premium based on 
$2.60 per £—70i% (681%). 


Alil.il- L 1 I 0 .• 03U M-'S 

A#l>im>.- 4 r>ni|ili...; 14=4 14*4 

.Ii-tidi Liu-* U">, dote 
An I'rt.ln ■!>. 89U 847a 


A-4IIU-I-I 1*1' ... 

A «"». 

i^lilm.l i'll,... 

\i>. Ill Hiiivm.. 

A -,(«INI* l‘n>. 


Hi-.I-mI'' -miwai 
li.-]i A ... 


Ii»-ii>:ii.-I l ■■II- '£ 
llvlli<('l». , i<> Mie 
IIik -h \ I *■• t. vl . 


I'nl-i- L i-iH'h-. 

IS..I lv*l. 

li.ii ■ Wiiiivi . 

IIihiiiii Ini... . 

Ilirfr-V>t "1'.... 

Tlri.ti. Mill'. 

Urn. l-.-l. \HI/ 

llii.-hn «v IiIh. 
Urnii"" ii-W . ... 
Iin.-t-ii- krii'... 


)i,iii.»i n-.u-li. ... 

Uiirlluul'»i .\lJu< 


W_>2 

(..-illini \ J-.ll'—I 157fl 

l/-rtalnieea. 22 

(.■•..in \ir-ijili.. 32 
i. hveM-mlMilni 287a 
Uuil'iw* «fc. AY- 41'4 
L'Ih-^-LtuIi Pm* ■ -• 22 U 
(.iie^iva.iMCTii..., SJi; 
«'liiiwaai Unilise.-.. 461 k 

1 . Iihi:iih'Ih\ .i 14i(3 

riirv- , i , i. 127(j 

(.nivmuia.. . 1*4 

(.all... tliluviKii .. 411? 

.| 

• ’Uivj- swii-ft- I 6 » s » 
1 ill Jmt-MirU! ■ 1 

L.h-h Liitn..' 56 Je 

(,4'UV lilllii-.... 211,3 


564a 1 36*4 


(-..Min- .\jvnian..j 11SB ‘ l ,s « 

I'.JniMhiH 28 14 J 28 U 

Vi>lnmbi& ChS. 16 >4 lb.'e 

foin.lni-L'-.^'iAm 16 |s I 16 «a 
1 viiiLOLiAiiiii Kiie,' 56ij . 36 *4 
(JuniUu-tliitt 19*4 ' 2010 

(.•ni'a’lli K.tlwui. 28tfl l 28*0 
(...ninth Oil livi 2 la . 2'! 

(.'•mull. lilHili 1 - . 29*4 ■ 

L.inU.ilM.'f'Si-IvlH.v Sbfl 1 Big 

t‘iillrtii-. MU \ 22 |* 

c.uu E-ilww \ V. 20is j 2aig 

Kikvla. 1 241 3 ; 3«Sb 

l iiHRiil -Nai- li^w— WJji j 443g 
t mi-uuKT lViwer 235( | B3|2 
L.iniincittnl iiry.j 337a ■ 33*a 

1 uiitMU'iitai 01 :.. 88 1 « : 38*4 

(.•i/aiuieiiiai Tele, lo > 10 

1 iMnjtn 1 /him . SBir : SV7a 

LnuicrIn«lieh.»J 44Sa | 44*2 


2214 ' 22'v 


Mock 

J r 

I Jau. 

1 * 

KtBI|l|I UMMx... 

cot 8 ; 

I 6100 

1 IV Int'n'tiuiiH- 

45*2 

i 451; 

crane . 

257 e 1 

257a 

t-na-ker.N il. 

244 1 

2470 

crnHndo .erimcii 

do 4 

1 434 

^llllllliinaKu/pui 

574 ! 

1 37J0 

•rllrt H ncbl _.., i 

19 

! 1 9 


b3?a 1 

23to 

l/arl In-luainea— 

36 

46 to 

Deere. 1 


1 

Dei Mimic. 

264 ! 

254 

uc'loua. 1 

53* * 

5Sfl 

Ucnla|il\ liner... 

19 | 

19 

’Mniil H-iImiii... 

lt>4 | 

161; 

iliamiaHidbaini'k 

*84 1 

38'a 

ill -in/ilhuie.. 

labB ; 

1204 

Di-:ita- lh,ui|x. 

44to 1 

?5l0 

Hwicj (Hail.. 

3B ij I 

39 

timer l.oiqm.! 

414 1 

■»1 

(A.u Cbemi-id.,.. 

254 | 

264 

Owrnt... 

4o to 

435a 

Dm IVmt. 

1125b : 

11658 

I'jniu In uioUleri 

124 1 

into 

fcaje Pk-hw.• 

la ; B | 

18'a 

.'otbi Xirlinea. 1 

6 1 

6 

basinuui Knlak..' 

496a | 

501; ; 


36 la 1 

36 

b-«- v U., 

164 

174 

f. raw A'al. Gw' 

lblg 

16l fl 

Kilin.-. 

k 6 

^5is 

b'merwn k'let-trii-l 

334 

3a to , 

•<.nien Air Kr'giiP 

394 

394 | 

Kim«n..._. .1 

314 

1 3'c'u 1 

h. 31 .1 .; 

3*2 


Bayi-ibiiM.- 

264 

<e 6 i« 

IVMlMrk. 

29 sa ! 

294« 


19 ; 

20 

fcsa.dj.! 

-6 ! 


- aitcblld L'aiuer -1 

| 

-a 4 

Ul-14. Sinn*! 

381, 1 

3B4 

l-ll>r-liau- lire...! 

lh J * 1 

15. a 

t'-l. AaL. Ur-liui.j 

i47g 

ilS 

f'lrll \ all.. j 

I 860 . 

184 

Kilnlk.dc .] 

lx to 

191; 

.-'uiri-lji I'.iuer_ 1 

cats 

32 

Fliair....| 

55 

35oo 

c.UA.. 

*14 1 

z 3 to 

Kuril ltnlul... 

43Sa | 

4415 

Kmemuai llt-k..,. 1 

1/1; 

17*i 

y.ivlai.iv.j 

33I b 

31.8 

i'l.ntlni Miul.... 

d 

64 

1 wi-nri Mineral* 

20 

194 

K.ihHwiiii. 

Bblo 1 

264 

r«.|U« liirlustnP-4 

9 ig 1 

1 9 

J.A.F.1 

10 '0 

11 

■ 1 iiuiezt. 

3U 

sSto 

... 

lObn 1 

lurn 

G.A.1.A,.I 

2s to 

2s00 

-Bi-ii.lk Him-. 

124 

12% 

uen. i »> naiim-T...; 

441; ; 

4408 

-.t-ii. Lici 111 ■*.. . i 

4850 

48->e 

(■ciu-ra. Imxt 

31 to 

314 

..Ciipral Mills. 

29Aa 

30 

■ euem' Abiliirk...; 

bCiR : 

si ij 

Ceil. I'm-. Hi.. 

21 

2Uto 

■jell. -Iliilal.- 

274 ! 

! 274 

*■«!. lei- Kiwi... 

607 a 1 

30i( 


25 


b«iu»'> .. 

4 

3»e 

iu.t>Sia Kami 

260j ! 

27 


17100 i 

1 liOls 

.■ii-elii-. 

24 

I 24 to 

Liiialri 1 . K.K. 

197a | 

20l» 

Ii<su Tlrt-._. 

17 , 

174 

i'HIHl- . .. 

2/4 1 

27S, 

■■•nu.-e W, K. 

264 ; 


til. Alum Pa- J'rfi 

81, 1 

1 o4 

i/rt. A'ihIi Ism...: 

24 fa , 

, 244 

t.reilualli-i .. 

13 

1 13 

I.uli A Wcaturn.. 

lisa : 


'nm lh.‘ 

254 1 


lladlmi Uin. 

8200 , 

! b54 

l/iuuvi 

38 1 


Hai 11 ,*. hitanr. . 

164 

i 11 

Hmrir C-ir/Hi. 

43sa | 

I 44 Ig 

Hein* 11. J. 1 

3s fa i 

ob to 

He.il Jmii. 

Z4sa 1 

33% 

IK-metl Pa-koi-i 

701; j 

; /ito 

11.. lil it Inn- , ' 

147q ! 

' 14 

H>MU-vae. . 


44 

Mib'IC-. 

12 

12 

Hin|i C\a p Aiiici .. 

24ij 

26 

Hinc-inr, Kai.ln-r 

26J0 

26% 

i|.|li(|1'b.A.ii;iini 

114 

11% 

lluttou IK.F.). 

lZto 

12to 

.. , . iihIiixii ua„ j 

2410 

244 


404 


InK-nn" (tan-t.1 

564 

56 


3a»t 





inUTLami bnercif 

Cl; 1 

84 

IBM.i 

368.07 270.75: 


414 - 

-Si 1 ! i 

lull, rtam-nai,..' 

29x0 

2958 

mil. Slin iclieni. 

40 

40 to 

nm )lmti(»>ih | 

zsia 

22% 

IIIUI.. 

16(a 1 

IV 0a 

Inti. Pnper..._... 

404 i 

42*0 


284 i 

28 to 

1111 . Kncfiner.. 

'to 1 

7 to 

Imi. Id. t Tei—. 

iOlfl i 

3ito 



ito ! 

It'#» Herl.._...-J 

304 . 

304 i 

1U Intenwricmi.) 

11 i 

Uto | 

J„U Walter.-j 

304 ! 

304 j 



■Johns Maoritlv... 3Hj 
J-ihnsoo Jalmecm 731* 
JiJiiisoo ConLnr.. 26^4 
JiiyUiniifti tui V 3244 

K.MittiCorpi.. 26ig 

KatseiAiumiurm 31 
nnlMn Iu>lus(rler 4(5 

Ksluetdteei- 23lg 

Km.v. 6 

Kenner 1 , 11 _.! 2 U 4 

hei. M -Uw_. 46ig 

Mild/* W 4 .n 1 . 281 j 

nimteneyClaikJ 41 3 4 

kiijiien.. 221s 

Man... 445* 

Kruger tii™._ 26ig 

LeridtiauMk., 28% 

Lii/iVUv.i'Vnl... 26*4 

Ijggeti Group....' 27*s 

Lilly 1 BID... ..I 3714 

Litton lo>lui4_... 1434 

L>*.-kLvei Aircr'fi; 137a 
l»fflr star In 14 ... 19lg 

U<nu Ithm*' Lbi.i 


28% ! 29 


19 la I Id’s 


l««iialaoMtaivi... 2 Ua 21*4 

Lnhnam—.. 354 33 

Lucky aiores....'.. 14 14 

L’henY'unvU ’on 63e 6 I 4 

UavMinan. 107$ IOI 4 

Uwi K. H_ 39 39 U 

AItp»H*n'ii*er~... 327a 32*4 

ilais.-.’.. 567g 36*2 

.iLuatfaun Oil__ 474# 48lg 

lUrliiv MIHhub'.! 127a lS J a 
Uanhal' Piuui...! 33 | 33 >8 

vlay Uejit-Stoiwi 281 " 267 a 

MCA. 36 53 • 375a 

M Ucimuci.651a 57 14 

4l. U.4IUVII U.si; 2 bl; 25>2 

.11 <ii*u Hill. 18^4 19 

Uvnu'rek-27Jf 29 J 4 

Mur.b. o3ig b4>r 

Uarr»“ Liti- li... 14*8 14Sa 

aluMPeimlcumJ 38ia 38/0 

.MOM..' 27*4 88 

Umii.UinuA.VIU:. 47I 8 ; 47 

/low L'np.! COA 4 62>g 

MoiHvuiiik. 55 . 564 

M.nj^u J. I*.■ 4a>2 ! 4Zla 

Uninr-NH. 1 364 3e*« 

Miiniov Oil.' 661$ 664! 

.. 471% . 4613 

\m -uCbviin ■»!.... 2530 25(2 

.Siuiotm Can., 15-4 154 

.141, liMllhn.... 21 • 204 

Ji*l_ Tiej-vwe Ixul. 14 i 14,10 
A itUMMi Steel... ! 63 4 ' 324 

\dimm. 6 U <0 ' 37*4 

ALK.• 377a | 38/a 

v.-|*nnt lui|._ 15 1 *(A 4 

Avn BnuHiud fcj.' 234 j 231a 
avw bUKlaiui 1 e.' 3b 5* - 364 
iiHisim Uuhisk, 151; 164 

Augxr. nhatv..., 11 104 

A. U Im 1 ic«inv>.' 174a i 174 
AwiolkA Wmteni 26*0 . 267p 
Aurln Ail. 394 : 3968 

Ainu ritJttvH Pm 1 e 6 2d 
Attiue-it Airline. a27g 83Ja 
AlliUVrl iMiKtit] 224 . 22*4 
Aurtuu Ndihi... 19 jb 19(2 
Uwi iviiLf r-etii'*.' 824 ! 224 
->Kllvy Mnllwr...* 4 u 4 U 
i/itia- iilisd. . ... 163fl ' 1 > l{ 

Olio. 164 ■ 1-4 

: iverscMa Ship._..i 234 ] 2 *9 
UwensCumine...- 604 1 64 to 
llawi. I.HIUOM....' 22ls 1 2a 

r« id liu.- 24 237a 

rit-ift U&tu»u..l 2110 ; 20(0 
rib. I'ar.A to....! 21 4 ; 211$ 
l’anAiriW.-ip Air b I 5 

turner bnnninn.‘ 23Sg ; 237a 

H*ut»!v lm_. 2ai s : 224 

I'eu. rw.i to.' 22 ?a 224 

I'uunm J..i aafi« ! aalg 

Pi-niifl>l ._...[ 28 28 

i-LiifuesUnu!. 1 c<s I dto 

l'(ti{iio']».._...i 344 > 34 
t-v|nhiv.; 27ij, 274 

l-erkiii Elmer19 19 9e 

I'et-- - 34la | o5Ss 

l*i leer.. 2'/ Je 27 4 

i-liei/M It/igr... 214 21 

i-LUa.ie>|jJ.ui Blr-i 19 Sb 1 ISU 3 
riiili|< Minna... 59?a ; 60 
t-lnllip- Peitrt-ni, dk 4 30^4 

Vilrliur) ...__... 58to j 381s 

1 Mines llnwea.... ■ 193s I9ia 

mumm.—- 235a , 23sg 

rtrsauv Liti AUU. 173s! 174 

tVwinWl...] 85 to 1 26 

itotunuL' .. ls *4 ; 164 
I'HU iHrtuMMea-.j 2b7 8 i 267 6 
(Ticier I.hiiii■!(•..; o34 , tMig 
Hull Servu Meet.. 223* I 237a 
t*ni nuin............. 274 ! 274 

ruiex 16 > 164 

■junker Oni*.. 234 ; 231a 

Hapfri AnienouJ 6 57 a 

Uaxthepn-] 524 | 325a 

MCA. 344 I 25to 

UepuMfc dieei—4 224 \ 221 * 



W.*, wunb.-1 18to | 184 

Wyiv-1 Of> | 07a 

Xerox....—..| 454 j 464 

... I 174 | IBS* 

tanith Kart to._- 134 I 134 

chile j* 1293......! - I 10108 

l JS.Treaa *1 LMt 1 ) t93f3, t937 a 
US.Trea*»«75/7vt t815* 7814 
UJ.tODay bin*.! 6-18* [ 6.15* 


.. . I 

tactth Ka.tto._' 

Chile 3* 1294..... 
I JS.Treaa *% LJtt.'t 
US.Treaa*«75/7Pt 


9«US 

5BUC 

Kiak 

U_ 

huoh- 

Shenl 

signii 

a 4: o« 

Slmpi 

’ran 

apart-. 

ie Corjt.—.. 

krlty Mit., 


CANADA 

Abiuix i-apci.._.i 104 j 1068 
Akiikci Barie_.... i 6 ag . 5 Tb 
A toan.Mumtolun.; 28 • j 284 
Aluouis s>ieei._..., 14sg'l 145g 

AthesUM-J 374 ‘ 38 

uanicur llontreai; 174 j 18 
dank Koeeacotwl 19l a 19 
daak- Uaamroea. I 7Sa I t74 
bellTetephone.— B4lg | 53?a 
dow V«llev liala.J 21’ | 21&S 

up Canada.- 1 164 | X7l| 

Uraamn-[ 154 ! 16 

nrimtj; 6.00 ; 15-25 

Caigary k*o»er._.l 37 4 366a 

Canada Cctaem.. >94 94 

, C*lMd* AW Land 144 134* 

oanlmpboaCoiTi 1 244 8470 

Canada livluat—I 1184 tlBlg 

Can. 14.-15 •_i 1750 174 

Can. 9a>-i&- tnv J 194 19*8 

tan.SuperOn__.l 58 58U 

Caning O'Keeto.. 3.40 3.40 

Caaalr Aaheatca.i 94 94 


b‘ 

*perrj- Hutch 
1 Sperry Kan d. 

dipilh. ..■ 230e 

Standard Uraodsi 254 

ouLOtlCalircHnU' 374 575* 

auL OH Indiana-! 474 48 

dtiLOilObln_ 7U4 7u4 

dtund Chemical. I 356* 356s 

jterlln* Oiug ... 14 Ir 140a 

atuddiakei * 464 464 

Inn Co.. 424 414 

, -/uortotiarKl_ 1 34lg 364 

wniex... 20 2 u 5 b 

i 1 'eclinHsa.ir..._...] 1 4 1000 

(eumtLL.,_._...i 364 371g 

keieu.vne.| 684 60 

I'wi...I 3 6 

I'eneco...| 30 30 to 

levurut'etroleuni: 8 75* 

Levacu...1 267g 27 

lexaagull_ Isle lsi* 

leaiw litanu.I 704 71 to 

1'eiMB OI'A Gas... 32 316a 

1 >mu Utilities.... 21S 4 217g 

lime Inc..... 384 38 

llines Mirror.. 24ij 25 

tnuken_ 49 lg 604 

Lrune.. 334 336a 

1 'ransimerlon 14-4 la 

CnUM.,k._. 214 2108 

mii« Udichu._... 33 524 

tranaway tni'mii 2a 4 234 

triuH Wi4Md Ail_j 104 lU 

1 rsveiiet*. 30 to 304 

Trl Cuntineniai...i 204 2u-4 

I.U.W.._..... | 3160 32 

veil L^nt urir Fox 21 to 216 a 

C » 1 .—. .1 2 ui 0 204 

LAUGU..j 207 fl 2050 

Util..J 224 2250 

COP- .1 Is (0 lb4 

L Dllever 404 41 

LuueterAV_ .1 534 644 

\ Urnea Bancrov-...) 13 13 

l mini CarW ie_ 1 404 I 404 

CnliMl C-umniercrj V 1 V 4 
Untnn ill-Ctlil.. * 304 ■ 514 

Cnmn PauAc__.! 474 , 48 

Cnin.iyaJ.—6 *r j 81* 

Unucd thandM... 71; 7&g 

Uiutai Corp._ 1000 2000 

Ub. Uam-urp 324 314; 

Us. Clypmini.._., 221* 22*0 

La. sljue.- 234 254 

US. steel- 314 814 

U. l'e-booh«lea.. 3big 3500 

LiV lo-.intrieo.... 1900 1900 

Viruinui Klvi.... 144 143s 

IVatorwn- 173; 177 B 

Warnef-Cuiiinin. 324 324 

Warner- Lemlwrl. 25 4 2d 

i> bit- llsn'meni I 84 18 4 

Weiu-Farjm- 2 o 4 261 ] 

Wteiern dan <*| 32 314 

Wnslem N.Amer Z&4 264 

Weutem Union... 165* 16/g 

WoKlat-hae die I 174 170* 

WWW._ 285* 28 

W ay ett Miuer _.; 284 i &4 

WblrlisiCH. 21-1* 22 ig 

White Uon. Inn.. 214 21 lg 

William Co.. 18 t 0 . 187 g 

Wucuasto Juieccj 9O0e | 304 


Chieftain.. 

Conduce......■ 

Cons Ba(hurM_..- 
Uaisuruer Gas....- 
O/aeka Kesoutne,, 
Cocaain Klcb..._.l 
Oenlaoo Mine*... 

Dome Mines.> 

Ootne I'etroleutu. 


194 1 ' 204 
284 ( 28&S 
214 : 911g 

174 I 1700 

7?a ! 7»* 

830 i 84 
53 ■ 54 bg 

76 | 73 

5S 1 66 


Dominion Bridget *23 23 

UumtHr- 1 146a | 147g 

Lhipool. 124 124 

Psieon'ue h'acke'l 194 ' 194 
I 'W« U.OUM Lau J 190 i 804 

1 Genatai- 274 274 

I Jiam Vei’wkme. 124 Uto 

^ultOi (.aitmta...! 2 B 4 2900 

I Uaivke. ski. Can) 64 63a 

Uutiiii|{»._._...I 294 294 

Hmne Ui - A-; *2 43i§ 

diMisnn day Unal 164 464 

Huitaun Bay_| 18 I 84 

dudaunUl * G»>( 44*i 464 

1.A.C-1 18 177a 

unaa-v-_.| 304 304 

imperta- Oil.| 2000 2O7 0 

ltt .73 ..| 184 1 187g 

indai—..j 9 83s 

lutand AauGas. I 104 104 

Ina'io-'i Pipetontl 14 137g 

1 -Kaiser-KeaiHir-es.j 154 133s 

touirm't Kin Ct«i 1 7 4 70a 

Lulnaw Coni. -h-.| 3.BO 3.76 

•dt.-'mi. .'n u>jed 174 17oa 

Uamey Pure iiano 184 1504 

H Intyre rtinvw! 33 243* 

UcureCurim. 294 29 to 

Aumaia Mjiuo_ [ 234 244 

.ojeeen Knenti... i7fia 183s 

A'Qjn. fe*B.om_..l 27 264 

■sum Ob ft fast; L»it 167 B 

4hwr«>i Peir'n 64 55g 

Pad tic Copper W 2.03 2.00 

PaciflcPetrWeuni 39 . 404 

Pan. cau. Pei'm 334 33t* 

Patino- ,18 154 

Peo|eea DetA. a., d .66 4.66 

Pace Gas * Oi .. i.yO 1.10 

Paper Deveiufnnii 2200 225; 

Potfat Curpnraig] a 10*a 

Price-- 1(300 1 04 

Siiwiiec sturmuij 1.48 1.26 

danger Oi*._.[ 274 284 

dead dha»._. 1 94 94 

tUu A^vsi- 1 28 *74 

Uittai Uk. 01 Can. 264 26» 

Uoj*. iruw-[ 164 16*0 

sccpcreKeeoarceai 94 I 94 

^ai^Luma. 24 I 24 

aboil Cotta-in- 164 17to 

ahemllli. Mme, 4 S9 | 4.9o 

jwmo*U.O..,.„. 284 j 2s 4 

iini[noaa- 4.70 4.6b 

nee- at Canada... 244 240e I 

iieepKock Iron. 2.E0 2.45 I 

1 exact 1 Lana,la 32 384 1 , . 

I'urento Ltara-Lu. x7 lbfj | VIENNA 

Iroru, Con Plpelw. )g 15 1 

fnuia Umnl Oil. 9 87g 

Inat-__... tlO 

Union Ona.._. 104 1000 

Walker Hiram_29&s 29&e 

West Coast Traa 344 844 

Woatnn .en._._] 140a 1400 


■ AssertMd. t Bw. 1 Asked. 
{ Traded. 1 New stock. 














































































































































































































































































21 




Financial Times Friday January 6 197S 


FARMING and raw materials 


Urn** 

iV*t, 


''It 


Kn, 

Indian tea 
crop hits 
new record 


: h 


* •■»*, • 


Bjr'K. IL'Shamtu' 




'i: 

'feii 


*i . 

i mi 


NEW DELHI, Jan. 5. 
^•TEA. PRODUCTION in India In 
I?.-.1977 is now- estimated at 590m. 
** 'kilos, the highest ever, and 78m. 
1 “,JhIos more than-in 1976. Since 
record production » expected in 
Sri Lanka and East Africa also. 
.. official estimates are that - the 
world crop in 1877 will be. at 
r " \ c ■ .V,least 120m. kilos more than in 
k*« .'" :i . '(the previous year.;, 

V; Production in India has been 
"^4^helped - by suitable, weather as 
well as extensive' replanting of 
►‘uN txcfj. old anff uneoamonle areas eom- 
bined with increased use of 
.. fertilisers. 

However," the price bodin'has 

tapered off - .'since last July 
"' l because of- the heavier supplies, 
r.^- India's domestic consumption 
D>jj of tea in 1977. is estimated at 

* i ” 00 m. fcilos, S&ce the Govern- 
.f.ment has placed a limit, on 

, .!■ '• exports of, Z25m. ildlos. there 
'• •wilt be a surplus of about 66m. 
j«* ; : 'kflos, which Is likely to be kept 
--'as a huffier stock to enable the 

• t, ^.Government to check prices.. 




urges green £ 
Ulster 


BY G8LES MERRITT 


DUBLIN, Jan. 5. 


and foodstuffs back and forth 
across the border is an old 
problem which worsened sharply 


!*„• 


' '-<r- 


"mill 


Soya group 
not seeking 
palm oil curb 


* tz: 

'x:. 


arc nates 


" 4r «ET| 

. »KUALA LUMPUR. Jan. 5. 

' *uTHE AMERICAN -.Soyabean 
’ 'x Association - CASA) is not in 
4 ••»>. favour of protectionist curbs-on 
oil imports into the U.S.. 
Lloyd Mr Rejd, the Associa- 
-i - Jt - lion's Far East director, said 
> ""'•Vhere, reporti AP-Dow Jones. 
i.’/ 11 Mr. Reid Is here to" publicise. 
.V'V. the International; Soya Prijteln 
' Food Conference'to be held in 
' 1 Singapore from January 25-to-27. 
Some soyabean growers in the 
* K U.S. had protested last year that 
' • -V.. increased palm , oil imports were 
• j... leading to stiff competition and 
a poorer market-for their-crop. 

Mr. Reid said U.S. bean produe- 
tion for 1977 was estimated at 
45m. tons, oFLWhiob'20m.-will be 
absorbed at home and the rest 
exported! !J T 




Mexico expects 
sugar increase;; 

MEXICO CfTY, Jan. 5.. 
THE NATIONAL Sugar Industry 
Commission said-Mexico^ 1977-78 
sugar harvest was expected to 
total about 2.75m. tonnes com¬ 
pared with about %5Sm. tonnes 
last-year.: 

This would be enough to cover 
internal demand of between 
2.6m; and 2.65m. Tonnes and 
export the country's full 75,000 
tqnne quota under, the Interna¬ 
tional Sugar Agreement (ISA). 


THE IRISH GOVERNMENT has smuggling of cheaper Ulster 
come under strong pressure to produce southwards, 
renew its demands tor a common lir. Paddy Lane, Pr esiden t of 

all-Iroland green pound- The the Irish Farmers* Association, last year when the Irish green 
question of harmonising Ulster’s said such -an arrangement be- pound was devalued almost down 
EEC agricultural currency with tween the British and Irish to' parity with the pound proper, 
that of the Irish Republic was Governments, with the consent 'Hie most popular means of 
last raised when Mr. Jack Lynch, of the. EEC Commission, would extracting large payments from 
the Irish Prime Minister, metMr. be to toe benefit of farmers the EEC farm fund is for farmers 
Callaghan at Downing Street in north and south of the border, to walk cattle or pigs over the 
late September. But’ be acknowledged that the border at nigbt to avoid paying 

Anomalies arising from sue- move would almost certainly be the MCA export tax. These 
cessive Irish devaluations of its firmly opposed by Britain. animals are then sold at the 
own green pound have led to While some British objections higher prices prevailing in the 
mounting demand.for harmonisa-’ to an all-Ireland green pound are South, slaughtered ami their 
Hon on both sides of the border, based oo the cost of raising meat transported via normal 

Ulster’s agricultural prices to legal channels back into Ulster, 
Irish levels. It bas been pointed collecting on the way a sub- 
out in Dublin that there would stantlal MCA export subsidy, 
also be compensations. • 
re " For example, the British 
Government would no longer 
need to pay the subsidy of about 
£lm. a month to Ulster’s meat 
industry. This was introduced 
after the last Irish green pound 


The Ulster Farmer^ Union has 
repeatedly advocated the move. 

Mrl Janies Gibbons, Deland's 
Agriculture Minister, has 
portetHy agreed to try to place 
a proposal for a. 32-county all- 
Ireland green, pound on the 
agenda 'for this month’s talks on 
EEC farm, prices in Brussels. 


While the proposed devalua¬ 
tion might' be a great help to 
Ireland, it would increase 
Britain's difficulties. Apart from 
the apparently insuperable 
political obstacles, the change 
would mean the introduction of 


Currency 


The '.gap between agricultural devaluation, which attracted MCAs in the U.K. in trade 
prices an Ulster and Ireland is Northern Ireland . meat to between Northern Ireland and 
27:5;per cent, and• Irish -farmers slaughterhouses'in ..the south. the British mainland. It would 
are. determined to equalise the Our Commodities staff writes: also bring hefty increases m food 
two green pounds to block' the illegal movememt of livestock prices- in ulster. 

Danes increase price of bacon 

BY RICHARD MOONEY 

SANIT7 RETURNED to the One merchant said at the time A representative of Danish 
British bacon market yester- that the British were “crazy" Agricultural Producers, the Lon- 
day when -Danish importers to seek a higher price than the don-based agency for Danish 
announced that they -were rais- Danes. Be said there was no bacon exports, said the FMC price 
ing their first band price to way such a premium could be rise had stimulated demand for 
£1.030 a tonne, thus eliminating maintained in view of the domi- Danish, bacon to the point where 
the £20 premium which had been nant position the Danes had built adequate supplies could not be 
quoted for British bacon for' two up over the: years. guaranteed, 

weeks. The premium was largely tllu- Irish and Ulster bacon prices 

Just before Christmas EMC. sory. British bacon had gener- are also being raised, the former 
Britain’s ■ 'blggek - carer, -an- ally been offered with discounts by £20 a tonne to £1.020 and the 
oouheed that it had raised its of £20 or more while Danish latter by £30 a tonne to £1.030. 
price to £1.030 a tonne, estab- bacon was fetching its quoted Bacon trade sources said the rises 
lisbing a premium Of. £20. over price. The latest Danish rise is were unlikely to make bacon 
an unchanged Danish price. This thus likely to restore 'fhe norma] significantly dearer at retail 
was the first time British bacon situation with Danish bacon com- level Rashers prices may go up 
had been quoted at-a higher price manding a - premium of- about slightly, they said, bat other cuts 
than Danish. - £20 oveT British. would probably be cheaper. 

How farmers tackle the cost squeeze 

BY jOHN CHERRJNGTON' 

FARMERS CAN survive the cost- fixed costs per gallon of milk pro- grass, silage and cereals tor feed, 
price squeeze they are-being snb- duced bad dropped from 50 per He undertakes no - individual 
jected to, but there is no single, cent, of cash returns in 1971 to rationing and is satisfied with 
certain formula for success. Indi- 25 per cent in 1976. He man- generally lower yields from his 
vidual solutions depend almost aged this by increasing each cows. He had tried feeding more 
entirely on. the fanners’ circum- cow’s average yield from 1,000 to heavily, he said, but did not think 
stances and temperament, 1.300 gallons. the extra milk oroduced justified 

according to papers presented by Such production entails-heavy spending on extra feed, 
practising farmers at the Oxford feeding of expensive concern This is an old argument but 
['Farming Conference yesterday, trated rations: close attention to it seems that if EEC milk prices 
Mr. Brian Carr from- Lan- individual rationing, and, iff are to be restricted and feed 
casbire. with 170 acnSs and- 90 course, breeding good cows. costs rise there is no doubt that 
cows, firmly believed that when Mr. Richard New combe, from the farmers with the larger 
direct costs could not be reduced Hereford, took a diametrically acreages like Ur. Newcombe 
the alternative was to increase different approach. He has a might be best suited to such cir- 
productivity. In his own case his simple low-cost system based on c um sta n ces. . .i 


lift copper 

By John Edwards. 

Commodities Editor 

THE SUDDEN change in the 
.currency markets* following 
11$. moves to defend the 
.dollar, brought chaotic con¬ 
ditions on the London Metal 
Exchange yesterday. 

In active trading -copper 
prices started the day well up 
on Wednesday’s closing levels, 
but fell on profit-taking before 
rallying again in later trading. 
Cash wirebars closed £13 up 
at £977 a tonne. 

Currency considerations were 
the dominating influence, with 
physical traders relnetast to do 
business In view of the un¬ 
settled conditions., 

Lead and zinc prices also 
moved ®P» reflecting the 
decline in the value of sterling, 
but traders described the 
increases as “disappointing.” 

Silver values rose too, but 
were held back by the fall in 
gold. The bullion market spot 
quotation was raised 2-55p to 
254p an ounce at the morning 
fixing, -.and in later trading 
rose to 257p-258p by the close. 

Tin moved against the trend. 
Discouraged by a fall in the 
Penang market overnight. 

Standard grade cash tin 
closed £215 down at £6422-5 a 
tonne, but retained its new¬ 
found premium over the three 
months quotation. 


Fall predicted 
in U.S. 

rubber demand 

AKRON, (Ohio) r Jan. 5. 
US. demand for rubber will fall 
1 per cent this year according 
to Mr. John H. Gerstenmaier, 
president of Goodyear Tire and 
Rubber, reports AP-Dow Jones. 

He forecast a drop- in US. 
demand for synthetic rubber to 
2,490,000 tonnes from 2,500,000 
in . 1977. He estimated that 
demand for natural rubber would 
decline to S35.00Q tonnes from 
345,000. 

In 1977, U.S. consumption of 
rubber rose 16 per cent, reflect¬ 
ing low tyre production in 1976, 
when many rubber industry 
plants were hit by strike, and the 
rebuilding of depleted stocks fol¬ 
lowing the strike. 

World-wide rubber require¬ 
ments will rise about 3 per cent. 
in-1978, with demand for synthe¬ 
tic rising to 8.8m. tonnes from 
8.4m. tonnes and demand for 
natural rising to Siftn. tonnes 
from 38m. tonnes, Mr. Gersten¬ 
maier added. - In 1977, world 
rubber consumption rose 7 per 
cent. 


U.K. FARMING 


Where have all the 
young men gone? 

BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


THE COMMITTEE of the Oxford and expansive. Many of them 
Fanning Conference which was have continued being so until 
held this week has been bemoan- to-day and, although in their 
ing the fact that it is having the mid-60s and over, still enjoy it 
greatest difficulty in persuading An indication of the tenacity 
young farmers to attend. It of fanners can be sained from 
fears the conference is becom- the composition of one farmers’ 
ing a debating society for the club in the Southern Counties. 

ageing and established, that the Of the 39 membere_mainly 

pioneering and expansionist far- large-scale operators — 20 are 
mers of tbe 1930s and 1940s are over 60 and ten of these are 
not being reproduced in the over 70. 

Swinging *70s. Although some may have 

77i ere is also a concentrated relinquished a degree of finan* 
grumble from the hordes of cial control to their families for 
young men trying to get into taxation reasons, they are still 
farming after being expensively the major force in overall 
educated towards that end. and management strategy. Unlike rhe 
now finding no farms to go to. managers and directors in in- 
It is bard to see what can be dustry they see no reason for 
done about tills, or even if doing retirement at almost any age 
anything about it i$ necessarily until death, 
desirable. After all. there is no 

law to say that ff a young man RftrTPn 

likes to study agriculture and fit 

himself for farming, he will be The refusal of farmers to 

f uar «n« eed t2 C *-!n»Vrw ed ‘‘ retire “ another peculiarly 

0r ^f veD a caTeer 1D * art ? ln , K ' British characteristic and stems 
That so many try is an indica- f rom the fact that farms are 
tion of the irresponsibility of targe enough and prosperous 
those in charge of these seats of enougb to employ labour. This 
learning in accepting too many means that farmers have seldom 
candidates for whom there can been tied to the milking machine 
be no possible future in the or the tractor as have their 
industry. t t , contemporaries in North America 

The mam reason for the lack an d Australasia. In these 
of opportunities in farming is countries, where farm incomes 
simply that farming is pros- on the British scale, the 
perous. There is tremendous operators look forward to retire- 
competition for farms. There- ment to the beach or the nearest 
fore land prices and rents are town at the earliest opportunity 
high for the very sparse selec- — a prospect that fills most of my 
tion of holdings on the market contemporaries with horror. 

Those who started the Oxford Surely, and I must here 
Conference in the late 1930s declare my own interest, life 
were to a large extent new- would be barren indeed if 1 
comers to the industry who took could not potter out each mom- 
a chance during the interwar ing and discuss and monitor the 
depression. They gambled, par- progress of my pigs, my sheep, 
ticularlv in the Hunt-land arable and my arable crops, 
areas, when no one else wanted it is far from being simply a 
to farm. . - matter of discussion. If a 

These people were lucky, farmer has been active as an 
Returns reached their nadir innovator all his life, be is un- 
about 1934. since when they likely ip stop at a set age I 
have been climbing, and with beard of an octogenarian some 
low historic costs and rising time ago who was involved in 
returns it is easy to be dynamic setting up a new cowshed with 


all the trimmings, at a cost of 
nearly £100.000. His critics, 
which included nephews and 
nieces hungry for land and 
money, thought such behaviour 
by a bachelor inexcusable. 

In another case in which I 
was involved the farmer took a 
notion to transform the whole 
of his farm from grass to 
orchard, and his deathbed was 
littered with plans of cold stores 
and catalogues of fruit trees. At 
tbe time of bis death he was 
commuted to buying the trees 
for 300 acres, and.it was a devil 
of a job to cancel the orders. 

' A frequent cause of tragedy is 
tbe farmer who keeps a son at 
home, refusing to hand ever the 
responsibility to him even in 
advanced middle age. The frus- 
tiations of this relationship are 
common, of course, to any busi¬ 
ness where the father has 
succeeded and indeed where be 
has not. 

But 1 still don’t think the 
father necessarily to be always 
to blame. If the son had 
sufficient character be would 
never have stayed at home in 
the first place. 

But it is interesting to note 
just how many of those who 
established their farming em¬ 
pires out of the last depression 
arc trying to ensure their 
continuity after they have 
passed on. They must realise 
that the more successful they 
and theie accountants and other 
advisers are in preventing the 
exactions of capital taxation, the 
harder it will be for another 
generation of new blood to come 
into farming. 

The irony of the situation is 
that had it not been for death 
duties and depression, the older 
landowning and farming families 
would not have been forced out 
during the interwar years. That 
gave the present generation of 
farming's tycoons the chances 
they took. It is probable that 
only a repetition of such circum¬ 
stances will give the young men 
their opportunity. 


Italian farm area still declining 


THE AMOUNT of land devoted 
to agriculture in Italy continues 
to decline, according to figures 
released by the Government 
statistics office. 

A Farm Ministry survey, car¬ 
ried out in compliance with a 


directive from the European 
Community, shows that tbe area 
available for farming in Italy 
in October 1975 was 22.4m. hec¬ 
tares, down 5.3 per cent, from 
the previous survey in 1970. 

Of this total 16.4Bm. hectares 
were In use in 1975, a decline of 
4.1 per cent 


ROME, Jan. 5. 

The study of animal breeding 
in, the survey was limited to 
cattle, although there are other 
figures from the Government 
indicating that production of 
pork, for example, has increased. 

It seems clear, however, that 
Italy is not feeding itself, and 
is fatline behind in the effort 


fl 

M.Nl \ 


.•cm 


COWIMOD3TY MARKET REPORTS' AND PRICES 


BASE METALS 


hlBhEr*tb*&«xpect«l‘ opening on - Com** 
enabled tbe price bens, to harden further 
leaving h at 083 on tbe late kerb. Tim- 
over: 19-175 tonnes. 

Amalgamated - Metal Trading reported 


T,r i 


Official 


ftjlSsSil'ir SOYABEAN MEAL 

1 ’ ■_ London was basically ancbavsgl on foe 

£ day at tbe dose. Dealers said setting 


COPPER—Moved ahead . iirawly In 
beetle .trading on the .' L o n d on Metal 

vn the dollar Cnnvney considerations ’{’T" 

caused forward metal to open at IW on 
I be pre-market but heavy proflt-takltv 

ihwi took the price down to SBC before 1^^' 

.■rbltra<v> buying lined IHbacfc to £637 on, |*ree monUu Altenwoin. godteari. 

to*, to ■>»..„„»«, to ffVfTt.sjva Si Si 

. 9*. HS Kerb: Wirebars. three months - — - • 

— S69L5. 82. Morning 


erade H 
6410-6 


£ 

I+T7J 


£ 

6420-5 


63805 

-J15 6401-20 

:— 7X 

b415 

+15 . 

j- 

64105 

+17ii 64205 


636^-70 

-15.63905 

^25 

0415 

+ 131 . -' ' 


1#1691 

-»! i 

! 


January 8: CB—Cattle S6.45p a kn.Lw. 
i+9SSi. U.K.—Sheep 12 SSp a kg.eet. 
d.c-w. i — a at cb—P igs 57.60 a kg l w 

. , _ _____The sharp recovery of the dollar against (- 3 * 1 . England and Wales—Cattle’ up 

L oos pressure was well absorbed by s market and other European ctnrenries 20.8 per cent., average price CO.DOp 

In which sentiment seemed to be Helped wine* » H-» on Wedocs- i+b. 86). Sheep op 23.7 per cent- average 

-r— *—’■-*■ day's close, reports SNW Commodities. pncc LZPjp 1 - 2 . 9 , pjgs up 4SA per 

Throuehoot the day prices remained In cent., average — 

a 59p trading range in thin volume. At Scotland—Cattle 
rhe clow foe market maintained mow of < + i.63> strop 
its Initial gams and finished £U0 up “ " 


COPPBK 


UOPl'KK 


K a-in.- i+ Hi 

|'*>«• irii J-:— 


JMR. 

Vnotfirial 


—stir reflecting the mouths 80. 75, 80. 75. 


January __ 
March........ 

Standard, cash £5.410. three May.—.. 


__ ___ High Grade, July... 

further downturn to the Pwws muto* tore* months gas, _ Ko £- 

whicb dosed 'before the UjS. Treasury Standard, three months £&370. 88, S3. .November - 


Vuiwby'i 
. I! love 


+ v* 


£ per Uxmr 1 


liuetness 

Ikae 


1808 1913 —12.0 1946-lKfi 
II i82 l. 65 —07J. 1/05-1,&5 
1695 1698 -02Jl 1725-1185 


-Yusteuiy* t »•« • 

I I - 


Hum* 


1586 1590 + 37 £■ 1591 
1546-1585.+4M 1535 


, X 1-t I r,l7 ™-H«dn-ly 

.Ste 669,5 :+U 677-8 

A months... 683 .iA +2.5 1 691.5-2 
.'Vlil'm'nt 669.5 +2 •' - 

Cathodes I_. not^ sumoem ■» 1 »™w 

Ciuh..• 658-.5 ’+3 ■ 683.8*1 +]oJ> the. aftnnwen. the price bove_____ . 

i* month*.. 672.5-3 +M5 08G-1 1+1S fg.sss and £S.<05 before amung oU to - UEAD—«|9ber- {forward metal opened AnWcas *88.08 

^eUl'tn'nt' 658.5 :+3 + - . dose ilflJlO on toe late kert>- Turn- tolhe maitetatOSOowtod fojh* fofl Are Wens 713.08 (same). Other Mfld 

l ^.Smt„ . - ■--60-68.5 I ...... over. -UM tonnes. 1 *2LJ?*?. 7MX t2fl«T>. Robust*. 17*50 

1172.001. 


.+ 15 mm. Forward standard metal opened High Grade, three months SM80. Alter- January. 

■-+I&-2 at the dart highest level of £6.430. but bom: Standard, three months 18.400. 

1 . toen slipped to £5JW ■*. 06. Interest was. ** Kerb: 5^2*^ ’ Sales: 2.08* (S.082t lots of 5 tonnes." 

not sufficient to meet hedge seffinA_ to mouths XBJOq, 05. £8,400. £8,385. N. 85. IC0 tadkatar prices for Jan. * (US. 

between : -— . _ - . cents per pound); Coknnbtan MiW 

(285.50). Unwashed 



C/WrlOllllr-t 1 

Febru«r\-. 

116 0 -18.0 +1.20.117.6'.*-17.00 

June.. 

112-01-13.0 -e-1.10illS.00 

Ausuh.- 

MS 4 r l 6 +1.15 11230 

Urt-Jer. 

111,6)13.0 +lJffi — 


168JJIM2.0 +1.10 — 

Feb. .. 

103.0J- ,5.5 +0.751 — 

Sales: 51 

(190) lots of 100 umnes. 


1.6. index Limited 01-351 3466. Three moutb Cfold 168^-17(k5. 
29 Lunont Road, London SW10OHS.--. 

BUSINESSES FOR SALE 


IOR DISPOSAL 

- . .Old: established . 

STRUeXlTRAL STEEL FABRICATION 
and ERECTION business 

The Company" has a fully equipped Works with 
stockholding facilitiesoccupying a prime site in 
Cardiff. 

Good rail and road communications with the benefit 
' ' of-Development Area status- 

’* vVwWM B0*/AG 155, 

Reynell’s, 30/32 Fleet Street, London EC4Y XAA. 


FOR SALE 

BELGIUM 

Old cstffdlsbcd 

TRANSPORT AND REMOVAL 
- BUSINESS . - 
ImematNBiil :uiium snd permits.. 
14 trNCOT units. 41'- ermdert and i 
removal vans. ' ■ 

Good poamiil ■ for- r U.k. - tramporr 
conpanjf. 

Prlndpais onijuappiy: . 

Write Boa C.I187, IZaaodal Times, 
ifl, COBMtt Street, eC4P.4EY, 


BUILDERS AND 
MANUFACTURING JOINERS 
IN EDINBURGH 
FOR SALE ; . " . 

A fhmftar private cwnpa ny iri tft large 
central premises, -3 flrare capful 
required, owners retirliut- - 

Write Bo* G.ltrS. ftnaocUl Thnn. 
19. Cannon Sliver. EOfP 4BV 


HOTELS ADO 
UCENSEO PREMISES 


TO LET 

100 bedroom north Wales coast 
hojel with' ballroom, lounges 
and bars.- Available..7 months" 
per year. • Any use considered 
fhort periods possible. 

Write So Jr G.MV7. PiMnctaf Dams',. 
IDp Cffiinan SCmt; 


- -NORFOLK BROADS 

Old^einbllshcd 

- MOTOR CRUISER A DAY 

- LAUNCH HIRE BU5INE5S 

_ . »itkwi»v 

BOATBUILDING COMPANY 
occupying unntiri rant with aiitfle 
buiidinp end quay-beided mooring*, an 
- new Lure. 

MODERN HIRE FLfET. VALUABLE 
-INVENTORY OF MACHINERY, K?UIP* 
M ENT,- CHANDLERY AND LETTING 
. GEAR. 

- £142.00& 5.A.V. -- 

Alan ebsage & partners, 

- Commercial ffoportswiK 
. EXCHANGE STRHET. NORWICH. 
T*fe (03831 2W71 


BIRMINGHAM 

BULL RING CENTRE 

Subicincial rauil wot ftth mikjimh for 
nla. Ampfo.coM ctoraga nptclty. 
Large Working i/ei and selling-area m 
prune poa itwm . 

EneMrlc* write tax C.119B, financial 
Time*. 10, Connor Street. EC4P 4flY. 


OkUVUI CHALET PARKS WbMY 
- AnannKiits*rtoUb Self or Perebaae- L m*- 
ttll the XBWaifots. Frank .■ RwWto 
86. Babbarembe Road, aabbacgflibe. 
Torquay-. Phone Toro oar 19375-6. . 


PUBLIC NOTICES 


- PLYMOUTH CITY COUNCIL 

' 50.5m. Birh dth Janiwv. iPJ®. 

tfa Tnk April. 197*. ir CM. Total 
jrmltcatUms £Sm. Totil Wttt uaUUndlW 


« OCMOAL « m * 0C * 

f? J flnano Bills g H H.t.LW.-IMIK 

iH S.4.W « TgSSSft 


ino 5.4.78 at 8h;%. 

E17,*OO.OOQ : and tftera are X2-4O0JXXJ 
B1IH o u tst an ding. 


„ _173J0 

Dally avenge .18008 (18SJ9). 


GRAINS 


apecnlattve buying, hut then eared as 
prdSt-taking appeared. It hardened to 
£379 in the afternoon in line with other 
a iof alA bat eased afresh on the late kerb 
to fimah at £348. Turnover: 8,650 tonne*. 

-— — , * FUTURES fGAFTAI—Hie bed at £114 (£U1) 

t+oi market opened between tmehanged and 

— 20 lower. The barley marker was fea- 

— tureJeaa and the only imerest was »n- 
C gendered by wheu/trartey spreads A 


LKAD 


a.iu. + i(rt 
OMcIbi I — 


{ 1 . 01 . 

UartBcial 


Uaab- 364.5 4-2.751 864-.S +JJ5- leading commission hoase was an aggres- 

i mioUa.J SS(L2&-J> +6 [ 368-9 +4J5 five seller of wheat options .and despite 

oetfun’m 364-J +3 I - J- steady shipper buying interest losses of 

S.Y.Spot. - . _j ■dk-no-i_ UP to 65 points were noted—although the 

Vornjryr^Ca^nbfiL'tln^^m^ths raTy 

ffiSA 68-63.5. 6125. SSJ. Herb: Three 
montts £369. Afternoon: Cash £36SJ. mmata * 


MatvU.. 1 119.6*-19-751110.5^-16.73 20.00 i550 

alto- .1-4 to .4 Mlal.5i-tl.t6- .440- 0.00 

noini lore? SfeLTSS! Au * --' ur IM 25 24 4» 17.75-5.5. 

momm £369. Afternoon: Cash £885-5. jT."" f”??* OliL _lal.«UM5127.2S 27 46; oUb28.-0 Per pouna 0 .^ 3 : Israeli: in 10 -Jos 

tome - month* - £376. 68.5. 70. «, BRi f!j| cn>p/new cnv me * ders ’ Uer_jl:4.«M ts 1s0.0j..oiti} S4.OU-30J0 Coenmbcw-Canary: 2.8M.S9. Avocadoc- 


Pricv 57.6» I — 3J>. 
average price 57 «fp 
average price 124.-4P 
1+12.2' No Scottish number changes due 
to holiday 

COVERT CARDER (sterling per part- 
age except where ofopnme stated!— 
Imported produce: Oranges — Spanla 

Navellnas 2.R8-3 SO. Navels 2-.W-3.M 

Greek: .1.38: Jaffan: 31S418*. Ecvptlsn 
2 80: Cypriot: Ovals approx. 16 irilos V 
Ms MHRi Moroccan: .12(1-3.30 Lemons 
—Italian: UMl/120 <.08-128: Cypriot: 3ED- 
5 75. Grapefruit—Cypriot: 15 kilos 2.40- 
2.66. 50 kilos 3.00-3 80: J affair IS kilos 
2 20-2.60. 20 kilos 2ffU.OO. Sours—Spanla 
approx. <0 lb 5.50 ■ Clementines—Moroc¬ 
can: 3.70: Spanla: 160. Apples—French: 
« lb Granny Smith 7.60-8.40. Golden 
Delicious S.8M.0D. 20 lb 72/110 Granny 
Smith 3.WM.20. GoWen DeMciorns 2.704.40. 
LONDON DAILY PRICE (raw sugar Stark Crimson 3X0. Jumble pack, per lb. 
airr.00 (same) a tonne df for Jan.-Feb. Golden Delirious 0.12-0 13: Italian: Golden 
shipment. White sugar daily price was DeMdous 0.13: Danish- per pound 

Spartans 013: U.S.: Red D-lidous S.50- 
9.00 Peaches—S. African: per tray 15 

24s 2.50-1 SO Aiwicot*—S. African* our 

pound O.lMMfl Plums—S African: Santa 
Rosa per pound 0.43-0.50. Mcrhleys O.sn 
Crapes—Spanish* Xasoteon 11 lb 4 JO-4 a 
A krona 2.S0-3.30: Californian: Rod 
Emperor per pound 0.40-0 45- Bananas— 
Jamaican: per pound 0.1A Tomatoes— 
per 6 kilos. Canary: 3 bo- 3 HD: Spanish 
Mainland: tJ*-3 20. Capsicums—Canarv 
pound 0.22: Israeli: 13 lb 100 


PRICE CH4!M(itS 


Prices 

staled. 


oer ioooo unless otherwise 


SUGAR 


Sugar j 

Krer. Ilweniay’* 

Fnevioua 

Bom new 

I'rmm.l Ltote 

Clone 

Owl* 

t'nun. j 




Kerb: Three months OM.5, «. «. 

.ilRG—Firmer, hr line with other bre- 
metaia and influenced by currency fluctua¬ 
tions. Forward metal opened higher at 
1266 and rose to £285 before earing slightly 
to .dose at toe former price on the late 
ketb. - ■Turnover 2.4M tonnes. 


*»KtS 


a.iu. 

om-w.' 


+ W| u.m. it.-for 
— - liurdflefov — 


WHEAT 

1 BARLEY 


ll'euienJav'r +■ ot 

IVortgrtou ’» 

1 r ur 

M’mJi 

i-ioe — 

40M> 

1 ~ 

Jan.. 

61.40 ,-O.Iu , 

. 7CL50 

1 

Mar. 

t2^5 —J.5- 1 

72.45 - 


May 

84S0 r .45 • 

74.75 


5?tx. 

81-tO E—b.55 

77.00 

-L.G5 

our. 

c3 96 - 5 

79.30 

!—£*-70 


March.. 157 tt 18 
ilay. 1 59.7&-4U 


£ j £ i C \ k Business done: - Whoat; Jan: -St-40-81.15. _ 

887-8 +4.5. 287-6 i+2.87 5 4arc 5. W-00^.45. May 64 73-84J3. Sepf. 2DJ6 Isame). 

dmmihO..] 294-J 1+5-25, 293.5-4 J-A25 81.786126. Nov. 84.1564.13. Sales: 123, 

5«nwn__> 268 (+4.5' I_ Barley: Jan. 7040-70.45, Hard) 72.68-72.40, 

7v.».n.Do. WOOL FUTURES 
c£ TS--,.®,"’- VS*2S iJS londoh—tj» ™ ^ 

MorniaK: Cash £287.S. three months 83.75. Tilbury. U^_ Dart Nortbern Surlna *»WMt-SK. reporta Bacbe. 

®5f*. 8A5. 94. Kerb: Three months £394. No. 2, K per ceoL. Jan. 80.73. Feb. SL7i (Pence per kUo) 

ATRrnoon: Ttecemowto 095. 94. Kerb: transhipment ffast Coast. . UJ. Hard .CutnuiiT YwtenUvH- 53 - 
“ojw mourns ISM. 

SILVER 


SlLYSB 

Bullion 

+• or; LJ1.K 

.■Ter 

flaing 

— ) date 

VW 02. 

pricing 

• 1 


.ntpuUiT. 
‘fftfonttw. 
Hi 


-«..j 854,« -+Z^5 267^0 +5.5 
utb,J to7.4p ,+U 1 260.99p \*Li 
bOv-J 261.8;! 4*J i - 
Lh*J 271.7p l+U I . - 


WfoiCf o ftL unowned. Austofou wheat Oi^-Vco 1 Cum ’ 

tm tidoicxL. — - 

Mafse: UJ.-'FTench Jan. 9L5D, Feh. 

99.73. transhipment Bart Coast South nan*lr_.237.5-40 

African grades un<juot«L u,, . 235JW«.o 

Barley: Unquoted. -Julr 7W .0-M.Q 

HGCA—Laci’lw es-tana spot priens. u.+iiiwr. iwmn 

Jon. 5: Other mfllhrs whoan SotUh nLemtier"' S40-4SLfi 
Lincoln fPSJft. Feed wheat: 'Sooth Lin- ' S 42 .n^o 

coin mza. WtUsbtre BUM. Pood barley; . jgjgj 

Jiilf2«JU46.'0 


VMa1+-Ev 5» :8.M E.S0 lmcll: CB*. Canary*. 3M. Date*—tcaqi 
ia7.0u.S7.75 1 29.5.-39.uu S2xSoz 0.17 each: Atsenan: Soz boxes 

^ _-- — " — 0.35-0.40. Flos—'TnrtBh: 4S v So* 010 per 

Sales: 2.78B »3^S1> lots of 50 loontss. packeL Onions—Spanish* 2bfl*3 00: Polish 
Tale and Lyic refinery uric 1 ’ for 1'08. Bratlls—wr pnnnd No. 1 L1VM 
grated bariTuhl«S wS l=40.«) ggj. Iteg 1 " MM- 
tiame) * loirne for borne trade and £172.00 Cbloew: per MON I *. CwlWowyra- 
tsamv) for export. Jersey: 4.5(M^0. Potatoes-Kalian- 20 lb 

, 230: Canary: 25 Bios 6.M Lcttuce*- 

EEC LEVIES—Effective to-day for dwcH: 24S 2.00: French: 1.00-1.10. Coiery 
denatured and non-denatured sugar. )u —Spanish- 24 s 3 . 09 - 3.28 
ooits o( accoant per )00 kilos, previous _ .' . ’ . _ 

in brackets: White 24.44 134^3). Raw Fradjco! Poutoes—per 36 fo 

wblics-riteds 1.10-1.30. Lettuces—per 12. in¬ 
door 0 90.1 00. Cabbaocs—ppr i hag Prime 

0.60-0.78. Cauliflowers—per IS- Kent 2.40. 

Beotrnots—Pi-r 2S lb ii.tu Catro'.s—p->r 
bag 28 lb 0.60-O.Sa. Onions—per 50 lb 1.00- 
140 Ce l er y Prepart IS 122 s 3.20 nakid 
10s 0.30. 104 1.70 Swodes—per bag 
Devon 0.40-0.50. Apples—per pounud. 
Derby 0.10-0.12. Cos's 0 16-0.24. BnmhTb 
0.13-9.19. Pears— p er pound. Conl-rmre 
0.16-0.20. Cornice 8J6-0 IS. Sprouts—p. r 
pound 0.07-0 74 . Parsnips — per ss lb 1J0- 
1J0. Turnips—per 2S lb 02& Rhubarb 
—per pound ojm- 0 . 21 . 


-T 


Bust new 
LkJie 


256.0 






LONDON SOYABEAN DIL-Clnce* Jsn 
3B-2K. Feb. 235-277. Man* 3K5-719. April 
282-27B. May 276.272. June 277.272. July 
277-276, Aug. 377*268. Sept. 276*268. Sales: 

_ Nil. The market was tdlghthr steadier 

in view nf weaker scrims, reporta 
Grosvt-nor Commodities. 

★ 


Soidh Lincoln E8&£0. WifcWre £B7J0. 

The U.K. monetary coe ffi c ien t for I ha — Lri-.***^ 
week (nun January 9 trill he im etomge d. Sales* 2 i0> lots oM.SU) kilos. 

EEC IMPORT LEVIES—EfleHJve le- SYDNEY CREASY—dose i|p 
day In order cwr i e nt levy ph» Feb.', buyer.' seller. - buwnres, saScsi—Mforou 
Th'irimvH- fMk'kam'ifl Ml *DA M “ rcb *“* Aprfl prt ’ nl,nnR - urlth P«- &***& March 3WS, 34L2. 340^341 JL 

ThS? SSuta S Ttous ln »r**«*. aU to «"UU of accunnt 5: Nay 346.0. 848A 346.M46.0. 11: July _ 

"s’ 7 nVx' Kmrnf? xivoe a nmne: CBnnwn wte a . 87JL Oil, nfi. 353.0. 333.5, S>L(L353j. Sr Oct 3355. 356.0. Feb. CTOJHbSB.OO. March 270 00-98 Oo. April 

arewnim* Ttai an 16anre>; Durum whet 1 18.64. ml, 3S&S-3S6-0. iti Dec. 3»J, 160.5, 368D- 200 j 10 . 2 r.OO. May 200.00.70.00. June 200.06- 

t re? 0 Mt n «T Mi a* 1 - ^ '““a'; R»—WJ2- nfl, nil. nfl 309.6, 5: March 36X6. 363.0. 383.8-363.0. 6: 78.00, July 2®.00-70.00. Aug. 260.00-70.CW. 

B'II & nreraJHta ra mi' mm - ^ 101 mi. May 363^ 3£6. afl.- July »8J1. 367A SepL 280.00-70.00. Sales: “ 

53 . SL .JtobK Thrw months 36L MJ. ^ <same , ; Oa»-«8S8. aft no, nil tfL Total aafom. 

61A 8L5, 8L2, «L (same 1 ! Mato (other than hybrid for BRADFORD - Currency Bnemauore ■ - * 

Modtog)—77.14. nfl. afl, nil (same): ware the main factor affecting prices and 

.Bu c kw h eat Afl nfl; MIB eO TIJK ial. there was a racosery la anoutloiu fm* _ q. -lumrawa 

__ . .... ... .. ■ ...... nil, nil isame): Grata Mra*wm-79.14, lops yearrday after Wednesdan redne- % e ^ T ’ wiuwrawu 

The- anccmlnrr of the foreign exdunse mL all, nfl (tame). For floor: Wheat Uejs. Tradins has picked up sltehtly. €7 ** p 

»Mket dampened activity to cocoa, or mixed wheat and rye—133.77 038.77)7 but fo mainly ai prices below those 


ffr.«U. 

COCOA 


wUdr remained to a oairow range Rye—114-13 O10J4). 
thtonghom the day and closed Slightly 
lower ret balance, reports GUI and Dnffna. 


' [Yesterday:* 

(Wv.i ■ am 


Jfu.uU'utr'l; 

»Ureb_ 

_;i832..-84.D 



tfi 


'lAme 


RUBBER 


-ft6! 17704188.5 
f-ILTb 164U-3M 
...T8flS.M6.fl i—8.5 u&35^82.0 
_iftU..a.D j—3.0 H57 X 60.0 

_-85.0 UOJ '164 -8-2S.6 

naiwAia |_a^ J151 . 5.0 
_.1460150047_.■* — 


ItAS. 


LONDON PALM OIL—Jan. 270.00-80 08. 


Nff. 


HIDES—Manchester. Cows firmer bur 
O* Tl-35i Mtoe wllMnWB 
kilo. tofiOi kilos withdrawn 
50.7D. 72-35 kilos WllhilnW]i fil.lp. Lighi 

weft to »■ ^ 0,0 «***"*■ 

trade. * 

GRIMSBY FISH—Supply poor, demand 
MrAT/VrnCTtnt CC good, prices ucr HOOT at ship's Side Inn. 
ItiLri 1 1 Y CUE i /\OLCi3 processed): Shell cod £8.00-£8». codlings 

_ _ £L5O-f8 0O: large haddock £7.00. medium 

Malaysian gadown RWW-iu mall haddort £3 00- 

a kilo (barer. FetTi tn T0 C-8 ‘ -^ UaJ M-OO: tunned dogfish (medium) £ 8.00 

a iwer. eeo.i. *»««« «. reds 0X0-13X0. saltba ISJO-OTI. 


Jan. 5 
17/8 


4- m 


Month 

«G n 


ffiatals 

Aluminium. 

Free Mxraet 'ds, 

U-H euwh W.Bxn-j 
5 uiumiii ilu. -In..™ 

.>-h Uatlwxle.| 

) momb- iVi, rto.... 

'■••M..m. 

U-"il . 

i mm it hr..I 

.VtckaH.. 

Free Marker tcm..Js 
r’latinuiii inn- iu..£06 

Free Market- 1£>&6 |+a?6l 6.9S 

ym.-fckinvr (7SJbi.fol ,.50 . .. fS 125-50 

H'ver Troy m _+ 2.55 a60.A|- 

i nu-nttr--|do7 4i. '+8.5 i26Su 

tin Ca-h-lro.422.5-22.5i .7.155 

4 m.mi h*-£6-392£l - to.. s B47.5 

»TnitmniK.Oih. 3-41 §16 , c |. S168-7B 

'•to* aril.-..-'V P7.5 1-2.876 6-6 

4 mimtlia...£293.76 i + aJ5!££B4.25 

foudtHer»«._..p- I.. 00/700 

Oils i | 

C.MWUL I Mull.S352.5/-'—2 5 555 

..rmn iDul.4-8 ■ —10-0.577 

Linwe-r t'nr-iein.. F265 |+12.0irif6i 

Halo* Malayan_n07c -2.0 5502 


IE680 .|f6B0 

528 LT .|?y30-50 

fr77 - l +15.0:t672.b 
L691 75 - 13.25jtc87.25 
L't66 -15.2sl.rB 1.75 

CfcBO.6 +13.B(:b'i6.85 
S-BB 125 -5.75; jlBI .375 
£364.25 +3 2b|: .73.7B 
to 68.5 ,+4.251 577.025 
,j£2,732.5 
* D.0S5SI.7-2J) 

i.iroa.5 

51 5.! 


Seeds 

l.1*t Fliitli|u.__ 

3-nabeart (l‘.5>.j._. 


385y 

-1248 v 


+ 23 


'S85 

246.ZS 


V 84.25 


Erains 

Uariev KKU_| 

H- -me Futures. m ;K70.5 

Mnl/e. 

Freucfa Xo. i Am 
Wheal 

Nu- I Me-I .*i|irliip 
Nil HanIM iiiih< 
tjiyli-.ll lltl-lig, . 
.HiaSnuiMHra. 

FuuueMhy __ 

I.I4TW tinII.C_ 

iinix-b^ - .. 

iHi'n *.\ In lex.... 

line UI.VJ)U.„_ 

ilnte-e- klw.^..^.,.. 

?■ w- tt Ul,_ 

lit**_ 

Wn,IIii[M n4- kill-,,. 


|£1.74B i—13.6| 
«,*t26 1-13.76 


t'70.45 


la 6.5 l—i.o iros 


.It89.25 


l'92. - 
2,099 
1.917.5 


dl 763.51—7.0 


61 95 
+47 
97^. 
>41*0-7. 
KU*7 
*'70p. 


-0.15: 

■i-'ajis 


1,746.5 

1S9J.- 

S.J7 

51p 

5560-70 

*10 

275j> 


Nomuuil f Unquored a Seller's quin a 
non >■ Coins a boutki cEx-uuk Letidun 
Hull «» Feb ■ Ian o Inn heb -i Dw.- 
Jjn. » Dec.-Feb. - Feb. Mar u Heh \urtl 
w March, u Jaa.-Marcb. « Per ton. 


STEADIER opening on the Loodon 
physical market. Fair Interest tfaroagh- 
out the day. rioMiis uncertain. Lewis and 
Peat reported thr 
Brice waa 197 cents 


JYeuenlayV 

. Prevjottt 

Baeiness 

j rinee 

slew 

done 


SUes: (3.0051 1ms. of 10 tonnes. 

Istonsdlmal Cocoa Oraaobadw iU5. 


F«.*7J6.47.70, 


46J5.46.6E <7^0 


64.0. foreauerten Six to 34.S: Eire Mnd- 
quarters «.0 uj «j. for e qua rters 234 
to 3S.6. 

Waal: Dutch Wads and ends 88.6 to 
99.0. 

Lamb; KnSflsh small we in ss.0. 
medium 50-0 to .54.0. ■ Jwavy 40.0 to 53 0: 


SlatHi—i 46^0148.50 4B.7047J8,. _... .. __ _ 

COOls per ptmiul)—Dally price for Jan. 4: if^wo'Se! m 5 dimB 5ft to' 34.0, heavy 40.0 


Jail 3. Uday average 142-84 C144Ji»; 
ffi-dgy avenge 144,75 fJ44S8>. 

COFFEE 


Jan-lir.: 54J44A2S- StibU.4 
AprJnej 5S-8Mfl.K^ 

Jlr-fiepkJ 57fiM7JS^ 

DeajSeel 59.- 



THAI TIN OUTPUT 

BANGKOK. Jan. 5. 

concentrate 


nn 


“SSf* m'K SAR-Jl'K! JSdSSIfteplShMr decra^ 

57JtLB7-sa 5, Kfl P. 394. 14 L ^ 180 to 1.714 tonnes from 1.725.5 

— _ pheasants: Bern ia brace) flso.o. to tonnes tbe previous montb anti 

initial advances were mort-nved « *- ~ ... '-— ~ compared with 1.838.6 tonnes in 

stress Boanntaioa bone sdUna eroded Sake: 109 fS071 Ms of 13 tonnes. - _Sp«laJ vr ry ugb gmMv j n i v Mineral Resnurwis DenarT- 

WIMO to late moratog. reporta Dread Handed dosing prices GRoen) wk vndm to fimt^) wpsiy, Resources uepan 

Borahiua Lambert. The paRera - was spot 479 <46Sp); Jan. 47.73 d (4B-73p): MEAT COMMISSION-Average fatstock Statistics SDOW. 

repeated to the Afierwos as JTew York Feb. 4b <4T-25s>. prices at tegtetemxun nartets on Reuter 


• FINANCIAL TIMES 

Jan. 5 jfiii. i'iid'iuib -. - )"--•■ « ■ 

234.59 ; *3 95 ! IfT i Vs i.07^ 
(Base! '.Inly |71932=1001 


REUTER'S 


-jsn. 5 


1418.3 


Jan 4 m. hii ff f jv| -it 


1413.6 1440-5 | 1570.7 

(Base: Seta pm her 18. 1031=100) 

DOW JONES 


Ouw 

Lair- 

Jan. 

5 

Jml. | Ahtfli hj ^eii i 

ipd. ... 
tTntiim 

546 61 
4S.-01 

^17.07 35157:69 70 
— ,6k6 54,^>4 57 


fAvence 1024.23.26=1001 

MOODY'S 


M-kiiv*. 


Jen. 

5 

Jan. 

4 

Mimrli 

T77 - 

£ 8 lVfi3 

69.8' »3.4 


*DwenibCT 31. ttof siMi 


U.S> Markets 


Precious 

metals 

stronger 

NEW YORK. Jan. 5. 

m?«i?°h S toL’lals dosed strong on com- 
^ hon “wfo* and fresh 
spendatlve buying as tho dollar was 
niHfor pressure once ngajn. Sugar ciwed 
niBher on mntmlsuoD house and toral 
oayiOR. Snyoheans eased nn speculative 
Mouidaiioo. Coffee eased on profii-iaking 
foil owing recent strength. Cocoa eased 
nn arbirrafie reUtog. Bacho reports. 
.Cocoa—March 142.50 (143.05). May 

I32J0 M33jOi. July 127.83. Sept- 125.35 
1 M 1 arch 120.10, Mas* ltB.05. 
Sales* 1.0*7 loK 

“ C" Contract: March 195.00 
M97.30I. May 1SS.30 (1K5.67), July 173^5, 
ffPL ,71 - M - .Doc- 137.00-15S.00. March 
15 - 1 .80-755 oo. Mar 155.00 asked. 

™S pc C7 Jan ' 5990 • S0-901. Feb. 60*0 
<«4) po». MnreJi sonn. May m.BO, July ia.no. 
Sent. 8S 50. Dec. WJ30. Jan. #5J0. March 

^"SK July 6&M - 8S9e - 

57 60. March RiSSS May 
3S.50-5SE5. Salex: 4154100 hales 7 


M«M^ - ^ an J 6 ?^ 0 J l86B0 '* F ‘ !b - ‘15-S0 
riBR^O'. March rn.50. April 173.00. June 

ef .I™' ,r9W - °«* 

^ cb ' ** Apra 187JO. 

, Au ** ,tt: - so * 0cl - 1SS.10. 

14.700 lots. 


June 

Satei; 


COTTON, Liverpooi—Sow and shipmeni 
sales ameumed W is? mnsca. being the 
firm contract recorded during 1878. 
reports F. w. Parreraafl Activity was 
chiefly m AmericoA-tyne varieties with 
UJJ. and smwrai MkWle Eastern growths 
in cblcf nqoML 


tLard—ChiraRo loose 19.00 i&Bmo. New 
»nrk prime steam 20.30 traded I same'. 

Manfo 223-231 f (331, May 2251- 

BUalSiSV - SK Dec - 

SPlarinum—Jan. tK7.m-iES.io MSS.BOi, 
Anri) lw ?n-tn so uKonoi julr 193.90 Ocr 
1D7.30-1B7JO, Jan. 201.00. April MC.WL 
20010. Sales: 1.1IB. 

*:Sbver—Jan. 4SS.S0 ■ 451.10 1 . Feb. 491.10 
fVS.ffii. Marrti 494.30. May 500 80. July 
Sept. 514 00. Dec. 323.90. Jan. 
527.30, March 333.90. Mar 540.30, July 
547 20. Sepl. 554.00. SalK: 11,000. Handy 
and Rarmnn spot bufilnn 482JO 1401.SDi. 

Soyabeans—Jan. 5S5-5S5} i59Ii). March 
59i!J»5> ifioi’i. May 603-fflU. July SOSN 
6TO 1 .. Aug. (JIW-6M. Sept. 592-3TC4, Nov. 38S- 
SOS 1 . Jan 5944- 

Soyabean Meal—Jan. 161.70 (IBS.kOi, 
March 16?-29.16VS8 1165.90). May 16450, 
July 107.70-167 00. AOS. 187.50. Sept. 10430- 
10.7DO. Oct. ISt-M-lSSfiO. Dec. 183 30. 

Soyabean OH-Jan. 20 40-20J5 ' 20.531, 
March ?n.6S-?D 61 i20 72i. May 30.S5-20.73, 
July 20 90. Aug. 20.85, Sept. 2e.OKM.70, 

Oct. 23-30-20.35. Dec. 20.25-20JO. Jan. 
20.IS20.26. 

Sugar—No. 11: March 9.1+8.13 19.11). 
Mpy 936-9J7 f9J0>. JBiSI 9.78. SenL 954- 
9 0S- OR. 10.13, J2n. 10.57. Mardi 10.69- 
10.73. May lOfiS-IOJB. Sales: 3300. 

Tin—552.60-573.00 asked (S6S.OO-SSS.OO). 

**Wbeat—March 2734-2731 (2774). May 
279C-2794 l2S3i), July 2SMM!, SepL 2S3J- 
SW. D«. 2K5Jr29fl. March 

WINNIPEG, JBO. 5. IIRyc—Mai' 111.SO 
Wd (113.00 bid). Jub- 11I.M Illl.io 
a&kcdj, OcL 111.00 a^ked. Nor. 112.00 
asked. 

TTOau—May 75.00 tod (samel, July 
73 00 old (same). 

TBarley—May 7B.70 tod I7EJ0), July 
7S.70 bid 175.40 bid), OR. 73.70 tod. 

BFIaxaeod—May 2TO.M Ua <209.50 bid), 
July 212J0 (211.50 asked). OcL 215.70 
tnd. Nov. 217.00 nom, 

wbst —scwrs 135 per cent, protein 
content ai St. Lawrence sflli (—). 

All cenis ob pound ex-warehouse 
unless otherwise sated. $s per troy 
ounce—IOC ounce lots. ' Chicago loose 
Ss dw ieo tbs.—D cd). nf Ag. prices Wfr- 
vtna« day. Prime Steam f.o.b. NV balk 
tank cars, t Cents per 50 lb. bnshej cx- 
worehfuise. 5.00 busbul lots. } SB per 
troy mmee tor SO ounce units of W.fl per 
mu. purity delivered NY. : Cents ner 
troy more- ex-warehwse. j New ** B '* 
conirsct in Ss a slurt ion for bulk lots 
of tOO short tons delivered f.o.b. ears 
Chicago. Toledo. Si. !*uii_s and Alton. 
** Cents per 69 lb. bushel In store, 
ri Cents per 24 lb bnsheL e coots ner 
4S R> bvdicl cs-warehuuse. f; Cents uer 
S8 lb. ttihel, ex-warehouse. 1.900 bushel 
tots. 













*} 


22 



T&iaOTial .ranes..St!i^ touary'15 B7$ ^ 


STOCK EXCHANGE REPORT 


Leading equities improve but gilts ease on dollar 

Index up 6.7 for ten-day rise of 24.7 at 494.5—Golds weak 


Accowit Dealing Dates 
Option 

"First Declara- lost Account 
Dealings Hons 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" deal (nos may taka place 
from 9 JO ui. two business dor* earlier. 

The overnight announcement of 
the decision by the U.S. authori¬ 
ties to support the dollar on 
foreign exchanges !ed to a turn 
for the better in leading equities 
yesterday on the implied benefits 
for the overseas earnings of our 
larger exporters. Demand was 
small but the sensitive state of the 
market caused price rises out of 
proportion to actual buying. 

The FT 30-share index closed at 
the day's best with a rise of 6.7 to 
464.5 which takes the gain over 
the last ten trading days to 24.7 
points, or 5} per cent. The FT- 
Actuaries three main indices all 
gained about one percentage 
point with several of the finan¬ 
cial sub-sections bettering the 
average along with the Mechanical 
Engineering sector which is 
heavily dependent on overseas 
earnings. 

British Funds, on the other 
hand, turned distinctly easier and 
showed early losses to l on un¬ 
certainty about the need for 
lower interest rates now that the 
upward pressure on sterling has 
been lessened. The tone improved 
in the afternoon, the further 
signal from the Bank of England 
to the money markets for modera¬ 
tion being tnterpretated as indi¬ 
cating the authorities' willingness 
to allow a reduction of J to 64 per 
cent, in Minimum Lending Rate 
to-day. 

The Government Securities 
index gave up 0.27 for a two-day 
loss of 0.49 at 78.09, but quota¬ 
tions were tending to fall away 
in the inter-office trade as reports 
came in of the threat to the 
Government's pay guidelines by 
the power workers. 

Golds also reacted poorly to the 
dollar's improvement, the Gold 
Mines index yesterday falling 8 
points to 130.3 following the drop 
of a} to S166J an ounce in the 
bullion price. 

Official markings improved to 
6231, the highest since November 
2 (6,752) and the overall firm lone 
was seen in the 5-to-2 ratio of 
rises tn falls in FT-quoted equities 
of which selected second-line 
issues were again attracting most 
support 


and a recovery movement was 
looking soundly based until news 
after-hours of the power workers 
massive wage claim. Falls of 3 
at the official close were later ex¬ 
tended to \ at the longer end and 
the shorts, which had passed a 
relatively quiet session, also 
drifted tower. The £32(hn. call 
next Monday on holders of the 
partly-paid Treasury 10} percent 
1999 shook out loose stock and 
the price fell to 151, in £l5-pald 
form, before rallying to 15|, down 
4 on the day. 

Sterling's sharp overnight re¬ 
action caused a marked change' 
of direction in rates for invest¬ 
ment currency with dealers quot¬ 
ing initially a level of between 
73 and 73} per cent Ensuing 
trade was again heavy but the 
overall weight of selling was too 
much for the market and the 
final premium was 70} per cent-, 
a recovery of 2} points on the day. 
Yesterdays SE conversion factor 
was 0.8057 (0.7902). 


5 to 9 op, while Hoveringfaam R/V 
at 61p, recorded a Press-inspired 
gadn of 2. UBM put on 3 to 74jp 
as did wmtani Leech to S3p. 

A friendless market of late 
following the Board's gloomy 
remarks about fourth-quarter 
prospects and the adverse effects 
a rising pound is having on over¬ 
seas earnings, IQ picked up 4 to 
353p, after 354#, yesterday. Else¬ 
where in Chemicals, FIsoas 
hardened 3 to 383p. 

Ratners disappoint 

Secondary issues again claimed 
most of the attention yesterday 
in Stores and closed firmer for 
choice, with the exception of 
Ratners (Jewellers) which shed 


Insurances good 


Gilts uncertain 

The dramatic about-turn in ster¬ 
ling, doubts over a reduction 
to-day in Minimum Lending Rare 
and apprehensions regarding re- 

6 lace merit tap issues all contri- 
uted to uncertainty in British 
Funds. Stocks soon came on 
offer, an event which extended 
initial loses of 3 to a in the longer 
maturities, but buyers subse¬ 
quently became more interested 


More interest was shown in 
Insurances which closed firmer 
throughout Still responding to 
a Press prediction that the sector 
is equipping itself for an out¬ 
standing year for new business in 
1978, Life issues continued higher 
with Hambro Life notable for a 
fresh rise of 8 at 295p. Pearl 
added 6 to 252p and Legal and 
General were 3 to the good at 
177p. Composites also made good 
progress. Commercial Union put 
on 5 to 155p and General Acci¬ 
dent 6 to 250p, while Son Alliance 
ended 8 dearer at 604p. A halt in 
sterling's recent climb heartened 
Brokers which had run back 
sharply the previous day on con¬ 
cern about the effects a rising 
pound will have on overseas earn¬ 
ings. Matthews Wright son re¬ 
bounded 17 to 210p and WDIIs 
Faber picked up 7 to 2S2p. while 
Alexander Bowden improved 5 to 
167p. 

The major clearing banks 
closed with sains of 10 following- 
a moderate business. LJoyds and 
Nat West were both that much 
better at the common level of 
297p. Elsewhere. Algemene gave 
up 2) more points to £934 among 
overseas issues, but demand in a 
thin market left Schraders 15 up 
at 4?0p in Merchant banks. 

Allied Breweries at 91 p. down 
2. reflected disappointment with 
the results. Other leading Brewer¬ 
ies were rarely altered, but 
secondary Issues again encoun¬ 
tered selective support Vanx rose 
12 more to 409p and Horland 
firmed 10 to 37flp, while Boddrag- 
tons were a few pence dearer at 
140p. 

Buildings continued firm on 
selective buvuig. Burt Boulton 
rose 10 to 185p In a tlrin market, 
while speculative support lifted 
Norwest Holst 5. to 85p. Newart- 
blll added 7 at 180p, Derek Crouch 



interim results. Eva Industries third-quarter profits. Hollis Bros. Lynton Holdings advanced G.'to 
were again wanted at 107p, up 6. and 1LS-A- improved 4 to Tip 126p and among smaller-priced. 
while Lake and Elliot responded following the interim figures, issues. Carding put on 2} more to 
to favourable Press comment with while similar gains were recorded 16ip. R. Green added 2i at 34}p. 
a rise of 5 to Sftp. Gains of 4 were in Barr and Wallace Arnold Trust A mid-week - investment reeom- 
established in Ad west, 270p. A, 67p, Beatson Clark, I70p. Harris mandat! on. lent support to both 
Young AnSlen and Young, 63p, Lebus, 56p and Pentos, SOp. Still Land Securities and British Land, 
and Glynwed, 102p. Press com- reflecting favourable mention, both a shade harder at 224p and 
meat on the annual results left R. H. Cole rose 5 more to. 123p. 38p respectively. MEPC Improve! 
Westland up 2 further at 43jp. Coral Leisure, 9 easier at 134p, 2 to 130p. 

Selective buying interest was Among Overseas Traders. S. and 

evident again in Foods. Robertson b I” W. Berts rord moved up 3 to 232p 

stood out with a gain of 6 to ?L -fiJS-I? on tfae S 00d annual results and 

143p, J. Lyons improved 4 to HOp 1,5 mtenm statement p ropost .d one-for-one scrip Issue, 

and rises of 2 were established by Haring attracted renewed 

Unigate, 57p, and Tate and Lyle, Buyers continued to show in- speculative support on bid hopes 

214p. On the other hand, tcrest in Motor and kindred late the previous evening, Furness 

J. Stocks, a particularly good issues. Plaxfons moved up 4 more Withy opened 17 higher at 34fip 
market of late, met with profit- to 126p and ERF firmed 3 to l29p, yesterday and remained at that 
taking and reacted 10 to 170p. while Fodens responded to the level virtually an day. Fashion 

good results with a rise of 2 to and General Investments put. on 
60p. Among Components, Lucas 13 to 175p in sympathy- 
traded firmly at 2S0p, up 3. Man- Further useful gains were 

Chester were again noteworthy in established in the Textile sector 
Garages with a fresh rise of 4J where J. Haggas featured at 96p, 
to 36p on renewed speculative de- up S. A. Martin put on 4 to 85p 
raand. Lyon and Lyon, 87p, and and RET were similarly better 
Hartwells, S5p, rose 4 and 2 re- at 62p, while improvements of 

3 were made by IL Ingram, 3Sp. 


spectively. 

Buyers continued to show an ant * Tricovflle, 53p. 
interest in Mills and Alien Inter¬ 
national which unproved steadily 
in active trading to finish 7 up at 


Heavy falls in Golds 

The moves by the U.S. Treasury 


3 to 90p in reply to the disappoint¬ 
ing first-half profits. Vantona rose 
B to 119p and Formlnster added 4 
to 130p, while improvements of 
3 were- recorded in House of 
Lerosc, 86p, Henderson Kenton, 
S5p and Currys. 217p. 

Electricals traded quietly. 
Among the few noteworthy move¬ 
ments, Automated Securities 
moved up 4 to 47p following Press 
comment on tbe acquisition of the 
security division of Brocks Group. 
Pye Holdings improved 3 to 110p 
and Dale Electronic continued 
firmly at 152p, up 2. Leaders to 
harden a few pence included EMI, 
3 better at ISSp, and GEC. 2 
dearer at 278p. 

Engineering majors were fea¬ 
tured by a sharp rise of 19 to 
195p in Vickers on speculative 
demand prompted by persistent 
talk of imminent news on com¬ 
pensation for nationalisation of 
their shipbuilding Interests; the 
Finance Director of Vickers stated 
last night that negotiations about 
compensation terms had not even 
started yet Elsewhere, J. Brown 
revived at 241 p. up 9, while Tubes 
unproved 8 to 394p and GKN were 
6 dearer at 274p. Davy Inter¬ 
national found support and put 
on 7 to 25Sp, but Howden Group 
eased 1} to 6Sp following the 


Tesco were supported in Super¬ 
markets and rose 2 to 474P. Else- 


to Check the' recent sharp decline 
favoured at 96p, up 3, and Sir ^ caused the bullion 

Price t0 ^ VSs Up M oI its 

3 to 21p. Similar improvements g ains Q f tbe two previous days 

2KJ M it dropped 53.73 to 3108.123 per 

ounce. Tbe successful outcome 
Among Newspapers, North Sea oil t0 Wednesday's International 
enthusiasm was the reason for Monetary Fund gold auction— 
“SSh? SSaWounces were sold at the 
}!?«£ common price of S17126-was 

higher at I31p. 

Oils more eventful 


Treasury moves. 

South African Golds were 
marked down sharply at the out¬ 
set of business and gave further 

___ Sterling influences were ground throughout the day as 

where, favourable Press mention claimed to be the reason for a selling, although never heavy. 


left Warner Holidays up 4 more much 
at 2SJp, after 304p. British 


more eventful 
Petroleum and 


day 

the 


In 

Oil 


from most quarters followed the 
decline in the metal price. The 


market in general. BP rebounded Grid Mines index reH 8.0 to 1803. 
Glaxo better 22 to SMp. the day's best, while in tbe . heavyweights 

Shell recovered 3 to 528n and ranged to over a point with Rand- 
The miscellaneous, industrial Royal Dutch * to £37 the last- fonteln £ 1 J lower at £291. Western 
leaders took the previous day's m recognition of the Holdings a point off at £131 and 

upturn a stage further yesterday, steadier currency oremium. In- West Driefontein a similar amount 

500,1 ?^em^^mJS?atioT ft. clwer ai *«-„ . r .. " 

again at 28ap, up 10 further on gpi^d support of Ultramar, S TO® heavy Ia!ls in Golda Pro- 
continuing support ahead of the higher at 2S2 d after 2S6o and duced similar movements in 
results, due on January 23. Major premier Consolidated. 21 better South African Financials. General 
exporter Glaxo moved forward 12 at 19q ...uru. revived soecuLatire Mining lost £1 at £14 and 
to 605 P fn sympathy with the gjftt EPmSE?(S3 up \1 “Cld" J at £14J. De Beets 
dollar’s improvement, while £ 3 OT MiralloB 10 MIS to 2S9p 

Beechnut, after touching 677p, higher to 308p. Other North Sea Worst affected in a generally 
closed 3 up at 673p and Reed stocks attracting enthusiasm in- weak London-Based Financtata 
International rose 5 more ta 13op. c j uded TricentroL 6 dearer at section were Gold Fields, which 
Firm features ■ were plentiful l7S „ Lasmo. 5 firmer at 184o and c,osed ® d0M,n al l73 P- Rio Tillt0m 
among secondary issues. Hopes charterhalL which improved 1* z,llc lnst 4 10 1S3 P and Charter 2 
that .there will be a big demand forttermSOp “ n P rovea t0 

for overseas holidays this year fn _ Business in Australians 

the wake of sterling's recent Secondary Properties came remained at a low level with 
performance helped Horizon more into their own but the prices marginally firmer on 
Midlands add 6 more to 86p and sector’s outstanding feature was balance following the modest 
prompted a gain of 7 to 119 in probably Bernard Sunley which, recovery In the investment 
Davies and Newman, the Dan Air on persisting bid speculation, currency premium. EZ Industries 
aircraft concern. An investment jumped 14 to 210p. Percy Bilton, and Hamersley were both 5 harder 
recommendation drew buyers’ too, were In demand and rose 6 to at I65p and isrip respectively. - 
attention to J. H. Fenner which- 184p, while Centrovincial Estates Elsewhere, Musto Exploration 
gained 9 to 138p and Morgan Capital, Sip, and City Offices, 63p. slipped 5 to S-'ip after Wednesday's 
Crucible advanced 6 to 123p in gained 4 apiece. Rush and 22 jump which followed news of 
response to the sharply higher Tompkins revived at 109p, up 4. the U5. oil and gas find. 


FINANCIAL TIMES STOCK INDICES 

-—. "Jan.” Kul' lln i I>w." -Itcii. '\v<4r 


M) 




Uov^nmwKdees..78.09 

Pixiyl Ini mrm- .j Slitf 

InrtmK/W OnUnnrr —1 404.B 

OoUXiuM..! 130-3 

Old. Dir. YlcU.I 5-48 


78.56 7A56 76.09, 77J3 : 77.8b M.% 

81.17; 81.05 80.78; 80.60 ^0.54 ; Bl jj 

487.8: 485,‘Gj 405.4 490.6 490.4' M7J 

1JB.3 158.71 133.2; 130.&j 138.7' 116.8 

8.60; 5.51| 5.45' 3.4Sj 6.08 

EtvnbiXB Y*lrtt l6.47i 15,73' 16,75 16.74| 16.57; 16.55. 1S30 

P/K Ratio (MCI ("t>.j 8.6l! 8.48' 8.45‘ 8A7] 8.3b' 8.56 .7.7* 

Dealisv* n»rk 4 d_j 6.*3l‘ 4,747, 4.178: 4,618 3J&3 1 2.469 S.Mt 

Uqnftr lorauver JCm...: - j «.B4 49.10: 62.58, 65.98, 4b Jl 88.51 

lenity nvtnlj- - 14.718^ 12,0BT 1 l.W 1B.M» 7.4 46 17, 815 

it a.m. *0.8. 11 a.w. Noon 4M U 1 pju. *S'l J. 

= tun. OSA S p.KL 4B3.J. 

LHMt IndtX IM4 IOk 

■ Kascd on XJ Mr cent. curoweHon t«- ' Nil=8j*3. 


Basis in G.m. Sees. IVlrt-H. Pfcwd Int.- IMS. Imt. 0*4, t/T.U. 
Minus ri. a/33. SE Activity Jnfy-Dec i«2. 1 CrfrtcteO. 


Cotd 


HIGHS AND LOWS 

~j isniis : SIikp CniwjataWwn i 
i High I Ln« 1 Hl«Ii | 


S.E. ACTIVITY 


Jmi. 


J*a.- 

■I 


flovt-beca...; 7<L83 j 60.43 
j (JO^I j <4>1> 

Pixel Ini— 81.19 
, (bilfTBl 

lad. 'ini.i 549.2 

f awn 

Urtlil Siloes. 174.5 
i nniioi 


187.4 


—Unilv ' i 

litlt-kilvit...- 886.5,179.5 
IiidiwJrU-%. 809.8 ' 149.5 
^umnniiVA...' 45.3 . 48J•' 

Tatxbk_ 141.8 108J) - 

iMtnr AvVxjic. 

! ,^2-^-v iIJSU ' «Mt-Wael7j 164.S 148.1 ' 
USjll j IMA Til 126*401 J j 15J.B ! 

95.1 ' 4483 ', 43.3 \ nnw.tilulvn..., 39.7 ' 45.1 ' 
Cl.® } i2aS/I5W*K.'IO.'7h f l»4«i».- 107.1 90.I-- 


49.18 

lAWM 

60.49 j 190.4 .! 50.53 

l4,'h : (CH/Ili47> hwl.'Tsrt 

357.6 i &49.2 49.4 


OPTIONS TRADED 

DEALING DATES International, New Throgmarts 

First Last Last For Capital, n. Wigfall, Danlo' 

Deal- Deal- Declare- Settle- Burrell, Capital and Conntit 

ings ings tlon meat Property. Peachey, Brtth 

Nov. 22 Dec. 5 Feb. 23 Mar. 7 Benzol, Britannia. Arrow, Thai 

Dec. 6 Dec. 19 Mar. 9 Mar. 21 son Organisation. Madam 

Dec. 20 Jam 10 Mar. 30 Apr. U TussamTs and CharterhalL Tom 

For rate indications see end of and City and Jw Coral were de* 

Skare Information Service in for the pur. while doabJ 
Slocks to attract money for the options were arranged jn Torn 
call included B. Sunley, Town and City. Culler Guard Brito, 
and City, Burmah Oil. Reed In- CharterhalL U- Wigfall, Britain! 
teruatlonaL British Land* Selin- Arrow, Grand Metropolitan Wa¬ 
com!, Marks and Spencer, Adda rants and Madame TttssaudV. 


NEW HIGHS AND LOWS FOR 1977/78 


TIM following M«unties ointto n tno 
Share Information Service miardav AKZO 


attained new Higns and Lows lor i 977/7a. 

NEW HIGHS (163) 

BAMKS (Si 
BEERS (6* 

BUILDINGS <I5» 

CHEMICALS <21 
CINEMAS 111 
DRAPERY 4 STORES (Cl 
ELECTRICALS (61 
ENGINEERING (13) 

FOODS <51 
HOTELS (S) 

INDUSTRIALS. (331 
MOTORS IGI 
NEWSPAPERS (6) 

PAPER 6 PRINTING (51 
PROPERTY (27) 

TEXTILES 410) 

TRUSTS (G> 

RUBBERS (31 . 

NEW LOWS (37) 

AMERICANS (161 
Baker Inti. Corn. Manat act. Hanover 

a tv Inv. Morgan (j. P.i 

Exxon Norton Simon Inc. 

Floor Coro. - Owens.Illinois 

GATX Rernord 

Hutton (E. F.t Sinner 

IngersoM-Rand Tosoro Petroleum 

I.U. Inti. Teuco 

CANADIANS <31 

Bk. Nova Scotu Toronto Dam. Bank 

Royal Bank of Canada 
„ BANKS <1» 

Cle. Bj nr a Ire 


CHEMICALS (31 

Nortl Hydro 

Hoechjt 

ENGINEERING (1) 
Cummins *78 9a 

MOTORS 111 

Volvo 

TEXTILES 111 

Sma Viscota 

TRUSTS(7l 

Rooeco [Hr.I US Trust Fund 

Roocce Sun. Shs. 1 Haw Par 
Roiinca nv Sues FnuRcc 

Rollnco Suo. Sits 

OILS (1) 

Cie Fr. Petroles B 

MINES (41 

Anglo-Vaal Samnu Cooper 

Vogels Mc'.stna 


RISES AND FALLS 
YESTERDAY 

Up Down Saw 
1 tt « 


British Foods 
Carp ns- Dam. 
Ferri pn Bonds . . 

Industrials .. 

Financial and Prop. 

oils . 

Ptaonuen 

Mines ........... 

Recent lames ..... 


and- 


Totals 


n s * 

» US ME 

m in w 

IT « W 
6 4 

14 n 
g 4 Pj 

MB ' an 


3 


FINANCIALTIMES 

BRACKEN HOUSE. 10. CANNON STREET, LONDON EC54P 4BY 
Telex: Editorial 8863^1/2. 883897 Advertisements: 885033 Telegrams: Finantimo, London PS4 

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SUBSCRIPTIONS 

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ENTERTAINMENT GUIDE—Cont. 


THEATRES 

WHITEHALL. 0.-a30 6692-7765. 

Last 4 Peris. TodJr and Tomorrow 5.30 
and B.3U 

PRUNfLLA NORMAN 

5CALtS ROS5INGTON 

in 

BREBZEBLuCK PARK 

WtcKMki riinirt Cnrr.*mai ComeiTf. 
"Not to DC missed," Gdn. "EPITOMISES 
• ..B Btil Ur iHh ■■ ESl bIVLi. 
"Hi.aRI jUSLT FUNNY." TIME OUT 
"Beth oia. ana cast oeverve mis Irani- 
let." □. Tei. "Prunella Scalds leads 
selendid caaL - O Exo. 

Instant conDrmea telioni-nc iredlt earn 

bDOJtlnas. Easy narking. 


WINDMILL THEATRE. CC. 447 6512. 
Twice Nignttv at a.no .no io.ao. 
OPEN SUNDAYS &410 ANC B.OO. 
PAUL RAYMOND O resents 
rip arr 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

"Takes to unoreerdentea limits what is 
permissible an our stages." E-a. News. 
Yon may smoke and drlnle In the 
Auditorium. 


WYNDHAM’S. B3& MJ8. Credit Cam 
bookings 336 1692. <£a. bat.i Mon- 

Thun. a. Fn. mg Sat. 5.15 and B.30. 
"ENORMOUSLY RIO- 
VERY FUNNY." Evening News. 

Mary O'Malley s irr.«sn-*iit comedv 
ONCE A CATHOLIC 

"Surefire eomcdv on m and rellflion.'’ 
OaiW Tctearapb. 

"MAKES YOU SHAKE WITH 
LAUSHTER." udn. 


YOUNG VIC near Old VIC). 928 63£S. 
Tonight 7 43 Dickeru' A Christmas Oral. 


CINEMAS 

ABC 1 «. 3. SHAFTESBURY AVE 838 
aofil. Seo- Peris. ALL SEATS BKBlE. 
1! THE GAUNTLET IX) Wk A Sim 
Z.OQ. S.Q0- 3-QC Late show Tonignt 
A sat. i i oo. 

2; THE LAST REMAKE Of BEAU GESTE 
IAJ. Wk. a> Sun. Z.OQ. 5.20. 8.20- Late 
Show Sat. 11 JO 


CINEMAS 

CLASSIC 1, 2, a. ui.gio street (Ope. 

TotuNinam Leurt Ro. ruoeJ. bU oa Hi. 
1! Sir, BAD AND iHb BYE uF iHc 
■ IGan iu). Prugs 1.10, l.lu. S.Sttt. 
mu. Late snoot li p.m. Ario Gotnrle. 


COMPANY 

NOTICES 


Jimi nenpu ttUOuSiuCk. (XI. 
x: the HiuiNb Place iAj. Seo. Peris. 
■c.OU. s.uu. d.iiO. uate mow 11 p.m. 
tivia Preilev «»i BLu^S ,u). TIT eu« 
i*i >U) i-aurol ana narav 
3: DEATH IS CHILD'S PLAY «X). 
Progs, a . 00 . *.15 6.10. bj»5. 11.0s. 

A: i.iZAR^S 1 A 1 Progs. I.U 3 0. S.J 
7.0. 9.0. Lair 6how every nlgfit 11 p.m. 

fiu4 v-.ik.ei 1 iiiib .aviouiw SWJil 
Morning Show THE GliIIEKKALl iL) 
10 JO a.m.. 12.05 p.m. 


CUIUION. Curzon Street. W.l. 499 3737. 
COUSIN COUSINE (AA) I English sub- 
titlesi. Proas a■ 2JO inot Sun). 4J5, 
6.25 and 8JO- Last 6 Day*. 


LEICESTER SQUARE THEATRE 1930 S252* 
STAR WARS <Ul. Sep. progs. Oly. (10.50 
a jn. Not Sun.) 2.00. S.15, 8.35 111.45 
Net Sun.t. Seats akbie 'Or all progs- 
nxcopt 10.50 am prog. 


OOEON LEICESTER SQUARE 1910 6U<>. 
the deep i ai. Sep. proas, every di». 
Seats mar he hooked. Doors open at 
1 -20. 4.30. ?-*?. Late snows Fns. ana 
Sats. Doors 11,15. 


ODEON MAJUILfi ARCH. i?43 2011-21. 
AUDREY ROSS ■ AA 
SCO. progs. WK8. 2.10. 3.30. 8.30. Sun. 
a.ao. 0.1 &. Late shev, »r». g. sac 12 pm. 


PRINCE CHARLES. Lcic. Sq. 437 8181. 
SALON KITTY >X>. scp. -erfs. Olv. UAL. 
Sun.) 2.45. 6.15 9.00 re. Show Fn 

and Sat. 11.BA Scats BkMe. Lie's Bar. 


SCENE 1, LCIC. Sj >Wardour - 439 4*70 

A BRIDGE TOO FAR (A.. Progs 12.50 
4.10. 140. Latg Shaw Fn. A Sat, 1140. 


CLUBS 


CAMDEN PLA2A. OOP- Camden Town 
Tube. 485 2443. Tavlams PADRE 

PADRONE (X>. Grand Price Cannes i7 
4 OS 6 25. S.SO . No Late Show this 
week. 


C L. i b9 KUO' . . __. _ 

Carte or AlMn Menu. Thre Spectacular 
Floor Shows 10-4S. 12,45 and 145 ano 
music o l Johnny Haw kes worth a Frie nds 
GARGOYLE. 69. Dean Street London, W1. 
NEW STRIPTEASE FLOORS ItOW 
THE GREAT BRITISH STRIP 
Show at midnighi also I a.m. 

Mon -Fri. Closed Saturdays. 01-437 6455. 


CREDIT LYONNAIS 
USS30,OflOJH)Ov— 1977/83 
Floating Rate Note Issue 
Bandboldart are hereby in (armed 
Out coupon n* 2, representing the 
second six-month penod of inceran 
starting from 27th December 1977 
co 23 June 1978 inclusive will be 
Payable u from Jane 24 I97B « a 
price of S39.78 POr coupon. This 
amount corresponds &o a yearly interest 
rate of B% worked out on a basil 
of 179/360th. 

The Fiscal Agenc 

CREDIT LYONNAIS.LUXEMBOURG 


SAVE AND PROSPER FINANCIAL 


SECURITIES FUND 
Counon 113 falls due for payment on 

15tn January 197B at a rate ol 0.74p net 

Financial Securities Fund unit. Coupons 
should oe presented to the Royal Bank 
et Scotland Limited. Lombard Street 
OHce. P.O Bon 412. 62 Lombard Street. 
London EC3P 3DE trom whom listing 
forms can be obtained. Coupons most 
be lodged by an authorised,depositary and 
Idt three a an tor examination. 

JAMES B EATTIE LIMITED 

NOTICE IS HEREBY GIVEN Hurt the 
6% Pr e f er ence Share TRANSFER BOOKS 
of (tie Company will be closed irom the 
24th to the list Jamnrv. irtb. both 
dates inclusive 

Bv Order of the Board. 

G. T. LOWNDES. Secretary- 
71-7B. Victoria Street 
Wolverhampton. 


APPOINTMENTS 



COMMODITY- APPOINTMENTS LTD. 
rcuuire traders m Grains. Proteins, 
cocoa, coiiee. sugar. Metals. Oils Alee 
Trained and Assistants tor u.K. 
Europe. US.A. and Hdnfl Kona, Tel.: 
Graham Stewart. 01-439 1701. 


ACTIVE STOCKS 


Denomlna- 

No. 

■ of 

Closing 

Change 

1977-78 1977-73 

Stock 

tion 

marks price (p) 

on day 

high 

low 

BP. . . 

£1 

11 

884 

+22 

988 

778 

ia.:. 

£1 

10 

353 

+ 4 

446 

325 

Shell Transport... 

25p 

10 

52S 

+ 6 

035 

454 

Barclays Bank ... 

£1 

9 

347 

+ 10 

347 

228 

Ultramar. 

25p 

9 

232 

+ S 

266 

116 

Beecham. 

25p 

S 

673 

+ 3 

693 

372 

Lake and Elliot... 

25p 

8 

56 

+ 5 

65 

43 

Mills & Alien IntL 

oOp 

8 

122 

+ 7 

122 

25 

Rank Org. . 

25p 

S 

265 

+ 10 

276 

12S 

Reed InteraatiohL 

£1 

s 

135 

+ 5 

233 

118 

Barker & Dobsop 

lOp 

7 

14 

- 1 

15 

31 ■ 

Burmah Oil . 

£1 

7 

54 

+ 3 

S3, 

41 

European Ferries 

25 p 

7 

1124 

+ 34 

112J 

531 

Furness Withy ... 

£1 

j 

345 

+ 17 

354 

204 

Town & City Prps. 

lOp 

7 

154 

+ i 

151 

5 


RECENT ISSUES 


EQUITIES 


Inue 1J 5-11|' 

P«wr =“ ,3 S—| 
p:;* • = ! 


1977 


StOufc 


HiflU j Low 



Cl 

104 

553 

68 


•F.rJ — , seo i ab2-iSKGO IKU.S0.-... 
. F.P. ;20il 1 IlH • 109 iFternwr I.S.W.) ..., 

F.P. 6il I 66 I 67 'Hoblen (A).. 

1 25p E7<1 1 2S lr.JLI.25p p,i_ 

I I • . 


.1440 —2S 1 F2Sr — ' fcS — 

. 1181s.. hi AS 2.3; 9.7 6.8 

. 66 1+1 53.3 3.61 7.6| 6^ 
! 27 I g lJ2B 2.7) 9A 8.8 


FIXED INTEREST STOCKS 


11 i 1-. 
■"1^ 

s|« 

C2 

£100! H.P. 

_ 

£98le!£60 

3/8 

£100|£80 

25/1 

ClOO FJP. 

B7/1 

£09 (£60 

3/3 

ClOO i F.P. 

_ 

8100 | FJ\ 

_ 

flOO | F.P. 

-- 

ElOO ,£10 

24/3 

E1O0 I F.P. 

— 

ElOO i - 

— 

ElOO i F.P. 

— 

rt£99£10 

3/3 

S99ig, FJ». 


E981 S E60 

3/2 

— F.P. 


— ! F.P. 

27/1 

— i F.P. 

6/1 



10.1 iji 
MU' 
td 
00 
61 
w 

S96U 

S92U 

16js : 

loakit 
100 , 
1U1 I 
12U' 
596ij| 

54 . 

$97 Uf 
lOCqpl 

10 /pf 


dbigiARric. MurL Variable 1992...j 997a. __ 

49iifBatli Ui* 1985..... 1 54V ..... 

471j Uanliir US 1066.,..I 52 ! „... 

90 Central & Sh-crwiol 10% Coe. Lai. 1961.j 60 ' . 

&7i*^nunplao Keg.m» lUsb..I 61 I . 

9mj|HounaJow Variable .,...J 98ij|'. 

S07U locoes SotEB 19M.19974, . 

SS7if Uo-9* Deb. 1092...IS9S . 

' 1LU Cenelnglou 4 C'lieJsea llfttWl?...{ 15Sg . 

wis Do. Da. Variable TO... IIQQSe . 

99U Leeds Variable 19H2-.. JlOU ..... 

HOlc Leacester Variable 1962.....<100 j. 

Ill* lilrt Krai Water 7% 1982...:. 12i e | _... 

507 Norsk Hydro 7gi Notes 1982.JS97 ..... 

49ii Helens 14% K *>*- l®*....1 54 !_ 

596. Shell Inti. Fin. S/V. 81 * Goar. Ntnro I960 JSS6 j .... 

89p Stas Furniture 10% Cum. Pref...IOC if +lj 

lCbpib*Trailer lOSFrrt..| 106^. 


FRIGHTS” OFFERS 


iMue 

Price 

p: 


II 


Idlenl 

Menu cue. 
Uato. 

* I t 


1977 


H<Rb i J 


Stock 


22S 

114 

83 

29 

50 

32 

180 

130 


F.P. 

F.P. 

F.P. 

F.P. 

FJP. 

□li 

nil 

F.P. 


DnilBO oil 

las j f.p. 
200 F.P. 
d 20 ! F.P. 
oil 


60 
190 
12 U| 

bvi 
66 
410 


F.P. 

nil 

nil 

F.P. 

FJ*. 

F.P. 


SA1.75 D || 
17lal F.P. 


32 

7U 

10 

148 

165 

aO 


nil 

F.P. 

nil 

P.P. 

F.P. 

F.P. 


| 2/1X114/12; ihd 1 22b lAitniet....... 

! — . — ; 14d [ 121 |/Uliud Irish Utuika... 

! 2/12|l3/l [ 123 | 190 ■ BarraU Derelopmrat_... 

16/12137-1 36 |. j2la;Uririiort Guidry... 

6/11 10/3. 72 j 65 IChbleTomi..... 

23/1] 27/2] 14urn' BpnjIChrinljr Bros... 

! — 1 — I 52ij ( 52ia 'Cnrnm. Bank at Australia. 

9/12, 5/1 I Isu 1 132 'ComtiiMt'ia- rnton. 

— 1 lfcO ! 180 Uorouienbank... 

13/1 l lei j lc#i* IVnikViwI FVkl». 

13/12. 2b? I 223 'Lor*. Lerr'ure. 

13/1 I 070 i 52u :Uo (A Hue... 

— Do.25OOm20DOo<itBf(M> Bank... 

6/1. | 72 | b7 ilrust Uulla/ul Allied Preo»A_. 

13/lj 10.2 23umi lOpm.Rihsr Induytrini... 

— I — ’ *«L«ni IgpmUohnaoo A baroen.. 

29/12 27>1 53 h* (Jcdutaon Firth Brown. 

6/li 10/2 76 J 71 [Kenoliui Slotor. 

[Kwlk save LHaucuot. 

'National Bk. of Austnloota-... 

Pawwro W. L... 

6 jpauB.C S. . 

Koonl ... 

dturin (Geo.) -..... 

Ubl. Bfca oJt---- - 

UhL ri-leuilfii-__ 

William* (J. Laidi«V. 


'25/11' 

:29/iii 

29/11 

I 2112 


p-' r 


240 I . 

146 


f-2 
+112 
T I 

i;+2 


25fll< 6/1 




. _ UlQ , 

17/2 3(3; 63mjv 62pm]. 

23/121 lB/l' Ajigl » (j 

16/121 27.lj 6 0u“ l 

3rtll a7l£ ! 

12/121 18,1, J93 
3/1 27/1 41 


Z23 
36 
69 

14POI 
52 la mn 
148 

, 180 I. 

.1 176 ,-4 
.[ 853 ! 

, 570 It- IQ 

.UmtflC . 

72 U 1 
i 23pm 1 + 6 

! *'« 

■ 77 lg +2 

\ 235 ; . 

32pm—S 


514 pm. 

86 i+1 

•ilrr 11 

292 !.'!!“ 

41 +1 


KemncMlxm dale uniady usi aas iw desUns free « stamp duty. 8 Figurea 
BUM on prospectus estimate, a Assumed dmaeM and yield a Forecast dJvkbutu- 
cover naswi on nnmous year’s earnings • Diworan aim twin OagyO on prosoecins 
or other oSlaai esomaiea for IBIS oGross i Klsores assunwa. (Oner anmm 
Mr CQDverstoa w short* na> bow raofclns foi tnvidend or rankUm only for restneten 
dividendo. i Ptactrui pnee 10 punhe. pi Pence unless otherwise inoicaiEd. 1 icsnwi 
ta lender. 4 oircreo ro holders ol Ordinary shares m a “ rtcnis.” “ Riomg 
ta way ot eapnaiiganon r ( 41 mmcm render price. 11 Relnfradgmi. SI losuwi 
fn connection wllh reotgaflisotton mercer or iake-owr. SR IntTMuctwo- “I Iftsuen 
10 former f*ref*n>m» hohL+* u Aimnnpni iM'erg lor fully paid}. 0 Provisional 
or Danlr-pttid ahotmepi toners- * With warrants. 


FT—ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 
GROUPS & SUB-SECTIONS 

Figures In parentheses show number of 
stocks per section 


07 


CAPITAL GOODS (171). 
Building Materials CZ7L. 


Contracting. Construction (28)- 

Electricals (15)_ 


Engineering Contractors (13l_ 
tfechanical Engineering fH)_ 


Metals and Metal Forming (17)_ 

CONSUMER GOODS 
(DURABLE) (53)_ 


LL Electorates, Radi 0 TV f 15). 

Household Goods (12)- 

Motors and Distributors (28) _ 
CONSUMER GOODS 
(NONDURABLE) (175)_ 

Breweries (14)__ 

Wines and Spirit (6). 


Entertainment, Catering (17)_ 

Food Manufacturing f22)__- 

Food Retailing (18). 


Newspapers, Publishing (14) 

Packaging and Paper (15)- 

Stores(37)_ 

Textiles (25)_ 

Tobaccos (3)_ 


T oys and Games (g)_ 

OWEB GROUPS OB. 
Chemicals (21). 


Pharmaceutical Products P7)_ 

Office Equipment ( 6 ) _ 

Shipping (18). 


Miscrilan eous (54). 


INDUSTRIAL GROUP (496) 


Oils (4). 


SHARE INDEX 


FINANCIAL GROUP (198). 
Banks (8)_ 


Discount Houses (10)_ 

Hire Purchase (5)_ 

Insurance (life) 110)- 


Insnzance (Composite) (7). 

Insurance Brokers (10)_ 

Merchant Banks (14)_ 

Property GH). 


Miscellaneous (T)_ 


Investment Trusts (5Q) „ 
Mining Finance (4).. 
Overseas Traders (191. 


ALL-SHARE INDEX (873).. 


Thors., Jan. 5, 1978 


Index 

No. 


Day's 

Change 

% 


217.72 


19539 

348.05 

46437 


30430 

16433 

16L90 

19535 

23532 

123.82 

117.92 

205.66 

22832 


24930 

26780 

20230 

21937 


35986 

133^89 

197.04 

17335 

22433 

9980 

19634 

261.90 

26235 

133.13 


482.88 

20833 


21.1.26 


47934 


23335 


17785 

204.03 

226.11 


16735 

148JL9 

142.42 

33284 


8387 

25134 


109.93 


20103 

18939 

2K.67 


23782 


+10 

+03 

+10 

+03 

+18 

+18 

+18 

+08 

+11 

+03 

+0.4 

-08 

+0.4 

+08 

+0.9 

+14 

+0.4 

+12 

+08 

+0.9 

-03 

+11 

+10 

+10 

+38 

+10 

+08 


+08 


+19 


+0.9 


+10 

+38 

-10 

+03 

+28 

+19 

+23 

+11 

+0.9 

+0.9 


-0.9 

-28. 

+11 


+18 


Eat 

Earning! 

Yield* 

OBaxj 

Corp. 

UxSK 


16.66 

1587 
16.66 
1438 
1986 
17.66 
1930 

17JLl 
14.99 
16.96 
2035 

1581 

14.06 

1689 

1345 

19.74 

1234 

985 

19.76 

9.79 

2086 

2152 

20.68 

1588 
1884 
1031 
17.10 
2039 
1580 


15.77 


1432 


1538 


2415 

1111 

1177 

2.74 

2174 


389 

17.40 

1585 


Grow 

Uv. 

Yield* 
(ACT 
at 34*); 


5.49 

5.40 

3.63 
380 
615 
683 

8.72 

4.73 
330 
639 
630 

533 
586 

534 
683 
585 
4.11 
3.42 

8.74 
4.02 

7.64 
8.02 
5.95 
530 
639 
3.71 
431 
686 
5.90 


5.46 


488 


585 


482 

5.00 

730 

4.66 

539 

585 

489 

580 

2.72 

717 


433 

634 

6.67 


581 


Ear. 

WE 

Ratio 

(Net) 

TnS2% 


8.49 
9.06 
8.73 

1081 

711 

&10 

6.79 

832 

983 

886 

787 

9.64 

1089 

936 

1135 

789 

1179 

1684 

789 

1611 

632 

680 

646 

839 

7.49 
WM 

780 

581 

9.46 


8.99 


837 


889 


632 

1332 


1148 

68.07 

6.41 


3238 

6.68 

836 


Wed. 

Jan. 

•4 


Index 

No. 


21030 

19417 

34437 

46183 

300.43 
16283 
159.93 

193.66 

23231 

18380 

11787 

204.74 

22854 

248.44 
26713 
200.43 
Tito 
357.63 
13195 
19660 
17169 
22436 
10045 
19419 
29936 
25987 
12910 
477.97 
20662 


28935 


470.42 


23146 


17439 

19789 

22833 


16674 

14584 

139.75 
32437 

82.75 
24980 
30691 


28385 


19136 
28281 


21510 


Toes. 

Jan. 

3 


Index 

No. 


20932 

192.93 
34284 
45680 
297.57 
16112 
U0J1 

19234 

23183 

18271 

11634 

203.98 

22934 

24988 

263.00 

20018 

214.69 

34689 

129.45 
19512 

373.45 
22656 
10089 
29384 
268.48 

259.93 
12484 
47436 
20489 


20667 


47L73 


23664 


17230 

35661 

22413 

16289 

13989 

13735 

33314 

8254 

24483 

10981 


20638 


19085 

281 8 1 


21480 


Fri. 

Dec. 

30 


Index 

No. 


20695 

19190 

3402B 

45621 

297.75 

U0.92 

MOJO 

19339 

23231 

182.64 

11730 

203.79 

23032 

25318 


26134 
20180 
21524 
34650 
129.97 
193.92 
17186 
22695 
30679 
193.78 
26U7 
261.77 
32334 
469J7 
20481 


20674 


477J4 


23LM 


17239 

19604 

22459 

16606 

14084 

13737 

33488 

8237 

244.71 

38664 


88785 

|8657 

28697 


21433 


Thun, 

Dec. 

SB 


Index 

No. 


21035 


193.30 

34325 

46039 

30679 

16275 

16115 


194.69 

233.(3 

1SL41 

11834 

205.97 

23212 


25645| 

263.99 

202851 


2U.49 

349.94 

13148 

19787 

17287 

22653 

10055 

19607 

26558 

080 

12451 

47642 

28630 


21075 


9.47 


23323 


173.95 

199.93 

22481 

MSI 

14182 

13631 

33775 

82.78 

24531 

10935 


20698 

18957 

28M9 


23643 


Year 
«P> . 

tappnO 


Index 

No. 




139M 

1153#' ". . . 
1IU# 

TOM 

D57* 

12031 

11732 

12181 

.13581 

mn. 

8U3; 

14181 . 

15634 

16229' 

13915 

15538 

13621 

MB.-' 

9477"* 

11539 

125.* 

WJ* 

77B 

14935 

2MJ9 

01#.. 

8294'. 

41685 

UHL 


WML 


4»JL 


1743® 


- 

FIXED INTEREST PRICE INDICES 


FIXED INTEREST 
YIELDS 

Br. Govt Ay. Gross Red. | 

Thun. 
Jan. 
s . 

Wed. 

Jan. 

4 ■ 

Year 

ago 

lappceXJ 



Than. 




1 


7.3 

708 

9M 

1622 



Day** 

MlaQ. 

idad]. 

2 


931 

222$ 



3 

% 


to date 

3 

25 yean.. 

9.84 

9.79 

332_ 

1 

Under 5 years _____ 

109.72 

-0.07 

— 

0.00 

4 

5; 

Medium 5 years_....... 

938 

1627 

934 

1821 

13.® 

23.72 

2 

5-15 years. 

12535 

-033 


0JU 

6 

25 years...._ 

1843 

1038 

14Jfl__ 






7 


901 

674 

395 



14836 

-037 


600 

8 

Coopons .18 years..!. 

2137 

1LU 

2438 



— 

9 

25 yeacs_..^_ 

1134 

1130 


5 I 

fijty dnrlra 

122.10 

—0.24 

- 

BOS 

10 

! Irredeemables __ 

ilia 

1132 

' 1533 


123J2 

lSUfl 

16668 

17^ 

18643-1 

9M» 

23952 
|2JA : : 

14759 

1M52 X 
8755 V 
fl94L ', v 
15857 ..S'jjlj , 




So. 


, Jan.6 

Wed. 

Jan. 

Tueo. 

Jau. 

Friday 

Dec/ 

11111 ™. 

Dra. 

Wed. 

Friday 

Tbura. 

Deo. 

Yield 

X 

4 

i | 

30 

£9 

83 

ZJ 

88. 


Year 

! V*** * j 


|20-yr. Red. Deb. & Loans (IS) 
Investment Trust Prefs. ( 15 ) 
[Coml. and indL Prefs. (20) 


6S.S6 

62E9 

62.60 

62.48 

62.48,- 

62.37 | 

62.111 

62.11 , 

47.04 

57.33 j 1239 

56.06 

56.73 

56.72 

56.23 I 

66333, 

96.23 

66.2* 

46.04 

7739 j 11,67 

rtJUB 

76J03 

76.72 

76.83 j 

76.71 j 

76.72 

76.78. j 

64.12 


tarnawa II-. • ""*7* '"W rocort use nates aaa vaiaes ana «khuw«U dunms m prUMm« |fi aww 

* ra-5L c wdtocnts^ls avalMIe From the PoWlsbers. the Meaiidal Times, Bracken Hwa Canura SB*«- 


Sri »*« «« nmucMrs, mo pwaodai Times, Bracken Heusc 

LOMKM. bl 4. price I2p, by wu 22o. # Ctocember 30 correct!otu to these pnbllchctf la January « tooeg.. 


:A. 


- y?..i 

































































ilp-j-n 




UNIT TRUSTS 


OFFSHORE AND OVERSEAS FUNDS 


Hh 

mSSBEBKm 


Vai* TSt IHgn.-litd. fexg)' ■ itHmwta Tiw-Cgattawd 

Hd^AsIwshmy. DSSSMl Pr<tf«*lon*L - Mtt* 505.9 


if-I!M 

- RM «5*Q3| )j( 
lied Hamfcro Group? (a) (g) 

‘' .ubror Use.. HntMn. Brentwood, fines. 

. 988 2831 or Brentwood {0277> 311490 


__ _I+3BI 3Z3 

Frowsts Sucre* -tuJi isS . ..J MS 

SUM— . -_W7.D 5oS-*0 jl 3-M 

Sgg ^ChM ui0-gt* . s&jj+oZj *50 

The British Life Office Lid? (a) 

BeU*a«B»e..T imhgMi piW an»-m-nma ft«ffi 

BL. British LKc_1*9,2 S2JJ +02! 529 

BLBntancad*- Ki« <73 .. . J 5.48 

BLDMdmd-... - E* «S.9| . J 853 

•Prices Jan 4. Nest dealing day Jan. II 


Ml lu .+.] 

lad. ttuxU- J 

Jtlne.J 

l & Ind D«J 


+0 3| s T7 BtWylifand“... _ 

+5 a \xi *Prt«s Jn 4.1 
+441 506 _ •_ 


o 453 4.97 Brown Shipley ft Co. Ltd? 

tines ../IJ'TSS f.M HugTsFoundersCU Ed 01*008620 

■ ■sasf is sws&s-ss si--j ss 

' i£]K£r’"K gga @p=M£i . ss 

' ; '• SfwrSfprf" "Bl 5^1'Tsl £2 CErowthAeeum._[4*8 47.7 +05 4.07 

.. mbrotac.nl. .1544 »a!+Q2} »7i Crowtainrome^Kl 5*5 +02 *07 

^ madam] Food* High Income_W2 3U +05 9.00 

ematioul . |2U Z3M-0J1 250 CfU ..._Q95 2L0 -03 358 

i» of America.. fijj 47J*17T!j 133 Index . __._5*7 24.9s! +02 414 

uficKund (29.0 31.W-0.fl 322 Oversea*.__06.4 17.4o -0.1 164 

■etalift f—«- IWonauc*-—57,2 UJ +05 4.77 

iUerCfti.ru BlV *2*+0.1} 4.98 -1# +M 1« 

1 Smlr Co s Fd 40.4 4X2J+02 120 +*->“■* w*.si . .. 

.wl w*]2u Its Canada Life-Unit Tst Mngrs. I4d? 
) C £2?aSf?SP 5ft?S +04 4.98 2* High St, Potters Bar. Herts. P. Bar 51122 

■*L Afv,. mpt Smlr Cal .P04i 2H.9(+05i 558 Can. Cea Dtet._075 39.H +021 *12 

.. Aiderson Unit Trust Managers Ltd. 3*3 tjjjj iss 

(Fen church St EC3NCAA (£38231. Do Int AernnuL- |Sa 464) +041 7*5 

, dewonOT --HU <02f ... j 457 „ , 

" 252 w^ l ii iS8mL too OW Broad St, EC2NJBQ 01-5888010 

■ IdWeSL. EC2V7JA. 01-823837* r . pjf.|__tai 9851 J 3 82 

.• ’ Monthly Fond U410 ' 175*} . ...j 8J0 Krone-2---J5u 5S1 —.1 750 

.. 'O.'MMtaU.IIlW)" 

J- V Queen SL Loudon E«R1BY 01-2385281 CtrUot Unit Fd. Mgr* Ltd? (aXe) 
i/SSS-S^ES^-Sl- • 3J-#' ■•■■•[ MUboriiHowe.l'tewcastlftftjw-IBrno 21166 

1 0*3 m 3 ■••■ J® -Carnot_iM5 67^.J *48 

• ' ‘ ??+T .2M|- vi' iSS Do. Aecom Units_J77.0 . 7M ...J 4,48 

‘-••l -1 T?. Ine 9S n E. - • S* 1 . teia+U 1030 iwmgt.vy.lrf WJ. 4SJ( .....J 7.77 

1 -.. g.4 *ga . ... 903 ■ Do!Acsiihi:Unit* Mo) 737 

'• : -WtaotVrol. »2 2 ^e 12§ Nest deafine date Ian. 18 . 

SS ^ Charterhouse japhetf 

^XbuihuLCiatoW.. 52.0 4*1 -0.4 5JB LPUniKwearaaw.EO* 01-2*83900 

evum.Uoiuwt .I7JJ-. 79J -07 303 cj.XntBrnarl_ Bin • wa - j iu 

>i Wdr a wriSl_M*9 501 -0.4 3.03 Baa 2*C IS 

—--WJ^FU^ttSi. 1M . ... 3M 5*0 38.4 ™ 7* 

^Abuthnot Giant* _U6*. 49.9a . .„ 532 CJ. Enro, Fin__&L0 25 6 450 

ccom.Uafctal— ..Wl - SUht .... 332.- Xccnm.Unta —_IS* 294 ’ ™ *55 

owth Unite._ —DJ 3*lS +0a 530 CJ. M. Inv 2*1 352 

J cvuia L T n!i»l_S 93 425 +0J 3wM Aeeum-Unit*_ M 4 30.4 55 Z 

nlM&a^tt-_.E5*3 t«J +15 455 ~WiSD^^e*t«edlta2ikir*- 

ri. Sctr. Lars.TT—g*l 94.0 ..... in 

\ riSfithdr^wSbl G 72 ju ‘ i m Chieftain Trust Managers Ud-fUMg) 

Ulr^alen***. —R2-6 785 254 SOW Queen St, J&4BLBB. 01-2482832 

Mi -i .n V Amoricsnlot—(255 27* 1*0 >■»+«»„, Uyg aa 2X8) +0JJ XSt 

„■ ., ' (oi«L tjaao,“Tn»«. t+W«L ^Thors. tHTri. Kin S3 934 

Jlifl f Vest dIgs.'*-Dec. 22 **DcC- 1* Daily Inl£m»tk»n*]Ttt__ElZZ.9 247) __i 355 

xchway Unit Tst. Mgs. Ltd.* faKO ®*«n» T*gStr 2*M -j ajt 

\rtiyX High Hoibom.wnv.7ffL oi-SQini CnMaadon Fimds IfgL Ud.f (a) 

(Samitw, i* gssa=3g?™ « sps? 


j-<g Growth Aeeum._44* 

07* Growth Income ___ J*i 

Income - 2»i 

2« LEU ...-195 

353 Index . __24.7 

322 Oveneaa_—. 16.4 

Pm'tonnanc* 572 


ADED 


u. I 

Ni. 

I. 

Ot.-j, 

j.r, 

lit 


2142 . ... 420 

228.4 420 

1B2J +3* 757 

2892 +4.0 757 

198.7_ 2.42 

U3.f_ 242 

87 Ju_ 2.71 

80.1s 271 

78.0 _ 051 


.'rbthntCnnod^.lSZj: 

Amin L’rnm—435 
-i-;, Withdrawal) . 323 
. Ora Income . . 1125 
? Rhine. Units -..41* 

, 4ro.ITii.l__ 915 
' : bothnotPref. .. B2 
—i Aeeum. Unlttl... S7.4 

^Wn. bnthnotCs p.*^ 144 

rvum. UriSBt*''. m 
s « W'drawam-—. 1*9 
t4hnL Fn.ftp.tt 17* 
^s-biithnot Oioo _ 40*. 
cemn Unite)— _. 475 
owth Units— — S3 3 

ecum. Unlr»»_993. 

1 Bian Chrcnrth*" — 1345 

it Sctr. Ldrstt— 2B5 
ast & loti Aec— 215 
V... _ m Withdrawal)— 172 

UtrjralCP*"__ 72* 

Ui:-I,n *'•.Amoricanlnt._PS5 


NJtGross D«. 30 

OU4Nit_._ 

W.Wl d Dee. 30 


■‘ l| . (OeaL tMoo. “Tmta. t+W*d_ JThnn. i 
Jiifl (. Next digs."-Dec. 22-"Dec. 1* D 




,, Barclays Unicom Ltd. CaKgmc) - _ T „„. m—,,™, - 

11 1 jicom Ha- 2s2 Rnmfotri Rd. E7. 01-53403+4 vonw^aUttn Find Managers. _ 

■••.n,-. nieorn America—(2*4 - 315J+0JI 2J3 Copthall Ave..LondonBC2H7J5: *-OBSESS 

...■■> Aost Acc_545 ‘ 58M -24 234 Cosmopoln Gthjra. (175 .. .4 4.85 

1 J. Airst [nc ___— 425 4&5d-25 234 

■Dirifi Capital—— 64.9 +S* r *x Crescent Unit Tst Mgrs- Ltd. (aMg) 

■■ 1 :la i!.fc.‘^2lnS5r: »5 -' sSina tS 4MeWUeCro*_Bdhibiir*h3. . 531-2204881 

'“■ir.iitui. + Financial 59.7 • - (UW -HU 496 Crescent Growth _®5 284 +851 457 

.,,,.. T ™^7aB00___693 7 s 3+0* 5*8 —K-’ Sfl "fi-fl 

■ H * IB-Jje General_ i -305 SiS+05 5.99 aea.Blsh.DUt.^-|W5 4*B+05j 7^ 

k B. Growth Aro—40J *53+03 3.87 CrenBaaerve* (415 ■ 440) +<uq 426 

3. Income TSt.-823 ‘ 8831+03 5.78 ' 

■_Tg.Prf.A'nsTst-- 1349 3*X3( .-Z[ 588 Discretionary Unit Fond Manages* 

0 , lS!w«£SiS^“fe*f^TM» az.BlmnMdSCBCMTAI. 014B8448S 

S:^^fedTu32 120*3 ^03 4.W Dtaetacome-&S47 J672J ..-J 626 

B-WldwideTs^ri W.4 4&S-Q.3 2.71 „ „ _ . „ __ . , 

!)7l'uLlzLFdJne- 612 53+05 436 E. F. Winchester Fond Mngt Ltd. 

•f e. Aeeum.-—-0*5- - - ».0|+5j| 4*6 Oid Jewry.Eea 01-6063387 


o. Growth Ace—— 

a. In come 7*.-i 

to.Prt AUaTK.- 
' Prices at Dec. 3 


i FOR ^oai S E.F. Winchester. Fond Mngt Ltd. 

tlftAccnm.--_.pe.8H - - »8|-Hl^| 436 ;oid3vmrf .SC* 01-6063187 

* 4« i mrfng Brothers & Co. LtrLf taRx) groatWto^mvw^J »Jj __J JM 

■' .LL^dcnhaUSt_£C3. ‘ 03-5882830 GtWtocher °^1*7 te4| .. J *36 


I s 

ii^u m\ 


VOICES 


k ‘ ?SB35fr=m - 2 »*| rr\ ***** * »*«“«* Tst Hngnart. Ltd. 

Next BibOij JaSriS, 30. Arlington et,S.9» L •• 01-430 7551 

. . __ __: . - ■ _ • Eavron DudleyT bl. 1682 73JJ .._.J 55# 

5Kfaopsgate Progressive MgmL C*f 

Bisbopsgata.E.C5. •• 01-8888280 Bqoltas Secs. Ltd.¥(aXg} - 

MtePr.-D^-MLl-. xn*aj ..__} 1*3 41Btchoiwgxae.EC3, 013888881 

IS ' w+tx im 

‘““SSi’roh.' 35^. 77?S«ra! 242 Bptity & Uw Un. Tr. BL¥ OKhKei. 
bridge Fund HanagersfjaKc) ‘ 
lngWIQiaaSL.BC4RBAS.-- 01-8334851 r ^ ulIya ‘ UOT 

JldSofe'taSrSi- -d ig Ftamlinghm Unit Mgt. Ltd. (n> 

—-ridroSaJStTE* M5 -U 13 M.Ireland Yard. BC4B5DH. 013488071 

- ridee Exumptt — R340 . 105 +25 5*2 Capital Ttt. - POT* JJ86[ +0*1 Ste 

P VJiaM-lftB.lnc.t-03* 14* . 475 Income Tst..., __i9B.4 IA4U +5*1 *25 

U£iSSi&Xwt i 'PU Si -- 4S tax Growth Fd.- \VA x£l33 20 

.. Prices ian. -6* Deating Tnas. twed. Do Aeeum-[974 l05.il-Xfl| X5Z 

' Miritannia Trust ManageinentfaKg) Friends’ ProvdL Unit Tr. Mgnxf 

-i. LoodoeWaU BuUdingx. PtahamEnd Dortlnt 830650GB 

■SS55!t«. -*n-a 

JtpUalAcc._503 543 +03 337 1)0 Accmn.-043 54Q...4 <36 

S.ITnj 7*2 iS* 1« G.T. Unit Mana g er * Ltd-* ‘ 

’ HMDtothr.-— gj- <22 +03 379 16.FfawhmyarenaEC3M7DD 01-8288131 

l ^Kmpt..—-88.8 +«-7 J-89 - GT.Cap.lne —&3 57^ . .... 3.40 

■tww liwnma - 81 40.9 +0_3 830 TV, a— nt MU ton 

.- -BTKaat-1*8 18-C +83 4.76 CT lS WuSZZ 15*8 | “ 750 

•Inaneial Sect—.— i*9 7X9u +0* .3.97 CT O&itw— 13*0 146J . _ *20 

-■wiftMi1-..M 2SS si Sw:::'IS 

£SSBSUte:S2 a wwWoW W 

—S?SSr*iz::: SI—-^ :Si ■IS'* 6 -* *■*"* <+(g>— -- 

sS! +02 4M 5.®ayieighRd,Brentwt>od - (0277)227300 

;«thAmerican—P*0 SOR+031 US G.3A.-PX7 . 333(+0J] 458 


01-8288131 

:'d 15 


ntoLiiLaiuarf - 


CLIVE INVESTMENTS LIMITED 

friAjit-ii. of \rffil Royal Exchange Ave., London -EC3V 3LU. Tel.: 01-283 1101 
Index Guide as at 6th December, 1977 {Base 100 at 14.1.77.) 

Clive Fixed Interest Capital ...:.. 135.19 

...._ — Clive Fixed Interest Income .12S.03 

CORAL INDEX: Close 493498 

INSURANCE BASE RATES 

t Property Growth ...1.. 8J% 

' ' Cannon Assurance ... 48% 

t Address shown under insurance and- Property Bond Table. 

BASE LENDING RAtES 


Gartmore Fond Manager* if (ang) 

2. SL Mary Axe. EC3A8BP. 01283MSI 

inAmerieanTst ....@2 SIM .... L00 

BntuhlhLIAcrJ.. 519 55 7 +03 339 

Commodity Sharo , 134.2 1845s +L1 374 

(i) Far East-Trust-222 24 0-0.4 132 

High IneomeTSt .. 5*6 60.9 *02 8*7 

taeoMKttnd .,..69.4 74i +0.4 .6.76 

Iut Agencies-12.66 1250c *407 330 

Intl.Eacmpt Fd ... M3 9L7 .. . 536 

U)IntLTst(Acc.l..Bt7 2*7f -03 L43 

Gibbs lAntony) Unit TsL Mgs. Ltd. 
23.BlnmneldSt,BC2U7KU 01-W841U 

(aiA.G.Incoma*_M04 425] ...„.| 828 

| lal.XG, GrowthTt_084 444 ...._ 4.70 

OIA.G Par East*..&9.7 2LM —| 830 

Deallnc ■Toes. ttWed 

Govett (John)¥ 

77. Undoa WaU. E.C J 01-3889820 

SThldr Dee.18_0259 1322rf ] 231 

Do. Aeeum. Unit __ fS5.0 1583 j 2 01 

Next dealing day Jan. $. 

Grleve&on Management Co- Ltd. 

58 Gresham St, BCP2DS. Oi+9%4433 

Bar’ctn. Jas-4. 

1 Accnni Unite! 

*«*n. uy J«n.3 
lAccnar DniUl 
Endear. Jan 3. 

. (Aeeum Unite!-—.- 
■ Gnichstr. Dee 30— 

(Aeeum. units)-. 

UABnls.Jnn.4 
(Aeeum. Unttsj— 

Guardian Royal Ex. Unit Mgrs. Ltd. 

Uoyal Exchange. BC3P3DN. 01 -638son 

I («gjGunrdhUlTBt_tf*7 8L9] +0J] <3 

Henderson Adratnistratjoncary 
Prwniar U.T. Admin. RasleSch Road. 
Braotwood, Essex- (E772S730O 

igiAumrtligB . B7J 292-]M. 034 

(KJCap Aeeum.... - 420 +0J - 3L5S 

LDSuropeao_J4B 32^ —0 7 1.45 

teiFor ESu _ ~ ...._ 5X1 5*8 . 031 

UUFlnatL*ITU 248 2*7 . 330 

tg High Income— 5*9 648+0.4 7 « 

(gUitc. A Assets_323 35J ...... 537 

iXiImeruatloiial_25* 2*7 -o A 135 

■pXth. .American-IS# 3*2 -02 L17 

1146a .. . 23S 

26J. —04 147 

. 8Z0 . 3-96 ■ 

_.__ 75.4 +03 3*4 

hot Extra Inc._6t7 KSrii+Ofl *55 

•For tax «unrpt Imdi only 

Hill Samuel Unit Tst Mgrs.t (a) 

45 Beech SL.BCSPSLX 014ES80U 

<h) British. Tniat_ pwt 16*11 +121 498 

(£i Infl Trust__|X7 ' 363+41 3*1 

tv Dollar Trtw___ M3 713 -0.1 2J7 

(hi Capital Trust_342 32.4 +44 4L9 

(b) Financial TrnSL 849 101* +0.6 4 2* 

(bl IncomeTTuct27* 29* +42 7.14 

fbl Security Trust- 52.9 5*6 +0* 4^ 

lb J High Ymld Tst—jS* 34M +o3 &CS 

latsLf (aXg) 

1* Christopher Street. EX12. 01-2977543 

Intel. lav. Fund_109.7 9*3ut +1-4 6*0 

Key Fond Managers Ltd. (aMg) 

28, Milk St_ ECSV 8JTE. - 01-6067074 

Key Eqctct Jn.F(S_[73.8 77*J +0.71 3.79 

AGen.. 63* 6t!S +03 498 

___nt Fd. _ 135* 144.La _ *74 

Key Income Fund- 76J +0.4 BJ6 

Key Fixed ini. Fd. 59* 633 .. 1243 

gey Small Co’s Fd_|843 902j +47] 676 

Kleinwort Benson Unit Hanagersf 

2n.FeBchuTchSt_E.C3. ' ' 01-6248000 

BLB.DnitFd.lBC. _M3.9 82« . ... | 432 

MLB. UnltFdAe—_P05L 11331 A — 

L & C Unit Trust Management Ltd.? 
The stock heeg e. EC2X 1HP. 01-688 2800 

Lawson Secs. Ltd. f(aMc) 

63 Gearge St. EdtnhagbEH22JG. 031-2263811 

tHaw Materials_(3X4 3SX . ... *96 

xCAccnm. Uuitai—. S*4 . CJ ..._ *96 

•Growth Fund_S3J 542 . 3JJ7 

•lAccum. Units)_S&4 6X5 . __ 3*7 

ttCllt and Warrant. 3*9 441 . U8 

{American Fd._ 20.9 22* . 077 

ftAccam Units!_2L7 23* _ 427 

**Hifih Yield_893 53.1 +30 lt« 

"tAccum. Dnils)_)6** 72-fl+4.l| 10.40 

DeaL AMon. «Tues. TtWed- TTbura. -Fri. 

Legal & General Tyndall Fond? 

18. CanyngeBoad, Bristol. . 027332241 

7iS -_::i IS 

Next sub. day Jan. 12. 

Leonine Administration Ltd. . 

2 Duke St, London W1M6JP 01-8885801 

LeoDlaL_ PS* 77^ +47) 533 

Leo Aeeum_L_(7H3 K? 7| +0.9] 432 

Unyds Bk. Unit Tit Mngre. Ltd.? (a) 
Registrar's DnL, Goring-byLSea. 

Worthing. WestSusaex. 01-8231288 

FlmiBalncdl-I5L0 54*1+03] *06 

Do. (Aeeum.). 

Second (Cap.) 

Do. (Aeeum.).._ 

Third (Income).. 

Do. lAccum)—. 

Fourth (Exlnc-J 
Do. (Aeeum.).- 

Lloyd’s Life Unit Tst Mngrs. Lid. 

7280. Gatehouse Bd_ Aylesbury. 02809041 

EquityAccnm-P452 1528] . ...| X99 

M Sc G Group? (yXcitt) 

Three (hmys. Tower Hill. EC3H6BQ. 01828 4588 
See also Stock Exchange Dealings. 
American_—-190 4 43. C 8.8# 

-'tsg s-vsF— Si . IS* 

tAccum Dnltt) ■ ■ 0.6 443 -41 269 

Cotton Odity_- - M2 6X4 +0* 514 

lAecurtrBtilisi-67.9 721 +45 5.14 

Compound Growth- 99.4 105.9 +0.4 3.74 

Coot erst oo Growth 483 5L2 .... 3.96 

Dividend_1147 1178k +0* 7*1 

(Aeeum Unlm)-HK? 21X5 +L1 7*1 

European-46* 49.6« -02 3.71 

(Aeeum. Units) _ . 473 »2 -D2 371 

KrtraYleM- 822 WJ +45 IB 

tAccum. Unite) 10*9 »X1 +47 *D5 

Far Eastern- 713 402 -03 X» 

(Aeeum Units)- 40 9 43* -Oi 331 

Fund o( lav. T*U_. 59* 63.*s -03 406 

(Accnm Units)-71.4 7*C -0.7 4*6 

General - - 15X1 16X4u +0* 5 78 

(Aeeum Units)-24IA ZS73 +0.9 5.78 

High Income.... 97.4 H87n +0* *21 

(Accnm.Unite). - . 15X5 1688 +1.0 421 

Japan Income . ...1117 U8* -02^ 139 

(Accnm Unite)-. HL9 1192 -o3 13V 

M agnum-134* 194 * +X0 <03 

(Accnm. Units)_ 22*3 238.0 +13 4.03 

aBriiand-1521 J*2« +L5 7B 

(.tecum Units). . . 24*5 2625 +24 7 « 

Recovery_ 73.0 79.9c *13 4.77 

(Aeeum, Unite) 7S.9 80i +13 477 

Second Gen, -159.7 17X1* +49 * 5*9 

(AccnmUnits)-23X8 2543 +14 5.89 

Specie) i.---14X0 1576 +0 4 436 

(Aeeum. Unite)-18X3 1852| +45| 416 


Perpetual Halt Trust flfagait? ia) - 

48 Hart SL, Henley on Thames O401268W 

PpcmalGp-Gth-p&3 4070)+2*4| 425 

Piccadilly Unit T. Mgrs. Ltd.? (aHri 
WardEteilss .Ste London Wall EC2 6380801 
Extra Income— B3 7 35.? +0.41 8*0 

Snvai! Co's Fd._392 «LI +05l 3 JO 

CapaUlFnnd-4X6 E.8n +0*1 328 

lnt-Ernt AAsseta. 476 51 In +0j| 4.96 

Prirate Fund.. 3B4 <U +031 3*5 

AcnmKr.Fund_£33 . 676 ... J 434 

Technology Fund- 59* 63* +0.8 3.62 

FarEastFd—22-9 243 +X3 S*0 

American Fund_£2.9 2*4 . 33* 

Practical Invest. Co. Ltd.? (yMc) 

44, Blooms bury Sq WC1A 3RA 01-823 8883 

Practical Dec. 30—H45* 134.8}.J 3*8 

Aeeum. Unite-„P037 21*4} 3*9 

Provincial Life Inv. Co. Ltd.? 

222, Biflhopsgate, ECU Ol-S}76590 

Prolific Units—_I737 7&9| +031 368 

High Income-P07.8 1156} +0.7} 738 

PrudL Unit TsL Mngrs.? <aXbXc> 

Hoi tx»rn Bars, EC1N ZNH. 01-406023 

Prudential-p24LB 1XL5| +1.0} 4.BQ 

QaiHer Management Co. Ltd.? 

The Stk. Exchange. EcnNlHP. 01*004177 

Quadrant Cot). Fd. .1103.9 10*9}_I 4*6 

Quadrant Income... [1173 1203) j 7*2 

Keliance Unit Mgrs. Ltd.? 

Reliance Hse_ Tunbridge Wails, rl 080222271 

OjmormMyFy-1605 64.71 1 5*4 

SeHordeT (Aep.i_Bl4 44i +XlJ 529 

SettonleT.lnc.—HL0 43.9} +03} 528 

Ridgefield Management Ltd. 

POBox4»,Bank EUe,Kanchsir. 0812308531 
Ridgefield lot UT.g4J) 90ftd-3*l X6B 
Sdgefield Income flxo lS*|+40] 8*2 

Btbchld. ft Lwnds. Mgrs. (a) 

St. Swl thins )*ne.ldn .EC*. 01^284350 

New CL Exempt ...1119.0 12*0( .—| 3.60 

Price on Dee. li. Next dealing Job. IX 1 

Rowan Unit Trust MngL Ltd. 

City-Gate H»e_ Finsbury Sq, EC2. 01-0001066 

Rowan Am. Jan. 5—161* 63 A} .1 2*0 ' 

Rowan Sec. Jsn. 4_ RSfl* 16Xd ..„J 3*8 

Rowan Hy. Jan. 5— H33 56*1+0*} 7.02| 

(Aecnmiunits)-{732 7*9} +12} 7.02 

Rwnitrin.Jua.l_|733 7721 SOD 1 

(Accnm Unite)-187* 925| ....) 3.10 ( 

Royal TsL Can. Fd. Iffgre. Ltd. 

MJermyn Street, S.WL 01-8298=52 

Capital Fund-J67* 710] .. ,.| 3*8 

Income Fund.-_m)5 71* . ... | 758 

Prices st .Dec. 30. Next dealing Jan. IX 

Save & Prosper Group 
4, Great St Helens. London EC3P 3EP 
68-73 Queen St_ Edinburgh EH2 4NX 
Dealings or. 01-554 8800 or 031-228 73S1 
Save ft Prosper Securities LfaL? 

lalematfiosid 

Ca ^Utfte— g* 3^|+0.11 336 

Univ. Growth-pX7 64j|-oi| 1*3 

I n n w i n g Income Fund 

High-Yield Units_&5J 59.Q +02J 651 

High i w» Fonda 

High Return._(64.1 6X91+0*1 753 

Inornne_(44.9 *7.3} +M 7JO 

UX Fimds 

UK Equity Fond [445 47*1+03} 4.46 

Overseas Fundsu) 

Europe GUvFd-(716 W.? -1« 3.42 

JnpjmGth. Fd._f73.2 78.H +0.9} 138 

U.&Gth-Fd--W* 692j +0.6} 2*6 


47J| +03} A46 


Europe Gth-Fd-W.6 7*g-1* 3.42 

JimiSGth. Fd._ \TX2 7XH +0.9} 138 

U-SGth-Fd.-164* 692} +0.6} 2*6 

Sector Funds 

Commodity-Kfi2 70*1 -0.4) 4*3 

Energy___(&3.0 67.H ._...[ 2*6 

Fln'aalSees. Fd-...SAD 7B.9id +0.4} >34 

ITl fl li ^tmtuwin ff nt u k 

Select Internal—1220* 232*} -06} *66 

Select Income-[333 562} +Ol] 7*8 


Scotfaits Se curiti es Ltd. 

Seatbtts-1373 * 


Scot.Ex.Cth**— 
ScoLEx.Yld.40-.. 
•Prices at Dec. 


..B75 403) +031 >.62 

_[5(LS 543 +02 655 

..pi6 59.73 +0*1 421 

-I2122 ] 223 

-1166.4 1743x1 .-.-I 632 

28. Next sab. day Jan. H. 


day Jan. II. 

. Ltd. taXgV 


745 +05 4.06 
SL9a - ... 3.48 
645 — 3.48 

•6 3 +0.4 5*7 
1363 +05 5*7 

62-1 +0J 7.47 

6X9 +02 7.47 


_ J A a 3un..U®its)-- 40* 

. -. T - (13 
tAccum Units)_—. U-6 

ConUn ddity_- — M2 

lAccnnrDuUs)-K7.9 

Compound Growth. 99* 
CmversioU Oowth 48.1 

Dividend_11X7 

(Accnm Unite)-2B52 

European-.- — 46* 

(Accnm Units! - . 473 

Extra YieM_822 

tAccum Unitri-U6.9 

Far Eastern-— 373 

(Aeeum Unite)-— 40 9 
Ftandoflnvr.Tste— 595 

(Accnm Unite)-71.4 

General _ ., 1803 

(Accnm Units)-2*1* 

High Income— -97.4 
(Aeenm. Unite) ■ - - 15X5 
Japan Income . ... 133.7 
(Accnm Unite)-. 1139 

Magmtm.—— 1*45 

(Accnm Unite)- 2263 


ScUeslager Trust Mngrs. Ltd. (aHg) 

(Incorporating Trident Trusts) 

140. South Street, Dorking. (0306)80441 

Am Exempt*_W 20.7] _ 227 

Am Growth._ 25.7 27* 2-98 

Exempt High Yli- 24.7 260 .-. 8*7 

Exempt koSTUdrs.* =4* 263 431 

Extra Inc. TBL-295 337 +03 9*4 

Income Dist.-40* 443n +03 936 

Inc. J0 % Wdrw L_ 

lutnl. Growth- 

Inv. TSL Unite- 

Market Leaden.. ina ■»-+*• 

‘NUYWd’_2S1 304 —02 021 

Property Shares— 272 393 +02 2*3 

Special Sit.T el__ 24* 265 +02 2*3 

US. Grth. Aeeum 21* 226 512 

•UXGrtlLDim-P95 234 .— 538 

■Next sub. day Jan. 1 . 

J. Henry Schroder Wagg ft Co. Ltd.? 

iao.Cbesp<ide.E.C3, 

Capita! Jam. 3 
lAr ram l _ 

Income Jan. 3 
lAccumUnite) 

Geaeral'Jan.4. 

(Aeeum Unite) 

Europe Dec.20 
(Accnm: Unite) 

*I*nThy Dee. 30- 
SpecLEx. Dee 30 
■EecnvtsyDw.aa. . 



INSURANCE, PROPERTY, BONDS 




PTWWP 


01-3403434 
Olid} ...... 245 

1213 _ 245 

81*x 694 

2643 ..... 694 

820c ..... >J4 

1832_ 334 

29.1 358 

51* ....-158 
1772 3.65 

231* . 357 

1921 . 4*2 


|gi2iSjgSq3 


[+• , li . 1 i; it.'I)" 

NniHih 


■For tax exempt toads only 

















> x '*■> > /. yA si 

Silvj 


(Accnm Unite)- . 

Recovery - ... . . . 

(Accnm. Units 
Second Gen, .— 
cAccumUchs'-— 


A.B.N. Bank .. 

AUied Irish Banks Ltd. 
American Express Bk. 

Amro Bank .. 

A P Bank Ltd. .. 

Henry Anshacher 

Bunco de Bilbao . 

Bank of Credit ft Cxnce. 

Bank of Cyprus. 

Bank of N.S.W. 

Banque Beige Ltd.. 

Banque du Rhone ....— 

Barclays Bank . 

Barnett -Christie Ltd— 
Bremar Holdings Ltd. 
Bril. Bank of Mid. East 

I Brown Shipley •. 

Canada Permanent AFI 
Capitol C & C Fin. Ltd- 

Cayzer Ltd. .. 

Cedar Holdings -' 

i Charterhouse JapheL-. 

C. E. Coates...:.. 

Consolidated Credits-.,..- 
Cnoperitive Bank .. - ...-* 
Corinthian Securities... 

Credit Lyonnais .i.. 

Duncan Lawrie -. 

Eagil Trust_,..,i^.s.-. . 

English' 1 TraiisconL ..., 
First London Sees."-..!-: 
First. Nat Fin. Corpn.. 
First Nat. Secs. Ltd. ... 

Antony Gibbs ... 

Goode Durrant Trust.. 
Greyhound Guaranty..-. 
Grindlays Bank t 
l Guinness Mahon. 

Hurahros Bank .. 


, ■ HiU'. SaimoeJ.§ 7 % 

.. C Hoxre ft Co.t 7 % 

Julian S. Bodge . 81% 

Hongkong & Shanghai 7 % 
Industrial Bk. of Scot 7 % 
Keyser Ullmann ...... 7 % 

Knowsley ft Co. Ltd.... 9 % 

Lloyds Bank .. 7 % 

London ft European ... 8J% 
London Mercantile ... 7 % 
: Midland Bank . 63% 

■ Samuel Montagu . 6i% 

■ Morgan Grenfell -. 7 % 

- National Westminster 7\% 
. Norwich General Trust 7 % 

P. S. Hefson ft Co. ... 7 % 
Rossminster Accept'cs 71% 
: Royal Bk. Canada Trust 7i % 
Schlesinger Limited ... 71% 
E. S. Schwab . fl % 

• "Security Trust Co. Ltd. Sl% 

-iShenley Trust ■.. 9J% 

Standard Chartered ... 7i% 
J Trade Dev. Bank . 7^% 

- Trustee Savings Bank 7 % 
Twentieth Century Bk. St% 
United Bank of Kuwait '7 % 
Whites way Laidlaw ... 7^% 

,] Williams-*& Glyn’s .... 7i% 
. . Yorkshire Bank. 7i% 

■htcsntaen of the Accepting Bouses 

Committee. 

• May depoxiu 4*1. 1-montb deposits 
"• 41*. 

-f T+lar dcposlu an sums of QD.ON 
and under V*. VIP to S25.0M 4i55> 
and over £25*08 5te>. 
t Call deposits over fl*00 4*L 
S ' Demand deposits 41%. 

5 Rate am apples to Sterling Ind. 

Sw*. - 


I tknxtoe^-Mo* *0^ 636 

(Aeeum. Unite)-265.0 Z79.«| +13 636 

Ot«riboo<Uaa3_. 120.7 „ 1.-I M37 

Charifd. Jan.3-M3* 146d . .. J 7A7 

(Aeeum Unite)-- 170* 173(H ... J 7.47 

I^nxEi.lan.3-PZJ3 1303] .. ,| 575 

HabnUfe Mana g em ent Ltd.? 

St George's Why. Stevenage. 043898101 

QvwtbUolta-p0* 533| .| 3*1 

Mcrcnry Fund Managers Lid. 
3a,GrexhamSL.EC=P2EB 01-8004955 

UerrCen Jbh.4—069.4 
AccUteJan.4.—_Sa2^ 


Scottish Equitable Fnd. Mgrs. Ltd.? 
38 SL Andrews SQ,EdiBlwlgh 031-3080101 

-ojj 1*0 

Dealing day Wednesday. 

Sebag Unit TsL Managers Lid.? (a) 

POBox SlLBeklhiy Hse-EC.4. 0J-236 5000 

Sebag Capital Fd. -D4* «*} .J 354 

sebaginromaFd .p9* 3LX ...1 7*2 

Security Selection Ltd. 

15-19. Lincoln’s Dm F) el dx,WCi 01-831C6Q6-K 

UnvlGthTatAcc—tol 24*1.1 3*5 

Unvl GthTstIne_(203 236d| 3*3 

Stewart Unit TsL Managers Ltd. (a) 

4S, Charlotte Sq , Edinburgh. ; 031-2363271 

Stewart American Find 

Standard Unite-B53 5X8 -2.TJ 3.70 

Accnm. Units-[59 6 63.4} -2.9] — 

WUhdzawal Units..|455 4X4}-23| — 

Stewart Brilteh Capital Fond 

■Standard-D309 141^-1.41 350 

Aeeum. Units _. _ 5*3 lSOl -l*j — 

Sun Alliance Fund MngL Ltd. 

Sun Alliance Hse,Hoaham. 0K864J41 

Wl-tiS 3 W;d 3.76 

Target TSL Mngrs. Ltd.? (nXg) 

SL Gresham SL.BC2. Dealing: 09089041 

Target Commodity-|n.f 33*4 “^3} 452 
TugitnnjLucial. 

Target Equity- 

Target E*-_Jan.4— 




iiasS 











BH 


I MWe lax Jan. 4! 
Accm.UteJaa4.__ 
















SSI 




fe|; 

♦ r B v *lrT 





Jr'.V' 

mtm 





FOOD PRICE MOVEMENTS 


BACON 

Danish AJ per ton.. 

British .-VJ per ton. 

Irish Special per ton ... 
Uls ter AJ. per tong....... 

. BUTTER 

NZ nor 20 lbs. 

English per cwtf .—.... 
Danish salted per cwtf... 
CREESE^ 

NZ per tonne........ 

English cheddsr irad. 

per tonne. 

EGGS* 

Home-produce: ■ 

Size 4.. 

Size .. 


BEEF 

Scottish killed sides fes- 

KKCF) .. 

Eire forwniairers-.. 

LAMB 

English ... 

NZ PLs-PMs. 

MUTTON 

English ewes -. 

FORK tall weights) ............ 

POULTRY 

Broiler chickens. 

* London Egg Exchange 
7 For delivery ..January .7-14. 


■ Jan. .5 Week ago Month ago 

£ £ £ 


30.94-11.03 

03.03 

69J5-71.41 

3,151-50 

1J3I9.42 


— 10.90*11.05 

. — 63.03 

— 69^5-71.43 

— 1^08.40 

— 1^19.42 


— — 4.40* 4.60 

— — 5.00- 3.20 

* Jan. 5 Week ago Month ago 

per pound perpound per pound 

P P P . P P. p 
1 

40.0—43.Q 46J)—49.0 44.0—4S.0 
33.0-35.0 30.0—33.0 30.0—32.0 

60,0—54.0 40.0—53.0 44.0—49.0 
47,0—48.0 47.0—4S.0 47.0—47.5 

34.0—42.0 33.0—42.0 36.0—43.0 

30.0—34.0 30.0—34.5 293-34.0, 
price per. 128 . eggs., tDelivered. 


ti'-V r i.'il" 1 





r u 










m6 lai aha 















2inic3 










MSBS 


Wp^TT^nHir 




mm . 




rPriaig 




HT7M wfiih'—l 







gSS 

i n a 


BSPn. Act Dec 38. 

Mn. Pn. On Dec.28. 
Ho Pa,Ace Dec 2X 





























































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































25 , 



Curin' B 


Tinpacial; Times: Friday January 6 1078 


Mf 


IWI)USTRIA]LS-^Coiitinued 

ftfct | + r*| St JcStISSIj/E 


INSURANCE—Continued 


PROPERTY—Continued 


■ .... M' .1 i 

**« -• . 

4? - :];i l 



•9 




^wePnivuL-l 

las 

BIS 
pasau 


BS Ka--- 

East 

Mfedarinster topi 

S2n5fci 

Mewaomre^ 


l+% 


£6] 82) 73§§? 
5-6 7j| « Jig 
16 73 fi*«S 
48 62 5.9 WO. ,, 
- 6.0 - OM 
£5 43135 ^ 
fii 8.9*5) 

u 3jin 

frM.O^bZJ 53 125 
M « 6.11 
U 6.4 4.9 
43] 4J) 7J 


2J 4.715.6 
16 93 43 
£4103 6-1 
53 6J 33! 
M.4 8.7 30 
Zl U U, 
2J 9.7 62 
43 39 4J 
U 15 J (&« 
4J U 4.7 
8310.71 
£01 93 


•!'.J 



<•3 


'sgssS 

Northern. 

iMoDiim 

I®: 

PinfariWtatoJ 
Peerage MR 
PtentiandlHB 

PwteMpZZj 

De. SKA. La HRS I 

FettWoulSaLJ 
I FMJKps Patent*.* 

I Photo (Lon) __ 
Pta*o-w£Mp__ 350 
PHiiHgUfcBrjS 
FSWTBowsIb.. 
PbitifCBistlDp- 
PtemzanHiSo_ 
PolymarklOp^m 
Fo m fli—___ 


-3 

+6 


+3 

+i‘ 


£ 


-i 

3 


+« 


« 


324 

"f 

■is, 

715%l 


1+2'I 



1+1 


1+4 


tl35 

036 

345 

143 


■^KLJ 

IP*nrfn/T« WM 

5 

HUtCoLSOp. 
Mam ram 
|lssdfiaec.^__ 

BeedlnKrL. 
tRriyouP BWS— 
jfi^Bloe.'7E0L 
Group- 



hi 66 
1320. 
Th3.73l 
OB 

™ 434 


Sol‘A*. 



-hw +2 



m 


185 




1HH». 
Snms«r(F.j_— 

-tS».Wp- 



4 


Mtsp- 
: nnirntx. - ■ 
f zSoSfli&w-z: 

Toye - -. 

RrfalnrlUOp. 

< rmu.'On. DS5u 
Transport Der._ 
rramDodGp.Sp 
I ItowAJIw.fL. 
Tomer Cm*. Sp 
mfflTnH 

Omoocnlndiijfs_ 

nr 

Cnflem — 

, UbVK.VJU 2_JI 
DtdLCBTknMp} 
U nited Gtelnris-l 

u.ej 




WtoHiaansJ 



i a>.ifij>ccw._j 

wnu*a»w—r1 

WfflsjG'——- 
I WUimflMP 

Winn Tnrilt 5Bp 

WittrrfnMaaS)- 

SoodiScBaSp- 
Wood(Artbnri5p 
I Wood Hall—, 
ZettenSp- 


_ + _ 

41 63 63 
33 2.7 161 
5.9 5.0 5.1 

ti 10.7 tl\ 
12 7.010J 
33110 43 
4.0 63 41 
07 lW 1U 
. 23 ffl-5 
3.74 6.0 6.7 
U 131 111 
0.7113183 
32 .63 
2.S 63 7.4 

4.8 7J 5.9 
40 43 7.7 

, 23 9.8 63 
7671142 
- 123 

2.9 5.9 8.7 
2.7 9.0 63 

23 rioj 52 
2.4 9.4 6.6 
, 02 42473 
Q496JU.9 U.7 
iJol 2.6 62 73 
61 4.0 62 
LSltLO] 8J 


1.9 113 73 
13 83 113 

- 19.9 - 
33 68 68 

3.1 4.7167 
2i 243 U 

_ «i 

73 4.8 43 
3.4 53 73 

4.1 69 53 
33 4.6 69 
23 61 83 

25.4 Dll — 

1.9 9.C as 

— — 42.4 
33 72 7.1, 

64 £4 7.6 
41 33 92 
53 M.1 - 
£3 92 73 

42 4 

6.9 L 
52123 
72 8-3.1 

43 8.0 
4£ 112 
63 69! 

7145.9 
93 (g 

SI m 

3.9 42 8.4 

3.4 33103 
b3J 7.6(42) 

£6 52102 
Li 142 53| 

21 82 as 

n Loi 


32 [AbbeyPameh_ 

35% Airflow StrauD._ 

iJPIS SSSS5 

4712 Automotive_ 

33 BhtemdBrM,— 
12 temSsttilp. 
73 CUrtosDwrote. 

93 DmtySta__ 

78 Dunlop S^-— 


47 


M 


1977-7! 

taw 


Stock 

JSnn Alliance £1_ 
(Son tiff 5p 


ratofaaltor.EDR 
Trade Indennrity 
ftswleraHSO-. 
WUUa Faber—. 


Rice 

604 

JM 

705 

165 

£20 

282 


|+ "1 N«i 

I® 2 

:<WL28 
7731 


• I™! 

CwlGr’sIlfB 


231 


MOTORS, AIRCRAFT TRADES 


sop 
its- 


p.®a|775 



and 

Cycles 



22 




_ 

200 

+5 

18 

17 

7.8 

% 


" 

z 



-% 

+3.9 

2J 

92 

775 

-H 

QI2% 

0.6 

9JB 


Commercial Vehicles 


Crane PradLlOp 
12p.fHWgjJ_ 

FbdeoiCOp)_ 

Peak Invests. Up 

P lanoot _ . 

Vmt Trailer 1 Op. 


99 

129 

60 

I2S 

69 


♦«U81 L9| 

F32i 
03 
87.62 
t2.ll 


7.9 

67 

17.4 


33123.9 
6 41 39 43 

42 a2(49) 

£9 8J 66 
6 92 

43 4.7 


58 
75 
60 

100 

62x1 

mP 
160 
90 

(rtttoReiuHinxJ 319 




34 

1203. _ 

14*2 feu?** Group lOp. 
54 s ^nerKftTJZ 
51 hmhMtaeeden 

' --- UJ— 

IZenfth'A’Sip— 


9 

451a 

zm 

35 

104 

63 

216 

106 


-1 


-1 

+5 

& 


£64 

t4.47 

224 

439 

L86 

337 

026 


♦rt.DTl IS M 


g 

025 

70.71 

822 

M.77 

332 

+2-3 

t6» 

40 


42| 69j 52 
33 93 48 
33 5J 9.9 
3.9 5J 67 
82 £B 64 

A?:* 


12.4 

4.9j 


3.7 4.0103 
33 £9 4.7 
4.® 33113 
10 42 48.9, 
£4 247 
45 73 
3.4 J22 
53 9.9 
6.7 43 
49 52 
67 9.9 


its 

15.7 


lAdams Gibfaan -. 



m 


a* 


Garages and Distributors 


17*i [BSGintlOp, 
16*,fertodGr 

29 feiTcar_ 

[CGiRlDp- 

isaOp- 

.-(T.lsp— 
Godfrey _ 

DulWn Fu» fJj&w_ 

Gales <7.GJ 

OanfleULawr-, 

Han^gto HLMp. 

79*2 {HenlraSOp 
33. [Heron Jflr. &p. - 
Dg. IQpc Cnv. 

pJimn- 



JLei Service Grp.. 

InokeB_ 

lyoaALyon-— 
Manchester 10p_ 


puffin Dwdd 

KmutoS 

■ ffrfda A 0*3*e_ 

19", fonkkffl.4«5p 
■6 lBen»ldiVJ.5p 
■ S oi ;t (OU vtr) 5p__ 
pttBofleflds__l 

jWfcflmm Str.lOp- 
JWettemJCr_i 


78 

11% 

’To 

120 

43 

19 

inw^t 


81 

68 

& 

30 

22 

95 

B5 

116 

90 

cm 

72 


& 

87 

36 

4i 2 

166 

235 

35 


43 
37*2 

70 


+1 


+'a 


+1 


a 


+4121 


4JI 


4.01 

4.47 
97.75 

a 

534 

d£55 
t3.03 
4J9 

8? 

d042 
td3.72l 
398 
+5.99 

323 __ 

Q10%117.0jf7.7l 
354513211331 


135 

S4J5 

0.41 

g£46 

+46.0 

+ 0.86 


t4.93 

30.15 

$132 

g0.62 

0.63 

122 

£0 


23 69 67 
24102 
29 73 
64 5J 
L9 7.0 
L410J 
21 67 
32 53 
53 5J 
12 93- 
23 63 
43 42 


1H 


7.8* 42 


92 £9 
32 5.9l 
3.0 7JJ 
20 7.3 
26 5.4 




46 43 
U 72, 
45 r.d 
42 671 

132 22} 
29 aq 
53 4.4} 


7.0 

67 

82 

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FINANCE, LAND!—Continued HJ 


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Price 


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STOabslfeaakRO_ 

(Wit Nigel 33c- 


60 

21* 

140* 

127* 

290 

36 

fW* 

571, 


31 



FAR WEST RAND 


7101 
£10% 
108* 

326 
735 
208 
Ml ■ 
03% 
585■ 
(541 
503 
296 


249 

bio 

858 
1138 
J430 

■ 97 

■ 64 

1175 


279 

£23% 

226 

834 

241 


I70B 

E13%. 

I no | 


Blyvnar2S.— 

BnOehRl--- 

DedktsalBOlO_ 

Doomfonirin HI 
EastDrieRI — 
EbndtmdGldZOcJ 

EteburgRI- 

HanebeestBl — 

KknlGaUBI_ 

UbanonRl —__ 
SouthtMiac_ 

fihTftMitetfiWIe 

Vaal Beefs 50c_ 

VentenpostRl— 

W.DrieRlZ- 

Western Areas Rl. 
Western Deep R2_ 
ZandpanBl—— 


CM 

80 

229* 

589* 

154 

101 

m&a. 

418* 

440* 

438* 

216* 

Ol* 

255* 

589* 

183* 


-13 

-49 

-3 

-21 

-30 

-5 

-8 

-34 

-29 

-33 

-16 

-14 


-43 

-9 


15127,9 


12.7 
8.1 

- 5A 
1^35.0 

362 
111 


23110.7 



ojf.s: 


120 

£14 

126 

469 

131 

OOV 

7© 


. 70 
[787 

J 8 

[235 

49 

$ 


£12% 685 

mm 108 
118 


0.7 


522 

322 

£17% 

950 

155 

224 


H eDev.SOc 

Id 50c_ 

tesEl_ 

vlSku-Z 
n50e— 
iRl- 

unuet 


WatoBi50c- 

£10% [Weldings SOc— 


90 

£12% 

101 

320 

105 

750 

605 

703 

164 

190 

£13% 


-30 
1-5 
(-44 
-17 
-50 
-4 
i—16 
-1 


|Qllc 

«240c, 

toibc 


FINANCE 


£171, 

02 

OS 

230 

186 

130 

59 

500 

230 

55 

£12% 

230 

294 

80 


15 


[370 IAag.An.CtnI!Oa. 
(195 Anglo Amer. 10c— 
01% tag. Am.Gold HI. 

[621 Ang-Vaal50t_ 

CtatarCtaa.- 

Grata Gold Fields - 
East Bud Cm. Up 

GedaMInvBl_ 

GeaMhtingRS—] 
GoMReUsSAfflc J 
£10% Jo'hnrgCona.B2— 

|135 Middle mi 25c_ 

MiaorcoIBDUO 

SewWit50e_ 

FltinoKVPlaS_ 

land London I5c_ 
Sdectfam 

SentnmUc_ 

Silvenmnes^— 
Trill rvm« IjTR I 

D.C Invest RI_ 

UmQnCQnm.885c. 
V«eta2%c_ 


P28 

li 

| n 
ni8 

18 

P 

■50 



14) 8.2 
£713.1 

471031 
08 3J 
26 13.6 
9.4 £2 
23110 

19123 

13138 


5-21 4 

u 9 i° 

38113 
13 9.0 
28 7.8] 

15103] 
2310.0( 
* 8.1 
£210.91 

i3 9.7; 



DIAMOND AND PLATINUM 


£33% 

73 

311 

£11% 

76 

96 


|£19 

47 

ri8B 

|§50 

43 

60 


■AmJttv38e~ 


De Beers Dt 5c—, 
DattpcPI.M— 
jatenbnra COsc _. 
[Run PteulOc__ 


£30 

64 

3 

IGUOc 

Q+.lc 

u 

* 

286 

£10* 

-9 

m. 

£4 

164 

55 

-1 

0£7c 

4 

76 


OBsc 

L4 


92 

7.4 

82 

13.4 

3.31 

£2 


, Japan s trace: :n 
ntemoitona! %eami.es and 
inwesimc”! san ■<"? 


NOMURA 

Thi Nomura Securitios Co., Ltd. 

NOMURA EUROPE N.V. LONDON OFFICE: 
Barber Surgeons Hail. Monk-well Swart. London Wall. 
London ECtVs BL Phone: (01) G0&3411.6253 


1977-73 
High few 


MINES—Continued 
CENTRAL AFRICAN 

Div. 


195 

20 

165 

164 

80 

42 

271, 


20 

127 

128 
325 

65 

112 

35 

242 

105 

2% 

120 

12 

143 

55 

£13 

19 

555 

12 

164 

75 


39 

395 

57 

260 

570 

13 

325 

135 

100 

10% 

85 

490 

410 

70 

215 

90 

73 

210 

305 

160 

60 

102 

95 

203 


70 

9 

nil 

70 

27 

12 


10 

57 

70 

019 

IB 

77 

, 10 
&34 

ID 

1 

83 

% 

1345 

1 

92 

40 


BB 

090 

72 

60 

7 

. 30 

B 

133 

35 

59 

77 

048 

57 

19 

42 

45 

93 


1 Stock 

Falcon Rh50c 
RhotfnCcrp )8%i. 
KffiinConi tit _ 

Tani 
Da 

WurteCoLRlLl.- 

Zam.Cpr5BDO_ 


Price — I N« 


jvid 
Tw Gr’i 


165 

19 

52 

136 

78 

33 

12 


AUSTRALIAN 


lAcmesZx:, 


BotuaUrillcSOTOo. 

BH Sooth SOc_ 

CmumcRioUnttiSOc.i 

G3L KaigooriieSL 

Hamptii Arens 5p~ 
HeutetoSOe_ 

M.I.W. Hlriju. 50c _ 

K(wntLyefl25c_ 

NevmeulIOr_ 

North B.HiD50c_ 
MtkKalgnrti_ 

Proiflc(Vper~ 
Pan coni'] 25c_ 

ParingaMAEx8fi-< 

Peko-WallrondSOc. 
Poseidon 20c — 
Vottan Min. 50c_ 

Wests. Mining 50c. 

WhifflCreefcak_ 


10 

70 

71 
276 

58 

82 

16 

135 

16 

2 

85 

9% 

126 

30 

950 

12 

410 

n* 

.92 

50 


-% 


TINS 


lAmaL Nigeria_ 

UrerHitamSMI 

Eerelt Tin_ l 

Berjiaflai Bn _ 
Geeror- 


Gold * Base 12%p„ 

GopengCou._ 

Hongkong 
Idris r 



SwnhlCiniH _ 

SUm Blalayan JM1 - 

Sungei B«i5Ul 

Supreme Corp. SMI 


■.nil 


iTon^^Hi 

iTroiiohSML. 


30 

240 

45 

205* 

470 

10 

260 

130 

93 

XO 

72 

450 

295 

278 

58 

185 

61* 

61* 

160* 

260* 

145 

55 

100 

90 

153 


+10 


(+3 


Q50c 

087 

QUO, 

09+4 

Q7%c 


QlQc 

Wc 

145 

Q9c 

QSc 

QUc 


Ql5e 


Q6c 


£51 


* , 
43 

a 

i3 


!2S6 

4.5 

h 

92 

194 


15| 91 


14l 


32 

27 


41 


53 

Ts 


23 


4.0 


JM.12 
|tQ773c 
teJuLk 


2Q10 

aa 

ZQ30c! 


16112 7 


Q416.7e 0.9(431 
3 75 23 126 

SS t,T. 

112 L9| 7.7 

9.14 

ajlsic 
0125 
Q95-5c 


.14 9 

7) 

111 

8.0 

9.3 

14.6 

17 

58 

9.8 
121 
12.5 

T& 

9.9 
4.7 
49 


COPPER 

198 | 84 [MessinaRO50__| 84 [-3 | Q30c [ 1.9(23.9 


MISCELLANEOUS 


s 

600 

475 


247 373 


70 


£14% [875 


55 

160 


9 

IMS 


m 


39 

m 


Banna Mines 17%p. 
Colby Mines JC1 — 
Cons. Mulch. 10c— 

NorthfirteCSI_ 

R.TZ 


Sabina Ind&CSl— 

[TaraEtptn. Jl-_- 

fTdudrwnenlslto- 
Yttfen Cons.cn _ 


9 

85 

255* 

27D 

185 

43 

875 

45 

130 


-1%! 


Q30c 

lU 


121 

Q7c 


03J 


£51 

* 


70 


41 

32 


NOTES 


Unless otherwise Indicated, prices and act dividends are- ia 
peace and denonrlnaHocs are 35p. Estimated priee/eantino 
rattM and covers are based on latest anneal tvparts at* aecenats 
and, whete piUMf. are updated ow hslfyroihr Ogitrca. P/a are 
calculated an the taste of net dlatritatton: nneftetad figures 
Indicate 19 per cent, or met* difference If calculated on “nil" 
dltorthniteu. Covers are based on “ mai l m a nT dtetribotlen. 
Yields are taaed on middle prices, are gross, adjusted to ACT of 
14 per cent sad ailov hr valse af declared dteteibnftens and 
rights. Securities with denmhaUoni other than sterling ara 
quoted Inclusive ef the l awatuna t dollar pi e ndmn . 

Sterling denominated securities which include Investment 
dollar premium. 

“Tap” Stock. 

Highs and Lows marked thus have been adjusted to allow 
for rights issues for casta. 

Interim since increased or resumed. 

. Interim since reduced, passed or deferred. 

4+ Tax-free to noo-residrau on application. 

♦ Figures or report awaited, 
ft Unlisted security. 

Price At tune of soapeiiAioa. 

Indicated dividend after pending scrip and/or rights issuer 
cover relates to previous dividend or forecast 
Free of Stamp Duly. 

Merger bid or reorganisation in progress. 

Not comparable- 

same interim; reduced final an (Lor reduced esrninga 
indicated. ns 

Forecast dividend; cover on earnings updated by latest 
Interim statement 

Cover allows for conversion of shares not now rnnkteg ter 
dividends or ranking only for restricted dividend. 

Cover does aot allow for shares which may also rank for 
dividend at a future date. No PIE ratio usually provided. 
Excluding a final dividend declaration. 

Region* price. 

No par value. 

a Tax free b Figure* based on prospectus or other official 
estimate, c Cent*, d Dividend rate paid or payable on part 
of capital; cover based on dividend on full capital 
c Redemption yield. ( Flat yield, g Assumed dividend arid 
yield, h Assumed dividend and yield after scrip issue 
I Payment from capital sources, k Kenya, m Interim highei 
than previous total o Rights Issue pending q Earnings 
based on preliminary figures, r Australian currency 
Dividend and yield exclude a special payment. 1 indicated 
dividend, cover relate* to previous dividend. PTC ratio based 
on latest anno* earnings, a Forecast dividend: cover based 
previous year's earnings. * Tax free up to 30p ia the £ 
VI eld allows for currency clause, y Dividend and yield 
based on merger terms, s Dividend and yield include a 
aped* payment Cover does not apply to special payment, 
A Net dividend and yield. B Preference dividend passed or 
deferred. C Canadian. D Cover and P/E ratio exclude proOls 
of U.K. aerospace subsidiaries. E Issue price. F Dividend 
and yield based on prospectus or other official estimates for 
1077-78. G Assumed dividend and yield after pending scrip 
and/or rights Issue. H Dividend and yield based on 
prospectus or other official estimates for 1078-77 K Figures 
based aa prospectus or other nff i ri al estimates for 1078 
M Dividend sod yield hosed on prospectus or other official 
estimates tor 1018. N Dividend and yield based on prospectus 
or other official estimates for 1078. P Dividend and yield 
based on prospectus or other official estimates for 1S77. 
q Gross. T Figures assumed. V No rtgof/lcant Corpo ra tion 
Tax payable. Z Dividend total to dale, ti Yield based oa 
assumption Treasury Bill Rate slays unchanged until maturity 
ot stock. 

Abbreviations: * ex dividend; scex scrip issue; v ex rights; ssrx 
all; d ex capital distribution. 


“ Recent Issues ” and “ Rights ” Page 22 


This service is available to every Company dealt in oa 
Stock Exchanges throughout the United Kingdom for a 
fee of £M0 per annum for each security 


REGIONAL MARKETS 


are as quoted on the Irish exchange 


Albany lav. 20p 
Agh Spinning 
Bertam 


Bdfi-wtr. EsLBOp 

Clover Croft— 
Craig & Rose £1 
DyaoufRA.!—. 
Elite &McHdy. 
Evans FTTUOp 
Evered 


Fife Forge.-, 

Finlay Pkg-5p--L 
Grxlg Ship. £ I.-| 
Higsons Brevr J 
I.OJJ. Stm. £1_ 
Holt (JOS.) 25p—[ 
NThn, Goidsnnth] 
Pearce (C. HJ— 
Peel Mills.-.. J 

Sheffield Brick 


23 

41 

19 
278 

23 

380 

35 

65 

27 

17 

47 

20 
250 
135 
143 
237 

39 

in 

17 

45 


Sbcff. Refrsbmt. | 50 
Shiloh Splnn... 20 
Sindall 83 

IRISH 


Conv. 8% *80182, 
Alliance Gafl_... 

ArnoS-.. 

Carroll IPJJ ...| 
CkondAlkin M -.- 
Concrete Prods.. 
Holton dfldgK.1 

Ins. Corp_ 

Irish Ropes_ 

Jacob 


Sunbeam., 


TJH.G_ 

Unldarc_ 


£W% 

-% 

68 

+1 

305 


105* 

+i 

SO 


110 

48 


16s 


135 

♦5 

45 


28 

+1 

180 


70 

r5 


OPTIONS 
3-month Call Rates 


Industrials 
Brew — 
AJCawm- 
B.5-R. 

Babcock-1 

Barclays Bank. 
Beecnam. 
Boots Drug-J 

Somature- 

BJV.T . .... 
British Oxygen 

Brown «.»-1 

Burton *A'...— 
Cadhurys .. 
Courtaulds. 
PebenhantSM.. 
Distillers. 
Dunlop ■ —' 
lestar —; 


I.C.I.. 

■Imps"_ 

i.cxT_ 

lnveresi_ 

KCA. 

Lad broke ... 
Local II Gen.. 

Leg Service.... 
IJoydcBaalr.., 
"Lois". ... 
London Brick. 

Loprfao. _ 

Lucas Inds.» 
Lyons (J.)....... 

’ Mama " „ H 

M>kA.ASp 
Midland Bank 
8%[Nat WesL Bank_ 
ll| Do Warrants 
PfcODftL. 


EUk 

Y Ml 

Gen. Accident 
Gen. Electric. 

Glaxo .. - 
Grand Met... 

G.U.S ■A'—, 

Guardian —, 

G.KJM.v. , 

Hawker Si dd. | 

Bouse of Fraser. 

A selection of Options traded is given on the 


R.H.M._j 

iBanh Orr. 'A'. 

Hood InS._ 

JTOlIe..., 
SpJllera— 


(Thom A'_ 

Trust Booses.. 


Tube Invest. ...| 

Unilever- 

utd. Drapery... 

Vickers_ 

Woolwortha....' 

Property 
BrlL Land .. 
Cb^. Counties.j 5 


Intmiropean 
fend Secs. —. 

MEPC_ 

Peachey 
Samuel Preps.. 
Town & City— 

Oil* 


*>4 


5 

18 

* 

10 

2 


«roleua.[45 | 

iah tfi?_| 7 | 

-1 28 } 

mar— ..J 22) . 


Brit. Petroleum. 

Rurmnh O il I 
Shelf 
Ultramar. 

Mines 

Charter Cons.. 12 
ChanerhaDFia 3% 
Cone. Gold.— 20 
RioT.2inc...„ U 


V 












































































































































































































































































r 



FAB 

keep things rolling 

FAG Scaring Go. Ltd. 

, Wolverhampton. ...Tel;09077 4114 


FINANOALTIMES 


Friday January 6 197S 



Textile quotas will prevent 
surge of cheap imports 


BY RHYS DAVID, TEXTILES CORRESPONDENT 


Tate and 
Lyle 
in £73m. 
deal 


THE LEX COLUMN 


EUROPE’S TEXTILE and cloth- of particular products seem Some doubt exists over Spain increased investment azainst the 1 #| AO I 
ing industries appear to have likely to cause disruption in and Portugal, but both have been background of greater trade 1117/1 I 

achieved almost total protection European markets. informed by the EEC that if they stability now likely 

from the threat of sudden surges Altogether, about 98 per cent, do not sign. It will indicate Importers have given the new 

111 _™® snwth of cheap imports, of the U.K/s imports will be unilaterally the import levels at ararngemeuts a guarded wel- Financial Tune* Reporter 

This is indicated by the list covered by measures or possible which safeguard action will be come though there has been 

of new Multi Fibre Arrangement measures. the Government taken. criticism of the EEC for being TATE AND LYLE has won the 

r^2^JE2f Ilslie Ki- t0 ^" y i SJ5 e c £ums ' The restrictions, negotiated t0 ° restrictive. . contract to develop and man- 

™ ITS Restrictions StSfflW Protection j SJjgZJS?-* 

ing world tradf^n^extites^ & " The restrictions, the result of p ®^ n _ texTiI * industry—Britain Special arrangements have The plant is designed to pro- 

. . . ' three months’ negotiations at the France In particular—cover been introduced by the EEC to dace 100,000 tons of sugar a 


contract to develop and man¬ 
age a SI40 to. (£T3m.) sugar 
plant in Swaziland. 


Coral plays for 
high stakes 

Thking its cue from New York ' The brewing majors are e*.- 

sterling opened sharply lower T n J e - rose fi7 to 404.5 in S one another to sec which 
yesterday morning and closed *f , I1 ®“ rose will be the first-to run Mr. Hat 


ing world trade in textiles The restrictions, the result of p ** n _ industry—Bn tain Special arrangements have The plant is designed to pro- 

o-v- .i u. _ • . three months’negotiations at the France in particular—cover been introduced by the EEC to dace lOOJJOO tons of sugar a 

* lg „ est restrictions apply end of last year with 31 sup- *3® textile products divided into cover the import of goods in the year from an irrigated 9,000 

*7.*u?H p 2- dominant pliers. were approved shortly “Y? categories according to sen- first few months of 197S. while ■ hectare estate and will hare a 

t? s!7 Ho r g ji Kong j f 0Ut J) before Christmas by the EEC sitlv tty. the new quota arrangements are throughput of 6.000 tons of 

, and Braz ,‘ Council of Ministers. The growth rates to be allowed being set up. ' cane a day. 

thphuic nFF^no- When s tened by the various will depend on the level of im- The EEC agreements will run Tate and Lv| e win nurchase 

clothing ! aod parUes tfae -' be incorporated port penetration already achieved for a year longer than the Multi- ami market the factory’s onl- 

C10thing imports, and to a into the Multi Fibre Arr»r». 9 nrlriPinlf. nnr onchri^rl i n Fihra AmnoPm^t-, CWly S 0Bl : 


iim an 9 *° - a int0 the Multi Fibre Arrange- a principle not enshrined in the Fibre’ Arrangement—a move 

.-luriini P j U i?f: in ' ment - which began its new four- previous Multi-Fibre Arrange- designed to give the Community 

eluding cotton >am and shirts. year term 00 January 1. ment. continued quota protection dur- 

under a new basket system So far about 20 countries have Textile industry reaction to the iQR tbe next period of UFA 

devised by the EEC It will be signed the necessary agreements few detailed figures available renegotiation, 

possible to introduce restrictions with the EEC, including ail the has been favourable. Challenge to UJK. Textile 

on other countries whose exports most important suppliers. Industry leaders have forecast Industry Page 4 


Gallaher 

launches 

new-style 

cigarette 

By Stuart Alexander 


Pinochet’s rule endorsed 
by overwhelming majority 


' cane a day. 

Tate and Lyle will purchase 
and market the factory's out¬ 
put for the first five years of 
its operation. It will also have 
a minority stake xrr the Royal 
. Swaziland Sugar Company 
; which has been set up with a 
capital oF S44m. to own the 
i plant and estate. 

The main shareholders in 
. the venture Tor which ST4Qm. 

- is being raised are the Swazi 
: and *h* Siwd 

; Nation, which operates Invest- 
j ment funds on behalf of the 

) Swazi people. 

Other partners are the Gov¬ 
ernment of . Nigeria, the 

: R^nw 0*vftJnm*wn| Cun. 

: nany Coco-Tola. Mitsui. 


yesterday morning and closed af 
S1.SS80. However, the financial 
markets took the pound's dizzy 
dive in their stride and after 
being marked down by close to 
a point initial!}' long dated gilt- 
edged prices recovered some¬ 
what. and the money markets 
still reckon that a half-point cut 
in Minimum Lending Rate is on 
the cards to-day. Meanwhile, 
with three month inter-bank 
rates currently hovering around. 
6i per cent, the pressure must 
be on Barclays and NatWest to 
reconsider their 71 per cent 
base rates, and move more 
closely into line with Midland 
Bank's 62 per cent. rate. 

Coral /Pontin’s 


3-Month 
Interbank 
\ Rate K 


JUL MIG W OCT 


tersley’s gauntlet, and certainly 1 
Allied win move before long: it: 
points out that most of its 
beers have not gone up in price 
for a year. Apart from prices, 
the hope will be that lagerlj*! 
volume will recover and tang:-1 ~ 
to a more profitable sates nux—i 
Allied is now promoting Luwc£ 
brau as well as Skni m this 
sector of the marker. ' Allied 
could be heading towards some. - 
thing over £S5m. pre-tax in tto 
current year, allowing the fully, 
taxed p/e to ease from 13 to 
ill or so with the shares u 
91p. But the yield of &7 per 
cent, is a more important Sup: 
port for the share price relative 
to Bass nr Whitbread.. 


BY ROBERT UNDLEY 


SANTIAGO,-Jan. 5. 


PRESIDENT PINOCHET, with a whelmingly in mid-December to lead with sovereigntv the j D ran 
resounding victory of <5 per cent condemning the Pinochet regime country's process of democratisa- * Africa 
of the votes in yesterday’s for alleged human right* viola- tion.” 1 


By Stuart Alexander toe voteT to 'yes terry's human rights S SSF* * M democrat * a - i Afri^n Dcvetooment Bank and talised at just £40m. - and that if this bid goes through. 

“national consultation” which he tions which prompted him to call There are alreadv vague chaxaes' hoc was on *** expectation of pro- AH - j ^ - 

CUT-PRICE cigarettes which can insist ? "f ao \ a plebiscite, the consultation just before from the O^ositio^thatf^ - undw comriSmUonfJ^smml fits ot>ticeabl F h ‘- her *an the Allied BreweneS 

be made at home are to be intro- n,gbt . that there _voting rMuIte^re ii^ed andj ?S l? to ^ °ritS aJ *** Precast for the The rise or £142m to £ 

SSf!lihPr K, J ?l ? “g 5 more^voting and no more^nsSl 0 The U.S. said it appeared that that the election wS^fraudu-j pSSane in tte Umtalnzl current year. Coral’s own profits in Allied Breweries' i 

b > Ga ' Jah *\ w S lcb ™ nks tations" inChilefnf anothprin President Pinochet’s regime ently conducted. Proof of this \ Basin of the Swazi Lowveld. emerge, as expected, at £18m. profits Hatters the » 

second in the British tobacco » Chile for another 10 ^ vote 0 f con- * “"likely to be forthcoming-, pre-tax. So the terms involve a SSLJSrZ l 

,, Shaking from a platform has- Government, SiFSTiSt SFftSd - substantial measure of earnings S” around£ 6, 

The conipan.% claims that the tily erected in front of Govern- JJ r * Res ton. Deputy State overwhelmin“ ** ves" ■■ dilution, as well as a big pre- recovery potential arising 

5.°““ pt ’. ra dwa y >tween con- ment House, be said that his pepartaent kPokesnan. said to get an overwhelnung yes. ; |J niiflft/4 l AC1 mium over net assets falSwt 


ventional cigarettes and home- regime would respect the ideas aD; should offer all 

rolled, will allow 20 small 0 f those who voted against his part i*s sufficient guarantees to 
cigarettes of the Players No. 6 formula yesterday—about 20 per present the,r c 35 * and this did 
size to be made for 39p, a saving cent—“but we are not going to not °* cur in C* 1 * 16 - 

of about lOp on similar cigarettes accept any of their ideas.” - 1 - 

at normal retail prices. He told the thousands of Christmas. The formula t 


should offer all Gen. Pinochet, who began as! 
lent guarantees to chief of State after his 1973 coup i 
case and this did d'etat against the late Salvador i 
in Chile. Allende as an unprepossessing I 

-- ---- leader given to mumbling his! 

The formula to words - has Srown In the Presi- 1 


Rothmans, number three in the nois y supporters who had which Chileans were asked to deQc y- I 

U.K., whose associate company eathered outside Government vote “yes" or “no” was: In calling yesterday’s consul- 

Bnnkmann already sells a House that to-day he would des- “In the face of international tation—against the wishes of his 
similar product in West Ger- palcb a tetter to Dr. Kurt Wald- aggression unleashed against the Air Force and Navy colleagues in 

many, Holland and Belgium, is beim - UN secretary general. Government of our country. 1 the military junta—he demon- 

aiming at a similar British “tf®* that UN investigators support President Pinochet in strated that he can manipulate 

launch before the end of were DOt welcome in Chile. the defence of Chilean dignity. Chile's ultra-patriotic, people as; 

February 11 was a UN. General and I reaffirm the legitimacy of well as any civilian politician of! 

Assembly resolution passed over- the Government of the Republic recent years. ] 


Campaign 


Swazi oeopie. r- . _ obviously Pontin’s is a much 

Other*Smier>! are the Gov- r, C ?^ s , a ® reed ^° r bigger fish, and the key ques- Bfirisford 

tte P° ntins *■ most ambitious tioa is whe ther Coral has the 
G^nna- *Vrftiini»wni rj,n. takeover which the market has kind of management which can S. ami W. Berisford’s pre-tax 
rrany /DEBi. Coco-Tola. Mitsui. seen some time. The bid significant^- improve the profits are up almost 75 per 
the Commonwealth Develop- is worth £55ra. at last nigbt’s returns from a business with an cent: at £23.6m.. in line with 
ment Corporation and the prices, of which £I7m. is in uninspiring profits record-and expectations, after a more than 

catSh and the rest sbares - while in a highly competitive market doubled figure in the first half. 1 
Mdltiorat finance is^ being Coral ' s own ““arket value is no lenvironment. One way or an- The fact that this performance 
made available by the Euro- raore tban £74m. other. Coral’s operating profile has come from a business wilh 

pean Investment' Bank, the A week ago, Pontin’s was capi- >s going to be radically different net tangible assets of. perhaps,. 

African Dcve'noment Bank and talised at just £40m. — and thaL if this bid goes through. only about £60m. highlight* 

sunn'ier credits. was on the expectation of pro- w . just how much Berisford has to 

The nroi-ct, which has been oM jceably higher than tiie Allied Breweries rely on its human assets. So 

un^r'Option £7 ; ra . forecast for the The rise of flUm. to £T7.Sm. "Sn? ^ 

Ngomane in the Umbnlnzi current year. Coral s own profits in Allied Breweries’ pre-tax r f efl l C, ! d A" » 

Basin of the Swazi Lowveld. emerge, as expected, at £18m. profits Hatters the group’s 

_ pre-tax. So the terms involve a performance in a dull vear of “ 2 , 2p an ! on th t f 

substantial measure of earnings There was around £61x1* of ac ? a ?* P/ ^ fi 

dilution, as well as a big pro- recovery potential amfng from ' ****** ^ 

K5irn51PlPQ mium over nei (ahmt the Birmingham dispute early f c „ 

UdUiatlCd • £43m.) and recent market in 1975-76, while acquisitions Thc m ^ de year 

^ ^ ^ prices. That is bound to be were worth £4.Sm.. some £4m. re ^ ts “J® 19 '“ acquisitions. 

IT1C113CG reflected in Coral’s share price, of which was contributed by 

which had already slipped 9p Teacher's. On a comparable a " 1 ? . Edw> ^?. 

Crin t0 J34 P ahMd of ihe news. basis, in fact, the second half whl . c ° ntr J buted at 

Ol ill iJvd From Pontin’s view point, pre-tax aain was a mere 3 per pre-tax tevel against £0.bm. lart 

1 . n the deal is attractive. Even rent That is significantly more - f, ar ’ c>t ‘ ierwi ^ e > ' l sc ^ rus J h “J' 

Tbl QlTnrmft allowing for Slippage, the price sluggish than the performance atl a f. pecls ° r l J c 

pidllUI IIi^ iooks good. And an obvious recorded by Bass Charringtnn. 5 te !j2£ !V - 

Kv B _ w rwt^r question mark over manage- for instance, and may reflect mpmyeiuentii. with the excep 

S^oi.d.nt ment succession is now removed. Allied's risine interest .■horses ^‘°° wluti ! 

AKINE GROWTH moy be p 01 i“ jn ™ SU JJ^‘ 8 l0 { 1 “ rn JJJJ ?ho„eh the%rm,o claim, to h"« . M«tbo thc best news tor 
ittmg: vital offshore oil and gas . improved its share of thc U.K.'s those analysts who have found 


Called Custom and selling 
under the Benson and Hedges 
name, the new cigarettes' launch 
will be backed by a £lm.-plus 
advertising campaign and "an 
introductory offer. They will be 
on the market from January 16, 
though there could be delays in 
some areas. 

The introductory offer consists 
cf a 99p pack containing a 
cigarette maker, a packet of 20 
filter-tipped paper cigarette 


New Turkish leader expected 
to seek urgent IMF aid 


BY METIN MUNIR 


ANKARA, Jan. 5. 


« dilution, as well as a big pro- recovery potential arising from ’ 

; KamHPIPQ mium over nei < about the Birmingham dispute early d c „ 

lidlUdUW • £43m.) and recent market in 1975-76, while acquisitions The figures include full year 
■ prices. That is bound to be were worth £4.Sm.. some £4m. results for the 19/6 aequistiions 

menace reflected in Coral's share price, of which was contributed by 

which had already slipped 9p Teacher's. On a comparable ar ?^ , Edw ^. ^* 1B h (Won!1)-— 

, TVLr\*"Flu Crin to J34p ahead ofihenews. basis, in fact, the second half wh . cpntr jbuted £3.6ra. at the 
IN Ol Ol From Pontin's view point, pre-tax gain was a mere 3 per pre-tax level against £0.bin. last 

1 . n the deal is attractive. Even rent That is significantly more - f. ar ’ ^ , mi If ^ nis 

Tbl QlinnTlft allowing for slippage, the price sluggish than the performance atl a f. pecls ° r l J c 

|JldllUrm^ iooks good. And an obvious recorded by Bass Charringtnn. nf^u-fth !S bSt «,Sl : 

Kv Bav rwtf-r question mark over manage- fpr instance, and may reflect pprnveiuents, with the excep 

Hi.™ ^mspondent ment succession is now removed. Allied 1 * rmine interest choraes wto?3 ! 

MARINE GROWTH moy be p 01 i“ jn ™ SU JJ^‘ 8 l0 { 1 “ rn JJJJ ?bo„eh the%rm,n claim, to h"« . Maybe thc best news for 
putting vital offshore # oil and gas , . improved its share of thc U.K.'s those analysts who bare found 

production platforms m jeopardy. ■phrinUng beer market in Berisfurd’s past annual reports 

according to a Government report For Coral, the bid looks a Q uct?1 leas rhan infnrmativp ahnnt the 

on underwater technology classic example of an attempt 19 '*/.*• . M , ° ‘ 

.\mong the culprits are mussels, to develop a more stable assets A, J'' PfI ’srather more optmus- tb * companys 

barnacles, and sea anemones. base by a company which is cur- tlr> abo,,t the current ypar. how- activities is the suggestion that 
Oil companies have been rentiv E l e ^n2 VPrvhip^ evpr - lt has a Christmas a more useful profit and turn- 
warned that an inspection of gas f L* 7 * ^ p alreadv under its belt—in which over analysis may be given ra 

production platforms in the i^ ets of M UIK :f rlam the pmoharis surprisinglv shif- this year’s report. Almost any- 

southern sector of the North Sea. , Two y . ears . a ® 0, ^ ” et tpd from off Iicpuprs to managed thing would be an improvement 

has shown fouling much greater assets were under £10m They nnh& _ and „ mtle more Mn . on the revelation that 94B2 per 

nf th® minify- ?° W over £3 0 m -. and much' ^imer spending power cannot cent, of profit for 2975-76 came 
tures the thirimess of growth the b, " gesl part . of lts 8 r owth harm b»p^ Rale-* in the months from commodities, food and. re* 
SJSfflcStly e*Seto the ° ver period has corae fr0U1 That is just as well, tor lated by-products. . . 

allowance,’’ says the report, pre- f hn h»g brewer will he reiving Meantime, the current year is 

nared by the Marine Technology F* 16 flr st major diversification heavily on volume growth this said to have started well blit 


ESr&S sjsmm ssawsawsas s*s« ft s iSFSSIri Sffls ^ 

case. g Cyprus in 1974. took office as Turkey. Mr. Ecevit may also also been-Turkish Ambassador to f aC , q 0 U ! SlUon J Par ^en that it is going to strong sterling and weak world 

After thc launch the filter- Prime Mioi ster of Turkey to- have to devalue the Turkish lira the Common Market and has long l J S f 16 ’ ,m ’ i n ^ a * tn,eate tn cot “^rthwhile trade hardly provide a promis- 

t loped tubes Will sell at25o for day - after W* Cabinet was by as much as another 20 per experience in the Ministries or s har ®s and cash. That seems to dW/*p rises past the Price Com- ing background for the monffi* 

iSfSJ A*’approved by President Fahri cent. Finance and Foreign Affairs. ?f^5_l hore ?lL an 1.7^ pla ?2™ s have been a success so far. But mission. ahead. 


loading. 


North Sea oil review, 
Page 6 


100 and the tobacco at 34 d far a approved President Fahri cent. Finance and Foreign Affairs. ?:™ n ° re TiTiS 

‘^tl-ciearelte pack and BSn P Fnr j) Horuturk. Mr. Ecevit says that the Cyprus Central Bank officials approve mcreases the fluid loading, 

40-cigarette pack. The maker With the support of 227 question will also be given top the choice, describing the new M ” _ ” ! 

will cost 99p Deputies of his own social demo- priority, as Mr. Kurt Waldheim. Minister as “an experienced North Sea oil review, 

cratic Republican People’s Party, United. Nations Secretary hand " and " a tough negotiator." Page 6 

Wirfo ncA and 14 others. Mr. Ecevit is General, is arriving in Turkey on Thirteen of the 34 Cabinet _ 

VV1UC use assured of a vote of confidence Saturday fora three-day visit seats have been given to Mr. ser iousIv impedes inspection and 

The system is widely used in in the 450-seat National Mr. Ecevit’s choice as Foreign Ecevit’s non-RPP supporters, aDd maintenance and may accelerate 

Europe, the U.S. and Canada, but Assembly. The vote is expected Minister of Professor Gunduz besides Mr. Orhan Eyyuboglu of C0rr0B i 0 n “ it adds 

only now has it found its way to on about January 37. and the Okcun. a 42-year-old former the RPP. Mr. Feyziogln of the re ' DOrt sav g t h a t unless 

the U.K. following the higher Government programme is ex- lecturer.in international law at Republican Reliance Party, and there are significant improve- 

prices EEC tax harmonisation peeted to be submitted to the Ankara University with little Mr. Faruk Sukan of the Demo- ments in means of inhibiting or 

produced fur small cigarettes Assembly in a week at the most, experience of either politics or cralic Party, they-are also deputy removing the growth the w'ork- 

irom January l. Eleven or the 14 are indepen* diplomacy, indicates that he prime ministers. However, the i oad of divers will be increased 

In Europe, the do-lt-yourself dents who resigned last month wants to play a very prominent KFP holds almost all the key * nd the efficiency of underwater 
kits account for between 3.5 and from the Justice Party of air. role in handling foreign affairs ministries. vehicles will be restricted. 

5 per cent, of the market, with Suleyman Demirel. the previous, himself. Turkish Premiers gnm Although a number of orsani- 

noarly 50 per cent of sales Prime Minister, causing the col- The new Finance Minister is problems. Page 2 sations were investigating the 

goins la women. They are not lapse of his Right-wing coalition _ ■ _ problem the unit argues that 

available generally in France Government. Two come from research oroiects have heen in- 

and Italy where State monopolies the Republican Reliance Party, • SES^Ient 

control the sales and import of one from tie Democratic Party Continued from Page 1 “They‘are not substantial in 

tobacco Products -both small Right-wing parties. total and. in contrast with the 

♦i, 1 ? £n ll *, h * r '* h T n . g ■ The roost urgent problem fac- kaaaitaw resources devoted to the some- 1 

,!SS ^,‘i* 2 ls0 t0 c ‘S 8 the 52-yea r-oid Mr. Ecevit is L/01l3r iGCOVCrS SllSrillV what analogous situation of shin 

women, who buy the majority of the parlous state of ihe economy. *-^'»*■»*-* ■ T wa v fouling, they scarcely appear 

m S a^nfni^r a 'Lni lw flati00, unem P lo ymeut and vened in support of the dollar, volatile- and conditions commensurate with the snbstan- 
o?««okiM ! n?iKinm Sill th ® ®f C0UI, t d 1 e ?® lt selling D-Marks, Swiss francs remained nervous. The rise tlal penalties and the central im- 

middle rr craut."^ «d Slerlidg. tie obviousn^s in the doDar. It ™ s ftl “ party "frtance o£ the prablem.” .ays 

irL f d or t 'h! t n ;^infs e sa, ort 

S? S Jid tar'SinB wm'trtow iaTFeb™aV”" S '° PPed Sl "“ ^naaSniSui'a^rtK TechniauflS 

Sacco iS".>le h r a 0 Mh°n™ mem' 33 ft? tcraS S-!t“ 

machines as it is too moist and Monetary Fund — for which The U.S. move brought a ff Offshore Energy 'Technology 


ahead. 


tvk 1 <** ‘ A x >*va-' v y v'*" •- % ‘ 

r 1 ■■ 

. i ifcmZTF&'t 

** vXv‘-> - A> -I‘ k - L-' 


Dollar recovers sharolv 


vened in support of the dollar. 


volatile • and conditions commensurate 1 

remained nervous. The rise ^ a l Penalties ar 
in the dollar. It was felt, partly portance of tiu 
reflected a squeeze on the report, 

speculators against the UJ5. —, - , 

currency. and dealers 1 eCnTOOUeS 


vehicles will be restricted. 

Although a number of organi¬ 
sations were investigating the 
problem, the unit argues that 
research projects have been in¬ 
sufficient. 

“They are not substantial in 
total and. in contrast with the 
resources devoted to the some¬ 
what analogous situation of shin 
fouling, they scarcely appear 
commensurate with the substan¬ 
tial penalties and the central im¬ 
portance of the problem,” says 
the report. 


„ IK:#*?/ * y ' * Vv ‘ 


the strands too long. 

News Analysis. Page 5 


Weather 


U-K. TO-DAY - 1w ® ri | bt mainly dry. ing order^to exchange^marketL 

ramy D m”!s i in > E'^d 1 Cratt!d Wa,es - N - w - England, Lakes. In Tokyo, where the dollar 
central ,g Ie of Mam s w Sco uand, Cent recovered overnight wlth- 

f Sn S Ennland E An Ella. Highlands, Argyll, N. Ireland oat any official support, there 

Cloudy, occasional drizzle. some__initial scepticism 


Monetary Fund — for which The U.S. move brought a 
negotiations have beep in pro- strong response from West 


•gress since last September—is 


German officials. Herr Hans 
Ape I. the Finance Minister, 
commented that a major worry 
for his country's exporters had 
been removed, and welcomed 
the measures as a means- of 
stilling speculation and restor¬ 
ing order to exchange markets. 


London. S. England, E. Anglia, 
Midlands, Channel Islands 


niiuiauuR, laujuo w „ /4Q r , 

Bright periods, mainly dry. 1 _ 

>, nv go yjop) Borders, Edinburgh, Dui 

E^ N.E_ Cent. N. England - A b* raee n. Moray Firth 


BUSINESS CENTRES 


Vnay i Y'day 

mirt-davi mid-day 

-C “K- "C ’F 

Mnsrim r I .n. Madrid ■ S 10 so 

.MIk-ik c V: -Vi ,siancl»i..str. C a 43 

Bahrain C 20 as Mi'Iboumo R 20 «S 

Ran-I-Iona K II iJ'lli'innC, S32 ?3 


_ Bright periods, mainly dry. 

Max. 9C f4SF). 

r .. N. Scotland, Orkney, Shetland 
,d-div Cloudy, occasional rain. Wind 
•c j f strong to gale. Max. 9C (48F1. 
’S 5S Outlook for weekend: Mainly 


reland °°t any official support, there 
drizzle. W3S some initial scepticism 
about the U.S. moves, but the 
Dundee, official interpretation appeared 
rth io fie tfiat they were designed 

tly dry. to ensure a general return to 
currency stability. 

Shetland Trading in the exchange 
i. Wind mar kels, however, was very- 


suggested that positive 
evidence of an Improvement In 
the underlying U.S. balance of 
payments would be needed to 
restore stability in the longer 
term. 

The volatility of the markets 
was reflected in the movements 
of sterling, which opened at 
SlfiSO and moved np to a best 
level or S1.9075 before coming 
back later. 

In the money markets, the 
Bank or England repeated its 
signal calling for restraint in 
the downward pressure on 
interest rates. A further cut 
iu the Bank's minimum lend¬ 
ing rale, possibly of i percent 
from (he present 7 per cent- 
may he made to-day. and If 
this happens it will almost 
certainly bring a retraction in 
some bonk lending rates. 


An Energy Dennrnnent «nokes- 
roan said vesterday that its 
Offshore Energy Technoloev 
Roard was stwMne marine foul-, 
ing and evalna**n«» techniques to 
combat the problem. 

Naval authorities were also co- 
nneratinR in the studies. 
VObvtoiisiv. we hone that tech- 
n'nnes will be do’-piooed to cooe 
with these conditions so that 
thev do not lead to safetv hazard® 
nr inTemintinns to production.” 
i*hi» cnnljporian said. 

« production from the Thistle 
oil fle’d in the No^h Sea has 
been delavod. nossiblv to next 
Tnooth. operators. British 

Natinna' Oil Corooratton. had 
honed that the fir^t oil would 
“tow this week hut the tarvet had 
he«n set Hark bv indu*ti-ial rela¬ 
tions nrnb ,BT "s. hud weather and 
technical difficulties. 


c zi an « dry in S. at first. 

C 's L ’ s "5 « HOLIDAY RESORTS 


Rt-Ifasr c s -W. Milan saw I 

Bc-lcndv V 1 341Moom-al C -9 19 - 

Berlin S -1 38 1 Moscow C -2 IS 

Urnwtam. C 6 -tt(Miznk± S 4 39 

Bristol C 7 43 NifU-wwlIc C 8 « 

Brussels > 1 34 New York C 2 39 

Budapest F I -H Oslo Sn -7 IS 

i:. Aires S is «c! Parts S 4 39 

Cairo S 18 W Perth CMS® 

CartlUT C. 9 4S,Reykjavik F I 34 

ChiLiRO € 0 32 Rlode Jo S 30 M 

Colosnc C -1 M Rome - S ID SO CaPeT— 
Connhaiai. C D 321 Singapore S 2S -S2 

Dnbliti C S « Sroofclwlm C -5 23 

Kdinbimsh R 9 iS'Strasbrp. F I S4 . 

Frankfurt K 1 =0 Sydney C 21 70 

tlmnv-a S I 311 Tehran C 9 48 “ 

nizsnnw C 9 «s,TuIAsls S 16 St 

Hetelnlil 5-13 9; Tokyo c It 30 {““T 
H.Kor.K S ij S3 Toronto C I 3* {“.t, 0 !? 

Jo-bun* C 21 731 Vienna 

Lisbon S 12 34 'Wnriaiv C -3 27 lsianDI 

i ^tirton C 6 43 ZuHi* S -1 M C—CIoi 


VvdM ; Y’day 

mid -da v! nUckday 

•C *r. »C °K 

S 12 54 Jersey Dr 5 41 

F IC 91 ]jis Plms. F 28 94 

Y II 52 Locortra S s it 

C 7 45 Majorca F 11 s 

5 7 43 MeUu C IS 39 

5 4 39 Malm B 9 48 


C -1 30 Rome - S to SO c n S % aiI ? bl 

c. o X! Sliutanow s 2S .82 t 0 ?™ .. _ W- Naples 


S 13 3'Toronto 
C 21 731 Vienna 
S 12 34 'Wnriaiv 
C 6 43' Zuridt 


n Si oporto 

[J M Rhodes 

a 16 Si sS -3 E ~ March 31, 1978. people at the helm, there may OF "his own position, Sir Fred 

$ ^ SSSSS * 5 div^a s 12 St pr Coral whose mam interesuj-be one or two things that can he said “1 feel aa.fit as a flea. I 

k^ r«ieof«ao c g Venice s s -u ??* 10 bookmaklng, casinos, donet o encourage an increased have no intention of retiring." 

c “3 27 R ■* ■’ ” in S0 and greyhound racing, the rate of growth." he added- Advisers to Coral are Charter- 

s-i m c—Cloudy. K-Fair. s—sunny. R— Rain. p ohtln s bid marks a second Sir Fred thought the two par- house Japhet and to Pontin's 
sn-snaw. Dr-Drisijf. major move into the hotels buai- ties would be a great help, to Kleinwort Benson, 


/ ^ r«i e nf Man C a 4<uv e nir« 

C -3 27 Islaft,,ul R 4 n8 ' 


- -Continued from Page 1 

; fl Coral Leisure bids for Pontin’s 

F M 94 

I i3 a °'»ht contains profits forecasts ness. In April last year, the each other. He saw particular 
o « » from both companies. Coral Is group paid over f 16m. for Centre benefits arising out of Coral’s 
S 24 ra ex *reted to show £18m. pre-tax H ®* eIs - interests in bingo, betting and 

f a 4a for the 12 months ending Decern- ■ , Nlch °*?s Coral, chairman, amusement arcades. “We have 

| Is « ber 27, 1977 and Pontin’s not S?' dlast a i gb !. tb ® t "'Mite . b * t fa e same sort of clientele, who 

1 JJ 5 k- for it. flnaocia, s!°rt“!. ^ « bM ^" 

f 19 94 >’ e ^ r ending March 31. 1978. people at the helm, there may OF his own position. Sir Fred 
s iu si F ° r Coral, whose main interest* be one or two things that can be said “l feel as fit as a flea. [ 



*>>.. 



Wv ' F ' r V. 



JSm 



Csj 


iMxemb's X —- 38 J 


S 12 Si 
S 6 43 



Fai 




Still Building hives for Industry 

Fairview Estates Ltd n 50 LancasterRoacJ, 
Enfield, Middlesex, Tetephone 01-3661271 1 


Sn—SlWw. .Hr—I> rirT[ - 


Regmerird at ihc Post Office- Primed br St. Ocnwhi'a Prr*s ror oral nubUtbcU 
oy mc hlnaaetul Tuuch JUd., Braufiun Rom-, Cnitnnn Stiwi, ritudau EC4P jbv. 

O The FlnandaT Times Ltd., 197S