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No, 27,455 Tuesday January 10 1978 ** is P ^ machine tools - 

Men's Quart range from around£49 50-£88 *“ " mm .ssocuies ltd. iiacmc tool specialists 

° w two. . Viujbi' l'uir-‘ S IJarr I .' i • 


iERERAL Boost for hopes Surprise Wall Street 

storm Equities of single-figure Sool hit b > 

grows 5.6 down: . fl . g n t stock Fed decision 


• UD SI4 BY PETER RIDDELL, ECONOMICS CORRESPONDENT ! ™ h/rt h^S ££?£ ^avkeis xveiv R |m \y hew^SSes pouS^m^ 

„ J _ -If - fc + r '-“-*- - I h, ot Ordinary shares and sharp uu weeks decline *l over .w 

— Boost for hopes 

storm Equities 0 f single-figure 




5.6 down: 

Up $li 


issue of 
gilt stock 



• equity leaders drifted Til . e Government’s hopes of achieving a significant reduction in the rate of 
® lower and interest centred on price inflation this year were reinforced yesterday. Official figures showed a 

e iicyii-Jone>, the Lord s?«»*fHiiie shares. The ft fall in the cost of industry’s raw materials in December for the eighth month 

llor, may decide to ry. ordinary index fell 5.6 to 491.7. nmn^g. - . ® 

f advit^ t• ^ILTS suffered a sharp turn Indeed, the index of material .....771T"“ _ - _ i 

TLord Elwyu-jones the Lord s ? C0Bd ‘ Iille shares. The FT fall in the COSt Of industry’s raw 
Chancellor, may decide to ry- ordinary index fell 5.6 to 491.7. rulining. 

aHer'stud thif tVanscript'^of • RILT ® suffered a sharp turn Indeed, the index of material " 
hh, suoiniin^ down iD late -trading on and fael costs was slightly lower - v 

■ a . J L. 4 !Ll M .. t,,e ni °'?f I r ^ announcement of a- new tap last month than in December. 

_ * th ** “ c '*°" s 1 J*?* which issup after early rises of up W6. There should he- a further 

saw the acquittal of Mr. John j. The Government Securities and sharp decline in 

ningMcy Read, the former indrv f P n n«i <„ 77 bo - January because of the recent ——- 

National Front chairman. • ' ; rise in sterling. 1976 1st 

A group of Labour MPs is to • STERLING fell ij cents to This has been reflected' in the 

. meet Lorn Elwyn-Jones to-night S1.9175 and Its trade-weighted slowdown in the underlying in- ■j'r 

to press fur too dismissal of the index was 65.* - (65.3). The crease in factory - gate/output ... _ 4W 

6S- year - old Australian -bom dollar improved against many Prices charged by manufacturing 1977 lit 

3 , SC L ‘ ... Euro Dean rurrenrira amt industry to the lowest rate since 2ne 

Labour s Home Policy Commit- “, currencies and ns |alp ^ 197S 3rd 

tec. chaired by Mr. Wedgwood. ? ”l e de P re «at | ®n narrowed p _ . 4 t h 

(1970 = 100) ■ 

1976 1st 

tec. chaired by Mr. Wedgwood, 
Bonn, the Energy Secretary, 
described the judge’s summing- 
up as “an affront lo human 
rights . . . which renders him 
unfit to hold office as one of Her 
Majesty’s- judges.’’. A Commons 
motion calling for his dismissal 
attracted more than 60 


Mr. Paul iloJImrow, full-time 
secretary of the Anti-Nazi 
>ague. was ejected from Judge 
McKinnon's court at the Old 
3alley after shouting from the 
niblic gallery about an “nut- 
■urcous and 'disgraceful ” verdict, 
lie judge, who was trying 
, neither ease, told the court’ “ I 
lo nut have a single hostile 
hough! for any member of the 
Hack community.” Page 6; 
iodety To-day, Page 17 

Mr. Kingsley Read was to have 
ftpeared last night un the BBC 
’V. programme Nationwide. 

to 4.43 per cent (4.82). 

S per fine ounce 


The iaiest figures provide 
further support, for the official 
forecast that the 12-month rate 
of retail - price - inflation—13 
per cent, in the year to 
November — ‘will be down to 
single figures by.-the spring. 

Moreover, the recent trend in 
raw material costs—down 51 per 
cenL since May—and tbe latest 
rise in sterling suggests that the 
12-month rate of retail price in¬ 
flation could both fall 10 a lower 
: level and remain in single figures 

_(home rales) 













341 S 



“ 348j'" 


, Manufaccurinq 
> : yt/hoJesale Prices 


biff • Sucr-Oepi i, balnirf 


■ Manufacturers- 
Home Prices 

* provisional 

Source. Department of IrZuifr, 



by only It per cent, in the last 
three months, compared with 21 
per cent, in the previous 

Moreover. the underlying 

level and remain in single figures i«, M 2 re ?h e1 ' , the underlying 

pe«ed“ Ser * 1 “" Pre, ' 10USl - V S’Sl°c f o^ nSl PCiL '“- ” raW ™21i __ 

This could occur even ir the The current" favourable trend fiT^n^' 1 LITi 10 Th« S !Lio^ U 1 biingiug 

rise in earnings turns cut to be is best illustrated by the factory J!! \ = \ ‘ P?*' the rest 

nearer 15 per cenL than the offi- §ate/cutput price index for ' pcl ccnt ’ ln thp as I of rate 

cial 10 per cent. limit. But. if manufactured products. This -ufusiL ,1 . __ , . 

cial 10 per cent. limit. But. if manufactured products. This ^wKEl^th.. Ue .i lasted through December, 

this is the earnings outcome, the increased by about per cent. ! Midland brought its base ran* 

12-month rate of prict inflation in December to 273-3 .(1970= SSSSS,* doiv " from K ’ l» r L ’f nt - *“ 

is still likely to rise from the 100). While the rise was slightly B ,ns " au l1 - bdld fewer c»m- per W|| and | ts ||pp 0S i| rate 

l THE BANK of England yester¬ 
day look ihi* gilt-edged market 
by surpilse by announcing 
a rafp, another ESffUm. issue of loug- 
i- laic ui dated Government Mock, 
iDOWBu St The issue, which will prev¬ 

il mnnih vide a further cumribuiion to 
“ rumling tbe Government's 

borrowing requirement, will 

- give the Bank a stork un tap to 

" —i influence the long eud or the 
■ • market and help lo keep the 
j money supply under control. 
uqhth ! I It follows the uversubsrrip- 
IF chahge i ij,in of ibr Iasi long slock 
on oHatauT issued un Hct'enihcr 22. which 
ha s no) operated as a lap. 

The surprisr was m the lim¬ 
ing or the annunneemcnU 
normally made on a Friday. 

* 1 Last week, how ever, the 

t'f • . [ Bank appears lo have decided 
In thul the gilt-odged markei was 
T i l'll j in too nervous a condition to 
|F|Tl [J j | cope with a new issue. 

Jill II [ Conditions improved yeslcr- 
tr LL TJ r : day with prices at the long end 
I rising by up to l ahead or 
' V t V ' w d ' fhe annouDcemenl. The Rank 
r I here fore derided lo come out 

with khe new issue, shortening 
. . Hie normal timelable lo allow 

1 1 *be stock io be offered for sale 

ed with 21 on - nilirsda y. 

pievious Earlier in the day. two more 
... of i he Lon do u clearing hanks, 
underlying Midland and Williams and 
.- I », .I? 10 1 Clyn’s. announced cuts in their 
lu. r s:h i lending and deposit rales. 

bringiug them into line with 
. m , , ’ the rest and ending the period 
in me last | of ratc competihon uiiich 
lastPd through December. 
as * I Midland brought its base rale 

cuts in the prices of long-term points in ihe Dow .i.-n. - 
bunds (his morning in the wake industrial average Wall Si r--<*t 
of Ihe Federal R'owrvc Board ended iht- day S.|i:i mini!- liown 
decision late on Friday to raise al 7S4.56. 

ihe discount rate m fit per cent. Mr. (1. Willi.nii Mtli.-r. h . h.i- 
in defenee of ■ In.- dollar. been nominated hy f’re.Mdea' 

Vndvriininp the upward ^» ncr :,s me 

pressure on interest rates, major successor In Dr. Ariliui l.nrn--. 
U S. banks began lo fall in line J^Hring cliainnan uf ihe 
with the Citibjnk increase from J‘ CS01 !' ,;: ^ ft:,rd - revealed ? i-d. ;v 
7‘ per cent, io S per cent, in its ‘bat he had ysV«-d Dr. i:it■- ■<» 
—prime lending rale. Lalor in r e,1,am ,,n ‘“e ,m ki rd In Dun:, 
the Uj> Chase Manhattan also has v»-l t,. dis.-juse h;> i:i>. i: 
raised its prune rale. ' lr - Millers 

p.. . . . , reflect emteeni almut i*u»-i :::t- 

Smee eonimen-ial banks arc !ion - lI lv;il .|.on u. ih- ... 

m.t borrowing heavily a he , lf nr _ Rurns vvll(l j. -. n „ tl|! 

the i!a\ Chase Manhattan also 
raised its prune rale. 

Si nee commercial banks are 
mu borrowing heavily al Ihe 

securities in Hie money markets 

terms of its real valn«\ 

He [Miiniecl run ihai m ie: n 

v a m,,v ° most other currencies ,h-* ii-il( 

"IS JSS prPSS1,re ,,n had ." 0 ' s : ,nk .. • 

The Feil’s move tn support the Adrian Dicks writes from Ua-h-: 
dojlar ilinutgh raising L).S. small ;i|*i» , - , r'*ss” i■ • -.i.*-s 

interest rale-, coupled with Ihe 1 ^ 1 ' stabilisation «>i the ■ 
rise in prime rale from 7J per reported in have heen iii.i:!* 1 
cent tn S.per ceni.. has created during tn-day s mlnrioji t.i‘1 « 
confusion and uncertainly in Hit bfCeniral Bank gtiverrnu < 

financial markets. ' undt-r l h «* auspices u ihe Bank 

for International SotUenii-ris 

■rw | • ■ a li appears rhat the ««ivern<u- 

HOW hlffh: wert ‘ roasonaldj satisfied wish 

^ last week's round ,*i le-' 

” Everybody is a lmlc stared measures, but a a reel that ilr* 
this morning,” remarked one continuing absence m a l* S. 

How high? 

0 GOLD rose $li to 5171 i in autumn onwards: labour costs larger than 

moderate trading. 

autumn onwaras: laoour costs larger than in tbe previous 
are about twice as large a com- month, the index has increased 

Con tinned oir Back Page 
Editorial comment Page 18 

Reared las* night on rhe BBC O WALL STREET friJ 8.93 -- JT~T 

T p.roaramnw Nationwide, points to 784.56 rellertins __ ^ 

TOfh was blacked out because mounting concern by Investors [% /I I ^ 

f a icchmeians dispute. 0Tpr rising , l)tcrcst „ (es . - . | 

roncorde may fly o accounting standards . J 

wnr Inriin - Committee new chainiian wiHlie -_- -- 

ver inutd Mr. Tom Watts, a senior partnei Amwi. _* _ _ j 

lie De/.a'i liuvernmnnl is to con- of Price Whterhousc who replaces 1*^1 fl liri -J 1 

dpr allowing Concorde flying Sir • William Slimmiags.. .'Back. dJ 

:-’b's ever India en roiUe for Page * K 

uslstur India has indicated that VICES, itself JO per cent owned 

max allow full international }g[ ’ ll “. r" l ” p P *2! I METAL BOX has agreed not tu reason it was 

pt-ciion uf iIs nuclear instuMa- I raise the prices of its aerosol commend chan 

Metal Box pegs aerosol 
can prices after probe 


bid Tor Allied Investments, tbe 
nursing ■ homes and medical 
supplies concern. Back Page 

vns depute iff. refusal to ’sign a f or «Diea. u 
an-prolifuration' treaty. Page 6; nursing • homes 
idian shopping list. Page 4 supplies concern. 

lister political ® GR ' V ? W Mi 

V_., group has mere 

loves hit ... drinks intcresis 

METAL BOX has agreed not to reason it wan not able to re- raise their prices bv the full 
raise tbe^ prices of its aerosol commend changes to the pro- U uioun( originally proposed, 
cans before* September — if sent system m the eleclrirDy a ‘ 

there is po sudden increase in industry where higher • Fuel box and the Limn city 

supplies concern. t>a k rage c(jSti ThJs js Qnc Qf ffae few C0!!ls a ‘ rc passed l0 customers Council were allowed interim in- 

» mwii MFTROPni it ^Sihle results of the Price automatically in the form of the creases under [be safeguard pro- 

hi* h In Commission’s first three investi- fuel cost adjustment. visions of the new price controls. 

:roup nas incrca»ed sort nntian^ rmhlicV>Pil v».cnvnUv „ . ...ill 

5™“** "T J l ,L sations published yesterday 

dnnks interests with the lake-1’ ._ »_= 

ii. _ tt rtV ,u.,„ n i rn i H1 „i over uf Cantrell and Cnchrane „ "'vT j“k „ ,n C,car tbal ,n i ls view the Fuel 

In?... h .„T i.Imv tn tGBi. following the Ls.S5iu. pur- n0 ^ lfie 1 d ? y . M * ,al ,^ os ' cosl adjustment clause should 6e 

Bui the commission makes it su addUionai increase^ will be] 
clear that in its view the fuel „ a , u s “ ad - Bul Barclays 

altan crisis 

ly’s ruling tlhrislian 
ihucrab: are resigned lo the 
inincnt full of the IS-monlb-oId 
nority 'Government, while a 

value of S”07ijn m 1977 against ta “i Prices from Metal Box and using tbe adjustment a? a nationalised industries sbou--» be 
$i.55bn. in 1976. Page 20 made.suggestions about how the camouflage for raising prices for left to conduct their negotiations 

' Bank did nnt make use of the 
I S profll safeguard when ns notified-1 
tion of a 135 per cent, increase in 
j. ns charges for money trans- 
missions for the nationalised in- 
v dustrles was blocked rhret? 
j months ago by ihe commission. 
r In its report on Barclays the 
is commission concluded 'hat the 
a nationalised industries shorn-' he i 

from 4 to 3 per teuti. while 
\VlHiam< and Glyn's rut ba^e 
role from 7| to Pi per cent, and 
deposit role rroni .1} to 3 per 
cent. The Co operative Bank 
also fell into line with the 
general move, u-liicli followed 
last Friday's l per ceut. reduc¬ 
tion hi I lie Bank «r England's 
minimum lending rale to K! per 

The news of the new tap 
slock issue brought a selbaek in 
(he gilt-edged market in late 
dealings^ and prices of long¬ 
dated slocks were slightly 
easier after hours. 

The stuck is £509m. of 3(1! 
per vent Exchequer stock 1993 
and is being issued al a price 
or £95 per ceni. This gives a 
flat yield of 10.79 per cent, and 
a return lo redemption of 10.9(1 
per cenL 

Like its recent predecessors, 
if is in partly-paid Torm. hut 
with a relatively In-ax y initial 
pay mem of £30. The rest is 
due on February 27. 

f in Mexi lurk 

analyst. energy policy rein:; ms »*:«• 

One ccasun fur this is that greatest obstacle m the way <«' 
there is wliai another analyst am sustained recovery uf tiie 
described as a feedback mechan- dollar. 

ism at work. Informed souil-i-s dr-nv «h-'t 

Now that the authorities have 'here had lavn any fri'-.i 
decided io use ilu* interest rate pressure un the Eur«joe.i.n* '» 
weapon lo defend ihe dollar the lake new reflaiionarx nicasu.-’< 
question xx-iueh arises is how ni * '“f Part n| Dr. Arthur Binnx. 
much higher the authurilies want jlw nulgrninc chairman of ih" 
interesr rales In .rise. Federal R ••serve, win* :? niak'n-.* 

One analyst suggested that tbe ^ ,s farewell appearance .muxrg 
Fed itself cunnni really be sure his Peers and colleague*; 
how high rates should rise until Michael Rlundt'n writes: The 
it can assess the success of its dollar gained ground against 
shift to higher rates on the price m*w» leading currencies in 
of the dollar on rhe foreign wider exchange markets >e»ier- 
exchangc markets. d »>‘- 

If the dollar docs m.t respond The increase in the U.S. di<- 
well, the Fed may have lo push count rate from 6 tod' percent, 
rates higher still. Hence the was welcomed hy Dr. utm.-r 
uncertainty in the markets. A Emminger. the president of tin* 
subsidiary concern is the impact West German Bundesbank, as i 
nr the move tu higher rates on very useful contribution tuxvmd-j 
the performance of ihe economy, releasing tensions on the forei.-n 
He actions to the bed move i.n e . vc hango market. 

ihe discount rale came early this „. ... .. 

morning with a majnr Chicago rhe do| h |r ro^e a-juu i tin- 
bank. First National Bank nf P'Jf.f'L 1 " DM„.NhD a .am-t 
Chicago, sell me the naci- m ful- DM_.l_5n tin J-riday. and ag:<u.-> 

informed souil-i-s 

morning with a majnr Chicago «ne ao.iar n ? e aca.^i in 

bank. First National Bank 'T 

Chicago, setting the pace in ful- riM-- 1 -? 5 rin hriday. and ag:<u._- 
lowing the Citibank prime rale «He Swiss fnij-i- to Sxv r rs "y 
increase. compared xvrih Stx.FrstLiMlnU. ti« 

In the money markets three- 'vade-weichti-d averaw i|e,.rvcv»- 
monih commercial paper, which li ,,n calculated h > Morgan 
had been trading Iasi vxcek Guaranty narrowed--fro, u J.yj r 
around 6.52 per cent., ruse ccn l. to 4.4u per cent, 
sharply lo 6.70 per cunt., ami in The pound also ft-li a-g.iin-1 tIi.? 

other two might improve opor- other reasons. 

I in-mill 
i»i*»iii ii- 

sti»lsb.»|j-.* — t.0Lsi- , *A>» 

1 Xj.i. lM i-mn. i.i.’.X» 1 i.Sd |.r»- ll.i'l nn’li'jl'A-l’U’ l-n-lll. 

I !•' 1 iO ft* ii I.W-HI 

the hnnd markets price* I ell. By dollar by 1.25 ceni* in 75. 
hue afternoon Treasury issues Bui it improved against uihi-r 
were down by as much as a point currencies to leave it* tudi- 
wiih curporofc long-ienii bund weighted index up a! fiS.s again:.t 




with the banks as -they thought 

issue- showing similar losse*. 

65.3 on Frida v. 

rezhnev Uf 

-Xeumd Brcrimcv. the 71->car- 
l-Soviet leader, has suffered a 
&Pkc nf tbe .ilu which fnrc«*d 
Mo ‘dmp public engageincuis 
ifuhr wetsk. Pagc 2 

Tbe absence "f any formal fit. So Barclays—along with the 
discretionary recommendations about prices in other clearing banks which have 

in the sura- these first three reports will be been waiting for the commis¬ 

sion has (he welcomed by industry - , which has sion's verdict—will he abt-.* to 

make formal been concerned aboui the wide Continued on Back Pa«c 

about pro- powers given fn the commission. ^onunoeo on rack ra 0 c 

uses. For this The three groups will be free to Details, Page 7 

inineot fall uf the IS-mo nib-old vmbkxihrf min’FRS will P° wcrs introduced in the sura- these first three reports will be been waiting for the commis 
norin-'Government, while a •.Ln in mer * the commission has fhe welcomed by industry - , which has sion’s verdict—will he Ii 

ek-erid nf politically motivated 1 „5,«Iwh but iiiinut anv pow * r oa,y t0 makc formal been »-’oncerned aboui the wide Continued on Back Pa«c 

;leucF has been followed by from Se inlSii recommendations about pro- powers given tn the commission. Lommueu on nacK ra B c 

■vitahic reprisals from ne*v d 'v'?^ 1M mav reV erse posed increases. For this The three groups will be free to Details, Page i 

*«* am iUf.-w.w-™.IWS 

u : 1? r TL Sainsbury joins the price war 

Little hope of 
10% pay target 

J. SAINSBURY is to fight Tescu weeks. 

Mr. Square 

May — just 

The Sainsbury- cubs, presented dropped tradiug stamps and cut 
“Discount 78.” are intended its prices hy about 5 per cent. 

-I U5He A © CBN PAY statistics show that with wide-ranging price cuts in- The Sainsbury- cuts, presented dropped trading stamps and cut 
UTOp K.1US *+ while a large number of workers the price war between super- as “Discount 78.” are imended its prices by about 5 per cent. 

- HuiJdin" workers were j IJ( vc si- tiled pay deals with in ihe markets; It is launching a new to be long-term discounts and across the board. But the com- 

—“£fi and five’seriously injured Government guidelines, abonl disdoiutt programme which marks will replace Sainsbury's usual pany was hit by a strike in its 

rii a lift ulunaed 100 foot dnwn gnnoo have won productivity a radical departure for a com- fortnightly price promotions, warehouses, and the plans were 

r? . . _ ' . . .... • .. __.... nanv thiuinx ..kunic n-in. uhi>4i nanpr^lk- r.ahii-A ihntit on J 



bers at Leyland Cars plants are chiding bread baked beans, always traded on relatively .low The company, which had already 
1„ set up joint action commit- margarine and’ detergents, by P e ^ margins, will need to increase cut its prices by around I per 
tecs to oppose any reorganisa- about 10 per cent. Some of the • lls ' v01 ' 111151e "V arounia 10 per cent. cent, since the summer, warned. 

■ ... - , Ders at L.eyi.iuu yiuma nuuny- -oreao, oaKca neana, 

*IiK damaged in set up joint action commit- margarine and detergents, by 
Rhade^b "*m«w -.i the l«* 10 oppose any reorganisa- about 10 per cent. Some of the 
E h U -Hmiftmi Dun involving reducUon or acU- reductions will reach la per cent. 

tevgx.fLn* «<*«« ” oi w* paec ? s? ssnssr srs?«i 

jbw is?. «rSL4“l? I tmum JtSS&'SS? - “ “ • ,wr ** e 

lo Sl u,f° an r t W Nhc1 . d ; ’- VJ ' m brown ANUTAW'JSE reports Ibe company also claimed that 
cr LWniiW ?rc .ax profits for the six months A^icute-.would mean that its 
; ^wt-nieiiibcr 30 up from £1.53m prices would be 1 to II- per cent. 

Vriurt a ^ ar ed at go,,,. n n roroover up to bolofw those of Tcsco. though 

^ T'O65m- (£i7.Sm.>; Page IS ■ moat of-the supermarket,croups 

reductions wilt reach la per cent. The programme, xmhtch comes however, that margins were 
The. company said yesterday that into effect th-day. 4s to be pro- under pressure, 

the cuts should save between moted heavily with an aggressive The tit mover figures implied 

3.and 3Lper cenL on no average advertising campaign. The com- lhat Sainshwr had managed in 

shopping basket. pany is expected to spend increase its snare of the overall 

... . . Ihe cduipany also claimed that £500.000 in the media over the grocery market desmte the Tescu 

ImH a IT profits for the s!x months! tbe ; : cuts-.would mean that its next three weeks alone.- initiative. But within this tola! 

In September 30 up from £l.S3m j prices would be 1 to li- per cent. Saiusbury has been testing'this increase va* a reduction in the 

nn turnover up to I below those of Tcscfr. though form of discounting in a few sale.* of thi* basic grocery_ items 

£i62m- on turnover u? - - -- - ... 

•r.jjjcR,,, f£i7.Sm,); Page IS • m oSt of-the supermarket croups selected stores for some months which Tesco was promoting so 

are.:likely to retaliate with new and had apparently considered heavily. 
iJOC>(> ROBINSON Group pro- P ric ® cuts - over the next few extending it tn alldts 200 stores Backgrotiml to price war. Page 7 

•efiy ... 

84 + 4 
311 + 5 



^ m PcnFe. unless* oUierxviko ^Inntnight 

g-j »££• ^ + ?» 1J 


, SS r ,i FALLS 

^•Lotobes-Marx 14+ + 4 . 

•W . ..• ?•’ + 5 Rcvcli-un . 

«*bup ImB-cUeJ-v"' 20 - •.*} <kirsl. Leisure . 

-^at fm.Biptrso £2fi i- 5 !J«W ,r . 

\V«lhy -jj-i - *1 IC.I . 

i r iBM Pron. :’.".” ’•«! -r 12 Miiilierrare . 

MwiiuAi*:.;; 92 + 4 ... 

•• * u; • - iio -r fi Hank Of%- •••••■•— 

9»ft St ^fiederoV" fis’ J 7 Kobrrl-vn Foods. 

g,fG, Pf tral - .5 i J R.llr-Arid nv. 

•• Biw 

i»q -u 4 l.*:»nco«tinettial . 

✓ M -i 4 ' lTkn-XVan>end ^ 


7» + S 
]S5 + 15 

European . news . 2 

American news .- 3 

Overseas news . 3 

World , trade news .; A 

Home news—general ... 6 & 7 
—labour . .9 

Growing concern about 
U.K.’s competitiveness . 16 
Society Tcwtay: The case or 
■ .Jttdfce-UlclUnnon ........ 17 

Canadian sleet indus+ry: 

. Cap Breton still pending 23 

Technical page .12 

Marketing . 13 

Arts page . 15 

Leader page. 16 

U.K. Companies ’. 18-21 

Mining . 20 


French politics: Marcbals 
hoists his culours . 2 

Latin American investment: 
Brazil's palp gamble. 4 

875 — <•! 
300 ~ 15 

AKwJatmcmx ’ _ u 

AwalMmemc^AOvu- 4 

Bad BAH n«pts> if.... > 

Cmimnl . H 

EMBrUbiBowt CuMe - 15 
rt-ArtuHn ipdica 26 

LoUMB - - __ . W 

Lu . .. 38 

Lomfakrd.... M 

Men awl Hauers 1. 16 

Money Market — 21 

Radas .—- 34 

Share Information — 26-24 

To-day^ Events • .. rt 

TV nd Radio. 

Unit Trusts ... . 

Weather . 

World Value «T £ 

Grown and Tame ... 22 
H4flS Robinson . .. U 

lntl. Companies.22-23 

Euromarkets . 22 

Wall .Street . 24 

Foreign Exchanges .24 

Farming, raw materials ... 35 

U.K, stock market . 26 

News analysis: The 1*0 
superannuation fund . 19 

Sainsbury's heavy barrage 
in the discount war . . 7 
Not all gloom In the pig 
industry . 23 

14 AKHIlAl statements 

2 Hmtwn Trim . » 

■21 Rcc*nl Rhfswasr. 20 

w * tfc ’’•Wrics . U 

Base Lending Rales 

For latest Share ituie/ 'phone ffJ-246 8026 

Its all part of the Knight Frank & Rutley service 

Knight Frank & Rutley 

L 20 Hanover Square London W1R 0AH 
Tiva Telephone 01-629 B171 Telex 265384 

Financial Times Tuesday January 10 197 & 


Andreotti Government is 
likely to collapse soon 


ROHE, Jan. 9. 

THE IMMINENT collapse of Sig. GiuJio AndreoUi's Govern- directly in Government unless 
Ha I v s lS-month-old minority nient has surivied in office since such a step was indicated clearly . 

government is now accepted both lhe clcctoralc “ new . 

. 1 ,. ua June 19*6. because of absten- elections, 

by the ruh Q B Christian Uons jn parliament by lhe Com- The countrv’s three trade - 

Democrats and the mam opposi- mU nists and by the other {much . coun “^ s * nee V . 
lion parties, including the Com- smaller i opposition parties. union confederations have ^ 

French Right feels confident 



JpAmS; Jan. 9. 

-■ "■> ■ 

• ■ >.■> 

country’s three 

The precise schedule But the Communists insist that a * rea ^ y agreed to postpone a fc?-'■ 

THE PARTIES o? the French the mayoralty or Paris and self a central figure in the. On the Deft, more preoccupied 
R—ht are hc-cominn increasingly European policy while the Left- campaign. This is the role the oyer the ‘weekend with if# own 

coalition seemed to bo Giregniien* want him to fuHU. rml war than with attacking 
confident that they will on cn j£| nJl toward^ an irresistible At thoxarte tune, however, he the Govern hi cut. toff programme 
the general elccJon victory in V i Ctor> .. said nothing which preempts the was peremptorily condemned. 

March which a year ago seemed M< Raymond Barre's week-end parties forming the majority M. Georges Marehais, the. Com- 
boneless. Over the week-end speech outlining **the Pro- from presenting their own pro- uuinlst leaner, described it a? 
French Press and television was gramme of Blois ” has been gramme, as the GauIUsts Intend nothing more than a prom wo of 
dominated bv the news of the assessed in the light of the Prime to do. , . , • . • aye Jpara of austerity which 

Prime Minister Raymond Barre’s Minister’s ambiguous position. On M. Barrc added to-day that the would bear exclusively on . work- 

Fr»r the cuuntry’s latest political this formula cannot continue, general strike later this month: 
crisis is expected to be deter- The y. charge that an alliance on against the Andreotti Govern- 
mined on Wedncsdav at a meet- PJ 1 *?** 3 reached with the merit's economic policies, on the - 

ing or the Christian Democrat’s hnnnuS? l3St July 15 basis that the present Admiiw- '■ 

governing council. In aS? cventf^tbov sav the stration is ®» of! 

The Communists, publicly at £ and weiafdifficulties collapse in any event. i 

aiu' rali». an* rontinmns tn nrm« economic aiiu social ujiacuiues r-u.i.i.-_ • 

s Doccb. at Blois in central toe one hand, M. Barre is the Blote Programme. „whea. fully mg people. 

France outlining the Govern- lender of the Government but at implemented On 1982) would - M. Francois Mitterrand, the 
merit’* election manifesto and bv the same time he has been cost Frs.22bn- a year , Socialist tauter, said that the 

rejected reports of the bitter denied by the Gaulllsts a fonaul Reactions were predictable- speech contained nothing mare 

* ■ . * > _ . _ _ • . _ i __ 1 U ) T ...» aii#vI Mr (no f h*in nAli 1 nf 0 VMtr.ll 

any rate, are continuing to press 

ffiP thnir inoliicinn in a nun- I3CII1I 

iZLJSalL “J ‘i *'flK S3, m 3 ^_ 

Christian Democrat spokes- 

Presidenf Valery Giscard 
d'Estaing: a difficult situa¬ 

warfare between the Communists' role as election leader of the BE. Jean LccinucL of the than a new scries, uf “sibjIJ, 

acd Socialists, which seems Government-supporting parlies. Centrists, has stressed his own promises, of the sort which 

Gnailv to have buried any hope it is generally felt that M. identity of political outlook with made up . the Government's 
of "their pre-electoral co- Barre has stamped his own-Ideas President Giscard d'Estaing and Ktanle diet; 
ooeranon. strongly enough on the pro- endorsed the programme warmly. • Overall expprwuurc for the 

Just a year z«u. in the run-up gramme—notably by his insist- A similar enthusiasm came.from city Paris mi 1975 has been rema¬ 
in jhe mu our pal elections, the ence on the pursuit of economic the GiscardierM, while the lively set air Fcs5.7bn.-Kin;• in. 

pmi'i , ni>ni>v invummont TViic menuoa ine icteui vuioreaK OI ;-- 7-— -- 

und°Sd1”h,v e ted P»UU.«> ««•« lh ' St !onJc, ITh 

in the recall to Washington for cre auon of an emergency sunt contact wiift representa-. 

consuUuS of the US government. lives of the main opposition; 

ambassadorloRome Mr Richard Such a formula is also being parties, including the Com-! 

Gardner” 1 R ’ M KJChard backed by both the Socialists and munists,- for the past sue weeks.) 

Government over the battle for powerfully enough to make him- prejudice: 

Council La-day. AP-DJ reports. 

Gardner ’ backed by both the Socialists and munists, for the past six weeks, j V 

The Christian Democrat leader- small, but influential. Repub- but so tar have not reached t * 
ship hoSr wS SUir face Dean Party. Yet Prime Minister agreement either on a new; F 
new elections' £n eSafe Ihl Andreotti us known to have governing formula for Italy, ori Sf 
Communists' long-cherished pro- bave reflected the prevailing on material alterations to the; F : 
posal for the so-called “com- mood within Christian Democrat proposed 1978 Budget which the 1 ^ . 
promesso storico,” or grand ranks when he said recently that Government itself has already! 
alliance in government of all there could be no question of modified once under pressure) •, 

Marchais hoists his colours 


Italy's democratic parties. 


Communists from the trade unions. 

Emergency meeting on violence 


ROME, Jan. 9. 

ROME’S City Council was hold- after a weekend of violence This latest,burst of violence 1 
ing emergency talks to nig ht which particularly hit Rome has been condemned by the] 

followin'* an ecraiaiinn nf where two young neo-Fascists country's political forces who are 

were shot dead by Left-wing attempting to reach a political 

politicalH ' hiottvated violence extremists late on Saturday compromise to avoid early elec- 

hcre in the last 48 hours. A night. tions as a result of a Government 

This latest,burst of violence; 

tiorn as a result of a Government 

Italian standards inevitable wave Throughout the last 12 months! 

politicalH - motivated violence extremists late on Saturday compromise to avoid early elec- 

hcre in the last 48 hours. A night. tions as a result of a Government 

Government crisis now appears In the subsequent and. by crisis. 

la be imminent. Italian standards inevitable wave Throughout the last 12 months 

The Waver of Rome elected on of re P risa,s - another nea-Fasoist there has been a sinister under- 

iSf SI r!.S youth, died after having been current of violence in the 

lhe Communist list, Si„. Giulto s j, ot j D ^ f ore bead by a police country' which appears to have 

Carlo Argan, described the city officer. A Left-wing youth was systematically, erupted at times 

as “ Italy s capital oF violence.’ also in a desperate condition of pronounced political in- 

M. Francois Mitterrand: no 
second fiddler. 

THE FRENCH POLITICAL which will, in most cases, wife have to obtain substantially second fiddle to the Gaullists t> 

picture has been unexpectedly draw in each other’s favour ill more than &l per cent of «hc ahy Government. 

L'fa’ified bv an unC-oically frank the run-off. national vole to udn a majority Indeed. It is doubtful whether 

soUev statement bv the Common- It is true that M. Marchais has of the seats in the National in spite uf all the disappoint 

1st leader M Georges Marchais not- slammed the door -com-'-AssemUy. All the indications are mente which Jm has suffered at 

with only some 60 days to go pleteiy on an eleventh-hour that, if the Left fails to forge toe hands ofton Communists, 
u mii the’"enera! election. Left-wing alliance. But the *n electoral pact an time-for the M- Mitterrand w-uuld agree to 

. " _ ,. .. ., . chink he has left is so small that rtra-off, <tliu coalition parties will serve at all tn a Government to- 

Rtpaing off toe veils which ^ ^ inos ^ unlikely to again win a substantia] majority' eluding the. present coalition 

have shrouded tnc Communist materialise. The Communists of Assembly seats. A recent partners, unless rt»e_ Socialist j 
Party s motives ever since the have get themselves a target of poll published by the news v f ere j" a really dominant post, 
breakdown of the negotiations 25 per cent, of the national vote, magazine Le poini even suggests thin-. If he allowed hinaetf in 
with its left-wing partners last be templed by such a solution; 

with its left-wing partners last 

of reprisals, another neo-Fasoist there has been a sinister under- \ 
youth, died after having been current of violence in the j 

September, II. Marchais effec¬ 
tively put an end to all the 
speculation about his Party’s 
reasons far scuttling the Alliance 
of the Left. He made it clear at 
a national conference of the 

as ■■ Italy's capital of violence.’ 

Party last week-end that the Com¬ 
munists’ main concern was not 
so much the content of the 

While M. Marchais has not slammed the door 
completely on an eleventh-hour left-wing 
allianee, the chink he has left is so small the pact 
is most unlikely to materialise. 

the Socialists would lose much 

of their credibility as u genuine Jff (j i 
Icfr-wing force'and'.the Cota- ri * 1 

mnnlsts would become the nat¬ 
ural repository of frustrated led* 
wing aspirations- in ’too-eounhy. 
That is clearly what M. Marchais 
hopes will happen. 

Assuming that he Is not pro* 

pronounced political 

He claimed that there was a con- after being stabbed by a Right- stability. On toe front Line, gangs j 


curled attempt by a small fringe jving gang. of youths are seemingly 1 

erf political extremists to disrupt j n jjapips, terrorists rioted to manoeuvred by what the authori -1 
the democratic structures of the a [.heatre last night during a per- ties, and Indeed the opposition j 
country. formance causing serious damage parties, regard here as a; 

country. formance causing serious damage parties, regard h 

Terrorist attacks continued and panic. In Rome,'cars aod deliberate policy of 
throughout the country to-day rarions buildings were wrecked, destabilisation.” 

here as a 
f “organised 

Common Programme of the Left, 0?ly if they achieve ^ a result that the Gmernment pariUs sCn ted with a complete parlla- 
on which the parties of the Left within about two perceotoge would wm trttire than *.r0 scats, mentary stalemate.' It Is, there* 
remain deeply divided, as the PQ*ots of this figure would toey against -00 for too Left- fore, quite possible that presk 

power relationship between the have t second,^ thought s ^ about. t j t is ) 00 kiug increasingly tin- dent Giscard d’Estaing . will 
Cnoi-aticr nnri Communist patching up their quarrel witn .tsuajy. ih(«refnre. ith:fct Franco will ssmin find himself m a nosition 

Brezhnev reported unwell again! 


Socialist and Communist patching up their quarrel wtb iikely therefore, -thitt Franco will again find himself in a position 
narties. the SociaU *“' , . . have a homogenous Lett wine of inaviftg to make do with a 

rvir. rnmmiinitN would be The . u ? llkcl, hood of such a Goveminent after the general Government made up of the Pte*. 
nrlSfrPf* ^ov^iSnent of score is eloquently underlined by eiecnion. But the ivtad colour end sent coalition parties. Including, 

prepared to join a O overament or the ner ce n taee S obtained by the MmnncihAn „r >h» c n vivni nu .ni nitinbu- lhe Gimllists. The Presk 

fh?i37 nni-' if 'hPir £h««aih tbe P erc ? nta 8 ° s obtained by the composition of lhe Government nutably. toe Gaullists. ThePresk 

Communist Party in parliameo- gtm remains most doubtful, par- dent would certainly like to flag 

. . _ _ __. l \rfuuiuiuwioi q Mw mvw- rt*mj ns niusi aOUIHlllJ. uilr- UL'Ul wuuiu vYiiaiiiij »»i»v iv n«u 

*or t ^eS.“ I, to 5 s^d^o 1 to toe tary clecli0I ? s over *$*' kf'* ttariarly Since, under the French the change# within the political 

and ye®r»—a little more than IS per constitution. 4hc President has limits he has set himself, but: 


MOSCOW, Jan. 9. 

MR. LEONID BREZHNEV, the Vasilevsky. Semi-official Snviet of formerly Japanese islands now 
Soviet le’ader. has suffered a sources said at the time that he held by the Soviet Union. Tbe 

relapse of the influenza which was ill with ’flu, which has been day's meetings ended with do 

kept him out of public view for sweeping Moscow in recent progress towards agreement on 
four weeks. The recurrence has weeks this most sensitive issue in 

forced him to caned a scheduled * Xh „ atmosphere of the Soviet- Soviet-Japanese relations, 
meeting with Mr. Sunao Sonoda, JaDanese laIks has ^ ca fi00d s0 The islands, which are located, 
too Japanese Foreign Minister. Japanese talw has been good, so off the norl h e rn coast of 
r -j *». * m ^ n . ot tbop8ht tha J JJ r Hokkaido, were occupied by the 

Japanese sources said that Mr. Brezhnevs meeting with Mr. soviet Union at toe end of the 

Andrei Gromyko, the Soviet Sonoda had been cancelled for Second World War aod Japan 
Foreign Minister, told Mr. political reasons. although has refused to conclude a formal 
Sonoda that Mr- Brezhnev foreign residents of Moscow have peace treaty with the Soviet 
suffered the relapse after presid- seen what they assumed to be Union until they are returned. ! 
ing at a Kremlin medal presenta- Mr. Brezhnev’s limousine and j apaQese sources said that in 
tion on Thursday. The ceremony escort entering the Kremlin on th talbs t(M j ay t h e Soviet side 
w as Mr. Brezhnev s first public Friday and to-day. indicating that toat Japan sign a 

appearance in four weeks. He the Soviet leader may he at work. - g aod neighbour” treaty of co- 
had not been seen in public since During his talks with Mr. operation with the Soviet Union. 

:>• V 

>L Georges Marchais: an 
end to speculation. 

. _. _ . -i . .... 1 jwr ** ••■wav ** ** * * * CVUldw\U( ljU. 411P ricaUTClll tuda liuuu> u\: uiaj* uui, 

Socialists as equal partnera and cent in 195S, 21.S per cent In the power 10 choose whom -he may well be prevented from to 

nthilSS thJv 1962, 22 ’ 46 - P er n S nt * * n 20 Ekes as Prime Minister. At toe ing so by the election reairits. ; 

policy-making. Otoerwise, they per cent _ in 1968 and 2LS per same time, the President, Valery The scenario of a Government' 

■A-ouId^remain in opposition and centjn the last general election Oiscard d'Estaing. necessarily victory, which must now he etae 

tnus avoid lhe in 1973. Moreover, toe Soaatott has to take into account- tin sldered the most plausible of all 

taminaUon of policy comprora p arty has gone fromstrength p^Jitical composition of Pari La- the various alternatives, is based 1 

ises with the Socialists and left- l0 strength in the last five years on wWc * in-spite of its.on the assumption that there 
wing Radicals. or so and is much more likefy great]y reduced powerTunderthe will be no last minute rift t» -ij{ J 

The strength of the Commun- to tyin the support of a sizeable Fifth Republic, he depends to the coalition camp. After ull the * 

appearing ill 00 December 8 at Gromyko. Mr. Sonoda raised the The Japanese position, however. 

the funeral of Marshal Alexander question of the status of a string was that neither type of treaty 

_could be considered until a peace 

tTeaty was negotiated. 

I I’ 

1 K'.- 

New Cyprus peace moves j3sffi£-5cS 

question " during the talks but 
BY METIN MUNIR ANKARA, Jan. 9. * hat ^ Sovi ® 1 side said its posi- 

turn was unchanged. The Cora- 

THE 1NTERCOMMUNAL peace negotiate in a meaningful way. niunist Party newspaper Pravda 
talks in Cyprus, suspended since the substance of the problem— said on Saturday that the tem- 
Jasl April, could resume next the territorial and the constitu- tonal issue bad " long since 
month or at- the beginning of tional aspects. It is my impres- ceased to exist-” 

March. Dr. Kurt Waldheim, UN sion that Prime Minister Ecevit In spite of the long-standing 
Secretary General, said here to- is ready to do this. That is disagreement over the islands, 

day, at the end of his talks with what encourages me." the talks were said to have gone 

Turkish leaders. Dr. Waldheim will visit “smoothly ” and in a "very' 

On a three-day official visit to Nicosia and Athens later this friendly atmosphere." It was 
Turkey. Dr. Waldheim ta-day month. He leaves Turkey for agreed to consider tbe linked 
conferred for nearly three hours Iran to-morrow. questions of a Soviet-Japanese 

with Mr. Bulent Ecevit, the new It is believed that Mr. Ecevit peacy treaty and a solution to 

Turkish Prime Minister, and is prepared to make territorial the territorial dispute some time . 

Professor G.unduz Okcun his concessions to the Greeks if they in the future. BY FAY GJESTER OSLO, Jan. ». 

Foreign Minister. accept the transformation of Mr. Sonoda will continue toe 

“ t got the impression that Cyprus into a bi-regional, talks to-morrow and may meet a FUTURE North Sea blow-out anchor of a ship whose^ captain 
there is a difference and a new sovereign, independent and non- with Mr. Alexei Kosygin, the a p i a tf or ci on which drill- was using a 14-year-old chart, 

interest in coining out with a aligned federal State. Soviet Premier. The Ministerial- iT1 „ __ rt w „ rP hpimz- he said. Norpipe reckoned that 

more concrete approach to the Reuter adds from Nicosia: Mr. level talks have taken place on s if the line was seriously hit, and 

Cyprus problem." he said at a Ecevit had a half-hour telephone an annual basis in the past but cametl out simultaneously couta gj veQ unfavourable circum- 

news conference afterwards. conversation to-day with Turkish- were not held last year in the le*d to a spoil oearly 10 times stances, as much as 6,000 tonnes 

“ The difficulty we had in the Cypriot leader RauF Denktash aftermath of the dismantling on as large as that experienced of oil could be released in only 

past was that we couldn't get about toe Cyprus situation, toe Japanese soil of a top-secret during last year's Ekoflsk Bravo six hours. 

down in substantive negotiations, official Turkish-Cypriot Bayrak MIG-25 jet flown there by e blow-out acconline tn Mr Tore- * The cost and inflation Drob- 

We were not able to settle, or Radio said to-night defecting Soviet pilot 10 nmE 8 m. ntaSSm NurSS??^SoSomv 

M, Jacques Chirac: proud 
and ambitious. 

ist Party will be tested in toe section of toe Coumnjnist elee- pass his legislation. hitler quarrels helween the 

■ ' first round of the election, when torate this time than it did in Socialists and C-.ui GauUtoto and their parmeKL.ta 

(SiM... . only those candidates polling toe recent past. ••• nLwtoemer^asthe nothing • of toe personal 

, more than 50 per cent of toe Even if the two main parties st ronnLv 0 mrHammforv rivalry between President Cto- 

total vole in any constituency are 0 r the Left remain divided, how- «ro lun from toe eliition^PreJi cartl d’Estaing and M. ChifacAe 
■ ■. V-- elected outrighL If. as toe latest ever, toe election could still be iill ha climate on the right of . G» 

. ..■*• > V • public opinion polls indicate, the dose. The most recent public jJSh ^ difficult S sihriHnn^ poetical spectrum has bMfr 

' '-VY ' Communists obtain no more than O pi ni on poU indicates that, to “SS? i relatively serene reconUy.-;.,. 

■ Bv-'* • 21 P er c ent tiie national vote the first round at least, 50-51 j>er “..f .“ y P? SfSSifiSfJSiiT But lhe seeds of dwiwfowfc 
-gV"'.-. in toe first balloL they will not cent, of the electorate intends still verv lunch there amt corit 

be prepared to make an electoral to vote for toe parties of the easily cause a major row atshfltt 

i .TO| pact with the Socialists in toe Left and no more than 45 to 47 lion. lacluding toe Social* tJaulfisti, while UtfJ 

' / run-off on March 19, In which per cent for the coalition parties.- 1SU ^ .subscribed tn an anodyne cnaH* 

Jr i'.'|Tjp only the leading candidates in But' the first v round is An appointment of M. Francois tlon manifesto which is-notfelng 
^ the first round remain to fight it habitually an occasion on which Mitterrand, toe Socialist leader,- more than a list of general 

• * .‘ig 4 'i out in the constituency._the voters express their fuada- a$ Pnine. Minister, if the Gaul- principles, are less than pkjased 

>»* This means in practice toat mental preferences vritixMit too ti sts ^nrougniythe same num- by the initiative taken by M. 

- • toe Communists would nor stand muoh thought for the final her of National Assembly seats Raymond Barre. the Prime 

down automatically in favour of result. When faced with a as Socialists and thus, re- Minister, when he presented^ b 
a Socialist or left-wing Radical decisive choice in the run-off, main the strongest representa- Government election progtanuw 

V should toe latter emerge as the the fear of radical change nor- tives of too present coalition, on behalf of all the coalition 

\ leading flag-bearer of the Left raaUy leads a substarvtiai num- would no doubt, be unacceptable partners. They are due « 

in the first round. In other ber of voters to have second to the proud and ambitious Gant- present their own. party pm 

:.v«v.r ■. wards, toe Left would go into the thoughts. list leader M. Jacques Chirac, gramme shortly, 'and spa/fel], 

— •• divided, so greatly Moreover, the prerent con- On the other hand. It appears could still fly between K. CiiWfv 


* j/.'*’ j'* 


* %&&*•'** 

list leader M. Jacques Chirac, gramme shortly, and sparfttyiij 
On the other hand. It appears could still fly between Bf. Cfiiwqll 

strengthening toe prospects of statueocy boundaries do not out of the question that the and M. Barre as the - deeds ■ 

the Government coalition parties, favour the Left, vitoich would Socialists would agree to play campaign progresses. 

Norway warning on risk 
of North Sea blow-out 

Gierek plans 
gradual rise 
in food prices 

Belgium’s petrol workers 
to strike for less hours > 


OSLO, Jan. 9. 


By Christopher Bobinski 


More resignation calls in Poullain affair 


BONN, Jan, 9. 


pany which has gone into liquida¬ 

tor local State Government has These two parties also make tion. It has also been revealed threaten marine life. 

Jarl Christensen. Norway's lems p lag uing Norway's economy 
Deputy Minister of the Environ- were spotlighted-in a recent con- 
menL fidential report by OECD econo- 

Under the worst circumstances, mists, lhe Oslo Aftenposten 
be told a seminar at Trondheim, newspaper revealed to-day. 
a blow-out from such a platform The report, intended only as 
could release as much as 20,000 internal Information for tbe 
tonnes per day into the sea—an organisation’s officials, said Nor- 
araount which could ' seriously wegian industry’s production 

-costs had risen much faster than 
tbe those of competing countries. 

catalogue all mishaps with risen to more than 14 per cent. 
North Sea pipelines—leaks, of the GNP—a higher proportion 
damage caused by trawlers, ships than in any other OECD country. 

erupted in the wake of toe resig- up the Federal Government in toat Professor Halstenberg had Another speaker urged tbe those of competing countries, 

nation before Christmas or Herr Bonn. The last thing the federal indications’ of the connection creation, by North Sea countries, and pointed out that last year’s 

Ludwig Poullain, Chief Execu- leadership wants is a provincial some two months before Herr of a'data bank which would balance of-payments deficit had 

live of the Westdeutschc Landes- row at the start of a year which Poullain’s re-election on Decern- catalogue all mishaps with risen to more than 14 per cent, 

bank Gironzentrale (West LBt. will see four important State her 2 as Chief-Executive of the North Sea pipelines—leaks, of the GNP—a higher proportion 

Immediately at issue is the elections in West Germany. bank. damage caused by trawlers, ships than in any other OECD country, 

position of the Finance Minister In his resignation statement on The Minister’s critics maintain dropping anchor and so forth. On prices, it said, the expecta- 
uf toe State of North Rhine- December 23, Herr Poullain said toat he should have passed on Mr. Rasmus Games, safety officer tion of oil wealth had probably 

Westnbalia. Professor Friedrich he had been accused of taking this information to his Cabinet with Norpipe, which owns the stimulated Norwegian workers’ 

Halstenberg, who is also a mem- an advisory post to the detriment colleagues and to the administni- Ekofisk/Teessidc and Ekofisk/ wage demands, making it hard 

ber of the bank's supervisory oT the bank. He was sure bis tive council of the bank. The Emden lines, said that such a for policymakers to curb tbe 

Board. activities did not run counter to West LB acts as central bank for data bank would increase safety wage/price spiraL 

Professor Halstenberg is his responsibilities to West LB, North Rhine-Westphalia and the and contribute to the improve- Aftenposten says the report— 

coming under increasing but be was stepping down while State has a substantial stake in it. ment of pipeline technology. At which contains some criticism of 

pressure lo step down, not only the matter was cleared up so Professor Halstenberg has present, oil companies were toe Government’s economic 

from tbe opposition .Christian that the bank’s image would not strongly defended bis actions and under no obligation to report policies—-was not shown to Nor- 

Democrats in the State Parlia- suffer. is supported by the State Prime leaks or damage to the respective wegian Government representa- 

ment but also from members of It has since emerged that Minister, Herr Heinz Kuehn. But governments. tives. before it was circulated 

the Government parties, the Herr Poullain acted as a paid that of itself has not removed The Teesside lipe has already within the organisation, early 

Social Democrats (SPD) and consultant to a property com- the pressure from party r anks. been sligbtiv damaged by tbe last month. 

7 ^ — THE 5.000 WORKERS in stage a .protest strike on JaQBK 

WARSAW, Jan. 9. Belgium’s petroleum industry 17. ... • 

RISES IN the prices of basic have given notice that they will They cited their discri$a 
foods—an issue which has go on strike from January- 17, with competition from .tfceiil 
provoked workers* riots and unless’their-demand for a snorter petrol companies in the WWM 
demonstrations twee In toe working week is met by ton price cutting and various 
last eight years—will not he employers. gimmicks. sj/y 1 

introduced in Poland for some The step came after Mr. Guy U the Government does : ^» 9 ' 
time at least. Spitaels, toe Belgian- .Labour-step, in to settle the dispute 1 

This Is the conclusion to he Minister, made it clear on Friday will be the first major inaosOT 
drawn from a keynote speech that the Government would not disturbance since a serietf j 
delivered by Mr. Edward intervene at this stage. national strikes launched J* 

Gierek. the Polish Communist The petroleum refining com- spring against v the ecooto 
Party leader, to. lhe 1,800 dele- panics have refused the union’s policies of the first coalition ®! . 
gates at tbe second Party demand for a 36-hour week in, eminent of Prime Minister ‘1*'. :. 
Conference meeting here renewing their old contract which Tindemans. ~ 

. „ . .. rf ... ran out on December 3L The Demands for a 36-hour wotto . 

. 1 r wll J employers have also rejected a week have been strongly pwto < _ • 

solve the problem of basic food compromise, supported by the' particularly ' by the SodiU 
prices gradually as the neces- Government, for a reduction of FGTB trade union federation. / . 
SSiS! 2 . nom !l an |j Pf° dacti ott weekly working hours in this a means of sharing out more** 
tX? sect 5 r *£ SSESf* July and to 38 among Belgium's 300,000 ^ 

This means that U bas been by October 1979. . . employed. 

articles a^Dresent Unhurt Shortly after the strike But tho employers’ federt* 
SS* HkL OZFLin *S2 2 nd Mtoist^s, regard * 

Industry Workers' Union, the drastic cut In tbe present *, 
encash to ewmr* i todependent petrol retaitere_and hour working week as imp® ; 

This means that U bas been 
decided that the price of 
articles at present in short 
supply, like meat, will only go 
up when production is large 

sunnlles. 0 aequate gar age pump assistants decided unacceptable ^extra costs. on« . 

Mr. Gierek did say that a t0 5upip on ^ bandwa e° n hhd panies for no gain in product^ 

governments. tives. before it was circulated 

The Teesside lipe bas already within the organisation, early 
been slightly damaged by tbe last month. 

Bonn protest at East German ban on Spiegel journalist 


BONN, Jan. 9. 

WEST GERMANY to-day com- which was published by Der setting out the conditions of the Spicgal affair and believed Berlin would only be solved with 

plained Vo the East Germans s Pj®E el to-day. work For journalists on each there was a chance the matter the East Germans when accords 

over their refusal to allow the ‘be manifesto criticises the other's territory. would be solved before long. on the same issues had been 

.... th* u, mh „r„ East German leadership for. But Herr Gaus also noted that He listed areas where progress reached with Moscow. In this 

m.u reporter me nam among other things, nepotism he had discussed other ques- had already been made in talks connection. West Germany hopes 

magazine. Der bpiegei, into fcasi aQ( j corruption. East Berlin has tions. To-morrow he would con- with East Berlin and said he for progress during the visit to 
Berlin 10 take up his duties. reacted to the publication by tinue talks on a veterinary expected more this year. He Bonn of the Soviet President, 
At the same time there are banning for tbe moment, the accord with East Germany and noted that Bonn and East Berlin Leonid Brezhnev. This visit has 
clear Indications that the Bonn new Spiegel correspondent Herr on January 20 would have dls- were not engaged in a. dialogue been expected for well over a 
government is anxious to avoid Karl Heinz Vater, and by criticis- cussions on further construction merely over technical issues and year. 

any further escalation of critic- ing the work of toe correspond- of a cross-border section of the went out uf his way to stress 0 East Germany bas arrested 
ism which could set back tbe ent of the second West German autobahn network. matters where the two sides had West Berlin city official Mr, 

touch but mutually valuable dia- TV channel in East Germany. The. moderate tone of his re- a common concern and objective. Guenter Weinbold as a spy, the 
iugue between the two German Herr Dirk Sager. marks coincided with that The overall impression left by official Communist news agency 

elates. ' West Germany’s Permanent adopted this week-end by Herr his remarks is that East and ADN said here to-day, reports 

In particular, government affl- Representative in East Berlin. Hans Jeurgen Wlschnewski, West Germany are rather closer Reuter. 

In particular, government affl- Representative in East Berlin. Hans Jeurgen Wischnewskl, West Germany are rather closer Reuter, 
iiils remain unwilling to com- Herr Gaus told toe Hast Ger- Minister of State at toe Bonn On several disputed issues than The agency said Herr Weiu- 

meni directly on the authen- mans to-day toat their conduct Chancellery - and a central figure is often supposed—and toat the hold, who was arrested on 

ticjtv of 'the manifesto bv an did not conform with the ex- in East-West German relations. latest incident is an aberration Sunday, had been an agent of 

allowed croup of East German change .of letters of 1972 Herr Wischnewskl said it was Herr Wlschnowski did say that the West German' intelligence 

dissidents a further extract of between the two governments, wrong to speak of a crisis, over certain problems involving West service (BND) for many years. 

committee set up to look at toe 
problem of prices, after demon¬ 
strations in 1976 forced the 
Government to rescind pro¬ 
posed increases, had reported 
to the party conference on the 
disproportion between prices 
of food and those of durable 
consumer goods. 

It also reported on the dis¬ 
parity between toe costs of 
food production and the food 
in. the shops. Food price sub¬ 
sidies will cost the govern¬ 
ment Z126bn, In 1978. 

But Mr. Gierek stressed that 
the ~ growth of agricultural 
production is the main issue ” 
when considering tbe prices 

He also underlined that the 
results of a partial decentrali¬ 
sation of economic decision 
making Introduced in five 
Industrial ministries last year 
“ encouraged farther introduc¬ 
tion of the system in oilier 

Mr. Gierek reiterated bis 
long-standing commitment to 
consult with the population, 
but Classified human rights 
groups as ** inspired and 
assisted by anti-socialist 
forces from abroad.” 

Another conciliatory note 
was his statement on good 
relations between Church and 
Slate “which consist of co¬ 
operation to achieve great 
national aims.” 

Britain attacked on EEC 


DIL. .GARRET FitzGerald, the of. the majority of the 
former Irish -Foreign Minister, Parliament for further. 

claimed yesterday that Britain’s ment of' the Community, \ 
approach to the Common Market negative British approach^*, 
had a depressing effect-, on .the had a powerful - and deprW* 
Community, ffe accused the effect on tbe whole Comma®? 
British of persistently dragging Dr.. FitzGerald, who leads.- 
their feet on closer economic and land's Floe Gael party, ?’ 
political co-operation since speaking at a lunch in Cork, 
joining the EEC. said the major countries .ffl} 

Dr. FitzGerald.-who won high EEC. not only Britain 
respect for his commitment, to. France, but .also West Gen« 
Europe when his party wax in had-been tmahlo w gras?}; 
office in Dublin, said: “ Britain truth that the combined on 
bas set up a series of - road of - the members in ta» 
blocks in the way of further pro- economic problems were 0 
gress in this direction.. _ effective than the total of 1 
“Given the lack of-enthusiasm nine separate'’efforts. 

Early SALT agreement forecast 


U.S. AND SOVIET nuclear statement released here tlwj 
weapons negotiators to-day pee- expects d .SALT n .treaty V 1 , 
dieted an early agreement at toe r °^ 
second round of strategic arms . 

limitation talks. SALT II teWv j 

■ . . . - said: " Prospects .are fatri? J 

BIT. Paul Wamke, director nf for bringing these nCROl"’ 
the U.S. Arms Control and dis- to. a successful. Conclusion^ 
armament Agency, said • in a UPI - . • V' 


!• • 

»S.V •; 

\ »*fm 

. i*jr> 

4 • 

* 1 ! . 


Mi 1 


t • 1 

Financial Times Tuesday January .10.1978 


on energy 
use if Bill remains stalled 


DR. JAMES Schiesinger, the j For his part, Dr. SchJesinger in?ion before then and may 
■ Energy . Secretary, has declined to speculate on what informally test the waters for 
warned that-President Carter is sort of controls the President the possibility of a new compro- 
Teady to .impose curbs on the might have recourse to., The mike. ' 
consumption of energy, if Con-Administration's preference re- 'The Administration is also 
gress should fail to pass . .the. mains that' Congress . pass the receiving some assistance in Us I 
dead-locked Energy .Bill. -Energy. Bill, and there were drive for energy action by ' 

Growth of 
4-5% in 

These, comipents. made on the cleaP signs over the week-end newly-designated chairman of 

eve of a week-long trip to t ^ lat greater Efforts to break the the Federal Reserve Board. Mr. 

Morocco and. Saudi Arabia, dead-lock*are being made. G. William Miller, 
which Dr. Schfesinger was 10 P 1 * SchJesinger. flew out to in an interview with a U.5. 
begin to-day, reflect a height- iCahfonua to confer with magazine, out to-day. Mr. Miller 
ened awareness in Washington ?* M ^r Henry Jackson of Wash- spoke of the need for an energy 
Of the need for action on the jugton, .and reported-that ihe policy and of the dangers of a 

energy front in. order to stop Senator had promised a wholly failure to produce one "If the 

further erosion of the value of n ® w t0 oue of the dollar continues to decline,*’ he 

the dollar. two critical impasses—the pne- said. “the oll^produring conn- 

Mr. Jody Powell, the Presides n T atT i ral *«*■ r L tries, which now price their oil 

tial Press Secretary, said lasfc Mr I- Jachson l ;le — e * 2 f the in dollars, will want to switch 
night, after a meeting between I? nators ,n the. joint Senate- to same other currency, and 
Mr. Carterand^Dr^SchleBlnBer ? ouse conference. committee, that would . hurt the U.S. 
that every 'foreign leader whom **2® - so - far mamtata ed that the tremendously." 
the President had met in his administration's .proposals* are Describing the dollar as 
recent ?oS5£i toor“ad Raised onerous to the oil and gas •■undervalued." Mr. Miller 
the probfiS U.s; energy■ “ ,IM * ustiy - He . is u also ^ own be asserted that U25. policy 
sumption “ and it was alwav* In unl)a PPy various other should be directed toward get- 

connection with their conewn of the draft legislation, ting the exchange rate for the 

XSSttta Soe of tte UJ5 , P 7 - Schlesinger. nonetheless. dollar back up to more 
dollar" he added U . feit obligetTlowarn that it would realistic levels." Endorsing the 

-Tii... «e unwise to expect a dramatic steps taken last week to support 

u P° ersta ndi even if breakthrough too early, saying the dollar, he said that U.S. 
people in this country appear that it was very, difficult to see should reduce its deficit by im- 
«. 5 0w e” Congress producing final legisla- plementing an energy polity, by 

saia. that .the decline in the tioq before March. The confer- insisting on “a fair trade." and 
value of the dollar is directly ence committee is not due to by generally creating a climate 
related to our inability, so far, reconvene ’ rintil January 23, of confidence, “so that we.can 
to get control of our energy ■ although some .of. its important continue to have an inflow of 
appetites." members will be back in Wash- foreign capital.? 

Petrol prices start to decline 

By Our Own Correspondent 
THE U.S. gross national product 
will grow by between 4 and 5 per 
cent, in real terms this year, 
the i according to the Commerce 


NEW YORK. Jan. 9. 

Department's annual - industrial 


This overall forecast is m line 
with others issued by the 
Administration. The Department 
suggests that the rate of growth 
will taper off in the course of 
the year as social security and 
other higher taxes take effect 
but- it acknowledges that its 
calculations do not include the 
impact of the tax cute which 
President Carter is due to unveil 
shortly, which would, of course,-] 
militate in the other direction. 

The survey also predicts 
similar G per cent, rate of infia 
tion this year, compared with 
last, some slight reduction 
unemployment to about 8-5 per 
cent- from the current 7 per cent, 
(but this also assumes no change 
In federal fiscal policies) 
"significant growth ' 1 jn'business 
fixed investment and. on the 
darker side, a trade deficit in 
197S comparable to the estimated 
S27bn. {fcficit of last year. 

However, two other indepen 
dent surveys suggest that public 
attitudes towards the perform 
ance of the economy are less 

A Conference Board canvass 
of leading corporate executives 
found a marked drop in con 
fidence. Its measure of business 
confidence, based on a scale of 
0-100. fell 1c 52 in the final 
quurter of Last year, compared 
with 59 and 71 in the two pre¬ 
ceding quarters. 

The widely-respected Univer¬ 
sity of Michigan Survey Research 
Centre also discerned a decline 
in consumer confidence in its 
last canvass, taken in November 
and December. The drop in con 
fidence was widespread across 
economic groups, but with the 
less-wealthy feeling Jess confi¬ 
dent than lhe better-off. 

Reuter adds: The department 
forecasts that some ‘industries 
will have substantial gains during 

PETROL PRICES have started to sumption. On most estimates, factor depressing the prices 
decline in the U.§. over the past, demand in 1977 has risen by no heing charged by some refiners, 
few weeks, partially as a result more than 2-3 per cent compared The producers have to justify 
of slackening demand and-high with 4-5 per cent- throughout their prires-each month and are 
refinery stocks. 1- „ most erf this ' decade.' This either allowed to pas on higher 

Gulf.Oil announce da.t the end smaiier-tfaan-expected increase in crude oil costs immediately or to 
of last, week that it was cutting the market first pat pressure on “bank" them for use at some 
its prices on all grades of petrol prices in the. summer wben future dater # 
by a penny A - gallon throughout refiners launched a round of Some analysts are suggesting 
most of .the epuntry. This foi- price cutting in .an attempt to that these reserved price in- 
lowed'similar cuts during Decern- move steadily, increasing stocks, creases have been exhausted by 
ber by Shell; Texaco, Exxon and For the week ending - December a number of refiners and that 
Standard Oil .of California. 23. petrol stock, stood at 248:8m. they are having corresponding 

Demand for petrol traditionally barrels, compared-.with 226.7m. difficulty justifying price levels, 
levels off at this, time of the year for the equivalent period in 1976. At the moment, however, this 
but this softening in the market The intricacies of the Federal is speculation, because neither 

is coming at a tune of histori- Government’s price' control the Department of Energy nor JhTvM^Hke'aeroroaM^rowinfe 
calfy low growth in-petrol con- system is also believed to be a the oil companies will comment. uplo 21 per cent in' value of 

shipments—while a more modest 
performance is expected for the 
car industry, where shipments 
are expected to dip by about 1 
per cent. The other top-ten 
industries are expected to show 
gains of 7-12 per cent, this year, 
it said. 

The outlook said that total 
motor vehicle safes, which set a 
record of nearly 15in. units-last 
year, will decrease slightly to 
about 14.5m. 

Total car sales,-which reached 
about lL3ra. last year are ex 
pected to fall to about Urn., this 
year. Sales of U.S.-produced cars 
are forecast to slip to about 9m. 
from 9.2m. in 1977. while sales 
of imported cars are likely to dip 
to 2 m. units from 2 . 1 m. 

The Department said that con¬ 
struction spending will rise by 
about 10 per cent, to SlS4.5hn. 
this year, after a 14 per cent. 

I gain in 1977 to SlfiSbn. 

For the pulp and paper indus¬ 
try. the projected gains for the 
economy as a whole point to 
higher sales and earnings. Pro¬ 
duct shipments-are expected to 
grow by - about II per cent, to 
S39hn.. although global inven¬ 
tories of pulp are still excessive 
and will influence world prices. 

Aluminium production is 
expected to continue ils steady 
gains this year after increasing 
by about 6 per cent in the pre¬ 
ceding 12 months, and steel- 
production is expected to rise by 
just over 9 per cent, after a 1 
per cent drop in 1977. 

Imports of steel, which 
accounted for about 17 per cent 
of domestic apparent consump¬ 
tion of steel, and totalled $4.5bn. 
in 1977 are expected to fall to 
S4.2bn. However, the outlook 

Nuclear power station approved 

' . ‘ ; WASHINGTON. Jan. 9. 

THE NUCLEAR Regulatory mission, did not participate in the of the Environmental Protection 
Commission (NRC) has said that ruling because of. his earlier Agency .which dropped its objec- 
Puhlic Service" Company of New involvement with the Seabrook tions to the facility in June.- 
Hampshire may continue coo- application as an Atomic Energy The Commission derided that 
struction of the controversial Commission official. it was free to “accept and use 

S2bn. nuclear.power station at The Commission said It agreed without independent inquiry" 
Seabrook, New Hampshire. >- with the Appeals Board’s finding - the EPA's determination that the 
The Commission- unanimously that there was a ** reasonable heated water the power sation 
affirmed a decision last July by assurance” that Public -Service would dump into the Atlantic 
its Atomic Safety and Licensing had the financial qualifications ocean would not hurt fish 
Board, which permitted work on to complete the project As a result of the Seabroofc 

the two power plants to resume . On the environmental issue controversy, the Commission said 
after a suspension of about six that M to massive arrests of it had decided to begin two 
months. demonstrators at the Seabrook studies that con Id, affect the 

Mr. Joseph Hedrie, the chair- site last spring, the Commission licensing of nuclear plants in 
man of the four-member Com- simply adopted the conclusions general. AP-DJ 

Argentina ‘to reject arbitration 9 


ARGENTINA will refuse to indications from Argentine diplo- Vueva, Picton and Lennox to 
accept the British, arbitration matic sources. The governing Chile was agreed unanimously by 
derision, which last year awarded Argentine military junta is five judges or the International 
to Chile three islands in publicity to the Court oF.Justice, only one of 
Beagle Channel Dear Cape Horn manoeuvres of the armed forces, whom was British. Their deci- 
whtch are claimed by Argentina The award of the islands of $jon was formally ratified and 

announced on May 2 by the 

Bank of 

New South Wales 


Bank of New South Wales 
announces that with effect from 
Wednesday, 11th January 1978 
its base rate for lending 
will be reduced from 
7i% to 6i% per annum . 

Bank of New South Wales, 

29 Threadneedle Street, 

London, EC2R 8BA. 

Incorporated' in Australia with limited liability. 

Base Rate Change 

Bank of Baroda announce that, for 
balances in their books on and after 10 th 
January, 1978, and .until further notice 
their Base Rate for lending is 6J%-per 
annum. The deposit rateoa all monies 
.subject to seven days -.notice of 
withdrawal is 3% per annum. 


Queen, the formal arbitrator, 
who had referred the matter to 
the court after the two countries 
had invoked a 19th-century treaty 
which named the British Crown 
as arbitrator. 

; Argentina has until February 2 
to cbmplaiD about the way in 
which tiie decision was reached. 

But it cannot reject it outright, . . „ , 

without breaking its treaty com-] d ° es . no ^ t la ke into account any 
mitment to accept the arbitration 

as final. 

: The latest activity in Argen¬ 
tina was provoked by the irrita¬ 
tion of the Argentine junta at 
remarks last week by General 
Aogusto Pinochet, the Chilean 

Following the announcement 
of a large majority in favour- of 
Gen. Pinochet in a referendum 
■on ■ Wednesday, he announced 
that Chilean foreign policy 
would become more aggressive, 
and that the dispute about the 
islands had been Whipped up by 

certain Marxist elements in 

This has been taken as a dear 
insult by senior Argentine 
officers, who- are taking a firm 
anti-Chilean position on the 
islands and who consider them¬ 
selves to be Jar from Marxist 
.Sr. Heroan .Rios, the legal 
adviser of the CblleaD foreign 
ministry, has restated the 
.Chilean, view that the award is 
not subject to appeal. 

At the week-end. Adm. Emilio 
Masse ra. the Argentine navy 
commander and the member of 
the junta who has been most 
.overtly .hostile to the arbitra¬ 
tion, boarded the aircraft-carrier 
28 de Mayo for a visit to naval 
bases on the Atlantic, while 
Brig. Orlando Agostt, the air 
force commander, has been 
inspecting airfields on toe 
Chilean border. 

. Argentine officers and diplo¬ 
mats are believed to be split on 
the advisability of throwing out 
completely an award which their 
country ig legally committed to 
accept. Those who are pushing 
for outright. rejection point to 
the fact that the Chilean authori¬ 
ties, -whose conduct .was con¬ 
demned last month in the UN, 
are diplomatically isolated and, 
in. any crisis, qouid count on little 
international. support for their 
position, however worthy of 
support it might be, 

. In Loudon, Whitehall sources 
would not be drawn on what tbe 
British attitude , would be if the 
award were rejected by Argen¬ 
tina, limiting themselves to 
remarking that the ease would 
merit- profound study by legal 

effects of the . reference price 
system recently announced by 
the administration. 

Sales of chemicals and allied 
products, toe Department said, 
are likely to rise to about 
SI23bn. this year, .a 10 per cent, 
gain on that nf 1977, with plastic 
materials and resins the fastest- 
growing sector, and nitrogen 
fertilisers having the slowest 

However,'the outlook said that 
there are-three important fac¬ 
tors clouding the outlook for 
this . year—-toe competitive im 
pact internationally of any 
energy bill .passed by Congress, 
federal regulations, and the 
multilateral trade negotiations 
which are due to begin later this 

“Until a clearer picture emerges 
a - wait-and-see attitude seems to 
have developed, affecting deci¬ 
sions on new plant investment 
in 1977 and perhaps Into 1978,” 
the forecast said 

U.K. Minister 
in aid talks 
in Guyana 

By Our Own Correspondent 
MRS. JUDITH HART, the British 
Minister for Overseas Develop¬ 
ment, arrived "in Guyana last 
night on the third leg of a five- 
nation tour of Central America 
and the Caribbean. 

She has already been to Costa 
Rica and Venezuela. From 
Georgetown, she will go on to 
Barbados and Jamaica. 

- While in Guyana, she will hold 
talks with cabinet ministers and 
the Prime Minister, Mr. Forbes 
Burnham, on bilateral relations 
and the follow-up to a World 
Bank-sponsored conference on 
aid to the Caribbean which was 
held in Washington last month. 

She-will also sign an aid agree- 
meat under- which Britain will 
provide Guyana with a £ 10m. soft 
loan which will be used mainly 
to help finance expansion of. a 
large . drainage - and irrigation 
scheme in western Guyana. 

Mrs.- Hart is. to leave here on 


Coalition partners attack 
Begin over settlements 


TEL AVIV, Jan. 9. 

THE DEMOCRATIC Movement thought it ill-advised to build Even with the backing of the 

for Change, one of the Israeli new settlements while peace Prime Minister. Mr. Haim Lan- 

eoalition partners • to-dav negotiations were in progress, dau received only 306 voles; his 

Annealed- to the KneMCt foreicn otbers ar * ned ' that ™ orc d* 0 uW opponent, who opposes 
applied io me Knesset roreign h im^hip v Hnw- Reem * nr 

plan for 

By L Daniel 



who opposes Mr. kuiUcl 

_ . , . _ he created immediately. How- Begin s peace plan, gained 207. f f ., , n > f*' 1- !9«s <y. " .is 

affairs and defence committee ever when the committee -Meanwhile. Mr. Moshe Da van. ln !,u ’ hor<? ,hr * 

against the decision to set up resumes The debate to-morrow, the Foreign Minister, said to-day a ‘^f ,oon - 
four settlements in the occupied it ns* expected to approve the that nu aqenda had vei been This huii^ei s .a per <.vr:t 
West Bank. ■ Government's settlement policy, worked om for the Jsrael-Egypi , , . n ,! ° t,r ‘- i:i;i, ‘7 

The ■ decision made by the A further illustration of the political committee which is «lu« o-V 1 ,,.?,. 
government settlements commit* divisions within tbe .country over to meet in Jerusalem on Monday. f , L‘‘ 
tee crossed party lines. The Israeli peace plans came early He said there were differences '!' i 

opposition Labour Party asked this morfiing when the Herat of opinion between the two cmin* <r. 1nu !.., nr . n i.,' »;.r ii ' (ht . 

for the meeting to be adjourned Party, the political base of Mr; tries over Hu.- order »n which ui . . . ‘ 

until to-morrow to enable the Menhem Begin, the Prime subjects should be tackled. 1 

party to decide its position. Minister and one or the major Negotiations are continuin'’ WlMn ,CT> 

Objection to the plan came complements of the ruling Likud but 

from both ends of the political bloc, split over the selection of the 

spectrum. While some members its nominee for au additional the first item 

Negotiations are continuing. U»ui hotl. moc- 

ui it is possible that deciding ,^.1 ” "S t i‘ ‘ 7 \i\ ' 1 

!! a i!.". iia .. ra “ y >™ ssL" * z 

of the Knesset committee Cabinet seat. 

when toe two sides meet. 

fnr discussion Proposed i-vju*. 
tor discussion Ul , vp dpfii;i| fln<im .ins .u 

Sadat in private talks with Shah 


CAIRO, Jan. 9. 

Upturn.—conir.iri in the rutiiia 
Likud l>ti)tr\ pk-dccs. 

Fur lhe fir-t niiu\ debt .-ervi--e 
and repaiiiji’M is i’u* 
largest item, ivpl.ieina tun:i.i:v 
expenditure at the iicj-.i 4 >f the 
list. Loan repayment -inti i:i- 
icrest will cal up one-:hi:J 
of tutai expend nu re. 

THE SHAH of Iran arrived in portent, to the United Steles as Sinai serireiiicntR. was inicr- r }" J . P L '.^. : "S. J , r 

Aswan this afternoon for talks those of Saudi Arabia. preled here as bring primarily ,! • i 

with President Anwar Sadat, There is suspicion in official for domestic consumption and (ideeline rri.i■ i -■ it n imw s r'^ 
pnother indication of the more Egyptian circles that Mr. Begin the expected “diplomatic; Defen ,. c oxivmhiim- ton :;! " » 

““t ™ 1 _ role he « seeking ^ U seeking to concentrate atten- bluster that precedes real 1 ' “ 

Middle East peace developments. ». .. necouatinns. 

The two men met in private for ^ on ° n 11,6 ®® l, teniens in Sinai However, in case Mr. Benin's 

several hours and are under- ,n o r «®r to draw the spotlight worts do accurately reflect his 

coming year w ill c. 
which me: 


* Sit'I!. 
Cll.lllU'- !!I 

terms fr»un thi- ye.-r'- .isluea 

stood to have covered the broad away from the similar situation minimum position un ihc set lie- 

theme of Mr. -Sadat’s peace that exists on toe West Bank and mems' question, the Egyptians Israt ‘ l *• ,nll:,,5,,n - •* n, ‘‘ n 

efforts, which toe " ‘ ** * Ti_ *' ’.’ 

cribed as “ correct." 

The Iranian leader 
recently held talks with 
Hnssein of Jordan and President 

Shah des- Gaxa Strip. His -remark that will continue t Q probe altitudes 

•r ivnl. 

1077. v. til m 

Jimmy Caner and is believed to 10 insist on the removal or alb committee 
be maintaining important con¬ 
tacts with Israel. After bis talks 
in Egvpi. the Shah flies to Saudi 
Arabia to meet King Khaled. 

This latest flurry of Middle 
East diplomatic activity—which 

will be supplemented later this PRESIDENT Hafez al Assad of way to a 

Assad hits peace effort 

per cent. **f 
products In 

While thi> iiii-.-mir** will r -to 
the burden »»f Mib-nto p.iv:;u*i;-; 
un the Govi't-nin-.-nt. it will il-i\e 
. up the cun>umer pru:«* tnd- > 
separate deal iwitn which, in turn, nuuiut 

NEW YORK. Jan. 8 . 

week by the anticipated arrival Syria says that President Anwar Israel). The road he has chosen ' w jii i,. lV c ■•> - t .av >i> .-in- 
first of King Hussein and then Sadat of Egypt destroyed efforts can only lead to such a deal.'* plovces higher m*mi-an‘mi;:i vu>t- 
Mr. James Callaghan, the U.K: a .MiddleEast peace by his Asked why he did not close 0 f-Hvinu increments 

Prime Minister — comes as the' separate Initiative with Israel, ranks with Egypt when Mr. Sadat Thc saim , | OR i v - : a,nl;e» tu t;-.- 
main thrust of peace negotia- according to Newsweek maga- had rejected the idea of an Government’.; intention-, u. m- 
tions is about to get under way. 2ine - lsraeli-Egyptian agreement as a lTease MiI | Vurflivr Un* cu-t > f 

Tbe Egyptian-Israelq military Mr. Assad said in the inter- substitute for an overall settle- fuc | pnj> t;ir i-iurjo arid uih-r 
committee is scheduled to meet view that by going to -TerusaJcm ment, Mr. Assad described the serv .‘j CL . s w hich will bi.lh milu* 
bn Wednesday, with the Cairo last November Mr. Sadat “broke Egyptian leader's position as encif j li; ou - n dirr.ct cxpondiiure 
Government insisting that the Arab solidarity and dealt “pure theatrics.’’ and the index land in the proven 

issue of Israeli settlements in separately and alone with affairs “Whai's now going on is some- alter the anmunt uf the 
Sinai tops the agenda, while the f * 13 . 1 concern the whole region, thing that will lead to a Sinai debr since Government bonds 
political committe holds its first which -he had no right to do. - agreement coupled with a cos- linked bv between SO and 100 
session in Jerusalem next Mon- “He destroyed efforts for metic formula, designed to percent. lhe ciKi-nf-iiving 'n- 
day. peace which were on the wav to liquidate the Palestinian dcxl. These all-round inere.isi** 

Egyptian officials believe these being fruitful. By doing all this, question." said Mr. Assad. will also have an adverse effect 
committees will provide the best he gave up the process of peace Regarding Israel and its on the profitability of export.-, 
indication of whether, as they and shifted to capitulation." Mr. security concerns. Syria’s Fresi- economists warn, 
see it, Israel is willing to answer Assad continued, saying that Mr. dent said ; “Judging from Dominick* Coyle adds from 

to concrete terms the generous Sadat had “weakened the Arab tangible evidence, such as the Rome: Gen. Mo.-toc Dayan, the 
concession provided by Mr. stand and acted against the expansion of Israeli selilements Israeli Foreign Minister, in-gan 

-national support, a factor which Syria—that there can be no Asked what role he thought possible, a modification of ih« 
will become increasingly import- compromise on the total Israeli Jordan should play on the road Vatican's insistence «m tin* inter* 
ant if -toe negotiations with withdrawal from Arab land—Mr. to an overall settlement, Mr. nationalisation uf Jerusalem .is 
Israel are eventually threatened Assad said that tbe Egyptian Assad said: “Peace cannot be part or any eventual sen lenient, 
by breakdown. The wealth and leader was on his way to nego- achieved without Arab Gen. Py.m will meet Frontont 
growing military power of Dan tiating a separate peace. unanimity. But 1 don't see a role Giovanni Luonc. Prime Minister 

Is clearly an important element “What he says is one thing for Jordan to play under the Giulin Andreotli and Sic. Arnaido 
in Middle East politics and the and what he does is quite shadow of separate deals.’’ Forlani. the Foreign Minister, 
views of the Shah can be as im- another. Sadat is now on the Reuter during his tuu-dav visii. 

Machel backs Owen offer 


THE BRITISH Government has among black leaders in 'southern Lord Carver said he and 
won the backing of President Africa Tor the Anglo-American President Machel had reached 
Samora Macbei of Mozambique settlement plan for Rhodesia. « a wide measure or agreement" 
“ a n^ e a iVf arly . Al a Press conference in Pre- on t he pre-independence transi- 

meetine between Dr. David Owen, 4ona after talks with President liona , ammpPIT) p nts mmainrd in 
the Foreign Secretary, or other Machel of Mozambique last XL 1 AnSffSJSLS nmir.Sto 
UK officials, and the leaders of week-end and a meeting with ^ Anglo-American proposals. 
Rhodesia's. Patriotic From Mr. R. F. Botha, the South statement was issued after 
nationalist alliance. African Foreign Minister.* this Lord Carver's meeting with air. 

This appears to have been toe morning. Lord Carver said his Botha, but he said the talks hud 
main achievement Df toe visit to visit to the sub-continent was been “valuable and very interesi- 
Mozambique at toe week-end by proof that the Anglo-American ing.’’ Mr. Botha expressed sirni- 
Lofd Carver, the British Com- initiative is “ still alive ” lar sentiments, 

missioner-designate for Rhodesia. 

No Natal murder arrest 

Bhutto to 
his trial 

By Simon Henderson 

ISLAMABAD, .ten fl. 
MU. ZULl'lKAR All Bhvtito, 

Talks between Dr. Owen and 
tbe Patriotic Front would be 
designed • to restore some 
momentum' to the Anglo- 
American settlement initiative 

on Rhodesia, at a time when BY OUR OWN CORRESPONDENT JOHANNESBURG, -ten. 9. 

-to wS^Spateioti^Fromte N0 ARRESTS have yet been order was due to expire in March, 
not a SSSre Sne Diace in made in «™«*ion with the He was restricted in 1972 follou- 
SalisbwS between the Rhodesian shootings io Durban on Satur- ing the Schlebuscli coimniltce’s 
Governrmentand C three internSte ^ght of Dr. Rick Turner, report on certain organ.unions, 

based nationaSsterouns y the bann e d Natal University including the Christian Institute 
Dr oS Sed^aS invitation lectUTer - and Mr - Stephen of which Dr. Turner was a 
For tiilta to toe Patriotic From Mlshali. a former member of the member. 

il«afrlSSS, Ll tai « n * ° r ^ Ar ' itan Mr. Mt,h.H._wh.. , 

still not received a reolv it is National Congress. factory condition in a Hunan 

understood Sit President Machel Fatni, y a 1111 . t,E . Dr - »>«spital. was shot outside his 

will encourage the Patriotic Turner, who was killed by u home an hour hpforc Dr. 

From to reply to the invitation. si ?E] e sh ° l .P™* - through the Turner's murder, ll is believed 
However toe Patriotic Front wul dow of his home, are con- that the bullets fired at Mr. 
turned down an earlier invitation vi ?, ced murder was politi- Mtshali came from an auti,malic 
from Dr. Owen. Statements by c 311 - 7 motivated. weapon of Communist origin. He 

the leaders of the alliance sue- Following arts of violence in has given evidence for toe late 
Best that they may be reluctant recent years against liberal in number of anii-lcrrorism 
to bold talks with him unless the churchmen,' journalists and trials. 

British Government condemns academics .-(of which tbe acid- Meanwhile, 18 black men 
the internal negotiations. soaked. T-shirt incident involv* appeared in court to-day rn the 

The Foreign Office issued a ing Mr. Donald Woods's daughter Eastern Transvaal town or 

statement yesterday saying that is a recent example), there is Betbal charged with seeking to 

the Government -would not suspicion, that extreme right- overthrow the Government by 

expect any ■ settlement lo be wing -elements may have been force and further the aims of 

acceptable to international responsible for Dr. Turner's the banned Pan-.A in can Cnn- 

opinion unless it was substan- murder. gress. 

tialiy in accord with .the Anglo- There is also speculation. The men are accused, among i — . . . ■ — 

American proposals. however, that -the killing may other things, of recruiting j ooplc I International Company News: 

Bernard 'Simon adds from have beet^ revenge following Dr. lor military training in Libya. | Sun Lite Toronto mo*c 

Johannesburg::Lord Carver, toe Turner's alleged collaboration opening recruitment offices in j Dresdner denial . 22'23 

British Resident Commissioner- with police in a recent terrorism Swaziland. Botswana and Trans-j Farming and Raw Materials: 

Designate for Rhbdesia, said yes- case. • fed and taking part in guerilla i UiS. may change sugar 

terday. he had found support Dr. Turner's five-year banning activities. I import tax . 25 

Pakistan'* former I'rnne .Mini¬ 
ster. «s boy cm liny his trial for 
murder in Lahore. 

When the t>urt reassembled 
to-day after the winter recess, 
his counsel tuid the bench that 
Mr. Bhutlu did not uaat !■» lute 
anything mure lo ii<> witii the 
trial, as he was nut gelling the 
justice he* expected. 

The Acting Chief Justice. Mr, 
Mushteq Hussain, refused though 
tu let Mr. Bhutm return to the 
cells and instead asked his 
counsel lo slay on as the Court's 

The counsel said he had no in- 
stnii'lmn on tills mailer and -o 
| H was decided in lean* lhe ques¬ 
ts in a satis -1 lion until lo-nmnuw. 

When the cmiri |•^*.•qtt•ne»l. die 
bench had «li: missed aiioihrr 
application tiled by Mr. Hhutlo. 

Throuj-dioiil Ihc three months of 
tile trial. Mr. Bhiiltn has filed 
Complaints on his detention, the 
jurisdiction of lhe cuun and its 

The ease refers io a killing 
three years ago. when the father 

oF a poll lira I opponent uf Mr. 
Bhutto died in a machine gun 
attack on toe puiilician'ii car. Mr. 
Bhutto is nceu-ed of ordering Hu? 
attack hut has pleaded nut 


Vietnamese seem to consolidate gains 



THE militarily superior forces 
of Vietnam appear to have 
overwhelmed a ' substantia! 
portion of the-Cambodian army 
fighting along a 150-mile front 
alons life border between toe 
two countries, and may be 
close to establishing a secure 
zone in the area, according to 
reports from Bangkok quoting 
diplomatic and intelligence 

At the same - time toe Cam¬ 
bodians yesterday seemed to 
acknowledge that toe loyalty 
of (U forces posing a 
problem wlmo . Phnom Penh 
radio cask of its 
army . as protecting workers 
from the “traitorous clique** 

and urged vigilance .against 
“toe entmy which tries to sap 
our force from-the inside.** • 

This- contradicted'a report\ 
from Phbom ‘ Penh radio 
earlier In the day which pro^ 
claimed toe unity of “the. 
Parly, people and army.” The 
radio also repeated its claims 
that Cambodian forces had 
“basically routed" the enemy 

and was “mopping up .rem¬ 
nants,” but these were largely 
discounted by diplomats out¬ 
side the area. . 

Mr.. Vo Dong Giang, Vlet- 
namS Deputy Prime Minister, 
speaking In Manila yesterday, 
acknowledged . the enormous 
loss or life in the latest round 
Of riashes in this-long-standing 

border dispute. He said there 
had been no response from tbr 
-Cambodians- to Vietnam’s offer 
or negotiations. The Viet- 
namesc had no intention of 
conquering Cambodia, he was 
reported to have said. 

Reuter adds from Bangkok: 
, Negotiations to settle border 
disputes between Thailand and 
Cambodia arc expected soon in 
Vientiane, Mr. Seth Hera rat, 
Thai Ambassador to Laos, said 
here to-day. Cambodia said 
io November It was wilting to 
negotiate with Thailand to 
settle their confilris in border 
areas where more than 100 
Thais were killed in clashes 
with Khmer Rouge troops last 

Richard Nations writes from 
Bangkok: The anti-Communist 
military govern mem or Thai¬ 
land extended u warm uofenme 
here to-day to Mr. Nguyen liuy 
Trlnh. the visiting 
Foreign Minister. Mr. Truth's 
current four-day visit in 
Thailand rounds off a Tour 
nation guod-will tour to Malay¬ 
sia. Indonesia and the Philip¬ 
pines in line with llanoi's 
recent diplomatic initiative In 
consolidate bilateral trade and 
diplomatic relations with the 
non-communist ASEAN govern¬ 
ments or South-East Asia. Mr. 
Trinl* slopped oicr in the 
Laotian capital Vientiane 
before setting owl on life 
regional tour. 

Financial Times Tuesday January 10 1978 


Account Management with one of die 
(iuifs most amjtortant international banks. 

Gulf International Bank is owned jointly by Bahrain, Institutions and public sector agencies in the Arab 

Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United world. So you must have an extensive knowledge of the 
Arab Emirates. Its potential for growth and development ' area gained through business or living there. Preferably 
is great (with assets already at $5Q0m) - and so are the a national of one of the member states, fluency in Arabic 
long-term career opportunities for the professional, would be a major asset You will be based initially in Bahrain, 

high calibre Account Managers who will form the team Salary will be negotiable in the -A 


U.S. and Japanese in bid 
to resolve trade dispute Man 

BY CHARUS SMITH . TOKYO, Jan, 9. shopping list 

TOKYO, Jan, 9. 

U.S. AND JAPANESE officials increase Its imports of beef,, opening of the. 1978 -legislative 
began three days of bilateral orange juice ana fresh oranges session of the. U\S*' Congress 

By Richard Evans, Lobby Editor 
NEW DELHI, Jan. 9- 

responsible for building up and cultivating strong region of US $30,000. , R 

relationships with potential clients. _ - ~ Accommodation will be provided 

There are several openings for university graduates as will substantial help with 

aged 30+ with at least 5 years’ experience as an educational and medical costs. £ / / / \ \ > 

Account Officer with a major bank, ideally a merchant Please write initially with a £} (mpu l¥» 

or international bank, and now looking for the next key f uU CV to: A. McLaren, z 

position. As a member of the Arab regional account Universal McCann Limited, 

management team you will be responsible for handling 18 Howland Street, London v 

relationships with large corporations, financial W1P6JQ. . ’■ 

began three days of bilateral orange juice ana fresh oranges session oi the- U&' Congress NEW DELHI, Jan. 9. 

trade talks here to-day as a from the U.S. by modest amounts later Jins month! • THE PRIME Minister, Mr. James 

prelude to the two days of-as part of its contribution to the ^Renter adds: Danish Finapc^ callaehan. will return to Britain 
Ministerial talks which will be trade settlement. Further tariff Minister Mr. Knnd Heinesen. to- pnd of the week with'a 

held after Mr. Robert Strauss, cuts in addition to the measures day ufged'' Japanese Prime linsthv “ shun Dine list” of 
the U.S. Presidential Trade announced In the original pack- Minister Mr. Takeo FukudatO ma^ufLtured jmods that the 
Negotiator, arrives here on age of last December may aUo help improve.relations between mt-rested in buying 

Wednesday. The purpose of the form part of this week's settle- Tokyo, and- the, .European. fJnSJSi?esSrtataring his l5mr 
talks is to draw up the terms a riotnUixi contents Economic C omm unity^ Tokyo Vr-a trade deficit. 

sst m 


requires for Iran: 


Specialised in concrete work such as spillways, intake structures and outlet 
works for dams 


Specialised in soil mechanics for design of earth filleci dams 


Specialised in hydro-electrical design 

All applicants must be fluent in English (written and spoken) with a 
University degree and at least ten years’ experience. 

Jobs entail two-year contracts renewable under mutual agreement. 
Housing will be provided in Tehran. 

Remuneration will be commensurate with education and experience 
and will be at an attractive international level. 

Interview’s with eligible candidates will take place in Geneva I Switzer¬ 
land) at the cost of employer who will reimburse travel and hotel 

Summaiy of .education and experience should be sent as soon as possible 

Finance and Agriculture which The fact flat* peace settte- economic growth target set by the here with 

are most closely concerned with meut was decided on in advance Tokyo, government for-the year 

U S. Trade problems. erf the details, underlines the starting next ApriL Denmark is • iSESff •r“S.. h S«l l 

Mr Wolff met the director- WsWy political feature of the EEC chairman for the first-six 3**^ °L 

general of the *Fo rei jpi MiffiS?? cu?re£t U.S.-Japau disputes. The months of this year. : ^ mmteof Trade and ludustry on 

economic affairs bureau,- Mr U.S. seems to have decided *o Mr. Heinesen, wfeoarrived here £^2*52™ tm.*. win 

Moriyuki Motono! this afternoon, end Ms quarrel with Japan ahead .yesterday will also nJetf-Extenjal 
To-raarrow and on Wednesday of two evends winch are due to Economic Affairs Minister Mr. ^rt-_maDufactarer£ psoriatteM 

_ he will have meetines with Mr occur etoort-Iy. One fcs-the opening 'Kobubifco Ushiba for talks leading industrial companies 

IggST^JSmBf 1 t~£Z Motono's* 14 colleagues 88 in otter SP^OiA P^e .of GATT expected to centte on.Japau-^S. 

ir ‘Z s i u °7<£ Ministries. negotiations, to start m Geneva trade links and their possible advise them of the market poten- 

fff!Jaa K -?? 8 i’. Te,-: Gr, * ,ni Sle " 8rt ’ Ja P a n is apparently willing to on January 15. The other is the. effects.on the EEC. - ... . .. . ***£ anajor hope fef the British 

party- i^-that the Indians will 

Treasury steel imports ruling ;v gSSSS/S 

■p«™ SKUsSiuts 



EX o“*t t S A hnas G c bS?°unv:ur *S5 THE UNITED States Treasury Kobe,—was lodged before the more store is being piacedhy its countries and"a licensing agre^ 

*° ruled to-day that five Japanese new regime was udveiled and was replacement—ig not lost op the ment would fee a necessary part 

acquisition, vanning. hn»me and aii steel companies had been dump- too far down the legal processes treasury. : of the. 'contract, sb that India 

Tima " 0, 1 o. cSnnor» A s" «: mg carbon steel plate in the to be stopped. _/ j n its official announcement could manufacture its own air- 

EC4P 4BV - American market. As a resulL the Treasury’s ^ 1 ^ 35 ^ diselosed that the craft-on a progressive scale. 

However it sbamlv lowered its ruUnB now b , e E ? 85 ?* 1 ®? 10 principal reason for.-the reVMkm JW. gft covers: Power 

tSTMartin rite International Trade Com- Sownwaids of the estimates pt generation equipment, cement 

Japanese p^oducts were being - - SmI industry Jast ^ith;ffSe chassis, fishing trawlers, machine 

Sv n ? a u *S> Steel-delegafion, incliid- eourae of S negotiatiqw vSh *ools, specialised testing equip- 

Uvely found that thi s gap w aa32 Jag ^ adminlstratJon . 8 fiuuS altemtorS. refrigerated 

. nTT<in mfn7iifniTm lS' Ln^nhin^ninJ^th* Special Trade Representative mU,iication trf^importmg&er vaus, safety equipment for off- 

A nVPRTIQPMFNT S 6 ! 1Mc * Eobert Strauss, members p^es. which are hied Srthe drilling, troisforioers, and 

AU¥LiUI3Em£.r(i SSiffi of ** state Di »“f SS3U SL™ coMWpwt - 

depending on the momoiiai industry representatives, is due hL Concorde- omeessiim, JK«e « 

^ company. in Bras8els lbis the EEC J ^J°SSr SS '• -- -+~- 

D ATR This case, brought against the .said today. Reuter reports Jv G fb n ° l UViim+ ru^rlif 

JVftlEi Japanese by Gilmore Steel, was from Brussels. The delegation the^sla months from Octob er LXpOlT. CTCull 

- considered to be something of a will review with EEC officials , ‘. . 

. nnm - landmark case when it was . the possibUlties of coopera- S ^at period, the Tre^^y fCSHfllC- r - 

PI A DTD GIMPf V broufiht, but now has to be seen tion. - . finding was that Nippon Steel . ™ 

£14 1 £lK MPKiLE in a different Ught, foUqwing the ___ ** 0 ^'d i 

i ntrnrhipfirtTI Tif npw SYStpRl nf WGl^JutGll EVCrS^P Oi fl.1 • PAItK. 

reference, or trigger,, prices determine the extent of Sr^value Ri ® ?ESENTA 'T I ^ S . f™!® 20 

PM IIRIM intended to discourage dumping injury caused to the U.S. steel {£2* ™L e £2? coxmtries meet -Utfixa tomwrow 

LULU lull or foreign steel. industry by unfair foreign t^ renew Ihe attempt tP extend 

The whole point of the trigger competition and which may theu j gentlemen a agroament-or 

_ _price mechanism is to render order the Treasury to exact ceni ^ international concensus on the 

rrUTTMCTDr less necessary individual anti- duties an the Japanese com-A 3 - per ceni * .. ... framework for the official sup- 

V/£iIt 1 1 illEl I I\El dumping actions of the classical panies. In calendar 1976, imports of port of export credits. 

. kind. But the Gilmore suit— The irony of the situation— the type of carbon steel plate The main discussion at this 
against Nippon Steel; Nippon whereby the old system is being covered by this case amounted week’s meeting will be whether 
-- — 1 Kokan; Sumitomo; Kawasaki and implemented at a .time when, to'9174m. to let the existing terms don- 

____ - ___:_ ■ -— tinue or whether to embark upon 

® Stiffening Of the CORdhlOIU! 
^ w desired, notably, by the 

nel Ar Co Leyland Benelux to boost sales 

L/vI Uw V/vJ • v the conditions... particularly by 

L BY DAYID BUCHAN BRUSSELS, Jan. 9. allowing-for longer maturities at 

. 1 . _ , . ■ ^. more: eommercial pates -.of 

iFPARTMFNT LEYLAND hopes to raise its year in Belgium, because of details of the reorganisation of interest 

-LrnMPU.1’ a share of the Dutch and Belgian delivery problems- Benelux Leyland being carried out hy the - 

fir rn 5 ner cent this customers were still awaiting new chairman, Mr. Michael PI C.„ 

- car n, J rkets to 5 pe ce is delivery of some 1<000 Rover 3^ Edwards did not concern him. dADCOCK 

year, Mr. Jan de Kleennaeker, litre cars> goo Mini specials, and provided he got bis car supplies, - » . - 

head of Leyland Benelux said nearly 900 Jaguars. Mr. de Rleennaeker strongly JylpYlCn flPSif 

in executive to join tne here t<H j av _ La^t vear the 43,000 This backlog to the Benelux advocated decentralising the AVAIVU UCdU 
Continental clients. Leyland cars sold in Benelux market, he said, was partiy comp^iy W £Ye for eiCT sales raBCOCK - WILCOX, 

made it the U.K. company’s deliberate. Leyland internatioual directors mote autonomy. through its. subsidiary ^Babcock 

, , , „ pnnd blBC -, t nvnort market ha( ? decide d t0 concentrate The Seneffe plant ts bring ex- and WUeox de Mexico, have been 

l have at least two years J®? 0 .™* i cprt maI ! ket deliveries last year -to France panded. with B-Frs. 4 O 0 m- awarded contracts by Fctroleos 

. .. , ; _,_oemuu me u.c. . Germany and Italy in order to (£6Jm.) spent fast year-and an Mexican os for II barters each 

e. A WOl king knowledge In an interview at the first regain a market foothold there, equal amount to be invested io fired by oil and gas. worth Jtiwut 
is Dl’eferable but not of the big European motor shows But Mr. de Kleennaeker said 1978 and 1979, The original pita ag ra . ■ 

r in 1978 here. Mr. de Kleennaeker that he had been assured that has : been - te-allow Seneffe to This order will provide ' a 

said Leyland'a market share bad his area wonld get priority in take over all Allegro assembly; steadv faetonr load la the llexi. 

slipped to 4.4 per cent in the 1978. leaving Leyland panW in the UJC company's - manu^turinp 

offers substantial scope Netherlands and 3.6 per ceuL last While maintaining that the to produce the new Mini model plants iSffl^he jSt qoaSr^f 

„ . ■ — . .. . .. 1979. . .. ~ 

UMcts of 1 
Financial 1 
EC4P 4BV. 

Balsam Engineering Division 
of Cofintcr S.A. 

P.O.B. 213 
1211—Gtneva 6 

Telex: 22203 cofge 
Phone: (022) 35.83.60 







uptoc.£12^000 GUILDFORD' 

As a result of the promotion of the present Commercial 
Manager, applications are invited for the above appointment 
in the Transmission Development and Construction Division 
located at Guild ford. 

The Commercial Manager is the chief officer responsible to 
the Director-General for the management of the Commercial 
Department, consisting of Contracts and Finance Branches. 
The Division is responsible for architect engineering, and 
constructing, the transmission system linking the generating 
stations to che Area Board bulk supply points, for the con¬ 
struction of new gas turbine generating stations, and .‘or the 
National Tower Testing Station. For these purposes contracts 
are placed for a wide variety of plant and civil works, and 
forecast capital spending in the current year is nearly £1 CO 
million, with revenue expenditure expected to be approximate!/ 
£6 million. 

The appointee wifi ensure that the placing of contracts and 
procurement generally are on a sound commercial basis, ar.d 
that payments are made strictly in accordance with contricts. 
He/she will also ensure that che Division’s budgets and capital 
schemes arc well based and presented and that, thereafter, 
line management have , the information needed to support a 
tight financial control of projects 3nd revenue. 

He/she will advise line management on aff contractual issues 
and claims, and will be responsible for negotiation; with trade 
associations and contractors on terms and conditions of contract, 
contract price adjustment formulae, and the implementation 
of relevant government legislation. 

This is a senior appointment and candidates must have sub¬ 
stantial experience in finance and contract administration, wicli 
a relevant professional qualification. The initial salary far the 
post is subject to negotiation and will be within the range of 
£8.720 to £11.828 plus a range of bcnefics appropriate lc the 

Applications stating age, qualifications, experience, present 
position and salary should be Forwarded in confidence to the 
Director-General. Burymead House. Portsmouth Road. Guildford. 
Surrey GU2 5BN to arrive not later than 23rd January. 1978. 

Please mark envelopes ‘Confidential’ and quote reference FT/I. 


We have a vacancy for an executive to join the 
small team servicing our Continental clients. 

Suitable applicants should have at least two years' 
Stock Exchange experience. A working knowledge 
of French or German is preferable but not 

This is a position which offers substantial scope 
for travel, and advancement within the firm. 

Remuneration will be commensurate with experi¬ 
ence, initiative and ability. 

Applicants should send a brief curriculum vitae to: 

James Capel & Co. Leyland Benelux to boost sales 

-A nw n . u .n >,./-uiu BRUSSELS, Jan. 9. 


Netherlands and 3.6 per cenL last While maintaining that the to produce 

U.K. in Sudanese farm project 

Jt ■ .. explosives company. Rock Fall. 

bv uuk biivtou '' r v* Co,.-ired two otaqr Bos KaJte 

BY JAMES BUXTON .. . Westminster Group companies 

A SUBSIDIARY of Dalgety, the a feasibility study of the project. Some 62LQ0Q acres Qf sparsely d 

Britlsb-based International food has won the contract to manage populated 1 '’hut fertile -land near - 10 »5 da3a 

and agriculture company, has the two-and-a-balf year first Damazin, about 300 miles south ** m ■ Africa; 

won a contract to manage an phase which is expected to cost of Khartoum, have been leased ng 1 *-» v ^ ?2 0ut 

agricultural project in Sudan S 6 m. During this period 34.000 by the Sudan Government ft the- ; &ree and * 

which will eventually cover more acres of land are to be developed Damazin Agricultural and ■*™ ara co compiete ’ . , 
than 600,000 acres. of which 6,000 will be cropped Animal Production Company. e ii 

The scheme, which will include and 38,000 used for ranching. The company's biggest share-' v^recUt-iOr Hungary- 


P. F. J. Rendell. 
James Capel & Co- 
Winchester House, 
mo Old Broad Street, 
London EC2N 1BQ. 

and represents a major private fiSOm. By that time it is ox- shareholders include two promi-T GrenfeJJ acting oa.behalf of Itself 



Young energetic individual required, pre¬ 
ferably with USA accounting procedure 
experience. In addition to routine a ecu lint ing 
will require handling of large volume of letti r 
tif credit documentation and experience in 
this as well as knowledge of procuremeiil and 
construction equipment beneficial. Will be a 
demanding position with a small office group. 
French language desirable. 

Send resume with photo and telephnne 
contact to: 

17 Hide Road 

Richmond. Surrey TW10 6DY 


with a 


requires a 


It would be ;in asset if the applicant were able in write j-hort 
summaries when required. There are excellent prospects Tor 
the riRht person. Salary negotiable and non-eontribulory 
pension schcme- 

Pletisc write Bivins US'- 1 and full details of experience to: 

Knr A9IM. Fimncinl Times. 10 Cunntw Street. tC-ip -4BY 



The Financial Times is expanding its advertisement 

ment International, which made cotton. 


Province Government 

I Hungary. 

Brazil’s pulp gamble goes sour 


AT THE END of last year, Brazilian Paper Industry Assooia- jn Scandinavia. Moreover; once and then rely oa their price 

S>->TtlV- n„1n ->r.H linn, linrfpr ovistlnn nlane _. ._^ 1. — -- -- .... ■ ___O-..__ .1’,_ ■ .... . . 

opportunities for overseas travel. to urgently undertake a national i„ , . repianAmy»nereesary. : ,.mie an W tens term,,Observers 

. . , camnaicn to increase domestic « recently-npiiated study, Brarihan .. industry ..soarces here foresee -little ifrowth In .the 

No previous experience is necessary, but an interest nanp p _ rmativ mn ^f„ f N S ao ? a J^ ca 5°?lv D *7 e ‘°P- estimate that tihe cost of wood Ugh cost/low profit Canadian 

in the problems of industrial advertising and STJt KfJa'gS fflffSAfaSSSSS 

marketing is essential, as is enthusiasm and ability slump on the world market, they Domestic palp consumption, and abbot SI 86 in Scandinavia, to grow more pdlp timber .and 
to meet people at all levels in industry and commerce, considered this the only way in -c U J!? , a ™H? d whereas wood for a tonne ’of are gradually Integrating their 

\r L ;L u^u ■ ‘ - - ,, r which they could get rid of lieir ton "® s - 18 srowuig steadily. BrazHkan short fibre pub? costs projects with the objective of 

\ acancies are at both senior and junior levels for excessively heavy inventories, at around 7 per wot per aouiioi. only about $4S. selUzig paper, rather than the 

people in their late twenties and early thiriies. For the industry is sufferin'* 8tu , s Europeidi paperoa^rs,' bow^ puIp; EventhaUy, they argue, the 

; or 15 “JS 8 Sest that there will be a potential ever, prefer long, fibre pulp. Europeans, win be forced to turn 

Apply to Tony Kippenberger—U.K. Advertisement optimistic^SpSS^ tareete drawm tSSS £S r fSnn ° f l ' 6m ' t0 1,7m ’ especit^y :wheu compared wSi-to Jew supplies. 

Manager, Bracken House, 10 Cannon Street, London up in 1974 Sder ihJ tmtenal ‘ ^ . Wrc ^ ^ term, 

rr ip J.RV Tpl- fil- 9 jq civio r V f ;ipaper aod pulp pro gram me At four big pulp mills ere their usual sources of short prospects _ are .^iiot rosy for 

fc,Uir-tBY. iei.Ul-4SbUUUr.Xt.olU. VI v it W1 , "enwraTlv wHI dominate the sector. The fibres. In xepl?;-.Bfllzt|»ns claim. Brazil’s ■ manufacturers. Pulp 

-assumed that the pulp '’shortage la f$ est o{ aU is Aracruz. which that Jhw preifiiection is based has .^mpre than 

—--- w 0 U i d continue makine market- wll! co,ue on stream in mid- cm tradition, rather than- -on doubled emce 3570, reaehiftR 

ai Kfiiriri n I RllfnEliAl! I vea ing relatively easy Export ^oals with a capacity of 400.000 objective - facts. .Fernando if XATQ.OOQ , toapes jast year, but 

GLANFlELD LAWRENCE LTD o° -/ni tannes fn ' 19 ^and^SriL tonne5 - The whole project is Souza Camargo. marketing direel ansAras^iiriy. 73rper cent or full 

M iT. K io !r r % 8 Um tonnes in ?98S were set budgeted at S550ra. International tor of Khbla do Paraoa t Hln»51'« :PYodactt«^ <»p»eky. Although 

Motor Distributors (Public Company) p ’ Paper, which was to be build- largest antegrated pulp and paper timber 1 itself is- cheap la. Brazil. 

Seven Main Dealerships and i urnover £10.000.000 However, things have turned ing a fine paper factory to be operation, says: “Eucalyptus rile capital costs of plant are 

require a ?, ut vorj differently. Far from integrated with the pulp mlli. pulp is different but sot inferior, considerably . higher than in 

_ ^ ^ ^ _ _ J 1,e export targot of 437.000 and to have a 20 per cent, stake For some uses it is better Uian - Europe PT the .United States. 

' IIDAIIBl OEDDETA nv S no «* csabl,s ^ ed ’ n the Plan, in the pulp mill itself, pulled long fibre pulp’ Thus profit prospects only 


b U =d=„ N o,=h ^ iw «ta... B „ rd . jig-arip-jai as 

The selected candidate will be in r h e 35-«5 a^c -roup W i th good lo the lotf 3 term. BrazU will ever, he agrees iferf paper made n>*rkfL which win probably only 

professional and/or commercial experience. Duties wilj include consist ’d of unbleached ^Ahort “r Pu*P from long fibre pulp is stronger oceap in a situation of -scarcity, 

responsibility for all iccounrin- functions wd financial control nnin unW '- ac « cd short supplier, for the country’s and therefore better in-.ujea the UfiW> pulp DfiUs- WlH face 

Previous experience of the motor trade an advantage. At present. Brarii has an In- BS SmSSSm? 

CAR PROVIDED SALARY NEGOTIABLE Stalled pulp capacity of 2.0DS.OOO provide short pSp 'ran bS mm£|£ tSteT prfntfa g ^ r" "* mK *-.**&*- 

Apbiy: Chair.-nan tonncs. of which over two-thirds harvested in just seven years. rrmii ■™rr-.‘ , ni» _LT 

407 High Road. North Finchley. London N12 QAL is for short fibre pulp. According whereas long-fibre pine * may makers JSfeved tfeaPall siTsaT 

-to a survey carried out by the lake a hundred yeai/to ^ S 3 RJ dPSS'lSS 

port credit 
vs resume 

• * v- '* 

■ :•>«; i^i 

• ■. : C 


V-’ (•’ 

- 1 t: r' 

•.i • ; r iY. 

i bcock £l?s 
t»\ico deal 



need never know it’s January. 

Til. _ _ M 

... i<!r 

l Have warm-air hewing fully installed in your 
as quickly as that. 

, you’ll 



iu€s a service agreement wtiich. provides for regular 
* calls and, in the unlikely event of anything goini; 

an engineer on the spot within 24 hours. 

st half the capital cost can be paid by the Government 

no time. 

in next to 


ety at Work), Havant, 


financial Times Tuesday JanuaiflO 1873 


— 7 — 

OU companies urged 
to support U.K. yards 

Slate industry heads GLC sale Lord Chancellor 
take pay protest of homes to study ruling 

V* * 

to Callaghan 


OFFSHORE OIL operators.. In view of the lime scale in- progreM by REPRESENTATIVES of tbc > 

expected to invest more than voived—»t ** is UK industry in the provision chairmen of nationalised indus- 

£2l 0n? . on awf o! o U f eine?gen^faSuUe e s t£ SSTare to meet the Prime - 

vessels over the nest five l work probably will be con-well blow-out on the Ekoflsk Minister soon to protest that the 

fejfe-ra&fiSSW-3?»S«S ZXEESHSSi ; 

o£3iI^i,s^ xt£s»ffsyE slsks? s?. * -«■ 

companies in A ^||g i ^ dis ^S “llid^uv^orecasts^uggest'that how. ° F ** Lower-paiTnationalised indus- . 

irg n I S S“l,i ££ . Dr. Mabon wU. M {* 

W undSline STe iSus^’s policy North Sea has been acgu red by ^ U1C oU supply industry a with the Government They have 
ofSvinguS- Smenf su£ PhUUps Pe^ieum for u* K«- “ * ^ Mftri}-g 

t,i- ,rH fnii" nnnor- weitian Ekofisk Field- _ __ nfFchorr* market Peart, the Lord ravy aeai, in 

Sr C o^eS H b? REPRESENTATIVES of the > *. 

‘will hurt 

in race trial 


rri» n fiWYN-JON 8 B the Lord anti illegal unitor foe provisions 

M®U A . . - — P tha Rum* Kplllliins \l*t 

Chancellor, way deride to repri- of the R»«* Acl r. 

mind Mr. Justice HcKtannn Ycsierdaj .Mr. John i.r 

^PS^SSliWSiir ”” **"* SVlBK™ 'needed ?. P 5SS 

SH?S gSSfis&SS 
ar 8, ssr- esl & isssA^pgg sS 1 ^ 

gdfirss* ta SSISrs s 

Etm sm! S££“rSi« sr~^ „ T 

ablTfor re-lclting to those in finnan* is Mr. Thr judge wld the Jury of hb 

real need. But if they are sold tee,. whi«>*- raai ^ resPt;l al bems embroiled ti 

!□ former tenants the pool of An^ sSSK^unMlmwsly what he described =■; * SK! 

with Lord 
v Seal, in 

5SK5b5£?aElSd£30m- vices. The ^.Htp S ve«e! can A ®^6|^ted ^mon of En0 last o for^r tenants the pool s^Srta^umnTmou^ wtat he described as a “dread 

-a^likeS to be ordered soon, be used as a MMMjdg Britah National OU week, they had.not had a Mb- «T- homes for letting falls and the ggof Mr. ful controversy."’ 

British Petroleum is looking for an.hotel and a diving support ^ representatives aantial pw nse since 1972. waiting list of applications Kf" McKinnorT^ that it was unfortimale if son* 

one For its Forties Field; the ““i 1 ’ ^.Lfber^of offshore com-of nationalised energy industries. They are still awaiting pimple- grows. The resolution - described .his p^Pje objreted to ihi way u 

Shell/Esso group is expected to A , “ u ?L e ponLderine sharing the Department of Energy’s off- mentation of rises ~' AHH It continues: As well as bahts Kl imnin „ u p' an d subsequent which he did hi^ juh 

order one for file Brent Field; Pames are conadermg soaring SJre supplies ofl&ce. Taylor- £16.900 a year-which would detrimental for those who nQed ^ffroiit lu The Lord Chancellor wUt rnr 

and the Occidental group prob. one or ^^XoSexpiSd Woodrow P Construction, • CJB- have rnttOftawld cnajrman HR DENIS ROOKE a house, the sale of council gjgfi n»ht«. a danger^ w make op his mind on what-i 

ably will buy one to patrol Its aUhongh Dr. Ma P offshore. Sir Robert Me Alpine, on £ 404 W 0 —recommended in deputation. houses fails tD benefit the rate- lfi contempt of the law, »ny—Corttxcr atUoii to Juki 

Piper and Claymore complex. bi KC A international. Matthew 1974 by the Boyle Review Booi . ^ s payer in the fashion the Tories ■“gmfcr him tinfit to -hold until the nuddUr of this week 

Within the Government, id s Govern . m ®l£. w ,n > r renni HalL Davy International, George on Top Salaries. it impossible, during a period of Suggest. The financiaUraumPBts *[[[ re " ne of j^r Majesty’s Apparently the niuinung up co n 

hoped at least one of these con- assured ** such> ■" Wimoev and General Electric The chairmen’s protest was incomes poticies, to ^ t0 justify such sales are “ onc 01 . - taim'd no disputed mint nf Uv 

tracts will be placed with British ment will not lessen emergency wimpey ana ucu bedded at a meeting yesterday ^^zde the Government to fir from sound. - J l S ^n»ration of Labour MPs which could form the basis n 

Shipbuilders. cover. company.. of the nationalised industries’ ^onse the rises. ? -For example, there is^ no .-• A ‘rh e ]Srd Ghao-an appeal against Mr. Rrad’ 

_ _ t - chairmen’s group and their depu- Under ^ jo-month rule for financ i a l advantage to be gained i® n a “ c ^ni^htto press for the acquittal- ■ , .. v 

ration .will be lad tar .Sir Denis tta spae ing of pay deals, the d a housc once so ld has to he SSSJ. !! ton lf lt ihe & df?-year-bid Interviewed in- Delhi by th 
__■ -m I Rooke. chairman of British Gas. nationalised industry chairmen raoiaced at current buildingw« indetf A BBC. Mr. Callaghan insisted iha 

tracts will be 

Fewer employees 
in public sector 


THE GROWTH in the number 
of public sector employees in 
the first half of the 1970s has 
been reversed, according lo an 
article in to-day’s issue of 
Economic Trends, published 
by the Central Statistical 

The article reports that 
private sector share of the 
total employed labour force 
fell from 72.9 per cenL In June 
1971 to 705 per cent in June 
1976. The article suggests 
that M early indications are that 
the numbers employed by cen¬ 
tral government, local authori¬ 
ties and pnblic corporations 
were all reduced between 
June 1976 and June 1977, and 
that during that period the 
private sector’s share of total 
employment Increased." 

The tom) labour force in 
June 1976 was recorded by tbe 
Statistical Office as 24.75m., 
with nearly 175m. employed 
in the private sector. The 
remaining 755m. were em¬ 
ployed by central government 

(255m.). local authorities _ 

(3m.) and public corporations Financial Times Reporter 

‘^■'iaoe 1976, well over holt A PROPORTION or .the advance 
of all civilian employees of corporation tax paid by 
central government were in pames which derive a large part 
the National Health Service of their income from abroad 
and employees in education should be allowable for double 

SWT'SSw.ltf mere SSL?! 

Call for 
relief on 

luuu -s w ... —-me atMcms it a noubc uhlc s«w i» nf me - t»»-year-«ia .—. . , , 

ooke. chairman of Bnush Gas. nationalised industry chairmen ra pia C ed at current building “S 3 n 5 nrn uidiie'. A BBC. Mr. Callaghan insisted tha 
"Lord Boyle, chairman of the ^ Board members may have CQ sts. And even if it is not.Pfc k i5onch mutkm lo Parliament .and the Bnib 

imra urn#, opraoi « and Board memoers may nave costs. And even it u is not .re? backbench motion lo Parliament .»»« «■? 

Review Body, is aTso understood t0 ^ unil next January before pia Le d. the long-term results are circulating yesterday people were determine:! th: 

to be angry about the develop- receive the rises that not necessarily favourable to the attracted more than racial discrimination would at 

ments but is taking no action ^ ^ recommended in tbe ^aj authority cunterned and succeed. Although he refuse 

until he sees how foe Govern- Boyle Report in foe spring. Such aui. the ratepajer. ^ Thn row built-up «nce the to comment on the Mchuiiw 

ment handles bis next report, to a delay WO uld cancel the advan- - The rents from older houses ..™. r J? Cjejc tiaal iocuient. ^ 

be produced ip tiie spnog. ^gg t b ey have gained by receiv- huilt at what now seems tp be a the WO rds "niggers, "weight of official and Il'^irI 

Since the l>tt tote Report ifl | ^ from last week. sm .u cost are oflPij making a CO oL" b> ? Mr. ftead live opinion will continuen. I 

anasr affiss .»»«• & srjsiitp ss ,h ™ Kn wi,n5t *“•" 

than half of all employment by 
local anthorities. 

Between 1971 and 1976 the 
article reports that the total 

mice Association recommends in 
its seasonal submission to foe 

Among the association's other 

employed in private sector recommendations are hardy 
manufacturing industries fell annuals such as the pleas for 

Callaghan may win 
overflight rights 
for Concorde 

Labour Research Department 
also argues that if the houses 
are said the taxpayer pays the 
bill in the form of tax. relief on 
mortgages. Tax relief “cost” the 
Government £1.24bn. in 1976-77. 
almost as much as total subsidies 
to council dwellings. 

According to the article, the 
GLC move “is only a foretaste 
of what is promised” if there is 
a Conservative Government- 

Coal costs ‘the key 
to future of steel’ 



by 0.75m. " capital allowances on commer- „ H1 ruARD EVANS, LC 

Economic Trends also cial buildings—which, the asso- 
include an article comparing ciation says, contribute like in- ttte INDIAN Government 
average levels of taxation In dustrial buildings to the pros- co^ider allowing Concor: 

of what is promised” if there is FINANCIAL TIMES REPORTER 

8 ^hey-^Tnlend^'to^ive 11 every THE FUTURE of hulk steel-the works ciiuncil who ww 
council tenant the right to buy making “stands or falls with worried about cinploym . pn 
their homes, but they do not pro- the competitiveness of wrcoal _ . wi ni., ms theoart 

pose to give the tenante of industry." Sir Charles Villtere. 

pose to cive rue iciiauis oi lnausiry. air viwnw -,—; . 

«•»MJH-3LC*-.-a sr«» j-s? 

various countries between 
1969 and 1975. In 1975. the 

latest year for which com- mg iroin parity “ alter a request irem w. V«.««- ™. - ihnrt-si"hteri a«et strinnina' 

parable figures are available, trading expense for Hading com- during talks yesterday with would mean that Concorde could snort si „nteti asset strippin g. 

taxes and social security con- panies, and a management Mr Morarjl Desai, the Indian carry more passengers and a 

tributions in total in tbe CJC. expense or capital gams tax loss Premier . shorter Journey. Ai Prejem QW 1T1Q V 

were equivalent to just more in other cases; and for an end to Tj, e issue was raised by the Concorde has to be re-routed j. <1V V IIlftY 

than 40 per cenL of gross a ll Government restnetions on prime Minister following the round the southern-most tip ot %/ §/ 

national product. This put dividend increases. opposition of the Indiapauthori- India. . . ... .. TYini/A Tl*fllT 

the UJu lu about middle posi- m addition, the association Ues t0 j, e nnit Concorde . over- • Indian has indwated that it JULUYt? 11 UllJ 
tiou among the 19 countries, urges that the value of the flying rights. Mr. Desai has might be prepared to allow fuu ■ _ 

■ ■ - shares acquired by foe Govern- agreed to, consider the request, international inspection of aU its ^ ^ J 

ment. in a company subject to 0 n Concorde, the key pro- nuclear installations in spite of UllUlIll 

- ■ nationalisation. should be vision i n an agreement would be its refusal to sign the Non- , . . 

-- • M defined for taxation purposes. a p i e( ^e from British Airways, proliferation Treaty, writes Mustn- 

. ■ It suggests their value should w ifo the backing of tbe Govern- Richard Evans. 5 «»w 


Clydesdale Bank 

Navy may 
move from 

reserves, from countries which on tne allegations. 
used their imported energy is to arrange works visits 
Ultr.i-eRiciently. and from eonn* possible, for edna^j 
tries with low-priced gas reserves, reasons, visits Tor pouo^ 

-Our osu. in the home and ^ 

BS WESTS am U S>nS5 heS re f«..n n g t ’ ove”^.^ 

about is the enlhufliasra with thought to he the 
uthinh gro enraptimpq rold that rounding the Lorponum 

By Lynton McLain, Industrie 

be defined as the value of the n, eQt> l0 pay compensation to Daring his talks with Mr. raE R0YAL NAVY is cons id e r- techniques, or 

which we are sometimes told that rounding the corpora wh 

hleh.m.ray pri«s are - good for ^ „ n KaItMaIted 

“ There are two ways of adjust- dustries to-morrow .from 
ins- to this; Either less energy all-party sub-committee‘ «r ^ 
intensive techniques, or no Commons Select Committeej • 

Government stock for which anyone who could prove damage Morant Desai, the Indian . new ite for £g m com . 
those shares are to be ex- res ulting from the sonic boom. Premier, Mr. CaUagban gained m u nicatiQns base at Crimond, 
changed, on the first day of deal- The British are hoping on a the impression that Tndia would Aberdeen \ 

lings. . trial period of about irix months he prepared to accept the so- The base was forced to operate i 

intensive lecumques, ur uw 

growth at all. call for tbe publication of left- r 

“The first problem is .getting between Mr. Eric Varlcy,. i 
the sustained economic growth— industry Secretary, and , 

only then do we have an energy Charles. 



OilU UIHb U*V --a---- 

Rating law corde's route to Singapore and nuclear plants. 

wirtTrtiP nmnosed changes on ultimately to Australia would be Following tbe apparent failure 

broken if foe experiment proved of President-Carter to make an 

11,6 »h(> geenria- a success. - • impression on Mr. Desai, a 

»£S? 1 |£ I nr!'ed th^ a dednctlon Mr. Callaghan is understood to public move in the Indian posi- 

?3t^E? f iSS be allowed have told Mr. Desai that fierce tion could be a boost for Mr. 

monetarv opposition to Concorde landing in CaUaghan’s diplomatic skdis. 

■> Willi 

for any increase in foe monetary opposition 
amount of foe statutory margin 
by which insurance .companies- . 
assets must excqpd foeir m y 

liabilities. \ Tf 

The submission also covers 
one or two more parochial 
matters 1 a plea that scientific j 

research asosciations, like Cill 

charities, should be exempt jUJ 

from the National Insurance sur¬ 
charge; a recommendation that Ry j™ 
rating law should be changed 

Grand Met boosts 
soft drinks stake 

a #25»fpn.», TTo»i rih customer, taking around 15 per privilege. • m 

- A *!? 1 ceTlL of its 0 ut put. Mr. John Ellis. Labour MP 

S?fe S ExBCUt,v ®. 15 expected lo Mpst 0 f lbe energy is con- Brice and Scunthorpe compbi 
SE 0 ?nri Qa nf P ?M?moJ?h SerS by ’Ufnefi ^ the "heavy” end of th a f G MPs had been telepbp 
•T 115 « n 5 n e ‘ j steelmaking, down to and indud- aD fl hadeered by journalists.', 
The Ministty of Defence said ^ bla | t furnace . asked to comment on what ff 

it would need contingency plans 3 Recove iy ultimately depends J*ly li part of foe committ 
m foe event of foe report, going Tbe prude ace or vigour of ;°‘^ rt ne ^ ot m • 

against operations at Crunond. , decisl0I1 Were, when contera- Qarificatton of the vj 

fcPJESK'MnSB e ng 111611 “ 51 > ERropea. MeMM 

Navy _ship_s in.the North Atlantic «Thev need a sharp shot in ?F?“ fhiS 


iur vuiuuiuuivouuu xilu lkuj sax nw y ivnnnri Ift 

Navy ships in the North Atlantic - «They need a sharp shot in ?F°“ fdi3 

and foe North Sea. British Gas the Sndfof anaesthetic in.foe SFJEl'Si 

also favoured Cnmond for its f nr m of heavy, stunning energy 5 anu * ai 2 , • 

North Sea gas terminal, but sub- ^ °^eTbut of aSreSalg SS’^SSTSSm ?S 

sequently moved three miles laavinE industry with a real now btc?l , 1 Ta 3 ® 

down foe coast to SL Fergus. uree and e$£r Sir Charles said. a week-end visit to Bne^ 

Rnt PSPn thorp thr> plurtm. "LlSS The association said YMW 

Clydesdale Bank Limited 
announces that 
with effect from 
10th January 1978 
its Base Rate for lending is 
being reduced from 1% 
to 6|% per annum. 

Top Scottish 
job goes 
to Fraser 

IIUIU vioiuuq P 1 ***^- —--. ^ 

The three Nationalist MPs bad Moreover, import licence 
twice asked to visit BSC works, to be granted autramw 
first in October 1974, to see Car- within five working am 
dljFs East Moors works and then Customs authorities coma 
in early 1975,.to see Ebbw Vale.'prevent Imports if a licence 
The MPs had been invited by been granted. 

Bank of Ireland 

announces that the 
following rate will apply 
from and induding 

so as not to penalise foe mstal- GRAND to 12 per cent of the market for sequent^ moved three miles paving industry wfo a real now a tLeliSd-vIrit to BhksS 
I ation of fire defence systenas by has substantially increased its “mixer” drinks in Pubs .and down foe coast to SL Fergus^ urge and edge," Sir Charles said. a ^ ° 1 id 

increasing the rateable value of goft drinks interests by taking other outlets which sell dnnks But even there the electro- ©The Welsh Nationalist party. ™LEShSn ,nifi tavtbel 

the premises in which they ^[Aroiof^Xl^ndCochrani over foe bar. counter. It is a magnetic transmissions from foe pi aid Cymru yesterday caUedIfor it had bera told^ tnej 

have oeen placed; and a plea. (G B), which makes foe Club bighly-competitive market with JWjJ Navy base may cause an inquiry into claims that BSC tad nonoSerW* 

on similar arguments, that fire bra nd. Schweppes having around 52 per sparks from metal and may operated a cover-up policy, which baa no po 

defence equipment and intruder (jjjJg brewino subsidiary, cenL, Canada Diy, foe. Bass affoel...gas control and 1 *%^ banning Plaid MPs duties orjevies other twp 

alarms at the least should be wSI mKh TriunSS Charrington subsidiary. 17 per monitoring instruments. from visiting.Welsh stee_l_plants ; 

subiect onlv to the ordinary u Jlnc- p en t cenL, and Allied -Breweries ■ The three Nationalist MPs bad Moreover, import “ 

“ l J£KSELr~ Top Scottish , 

if^hey cannot be zero rated. oJT iobSOCS ■ 

- tSTSS te fn bSwK GM'S Bottlers, which has the Coke *'The MPs had been invited by been granted. 

gr« t] < " rt* L 4 -,, determination not to have franchise for South-East rQ Jh r2S0r - - 

Charter lllgnts minority interests in companies. England . m _ - 

i , It acquired the C and C stake C and G was formed in 1989. By David Churchill 1Y/C#4 aoI nnc inriYAOCO 

to Israel Start ? lon « ln , 1! ?“ iare SCOTLAND’S top Ci.ii service lVlOIOr uCaiclS lllUCaSt 

, , has on various occasions since voived. in I87S its tuture wqs , . B ivp n vesterdav m Mr • 

CHARTER FLIGHTS to Israel attempted to interest Cadbury threatened by severe cash-flow K^rr Ser. w^o is at i - - 1 

start next year. Mr. Meir Am It, gebweppes in a different problems and foe shareholders orese _. responsible for co- Polftg OT*J"hYX74‘l'l QH/1 Tlf'nTlTQ 

Israeli Transport Minister, save arrangement institotea a reappraisal P™- SRicS grOWlH <11111 {jIUlllJ 

this undertaking after talks in Thfi Qther -hajeixoitiers in gramme. , . arranEeu^nts M ^ 

lsrae 1 wtih Mr SUnlejr ClUuon c and c m i rape rial Group. The ensting Mr. FTaser.'a deputy secretary BY TERRY DODSWORTH. MOTOR INDUSTRY CORRESPOND* 

Davis. Britain s UndepBecretaiy thrnueh its Couraee brewing suh- two of foe five factories and . Scottish Office will tike 

of State for Transport. sidiary, wifo 27.5 S per cent, and five of the 22 depotewere closed. over £rom fiir j^jrijolas Morrison THE PERFORMANCE of parties. ■ 

The two also discussed El Al s brewerp Greene liing, There were about 400 redundan- whQ ret j res as p en n an ent Under car dealors improved signifi- Since 1975, when f D £ c |£j. ; . 

request For ■uding rigbtx in B per cent Botb M , t h ey cles. leaving the number of etn- 8ecretary stale to the Scottish eabtiy in the year ending April sales began to nkp offj|f», 

Hons Kona, e-’rtra transatlantic t0 -continue their active ployees at L0S7. 0ffice at tbe ^ of Marcb 1977, says foe latesL report from importers have improve nijlj. » 

flights via London, and participation” in C and C. The • slimmed-down f«up Mp. Fraser, 49. will become ICC Business Ratios. profit par employee from- fl 

rights for Israeli cargo charter p * At ^ 1JmB gm has made peak taxable profits in the yoiingrat ever Permanent Sal es growth and profitability £700 a year — the P«»aj i 

Rights to England. signed si four-year trading agree- 1978 of £L3m. on a ^l^-bJrn- secretary to the Scottish Office Increased, and there were strong for UK.-dealers — 

-- ment with Schwennes giving it over. Last year, like the rest of d the v0 „ neest holdinn sm* indications of new cost sayings, according to ICC. __ • iji 

By David Churchill 

Motor dealers increase 
sales growth and profits 


Badmin ton 


10th January, 1978 

sponsor foe'European Badminton 
Championships, which are being 
held at Preston. Lancashire, from 
April 9-15. The £15,000 backing 
will form part of a £45.000 three- 
year deal announced by Friends’ 
Provident yesterday. 

The Inter-Connty Champion¬ 
ships and the English National 
Under-2l Championships will 

signed a four-year trading agree- isro or turn, on a «hb-wb r SecTetary to fte Scottish Office increased, ana mere were strong mr ua\.aeaiers — 

ment with Schweppes giving it over. Last year, likes foe rest of and the y 0lingest boMlng such indications of new cost savings, according to ICC- 

some degree of preference along-the soft dnnks industij. it was a senior position ^ the civil vrrtb turnover per engiloyee Sales per employee M 

side the C and C drinks at its hit by foe poor summer weather c erv i ce . going up by 5Q per cent. The gone up lo about £1-500 

10.000 retail outlets- aofi profits were roughly He ^ said t0 be a dynamic average return on capital also porters.compared 

C and C has an estimated 11 £500,000. worker, able to grasp the detail increased; from S.S per cenL in cracaniA Av«>9 

_and practical policies nccessarj ' h e t P rev,ous “ l0A *** ^ 

, .. . • J _ m SM,tiSh “VthonBh these imprpvmiems S.^n ldre.^ 

Old TITO tlP d ^ 5 r F?«er if a lawyer After affected all car dealers, distribu- The Business Ratio rep 

lVlimsters proue s 0 v f biri^a c n a i ri p t iw- 

Oil cutlery imports £5SS British mirrors ordered 

BV . vuTfti, .j_j AIM industrial staff of the Civil Service. Sir lan Ban- 

BY LYNTON MeLA)N, INDUSTRIAL STAi-f crQ ft, took over his new job at c , 1 - _ ^ 

Ministers aid probe 
on cutlery imports 

Base Lending Rate 
62% per annum 

SSh? asBawrw . by lynton mcla,n * ,ndustrial ctaff . asr;sffssra'syrK 

also benefit from the deal drawn the Government is to consider at yesterday’s meeting, chaired the beginning of foe year, 
up with foe Badminton Associa- j nter i m measures to help by Mr. Michael Meacher. Under- - 

w El p“hf.-.ip S ,chairmano,~i-««JEfSStf ^‘eVuSl^ £l m . more aid 

tFrienS PraviaenL «plalped white a onfr-yMi aiivey „„ at a, e Deoartraenl of _ . ■ 

British mirrors ordered 
for Chrysler model 


that the family element of bad- fileted. 

was disclosed industry. 

for Strathearn 

MIRRORS valued' at £ 8 in. are to planes hy a pair of roj 1 
be exported by Magnates, the knobs inside the door-, 

threat from low-cost imports. 
These now account for oyer 

by "the Cutlery and Allied Trades Government. Nearly £ 8 .5m. in mirrors areexDortedte’Fre^b Cbrys 

Research AsaocipHon. . . . assistance hea_ beep paifl to the ml SSS^jSimkn of the I 


CJB-EARL AND WRIGHT, con- This nas led to laws tor auuuiu ami m v« 

suiting engineers to the offshore quotas to limit Imports and to straint on imports, a i 

industry have opened an the case of nickel silver blanks the 25 to 30 per cent 

Aberdeen office at Salvesen for culipry, a total ban- .. accounted for by Br 

Tower? maildes Quay, Aberdeen. Both solutions were rejected factunng companies, 

quotasto Ibn i t SSUTfiTS SUIW ■ 1 » 

the case of nickel silver blanks the 25 to 30 per cent of imports a plan to scale down the com- Plans « 

for cutlery. S total bait- ' . accounted for by.Britisii manu- pany's operations because of epn- Tto atom, an kdjuted m Bnta.n 

fo produce the QC* 

0. where It willbe 

tinning losses. 

'ine mirrure. aps aujuaicu «*» TV" nn.ioW 

both vertical and "horizontal from October. 


Financial Times Tuesday January 10 1978 

home news 

lilj<! Sainsbury cuts costs . 

^ __ 

Heavy artillery barrage 
in discount war 


. DISCOUNT Strategy the magnet for shoppers and no chains snch as Fine Fare 
marKSSer mainV nfff' ® 1 P er “ arhet to see laSed discount subsidiaries. 

mwk^ m fo^he I 1 Mti W S nSuper 's More fundamentally.the Sain* couiS£te^^J3SSd stoSs. 
markets for the past two years, bury move proves how radically i„ j^e. Tesco brought out the 
Although the cuts themselves conditions, have chan ged In the heavy artillery. By dropping 
are not unprecedented; they S^eery.--market over the last trading stamps and accepting a 
mark a radical change In policy ; “TSR? 6 ?**'' „ . . . , _ lower net margin, Tesco was able 

for a company whieh, until now, .wiilr Jiyerall d e m and for food to cut prices across the board 
has tended to fight the price war Sp 1 running well helow its peak, by about 5 per cent Its sales 
in the manner of .an under-cover Jr® 9 - * way for supermarkets shot up despite its competitors' 
agent . » achieve real growth has been efforts to fight back. 

Until Tesco slashed -Its price, Sotasbrnr . was walking 

. but Price Commission inquiries clear three other increases 

published the first thine reports on 
investigations carried out rmder its 
new powers. The reports cover the 
electricity supply industry’s fuel cost 
adjustment, Barclays Bank’s trans¬ 
mission charges to thre ationalised 
industries, and the price of tin cans 
sold by Metal Box. • - 

The investigations were announced 
last September after, the three 


organisations notified the commission 
of price increases. 

The commission has allowed nil 
three price increases to go ahead as 
planned. Bnt it is critical of the fuel 
cost adjustment system for electricity 
prices, and suggests that it is either 
abolished or greatly simplified. 

It also recommends that future 

price Increases for Hetal Box’s aerosol 
cans should reflect cost increases only, 
and this has been accepted by the 
company, which says it will not 
increase prices at least until after 
September, 1978, unless costs rise 

Although Barclays Bank is allowed 
to increase Its charges to some 

nationalised industries for money 
transmission services, the commis¬ 
sion has referred the joint negotia¬ 
tions between the clearing banks for 
this business to the Office of Fair 
Trading for registration under the 
Restrictive Trade Practices Act. 

The three reports have been sub¬ 
mitted to Mr. Roy Hattersiey, Secre¬ 
tary of State for Prices and Consumer 

Electricity regulator criticised 


last summer,-. Sainsbury was 
always one of the . cheapest 
national supermarket groups. But 
it did not boast about it in the 

- same way as its competitors and 
the message that got through to 
the housewife tended- to be 
quality rather than price. 

The move is. likely to trigger 

- retaliatory action from almost all 
the other major supermarket 
groups and could well increase 
pressure on " gross margins 
throughout the trade. - 



efforts to fight back. THE practice of Area Electricity The combission found that the through the fuel cost of adjust- lost in distribution from the bulk to calculate the tariffs for 1976- 

SaLnsbury was walking Boards in passing on increases. increased price of delivered fuel ment more than the actual in- supply point varies according to 1977 and the total FCA charged 
wounded during the first weeks 'fossil fuel prices to the con- was a valid and acceptable” creased cost of fossil fuel con- voltage and distance, although was well within reasonable 
of the Tesco campaign, thanks to sumer through the Fuel Cost cause for the FCA increases. But sumedL “ We found that, although the Electricity Council estimated limits of estimatin'* error 
a strike in its depots. Though Adjustment mechanism is criti- it described the secondary factors this possibility was present, the that it was 3 d average 6.4 per „ -J* , .. , 

it stepped up its advertising and cised by the commission. It as less important. amount of money actually over- cent, for 1976-77. ■ „ 1 commission felt that, 

fought the odd skirmish on suggests that the FCA system it pointed out that the order recovered was relatively small in their bills the area Boards “AS #2? JR 11 iL.S£* 
things like coffee, it was unable should either be abolished en- in which higher cost generators for the whole of 1976-77 and for add 4 per cent, for high-voltage *>siwn. it 

to go ahead with plans then to or greatly simplified to are brought In is called the merit the period to the end of Septem- users and S.5 per cent, for others. 

launch Its new discount policy. Take acc< ? Qirt , onl y of significant order system. Anything which her 1977. The commission says that these V*.w 

Sainsbury, like the rest of the changes in the price of coal, oil affected the merit order, such Although the CEGB is figures imply that just under half L* „ 1 w lhcy 

trade, had known in the spring or natural gas. - as Industrial disputes, affected responsible for generating and of all electricity taken is through T A !L dl , p ^,?^°P a l, e . e , gt? ‘ 

that there was a strong pos- But it recommends that recent the cost of fuel consumed and the transmitting electricity to the high-voltage lines, whereas the T !, 0 ti B ao ' ve 'f r i. j * anj . 

sibility that Tesco would drop increases in FCA—which are cost of electricity generated. All Area Boards in England and Electricity Council reports the ,?5 rirai , on aRa , dlffere , 
stamps and was all ready in May already in operation—should such changes in the cost of fuel Wales, charging them for it average for 1976-77 as 37 per Ji ll , mer ’ ror ‘l> JIUP u 
to launch its discount policy. The stand. used are at present charged to under the bulk supply tariff cent. white meter u*crs ; through 

strike made this impossible. It The increases investigated by the consumer as a FCA. system, the area boards are Thus, the commission adds. lDe °P eraI,on or 

did. houMAi- tmIumt nr?«»K hv the commission arose mainly This led the commission to responsible for consumer " the adjustment fn«- rtisrrihminn But as the commission tines 

did, however, reduce 9 prices by 1116 commission arose mainly This led the commission to responsible 
around 1 per cent.. because of a rise of 15 per cent conclude that, as now operated, charges. 

rm_ i _ .-.« _la. «.« .* m in t>iP nrtrn rtf pav! of karri n_ eka fp A “ 1 „ » TKn nnrer 

ily tariff cent. ** per the white meter users, through 

afds are Thus, the commission adds. lhe °P erat,on of FCA " 
consumer “ the adjustment for distribution But as the commission does 
losses may be overstated.” But "not believe that the FCA 

. Already yesterday afternoon, 
there were signs that Tesco, 
which since dropping stamps in 
; July has held the initiative in 
the price war. was going to 

■ respond with .price- cuts of its 

■ own. For the moment,; however, 
Sainsbury seems prepared to 

. ' meet Tesco' on its own ground 
- and match Its - price cuts all 
along the line. 

Sainsbury's " move • will 
. _ undoubtedly be seen primarily 

This still meant that Tesco. tiie price of coal at the begin- the FCA “Is used to ‘fine tune* The commission found that, in the commission did not feel the system is of help to consumers.” 
which until July had tended to be of March 1977 and, as a CEGB income in changing con- general, the area Boards charge cost of interest on working it suggests cither its abolition nr 
considerably more expensive 1 ^ 111 of a change in excise duty, ditions of fuel price and fuel the FCA as received from the capital was material to its simplification. If this happened. : 
than Sainsbury. was undercutting 111 increase of 8 per cenL in fuel usage. As such it Is capable of CEGB straight through to their investigation. it would not expect adjustments 

Sainsbury prices by about 2 per oiJ Prices at the end of March, being used more as advice for monthly-billed ' consumers and to rake place ai less than six- i 

cent Now however. Sainsbury Coris were affected gradually, as meeting financial targets than average it over three consecutive Misunderstood monthly intervals, 

says it will reverse the positions stocks were used up. and the as a -regulator of the price of months to quarterly-billed con- The commission points out ' 

and undercut Tesco’s prices. effects were still coming through electricity to meet an increase in sumers. The result is then A$ no separate accounts are that because of the tight time 

In the summer. the price of fossil fueL” adjusted to take account of the available, the commission asked scale in issuing its report, it is 

Prnfif marmne /-«_ ■ More critically, the commission percentage of electricity lost in the Electricity Council to recon- unable to draw any conclusions 

ana match its-price cuts all * A I UHL UlAlgUlb ^nangmg COSTS adds: “It could also be a con- distribution from the bulk supply cile the amount charged by the about electricity charges in 

along the line John Sainsbury, c h a irm a n Sainshurv which has alwavs In addition, increased use of venient way of passing on costs point, as .well as interest on CEGB with that recovered by the general. “Such conclusions 

Sainsbury’s ' move- will of J * Salnsbmy. . tended tn trade on lower net ° y burning^andtherefore higher which might otherwise be vigor- working capital required to area Boards through FCA. would need to be supported by 

undoubtedly be seen primarily nrofit marrinTthan most of its cost generators, was put forward oosly challenged." finance the increased credit given The council’s estimates satis- a thorough study of efficiency 

as a defensive oiov aimed at tn ..i.. A,*;, romnerttm*it nnw trimmim? it* 35 a secondary factor by the During its investigation the to customers for their higher fied the commission that the issues including efficiency of 

win^ LlS from tLco aWnS Central Electricity Generating commission wanted to examine bills. difference in money terms be- CEGB generating stations and 

l tT 2!« ,SE? X Board for the FCA increases. whether the CEGB could recover The percentage of electricity tween the predicted FCA used fuel purchase policy. 

John Sainsbury, chairman 
of J. Sainsbmy. . 

Metal Box adopts tinplate cost standard 

b winning back sales from Tee™ em*« marine h« »hnnf 9 -nor Central Electricity Generating commission wanted to examine ouis. ainerence in money terms be- CEGB generating stations and 

SnK&JSJSflST ££ £SKXSr l & pS ** «l«her tie CEGB ouU «co«r n. perce^, of electricity ween th. predicted FCA used foci pltfdtMC policy, 

true. Though Sainsbury’s share . Until' two years -ago, dis- for this it will - need to 
of the overall, as counting was.largely a Northern increase its sales -by. about 10 

ll monitored by the Department of phenomena in ■ the grocery per cent _ _ ___ ..*■*. , -m -m 

r\L Trade, is running ahead of last market Groups like Asda and In one sense Sainsbury had no 1% /■ X ■ ra #1 I^A/v -J __B 

A year despite Tesco's new dis- Kwik Save were making big in- alternative: its 'whole structure VI AT9 I |\AY i)ll AflTC T|11T| I Q | A PACT CT Q AA Q 1*A 
count policy, it has lost sales of roads in the North with their is geared to growth; and price 1 ▼ ■ I JJUA C-CU-V/ Lff 1/ U. 

the all-important basic grocery cut-price, no-frills approach, but cuts to-day are the way to M. M. 

lines. a number of the national super- achieve that 

Rough figures from Audits of market groups began to experi- Sainsbury will obviously take A 10.5 PER CENT increase in seek to increase prices of its cans by the apparent uncertainty of Experience in other industries the commission that it has 

Great Britain, for example, Show ment with their own discount care, to preserve its reputation the prices of cans for food; for sale in the UJC before Sep- some of the arrangements. The indicates that this may tend to absorbed cost increases over the 

Tesco has overtaken Sainsbury stores. for quality, but will also seek drink and aerosol cans, manu- tember, 1978, unless there are food canning indusoy is con-distort competition,” the Com- years and takes the view that any 

as the biggest seller‘of these. The first major shot-in the cb aggressive reputation on factured by Metal Box, should increases in tinplate prices or cemed about the timing of price mission says. further absorption of costs is not 

- -basic lines. Just before Tesco current price war fired in May price. Mr. Peter Davis, the com- be allowed to go ahead the other substantial cost increases, increases. by BSC and about “The company appears to be possible without affecting its 

dropped stamps and slashed its 1976 when the Unilever Sub- pany’s marketing director, said: commission said in its report. . The commission has also been security of supply of tinplate ” relatively efficient in producing ability to maintain its investment 

prices, Sainsbury’s share of this sidiary, Mac Markets, and the u Sainsbury has been hiding its » n v 4 r recommended that assured tha t increased cost the commission adds. cans in comparison with its com- programme, keep its labour force 

.market was running around 9 Fitch Lovell chain. Key Markets, light under a bushel for too long. futu „ ric increases of the incurred 00 aerosol cans will not It also points out that while petitors in the U.K.. which at its present level and maintain 

per cent, and Tesco’s at near 9 launched their version on the dis- The time has now come to ensure aerosol cans should be used t0 i ustify P rice increases not wanting to detract from the include specialist canmakers and its supplies to customers, 

per cenu but in the last few count theme. (The. new Sains- that everybody sees the light” refl^ortivincreases in TinDlate on other products. company’s efforts at confrolling canners who manufacture, either 

months Tesco has taken -well bury package is similar to Key All of this may be very nice Drices Tj oth 
over 11 per cent of the sales and Markets’ strategy which is, per- for housewives but it will he increase in costs. 
Sainsbury around 8 per cent haps not surprising as the com- distinctly painful for some of the 

Sainsbury was able to maintain party's marketing director came other supermarket groups whose 

cornnany’s aerosol cans should oc u *? a tv juhuiy juice increases wuuug » ucum uviu uie iqcjoob specialist canmakers and Its supplies to customers. 

CU n i rinni.r. on other products. company’s efforts at controlling canners who manufacture either ... , . 

reflect only increases m la ® Tinplate represents more than costs, it does not produce a part or the whole of their needs, .u A ‘clear impression emerges 
substanUal half Metal Box’s total manufac- regular record of costs and profit- One major difficulty in establish- th ^* Me ^ 1S a S effic * e J lt a " d 
increase in costs. luring'costs and any substantial ability of supplying particular ing Relative efficiency arises * ntet p rlsin 8 ! but with rf la- 

profitability of aerosol cans is increase in the price of the products to particular customers, because competition is restricted tlve from competitive 

..its growth—and exceed its fore- from Key Markets.) margins are already suffering substantially higher than for material Inevitably results in an There may be major divergences in this market, 

cast—by increasing its sales of Meanwhile, Tesco was quietly from the Tesco initiative and open top cans and Metal Box increase In .the price of cans. As undetected by the present ~p. . 

ither lines like fresh foods hut experimenting, in .-discounting who .can tll-afford to-.reduce bas around 73 per cent of the Metal.Bnk gets 95 per cent of system Rn _VL„ 

Jbese basic lines tend to act asymimis Green Shield stamps^and prices further. - aerosol market * its supplies from British Steel Metal Box has only one UJL 5 vSir!i2i!J5 

Immunity from competitive 
ation is restricted pre8sures j n t h e products under 

review. It is of obvious concern 

Dumping check on 
Soviet watches 


3RITISH watch manufacturers success In the UJEC in recent 
rad importers are to conduct a years, climbing from no sales in j 
urvey to determine whether the late 60s to sales of more than 
□reign-made watches are being Im. last year, aronnd 8 per ceoLj 
lumped at uneconomic prices on of. the market The company is; 
he UJv. market. The companies second bnly to the U.S.-owned 
re especially concerned about Timex, the dominant market 
. '-oviet-made watches, marketed leader.'which has aronnd 25 pec 
n this country under the cent. 

-ekonda brand name by the UJK. While the Sekonda range starts 
orapany, Time Products. from a slightly higher price than 

There is also concern about Timex, the. Soviet watches are 
apanese. Hong Kong and often highly competitive in num- 
- 'aiwan-made watches. bets df jewels used and in design. 

. . The British Watch and Clock A recently introduced range or 
lanufacturers* '. Association, Soviet-made quartz watches has 
...I'hich has - told’ Government also proved successful 
: Bicials of Its Intentions, is tak- Foreign competition has 
' lg a low-pitch approach for the driven most UJK. watch com- 

• • loment. Under EEC. rules It panies out of manufacturing. 

lust prove that watches are Smiths Industries phased out 
eing sold in the UJC. at prices manufacture of wrist watches last 
iwer than those Charged In the year, and has concentrated — 
omestic market ef their country successfully — on the production 
- fdrigin. -' .■ • - . of pocket watches and stop 

.... ■ ... watches. The major manufacture i 

-Ompentiye in the U.K. is Timex, with its 

In the case of Soviet watches main plant in Dundee, 
lere is some difficulty about Smiths Is under pressure from 
• - staining information on the competition in the clock market 
omestic prices, and whether or as well. The company-is seeking 
jt these-prices are subsidised, a substantial reduction in staff 
id by how much. British at its clock factory at Wishaw. 
atch coropauiea^-most of whom Strathclyde. It is finding it 
.-e importers. from Switzer- cheaper to buy quartz movements 
j-i/i'llod. Japan and the UB.—' than to make its own, and its 
\i [i^ jlieve that the Soviet watches.mechanical and electrical clocks 
,/e highly subsidised. are being undercut by Soviet and 

»iSekonda has bad. a spectacular' Chinese products. 

• Deloitte joins forces 
with U.S. accountants 

, , - -1 aerosol cans m view of the com- 

| ||*j) Ap pany’s assurance that It will not 

profits Barclay; 

improving f or f ran , 

NEARLY one in five printing M/M. MUl 

companies is unprofitable, accord¬ 
ing to a survey published to-day. THE COMMISSION decided that 
- The analysis of results by pj-jee increases charged by 
Jordan Dataquest shows that the Barclays Bank for providing 
profit margins of printera. are money transmission services to 
generally low. but there u evi- t h e Post Office, the British Gas 
deuce that they are now picking Corporation, and the Electricity 
1 ^® 1 5 ury 'fy -* d two parts for Council should not be restricted, 
the. North and the South of Eng- . ..... 

has around 73 per cent. o.f the Metal Rox' gets 95 per cent of system. u superior profitability of that any company in such a posi- 

aerosol market ' 1 * ' its supplies from British Steel Metal Box has only one UJC Metad Box operations may reflect tion should reach and maintain 

The commission has not, how- Corporation its relationship with aerosol factory operating a high jf e effici ency of the company, but the highest standard of perform- 
ever, formally recommended any the Corporation is of great im- speed system. Pricing is based ” m ® y a J^°. r *“ ect extent if ance that competitive pressure 
restriction in the prices of portance both to itself and to its on a delivered price. “In our ^o which it sets prices above would normally impose. We 
aerosol cans in view of the com- customers.- view this may lead to cross- ievels eould be sustained in believe in general that Metal Box 

pany’s assurance that it will not “ We were somewhat disturbed subsidisation between customers. a 5° re competitive environment achieves this Standard,” says the 

ine company pointed out to commission. 

Barclays given approval 
for transmission charges 

land, covers a total of 672 com¬ 

“ We are satisfied that the ser¬ 
vice provided by Barclays to the 

I The average profit margin of * of ' h ® l * v ? ] 

the ten largest privately owned of efficiency as that provided to 
Northern companies was 8-3 per any other large customer. 

V. • 



r J~ -m ■ 

cent of sales. The margin for 

commission, however, 

the top ten Southern companies, acknowledged that its investiga- 
•however, was only A5 per cent tion into the increase in charges 

of sales. 

needed to be seen .in 

I About one in five of all the context The charges for money 
companies surveyed was making transmission—which Includes the 
j a Jess. • supply of notes and coin, collec- 

Analysis of the latest pub- tion of cash, cheques and bank 
fished results of the largest ten Giro credits, and lodgement 
private • companies shows that facilities for takings—are 

average-growth from 1975 to 1976 negotiated jointly through the 
was 15 per cent However, results medium of the ConuTOtJee of 
available for 1977 indicate that London Clearing Bankers 
growth in the following year in- (CLCB). 

% * 

. . * - ' 

creased to 25 per cent. 

. The surveys (“ North " 

“ft is our understanding that 


/ 2LOITTE AND CO, the British 
- arte red accountants, and 
: : is kins and $ell$> the - U.S. 
• coantrng firm,, are* to cement 
■ sir long-standlng- v 4b-operation 
both adopting the name 
tloitte Haekais. and Sells from 
■ *y 1. The combtaed firm will 
. thQ world’s eighth largest 
Announcing this yesterday, 
r. David Rae Smith, senior 
rtner of Haskins and Sells, 
.plained that the change signi- 
5 <if( :d . “operational oneness*^ as 
distinct from ‘‘financial one- 
' ss." Both sets-of partners, in 

Britain and in the U.S., bad 
decided overwhelmingly to 
-operate under the single name. 

■ Speaking for the U.S. side, Mr. 
Thomas Hogan, deputy managing 
partner, made it clear that the 
adoption of the common name 
was a step lit the slow process of. 
a complete amalgamation of the 
two firms. 

Mr.' Rae Smith explained that 
the main obstacles to this were 
taxation, exchange control, differ¬ 
ing standards Of living and the 
difficulty : of, deriding on a just 
distribution-' of income between 
the'two sides. ' 

w ;South" £40) are obtainable !^ e ^ charges 

only from Jordan DafammsL 

Jordan Hnnw. Brunswick Place, for 

London N1 6 EE. negotiations between the clear¬ 

ing banks and the three 

- nationalised industries cod- 

O'TAA AAA cerned and that the charges 

4>.A4| 111 I If If I which are ultimately to be made 

w«JAA/ »UW wdl] be dependent on the out¬ 

come of those negotiations. The 
p . j charges notified, therefore, repre- 

Trailfl sent a ceiling." 

4* In deriding to investigate, the 

commission was particularly con- 
J cerned about the method of 

ailPaAfl negotiation adopted by the clear- 

M “ V 6 V,U ing banks for the charges. In 

^ assessing the proposed charges, 

By Our Own Correspondent . jt paid particular. attention to 
SLvj ' two maan acre as—the costing of 

Chairman of the Price Com¬ 
mission, whieh - yesterday 
published the results of three 
inquiries, published In these 

Fuel Cost Adjustment for 
the Supply ' of Electricity 
(HC133, TOP).. 

Barclays Bank Ltd. Charges 
for Money Trahsmterioo Ser¬ 
vices to the Post Offiee, the 
British Gas, Corporation and 
the Electridty Council (HC134, 

Metal Box Ltd. Open Top 
Food and Beverage Cans and 
Aerosol Cans (HCI35. 85p). 

figure for imputed Interest on 
those funds. 

The commission acknowledged 
that Barclays was also in a posi¬ 
tion to derive income from 
these industries by the provision 
of overdraft facilities and other 
services. But the value of this 
business is not large- 

The nationalised industries in 
question are able to satisfy most 
of tbefr credit needs by direct 
recourse to money markets and 
are generally not such profitable 
customers as corporations who 
use an all-round banking service. 

The negotiation of acceptable 
charges is thus regarded by 
Barclays as essential. 

“We think that the industries 
should be left to conduct their 
negotiations as they see fit and 
to obtain the best terms possible 
through such negotiations, the 
centralisation of which through 
the CLCB clearly has a limiting 
effect on competition between 
the hanks for the business of the 
industries. No doubt the indus¬ 
tries will take into account in 
the course of negotiation the 
benefits of other related banking 
transactions." the commission 

The commission says ft will 
deal with one of the proposed 
charges, for cash holding, in a 
report due at the end of March 
on the provision of money ser¬ 
vices to customers. This is 
because .of the wider issues it 

It adds: “ The agreement 
between the members of the 
CLCB to joint negotiation with 
the industries appears to the 
commission to be.subject to regis- 

Call for punishment to fit crime 

«ng crime was called - for 
sterdayby Mr. Ronald Gregory, 
**t Yorkshire’s ■ Chief ■ Con- 
able. - .. • . 

.** We have reached a stage 
^ere punishment has. got to- 
ftre in the judiciary process 
herwisc there Is' no deterrent 
Nisoever; - i There must "be a 
Rerrent if we are. to .reduce 
he said. 

“r. Gregory said tfiat-shorter, 
■atences meant that more of the 

“criminal fraternity’’, was in 


Provisional, figures show that 
131,000 crimes were recorded in 
England last year—a rise of 17-8 
per cent Sexual offences, frauds 
and homicides felL 

Mr. Gregory said the force was 
under, considerable pressure: 
“Hen Of. experience and long 
service have Ieft the force and 
it is now young men : with less 
than two yearsVservfce whn rre 
carrying the burden." 

By Qur Own Correspondent . jt particular attention to • the industries appears to the 

two maan aoreas—the costing of commission to be.subiect to regfe- 

A SWOOP by Customs officers in new tariffs and the anticipated commission decided to take into tration with the Office of Fair 
South- Armagh may have un- returns from the proposed account not ..only the revenue Trading under Part 1 of the 
covered a £300.000 fraud involv- increases. derived directly from the charges Restrictive Trade Practices Act, 

ing Common Market funds. The commission . found no but also the benefits accruing to 1976. The commission has there- 

Belfast magistrates court was reason to challenge the method Barclays from the funds held by fore, fulfilled Its obligation under 

toJA -yesterday by a lawyer , for of costing and the ways in which it on behalf of itsjeustomers. section 19 of the Price Commis- 
the Director of Public Pro seen- costs are allocated to the services . In assessing revenue, there- sion Act 1977. and has informed 

tiriis; that the alleged massive provided. In looking at the fore, the commission has felt it the Director General of Fair 

Fraud caine to light m the docu- returns from these services, the necessary to take-into account a Trading accordingly." 
mehts seized with a consignment 

iSfSI Brewers' seek 2p a pint more 


worth £12,000. The-lawyer said YWO MAJOR groups. Allied much under £8 a case,” or nearly future price increases. He has 
Further'charges might anse. ■ Breweries and Scottish and ‘50p a bottle. made it quite clear he would 

. --—- • Newcastle Breweries, have Mr. Charles Williams, chair like to see at least a year 

' formally notified the Price Com- man of the commission,, has is- between one increase and the 

NAntf T if li anW mission of their intention to vited the brewers to discuss their next. 

JUllIIgUiT raise the price of beer by 2p a applications and a delegation But the Brewers’ Society. 

, . _ - i pint. A third company. Courage,, from Allied, lhe Double Diamond, when it met Mr. Roy Hattersiey, 

tTiac ordered . tije Imperial Group subsidiary, skol. Ind Coope- and Tetley the Prices Secretary, last month, 
c? < : will put in tis formal sotificatian. group, will be at the commission would not commit its members 

BRITISH Shipbuilders’ ■ first to-day. • totiay. ' . * to such a policy. The brewers 

order of 1978 was announced Distillers Company. _has also it will be led by Mr. Bernard agreed that future increases in 
yesterday when Forth Tugs said notified the" co mmi ssion of. the Kilkenny, chairman of Allied’s beer prices would be -less 
it had ordered two Voith water price rises it wants to make beer division. Scottish and New- frequent but thev would not 
tractor tugs from the Bowling following the recent European castle’s delegation, led by Mr. commit tbeyselves to any 
yard of Scott Lithgow. Clydeside. Commission rilling against some Peter Balfour the chairman, will precise period. 

The vessels are valued at of its UJt trading practices. meet the commission next week. i n any case. Allied will tell 
arotmd £2m. and will be delivered Distillers ' wants to lift the There is no doubt that Mr. the commission that 95 per cent 
In sunnier next year for opera- price of four whisky brands— Williams will attempt to per- of its beers have not gone up 
tion tn the port of Grangemouth Black and White. Dewar’s, Vat snade the b rewers , that they in price for more than nine 
and surrounding-area.' ■ 69, and White Horse by'“not should give assurances about month. 

Scott Lithgow 
tags ordered 


announces on behalf of and for the account of the 


For submitting of bids by the manufacturers from the 
member countries of the International Bank for Reconstruction 
and Development and from Switzerland for supply of equip¬ 
ment for the project “ Middle Neretva," i.e. for the hydro¬ 
electric power plants Snlakovac and Grabovica, for which the 
purchaser has applied for a loan from IBRD in accordance 
-with the following documents: 


— Tender for delivery of hydromechanical equipment 
and penstocks; 

— Tender for delivery of three (3) Kaplan turbines 
(HK=42 M, Q=!S0 M3/S); 

— Tender for delivery of three (3) synchronous 
generators (75 MVA. 13fH—7.5% KVA, cos phi =0.9); 
— Tender for delivery of three (3) block transformers 
(75 MVA, 242/135 KV. YD 5, UK = 11.5%). 


— Tender for delivery of hydromechanical equipment 
and penstocks; 

— Tender for delivery of two (2) Kaplan turbines 
(HK=34 M, Q = 390 H3/S): 

— Tender for delivery of two (2) synchronous generators 
(64 MVA, 105+—5% KV. cos phi =0.9): 

— Tender’ for delivery of two (2) block transformers 
(64 MVA, 242/10.5 KV. YD 5. UK = 11.5%); 

— Tender for delivery of high-voltage equipment of 
220 KV. 

The manufacturers can obtain the tender documentation from 
Hidroelektrane na Neretvi, Alekse Santica 106A. 79000 Mostar. 
Yugoslavia, after the advance payment of USS 300.00 has been 
paid for each, tender and upon presentation of receipt for the 
amount paid. 

The payment is to be made to the account of Hidroelektrane 
na Neretvi; Mostar No. 11800^-16-7100-0003140 with 
Privredna Banka. Mostar, Yugoslavia, stating “ HE Salakovac " 
and/or “HE Grabovica." 

The effected payments shall not be returned. 

Bids for both power plants are to be submitted in compliance 
with the conditions set out in Volume M to the above address 
according to the following time schedule: 

— Tenders for delivery of hydromechanical 

equipment and penstocks not later than 10th April, 1978 

— Tenders for delivery of turbines not 

later than 12lh April, 3978 

— Tenders for delivery of synchronous 

generators oat later than 14th April, 1978 

— Tenders for delivery of transformers 

not later than 17th Aprii.1978 

— Tenders for delivery of high-voltage 

equipment not later than 19lh April, 197S 

The bids received after the stipulated time will be returned 

The bids will be opened in public at the stipulated time. 
Manufacturers are also invited to register in writing until 
1 st February -3978 their interest in submission of bids for 
the following equipment for which the tender documents will 
be issued during 1978: 

— Tender for delivery of cranes: 

— Tender for delivery of high-voltage equipment 220 KV for 
Salakovac HPP: 

— Connection generator-transformer with relevant high 
voltage generator; 

— Equipment for the self-supply; 

— Power lines for connection of the power plant to the grid; 

— Equipment for regulation, protection, signal isa tion, 
measurements as well as for the telecommunications and 

• remote control;. • ... 

— Auxiliary equipment. 






Permanent and long term capital 
for the successful private company 

Also a wide range 

Selective finance for property development 
Commercial and industrialloans 
Bill discounting 
Acceptance credEts 

Por further infonnation 
please telephone01-606 6474 or write 
to Barrington House, Gresham Street, 

Graham Trust 

•p; r m [ngfamB nffi re- Trl mr md T-Ttmag, NewhsTI Stre^ Birmingham. B3 BEVY 



This cash voucher 
entitles your company 
to an immediate 




75% CASH 




Sotjecr to acnmsal 


Casli (low pblems?Tlien cash this! 

Portuguese import/export company interested in 
enlarging its representation in Portugal for British 
exporters, especially in new and second-hand plant, 
industrial and domestic equipment, etc., also to act 
as buying agents for UJC importers of wine, textiles, 
clothing, etc. 

ese, English. French and German spoken 
x/telephone facilities and trained staff at al 
Portuguese ports. 

Need C ash Now? You've got it right there on your 
books! Confidential Invoice Discounting Ltd gives you 
75% cash against invoices—money you put to work 

today. Our invoice discounting system is entirely 
confidential. Your clients remain totally unaware of its 
existence. For the full facts post this voucher now or 
phone us direct 

Confidential Invoice Discounting Ltd. 

Circus House, New England Road. Brightm. Sussex BN1AGX 
Telephone: Brighton (0273) 66700. Telex: 87382. 

Telephone: Brighton (0273) 66700. Telex: 87382. . 
Abo B i rmingham , Cardiff, Leeds, London. Manchester, 
A snhjdritor ytrf lntaTTMtHi^ l pBCtOg United 

Please write to:— 


Aye Infante Santo 23-5 °B, 
Lisbon, Portugal, 

or the UJC representatives:— 

134S, The Exchange, 
Mount Stuart Square, 


Partner or purchaser sought for German subsidiary 
of UJC. Company. Profitable with positive cash flow 
and unused bank facilities. Excellent technical 
management and factory premises. Company 
manufactures microswitches, flow meters, light 
sensitive switches and electrical safety equipment. 
Assets approximately £250,000. Would suit U.K. 
company seeking German marketing/service base 
and/or products to sell in U.K. and export 
Write Box G.1161, Financial Times, 10, Cannon 
Street, EC4P4BY. 


Team of top Safes Executives with access at all levels, afe at your 
disposal to get your company large volume, long term contracts 
with the motor, domestic electrical and other consumer durable 
industries. If you manufacture a good, competitive product, have a 
good quality control department and Want to expand NOW — 
either in the U.K. or Europe—contact: 

130a Burnt Oak Broadway, Edgware, Middlesex. 

Tel: 01-952 6626 - Telex: 923598 


Amounts from £25,000-£250.000 

Replies treated m the strictest confidence. 
Write Box G.I2I3. Financial Times, 

10. Cannon Street. EC4P 4BY. 


Your company will employ CNC to remain competitive. 

You may make a costly error in purchasing the wrong equipment. 
. You may hever recoup the cost due to under utilisation. 

You may not have the necessary in house expertise. 

You can overcome any of these difficulties by taking advantage of 
our joint user scheme, and we can prove it before you spend any 

Telephone: (0745) 823258, ]. BUDGE. 


Our dienes, a substantial and 
nationally known company en¬ 
gaged in information services 
for the construction Industry, 
wish to expand their operations 
in the Middle East, Nigeria. 
Singapore and the Far East. 
Ideally, agents with knowledge 
of the construction Industry 
are required. 

For details please contact: 

Industrial Marketing Division 
Wakefield House 
152 Fleet Street 
London EC4A 2DH 


for ulc in Wcjc Midlands. Tho earn* 
Piny manufactures high-quality worm- 
driwe hose clips. Technical expertise. 
Freehold property. Current sales 
£330.000. Capacity £500.000. Current 
losses Sait company with marketing 

Write Box G.I202, Financial Times, 
10. Cannon Street. EC4P 4BY. 

Various Contracts in hand. 
Suitable for a Company 
operating Nationally. 
Write for detolli to So* C.I2I7, 
Financial Times, 10, Cannon Street. 
EC4P 4BY. (Principals only) 


Uo to C50.000 short-term loan 
monies wanted tor cash-now Bar¬ 
bosas January-Aorll Good security 
and returns. On-going connection 
ibossIBIv With active oartKIoationl 
negotiable on significantly reduced 
commitmenti basis Further informo- 
f on only oy private meeting in 
London. _ Principals, please. write 
Box G.12I1. Financial rimes. 10. 
Cannon Street. EC4P 4BY. or ring 
01-629 3436. 


Expertly, speedily, throughout the 
wo-M. r ora para our prices 

ENGLAND . £69 

ISLE OF MAN . £98.44 

GUERNSEY . £250 


l, Athol Serene, Douglas. l.o.M. 
Tel: Douglas (0624) 237IB 
Telex: 623554 


Factory reconditioned Md guaranteed 
by IBM. Buy, saw up to 40 p.fc 
Lease 3 years from £3.70 weekly. 
Rent from £29 par month. 

Phone: 01-641 2365 

. MM €HWMNM loans reowreti ov an 
*jM,ee on Goslorth High 5irctL Newr- 
calito vpo6Ty««- «■»«"*- *° m « 
as Finance jmwra.. 

Financial Times, 10 Cannon Street. 

■ Cssmoprot 197B, Balaam and exhlbi- 
horatoVaM E«f country THwhow 

w»n8S728* mffiVrjBff! w 

capital allowances irom ture cruiser 
purchase. Excellent return and wuriiv 
plus irinoe bemts. FrOnaham (023 
1251 2315. 


Servicing N*W York and surrounding 
States. Specialising in secured borne 
Iraprovetfient financing for over 35 

Interested in sale of secured port¬ 
folio* or secured borrowings. Rates 

Serious investors can inquire as to tale 
of Interest fh this substantial finance 

Write fn confidence to: - Box FJ90, 
Financial Timet. 10. Carman Street, 
EG4P 4BY. 


in a first-class energy conser¬ 
vation system, used inter¬ 
nationally for ?5 years trouble 
free. Exceptional scope in the 
U.K. far participation with a 
min. of £5.000 to a maximum 
of £500,000. 

Interested parties should tel. Simon 
Lynch on 001-301 1159 far pre¬ 
liminary details. 

If so, please telephone 
on 01-493 $636 


wishes to acquire a bearing 
company with either an RHP/ 
Timkert or an SKF distributor¬ 

Write Bex G.12I0, Financial Times. 
10. Cannon Street. EC4P 4BT. 



. 30. Gey Road, E.C.1 
01-628 5434/Sf7361. 9936 



We are a public company with a reputation for quality and 
detivdry engaged in the manufacture of knitwear and sports¬ 
wear seeking a textile wholesaler/distributor capable of 
developing a U.K. market of up to £500,000 per annum for our 

As part of a large International group we have associated 
manufacturing and buying offices in The major trade centres 
Of the Far East One of our subsidiary companies Is presently 
developing an import business utilising our group’s trading 
knowledge of the developing countries and merchandise would 
be available from this source to complement the UJL 

Applications from Principals only please to Bax GJ216, 
Financial Times, 10, Cannon Street. EC4P 4BY. 


For private companies with high liquidity and 
risk of forced distributions at high tax rates. Fully 
approved and totally secure method. No risk. 

Just write your name on company letterheading 
and post to us today for details. The facility is 
limi ted. 

(We regret no telephone enquiries can be 

Managing Director, Ackrill, Carr & Partners 
Limited, Alp House, Westhill Hoad, Bir mingham 
B38 STL. 



Name a racehorse after your business product or service and race 
it in company ownership. 

imagine the publicity on TV and in all national and local papers. 

established and reputable trainer. - has available for. fuse wqg£red 
fillies by Lorenzaccio. Supreme Gift,-Hotfoot and Ribenx 
Orchard Stables, East Hendred, nr. Wantage, Oxon 
Tel: 0235 88297 

We are fin investment and international trade organisation in the 
United Arab Emirates with world wide interests wishing to 
diversify into foodstuffs and household goods. 

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

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


Following tbs successful tadneb of ctw 
Pneupac VendIxcor/Ruuxcinear, with 
iacenutiomJ accvptanc* rad approval 

■acemadomf acceptance rad. approval 
by Military. Industrial. Health ind 
Safety Auamricinc. a limited number 

safety Autnonau, a limited mtmner 
of distributorships are available in 
certain areas to operate within our 
existing network. 


Marketing Director. 

London Road. Dunstable, Beds. 

with substantial further planning per. 
mission Obtained. FuH order book 
a wide variety of industries 

on a 1977 turnover oi reau.uuu 
Excellent expansion prospects. All 
management retainable. 

Write Box G.l209, Financial Three. 
10, Cannon Street, £C4P 4BY. 



We specialise In arranging commercial, 
industrial and residential property 
finance tfiroaghouc the U.K 
JaywoAd House. Furr* fit id Road, 
Baaconsfiaid. Bucks. HP9 IPO 
Tel: <044 44) 77339 

British Nerxet and Busmeu Consol cant 
resident in Cairo, with high-level con* 
tact in Public and Private Sector, 
would like to bear from Companies 
seeking representation in this thriving 
market area. Office. Telex and o'her 
services available. Retainer and ex¬ 
penses basis only. Fee basis .tor Market 
Research and/or Feasibility Studies. 

Write Box G.1212. Financial Times, 
10. Cannon Street. EC4P 4BY. 



Mahogany and teak desks from £35 
to 050. Four drawer steel filing 
cabinets from £25. Steel cupboards 
£25. -Typewriters: Adler from £50. 
Olympia from U0. 150 Steel Clothing 
Lockers 72' x 12 s 1B‘ £11 each. 

For all theta and other torpln ring 
''Commercial" 01-037 9663. 


« l » v r Vi» 

With excel lent feitesmtioml w n tacts 
in AsatKbsi end Commodities 
with company in Liechtenstein 'and 
llviag/affieu in Monu Carlo needs 
investment of U .3.550.000 against 
partnership. * 

Write Box F-592, Financial Times. 

10, Cannon Stmt. EC4P 4flY. 



with Si In Network In Germany is 
looking for additional comp shies to 
represent in German speaking areas. 
The products presently being handled 
are for specialist aviation lise and 
good communications exist throughout 

the European Aerospace Industry. 
Contact; P. J. ALLARD. SAC fcri 

of Companies, Brunswick House, Upper 
York Street. Bristol BS2 80B. -Tcie- 

Tork Street. Bristol BS2 80B. .Tele¬ 
phone 0272 421451. Telex 449107 



Do you have a successful business 
which you will want to sell tome time 
over rite next five years I Toting. 
businessman has cash available (up 
to £1 million) and Is seeking a phased 

Write Box G.1201. Financial Timas, 
10. Cannon Street. E C4f 4BY. 



Regular production fiiut and 
second quality job stocks, fac¬ 
tory over-runs and Salvage. 

Write Box G.1307. Financial Times. 
fO. Cannon Street, EC4P 4BY. 


Two British Flag Coasters for 
sale. £190.000 en bloc, both 
trading. Management Service 
available if desired by buyer. 

Write Box G.120B, Financial Times. 
10, Cannon Street. EC4P 4 BY. 

INVESTMENT tooolrod on natemed 

engi n e eri ng pr o tect. Details. phone 

qi-«e obio. 

E5.QOO — investment reuwrea tar new 
t navel Business. Write Box G.12Q4. 
Financial Timas. 10. Cannon Street. 

tmnniiiiatm or snared accounts. 01-636 


wanted to W.1 am. Cell 01-829 9328. 


urgently required tor export. Beet 
prices, immediate Inspection add pay¬ 

ment. No fus. 


Southport 35962 • Southport 35512 
Telex: 92260 - Newtown GroftP 

YOUR FIRST £100,000 
-anyone can do it 

There’s st21 only one realistic way to make a fortune: start and 
build up your own business. And now is exactly the time to do 
it- even Mr. Callaghan says so. But which businesses are 
going to boon?-Leisure parks, take-away restaurants. Celtic 
oil? Get the vital information you need to ma ke a ki lling Of 
your own from the COM PAiMV DIRECTOR'S LETTER, the 
informed private-aibsaiption service under the editorial . 
supervision of Robot Heller. Send for details of free trial offer 
to Company Director's Letter, Dept. iCb 
13 Golden Square, London. W.1. 

Or phone01-5977337 (24-hr. answering service). 


Computer Portrait Limited offer exclusive area franchises for tills revottidOturf 
Computer Portrait System as currently operating Al leading West Raff and 
European Departmental Stores. Tbo complete System with display unit to avail¬ 
able to enn»p«wto» at A gnteunnil discount. A minimum investment It EtUMM. 
Space required a 9 so. mures 1100 su- fLl. The System ravdlvra the AW ol x 
computer to prepare portraits from life or from photographs on tA Roper. 
T storts. sweat shirts and a full range of products. The Company Will provide 
sales training, new products, guaranteed service and maintenance. 

Important locations are available in Hit provinces. 

For further intannaUuu and an appointment to dtocom an eadnSfre fmnftbn 
please coulter Reference 3LA. H. 

Cafe Royal, <8 Rcsknt Street. London, VU. 

for medium-size European Manufacturer. 

A Sales Start-up Programme of Pluming. Recruiting, 
Negotiating. Management—all at a reasonable fed. 

8 Grove Street, Wellesley, Mas*. 02181. 

Information from.— 

r. j. van jnqta 

1M Woodward Road. London SB2 «UtT TaU 11-493 1430 

Teu 01-493 1430 

We are interested in establishing a Quantity Surveying and 
Cost Management firm in the United Arab Emirates. We are 
seeking to enter into partnership or similar arrangement with 
a viable Chartered Quantity Surveying and Cost Management 
firm with proven capability in this field. Write Box GJ171, 
Financial Times, 10, Cannon Street, EC4P 4BY. 

Island in the South Pacific 


Beautiful tropical coral blond wnh olntnp available id ebb Salomon kUndi. 
Ideal for personal yn or for exclusive resort. Superb tolling, diving, fhhing etc. 
Natural MrPotir with wbtrf. I n t e rv i ew s by appointment 

Interested parties phase contact (uhW 11th /raj 

Clement, t/t Gromuor Hoorn, Park Lone. London W1. teb 01-499 4343. 
or after write: P.O. Boa 59, Ho nia ra. Sohdnon Hinds.' 


Expanding Group in tfw Building and 
Civil Engineering field wish to acquire 
x well-estoblirtiod building contracting 
business at ■ going concern, preferably 
bated in the Bristol/Bach area and 

operating mainly within 100 miles 
radios from there, with a curidht 

turnover of at lease £1 million per 
annum In general contracting odd with 
expansion possibilities. 

Reply giving brief details to 
Box G.l 203, Financial Times, 

10. Cannon Street. EC4F 4BY. 


with a substantial private client busi¬ 
ness ire teeking a small to medium 
well managed firm of broken to Join 
in 1978. 

Write Bos G.1205, Financial times, 
10. Cannon Street, EC4P 4BT. 


U-K.-awned light engineering factory 
bated In Dallas, Texas, bat capacity 
for manufacture/assembly of additional 
prod acts. OSce/vxountJng/w archous¬ 
ing facilities alto available. Inquiries 
welcomed from European companies 
interested in establishing a U.5.A. 
manufecnirlng/dbcribution base. 

Write Box G./T72. Financial Timet, 
10. Cannon Street, EC4P 4BT. 

Profits Immaterial 

Detoffs In strictest confidence to: 
Managing Director 

Y0. Canaan Street. E C4P 4BT. 




for sal*. Centrally sited restaurant 
seating up to 180. Newly equipped, 
stylishly decorated to prime position 
to enjoy all-ybir^ound cobrlst. sdtdent 
and local stopping trade. Offers IrMttd 
for goodwill and benefit of long tease. 

Write to Box G.121S, Financial Timor. 
10. Cannon Street, EC4P 4&Y. 


manufacturing established range 
of Stationery and promotional 

Cash or share exchange. 
Write Bex G.l214. Financial Timas. 

10. Cannon Street. EC4P 4BT. 


Importing and Wholesaling Co. 
Profits £240000 

Write Box G.l 195. Financial Times, 
10. Cannon Street, EC4P 4&Y. 


Financial Times Tuesday January 101978 


Preferably based in south ease. Mini¬ 
mum 20 units. Substantial shsratoldlng 
In quoted company considered. 

Principals only reply 

427B High Road. Wembley, Middlesex 

Business and 



Every Tuesday and Thursday 

Rate: £16 per single column centimetre. Minimum 
3 cerrtimetrBS.forfurther information contact 
Francis Phiflips, Rrranda! Times, 10 Cannon Street 

01-2488000, Ext 456. 

Bose Rate 

With effect from 10th January 1978 
Base Rate will be 
changed from 7J% to 6J% pa. 

Williams & Glyn’s Bank 
announces that with effect 
from 10th January 1978 
itsBaseRatefor advances 
. isreduced from 71496 
to 6^96 perannum. 

Intereston deposits at 7days’ 
notice is reduced from 334% 
to 3% perannum. 

Midland Bank 
Base Rate 

Midland Bank Limited j 
announces that with effect j 
from Tues. Jan. 10th 1978, i: 
its Base Rate is reduced by I 
5 % to 6^% per annum. . J 


Deposit Accounts 

Interest paid on accounts held at 
branches and subject to 7 days' 
notice of withdrawal is reduced 
by 1% to 3% per annum. 


Midland Bank 

Standard Chartered 

announce that on and 
after 10th January, 1978 

the following annual rates 
will apply: 

r ati 

Base rate.... . .6? 

(Reduced from 7|%) 

Deposit rate... 3 % 

\ J tan 

(Reduced from 4% > 


Standard Chartered 7s 0 to 

Bank Limited . ° 

h _ 

* «*j C»j 


SUVtl > Succi 




y ns Rank 
with effect 


r advances 
'on: 7 : i 1 ' 

^]1 S * :t « 

A «V. »’* • • 





k i.iiniu’d 
• with efff 6 
10 th 




, ne'“- 

1 ;j? dJ\ ,; 

,Ll .' ' r.'rill^’ 

-, r 




Raaacial Tunes -Tuesday January 10 1978 


move on 

*/ RauRn* Chrlc, Labour Staff 

HOPES FOR a quick end to the 
Merseyside dockers strike were 
dashed last night- alter union 
leaders rejected fresh prop e ls 
for independent arbitration in 
the three^week-old dispute over 
absenteeism. _ 

The union and port, employers 
will be meeting again later to¬ 
day, however, after what the Port 
Employers Association, described 
as “a useful exchange of views" 
between shop stewards and-their 
standing negotiating committee 

A renewed appeal for indepen¬ 
dent arbitration 60 -the.row over 
dockers who were not paid, over 
the Christmas period was made 
by employers- only a few hours 
after 2,000 dockers in the port’s 
independent stevedoring com¬ 
panies walked out in support of 
striking colleagues in the Mersey 
Bocks and Harbour Company. ' 
"With 6,000 , of the port’s 
dockers on unofficial strike yes¬ 
terday, work-, in the docks was 
brought to a standstill. About 
36 deep sea cargo ships and 
seven coasters are now affected. 

The port employers yesterday 
suggested paying the .disputed 
wages sum into' a bank which 
would be paid to the dockers if 
the arbitration decision went in 
their favour^or would go to “a 
medical charity" of their choice 
if it' went against. 


out of ballot 
on pit incentive 

by pauune ciark, labour staff 

THE YORKSHIRE area ballot on ing in. comparison with miners 
Incentive schemes in the mining elsewhere, 
industry will be put to about The decision of the ballot in 
60,000 miners in the region this Yorkshire to-morrow and Thurs- 
week wthquta recommendation day could be crucial in deciding 
from . .the Left-wing leadership, the outcome on the issue in 
There are indications that South Wales — foe oniy other 
miners in the region may reverse area which strongly o-pposed pro- 
theiT: previous ■ 77 per cent da ctivi ty schemes previously and 
rejection of productivity which, has to make a final ded- 
schemes. Sion. 

Local officials of the National ' Of the 46,000 out of a total 
Union of Mineworkers said yes- 60 000 Yorkshire miners who 
terday that Mr. Arthur Scargill, voted in the national ballot, 77 
Yorkshire miners’ leader, has per cent were against the 
decided. not to become directly schemes. But, without a formal 
involved in Influencing the vote directive from Mr. Scargill and 
this time because lus.opposition with the additional proviso on 
to such schemes had been made whether those who vote “no" are 
ciear jmougb already. prepared to take industrial 

After ■ his well-publicised action, there, is tal k in Yorkshire 

campaign and recommendation of the new ballot producing a 
to reject at the time of the possible 55 to BO per cent vote 
national ballot the men know in favour 

"te? w gL Out of 66 collieries In the area, 

- s i eco “ d 24 have made either formal or 
^ informal approaches to the Coal 

t ^*cta!S Pte ?hp b H Board oa introducing produc- 
Kent mrnere lMders ahead tivity schemes. This suggests at 
of their members decision least about 40 per cent of miners 

Sit? 'IT? Yorffire r S£ vote to SS. 

with the onion's-executive, den- ■ 

■sion to allow area bonus schemes. • Production at -Betteshanger 
' Kent joined! Yorkshire last colliery, the largest pit to Kent 
month to seeking a High Court was halted yesterday by a walk- 
injunction against -implements- out of underground workers, 
tion of such schemes, but after The men are said to be demand- 
the attempt failed, recommended ing their own productivity bonus 
acceptance to members. This against the policy, of their union 
was to prevent members suffer- leaders. 

Post Office union talks 
on 35-hour week claim 


DELEGATES of the Post Office other savings. However, the 
Engineering Union have been union says that at the start of 
called to a special conference negotiations the Post Office em- 
this month to discuss the future pbasised that U would prefer 
of a 35-hour working week productivity improvements to be 
claim on which the union has rewarded by money rather *han 
been taking industrial action shorter hours, 
since October. One of the issues which die 

Union leaders- have. been. in- special conference on January 
volved in discussions with the 28 will be asked to decide is 
Post Office since last year’s con- whether it wishes to : continue 
ference adopted the 35-hour with the claim at this, stage or 
week 1 as a policy objective. In to go instead for a conventional 
October and November the productivity deal. If it votes to 
union began two stages of indus- pursue the hours claim, the con- 
trial action involving non- ference will have to consider 
co-operation in field trials and whether to stop industrial 
the commissioning of new equip- action. 

meat and exchanges. A one-day strike planned for 

Negotiations' have produced next week has been called off by 
an offer of a limited reduction the union’s executive in view of 
in the working week to be the decision to recall the con- 
financed out of productivity and ference. 




The Royal Bank of Scotland 
Limited announces that with 
effect from 10th January 
1978 its Base Rate for 
lending is being reduced 
from 7 per cent, per annum 
to 6 } per cent, per annum 

The maximum rate of interest 
allowed on Deposits lodged for a 
minimum period of seven days or 
subject to seven days* notice of 
withdrawal at the London Offices 
of the Bank will be reduced to 3 
per cent per annum.. . 

Co-operative Bank 

With effect from 

January 10th, 1978 
the following rates will apply 

Base Rate Chang e 
From 7% to 6£% p.a. 

. Also: 

7 Day Deposit:Accounts 3% p.a. : 

:1 ■ Month Deposit Accounts 3J%. 

Joint action 
by Leyland 

-By Peter Cartwright 
JOINT ACTION committees are 
to be set np at all 36 Leyland 
Cars plants to oppose any re¬ 
organisation involving reduction 
of activities, hiving off of 
parts of the company and 
redundancies. . . 

The.decision was taken yester¬ 
day at a special meeting of mem¬ 
bers of TASS, the technical, 
administrative and supervisory 
section of the Amalgamated 
Union of Engineering Workers. 

The three other unjons, cover¬ 
ing professional, executive, com 
pater and other staffs (APEX) 
the Association of Scientific 
Technical and Managerial Staffs 
(ASTHSl and the technical and 
supervisory staffs CACTSS)—the 
white-collar branch of the Trans- 
.port Union—are expected to join 
in. They have already indicated 
their support for joint action. 

Mass meetings to which local 
MPs will -be invited are to be 
called by the action committees 
The Engineering Union section 
has also called for a demonstra¬ 
tion . from union members at 
Thursday’s meeting of the Ley 
land Cars Council. 

This wiH be attended by Mr. 
Derek Whittaker, whose sudden 
resignation as managing director 
last week was publicly deplored 
by both white- and blue-collar 
unions, and by Mr. Ray Horrocks, 
the recently-appointed deuuty 
managing director. Wr. Whit¬ 
taker. leaves at the end o# the 

After yesterday's six-hour 
meettafr Mr.. John .Rowan. M’d 
lands Senior Officer of TASS 
said: “We want to make quite 
clear to the new management 
our -ooposition to any proposals 
detrementaj to members.” 

The Engineering Union section 
embraces almost all thoce con¬ 
cerned with the design and tool 
Ing for new and face-lifted 
models. On Friday., it refused a 
management reouest to sub¬ 
contract worfc on the Marina 
model valued at several million 

Yesterday, it broadened this 
refusal to a general embargo 
that no such work should be con¬ 
tracted anywhere outside the 

Little hope 
of end to 
Ford strike 

' Financial Times Reporter 
TALKS went on for most of the 
da? yesterday at Ford's Hale- 
wood factory. Merseyside, to try 
to -resolve £o unofficial strike by 
LOGO body plant press sbop 
workers. The action could lead 
to a shutdown of the £ 110 m. 
plant and the lay-off of 8,000 
men. ■ 

; Senior Halewood shop stewards 
wUl' pass on the results of the 
talks with plant management 
and a district officer of the Trans¬ 
port and General Workers' 
Union to a meeting of foe strik¬ 
ing men this morning at Trans¬ 
port House, Liverpool 
The prospect of an end to the 
d^r-old strike, which is over new 
productivity and work schedules, 

and an early resumption of work 
did. not appear bright last night 
Production of finished Escorts 
not likely to be affected by 
drying-up of the snpply of 
•bodies until later in the 




Unions gain 

FOUR MOKE trade unions have 
been given certificates of inde¬ 
pendence under Section Eight of 
the-Employment Protection Act 

They are: Burnley Building 
Society Staff Association; the 
Courtaulds senior staff union 
COSESA; foe Scottish , Health 
Visitors’ . Association; and the 
Xeston Independent Society of 
Cricket Ball Makers. 

Vote by 
in the 

By Alan Pike, Labour Staff 
THE FINAL vote on a return to 
work at Thursday’s Fire Brigades 
Union conference will be heavily 
influenced by meetings taking 
plaee In several of the country's 

largest brigades to-day. 

Is Scotland, an appeal for 
support fo ra return to work by 
Mr. William Millar, Scottish 
executive member of foe union, 
was defeated yesterday by the 
regional committee. 

Representatives of only one of 
the eight Scottish regions— 
Dumfries and Galloway—voted to 
accept foe employers’ offer and 
foe committee is recommending 
continuation of foe strike. This 
is now being considered by 
Scottish firemen. 

This morning, the union’s Lon¬ 
don regional committee will meet 
to consider how the 12 delegates 
representing the 6,000 men In 
Britain’s largest fire brigades 
should vote on the proposed 
peace formula, which Is being 
recommended by the union’s 

The 1.500 members of Mersey¬ 
side Fire Brigade—an area where 
support for the strike has been 
at Its most intense—meet in 
Liverpool boxing stadium to 
decide whether to accept the 

Local union representatives 
will explain foe details of the 
proposed new pay formula— 
which would bring firemen’s-] 
wages into line with skilled 
manual workers in industry by 
November, 1979—but will make 
no recommendation. 

There were several votes in¬ 
support of a return to work to 
county brigades yesterday. War¬ 
wickshire members voted 200 to 
40 to accept the pay formula. - 
A similar vote for acceptance 
was carried in West Glamorgan 
—123 to 62—and elsewhere to 
Wales there were votes for 
acceptance to Gwynedd, Clwyd 
and Dyfed. 

Another county to vote to 
favour of the offer yesterday was 

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•Financial Times Tuesday January . 10 1975 



Du Cann hopes for tighter 

spending control by MPs 

on State 

Liberal former president 
argues for ending pact 



THE SYSTEM of Parliamentary 
control of expenditure has 
become farcical and MPs are 
totally failing in their duty to 
control Government spending. 
Mr. Edward da Cann, chairman 
of the Commons Public Accounts 
Committee said last night. 

He urged that Parliament 
should adopt the new system of 
tighter control, recommended in 
the third report of the Public 
Accounts Committee last March. 

Under this proposal, cash 
limits would be incorporated in 
a reformed system of Parlia¬ 
mentary estimates and accounts. 
Mr. du Cann believes that this 
would result in a programme of 
full cash budgetary control with 
MPs able to keep it under con¬ 
stant scrutiny. 

He told MPs that the com¬ 
mittee would be investigating 
this matter further in the present 
session and would be having dis¬ 
cussions with Treasury officials. 
He hoped to be able to report in 
six months' time that such a 
method could be operating by 
the 1978-79 financial year. 

In addition, he proposed 
tighter control on expenditure 
of public money by the National 
Enterprise Board and die British 
National Oil Corporation, with 
the Comptroller and Auditor 
General having full access to 
their books and accounts. 

Opening the annual Commons 
debate on the various reports of 
the PAC over the past year, Mr. 
du Cann C., Taunton) made a 
scathing attack on the short- 

"Parliament falling the 

comings of the present method 
which, he said, had remained 
virtually unchanged for genera¬ 

** We vote millions on the nod. 
he told the House. “ In the con¬ 
text of control and scrutiny of 
public expenditure, the question¬ 
ing of Ministers, investigation in 
depth of what is being done with 
the taxpayers’ money, there is 
no doubt that our procedures 
are very ineffective. 

"Parliament, I believe, is fail¬ 
ing the nation at this time,” be 

Mr. du Cann welcomed the 
introduction of cash limits but 
pointed oat that they bad never 
been discussed in the cham ber. 
No MP had had the opportunity 
to debate the limits on defence, 
health, agriculture or any other 
of the 129 items which made up 
the total. 

“That is the way the Execu¬ 
tive treats this British Parlia¬ 
ment That is the contempt it 
shows for us. It is shocking that 
here we have an administrative 
system not subject to national 
Parliamentary procedures of any 

“Any true democrat must be 
dismayed at the way we have 
been so careless of onr Parlia¬ 
mentary tradition. Debates on 
estimates of supply have become 

"Taxpayers and Members of 
Parliament should control the 
Executive. This we don’t do in 
this House. Parties have far 
too much power to allow a* to 
do that. We have an all-powerful 
Executive—an elected dictator¬ 

Mr. du Cann pointed out that 
the committee had only a narrow 
remit "The reality is that the 
work we do is only a tiny frac¬ 
tion of what needs to be done— 
the tip of the iceberg. 

“The inquests of the Public 
Accounts Committee and the 
post-mortems are .fine. But they 
are hardly a recipe for a healthy 

effective democratic practice. 

" If there is no control or the 
controls are inadequate, then 
inefficiency will follow Just as 
night follows day. We should 
control the Executive by con¬ 
trolling the purse strings. That 
is what we don't do. 

chiefs’ pay 

Loose and superficial scrutiny—MP 

Mrs. Barbara Castle, former 
Social Services Secretary, com¬ 
plained of some "totally un¬ 
justified conclusions” by the 
committee, which in its fourth 
report, had implied design 
mistakes in fuses made ht the 
Royal Ordnance factory in 
Blackburn. "I have been con¬ 
cerned how loose and superficial 
is some of this much-vaunted 

She argued that the commit¬ 
tee should put its own house in 
order and take a careful look 
at its methods. 

Liberal economic spokesman. 
Mr. John Pardoe said that Par¬ 
liament was ineffective and 
feebly in administering a modern 
industrial society. 

It was time all sections of the 
House took note of Mr. Du 

Cann’s constant message that 
Parliament had no control over 
public expenditure at all. But 
one thing was certain, nothing 
would happen. 

The whole question of aid to 
industry should be examined. He 
did not believe there was any 
evidence that private industry 
ebuld be induced to invest by 

“I welcome Mr. du Cana’s 
determination to change this 
hidebound, traditional Institu¬ 
tion ( Parliament) into a weapon 
of modern Industrial and 
economic management" 

Sir Timothy KItson (C Rich¬ 
mond), called for the commit¬ 
tee’s evidence-taking sessions to 
be opened to the public. Press 
and, possibly. Yadio, on an experi¬ 
mental basis. 

“ Anything. which might draw 

more attention to the workings 
of Parliament in investigating 
excessive public spending in 
certain areas will certainly 
demonstrate to the general pub¬ 
lic our concern as well as theirs.” 

Mr. William Hamilton (Lab 
Fife Cent), said that Mr. du 
Cann was using the Public 
Accounts Committee as an 
instrument towards getting a 
Tory government 

The committee had “unduly 
exercised itself ” in investigating 
social security overpayments of 
an estimated £10.8m. By con¬ 
trast, estimates of between 
£200m. and £S00m. had been 
made of money lost to the 
Government through tax eva¬ 

He called for a public under¬ 
taking that the committee 
would investigate this problem. 

“Z am not arguing against 
public expenditure. T am argu¬ 
ing for its proper control by the 
one body authorised to. control it 
and with a duty to do so.” 

The members of the committee 
were determined to see the 
necessary reforms carried out. It 
was absolutely essential to re¬ 
capture public confidence. The 
slogan must be “Parliament 
rules OK?” 

Mr. du Cann declared: “ If the 
parties will not lead, then we 
most certainly win." 

Turning to the NEB, Mr. du 
Cann recalled that it was being 
given £lbn. of public funds of 
which £240m. had already been 
issued. “ I must say" that the 
committee is not satisfied with 
the present arrangements for 
accountability to Parliament in 
the absence of any access by the 
Comptroller and Auditor 
General, it cannot be right that 
a servant of this House should 
be denied access to the records 
and books of the NEB.” 

The committee would be re¬ 
viewing the adequacy of the 
present system which was 
plainly unsatisfactory. 

There was a similar, situation 
regarding the BNOC. The 
Department oE Energy end the 
Treasury had told the committee 
that they would look again at the 
matter of access for the Comp¬ 
troller and Auditor GeneraL 

Ur. Dennis Skinner (Lab.. 
Bolsever) intervened to ask if 
Mr. du Cann would be as enthu¬ 
siastic for his committee to 
investigate the Bank of England's 
“lifeboat operation” of aid to 
secondary banks which had got 
into difficulties. He pointed out 
that Mr. du Cann had had a past 
association with one of the com¬ 
panies involved. 

Mr. du Cann replied' that he 
would have do objection at all 
to such an enquiry and said that 
Mr. Skinner could make a request 
to the committee if he wished. 

He agreed with Mr. Michael 
English, chairman of the general 
subcommittee of the Commons 
Expenditure Committee, that the 
Comptroller and Auditor General 
should be empowered to look at 
any set of accounts 1 :inio which 
public money went whether it 
was a public or private business. 

By Ivor Owen, Parliamentary Staff 

might be considered if the 
present basis for determining the 
salaries of the chairmen of 
Britain's nationalised industries 
were to be changed, Mr. Anthony 
Wedgwood Benn, Energy Secre¬ 
tary, suggested in the Commons 

He was replying to Left-wing 
MP Mr. Dennis Skinner (Lab., 
Bolsover) who, in a bitter attack 
on the area productivity deals 
being negotiated in the coal¬ 
fields, accused the “ respective 
bosses” of the NUM and the 
XCB of “conspiring together to 
smash the unity of the NUM.” 

In doing so, they had ignored 
the outcome of a democratic 
ballot, he said. 

Mr. Skinner called on the 
Minister to ensure that the next 
time Sir Derek Ezra, the chair¬ 
man, and others in the higher 
echelon of the NCB, sought a 
massive pay rise, they were told 
to ask fbr a productivity deaL 

Mr. Benn reminded Mr. 
Skinner that payments made to 
the chairmen and other members 
of State Boards were handled on 
the basis of recommendations 
made by the Boyle Commission 
on top salaries. 

“ Discussions have taken place 
as to whether or not it would be 
better for these matters to be 
looked at in the context of each 
particular industry. Were that 
to be the case, considerations of 
the kind you have mentioned 
might come to the forefront,” he 

LESS THAN two weeks before 
the emergency Liberal Assembly 
in Blackpool, significant fresh 
opposition to any extension .of 
the agreement with the minority 
Labour Government has surfaced 
throughout the party. 

A number of senior officials 
have formed a new aetion group 
“ Liberals Against the Pact, 1 with, 
the declared aim of bringing the 
arrangement to an Immediate 
end—-an outcome which Mr.- 
David Steel, the Liberal leader, 
has made dear would mean his 
own resignation. . _ • 

At the same time, Lord Banks, 
a former president of the party, 
makes dear in an article In 
to-day’s “ Liberal News ” his own - 
preference for an early break 
with Labour, now that all hope of 
securing a measure of electoral 
reform from the Government has 

The view of Lord Banks, an 
elder statesman, who commands, 
considerable ■ respect within 
Liberal ranks, is that With the 
Commons defeat of the list 
system of proportional represent¬ 
ation for Europe last month, the 
pact no longer has any point 

But, in his personal support 
for Mr. Steel, the former presi¬ 
dent touches the heart of the 
dilemma facing Liberals in 
Blackpool: how to end an 
arrangement In general deeply 
disliked by the grass roots, bill 
avoid the departure of their 

-r T*' 

** ; '&■ 


Lord Banks 

leader—a prospect contemplated 
with horror throughout the party. 

. Lord Banks insists that what¬ 
ever the benefits conferred an the 
country by the Lib-Lab deal, its 
prime purpose in political terms 
was to win elccrnral reform, the 
only-avenue leading to a lasting 
increase in Liberal influence. 

In a key passage, he says: “ In 
the absence' of electoral reform, 

the -only way to mike sense nr 
the -arrangement is through an 
electoral pact, under which, i n 
each constituency, the candidate 
of the party-whose chase** are 
less would withdraw- But neither 
Liberals nor Labour are pre¬ 
pared for that” 

Much the asm* argument ts 
advanced by the M 0 *fu« group, 
which asserts that the-pact, has 
outlived its usefhlnesa. - U dis¬ 
misses any strategy of .“-Vine 
Liberal for moderation^ and is 
angry at what iLseea hi indiffer¬ 
ence by Liberal. VPs to the mood 
of the party hrJ^cohKby*- 

Untti yi»i*rd% Mr, Sfaii had 
appeared to be, regaining the 
upper hand in fate struggle to in¬ 
duce the assembly to lack an 
amendment that would leave the 
decision on a break with labour 
in . the hands of the parlia¬ 
mentary party. 

This week-end, the Scottish 
Liberals are expected to endorse 
the line taken by Mr. Steel, who 
is. due to appear on television 
to-morrow to carry his case to 
the public. ... 

No contender- has emerged to 
replace him should the Black¬ 
pool vote demand an immediate 
end to the part. The most 
natural successor, Mr. John 
Pardoe. MP for North Cornwall, 
has repeatedly stressed that ha 
does not want the job and backs 
Mr. Steel. 

Benn hints at early 
reactor decision 

Arms debate 
call rejected 



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Mr. Peter triggers ■ (C., 
Gosport) asked how long the 
Government would continue to 
tolerate the situation where 
people, who were not full 
members of nationalised Boards, 
were, in many eases, paid far 
more than some who had full¬ 
time responsibility. 

Mr. Benn said he had had a 
number of discussions about 
anomalies in the pay of members 
of nationalised Boards including 
the question of “reverse differ 
ential ” between the higher paid 
officers and Board members. 

“This is one of the problems 
which causes greatest concern in 
the nationalised industries." he 

While refusing to be drawn 
into controversy over the role 
of the NUM In the area produc¬ 
tivity deals, Mr. Benn recalled 
that the 1974 tripartite agreement 
had referred to productivity 
schemes. “These have been 
handled in the normal way by 
the management and the unions.” 
he said. 

Mr. Richard Kelley (Lab., Don 
Valley) • asked the Minister to 
look at reports that the produc- 
tivity agreement at Bevercotes 
Colliery meant that face workers 
would receive an increase of £23 
a week without any extra effort 
or any extra productivity. 

This was either a case of 
“ indecent propaganda " or a 
flagrant breach of the Govern¬ 
ment’s 10 per cent guidelines, 
he claimed. _ 

Mr. Benn replied that such 
arrangements were locally nego¬ 
tiated. It was not really for the 
Government to comment on 

Mr. Paul Channon (C„ South- 
end W.) pressed the Minister to 
confirm that it was Government 
policy—•“ and your own personal 
policy"—that all those in 
nationalised industries. Including 
the miners and power workers, 
should be subject to the 10 per 
cent, guidelines. 

Mr. Benn said that Government 
policy had been made clear on 
many occasions. 

A STRONG hint that the 
Cabinet may take its long- 
awaited decision on ruclear 
reactor policy within the next 
five weeks was given by Mr. 
Anthony Wedgwood Benn, 
Energy Secretary, in the 
Commons yesterday. 

He told MPs that he very much 
hopes that the decision will be 
close, “ if not already made," by 
the time the Energy Commission 
has its next meeting on February 

Mr. Benn. who Stressed that 
the choice between the British- 
designed advanced gas-cooled 
reactor (AGE) and the Ameri¬ 
can-designed pressurised water 
reactor (PWR) will be made by 
the Government and the com¬ 
mission, said a "Wide range of 
factors had to be taken into 

The views of the commission, 
which he agreed had come down 
strongly in favour of the AGR. 
and those of other interests 
would be fully considered. 

Replying to Mr. Tom King, 
Conservative energy spokesman, 
Mr. Benn confirmed that the 
Central Electricity Generating 
Board and the South of Scotland 
Electricity Board wished to order 
AGR reactors. 

“The discussion is about what 
may follow at a later stage,” he 

The Minister was adamant that 
nothing that had flowed from the 
last meeting of the Energy Com¬ 
mission had in any way limited 
the range of discussion which 
was still to take place. 

Mr. King accused Mr. Benn 
of sacking anyone in his depart¬ 
ment who expressed different 
views to his own on the choice of 
nuclear reactor and spoke of an 
allegation that the position of a 
Parliamentary Under-Secretaiy 
was now under threat. 

It was also reported, he said, 
that the Prime Minister dis¬ 
agreed with Mr. Benii's. views. 
"What plans do you have for 
him?" he asked, amid Tory 

Mr. Benn accused Mr. King of 
Induleing in '‘tittle-tattle” and 
complained that he had system¬ 
atically failed to riso to the 
occasion when difficult and 4m- 
porlant issues - were uniter 

The choice of nuclear reactor 
involved a lot of interests and 
pressures, and these had to be 
taken into account But there 
was no dispute that in the view 
of the customers, if the South of 
Scotland Electricity Board was 
included, there should be two 
early orders for the AGR. 

misled about the use intended for 
a shipment of British arms to El 
Salvador. Mr. Stan Nrwcw (Lab. 
Harlow) said in the Commons 

But his pica for an emergency 
debate was rejected by the 
Speaker. Mr. George Thomas. 

Mr. Newens said that the 
£850,000 shipment could be used 
against British troops sent Is 
help Belize. 

He did not accept the British 
Government's claim that El 
Salvador bad guaranteed not to 
use the arms to support 
Guatemalan claims against 
Belize. He had information to 
the contrary. 

Credit agencies 
protest by MP 

N. Sea divers 

AS MANY as 1,000 divers were 
at work in the U.K. sector of the 
North Sea during 1977. Dr. 
Dickson Mabon, Energy Miinster 
of State, said in a Commons 
written reply yesterday. The 
number in the ’whole of the. 
North Sea at peak periods was 
1,500 he said. 

MR. ANTHONY Wedgwood Benn, 
Energy Secretary, .told MPs 
yesterday that he would look into 
an allegation that gas and elec¬ 
tricity Boards were using private 
credit checking agencies. 

Mr. Dennis Canavan (Lab. 
Stirlingshire W) said in the Cod 
mans that Mr. Bonn should at 
the Board chairmen why tin; 
used such agencies to check ffl 
potential customers before foa 
was supplied or hire purchaa 
transactions were agreed. It wt 
intolerable that a public bad 
should use M private snooperi, 
he declared. 

Mr. Benn said he would Inquif ■ 
into the matter and write to K 




By Ivor Owen 

EARLY ACTION by the Govern¬ 
ment to decide the terms of 
reference of the tribunal of 
inquiry into the Crown Agents 
scandal was promised in the 
Commons yesterday. 

Hr. John Tomlinson, Under¬ 
secretary for Foreign Affairs, in¬ 
dicated that a Parliamentary 
motion to establish the tribunal 
would be tabled “in the very 
near future.” 

Mr. Dennis Canavan (Lab., 
West Stirlingshire) stressed 
that there was great public con¬ 
cern over the loss of £200m. of 
public money and “the whole 
scandal” had underlined the 
need to make the Crown Agents 
accountable to the public. 

The need to ensure that the 
tribunal was able to probe the 
activities of the Bank of England 
In relation to the Crown Agents 
was emphasised by Mr. Dennis 
Skinner (Lab., Bolsover). 

White Paper 

THE PUBLIC expenditure White 
Paper is to be published on 
Thursday this week, Mr. Joel 
Barnett* Chief Secretary to the 
Treasury, told the Commons 

BCCI Holdings 
(Luxembourg) S.A. 

39 Boulevard Royal Luxembourg 


December 31 

Capital Funds exceed..US$105 million 

Total Assets exceed ...... “ .US$21 billion 


The BCC Group now has 
145 offices (including those of 
subsidiaries and affiliates) 
in 31 countries. 




Principal subsidiaries of the Group: 

Bank of Credit& Commerce Internationals A, Luxembourg 
Bank of Cnedit& Commercelntemational(Overseas) Ltd, Grand Cayman 
Banquede Commerce etde Placements5X, Geneva, Switzerland - 
BCG Finan.ce International Ltd, Hong Kong 
Credit and FinanceCorporafion Lfd v Grand Cayman 

r . " I: n 

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- Ffirandal 'fees Taesday Saggasej M 1978 


Ian Eraser on 
EM Board 

Terra Kirk 


Mr. Ian f fraser has been 
appointed ajttfber of the Board 
of EML Jr. fraser is ‘deputy 
chairman ©ftJird Brothers and 
Co., chaima of Rolls-Royce 
Motors ah dr JHs-Royce Motors 
Holdings, aid director of BOC 
InternatioiuL/Chioride Group, 
Davy Intennpal, S. Pearson and 
Sou, and UBhall "Trust. 

Mr. J. s,f Douglas has now 
succeeded/9Robert Douglas as 
chairman [ ROBERT M. 
Marjoram , fs been appointed 
deputy dial an. Sir Robert con¬ 
tinues a taperutive director. 

► mSrch^t investors 

! ASSJRAljE COMPANY, a sub- 

sid&ry /thin the Naticmale 
Necfeflartn' Group of Holland, 

I . hasappofed Sir Robert Eraftine- 
* HlEas cifrman on the retirement 

of Tr. iG. Reab. Sir Robert* Is 
ate chahian of the life Associa¬ 
te o: ctfScotland, another sub- 
sidryif the NationaJe Neder- 
JajenrJhsup. Mr. O. Hattink, a 
m- 3 b 6 */of the executive Board 
otfferi/nale Nederianden joins 
H Boafd of Merchant Investors. 

1 aisotofcomes a member of the 
yestnint panel. 

Mr. 1 1a. C. Pratt is to become 
lairnjkn of REDFEARN NAT- 
jA'AI/ GLASS after the annual 
leeting on February S and will 
ontinue as managing director, 
le- succeeds Mr. Stanley Race, 
•ho is resigning as chairman but 
fill remain on the Board. 


Mr, Dennis P. Johnson has been 
appointed managing director of 
a subsidiary of the Coral Leisure : 
■ from April L Mr. Johnson , 
director of Watney Mann : 

a ruman Brewers and chair- ,< 
f Wamey.Mann (West) and 1 
ing director of Watneys j 
srn. - 1 

* • ! 
r. Malcolm Reid, an Under- I 
Sectary in the Department of , 
In stry, is to succeed Mr. Michael j 
MHs as head of the DEPART¬ 
MENT OF TRADE'S Insurance 
Division, which sponsors the , 
British insurance industry at 
htme and overseas and super- , 
vies the solvency of companies 1 
aflhorised in Britain. Mr. Morris 
m been appointed bead of the., 

T ustriai Planning Division. s 

* • ] 
[Mr. William H. Hawkes has 
{ined the Board of UNICORN 
SDl'STRTES. He is chief ex ecu- . 

Ve of its abrasive grain division, i 
i * j 

j Mr. Gerry Grant, technical pub- 
I lications. and Mr. Bonghs Duff. 

I engineering services have joined » 
the Board of INDUSTRY SER- , 

pany within 3PC Business Press. c 
■ . „ * I 

, Mr. Roger Culp In has been 
appointed a director of BAR¬ 

t x * 

t * b 

/ Mr. Alan Jackson has been ^ 
/appointed company secretary of 
. P ANY in place of Mr. Jack Austen j 
; .^v;ho continues as financial direc- 5 


l Mr. W. K. 
lenuty were 

/ Mr. W. K. Fraser, at present a 
lenuty secretary in the Scottish 

g . has been appointed Per- 
nt Under-Secretary of State, 
sh Office, in succession to 
llcbolas Morrison, who will 
tiring from the public eer- 
n March 31. 

f Mr. J. B. M. Coates has retired 
a director of COATES BROTH- 
«pRS AND CO. and has been 
made an honorary life president 

I * 

I Mr. R. S. Fisher has resigned 
fas a director and secretary- of 
the CRONITE GROUP and Mr. 
-D. F. Calow, a non-executive 
director, has been appointed 

■ Mr. Vidor Iff. Biackbttrn, man- 
using director of GledhiN of Hud¬ 
dersfield has succeeded Mr. Philip 
Brook as chairman of the National 
Wool Ted He Export Corporation, 

R| which represents *e export in- 
M tcrests of the ILK wool textile 
S industry. The new rtce-dnmmah 
§ is Mr. Gerard litten, managing 
i director of BrttssSi Mohair Spin- 
| MTS. - - 

1 - *■ 

$ Mr. J. J. Gardner has resigned 
U as assistant general manager of 

I PANY. A joint general manager 
5 has been appointed to take 
g charge of motor operations, other 
| provincial fire and accident buai- 
| ness, and the Folkestone office. 
I He is Mr. FoDcert Vogelenzang. 

(general manager, international 
division, Natioaato-Nedertanden) 
who fills the post in an acting 


Mr- Colin Lowe has been ap- 
P°m ted chief executive of 
ber of the International Timber 
Corporation's building products 
division. Mr. Eric J. Bede has been 

Sen ^ywSocL * 112 d * rectOE Glik- 

Mr. K. B, R amse y has been 
appointed general manager, 
d 2, pe I a ?? ns ' LIBRA BANK Mr. 

B. E. Magferrer bas become assis- 
^ taut general manager, N. 

« Amenca, Mr. p. k Franceschl. 

*s B- J. Halcrow and Mr. F. L. 
n Bahm. senior regional managers, 
and Mr. P. J. James, money man- 

S * 

Mr. M. L. J. Hamb lin and Mr. 
N. R. Hayden have been appointed 

* directors of BRADSTOCK PLUN- 
r s KET AND CRAWLEY. Mr. Hay- 
‘- den continues as company secre- 
~ tary to the group. 

d * 

l - Mr. George Medley has been 
appointed director of the British 
National Appeal of the WORLD 
has been managing director of 
a Glaxo Laboratories (India) in 
U Bombay for the last five years. 

J * 

t Mr. T. D. Hamilton has been 
8 appointed to the Board of 


" responsible for production. 


J A number of overseas executive 
1 changes have been nude within 


L Mr. C. Stacey has been appointed 
‘ to the Boards of Hawker Sid de- 

ley Electric Zambia and South 
Wales Electric Zambia. Mirrlees 
! Blackstone (S.E. Asia) Pte has 

- been, formed, registered in Singa- 
[ pore, to handle the sales, servic- 
! ing and -spares business of Mirr¬ 
lees Blackstone (Stockport) and 

, Mirrlees Blackstone (Stamford). 

: Its Board consists of Mr. A. A. 
Ad ley, Mr. J. Carr, Mr. A C. 
Fergusson and Mr. R. H. Savage. 
Mr. N. secretary. Mr. S. L 
Mann becomes president and 
Mr. B. A. Lister, a director, of 
R. A. Lister Canada. Mr. R. J. 
Wilson has joined the Board of 
R. A Lister New Zealand. Changes 
have been made at HDH Holdings. 
Australia, and its Board Is now 
Mr. B. R. Bcnsly, chairman, Mr. 
n. Kingsford-Smith, deputy chair¬ 
man and managing director, Mr. 

JL. R. Jones and Mr. B. A Price. 
Mr. W. R. P. Hansen, is secretary. 
Two subsidiary operating com¬ 
panies of HDH Holdings have 
been established called Hawker 
de Havilland Australia Pty. and 
Hawker Pacific Pty. under the 
chairmanship of Mr. Kmgsford- 


Mr. B. A. Baldwin has relin¬ 
quished his group directorships 
of M33MET HOLDINGS because of 
ill-heal^t, bat remains a consul¬ 

• * 

Mr. P. W. Maddereon has been 
appointed sales director of 
EXPANDITE, a subsidiary of 
Burmafa OiL * 


Air Commodore Colin Foale 
has been appointed director of 
public relations (RAF) at the 
cession to Air Commodore P. B, 


Mr. Bidurd Ward-Jones, pre¬ 
viously UK sales manager, BSR, 
has been appointed managing 
director of BSR (JAPAN). 


Mr. E. J. Ward, of Brantford 
International, has joined the - 


Mr. R. C Howson has been 
appointed a director of BUCKLEY 
INVESTMENTS and continues as 
managing director of Miller Buck- 

leyGroup Services and legal 
adviser to the group. 


Mr. W. L. Jones and Hr. R. W. 
Lenton hive joined the Board of 
TRUFLOW. a member of the 
WUmot - Breeden (Holdings) 


Hr. David Morphet, an assistant 
secretary In the Department of 
Energy, is to become deputy 
chairman of the MIDLANDS 
cession to Hr. Cyril Wiekstead* 
who was recently appointed chair¬ 
man of the Eastern Electricity 
Board. Mr. Morphet will be 
seconded from .the Department of 
Energy for a three-year termj 
from April 3. 

V ^ Grindlays Bank Limited 
, i# 1 " Interest Rates 

Grindlays Bank Limited announce that 
their base rate for lending will change 
from 7|% to 6§% 
with effect from iO January 1978 

The interest rates paid on call deposits will be:—- 
call deposits of £1,000 and over 3 % 

(call deposits of £300-£999 2%) 

Rates of interest on fixed deposits of over £10,000 
will be quoted on request. 

^T! Grindlays 

» Bank 

Kim Cha Han and her neighbors just 
ordered the most advanced phone s /sf em 
in the Pacific. 

It's the proven Metaconta computer- 
controlled electronic switching system. 

Selecting it was an important decision for 
the Republic of Korea—a $500 million 
expansion program was at-stake. 

It took Korean experts two years of careful 

The Metaconta system had to measure up 
against ail comers. In criteria like reliability, 
performance in actual operating conditions, 
and overall economy. 

■At the same time, they insisted on a 

Meta cards is * lMd«Har« of ihciTT Syjlcnt. 

company with lengthy experience in trans- 
' .lernng technology. A company that could • 
help them expand their own electronic 
, components industry. 

Only ITT could deliver everything Korea 
asked for. 

The result is the largest switching contract 
ever won in the Ffcrific. 

Over the next seven years, Metaconta 
switching equipment for two million tele¬ 
phones will be made in Korea. By their owru 
people, in their own factories. 

Its the allraround superiority of ITTs I. i-rt- 
aoonta that has won us contracts io supplv 
this switching system throughout the world. 

To Hong Kong,Taiwan. Spain, Mexico. 
Indonesia, Algeria. Yugoslavia. Australia and 
the U S. A. as well as a dozen other count! 

And now, to Kim Cha Hah and her 

The best ideas are the TTTliTl 
ideas that help people. JL X -JL 



The Financial Times will be publishing a number of Surveys relating to 
the Office Equipment Industry., in 1978, eight of which are listed below: 
Computer Industry February 21 

Computer Industry 
Information Handling 
Word Processing 

Computer Finance and Leasing 
Office 1 Equipment 
Computer Peripherals 

March 30 
April 20 
June 1 
June 7 
Jnly 5 

October DTBA 
November DTBA 

Details of these Surveys will be published next year, but If you have any 
immediate queries about these titles or advertising rates, contact: 

Robert Murrell or Sally Evans 

Fi n a ncial Times, Bracken House, 10 Cannon Street, London EC4P 4BY. 
Tel: 24S SQ00, Ext- 246 or 240 respectively. Telex: SS5033 FINTTM q 



The content and publication dates of Snrvey^ in the Financial Times are subject to 
change at the discretion of the Editor. 


With effect from the close of business 
on Tuesday 10th January 
and until further notice TSB Base Rate 
will be 6\% per annum. 



Central Board, 

P.O. Box 33,3 Copthall Avenue, LondonEC2P2AB 


Storing solar heat 
for use at night 

ruCD A V 1 heat mort newer homes (which 

9 tNtKul have better insulation and fewer 

9 i | , air leaks) for two full days when 

Storms solar heat is ° 

,ii O k/vaaea u With a less severe outside 

a . m w a temperature of 32 degrees F 

for use at night jwss&s-ssjrsss 

-*-***- **’»' “^Cr 1 from - the sun to double the heat- 

. ins times for the older and 

SCIENTISTS at General Electric Invention of the roiling.cylinder newer hantes to two days and 
Company of the 'CiS-A's. system, proved to be a higUy four days, respectively. 

Research and Development effective approach: ' The idea could be used to 

Centre have invented a mechahi- ' Turning at three revolutions advantage in commercial heating 
cal heat-storage apparatus that per minute the rolling cylinder systems that do not require solar 
could prove to be a practical apparatus provides just enough energy. The apparatus could, for 
solution to the problem of storing stirring action to. keep the tern- example be combined with a 
solar energy for later use. perature' of the Glauber's salt fcpat pump that uses Off-peak- 

Employing compounds with uniform and very close to the apd sometimes less expensive- 
high beat-storage capacity, the wall temperatures. night-time electricity to melt the 

“ rolling.cylinder” system, which This ensures that the material heat-storage material. Energy 

is still in the laboratory stage, crystallize? QQ nuclei in the absorbed in t he melting process 
promises to be low in cost and liquid and not on the cylinder wmid then be used for heating 
compact enough to fit con- walls. during the day. 

venientiy in' the basement of A thin tubular device, a ^jj e ge concept is similar in 
most homes and commercial "nucleator” plays a key role in essence to higher temperature 
buildings. High cost and prohibi- this liquid-to-soUd phase change, systems under development for a 
tive size are primary disadvaii- Inserted through one end of the number of years at Philips in 
Lagc-s of present heat-storage rotating vessel, tbe nucleator Eindhoven and ASEA in Sweden, 
systems, which can employ largo contains seed crystals of salt that with'the difference that both the 
tanks of water or even larger serve to initiate the crystalliza- latter companies believe their 
bins of rock. tion process when the tempera- ideas can he scaled iip to pro- 

It is intended to use any of a lure of the liquid salt drops vide enough heat storage for a 


INTENDED TO improve weight 
distribution and to simplify posi- 

number of heat-storage materials below its freezing point whole'district 

that have high latent heats of .The effectiveness of this 

fusion. These substances absorb concept has been demonstrated in % HANDLING 

large amounts of heat as they a series. of laboratory experi- ^ ' - - - - 

melt and, as they cool, gradually menis involving 55-gallon steel VOTAl* C'llVtrr 

solidify, releasing the 41 stored"S barrels. -These sessels are filled k3dTvi JyJUuL 

beat. to 95 per cent of capacity with " ^ _ '' ' " 

Efforts have focused primarily Glauber’s salt and,, with tb» aid rtnrAQ/lc 
on Glauber's salt (sodium stil- gf rollers and a small motor, g pi >", df t 1 1 ^ 
phate decahydraie), a member in rotate continuously at three xpm. 1 - 

good standing of this family of Sma n hot-air blowers simulate A 1 Aa 

latent heat-storage substances. tlie daily input of solar energy lAr'dv * 1 

It can hold more than seven that would melt the beat-storage -nuteizfcnwn ^ . 

■times the energy of an equal material ' INTENDED TO improve weight 

volume of water and about 12 . distribution and to simplify posi- 

times as much aa an equivalent . ‘C 1 *. ti oping, especially when handling 

volume of rock. This ability, com- cylindrical or bagged loads, a 

bined with low cost (about lip IJEJJJX”* *55?, JSS-JSS r?nee of ®Un«B "with working 
per pound in bulk quantities) approved for partial sponsorship iq^ up .to 10 tons; has been 
and a convenient melting tem- ST , ®;..r^rtotent or introduced by Sandem "Web 

perature of 90.3 degrees F. SfL erg ^.' In programme, a slings Company, Compstall. near 
(32* degrees CJ. make it a good 200-WUon prototype rolling Stockport, Che*, SKfi 5HN 
candidate for solar beat storage, cylinder system will be designed, (Q61-427 6234). 

Until now, -however, Glauber's built, and tested. This work will Widths range up to 34 Inches, 

sail ‘has failed to live up to its provide a basis For the design of and the sling‘consists of a heavy 

heat-el-orage expectations. A * commercial-size roiling cyluir quty two*>ly polypropylene base 

practical method to make it der system. through -which is passed tbe 

behave as it should for extended One possible commercial polyster webbing load bearing 
periods of. 4ime has eluded system would 'have a long, bands. 

scientists for more than 30 years, slender rotating tank that "would When.the sling is passed round 

With previous heat-storage hold about 800 gallons of the load, the base keeps the 

devices based on -this salt, Glauber's salt Capable of stor- bands spread, preventing them 

researchers were baffled by an ing lm. BTUs of thermal energy, from" twisting or moving before 

“encapsulation effect” that pre- this system could heat an the s{ac,k is taken up. 

vented complete solidification of 

■the material after five to ten 4k COMPONENTS 

freeze-thaw cycles. This resulted rr • ,-j . * • 

in a progressive decrease in the HP.SIVV fllll V IlDQFlIHTC 

material's heat-storage ability. llCttTJ UUIj Dv<Uiligd 

fp j” .tniLo CAST STEEL bousing, pillow for ease of mounting on comraer- 

eweriencad h a tra5Sesome sSt blocks, with" bores ranging from «al shafting. Rubber seals are 

build-up on the walk of the stor- 62 to 178 mm (and equivalent require! *** mta 

age container during the freeze imperial sizes), fitted with double ar r a » a “*P 1 ie if requixea. 
cycle (when heat is released), nw' self-aligning barrel roller, to withstand heavy shock 
Acting as insulation, this crust w-arlnas are how available i n 'typical appheations for the 
impedes heat transfer from the the T?K. ^-stMk S' made-l£ a 5 e , m fl st ® eI raU ‘ n 8 

salt to the outside of the con- exstodc 01 and metal refining, where the 

tainer, which serves as the heat- oracr " , . , . . rollers are under heavy .stress, 

transfer surface. Elongated bolt holes in the Details from Dick Bearings. 

The GE answer is that the base provide ease of mounting PO Box 28. Whitebixk Industrial 
heat-storage material is stirred and adjustment, and a tapered Estate. Blackburn, BBI 5$R 
very gently. This has led to the adaptor sleeve is ipcorporatefl (0354 59171). _ 

These steam-heated presses have been 
in st alled by James. Dawson and Son to 
Increase capacity at its Lincoln works for 
producing' 34 and inches wide transverse 
and djev’ron c tga tod cpnveyor belting. 
Designed by Sdpiberl Engineering, qf 
Haver bill, Suffolk, the presses'are equipped 

various pitches and up to 3 inches high- 
The company has also got k smaller -third 
press fur Jointing operations and it is stated 
that the extra capacity will enable the 
company to produce an extra 40 miles of 
belting a year. Over £75,000 has .been spent 
on the present equipment and a further 
£50,069 is to be spent on a press and 

' LATEST DESIGN or tennis 
racquet from John Mott Racquets, 
of Farnham, Surrey, incorporates 
a frywn made from a. onc-piw* 
multi-hollow miniature alunu- 
niun extrusion. 

For maximum strength/weight 
ratio an 1 -section is used, and 
after forming. a six-hour age 
hardening process in controlled 

- conditions is applied to stabilise 
the structure. The frame, throat 
and ferrule of the tennis racquet 
is shot blasted with glass beads 
to give a textured surface. It is 
then" anodised to give a choice 
qf silver, matt black or matt grey 

- finish. 

-The aluminium extrusion is 

- made by ajinalex, an Alcan Booth 
. company. (0402 30062). The 

racquets should be in the sports 
. shops shortly. 

The now ** beta* made by 
Monarch-- Ww m Hi*& 
Street. Harw - on > tfi« - idfi. 
UkkUuoK H SUP. T*L Qi«f4 
3339) aod isekg mtapSnZ 
a white 

etrine and M : p® oaiy »a tWv. 
ante are ate bqmg Pfodund 
vrith.a lead 


either fabrics to#-piece or %x 
“ meeauire. ma *od fit” u u 
«P«»d -thrt-.a-.sM pattern*. 

ta - 

• ffso ffiimo 

• textiles 


with inter ch a nge able moulds that wtlj produce associated equipment for producing special 
cleats that are Int^ral with tbe belt base at profile belts up to 43} inches wide. 


Makes small mouldings 

ORIGINALLY DEVELOPED for output removed. Qne man can 
making boat fittings in plastics, oversee six or more machines, 
the Gnat fully automatic injec- Standardjteatures include: auto- 

tioa Qoni^uiS machine i. capable Zfe^S ,»! 

profile belts up to 43 inches wide. 


ngs Reacts fast 

more machines. to changing 



ONE OF tbe major problems 

facing textile manufacturers 
throughout the world is how best 
to minimise the flammability of 
their various products. 

Particularly prone to burning 
h the light curtain net. but now 
a British company has developed 
a 100 per cent. Terylene filament 
curtain net specially suitable for 
contract applications aqd which 
comes within the significant 

of producing up to 10,000 mould- safety handle which electrically Piifcin«»ton is nuttics British Standard BS31M It can 

logs per week. »■) nnmmarfoalR- . icnlatne all CKAiVCr.-i^lJKin o tOQ IS puCtiDg aulav rii nn K- ho described AS 

ings per week. . and pneumatfcallyi spates all award in gly, be described as 

Made by Austin A Hep, Queens functions; a platen arrester, air ^ . p ,„ flameproof. 

Park Road, Harold Wood, Rom- filler and lubricators. glass which react, to changing most flameproof eon- 

_ A4T ff—i- LLi-. HohtinP pnnnirions much more __Iklc. rim..- fint rinnonrl 


foid, Essex, (Ingrebourne 44744), Each machine provides bump ljghtang conditions much more etnictions, this does not depend 
its running costs are said to be ejection if required, and accepts quickly than its predecessors. on - any additive in the synthetic 
low. and the initial capital out- unscrewing, core pulling and Fading rate of the new glass fifire nor does it need a special 
lay (about £3.000) cap he quicklv fixed half ejection devices. is such that it tajkes about twor finish on the final fabric- The 
recovered because tools are Four shot sizes are available minutes to Eade halfway back property has been achieved 

smaller and therefore cheaper, (all at the same price) up to a f rom t fie fully darkened state ,simply by means pf usipg a 

and they are procured faster. maximum of 20 grams shot compared with about 30 minates^/special warp Umtied construction 

Once set tbe machine needs weight. Tbe only services re- f company's Reactolite to results in a construction 

only to be topped up with quired are a compressed air line «o /9n Darkening is also thtf inhibits burning, 

material and tbe accumulated and a 13 A socket J fSJr S Under British Standard BS311B 

claimed to be much faster, ta* 5 " six samples are subjected to an 

^ uicrn.iuci.Tc ing ; ab ? ul hal f * minute 1Dr ignition flame for 12 seconds 

# INoTRUWtNTS stead of two minutes. after which they must neither 

Prescription spectacles can.burn.norexhibit anyafter-glbw 
A rcAmklarl am riifA now he fined with the latest, which could pass to'the uhdam- 

i\Sh9vlUUiLU Uil 3llC glass which has been called aged portion of the net._ 

separation the tpaponente of 
pegmatite nave ten proved in 
taboratory-acaleMi in the tJJt. 
to be po^ible *. %<! Long’s 
Peeniin Wine. ~r 

If pilot plajueals conducted 
locally to the -,sj ftw mtmtiv 
confirm these mta, the antirs 
feldspar miDiSjauntion -if 
Pcemin will ®to w 

The present 3fo4||JiiK 
pegmatite, of wth• telfear As 
one of the comWw iqfea«K 
is to recover flflUSvqty ^ wr 
aa - passible ud ten' to\ftaad 
sort. Other comjSMte" of fc^ a 
matite which aritepro ^udly 
separated arc ouBtrf^u rdca. 

Tests have shown Bt 
sium and sodium ffliursfpay 
be .separated by flbtajk 
are used in ceramics -me mm~ 
si urn feldspar .is alsqusei fit 
the gbss indua^rv. \ 1 

Dunne the ntlot {pit. 
stage, which will nnwv aftut 
W tons a *»v. samnle yiatehl: 
rowjvAred artil b«* wnt • P&^,- 
tial huvers. in ^'fferpn^ part*. 

the^ wortd. - This -wll i ana 


specific requirement* Jjg --- 
asse«ed so that the dgnt h- . 
he hp*t adanfprt for. tii» nee*-' 
of ’nain»- in , **rr*nHo»inl twps- 
Rand London's ,| »«»ahtra Min“f. 
where th." ni T ot nlant work Is 
he carried out, is in the-'tteffttv 
TransraaL '-i 

RECENTLY made available by 
Rosemouht Engineering Com¬ 
pany is a platinum resistance 
thermometer assembly kit de¬ 
signed to meet tbe requirements 
of plant and maintenance engi¬ 
neers who need to make, on site, 
units compatible with ILS. stan¬ 

Designated PFK-B, ft. contains 

all tbe necessary materials and 
special tools to make ten devices. 

Hie thermometers have a stain¬ 
less steel sheath of 2 inch 
(6.3 mm) diameter and can have 
immersion lengths up to 16 inches 
(410 mm). Mounting is by iNPT 
threads, and the units are suit¬ 
able for therrao-wells or for 
direct immersion. 

This Announcement appears as a matter of record only. 

New Issue 

December 2 7, 1977 

Sensing element is the com¬ 
pany's Plalfilm FFT platinum 
resistance' insert introduced a 
few months ago. 

Applications are expected any¬ 
where in the world where U5. 
designed installations are operat¬ 

More from the company at 
Durban Road. Bognor Regis, 
Sussex P022 8QX (02433 3121). 


A new name in Luxembourg 
Bn neuer Namejn Luxemburg 
Un nouveau nom a Luxembourg ' - 
Urn noyo nome em Luxemburgo 
Un nuevo nombre en Luxemburg© 
Un nuovo nome in Lussemburgo 
Een neien Numm zu Letgeburg 
En neue Name in Luxebuig 
HoBoe hnih b HwKceMSypre 


fevs i'i 



The Republic of Singapore 

Japanese Yen Bonds of 1977 ^ Second Series 

15*000,000,000 Japanese Yen 

6 . 7 % Bonds Due 1987 

The Nomura Securities Co., Ltd. 

A RELATIVELY new name on 
the instrument scene, Mevway, 
which sinim its formation in 1973 
has been concerned mainly with 
tailor-made projects is now to 
offer some of its developments 
ajg catalogue items. 

. First of these is a multi¬ 
channel analyser for pulse height 
data which has a general pur¬ 
pose acquisition store enabling I 
the display and interpretation of j 
random events. 

The unit is designed to be an 
integral part of systems used for . 
the analysis of .event energies! 
from alpha, beta, gamma and | 

A built-in microprocessor! 
extends the unit's facilities to - 
data logging where routine I 
measurements of temperature,.; 
pressure, speed etc. arg involved., 
Results are displayed in a format! 
allowing easy interpretation. ; 

Multiple inputs are selectively 
sampled by peak height detectors i 
and the results stored and pro-; 
cessed with the spectra being' 
displayed for further analysis by 
a library of software routines. 

More from P.O. Box 7. Luton 
LU3 iDD (Luton 20202). 




v-i: SUi 




Eandesbsnk Rhointend-Pfalz 

Saar International S^. Luxembourg 

52. route d'Ev.'ii. Boit#* &4. Luxembourg. Telephone- 4 75921-1. Telephone, Arbitrage: 4 

Telc-x; 133^> rpslu, Telex Arbilr age: 1836 ipslu. Tr^legrammes. rhetn»drlu< 

Daiwa Securities Co. Ltd. 

This announcement appears as-a matter of record only 

The Nikko Securities Co., Ltd. ■ Yamaichi Securities Compan} 7 , 

■ • • Limited 


The Nippon Kang^o Kakumaru Secarities Co^ Ltd. 

New Japan Securities Co., lid. 

Sanyo Securities Co,, Ltd. Wako Securities Co.j Ltd. Merrill Lynch Securities Company 

' Tokyo Branch 


(The Swedish Match Company) 

Okasan Securities Co-, Lt<L Osakaya Securities Co., Ltd. Yamatane Securities Co., Ltd. 

Loeb Rhoades Securities Corporation 

Tokyo Branch 

Dal-icfal Securities Co., Ltd. 

Koyanagi Securities Co., XJ4- Marusan Securities Co., Ltd. Meiko Securities Co., Ltd. 
The Toko Securities- p)., 1^* Toyo Securities Co^ Ltd. Yachiyo Securities Co., Ltd. 


Sehuldscheindariehen 19^7/1984 

- Certificate of indebtedness 

The Ghiyoda Securities Co., Ltd. 

Ichiyoshi Securities Co., Ltd. 

Tfijs financing was arranged and mana|ed by 

TheKaisei Securities C04Ltd. Koa Sjecuriti^ Cq. 4 Ltd. SecuritiesCo^Ltd. 

Mito Securities Co., Ltd; ’ The Noriouaf Securities Co^ Ltd. NIchiei Securities Co., Ltd. 

Tokyo Securities Co., Ltd. 

Towa Securities Co^. Ltd.' 

- • ‘ .-A 




iluai 8 


... ... 

• ; , ";’ ]/ >[■ 
■' v. . *■ U* 


• -■- te 

v;.: --tx 

. “' .'I " '•I'ly 


• ‘ '.•■•' ft 

• *'" 1 ■ V- wi~: 

■' r * •= * •'•TJIf 

i u:| r_ 
• ••••''a- 


• •' ‘ • ' • I' 

'■ ".xx 

- ' -.r-i 

• - 1 l!.-v 

A delicate partnership 

Mary Campbell looks at how some major American banks 
are trying successfully to combine their traditional commercial 
activities with merchant banking business 

HOW -TO combine merchant 
banking successfully with com* 
mercial banking has' been one 
of the most pressing problems 
for bank management in the 
last ten years. This has particu¬ 
larly been the case in countries 
like the U.S., Canada, Japan 
and Britain, where for reasons 
of law ox habit the two. kinds 
of banking have historically 
beep carried out by different 
institutions. But. even in coun¬ 
tries, where the structure of the 
banking industry follows the 
continental European model 
of universal banks’— embrac¬ 
ing all forms, of.banking busi¬ 
ness — the issue continues on 
occasion to. cause some friction. 

The difficulty-, has. basically 
been that merchant basking has 
traditionally required, disci¬ 
plines and attitudes that -in 
some ways are'’alien-to-com¬ 
mercial banking.; Therefore; as 
the latter have started to move 
into the merchant banking'sec¬ 
tor for the first time, differences 
have had to be reconciled — not 
always successfully. ‘ . 

Commercial banks, have in' 
their domestic markets tried in 
the last ten ypars to .buil£.up 
their investment for merchant)' 
banking capability. These in¬ 
cursions have -been fought hard 
by the independent merchant 
banks- — 'which are too small 
to hit back by moving into com¬ 
mercial banking.-- - 


Similar moves by the commer¬ 
cial banks internationally have 
not created * such friction. This 
is largely because Euromarkets 
— a blanket term now used to 
cover aQ types of international, 
banking business — have grown 
so fast from scratch to several 
hundred billion dollars since 
their inception 15 years ago that 
there has been-plenty of room 
for everydne. 

The freedom of international 
markets .has led’ Japanese and 
U.S. commercial banks long 
since to establish the principle 
that they are allowed inter- 
■ nationally to. do investment busi¬ 
ness which they are strictly 
forbidden from touching at 
home. However, they have been 
able to build up the profits of 
their international operations so 

fast by concentrating on com¬ 
mercial banking, that in many 
cases they have not until now 
organised themselves to take a 
big share of the international 
investment b anking - b usiness 

What is basically meant by 
international investment bank¬ 
ing in this context is fee-earning 
business rather than business 
where the bank's profit is mainly 
. derived from tbe difference be¬ 
tween tiie rate at which it 
borrows funds and the rate at 
which it re-Iends them. Inter¬ 
nationally, this means managing 
and underwriting Eurobond 
issues, and setting up depart¬ 
ments to Jrade bonds in the 
secondary market, managing 
investors' portfolios, helping 
companies with cross-frontier 
mergers and acquisitions, and, 
above all, managing the big 
international bank loans where 
a number of banks club to¬ 
gether to provide larger sums 
of five to ten year money than 
any one bank individually would 
be prepared to . loan to any 
single borrower at any ohe time. 
Several hundred million dollars 
is. by no means unusual for 
such loans, which carry floating 
rates of interest tied to tbe cost 
of the banks’ own-funds. 

Thus Chase Manhattan carried 
out. a big restructuring of its 
merchant banking business in 
the first-half of last year, sett¬ 
ing up a three-footed interna¬ 
tional merchant banking organi¬ 
sation based on London’s Chase 
Manhattan LttL, the Hong Kong- 
based Chase Manhattan -Asia 
and a merchant banking unit 
in the New York bead office 
which covers North America. 

Last September, ’ Chemical 
Bank announced that it was buy¬ 
ing out its partners in a 
London-based consortium -bank, 
London Multinational, and 
changing its name to QhemicaJ 
Bank International. . Most 
recently of ail. Bank of' 
America, tbe worlds largest 
bank, has been involved in a 
major reorganisation involving 
widespread changes in the 
stakes R holds in financial insti¬ 
tutions outside the U.S. as well 
as the establishment: of mer¬ 
chant banking personnel in 
several centres round the world 

working in a parallel organisa¬ 
tion with tiie commercial bank 
branch officers. 

One of the most-immediate 
friuts of the Chase Manhattan 
thrust in this area was that in 
the latter part of last year. 
Chase-was more evident than 
Citibank in the syndicated lend¬ 
ing market The fact that they 
are dollar-based has given the 
big U.S. banks a natural advan¬ 
tage in this market where the 
largest loans have hitherto all 
been do liar-denominated. 


One - of the most striking 
features of the market had been 
the dominance of Citibank in the 
fee-earning part of it—acting as 
lead manager for loans. Thus 
in 1976 Citibank was a lead 
manager or co-manager of over 
half the total $28bn. worth of 
loans arranged in the market 

It had headed tbe league 
tables for. management positions 
ever since they began to be 
compiled. The 1977 league 
table is not yet oat but Citi¬ 
corp's hegemony his certainly 
been broken. ' 

However, Citibank can com¬ 
fort itself with the adage that 
imitation is the sincerest form 
of flattery. It is no accident 
that it got its merchant banking 
business organised long before 
Chase and Bank of America. 
And for tbe commercial banks 
which have yet to decide bow to 
solve the problems inherent in 
getting into the international 
merchant banking business, per¬ 
haps the most interesting point 
is that basically both Chase and 
Bank of America have followed 
the model established by Citi¬ 
bank when it organised its mer¬ 
chant banking business-in 1973 
and 1974. 

There are two basic ways in 
which ihe :. Citicorp model 
differed from the models which 
other banks had adopted (or 
drifted into). In the first place 
there was no room for the con¬ 
cept of tbe consortium bank 
except on the fringe of the 
Citibank organisation. Second, 
it involved setting up a separate 
organisation to report to a high 
level within the bank, covering 
all aspects of international 
merchant banking business. 

No other bank took the prin^ 
ciple of “going it atone” to 
such lengths while many of 
them have - continued to offer 
different merchant banking ser¬ 
vices from within different 
departments of the commercial 
bank, often without co-ordina¬ 

The fundamental difficulty 
facing commercial bankers , try¬ 
ing '. to move into the fee- 
earning business is generally 
seen to be how to integrate the 
speed and flexibility required 
of the successful merchant 
banker into the much larger 
more slow moving and repeti¬ 
tious commercial banking 

This is partially a problem 
of personnel—the successful 
merchant banker expects to be 
given more . responsibility and 
paid more at a younger age 
than can conveniently (and for 
very good reasons) be fitted 
into the more hierarchical 
structure of a commercial bank. 
Solutions to this problem have 
been found by means of estab¬ 
lishing separate merchant bank¬ 
ing institutions owned by the 
commercial banks but where tbe 
commercial banks' salary and 
age structure does not apply. 

A more difficult and still 
generally unsolved problem has 
been how to ensure that the 
merchant bank works closely 
enough with the commercial 
bank for sufficient control to 
be exercised and for maximum 
benefit to be derived without 
bringing tbe two so close that 
the initiative required in mer¬ 
chant banking is stifled. 

There have been enough 
cases in recent years where 
merchant banking subsidiaries 
of commercial banks have gone 
astray on the back of the 
parent commercial bank’s repu¬ 
tation to ensure that a good 
case for close control can be 
made. In addition, there is the 
problem of getting branch and 
account managers 'in tbe com¬ 
mercial bank out in the field to 
make maximum use of merchant 
banking services. 

The way that the big three 
U-S. banks have set about get¬ 
ting the correct mix of control 
and freedom is to set up the 
international merchant banking' 
activities as an'organisation in 

From left to right: Mr. George E. Putnam Jar., of Citicorp International Group; Mr. Otto Sehooppirr, or Chase Manhattan 
Merchant Banking Group: and Mr. Robert Frick, of Bank Am erica International Group. 

; Business courses 

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Cambridgeshire. February 5-8. Value Added. University of 
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from the Institute of Personnel 15-16. Fee: £80. Details from 
Management, Central House, The Management Centre, 




A one-day Seminar by a panel of 

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Current Practices in the 
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from Institute of Personnel 
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Heaton Mount Keighley Road, 
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Royal Garden Hotel. London. 
February 13-15. Fee: 3525. 
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The Secretary’s Role in Man¬ 
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The International Executive 
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Financing Capital Goods and 
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Fee: ‘£115. Details from The 
College of Management, Dun- 
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Job Evaluation, Whites Hotel, 
London. March 7-9. Fee: £19L16. 
Details from the Institute of 
Personnel Management, Central 
House. Upper Woburn Place, 
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parallel with the commercial 
banks’ organisation. Internation¬ 
ally these are institutionalised 
under the titles “ Citicorp Inter¬ 
national Group,*' "Chase Man¬ 
hattan Merchant Banking 
Group,” and “ BankAmerica 
International Group” (which 
wags are already abbreviating 
to BIG). These "groups” are 
not incorporated as such, 
though a number of separately 
incorporated banks and finance 
companies round the world 
come under their control, as 
do also individual bank officers 
stationed in strategically placed 
branches of the commercial 

. Both' Chase and Bank of 
America have included domestic 
merchant banking operations 
within these groups, al¬ 
though heads of the groups, 
Otto Schoeppler and Robert 
Frick, report to the head of 
their respective bank's inter¬ 
national departments. 

Citicorp International Group 
is one of three divisions of Citi¬ 
bank's Merchant Banking Group 
which .is at the sa me level in 
the organisation charts as the 
International Banking Group, 
the Investment Management 
Group, the National Banking 

Group (covering wholesale busi¬ 
ness within the US) and so on. 

In all .three cases, however, 
the structure is such that the 
head of international merchant 
banking is reporting to an ex¬ 
ecutive vice-president—someone 
only one tier below the head 
of the bank. 


The Citibank solution to the 
other big problem—how to en¬ 
sure maximum co-operation be¬ 
tween the branch managers 
round the world and the mer¬ 
chant banking officers has been 
followed almost exactly by the 
other two big banks. Basically 
what Citicorp did here—and it 
is thought that it was the first 
bank to do it— was to set up a 
system whereby for the pur¬ 
poses of promotional prospects 
the credit for any deal organised 
by the merchant'banking group 
would be attributed to the local 
account manager, regardless of 
how much that account manager 
had contributed to the success¬ 
ful conclusion of the deal. The 
aim of this system was to moti¬ 
vate local branch managers 
wherever they were in the 
world to search out potential 

merchant banking business and 
bring it to the experts in the 
major' international money 

Chemical Bank is still too 
early in the process of re¬ 
organising its international 
merchant banking business for 
it to be sure to what extent 
it will repeat or vary these 
examples. However it is already 
clear that the head of the inter¬ 
national merchant banking 
organisation will report to a 
high level official in the main 
bank and will have reporting 
to him merchant banking indi¬ 
viduals in a number .of places 
around the world. 

These and other examples— 
in particular Bank of America’s 
wide ranging review of the 
stakes it holds in consortium 
banks round the world—suggest 
that big banks generally will 
increasingly dismiss tlic con¬ 
sortium banking idea except in 
specialised circumstances. 

The main reason for this is 
that the then specialised 
business which the consortium 
banks were mainly set up to do 
—medium term Eurocurrency- 
lending—has become so big 
that the international banks feel 
they must do it themselves 

rather than share the fruits with 
other banks. In uther areas nf 
specialisation — most notably 
geographical — the consortium 
concept is still considered valu¬ 
able even to the largest banks. 
Thus Bank of America is keep¬ 
ing its stakes in European 
Brazilian Bank, for example, and 
in International Mexican Bank. 

Small stakes in successful 
consortium hanks may also he 
regarded as trade investments, 
more simply kept than un¬ 

The must glaring exception to 
this general rule among the 
three biggest U.S. banks is 
Chase Manhattan's stake in the 
Orton Bank. The official line on 
this is that it is heller Tor 
Chase to have a 20 per rent, 
share in the business Orion 
originates—some of which may 
he provided by oilier share¬ 
holders m Orion—than to have 
no share ai all. There is tin 
doubt that Orion is in a some¬ 
what differeni league from most 
other consortium banks, and 
this would make it a particu¬ 
larly difficult knot to untie even 
should Chase have wanted to 
do so. At all events it does not 
impinge much on the organisa¬ 

New issue December 1977 

This announcement appears as a matter o! record only. 




8% Bearer Bonds of1977/1984 

- Private Placement - 






vonnate Hans W. Petersen 



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Financial Times .Tuesday January 10 1078 


JOHN CHITTOCK I Gifford ready to score 

offside rule 


Tl-tE post-Christmas mail always 
brings- a too or so of retro¬ 
spective analyses and question¬ 
able forecasts from City institu¬ 
tions. and there is a strong temp¬ 
tation to dump them unread; hut 
not for the first time, I am glad 
1 resisted. There is nearly 
always someone who has some¬ 
thing unseasonal to say. and this 
year the award for the relief of 
tedium goes to Tony Rudd. 
Swimming, as is his habit, against 
the tide, Mr. Rudd takes a close 
Inok at the Government’s White 
Paper proposing to outlaw insider 
deaiing; and he finds it absurd. 

This will certainly bring hint 
few new friends in the City, 
which has greeted the proposals, 
which are after all bi-partisan, 
with a dutiful anthem of praise. 
At any rate, it will win him few 
friends who are prepared to 
declare themselves; but I sus¬ 
pect that a lot of people, if they 
can swallow their distaste and 
read his analysis — I'm sure 
Rowe Jludd could run off some 
more if it went the way of all 
Christmas circulars — will And 
themselves uneasily admitting 
that in their hearts, they know 
he is right. Insider dealing, like 
certain other acts, between con¬ 
senting adults, way be deplor¬ 
able. but it is an ill subject for 
the law. 

The growing dominance 
of the screen 

again at Leicester 

josh: GIFFORD, whose amatenr- never finished out of lie frame, to put little into his finishma 
riridflo Seise Prince not only Modesty Forbids has had just effort in a division of the F»cx- 
proved up to accounting for his one race to date this term. A well Hurdle' at Leicester five 
better - fancied stablemate, fortnight ago at Kempton the. weeks ago, is given one more 
Physicist, but also the odds-on Findon six-year-old showed that chance to produce his true form 
Roueh and Tumble at Leicester he would soon be back in the in the opener. Division One at 

The core of the legal prohlem 
b one of definition. If an insider 
is simply a director, adviser or 
executive of a company, it is 
■ml; too easy for him to puss on 
ht.s'information to someone — a 
relation, close friend, or simply 
someone with information to 
iiade—who can deal without in¬ 
curring legal penalties. 

If. on the other hand, an in* 
Hder is anyone who directly or 
indirectly gels bold of inside 
iniormation' you can quickly get 
to ihe stage where the only safe 
v.'ay to buy a share is to be in a 
position to prove that you know 
nothing whatever about the com¬ 
pany concerned. and have 
probably never heard of it This 
is broadly the definition proposed 
in (he- White Paper, and as Mr. 
>5add points out. it can only 
have been drafted by someone 
who has never dealt with in¬ 
dustry. Customers, suppliers, 
i.iiesmen. lift boys 3nd probably 
the man who leaves the milk all 
cel a pretty good idea when a 
conioany is in trouble, or when 
il has struck it rich. They 
could all be caught under the 
(imposed lav;: but the big bad 
vnlf who mutters to bis nephew 
" Buy X. but don’t on any account 
a*!; me why ” can still get round 
the law. 

The White Paper does, it is 
true, offer a loophole for the 
peripheral insider: he cannot be 
found auiJly if be can show he 
was not dealing for profit. If 
this means anything which is not 

totally absurd, it means you can 
buy provided you don’t re-sell, 
or sell only if under pressure 
from your creditors. Little Rod 
Riding Hood could hardly have 
drafted to belter purpose. 

One slili set* the feeling that 
Mr. Rudd would favour a legisla¬ 
tive ban on insider dealing if 
one could escape the central 
difficulty involved—that of defin¬ 
ing the offence: hut I am not sure 
that even this bears long exam¬ 
ination. Much of the indignation 
about the subject seems to me 
to rest on two beliefs that have 
more to do with myth than with 
fact. The first is the assertion 
that the City is entirely respect¬ 
able and moral apart from one 
or two rogues—the insider as 
outsider, you might say. The 
second is the belief that inside 
information makes profits. 

Now so far as the City is in 
fact a club for gentlemen, as 
in many respects it undoubtedly 
is, the existence of the club pro¬ 
vides its own sanctions. When 
a blatant misdoer appears, as 
Mr. Rudd puts it, “we can all 
unite in deploring it and in 
taking steps to disoblige the 
offender.'* But to try to pretend 
it is a club without privileges 
is plain hypocrisy, as anyone 
must admit who was ever in the 
old cartelised days invited to 
sign a bit of under-writing to 
pay for bis holidays, or who 
has more recently tried to ignore 
the pecking order in placing 
Eurodollar paper, for example. 
It is a matter of who you know 
and what you know. To construe 
Mr. Rudd again: “I am an 
analyst: you arc well informed; 
he is a dirty insider/' 

■v — ---—- - Rough and Tumble at Leicester ne wuuia soon oe buck m we in tne opener, uivuhuu 

yesterday could well score winner's enclosure with a the Crouton Pork Hurdle. 

. ... . . ?hpr*> Hs?a\n this afternoon. respectable third-placed effort 1_ 

FEW PEOPLE in the video 1559 in 3969 to 1.057 in 1976 standards are high, especially in The former champion jockey, behind The Dealer and Albury LEICESTER 

j nd usfiryd oub i that 1978 is - there were still 1.535 screens Britain .^.^m^hewor^Bu? «sponAS? for IS winners on Lad in the Feltham. Novices 

ooino m be a verv imnortant in 1976. The decline has been about the best in the world. But ---Amiougb beaten a long way _ 



coing to be a very important in 1976. The decline has been about the best in the world. But 

fnT «££ JSiSSSUSSS XSSvefy, on t^vfeion are £S- RACING -RSiJtESff 3Sft3aE£ 

sra 10 sssl*™ ^ mtsst as jmt: 

expected to top lm. and the Vst _ iplv n£ choice seems to be s,or ? s , instead Jr. n ^ a ' : —---* , different proposition at 

new generation of long-playing eme rvnt formula for sue- cundUS J y ’ ®'!? n y 11 * 1 the Midlands track since the Leicester: 

Videocassette machines, tailored whirh shauld put Jheam , £ ec 8 cto kke J?™ 65 S° ad - To beginning of the 1972-73 season I take him to underline hia 
for domestic customers becomes * re&s * ^ dlc “ vLr^JLjr 1 ^77, the discerning viewer, it shows and the leading trainer there, chasing potential with a clear- 

availaSfto toe U*Alsotoe "*?.?* eye S Ie3S shar P* sometimes poorer “fiduS three: Swallow Prince, cut victory over toe Behtsttran 

avauaoie in uie aisu. uie distributors — and provide rc- . 0 i 0Ur and the tell-tale evidence Modes tv Forbids and Nougat. gelding, Sanskrit, a falter on his 

test launch of the Phil ips/MCA d incentive to the cable 2 STSee<rf 5* best bet from final tfree apperances last term, 

video disc player is due in the tv operators who stiil hope that “ JJgSU **525 b^micn? thiT trio is Modesty Forbids, bat .a 20-lengths winner from 

UB. this autumn. Other develop- , Government will permit pay- “22? among the runners for the Magic Streak over this course 

underline his 

video disc player is due in the 
U.S. this autumn. Other develop¬ 
ments will surface such as new 
large-screen TV projectors, 
second generation video games 
with programmable inputs, and 
extended marketing trials of the 
Post Office’s Viewdata system 

the Government 
TV in the U.K. 

permit pav- r :— • -r—r Jr* —lamone the runners tor me magic one ax over mis 
scopic amounts of dirt on ^Ic^ttesmore Novices Chase. and distance a year ago. 

v m me smaller picture area of a 16 mm, 


ImorTO nlialifv There are other problems too 

HUdgc !|UdUlV jn ^ transmission of feature 

Another traditional line of do- l 0 * 1 *™”* "*2! 

An ultra-consistent performer Swallow Prince, a noticeable 
last season, during which he disappointment when appearing 

12.46—Swallow Prince 

1.15— Paqnlto 

1.45— Julian Swift 

2.15— Modesty Forbids*** 

2.45— Paper Rich* 


150—The Merrtcfestaa 
2,00—Alec Lewis 
250—Sweet Kybo 
3-00—Church Belle 
. 350—Vaguely James 
12.45—Away Swallow 

1.45— Rambling Artist 

2.15— Tommys Hope 

3.15— Bobby Kempinski** 

Condor closes gap on leader 


A successful company chief 
who also happens to abuse bis 
position to some extent can also 
remain pretty popular, even 
when his misdeeds are known: 
if everyone gets rich, he is 
entitled to a little extra. I 
remember that many share¬ 
holders in British Printing re¬ 
mained loyal supporters of Mr. 
Wilfred Harvey despite the 
allegations against him. The 
insider we all hate is the board¬ 
room rat who deserts bis sinking 
company before the shares col¬ 
lapse: but he is usually caught. 

Even when he is, I would 
listen sympathetically to bis cries 
of innocence: for every dealer 
knows how spectacularly wrong 
directors can be about their own 
prospects. I am thinking of Mr. 
X.Y.. slill with us, who put a 
large legacy of his wife's into 
his own company just as the 
shares started falling from 
pounds to pence: or my Jate 
uncle, whose tips about his firm 
were so consistently wrong. If 
the new law brings such cases 
into tbc open it may be justified 
in terms of comedy: but not of 
realistic justice. 

(which displays data on the ^TSnt S S. h ^ ^ by the. different 

home TV screen by dialling it Fv least. been ratios — that is screen _ _ . 

up on the telephone). ima"e Quality There is no doubt proportions — of the two media. HEATH'S CONDOR, which lies Great Britain II. which tad a At 61 degrees south Cmidoria 

The common denominator is snStade of^ crSJw With a wide-screen film tarns- Scond to the veteran Great 250-mile lead on Condor and toe further am to gajj«H jrjjt- 

a screen- Somewhere, someone !? r S e SedfiS ona large screen mitted on television, some of BriSn U in the third leg of rest of the fleet by heading oftoe yachts;m toe grtWhlt- 
is being enticed to spend a part J. ul 3 * exhilarating than act * on be clipped off at ^ ** ^°2»e «yoldmg_tofl brMd^ v ^ n ^Q 0 an 

of their day watching images 18 inch TV set in a small t fa e vertical edges of the screen. Race, continued to dose oa me iceberg, 

on a screen. The range of com- llvins . room . The emotional The breadcasters ran minimise lea c d 0 e n r d ^. s s ter s g per) l^u* Wil- YACHTING This year toe pack lee has 

petition is now considerable and p art jcipation created by an effect by transfemng the ’radioed his «Y A1£C BEIUSY stayed closer than usual to toe 

fierce, exemplified by Star ars. l udien ^ is an important con- *«t t0 videotape, and pan- ^^’ on ^Teing almost half-way ® Y “ ,USY ' Antarctic land-mass. 

which ran be seen not only in ^^Xion to the enjoyment, too. nmg across toe frame dunng between New Zealand and Cape - —T T~ ! T •• Aboard Condor conditions are 

the cinema, but has also arrived . nrnvidert thev dn not th e transfer in order to keep Horn and about 1,700 miles from worst of toe bead winds last wet and cold, but morale is 
in London on Super Smra. film tl ' ---i-V,- the action on screen. But even th e South Pole. week, has had that lead reduced reported high and health good, 

for those with home movie pro- ‘ , that sophistication is sometimes The yacht is sailing at 1L5 to 120 miles. The crew reports that the best 

jectors. The domination^ of IVThliJ neglected by broadcasters. knots in 20 knots of following And WiUiMts seemed con- way to beat cqnd e nsation _below 

screens has now thoroughly per- of ^ °' vn - ^ clnema and ^ e J --- " F r,««t « to «dt uofal tt f™* 

meated our educational systems. While the contribution of the broadcasters fight this one out, 
reaclzing beyond schools to audience may be of arguable sorae times oblivious to the 
specialist fields such as medical value, toe really important j mpact that video discs might 
training: one unusual example difference between watching a have 0 n both other public 
is in West Germany, where the film in the cinema and on tele- v enues are competing for screen 
world’s only commercial video vision is technical quality and time Tim success in the UJS 
disc system — Telofunken's choice — with the factor of con- of hotel TV systems where 
TeD — is providing a further- venience loaded in favour of , n0V i es are available ’in bed 
eduutlOH subscription service television. r00ms l00ts Ifte reviTing 

Large-screen television pro- interest in Europe after earlier 
» ™ w M je«or? are now available earn- failures. 

‘ h “ , s>5tem for home ' Dter - mercially fur the home user - 

at a price attainable by a few Tfiint VPlltiiTP 
^ M , . . (about £2.0001. They work, VeiUUlG 

MUlU-Cinema after a fashion, provided that 0ne EurODpan onmnanv has 

elected by broadcasters. ! knots in 20 knots or louowiug Ann wimams swuieu wo- ra »«ai wuusu*^ u™» 
fjrr “ ~~TZZa 41 ,. I wind and the maximum tempera- fident of catching Great Britain decks is to waituntil it freeze# 

While the cinema and toe| ^ II before Cape Horn. and than break off ttw ieirta*. 

tore is around 3 C. 

Royal Academy oatlines plans 
for print sales this year 

(about £2.000). They work, 
after a fashion, provided that 

The c 
in tliis 


THE ROYAL ACADEMY faces a Paintings and sculptures will at toe Academy last month, will 
busy and more commercial, also be available; among the be repeated m autumn next 

year.’ Revealing its plans yester- artists involved in the scheme year although attendances were 

day Sir Hugh Casson, the presi- are Sutherland, Hockney, Moore disappointing the disposal of 

One European company has dent announced developments and Barbara Hepworth. The works valued at £1.5m. was con* 

legedly acquired some 2,000 which should bring in more cash prints will be produced by the sidered ■ enough of an achieve* 

— 1 - - to meet the academy’s deficit Curwen Press and marketed-by ment to repeat the venture. 

i It is the majority shareholder Mountstream. , Among the exhibitions at the 

in Business Art Galleries which Other developments include Academy this year will, be 

cinema, with more screens (and viewer_buTonlv within a mr Hac ^ iette and Reuters are co- ^ original prints to companies Sotoebys will sell in June and .by Rodrigo Moyntoair and Afvar 

therefore, more programme row epatin* nUn operating in a joint hotel ven* and later, through dealers, to the which could realise more than Aalto. 

choice), fewer seats per audi- oP tore—with entertainment, in- public. the £6.3m- receipts from the In 1981-82 there will be ; a very 

torium. and lower overheads bv Another technical sbortcom- formation and advertising all The prints will mainly be the Mentinore sale. Another Sotoebys important exhibition of Japanese 

making one set of staff serve in S that a television system being offered to bedrooms via work of Aradenn mans and nfeof ** SJ? nf f «F 1 j5shS“ P RS5iS?K 

tw;o or more cinemas under the cannot resolve the same amount the TV system; this will at^nrice oHrom HB P ^arUnX fflatioi^ a^topW nf Sir ffi; 

same roof. of detati « a film. Th.s means elude Reuters; teletext service, SSfc ? Art PaSga - 

A statistical analysis of the projected or enlarged TV similar to Ceefax and Viewdata. v - 

multi-cinema, published in the pictures are likely to look a The pressure to view is be- 
December issue of Screen tittle fuzzy. coming immense. Presumably! 

Digest, identifies this trend: Yet while the cinema, in its something has to give some-| Notice of Redemption 

average employees per screen fight back, has been striving for where. We either spend less 
in the UJv. had dropped from quality as a unique selling time at work and less time 

nearly 19 in 1969 to 12 in 1976. point, television is displaying reading, writing or socialising, 

Yet in spite of the decline in signs of caring less about tech- or reject the whole idea and 

numbers of cinema buildings— nieal performance. Engineering return to the simple life. 

t Indicates programme in 
hisick ami while. 

BBC 1 

9.10 a.m. Fur Schools and 
i-rdiose*. 12.30 p.m. Closedown. 
12.45 News, weather. 1.00 Pebble 
Mill. 1.45 Raqtime. 2.00 You and 
’.It. 2.14 For -Schools and Colleges. 

Closedown. 3.20 Pobol Y 
Cwm. 5.53 Regional News for 
Knzlantl (except London!. 3.55 
Play School. 420 Wally Gator. 
4.25 Javkanory. 4A0 Animal Magic. 

5.05 John Craven's News round. 
3.10 Pe(er and the Princess. 3.35 
Fred Basset. 

5AO News, weather. 

5.55 Nationwide. 

6.50 One More Time (London 
and SE and Scotland only). 
7.20 The Oregon Trail. 

S.IO The Good Old Days. 

9.00 News, weather. 

9.25 Play for To-day: “Licking 

10.25 To-night. 

11.05 The Engineers. 

11.30 Weather, regional news. 



Wrakhng involved in cod war 

*K • 

American dish consisting of 
take tilled with meat (Sj 
Pole appearing in sullen dirge 

Application for salad during 
growth and at the table (8> 
Ability to surpass a 

nietronolis |S> 

Summit of a hill before a 
slippery run (6) 

Lorik askance and stagger 

hack <4i 

Stop and talk to a flower (6-4'i 

Want to accept metal for 

temperance (10) 

Southern pitch for principal 
player (4> 

Annul and faii to follow suit 

Dreadful yet attractive (Si 
Find record finished (Si 
Influence one politician to 
officiate ffi> 

Lands I'm entering to 

men Mire fS> 

Wood fnr a fight shoe ffi> 

Funny company claim to he 
upset (7) 

Succeed in setting eastern 
crowd to make a juice- 
e\irnctnr (4-5) 

less from note fo dictator 

c«» - 

Bird that left Koah's vessel? 

6 .Motorway race ? I( must be a 
typographical error! (St 

7 French friend on ship is out 
of order (5i 

S Give English extravagant 
praise and impress deeply 

31 Drink a half of beer to get 
fatter (7) 

14 Pig slaughterer takes head of 
sow and heart (7) 

17 Finished beyond control 
(3. 2, 41 

18 Slim work (or a spinner ? 

19 Shorten a viaduct <7i 

21 Caught it in real concert (7) 

22 Felony on a peninsula (6) 

24 Call on six to pose (5) 

26 Go this way to die (4i 
No. 3.562 

raEPnaHaQs sqhshc 

n a 0 -E ■ E'-n fi 

racinsanas a'acannn 
a • g f» s . g.'B h -'s 
mmamia-. -snsasanGo 

n b; _,, .n 


a-S m E ■ B...E 


n rz b n.t'S 

raanssrasinsQ'.; Bggaa 

0 0 Q.B S 51 -5- U 

a H ^-M 

AN regions as EBC 1 escepi: 
Wales—3.20-3.55 p.m. Closed. 
5.35-6.20 Wales To-day. 6.50 
Ileddiw. 7.10 Pobol Y Cwm. 7.35 
Tom and Jerry. 7.45-8.10 Ask the 
Family. 11-30 Weather; news and 
weather for Wales. 

Scotland—32*0-3.55 p.m. Closed. 
5.55-6.20 Reporting Scotland. 11.30 
Weather: news and weather for 

Northern Ireland—3.20 p.n». 

Closed. 3.53-3.55 Northern Ireland 
News. 5.55-630 Scene Around 
Six. 6.50-7.20 Here's Now. 11.30 
Weather; news and weather for 
Northern Ireland. 

England—5.55-6.20 p.m. Look 
East (Norwich): Look North 
(Leeds. Manchester. Newcastle): 
Midlands To-day (Birmingham): 
Points West < Bristol j; South 
To-day (Southampton); SpotJieht 
South West (Plymouth). 6.50-7.20 
East: Wallis—Man and Machine. 
Midland: Why Are We Wailing'.' 
North: Young Music .Makers. 
North-East: Box Clever. North- 
West: A Good Sing. South: Hey 
Look . ..That's Me! South-West: 
Peninsula — Discovery. West: 

BBC 2 

It.Of) a.m. Play School. 

2.15 p.m. Other People's Child¬ 

3.O0 Film As Evidence. 

3.30 The Living City. 

7.D0 News. Weather. 

7.05 Propaganda With Facts: the 
cinema and public opinion 
in the 1940s. 

7210 Mowed ay. 

8.10 The Bronowski Memorial 
Lecture. Dr. George 
.Steiner on: "Has Truth a 
Future ? " 

D.00 Spike Milligan in Q7. 

9.30 The Man Alive Report: 
obsessive dieting in young 

1UJ2U Tennis. 

11.05 News, weal her. 

11.13 The Old Grey Whistle 'fe.-L 

RADIO I 2*7m 

(S) Stereophonic broadcast 
b.00 .Vs Radio 7.02 Nfl. I 

Rdmoodt.. 0 J 0 Sioim Ba». » 11 JI f »• r 
Pottvll lOQltldia^ 12 JO p.m. 

2 .CO Kid JJl Davv !.••> Tra..». 

loviudinq SJ0 N*'U'S 0 ;al 7JI0 Vo’.l. - 7r • • 
1 , 010 • Radio lfl.<C John 'S- 

12X0-12-05 *.m. .V, hwiu :. 

VHF Radios 1 and 2-*J)0 a.m. v. .:•> 
Rjdln 2 . in.ludliK LS5 pjn. Uudd L-S'.-.n- 
IBB. 10.02 WILD Kail io 1. 12.00-12.05 a-m. 
With Radio J. 

RADIO Z 1.500m and \"HF 

6.00 a.m. X.-WS. '.-alii- r >S._ 6.02 Va»• 

Mnnn unu Tl,*' Early Sho>\- - S- iriUudir.; 
6J5 Pau-iC tor Thouatn. 7J2 Terry v:o;an 
is’ mvluointf s.27 Racing ^olkr-i. 
PuUh for Though:. 10.02 Jimmy Y«ua; 
• S* 12.15 p.m. V-.'a;:aon.'rs Wall-. 12J0 
Pew .Hurray's Open nouso ‘S» ii.clndlnn 
U15 Snoria ric- 1 :. 2-30 Darld Mairtlion >S- 
includtns 1 U and i.JS Spnris Des,. ijo 
W aifOH-.-rs' V‘"a!K. 4.05 Snor:$ Pr*s5‘. ACT 
John Dunn weiuJtnj SJG Soons D'.t)-. 
6.4S Syrn D-.-Si. 7.02 r..:ic *T. -S.. 7J0 
Oa The Third Ffa, 'S* 8 JI 2 lintKr 
tireciii ai Thi- London Tlivnrr ■ 0.02 Antn*u; 
Your Sniiv<:nirs *S.. 9J5 Snura 

10.02 Rial The kecorcl. 10 JO Tur.y 

Jaeklin sajs Be My tluist. 11.02 Itrian 
MatUli-w > nb Th>: Lale Sho>v. 12.C0- 
12.05 a-m. N-. <»-•,. wrath-.-r. rnotormc lalvr- 

R ADIO 3 464m.Stereo & VHF 

6 J 5 a.m. VVVaUli.T 7.00 T.C 5 

Ov.-nuiv Cnneert: Handel. Delia-.. 
Ir-.'Und, Bnili-c. 8 JJ 8 0.05 Morn, 

ilig Concert «S* Mnzarl. Bwfhoven. 
H»dn. 9.B0 N- w i. 5.05 This ’.Vo 
Cum now t 3 . Th-: ('■illiwro.s aehiv»l iS. 10.00 
AcaUviny of ill*- BBi". <S' C.nicc:t. Ros- 
jm, iuni-Satna. UJS In bhurt. 10.05 

11.40 Closedown: John Weat- 
brook reads " A Winter 
Night." by James Thomson. 


9.30 a.m. Schools. 12.00 The 
Wotsit from Whizz-Bang. 12.10 
p.m. Pipkins. 12.30 Ripe Old Age. 
1.00 News at One. j_20 Help! 
1J0 Crown Court. 2.00 After 
Noon. 2.25 The Stars Look Down. 

3.20 Looks Familiar. 3.50 Couples. 

4.20 Get It Together. 4.45 Magpie. 
5.10 Kportscenp. 

5.45 News. 

6.00 Thames at Six. 

6-35 Crossroad.-. 

7.0O Dave Allen. 

7.30 The Streets of San Fran- 

8-30 Rising Damn. 

9.00 Hello! The Central State 
Puppet Theatre of the 
Soviet Union. 

10.00 News. 

20.30 Glenda .Jackson. Oliver 
Rood. Brian Deacon in 
“The Triple Echo," 

12.20 a.m. Clo»e: Joe Melia reads 
Buddhiii poems by Christ¬ 
mas Humphrey.-. 

All IBA regions u> London 


1.25 p.m. ARSlia s. 2.D0 HooA- 
Pir'X SJ5 Ernni. rd:ii-.- 6.00 About 

7JO M*v,a '>n. li» aum. 
'-Cris’juns cj Auiori. 

AT v 

1.20 p.m. aTV .diuik. 5.15 

2 j>.di:v[T 3 n<- 3 n Wniun-: The Hundred 
l-'lc-.i i. 6.00 A TV Tod.iy. 7.C0 

.-Jim. 7JO Da-..- a«: C. S.OO Charlie's 
.'.r.a-- it. lOJu liihhevii;..: The- Turtuos 
PO--H (it Jim riaUo;.. 


■*1.20 PJU. i r-fl. r ;.V.2.00 House- 
par:. 5J5 L<-.isii--. 6.00 Louk- 

n round. 7.00-9-00 ,v, .\TV. f 12-15 a.m. 
kordcr n.-ws. weaihi - 


UJ5 a.m.-l.lS p.m. C!o,.-d. 1J8 Chamiul 
ri--.v<- V.-hjl-, On V-ti- r-. ...•■■■tiher. 5.15 

Th. r!:cis:envs. 6.00 H tori at Six. 7.00 
i r-.afun: Hurl. S JO Dai-. .Ulen. 1023 
i.hur.r...] v.-. am r, ms i.m. Cum- 

ss.utJirM. •.; Pri-v.i..r4 :.[..■^■onilogiqjes.* 


9^3 Sjti. rirsi Thm^. 1J0 p.m. 

nrj^o-Dn 5JS '.'.■^3 - n' ThilKS. 

••.tjJ .ar, ol th- b 0dJt 2: Vaur\ 

UJS PIvn->-. ; jnd (tie Ris- 
o icrop-.aii :.!u t j is p.m. Mid- 

•ij>' Cvnwre Mo.'.r. :: rkArs. 1.00 

'••••■ 1.05 “'mi.;,.. L 20 Con- 

• O.i r> !. V-rokon . ■“ IB Enttuh-n 

f.ruwi *S. j OS Uttle Liih' 
*s>*. 4.05 r inn*, 'lardy <Si: swk 
r • aji 7ti- V ; .;u SonaU •$.. 

5.IS Ja.v Tod ’j. 5.45 UotoveCurti 

F'nuid -s> 6.05 %•.>•.•.. 6 . 1 B 'Hoiiv.-tvani 

r 6.50 LiMiiL-i V.i>rk and Train¬ 
in':. 733 From ift- iTou..- of the Dead 

•) i '. o-vra ii>' j.qo Janact-k a* 

1.,'ip lli>; S2D 1 r^n ill- House Of flic 
D-,i. .tit J. 3J5 '.r; -„-« r |ditldC. V.15 

1 rn~ Th, Holism n! -ft... ,f(■; ,U:l .”. 

M O T^ 1 . Fmi-Iic «;eniu. 01 Thomas llardy. 

10.35 Haydn wild K- •-■hoveit *Si: piano 

Kcnal- UJS me Tnnutat's 

Siftttterr SijL-2 is 


434m. 320H1, JSjm and VHF 

TModium wave nly. 

6 15 a.m. . 6.17 rjrroiW TchIjv. 

6 JS L'p to th*: hour. 6J2 VUF: BuRlinal 
=e..E ’.vdUlsT. 7.00 7JO Tod iy. 

7J5 t'p -o the Hunt. 7.52 VHF: BcsioujI 
n>**'v u.-ath-r. ;.oq gjo Today. 

5.35 Y.-it-.rday ui l J 0JW News-. 

9.65 Tu. idar Caff vom. UO.0S KnrK<* Qu; in Jo Dally Servuv. 
130.45 Murtiin; si*.rv 131.00 N»-« i. 
111-05 Tlany-Minwe Th-Jire, JUJ5 Pro- 
fCe. 12J» Neis. 12.02 p.m. Vow and 
Vour-. 12J Di\-rr i-il.iti Discs- 0235 

V.Vaifc-r VnF 

i>*p: Looilvn 411*1 st;,; Kevional aero, 
v.-d'-h r. LOO Th? world at floe. UO 
The Archers. 1.95 Vi m.-nau's Knur ineilid- 
.ri. 2 .CO- 2 .K :»*■•, s. ^. 4 } J^ten WHO 
"other. 3JO X-m.s. 3 .Q 5 The McftwU* 
Parley *s a.m c.^-i nen* 1 Quesnnn 
Time, US mbit Tuac. 5.00 PM Bepttrti. 

*.00 Grampian Today, weather. 640 Oul 
or Town. 746 Thlnstmuoyjig. 1240 *jn. 


IJa p.m. This Is Your Rlcht. 3.20 Mr. 
and .Mrs. 540 This Is Your Right. 545 
Crossroads. 6JW Granada Reports. (L30 
EmnierdaJe Farm. 


L20 p.m. Report West Headlines. 14S 
Rcpon Woles Headlines. 2J0 House party. 
5.15 Sinbad Junior. 5.20 Crossroads. 6J0 
Report West 645 Report Wales. 640 
Emoierdulu Farm. 740 The Bionic 
Woman. 8.38 Cuckoo In the NesL 1040 
The Best HouUw.* m LvDdan. 

HTV Cymra/Woles—As HTV abort? 
except: 148-145 P-m. Peirawdan 

N'.-.vyddlon y Dydd. 440 Y Marcho* 
Gins a’r nvnyneo a'r Fnwch Goch Cota. 
440-145 Gtriad Yr. 6.00-645 Y Dydd- 
1040 Bywyd. 1145 Personal Report: 
Human Rifihis. 11454240 Celebrity 

HTV West —as HTV General Service 
except: 148-140 p.m. Report West Head¬ 
lines. 6454.30 Report West. 


1240 p.m. Heal thy Eacfag 145 Scottish 1 
news, road and weather reports. 545 
Professor KitzcL 540 Crossroads. 6JM 
beotlaud Today. 640 What's 5'our Pro¬ 
blem. 7.00 Emmerdale Farm. 740 Dare 
.Vilen. 8.00 Thingusuttrng. 1240 Laic 


1-20 p.m. Southern i»#s. weather. 2J». 
IlmiSeMrty. 5.15 Slifiblly Daffy. 549J 
Grew.roads. 6.00 Day by Day. TiIMJIO 
.\s A TV. 1245 a.m. Southern News EOctra. 
1245 Weather, followed by Chief Rabbi. 


4.20 a.m. The Good Word, followed by 
North-Easi neu-s. 148 p.m. North-East 
i.'.'vs and hooka round. 340 The Odd 
Couple. 545 Friends of 51 an. 6.00 
Nun hem Life. 7.004.00 As ATV. 
1245 a-m. Eoilosne. 


140 p.m. Lunchtime 540 Ur. and Mrs. 
sjff Ulster Neu-s Headlines. 545 Lassie. 
6JH Cliit-r News. 6.05 Crossroads. 640 
Reports. 740-9DO As ATV. 


1247-1240 p.m. Gus Money bun’s Blrtb- 
if«v. 140 Westward News Headiinn. 
545 The Kllntaioneb. 6-00 Westward Diary. 
7.00 Treasure Hunt. 840 Dave Allen. 1048 
Westward Late News, weather. 1245 a-m. 
Faith For Life. 


1.20 p.m. Calendar. 340 Houscpany. 
545 (odour League. 640 Calendar. 7JJO- 
9.00 As ATV. 

5.40 s-.Tenilipity tS*. JS55 Weather, pro¬ 
gramme news: VHF: Reslonal news. 
u-.-jUuc. 6.00 N'iws, including Financial 
Ki-uon 640 Thu Burklss Way. 7M 
'-eve*. 7.05 The Archers. 740 Time for 
V.rv. 740 Peter Franfcl tSt: piano 
rental. 845 The Divlnu Quest. 840 Peter 
Vrankl «S>, pan 2. 940 Kaleidoscope. 

949 Weather. 1040 Thu World Tonight. 
2040 Tie: Em htts lasts. 12-02 A Book at 
G-.-ditcif. 12.15 Financial World Tonluhi. 
1140 Today in PurllameiU. 11.45 News, 
ueather. followed by Inicrlude. 1203- 
12.C6 a-m. Inshore l-orvcasi. 

BBC Radio London 

206m and 94 J VHF 
6.00 a.m. As Radio 2 640 Rush Hour. 
940 ;.-tvs E>:n, 940 London Live. 11.03 
In Tuwu. 12.03 p.m. Call In, includlmt 
L00 Lo'idnn Ni-ws Dealt. 243 ZOO Show- 
cjse. 4.03 iiomc Run. intintUns London 
\e-es t'e«k. 640 Look. Slop, Listen. 
7 .J 0 in Town, a JO All That Jazz, 1043 
Late Nijbi London. 1240 Close As 
liadto 7. 

London Broadcasting 

361m and 97J3 VHF 
5.00 a-m. Morning Music. 640 A-M. 
10.00 Lnan Haves. LOO l.EC Reports, 
hull 3434.00 Gcoroc Gale's Caff. 840 
After Kishi. a.m. MshtUne. 

Capital Radio 

194m and 9i8 VHF 

6.00 a.m. Graham Dene's Breakfast 
snow. 9.00 Mil-fuel Aspvl. 1240 Mtfee 
Ml-.n with Casb vn Delivery- 148 p.m. 
(jjvrline. 340 Roger Scan’s Three O' 
Clock Tbitll. 7.00 London Today. 748 
Aurian Ujv. ’g nt»-n Line. 940 Jonethan 
King's Your Mcihcr Wouldn't Like II. 
HIS Tony Myan’> l-atc Shmr. 240 un. 
Duncan Johnson's Nlghl FlishL 

244 1558 2517 5875 4505 5780 87TB 7997 9088 10207 11246 12439 13483 14508 15371 1M43 17638 18748 

246 1570 2525 3880 4806 5803 8811 8014 9082 10218 11253 12647 13472 14810 15372 16483 17048 18764 

250 1571. 2550 3882 4816 5834 6818 8016 9083 10224 11283 12454 184TB 14581 15077 18489 17884 18777 

298 1573 2552 3886 4828 5825 6819 8032 9084 10232 11278 12439 13480 14536 1540B 18472 17687 187B8 

306 1586 2596 3904 4829 5840 6833 8039 9085 10242 11274 12488 13492 14537 15411 18503 17732 18790 

307 1592 2597 3910 4837 5844 6833 8046 9114 10249 11299 12477 13500 14B68 1B457 16514 17733 18821 

360 1813 2602 3918 4861 5851 6846 8047 9128 30265 11303 12505 13502 14590 15483 16515 17757 18823 

365 1517 2833 3933 4863 5858 6849 8058 9134 10287 11317 12507 13503 14000 15491 16551 17788 18840 

368 1628 2629 3950 4875 5859 6855 8064 3135 10283 11338 12524 13524 14803 15405 16394 17770 18848 

382 3632 2870 3953 4891 S 8 OT 8857 8070 9142 1(095 11346 32560 13525 14603 15496 1B607 17799 18880 

390 1687 2688 3955 4896 5871 6858 8072 9149 10298 11347 12561 1353S 14806 15511 16620 17811 18908 

391 1688 2891 3958 4902 5886 6865 8076 9160 10302 11361 1256S 13536 14612 15524 16644 17814 18933 

392 1689 2716 3958 4920 5899 6883 8078 9176 10311 11388 12572 13538 14621 13334 16852 J7823 18937 

398 1692 2732 3998 4921 5906 6883 8085 9177 10024 11372 12378 13573 14622 16338 16654 17827 18938 

431 1700 2745 4040 4926 5907 6909 8088 9187 10325 11395 12582 13575 14625 15543 18656 -17828 18943 

452 1711 Z78S 4044 4334 5908 6941 8091 9218 10530 11S96 12597 13S79 14638 13564 16838 17833 18955 

458 1712 2822 4048 4935 5921 0342 8103 9217 10345 11398 12809 13583 14842 15S73 16665 17885 18980 

471 1737 2857 4051 4938 5055 8951 8105 0230 10351 11427 12821 13890 14643 15585 16860 17889 18004 

475 1752 288B 4061 49B2 6007 6992 8124 9232 10354 11448 12629 13602 14658 16597 16874 17896 18003 

483 1753 2896 4062 4957 6027 7011 8129 9253 10385 11471 12635. 13641 14659 15608 16684 J7900 19008 

488 1762 2887 4063 4965 6037 7020 8134 9267 30371 11405 12648 13843 14864 15612 16899 17002 19024. 

489 1785 2899 4087 4990 6040 70=5 8185 9272 10406 11521 12853 13848 14665 15614 16701 17807 19028 

514 1768 2920 4074 5000 0047 7028 8183 9273 10411 11528 13670 13867 14688 15818 18702 17BT0 19030 

517 1780 2923 4073 5008 6054 7033 S18S 9275 10423 11575 12fitl 13681 14676 15633 16720 17987 19031 

550 1775 2935 4083 5044 €056 7104 8208 M2« 10429. 11580 12702 13887 14882 15633 18748 17968 19097 

598 1776 3946 4098 5071 C037 7133 8210 9359 10430 11585 12704 13695 14688 15834 16758 18020 19098 

599 1779 2948 4103 5073 6076 7148 8220 9361 10450 11588 12713 13700 14699 15643 16764 18025 19103 

804 17BS 2952 4113 5077 «05 7168 8224 939S 10460 11604 12718 13712 14720 15848 16775 1806B 19111 

812 1828 2961 4189 5095 8127 7183 8246 9406 10462 11612 12725 13739 14727 15651 18778 18073 19118 

854 1889 3002 4198 5097 6144 7304 8269 9410 10472 11639 12742 13743 14729 15655 16782 18098 19131 

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The Debentures specified above arc to be r yedeemed for the said sinking fund, at the Corpanb 
Bond Services Department of the Trustee, 111 Wall Street, in toe Borough of Manhattan, 
The City of New York, State of New York, the mam offices of. Citibank, NA. in Amsterdam, 
London, Paris, Frankfurt/Main or Milan or First National City Bank (Belgium) S A. or at the office 
of Krcdietbank SA. Luxerabourgeoise in Luxembourg, as the Company's - paying . agents, and. will, 
become due and payable on February !, 1978, at the redemption price of 100 percent of the principal 
amount thereof plus accrued interest on said principal amount to uch date. On and after such (kite, 
interest on the said Debentures unH cease to accrue. 

The said Debentures should be presented and surrendered at the offices set forth in the preceding 
paragraph on the said date with afl interest coupons maturing subsequent to the redemption date. 
Coupons maturing on February i, 1973 should be detached and presented for payment in the usual 


January J, 1978 



Financial Times Tuesday January 10 197S 

British Museum 


% 'U 

■ by DENYS SUTTON, Editor of Apollo 

landscape wapists ofhis age Fragonard chronological order, so that we nature Into magical capricci? 
Sfrt!L : “.IS*! 1 ?® -"SSWJ* r ® ma,ns Poetic and en- may observe not only the There are more affinities between 


i. ' interest is attached'Tto Wstow The organisers have includea of^tSIe^ moH^iinderestimated but s ° does ™“» anticialn - Happily 

; 1 : .>J “5*«h Land^pe mowings cmfjfSgSSft“md«t“bS a^ofCtime: heKfine ft “***? ° 

. *.y XL??* C ?f fu! drawings.- the Avenue, which sense of quality and more ^ Sd - G^briel dTIaint- 

often realised as AubiB - s 77 ^ Weft on tfie.Bwfr- 
cord. This is really too prosaic 
. a tit 1 ®: should be called 

., France.- ' . — ^J^VTSS SSTto'S Sm'JESlSS&EZ to l »l_wq» 

! ;-r A survey of this .type could Dutch landscapists of the pre- park, at Arcueil, then the pro- nff 

' 1 *u,. Hardly fail to be fascinating, ™us century and ahead to cer- £ e rty rfTe IWe de Guise. JH? 0 ® 1 U n,#Idng ° ff 

•; trough, as is often the case with tain paintings by . Ifceodore The catalogue reminds us that. • r* /“ „ ... 

shows in the Print Room, it is Rousseau. though the drawings were done . Two of th e most uousual draw- 

" i ! ‘- irJ rather too large and ii» the aggre- Fragonard in many ways re- without figures, during the nine- u ? ss “ “ e exmtntion are Lea- 

w gate the quality of the items does makis a puzzling artist It -is teenth century “some passed panoramic views of 

5 , ^®ot quite retain the attention, curious—indeed ■ almost para- through the hands of a dealer Pa ™* JooXing norm ana south 

II'>*■'!£*« Problem that has arisen in doxical—that a painter who who sought to enliven them jw' tespenitely, and it is amusing 

1V ClllPf recent years, now that the scholar usually employed such efferves- adding figures in the costumes !° *5,*t.5°5 w , ere “®j“ded 

has so firmly ousted 4he aesthete cent touches in his subject of the period.” The catalogue. Retir de la Breronne 

fthough the two can he com- paintings should often have used due to Roseline Bacou, Lise «*“®itioz] aeI °,_ at S 1 ®.,. 1 ™ 9 * 6 

tuned), is that exhibitions are a darker and even duller manner Duclaux and JT F. Meianes. is an Camavalet in 1044. Retir de la 

. ; 1 apt to* be derigned as if the con- in his landscapes proper. He admirable production. Breton ne, a strange and in¬ 
tents were. in a lecture or was a man of different moods. None of the early items has character, was essen- 

•illustrations to a thesis. .. . Robert, too, is not shown quite the stvle of "Watteau's red chalk- tially a night bird: these views 
. : ; This ; is not to : dehy the fully enough, and the' Qppor- drawing The Finding of Moses, 1116 city-that became hie. 

pleasure afforded by the exhibi- tunity has been missed to pro- j n wWch his love of the hunting-ground for those furious 
tion, and one of our most austere vide some idea of the develop- Venetians, in this case Veronese, explorations into the quirks of 
historians of the Frendh 18th cea- men^of an Intriguing artist with j s blended with an evocation of human nature. 

■ / tury, Dr. Anita Brookner has a love of exotic motifs. The in- the lie de France. This drawing Italy played a large part in the 
' even allowed the words “light” elusion of two rapid pen draw- provides a delectable example of artistic education of French 
“flowery” and "detieate” to in Ss shows that be.could com- the way in which an artist can artists and the show closes with 
''came from her pen when writing mand a vivacity of;expression transpose memories of places a selection of works by Valen- 
about it in the Times Literary that was akin to .Guardi’s. He an( j wrks of-art into a creation zeroes, some of whose studies 
.. .; ^Supplement. However, why she was as happy to a country, house that has its own quality a pro- recall those of Thomas Jones. 

. ; should claim that these adjec- m Touralne as he was in Rome. cess followed by Proust in his a bd items by Granct and 
. - lives have given the Rococo “a He was a prey to-nostalgia, but celebrated novcL- Michallon. Their presence”in the 

had name” is. a shade obscure. n ®£ to extent that he Boucher is not as well re- exhibition helps to explain the 

".Not all admirers of'French art neglected the pleasure of.sketch- presented as .he deserves, artistic background of Corot 

■of this period have abandoned “l® al though the powerful drawing of The exhibition affords a con- 

fcnr oM love —.the Gopraurt £7° • W *"' depicted The Courtyard of a Country siderable contribution■ to know- 

jtaste, as it were --and indeed drawing Roman Turns. House is on view. The note on his ledge about the French response 

nay even preferjt-to-the more The exhibition has-much to work may-contain-the reason for - to nature in the eighteenth cen- 

levere ana didactic, work done offer the. connoisseur, as it in- this neglect; it says that “His tury and one's only regret is that 

at the end °v_the century, that eludes .works by such little- paintings of landscape tend to it lacks a section devoted to the 

is now a la mode. known men as Am and and be conventionalised and decora- art of the garden. The recent 

.One of the principal aims of whose drawings could be con- tlve: but id- his drawings there exhibition at the Hotel de Sully 

the exhibition has been to intro- fused with those by more 1m- is a sober and at the same time was a -revelation io this respect, 
iuce a number of less familiar portant artists; It is more.ihter- sensitive' realism and truth to and without a proper recognition 
artists to the pnblic. and to some esting to see the-landscapes of nature .■ Why should a of the part played by the garden 

extent this has been done, at the Marietta, Portal 1, Perignon painter hot-provide a decorative during the ancien regime, any 

--?Spense of a more generous (blessed name'for tiiose~\irho view, of nature? Could it not be interpretation of the - French 
. :rf<epresentation of the famous revere the 0om!) and HoueL argued that in fact Boucher response to the “Joys‘of Nature" 

, masters. Of all French land- The show is presented . in transposes his observation of remains a shade limited. 

New York theatre 

Games people play 



Hume Cronyn and Jessica Tandy In D. L. Coburn's two-character play ‘The Gin Game' 

A friend of mine once jokingly 
proposed writing on card playing 
in American drama, from A 
Streetcar Named Desire to the 
expository scenes in myriad 
Westerns. Though ay friend 
intended to ridicule the trivia 
that become American university 
doctoral dissertations, had he 
pursued his joke' a little more 
conscientiously, he -might have 
written TTie Gtn Game, instead of 
leaving the kudos and success to 
D. U Coburn, whose first play 
by that name now appears on 
Broadway, directed by Mike 
Nichols and starring Jessica 
Tandy and Hume Crooyn. 

While poker would be con¬ 
sidered the quintessential Ameri¬ 
can card game, gin rummy better 
suits the nursing-home setting 
of The Gin Game, where the two 
old people meet on the porch 
over a rickety card table. The 
themes are all there: old people 
abandoned to indolence and 
entertaining themselves, the 
pride of winning and humiliation 
of losing (regardless of the role 
of chance in the outcome), the 
wealth of information even 
trivial events reveal about 
people. Old folks’ habits are a 
source of amusement, as wben 

Hume Cronyn laps his foot and game all work in context, thanks Westside Airlines Terminal, an Mike Nichols, Elaine May. 
calls out the cards as be deals, to exceptional directing and unlikely but well adapted venue Shelley Bcrnuri ami the j-ounc 
He shows great pride in his skill acting in an unusually strong in 42nd Street. Their latest pro- plajwright David Mam cl. Tnlcs 
and Jessica Tandy acts the two-man play. duct ion, K. compiled from a of the Hus/dim gives, no evidence 

Ingenue in deference to the man's The clever premise of Judith variety of Kafka’s works and that the trudilmn carries on. 
natural role of authority, though A. Ross’s .4n Almost Perfect directed by Garland Wright, con- Improvisations were Hie com- 
she hardly ever loses a game. Person gives great scope to Col- vcys the atmosphere of the panj's stock in trade: this 
Her winning streak provides !®®n Dewhurst to show off her brilliant Fritz Lang films, like rehearsed production draws nn 
the conflict in a well-constructed formidable acting talents; but .V. The film analogy pertains not the infonuahtv that improvisa- 
plot that follows the rhythm of the play itself, after following only to period but also to the lion inspire*, with actors tounu- 
the game wbile meandering the abortive political career of imitation of film technique with ing on stage and speaking 
through each player’s life, the a woman standing for elective a series of quick scenes in the directly to the audience. But 
circumstances that led him to office in York city, becomes beginning of the play. In them, the scenes have little discernilde 
this porch to end his days and an uninspired menage a trois the silent Josef K observes point. They seem somewhat 
the exaggerated importance a when her campaign manager and people who will return during pious and full uf wise epithets 
gin game has to people with chief fund raiser both decide his trial, which takes up the delivered in sing-sun:* Yuldvsh 
very little else to do. The man’s to console her in bed. The major portion of the play. Each accents. 

exasperation at losing contrasts scene, -a final campaign of these early scenes sets up a The second act, with new tin- 

with the woman’s cool self- speech, develops into humorous confrontation that will emerge pr ovisati«ins and repeats, uf 
assurance, When he finally wins confusion when, in the American later; some are done twice, ns successful old ones, docs much 
a game, his confidence is so low style, official returns are an- though being mulled over in k s -better at drawing in the audi- 
that he accuses her of purposely nounced preemt by precint, mind. Each is well done but eace and taUin;! advantage of 
losing. leaving the result as a see-saw mere are too many of them, all thc informal setting. The 

Cronyn masterfullv leads his r * de * or candidates. before any explanation comes, duality of improvisation always 

character down the^oad from Zoe Caldwell, directing the Sfuallv one ^cloTand dp P ends on ihe usefulness and 

bravado to humiliation without play, manages the exuberance ""^Pf “®“ a,ly one aclor ana appeal of the phrases and end- 
ever fully abandoning his dig- generated by the-election, as well , ings the audience throws at the 

nity. Less is demanded of Miss as the bittersweet outcome. Miss . - At t imes mannered but also at actors. The lines were not great, 
Tandy. for it is her stoicism and Dewhurst listens to her mana- times elegant, the production but it is always fun to watch 
coldness that elicit her compan- ger's boundless self-esteem dur- takes a potpourri of , Ka fkas actors thinking on I heir feet, a 
ion's strong reactions. A delicate ing moments of apparent victory wntmg and unites it with the feat the company performs with 
reconciliation is wrecked when and - absorbs considerable abuse t y lal and Ils underlying theme considerable aplomb, 
jihe accuses her of having no mixed with sympathy with, the ^ 3t R a “ an under arrest. Dame Edna Everaee waltzed 
leniency; her merciless iron will final result It is hard to imagine « e can whatever he used to int0 Ncw Yor k with a hilarious 
must have alienated her whole Just how to sustain the excite- 30 as a fre ® man. though now performance bv Barn- Humph- 
family and. he guesses, the son ment and cleverness of the he must recognise he is always ries j n his four de force. House- 
she says lives far away in Denver initial scenes of the play, but a under observation, state that , p y c ; Superstar! The Dame had 
probably lives right in town. He more ambitious attempt to por- In ltself steals a man s freedom. the audience practically rolling 
just has no love for a mother tray the strength of this Another production based on on the floor of Theatre Four, a 
without affection. By now, to- unusual-woman, even if it failed. a famous man’s writings is small off-Broadway house which 
wards the end of the play, far would have been better than a undertaken .at the Public was the launching pad for a 
too. much significance must be limp recognition that women are Theatre with Martin Buber's national tour. The rudeness and 
borne by the flimsy chance of as much entitled to lovers as Tales oj the Hasidim. as done by rough edges of Humphries's 
who wins the card game, though men. the Second City theatre troupe, performance are not thc usual 

the significance of the game to The Lion Theatre company. The Second City spawned a fare of New York theatre, inak- 
these old people and the depth while awaiting new quarters, are generation of notable enter- mg him all the more welcome 
of- emotion aroused through the mounting plays in the former tainers, including Alan Arkin. and appreciated. 

Hubert Robert: Architectural Capricdo of Roman Buildings 

Movent Garden 

Wigmore Hail 

■ : Vidom Trio 

' Trio, originally -accomplishment. Their ensemble, 

founded in the USSR ten years “ the sense of “keeping lo- 
ago, .how consists of musicians SS^er," is almost faultless, 

who have emigrated to Israel.' 1° * nd 

.Tfceie— violinist Dora of a substantial concert made a 
enuine canary—who has some Rossini from the later, not sdivvairtiberfi won the 1976 roug * 1 ° r til-tuned sound. Yet the 
roughl distinction to the world really so lazy years in. Paris. | Cari FiBscb pn^npfitinn in Tjih- deeper kind of ensemble that 

Alfredo Kraus 


The Royal Opera’s latest. Sun- fher . than the usual handful 
ay songbird is Alfredo Kraus, Would be welcome. So indeed, to 
le tenor from Las Palmas—a judge from Sunday, would 

f international opera these past “L’esule"- has a line of 
. 0 years without losing the gleam Bellinian -. subtlety with 
•■n bis voice or bis debonair SchuhertiaD dips into-the major. 

tanner. Mr. Kraus is. the Mr. Kraus;even-paid the Familiar 
. earest we have!, to-day to. the “ ^ danza" the compliment of 
»nore di grazia typified earlier taking- it at a sensible, moderate 
iis century by T£to Schipa.-An speed. ■ 

Atlantic Scblpa,, perhaps—the - ;After the interval, France and 
3und is not so ambrdslan or so Spain; Operatic tenors don t 
ne-spun, but there is the same invariably de-vulgarise what they 
. . legance of line and expression, sing,, but Mr. Kraus achieved this 
ic some feeling of absolute with Massenet's “Etegi.” whose 
. ; .»paration from baritone range “HRS, even when they are on a 
nd colour. . - higher level than this mawkish 

" •; Mr. Kraus showed traces of a-example, are less rewarding tbaD 
-old on Sunday. At.the beginning those of his predecessor Gounod 
f each" part, of bis recital some or his Pupil Hahn. The Spanish 
JWfer notes went dry and husky. * rou P. including a miniature 
- ut each time the trouble cured trilogy about bread, cheese and 
iself.. The .gleam'came soon, in wine in La Mancha, and all by 
set in the second of the open- Salvador Ruiz-de-Luna, went sure- 
/ lg group of arie antkhe u Tre fooledty over some well-trodden 
torni son che Nina.'* now. re- snmnd. The excellent accom- 

- ttributedfrom Pergolesi to panist, Miguel Zanetti, -was 
. Jiampi’ (Poor Pcrgolesi . from especially-effective here. 

'horn musicologists.take bis best 

Carl -Flescb competition in Lon-_-_... ...... 

don.- : .v-. Sun day afternoon’s con- s ® 1 ! ves .^ 5 f. 8P l r ^ tiie-music and 
cerL.Was.-a: foretaste of the flood 

of Schubert, about to engulf us during 4he last half of the Bflat 
in the coming year — a good ti-io, and even ao the corporate 
wajrqf drqv/Qing, though we may 8 °rod there was a little .bt for 
beresfinded more often than is muaic '.. . _. ..... 

edmfortatrie -that Schubert is an „ The pianist of the Tno. Viktor 
uncrtninonly- -difficult composer Derevianko, plays Schubertian 
tn do well: - scales with ao evenness and lack 

The pragramtne brought us the °f rushing that has become rare, 
two great trios In E flat (opJ.00) hut there was not much sign 
and B.-flat (opfi9): since they are yesterday afternoon of the light- 
likely; one-hopes, to - be heard n6s s of heart of-which these 
oftenthe’ near future, this works (shadowed though the 
may be the moment to say that music often is) are so full. In 
together they don’t make a very the E flat Trio,-Mr. Derevianko 
good, scheme, any more than two was a fraction- too strong for the 
large aai& courses and nothing cellist, Mark Drobtasky, a light- 
eise ffiake a satisfactory menu, totted player but- I think, .the 
The playing was good enough to most Interesting of the three: 
make;‘one indulgent about pro- Mr. Drobinsky more than once 
gramthe planning but not so good brought quiet distinction to 
as« make one -altogether forget phrasing and texture otherwise 
suchffiattera. in danger of going heayy. 

.Thfisq are musicians of solid RONALD CRICHTON 

■mesh This group : was-dtversi* 
«1 by (wo ; A2essandro Scarlatti 
rias from -what sound. tn spite 
- -:f titeir titles to have been comic 
■Pfira&—one of them Pompeo, 
he other possibly Flatrio Cuni- 
wto, now lost. 

Two numbers by, the once 
‘Opular, now underrated song- 
riHter Tosti, 44 Vorrei morire" 
nd “Aprile" showed, that Mr. 
5raus has the right way with 
,if hese • fragile, pretty, elusive 
* ■'' r/'kings which turn some gifted 
, «»>• ,/fnors- clumsy. A Tosti record 
- ' f 0xn this singer exploring fur* 

First London 
■ performance 

The first London performance 
« ihe Requiem by. Geoffrey 
ri 6urgon will be given In W^t- 
tk V' Jinster Cathedral on. Tuesday, 
HOuaxy 24. at 8.00 pjn. by the 
f ? • ^Undon Bach Society with Paul 
, /«elotu as conductor. The pro- 
i ■ 1 ^ ,^*mnie will, also include Bach s 

..Mmiotos Nos. 50, 171 and 18S. 

Wigmore Hall 



Five seconds into one’s first and^Benet heard , in the first half Bott as a duet partner, and It 
item is not,- perhaps, an ideal of-thVboncerL and the songs of lot us hear his incisive and crisp 
time for a singer to announce Dufay ta-the second. tenor voice at full.stretch. The 

that she is indisposed. Although It atay. be hgretiial to say so, nine Instrumentalists - were dis- 
we • could sympathise with but' Ivfotrad the distilled, har- creet accompanists, on the whole, 
Catherine Bptt’s larit of voiee. it mojdqhs simplicity of Dufay though they were allowed'to dis¬ 
mast be said that her laryngitis somewhat ' pale after the play their strength in La Spagna 
cast a shadow over- this eojtcert ingeniously beautiful music of and an arrangement of Du ray’s 
which mere seasonal goodwill on twQ.JBngtehmeii Who may have “Se la face ay pole-" The most 
the part of the audience couia worked «rthe court of Burgundy, subtle playing qf the evening, 
not remove. . Waiter-Fry*-and Robert Morton, however, came in David RoblotL'fc 

This was unfortunate, because There, was.' too. delightful verve quietly sensitive accounts, -of 
Philip Picketi* lively group had jl^ -Kjfl verry itri ” bv the fto me several-motets in. their arrange- 
put together a programme which SuJet^iStaoS^) EndSh cents'for organ. from_tbe bSx- 
fo?^S Ce Se beimer.organ book. The am- 

th?iSflueMd Which Dufay succeeded In prebenswe and informative 
aim was tv fflw tne umuence malc j 1 ^ g onJ in ^ famous gramme book even contained 
of early-15th-century Engll* J’aasault” and ?n' manuscript reproductions of a 

“ Navwt je d’un ° dart of pieees.' which nicely 

flowering penetratlfi" supplied just a touch of that 

SLifled ^n ofSK- TThii list item was one of the Period sense one misses so badly 

rieaTtin?^* “acedbS^^jto John Pottered not ^ concerts such as 
tweffl the motets, of Dunstable ha *e-tg be considerate to Miss..■. NICHOLAS KENYON 



C.O—These theatres accept 
certain credit cards by telephone 
. or at the box office 

COLISEUM. Credit cards 0T-240 S258. 
Res*rrot4ans 01-956 Jill. 
Tonight * Frl. 7.30 Janaoek's From the 
House o< the Dead: Wed. and Sat- 7.30 
nisoleuo: Thur. 7.XI Orpheus In the 
Underworld. 104 Balcony seats always 
available day 0 ( perl. 


01-636 8106. Every MERMAID. 246 7656. Rest 24H 2635. SAVOY. CC. 01-636 0383. Even ms-. 0.00 _ 

nWit 8.00 sharp. Mag free WH. And' ' Evps. _ 6.00. .MalS MonWedFnA Sat 1700 


COVENT CARDEN. CC. 240 1066. n i r «t j.UI. 

(Gsrdeocharge credit cards 836 6903) 
Tomgnt 7 30 p.m. 6 Sat. 2 p.m. Die 
Fledermaus. PH. 7 pan. 6 Mon. 7.30 
p.m. L4 fsnclolla del West. 

Tomor. * Thur*. 7_JO pjn. Swan Cake. 
Sat. 8 p.m. La Fllle mal eardee. 6S 
Arnphi' seals tor all Peris, on sale from 
10 a.w on day ol pert. _ 


Last week. Et*s. Mac sat. at 3 
Tonight Beihore/McComWe _ 

DUCHESS. 836 B243. Mon. 10 Thur. 
Eves. 6.0. Frl. and Sat. 6.1 S and 9.0. 

-The Nudltv is Stunning.” D. Telegraph. 

DUKE OF YORK'S. CC. 01-836 5122. 
Moth-Sat. 8.00. Mats. Wed. 3.00 and 
Sat. soa. 


. tickets from £1.80-£3.BO 
Irstant Credit Card Reservation 
JHmie r and T op-price Seat £7.30. 

CC. 01-437 2661. 

Walker's Court. Brewer Street. W.l. 

TWIce Nightly 8.15 and 10.15. 

PAUL RAYMOND present* 


An erotic adventure in French porno- 
prap hy. “ Good-looking men and women 
perform various Permutations of the 
sexual act” Evening News. You may 
drink and smoke in the auditorium. 

FORTUNE. 836 2238. EVOS. 8. Thur. 3. 01 - D XlJr,. 
■Sats. S and 8. 

Muriel ftvlow as Miss MAR PL E In 
Third Groat Year. 


Aw” E.C.1. B37 1672: Until Feb. 18. 

In Gilbert 4 Snllivan. En 7.30. Mat. 
Wod.. 5at. 2.50, TOMght * tomoiTOJ- 
THE M'KAOO. Thun, to Jan. 18: THC 

01-836 4601. 


ADELPHI THEATRE. CC. 01-836 7611. 
Eves. 7.30, Mats. Thar*. 3.0. Sits. 4.0. 

■■LONtJON-SAErr night otrr. , 



EVERYTHING.” Da«y Express- ^ 
BOOKINGS ON .01-836 78VK_ 

Ews - Wed. Mat. 3.0. Sat. 5.11 S 8.50 

David FIRTH and Special Guest 
epnearanc* for thi* week only 
r .'3llltllANT MUSICAL 

.. A*or»ey. punch. 

“GO THREE TIMES.” S. Barnes, nyt. 
GLOBE. CC 01-437 1592. Evenings 8.1S. 
_..Sa*A S.O a. 8.aO. Mat. Wed. 3.0. 
Iff the SECOND YEAR 0 
' vu* FRAYN- 



A dorm deltgnttul songs whKh Unger 
. in the memory. D. Express. 

StaU tickets £125. £3.50. Combined 

_ Pinner-Theatre ticket £5.95. 

NEW LONDON. Drury Lane. 405 0072 
International Spectacular with the 
magreal Ingredients ot Theatre 
Cabaret and Circus 

Thilr. A Frl. 5.0 & S.O. Sat. 2.0. 5.0. 8.0 

Last Week. Must en d SaL 


OLIVIER tooen stage): Ton't 7.30. Tomor. 
2.30 * 7.30 VOLPONE bv Ben Jonson. 
LYTTELTON Cproscenium siagrl: Ton't 
Bo ll T omor. 7.45 The Guardsman. 
COTTESLOE (small auditorium): Ton't & 
Tomor. B LAVENDER BLUE btf John 

Many excellent cheap seals all 3 theatres 
day of perl. Car park. Restaurant 926 
20S3 1 _ Cradit c ard hk9L 928 3052 . 

928 7616. 

Christmas mats lor children. 

*' Shrieks of delight . . . 

Daily Telegraph. 

“ Splendid." The Times 
Lovely stuff." Dallv Evpress. 
Tpdav 2pm and S p.m. Seats av»iiable. 
In repertoire Jan. 16-March 25. 
Bookings now open. 

ALBERT. 836 387B. . Credit card bkos. 

836 3962. ten. SatO. Mon-Frl. 7AS. 

Thins, mats. 4.30. Sats. 4.30 and 8. 




ROY HUDD'S Sw^dld performance.- 

S-- Tel. "Talented JOAN- TURNER. ’ D. hay market. 


^ Jt - Jan - 14 - Z S ° PIMCN- 
W-NOT. A new. comedy bv Richard 
o Keene. An etceUent first olav.*' Time*. 
«... 'pBSmerabJe achievement-' D.T. 

2 Weeks Only Jen. 17-28. Evas. 7 30 

RossMer's masterful performance_chock 

fullof wonderful anecdotes." FT. 

PALACE. 01-437 6834. 

Mon -Thur. 8410. Fh, Sat 6.00 & 8 40. 

PHOENIX. 01-836 8611 

Evgv. 8.0. Mat. Wed. 3 0 Sat. oerts. 
4.30 and B.OO. 




In thc Chichester Festival Theatre'* 

_ production of 

___.,br Bernard Shaw 

Outstanding revival of buoyant Shaw." 
_ Only Telegraph 


Mats. Thurs. 3.00. Sat. S.C3 8 30. 

Bernard Shaw's MAH AND SUPERMAN. 
sat In a cloud of lev from bcalnm-ig to 
end." S. T>mcs. RSC also at Aldwych 
and Plccad-llv Theatres. Credit Card 

bticking s acc epted__ _ 

SHAFTESBURY THEATRE. 01-336 6596-7.' 

Evs. 8 00. Mat. Thur*_2.30 Sat. 5.00 

and a oo 

TICKETS £1 5O.£4.00. 



'• Manv Merrv Reuains - Even-ng News. 
•' Bouncing ynagur.” Evening Standard. 
" SpectacuLir Preicntat'on.” Stage. Onr. 
and Top Prirc seat L7.75 Instant Credit 

Card Reserv ation*._ _ 

ST. MARTIN'S. CC. S3h 1443. E*gs 8.00.’ 
Mat. Tues. 2.45 5aturd.-iv* 5 and 3. 
28:h YEAR. 

TALK OF THE TOWN. CC 734 50'5lT 
BAS. ainmg-Qaihiing. 9 S\J Super Reiue 
and at 11 p.m. 



Until Sat Eve* 7 30 Private Jontiv ,u 
_ OUR OWN PEOP LE br_ Davi d EdJJr. _ 
VAUDEVILLE. 836 'OOPS. E-i at” S. 
Mats Tmss 2.45. Sai-i. 5 and 8. 
Dinah Sheridan. Dulcie Gra-» 
Eleanor Summcrllcld Jamev Grout 
- THE NEWEST Wnodun.l 
■■ Re-ent.-.r Agatha with .moiner who. 
dunn.t hit . . . Agalha Christie is stalk¬ 
ing tnc West End vet again with another 
ol her fiendishly ingenious murrer 
mysteries." Felix Barker Ev. News. 
VICTORIA PALACE. ~~<21 ■ 9 34 1317? 

Twice Daily at 2.30 and 7 33 
" A true ia niiiv snow. " 0 Tei 
WAREHOUSE. Dciimar~ Theatre” 836 6609 
Royal Shakespeare Company. Ton't.. Tmr. 
2.45. 8.1 S MACBETH sold out. Aav 

bookings Altf wych. ______ 

WESTMINSTER. 334 0283 at 3. 
Frl. and Sat. 3 and 6—Las; week 
The Family Musical. " l!'s a hit." F T. 


Mall. -‘Capital ton ... the show to _ 
delight.'’ D. Tel. OLIVER! RETURNS 
AGAIN." D. Mir.- 


01930 9832. 

ALDWYCH. 836 6404. Inf. 836 5332. 

repertoire. Tont- 7.30. Tomor. 2 & 7.30 


" MapicaJ. delightful. hUirtoushr funny." HAYMARKCT. 

Evgs. 745 Wed. 2.30. 5a*. B.l5. 





J- Baxter. □. Telegraph. 


Opening March*!. 

Piavs and Players with jonton's the 
ALCHEMIST (Thurv. Frl.. Sat. (m.4e.l. 
RSC also at THE WAREHOUSE tiee under 
Wi and u the Pieeatfiltv and Savoy 
Theatre*. _'_ 

930 9832. 

AMBASSADORS. D1-836 1171. 

Opens Tomorrow -at 7.00. 
a« Sarah Bernhardt In MCMOIft 
with N1ALL . BUGGY 
Subs. E»gs. 8.0. Mats. Tues. 3. Sats. 5. 

Previews Jan, 24 (Chanty) and Jon. 25. 
Opens .Jan. 26 7.00. Sobs. evgs. a.00. 
Mat. Wed. 2.30. Sat. S.O and 815, 




by N. C. Hunter. 


Apmi o - 01-437 2663-Evas—Mth HU MAJESTY'S . _ 01-930 6606 

APOLLO.... S 01 2 00 - Srt iDO^ 8 . 00 . tugs. B.OO. Wod and Sat.3.00 and 8.00. 


ARTS THEATRE- 01-B36 2132. 


"Hilarious - - • see K." Sunday Times. 
Mdtidav » Thu rid ay 8.30. 




S.T. "A uovrerhil drama.” E-N- "GUYNIS QUEEN'S THEATRE. 
JOHNS plays brilliantly." D.T. '* " “ 

Th t.lEiL’* Mnucal 

_We d. Price prevs. trom Feb 16._ 

P L C .? A ?iH: Y ' **** Crcdll card bkq. 
836 3962. iEx. Sat.) Mon. to Fn. 8.00. 
SaL S.1S. B.3D. Wed. 3 0. 



J »° th WtLD Ur oA QmedV 

Seajoni hnlSie^jin. 28. Peter 
j^ward wuining Comedr. Privates 
on Parade peril, trom F»b . 2. 

'K!*n t ^o OF F, W 'i! LE %' 01-930 8687. 

Mon. to fn. 8 Sats. 5.30 and 8.45. 
.. -..i**' Thw3day at 3 .a 
™ E iSIf . IS ACt-OW " 


^AR.ois'g&E^^CAL." S- 

Friday and Saturday at 7.1 

and 9.1S. 

ASTORIA. Charing X Rd. 01-437 6239 or 
01^17 S7S7 or_Q1-7X4 4291. Naarest 

HER MAJESTY'S. CC. 01-930 6606. 

Dpening March 28. 


In Leslie Brfcutse & Antbonv Ncwiev** 
Previews from March 16 

Tube Tottenham Court Road. Mon.-Thurs. KING'S ROAD THEATRE. 

8.00. Ft t m -d^^.6.00 and MI. 


F««T in"B'T: 01-714 H66. 

Evgs. o.O. Sat S-0- 5.30. Mar VYed 3 

A Now^ay^y C CT^ E MNETT 

"One “of rhc V6 mn«i 0,, hiw 
one of mo most natMt e theaincol 

01-836 8611. VruriCLE f EMPIRE POOL unci Feb JS. 

HUMpnr DUMPrr 

'■ Sheer '•I'drkI ng sm-rlacie ‘ O 'Te>. 
Mon. 10 Ft* 7.45. Mats Wed, Thurv. 
ai 1. Sats. a: 2 5 & 5. Cmort. * Sen or 
C'l* hail orice otepl Sal 1 A 5 Pay 
at ODOrf. Enquiries 0Q2 1214. SdjcouS 
__ ear_ park__ 

Twite Nighnv at 8 00 and 10.00. 
OPEN SUNDAYS 6.00 and 8.D0 
PAUL RAYMOND present* 



r* TakK to urtgrbeedenied limits what ia 
permissiblr on our ff ;agus" Evg. Newt. 
You nut unefcc and drink m the 

* - HAM'S. d'jb 5028^ Cr-it fids 

bt»k,ngs 836 3692 (La. Sat.i. Mor . 
Thuri. 9. Fr- and Sat 5 IS and a.SO. 

VERY FUNNY." Evening News. 

Mary O Maligy's smash-hit comedy 
Surelire tomm* on se» and rc'igion.' 1 

Daily Telegraph 
___ LAUGHTE R " Qdr, 

YOUNG VIC 'near Old KB 6J6y 
TpniBht 7.45 CHARLEY'S AUNT. 


8661 Sep. Ports ALL SEATS BK8LE 
1: THE GAUNTLET «Xi. Wk & Sun. 
2.00 SOD. E DO 

"352 74BB. this country lora onnd^ many THE .IAST REMAKE OF BEAU GEST* 

7.50. 8 JO. -vears. 8. Levin, Sunday Time s. <A) W k. > Su n. i . oO. s 20_8.20 

“IMgctibu* appealing. laet-jUmumB and 
neart-thumulno." Observer. 

"I was absoluiely caught up in It. earned 
along bv ><• remvlgoraftd bv the sheer 
verve and speejgte^ p( sun. Trf. 


“Performed with 4 <fnve- rare In British 
mijaieel*. The UittN literally had the 
awHence darcing In -tote aisles. This 
“Ehris" b marvel logs.' 1 Smdav Exoress. 



... MOODY 

"The best’- Christmas entertainment In 

_ torffl." Evening Standard.. 

tin. 1 7.30. Mate. Weds ano Sats. 2.45. 
in The Fairy Talc Muklcal 

BOOKINGS ON - 01-734 0961. 

R At r 7°» N m CC - 01-734 1593 

* HiT:: 9 D - m - 11 R-ih- iooerf Suna.l 


drink and smoke In the auditorium. 

R m UN T T ' w 9862-3. 

& 6.15 W jBd B 4fij a °°- Tnu,S ' and 

and duck Variations 

_. .. by David Manet 

talk ,s dirty, tne peonlo arc .. 
You Will have a pood, time. NY Dl» News 
^ <?*■'» Tel. Student 
IV'do^ T a '* anwi ' t; after 7.SO o m. 

CAMBRIDGE THEATRE. 01-836 7040. 

Last Week. Daily at 2JL Sat. 11 .o & 2.0. 
Riehard Gdolden. .(an Talbot 

LONDON P *^**TOM. CC 01-437 7X73 ROUND HOUSE 267 ZSfcij. 

CAMDEN PULZA. opg. Camden Town 
Tube 4fis 2443. Tavianik' PADRE 
PADRONE iX). Grand Prize Cannes ‘77. 

4.05 _6JI 5 8.5 0.___ _ 

CLASSIC I, 2< 3, 4. Oilard Street iOdel 
T ettenhnn Court Rd Tub- 1 GSfi 031?. 
TIGER >U>. Pro4S. 1.10. 3.30. 5.50. 
8 la Late Show 11 P.m. Arlo Guihne 
Jim Hendru WOODSTOCK iX> 

2i THE HIDING PLACE k A> sen Perfe. 
2.00. 5.00. 8.00 Lafe show IT p.m. 
Elvis Preslev Gi BLUES <U) TIT FOR 
TAT >Ui Laurel and Hardy. 

3: Last r Days* DEATH IS CMILDf 
PLAY iX). Proas. 2-OQ. 4.15. 6.30. B.45, 
Lare show ii.os 

A: WIZARDS tAi. Progs. 1.0. 3.0. 5.0. 
7.0. 9 0 Laic show e-cry night II P.m. 

CAMBRIDGE. CC. 01-836 5506. Mon. to 
Thor-e Ff»«. Sat. 5A5 8 JO. 


seal prl£« 61-SO to £4.50. 

Dinner and toP-ortcg seat -£7.75 hie. 

BOOR NOW: Theatre and Agents. 

etrgs. 8. CURZON. Curzon S*reci. W.l 499 3737. 

Htles I press at 2.30 roof Today■. 4-25. 
6.75 and S 30 Last 2 Da«s. 


_ hr Oscar wiiea 

I laitahed nlmort without Mopnlnu." LEICESTER SOU ARE THEATRE. 950 5252 
Financial Times. vrra wn«ts HJ» -rgr- fi-. ;oo 

-*----■;- 5.15 B 35 - . - - 

Prevs. ’ from 8.3S prpfre. 

ROYAL COURT.. 7ap 174S. 

‘ ‘ irld ~ 

COMEDY. „ 01-330 M78. Evenly 8.0. 
Sats. 5.30 and. 8.30. Mats. Thurs, 3LL 
Winner of all 1973. Awards. 

Beet Play of the Yw 

LYRIC THEATRE. 01-437 S6G6. E«s B O. 

Mats. Thun. 3.0. Sets. 5 0 and B.Sa 

.nS^r^vi^ln 19 jin. Wwld PrimWi rt 

. M fiOjmkna” ln wmnmt 

Dlroct 3 “Mo rtmRELLl -See oho Theatro Upstair a. 

"TOTAL TRIUMPH." E». News. "AN ROYALTY. CC - ni_*ng «D04 — 

EVENT TO. TREASURE^" p. .Mir. "JWAY Monaav-Thanday _ Evenlnn 5.0. Frld.vy ODEOM. Maible Anh. 

Seats Bkble. lor S IS and 

oncr«N, Leurtler -Smiarc. 030 6111. THE 
DEEP (A! Sep. prom, every dev. Scats 
mav be hooked. Doors ooen at 1.20. 
4.30. 7.45 


Directed bv ...... .. 

LAST WEEKS. Must end Jen. 21. 

» .Harold - Pinter. 

CRITERION. CC. 01.836 3216. 
Evenings ^ 3.00 

“ Impeccable - - - Sen. Times. 



YEARS.” Sunday Times, _ 

MAYFAIR. CC. 629 3036. 

Opens Mon. Feb. 7 at 7.0. 

by Steve J. Spear*. 

Outrageousy funny - • - Profoundly 
moving." Variety, 

P r eriu w * trom Feb. 1st. 

5.30 and S4S Saturday s.g and 8.0. 
London'* crRiffl vote 
Beat muilcsl of 1977. 

2.30. 8-30. 8.50. 


. 723 2011-4. 

Sen. progs Wkj, 

Mat. Thera.“o 

T H U 


dCE CHARLES. Leie. 5a. 437 81B1. 

_LON KITTY IX) Sco. Peril. Dlv! 

Sun.) 2 45 6 IS .9-00. Late Shaw FrL 
and Sat. 11 55. Sean Mate. Li ed B ari 

SCENE t. Lett. So. 'Wftrtonr 5) i A3B 
4470. A BRIDGE TOO FAR -A'. Progs! 
1- 7 40. Late siiuw Fn, A Sat. 

11 . 00 . 



bracken house; cannon street, London ec4p 4by 

Tcicfzuu: Fimntimo, Loudon PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Warning signals on 

Financial Times Tuesday January lO -1978 

Tuesday January 10 1978 


Rocking the 
Irish boat 

By PETER RIDDELL, Economics Correspondent 



1970 1971 1972 1973 1974 1975 1976 1977 

. 'WHEN MR. JACK LYNCH, the future with the Ulster parties. 
Prime Minister oE Ireland, visi- It may he too much to blame 
ted Downing Street for talks Mr - for breakdown 

with Mr. James Callaghan last 

T HE COMPETITIVE posl- The best available cost eri- retained much of its eompetiti- The existence of an incomes 

tion of Britain's exports is deace is provided by the IMF the advantage on this measure, policy until 1969-70 distorts the 

again causing serious con- index of relative normal unit at "f ar . its 1073 P° 5 'tion. analysis; it could be argued 

hall—less than two years after all labour costs, including social imnrocemenr since eariv ig-g deferred for a year or two by 

the large drop In the external security payments as well as in UJv. export profit margins wage controls. On this view, a Economic Policy Group have money supply and resulted in a 

value of the pound m 19/6 and wages adjusted to take account compared both with other coun- fall in the exchange rate is now- condemned the rise in sterling higher rate of price inflation 

of cyclical variations in produc- tries and with home sales. What adays quickly and fully reflected q a t hreat lo any ^ope of than need have occurred. 

SThJ’SJffSE; 3L2SZ tivity and overtime. Thi tends seems to have happened in the in domestic costs and prices as nosing «***“?* The Ckivcrnmonl i t5C K 

tion has hardly been affected by v . «nct t*r« v«r. *«•that mnrbM want mrnm TAsnnnd f» thA Britain's manufacturing base w hmhc 


of these negotiations. It is Iast 

Sentember he i<s said tn have ***** would have intervention in support oi i— . 

September, ne is said to nave faded m any case, and certainly dollar and the resulting fall in tlv e non-labour costs are less _ A ^ ... . . . .. - „ 

sought an assurance that the little progress seems to have “ resulting ian in &ffectfid . cbangte in the P ro6ts - probably reflected that w countries where there * 

Republic would be somehow been made so for. What he has ^ exchange rate. But the index 1,001 3 5Cep°^S“ aboot the ex- is indexation of wages, such as «itie 

involved in any eventual settle- done, however, is to provide the pound “ay for the h ^ tte mofit suitable proxy of any long-term volume Italy and the Netherlands,^ exchange 

meut of the Ulster question. Unionists with an excuse for for toUJ c 05 *- 

beff t&t'tof'm tabteis thS the^^Sfthe inSx H^^ r S^J5SS2FLiIS2 ^ ^ highlights the diffl JSSwlWs’ceata^ has' Veen their concern about the threat 

i*, Sw^SSSLa thTLrZZ the overvaluation of the pound, to the competitive position of 

given. He was toerefere » on Sunday night that his party ^I*™™**^*^ X“ 

prised to find that the Queen's could only continue to partici- the dollar could be only tem- . ttjc exnorts. In 

Speech in November contained pate if there were a pledge from poran;. Moreover, all that has « nwrts ' “ 


somewhat uneasily 
between these extremes. Some 
MP and eloquent of Mr. Healey's most senior 
the Government's official advisers at the Treasury 

__ _„ —___„_,___„ - _ rate policy. has were very reluctant about last 

gains from cutting prices and a relative labour cost advantage argued that the most important October’s decision to permit 
desire to re-build profits when from a devaluatoin is short* single reason for the PWW ciertin* to float b eca»<u, 

fomance of the British .^y® _ . " 7 ®*“* 01 

low, and the domestic market__ _ ___ _ 

was sluggish. culty of interpreting the various— , . . ._ . _ , . 

But the improvement in competitiveness indicators. The 12* USS* «Sf ® X ?° rtS * E,sewhor ® ,n Wt+ 

Speech in November contained »•---, — '—* —: the firctf anirter of 1076 the OUL *“ c improvwwaii m owipeuuvenaa jnuuatuirs. ms __i n 

only a reference to co-operation the British Government that been lost so far is a couple of ffiH . ^ ’com- relative profitability in the past best conclusion seems to be *? r a t S1 wf 8 ?? 

between Britain and Ireland on “interim devolution "-which Is da^ nse m sterlmgjnd the “fc t«n> years should not be that all the relative price S^iJj^Tpri^.' 

against the ha jj < some ministers are known 

“ matters of security. 

now under consideration — 
would not lead to power-sharing. 
That is a pledge which the 
British Government cannot 

with a 
cent a 

Direct Rule 

To that extent, but to that 

Sue”tocla'inf*attoL been Mr ‘ L » nch has def ' ated 

to have wehmmed the appre¬ 
ciation because of the impact on 
prices and the prospect that the 
period of single figure inflation 

, ^ ^ his own objective. If power-, 

let by the British Govern- sharing wflfi ^ Ue M ^ ^ o{ < 

meut. But ®“ be JJ the line, then the way towards 

excuse whatsoever for the . h v small Ktcn<? That wav 
rest of his remarks on Irish °7. “/.“S??! ! 

_ _ . ,__ has now again been at least j 

Sadio last weakand. w ev en tenlponlril? blockcd . 

for the manner of his statement 

The result is that we are back 

_ ____ ^ the basic ated. Although the official 

on Irish urn^, the more so as ^ not t0 square one , then at poUcy dilemma remains for the figures only go up to the end of 
he is a skilled enough politi n Jeast t0 ^ situation that pre- Government of how to recon- the third quarter, it is clear 
to have carefully aliened me vailed late last year Assuming die the often conflicting objec- that the indicator of relative ex- 
questions asRea. the recent outburst of violence tives of maintainin g export port prices is now leas favour- 

Mr. Lynch made three main to be a one-off affair, security is competitiveness, of controlling able than before the drop in 
points*, that some sort of improving and so arguably are the money supply and of trying sterling two years ago. It is 
amnesty could be considered the economic prospects, but to keep the exchange rate fairly roughly the same story for re- 
once the violence in Ulster is there is no progress on the stable. This has become the lative import prices. This is also 
ended; that the British Govern- political front Mr. Mason was subject of intense discussion more or less in line with the 
ment should annou n ce Its In ten- clearly prepared for this possi- among economists and indeed experience of other countries 
tion eventually to withdraw, and bility, even without the inter- exchange rate policy lies at the and of the U.K. after the 1967 
should begin to show an interest vention of Mr. Lynch, but it is heart of the debate about how devaluation. Thus it does not 
in bringing the Irish people as W eII to understand what it the opportunity presented by seem possible to gain a signifi- 
together. All of these remarks means. It means the further North Sea oil should be used, cant competitive advantage in 
are ill-timed; they also show prolongation of direct rule until The spectrum of views ranges terms of relative export prices 
disturbingly little appreciation such time as a change of heart, from those favouring a sizeable for longer than a fairly short 
of the present situation. It is or more probably a change of depreciation, even below the time, 
premature to talk of an amnesty generations, among Ulster poli- October 1976 low point, to 
even with the violence reduced ticiaas makes possible a resump- others who welcome an appre- 

current rate still represents a exaggerated, since the position advantage secured in 1976 has £ r .*w Uiy <J»T^ 

21 per cent, appreciation ^f De "£.«»« “S? in A. first Quarter of 1ST76 «, been Sided but there ie sffll 'f j *« 

against the dollar since the low • .. ^jL. undoubtedly unsatisfactory. So some cost and profit advantage montil * . . 

point in October 1976, and a 14 P th ^^adp-wpl^htcd 016 ciian S e “*7 ot °y have left However even this is likely The exact opposite view is year might be prolonged, 

per cent increase rompared ^mst 010 S created an ad «iu« te level of to be eroded in part if there is taken by the International none- _ 

with a trade-weighted basket of . Quarters of- nro- export profits rather than a mar- further significant appredatiem tarists — notably the London 
20 other currencies. a ^ S ed StP ir^n^ Sihot fat which can now be in sterling or, of course, if the Business School. They argue 

ment aifreS skimmed down. rate of increase in earnings that what matters for the 

It is a matter of dispute how accelerates in the next few exchange rate is the growth m 

But ft>me of the gams of 19*6 ]on ^ relative cost and profit months. the UJv. money supply relative _ 

■were eroded fairly rapidly last advantage can be maintained. The response to this trend to that in the rest of the in- ^her ambiguous. Fbr 
year w henthe poimd appreci- The ^eld. by some varies between those who d us dualised world. They mam- example, at last week's meetinfi 

of Neddy, he responded to CM 





Mr. Healey himself has been 

to its present level. (As a tion of the talks. 

matter of fact, it actually flared 
„„ i n ^ New Year oiame 

up again 

period.) Mr. Mason meanwhile will no 

It is also curious to demand doubt rightly do his best to 

i ciation. 

The starting point is to find 
1 out what has happened to com¬ 
petitiveness and then to decide 
[how much this matters. This 

and costs 

This does not necessarily 
mean that devaluation is unim- 

a British withdrawal without behave as if Mr. Lynch’s broad- runs into the immediate snag portant for competitiveness, 
acknowledging that an announce- cast never took place, and Mr. that no single indicator provides merely that it works in a differ- 
ment of some small force reduc- Lynch, one hopes, his best to a completely adequate measure ent way. a National Economic 

tions took place last month and back-track. But it looks suspid- j 
that the ‘ British Government ously as if the damage has | 
clearly hopes that further reduc- already been done. Not only 
tions can be made in the. course have the Unionists been given 
of this year. Not least, there is the excuse to boycott the nego- 
the degree of tactlessness in tiations; they have also been 
stressing Irish unity at a time given an opportunity to blame j 
when Mr. Roy Mason/ the the South. And without the 
Northern Ireland Secretary, is Unionists the negotiations can 
engaged in talks on the political hardly go on. 

of competitiveness. The accom- Development Office study last 
panying table includes the year said it was dear that “ the 
main indices used by the main advantage accruing to the 
Government, including pre- firm in a devaluing country is 
viously unpublished figures the possibility of earning greater 
made available by the research profits than its foreign rivals 







Import price 


normal unit 






labour costs§ 

of exports? 









104 a 




























1976 l*t qtr. 






2nd qtr. 






3rd qtr- 






4th qtr. 






1777 1st qtr. 






2nd qtr. 






3rd qtr. 






I Ur * map at tha unit «slac« «f comparttora* 

caiamqr. Haora for the second and tNid quartan of 1977 
It antpet prka* of ma wi f Ktora otbar tkn fond, drink or 

* Unit valut of UJC. exports of manufactures diridad 
exports of manufacturas, feocti «pnsi*d in .. 

art 7 nam ettinott*. t Oidat at UJC. itMamla output prka* of m mmf Ht atyt rthr to .*bwL drink or 
tobacco, divided by tha imlt vaiua of imports of fluhlwdj wuiufrrhira . of UJC. nMmk MilfSt, Wkn 

of iiumfutuw 

department of the International 
Monetary Fund. 

One problem, for example, 
about the wjdely-used indicator 


as its costs are reduced 
foreign currency terms." 

The fall in sterling during 
1976 certainly made a major 

other that (Pod dMdad by • walfhttd mm of tha Men of smurtMi 1 w W«U a 
maoufacturas, both axprassad in a cu mnta u awraaqr. Flpin for the third wihr of 1*77 h ■ Truniy 
§ UJC- normal labour casts per nnit of output divided bp a wal|i*t*d ««jw of. c —pptitanf uwwal mdt l*our 
costs, both series hong txprasad bi a couana u cumoor and a 4 Mad far vartatfam tn, pradactfviqr aooot its ioaf-Cera 
trends. Tha serias b cakatatad and made available wf the towards Dipama uit of the IMF. The Bg rra far rtia 
third quarter of 1*77 is a Treasury estimate. f tadax af UJC. whataale output prkaa of manuheturas other 
thus fdod divided by the unit value af UJC. apons af maaMfeaura. 

Price progress 

of relative export prices is that impact on relative costs, and 
a lot of market competition hence on profitability. The rela- 
tums on the ability to sell at a live labour cost index fell more 
given price, or not at alL Thus or less in line with the exchange 
the relative export price <ndica- rate. Although some of the 

Sovrca: Monthly Revtaw of External Trade end IMF. 

complaints about the impact oE 
the rise in sterling by stressing 
that the main need for industry 
is to improve its competitiveness 
by boosting productivity and 
thus lowering unit costs. 

The short-term importance of 
a rising exchange rate for pay 
policy should not be under, 
rated, since a policy of exchange 
rate depredation to malntalr 
price competitiveness effective^ 
accommodates companies wht 
grant large wage rises. Morn, 
over, it is arguable in the longer- - 
run that while a decline in thi 
pound may boost the UJK.V 
share of world markets, a 
occurred last year, it wH 
actually encourage industry t 
retain its present pattern o 
production. The importance 6 
non-price compctitivenei 
should also not be underrated 
and various Neddy studies hav 
pointed to the need for the U.K 
to move up-market in tto 
quality and nature of its pn 
ducts. This may not be help* 
by a falling exchange rate. 

It is clearly a question t 
balance, as Professor Geoffn 
Maynard pointed out in > 
article in the Financial Tim 
on December 30. The advoc&H 
of depredation certainly unde 
rate the scope for reducing 1 
nation resulting from a shot 
pound. But this policy cam 
be taken too far and last t 
long unless an Improvement 


THE MONTHLY arrival of Christmas has yet to appear; 
favourable price Indicators has and the influence of these lower 
progressed from being a wel- input costs on output prices has 
come novelty to being a hardly begun to show yet, and 
reassuring routine, and the fact will hot be fully apparent for 
that the trend is further con- several months. Though the 
firmed to-day in the new figures underlying rate may be some- (That winning 
for wholesale output and what above the 10 per cent rate 

material prices will occasion no suggested by the half-year b&dsiuD manner 
surprise. It will be more than figures at the moment, it can be 

a pity, however, if this means expected to fall significantly one bi „ Trunin. " » . . x , 

that they are not noticed, for below that level by mid-year. said Dr Michael Sindair, point- Art tlOpefUlS 

the fall in inflation Is not only Expectations ing to a long, adulatory news- To-morrow will be tense for 

a reward for the adoption of r paper story about Allied Invest- candidates on the short list for 

sounder policies and a con- While expectations are ments* £250m. hospital deal in what may be regarded as the 

.... G...JI A..Ki. •• T* Coile tn man. __. _ 

tor is really one of successful advantage was eroded last year economists in Whitehall is that believe that competitiveness is tain that any artificial effort to industrial performance occr 

quotations, not of all export when the pound rose, labour some competitive advantage in almost all that matters and hold down the exchange rate to and the rise in labour costs 

prices. The other indices also costs were not increasing much terms of unit labour costs can 0 th ers who argue that such increase the competitiveness of contained. The competitive^ 

have drawbacks in that like is faster than overseas because of be retained for a few years. The a1n , ngf w jj 0 iiy jrre- ^POrts is doomed because the indicators are at present men 

not always compared with like the success of Phase Two of the example of the late 1960s is . t , - th U-K. price level is directly tied a warning signal, but one tl 

Hi similar markets, so there Is pay policy. The relative labour cited, when the index of relative anc ranj P area w r in with the world level. On is likely to result in Govenum 

a growing tendency to place costs index is probably still a unit labour costs did not return factors. At one extreme, Mr. this _ view, the Government’s action if the pound looks 1! 

emphasis on costs as much as tenth lower than in the first to its pre-devaluation level until Wynne Godley and his col- attempt until last October to going above $2 for much lonj 

prices. quarter of 1976, so the UJK. has three or four years later. leagues of the Cambridge hold down sterling boosted the than a few weeks. 

he gets from British embassies 
in such places as Riyadh and 

Measures of fall 

sequence of rising oil pro- inherently difficult to measure, Saudi Arabia. ** It fails to men- most influential job in Britain's 
due tion: it is a challenge, there are some disturbing signs tion the man who landed us the art world. An interviewing 
Unless those involved in finan- that some unions — and worse, contract” panel appointed by the Arts 

cial planning and wage bargain- a considerable number of Sinclair says it was neither he Council will be seeking the sne- 
ing are taking a reduced rate of employers — have not yet appre- nor sir Richard Marsh, his cessor to Robin Campbell, who 
inflation fully into account they elated how fast inflation is but Bryan McSwlney, retires as the Council's director 

could find themselves uncom- abating. Some wage claims and former chief administrator of of art on March 31. Whoever 
fortably exposed before long. recent indices of price and cost tbe St Thomas's Hospital Group follows him will have a budget 

expectations still seem to in London, whom he had lured of more than £2m. at their dis- 
reflect the inflationary into Allied Investments as posal for grants, bursaries and 
It is as yet a little early to experience of several months director of overseas health ser- support to municipal galleries— 
judge the underlying rate of ago, though the reported level vices. as well as controlling the Hay- 

price increases which has of actual settlements In the pri- Mc^winev has been the ward and Serpentine galleries in 
emerged since inflation reached vate sector no longer seems to « m amet” the name on the London. 

a secondary peak In the sum- be threatening to raise the AUied recruitment ads which The list of candidates for the 
mer. At the wholesale level the average increase m earnings as enticed his other executives £ll,000-a-year post is a close 
vear-on-year rise of 15* per emit, far as tbe 15 per cent, which has from secure National Health secret, but a front-runner is 

still substantially overstates the ruled as a general guess. service posts. McSwiney, has reputed to be Joanna Drew, now tell” precedent with the publi- £35 he reckons to have lost on 
going rate, and it should fall The measure of what Is ^ spent the past eight months Campbell’s immediate deputy as cation of a confidential agree- toe deal is small when set 

fnnnri iri « . « . _ j n _ ■ ^!_A mnvtt ran a Via#? tkina mow rt ***% ftCtoinef Kk? flrt4p<Jnno ticKftt 

berating him for making some 
spicy information available 


Flights of fancy 

“ For 16 per cent, extra Fd 
like Peter Parker rolling out 
a red carpet! ” 

If you were to be overcharged 
on an air ticket you bought in 
Paris, then British Airways 
gallantly gave you a refund in 
London to sterling, at what rate 
would you expect those extra 
francs to be converted? Simple 
folk might look In their FT 
for tbe going rate, which now 
stands at just over nine francs 
to the pound. In fact, BA would 
reimburse you at 13.338 to the 
pound, leaving you much worse 
off—not to mention baffled and 

This shod: has recently been 
administered to an international 
company director: although toe 

it should fall Tbe measure _ _ ________ 

sharply in each of toe next two desirable is not to be found in almosTentireiy to Saudi Arabia, director of exhibitio’nsTAnother ment reached three years ago against his first-class _ 

months. Last year January was the Prime Minister’s hints on a negotiating the contract for two name being put about is that between tbe previous admin!s- around tbe world, he discerns a 

chosen as the date for a general future wages policy — rejected military hospitals. of Alan B own ess, director of the tration and the Bula Zinc mining principle at stake. He was even 

revision of price lists, and out- by Mrs. Thatcher — or in the Sinclair himself is a former Courtauld Institute, but when concern. more bewildered upon buying 

put values rose by per cent innocuous reports by toe Price psychiatrist still in his mid-30s, I asked him be replied: “ Oh no, in opposition O'Malley was aLI ? other ticket from London to 

in a single month; this year the Commission on three examples who in 1971 turned entre- rm one of the interviewers." fiercely critical of the deal in Nice to 511(1 t5al repre¬ 
signs are that revisions are less of market power, just released, preneur in medical services for a factor that may have weighed which the state spent nearlv « ented a conversion at 10.05 

sistent with toe achievement of likely to undermine — rein- nursing service, then Champ- 1964, is expected to retire before jjTc predecessor umce 

single-figure inflation before too forced by the continued firmness neys, toe much-publicised health long—thus offering the possi- j llS k.- n Keating ne bo Hated the’ 

long. On the over hand, the ol monetary policy, shown In farm near Tring, before bility of another highly regar- agreement and still defends it. 

Tininnf Trttinrl 1C Mkeiv to pro the new tan iccim i __-I-:_H1IS.J ..I. h... J_J _J_s_:__ r. ouu UCJW1UJ Ik. 


m m office. and deman(i ed an explanation. 

Ever willing, I called toe 

?n iar, roundia^y top<xr the new tap issue... ~ toSttfZan&rtoiSii S5KSSBK ^S2? ^ 

thm Thln l 111 circumstances it ag°- would be somewhat unseemly to publication of the Bula agree-opened a real can of worms 

than the average o ss in ^ cannot be taken for granted Yesterday the National Enter- win toe Arts Council prize, then ment would break the principle here.” It seems that ever since 
of a point m me last two 1bn settlements above the 10 prise Board bid £ 8 . 1 m. for 70 soon afterwards make a play of eonfidentiaUty and discourage the currency upheavals of 1973 

months, and the five per cent. per cent, mark will simply be per cent, of Allied's shares. As for toe Tate. ---— *-- **--» - —-- 

rise in ^J t ^ c haJ t ^ ea f 11 J r r ° i ^ reflected in a higher rate of Sinclair sees it toe company 
aoiy understates the current inflation after mid-year; at a offers a “new kind 
underlying rate. - - 

potential investors from becom- and the fell in sterling, airlines 

ing involved with toe Irish have clung to toe exchange rates 

. at a offers a “new kind of mis- 1 1 authorities. He yesterday operating then. But the old 

time when inflationary forces to signary service ” to developing I rich hrPW described O’Malley’s action as rotes are obscured by what are 

The important point, how-general are abating, part of the countries—one that makes a 1 "horrendous.” For his part, cryptically called “currency 

ever, is that the underlying rate cost may be paid in reduced profit The row over Irish Premier O’Malley insists that the„Bula adjustment factors.” IATA has 

itself is still , falling. The index competitive edge and reduced But the ebullient Sinclair is Jack Lynch’s views on Ulster is question is fundamentally tiled to persuade the airlines to 

for the cost of fuels and profit margins. The employers eager to share credit with not the only indiscretion bis different from tbe secret agree- calculate in Special Drawing 

materials has now fallen by who insist on keeping costs in (Whitehall—especially with tbe government is currently being ments the state generally makes Rights, with a total lack of 
nearly 1} per cent since the line with themuch lower rate J Departmentjif Health azid^toe accused of. Dublin’s Industry with commercial interests. He success. 


pound was floated at the of inflation which is now emerg- Foreign Office. The Cabinet Minister, Desmond O’Malley, has was clearly taken aback, though, 
beginning of November, and the ing will be toe. ones who Office “ think tank ” would blush just introduced what many by the rare spectacle in Dub lin 
effect of its further rise since prosper. to hear him praising the help regard as a dangerous “kiss and last night of journalists 


The Merchant Navy 

The Royal Marines 

Our Fishermen 



Their widows 

Their children 

King George’sFunc 
for Sailors 
looks after themal 

Tn this Country of ours, there is rio-one who is 
not connected with the sea. 

Half the food we eat comes from across the sea. 
Many thousands of ns, our relatives or friends are 
past or present members of one of the sea-faring 
services, or of an industry dependent on them. 

'Hiere are many charities for seafarers and their 
families. One, only one, however, is the central charity; 
charged ’with collecting and providing funds for all 
other seafarers’ charities, and with making sure that 
the money is distributed where it can be of most use. 

That central charity is King George’s Fund for 
Sailors. Launched in 1917 at His Majesty's personal 
wish. KGFS distributes funds without distinction oi 
service, of rank or of creed. The sole criterion is to 
distribute the money to the areas of greatest need. 

When you want to remember our seafarers whe 
are m need, remember King George's Fund foi 
Sailors. We'll see to it that not one penny of voui 
money goes to waste. 

Please send yonr donation to 


King George's Fund for St ' 
jf Cbesham St., London SW1X 

1 ? 




i lors 
- them* 

wha? ?? haTJn « 2 f teaco . j b , e *3 n Wy admitted liberalism, but bis summing up not spoken at all in such a vein. 

Mid ?n d ?L N rii^£ 0n ’ - QC ? ^ feuded * act as a de *er- gave the appearance of There is yet more. “Ibe fact 
rnimmwi?! i Criminal rent, and the widespread sympathy for the point of view is," Judge McKinnon said, "a 
JJJ haf . 1 unde . r " reacaon tojffour years” soon presented by Mr. Read. large number of our forebears 

with »KL C °r?? Sti 5 S /l^ s w if d f kdjcated that 11 would be * First, he recounted a meeting went abroad. They took their 

, k° rd Notting Hill was at peace for with an old school friend, a families, they made their homes 

™ « In the ■ same m i“ y years after toaL ' maharaja, in Piccadilly. The and they worked with the local 

urt. nearly 20 years ago. We now turn to Judge friend called him by his old indigenous coloured population, 

in a famous case then the McKinnon. The essence of the nickname, “ nigger." Said Judge Such was the affection engen- 
aecused were nineyouths aged case put by the prosecution was McKinnon, “I looked round and dered by those of our forebears 
® n -J 4nd '“°* ^ be J' had that, Mr. John Kingsley Read saw the maharaja’s almost black in the local indigenous popula- 
lourcd _tne streets - between had told a political meeting in' face and said: "Whom are you tion, in the West Indies, 
Shepherds Bush and ■ Netting June, 1976, that he could not calling nigger*? Neither he nor Jamaica, Bermuda, Guyana, and 
111 a m |f er bunting" refer to coloured immigrants — I intended any offence and if many other parts of the world, 
expedition. Five black men were so he would call them “niggers, there had been such a thing as that no sooner did the white 
attached with iron bars, table wogs and coons.” In his speech the Race Relations Act in force man grant independence and 
iegs, ana other weapons. Three Mr. Read bad referred to the we would not have committed freedom to govern themselves 
were seriously injured. A series murder of an Asian youth at any offence against it” than the black man wanted to 

of dashes between blacks and Southall, Middlesex, in what the follow the white man to 

whites followed. At their trial prosecution described a? tones TVlfttfUcrincr En g land/* 

all nine youths pleaded' guilty- of mock sorrow and had added, l^dUKIgUlg To least some of those who 

^sssmg sentence on September “one down, a million to go." The content of this story Is experienced it, this is a need- 
.. t 58, k° rd S 4 *™ 00 The judge might have merely idiosyncratie; its poten- lessiy offensive and innacurate 

* it was you men who started remarked in his summing-up ual harm Is in its suggestion account of postwar history, 

the whole of this violence in that such comments were to the world at large.that a West Indians who came to 

Notting Hill. You are a minute undesirable (“to think what you well-known judge does not think Britain did so initially because 
and insignificant section of the like, however foul your very much of the proposition London Transport went out to 
population who have brought thoughts") but that In his view ~that the use of derogatory terms recruit them; many who have 
sb ame upon the district in it Was not unlawful to utter Uh e “nigger 11 can be damaging, stayed, as nurses, drivers, 
which you.Jived, and have filled them (“to say what you Those of whom such terms are porters, would be 6 orely missed 
the whole nation with horror, like ... ") even under the Race used could contradict him if they returned to their 
indignation,’ and disgust. Relations Act. Had lie done so easily enough; at the least the countries of origin. 

“ Everyone, irrespective of the coldly, and with dear distaste fault with which Judge Me- The judge was presumably 
colour of their skin, is entitled for what Mr. Read had said, he Kinnon must be charged on this attempting to explain that a 
to walk through our streets in might now be 'in.-a position to pqrt of s iinnrotog -Mp is i g nora n ce political campaign against irami- 
peace, with their heads erect, defend his words on the grounds of the fears of racial groups in gration is legal. This must be 
and free ; from fear. That is a that he had done no more than certain parts of some British why he went on to set out, in 
right which these courts will uphold the freedom of speech cities. familiar terms, the position of 

always unfailingly uphold. in an admittedly difficult case. But there was more to come, those who most vociferously 
“As far as the law is con- After all, Mr. Read was He recalled the nursery rhymes oppose the presence of immi- 

cerned you are entitled to think charged .with using words that “Ten Little Nigger Boys" and grants — that they take jobs, 

what you like, however foul might incite violence; he was “Catch a Nigger by his toe" and homes, needed by “ordinary 

your thoughts ; to feel, what you not in the dock for actual and wondered aloud about English folk.” If the issue before- 

like, however brutal aud crimes of violence such as were them. The Americans have him had been an everyday 
debased your emotions; to say committed by the Notting Hill learned at great cost to them- matter, such an exposition 
what you like, providing you do youths 20 years previously, Lord selves that sticks and stones might have been understaod- 
not infringe the .rights of others Salmon was passing sentence; break our bones, and some able; in the matter of race, 
or «. lmper ^ tbe . P«ac®. Judge McKixradta was summing names always hurt people, which is always emotional, it 

"But once you translate your up in a case in which the jury Living in the present century was to say the least carelessly 
dark thoughts and brutal feel- eventually acquitted the Use judge shopld know. This expressed. It is true that Judge 
ings into savage acts such as accused. does not mean that the use of Mckinnon advised Mr. Read to 

these, the law will be swift to But Judge McKinnon did not such words is necessarily use moderate language in the 
punish .you, the guilty, and to restrict himself to the heart of illegal; it. is simply that he future. But need he have added, 
protect your victims. ...” the matter. He may see himself would have served bis multi- to the man who said “one down 

Whereupon he passed a sen- as simply a proponent of pure racial country better if he had and a million to go.” that “I 


wish you well?” Injudicious... 
remarks of this kind con-: 
stitute more than protection of 
the freedom of speech. They 
can all too easily be interpreted 
as some kind of official y 
acquiescence in the views that \ 
were propagated. 

It does not necessarily follow 
from this that any steps need 
be taken to overturn the deei-: 
sion in the McKinnon court. • • 

It all depends. The Attorney .. 

General aud the Solicitor 
General will read the full tran- [ m , 
script of the case and make up f- 
their own minds about whether ' 
the papers should be sent to the i 
Court of Appeal, which would ?. 
then make up its own mind « 

.about whether to give a ruling T 
about how the law should be >y 
interpreted next time such a 
case comes up. (There is no 
question of reversing the acquit, 
tal of Mr. Read). In this purely 
judicial process the complete 

text is what counts, and out- . V 

siders must suspend Judgment \ * 

while that is scrutinised. 

When it comes to the social 

effect nf the judge’s remarks as ; . ; ■ 

reported, we already have the ■ 
evidence. The choice of words \ 
by Lord Salmon 20 years ago was 

plainly designed to set out the ^ __ t 

boundary between freedom of ... 

thought and speech, and the Lord Justice Salmon 

necessary protection of racial 

minorities from violent assaults: different choice of words. hard to imagine the media in the 
it did not shrink from expre* But then again it might not. U.S. making such hay of the 
sins an adverse opinion of Those of us who cry “woe" in phrase “woss-niggers-and-coons- 
racialism. matters of this kind should case." 

Judge McKinnon is already recognise that there is a strong The English seem to be par- 
being interpreted in private eon- current of sympathy with every ticularly insensitive about s>uch 
versations as having, shall we word of the judge's summing-up, maulers. The sheer funk or our 
say, omitted to express an and a perhaps lesser current leading politicians' is likely to 
adverse opinion of racialism. A that does not find Mr. Road's keep them so. When I soy “sheer 
little more thought about the words particularly abhorrent, funk” the words are carefully 
way in which such remarks are To visitors to England, pari chosen — for that alone, surely, 
likely to be interpreted in a ticularly Americans, the is the explanation of the failure 
country in which around 4 per uninhibited use of racially of the most prominent front 
cent of the permanent popula- insulting expressions on British benchers to show by speech and 
tion is composed of racial radio and TV and in the news- action that they oppose racialism 
minorities might have led to a papers is extraordinary: it is and wish to propose policies, in 

Letters to the Editor 

Pnnnln nan ■ -increase over approximately 2J Wednesday's Press conference, I work involved before computers 

IcUpic L-dll years of over 120 per cent or would have been most happy to were brought in, the amount of 

i * j an average annual increase of have acquainted him with the overtime needed at the begin- 

0P nain about 45 per cent; somewhat in facts. Quite simply, the TCOA is ning of each month and the 

“ excess of the officially stated rate just as interested in the indus- dreadful business at each Bank 

From the Chairman, of inflation! - trial democracy experiment Rate change, not to mention the 

Evan Steadman Communications For this increase we get the being conducted within the Post half year end, with its working 
Group. following additional “amenities.” Office as the largest unions and and posting of charges and 

Sir, — Mr. R. Telford, the man- Progressively opaque brown has actively sought, and secured, balancing of the books. L and 

aging director of GEC-Marconi windows to alleviate glare of day- the fullest possible participation, thousands of my colleagues, are 

From the Chairman, 

Eras Steadman Communications 

Electronics, made the point in light and to preserve the privacy D. L. Edwards, 
his review of the electronics far of the occupiers while inscribing is Cranford Road. 
dustry in 1977 that there is a their graffiti. Door to door car- Toabridae, Kent 
grave shortage of skilled people petfag (of cigarette ends, toffee . 
at all levels. and other papers etc). Less 

This shortage has been aggra- cluttering up of the permanent 
vated by the erosion of differen- way with trains. Greater benefits VjrlllQcIlIlcS Oil 
tials and the attractiop of .to the dry cleaning fadustry^Sue . 

working overseas; But fae elec-to the dirt-removed by. pas- tJOPflllTlt5H1CV 
ironies industry — and others sengers. awvuuuiuvj 

eternally gateful that the “Good 
Old Days” have gone forever! 

A practical point which Mr. 
Talbot may care to consider is 
that, again to quote from my 
own sphere of operations, to 
cope with the present workload 
in the average branch hank, not 
only would we need many more 
staff and a very expensive in- 


Prime Minister continues visit 
to India. 

King Hussein of Jordan 
expected to meet President Sadat 
of Egypt at Aswan. 

Mr. Sunao Sonoda. Japanese 
Foreign Minister, ends three-day 
visit to Moscow. 

European Central Bankers end 
two-day monthly meeting, Basic. 

International Air Transport 
Authority meets, Geneva. 

White Fish Authority report on 
Fisheries of the European 

Mr. John Morris, Welsh Secre¬ 
tary, meets deputation of union 
representatives and other inter¬ 
ested organisations hoping to 
ensure survival of Tri-Ang Pedi¬ 
gree. works at Merthyr Tydfil, 

To-day’s Events 

now in hands of rereiver. 

Nigcrian-British Chamber of 
Commerce inaugural meeting, 69, 
Cannon Street E.CA 3 pro. 

International Furniture Show 
opens. National Exhibition Centre. 
Birmingham (until January 35). 

Sadler's Wells Theatre 
announces 1978 plans. 

City New Year Service, St 
Michael, Cornhill, E.CL3. J2.I5 pro. 
Preacher: the Rector, Canon 
Norman Motley. Those attending 
include Sir Peter Vanneck. Lord 
Mayor of London, Mr. Gordon 
Richardson, Governor of the Bank 
of England, and principals of City 
firms and institutions. 

House of Commons: Scotland 
Bill, committee. 

Personal income, expenditure 
and savings (third quarter). 
Gross domestic product (third 
quarter, revised). Appropriation 
account of industrial and com¬ 
mercial companies and new acqui- 
sion of financial assets (third 
quarter). Retail sales (Novem¬ 
ber, final). Hire purchase and 
other iastalment credit business 
(November). Vehicle production 
(December, provisional). Housing 
starts, completions and grants 

Judge McKinnon 

every field covered by Govern¬ 
ment activity, that would lie ip 
to reduce racial di sad van lace. 
This omission from our -.(I'lk'rul 
political debate certainly he!in 
to nurture a climate >n vvhu'i 
aml-hlack feel ins could uruw 
and become inure overt. Never 
mind the pa&smg ca>c Judge 
McKinnon: it is the -otul 
climate in which hi- ease has 
arisen that is important. Beeau-,. 
of that climate, it is the Sonin.* 
HitJs of the future that we must 
guard against. We are still sow¬ 
ing the seeds. 

Letrusct IntnI. (half-year). SGB 
Group (full year). 

Higson's Brewery, Liverpool, r, 2. 
Stockholders Investment Tru.-i. 
Winchester House. E.C., 3.30. 

Royal Opera production of Hie 
Fledermaus. Covcnl Garden, 
W.C ”. 750 pro. 


London Festival Ballet dame 
The Nutcracker. Royal Festival 
Hall, SJE.1, 7.30 pro. 


Lunch-lime Prom. BBC Concert 
Orchestra, conductor Ashley Law¬ 
rence. soloist Jack Brymrr 
(clarinet), in programme* of 
Arnold. Beethoven and Wcher, 
Guildhall, E.C2. 12.13 to 2.15 pro. 

facing the same problem — can To think that we at one time From f he Chief Technical Officer. vestment fa machinery, but also 
pay whatever they want to with- used to make fun of Continental The institute of Cost and premises two or three times the 

out offending Government guide- railways! Management Accountants. size! Bank customers will be 

m**) dn is hire S ‘ W * p ® nwII! * Sir,—Mr. Parkin (January 5> aware that most branches are 

iu ^onSSSnS rather l58 ’ Fnduurck Street, E.CJS. has confused the Inflation adjust- already _ at bursting point and 

than sav £ eSSs TfaS - ' raent dealiD K with cost of sales the plain fact is .that without 

thMe who Sould be rewarded XTrt ooro fraa* n and tte P rofit and loss ace0Ullt computer, British banlung 
SSh be™And at wS* terorrete -NO CftSC IOT & with the adjustment which would would have ground to a halt 
GEGMaremd 0 to faSodSe be required to'bring the balance years ago. 

toaHrartthe best men currently Wealth taY sheet up to modern values. When This is not to imply, of course, 

beta?fared IlKSbSS? CailU Ull L adopting the averaging method that everything in the bank (and 

Moreover • oresent key em- From Mr - R - Harris suggested by the Hyde Commit- other computer applications) is 

ployees can have the suggestion ^ Sir,—I would suggest that the tee, it is the average value of rosy. Anyone who deals wtb 

put to them that premature re- best approach to the problem materials used throughout the computers is weU aware of the 
tirement. followed by a fat con- of « wealth tax is to consider bn year that we are looking for. Not deficiencies in the system, but 

sultancy contract the next day, w^* 1 types of wealth it can and the value at the year-end. remember, the use of computers 

would be bentf rial to everyone, should be levied- Using Mr. Parkin’s figures, the is really still fa its infancy. 

As Charles Kingsley put it For practical taxation pur- cost of sales adjustment becomes Twenty years ago, they were 

there's more than one way to poses there are four kinds of a charge of £30,000, not £210,000 part of science fiction and -today 

kill a car. wealth; real estate, stocks and as he calculates. The calculation they are a part of everyday life. 

And the notion that each shares, movable goods or chat- should uplift the opening stocks improvements are constantly 
worker should automatically get tela such as cars, jewellery, and ana reduce the closing stocks by being made and it is not too 

the same as his neighbour must old masters, and pension rights, the average index for the year, much to hope that, in a very .few 

be killed — and as soon as pos-' Taxation of pension rights Here are the figures: years, computers will bring a 

Management Accountants. size! Bank customers will be 

Sir,—Mr. Parkin (January 5 1 aware that most branches are 
has confused the Inflation adjust- already at bursting point and 
meat dealing with cost of sales the plain fact is that, without 
and the profit and loss account the computer, British banking 
with the adjustment which would would have ground to a halt 
be required to'bring the balance years ago. 
sheet up to modern values. When This is not to imply, of course, 
adopting the averaging method that everything in the bank (and 
suggested by the Hyde Commit- other computer applications) is 
tee, it is the average value of rosy. Anyone who deals with 

Southamerican business scene 

better than us. 
were born there. 


Evan Steadman. 

34-36, High Street. 
Saffron Walden, Essex. 

would be poltically unpopular, index at start of year ... 100 standard of service to Bank cus- 

.while the less bulky types pf index at end of year. 130 tomers and others which far sur 

chattel are so easy to hide that Average index. 115__~ 

the only effective way to tax £000 

Historic Account 




^ —» tl, eni *3 through VAT. We Inflation 

—-- already have a higher rate of Historic Account Adjusted 

p-IfipL DoSf’c ' VA 7 0D sbme durable goods, as Opening stock.— 100 X 115 115 

iSnilSn XVall S . rwell as a motor tax on cars, so, - 

there is no reason why durable 100 

Pllprov goods in general should not pay Purchases . 730 730 

cucl bJ n higher rate of VAT than perish- - - 

From The Chmrrnm, ■ able goods which cannot be used . - 830 845 

British RaOways Board a medium of investment. Closing stock . 130 X 115 115 

Sir.—A recent comment of . Stocks and shares are already • —-- 

mine on petrol tax has given heavily taxed through income 130 

rise to the belief,, reflected fa ***. investment income jmr- __ - 

your correspondence, that I charge, corporation tax, capital cost of sales .:. £700 £730 

want massive increases in octroi gams tax, capital transfer tax, . - 

SS top5 s ° ther ® ^ n0 Adjustment is . £730 —£700 =£30 

rail. - *°. r taxing, them further. Even this much lower adjust-- ;7 ■ - ~—- 

Mv Tfeeret at tills internreta- There is a good case for. a ment of £30,000 must be regarded that provided in the not- 

tion is tempered by the wide moderate wealth tax to replace the maximum. If the company so-veiy-1 oog-ago. What is needed 

the investment Income sur- to VsaleTat Merooe is understanding and not a little 

Se b reWre“o&Slh« iSS W«Sw transfer tax, and Se£P^ence. hut the rewmtfs will 
Slowed to fSl fa the UK sface dut ^ bu l does J^ be higher than the £700,000 come and all will benefit in the 

1975 . appear to be what the present shown above, and the inflation end - _ j v « 

In camnientine on this I was Government has fa nund. > adjustment correspondingly „*? fne meantime, I wish Mr. 

££35b tt5 StiOl 4 The same considerations appgr iSeiT correspondingly Tal ^ t the ^ £ lMk ^ ^ 

should go tiTovemfaht to £*«il estate where it is rent^ It important to remember “«or insurance! 

tore the position. I was stressing whldl _^, le ^5£l S w bat inflation accounting is all Norman Dewhurst 

the need to relate the price of gjgj?",. Tf™ 1 ??!? t0 show bow Inflation 49, Station Road, MaghuU, 

New York 

Los Angeles 






X 115 







X 115 









\ t * 





ySanJuan^ Frankfurt- 

'T'x 4 TiiimHr Fans 




petrol lo yanoTeralT S3 ££? ~^ " 3 L_ 

naflmd industry, (and a ^ Portland Place. W.L FrPfi lliarkpf 

relatively efficient subsidy to the owner than the - -TlCC Hj.a.OvL I- 

energy in the transport field) we effective subsidy received by the TL D k ol I _ ■ 

have no desire to see the average couacil tenanL just - 1H6 DaU OlU 1 U CUlTeilCV 

nation s scarce • resources w jj ere exemption limit; - j ™ 

squandered. As an operator in a be fixed is obviously open ■ fiflV g Prom tire dxairnxan, 

veiy competitive • transport tQ a«umenL but I would su& _ ■*' The Chelsea Group of Young 

market, we certainly do-not wish gegt exempting prt^eriy with, a From. Mr. N. Dewhvrst Conservatives. 

to see the gap in costs between- ^ rateable value of less than Sir,—One sympathises with Sir, — Does Mr.Platt (January 
relative modes W-fMJjgJf £1,000 in inner London. £730 la Mr. J. Talbot (January B) when 5) not understand that complete 
being allowed to widen artifla* outer London and the larger, complains about fa efficiencies freedom i S the best method for 
al'y- - . _ . provincial cities, and £500 inthe which occur with the use of com- if Tm?. 

This is not a road versus rail rest of* the country. ■ puters, but the problem lies any_mar- 

argument. It is a questi on of If ^is was done there would mainly with the programming Ket? Monopolies cannot exist in 
energy policy fa the long terra. no casc for a general wealth, rather than with the machines a oraJy f re ® market 
We have confidence fa our own tax in present mrcumstances. V themselves. Speculators are a necessary 

Liverpool 31. 

Free market 
in currency 

From the chairman, 

The Chelsea Group of Young 

Sir, — Does Mr. Platt (January 

Sao Paulo 


Rfo d4 

AV1ANCA offers you the best way to get to the 
Southamerican markets. 

contribution to an alleviation of Ridiara £nis: 7 ‘ One is constantly hearing that part of the market place, which 

the enerar problem. Flat 8 , • The computer has made a mis- & niore than can be said for 


reclaim any of the tax It pays on »* > • j_i - exactly as they are told and fa “ P create a market fa which 

fuel oil used for locomotives. worKers in me .many years' experience with a those with business can protect! 

Peter Parker, " very large computer set-up, I their financial and stock posl- 

2S2 Mamlebone Rood. hnurdfAGlTl " h *ve never known a mistake ■ t,0 ° s - ^ 

N.WJ UUaHllUUill that could be put down to the If Mr. Platt would try to Ima- 

From the General Secretary, machine itself. gfae a totaHy free market fa 

Telephone Contract Officers "• I cannot accept that the use of currency, where all could buy or 
Vin6 rate OI Association. ; computers is merely “To satisfy sell foreign exchange at the mar- 

, , . Sir, I refeceto the arthde starry-eyed enthusiasts,” as Mr. * et P nce an d could hold their 

Iflflatinn headed “Posting workers to the Talbot-suggests, as fa my own financial assets in any currency 

luuaiiuu Boardroom “ of January 6 - This profession (banking),, we could they chose, be would realise that 

From Afr; S. PemoiB- ■ contains a statement that my not have coped with the tremen- the selfish motives of all these 

Str_Reference to my records union .. is . ■ • apparently not dons expansion of business in people and those of the “foreign 

show* that in April. 1975. an much concerned about industrial the last fifteen years without sp^ulators would create a trod 
annual season ticket’ on British democracy anyway." The assumfK their aid. “y*®*. without any 

Rail from ray local station to tion' made by your eorrespon- ■ Anyone with more than a few oeip from the mterventionJsts. 
London cost £85. fl«nt is quite erroneous. Had. be years’ service in banking will Charles Snedley. 

Now- -the cost Is £191, an raised .the matter with me at last remember the hours of tedious 25B, Bolton Gardens. S.WJ>, j 

222 Marylebone Road. 

One rate of 

From Mr: S. PemoiU. 

Workers in the 

From the General Secretory, 
Telephone Contract Officers 

if For many reasons: 

a s —We were born theie. 

— We are the only ones who iiy from Euiope lo 
San Juan-Caracas-Bogota in Jumbo 747. 

You can benefit from our 57 years flying experience 
oldest airline in ihe Americas, 
ly to 178 cities in Europe and America, 
imbos have fewer seats; that means more comfort 
e have 358 seats where others squeeze 
llS ' « 

3k at our map. If you ^ 

lations and timetables*" 
ly they say that Avianca * W* * 
iolden Routes”. We £jh m 
at your time is worth \# AVlSnCd 
—uiuiicy, and we can help you make V 

the most ol it and do good business. Colombian world airlines 

Contact your travel agent, or AVIANCA, London, 170 Piccadilly, Te). 7592595, Ext. 347 (PAX& Cargo*. 


Financial Times Tuesday Januwy 10 1078 


U.K. boosts Hogg Robinson to £3.2m. 

benefits pre-tax profit of insurance 
brokers Hogg Robinson Group 
increased 23 per cent, to X3J2rn. 
in the six months to September 30. 


Group turnover for the period 
w a sup from I 10 . 6 m. to H2L65m. 

Mr. Morris Abbott, chairman, 
says the reduced currency benefits 
caused by the strengthening of 
sterling principally affected inter¬ 
national business, but this has 
been more than offset by an im¬ 
provement in U.K. business. 

Although currency factors must 
be expected to continue to affect 
brokerage income Mr. Abbott 
expects that profits will continue 
to be buoyant, reflecting a satis¬ 
factory improvement in expense 

The Interim dividend is ahead 
from 3.25p net per 23p share to 
3.63p. A 2.27op final was paid last 
year on record profits of 18 . 06 m. 


Abrasives IntnL...2nd int 0.5 
Brows and Tawse 1.18+ 

Hogg Robinson .Jm 3.63 

Ley's Foundries and Eng. 3.25 

W. J. Pyke . 0.66 

RFD Group .int. 0.6 

H. Samuel .int. 1.5 

Dividends shown pence per share net except where otherwise stated. 

.*Equivalent after allowing for scrip issue, t On capital 
increased by rights and/or acquisition issues, t Additional 0.066p Ibr 













Jan. 26 




Apr. 7 




Mar. 30 




Apr. 1 




Jan. 31 




Mar. 1 




Jan. 28 




while at balance date deposits 
were 118.7m. (£154J5m.). and cash 
balances and Government Stocks 
E6Bm. (£8.7m.). 

Meeting. Dublin, February 3. 

at Ley’s 


But for currency fluctuations, pre¬ 
tax profits from insurance broker 
Hogg Robinson would have been 
about £200.000 higher. Hogg 
Robinson’s currency reverse will 
not have been influenced to a 
great extent by dollar factors. 
Dollar earnings only account for 
around 13 per cent, of turnover. 
Rather it is the weakness of 
African currencies (earnings 
from Africa account for nearly 
three-quarters of ex-European 
earnings) against sterling that 
has been responsible. Otherwise 
performance has been creditable 
enough. Against a background of 
falling interest rates, investment 
income, contribution some 
£640.600 to the pre-tax figure, has 
risen a tenth. As usual the best 
is yot to come in the second half 
as the rump of the renewal busi¬ 
ness is completed. The second 
six months represents around 
two-thirds of the full year per¬ 
formance for Hogs Robinson. Also 
there is around £1.6m. from the 
underwriting agency business to 
come, compared with £lJ3m. On 
that basis £10m. for the year looks 
a conservative target At 174p 
(down 2p) the shares stand on a 
prospective p/e of 8.4 and yield 
5.5 per cent 

Brown & 
Tawse up 

BAT (Kenya) 
profitable but 
costs rising 

For 1977 British American 
Tobacco (Kenya) made pretax 
profits of Kenyan£3,368.512. After 
tax of K£l,560,726 a net profit 
emerged at Kfl ,807.786. 

Mr. B. M. Gecaga. the chairman, 
says the company bad tobacco 
import problems due to the end¬ 
ing of tobacco supplies from 
Tanzania following the .closure of 
the border with Kenya. High 
duties had to be paid on tobacco 
imported from a variety of 
countries including Korea and 
the U.S. 

Though the company’s Kenya 
tobacco development programme 
is proceeding satisfactorily, it 
cannot become self-sufficient in 
the immediate future and Is faced 
with considerable cost increases 
in 1978 and 1979. Mr. Gecaga adds. 

STEEL AND tube stockholders 
and engineers Brown and Tawse 
reports taxable profits for the 
six months to September 30, 1977 
up from H33m. to £l.S2m. on 
turnover of £20.85m. against 

On reporting the full year's 
profit for 1976/77 of £3.05m. the 
directors said that there were 
few signs in the current year of 
a general upturn in demand for 
steel, and prospects in the short 
term must be viewed with 

They did not expect regular 
steel price increases to continue 
so frequently at so high a level 
while demand was so weak. The 
element of stock appreciation in 
profits in the ensuing year would 
be less significant and together 
with competition at reduced 
margins and operating costs 
rising, would make it difficult to 
achieve another record year. 

The directors state that 
demand for steel and tube pro¬ 
ducts remains weak. However, 
benefits are continuing to flow 
from the company’s sustained 
investment programme, with both 
sales and profits showing an 
increase despite the very competi¬ 
tive trading conditions. This 
gives the directors grounds for 
confidence in the outcome for the 
full year. 

Half-year earnings are shown to 
be slightly down from 7.8p to 7.7p 
per 25p share. The interim divi¬ 
dend is increased to 1.179p 
(1.072p) net. and an additional 
dividend of 0.066p for 1976/77 on 
the reduction of ACT wil] be paid 
with it—last year’s final was 

the group says that demands has 
held up reasonably well aided 
by the on-shore oil industry in 
Scotland. Full year profits of 
£31m. may be possible which on 
a nil tax charge (allowing for 
deferred tax on stocks) would 
give a p/e of 2.7 at 88p. On a full 
tax charge the p/e is 5.6, while on 
a maximum dividend the shares 
yield 8.4 per cent 

Interest . 

Depredation . 

Leasinjt and biret __ 

Profit before tax . 

Tax .. 

Net profit . 

Preference dividends . 

Available . 

Ordinary dividends . 

Retained .... 

t Of plant and vehicles. 

Six months 














■ 80 















W. J. Pyke at 
£24,500 returns 
to dividends 

Recovery was sustained at 
butchers W. J. Pyke (Holdings) 
in the second half with taxable 
profit of £18,558. against a Joss 
of £100,431, for the company to 
end the year to Jane 30. 1977. at 
a surplus of £24,558, compared 
with a deficit of £84,431. Sales 
were ahead by £0.77m. at £5.84m. 

The current year's figures indi¬ 
cate that the company is on its 
way to overcoming past diffi¬ 
culties, and Mr. W. J. Pyke, the 
chairman, tells members that, 
given a reasonable trading climate 
it will maintain and - probably 
improve its position. 

Earnings per lOp share are 
shown at 0.5p (loss 6.453p) and 
the company returns to the divi¬ 
dend fist with a net total payment 
of 0.66p. There have been waivers 
on 388,190 shares. The last pre¬ 
vious payment was an interim of 
0.9384-p for 1974/75 when there 
was a loss for the 12 months of 

At year end this time working 
capital was up £18.596 (down 
£141,990) with bank loans and 
overdrafts higher at £531.113 


At December 10. 1977. Cyril 
Hurvitz (U.K.) held a 23.29 per 
cent interest 

197H/77 lSta/TB 
£ £ 

Group sales .. SJ35JG0 5,068.538 

Pro-tax profit ..... MJ5SS . *8U31 

Tax . 2*.«1 +34.H2 

Net profit .. 3£C7 *49.569 

Minority loss.. — 2X1 

Brought forward ... 6.017 53388 

Dividend . S.M9 — 

waivers . 2.56! — 

Carried forward .. 7.367 6,917 

- Loss, t Credit. 

PRE-TAX profit of Ley’s Foun¬ 
dries and. Engineering was almost 
halved from £3Am. to £1.68m. in 
the year to September 30, 1977. 
on turnover of SSSJSxxl. against 
£32-2m. after a fall from £L97m. 
to £ 0 Rlm. at baJrtfme. The direc¬ 
tors then said that in the steel 
foundry and engineering dhrisioas 
the fall in profits was due a re¬ 
duced demand for its products 
and consequent fail in profit mar - 
gins. They added that the lower 
level of demand was expected to 
continue during the second half. 

Stated earnings per 25p share 
are down from 13.71p to 7_llp. 
The dividend is stepped up to 4Jp 
(3-S5p) net with a final of 3L25p. 

1978/77 1975 TS 

£ £ 

Turnover _... 35J95.M0 96.000 

Pre-tax pram - l>77jm 3002 /Bi 

Tax .- 879X3 LOB.9SS 

+Extr*anL profit _ 149,827 — 

Attributable _ 885433 1,420.497 

Retained . 439X30 LG2L7DC 

t On sales of in v es tments. 

Tameside makes a 
double issue 


Trcror ffttmnfattes 

Mr. Morris Abbott, chairman of Hogg Robinson Group— 
upturn in the tJ-K. more than offset the adverse effect of 
currency factors on the international business. 

Tameside Council is r atting 
nom. by the issue of two stocks: 
an offer for sale of fixed interest 
paper and a placing of variable 

The application list open* on 
Thursday for the offer for sale 
of £7m_ or Metropolitan Borough 
of Tameside 10 J per cent. Re¬ 
deemable Stock I!at a 
price of £99.23 per cent. The stock 
is payable as to £10 on applica¬ 
tion wife further calls of £40 an 
March V and £49.23 on April 10- 

Ttae placing is of £3m. of Vari¬ 
able Rate Redeemable Stock 19S3 
at £99.75 per cent, payable in lull 
oh issue. 

Interest on the fixed coupon 
stock is payable on June 5 and 
December 5. The first pay ment 
next June will be £2.3797 per 
cent, and the stock is finally re¬ 
deemable on June 5, I9SS. Deal¬ 
ings start on Friday, January 13. 

Interest on the variable is cal¬ 
culated in vhat has become a 
set formula. Interest will be at i 

S ir cent, above six month London 
ter-bank Offered Rate (LIBOR). 
Interest will be payable on Janu¬ 
ary 12 and July 12 with the first 
payment of £3382 per cent, doe 
next July. The stock trill be re¬ 
deemed on January 12. Dealings 
are expected to start on Thurs¬ 
day, January 12. 

Brokers to the issues are 
Phillips and Drew. 

currently trading around par fa 
a one point premium and thus 
Tameside issue i* likely .to move 
into lute With the mt when 
dealing* atari. From this week 
building societies can invest in 
variables which could increase 
demand. The announcement of a 
lone tap is unlikely to have any 
impact on these relatively small 
Issues even if there are some 
repercussions generally in the 
medium dated market. 


The Bank of England announce 
the issue o( fSOOlh. of percent 
Exchequer Stock 1996 at a price 
of £93 per cent payable ax to Go 
on application, anil the balance 
on February 27. 

Interest on the stock is payable 
half-yearly on January. 2t and 
July 21. The first Payment will 
be made next July at the rate of 
£4 a 6 per cent. The stock will be 
repaid at par on July 21. 1993. 

The list of applications will be 
opened and closed on Thursday. 
January' 12. 

Letters of allotment in respect 
of the stock may be split into 
denominations of £100. They must 
be lodged Tor registration wE*n 
the final Instalment is paid on 
February 27. 

Pre-tax profits at Ley's Foundries 
and Engineering almost halved 
last year as two of the group’s 
largest customers, Massey 
Ferguson and British Ley land 
were hit by a series of strikes. 
The stoppages were largely 
responsible for a £lm. drop in 
profits from the group’s major 
subsidiary. Ley's Malleable Cast¬ 
ings, whose -profit contribution 
was cut to not much more than 
5 per cent against a third last 
time. Elsewhere W. Shaw, the 
steel foundry company, supplying 
heavy engineering and shipbuild¬ 
ing customers, also had a tough 
year as demand from these 
industries slumped. Thera were 
also lower profits from Ewart 
Chain belt as exports ran into 
problems — partly because of 
depressed overseas demand and 
partly because of the increased 
strength of sterling. The under¬ 
lying trading situation still looks 
gloomy, with demand uncertain 
while the industrial relations out¬ 
look in the U.K. appears to be 
deteriorating. The shares at 59p 
yield 11.7 per cent, on a p/e of 
almost 8. 

RFD Group unchanged at 
£1.45m. for six months 

Second Great 
revenue rise 


• comment 



Mr. N. J. T. Munro has for 
personal reasons and at his own 
request become a non-executive 
director or Electronic Machine 
from January 1 but will continue 
as a marketing consultant to the 

Mr. E. G. Murray and Mr. T. M. 
Palmer arc joint acting chief 
executives of the group from that 

The preliminary results for the 
year to April 30. 1977 will be an¬ 
nounced later this month. For the 
six months to October 31, 1976, 
the company reported pre-tax 
lasses of £ 162 . 000 . 

Against the background of a de¬ 
pressed steel Industry fUX. steel 
production fell almost 8 per cent 
l»st year) Brown and Tawse is 
among the better performing 
stockholding companies with a 16 
per cent sales increase (2J per 
cent, volume rise) rn the first hrif. 
A 12 per cent rise in trading 
profits is better than it looks given 
that the contribution from stock 
profits has fallen from 20 per cent, 
to 10 per cent as steel prices 
stabilised in 1977. The pre-tax 
profit increase is reduced to 6.per 
cent by higher interest payments, 
following the increase in borrow¬ 
ings (still less than 10 per cent 
of shareholders funds) in the 
second half last year to finance 
higher stocks. However with stock 
profits now having less impact 
on overall profitability, the stock¬ 
holding sector, which has gener¬ 
ally outnerfonned the manufactur¬ 
ing side. may now face 
increasing pressure. Meanwhile 

of Dublin 
Bank predicts 
record year 

Mr. Thomas Kenny, chairman, of 
the City of Dublin Bank expects 
the current year to again show a 
record profit after the peak 
£0.43m. earned in the latest year 
to September 30. 1977. 

Mr. Kenny says the recent 
upsurge in the money supply and 
lending may prompt some restraint 
from the Central Bank which 
could retard the bank's rate of 

In the year just ended the bank’s 
latest acquisitions the Irish Bank 
of Commerce and the Waterford 
Penny Bank both had splendid 
results, he says. The Irish Bank 
of Commerce again enlarged 
acceptance activities and 
developed a foreign exchange 

The biggest sector profit earner 
was instalment credit, where 
advances increased from £5-5m. to 
£Sm. in the year. Secured lending 
also increased from £4.6, to £5-3m. 

Revenue of Second Great 
Northern Investment Trust for 
the six months to November 30, 

1977, rose from £239,749 to 
£294421 subject to tax of £117,239 
against £97,530. 

Estimated earnings per 25p 
share for the full year to May 31, 

1978, are L9p compared with 
1.74p. As already announced, the 
interim dividend is up from 0.6p 
to 0.7p net—last year’s final was 

Net assets per share are shown 
as 104.6p (103-3p). 

ON TURNOVER ahead from 
£7.73m. to £S.S9m. taxable profit of 
RFD Croup, manufacturers of in¬ 
flatable products, military soft¬ 
ware and specialist textiles, in¬ 
creased marginally from £1.446,000 
to £1,454.000 in the September 30, 
1977. half year. 

The result is subject to UJC tax 
of £0.74m. (£0.66 rl) and overseas 
lax of £6,000 (£82,000). Earnings 
per share are stated at 5 21p 

After an interim dividend 
stepped up from 0.4op to 0.6p net 
per JOp share, retained profit is 
£629.000 (£642,000). Last year 
a 0.9SO4p final dividend was paid 
on record profits of £S.14m. 

Mr. D. R. B. Mynors, chairman, 
says that in common with other 
companies they are finding that 
the slowing down of inflation and 
improvement in value of sterling 
—both tendencies to be welcomed 
on general grounds—are having 
an adverse effect on declared pro¬ 
fits and these pressures seem 
likely to continue during the 
second half of the financial year 

However, the last few weeks 
have seen a marked strengthening 
in the group’s order books, so that 
prospects are encouraging. 

The chairman hopes it will be 
possible to increase the full year’s 
dividend subs;antially, but as this 
is dependent on the future actions 
of the Government he cannot say 
precisely what they will be able, 
to do. 

about 38 per cent, of profits) 
where the shipping recession has 
hit sales of life rafts by the 
Dutch subsidiary. However, the 
slack was made up in the 
specialist textiles division (fol¬ 
lowing last year’s destocking) 
and increased sales of parachutes 
to emerging . countries. With 
direct and indirect exports 
accounting for perhaps a third 
of group sales, the stronger 
pound is beginning to strain 
margins but the company is 
hopeful of recouping the overseas 
shortfall with a new range of 
militai y software, notably train¬ 
ing simulators. On past 12 months 
earnings the shares, at 70p, are 
on a prospective p/e of 62 while 
the yield is 3.5 per cent, covered 
seven times. 

• comment 

Tameside’s fixed interest stock 
carries a redemption yield of 
X0J per cent at the issue price 
and a running yield of IfiS per 
cent. The Grampian 10} per cent. 
1983 stock, issued last November, 
provides the nearest comparison 
and that is currently yielding 
10.8 per cent, to redemption. So 
Tameside is not giving a lot away 
in terms of yield, but there is a 
reasonable level of demand in 
this market and dealers expect 
the issue to be more than taken 
up. The variable conforms to the 
usual pattern, except that it is 
the first time that a floater from 
a local authority has been placed 
rather than offered—n cheaper 
method from the point of view of 
the council. Variables are 


Arbutimet Extra Income has, 
according to the latest figures 
published by the magazine 
Planned Savings, comfortably out-. 
performed the FT All-Share index 
m 1977. Although some 46 per 
cent, of the portfolio is in Pre¬ 
ference shares, the capital value 
of’s .units has risen .by 
just over 56 per cent. In the year 
to January 1. as against a rise 
or 46.3 per cent, in the FT All- 
Share Index, and one of jutt 
under 20 per cent, in the FT- 
Actuarics Preference Share Index. 
Our reference on Saturday to the 
Arbuthnot Extra Income Fund 
marginally underperforming the 
FT All-Share Index was incorrect 

Eagle Star 
new business 
tops £l£bn. 


Heavifcree up 
to near £0.5m. 

RFD’s impressive growth rate 
over the past three years has 
been baited with first half profits 
unchanged on a sales gain of nine 
per cent The inhibiting factor 
has been the performance of the 
mflatables division (last year 

Net new amounts assured In 
the U.K. by Eagle Star Group in 
1977 were £1.28bn. against £1.1 bn. 
in 1976. This sum includes £40Sm. 
compared with £3 61 m., in respect 
of capitalised values of deferred 

Worldwide net new amounts 
assured totalled £1.58bn. (£1-3bn.). 

New annual premium income 
in the UJv. amounted to £15.58m. 
(£l 5 . 25 m.) while, including over¬ 
seas business, the total figures 
were £18.96m. f£17^0m.). Total 
new single premiums and con¬ 
siderations for immediate annui¬ 
ties more than doubled to 
£87.S5tn. f£35.76m.). These figures 
arose almost entirely in the U.K. 
and reflect the very successful 
issues of bonds during the year, 
directors say. 

Including exceptional items of 
£50£25. against £42,665, Hearftree 
Brewery lifted taxable profit by 
£97,769 to a record £496,639 for 
the year ended October 81, 1977. 

A final dividend of 10.603p 
raises the total for the year to 
16.603p (14865p). After tax of 
£253.878 (£188,576) the net balance 
came out higher at £242,752 

The company, which is un¬ 
quoted. has close status. 

This does not constitute an offering for sale of the Preferred Shares. These shares have been offered in Canada. 
This advertisement appears as a matter of record only. 

Can. $125,000,000 


Inco Limited 

7-85% Preferred Shares Series B 

(cumulative redeemable preferred shares of the par value of Can. $25 per.share) 

Prices Can. $25 per share 

Wood Gandy Limited 

A. E. Ames & Co. 

Dominion Securities 

McLeod Young Weir 


Richardson Securities of Canada 
Grcenshicids Incorporated 

Pitfield Mackay Ross 


Nesbitt Thomson Securities 


Merrill Lynch. Royal Securities 


Burns Fry 


Walwyn StodgetL Cochran Murray 

Midland Doherty 


Morgan Stanley Canada 

Bell, Gouinlock & Company, 

Houston Willoughby 


Levesque. Beaubien Inc. 
Rene T. Led ere Iocorporee 

R. A. Daly & Company 

Mead & Co. 

Odium Brown Sc T. B. Read 

Pemberton Securities 


Equitable Securities 


Casgrain & Company 


A. E. Osier, Wills, Biekle 


GeoSrion, Robert Sc G&linas 

MacDougail, MacDongall & MacTier 
Ltd. * 

Scotia Bond Company 

Moss. Lawson & Co. 


F. H. Deacon, Hodgson Inc. 

December, 1977 


Results for the year ended 
31 st July. 1977 

# Profit before tax £625,453 on sales of 

* Dividend covered 3.94 times by earnings. 

* Returned on capital employed 20.21%. 

* Net Asset value per ordinary share 
29.2 pence. 

* The year ended on a high note with the 
improved order demand reflected in higher 
productivity from all your factories. 

The improvement has continued and ■ 
accelerated during the first quarter of the 
current year and we face the future in a 
much stronger position than a year ago. 


This Advertisement is issued in compliance with the 
requirements . of the Council of The Stock Exchange, 


Placing of £3,000,000 . 

Variable Rate Redeemable Stock, 1983 
at £99$ per cent 

Application has been made to the Council of The Stock 
Exchange for the above Stock to be admitted to the 
Official List. 

In accordance with the requirements of the Council of The 
Stock Exchange £300,000 of the Stock Is available in the 
market on the date of publication of this Advertisement and 
until 10 a.m. on Wednesday 11th January, 1878. 

Particulars of-the Stack have been 1 circulated In the Extel 
Statistical Services Ltd.; and copies may be obtained 
during usual business hours on any weekday (Saturdays 
excepted) for 14 days, from and including 10th January 1978* 

Phillips & Drew , 

Lee House, London Wall, London EC2Y 5AP 
and The Stock Exchange 





Deloitte & Co., Chartered Accountants, 
announce that on 1st May 1978 the 
name of the firm will be changed to 
Deloitte Haskins & Sells. On the same 
date H ask i n s & Sells in the United 
States of America will also change its 
name to Deloitte Haskins & Sells. 

The management consultancy 
practice will continue to be known as 
Deloitte Haskins & Sells Management 

The adoption worldwide of the name 
Deloitte Haskins & Sells by Deloitte & Co. 
and Haskins & Sells reflects the long¬ 
standing international organisation 
of the firm. 


Interim Report 





The consolidated trading results (unaudited) 
were as follows: 













Group Turnover 








(gross equivalent) 




•Before taxation and minority interests. 

Lloyds Chambers 
Crotchet} Friars 
London EC3N 2JS 

Extracts from the interim Statement by the Chairman, tdorris Abbott. 

Tha profit for the half-year to 30th September 1977 was £3.2 million, a 259» 
increase over the same period last year. The overall increase in Group 
turnover Was 1996 although insurance broking turnover, which amounted to 
£10 million, is up by 2396 over the corresponding period hat year. 

Taking into account the effects of the strengthening of starling relative to list 
year. I believe these figures reflect a satisfactory half-year's trading. The 
reduced currency benefits affected principally our in ram at Iona I business, but 
fortunately this hs» been more than compensated by a gratifying 
improvement in our United Kingdom business. 

Although We must expect currency factors to continue to offset our brokerage 
income, nevertheless I believe our profits wilt continue to be buoyant 
reflecting a further satisfactory improvement ir» expense redos. 

An interim dividend of 3.83p per ordinary share will be paid and will absorb 
some £820.000. This is equivalent to 5.5p per shore for shareholders 
resident in the United Kingdom and entitled to rhe associated tax credit. It 
compares with a gross equivalent interim dividend of 5p per share declared 
last year. 


The interim dividend will be payable on 30th March 1979 to shareholders 
on the register at ilia close of business on 24th February 1978. 



. Financial Times Tuesday January -10 1978 

P.O. pension deficit means 
higher cost to consumer 

! - s 


it t 

\ f ‘ Inm. 

• m ; *. 

ARE CONSUMERS payin g too 
much for the services provided by 
the post Office simply to allow it 
to conform with the British pen¬ 
sions tradttwii that ' pension 
scheme HabBaties should be. fully 
funded? ISris is the question 
posed by the latest report of the 
Post Office Staff Superannuation 
Fund for 4he year ending March 
31,1977. HiSs contained The valua¬ 
tion of the fund made at the pre¬ 
vious year-aid and showed that 
the deficiency in respect of past 
sendee benefits bad reached 

The first dtanwotfng feature fa 
that ttos deficiency fa getting 
larger with each successive valua- 
Uon, despite the amounts of' 
mosey paid Into the food by the 
Post Office flo get rid of it ‘When 
the fund started at vesting date 
October 1, 1969, -the consulting 
actuary to the fund EL Watson 
and Sons put the value of the 
deficit at £504m. Tbe value of the 
labilities was jE98$ol agsfe&t an 
aotuarfaJ value of £381m. placed 
on the fund’s nominal holdings 
of Consols 2} per cent The fund 
started with no other asset AX 
the first formal valuation on Sep¬ 
tember 30, 1972, the deficit had 
grown to £L0Sbn. Now it fa 
approaching £2ba. 

The actuary’s report fgap ta fa*; 
why 4he deficit has grown. 
Because 4h* pay • and pension 
increases that actuary occurred 
hi the achcfne were higher than 
had been anticipated at the pre¬ 
vious valuation, the actuary has 
now made more stringena 
assumptions in hfa pew valuation. 

The Post Office Act 1969 laid 
on the Post Office the responsi¬ 
bility for meeting the actuarial 
deficiency on the scheme out of 
its own resources, and the Post 
Office elected ' to pay off the', 
deficit over 20 years from April 


X 1872. By April 1, 1876. it had 
already made four years’ pay- 
: meats and yet the deficit had 

If the P-O. keeps its original 
timetable, then it will have to 
increase its payments substan¬ 
tially .and that means higher 
prices for the consumer. The 
actuary's report. recommends an 
increase from the present 11 per 
cent of payroll to 13 per cent 
—a jump of one-fifth. 

But a closer , analysis of the 
assumptions made by the actuary 
in his valuation- may be a cause 
for further- disquiet- Be would 
appear to have remained on the 
optimistic side in .Ms- view i f 
future inflation rates and future 
investment returns. He has 
assumed that real incomes will 
rise at 2 per cent per annum 
and. that investments will pro¬ 
duce a reaT return of- 4 per cent, 
'per annum. 

Admittedly the actuary must 
take a very long term view. But 
events of, tiie past few years do 
not support these assumptions. 
Other consulting actuaries regard 
them as reasonable however, and 
both new assumption's are | per 
cent lower than previously. 

The PO actuary is due to make 
a further assessment of the posi¬ 
tion as at April this year when 
the revised sole of benefits neces¬ 
sary for the fund to Contract-out 
of the new State pension scheme 
comes itno operation. The aim 
here Is to get the two contribution 
changes to coincide. Nevertheless 
if the actuary changes his assump¬ 
tions again, the deficit could grow 
to £2bn.. despite the £234m. that 
the PO has injected during 1977. 

The crux of the problem is two¬ 
fold. The Post -Office is being 
asked to carry an unfair burden 
in respect of pre-1969 pension lia¬ 
bilities, previously the responsi¬ 
bility of the Government The 
Government’s original.endowment 

now proves to have been ridicu 
Jously low. 

Possibly more important, the 
situation highlights the cost bur¬ 
den of funding, in advdnee, for 
inflation-linked pensions, that is, 
of paying In present pounds for 
future pounds that will be very 
much depredated. 

The actuary's report also re¬ 
veals a future service .deficit of 
£296mj as well, the current contri¬ 
bution ate for benefits in the 
future is/in adequate. Again he'is 
recommending an increase in 
these rates from IS per cent, to 
17JL per cent This is on lop of 

the problem of the 'past service 


The immediate impact of these 
increased levies,' for which the 
consumer -will pay, will be that 
the fund would' have - to invest 
£450ul a year instead of * the 
figure for 1977 of £S66m. The 
consumer may well echo the 
Carter Report's querying whether 
such a large fund fa really 

The Post' Office confirms that 
discussions are now going on with 
the Government over the question 
of the deficiencies and.what to 
do about them. It gives no indi¬ 
cation of possible solutions but 
admits the urgency of doing 
something. It is difficult, however, 
to see how - the PO - can avoid 
moving from- a fully' funded - to a 
partial, funded system in which it 
will carry a permanent deficit. 

The defenders of the fully 
funded principle—primarily 
actuaries, but also many trade 
unionists—point out that it intro¬ 
duces financial discipline and that 
one generation does not subsidise 
another. This fa certainly not the 
case with the Post Office in its 
current dflenuna, ' where the 
present generation has the 
prospect of subsidising both past 

and future. 

Hi Samuel 
sees peak: 
dividend up 

H. Samuel, predicts record results 
for the January 31, 1978, year and 
is increasing the interim dividend 
from Lip to 1.5p net per 25p 

Directors say trading for the 
first 11 months has been “very 
satisfactory” with a successful 

Hie previous peak figure was 
last year when £9.D2m_ was earned 
before tax. «nn total dividends of 
7.5p were paid. • ■. • 


The fa&owlcig companies have notified 
dates of Board meetings to UK SlQ<$ 
Escbatma. such meetings are usually 
held for the purpose of considering 
dividends Official ladiestfoo? are. not 
available whether dividends concerned 
are imatms or Goals and the snb- 
cbnaons shown below are based 
on last year's time-table. 


Interims;— Astra Industrial. Butterfield 
Hacvey. Letraset miemaiinnal. 

. Finals:— . . Investors Capitol Trust. 
Norfolk Capital. SCB, SaaidU -.and 



Best and Hay _Jan. M 

Cowan Dc Grom . Jao. 34 

Dowry —:—__ —-Feb. 7 

Heron Motor _•.Jan.' C 

W—IT • 

Amatfl . Jan. IS 

Cantos Profile" ..... Jan.-12 

First National Finance..Jan. U 

Grand Metropolitan _ Jan. SO 

Lov^l‘ 1 Y.J .1 ... •. Jan. SB 

United States and General Trust Jan. Iff 

Watson and Philip _ Jan. SB 


i | ’V 1 

* .■,* ,1 - 

Avon Rubber to spend £4 




r* '*. J r ;S3 


; • • " r i' 
i x . ;>;■»'• ' r > W 

•i ■•■.'il- '.rri-.nirt 

A MORE than £4m. capital 
expenditure programme - will be 
carried out by the Avou Rubber 
Company in the current year, Mr. 
Hugh Rogers, the retiring chair¬ 
man, says in hfa annua} state¬ 

He says the programme shows 
a continued increase In the rate 
of investment, and will be 
financed from internally 
generated funds. 

In the last year to October 1, 
1977, borrowings were further 
reduced, while at the same time 
the capital investment pro¬ 
gramme for buildings and plant 
was further increased to provide 
extra capacity. 

As reported pre-tax profit of. 
the lyres and industrial products 
group advanced from £2,458,455 to 
a record £5.416.858 in the 1976/77 
year. The dividend total goes up 
from 5p to 9275p net per £1 

Turnover and profit by activity 
was: tyres £25-93nL and JELlSin. 
l£24m. and £0.18m.); Motorway 
Tyres and Accessories £2 9 .5m. and 
EO-oBm. (£22m. and £0-08m_); Avon 
Rubber . Company'..{Bridgend)? 
El 1.9m. and £0.55m. (£&2m. and 
E0.Q2m.): processed polymers 

£0^3m. and £0.15m. (£0JL2tn- and 
£0.08m.): industrial polymers 

£l9m. and £L75m- (£XSOm. and 
£L22m.); medicals £2.44m. and 
£ 0 J»m. (£ 2 LLm. and £0.2Bm.); in- 
fla tables £L17m. and £0.2Sm. 
(£3.4m. add £0-18m.); and over¬ 
seas £14.5m. and £0.75m» (£U.8m. 

anH fn - 4.m ); - 

Investment income contributed 
£ 16,080 (same) to profit and 
associated companies ' £115,255 

Exports from the UJL grew 
from £L8£40.449 (21 per cent of 
total turnover), to £284)19,073 (25 
per cent of turnover). 

Mr. Rogers says that the 
improvement in profit from tyres 
was brought about-by increased 
efficiency In manufacturing, 
selling and distribution. .* 

Results of Avon Medicals^ which 
specialises in the manufacture of 
sterile disposable medical pro¬ 
ducts, fell short of expectations, 
but a substantial improvement in 
profitability is expected during 

Overseas companies had a' good 
year.: .the most profitable ,being 
the manufacturing company in 

Avon has begun the transfer of 
control of the operations based 
in Nairobi to Kenya citizens and 
Mr. Rogers says. “Although this 
entails reducing our shareholding 
to below 50 per cenu, we believe 
that in both the short and the 
long term it will heip us to 
achieve greater expansion and 

Co-op new 
premiums up 

The Co-operative Insurance 
Society announces that in the life 
department the new premium, 
income rose from £19im. to 
£23Jm. in 1977 and the corre¬ 
sponding new sums assured 
amounted to £728m. compared 
with £674m. 


The one-for-ten rights issue by 
Cableform Group to raise £D.2m- 
has been taken up as to 94.95 per¬ 
cent The balance has been, sold 
and the'net proceeds distributed 
to entitled shareholders. 

Property & 

Property and Reversionary In¬ 
vestment Corporation has spent 
£950,000 on buying a 999-year 
lease on 250,000 sq. ft of factory 
and ancillary office space in Farn- 
borough, Hants. The premises are 
let to Solatron. a subsidiary of the 
American oil and electronics 
group Schlumberger, for £100,000. 

This represents an initial yield 
of 10.5 per cent, on the basis of 
an average rent for the 15-year- 
old buildings of 40p per square 
foot. The key to the deal is the 
fact that It will generate a posi¬ 
tive casb flow from the start. In 
addition there fa the prospect of 
a rent review in 1993, or earlier if 
the lease fa terminated by the 

The buildings occupy a 1 5-acre 
site which offers some possibility 
of further development 

Commenting on the deal Mr. 
Kenneth Rubenc, managing direc¬ 
tor of Property and Reversionary, 
said that hfa company had not 
bought property for some time 
now but that he would be pre¬ 
pared to “ go out on a limb again 
for something like this.” 



New Throgmorton Trust an¬ 
nounces that under tbe terms of 
the trust deed constituting the 
capital loan stock £ 311,932 nomi¬ 
nal of stock was tendered at 
109fi3p per unit. 

This amount of stock has been 
accepted in full by the dealing 
subsidiary, for a consideration 
of £341,659. 

The outstanding stock not held 
by the company or its subsidiaries 
now amounts to £1,786,037 nomi 




In 1977 HansonTiust continued 
its growth wth results as good as, 

Profits have grownto £24-4 million 
from £19.2 million in 1976. . 

Earnings per share have climbed 
to 20.3p from 15,lp in 1976. 

And net tangible assets per share 
are up to lOOp from 85p in 1976. 

HansonTrusft policyof investing 
as carefully in managementas they do 
in assets has again succeeded. 


The indnstn'al management cony ary 
wberepeopfe areasvalued as assets. 


Tfttsannouncemenl appearsss a matter of record only 




7 year loan 

for the part financing of a lignite fuelled power station 

managed by 


Deutsche Genossenschaftsbank GRINDLAY BRANDTS LIMITED 



Deutsche Genossenschaftsbank 
(Cayman Islands Branch) 

. (London Branch) 



co-managed by 


provided by 









Members of the Lloyds Bank Group 


ySL^ AppIiratipM will H»i at lOrnmi Thondaj-. 12th J union. W7* and will ctoso at any trait- thereafter ovthc same da*. 

TUs isxaeis made At amvdtmcejrUh u General Content siren by the Treasury under the Ctvtind flfBnrrnxi .re OtJrr /!>.«. 

AppbcaUon hu been made to the Council or The Stock Exchange for the Slock being issued to be admitted to I he Official List. 



£7,000,000 Metropolitan Borough of Tameside 
10| per cent. Redeemable Stock, 1984-85 

P»sMr as foDowsi— 

On Application .. flOnerrMit- 

. :: 

On I0th Amfl, 1978. £491 per cent. 

£991 per cent. 

Interest (less income tax) viH he payable half-yearly an 5th Jqpe Bed 5ib December. 

A 6r»< interest payment of £2-3797 (le»« income tax} per £100 StocktriU be made on 5tb June, 1979. 

Authorised*? fht Carnal ofthe Metropolitan B-jeouth of Tametik and issued in otWuc.v p iiii the P n,\idem of the Loco! Art1972, the Icml Authority f Stodrati 

Bonds) Re'fttdations 1974 and ihc Tam**idc Metropolitan Bunm^h Lam Futuf Scheme 1^77. 

The Stock is an Imrstmrnt fulting within Part It t>f the Tint Sih.-du/c to the Trustee huraiiu nts Art 1*61. 



the ContKii or the Metropolitan Borough of Tameside to xcceitc applicaii 
above amount of Stock. __ 

1. SECURTTy<—-Tho Stock and tbe interest -thereon xrilf be secured on nil the 
revenues of tbe C o unci l and will rank pari passu viib tbe g*iq'"c and fnoue debt of tbe 

Z PROVISION FOR REPAYMENT OF LOANS.—The Council i« required by 
Acts of Parliament and b^the Tameside Metropolitan Borough Loans Fund Scheme 1077 
to make a pp roianatB pro viaioa towards redemp i i on oTIoans raised for capital expenditure 
and to make such teteag in connection therewith as maybe required by the Secretary of 
Slmto for the Environment . 1 

X PURPOSES OF ISSUfu—-The net proceeds of Ibe presen t issue of Stock will be 
■ppBed to reptact mcmeya temporerilT borrowed, to finance authorised capital expeudi- 
ture, to replace maturing debt and to finance further capital expenditure. 

4. "REDEMPTION OF STOCK.—-The Stock win be redeemed at par on Mi June, 

1983 units* previously cancelled by purchase in tbe open market or by agreement with lha 
holders. Further, the Council has tbe onion to re d e em tbe Slock at par. iu whole or in 
pan.oo oral any lime after 5 th June, IVM on giving not less than three calendar montbv* I - 
notice to tbe Stockholders in writing or by pahlic advertisement. I > 

The Lin or Application* will ,«l-d at 10 ajn. on Thursday. IZib Jammy . 1978 and will , 
dose at any lime thereafter on the same daj. j 




5. REGISTRATION.—^The Stock when fuDy paid will be registered and trans¬ 
ferable free or charge in amounts and multiples or one penny by Instrument in writing in 
.Kcordaacwwltfa the Slock Transfer Act 1963. Tbe Register of tbe Stork will be kept at 
Barclays Bank (Loodos and International) Limited, Begfctratioe Department, Radbrokc 
HoD.Knatsford, Oawtdre WA169EU. 

6. INTEREST.—ImerestOess income tax) will be paid half-yearij- cm 5th June and 
5rb Deconber by -warrant, which will be seat by post ai iho Stockholder's risk. In iho 
case of a joint account, the warrant will he forwarded to the pexsoQ 6m named in tbe 
account unless instructions to the contrary are given in writing. 

Tbe first payment per £100 Stock or £2-3797 (lev incense tat) wifi be made on 5th, 
Jane, 1978 by warrant in tbe usual way to holders registered on 5ib May, I ITS. 

must be on tbe prescribed form and must be accompanied by a deposit off IP percent, of 
the nominal a mou n t applied for will, be received at Barclays Bank fLondon and Inter¬ 
national) Limited^ New Issues Department. P-O. Box 123, 2 Loudon Wall BtriklLn^s, 
London Wall, London EC? 2BU. 

AppEcatioBa matt belor a mmimBm e£ £100 Stock or in multiples of £100 for applfcn-- 
tieas up t» £1J>08 Stock. 

lutyer sap!kattfoos aonat he made in acccedaocD with the foDowion scales— 

ApphcatipM ahem £1,000 Sleek and sot exceeding £5,000 Stock in nraltipjes of 

I VJf HUV1E.D1UC; | 

101 per roof- Redeemable Stock, 3984-85 I 

| 3«aie of £ 7 , 000.000 Stock at £99} per cent. I 


I Nieu Ivsnct Departmail, P O. Bo^ J2.', 2 London Wall Buildings, Loudon Wall, . 
London EC2P2BU. ’_ I 

| 3 We hereby apply tor 1 *£ J w r- | 

Tameside 101 per con. RedeeinaWe Stuck. 1'*K4-K5, according to ihc condiuom | 
contained In the Prospectus dated 9ih January. 1U7H. and undertake to accept the 
■ sune or any less amount that may be alWird to rae.'us and to pay for tbe same in I 
I cinuotmiis with the term* ofihe said Prospectus. 1 'We request that uny Letter ol - Allot- | 
mem in respeci of Stock alloitcd in me'us he sent to me tn by po>t at my/out risk to Iho 
V liral Written address and that such Slock be registered in my.'our namci si. B 

T'We enclose the required deposit of £_—-- being £10 percent. 

I on the Dotuinal amoont applied for. and warrant that the cheque attached hereto will he ■ 
I honoured on tint presentation and agree that any allotment ol Stock is mode strictly on I 
this understanding. 

not be ■ 

acquiring the Stock on behalf of or jsnomineeis) ol any personi si resident outside thoar , 


uus unoerstaraaiog. 

I . “J We declare that I am nnl ’no one of us Ti resident outside the Scheduled 
tones; withiojhe mcamne nf the Em. lunge Control Act JH47, and that I.'ue shall 


A ppJJeatiQUj abmv £5.000 Stock and not otceetHng £29,000 Stock in multiples of | 

Application* aboro £20,000 Slock in multiples of £5,000. 

and payable in the Failed Wegdom must I 

A separate 

accompany eadr 

is fulfilled. 

drawn oa a bonk is 
form. No opplkathm 

in the Toiled Kingdom must 
be eonndered unless this condition 



First .Yamt'l s') intuit- 

.Surname and Drdynattnrr , 
(M r- M rs.. Miss or Tide) 

Address in full - -- 

[IneluJIrKpostal code) 

iLbe ifaees bekrtv uf^bniseimherateorjoimappIiJaijotik^ 
bignulutc - 


Bardays Bank (London and International) Limited, reserves tbe right to re tom 
surplus application moneys by meaai of a cheque drawn on a country branch of Bar Jay s 
Bank Limited to any applicant whose application was not supported by a Baakcrn Draft 
a cheque drawn on a Town Ctcaang Branch ofa Bank in the City of L ondoo. 

it in rail may be made at any lime after allotment, but» discount win bo 

Default In. the tsayment or any instalment by its due date will render all previous 
pa y m e n ts liable to forfeit are and the allotment to eaneefiatioo. 

Each applicant to whom an allotment of Slock is nude will be sent tt renounceaHc 
Letter of Allotment, Wfddi must he pr o d uced when instalment payments arc made. 
Letters of Allotment, which maybe split up lo S p.m. on 2£th April 1976. will contain 
forms of rcnmroatfoo which will be available up to S p.m. on 2Kth April 1976. On pa? - 
meat of the instalment doe on 1st March, 1978 the Letter of Allotment will he receipted 
and married to the sender. When payment in full i« made, the Letter of Allotment will 
be receipted and'returned to the sender unless tbe registration application form has been 
completed, in which case {ages 1 and 2 onfy ofihe Letter will be returned to the vender. 

Partly paid Letters of Afiotarat may be split in maltmlacof £100 Stoek, but folly paid 
Letters of AllotrtWtt.ndry'be snfit down to mnttipfca d( one penny of Slock. No Letters of 
Afiotmcat will be apfirnfoK all insuhnrnta then dae have bocn paid. There wifi be no 
for ^HtiM Letfota of A Hotmeirt, 

Stock GcreBJeaie wflI be despatched by ordinary post at the risk of tbe Stock- 

First .VjWffO in full- 

Surname and fiesiinioliou- 

1 (Mr.. Mrs., Miss or Title) 
[ Address in juB. 



[ first yomefs) in fuff- 

Surname and Dedunatuui— 

IM ra Mra» M iss or Tiller 
Address in full . . ^ , 


At Applications must be lor a minimum of £100 Slock or in multiple* thereof up to £1,000 . 

boldcrfi) without furtharrequert on 26th May, 1978 to tbe (first named.I repisirrcJ haklcr 
at his/her regal ered address. If between 2nd May. 1978 and 19ih May. 1978 iho Letter of 
AfioQnent is lodged at Barclays Book (London and International) Limited. New Issue? 
Deper intent, P.O. Box 1?J, SXendon.Wall Buildings. London Wall, London FCTP 2BU 

| Larger applirotioov mnhlbe made id accordance whh the foUo»tnr acate:— 1 

I Appiicatian above £1JMM Stock and inn cuxcdinc CLDOO Stock in muhtplnnf £500. 
Applications abuse £5.000 Stock and not exceeding £211.000 Stock in multiples of £1.000. I 

A ppliealions above £20/100 Stock in ntahipleiof £5.000. | 

I -iff this deeloration cannot be made, it should be deleted and reieience should be 
made to an Authorised Depositary or. hi the Republic of Ireland, an Apprascd Agent, I 
through whom lodgment should be effected. Authorised Depositariej arc listed in the I 

I Bank of England* Notice E.C.I. and indude most Ranks and SlOcLbrolcrs in and 
solicitors practising in the United Kingdom, tbe Channel Jsland* or the Jidc of Man. I 
Approred^Agents in the Republic of Ireland are defined in the Bank or England's | 

VaiucAdtJcd ■^£«ff»Oationnaniber if aptficafale: this eomnnssioiTwill nwThtnvcw, 1 tThc ihedulwl Territories atnteseni canipriv: the Uniied Kingdom, the Chafloel I 
bopoidin reaped OlaaallotnjBnt which arisen out of on undcrwriUnjcomraiunenu | Islands, the Jslenf.Mitn.Lhc Republic ul Irtiaml and Gibraltar. | 

A ctnrnnis3lon_of 12fp per £100 Stock will be allowed to recognised bankers and 
stockbrokers on oHobnenu nude in respect of applications haring their stamp, and 

_ STATISTICS,—-Relating to the Metropolitan Borough ofTametide. 

popnlation-HBUd 1976 (Registrar Gmerafs estimate 1 _—- 221.3(111 

Rateable nine—1st April, 1977.---- £20.S25,?2f; 

RrodKtoft»nUaofIpfotho£—1977/78 1 estimated 1 - £.171.870 

TkimertioriBeinft.Bf--.nmriK -■ - 66. Op 

Jfctfoahdrtit—Si si March, 1977- - £$2,63O,SS0 

9- a»f application formt. may be obtained from: 

lesua Denranut. - JP.O. Beei 123, 2 London Wall Buildings, London. Wall, 
London KC2P 2BU. ' 

1* Hense. London Wall. London EC2Y 5AP. 

THE PIRSCTOB. OF FINANCE, Metropolitan Borough of Tames*dc, 

Metropolitan Borflugb oT Xlmeskie, By Order of (he Council, 

Town Hail, i». sneas, 

Ashuo-und0PLJ«i. CMrf Etcetttfre. 

Lancashire- ___. - _ *. d. ti3WJemd, 

9th. JMWt® 1 ® 5 *-. 23vector offluuntz. 




This form should be completed and sent tnB 
Twtii feparlnnit, P.O. Box 123. 2 Lonttoe Mall Buiidineh. laiadua WalL London 
EC IP ZBLvwith a cheque payable to Barclays Bank t London and Internationalt Limited I 
or in the shortened form “BAH** Tot the amount of the Deposit, Cheques should be. I 
crossed "Not Negotiable". _ 

In the raw of joint applicants, all must lieit and. in the cate of a corporation, iMs I 
form must be tompfeied under hand by a duly authorised oflnsr who should slate hi* I 
destination. * 

No receipt will be issued Tor patmem on tlti«. application but an acknowledgement 
wnifcf loraanled by post iu due course, either bj Letter of AOouneuL, or by xeiura of 



United Mexican States 

Medium-term Euro-doIIarloan 

- Managedby: 

Abu Dhabi investment Company Amsterdam-Rotterdam Bank N.V. Banco do Brasil SJL Bank fir Gemeinwirtschaft Aktiengeseliscfeaft 

Bank of America NT &SA Bank of Montreal The Bank of Nova Scotia International Limited The Bank of Tokyo, Ltd. Banque National de Paris 

Barclays Bank International Limited Bayerische Landeshank Birozentraie Canadian Imperial Bank of Commerce Chase Manhattan limited 
Chemical Bank Citicorp International Group Commercbank Aktiengeselischaft Compagnie Finantiere de la Deutsche Bank AG 

DG BANK Deutsche Genossenschaftsfaank Dresdner Bank Aktiengeselischaft First National Boston Limited Grindlay Brandts limited 
The Industrial Bank of Japan, Limited Lloyds Bank International Limited The Long-Term Credit Bank of Japan, Limited A Manufacturers Hanover Limited 
Midland BankLimited Morgan Guaranty Trust Company of New York National Westminster Bank Ltd. 

Societe Generate de Banque S.A.—Generate Bankmaatschappij N.V. Swiss Bank Corporation Toronto Dominion Bank 

Union Bank of Switzerland Westdeutsche Landeshank Girozentraie 

Co-managed by: 

Banque Europeenne de Credit (BEG) 
Irving Trust Company 

Bayerische Hypotheken-und Wechsel-Bank 
Security Pacific Bank 

First Chicago Panama SJL 
United California Bank 

Banco de Comercio SA (Mexico) Banco National de Mexico-BANAMEX 

Banca Serffn SA Institution de Banca Multiple 

Multibanco Comermex Banco International, SJL (Mexico) 

. __ * 

Sociedad Mexicana de Creditu industrial, SJL 

Funds pro vided by: 

Abu Dhabi Investment Company Amsterdam-Rotterdam Bank N.V. 

Bank of Montreal 

Barclays Bank International Limited Bayerische Landesbank International S.A. 

The Chase Manhattan Bank, N.A. Chemical Bank Citibank, N A 

Compagnie Financiere de la Deutsche Bank AG 

The First National Bank of Boston.. 

The Long-Term Credit Bank of Japan, Limited Manufacturers Hanover Trust Company 

Morgan Guaranty Trust Company of New York 
Societe Generate de Banque S.A.—Generate Bankmaatschappij N.V. 

Toronto Dominion Bank Union Bank of Switzerland (Panama) Inc. 

Bank of America NT & SA 

Banco do Brasil S.A. - . BfG Luxemburg 

(London branch) \ .. . . .. 

The Bank of Nova Scotia Internationa! Limited The Bank of Tokyo, : Ltd . Banque Nationale de Paris 

Canadian Imperial Bank of Commerce 
Commerzbank international SA 

DG BANK Deutsche Genossenschaftsbank 

'{Cayman Island? Branch) 

G'rindjays Bank Limited The Industrial Bank of Japan, Limited 

Dresdner Bank Aktiengeselischaft 

(London Branch) 

Lloyds Bank International Limited 

Midland Bank Limited 
International Westminster Bank Ltd. 
Swiss Bank Corporation (Overseas) S.A., Panama 
WestLB International S.A. 

Banco de Comercio SA (Mexico) 

(Los Angeles International Banking Branch) 

Bayerische Hypotheken-und Wechsel-Bank 

(Cayman Islands Branch) 

Banco Nacional de Mexico-BANAMEX . Banque Europ6enne de Credit (BEC) 

The First National Bank of Chicago Irving Trust Company Security Pacific Bank United California Bank Algemene Bank Nederland N.V. 
Banco Internacional, S A (Mexico) The Bank of New York The Bank of Yokohama Limited Banque de Paris et des Pays-Bas 

Mellon Bank NA The Mitsubishi Bank Limited Multibanco Comermex The Sanwa Bank, Limited 

. _ European American Banking Corporation Banco de Santander, S A 

Banca Serfin SA institution de Banca Multiple Bank Bumiputra Malaysia Berhad The Dai-lchi Kangyo Bank Ltd. 

(London Branch) 

The Detroit Bank and Trust Company First Pennsylvania Bank NA The Fuji Bank, Limited International Commercial Bank Limited 
Lloyds Bank California * The Northern Trust Company The Saitama Bank, Ltd. •. Sociedad Mexicana de Credito. Industrial, SA 

Brasilian American Merchant Bank 

(Grand Cayman) 

TheTokai Bank, Limited - The Mitsui Bank, Limited 

The Yasuda Trust and Banking Co., Ltd. Banque Europeenne de Tokyo S A The Toyo Trust and Banking Co., Ltd. Wells Fargo Bank N.A. 

(New York Branch) 

Republic National Bank of New York Trade Development Bank Overseas Inc. The Hokkaido Takushoku Bank Ltd. The Kyowa Bank Ltd. 

(London Branch) 

LBI Finance (Hong Kong) Limited New England Merchants National Bank Qatar National Bank SAQ. 

(Nassau Branch) 

American National Bank and Trust Company of Chicago Banco de Bilbao . Banco Hispano Americano Banco Urquijo SA 

(New York Agency) 

Banco de Vizcaya Bank of British Columbia Bank of London and Montreal Limited Bank of London and South America Limited 

(Nassau) (Panama Branch) 

Bank Sanaye Iran Bank of Scotland Banque Europeenne pour I’Amerique Latine (B.E.A.L.) S A 

(London Branch) 

Banque Frangaise du Commerce Extdrieur (B.F.C.E.) 

The Connecticut Bank and Trust Company 
Euro-Latinamerican Bank Limited-EULABANK- 

Banque Scandrnave en Suisse 


County Bank Limited 

The Chuo Trust and Banking Company Limited 
Credit du Nord Daiwa Europe N.V. 

Euro-Pacific Finance Corporation Limited * F. van Lanschot Bankiers (Curasao) N.V. 

First National Bank of Commerce New Orleans, LA Hartford National Bank and Trust Company Internationale Genossenschaftsbank AG 

(Grand Cayman Branch) 

Iran Overseas Investment Bank Limited Kuwait Pacific Finance Company Limited . Lazard Brothers & Co., Limited 

Lloyds Bank International Limited 

(Singapore Branch) 

Merck, Finck & Co. 

Morgan Grenfell & Co. Limited 

National Bank of Abu Dhabi 

(London Branch) 

The Nikko (Luxembourg) S.A. Nomura Europe N.V. Northland Bank, Calgary, Alberta, Canada The Royal Bank of Scotland Limited 

Singapore Nomura Merchant Banking Limited Sofis Limited The Sumitomo Trust and Banking Co., Ltd. The Taiyo Kobe Bank Ltd. 
Texas Commerce Bank Union des Banques Arabes et Europeennes-U.B AE.-Societe Anonym© United States Trust Company of New York 


Morgan Guaranty Trast Company of New York 
This announcement appears as a matter of record only. 

November 1977 

Financial Times Tuesday January. 10 1078 


Gem sales over 
. but... 




AS EXPECTED, world ales of age of 15 per rest, a big ru» 
rough diamonds marketed by the which followed a previous Increase 
Central Selling Organisation on of 5,75 per cent, to September 
behalf or De Seers and other pro- ivn. A major surprise last year 
ducers hit a new record value came with an even terser- price 
last year. They totalled-RlEhm, increase, of ..17 per cent, hi 
or. SLOTbn. compared with the December. 

previous year's record of RlXSba^ The last increase reBected a 


StxumnrtK to 
Jam Die. 

W7T .. 





im _ 



t»!S .. 


1 »M _ 


313 fl 

«TS. — 



1171 _ 



wn . 

CTO 1 


on _ 



\m ... 



IMS -. 




this 33 


. continuing buoyant market when 
Tnni* diamond dealers had been paying 
Km. premiums of up to 50 per cent. 
yMi.i on CSC prices for certain qualities 
oF the smaller stones. It suggested 
iSf that the value of second-half 1877 
mas sales would at.least match that 
«u.3 of the first sis months. 

*5* The fact that the second half 
«h£ of 1077 has brought a fall of &9 
42*8 per cent, on the first half will * 

... cent, thus cause some disappointment^ 

advance, CSO sales In the second and suggest that diamonds have 
half of 1977 hove not matched gone over the crest of the wave' 
those of the buoyant first half, for the rime being, a view that 
amounting to R8593m. (S98&2m.) is backed by the uncertainties: 
against R!>43.4m. (SI.Often.). surrounding the economy of the 

The past year’s unprecedented UJL, the world’s largest buyer of 
demand covered nearly all cate- diamonds. 

Kories of diamonds, but was parti- In laie dealings yesterday, the 
cliterly notlcable In the smaller price of De Beers turned easier 
gem stones of under U carats and the shares were finally show? 
(there are 143 carats to the ounce) lng a loss on the day of Up at 
which had previously been 292p. However, despite the c u r rent, 
in oversupnly to the extent that economic uncertainties; It should " 
the CSO was having t» carry large be borne fn mind that the 1878 
stocks. These stocks have now sales figure will benefit from a 
been run down. Dili year of the recent 17 per 

In March of last year, the CSO cent, increase: the CSO has never 
[Increased gem prices by an aver- reduced prices In its long history. 

Phelps hits molybdenum 

[THE UJS. croup. Phelps Dodge. The figures are revealed .to-day 

has an opportunity to further Its in statistics from the -Malays** 
diversification away from copper Mining Corporation, which groups 

as the result of an announcement together companies formerly in 
outlining a significant' mniyh- the London Tin and Tronoh 

discovery in 

I Utah. 

The discovery 

southern groups. 


comes on 

some slippage In 
the October Tronoh has managed to 

heels or another molybdenum find, keep its production consistently 
this time by Amax. the industry above the level of 1978. Helped 

leader, in Gunnison County, 
Colorado. Drilling by Ara.ix 

by the higher levels of the metal 
price it was able to declare to . 

however, further advanced and August an interim dividend of SO 

the group has talked of a “pos- cents (UMp) before Malaysian 

slble major deposit of competitive f* 'P®* cent. This com- 
- ■■ pared with 8.4 cents Iho previous ■ 


Phelps' announcement was made 

after four diamond drillholes. latest production figures 

which intersected mineralisation some hope of a further high 

at depths between 3.000 and 5.000 
(eet. The holes form a rough 
square with sides of about 800 
feet. Two or the holes were 
completed without, as Phelps pm 
It. “bottomin'.: the mineralisation.'* 
If the mineralisation In these 
I holes proves to be continuous. 

payment, at least at the gross 
level. . 

Other mines In the MMC group 
-have continued production at 
rates which do not cause any-- 
major deviation from recent V- 
trends. As expected Ayer HltamV 
output remains sluggish—at 832- 
tonnes for the first six months .1 

substantial tonnages of an average jiao* toiroe* fa thdmS T 

sst wsw mis 

per cent, ta 0.38 per cent, molyb- 


I*-- JF&tJRSESB&i. 

Th.e ****** After eight months it stands 

3,350 tonnes against 2*82 tonnfif 

are likely to be slightly less than 
.those at Atnax's new Henderson 
mine, where 0.49 per cent at a 

in the same period of the 1975-31* 
year. " "Sr 

■ m j , Cumulative totals for stnooi: 

per cenL lJS other group operations are: lW-- 

tonnes for Malayan TIo compared 
As a further basis of compart- ...jfj. • totuiM after six. 

• Rio ThUo-Ztac subsidiary. numthsS.238 tonnw Mr Southwi 

K . tel ® RKai ? St 1 ' 035 *“"«* 8fttr 
tmum., work on a deposit ui n j ne months. 1.046 tonnes, for: ... 

«o he - e ‘ or « Southern Malayan against MW-, 
'' r H d n S *ns > L, bet ' ve ? n ». P^ r tonnes alter six months and 1.444 ' 

and 0.35 per cent, have been out- t0 nnes For Sungi Besi against 4 _ 

IID “' ... . . 3.105 tonnes after nine months. 

Such assessments are inevitably Production comparisons arr-- 
tentative. Phelps stressed that an listed in the following table: 
extensive -drilling programme 
would be necessary "to determine 
Tully the amount and grade of 
the mineralised body which the 
company believes may exist" 

'Phelps , spokesmen yesterday 
ere reticent about the priority 
to be given to further exploration 
work on the potential deposit, and 

no decision has been made on the__ 

funds to be expended this year. SnnKcM 3 osT 
But several years work wil) be 
necessary before its economic 
status is recognised. 

Ironically, the Phelps announce¬ 
ment comes just three weeks after 
a chance fn development strategy 
was hinted at by Mr. George Mun- 
roe, the chairman. He said in' 

Ne» York that the exploration £££. ’tFaSSSSPaS. -mm,- 
budget for hardrock minerals in-ated ira conoes i 7 B per cwt irt 
would this year be 55m. against "vian. Malaysia Cl rornm. tHmaaher- 
S7m. (£S.7m.l last year, while the 30d 18 ««“«* respectively, 
budget for energy minerals would^ 
be increased. 









in •: 

,\rer Hitam . 

IB -J 

Bertunral . 



1 ? 

Kanumtlns . 

Kramai . 





Kuala Katnpar ... 



1* 4 

Lower Perak ._ 







Slhn. Klnt* Con?. 




Stbn. Malayan 



Surbo) Besi . 



185 } 

TonBfcaft I7rbr. ... 




Trooota Mines ... 




□n output 77 tonnes (November STtj 

Tronoh output 
holds steady 

rHE MALAysiAN Un producer, 
fronoh Mines, maintained produce 
ion at a steady level last month 
tnd has finished i.ts financial year 
vilh a total output of 2,246 tonnes. 
>f tin concentrat&s against 2^05 
onnes In 1976. 




15th December, 1977 
Bid LUJ$104-11 
Offer U5S105-16 


. "The Record" speaks for itself 

Preliminary Results 

Profit before tax 
Dividend proposed 











+ 23% 
+ 48% 


1973; 1974 1975 1976 1977’*^ 

. The annual report wilf be f/'osted to sharetiatcfef&vn^. 

' January 31. For a copy phase write to 7V><j Secretary, 
Record Rid gw ay Limited. Parkway Works. Sheffield $$3UL 






ij^;T«e§fey, Jwtagr 10-JOT 


Share stakes 

ArthDF Bell-and Sons: Gan- Clio Yaw. a director, has acquired Ordinary shares leaving total 
nochy Trust has sold 339.932 new 60.000 shares making a loial hold, holding at 1.457.300 (29.13 per 
ordinary shares. The trust's hold- ing of 2,070,000 shares. cent.). 

52“ araou nts to4m. Ordinary. National and Commercial Bank- Pfltanglon Brothers: On Hay 2 
representing-12.04925 per cent, of ing Group: Regional Estates Cor- Mr. L. N. Wall and Mr, 
An the Ordinary capital poradon now'holds 21.000 54 per J. A. S. J>lfifHon-Boyce, directors, 

. , ' — — - w iru^nur omu 0uu». Vjtcui* Liiu mn, a unc uy^ jufUMW uivuhujf Mini« luiei 

, _ - ._ -_1_ _ nochy Trust iias sold 339.932 new 60.000 shares making a total hold, holding at 1.457.300 (29.13 per 

1 T ^ JT_1 • 1 A • a %11/lrP <2l/V5l¥l M llPITlP ordinary shares. The trust's hold- in 3 of 2,070,000 shares. cent.). 

I j 3C1 rirOK P C10nK * VlPTnrV QC aUaA ^ 3Tf a F . ^WVIIIV FygiSJ*- ****** commercial Bank- POktogton Brothers: On Hay 2 

vAjp|lJLIfj9 . YlviUl j rcprcacnting-1204925 per cent, of Ing Group: Regional Estates Cor- Sir. L. N. Wall and Mr, 

‘ ~ Y MINORITY shareholders in Amal- and vote on the Scheme. An Ordinary capital. poradon now'holds 21.000 54 per J. A. S. J>ighlon-Boyce, directors, 

TT mm . .- A *■' _ _ cammed Endpstruds,'in which the extraordinary meeting ig to be Anglo-Argentine T ramw ays cent. cumulative Preference acquired additional non-beneficial 

I Alt* ■ n IlilRAA^AM family interests' of Norwegian held on foP same day for Amal- Company: At December 3, 1977 , shares <3.25 per cent,). interests in 2,404,000 Ordinary 

9 J IV % Tf || i l^r 1 ! T| 11^ /Ipf rflT^ /I fTl financier Mr.Fer Begard hold an gamated to Consider the Scheme. Davis Investments (Jersey) held Lanorte Industrie mnMinn)- shares. On January a. 1978. t«ir 

" w UU vVlVl aVVVUW . / UU 84.7 p*, cent. stake, are being If.tha Scheme ig sanctioned by 37^00 SSes^925 pS^nl) KuwSi? InSStSS? GffiSbas A3a * t * ir ««$«*“*«. Lord bilking- 

* ■■•-•. "*■ offered a Scheme whereby they the -Court,.fohowing the approval B . .. . ... .. S oid 2 fis 750 Ordinarv shares leav- ton ' ^ ,r * ^ Wall, Mr. J. A. S. 

BY JAMES BARTHOLOMEW will exchange their Oniinary by minority shareholders and Beajunoni Properties:—Welfare 'total inlerpm^f Sm LoiffMon-Boyee, Mr. D. F. Pilkins- 

' ■ .- - • , sbargs^-and Wafore fuljy suf Amalgamated, it should become *“*«»** Company a subsidiary lon aqd w A . c> pn* ln g lon , aU 

CYRIL §TEJN, ch airman of. bid and telling shareholders to 100J100 at 44p, sfiOjao at 45p. and render voting power—for new effective on or about February of Umdop and Manchester Areur- . c LJz. rL directors, ceased to have a non- 

anpe has disposed of 60,000 Ordi- , Associated Sprayers: On beneficial interest 

nary shares. leaving a residual Jan uary 3. sir. R. Beney Ordinary shares. 

director accepts 70p 


whrpkp PTfflfP. is “quite' cer- take no'^c^p 

- .'creased attain. 

>uuuii w*» ouyiuvcu uj nwvu uig . - , b-.o.' -c' 

trustees warn authorised by the of 

--~-- — -- npH».™*E? r S^ %!Lvri v ? U ii merger providing for the cqnvpr. Partnership purchased on ment Group now holds W61.700 S. Pearson and Son: As at 

■ . Altenptifig to STOMl to every RtoejdWideHi to waive the right _ XT _I 7 I T X - « ioa ** each clark son Share Into December 30 £8.^0 of 5 per cent. Ordinary shares aud not November 1, 1977 The Cowdrey 

" r «» J»^.e and Wff? TPRNER ^ N^ViJUL ^ ^ ' first cumulative Preference stoefc moo as previously stated. Trust held 5,858.386 Ordinary 

• ■. ery L and Q ^arelw^, Ud- an ^crease to Jones Filtration, manufacture re eafulr ' SSfnare agreement is still subject bnngmg total interest to £292^32 Wibon Walton Engineering: shares and ai October 31. 1977 

-ok® » now ofen»T , manuracturera earlier propM^that Ordinary t(j ^ of Clarkson mem- tt&»l per cent). , Wilson Walton International The Dickinson Trust held 7.332274 

Jo a-shbre. ■^ese'term^ hers' at a meeting proposed for Siam Darby Holdings: Mr. Wee (Holdings) has sold 25.000 Ordinary shares. 

!?__v„ February 28 

, --v rue sfigre arp nuf subsidiary,’ Benson’s 

-• ^ce J? S/pjeS raHggcormgueg. t° sy^jg firm'for about £3A3m. 

- cr : ;'aii^ 'G at 69r/per 'iSilre- The for Trauwood and Benson's have Data L«gic which is based at 

~ r K in stock offer “is simply £l now.fipea fulfiHed.” annoopCftf ifr. E?L, Grpenford, h?d sales last year of 

‘mihal'oF Ladbroke's 8 per'cent. Maurice ^ame^ plant and about £2 jm. 

' .srantaed unsecured loan stock grows/- ^ ^ equipment. ofjtiris t££T WARE STAKFk 

daloety/sellar a\®T vteKe&S IH.b2G™«,^ s w. j. b. 

Kig^gJSS 8S£ Df ,b#ut SM ' 0M 

•' .9. s r? 1 ^ 42P£®HS3J££0? s^ckr * .... _. i&yed acceptances m respect of in ihid-December at*154D.'Dendins AndOrlndonesian Corno ration: 



a not Cpsspr Electronics, the principal 
U con- British subsidiary of Raytheon Co H 

dltions attaching 
'support of Jbb 

trojiwby a Hegard family trust SHA^E STAGES 
HPV /qPT TAR —bpoght' ATS0. which' represen- Com ben Group: Mr. W. J. B. 
- t /. ted the interests of former chair- Davie's, "a director, has sold 
?nn<KU?cp8 thjt its man Mr. A. T. “ Teddy r Smith.' 100,000 Ordinary shares. He re- 
iera£tag svbsidjaFy js Dealings in . Amalgamated tains a bolding of about 800,000 
^ f?" Ordinary shares were ‘ suspended sbayes. 

Exceptional assistance 

Bank of England Minimum 
Lendbig Rate 6j per cenL 
(since January 6, 1978) 

the't3lC fielsat^ TfX,' ^Ss" re- Ordjna'ry^ shares were' suspended sharesT Day-to^lay credit was in very in its Ipypur. and this rale applied lor most of 

g^ye’d ? cceptanres m respect of in roS-Dece'mW at'15ip/piMdlng Anxto-fndonesian Corporation: ,r L !5 B Lo J 1 ^ n Bank balances carried over the the day In ihc inlcrbank market 

i+- -te.rT-->r-—-;f~ rg. zr - ■ 4r> r & *♦**•*•» r , T a. >_monev market VPlrtPriinr and thf* u*Ppt-pnH WATP flat ar»,I Ihpro U'as nvprntpl,! Inane It cl.KI 

at .MLR for repayment to-day. day’s exceptionally large official 
The market was helped by a loans to the market, 
sizeable fall in the note circuit- Discount houses paid around 
lion, this being the only factor 61 per cent, for seoured call loan* 

.^rrenLofthejqaig-guTkff. ____ . ^ ^' iSWSVMN ? SSBiBttE" ™Holdings" Vsubsl: money ma^et yesterday and the week-end were fiat and-therc was overnight loans^««W 
.,_ f in said yesterday that pother BENFIELD & LOXIEY Ordinary shares of George Seller A meeting has been convened diary of Warren Plantation Hold- authonties gave exceptionally a large excess of revenue trens- per cent, and eased to fi'-fij per 

^■WS'SS'Sy'W: jgLSSajrasfiXffir^JS SMr*5ra , WE SUfflrK f BMcTM r bfie^io mV 

ajar-j? jSs &««%»JUS* ® sewu SbV s as- K^hS,;; ana.B!tss ^e. s c :s ; ,S! 

• —— ~r r^r- w Oi eacn cas ana nini ure nunomy snar 

£™-S5 ofS^llhave becomt nncomlition^. .. . . 

"'■ ! •.-..He pivrlSS the LMd G dJjided equally beX#eep 

. -J' ri :: ,r " UHn -r t holilens 5# fw fxnt oU%> 

Mr.' W. M. KudsL Bart of ffie 


over BO per cent- 



The option may be exercised at 
any fime in the next ten years 
upon payrnent of $C5m. 

Amax interest consists of potash 
ore' reserves and • a long-term 
servjcg con.trjact with International 

! a pert t# that 5$ pee cent- 


.r:Ji^tor, thp jpd "G ^oard W. L Carr and Sons iraprta^ 

■ no leafier be unammous tf it on behalf'ot ChaHerhouse Jaraet 
• ci^ldei to reject the higfier offer. advises‘to* Coral ‘Le&me 'Grom* 

.__ t _i n t> __□ .. ■ .1_,_.1_ _■_s_ 

_,_ TO _ . __i T " State^owhed Botarir Carp- of Sas- for Amax. 

BRIT RAIL PPN 4 krtdaewan for $CS3m. (fAl.ljn. 4 ). Amax 'si 
Net asset value per Ordinary Anna said the price represents purchase 
stock unit of and the estimated current market national 11 

amount to 

two or 

three houses days. 

and the 


or Fri- 







Jan. 9 


I kcrtifiiBie 

; tia*l 

i A min ml v 

Li.'sl A mil 






In-m-iirj- | 



Fine 1ra-i« 


••) de| h oils 

! ileiatMU 


lk-|n«iiia | 



11111-,+ 1 

Hill-, 4' 

Hill* + 

IHemUilii .... 





-- 1 


6 4*-bis 









7 i|4j-» »T 
7<tava nut Ire.. 

! 6ta-6»» 

! 6J§-6>3 


- i 

One ninnlli.... 


1 6£-6,is 

1 6l,61s 


6^*-6jb [ 


5; 5t 



Tito iimalTis.. 

) 641-6J! 


6i«.6U 1 



Three uumiUv. 

i 6.:.-Or;- 

! 6la-6i, 


6>i-6it | 


57j 6 

5i d 


tiiT mnnthC.. 


i 6.^-6,c 

! 6l,-63fi 


8; .,-6^ 

6is-6 J * 

Xuiomuaili. . 


; 6>r-66s 



- 1 


One vo«p—.- 


i 6V6'g 


7 : 



T»«4>(*rs... . 


1 -- 




— 1 

• • :- i..r r -ast z^i^bt tbe L and G Board the* following: Ordinary shares id tie brde^iare‘set joik 'm "Bndsh Opij py Amsx Potash. Amax by any third party. Local aurborJctc* and finance time* seven days 1 n"itcc, mhors .seven cLir>’ n^ed. m t* nter-uTiu local authorivv nmripaa^ 

■ • :'«d a holding statement saying Pontius on January «c SSflOO RaSFeo>»5n Rwdi aKersTrt ^nax added that its agreement Thus, Amax said, waiver of this f 3 '” n«m.n«iiy ihrpn rpars K-« »r coti.: four ywn smo nerecni.: aw vmh io-iu: ww. ® cant biu rate, m 

• • V&fS Jw^SaSfiwffixSSS 8h2n£x m ^ ■ presides for ajong-tera option rightly International Minerals, '*?,£• bw,n * ra, “ for pr,m . e wpcr B»i-s rale f«r fo«v. TO «h bank ML s-s p*r ««.: (om-nionib b.m «-<( 

• 1 . 1 ’ ' I . ... . -- —-—. - - rf®*- Potash Corporation of together with basic revisions Of Appnnciiiiaie SFlIinz «ie lor ane-mMnb Trra'W Bibs 5,'-J^>■ per cent.: nvuMMln 3J-3 ,A i» per cm.: and tUrec-mrunli 

■ ... Saskatchewan to acquire un- the service contract, must be 5‘>I» per cent. Approxloiaie Wtung rate for one-oranUi bank bills g* per rent.: tvn-moiiin B per tmt.: and Uircc 

_____ ■••• _ 4 - , _ developed potash properties at arranged by Potash CorO of monlh H-s^* pur cm. Oae-uiamb trade bflh s: per com.: twn-niumb «(•« per ccm.: and also ihrce-momii ssc: per cm. 

■ • ” MTTT- 1 1 17 m ■ £• aM J Finance Mause Base Rates tpublished by the Finance Hnnws Association ifl* per rent, from January L. 19K. Clearing 

1jI/A 1>I|| 1/ #1 111 A AT TVlA UAIlVIn • BE *Sf n61 ^ 7 ' 5a *5*^ew? D . traT * Saskatchewan prior to finalisation Deposit Rates 'for sraaU sums at seven days' nonce 3-4 per cent. Clear ing Bank Ratos fur lcndmit 6!-71 per cent. 

T» Or Jtf ▼ ftUH W Ol ’ llf^ JL IM aaatiwF Ama» subsidiary. _ of the purchase. _ Tratary Blits: Avermice tender rates of dlscdim t 5.8S26 per com. 

'-The table jJetow gjy^s the laJgsf available 
:.3$ of e?chaflgg for % poung agaiDStyaj-jpas 
. rencies on January S. l^ 9 ~ In 
S pafes 9 fe nqpxinat jates are foe 

; i'r^ge gl ^yfog and seeing rates ^xjeept where 
' r are shown tg "ge (Qt^pnyise. }n some cas^s 
. bpeij wJiadated fosse .of 

' ign cpfreojngs lg which foey are tjed. 
fe^nge'jn foe ti|£’ 

ffirrtiMVi (p) sffiratf r?fo; (?) fl» 
Tjpjffi sv mng rate; in^.) iwj^ojpmeijaa?. 
fate: <djl) Opt ayatiabfo: (A) cmprgjiraate rate, 
no 'direct atfotfifow ayailaJble; fog} seliujjg rate: 
d)$Tlwmg me; (pom.) numfeSj 

;.^c^§nge'in’fte tl^C' gifo most df the 
lj5tcd te JOgpiaiJy cggtrgflgd and foe 
a Shflwu should' »ot' fee jalfon, a? vSJBS 

• ■ ■ a. ^ '.ji' ..• • ’ «* - i ’, ' 

;*' s > ’• • *['• - ■'* - *<$&* 

, : ■*.. .•,T' < u.a ,:a w j v -, : ^ %*■: . ■. 

,- icahle lo apy pafoi?P4r fopp-^Ii.on )fofoout Sh 

. :• rence to an'authorised dealer. - T in the 

Abbreviations: (S) member of the sterling laWe I 

■ • : other than Scheduled! Territories; fk) on the 

. 4<: ■*"■(' Value ot J V 

lace and Local Bait :£ Sterling r ^ca Pmi S1 

commeycj® ratg;' <cn) convertible rate; (fot 

tonflsf '&*■ ■ 

Sharp tortuations have been see? lately 
in the foreign exchange market. Rates In Hie 
faMe ; 4efew- aye not to all eases dosing cates 
on the dates shown., 

P||M fpd Local Bail 


, anutanAfgbaai I 79-0 

*.<** . {“sr*. 

Dinar I 7JWH 

tftBOBbftpnc MM6 

.n* 4$. % CffiQ**a # j:' .praof 

itmn_. 4ir . tig/p FVeo gajt« 1188.(0 

I iv <s»- Ag5s! tan * 1&8P 

mnxCSr #■- Obi tar 1.0175 

'.SBISblS >k» Z7.MB »e) 

In rdl Uinar . 8.758 

■ie la ._ Pw**" 16 j . WR 

T* fe* T 

un-B.eranc ■ 


A--*foJiiT*a?M9 J9.SS ” 

r «np (SI. pu<t 
, !{i{ I'- 

.., ,*« .L‘i '* *1^- Ham Uf 

4 *»;.... 4 t I#* 


dl.jUunindi JPmnc 

ra'&Xp C-.y.A., Franc _j 


Oerman.'^^ | Ueutm-fammk 

Grtsuia (S)_Cedi ■ 

tiibnRnr (Kv Gltmutw £ 

Lhuui»loape_ loctJ Fame 

J9-SS ” 

f 'at 4 .' 

r'VTFRN^-- €:«*» W'M 

CX1 Iljn Kd^»^ia 

ftooL...eaten ' 

. s *3* fl pi$k«S8»Sr •. 

6.UWH • 

. - - ftf« . «j»: 

. n/ 1 VV 

G Ji w*. ifep.„ 3^' . 


gftF-w* Cfl _ 9 


RiufiSunu Hrp fiewpiia 
Kon*(S)fl-K. § 

fti m mty.-FwajU. ; ^ 

lomand ®>._ L ftiwui. 

...... fnfl. KfiflOO 

ir*qinu Dinar 

Jnab Hep <V»- llUb A 


!«*>• Coast... C.F.A JkUB 
Jamaica 85L. JamsicnOoUaifl 
Japan Xta 
Jordan (S)_Jordan Dinar 


tuiyrait (5)— huwait Djpgf 

Cffioibo_..a, £tripan Hand 

Umhi'iwsL.. s»ls»fiviv 
taHamxyiig. I>V ripoo - 





11488 . 
| 6.188M 



1 im?i 'T* 8K.S1 


.1678 . 

Fbraguav.i__ Guarani I 236-61 

PpTiDJtp., _ ! 

.of Yemen (8)5. Semen Dinai,(A) 0.684*5 


**»wp*r- tortm. i-wm , 

fff g iWJsid|i 14788 


Aw ftendo I 
Wwi* i *aqpjft r ..j 










-Fqaid? Ftaoc 8-0725 


J 'em 8.7? 
(«a iWffttSl 

JbH^lcf^nn. f 17645 

X.CanfabM 0 5.T94B4 

9t Helena £ 1.0 

% Sanrbbran f 6.18284 

»»• & 

D>". f J4J» 

TcaHaa CJre 147* 

P*»e. Jtacudo 77.30 

■Siffl*"- P 

3&*. !Sr. 

<5^m ^VJ>nc 






MG fc*oc 



sis^i 5 


i ISSiiM 



M. Rupee 


ki 7748 
:«3 b8 




l‘ S-WW 

I. k« 

/V.* - 4 uoJbitm 

,i ™ 1(1^340 

. «*.acbkHitaa «ir • (S|S47S77 

:- ,T ‘ . i&sg 

udls. j.suktand u.£ ' 

Afo™ I*4- •*■'0?“, 

- 7.76 

*■'.-Fwacb-SranB S.878B 

; Si::£^i£r ■ sa- 

t Vb. ... U4.P. grant 1B44S6 

ICJ.(u Franc 

ufapti J' Wrtn » rt -... "1 

NeUj.Aat'le*. A on man Gnild 
NewHduttce Dollar 

VuZMland PS) 84. Dollar 


Oman buUau- l g^j Onud 
aveol id)...- 1_ 


p a i is m a . . Bfcifc* 


18.M (90 

sp^J ^~~y. I 

5»n. Foiia Xq 1 

tb At fai Ificpw i 

bp Cjundi ‘©.I & Hnpea 
HamL tandpp fi 
<JUTJ»B1 __ s. gilder 

ayoi a i .. . . h uhb 

Syit—iaal Franc 

$77®-rfrrVib* ' . 

Toro Ui^Z— tLFJL Fnu$ 



Tvaa1u.___'.AupCiainf f 

artsgi-^sg? i 

I'qpVne- UmitBay 
Ud.Mi|bsa. C.A.&. Dirham, j 

Ji.__ Ron 1 

iipper •Vo«ta_©fA. Vnuie j 

Vaciaa-italian lira 

vwemoboifr^a^ . ! 

ffi 8«W»W*{tfGWfi 3] 

ViotnampWij Ptaatre 
Virgin ta.0^. US. Dollar I 

WBttera . ] 

Cffi >LwnffVla 
JW ( »Y' 1- J* J -fil- - I 

Yfimra '\ 

Xng»*tanri^_. Aap y pjnar | 









ldenly, our service 

is miles better. 



14175 ~ 

W. #»«*.-■ I 



«l out of tbo Prndi. eomauuiliy U> Afnca fonnarts 
t Of French West Africa or French sanatoria! AErlca- 

wjMr’fpvL' ” .C"' 

t Ouguiya has retterad the GCA Iranc Tbe exchange 
* tude at a ms of CKA PttJ u out unit of the 

r S9rtB9r."-' ' .-.' - '. ' V ' 

ZS 40 d jg£U aow 

ibtas and U» 
1th the -pooiid 


COOK Bankers 

Thomas Code Travellers Cheques 

lha arranfoH namp frir mnnw_ VUrvIHu/irkk 

At Walfords, our success has been built on 
the qydity of pyr service. 

And one of the ways we make sure our 
service stays ahead of the ^ompefcjdoa is by con- ' 
tinu^lly extending it . . 

So ?lfl\pugh we started out as a shipping 
company pure and simple, nowadays we deal with 
every aspect of freight and cargo handling on l^nd 

From initial purchasing; through packing, 
warehousing, and delivery to any.part of the world... 

Success like ours, of c^Upse, often bee^efc 
'even greats success. 

And m our case it has recently enabled us 

to acquire another group of companies, with a pretty 
good record in their own right 

In the past five years the Langville Group of 
Companies have established themselves as a major 
warehousing and distribution organisation in the UK. 

Now that they're part pf Walford Maritime 
it means we ve got a whole lot more warehousing 
capacity, a vastly increased export packing facility 
and a superb extension to our transport fleet. 

5o we'll be supplying a much more 
comprehensive service, even more efficiently. 

Which means well not only be covering more 
miles on our clients' behalf, but they'll be getting - ‘ 
much more mileage out of us. 


St Mary Axe House, 5t Mary Axe, LONDON EC3 ASBB. 

Telephone: 01-2S3 8030 Teiexr 883 904.'V., 
( .av 


■ ni:it" 

Financial Times Tuesday \7axma2$:lo' TSfs 


Dresdner backs denial 


JUICY RUMOURS are not the 
sole prerogative of the London 
Stock Exchange; and neither is 
the outraged disclaimer. To-day's 
announcement by the Dresdner 
Bank, that the Federal Banking 
Supervisory Bureau confirms that 
the bank has made no losses i n 
the foreign exchange or gold 
markets, is a prime example of 
gossip, and reaction. 

The Dresdner’s announcement 
follows last week's rumours that 
the bank has made no losses in 
dollar and gold speculation. The 
stories came out of Dusseldorf. 
and. in fairness, it has to be 
said that they had no major 
effect on the bank's share price. 

On hearing the gossip, the 
Dresdner immediately issued a 
statement denying the* rumours 
in catagorical' terms. The 
Vereingte Wirtschaftsdienst 
(VWD). the West German 
economic news agency, carried a 
report, saying that the bank 
firmly stated that it had made 
no losses in either the money 
markets or in its precious merals 
business. It hurriedly followed 
this with another '‘rush” em¬ 
phasising that there had been no 
foreign exchange losses either. 

Deep research in both Frank¬ 
furt and Dusseldorf at this stage 
failed to unearth the faintest 
evidence that the Dresdner had 
done either better or worse than 
its competitors in either the cur¬ 
rency or the precious metals 

However, it has to be said that 
few institutions as august as the 
" big three ” West German com¬ 
mercial banks—the Deutsche 
Bank, the Dresdner Bank and 
Commerzbank—suffer the indig¬ 
nity of haring rumours spread 
about them. Hence., the Dresd* 
ner's, to British eyes, surpris¬ 
ingly strong reaction. 

Last week's .statements were 
firm enough, but to-day's news 
that the bank had sought the 
aid of the Federal Banking 
Supervisory Bureau and its 
Luxembourg counterpart to 
establish its bona fides came as 
something of a surprise to 
foreign observers. The Dresd- 
ner’a denials last week were so 
categoric that they were accep¬ 
ted at face value. 

To-day's statement said that 
.the Federal Supervisory Bureau 
and the Luxembourg Commis¬ 
sariat for the control of banks 
had inspected the bank's books 
up to the end of the first week 
in January. Both bodies con¬ 
firmed that to the end of that 
period, which Includes the 1977 
business year, neither the bank 
itself nor its Luxembourg sub¬ 
sidiary had operated in the 
foreign exchange or gold markets 
at a loss. ! 

Filled with righteous indigna¬ 
tion. the Dredner ended to-day's 
announcement that it would in 
future take action against people 
who started unfounded rumours 
about its business. This, of 
course, is easier said than done. 

German Ford 
peak year 

FORD MOTOR'S West German 
subsidiary.has reported a record 
year for 1977. Sales and turn¬ 
over were up substantially, but 
to-day's brief statement gave no 
indication as to profits. 

According to today’s report, 
car and commercial vehicle pro¬ 
duction increased by IB per cent 
to STS.500 units, while sales 
advanced by 12.8 per cent to 
927,000 units. Turnover, as a 
result of price rises, advanced 
even more steeply. It went up 


by 15.9 per cent to pass the 
DMlQbn. point for the first time. 

It was obvious that Ford, like 
the rest of the West German 
motor industry, was in for a good 
year with the announcement of 
the first halTs figures v 
end of the first six months, sales 
were up by 6 per cent. 

According to the group the 
figures would have been even 
higher if it had not been for-the 
high proportion of production 
exported. During the first half, 
this amounted to more than g 
per cent, of total output. 

Bayer acquires 
97 % of Miles 

By Our Own Correspondent 
BAYER, THE West German 
chemical giant has announced 
that it has acquired 97 per cent 
of the shares of Miles Labora¬ 
tories—the U.S. manufacturers 
of Alka Seltzer. The group’s 
offer for Miles shares, which 
expired on January 6, can there¬ 
fore be counted an unqualified 

The acquisition "of Miles Labor¬ 
atories, which now comes under 
the wing of Bayer’s 100 per cent 
owned U.S. subsidiary, Rhine- 
Cfaem Laboratories, marks a 
major step forward in the North 
American market. Bayer, in fact 
is best known in the U.S. for a 
product it has not owned since 
the U.S. entered the First'World 
War—Bayer Asprin. 

Bayer paid $47 for each Miles 
share. In all, it has acquired more 
than 5.35m. shares in the concern 
at an overall net cost of just 
under 5251.6m. 

court move 
for Credit 

By Paul Bern 

ROME, Jan. 9 

notice to-day to the chairman 
of Credit Suisse, Dr. Oswald 
Aepplf, that he could .be called 
to answer alleged baud charges 
a g a ins t the bank. It is under¬ 
stood that Dr. Aepplf has been 
called upon to name defending 

This follows allegations filed 
by Slg . Ferdinando Bozzo, 
former chairman of the Mila" 
based Molini Certosa concern, 
which has been linked to the 
so-called “ Credit Suisse 
scandal” against the Zurich 
branch of the leading Swiss , 

Last October, Milan judicial 
authorities decided to 
sequester the majority share¬ 
holding in Me&xd Certosa held 
by Credit Suisse. Sig. Bozzo, 
for bis part, after resigning as 
chairman of the Italian com¬ 
pany in June, 1976, charged 
repeatedly that the Swiss bank 
had failed to discharge its 
reported undertakings to the 
troubled Italian food process¬ 
ing concern when it took final 
control of Holinl Certosa in 

John Wicks writes from 
Zurich: No official state¬ 
ment is yet available from 
Credit Suisse on the report 
from Italy. The Zurich bank 
owns almost the entire capital 
of Molini Certosa as collateral 
for a large loan.granted to the 


Budd in exploratory bid talks 


I BUDD COMPANY, a leading 
! supplier of parts to the auto- 
J motive industries, which had 

* sales revenues of Slbn. in 1976, 
' has announced that it has 
i received a takeover approach. 

The company declined to name 
itbe source of the approach, say- 
ling only that exploratory’ con¬ 
versations have taken place but 
; that no offer has yet been 
; received. 

i The company is a major 
l supplier of doors, bumpers, truck 
f ciba and chassis to the car' 
; industry, particularly to the Ford 
[ Motor Company which is Budd's 
> largest customer. At the current 
I market value of its stock, a pur- 
[ chaser would have to pay at least 
■ S200m. for all its dose to 7m. 

; shares. 

! But in the light of recent UB. 
takeover trends, it is more than 

• likely that a bidder would have 
i to pay a substantial premium 

* over the 339 a share around 
| which the stock has been trading. 

j Gulf and Western not 
j to extend debt offer 

i GULF and Western Industries 

• will not extend the exchange 

offer for its 5J per cent, con¬ 
vertible subordinated debentures 
which is scheduled to expire 
to-day. It said about S26m. prin¬ 
cipal amount of the Debentures 
have been tend ered to date. 
There are about S275m. of the 
debentures outstanding. 

Under the terms of the offer. 
Gulf and Western will issue 
5112.50 principal amount of 7per 
cent. Subordinated Debentures 
scries “ A ” due July 1, 2003. in 
exchange for each $100 principal 
amount of 5} per cent. Deben¬ 


Business leaders 
less confident 

U.S. BUSINESS leaders are less 
confident than a year ago about 
the profits outlook for their 
industries, according to a Con¬ 
ference Board survey, -reports 
Reuter from New York. - 

The survey also said the busi¬ 
nessmen continue to - • express 
concern about the UiS; economy, 
with the Board’s overall measure 
of business confidence falling to 
52 in the fourth quarter from 59 

in the third quarter and 71 in 
the second quarter of 1977. 

Asked how they think 1978 net 
profit in their particular indus¬ 
tries would compare with anti¬ 
cipated 2977 earnings, only some 
46 per cent, of the executives 
surveyed said they see improved 
profits in the current year, down 
from 6S per cent, in a similar 
survey conducted in the fall of 

The Board's Confidence Mea¬ 
sure, which uses a scale of 
2 -to- 100 . is based on quarterly 
surveys of more than 1.500 chief 
executive officers of U.S. com¬ 
panies or various sizes. Execu¬ 
tives arc asked to appraise 
current economic conditions, the 
economic outlook for the next 
six months and prospects for 
their own industries. 

The survey said the executives 
dted inflation and Government 
policy as the two major factors 
influencing their profit picture 
in 1978. The most common infla¬ 
tion fear is that costs will climb 
faster than selling prices this 
year and squeeze profit margins, 
it said. 

But the executives were 
decidely less optimistic about 

NEWYORK. Jan. *. 

the general economy than «bc 
prospects for their own hub 
tries, the survey indicated. ’ 

Between the third and t 
fourth quarter of 1977, it aa 
confidence for current.econon 
conditions fell 14 points and ci 
fidence in the general outio 
dropped seven points; but cxe. 
tives' appraisal of prospects 
their own industries declined 
only two points. 

Commonwealth 03 
loans extended 

Inc. said its interim borrow 
arrangements were furl 
extended by its bank lenders i 
certain other creditors on a <? 
to-day basis until January * 
reports Reuter from ’ > 
Antonio. - 

Commonwealth Oil said it < • 
thus he able to maintain . 1 
operations while it continues 
attempt to work oul an iritr ' 
solution to its financial diffl 
ties, “ including the • furt' 
development of a' proposal/ 
expects to make to Ashland 
Inc. and its bank lenders." *' 

All these securities ha ring been sold, this announcement appears as a matter of record only. 


European Coal and Steel Community 


9f per cent. Sterling/U.S. dollar option Bonds due 1989 

S. G. Warburg & Co. Ltd. 

Banque Bruxelles Lambert S.A. 
Credit Suisse White Weld Limited 
Deutsche Bank Aktiengesellschaft 
Hill Samuel & Co. Limited 

Banque de Paris et des Pays-Bas 
Caisse des Depots et Consignations 
Daiwa Europe N.V. 
Dresdner Bank Aktiengesellschaft 
Morgan Stanley International Limited 

Algemene Bank Nederland N.V. 

.N. M. Rothschild & Sons Limited 

Amsterdam-Rotterdazn Bank N.V. 

Arnhold and S. Bleichroeder, Inc. 

Bache Halsey Stuart Shields 


Bank of America International. Bank (Julius Baer International The Bank of Bermuda, Ltd. 

Limned Limited 

Bank Leu International Ltd. Bank Mees & Hope NV The Bank of Tokyo (Holland) N.V, 

Banque Fran^aise du Commerce Exterieur Banque Ftangaise de Depots et de Titres 

Banque Generale du Luxembourg S.A. -Banque de ITndochine et de Sues 

Banque Internationale 4 Luxembourg S.A. Banque Nationale de Paris Banque de Neuflize, Sdilumberger, Mallet 
Banque Populaire Suisse SA Banque de l'Union Europe enne Baring Brothers & Co., 

Luxembourg ■ Limned 

Bayerische Landesbank Bayerische Vereinsbank Bergen Bank Berliner Bank 

Banca Commerdale Italians Banca Nazionale del Lavoro 

Banco di-Roma 

Bank (Julius Baer International 


Bank Mees & HopeNV 

Banque Fran^aise du Commerce Exterieur 

Banque Populaire Suisse SA. 


Bayerische Landesbank Ba^ 


Berliner Handels- und Frankfurter Bank 

Bums Fry 


e Baring Brothers & Co., 


Bergen Bank Berliner Bank 


Caisse Centrale des Banques Populaires 

James Capel & Co. Cazenove & Co. Centrale Rabobank Chase Manhattan Citicorp International Group 


Commerzbank Compagnie de Banque et dlnvestissements Compagme Mbxi6gasque de Banque 

nkucngoucUaclu/i i Undorwxjiera) SLA. 

Compagme Mon6gasque de Banque 

County Bank Credit Commercial de France Credit Lyonnais Credit du Nord. Creditanstalt-Bankvereia 


Den Danske Bank 

oJ 1971 Akuo-eL>kjb 

Den norske Creditbank 

Deutsche Girozentrale 
•—Deutsche Komrminalbank-— 

Dillon, Read Overseas Corporation Dominion Securities Effectenbank-Warburg 

Limiiod AkagnBr nr iTirTi nit 

European Banking Company First Boston. (Europe) 

Limiiod liimjLcd 

Genossenschaftliche Zen tr alb auk AG 

Girozentrale und Bank der osterr'eicihischen Sparkassen 


W. Green well & Co. Groupement des Banquiers Prives Genevois 

trale DG BANK 

dbank— Deutsche Genpaaensrhaftshaale 

-Warburg Euromobiliare S-p-A. 

■ftwl uft 

Robert Fleming & Co. 


Antony Gibbs Holdings Ltd. 
Goldman Sachs International Corp. 
Hambros Bank Hoare Govett Ltd. 

W. Green well & Co. Groupement des Banquiers Prives Genevois Hambros Bank Hoare Govett Ltd. 


E. F. Hutton & Co. N.V. IBJ International Istrtato Bancario San Paolo di Torino Jardine Fleming & Company 

Limited - Limited 

Kidder, Peabody International Kleinwort, Benson Kredietbank N.V. Kredietbank S-A. Luxembourgeoise 

Limited Limited. 

Kuhn, Loeb & Co. International Lazard Brothers & Co., Lazard Freres et Cie Lazard Freres & Co. 


Lloyds Bank International London & Continental Bankers McLeod, Young, Weir International 

Limited T limited Limited 

Manufacturers Hanover Merrill Lynch International & Co. L. Messel & Co. Samuel Montagu & Co. 

LLuUed . Limited 

Morgan Grenfell & Co. Nederlandsche Middenstandsbank N.V. Nesbitt, Thomson. 

Limited . Limited 

The Nikko Securities Co., (Europe) Ltd. Nomura Europe N.V. Norddeutsche Landesbank 


Sal- Oppenheim jr. & Cie. Orion Bank Osterxeichische Landesbank Phillips & Drew 

Lazard Freres et Cie 

Lazard Freres & Co. 

Lloyds Bank International 


Manufacturers Hanover 


Morgan Grenfell & Co. 

* Limited 

SaL Oppenheim jr. & Cie. 

Pierson, Heldring & Pierson N.V. 
J. Henry Schroder Wagg & Co. 


Smith Barney, Harris Upham & Co. 


Societe Generale de Banque S.A. 
Swiss Bank Corporation 

tOoorsej-.;j Limited 

United Overseas Bank S.A. 

. Genova 

Warburg Paribas Becker 


Dean Witter International 

Dutch businessmen optimistic 




Schraders & Chartered 


Salomon Brothers International 


Skandinaviska Enskilda Banken 

. Societe Bancaire Barclays (Suisse) S_A. Sodete Generale 

Sparbankemas Bank Strauss, Turnbull & Co. Svenska Handelsbanken 

Trade Development Bank 

London Branch 

Verems-undWestbank ] 


Westdeutsche Landesbank 


Wood Gundy 


Union. Bank of Switzerland (Securities) 

M. M. Warburg-Brinckmann, Wiijz & Co. 
• White, Weld & Co. 


Yamaichi International (Europe) 



(DUTCH BUSINESS is fairiy 
(optimistic about the economic 
prospects for the year ahead, 
according to the views expressed 
at a presidents’ lunch held here 
j to-day. But many of the 11 com- 
■ pany chair man , representing a 
cross section of commerce and 
industry, expressed concern that 
the yare vulnerable to world 
trade developments beyond their 

Foreign business was clearly of 
increasing importance for many 
of the companies, which included 
Bos Kalis Westminster group. 
Am f as Groep, Ogem Holding, 
Smit Internationale and Amro 

Dr. C. F. Karsten. managing 
Board spokesman of Amsterdam- 
Rotterdam Bank said Holland 
tried to keep in step with inter¬ 
national trade developments but 
no one was setting a good pace. 
Contradictory statements from 
the American monetary authori¬ 
ties on the dollar have made life 
very difficult for international 
companies, Dr. Karsten said. 

He was not optimistic that 
Japan and Germany would moke 
the wished-far expansion of their 
economies. Mr. P. KLeyn Van 
Wiltigen, chairman of the tugboat 
and seargoing' transport group 


-Smit Internationale said. there 
were good prospects for the 
transport of heavy loads by sea. 
The placement of oil exploration 
and boring equipment in the 
southern waters of the North Sea 
was half completed but there was 
increasing demand for repair and 
maintenance work. 

Mr. A. Smit. a director of the 
Xcderlandsc Scbeepsbypot-Hcek 
Bank, said there was a future for 
a small bank specialised in ship 
financing which could put 
together a financial package in as 
shorft a time as three weeks. 
The OECD's rules on financing 
were unrealistic however and 
frequently led to differing inter¬ 

The trading and industrial 
group Ogem Holding expects 
continued expansion abroad this 
year apd improved results in 
Holland, chairman B. J. Udink 
said. Several major orders in the 
Middle East and Indonesia are 
now contributing to profits. Ogem 
is now consolidating after the 
expansion of recent years. 

Mr. Hans Kraayeveld ; Van 
Heruert, chairman of Bos.; Kalis 
Westminster, said that the 
number of mammoth orders was 
declining and competition; was 
increasing. With the exception 

of Saudi Arabia and the United 
Arab Emirates most countries 
have cut back on spending. 
There is a clear trend to civil 
engineering works away from 
dredging and marine engineer¬ 
ing. Bos Kalis expects profirs to 
rise at least 10 per cent in 1977. 
It hoe an order book of FlsJAbn. 
with a good geographical spread. 

Foreign opportunities are 
limited in the publishing world. 
Mr. E. Bloeuibergen chairman of 
Verenigdc Nederlandse TJitgev- 
bedrijven said.. Scientific pub- 


lishing is one outlet however, 

Mr. Jan Van Somercn. t 
1977 was a good year for 
Amfas Groep. The remits in 
life insurance sector « 
reasonable to good. Gen* 
insurance has been loss 'maJ 
but the government did a| 
more realistic premium increi 
last year. However the guci 
or the service sectors depc 
ultimately on the success 
Dutch trading and induai 

Bredero set for expansioi 

BREDERO. the Dutch building 
company, said its net profits in 
1977 rose more than 7 per cent- 
on the 1976 level of FIs.9.7ra. 
However, the increase in capital 
by Fls.l.Sm. to Fls.29.6m. last 
month means profits per. share 
will be about the same as in 
1976. It was then Fls.35,10 per 
Fls.100 nominal share. Turn¬ 
over rose to more than FIs.TOOm. 
in 1977 from 657m. the year 
before, managing board chair¬ 
man Mr. A. Feddes . said v in 

Profits and levels of activity 
are expected to be satisfactory in 
the current year • The con¬ 

struction and installation _ 
manufacturing divisions h 
fuller order books than a j 
ago. Bredero plans further exj 
sion of its foreig nactivities 
lowing the start made in Nig 
and Canada in 1977. Pro} 
now under preparation in 
U.S. are taking on a n 
definite form and Brede 
liquidity position is ample. 

The company said its prop 
subsidiary. Bredero Vast.-G 
expects a favourable resett le 
current year. Net profit. 
Fts.1,000 nominal share ro« 
about Fls.2.45 in 1977 f 
Fls^26'thc year before. 

Prime rate rises hit dollar sector 


THE DOLLAR sector of the six year DMIOOm. tranche and 6 and an issue price of 99J. No offered S per cent, at 99}, 

Eurobond market took another per cent, for' ten years' with the issue manager is prepared to for a six-year maturity, 

beating yesterday while the pride left open on the other confirm that It has done the 1 wwnTiMnp !Nn pv 

prices of D-mark bonds were also DMIOOm. tranche. Both are deal. KU ‘ Lrrf-Vjfti 

weaker. The sharp fails in U.S. bullets. Another identical deal will « 

domestic bond market In the Meanwhile, Norway's DM200m. reportedly be arranged In the i u |;..r erm S' 

wake of Friday’s prime rate rises five-year 4$ per cent, bullet issue next few days, 
was one factor quoted in the has been priced at par. The terms of the deal put 

dollar sector. It is understood that a DM20m. South Africa’s credit rating 

Denmark has launched its two- private placement has been lower than of any other 
tranche DM 200ra, offering via arranged for the South AFrican borrower which has tapped the 
Westdeutsche Landesbank on Electxcity Supply Commission D-mark sector. The closest corn- 
terms which are to say the least, (ESCOM). The terms reportedly parison was the DM50ra. place- 
not generous. The issue offers an include an 8 per cent, coupon ment for the Jugoslav Invest- 
indicated 5J per cent, at 99, on a rate with a three year maturity ment Bank in December. This 

Long term ... 
Convertible . 

Wobaco to 
be reorganise* 



Alcan Australia Bioc 1989 99 

AMEV 8DC 1987 ... .. 931 

Australia flinc 199! . S6 

Australian M. A S. Sipc ’92 99t 

Barclays Bank S4pc 1932 371 

Bowaler 91pc 1992 . 98 

Can. X. Railway 8! pc 1998 971 
Credit National gtuc 1988... 972 

Denmark 9!pc 1684 . 904 

ECS 9pr 1995 _ 99* 

ECS Sipc 1997 . 98 

Era 8iK 1B92 .. 981 

EMI 9tDC 19S9 . 98* 

Ericsson 8*pc 1989 —. 9S 

Esso 8DC 19S8 Nov. 100 

Gc Lakes Paper Sine 19S4 99* 

Hamerafey 9jpc 1993 1004 

Hydro-Quebec 3pc 1992 . 97 

ICI Sipc 1987 .. 97 

ISE Canada 9*pc 1988 ... ■ 1DS1 
Macmillan Bkiedel 9pe *92 99 

Massey Ferttnsan Slue 1991 IK* 
Bflcbelin 91pc 1983 .... 101 

Midland Int. Fin. 85 dc 199! 97! 
National Coal Bd.-8pc 1997 Ml 
National Wstmnor. 9pc *SB 103* 
Newfoundland 9pc 1989 . JW 

Norsti Rom. Bk. Sine 1992 90* 

Norelpe 8 !dc 1989 .— 97 

Norsk Hydro Sine 1992 97 

Oslo 9pe ISS9 . 99* 

Paris Autanornes 9pc 1991 99* 

Prav. Quebec 9pc 1995 .. 98| 

Prnv. Saskateh. SJpc 1986 100 
Reed TniGmadoual 9pc 1987 95* 

RUM SPC 1992 . 96 

Selection Trust SJpc 1999... 93* 

Skand. Enskflda 9pc 1991.. 999 

SKP SPC 1987 . 94*. 

Sweden ifCdomi Sipc 1987 90* 

United Biscuits 9pe 1989 _ 99 

Volvo 8pc 1987 March ..... 931 


Australia 71DC JBSi ,— 96 

Ben Canada TJpn 1937 96 

Br. Columbia Ryd. 7ipc 'S3 95 

Can. Pae. SHk IBM —W* 
Dow Chemical Spc 1986 ... 9H 

ECS 73PC 1982 .. Ml 

ECS 8! pc 1988 .. 9R* 

EEC 7*pc 1982 . 97 

EEC 72pc 1994 . 96* 

Enso Gunelt 8*pc ISM ... 9H* 

Gotavcrken 7! Pc 19SS . 971 

Kockums Spc 1983 - 97* 

Michelin S*pc. 1983 .- 99* 

Montreal Urban 8!pc 198L_ M 

New Brunswick 8pc I9M ... 97 

New Brans. Prov. SJpc 1983 IK 
New Zealand 8*pc 1986 .. 97| 

Nordic Inv. Bank 7Soc '84 9fl 
Norsk Hydro 71 pc 1982 ... 97* 

Norway 7*pc 1982 . 97 

Ontario Hydro Spc 19S7 ... M 

Stnecr Sipc 19S2 . 99! 

S. or Scot. Elec. Sipc 1981 991 

Sweden HUdomt 7*pc 19S2 97 

Swedish State Co. 73 pc 1982 97 

Telmex Sipc 19M 99* 

Tenneco 7!pe 1987 May ... 94 

VaDcxwacen Tine 1987 .. 9U 


Courtsnkls Sipc 1989 . 96 

ECS 9-VC 19S9 . 100* 

EIB 9IBC 1992 . 97* 

Finance far Ind. 9Jpc 1857 972 
Fteons lOtite 1937 .9S* 

Total OQ Mpc 1984 . 97* 


Austria Bjpe 19 sJ _ 106* 

BFCE Vpc 1B87 . IM 

Denmark 83pc 1983 -. 104 

E1B 6!oc 1984 . 

Grand Met. 7pc 1954 .. 100* 

Hydro-Quebec Sipc 1957... 1B1 

ICT 8!pc 1987 _ t06| 

Montreal Toe 1BS7 . HR 

Norsca Gas 7pc I9S9 __ 105* 

Norsk Hydro sjpc IBS9 ... 1049 

Norway sjpc iwa_ 1032 

Shell 63 dc XS3» _ IBS* 

Offer Bid 

.Spain Sipc 1984 . 100* 

9Si Sweden S*dc 1984 . mil 

96* world Bank 6*pc 1987 ...... HGi 


98* Bank of Tokyo 1984 TUupc 99 

98i BPCE 1984 7pc .. 98 

894 BNP 1980 Sipc _ 99 • 

984 CCF 1983 7pc . 991 

I"!)* CGMF 1984 813)6PC .. 981 

100* Creditanstalt 1984 ftpc. 98] 

S3] Credit Lyonnais 1982 fljpc 99* 

99* DG Bank 1982 713is pc . 100 

98* CLZB 1981 Tine . 100* 

95* LulL WStmnstr. '84 71Supc 99) 

100} Llords 1983 7*pc-- 100 

100 LTCB 1982 Bipc __ 99* 

10U Midland 1982 Spc . 101! 

971 MkUand 1887 7Dupc.. 98* 

97S OKS 1983 Bipc -*. 991 

303* '■JfCF 1805 613u pc .. 97} 

992 Stndd. and CbrtnL '54 Upc 99 
103* Wnu. and GlyUB 19S4 7pc 99* 

10ia Scarce: While Wold Securities. 


103 American Express 41 pe >87 79 




Dart 4Jpc 1357 . 



Eastman Kodak 4Jpc 




Economic Labs. 42pc 



FiraHone 5oc 1IB8 .... 


Ford 9nc 1958 __ 



99* General Electric 4*pc 1337 SO 

984 Cinctte 41 pc 19S7 . 76* 

99* Gould Spc 1857 .105 

P9* Gulf and Western 5pc 1938 73* 

SSI Harris Spc 1992 .. ]S7 

951 .HoneywcO Spc I9S8 . S5» 

991- 1C1 Sipc 1992 . SC* 

100* INA tine 19B7 .. 94 

W InchcaDe fi!»c 1992 . 107 

93* ITT 42nc 1987 .—. 7S 

lBOk Jusco 6pc 1992 ... HM* 

190 Komatsu Tipc 1990 . 99* 

IBS* J- Ray McDermott 4ipc "87 1$3 

98* Matsushita SJpc 1990 . 115* 

100 Mitsui 7ipc 1990 . 10rt 

98* J. P. Moreau 4Jnc 1987 ... 83 

99* Nabisco Sipc 2998 . 99 

992 Owens IHinots 4ipc 1987 ... 117 
J. C. Penney 4*pc-!BS7 ... 121 

Rcvkra Upc 1987 . . IBS 

ReynoWa Metals Spc 19SS 54 

>7* Babcock & Wilcox Knc *97 

972 Beatrice Foods 4jpc 1992 

973 Beatrice Foods 4Suc 1993 

2002 Beeehxm Sipc I9B2 . 

100 Barden 5pc 199Z . 

.971 Broadway Halo 4jpc 1987 
1092 Carnation 4pc 1987. 

Bfl Chevron 5pc 19SS . 



Sandvik oioc 19SS _ 



Sperry Rand 4ipc 1987 . 



Squibb 4,‘uc 1937 .. 


97 - 

Texaco 4Jpc 1988 ... 



Tosblba Sipc W3Z . 



Union Carbide 4ipc 1BS2 ... 



Warner Lambert 41 ne 1987 



Warner Lambert 41 pc i»9S 



Xerox Spc less . 



Source: Kidder. Peabody 

This SUBJECT TO regulatory *1 
val Bank of America is to- 
1 full control of World Bar 
Corporation (Wobaco), prk 
reorganising it in order t 
it into its restructured:.! 
national merchant banking 
^ ness. 

so Bank of America. all 
79 * holds 50.1 per cent, of • 
Jg. Wobaco. The other main s 
fa 1 holder is Toronto Dom 
vs* Bank. 

^ Wobaco is an interna! 

financial group with three. 
87* companies fin the Ch; 

Islands, the Cayman Island; 
uJ Nassau) and three banks 
75 Luxembourg, Cayman Is 
J|j£! and Nassau) pins an oflh 

ns*' Bank of America increase 
I®? stake from about- 45 per . 
in 1975. 

119 It is very doubtful that. 

133 of America will keep Woba 
Its current state, but pro 
IM what will be done with 1 
58* not yet been derided. PM 
™. it may be sold off to other 
ga tutions—there has been © 

92 negotiations with Societe r 
51. clere Europeenne—and 
jg integrated into the 
les. America organisatioiL 



II SICillTl Half year to Halfyearto Year to ; 

Rpnnrf 30.9.77 30.9.76 . 31.3.77 

nU|JUl t £>000 £’000 £’000 

Sales 20,653 17,798 38,112 

Profit before Tax 1,622 1,530 3,052 

Earnings per Share 7.7p 7.8p 15.7p 

Dividends per share 1.179p 1.072p 4.376p 

Demand for steel and tube products remains y/eaFc. However 
benefits are. continuing to flow from our sustained investmen • 
programme, both sales and profits showing an increase, whief 
is satisfactory under very competitive trading conditions. W<. 
have grounds for confidence in the outcome for the full year 

S. DOUGLAS RAE, Chairman e 



Financial ^n™s T Tiiesday ^aiiuary 10 1978 



Sun Life firm on Toronto move 




’> nenta of‘Quebec separatism and 
, expressions of . regret from 
'■•.Federal Finance‘Minister Jean 
• Cretien, the Sun Life Assurance 
Company of Canada is standing 
V. by its decision announced on 
: • Friday to. move its headquarters 
. '"o. from Montreal to Toronto. 

■ Sun Life is the largest Cana- 
. ; ■ . dian-owned life insurance com¬ 
pany with assets of over $C5bni 
and insurance ip force world¬ 
wide of S3L7bn. Its operations 
in. ... ' in Quebec are the second largest 

a ^ er the-Life subsidiaries of the 
»■*.' • “m Desjardins Caisse Populalre 

. movement 

That means its Quebec life 
; . insurance in force is around 

/ ■ W.Sbn. 

. ’..7 The projected move of bead 
. ornce from the famous Dominion 

Square landmark In Montreal to 
the Toronto- subtnft of Bramalea 
would involve neatly 2,000 Key 
people. Headquarters operations 
for the American business were 
moved to Boston in 0973, Involv¬ 
ing about 300 .jobs. 

. Sun Life was .mutualised 
around 15 years ago -when it was 
widely believed that . American 
interests were planning to get 

Sun Life, founded in. Montreal 
107 years’ ago, said the reason 
for the move is that Bill 101, the 
French language charter, so 
restricts English language^school¬ 
ing- in Quebec that it - cannot 
recruit - sufficient Anglophone 
specialists and managers to main¬ 
tain head office operations in 

■ It insists its business is so 
worldwide that international 

administration and also for the 
rest of Canada must be in 
English to be effective. 

Mr. Chretien said that the 
Federal Government cannot do 
anything about the planned Sun 
Life move, and it was solely a 
decision for the policy-holders 
and the management. 

Mr. Thomas Galt, President of 
Sun Life, issued a statement 
replying to charges by Quebec 
Finance Minister, Jacques Pari- 
zeau, that his company had been 
u the worst exploiter of 
Quebeckers’ savings ” and had 
invested 3400m. of these savings 
in other provinces when, it was 
under obligation to put the 
money back into Quebec. 

“We are not holding outside 
the province'any such sum that 
could he related to our Quebec 

MONTREAL, Jan. 9. 

policy-holders,” Mr. Galt said. 
“Mr. P&rizeau seems to be com¬ 
paring assets to premiums 
collected, but allowance must be 
made for payment of benefits to 
policy-holders and expenses. 

“The Sun Life has always 
invested very substantially in 
Quebec, and in September, 
1977. our Quebec - investments 
amounted to about SSSflm. This 
was an increase of 358m. during 
the first nine months of 1977." 

Though Mr. Galt did not say 
it Sun Life took up nearly S30m. 
in long-term bonds issued for 
financing the Sidbee-Normines 
telletuing plant at Port Cartier, 
in which British Steel Corpora¬ 
tion has a 40 per cent, equity 
interest It was the largest single 
Canadian institutional Investor 
in that S500m. project 




.7BU.WU 1 

4 * hares of 

tor expert 


By Giles Merritt - 

DUBLIN. Jan. 9. 
Ireland's largest- : .newspaper 
group, has announced that it is 
‘■'buying control of the Sunday 
. ■ World, the republic's top-selling 

\ ;j; The Independent group, which 
, tfae acquired almost five years 
- £.igo by Mr. Tony O'Reilly, exeeo- 
vice president of H. J. Heinz, 
7 .tor £5.5m.. is to purchase 58 per 

■ ’ »nt of the Sunday. World and 
_ - ias agreed to a deal .under which 

may acquire the remaining 42 
V ; »r cent 

Mr. Hugh _McLaugfaiin, who 
' ' ’ -jwns 54 per cent of the Sunday 
1 'World through Nutley Invefii- 
r ” nents. Is selling his Interest- for 
780,000 in cash, and 200.000 
Independent News- 
Mr. Thomas Butler, who 
per cent interest is also 
..elling his shareholding . for 
' 63,000. Independent Newspapers 
;iu also, agreed to buy the 42 
, -itT cent, shareholding held by 
: At. Gerard McGuinness at a 
' 'alue based on the future profit¬ 
ability should be ehoose to sell 
- : etween January 1. 1979, 'and 
December 31, 1982,. Mr. McGuin- 
* ess will in the meantime remain 
~'s- managing director of the 
’■ ■ unday World. 

The Independent group pub- 
-•shes the Irish -Independent, 
Evening Herald and Sunday 
' odependent, as well as a number 

■ I provincial chains, mid for the 
i :rst half of 1977 recorded a 43 
. er cent rise -In pre-tax profits, 

hicb reached £818,000. Nutley 
ivestments, which owns the. 
unday World’s operating com- 
any Sunday Newspapers, and 
.so prints the weekly Irish 
arraers’ Journal, showed pre-tax 
roflts of £162.000 for Its.-last 
ill year, ended March 31, and 
et tangible assets of £ 210 . 000 . 
Started in 1973. the tabloid 
unday. World has outstripoed 
\.ie Sunday Independent with a 
motion that is now around 

Electrohix-Husqvarna bid 



AT AN EXTRAORDINARY 1 $ conditional on the acceptance companies had fewer than 50 
shareholders’ meeting to-day, by holders of 90 per cent of the employees and nearly ball or 
Electrolux; the Swedish electrical Husqvama .stock. Also, a condi- them were taken over by enters 
household equipment- - group, tion of the issue of the deben- prises with 500 or more em- 
formally announced the offer to tuxes is that Husqvama passes a ployees. Thirteen large com- 
acquire the shares in Husqvama, resolution to cancel the so-called panies were acquired during the 
the Swedish kitchen, equipment ownership prohibition year, 12 fewer than in 1975. and 

sewing machine and-motorcycie clause in its articles of assoda- were in all cases absorbed by 
group. - tion and-that the. Government another large company. 

The offer has been accepted by srent permission for this change, only 33 companies were 

the Husqvama Board and the ^ .j 

shareholders will shortly receive NWCUlSll D 1 Q 
a prospectus containing detailed 
information about the offer, 
which is worth just under aClIVIlj . 

Kr.lOOm 'film.) for the Hasq- „ ^ . , - - . ^ 
vama stock. By Our Own Correspondent 

Electroiux is offering a 19-year A TOTAL' of 611 company 
convertible debenture with a mergers were registered 

acquired by foreign or foreign- 
owned Swedish concents in 1976 
—a drop of 14—and their com¬ 
bined labour force amounted to 
only 2 per cent, of the total for 
all companies involved in take¬ 

Over half the takeovers related 
in to companies operating within 

nominal value of Kr.120 and a Sweden in 1976, a drop of 26 the wholesale retail, service and 
coupon of 8 per cent for each per cent on the previous year’s construction sectors. The Price 
Husqvama share of a nominal record figure of 828. and Cartel Office also reports 

Kr.100. The. debentures are con- According to the Swedish that 98 agreements were entered 
vertlble after two yean into Price and Cartel Office, the com- into its Cartel Register in 1976, 
Electrolux “B” shares at a price panies concerned had a com- compared with 89 in the preced- 
of Kr.130, a shareholder being bined labour force amounting to mg year. Most of the agree¬ 
able to exchange 13 debentures 52,000. or 28 per cent, fewer than ments related to the service 
of a nominal value of KTJ20 for in 1975. chemical, chemical - technical, 

12'Electrolux shares. The; offer Just over three-quarters of the wholesale and plastic sectors. 


Leaders and laggards in world markets 


ZURICH, Jan. 9. 

..;•) W.000.- 


Lance £2.4m. 

'—stock sale 

i. i , . R. BERT LANCE has sold 
(IlllUI'er cent of his stock in the 
^tional Bank of. Georgia, as 
i,,t r.*ijfl|;anned. to Saudi Arabian busi- 
; 1 1 issman Mr. Gaith Pharaon. for 

'. as in accordance with the terms 
a stock purchase agreement 
.. mounced December 20. 

' Mr. Lance, who resigned as 
’ *deral Budget Director in Sep- 
" mher, is expected to make a net 
: -ofit of some $360,000 on the 
ock ssIb 

Under the Sale ..plan, Mt. 

• laraon agreed to buy 60 per 
■nt., or--121.90ft- shares, of Mr. 

- .toce’s NBG stock for $20 a 
iare. Mr. Lance phld an aver¬ 
se price of $17 a share for the} 

' oek. - ' 

The agreement also-ealled for 
' r. Pharaon to put out a tender 

- - Ter for 60 per cent of all NBG 
■ares. Mr, Ahman said that 
ree other major shareholders 

tbe bank bad agreed in priff- 
: pie to sell their stock for $20 

- share if a tender offer Is made. 

.. Mr. Pharaon; is a con tr ac tor 

' om Jeddhh, Saudih. Arabia. 

WORLD STOCK market'. per- minus rates Of 2.6 and 2.7 per dropped against the dollar were 
formance declined by 2J> per cenL respectively. Tbe decrease Canadian dollars by 7.7 per cent., 
cent in 1977, according to the was more marked in the case of Swedish kronor by 11.6 per cent. 
Geneva-based “Capital Inter- France ( 6.6 per cent), Belgium and pesetas by 15.7 per cent, the 
national. Perspective." In a (7 per cent). Japan 02 per survey claims, 
special analysis of the past year, cent) and Austria (8.4 per cent). 

the Swiss quarterly ^calculates In the U.S. the rate of decline . 

this world index from an arith- was of 12.2 per cent over 1976 I*S. /(ml. DODOS 

metically weighted average. Of levels. frnm Cwiccnir 

the performances of some L100 Highest fall-offs are given as irum aniMiur 
securities listed on tbe stock those of 15.6 per cent in Sweden. SWISSAIR is to issue 

exchanges of 18 countries and 15.9 per cent in Hong Kong, SWJrsJftnioF4 per <eht bonds 

expressed in dollars. 22^ per cent, in Italy, 27.3 per from Friday until January 19 

■ n v j fgrfeaf crtwrtli : of cfcnt. Norway and 28 per cent writes John Wicks. Of the 
stock "market activtiv^slBut i^Spain. . money to be raised Sw.Frs.50m. 

?f w in? in tile Uj^in While these national perform- will be used .for' conversion or 

of local cumncv and * nces *** m local currencies, repayment of 18-year bonds due 

S i^dematioTiai "Capital International Perspec- to mature on January 31. The 

honrep°inffie 2 Pl Other € c(mntriei tive ’’ aIsd illustrates the change remainder will go towards the 
vSSTan tt^sivestock^Set exchange rates against the Beet renewal and expansion, and 
with an floUar durln 8 1977 - Tfae highest connected mvestments. 

^0^ rates are given as those A share of Sw.Frs.60m. of the 

2? nerten^AusSlto and of Swiss franc with 22.2 per new bonds, which have .a 

Smda eS with L 3 Der cent ceT,t M,d the ^ mXb 22 P« r maturity of up to 16 years, will 
anHHnlland ZHth Jl Sr ceDt cent_ followed by 12.1 per cent be offered to the public at 100.5 
andHouand with » l per cent D^nark, 11.9 per cent for per cent by a banking consol 

growm. ' sterling and 11.6 per emit for tium headed by Credit Suisse, 

A decline In performance close the schilling. the other Sw.Frs.10m. to be 

to the world index was shown by The only currencies in tbe reserved by the airline for 
Singapore ..and Denmark, with errantries concerned which “special purposes. 

•' _ At the same time, the Swiss 

'• • • nuclear power station company 

Israel Land makes good headway nounees the issue of Sw.FrsJOOm. 

. . . of bonds from Thursday until 

BY i- DANIEL _ January 18. The coupon for the 

TEL AVIV, Jan. 9. 15-year float will be 4 } per cent 
ISRAEL LAND Development group rose by 63 per cent In 1116 - ban klng consortium. 

’.4m., attorney Robert Altman 
..Id, UPI reports from Washiug- 

Mr. Altman. Mr. Lance's Wash- 

.gton lawyer, said thattbe sale j company—one'of the'Smntiy's 577**nthe equivalent* of£270m! offer tii bon^lfpar 111556 ' WU 

So^ “««« " 1 «M °'SoSi°°wiS t To toward, 

had a with * 1136 01 43.6 per financing the Leibstadt power 
of jurt*over the cbnaumer price index. Man- !^ on cur ^y 
£3m. in. the year ended June 30. ^ already declared ^bsta^t £S£i 

1977 (of which 56 per cent was dividends in respect of two bv fOor seSnSe 

derived from hotel operations) trusts for fiscal 1977-“ Zamid,” P 

representing an Increase of 39 a net 25 par cent after tax as * * ★ 

20 P” ““*• in 1976; WIENERWALD restaurant 
^ 5 “ ■ N (Svish"—30 per cent' after 8113 hotel concern, whose rnter- 

s“owef P mtie as capital 0 per cent in the 

gains vere smaller than to the precediiig year. Final dividends m a ^1977 g turS^ to h^?e 
preceding year, and amounted to win be paid after January 31, mSded by 19 per cent to 
£ 200 . 000 . The company near 1978, o<13 per cent, before tax, 5Kra t DM71 to. For J975, tiirTi- 
doubled its share capital during to holders Of Zamid Certificates over Is expected to rise to at 
the year by a rights issue to (10 per cent previously). Tbe least DMSOOm. 

£2,123,000. • total of dividends to be distri- The rapid growth anticipated 

* . T ' . ■ hated By the two funds will come for 1978 is attributed both to 

Bank Leumi to ju«t over £ 5 nu, or about 20 the success of the Wienerwald 

i, [ 4r * P® r cent, of profits. According to franchising system and to the 

assets past experience; most of the opening of new premises. In 

ASSETS OF the nine trust funds mosey is likely to be reinvested 3978 some 100 new premises are 
operated by -the Bank Leumi in (me of tbe bank's trusts. to be opened. 


Cape Breton still pending 

i * 


— A year Of lay-offs and 
10 m reused by the world steel 
■uis, the provihdally owned 
™ney Steel .Corporation of 
...ova Scotia could be heading 
;,v better times. 

.-The company,- which has been 
,■?* subject, of a probe by the 
* eel industry study group (San* 
. .) eel. for more.than two years. 

- ‘' noticed a pick up in orders 

i^scently, notably in rail orders 

- Veneauela. .. -Sysco’# 
^greenfields” plant in Cape 
v retta may have ben deferred 

- 3 til. the mid-eighties but the 
pmpauy Is not too dismayed. 

SYSCO Is tie provincial crown 
.jirporation set up a decade ago 
'/pen the Hawker SWdeley group 
1 ^-K- sold off nearly all 

s Quebec: and Nova ScOtia Steel 
nets, saying it had not the 
, 'resources handle fte 

^oired modernisation and 
•n't lopment- . 

;" ‘ i ' 1 s0 k ' J. r Federal- - Government 

s i '' - ; .v^rthgh the . Department of 
■ ,-; *g»nal Expansion has now 
.-: v ‘ SEE? trough with nearly 
; »»•.■; In grants to handle 

,1 .fbalrs and parts replacement i* 
furnaces, salt water mine 
gftpa and power -houses. . Im- 
■n^emfehts will be made to coke 
blooming - mills and rail 

employment (under 2 , 000 ) for 
the next few years until broad 
decisions can be taken on its 
future; A further $Cl-5m. of 
Federal funds will go to con¬ 
tinuing studies on re-location 
and future markets. 

Mr, Ralph Hinds on, managing 
director of C&nfiteeL which has 
now completed the overall study 

of basic steel would he four years 

at least 

Mfvffindftm argues that Cape 
Brefete - has the deepwater sea 
access for raw materials and 
products, iroh-ore 450 miles away 
-iff QuebeC-Labrador, cokfing coal 
neaffcjr, with timestone, skilled 
worirforce available, and short 
shipping distance to Europe and 



Owing to rising population and .industrialisation, tbe 
Cansteel Steel study group ejects a sharp recovery 
in W6rld steel demand by the silddle of the nest decade 
writes ROBERT GIBBENS from; MontreaL Again this 
bact^rotmd a hew project at Cape Breton is expected 
to have a chance of eventually succeeding once the 
present world crisis has Mown over. 


of the Greenfields plant to re¬ 
place- SYSCO’s existing Cape 
Breton operation. - looks to the 
mid-eighties for a resurgence of 
activity in the Cape Breton steel 
industry. . 

The Cansteel study concluded 
that no new plant project eon go 
ahead now because of the state 
of the World steeS market; even 
though construction lead times 
for an economic pSint Of be¬ 
tween 2m. and 4m. tuns yearly 

the east ■ coasts of North and 
South America. ' 

The stool crisis now means that 
many older plants in Em-ope and 
North America wHi have to be 
closed down. The post-energy 
crisis ecooontire of Free braking 
and. of transportation of raw 
materials- and- products are 
undergoing permanent changes 
■which make tidewater sites more 
and"more necessary. 

Because- of- fibe huge capital 
sums xequired to instal now effi¬ 

cient capacity at higher and 
higher economic, scale, the newer 
plants to meet -the rising de- 
mandsof the mid-SOs will- have 
consortium ownership. 

The Cansteel study for Cape 
Breton was funded partly by the 
Nova Scotia and Federal Govern¬ 
ments, but mainly by the part¬ 
ners in the company, SYSCO, 
Dominion Foundries and SteeL 
Hamilton, Hoogovens-Hoesch and 
Thyssen of Europe, and National 
Steel of the UJ5. These com¬ 
panies also contributed export 
technical and marketing input 

Mr. Hindson Is convinced that 
with rising population and indus¬ 
trialisation, steel demand will 
rise sharply by the mid-eighties, 
and because of the long hiatus 
in bringing in new capacity 'and 
tile' forced closedown in old 
plants, shortage will re-appear 
and prices will start to- rise 

He believes that with a con¬ 
sortium approach, the Cansteel 
project has an excellent chance 
of moving ahead once the 
present steel industry crisis is 
over. His arguments are based 
strictly .on economics in relation 
to future markets. Ottawa says 
the SC 20 m. now being made 
available for Sysco at Sydney 
in no way affects the long-term 
prospects of Cazisteel, which Will 
be judged oh its own mesjts. 

S.A. lifts 

By Richard Roffe 

THE RETAILING group Wool- 
worth, which has 60 stores In 
South Africa and maintains 
dose links with Harks and 
Spencerr has reported a rise 
Id interim profits for the 26 
weeks to November 24, which 
Is in marked contrast to tfae 
declining fortunes experienced 
by most of Its competitors. 

. Woolworth’s turnover rose 
fromR63m. to R66m. Net 
income before tax was up 
from B8.6m. to R9Jhiu, show¬ 
ing some appreciation in- profit 
margins. Earnings per ordinary 
share went ahead from 16 J» 
cents to 17.9 cents and the 
interim dividend has been 
raised from 6.5 cents to 7 
cents a share. Inst year’s total 
was 16 cents and the outlook 
is probably for a minimum 37 
cents In tbe current financial 
year, to put the shares at 305 
eents pn a prospective yield 
of 5.6 per cent, making them 
the second highest yielder in 
the retail sector after tfae food 
supermarket chain Plk to* Pay. 

Harks and Spencer’s pen¬ 
sion fund sold its shareholding 
in Woolworth just over a year 
ago but. merchandising finks 
between the two groups re¬ 
mains close, with the Wool- 
worth’s brand name, “Servns,” 
closely modelled on “SL 
MIchaeL" Marks and Spencer 
also retains representation on 
the South African company's 
Board. Woniwortb continues 
to bold 4511.000 shares in 
Marks and Spencer. 


Singapore clearing move 
to stimulate trading 


is to introduce a central clearing 
house with a "full range of 
sophisticated computerised 
services’’ as part of its second, 
five-year development plan. 

This was azmopneed at the 
week-end by the Stock Exchange 
chairman, Mr. Ng Soo Peng, who 
also- disclosed plans by the 
exchange to establish an 

authorised depositary within the 
exchange as well as a “ securities 
finance corporation.’* 

The authorised depositary 
would provide registration 
services for clients of member 
companies (of which there are 
19). This is a move designed to 
stimulate trading, as it will 
enable clients to trade in tbe 
two or three months -needed cur¬ 
rently before share certificates 
are obtained. Depositary 
receipts will provide ** good 
delivery ’* of shares for a limited 

The proposed securities finance 
corporation will be along the 
lines of those operating in the 
U.S. and Japan. It will provide 
finance for members and clients 
to buy shares and will require 
the introduction of “ margin 
trading" in Singapore. This 
move is being made to provide 
the market with liquidity which 
at present is “ sadly lacking 
according to Mr. Ng. 

He added that the rate and 
manner of implementing the next 
five year plan for tbe exchange, 
which was opened in 1973 would 

“ depend to a great extent on 
the development of the securi¬ 
ties industry" over the period. 

Tbe chairman denied “ un¬ 
founded rumours that the 
exchange and member companies 
intend to retrench trading room 
clerks” as a result Of the plan 
to introduce a central clearing 
house and computer facilities, 

Pahang shares 


THE STOCK Exchanges of Singa¬ 
pore and Kuala Lumpur said 
they ended the suspension of 
trading in Pahang Consolidated 
shares with effect from to-day, 
Reuter reports from Singapore. 

Pahang was suspended on June 
16 last year, pending clarification 
of share deals Involving it and 
its associated company, Faber 
Merlin Malaysia Bhd, 

Pahang Consolidated recently 
announced the resignation of 
Faber Merlin directors from its 
Board following moves by each 
company to divest itself of hold¬ 
ings in tbe other. 

Bid from 
5 Swire Props. 

an offer of SHK6.70 a share in 
cash for Consolidated Properties 
and Stores, valuing the company 


at SHKSSAbl, Philip Bowring 
writes from Hong Kong. The 
offer follows an announcement 
in October that discussions were 
under way which might lead to 
an offer being made. 

Interests controlling 35 per 
cent of tbe shares have under¬ 
taken to accept the offer, includ¬ 
ing Hutchison Properties which 
controls around 20 per cent. 

The bid values Consolidated nt 
13 per cent over its last dealt 
price before suspension when 
tbe talks were announced. Since 
then share prices in Hong Kong 
have declined by about 7 per 
cent Tbe offer is 3.6 per cent 
above net assets based on a 
recent revaluation of properties. 

Bigger market 
in AsiadoUars 

THE SIZE of tbe asiadollar 
market in Singapore grew to 
SU.S-19.83bn. in terms of total 
asset liabilities daring December, 
according to the latest figures 
issued by the Monetary Authority 
of Singapore, writes Anthony 

This represented a SU.S.llO 4m. 
increase over the previous 
month's figures. A major factor 
was that credit extended to non¬ 
bank customers in the asia dollar 
market during November grew 
by $UBB9m.—more than double 
the previous month's increase— 
stimulated by the share decline 
in the UB. dollar, said the MAS. 

AH these securities haring been sold, this announcement appears as a nutter of record only. 


Finance for Industry Limited 

(Incorporated in England under the Companies Acts 1948 to 1967) 


9| per cent. SterIing/U.S. dollar payable Bonds 198T 

S. G. Warburg & Co. Ltd. 

Salomon Brothers International Swiss Bank Corporation (Overseas) 

Limited -Limited 

• Westdeutsche Landesbank Girozentcale 

Lloyds Bank International 

National Westminster Bank Group 

■Barclays Bank International 

Midland Bank Group 

Algamene Bank Nederland N.V. 
Arnhold and S. Bleichroeder, Inc. 
Banca Nazionale del Lavoro 

Bank Gutzwiller, Buzz, Bungener 

(OttUMi) limited 

The Bank* of Tokyo (Holland) N.V. 

The Royal Bank of Scotland 

A. E. Ames & Co. Amex Bank 

TitmPfftd Limited 

Bache Halsey Stuart Shields 


Bank of America International 


Bank Len International Ltd. Bank Mees & Hope NV 

Amsterdam-Rotterdam Bank N.V. 
Banca Coznmerdale Italians 
Bank Julius Baer International 


Bank of Scotland 

Banque de lTndochine et de Suez 
Banque Nationale de Paris 

Banque Bruxelles Lambert SJL Banque Frangarise du Commerce Extdrieur 
Banque Inte rn atio n al e It Luxembourg S JL Banque Loms-Dreyfus 

Banque de NeufHze, Schhrmberger, Mallet Banque de Paris et des Pays-Bas 

Banque de ITIzuon Europgenne Banque Worms Barclays Eol & Co. N.V. 

Banque Populaire Suisse SA 


Baring Brothers & Co., Bayerischfe Landesbank Bayerische Vereinsbank Joh. Bereriberg, Gossler & Co. 

UjtntBd G^tOMsxtnU 

Bergen Bank Berliner Bank Berliner Handels- und Frankfurter Bank Blyth Eastman Dillon & Co. 

Akoan flrcvol te c fr a ft bMnmlfanial UmBed 

Caisse des D§p5ts et Consignations James Capel & Co. Centrale Rabobank Chase Manhattan 


Coanpagme de Banque et dTnvestissements 

(Undjariezjtsxa) 5JL. 

Clydesdale Bank 


Citicorp International Group 
Compagrue Mon&gasque de Banque 
Credit Industrial d"Alsace et de Lorraine 
Den norske Credifbank 

C ommer zbank 

■Ahtteeg e—Hai«hs^ 

Credit Commercial de France 

GenossenschafOiche Zentralhank AG 

' Vtama 

Goldman Sachs Inte rnational Corp. 

Robert Fleming & Co. 


Continental Illinois 


Credit Lyonnais Credit Suisse White Weld 

Credito BaSano Daiwa Europe N.V. Den Danske Bank 

(paOmshnUoiM) &A. if 1071 Aktiosel&fcab 

Deutsche Bank Deutsche Giroaentrale DG BANE 

Aiu*iiy*,an*chaft —-Deutsche Kommnnalbank— OotaschB GenwttaaBchBfbfltenic 

Dillon, Read Overseas Corporation Damimon Securities DresdnerBank Draxsl Burnham Lambert 

" Waited AktfBnoMtfabtaBft huxuponted 

Effectenbaalt-Warburg Eurocapital SJL Eorombbfliare S.p JL European Banking Company 

AMang w d lwihaft Limited 

Fuji International Finance Gefina International Ltd. 


Girozentrale und Bazik der ostexreichischen Sparkassen 


Groupameid des Banqmera Friv&e Genevoas Hambros Bank 

Handelsbank N.W. (Overseas) H21 Samuel & CO. Hoare Covett Ltd. E. F. Hutton & Co. N.V. 

UBd|«d Wanted 

IBJ In ternat ional Xstitnto Bancario San Paolo dt Torino Jardine fleming & Company 


Kdder r Pea body I nternational Rlein wo rl^BBPson XredietbankN.V. Rredietbank S A. Luxembourgetiise 
Kuhn, Lo^b & Co. Xntemational Lazard Brothere & Co., Lazard Freres et Cie 

, ■” Limited 

Lehman Brotii«s Inteniational London & Continental Bankers McLeod, rouftg, Weir International 

- -™ altl1 IdiBiteii Ignited 

Manufacturers Hanover Merrill Lynch International & Co. L.Messel&Ca Samuel Montagu & Co. 

Limited. ■ 

T . nTtn . Morgan Starf^kitemational Nederlandsche Middenstandabank N.V. 

NeabiOrT hca iison The NBdco.Securilies Co., (Europe) Ltd. Nomura Europe N.V. 

Nardde ^£iS lde ^ >anfc NordicBank SaL Oppenhefaljr.&CIe. Orion Bank 

<)sterreiciuaiiifi L&nderbank Phillips & Drew Pierson, Heldring & Piereon N.V. PKbanken Postipankki 
Prig&jrtei ReaBroJera EofhschHdBank AG N. M. Rotted & S«a J. Henry Schroder Wagg & Co. 
Skandinaviaka E n sldld a Banken .Smifh Barne y, Items U pham & Co.. Sod6t$ Bancaire Bai^t (Suisse) SJi. 
Soca6t^ G4n6rale Soca^te G£n£rale de Banque SJL Sod6t6S6quanaise de Banque Sparbankemas Bank 
Strauss, Turnbull & Co. Svenska Hasdtisbaziken Union Bank of Switzerland (Securities) Veruins- und Westbank 
J. Vontobel & Co. M. It- Warburg^dnckznana, Wirtz & Co. 


Morgan Grepfell & 

Williams/GlyxL & Co. 

Dean Witter Lffemational 

Wood Gundy 

L imited 

YamedcH In ternati onal (Europe^ 


Hnancial Iftnes Trcsitey Sfeiraaiy ’K3K197S 

Sell-off continued: down another 9 Dollar steadier 



nuM Bullion i 

vmr wmr Tan o Recent erratic movements Rave wh described as moderate. *^e »^ _ 

SEW YORK, Jan. 9. way to ^ ou t waa fly more steady .Kragenand finished at 51781-1781 gj*--*.. 

picture in yesterday’s foreign for domestic and International aSSKajci'itao^o ifluEfla ** 
COPENHAGEN — Generally exchange market. With the delivery. Its premium over the i,arr.W0i |iCta.l88) 

I li'k 

the worst, however, with the Dow 7} per cenr. initiated toy ciuoanK ™ ■*“ rnenmgs on ruouc — -— -- "", .JET «#^ to Sew 

f^^SnffnuSTSSjlSl.; ?r2ti y - ^ST'XSSS PAMS-Sb^re* firmed follow- SSHS. “iSkh, *gggl S!K“S5 'SJdf&ffiS «*•« 

i£h at 4U Money-Market rates. “*ff ?«“• Minister Raymond nominal of stock. Mark Foreign nuxfd, while De Beers tost an mOHt currencies, finishing with a 

agW g-siffJba,-* *sr3a&*sus5ss«“«sys*? rhkkbss 5!?-««.“<£ 8 ff*DM.wsss3rs 

nac?d t0 SIS 5 ; ft .n^ne rate« WJSSMMS JST ft* . 

*«■ TBT tan 

majority. Trading volume fur- at S33J, on a takeover offer, 
ther expanded JLS4m. shares to American Medicorp, involi 
27.99m. a takeover fight, fell Si to S 

'Hie sell-off began immediately Exxon declined $j to $443, 

at Amiri^ MlSSrSVed in the ftmbMtfttS SSZZ ^ ™ inters rose. Ftatimini and TIni de^‘ 

a takeover fi°iit fell SI to S22 n **t ^ arties - . Banks were little changed apart weve margmally easier. [which Morgan Guaranty calcu- 

* EnndeeUnad Gan. FoocLs ' Motors and Construe- from firmer Vonwbanfc 8 Industrials were quietly steady. | , ateg in New Y ork. using noon 

rates, narrowed to 4.43 per cent. 

Gnkt Colon... 1 ’• • i 

ilntanMt'llyJ 1 

Kr«B*«u»d:. SlTO^ lTBl, JlW-rn 1 
|(C914«-93»4J amu-Mui* 

N’i«-tiurr'*a»;332to&4to *52-64' . 

!iju7i|-aei4t ;i£27-aBi 
ow uovT-BtusoiH-Aas* isai-sa ' 1 
itc»74w heMH-aTiti 
930 kkxm „isaftuao $a49-aat 

after the 

opening bell, 
responding to 

with nett 

Exxon declined SI to &143 Gan- iuoloits ana uuiauup- rrom urmer v oiks nan k. 

*«Si° to S36i iidGrrat wS- bon ? aU rose st« n ely- whl] e Financials were steady, while 
;n 51 , to wog. ana ureai west- nils sicn firn,«i _i__ 

the era Financial SI to S20. 

““ *Fuioutuuh were Steady. Wline J..u jUUCA, iiouvncu iu % 

Electricals and Oils also firmed. Insurances pointed slightly higher 515! | flrom 4.82 per cent, on Friday. 

Foreign slocfo * g^d. ^drtion^withm^t scllms con- 

SS Ui Stares V '“ Ch U “ e 5 'SdS“^Si dipped 30 

Federal Reserve Board’s decision PhiUips Petroleum gave way SJ ^ which WtoSUE mSSL^S^ gff fined to Kue Chips, 

announced late Friday to lift the to S2SJ, despite a raised, dividend ££5£ U ‘ S ' shares whlch uere F^S ^for ***** Mattes^ 

foT“ hSUf ° f 3 P0,nt SifiJTSSff StafdarToK BRUSSKLS “ W-- dollar stocks SSS C£r. S?““ a£J””&». 

Although some selling deve¬ 
loped later on, the dollar finished 
on a firmer note helped by news 



Another signal of the tighten- Ohio fell $2 to $68 and Atlantic 
ing in monetary policy came Richfield $li to $47J. 
to-day, when the Fed moved IBM tacked on $ 1 J to $2682. 

_s_ ■ u c«nw.i A .4 nn i/uudf amt.-ita were suen 

nilfe £n^ were 3ower ln <l utet trading. while Dutch Interaatioi 

t ?A*S-! nd Athmtlc In Foreign stocks, UJC, German barely steady. 
w ™. e “ *7'*■ and French Issues were little Germans were narrow 

ui a idiuci roreujn setiut “ (UV1 , m —.fcsii n nm , on a nrraer nuie iiwiwu uj ufi>» uii' ■ ...... — i-- - ■ ■ ■ ■- 

Dollar stocks were aizghHy lower. -f® .*S#hki*r wianrt Hnnf of a half point rise in the UA - BK Sfp BfiT KJW ffij Jffl 
while Dutch Internationals were £®“£ ISSkK! discount rate to 6i per com. kl*> itf m W ULb M 

agressively to drain funds from 
the banking system. 

tackedon $1J to 52682. 32^*5^~Wra Golds werav e ^„^ ea«d g «nte to and - 

Columbia Pictures dropped S2 «.*}!• ns mi with th* hnni nn n -i.. Swire Pacific A were down M it. .u. 

oais ttcit „ " . . QWVR lnst OJswani rate iu a; n.ui. 1 

. jo cents. Hutchison Whampoa Sterling,fared better than most, CURRENCY RATES 

* “Si Ss^2i cenS for although It gave up ljc.te CiJR REN CYRATE5 

<r Uarfcet JOrtti “ 

Iteak-:— -—- 

iwwi n»v‘». - • 

i 3. 1 iWJ - ! HiWd. 

Columbia Pictures dropped Sj w hiJe U5 felL 
to S15J, despite favourable com- Gold Mines were 

was ment. 

designed to defend the dollar ln 


American Medico rp 777.509 

Endd .395.400 

Tenoral Motors . 392.000 

Uanncit . 223.400 

Ryder System . 277.700 

Exxon 210.500 

Great WVsl Fine). 1S9.SOO 
Tencral Electric ... 191.000 

nilk-ne . L55J60 

First Umri'.-r Find. 184^00 

rid the dollar ln THE AMERICAN SE Mai 

__ Value Index fell LP2 to 12] 

YE STOCKS while the volume expanded 
charme 2J8Sm. (2.70m.) shares. 

Stocks Pinging on 
traded price da; 


mostly higher. 

with the bullion price. a^&HKS 15 " c ‘ c ** index calculated by the Bank of I nSwixur I 

MILAN—Easier in very thin East a^j. Navigation also de- England against 20 other curren- - 

trading, mfluenced by continuing 10 l0 gHK4.Q and des, improved to 63j8 aver 65J 1 J * no * f ^ r B _i 

political and business uncertain- Hon _ Kong Wharf were 20 cents at the previous close. The pound ^ lni , ; q. 629 iso i 
ties. JowS- at $HK 12.40. finished at SI.9X83-1.9185 m terms BAfilLi 1.2067X | 

Mediobanca were firm in getter- TOKYO — Slightlv hizher in of the dollar compared with Cuwtiui. . 1.32S33 

aUy lower Banks, while Sifa were m iTP<i tradic® amid increased Friday’s close of $1.9290-15310. *“"*?» ' rh -1 Io'i|g? 

j Special . I Earopa»n AuiMmlam * 

1 Drawing I . Unitat gmwb,, ..I. 

■ Kgfa ia...._•_A*«mnt 

i January fl ( Janmuj- 9 FnnUiut...; 

New Ynk...> 3 iUBSfr-IJM 
MinUrral....; Hjt.WW-2.tUM.tOIW.10B 
AuiMatUam! 4lj. 4.57-MI.} 4JI4-4.4U 
Urwwdi... :;«H| ; tulgMl 

uuwniuarai a 1 ii.n-aw ;it.i«irUjM 

FnnUurt...; 5 f 4AW4.14 4,114.®’ 

_ IS 77.HMl:g» 77.U u 

Shippings were lower, with marginally higher in easier last week’s Sentiment was no doubt helped by T°ioi2» 

in Dmmprpn rinum Vic 9 FSnanrisIc. _. -_ ««n_ _■__ kha nnnac Infln Cm uaonn CTLW* . ‘'iyizr 

Canada sharply lower 

Prices continued to move sharply 

Van Ommeren down Fls4L 
Robe co FIs.1.7 and Pakhoed 
Fls^fi. KLM and Heineken were 
among the few firm issues. 

State Loans were easier. 
GERMANY—Narrowly mixed 

d ° w ° Fls-3. Financials. rapid rise. Volume 330m. shares. The Wholesale prices Index for oSflSiSmark' siswre 

and Pakhoed Bonds were mixed. Constructions. Housings and December indicating a further Uuufa *un.ier j a.77664 

Heineken were OSLO — Industrials, Bankings Power Plant Equipments rallied decrease in the rate of inflation fw* 5^71267 

m issues. and Insurances were quiet, while in anticipation of increased and demand for sterling remained Vl * 11 * 11 
e easier. Shlpoings were slightly easier. Government spending this year. good throughout. * - sarvwkmic- 6.31713 

rowly mixed VIENNA—Irregular in lirelier Export Oriented Electricals and Gold improved $U an ounce to Unm pe^bi..' 97.8262 



Frankiurt... S 4JWM.14 4.114.12 

LMkhi_ K .! 77,DO-?!.DO ! 77.M-77J4 

MkIiM . I :154.7S-US.7HM.llt-lKJa 

Mlhio .. Hit; t,Nl-Mai J. 1JETMJB 

.. S LM-1BJ4 I USMtJB 

puo..; »i» 9jM-t.ii<-a.nt 

St-k-klHilm.. B 9JN-S.07 9J44-lJ6f 

Tnki-o_. 4U' 4B0-47B 482-494 

ThHim. biJ ».zui.n I ajs-n.« 





Zurfdi.J m< 5*BMk9l J 3.B-M7 

t Rate* si vim an for eonvenudt frano. 
Finuacul franc 61554X19. 

nove snarpiy utKMAWY—narrowly mixed vusiViVA—irregular in livelier Export Oriented Electricals and | Gold improved $1} an ounce to upim pews*., 
trading on after some early gains were trading. Bank Preferred stocks re- Precision Insmiments fell with |5170}-171} mainly on uncertainty ^w«u«h km»» 

-> Canadian Stock Markets yesterday eroded in quiet trading. 







Biss* and Falls 

Jan. 9 Jan. 6 Jon. 5 


Jan. Jan. Jan. 1 Jan. 
9 6 S ! 4 

Jan. 1 Jan. i J&n. : Jan. I Uec. 
S 6 i * i a I 30 

■77———7—— etLtffij 60.64 51JS) 51AJ B7J7 ' 40.7a 

piuaw'.mmlMiun • tt/lll 

InJiuina! 764A6 7S5.49 8MJ2 81L58 B17.74 851.17 -Ml.Tb i 784.56 1 1051.™ 41^2 

■ 1 i ! (3/1/m I «/in8) tlhliTaV ®7/32| 

H'raeB’ndt.* 1 SO.IS- 90.52! U.7B; SILBSj S0.7Bj Sa.ffij o5Jl7 [90.15 - - 


Issues Iraded _.. 

1.901 ; 




270 1 



Falls .... 

L309 1 




, 322 i 



Xw> Biebs_._..' 

9 ) 



Sew Lows... 

125 . 



! 1977-78 I 

Jan. • Jan. 
5 : 4 

Cumb inert 

,il n-oi | loimoj i.,nn(iine>i 

Transport....; 206.61 210.17 213J7.215.43 249.64 U.JbK 27BA8 15^5 - 

i , t 18/6 j I 1 25 10) (7/2/60) (8/7/32) TORONTO Compn 

Utilities. 107.50 1D9J4 110^2,110.76 110.96 111^8 I1B.B7 j 104^7 165J2 1038 --- 

1 i ! (22/2) ■ (26/2) r(20/4i69)k28/4/42) JOHANKESBUEG 

Trailin'; voi : ’ ‘ i j ! - Qoui 

000‘s t ! 27.990 24.090; 17.720.25^60j — 1 — 1 — — industrials 

: 163.25- 169.75 171.69 173.12 146.47 (17/3* j 
1 174 J5: 176JS5: 178.31; T79.27 187^5 I19/L/7T) 

158JH (23-IOf 

1B5A0 :0?<1O* 

investors awaiting the outcome of surrounding the dollar. Business . 2 .45083_ 

rthe Japan-U.S. Trade Talks here. 

AUSTRALIA—Generally weaker 

fin dufl conditions, reflecting EXCHANGE CROSS-RATES 
expectations of higher U.S. 
interest rates. Jin. 9 iPrankfurt-New Vnrlt | PCS ■ BrtUMirn«mHiui 1 Amut'iVin | ZiiiWr 

BHP dropped 14 cents to SA3-o2.---!-—-—— 

Banks were steady to lower and Frankfurt..! — • 2 . 147&40 05.3040 mso-or. i.i^.im «v35-bb 

u cmrnri rank" Industrials were -^'ow VurL / 46JUS4 . — £1.1214 3.25-75 -t.91^6-9170 *0.60-70 

Pllr ‘*. : 220.144» 4.728.740 - ‘ 14.23H.B66 : 9.0SS-I0B ».J.7fifl7 

weaker. Most Minings declined, anmeia.... 1S.4M0 . 33^27 umm — : «3.7S-m . u.4448 

although Golds firmed limd.i» ...1 4 . 11.12 ' 1.9U&-8& 9.06j-077 I ra.4t)R) : -- : 4JMi40j 

Utah shed 5 cents to $A3^3. A mot dmm_ W7.055. lC62.a9T-SJe2 ^l?a&«6'6£lE6-93rt>-l.«SMI4,‘i 

Pancontinea tal fell 75 cents to Zurich.gjjggjkZ j 2J1 34U7 42^TB7 68I£/36aP^K 73 ?^7J6-agl5 67.657- 3fl.F: 

SA1L90. while Kathleai and l".s>. s m T.wnro r.s. $ - 10n.T3.g2 (.anwiian ivni«. 

Queensland Mines trading ex Canadian 9 ia New York = 9082-94 rant*. 1.8. S iu Milan UTbdXKfO, 

rights gave up 17 cents and 30 s'terUng in Milan 1680.70-1666.0. 

cents respectively. 

otmid N/utnrn 

M60-4P5 ■ 4.122-138 AvSi-bb 

3.2b-75 .1.9163-9170 43A0-70 

- ‘ 14.232.266 0.096-106 3b.b76.07 ZMAWil 

Utah shed 

t • 1 VAf« Bate* 

Anicntina.llBX3a-nK.5A*a*iitina.,l WO M 

.V.uU r*(la1.877®-1.9947-Ao»trto_.. [ tSW-H ■ 

Brasil _ 50.82-M42 tB<4/(liun J UN 

HnW»....i 7.75-7.77 IBtmU_; DU 

Umv.B8JKft«J4B<-anMla I .10UXlU 

Hi4k K'ns: a.B-6^9 1>«u»ark..U^5-lui 

Inui. 1 1W-M6 -Fnure.9.B54LB 

KuwaU.( B.550-0.542 'frerniwiv.-XB7-4.1S - 

IdixMnlr'i/.l BZ.«4B.n fftWJCC... . ' 7WI 

Malayan ..'4J4M4AM0 Italy .1878-1729 

X. Zc*Un.n J88S- ).8874Jai«n-49141 

S in TiVPQin I’.S, $ - KM.T9-K3 Canadian ih-iuh. 
Canadian 9 in Xev Turk = 8X92-94 wnb. 1.6. S lu Milan BT&dXHSO. 
Starling in Milan 1680.70-1666.0. 

RXofLEn aJaiJKU 1 RG.H7 a. KHUami.iJMva-iJHi<aiiapan-ww 

aggggjgwjggj y 

103.T9-82 Canai lian lviU<k l : .8.-..j .I Itt-lg 

wnta. t .ti.Stu Milan 876d»4WL- Canada .’SwfUlandl »W 

Compoaitej 1012.8 10229 1D5B.4 1045.71 1087.4 (19/7) 

208.0 788-7 ! 204.1 | 2142 214.7 (17/10* 

i 215.1, 215.4 i 215.0 : 214.4 214.4 (4/1/78) 

159.4 (£4.-5) 
169.1 122.-4) 

* Has™ ih index changed 

from AugiMf M. 

Iii*l. die. yield % '— 

Jan. 6 

. De*-. 30 

' De*.-. 2* 

1 Year ago (approx.) 



| 6.64 

'' 4.16 


1 Iran ; .Iran 1 Jrai 

1 1 .« . (■*.. 

- 157 ns: 


aince Cumpiut'u 

Jan. t Pmr- 1977-78 1977-78 
9 - uw» High Low 

1 Jan. i Pit- J977-7; I9n-7S 
I 9 i nous ■ Hi/(h Dim 

i (3/l(7E) (16/2) 

Belgimn (U>j 9222= 9ZM , 99.12 90.71 Sweden «* 338A 
! i I10/1J ,(20/12) . 

Denmark^*) 98-13 ! 97^8.10722! 95.54 Switerl'df > 29U 

30 i High 

I (9/6) (2Sdl) 

Franca m>! 5LB , 61.1 68.4 ■ 43 Z 

■ (7/1) (10/8) 
Germanvi") 798£ i 797.7 ; 8LA3 7\2Js 
t ' f17/11) (10:3) 

NOTES : Overseas prices shown below - 

exclude S premium. Belgian dividends , ! . . 

are alter wlthhoMinB tax “* n - ® i sterlui*; 

a DM50 detrain, unless otherwise stated. — --—-— 

ft PiaaJOO denom. unless otherwise stated, tahnrt twin..... oSe-Bia 
* Kx.lQQ denom. unless otherwise stated. 7 <Ja.r^ nutk-v.' 6Sfl-65g 

OFrs-500 denom. and Bearer shares Mmitli.i 6ia-6is 

unless otherwise stated. * Yen 50 denom. Three month*.: 6,V6ti 
I 1 liUBSi ia»i//ei unless otherwise stated. £ Pnca at time Six monlha.... 65a-7 
y«I«n •8'W. BUitaAhjJl 

I 298A;3 fe M* «-£-£ ttZttUSK 

- - serin and-or rights issue, h Alter local 

UuUoes and i»se data itU base values p ™ 1 ' ; 

0 except NYSE All Common -50 LnUae djv. pXrmi- q Shaiw spUL a Ply. 


cei. Ii’.s..^wt-ijnj 

r.ri. c«m»j 91.9M1.06 lYilfpalavla: 5748 

Bate given for -Arsemloa la free nta. 

i I Pim-ii 

iU.S. Duller (iutlilcr 

r.l irrmen 

— | 9T^H 

1 '.(31/12) 45/1/781 

Wg-7l B i 5U 5-U 


I One inniitii | Three'ttoniE* 

.V»» ! . wb 

2-2«a I Sla-SU 

Now YieSia.Iia B.lft .die I j J8-uA8i. *» 
M.NitiMi .jft.iM.15 cs ilia 10-300.40 o, da 
Arnu'iUni-l** i.«(kjl3« 5* •. pm : 
UniMw(a.,.ra-lS i.du 25-Ao c rU» 

' m m M . ll- M .... 11 



1 — Cop'nhmi’ i* niiweril*- 

Knutcfun 11 Ig li pf> pm 

Euro-French deposU rates; nraday 9-9* per cent.: seven-day M* per coot.; r-A™, Sa laSi-^U ^Qd-lsSI 
one-month 19-lft* per cent.: three-month UM2J per cent.: six-month t3-i3» per M«irw”''ifl 0 lfiJ fiaOBMe 

™ - ___ ™ Milan. ”::il4 BO (fra dia j4048_Wi 

; Indiutruist 99.86 10tL8aiftl.97f1D2Al.1ll3.2211IM.7t 116.92 : 99.88 154.64 | 5.52 

• ! I . ] (3/1/77); 9/1/78. (11)1/73)1 (30/6/32) 

£ Composite . 80.69' 91.62 92.74 95.52. 93.82 1 95.1W 107.0U i 90.69 128.85 4.40 

. 5 i (3/1/77) (9|l/78) H (11/1/73*1 (1/6/32). 

; Jan.« 

, Dec.® 1 

Dec. 21 

Year a^o (approx.) 

Ind. div..vield % 

| 4.96 

i i 



1 o*l. P/E Ratio 

tome Cm I. U.iii.l vwhI 

; BD1 


! 9.13 , 

8.02 ! 



! 1136 

' 5.57 

Holland (f|)j 80.7 ; 80.8 
Hong Kook 36L90 1 394J82 
Italy (Ml; 66.56 66^0 
Japan W)' 372JS ‘ 37UJS 

Sundards and Poore—19 ana Toronto 1 51eia exetade special paymetu. t lull-1 The following nominal rates were woted for 

Long-term Eurodollar deposits: two years 71-8* pea- cent.; three years 7*-S* per ,woT-it is 

cent: lour years Si-5* per cent.; five yean* 8M1 per cent. SX'-ii?. 

!H5 37 urodb- 
[4-3 p* nm. 
140-48 'iredit 

80il, 93J 76-fl sao-UMO. the last mw* based on 1973 1 I S5S** « Unofficial trading, e Minority | one-month 7.05-7.15 per cent.: three-month 7J20- 

' (4/6), (29/9) t ExdixUag bonds. t4(M Industrials rntfr v Merger pending. ■ Ashed. ecnt. L onc-year 7.65-7.73 per ce nt 

425.17 5 400 Inds.. 40 UtlUdra. 40 Finance and f B -?- 1 TTadod- . J 8CP»r.. cAssamed. 'Rates are nominal cloataig rates. 

r London dollar certificates of deposit: au unrite 'lB^SUawdia 

7J0 por MU 7.B.7J5 per i*„7Tu '* 

/urich.i 4 t a -iju , nn !6i* = 

J. g 6 . 5 $ | 66^01 7A71 «rt» Belsran^SE 3in2/61 , T**i CooenhaKBi j ** Es «UL a Interim since [days' notice for guilders nnd Swiss franca. 

xr Ex rights, xd Ex dividend. 

Shon-tenn rates are can Mr sterling, U.S. dollars and Canadian dollars: lva 

• , • (£j/l> (22,12) SB 1/1/73. (1+) Pam Bourse 195L [ 

Ui 3T2JS:37045!390.93 360.49 (»1 Cotnroertwnfc Dec.. 1853. (SJi Anurer- J - 

__ r __ ifl. * 9 ) twill) dam. industrial 1070. 15 ?) Hang Seng] GERMANY ♦ 

Singapore ’ 2KL00 262^0'269.C3,2422) 3V7/04. (IHD Milan S/V73 mi Tokyo 

lu^apui. , | New SE 4A/68. (b> Straits Times ms 

1 ^ W fO-CMsed. Id* Madrid SE *1/12/77 («* 

Stockholm Indosiria] 1/1/53. (f) Swiss 1 

Bank Corn- 31/12/58. i«) UnaraUshle. I I„»^ "i-3X 

/■u rich. ' Sta lin . ih ii J8l*4tj ■ ■ pr , 

Six-month forward dollar 0.88-OJBc. efial 
12-munth UM “Be. dts. 




Aunt. $ 1 — 

T Hrien l-for) Uiv.iDi 
j L'nu j — :Uruc1 

Investment premium based on " 

$2.80 per 2—68}% (69%). u^vrl Yereti^i 

km __ 88.31 +1.1 - I - - 

Aiitanz Yersicb... 477 —2-5 I al8 i Z.O Amin Ututma — 

BMW___ 22® I+ 1 ; 20 <4.4 CUnon- 

BASF_‘ 137.11-0-8 17 6-2 ‘ 

Haver_ 133.91—0.8! 18 6.0 

rayer. Hrpo.. 277 j±+ 1 i 20 3.6 

Bayer. VereMshk 307 -1 I 80 3.2 

4.4 canon._ 

6-2 Canto- 

318 B 

14 24 
12 1.4 

ilat-NeiLwit* 150 

! - i 

6.0 Cblnoo_ 402 .-t-42 * 20 

3.6 IMi NI|ipno Print 639 l~4 | 18 

3.2 Fim Photc,_474 . IS 

- Hlta> bi- 194 —1 1 13 

Coramerzlwnlu— .Z17.4i-f0.9j 18 i 4.2 Honda Motore~...i 44S 

, •_■ n - 1 mi >» n u ’ I u-_i 1 me 

18 I 1.7 
IS ! 1.6 
12 3.1 

14 \CMIL (Z0 eeni).__;.„.| 

n'a A'trrw Au»tniila__ 

i t Alde.iAIntR-Tnic.rDdu.Sl) 

““ (mpni Kxpkwntkwi_1 

J'g Atnpra 

is 1 

V > i eaita.te..MR.M^ i 

I Jnn-'O Brazil BP, 
jouto MinolniUI 
DOW UP-.... 

1.35 j-O.05 a.X2J 
4.18 -O.05Q.lflj 
1.84 -0.040.12 
0.96 U0.D1B.14 

mill Amer. Uf.. 3.44 +OJM0.20 
lUniM^man uP.. 2.67 -fQJirilLlfl 

Abbots LiUm.I 515* 

Aii.lrea»>crnpli ...' 14 >s 

Aeu» Life A Cam 

Air Prwiw-ia.I 


3xa 4 , 34*4 

AltM..j 42^« 

Allegheny Lu<<l..- 19U 
.Vlleafhwiv Puwerj 2u 
AIliDl Cbeniiian.J 395i 

Ahsui-Vlmnlnium: 25 258fl 

Ain*..j 425, ! 43 

Alleghenv Ln<(|..! 19U i 19 it 

AI leathern- Poured 2u i 2uU 

AI licit Cbemicai.,! 395i ; 40 Ij 

Ailieil Stores.i 2Qlg | 20Jg 

Ailu Chauneni... 1 23>; h35« 

All AX-.; 34l< • 35Je 

Amemla Hw-—.1 26 ! 26Ja 

Amur. -Airline....' 9ig * 9lg 
Anier. Btandr—.1 4zig ' 42Sg 
Anier. BnailcaM.' 385g 391s 

Anier. Can.' 37Ig . 38lg 

Aluer. CiaiuiinUl 25 I 4 i IS&to 
Anier-Elei-. Pun. 24 I 24Jg 

Amet. b|iffir... 34 | 337g 

Ainer.R'Hiiel’n«i' 27ig | 271* 

Amer. Melksi_j 17 14 I 17Tg 

Amer. Utftnrih...' 3ag ! 3lj 

17u 1 177 B 

Anier. XnLlia-...! 425® ! 44 

Amer. hlaihlsnt.; 54*2 I 36lg 
Anier. Stuiva......| 29)« J 30*4 

Ainer. [fel. 4c Tel.: 593g > &9Tg 

Aim-tvk.‘ 2B>'g . 29 ig 

AMF...• 16i s j I6J4 

AMP . 23U J 25^4 

Alli/v\. l'jlg IC1I4 

.In da ir Hm-kiiuj. 275a ) 275a 
Aiilieu-ei Ho* h. 1 IBij ■ 19 

Anu.a-dieel. 27*i ■ 27sg 

A.a.A.. 2114 I 2158 

AwaDien UH. d 9 

Aan.11. 14 !g ; 14 lg 

Ashland UIU.. 29'.a 30l< 

Cur mug UiuaH....! 40 Jg 
CPC Inl'n'ttoaail 4+ 

Com* _j 26 lg 

CreukerNat-1 235s 

Crownienerhach 324g 
CummiDB Engine| 364g 
Ciirs-lVrigbl_; 19 lg 

Unna_I 22 U 

Dart Industries.-I 346g 

Deere-i 24lg 

Del Monte_; 24^ 

Delhaia. Big 

Dentsply Inter...; 18lg 
Detroit &1 IMTD...! IbU 
Diamun.iShamrk: 271s 

Uut»(ih.jny_| 12 

UiRiIAl Equip.— 44Bg 

Disney (Walt) 366g 

Dover C-urim.I 39 

Da«v<CbemLwL.-.| *QU 

Uraner. .. 42 lg 

Uti Ptom_. lllig 

D.vinu lmliisiiie»j 12*2 
Msle Ptobvr...r.4 l&Sg 

nasi Airlluefi.[ tig 

Baslman Kmiak.j 49ig 
Kaloti..J 3&J4 


19 lg [ 19 

22U 23 

3468 357g 

24 lg 24 lg 
24*4 26 4 

dig 6 to 
18 lg 19 
IbU 16to 
27ls 28 k 
12 124g 

44 Bg 44lg 

3648 37k 

39 40U 

B 6 I 4 2544 

421 g 421g 

,111s llltg 
121 s l 12*4 
l&Sg j 191g 
tig ! 61g 

49fa ' 4S5s 
3 &J 4 : 3d 

An. Ki.-lliietd.-. 477g 

Anlo Dala Poy...! E6to ( 27 

A VC.-.- 


At'fl I'nail lets •..' 

Balt li«H Kie-i....* 26 

391* 1 30 Js 
<1 1 716b 

8514 26 

31(8 31 3 4 

261* 257g 

30 3UBg 

41* 41a 

2314 23 lg 

7 ■ 6S4 

22Be 21*4 

461+ . 46 

27 lg Z75g 

39*8 396g 

tally mb 

44 44 

26 26 

28 281* 

26 26 

herkiu.-( 40 60 I 41 

Keynutus Metals. 30ig | 51U 

Keyuofala H. J_ 56lg 1 55A« 

Klch'wn Memdl. 22 1 22 

UockwnU Inter... 291a ( BBAg 
UohmA Haas.... 296g 1 295* 

Uohmfl Haas.... 

WWaurtb_ 17*4 i 18 

Wyly- 07g 07g 

Xerox. 491s ' 45*8 

l* pala.. 16*8 ! 167s 

Aenith KhUo..| 13^ i 13H OyckertadT Z 

O.Tnwae^lfW wo 3; 194 UntehoBnuni 
US.Treas*4<^I&/7ri 1816a: 1815s UapaxDojrd. 

U-d. HO Day biincj 6.62$ , 6^4£. Uarpener_ 


ifoiu Dutch_I 641* 

Conti Gnmoii 69.7-—0.5 

Daimler Henz-1 323 ! + X 

De^uasa_' 272 J—2 

Demag lS2.0j + 0J] 

Deutsche Hank _ 299.9[—0.1 ] 
Uresriner Bank _• 239J5i +0^ j 
Dyckerfanff Zemt; 164 |—1 
tiOtehunnung— ^ 211_2|—0-3 | 

— Hitai<e Food_' 876 

3.0 U I tob.247 

3.3 Icn-Tokado_1.260 

4.6 Jacra_j 473 

3 JS J^J-..,2.620 

4.1 Kama!, 160 

876 j. 

247 1 + 3 

2.0 Aasoc, Paip Paper 21. 11.06 

2.0 ■Vwoc.Can. Industries.. tl.80 

- - 

2.0 Assoc. Con. Industries.. 

2.4 .tintt. Fimndatlon Invest... 

1A! AJf.l__ 

1.4 Audlmro.-__ 

— Aim. Oil A Gas_ 

tl.80 . 

10.98 -0.02 

11.8? +0J2 
10.38 . 

1'orrob*. PP-1 2.64 U0.0HUOfMfl£ Ty 

v.rrou-1 UP- 1J20 I.lft.06!MC‘*' ‘ 1 

Nius«CnnUP_! 3.30 -OdiTiJW.8.9}., . 
Van* Ki» »•• • PI I 1.63 '—O.OTtbX&iLH \ 
v« Or I9i3m Snm'iW' 

4n>tn-e- «tf*» k» tsnetre 4K ’ 

Kmnabu_‘_!l 272 j+9'"'| 18 | 5.1 

10 4.3 uiue Metal 

Hapaz Uojrd 113 [—0.5 

113 1-0.5 

127^j- as 


fl- B huOMa__.H 270 

5^ Kyoto Ceramic—.|2Ji80 
3.9 Macsuabitn lod_I 561 


Abitiui ra^tj_■ 10H ] 10la 

Auuton Eagle- 6ig j &Jg 

AJcsnAiunilnluni: 27Be j 277a 

Aluoma Sleet_‘ 146s 14*4 

Asbestos..; 38 \ 381a 

■Mak of Montreal, 171* 1 176e 
teak A'ova Scot la] 18*4 1878 

daalc Kaiouree*.. 7 7 

UeHTatophone—.I 64 53*4 

Bow Valley lnrts.| 2078 20*4 


Horten..—__ 132,5—OJ 

tiali unil Sail_ 145 ‘+1 

Karsladt—-- 342.0! + 2.6 . 

naut hot_I 221.5 +1.6 

a Lock net Dm 100r 92.5,42.5 

UVI ' _17L0; + 0JI 

_:.. 100.5—0^ 

UP Canada..16ig 

2614 | 265a 
B7i 4 3714 

simplicity PaU 


Dank Atti'-iKS... BOTg 
hHiikers Tr. N.Y.; 34 lg 

Darker tm. 277g 

DavteT TraveiK'l. 351; 
Deatn * Fu»i_ 23to 
DeduaiDi-acnacni alto 
Den * H'mvoii. 14 

tieudlx. 36*4 

ltariiiliirt Cuui -u* Bit 
Detlileliem 5Lev.' 20to 
Black «v Darker ..1 1448 

iJoeinj;.. 35*4 

Boise Cascade.....| 23*4 

Burden...■ 3U 5* 

Bom Warner. 26*$ 

Bmulll Ini.i 9 

Bmai-eii ’-V.- 13 to 

Bn>ui' Mi«»-...! 32<a 
Uriu Pet. AD1I...I 16 
BnsHtway lila*s..j 30 
Dninwirt. ...1 i3*g 

r.ll.C.. 1 91 

/Oul M0U.1.; 427g 

Fo>eiiu>M lick.... 17 

FiixUjiu..I 30 

Pmihiiu Mini_! 75e 

'reetwn Uiuemll 197g 

Proehaur. 2b lg 

r'aqua ImlusLnal 8*4 
36 to 

buL-ynis Erie.1 lfllg 1 31 

Bllloya Watuli.... Tto 
Uurlinct'iu Nihil 39to 

BumHiglu.—•> 6818 

Caui|A<ell Soup.... 327g 
CaiMdum ttwlliv, l =l 2 
Csiuu ItandnJph..' 105a 
Carnal um.! 26*8 

19*8 19 to 

44*4 45*g 

257g 23*e 

367 S 37*e 

I&I 4 16ia 

25 - 247a 

17*e 177 r 

18lg 19 in 
32t4 321 b 

335 0 | 34 14 

21 I 21*8 
42v a 43U 
17 17 14 

30 30*4 

75e 7*4 

19 7g I 2010 
2b lg 1 26I4 
8*4 i &* 4 


28* 4 

CaiTlei & Geuentl, la*g 

Lju-lw Hswley 

LaterpHieiTmct*, £>21g j 52tj 

CIW. : *7 | 475g 

Ceiauose Ctn?iii..-j 39 38*4 

Central i s.W ....1 15*8 1 16*4 

OrteJnlee’C.. 20U I 21U 

Cc-tana-Air'Jait..! aQi" j 311a 

Chase Manhattan 37*4 . 28to 

Chenn.** 8h. Al'i 40/a 1 4114 
ClieaelftVh I'omi .: 21 '4 , 21lg 
Llieeaicajsiem... 32 1 321* 

CUtoauo Uriitae... 45 lg ; 46*4 

l bromaltuv.‘ 14to : 145s 

Chrysler. - IZSg ! 12ta 

Liuemiia.I 8ig 1 _1 T S 

Cm* Milacrou.... 38«4 : 39la 
... 21*4 ta2 

Ciiij. Milacrou ...• 38U 

.. . 91*i 

Cities sServhi!.....; 485g 

CltV IllvesUIUI... Italy 

12to ! lta.a 
2‘a 1 17g 

(Via Cuta..; 36 

luluate P«*ii'.I 21 , aOJa 

Culllila AJSiuaii..; 10*4 I H 

LuhinihiaCa-*..j 2blg 1 28H 

Cnlmnhln 15 >3 1 16 lg 

1 Viiii.IihCiuiIAiu' 15 lg J 15lj 
Li in tin union Bnu-' 36 'a j 36 
CuiillamUun Eq...| 18*4 | 19 >g 
fm’wTli faiUsoii.; 27to > attlg 
1 nin'w ih Cm Mel, *■« • 2 12 

Cnnnn.^atellie...l 29"s [ 29 ? e 

t<iuifjulertoaeiu.T-i Bla [ Big 

Con me..t 20 fg I 21*8 

C*du>..ii A.Y.j ta4!4 24% 

tU'iisnl Kwsia.| 2358 24*g 

Ciiiinl Mai. tiiia.j 41*4 4SSj 
Cmisumei Power fc3ag 23*8 

C-inUneiiiai fir]'.! 32to 33*8 

Continental Oil... 27J 4 j 28lg 
C-jintlueuwl Tele.1 14** j 16 
Cuntro) Data.. 1 £6*8 ! 

Luutrn) Data..1 ko>8 *»« 

Cuupw Indus.....J 42 >k | 44 



28v a 
40 14 


tai' 8 

[ms« Beer,.• 287g 

IU InMrnstional. lllg 
Jim Waiter—™] 297s 

Hraamn_I 1413 

Bribed. j, 73^6 

Osleao 1 Power.... a6k 
Canada Cemaal.j » 8g 
Canada BW Land* 1II4 
UanlmpbnkCom 24 
Canada I art use... ,1181 b 

Dan. PkHlic.-_ 17 lg 

Uan. Ptai-IU.- lnv_ 18la 

Uan. Super Ol, 64 

Uaritn* O'Keele.. 3.16 
Danwir AstiestteJ B 

KHD-171.0;+ 0J 

fi? trapp._:.. 100.5—0.5 

lja «--' 240-31+0.6 

LuWnhnmDm K)0[ l,560i_.. 

Larthacsa_Zl 10991+0.1 

11 AM- 200 i-O^ 

M ffqn ftfffnfrnn.,..,. 163.0—0.7 

Meui lees. - 236 1+3 

Munchauer UuHtJ 490 +10 

Ma-karnuum-- 122LS—2 

Pneoasag Dm 100 119.5_ 

itbeiu West Elect. 2CJ6.5'—0.5 

Sctwrtnji- 270.0—1.3 

aiernemi_—.— 293-6_ 

3u»i Zucicer__ 246.5'+ 1.5 

ityasen A.G.,— 118.0—1.5 

esuafaitn lod_I 661 

6 At Mllsubinhi Bank J 280 1+1 10 f l.t 

4.4 MUsiihishi Ueavyl InS -4 12 i 4.3 

5.7 Mil sulnsbi Carp.J 412 +10 13 1.1 

3.1 Mitsui 1 Co._J 321 +12 14 ! 2.5 

2JB JJItaukosbi- s25 +5 20 I 1A 

4.6 .Nippon Denar'- 920 +2 15 i 0.{ 

— -Nippon Sbinusn- 649 + 3 12 1.1 

5J> Nissan Motors— 675 +2 16 1.1 

— Ptonoei_..1.320 —20 46 1A 

3.3 Sanyo Uteorne.— 200 +2 12 3.T 

L3 Svaisui Prelab._! 1.000 . 3U l.J 

3M shueMo- 925 +5 20 1.) 

3.0 *«y..—. 1,710 i—lO 40 l.S 

— busho Marine— 261 +3 11 2.) 

2.1 Cauda Chemical. 260 +2 16 3.C 

1.8 fDK-!] 1.390 .. 30 1.1 

— lawn-114 10 4.4 

5.9 Cakto Marine._ 508 . 11 l.j 

loklobie.1 Pdw’i 1.170 +2j a g.4 

I ok vo Sanyo- 224 -1 12 2.7 

toayaablbaun— 12 B +1 10 3 .g 

laray—- 120 -4 10 4.2 

lovnts Motor- 714 +6 20 I 1.4 

15 I 2.E 
35 i 0.1 

14 : 2 .: 
20 I 1.1 


rereiu & West Uk 
v olkivigen.. 

240J +0.5 16 3.3 

l,560i_. 20 L3 

109^)1+0.1 7 3J 

200 -OM 12 3.C 
163.0-0.7 14 — 
236 1 + 3 10 2.1 

490 +10 18 1J 

1295—2 — — 

11BJS' . 7 5 £ 

206.6—0.6 16 3J 
270.0—1.3 20 3.7 

293.6_ 16 2.7 

246JS; + 1.5 17 3-E 
118.0—1.5 11 4.C 
176 —1 14 4.C 

116 —1 12 6 J 

296 L. 80 3.4 

215.0 +0^1 10 | 2.3 

11 2 .) 
16 3.C 

HouRKinvillp Copper—- 

droken Hili Preprlemrv— 

ivH South___ 

Carlton United Brewerv.... 

C. J. Coies.—__ 

CUE (ft!)... 

i. into. Goutfiohl* Aus„. 

■.ontJUner [P0._... 

TUJia muji 

tl.OS . ° 5LO 

15.52 ML 14 -T 

10.96 . j.,,. 9 

11.88 MUB 1 

!eoa | n “ uh . 

12.99 (MlJtt ^eregaaid........ 

g’g | . - 

. ivianwa_—__ 

’ Price r+ or’iDirJtff 
Kroner I - I L I 

99 1-0.3 i 10 hl: 
61.51+ 1JI | 4 IU 

Source NUtko Secrninas Tokyo 


(.ibienein ..... laig 

Comlnec... 27Tg • 

Cons Bathurst.... 21to 
Ltonsumer Uu„„ 16>4 
Coseka Jieoourcc* 6*4 
Ccomln Kltb._... a 
Denison Mines... BBto 

Dome Mines.. 76 

Dome Petroleum 53>4 

Dominion urirtgt l2flto 
itomiar. 13i* 

Du pool. IZlg 

fricoii'ee Ntoke 181* 

roid Motoi i.'sn 80 


Price j + or DIv.iYIrt 

( -_*_ ' 

90.21—1.3 24 
23.9)—O.l - 

TOO ■ A • (ftfl I 

Uenstar...i g&to 

Ulant TeJ'wuiie.l 12to 
Dull On Canada...: 28 
Hswkei Bid. Can 6to 
Hoi Unger J 29 

Home Oi. -a’ .j 40 

Hudson day JlnJ 16Sa 
Hudaon ttoy_ 17 

HudsonOj. & Qaai 4Zlg 



I mpenai Oil_ 


Vhoki (Ft. 4)1- 99 

4kza (FM 0 )- 23 

/Uaem Hnk(Fi.l00i 322 j—4 lA.22.Ej 7X 

Ames.(FI. 10)^— 73.7 +U.2 |Aa44 6 .£ 
Amro HanklFUO) 65.6 —1.3 2ZJ 6 .{ 
dueakort(F'4)).. 78.1 + 0.4 23 6 A 
Doha West *in(FIJu| 120.51—OJ 70 B.t 
Uuhrm -Tertemtei 65.6^—0.6 26 7,t 

Hlsevier iFUSI).... 251.5(-a6 121 1.7 
Hon la S.V.Bearerj 123.81—0^ 32 A 4.C 
BuroComTst F 1 .IO 1 61 l 9 4.B 6.7 
li in Bnx*ries(V.iO| 41-2)—O.l 22 6 J 
Heineken (Fi^W.J 133.01+ 0^ 14 2.C 
Hucscnreiu|PI»r)l 25^ +0.2 1D.2& 7.G 
Hunter D. (F.100) 24.6 -OJ 12 4.E 

1 H C. Holland... 16.0—0.8 10 6.1 

KLM (FI 100)_I 119.6 +11.6 - - 

.»!_ Mujier (IA) 89 1 10 9J 

Noaiden(FliO)_. 37.21—0.6 10 a.c 
NauNed LuadFLAfl 99.71—0.2 |4&2 4.0 
.VedCredBk iFlift 49. 

9 4.a 5.7 
22 SJ 

10 9J 

10 a.c 

4fl!a[—o!e[20 a!* 

.VedjiidHkiFllbCt 174.0 M'—0.1 I 20 > 5.S 


Indal.. ai B 

luiand Nat.(laa.. luto 
las'pr’> f*lt«LiM> 13*4 
KwawHeaoutves. Into 
tenrm't Pm Cost, 7tg 
Lublaw t«m. ■b f . 15.45 
Hc'nif'i'a diced I 16*4 
Massey Fornusou 13to 
M.-Iniyre Pwpne 24to 
Mw:uT 8 «Jorpo..._. 29 lg 

.Vannuls Hines... 22 to 
Moreen Knenn... 16** 
Nibn.Teieawi™ £ 8 to 
Aunuu Uii * Gas 14 
D«hwcn.i Petr'ni 4^85 
Paufn Coppei M 1.80 

Jce (PiJO),_161.3+0.1 

Van Ommeren— 133.5—3.0 

Ptakhued (PiJsO)— 42.0,—2^5 
Pbhlps (Pi J0)„.. 23.7 -U.6 

Uijnbch VerPi. IOC 62 +2 

Uutoeco vPl/JQ).— 169.1 —1.7 
domed (PijjOi— lid —1 

1.1 AS4 4.= 
.0 8 6.0 
IS 21 10.0 
.6 16 6.2 

trtwi-1,990 +120 — — 

Hq.Urx.L*mb..-..|1.462 —26 I 60 4JB 

default “H”-J1,780 ,-10 112 6.3 

C.hJt. Cement— L218 +4 90 7.4 

Cockeriu 360 .. — — 

HBB8 - 2,335 + 5 177 7.6 

KlertrotaC._5.880 -50 430 7.3 

Fabrjque Kar_2,500 .170 6.6 

u.b.lnmvOm_1,990 + 5 130 6.S 

Gevaart-lJMO +4 80 6.5 

Uolrokcm..2.570 +10 160 B.E 

Inten-om- 1 1.800 —10 142 8.0 

Ctitoura Klnrinta... 

uostaln Australia- 

Dumdp Kubber (SI)._ 


Hider Smith-- 

&Z. Industries 

Den. Property Trust- 



l-CJ. Ausrraita._.___ 


iennInna (ndiiitrifs .... 

4uues llisv+l)...___I 

. a , „ Hetai* faixplnretlnn M __ 

12 2 7 - 

-i J* si^. bmponum - - 

20 14 InternaDiswi. 

_—- 20 t A orth Broken H' iinat. (tOc' 

lea Tokn Uakbridue.--- 

Du Search.___ 

Pioneer Conurete___ 

Kerala t Colnaui..- 

■L c. dleigh_ 

-1 Nrt \ l L S-HblfllL- 

| « et I * I iVanone..... 

Western Minim? ftOewit* 1 . 

12.28 1+3.03 nreiiiUassen_ 113 

11.30 '_ Wreak UrirakT^i 1 191 

11.36 1+0.01 '^orehrawl-—1 90J 

to.96 -O.L-a 

+ 1.5 4 8J 

+ 1 I IX &> 
—25 : 20 6> 
■+1 ( 11 W 
-1.51 19 6- 



— J«L 9 

— Anglo American Corpn. _ 

12.10 [-04)6 Charrer ConsoBdatcd — 

East Drlefontein 

T1.35 1-0.011 Els burg ____ 

'- 0.02 l-Hannony 

_ ft 













tO. 19 (-04)1 ...«" ZSf 

11^1 1 + 0.01 “ 00f ,.-J®. Jl 

11.92 r-0 01 Rusienhenc Plathram -• L43 

ta .13 St. Helena .. 1545" “ft* 

toi? south Vasa ..935 +0.^ 

LU -ioft C °W SA .19.M 

*j 60 Union Corporation .—.u... 44P , • +K 

10 09 . De Seers Deferred —..... MB 

11.50 - 3 .oi Blyvoornlizlcht - ft* 7 " 

13.35 4 J. 0 S B*s( Rand Pry. -— MJ +0J 

< 0.82 I Free stare Gednld.. SSJO ■, 

In . Prealdeni Brand -— J 6 .W “J- ' 

tl.80 Mftlih® PreaWem Steyn- H-B® “J- 

10.93 I—a.o 1 . ; - iff ■*** 

1L61 i+o.01 WtMX Driefonteln -W? 

1 - Weatern Holding^ _tO.» -•« 

Western Deep.. tlSflft -V 

.. 11109 

177 7.6 
430 7.3 

+4 80 6.5 

+ 10 160 B.G 
-10 142 B.G 

Kredietteak-,6,350 j .<265 I 3.8 

La Knyale Beige .6.270 —60 305 6.8 

Pan Holding_12,500 .S2.25 3JS 

Hatroflna-[3.700 —15 174 4.7 

Sue Gen Uanque . 2,700 —60 189 7.0 
dee Gen Belgique ti.920 —10 136 7.0 

buTlna.-13,065 —30 205 6.7 

Solvoy-H.420 -55 AMD 8.3 

Creel km (fleet,.— 2.476 —35 162 6.5 

CCB -- 940 -50 - - 

L'n. Min. ilrlO)... 736 —2 60 6.1 

Vlellle aiontagD+ll.535 '+25 1100 

tteutta 692 —2.5 i 4 

.UnqneOeeid'c'le 316 + IIL5|21. 

Air Lltjukrfe- 241.0 + 1.9 rIB, 

Anoitaine—.. 319.0 +18.01 2* 




AECI . 2J8 

■ 55 —- mJi vET Anftto-Amer. indiaarlal - ?-*? 

Pnce +or Div. rW. Barlow Rand_IO 

Pra. —' [Fra. | *_ QIA UveaaiMUB - «* 

mo o«' ai^iTTe Onrrlc Finance ^...—w— J-® 

I?* r?nVo?«i D ° fwiusafei.- is-s 

ail ntiWi'iS So Ed » ,r8 ConsoDdaied Inv. tLS 

“41.0 +1.9 | 1B.6 6.9 Ednani Stares — +3J.06 

319.0+1L0I 24 I 7.6 Ever Ready SA —J.TSxd 

-• SMilftfU ^ Erer“Re^SA -~r 

— tJS g-5 Fcdersdc VolksbelcsjringB. 

^PS^rH 399 tj* 3 iPwin‘? Creatermans Stores . .. 

n^ W^Garvals -. 370 +15 37.WKI.6 Guardian Aramranec «A) 

UuTetmr -—1.236 +51 60 4.9 ualette • 

^— taoB.o +6^ ai.Bii.o 

aiXAlratel.-- 854 +11 58.J B.9 McGurth? Rodw^T "“1™ 

— SS!-?* 6 - 1 18 4 - 6 wrtBenk 

60 189 7.0 Carretaur__ 

IO 136 7.0 ua.B___ 

30 205 6.7 ai.T. AlailcJ_ 

55 A (80 8.3 Cie Uanralrv...._ 

35 162 6.5 Cluu Weil Iter. 

-50 — — Credit Uun Pr'ce. 

323.W + 8.7 6Js lu ok Bazaars 

60 8.1 Creusra Loire_ 

1 «SH3 +0j H ll-l 11.11 Premier Minim? tBJS 

UOIDKl (PldjO/- 

itorenU" (> UJO)-1 13a 1' +U.4 

ita>-niUuIcb(F<Jd. 126 J)|—1.8. . 

iisveabui*__ 239 ;+0.5 19 

steviiiGrpiF'-zO) 146^i — 03 ] 274 

I'ofcyo PaeELdag. 8«-0 _.| 3U 

Unilever (PkJBO)... 122.71—0.6 
V iking (tes. Louis 1 43.2-43.7 

Wustliind/u. bub} 389 1 - 


Jan. 9 







CUM Gel*) (Fr. 100 


Do. Pt. Carta _ 


Do. iteu- 


Cre.lli faalsae__ 




Flwhet (Geonte). 


HoOdmd Pi .Certs 


25 1100 1 6. 61 1 hunts*- 439 

■'r.Petroles...._.. t6, 

Gen-OWdrlentsie 178 

lmet»i___ 5a 

J-L-ques Uoroi. 104 

Ltalanie.- 142 


. [ Legmnd..1.306 

10 fl 2 > H*teon- Pbenlft.J 751 

10 3 0 h «‘n “H".11.100 

■«“ 22 J 5 Jiuet Henneasv...| 341 

56 J). 

439 +14 

u6.0 +0.8 
17B« -1 

- p r««l« Cement 
+ 14 .lUOS 3.7 Prutea BoMbma 


+ Or | DiyjY«1 

22 I S3 1 — I 

22 [ 3.6 
16 | 3.6 

l 5 1 f-i j i l eu ) iaaucitcneib..| 
s I 3 - e I Pociaiti_ 



Pernat-kl -harri... 


+ 1.4 


+ 1 


+ 0.2 


+ 11 


+ 37 


+ 7 


+ 16 

160 J2 +6. 



3.7 Rand Mines' Properties _ 
Rembrandt Gnmp 

jot g Rcico . 

_ Sake HMdlutB ... 

ifilssj'i.o C- G Smdth Sugar ...—. 

3L8& 2.0 ... 

39JS 6 3 5* Breweries .. 

31.66 3.0 ^ 8er Oata and Nat MiHg. 
12.B 3.7 H" 1 *® . ; -■ 

192.01 + 1.8,6 

I ttodfiePotroieum 36to 37*4 

Pan. Can. Pet'm 32to 33 

Paunn--(la 115 

Peoples Depu a.. 4.40 4.50 

Piaee tiaa a-U i.. 0-99 1.01 

l^iper Deveiopmi 20*8 21 

Power Corporal-n 9T» 9 to. 

Price—... 10 to 10*s 

Quebec Stiirvenu 1.40' 1.49 

•tauter O)._ »6to 267g 

Bead Shaw_ t8to 9to 

Kio Aiftom __ 27to 27Sg 

K.JV*' Mk. r/ Un. 26to 26*9 

uoya. Tru*i.__ 15*4 16 to 


I Price 
Jan. 9 Kroner 

Do. (shmh).... 8.625 —25 
inierfood u—3,250 —SO 
Jeimoll (Fr.100). 1,396 —fa 

Kadlu Tft-bnlque.l 367, 

0.7 K*rtoute_— 
3-1 Uhune Pooien- — 
1-4 ?t. Gobaln—_ 

-»+ 7.6.16 6.1 
.5+0.3 - _ 

.0 +1.6 25 £ 7J 

Ota E 1 

3.11> securiu 

ISA! 14.7 

7J1B.4 -- 

12 I 6J iP AIN V 

■HUBCU .. l.*» 

Securities Rand. Discount 34 

Iimnn a - Pw nflL '< I 

AS land 


01.81+0.7 -9 18.0 gSS cXT* 

Per east. 

„ ufasa 

.. 21B 


AjntcBteu keu _..J 
aunnWWji+ ... 

JflQllh^ tai mh- ,,,,1 

h*»fc .\ntMlc L'0_! 

140 to + to 
399 1+4 
130tol + to 
11619 +to 

Mm lex. iPr. *0).. 3.925 

22*« > 22 to 
25*4 I 267a 

397g | Republic Steel 

dceptreUesuurceal 8 *g 

seaiiraata. ta3to 

shell caiMbi- ....-I 16to 
dbemnc.Minatl 4.60 

iiebeuK U, (j__ 22*4 


«MKI Of CuiaiUu. 24 
h*|. Koeii Iwn.. 8.49 
Texaco L«rwiiH_ 36 to 

Hinuiuj 16* 
TrailbC&O 14(4*141 14Tg 
Trans Snunt UIU 6*4 

irizee_ jlu 

Union Uaa^.„„ lUto 
Uto/ker Hiram._ 89to 
vVrat carat Tru 34 
WHBton..i*ii. 143g 

far. K^ggeriar... 347 . 

I'or.Pftptr 81 + to 

Haodetetenk._.. 134to+to 
J.ilWnHjKriii 255 to + to 
surd Kate. 2641a —1 to 

Unaratw1ii.__„.J 100 .. 

Pntftibank_I 133to —4 

P(uvlnsbank.._..| 144to+to 
wpb. Berendaen.} 372 +3to 
upertoe_ 193 to —*4 

1 A ft r Do. PartUcrtu— 486 . 

11 KdiJndierCtoFlOt 310 -5 

in S « cCter.liA. 380 -3 

ix lip switsati 1 PJ 0 U)... 810 +1 

“ SWISS Bank(h.luu 434 —1 

12 5.4 

8 9.9 

11 8.2 
12 4-U 

12 4.5 

awi» (KeJ.dWi.. 4.775 .1 

union bank_J 3,280 |.j 20 

NeaueU-r. 100 )._. 3,665 +16 UB6.8 2.4 iw+lfcsatiiooT.Tli Sta 7 

Do. Ueg -2.210 -hiB5J S.V duraZZZZl 

Oerilkoa.BjP^aw 2.470 . 14 6.7 rewSraSmral' 

«•*" »?52 . 15 6.9 a^SSHlSlSS'j 

** *•2 Kancn General 

3., v °»Ui I? 

^ I,. L ?!ii 



2U8 8 +6.8 25A12J Rancn Granada n.flM) 
670 +7 31.761 3.61 Rum Rlmi» . .. 

1-7 j unlnnr 

To B,, * co Rlawno . 

130.0 + 1.2 16.1611.7 Ranen lud Gat. ( 1.0001 
lb.9 1+0.1 — — R Ind Wrdttcmmao 

8 ;n 7 i 3-f STOCKHOLM 


13 3JI 
12 6.2 

+ or Dir. YTd. 
— Lire % 

- 114 1-1 | - | - 

4l'tali:l ........ 


8*4 I BTg 
u tlU 

lUto IW 4 
29 to I J91g 
34 SBto 
14 3g 14 fe 

• Assented, r bw r Aakaa. 
* Traded. I New stock. 

Jan. 9 

Prux ‘ r «a 

* i - 


Y. . 

-reiutaiMtait .... 

550 1. 



I'enranoWi _..._ 

260 '-45 



■ft***«eta~._ . 




■tem peril.. 

94 |_1 

■bar* Dnlniiar_ 

190 [ + 8 



)‘f# Ungrirelt-... 

226 1+8 



Do. Prir— 
I'lnal'iet — 


___ 1.879 -19 


66.6 - 2.6 
.530 -20 

150 6.0 
160 lu.l 

-tleHMtowi-i.._.30.020 + 10 il.SOO 4.0 

ilonloiHm_. 120,0 +04 

Hivetti PH*...... 730 —5 

*iwil A C„„.1,883 -28 

+ 0Jfi - - 

-Si*- - 

— - PlWIH bp"_ 

939 -12 
S68 1—4 

! no 6.1 

IMA A.« lAr^Kj]- 164 
1 u LavftittfKroO 149 

t*KA(Kr.a0>__ . 94 

UuwCopcolKrAt) 116 
il>eru»t —„— 73 

itofon_ 100 


JeduKwa....— 197 

bieet'iax *h(h J)0 123 
Srirawn'U'lKrjcj 133 
useiie 215 

togerota... 75 

Irongre 'ireel...„ 4o, 

iaudetobaniMn^. 265 
dnralxtiu MM . u . M 110 
IlcOiA Domrtc.*. 6H 

aUKlni. A4i_ 205 

(.K.P. •B*Kra,_ 64 
>kand KmUiMsl.. 1*0 
CanriMtk •U'KihO. B& 
■itrlefanim _ . 41 

/nlvo (Kr. Mi... ■■■61. 









+ 1 




+ 1 



. 94. 

> +1 




+ 1 




+ J 






4 JO 










+ 2 




+ 1 







75 +5 



R Ind urcKitterranaa 
Raneo Poonlar . ■- 

Ranee San tender (3S» 
Banco Uramio rLMQ) 

Raneo Vteeara __ 

Banco 2a ramaniM 

Raidronlan .. 

Ranua Andalarts —— 
Rqlraocfc Wilcox i.... 


r- '« 


E. I. Aranonena 

6d +0.6 6J 11,3 
205 +fa B.od k-6 

64 +4 
laO +1 

_ _I fllarra . 

V 5*2 SSSS 

6J5 11.3 

6.03 SS.6 Pa patera .._ 

« ll SSE.- ::::™ 

2 2 a rpfeionira 

1 „ , • °- a rnrrw Hoatrorti — 

' 3 1 7 ti«ha«x -- 

6 10<B Uhton Elea. ____ 

— » 


105.75 + * 

T3J0 + » 
72 — 

1*» - 
US — 

OJB + J 
ISJO -5 

♦ A’- 

Financial - Times Tuesday January-10-1978 



•«;. :i » is 

for wool 

N t\c 


SYDNEY. Jan.. 9- 
WOOL TRADE sources here see 
no prospect of any early boost 
to wool prices and forecast the 
second half of the 1977/78 
Australian auction programme 
will Open to-morrow with prices 
unchanged from the depressed 
first half closing levels. - 

Finer merino wools are barely 
above their.- Australian - Wool 
Corporation floor prices and the 
question is how heavily the Cor¬ 
poration will have to intervene 
to support prices,' boosting its 
already large stocks, the sources 

The key factor for the coarser 
wools and for the market overall 
will be whether Soviet and East 
European buying resumes as 
strongly as In;the first half when, 
with heavy AWC intervention, it 
helped support prices-when the 
Japanese wool ~ buying rate 
;-slipped significantly: In Novem. 
ber and December. 

The sources feel Comecon buy¬ 
ing will return, at least initially, 
but oote demand from this source 
is not easy , to predict and cotud 
fall after a few weeks. 

Japanese sources said they did 
not expect ' increased • wool 
- demand from Japan. Australia's 
largest customer, for at least the 
next few months.- 
-Western European demand is 
also sluggish ' 


UN plan to 
boost tea 


- GENEVA* Jan. 9. 
TEA remains one of the most 
depressed agricultural comodi* 
ties In'international trade despite 
last year's retard prices, a senior 
United Nations official said 
‘ r /here. 

Mr. Alia ter McIntyre, director 
V of the commodities division of 
: ... the U.N. Conference Oh Trade 
; “and Development, told a 35 
" nation meeting-tea prices hit 
record highs last year but were 
more than 15 per cenL lower In 
real terms than at the beginning 
of the 1960s. - 

-- A policy -paper prepared for 
. ~the meeting proposes a $145m.- 
, ; $215m. plan to maintain three 
.-tea funds for five years. These 
- would pay for a -buffer stock. 
: diversification and promotion. 

' The ohtiihed agreement would 
• aim to control supplies through 
'a buffer stock, .supported by 
. export entitlements. 

U.S. demand for cocoa 
beans declines sharply 


for cocoa beans continued to 
accelerate in the last waiter of 
1977. September -. December 
grindings slipped to 43.485 short 
tons, 27.6 per cent below the 
total ip the last quarter of 1976. 

- The cut, announced by the U5. 
Chocolate Manufacturers’ Asso¬ 
ciation- ye s t erd a y, was larger 
than the 25 per cePL generally 
forecasT by cocoa traders in New 
York and London. But an imme¬ 
diate downward reaction in 
prices .was quickly shrugged off 
and futures values ended higher 
on' the day. 

By the close May delivery 
cocoa had recovered to £1,600.75 
a tonne up £12.75 on the London 
terminal market after ■ slipping 
to £1,578 a tonne so On after the 

. The September - December 
figure represented the biggest 
year-on-year decline registered 
during 1977. The first quarter's 
total -was 72 per cent.down on 
the corresponding .1976 figure, 
the Second quarter’s 14.7 per 
cent, down' and the third 
quarter's 25.6 per cent lower. 

Dealers attributed the mar¬ 
ket’s muted reaction to the 
announcement to the fact that 


the decline was largely compen¬ 
sated for by increased imports of 
cocoa products. U.S. traders also 
suggested that the figure might 
have -been exaggerated by the 
diversion of beans normally 
destined for the U.S. market to 
Europe, where a supply shortage 
had pushed prices higher. 

The impact of grinding figures 
on prices has diminished ever 
the past year because of the 
growing tendency for beans to 

be processed in producing 
countries where labour costs are 
lower than in the U.S. 

This is reflected in a sharp 
rise in U.S. imports of un¬ 
sweetened chocolate which rose 
to 71.5m. lbs in the first 
seven months of 1977 compared 
with 40.3m. lbs in the cor¬ 
responding period of 1976. Lon¬ 
don dealers skid yesterday the 
fall in US. chocolate consump¬ 
tion was thought to be 20-12 per 

The quick recovery in prices 
might have been encouraged by 
buying by manufacturers, who 
had held off the market In the 
hope that they would be able to 
obtain supplies more cheaply 
after the announcement, some 
traders suggested. 

U.S. and European manufac¬ 
turers have been reluctant 
buyers of cocoa for some months 
because of expectations of a sub^ 
stantial surplus in the current 
crop season. 

No Ghana cocoa purchase 
figure was announced yesterday 
but London traders said market 
talk suggested a figure for the 
week to January 5 of just over 
19.000 tonnes: 

First meeting of rubber council 


tiil." i- 


“WORLD mine output of silver 
rase In 1977 by 4 per cent above 
.the level of 1976 to 318.0m. troy 
.ounces, according to preliminary 
-jstiraaies by the U.S. Bureau-fif 
Hines. ' . • 

Reuter . ...... 

MEMBERS OF the International 
Natural Rubber. Council will 
bold their first meeting here to¬ 
morrow to discuss the setting up 
of a secretariat in the Malaysian 
capital which will co-ordinate 
the operations of the Inter¬ 
national rubber priee stabilisa¬ 
tion scheme. 

The Council was set up under 
tbe international rubber price 
stabilisation agreement signed in 

December, 2976, by five members 
of the Association of Natural 
Rubber Producing Countries— 
Malaysia. Indonesia, Singapore, 
Thailand and Sri Lanka. 

Apart from the five signatories 
of tbe agreement, two other 
members of the association— 
India and Papua New Guinea— 
will attend tomorrow's meeting, 
which will be opened hy Datuk 
Taib Mahmud, Malaysia’s new 

U.S. to change sugar tax 

THE U.S. told the organisation 
of American States that the pre¬ 
sent- Variable sugar import tax 
might be terminated- and re¬ 
placed with a fixed import tax. 
the OAS said here. - 

The UJ5. Indicated.there were 
practical. . and administrative 
problems with the present vari¬ 
able levies and a new Presiden¬ 
tial proclamation replacing- that 
system was needed very quickly. 

The new tax will have a fixed 
fee, still to be determined, on 


raw sugar with a slightly higher 
level • imposed on refined sugar 
imports. • ■ 

The U.S. recently imposed a 
tax of 3.00c a pound raw value, 
and 3.85c a pound on refined 
sugar imports as well as raising 
the Import duty to 2.8c a pound. 
The tax add increased duties 
were designed to implement a 
provision in the 1977 Farm Bill, 
which, guarantees U.S. producers 
.at least 135c a pound for their 


Minister of Primary Industries 

It is understood that a Malay¬ 
sian will be appointed to head 
the Council secretariat, as Malay¬ 
sia Is the biggest natural rubber 
producer and the prime mover 
of the rubber price stabilisation 

The signatories have agreed 
to create a modest stockpile 
of 100.000 tons of rnbber. to 
be snppleraented by supply 
rationalisation programmes of 
individual member countries if 
the need arises. 

So far, however, tbe scheme 
has not been tested z& rubber 
prices have been well above the 
floor prices. 

The tbree-day Council meeting 
is expected to discuss the 
appointment of a Secretary* 
General for the Association’s 
secretariat (also based in Knala 
Lumpur) to replace Dr Moeljooo 
of Indonesia, who has left for 
another job. Indonesia, Thailand 
and Sri Lanka are expected to 
bid for the job. 

Malaysia will also inform other 
members of Vietnam's intention 
to resume membership of the 

tin market 

By John Edwards, 

Commodities Editor 
TIN PRICES rallied on the 
London Mela! Exchange yester¬ 
day as buying Interest came 
into an oversold market. 
Standard grade cash tin closed 
£105 up at £6,367 a tonne, and 
widened its premium over the 
three months quotation which 
gained £77.5 to £6335. 

.The rally came dcsnlte a 
small decline in the Penang 
market at the week-end and— 
as expected—another rise in 
stoeks held in LINE warehouses. 
The rise oF 356 tonnes in tin 
storks bringing holdings to 
4,435 tonnes was the fourth 
weekly Increase in succession. . 

London valnes opened on an 
easier note, but moved op on 
reported consumer demand and 
the belief that the market had 
probably ‘'bottomed out’’ for 
the moment at least after Its 
recent very steep fall. 

As anticipated copper stocks 
fell TOO tonnes, reducing total 
warehouse holdings to 640,475 

Lead stocks fell 350 tonnes 
to 66,575 tonnes, but the cash 
price discount to. (he three 
months quotation widened to 
neariv £6 after dosing £2 down 
at £359-25 a tonne. 

Zinc stocks fell bv 475 to 
64.050 tonnes. LME silver 
holdings rose 480,000 to 
19.690.000 ounces. 

U.K. fish 
processors in 
‘dire need’ 

By Our Commodities Staff 
AN URGENT plea to help save 
the jobs of a large proportion of 
Britain's fish processing workers 
was made to Mr. John Silkin. 
the fisheries Minister, yesterday 
by representatives of the 

The industry is particularly- 
concerned about the lack of 
progress in talks on access to 
the waters of non-EEC countries. 

Mr. Silkin was told that the 
fish processors were in “ dire 
need" and that it would be 
dangerous to delay these third- 
country discussions until after 
the EEC's own common fisheries 
policy had ben agreed. 

. “We need more fish now— 
from anywhere." a Frozen Food 
Producers* Association official 

Mr. Silkin is preparing for 
next week’s EEC fisheries talks 
and has already held meetings 
with the British Fishing Federa¬ 
tion and other U.K. fish catchers' 
associations as well as Mr. Finn 
Gundelpchw -the EEC fisheries 

He will meet representatives 
of Britain's fishing unions today. 


Not all gloom in 
the pig business 

FOR THE SECOND year in the 
post four Britain's pig farmers 
failed to show a profit during 
1977. But while some went out 
of business, tbe more efficient 
were able to expand, thus con¬ 
tinuing the pattern of the past 
10 yean, with the control of the 
industry becoming concentrated 
in the hands of a smaller group 
of producers. 

These are the broad conclu¬ 
sions drawn by Cambridge Uni¬ 
versity's Agricultural Economics 
Unit from a study of the indus¬ 
try in general and the results 
of 146 farmers taking part in the 
university's pig management 
scheme in particular. 

The overall performance of tbe 
farms showed a margin of only 
£0.71 per £100 output for the 
year ended September 30. This 
is the lowest on record, and 
markedly worse than the other 
bad season in 1974, when the 
margin was only £2 69. In the 
two intervening years profits 
were £22.07 and £16-61 per £100. 

But despite the poor results 
the number of breeding females 
kepi on the 146 farms Increased 
by 4 per cent- “ suggesting that 
at least some have not com¬ 
pletely lost confidence for the 
future," the report says. 

The main cause of the profits 
slump last yeat was not so mnch 
the heavy supply of pigs on the 
fresh meat market but the sharp 
increase In feed prices, especially 
early in the year. From mid¬ 
summer most of the main feed 
makers announced -price cuts 
almost every month. 

Compared with 1976 the 
average price of feed used, by 


farmers in the management 
scheme increased almost 30 per 
cent, or £25 a tonne. A fraction 
of this was offset by a 6 per cent, 
increase in prices for the end 
product, but this was far from 
enough to do anything to help 

The report says had it not been 
for an improvement in efficiency 
on tbe farms, the small profit 
achieved would undoubtedly have 
been a los$. By weaning piglets 
earlier feed was saved and the 
breeding cycle was shortened. 

Labour efficiency also Im¬ 
proved, and costs per pig reared 
bare-ly changed during the year. 


Since the end of September 
tbe picture has brightened, and 
pigs have again become profit¬ 
able. The rise is attributed to 
a fall In feed prices. Barley and 
wheat, the main feed grains, 
came down about £15 a tonne, 
and soya, the principal source of 
protein, is now about £50 a tonne 

At the end of last year made- 
up feed was about £10 a tonne 
cheaper than the average cost 
in tbe year from September. 

"Future profits depend largely 
on the relationship between feed 
and pig prices." the report says. 

“Forecasts suggest that only 
small changes are likely In the 
year ahead. Unfortunately, rhe 
past is littered with inaccurate 
predictions. In reality almost 
anything is possible these days 
and the prudent pig keeper will 
concentrate on the aspects of 

production over which he has 
some control." 

The authors illustrate how an 
efficient pig farmer can hope to 
profit while the inefficient will 
find the going border and 

On an “efficient" farm, the 
pigs are fed 4.5 kilos of feed for 
every 1 kilo of dead pig pro¬ 
duced, compared with an aver 
age 5 kilos of feed. With feed 
at lOp a kilo the efficient man 
spends £3.40 less on each pig 
than the average producer. 

At the botom end of the scale 
feed costs are likely to exceed 
the average by a further £340. 
Tbe least capable farmers will 
earn about £7 a pig less than the 

This range of individual 
results, the authors say. shows 
how the more efficient will have 
a lower break-even point and 
thus a more profitable herd of 

“ An efficient herd is obviously 
in a much better position to 
meet the future and in the long 
term should manage to achieve 
a reasonable income from pics.” 

The man with such a herd, it 
seems, is the one most likely to 
go on increasing the number of 
sows on his holding, while the 
worsi performers go to the wall. 

Since 1968 the number of 
farms in Britain with a herd of 
pics has fallen about 55 per 
cent, hut the size of the natinnal 
breeding herd, for all its fluctua¬ 
tions. is similar to that of 10 
years ago. 

Pip Mannnoment Scheme 
Results for J977 . £2 from the 
Agricultural Economics Unit, 21, 
Silver Street. Cambridge. 

Grain support buying starts 


THE COMMON Market's snpport 
buying mechanism for cereals 
was brought into operation in 
Britain for the. first time yester¬ 
day afternoon 

About 250 tonnes of barley for 
which Lincolnshire growers had 
been unable to find an economic 
price on the open market was 
taken under the wing of the 
Intervention Board for Agricul¬ 
tural Produce. 

The' grain is now locked away, 
partly in private premises and 
partly in Government-owned 
stores. It will not be released, 
either on the home or export 
market until the cereals manage¬ 

ment committee in Brussels gives 
the go-ahead. 

The Intervention Board said 
yesterday that more barley was 
being delivered “ but not in very 
substantial quantities." 

Many farmers and grain mer¬ 
chants are making “test" offers 
of groin to the intervention 
board to see how their supplies 
match up to the quality standards 

Since grain taken off the 
market under the EEC support 
buying arrangements might have 
to be held in store for a year or 
more the standards are high. 
This year, however, because of 

poor harvesting conditions, the 
criteria have been relaxed and 
offer prices reduced accordingly 
for the poorer samples. 

The flow of grain into the 
public stores is being closely 
monitored on instructions from 
the Ministry of Agriculture. 
Although 200.009-250.000 tonnes 
of storage space has been pre¬ 
pared to take in this year’s sur¬ 
plus, the Government would 
clearly be disappointed if the 
stores were filled up. 

It is likely that a flood of offers 
to the Intervention Board would 
be followed by restrictive action 
from the Ministry. 



COPPER—LfttJ* dnand on the London 
,-dera! BXchante In QUJM WHllf* wain* 
i background of jboi® stable foreign 
"a change conditions. Forward metal 
nil lull? moved around K85-X8S6 but then 
timed to m. Conn was slightly higher 
; n Uie afternoon and London moved op 
.o Flow on tho Kerb at £888. Turnover 
.5.700 tones. ~ 

. Amalgamated Metal Trading reported 





ani-iai 1 £ 


£ - 





• iiumtlnu] 683-.3 


685-. B 


r 1 * 




+ 1 

-B M 



totil’ra'ntl 8B8*5 



JA BniL.- — 



naf in the morning cud wtresaftt trued 
at £878. three months £885. 844. 84. 884. 
Cathodes, three month* £67X5. Kerb: Wlre- 
' bam. thrta mttttfa* tSSS-8. 84. Afternoon-. 
Wlreban. thrte months £883. 8X5. 84. 
HO. B8. g6, 8X& Kerb: Wlreban. Bra 
months £<8X5. 

TNC-^PIrmer in nwdefarely active con¬ 
ditions. The Udat wa l steady after the 
week-end and.forward tnetal started In 
London at £8485. HedSe buying against 
.atone bhyaleal demand In an oversold 
A.ML." tf- ofl "ti-nu (t4dr 
T114. : | Official — Unofficial — 


Sewlemt J 

Grade S 


6289 90 

__ lte«TorkJ — 





P | £ 
6369-70 +1® 
6340-50 +7X5 

thattet lifted the price From £8470 to 
£8485 and - the backwardation widened. 
The dose on tbe kerb waa £8.383. Turn¬ 
over LM torn®. 

Motning: Standard, cash 8B4M. three 
months £6-3*0- TO. 80. SO. 85. M. 00. 85. 
40. High Grade, cash £6500. £8.305. time 
months £L2B*. 05. Kerb: Standard, three, 
months £6_2S0. 30. 30. 25. Afternoon: 
Standard, cash £8-300. three months 
SSMO. SO. 38. Kerb: Standard, three 
tbonth*. fiLSSO. 35. 40- 50, 55. 50. 

. LEAD—SJVjhUy lower in a market 
laamg tretfi feature*. Forward metal 
ntovea in a narrow ranee throughout the 
day. starting at £383-£365. Trading was 
mainly around £805 and the contango 
widened. The dose on the Kerb was 
23854. Turnover 6450 tonnes. 

Calcutta goods steady. Quotations c and 
f U.K. for Qrompt shipment: 10-O* 40-ta 
110.17, 7Ha £7.80 per ISO yards. January 
£10-34 and £747. Feb.-Marth £M>.K and 
£7J4. B Twill* £3037. £28.07 and £30 52 
for tho respective shipment periods. Yarn 
and Cloth uniat. 

89-88, nil. nH, nfl fume): Mafze (other 
than hybrid for uadlbig)—7741. nil. all, 
nil (camei; Budkwhoat—All nil: Millet— 
TV.07, nil. mb nl) turner. Crain sorghom 
-79.81. nil. nil, nil rro.M. nil, nil. nil): 
Flour: Wheat or mixed wheat and rye— 
132*5 f133.77); Ryo—ULU (114.13). 



63.65-70 + 105 
6330-40 ‘+77 4 

|+7Z5 J3B5A T 
J . ... ” IAAD 

.G. Index Limited 0l-3$l 3466. 

19 Lara on t Road, London SW10 OHS. 

Hay Cocoa 1597-1605 

US$25,000,000 8\ per eeht Bonds 1987 

Notice iB hereby given that Swiss Bank Corporation, 1 
Aeschenvorstadt, Basle. CH "4002. Switaeriand has been duly 
appointed an additional paying agent 

. Rktimoort, Benson, Lonsdale Limited. 


.Conti Research 
takes a Fundamental. ' 
and Technical look at 
the Factors that 
- i could affect 
Future Prices 

Complete and return the couppn to: 

■ Services Ltd. 

World Trade Centre, London El 9AA . 
Telephone: 01488 3232 - Telex:-8S7438 

Please'-send your Copper Report 

Name ............m.-----— 

Address. ♦•**«*«**-. 

'-■pW s .. 



H «;!«(■ 






£ months- 

257.3 d 
261.3 p 
270. Bp 

-14 afifi.Bp 
1-1.8 260.46p 

-u| = 

. Mha>ih li a uisvaM8U46i»«>M | «MiiMaa«* 

Home phone Bus. phone 




+~ or 





J 6 - ■ 

5 BO 4-1 . 



£ . 

3 month*.. 





361 I-2-® 


N.X. tfpotj 

1 - 1 



1 .— 

The London terminal meandered m a 
£10 raiiEe In cjniet condhtons throughout 
the morning Session, worts' Dnrxe) 
Burnham Lambert. After lunch strength 
Id New York caused a rally. A break, 
through the £1500 barrier basic March 
was threatened. Persistent trade selling 
prevented ibis and ax the doss values 
were £15-125 hi Cher on balance. 

STEADIER opening on the London 
physical market. Utile (merest through, 
out the dor. do stag uncertain Lewis and 
Peat reported that Mala.-sian sod own 
price was ]B6 cents a kilo 'buyer, Feb.). 

N*>. I lYearecdaVol 
H.S.S. clow 





Close | + or 



Sper tonne 1 

Jan nary...... 


19X1 1»38 +17.0 1U46-1820 
1 iB3 1*83 ( + 16.0 1798-1/70 

Aorwnher _ 


1700 1703 ; + 21.0 
1665 1675 1+50.0 
163O-1G38I + 20.5 
1590 1620!+ 52.0 




47.ffi-47.7jj, 47.7B-48.QB 
47.60-48.2B] ttJJBJfl.M 

Feb ... 


AprvJnej 48.6048.78, 48.7048.80 

. . Cash £381. 81.25. three 

months <884, 86. 6SL28. 86. 635, 63.75. 

Kerb: Three months £385.28. 834. After¬ 
noon; Mid January mn.2$, three months 
<*8|-25. 654, s$. Kerb: Three months 

fill fc—Easter but market conditions 
Wre _ subdued and trading lacked 
Mrtnahw. Forward metal moved between 
£388-and £390 during the morning but in 
the afternoon fell bade slightly a thin 
tszm* [host £289 to £288 and closed on Arabkas 318.00 (215.00): Other Mild 
the Kerb at £388-28. Turnover 4j£50 Arablcas 207.33 (205.62); Robust a* 174.08 
toames.. (same). Dally average U04T (189.81). 

Jly^ep.l 50.5540.401 60.45-M.E®; 
- - 52.lD-62.80j 

65.7D4iL75 B5.86-6B.8ra 
55.50-66.66; B540-B6.7n 
67.2047.50, 67.25-57. Sts 
58.6048.70; 6846484® 

Busin ea 







a.m. t + | TJ.m. H- or 
■ZlWO.rOffiaaJ I — Unofficial — 

g* mnnf . i 




£ £ 

B894-S0J-B.W 288 .5 


Sales: 1 <3) lots of 5 tonnes and 54 
. _ (IBS' of IS tomes. 

Sales: 1J90 (1441) lots or 5 tonnes. c n ” ws JL c i n d ®,. Ki ^S 
ICO tatflutar prices tor Jan. 6 (U4.-- S’®* Feh - 4, - 7Sd <47 - s> * 

cents per pound): Colombian Mild “arch 46p 
Arabics* 207.50 (207.001: Unwashed 


Tbe market wa* silently easier on 
ateri tog considerations, reports Croovenor 




market opened 15 points higher but met 

.Yretecd'y* + or 


| CkOH t - 


^ February.ilJSSfu+M 11640-18.00 

W April_'116.00-184 +14 '116.00-12.00 

s inw. .'11240-114 +O.B9-n2.7O.n.0B 

5? Aocnst_11640-1B.4+1.60118.10-1240 

sasss- , !8ffiBaJS ~ 

and 18 points tower to mtototol trade. - 

P«n,We«tl — 

Morning: Three -months £380, 80-75. 00, 
804. 90, 89.73. Kerb: Cash £283.75. Aftcr- 
MOdlt Three months £259. 884. 88.25. 88. 
f88J. Forts: Three month* £288.5, 

* Cent* per pound, t on previous 
unofficial dose, tut per plcuL 

report* AdL 



i ™r3£ ,s>i+ " 

SOW whs fixed 14b *0 donee lower 
for ttJot delivery, to the London bunion 
yesterday at 238.7b. U.5 cents equlva- 

teot* of tbe fitting levels were; wot 4864. 
00,04c; tMMi-mfltrth 4944c. Up L8C1 «fat- 
mohth 5024c. up 14c: and 12-momb 522 6c. 
SO 14c. The metal opened at 25*-3SSp 
i4B7*-40Bc> and Improved by tbe dine 
to 25MS7p (401-W2JO. 











[Xeetttd»y , *j +uc 



+ 04S 

Sales: M (80) but of TOO tonne*. 

p - SUGAR 

Lflte LONDON DAILY PRICE for raw sugar: 
£109.60 (samel a tonne df for Jan.-Feb. 
shipment. White sugar daily price was 


7fi'as Hows Mrtl 2» nw lw| 98>- 

CqjS Terminal pneea showed Utile Change 

-.- —M tbnwgboui the day In very thin trading 

Business done; Wheat: Jan. Si.awfl.15. conajiioos. reporta a Csarnikow. 

March 82J&saiJ. May 84J504440. Sent. - a .... - — --.- 

8L10-8LOB. Nov. ml. Sales: 93 tins. 8nAr ' I „ . 

Barter: Jan. ril.75-70.7ft, March 7140-7240, _Tref- 





+ 1.1 

- LME—Turnover IBS ‘ (77) lots of 10400 
wtflefes. Monring: Cash 23t three toontbO 
2S74. 67.7. 574. 57.0. Keriw: Three 
toOffihs 256. Afternoon: Three month* 
gKVi'M. 9.6. 9.7. 94. M4. «4. 004. 804,- 
804. Kerb*; Three months 2604. 60.4, 
BA4, 604. 004. 60.4. 004. 


Piu&i-tafdhg 0 a previous tails at the 
sod of the day led tn a steady close 
oatpiie a 27.6 twr eem. reduction in rbe 
t!4. foOnh quarter 1077 grind, reports 
GiB and -Duffiis. 

.Twtflniny’si + or i. Bmtiness 
COCOA ! Cuw 1 — : Dune 

Na4 Cntrt 



Dev -,„.^16DE4-W.O 

Match JW6.0-3D.0 


h*a.0S 1680.0-1040 
+840 16884-1620 
+4.00 1608.0-1482 
U-10.76 1490.0.14.80 
h 10.00 14664 

Sales: 4441 (8483) lots of 10 tonne*. 
UUAnMtfam Cncpa orguEsatiu (U4- 
emna nor poundt—Dally price for Jan. 6: 1U7.W1. uwn-Bior prices for Jan. 9; 
15-dar-’ average 14S.28 (145.09). 32-day 
average .14342 ()4441). 


DUNDEE • J liTfe—Vcry qatot No olferi 
Of feluMnn&t Juic bill afloat Me - Offered 
at .£250 for BTC and 1240 Mr BTO. 

May 7L8S-7449. Sept nfl. Nov. nlL Oumm. 

Sales 34 lots. Cuuxl. 

IMPORTED—Wheat: CWRS No. 1. 131 - 

per cent. Jon. £83.75. Feb and March £ per tonne 

£8340. Tffiwrj. U4_Qtrtc Nmtera Spring Jl SPC h_ m.S*n.n ttlB6.t8.70r11940-1840 
No. 2, 14 per rent-. Jan. ISI40. Fdh. M. T . im Ij0.35.9812646-28.80'184.08-2840 
MnstaOT. ^C oasL U4. Sard au|. 128.b6-2B.7B B64MU4S ll!b.76-28.76 
Wftuer Ordinary. Australian. Argemiiic. rw.„„,.iso.i640^n80,lB-8046lM40.a.76 


a aeaa * j y* 

Coast Sdnth African grades unquoted. -TIT; ™ .- 

■«Hay. Serahum and Oats: Unquoted. ^ties: U» M4M) tott of 59 tonnes. 
HCCA—Average ex-tana spot prices tor »» "pLJZ 

the week to January a: other mining 

wheat: S_ Bast 8S.60. Eastern 88.70. E. MgMOJ * 1 .J" "" m,le 
Midlands 87-60. W. Midlands 80 . 68 . a. 

East 90.10. UJL 8840 Food wheat: £. „ ACRE6- 

Ean T240. S. West 7UNL Eacieni 7340. —Indicator prices (U.S. ants per 

E. Midlands 7240, W. Midlands 7140, Nf®* ^ l !3!2 d 6 S? w i l «1 n 
N. East 75.18, N. Won 7S.M. Scotland Janaanr •«**!« iK* 6 * * a 8-4S ‘ : 15487 
79.40. UJ( 73 . 60 . Food barley i s. East 8- 1 * 

69-60. N. West 8840. Scotland 7040, U-K. 

HLSO. Malting barley: Easteiu 77J0, E. 

Midlands 0649. Vf Midlands 6840. N East MEAT/VEGFf ABI FS 

6940. N. West 68.80. Scotland 7040, E. ,LUI -*A»U5 

Midlands 7440. N. East .7890, ,N. West SMlTHFIELDilatoce per pound i-Beef: 
72.50, Scotlasd 8040, UJt 77.80. Scotch killed tiden 47. BOO. B. Ulmer blnd- 

Hlohesi price tor malting barley was Quarters 62-0-64-0. twequaners 33.0-33.0. 
8100 m Norwich. Arbroath and' Edlntomth. Bin* hindauartert SZ444.Q, forrouariers 
HGCA—Ex-farin sped prtcha tor January 3LM4.9. _ 

9. Peed wheat: B. Suffolk 554a Fred Veal: English Mia 69Mao. dutch binds 
barley: E. Suffolk 6&eo. N^L Scotland and ends M-O-M-O. . . 

70.60. Lamb: Engll*" Small 50.4-38.6. medhttn 

Tbe tJ.K. monetary coeffidmtt tor the S‘B-SO.9. beav7 W.8.594, Scotch medium 
week from January 16 U expected to be 49.046.0. WmW 40.040.0. tin Do nod 

tntoharoed. frmw): N2 PL 47.A4U.0. t'Ls «.0-464 

mark lame—T rading was quiet with p***: Bnghrt. lem then 1 W lb «.»■ 
co naum er Interest tit the boAgromid. *2-°. 300-120 b»- 34.046,0, 120-160 U». 
Nominal vatoss: MfDing wheat delivered 83MS.0. 

Loudon area Jon. 80. Feb. 9440. March Hares: English (large) teachL 180.0* 

98.00. Apra-MayJnne 88.00. DNQ »»-0- „_ 

wheal delivered East Anglia Feb. S740. fartridBcs: Young teachi 186.0-268 8. 
March tsJO. AjirD-llay-Jmw S2J0. Bailey ««***»»«: < B brace) 340.888.0. 

'delivered East Anglia Jan. 73,35. Feb. COVEMT OaROem (tn eteritoR, a 
73,25. March 7125. AprU-HayJmw to JO package. ontore . suiedj — Imported 
SEC LEVIES—For to-day to order produce; OraPws—WMUUs: Navclinas 0.06- 
current levy Oluf Peb.. March and April 240. Nivels 3.00-240: Creek: ZJ0; Jail a: 
premiums', with pterions >n brackets all 3-lM.lO: Egyptian: 2,ao; Cyprus; ovals 
lq units or aoeouht a tpanc*. Chiudm aporoxlmaK-iy lfl UlO8.54/80'a 340: Moroc. 
wheat—«s47. nil, HD. sit (8744, nil, sQ, can: 248. Lemons-lrBaiui: lOfltltO 940- 
ulli: Durum wtioat—11S44. nfl, n0, nil 4.30; Cyprus: OJhs.n Srapufrim— 
(same n Ryo—7343. nfl. oft. nti (same): Cvonu; D klip*, 24W-S jb. so kilos 248- 
ftattor— 7TM, nfl, nfl* nfl (same); d an — 340:. Jaffa: -15 kfln* 2JM.8Q, go jqjoj 

24M.60. Sours—Snanla: approximately 40 
lbs 540. Oemmeattoes—Moroccan- 3.00- 
8.80: Spania: 3.08-840 Sjutimm —S nanla: 
1.86-2.60. Apples—French: 40 lbs Granny 
Smith 840-8 00, Golden Dell eta ui S-80-A.OO: 
20 lbs 73/110 Granny Smith S40440. 
Golden Beldous 3.504 20. Stark Crimson 
SJD. Jumble pack, per pound. Golden 
Delicious 0.12-0.19: Italian: Golden 
Delicious 0.13; Danish: per ponnd Spartans 
0.12: O.S.: Red DeUctous 8.504 00. 

Peaches—Sooth African: Per tray lfi/24's 
240-340. Apricot*—South African: Per 
pound 0.25-045. Plump-South African: 
Sams Rosa per pound D.304 40. Metbleyi 
040 Grapes—Span lob: IVapotood 11 lbs 
4.30440. Almeria 2 004 30: Californian: 
Red Emperor per pound 0 40-0.45 Banana* 
—Jamaican: Per pound 018. Tomatoes— 
Per 0 kg., Canary: 2.30*8.20: Spanish 
Mainland: 140-2.20 CopMe ums Canary: 
Per i3 Iha 3.80: Israeli: is D» 2 70: 
Seneoal: 8 kg. 2.80. Cocsmber*—Canary: 
2.8*440 Avocados—Israeli- 440; Canary: 
540. On tons—Spanish- 2 RO-3 00: Polish: 
160. Brrello—Per pound No. t lwm 
0 43. Thrantins 0.35-056. Walnuts— 
Chinese--Per pound 040 Canfmowors— 
Jersey: 4.50: French: 440 Pounoes— 
Dalian- 30 lbs 2.70: Canary: 25 tn. 6 20. 
Lettuce—Dutch: 24'* 3.00: French: 940- 
0.80. Cate-y—Spanish- ,24’e 3 00. 

English produce: Potatoes— Per 58 Iha. 
Whites/Reds 110-1.50 Lettuce—Per IS. 
Indoor B.7MJKI. Cabbage—Per M»a« 
Primo 0 60. Canflffaw era — Per 13. Rent 
240. Beetroots—Per ■« lbs 0 70. Carrots 
—Per 3S-lb hap 8SWIB0. Onions—Per 56 
lb* 1.00-140. Celery—Prepack ib^’j 
3.80. naked ID's 0.80. IB's 140 Swedes— 
Per bog. Devon 0.40448 Apples— Per 
pound. Derby 0.114.12. COx’b 0.18-0 24. 
Rramley* 5.1M 18 Pears—Per pound. 
Conference 0.184.70. Cornice 0.184. IS. 
•torwits—Per pound 0.05 Pars sto t P er 
28 ibs 1.89. Turnips—Per os lbs 040. 
Rhubarb—Per ponnd 0 39. 

MEAT COMMISSION—Avenue totiroek 
priee* at reprewmiative markets to the 
week to Jannarv 7: G-B.—Cattle sflnsp 
a Inlv. f+D37). U.K. she»p 139 Ip a 
kg-eot.d-c w. 1-1.9). G.B.—Plus -K2p a 
fin-1 w. f—25). Enolewf nd Wniev— 
Cattle up W 8 oer Cent-, average priee 
59 18p t+0 3KI Shopp up O'*- *+n». 
average price iSO.Ip f~2JS>. Pig* no 
comparison, average price 3S.ip ■ -’k* 
Scotland—Cattle up 0.2 per cent, average 
priee (—0 09). Sheep up 33.7 per 
cent., average price 127 Id <-VB). Phut 
down u4 per cenL. average Price 81 ftp 

MEAT COMMISSION—Average ftjmtoct 
price* *r representative markbu on 
January 9: CB—Cattle 5043p ■ kgj.w. 
t-*8 88>. U.K.—Sheep US Bp . fiu.esa dew. 
f—4.4). GR—P»ga 57.4P a kg.Lw. 1— 24). 
England and Watas—Cattle average 
price 59 06p (+0.18). Sheep average 
price 128 3p r-5.0). Pigs average price 
57.dp 1 - 2 . 8 ). Scstiand—Csitiv average 
price 57.64c. Sheen average price 1134p. 
Pig* average price 80 Op. 

Number and price changes affected by 
bank holiday arrangements. 

LONDON TEA AUCTION: Quality 180]) 
risspi a- kilo: medium I40p U84p>: plain 
B8p (8Bp). 


LONDON—Dull mod feitureleu. Bacbe 

cPeuce oer kfloi 


Price* oer touue unless otherwise 

Jan. 8 

+ or 





Alii minium-<£680 !.IC6BO 

Free Market (d«)4S80-l I.Idb40-B0 

Uapperuuih IV.Bare E 67 D. 7 B:—O.ffijtbBB.b 

5 month* do. do._t'68545 .04* *.703.76 

IVisti Catlirde.IK660.25!* 1-0 A 78 

& tnooi bv do. do.—. 
Gold.Tiuv M. 

Dntd Cash... 

3 tnnntha.._..| 


Free Market icfri„. 

t:674_ft; + i.6 «oa.B 
S-171.126,+1.126) > IM-126 


Platinum uw nt,.t£06 

Free Market. 

Mui.'k'liver (7Sibi. 

Siliver Trpy or__ 

& month 

i.lSf-t- L.BB|. 5.1 

A.S0 .. S125-20 

.7 1—1.8 ;298.6p 
.3 ii 1-i.r- 


.6 262.9|i 

. 17.311 ‘ 

Tin U**b ..(£B.3B7.5;+ 105.0k7.245 

5 month*.. ES.33S +77.51:6.812.5 

WoiIremSSknib-Oril 616 1/6 .IS 168-79 

<61n • ash-£ *BS |—1.5 !. C3.7B 

6 months.^.. £ 288.26 |+ 2.0 1£298.6 

Prc«tucerg^._i: 600 .-oOOiTOO 


Cu-onut (PbilK.SSSOo —2-6 ( S575 

GnutifitnnL.£-8/ *587 

Ltoewt Cmiein.. 8265 4273 

FUnt Malayan-^495« .iSG 12 


C'-opni Phtllip.__ 

tiovntwan tliJS.5_ 1 

’ 246.6» 

-74 !e40S 

Grains 1 

dariey KRG_ 

Hiitne Future*....! 


French No. i Am 

No. 1 Ked sunuitj 
Ku. - Uard Winter! 
Engusli Mil line. 


Future May_ 

Luflee Fuiui 

lulUHl-A ln,le*_.. 
JuU: UAllC. 

KuWmn hi hj_; 

si-41, ilMAJL. 

^Uipii (flaw)—....... 

Wooitupi. oL. alio..' 









!.| £89 


1-1 t00.7!+1 2 . TBj 1.SKB4 

Ct.784 ! +18.011't.f62 
62.45c U0.45 5B.5 l- 

•43 1 ......... 6+37 

47J6|. -046 49.35p 

. *560-70 

tl 0 . >110 

r8Bji ].1 B73p 

Nominal t Uhaunted a Sellers quota 
tlon. r Cents a oottnu o Bx-tank Loudon 
Hull m Feb ■ lad «J»n.-K+ 0 . a Decn 
Jaq. » Dec.-Feb. * f*>b, Mar. u PW>.*Aiirti 
w March u Ian-March • per ton 

Australian YeMerd*yj+ or 
GreayyWnol Ckwe 



March ..239.0404 Mj.75; 

M*V_236.0-37.0 (-04 

Julv_236.0474 (-04 i 


December — 240.042.0 



J»1>- ,244.0494 

Sales: Nil taamcf lute of 1400 klkta. 

buyer. Seller, business, «lw—Micron 
Contract; March 338.8. *38 S. 839.9-338.0. 
78: May 3434. 34G.0. 348.0443 9. 28: July 
352.2. 353. D. SSLO-353.8, 1: Oci 8945. 
364. 334.3-3344. 2: Dec. 359 0. 3395. 359.0- 
3384. 3. March 302.D. 363.9. 882 4*381.5. 4; 
May 384.0. 334 5. 3MJM83 3. 2® JUBT 3854. 
3664. 386.0-368.9. 1. Sate*: U2. 

BRADFORD—The marker ts awatting a 
lead from primary markets, tod pre- 
sum ably soy btudhess on offer a to aatict- 
patios of a possible firmer move. 


Jan. 9 i Jon. 6 |Unnib vn-fl rer nr 

253.88 : 35.13 241.66 I 250.84 

tRaw Into I iK9s|NI 


Job. 9 

Jan 6 jAkmik Ymi 


1419.8 j 1441.9 1578.9 

(Base: Sepcembar 1R ini=l«) 






JaiL 1 ttglilii Tern 

6 ! .<H- 

■>tad. ... 


+44.47 350.27 376.50 
336.65 322.1 569.73 








p «?■ 


•pH* Umimii 

0M1 1 



U.S. Markets 


PALM Oil. LetMoB—Qd)«. Jan.. Feb . 
March 270.WMMO.00. April. May. Juno. 
July, Aug., sept, 2BO BO-370.08. Sales: 
on (same). 

GRIMSBY PISH—Supply poor aad 

da maud poor. Prices per riOoe at stop's COTTON, Liverpool—Spat and shipment 
Bide tmptoceesM: Shelf rod (340-14.20, asks In Liverpool amounted to S72 lartnuB. 
cotflioga £2 G8-£3.2fi. medium haddock BUtoOcds broadconi appredahly with 
OJ9-I3.W, small Baddocli . ffi.W-CMW, conslam (merest tn Middle Eastern 
large plaice £340-£340. luedlum Mater swtpfl#*. report* P, w. Tattnraai) Kair 
Q.40-ffi40. b«cf small plain’ £34943.40. enppart came to African and South 
ektoitod dogfish (medium I £4.60. American growths. 

Gold and 



NEW’ YORK. Jao. B. 
COLD and silver closed appreciably 
hither on contloiied unucn.-rraini>- about 
(be U.S. doUar. Gold matured a 2 W 
point gain on the day. Silver flushed SOU 
points higher. Sugar closed (racuonally 
higher on lack-lusire volume of 1.090 con¬ 
tracts. Coffe manoxi-d another tmprvs- 
stoe goto on dealers and speculative 
During, Bachi.* report*. 

Cocoa—March 14340 1148 Kl. May 132.00 
1130.35*. July 127.50. Sept. 123.10. DttT. 
12140. March JIB43. Mas* lb.33. Sales: 

Coffee—"C” loniracf: Mure-fa 197.10- 
197.23 May 2S7.10 bid <153.5*1. 

Juft- 179.03. KcpL 17323-173.45. Dvc.lfiLW- 
162.00. March 135.00-iss.oo. May 140.09- 

Copper—Jan. 30.70 i39jS0i. Feb. GO.00 
160 . 10 ). March 60 40. May El 40. July 
B2.4P. Sepl. 63.30, Dl-c. 64.60. Jan. £5.!0. 
March 66.00. Slay 66.90. July 6740. Sent. 
Ri.70. Sale*: 2400. 

Cotton— No. 2: March 52.60-5i.7n <33.277. 
Slay 154.371. July Si.TU4.l3. 
On. 3640-57.00, Dee. 56.78-36.70. March 
59.10 bid. May SS 63-39.00. Sales: 235.0tU 

■Gold—Jan. 172 40 1170.30). F.-b. 173 30 
fin 30i. March 17J 30. April 173.70. June 
178.20, Atlg. ISO. TO, Oct. I3S.20. D«T. 

155.70. Feb. itwso. April ]Dn.90, June 
193 50. AUC. 198 20. Oct. 198.80. Salc«: 
11 . 000 . 

tLard—Chicago Sws*.' 19.00 isame). X*-w 
York prime steam not available 120.30 

tMalro—March 223i-223 C2225). May 

2271 1226 * 1 . July SWJ. SePL SSK23’, Dec. 
2201 - 2202 . March 233:. 

SPIatinnm—Jan. nc.on <uo.30i. April 
100.90-197.00 1 194401, July 200.20-200.40 
asked. On, 203.90, Jan. 207.50. April 

209.50-209 *0. sales: 1.43K. 

fffihrer—Jan. 402.20 i4S7 00 i. Fi-b. 494.38 
f4S9.20i, March 49740, Mar 504.10. July 

310.70. Sepl. 317Jfi. Dee. 327.3n. Jan. 
53040. March 53740. Mar 3U.20. July 
558.80. Srpt. 557.70. Sales: 15.090. 

Soyabeans—Jan. 3571-55*9 ilViji. March 
5 flS- 53 T* 158541 . May 605-605:. July 6101- 
£11>. Aug. 810. Sept. 590). Nov. 3*41-354. 
Jan. 591. 

Q Soyabean Meal — Jan. 184J0-164.3O 
(182.301. March i65.O0-164.78 (183.101, Mar 
187.00, JDly 16K40. Anfl. IC8.00-168.SO. Scot. 
1«5.50. Oct- 16S.59- 16L00. Dec. 164.50-1S3.30. 

Soyabean Dll—Jan. 20 in-20.13 >->0.u4i. 
March 20402043 i 20 . 3 n>. May 20.30-20.40, 
Juluy 20.55, AUg, 20 M. Sept. 20.40. Oct. 
20.09-20.05. Dec- 10.B5-1940. Jan. 19.63. 

Sugar—Sn. II: March 9J8-9.19 «.»». 
May 0.81. Job- 0.69441. Sepl. 945-9 99. 
Oct. 10 12. Jan. 10 36 now.. March io 70- 
10.73. May 1D.S5-10.90, Sales: 1.090 lots. 

Tin—560,00-573.00 asked (535.00-573.09 

**Wheat—March 27« (277», May 2925- 
ISM 1202 J). Juluy 266S. Sept. 292, Dm- 
2391- March 308. 

WINNIPEG. Jan. 6 . ttRye-Mar llt.30 
bid (Same). July 110.00 asked isamei. 
Oci. 110. GO nom., Nov. 111.78 uom. 

ttOots^-May 7740 (77.00), July 7L50 
Did (74.00 bid). 

fBariey—May 7S.B0, Jitiy 76.79 
asked f77.19 bid). Oct. 74.90 notn. 

SFItuaccd—May 21040 bid ISiD.60 bid), 
July 212.00 ashed fMS.SO asked). Ocl 
218 50 nom., Nov. 2)740 uom. 

Wheat—SCWRS 13.5 per cent protvlfl 
cantcm Of St. Lawrence 394) (39111). 

All cents per pound nc-warebMu* 
unless otto-rwiw stated, s's per troy 
Dunc ^—100 ounct? tots. TCtUcaso h»ose 
*‘s per 100 Ihs—Dept, uf Ay. prices pro- 
viuus day. Prime Sicam f.o.b. NY built 
tank cars, t Cents per 58 lb bushel «- 
warehouse, 5,000 bushel lots, ts's per 
truy ounce for H-oancc units of 194 per 
rent, purity delivered NV. 5 Cents per 
troy oLined at- warehouse, fl New “ h " 
mntract lu S's a slmct tat) tor balk lots 
of 100 short ions delivered f.o.b, cars 
Chicago. Toledo, St. .Louis and Alton. 
«Cems per 89 ib. bushel in store, 
n Cents per 24 )b. bushel, ft Cents per 
48 lb. bushel ex-wareltaure. f) Cents per 
SB Ib. bushel cx-warebousc. L990 btcAel 

Financial Times Tuesday January 10.1978 

Turndown in Gilts on announcement of new tap issue 

(invidiiiinii Skul 7? 

Share index loses 5.6 at 491.7 on reluctance of buyers ii 


n. , * ion. Jan. ; Jon. • IV* i * viee 

a ti b 4 . S i .x« i •»> . 

(tawiMiiroi Swu 77.0* 77,861 78.QB 78.30. 

n«W»(««*t.: 61:83 M.». 81.17 

IndHNnnl Unliuorv .»! 4ttl.7, 4#7,3j 494.6 1 487.8. 

Account Dealing Dates 

•First Declara- Last 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 ” dealings may take place 
from fjg ui. taro bu s iness days earlier. 

Stock markets yesterday were 
notable chiefly for a sharp turn¬ 
down in British Funds in the latte 
trade and a continuing selective 
demand for second-tine equities. 
The changed sentiment in gilts 
followed the quite unexpected 
announcement that £80ttm. of 10i 
/ per cen t. Exchequer 1995 is to be 
Issued on Thursday at a price of 
95. £30 being payable on applica¬ 

In official trading, quotations 
had progressed by up to 2 on 
hopes of another early fall in 
short-term money rates and in 
ihe absence of a Lap stock 
announcement last Friday, the 
usual day for such proclamations. 
During the inter-office business, 
however, there was a turnaround 
of a point and more with quota¬ 
tions ending about 1 down on 
balance on a general marking 

The Government Securities 
Index, 0.79 off in the previous 
three business days, managed to 
harden a shade to i<-S9 owing to 
an unrepresentative rise of 3 in 
Treasury 3J per cent. 1979'SI. 
Other riiort-datc-d stocks were 
barelv changed on b-'ance after 
a relatively small trade. 

Firmness in second-line 
equities usual!v centred on those 
mentioned in the week-end Press 
and on the current speculative 
favourites. The leaders tended to 
drift lower in the absence of sup¬ 
port with the continued weakness 
on Wall Street undermining: Senti¬ 

The FT 30-share Index was 4.3 
off at 11 ajn. and latter traded at 
around -three points down but 
prices were lowered further in 
the late -trade -and the dosing 
index, 491.7, represented a fall 
of 5.6 after last week’s gain of 
11.9. Business was usuailv for 
.small parrels of stock although 
official markings, at 6.868. were 
at their highest Tor nearly four 

The broa d-ba sed FT-Actua pie s 
share indices were generally a 
shade lower, wtrle rises and falls 
in FT-quoted equities were fairly 
evenly matched. A feature thrown 
up by tihe -dull spars was the large 
number of overseas-based issues, 
mainlv Americans, which recorded 
new 1977/78 lows. 

Late setback in Gilts 

The market in British Funds 
was routed by the announcement 
of the new long tap issue and 
surrendered gains, approaching } 
at one stage, to be as much as g 
lower on balance in dealings 
after the official close. Longer 
maturities had led .the upturn 
with business- mainly revolving 
round Treasury iQi per cent 1999 

and Exchequer 104 per cent. 1997, 
the two situation stocks. Yield 
attractions were the basic stimu¬ 
lant in view of possible further 
falls In interest rate levels, yes¬ 
terday's easier trend in sterling 
against the dollar being dis¬ 
regarded as a market influence. 
The latest uninspiring wholesale 
price indices brought a slight re¬ 
action from the highest quota¬ 
tions, but the main fall came 
when business resumed after the 
usual adjournment to assess a 
new tap issue. A certain amount 
of stock was offered despite pro¬ 
tective marking down by dealers. 
Short-dated stocks had rises, 
extending to } at the best, pared 
and often erased in the after- 
hours’ trading. The exception was 
Treasury Si per cent. 1979-81 
which, in clean form, encouraged 
scattered demand and rose '■ to 
91J. Corporations passed a quiet 
session but displayed sporadic 
improvements ranging to |. 

A well balanced early trade in 
investment currency made little 
impact on the premium which 
traded between 69 and 69$ per 
cent, for much of the day until 
easing late on the effects of 
sterling and dosing a net 4 
lower at 6S! per cent. Yesterdays 
SE conversion factor was 0.8013 

FNFC firm 

After last Friday's late reaction 
which followed news of the base 
rate reductions, the major clear¬ 
ing Banks became steadier. Mid¬ 
land. the last to come into tine 
yesterday, closed unaltered at 
395p. Elsewhere. Bank or Ireland 
put on 3 to 363 d and the 10 per 
cent. Convertible Improved 6 
points to £164. Ahead of Friday's 
preliminary results. First National 
Finance Corporation issues found 
support, the Ordinary improving 
4 to 24p and the Warrants a frac¬ 
tion to In. while the 9J per cent 
Convertible 1982 moved up 5 
points to £21. 

Insurances moved lower with 
Royals 5 down at 420p and 
General Accident 4 cheaper at 
2->6p. Hogg Robinson eased 2 to 
174o in response to the interim 

Breweries had a quieter session. 
Scottish and Newcastle were 
marginally harder at B9p in front 
of Thursday’s interim figures, 
whib* Press comment lifted 
R"irMiTigton« 2 to 142p and 
Matthew Brown 4 to HOD. 
Rnrtonwood continued firmly, 
rising 3 to 160p for a two-day 
ga>n n f 15. 

A livelv trade developed in 
selected Buildings where senti¬ 
ment was assisted hy hopes of 
an imminent reduction in mort¬ 
gage rates. Press comment drew 
hovers* attention to Arm Wage 
Shanks, which touched 77p before 
rlosing S$ higher at 731p, while 
Barrett Developments improved 2 
to 12$n. Buying in a thin market 
left Econa 5 higher at 72p and 
Ellis and Everard a similar 
amount dearer at 95p. John 
Finlan also put on 5 to 27p, 

while improvements of 6 were 
recorded in Nottingham Brick, 
2lSp. Parker Timber. IlOp, Aber- 
thaw Cement, 156p, and Pocbins 
90 p. In front of to-day’s pre¬ 
liminary results, SGB closed un¬ 
altered at 152p. 

Chemical leaders drifted lower 
on lack of support. IC3 shed 7 
to 347p and Flsons 5 to 37Sp. 
Elsewhere, British Tar improved 
3 to 60p. 

Exealibur better 

Secondary Stores encountered a 
brisk demand and often closed 
firmer for choice. Exealibur 
Jewellery, at 29p, recorded a 
Press-inspired rise of 2i, while 

192p. In contrast. Tubes eased 4 
to 392p and fails of a few pence 
were seen in J. Brown, 239p. and 
GKN, 27 Op. Country baying 
prompted a rise of 5 to SOp in 
Ratcliff? Industries, while Brown 
and Tawse at S8p put on a simi¬ 
lar amount in response to the 
half-yearly results and encourag¬ 
ing statement. Gains of 5 were 
also recorded in ACE Machinery, 
11 Op. and Porter Cbadbnm. 11 Op- 
Fresh buying interest was seen 
in Manganese Bronze, 89p. and 
WotseJey-Hnghes. 188p, up 3 
apiece, while Midland Industries 
improved 1! ro 44p ahead of 
Thursday’s results and Glynwed 
closed similarly dearer at I03tp 


Van tuna, 123p, and NSS News¬ 
agents, H7p, put on 4 and 6 
respectively. H. Samuel A 
hardened 3 to 2B8p in reply to 
the encouraging trading state¬ 
ment Wharf Mill, however, 
declined 3 to I9p. Leading con¬ 
cerns failed to attract much trade 
and drifted lower with Mother- 
care losing 4 to 196p and Marks 
and Spencer 2 to 158p. 

Shoes were highlighted by K 
which rose 6 to 60p in response 
to an investment recommendation. 
Lambert Howarth hardened 2 to 

Thorn held up reasonably well 
before drifting off in the late 
dealings to end at 386p, down 6; 
the interim results are due on 
Friday. Minor losses in other 
Electrical leaders included GEC. 
3 cheaper at 274p, and EMI, 2 
lower at 184p. Elsewhere. United 
Scientific encountered occasional 
support and put on 4 to 293p, 
while Electrocomponents, gained 
5 to 350p. Gains of=3 were estab¬ 
lished by BICC, ll4p; Content 
Radio, 172p, and Forward Tech¬ 
nology, 105p. Smaller-priced issues 
to make headway took in A. 
Bolgin, 21$ p, and Electronic 
Machine, 24*»p, up If apiece. 

' Vickers remained the focal 
point in Engineerings, opening 
higher at 197p following week¬ 
end Press comment about pos¬ 
sible compensation terms and 
■settling a net 6 up at 194p, after 

following favourable Press men¬ 
tion. United Spring firmed a 
penny to 23p after the annual 
statement, bat the lower half- 
yearly profits lowered Leys Foun¬ 
dries a penny to 59p: 

Foods bad the occasional firm 
spot W. J. Pyke moved up 3 to 
34p on the return to profitability 
and the dividend - list, while 
J. Bibby responded to Press com¬ 
ment with a rise of 8 to a 1977- 
1978 peak of 208p. Small buying 
in thin markets led to a rise 
of 5 to 25p in G. F. Lovell and 
an advance of 15 to 4S5p in 
British Sugar. Robertson Foods, 
a firm market of late on bid 
hopes, lost another 5 at 135p, 
after 133p, while J. Sainsbury, at 
292p, gave up 5 of Friday's gain 
of 9. 

Wilson Walton good 

Leisure and General featured 
Hotels and Caterers with a rise 
of 7 to 68p on the revised offers 
from Ladbroke; the latter fin¬ 
ished 3 cheaper at 207p. Norfolk 
Capital edged up 2 to 27p in 
front of to-day's preliminary re¬ 
sults, but Trust Houses Forte 
eased 3 to 194p. Following ad¬ 
verse Press comment on the bid 
situation. Pod tin’s declined 4 to 
42p in sympathy with a fall of 
6 to 122p in Coral Leisure. 

Firm features were plentiful 
among secondary industrials. 
Week-end Press comment induced 

a fair number of these including 
Wilson Walton, which moved up 
8 in active trading to 79p, Sunlight 
Services up 5 at 31ip. after £Sp, 
and Rockware, similarly dearer at 
145p. Other Press-inspired im¬ 
provements of 4 were seen in ICL. 
2-iSp, SQcnntigbt. S4p, Sandhurst 
Marketing. 24p. A report that the 
company bad last week booked a 
record 4,909 overseas holidays in 
one day helped Horizon Midlands 
put on 4 more to 92p. while Davies 
and Newman, the Dan-Air con¬ 
cern, gained a like amount at 
126p. Hopes of good business at 
the forthcoming Toy Fairs at 
Harrogate and Peterborough aided 
Berwick Timpo to improve 3 to 52p 
and Donbee Gombex 4 to 144p. 
Following the recommended cash 
offer of 55p per share from United 
Medical Enterprises, dealings 
were resumed in Allied Invest¬ 
ments, which closed at 33 p, after 
56p. compared with the suspen¬ 
sion price of 47p. Wood and Sons 
added 4 at 26p and F. Austin 
(Leyton) hardened 2{ to lSjp. 
Hestair, however, shed 4 to IlOp, 
after lOSp, following adverse com¬ 
ment and RFD eased a penny to 
70p on the profits standstill. 
Details of redundancies brought 
about by the Peterborough strike 
left Lesney Products 2 off at Sip. 
Beecham lost 10 to 663p among 
the leaders where Unilever gave 
up S to 53Sp and Rank Organisa¬ 
tion 7 to 255p. 

Motors and Distributors rarely 
strayed from Friday's levels. 
Associated Engineering eased 1$ 
to 122ip, while Lucas Industries, 
2S4p, and Dunlop. SSp, shed 2 
apiece. Oliver RIx, however, 
hardened 3 to a 1977/78 peak of 
5Jp in response to the chairman's 

Leading Properties failed to 
benefit further from last Friday's 
reduction in interest rates, but 
secondary issues recorded some 
fresh useful gains. Haslemere 
put on 3 to 260p and United Real 
7 to 267p, while Rush and Tom¬ 
kins put on 4 more to 115p in 
response to recent news of the 
sale of its Sevenoaks industrial 
estate for £3.Sm. McKay Securities 
were marked up 20 to I65p in 
an attempt to find stock and. still 
reflecting Press mention. Clarke 
Xiekols rose 3 more to 63p. 
.Among smaller-priced issues, 
Marler Estates were noteworthy 
for a rise of 35 to 17|p. but 
Carding, a good market of late, 
came back It to 15lp. 

British Petroleum were a rela¬ 
tively quiet market and moved 
within a narrow limit before 
easing late in sympathy with open¬ 
ing Wall Street dullness to finish 
at S36p. down 6. Shell drifted 3 
lower to 522p, while overseas 
influences left Royal Dutch } 
cheaper at £35;. Elsewhere in Oils, 
fresh small speculative interest 
was shown in Siebens (U.K.), 
which firmed 4 more to 286p, 
while continued demand in a 
limited market left Clyde Petro¬ 
leum up 4 more at 142p. On the 
other hand. Century were dull at 
alp. down 3. 

Investment Trusts closed with 
widespread losses following small 
public selling, Guardian Invest¬ 
ment reacted 4 to 73p. while 
RotlischUd, 171 p. and Alliance 
Trust. 212p, lost 5 apiece. North 
American eased 3 to OUp as (lid 
London and Montrose to 174p. In 
Financials. London Merchant n»c 
to 97p before settling 2 better on 
the day at 95p. 

After opening substantially 
higher at 345p following support 
late on Friday. Furness Withy 
marked time and closed 9 better 
on the day at 343p. Other 
Shippings traded quietly at 
cheaper levels which were estab¬ 
lished at the outset following 
adverse week-end Press comment. 
P and O Deferred reacted 4 to 
113p, while Reardon Smith “A" 
eased 2 to 4!p: the latter's interim 
figures are expected to-day. 

Textiles were again better for 
choice. Carrington Viyella 
hardened 1J to 40Jp. while RRT, 
67p, and Parkland A. 72p put-on 
4 apiece. Courtaukis, however, 
eased 3 to 118p with other equity 

Gold Fields Properties improved 
12 to 90p in South Africans fol¬ 
lowing Cape support. 

De Beers weaken 

De Beers featured in an other¬ 
wise subdued mining section with 
the share losing considerable 
ground in late trading to dose 
10 down on balance at 293p. alter 
being 302p in rhe early afternoon, 
in Trout oT the Central Selling 
Organisation's 1977 diamond sales 
figure, which is reported in our 
Mining News column to-day. 

Meanwhile, South African Gold 
shares endured an uneventful day 
despite the afternoon recover}- In 
the bullion price, which was 
finally 91.25 better at 5171.125 per 
ounce. The December 1977 
quarterly reporting season opens 
to-day with the mines or the Con¬ 
solidated Gold Fields group. The 
Gold Mines index showed a 04 
improvement at 1269. 

South African-domiciled Fin an- 
crials traded quietly with Anglo 
American 3 harder at 263p and 
UC Investments 2 firmer at 200p. 

Continuing hopes of a political 
settlement led to further buying 
of Rhodesians although business 
was on a smaller .-calc than on 
Friday. Nevertheless, Falcon 
Mines advanced 15 more to lS5p— 
a two-day gain of 20—rind 
Wankie Colliery were another 2 
better m 41p, after 42p. 

Among otherwise steady 
London-registered Financials Geld 
Fields recovered strongly in late 
trading to dose unchanged on 
balance at 183p after 180p. 

Uraniums were notably weak In 
a generally easier Australians 
section. The overnight decline in 
-Sydney and Melbourne markets 
left PanconttaentaJ 75 off at 875p 
and Peko-Wallsend 15 lower at 
390p. In Tins, dealings- were 
resumed In Pahang Consolidated; 
the shares were quoted at 40p 
compared with the June 1976 
price at suspension of 27p. 

(iuUUlun.-.-i 156.9' 136.6: 130.3 158.3j'. 

UnLIiiv. \icu<.’ MT . Ml‘ *-*** 

fiu-ntaipi 16-69 J6.46 1 16.4T 16.73; 

Pr£ Batin inri) 1*11. 8-53' 8.6U 8.61' 8.48-' 

IXBllnc* Market_' 6.860 6.486 6.231] 4.747 

-Bqutiv uirmncrilm... — ! 87.83 78-98, 69.54 

ISquil.T MM. 1 18.131. 15.887. 14.713. 

19 a.HL Ml 11 a.m. 4K1 Nrwn OHA : 

2 pm. «l«. a phi. «8- 
Latest Index U-2M «W*. 
-BJSI-O nn M pi-r c.lll. likwaUoh Tj\. 
Bni, ;uti dun. la. 1 19.26. KlJii Ini IRS. 

Umrf 12 9 13. SE Activity July-Dee. l*C. 


- ' ltl/frtlj iSiori* 

High > la* j Hi#li , •»>« j 

I p» -**.«. 


I ltd. Ord. ITA Gaft) 

s.c. Acnvrrv 

. •Ian. ) Janl 

« ; e 

OovuScca...' 79.83 

Fiirtl lut.... 81.87 

InO. unL....| MM 
' Gohl Min**-,' 174-5 

‘ 137.4 ! 49.18 

; ttf,L*3hT : iHUttA 

150.4 50.53 

oShllrfit (J.-I i'u.i 
i 549.2 49.4 

. iMfSirSf iO»V;«ui 

! 448.5 45.5 

! iMdi-Wvw liViti 

—(«•»> l \ 

1 ItliliMrM ...j 

fulatr. -.. 

.' .(mV A*’(Bar’. 

r. .i->- . 

838.8.190 5 - 
239.6 - 228.7 
6021' 40.4 

156.5 j 146.3 

198.4 !• 1B0.4 

193.6 1 178.6 
44.3 , 4J4. 

129.5 - 180-r- 



first Last Last For 

Deal- Deal- Declara- SetUe- 

tngs >8^ ,lon ment 

Jan IT Jan.23 Apr. 13 Apr.25 

Jan. 24 Feb. 6 Apr. 27 May 10 
Feb. 7 Feb. 20 May 11 May 23 
For rate inrfirntioH.s' see end-of 
■ Share information Semee 
Calls were taken out in Thom¬ 
son Organisation, Town ud City 
Properties Burnish OIL British 

Land, Exealibur Jewellery, 
Western Areas'' Caravans Inis'- 
national, Campari, Consolidated 
Gold Fields, Belhaven Brewery, 
Dorrington Investment, WJUtufa 
Press, Furness Withy. Sellncoqtf, 
KCA, Britannia -Arrow, Pacific 
Copper and President. SteyiL - 
while doubles were arranged in’ 
Town and City. Vickers, Premier^ - 
Consolidated Oil and Associated 
Leisure. A short-dated double 
was transacted in Vickers. .. 


The fallowing securities Quoted W the 
Share Information Service TS2E r 4i v 
attained new Highs and Lows for 1977-73. 

. NEW HIGHS (171) 


BANKS (d) 

■CCRS 191 



FOODS (6) 




SHOES (21 


OILS (11 
MINES ll) 

NEW LOWS (81) 


Bank of Montreal into • . 

Bk. of Nova ScatUL inland Nr. Cm 
B ell Canada Mjw*-Fmqihoii . 

Can. Imp. Bank Royal Ek. Canada 

Canao-ait Pacific Toronto Own 

Gulf OH Canada Trans. Can, PIm . 

Imperial Oil • ’* , 

. BANKS (2) 

Bonk America Cie. SancaUQ • 

CHEMICALS <1) . - 



Philips' Lamo _ 


Cummins '78-94 . •*. - 

FOODS (1) 

Krait . ■ 


Rorg-Warner Frullln Mnt-. 

8.H. Prop. I.C indMiriea - 

Dover Com St Gobam 

INSURANCE 12) - . 5 

Comb’d Ina Aiiwr. TravNeri Cora. 

Volvo - • 


Reardon Smith 


Snia Vlscou Pr(v • 

Tltusrt (4) 

(Hr l R«'in«* NV 

Do. Sub. SU. : Do. Su». On, ' 

OILS (3t 

Cie. Fr. Pet. B Rovai Dutch ■ - -.V- 

MINZ5 16) 

VrKieK. w»«l«r71 M'lWAO - ' 

M. i.M. Hldqv Nnrfha>l» Exanth- 

N. Broken Hill Tara EnpHRi. . jre 

Am ax 

American Express 

Baker Internatl. 
Burroughs Corp. 

Chase Manhattan 
Citv inv 
De. Cum. Prf. 
Com. Illinois 

g ncinontal Oil 
»» Zeiierbaeh 

Firestone Tire 
Finer Carp. 


Ford Motor 

press General Electric 

Hatton i E. F.’ 
ati. inoenoii-Rand 

orp. Kaiser Aluminum 

Mfrs. Hanover 
Morgan U. P.) 
Norton Simon Inc. 
man Owens-Itlinort 

Rep. N.Y. Corp. 
Re> non) 

Tt. Richard-on-Merrill 

wllve Shell Oil 


>» TRW Inc. 

rbaeh Tenneco . 

United TechrtologT 
« Woolwonhs 


Up Down Mni' 
British Funds .... 12 1 jOj 

Corpus. Dorn. and 
Foreign Bends U X ■: M 

IndMirlpts ..... ... 363 • 319 . MB. 
Fiumcitf and Prop. ... 54 266 9f 

Oils . S 

Plantatloos . 4 < - -jM 

Mines 35 23 

Receiu. Icsbqo . 12 5.MM 


DeiDecratic and Popular Republic oi Algeria 


Marketing Division 
Domestic Market Department 


SONATRACH wishes to inform the tenderers concerned by 
the International Tender No. 2/77 concerning the project 
for seven I.IJD. integrated distribution units and one 
barrelling unit for fi PL that f> ip dar" lim** for sending 
tenders, formerly fixed at January 31, 1978, has been 
postponed until tebi-uaiy *.ri. iti<o. 

For further information,' please contact SONATRACH at 
their new address: 


Division Commercialisation—DJU. 

Route des Dunes—CHERAGA (Algiers). Algeria 
Telex: 52.808 DZ—52.S92 DZ—52.893 DZ 


NO. 0MI2H or 1977 

Chanc-ry Division Cijainunrs Court. In 
LIMITED and lu (he Manor of The 
Companies Aci. 1WS. 

Petition Tor Die WindlrtK up or the above- 
named Company by (he HUih Court oT 
Justice teal on the 19[h day of December 
1977. presenird ro ihe said Court by 
LIMITED urhosu ■ registered oRicr is at 
P.O. Bos W. North Shields. Tyne and 
Wear, and ihut ibe said Pitiuon is 
directed to be heard before the Court 
SltllnB a: the Royal Courts o( Justice. 
Strand. London WitSA S1.L. on ihe 53rd 
day of January IKS. and any crvdMpr 
or cmuribuiory of Ihe sold Company 
desirous ro support or oppose the making 
or an Order on rite said Petition may 
appear al the lime of hearing, in person 
or by his counsel, for Him purpoae: 
and a copy of the Petition will be 
furnished by the undersign .-d In any 
creditor or contributory of the said 
Company n-ouirlng inch copv on payment 
of ihe regulated charge for the same. 

INCE * CO.. 

Knoilys House. 

12. Byward Sireer. 

London EOR .:EN. 

Solid Lots for the Peiitloner. 

NOTE.—Any person tebo intends ro 
appear on the hearing of the said Petition 
must servo on. or send by post to. the 
above-named tinucc In writing of his 
intention so io do. The nonce must slate 
the name and address of the person, or. 
if a firm ihe name and address of the 
firm, and most be signed by the person 
or arm. or his or their solicitor itf any 
and most be served, or. U posted, must 
be sent by post In sufllncnl lime to 
reach m,i above-named not later ihsn 
four o'clock in ihe afternoon of the 
20tb day or January 1978. 


are pleased to announce (he 
appointment of the fallowing to 

the Board with effect from 
the 1« January, 1973. 

M. C. SNELL. A.C.A. 


A.B.N. Bank . 6i% 

Allied Irish Banks Ltd. 7i% 
American Express Bk. 7 % 

Amro Bank . 

A P Bank Ltd. . 7 SI 

Henry Ansbacher . 7}% 

Banco de Bilbao . 6(% 

Bank of Credit &. Cmce. 7i% 

Bank or Cyprus . 64% 

Bank of N.S.W. . 7{% 

Banque Beige Ltd. 7j% 

Banque du Rhone . 7 % 

Barclays Bank . 6*% 

Barnett Christie Ltd.... 84% 
Bremar Holdings Ltd. 7\% 
BriL Bank of Mid. East 7 % 

■ Brown Shipley . 7 % 

Canada Permanent AFT 64% 
Capitol C & C Fin. Ltd. 9 % 

Cayzer Ltd.. 7 % 

Cedar Holdings . 8 % 

■ Charterhouse JapheL.; 7 % 

C. E. Coates. 74% 

Consolidated Credits ... 74% 

Co-operative Bank. 64% 

Corinthian Securities... 64% 

Credit Lyonnais. 64% 

Duncan Lawrie .f 6i% 

Eagil Trust . 64% 

English TransconL ... 8 % 
First London Secs. ... 64% 
First NaL Fin. Corpn. 9 % 
First NaL Secs. Ltd. ... 8 % 

■ Antony Gibbs . 7 % 

Goode Durrant Trust... 7j% 
Greyhound Guaranty... 64% 
Grindlays Bank .t 64% 

a Guinness Mahon. 7 % 

■ Harahros Bank . 64% 

■ Hill Samuel.S 7 % 

C. Hoare & Co.t 6J% 

Julian S. Hodge . 7J% 

Hongkong & Shanghai 7 % 
Industrial Bk. of Scot 7 % 
Keyser Ullmann ...... 7 

Knowsley & Co. Ltd.... 9 % 

Lloyds Bank . 64% 

London & European ... 8}% 
London Mercantile ... 64% 
Midland Bank . 64% 

■ Samuel Montaeu . 63% 

■ Morgan Grenfell . 64% 

National Westminster 64% 
Norwich General Trust 7 % 
P. S. Refson & Co. ... 64% 
Rossralnster Accept’cs 6*% 
Royal Bk- Canada Trust 7J% 
Schlesinser Limited ... 7 % 
E. S. Schwab . 9 % 

. Security Trust Co. Ltd. 7t% 

Shenley Trust . 9*% 

Standard Chartered ... 6»% 

Trade Dev. Bank . 74% 

Trustee Savings Bank 64% 
Twentieth Century Bk. S4% 
United Bank of Kuwait 6J% 
Whiteaway Laid law ... 7 %' 
Williams & Glyn’s ... 64% 
Yorkshire Bank . 64% 

■ Members of tbc AcnmUos Houses 

• T-day deposits Z'fr. l^nonth deposits 

t T-day deposits on sams of 
and under 3-„ up to £25,000 3£ft 
and over 125.000 4)’i. 

t Call deposits over a.000 

g Demand deposits 4i<>. 

1 Rate also applies (a Sterling Ind. 

Oil equipment 
joint venture 

WHESSOE Heavy Engineering 
of Darlington and Catalytic 
International of Philadelphia 
wt i«. Rwcm street, vs* s 6ts. a la an d London have formed a joint- 

Cjrfo Of All-in M?nu. Thi"(® (pccMGlflgr . . _ 2 .1 re 

moor shws 10 . 45 . 12.45 and i:45 ara venture company to proviae on- 
o( Johrnr Hawk«worth * Friwd*. s h 0 re oil platfonn equipment 

installation work, commissioning, 
modification and maintenance 1 
services, 1 

i"■ Outstanding and Generous." Guard¬ 
ian.I 32 oages maps ana vineyard 
Illustrations. rite i.-i, Lalt** 
Bordeaux Direct. Aquitaine House. 
Farnburn Avrniuc. Slouan. mentioning 
Financial Times. 


house can be beautifully used If you 
gift It to Uic National Chanty 'Hein 
The Agedi. One portion will be 
modernised tree of cost to you 
■ usually self-contained) for your own 
or your surviving spouse's use for life 
—true o! rent, rates, external repairs. 
Other portions converted lor retired 
people. Please write without obliga¬ 
tion to: Tnc Secretary. Hein The Aped 
Housing Appeal, Room FT1C, 2b. Dover 
Street. London. VV1. 


totalling £5m. will be issued on 10th 
January, 1978. maturing 11th April. 1976. 
at 99.55'i”*,. Total applied lor £69m. 
Bills outstanding ESm. 


Exhbn. Mail An Galleries. The Mall. 
b-w.1. 10-5. Sats. T0-I until 1Z Jan. 

A dm. F ree._ 

CHNAGHra. 14. Old Bond St.. W.l. 499 
stlll. Prints and Drawfnps 1897-1917 
■ Majority _ £.40-5400} and CHRISTMAS 
EXHIBITION Of English Watercolours. 
Until 20 Jan. Mon.-Frt. 9.30-6.00. Sat. 
10 - 1 . 





































These indices are the joint compilation of the Financial Hines, the Institute of Actuaries 

and the Facility of Actuaries 


$®KK*ai Tubbs Tae^r asmuaiy.' 10T97S . 



Artratbnot Securities (C.I.I Limited Fidelity MgmL & Res. <Bda.| LUL 
?Mt,fcn3W.St.1 1 Jkbcv 053172177 pet. Hot 870. Ilaniiloc. Bermuda 
i«i.Tf!.Wa«j- v llI4J llBOf -l L5J FidelityAm U*. ...i si:s»43 ..'...j — 

r--tf-ipfuVrT Fldelilylni Fund | SIS1846 -. ! _ 

Eart*JnU.T»L-ri, Hilo U80|-1 3JA KWelUy Par.Fd.SUS3&65 I - 

v '* ***>■ J«n. li • Fiifehtv Wrld Fd. .1 SI SIS 13 -Olfl — 




3 JO 

+0.4 ‘ 













Australian Selection Fund W 

Martel nprj'ijiiniiu-. r. u Irish Young fc 
uuibwriU.-, 1... Kent Si. Sidney. 

IS$] Sham - _ ethm - • I .._.j _ 
. -"“-I j*»m taiue Jan. r- 

... Fidcliiylni Fund 
3JA Fidelity Par. Fd.... 
•Fidelity weld Fa.. 
Fidelity Slur. Kd» . 
Svrii>A'lalnl.i.. . 
Senes R’Fatih*- 
1 Scnn P iAm_Avv- 

KMnjkCer IfBaVtinnt Jtrtty Ltd. Save & Prosper International 

1. CharingCrow. Si Holier.Jersey. 053173711 Healing lo- 

Kemp-Ore Capital .188 2 90.* .I — 37 Blow! SI_St llrinv. JitM-i- K 

Kcmp-GecIncome.{ttl ■ IBfl —-I 79B rx noflar-ile-eminatrd Fund-. 

37 Brutal Sl„St llr!ii*r. Jrtu-v 
I X Donar-denenttuatH Fund-' 
l»lr Vxd laL -J mjs v«c» 

Internal «!r'i. ...624 6 73 

FarKMem*? . 2X94 34 53 

Rpqqae Bruxelles Lambert 

2. Roe do la Rrcenrc K J000 Brussels 

First diking Commodity Trusts 
9. Si. i juitefs si. nougla*. 1 a.M _ 

H.1 Boa 98. SL Itolier. Jrrrn-. (Etm B1-6MTD1W Nwll, American': .BS9 31 
Foam-Ip*. ...BrlJBO 14W +M 3.«00 Scyrv**i. |M -UH !*; 

Mmst-Is il- i •*ISSStSffiSnfe'Ta,. 

0514 20301 

I 706 

Japan Glh. Fund_pi 27 29 

Kvyxclet Japan .... lO 24 7 

Oral AnxuCap.. ,| £12988 

0824 4a 62 lain Agu Ihiahar it Co. lid. CcaL An*cuCap.. 
S3, pail Mali, I-ondon SW1T5JH 018307837 

Fi4.Vik.GnTiJ.-.Md 429j . i 1.40 Kinff & Shaxa 

. .. _ __- 2 * 111 

— rhannW Llandif (M7G ISSMfl+l-ll 420 

— |-omm«lit>—*5 -11234 139.3. f -- 

— fit.Fxd.Ini *~S . |l217 13Z M | loss 

IViee* an Van. 4. "Jan. 4 •■•Jan 8 
JWoeldi- IValihg. 

, ScMesiager International Magi. Ltd. 

iojf 41.LaMMlr5l .S; ]|i-1ht.J«tw> C-THT-rtSI. 

10 30 KA.IJ..IK F7J BJJ 

S.VOI--bVSBM «SllH .. 444 

High Yield F«L 




- hoi- «-• mwe- h J0 O0 HraswlS F«t.Vik.i;in.Tjl.-.WO.a . I 640 gj ng ft ShOTEftn lift* 

KesaFund U- IL955 2.0I5J + 17| 832 Fa.Vtnh. Up.T«^0 920^ —4 » fifiiST? ££ M 

Bk. of Loudon ^ s. America Ltd. Fl«»ne J*P«« Fond SA . r. lf: 9f “ “ 

KMK<Jue»VirtoriaSl.El-4 01-3r«23 
Alexander Fund ..[ si stJZ I ..._4 - 
£um>»;i value Jan & 

□i-arsi 37. ray Noira-Dome. LuxcmbourT 
j Z F’lmR.Jja.4_| STSBMl |-1 

Gilt Fund < 48 .. 

■ lilfTriWtilpMi llUAO !ZL?lH .'.>..i U30 SA.U.. K * 

lad. Govt-Sees. Tin. SAOL. --H-'BStt *1 

Fiki sterlinc_flAH 1A57I.I — ,; ilt Fd.25 J a 

Una lull.—Ip sUBja mM ~ Iml Kd Jersey .. 99 0 104 

I * ^ 1 . lninl FdlAOihrc .. 1st S971 U! 

:.... 1030 s A.U..IK 

1 S.VOI--hv.stSM 

Barclays Unicorn Int (Cb. Is.) Ltd. 

Free World Fund Ltd. 

Buueriictd Bldg. Hamilton. Benmda. 

w Huher.J^-. 053473741 KAVDce -®-—--I SUSIM95 I- —I — Kleinwort Bensm, United 

OvCTteas Income... 
CaltiotiicTnEi — 

» S[ k o?& vt&a&asr- Uma ~ *“ srsasKrjiBi H 3 =1 is aSg ^- -.-fe jgg--■ = 

Schroder Life Group 



1 i t PV 9** IS i ^ T* i. T -j ^ IJ" 

Barclays Fnicoro ZuL fL O.Hao) Ltd. 

1TbomHSt.Dou«lBnlo3L 06244856 

I inir am An*. Kxl 1399 «ffi ...^ ZU 

Do. AnstBin..- 23 7 S.S __ 240 

Da.Gnr paeiflc. _ 55.0 592_— 

Dp. Inti. Income—10} ' 432 . Ufl 

■ M.IOflUmTW. <BJ . 51.In .... 8 M 

Do. Umi Uuuul... [23.4 25J_ 3 JO 

Ian)Ltd. X>**neiitbt8utl«miut n‘n t f d — srqow 

:::: 18 “4 -1 <* 

G.T. BertWda U1 

■ m Bk. of Bermuda. Front Si. HaolUL. Brad* 

*g g3Sai^=| u . n, ^«lr..:J 1.8 

01-8238000 Enterprise House. Furtxnoolh. 

ifn fFisedlBlercS 14)9 

iS SF«rdlatcnrit. _ 1023 

°“ 5 CManuccd. ... 12)1 

IB SMonagcd. ~ .. . . 108J 


tiHlgh Income— 5TJ 

- 32.1 

57 J 





2 U 
■ 341 

2 2M4 

JottrvT *r 

nl te Nat_ 

V.WUi J*a 6 _ 

a; Cabot- 

S bM Extra lot 


243 25.1 

7Bl5 8 LI 

7D.0 742 

05 563l 

«p£taas as UJ r- ---w a *m ~ 
-fes»=te. tssssr w *“ ‘as 

r in.-Ac Rb- irnrirru— riwanSJan 8 . I il >ia*I 1-0 lai ZSI 

Lloyds Bk. ICJ.) VfT Mgrt- Trafalgar Km 30 51 SIB) 08 

P l>. Box lflou St. Helier. Jeney. 0SH27S81 Asian WJan. 8 ta’SBS 371 

rv 1 “ «s»nt.»lwa \a 5 " 

_, ■ „ . „ . _. Singer & Fried lander Ldn. Agents 

Lloyds IntcmAtioiLftl Mgnut S.A. M.caaoon Sc. tx‘4. ai 24*19040 


ni-S -o7j 3 

?? Three Qb*Ps Toner Hill U3R BBO- 01826 4368 

Snzinvest (Jersey) Ltd. (tl 
PO Box 86. St Ha-ljcr. Jersoj. 

Rl.hWil(Com>n<wii«.te iM G.T. Mgt (Asia) Ltd. PO.BoxUS lA.H olier.Jewry. 0SMS7S91 V..anWJi«n.» hin M-IUI 371 

?!x g ffi^fsr? ,tTSrr *o^»ti ds .*:- 1 i4S «rsKc.-tea \a 1 520 

fiwKHtr^.sJ 4 “ Irl = c.r: Bond iSid. “:[5i-sino^'6 d 530 ‘ M m Singer & friedlander Ldn. Agents 

couNT"Qec.5...| C 2370 J ...[ J _ C. T. Tdnnminiff (Jersey) Ltd. -I 0y ^ l^. t ” 11 S^ 0,ial ***”^5^ S A " , 20 .caancmSt.n -4 0124398*6 

OnguuUi- M at mo md -tUXL ^ *T9S»ST*I Vd 

Bridge management Ltd. . 4 175 U ^ 1bLta ~-™ fcfl0 Suriavest (Jmeyl Ltd. (x> 

P.O. Box 088. Grand Cayman. Carman to. 31JZ Le Pallet, Coemse}. 0481-28288 _ _ - p,, «,_« iku-w-i 

ssngjfe-Hitf! .! r SfceUi sssr*«£^ jsiia 

Hr,pponFd.Jan.V.^U pi U8id —f 095 AneborloAvIVL 2*2* -0.4J ,U AjUmjieJg^M.*.. BCT IIJ|.... j - iSgSEKH* l«oF “S| | = 

Britan pia Tst. Mngmt. (CD Ltd. ^ tSmn SSf^^E STv” M ioJ «n STSgfiSTiSZIS SfJSL 

HKoog 164.3 +0.9| 9331 ft»».iWT 

PntoLnZSr.':; U.“ 5^1 ? *» ^9. \ ZtS Samnel Montagu Ldn. Agts. TSB Unit Trust Managers (C.L) Ltd. 

2? r re%"$L Tsl - if 7 ,! 159 jS -23 130 NvTSoSei'TK^r.btSlK U5Ml I — 114. Old Broad SU EL-2. 01-3688404 Bagatelle Rd .SI.Sariour.Ji-n>.-). 10347349* 

»i@-cfe»J" fall. Bond Fund—pTSlin . \ - Apollo Fd-Dee 31..|SM7 55 SUN .... I - Jersey Fund ... 1456 074 I 405 

UBim}LSTW- S*0 .. 2471-a.K 100 ,_ . - - - - ... JapfmIVe 31 _|SHK1P »W .... 100 Guernsey Fund H50 4741 I 4OS 

\alue Ju. 6 Next deabac Jan- »*. ^ 117Gn>apDcc.M .STSUJ6 UJU.I 191 nlcd fin Jua 4 IVril nh dac Jan II 

Britanpia Tst. Mngmt. (Cl) Ltd. 

30 Bath St, St Helier, Jersey.- OSH 

G north Ia*eK-B2.B 353a« +OJ5 

IntnL Fd.,— *.. U.9 66M ... 

UbKxL Slit Stg. „ £235 245l-fl.« - 

Value Ju. 6 Next dealing Jan. 

Amenran iBitTU. .11*79 6 911-0 13 14 

«*“ CopperTrua .— 10041 10 71-0 K| - 

— Jap.IndexTu . Hot E23j . — 

— Suriavest Trust Managers Ltd. (a) 
215 4a Athol Street. Douglas, loll UG24 3914 
’ The Silver Trua . .»71 992!-LSI -- 

— Jersey Fnnd.. . {fid 474) I 4 05 

* Ja ' £*3923811 !wS22te 1^9.I ** iSc^on Jao 4 Next mi * 7 |fai Jan ?!?* 

5 sUl .TT^5 1 i 7 J^^oa*Dci«'|ao 70 uiSl [ — Tokyo Pacific Holdings VV. 

__' ... __ . . _ IntJnus Management LV) N V. I'uniw. 

Mgnxt. LUL Murray. Jnbirianc llnv. Adviser) s.vv per share Jan. 2 si >;»65 

«g^“« , _ Tokj-o pacific Hldgs. (Seaboard) N.V. 

STg ;::.| — -Jfurrayi^uid - SL'fflri I — I Blind;. Management Co X V Ourai-ao 

it( jj 'NAV Dec. 3L NAV per share Jau 2 SUS289P 

C.l.) Ud. ___ . Tyndall Group 0534 37331 

PO. Box 3E Don gins, to M 

Butterfield Management Co. Ltd. Sa15 . :. :| “ 

aa Tm 1 2os Hambro Piszific fund MgmL Ud. 
Buttrerx Loeomr_ .p98 1 U .._.] 7.65 2110. Con naught Centre. Kong Kong 
Prices at Dec. 1 ± Next »h. •— -■ - - > 

Capita) International S.A. 

37 m« Ktdro-Damc. Luxembourg. 

CapitalInL Fund . | SUS1S.43 |-8 3B\ — 1 

Far East Jan. 4-»Z7 979] - | — 

Japan Pund .. .jsrssc S7g.I — 

Hambros (Guernsey) Ltd .J 
Hambro Fund Mgrs. (C.l.) Ltd. 

PO Box85Guernsey 0481363 

•NAV Dec. 3L 

Keflt &A. 

Chasierboase Japhec 
L RaioniosterRow. ECA 





Emperor Pund--SCS2J2 

Hltcwmo--USB 71 

CXFund .. 145.9 155 b. 390 

Intnl. Bond -- SFS1BU M7M 1 BOO 

13898 lot- Equity-St-5977 Uffl -.... 2 50 

on tot-Sarlngs-A-— . SUS6.11 1S3 .J 8.00 

|g Im-SaW^-BT-SCSIM in] . 4 250 

Prices on Jan. Next Jan 1L 

• mi Ida Boulevard Royal, luixrmbourc 
■ n nav jan 8-J si-si.T* ]-017f — 

Hamilton. Bermuda It St Ik-brr Jersct 

«m Negit Ltd. 

UYrracaaJan.4 . . H.'IM 

lAceum. UatUi-ai 5151 

TA&OCJan.A.less it 

3 wav lot. Dec. 22 . ITSZCS 
TOFSLJnn.1.. £670 

Bank of Bermuda Bldga. Hand It oo. Bitnda. (Aceitm. Share' 

Henderson Baring Fund Mgrs. u* 
117 P.ti. Box N473SL Naasau. Bahamas 

NAV Dae. 10-I 

Old Court FUnd Mngrs. Ltd. 

i CorabiD Ins. (Guernsey) Ltd. 

P.O. Box 157. St. Peter Port, Guernsey 
total. Kan. Fd. f 163.6 U7S{ | 

Delta Gmp 

P.O. Box 3012. Nassau. Bahamas 

Delta toy. Jan. 3 _ ism 1.411 ...~| — 

HiU-Sanmel it Co. (Guernsey) Ltd. 

S LeFHmeSI. Peter Port Guernsey. Cl 
Guernsey Tst.-P563 1672J.-D5J 326 

HID Samuel Overseas Fund SJl 
37, Rue Notre-Dame, Luxembourg 


Inc FUJaa.3-159 5 

toll Fd. Dec. 15 82.7 

Sa.Co.Fd. Dec JO. 1425 

.| — TASOKJB&4. ..795 

lAcnun. Shnresi... 795 
Jersey Fd Jan. 4.... 1846 
iNoc-J Ace ills.i 252.0 
018136331 (Uluiio«- .. 1174 

... ) 25S iAccumShares'.. 103 
.... 6.45 Jix> Uan.Dce.22- 125 3 

Sm.Co.Fd. D«c30 - [1425 lja HI" | 313 Wd. IntnL MngtnuL (C.f.) Lid. 

‘ ■ . . IA Mulraster Street. Sl Helier. Jcrsrv 

Old Court Commodity Fd. BIgrx. Ltd. KXB.Fhnd - 1 shsioo I as 

pa Bos SB St Julian s a Gaerusy <M8136711 United States Tst. IntL Ath. Co. 



i Hi t: AM 

S. G. Warburg & Co. Ltd. 

30. Grosfawa Street. BC2 01 (HP455S 

Cn.Bd.Jan.fl.-1 SFS929 [-0M — 

Earn toL Jan.B—[ SUS1565 -OOfl — 
GrSLFFd-DecJl.- SPS658 - - 




jjjrth Amnrieaji 


VG. A A- Trust ( 4 ) 

34-lJ +WI 454 


L Royal Excbange Ave., London EC 3 V' 3 LU. TpL: 01-283 1101 
Index Guide as at 6 th December, 1977 (Base JL 00 at 14 . 1 . 77 .) 

Clive Fixed Interest Capital'_..... 135.19 

Clive Fixed Interest Income . 128.03 

Dettatoy.Jan.3_ {SL34 1.411 __I — 37. Rue Notre-Dame. Luxembourg or nerv twxS I TZi ^ „ ,T77 , 1 

urnm tom-0261 — nrSiWKiEi 14 Rue Aldrlnger. Luxcmbmug 

Deutseber Investment-Trust Iuternriitmal p 2! Tuv^ Mast Ltd. SSfJla V ^Tht. to,^Fh^l «.S9K MMJ Q( 

Poatlaeh 2685 Biebergasso 5-100000 Franktori. lntgrn ^ 1 * nal Faclfie lav . Mngt. LIxL fPti M Jan . 0. Next dealing date Jan. 23. Net “*« l:ainf J “- A 

SSSS~^^3» n««fl3*_T ■ PO Box B237. 56. pm St. Sydney. Auat. S. G. Warburg & Co. Ltd. 

toLgotteatonds ...|du73M isSf .-T] — Javettn Bpirty Tst..fSU9 2B5M.I — Pboeuix lateruriioual • 30. Grosfaam street. BC2 al mo 451 

_ . . , , , JJELT. Managers (Jenev) lid. PO Box 17. St. Peter Port, Guernsey. flLBd. Jan.fl. —....I Sl‘S929 [-1Q — 

?o>?«S!S 5 SSSJJT^’ ^ D ° u * r ™- iiusz * .' - awadsasn- 

AVJan.5—.IR51U7 lUii--1 — . *73^uSc, 3o7R«t hJlSvJm.' ai. , Property Gnvth Overseas Ltd. Warburg Invest. Mngt. J**y. Ltd. 

v ,- m. tv— j i on | ■- -■ — — - . . ... rti... n. ~ I. t- ix, via 28 Irish Town, Gibraltar. iGibifllOfl 1, Charing Cto^Sl Helier, J*y. Cl 0534737* 

Ebbsu Me Dudley TsLHgtJnyXtd. Ja r dtne Fleming A Co. Ltd- u s Dollar Fond ..| sus96J6 I.... I — CMFtod.D*c.ai_. ttouu il«... 

PA Bos 73, SL Helier, Jersey. 0534306B1 40th Floor. Connaught Centre. Hoes Ixong sterling Fund_ MlU . _ CW Ltd. Dec. a. . ElL5> 1LM — 

BDLC.T.-11172 12471— I — Janitors E^tn.T*l_SHK21921 ... 290 HctatoTst.Dec. 15.^1220 125W . ... - 

Jardtoe T«l Fd.*- 5^263.58 _ Uhltonl Tnui (Pri Fd M <rt T1H TOT Dee, 8- _..H-F93Z 956| . — 

F. A C.Mgmt.Lt4Ltov.’Advisers S'f&fir iStS2 -' • - 

1-2LaurencePnuatneytBU. EC4B OBA. JardtoeFtomlntf 5HK19fl . ! ' " — RT.IntTFd BtB926 ' |U I 300 World Wide Growth Management* 

^ , , NAV Dec. 15. ■Eoolvntont SOS56M. RT. Inn (JsyjFd.fe' .| 32 10a. Boulward Ruyai LuxcmbauXE-—[ SUS450 | 1 — Next sab. Dec. 30. Price* at Dec. to Next dealing Jan. 13. Worldwide Gtb Fill xriwaa 1-0Ul — 

Warburg Invest. Mngt. JrfV- Ltd. 

F. A g. Mgmt- Ltd. (nv.’Advisers 

H Laureate Pmulag iflil EC4B OBA. 
0I-BE3 4680. 

GeaUFd.Dto.28—[ SUS450 I —J - 

U5924 US 1 300 ,Torla vviue umwia irsanagcncuim 

7 nl ! ”.'] 32 10a. Boulevard Royal Luzcmbourc 

Next dealing Jan. 13. Worldwide Gtfa Fd) SDS1296 |-0U| - 


History crfUnitThists 


■';! ? The Foreign met Cpfopfaj GcwBP m w n t Iftitf was a success ynd 
“ "iwasjoined by severa} moreti^sit3^MJ879asu}t was succe»- 
; ?. fulfej brpqght egainst the trustees of the Government and 

simitar injundtons. afl.tjut one ofSe trusts reorganised thern- 
sefuss as cojrrpaofes ami became part of die investment trust 
indusdv The renialningunit feust, the Submarine Gabies Tnist, 

prevtous rujing; and this trust- remained in existence, for a 

hir^wrhalfcentuxst *• ■ 

’ J American ctniiual fund, the Massadiussets irivestois, lo 1924. 

The mutual fund5,«4^kii were "open-ended' 5 ^id did not permit 

’ ^ Stre^ctash than the "dt^ed ended” investmentmets, 

andiheywBTB used as a modeHbrthe first new British uitit trust 
I by Me Burton Bakiru, a London ^ocHbrokec who visaed the 
• United§^tasn)19^X V;. . •’ . 

>. WifhIJcydsBarksstmsteeand Mur^dprf StGeppraiSecurffles 
.r • (M&G) as manners thuFbst British Fixed Trust was setup in 
.» * 1931. Others soon bedame attracted to tfie field andby fheeiid 
•' of 1934 thwu^ nineteen trusts managed by pine manage- 
:■ ment companies. These .unit ^mrfs had a "fixed portfofeo of 
‘•J shares, u|»4i die management copipanieswere permitted 

!"todiar^Thenattanalbi)tian6fmwiyofthe‘ < uptferf , s«)dias 
9as and ekctriclty compenlas,vut^ch most ef th^G trusts were 


Wii V T t 








* I- 

1 1 - . 

Beehive Life Assur. Co. Ltd.? 

Tl, Lombard Sl. 1X3. • 01- 

Btodr Horse Bd - 1 13251 | „... 

Ciuia|da Life Assnnnce Co. 




1 ^*' 



in 1934, thg first flexible trpstiwp formed whi ch gav e nanagas- 
more scope to way the constitution of the investment portfolio 
at anytime. Since ttvat time there f^sbeen'no5ignifcarit{ii^ge 

in' the basic strueiyre of British untt trusts. . . 

:. UnitTrust Association : 

ton. i- N«xt 

|■ *l . 

i; ’j rrr?vr7VM 

« ► - I, 

fr^f fj 


) (j r * 


25 On) 


127 |-3 1 Q7c 

I'nltfc othmriw iHUcatrd. prim and art dhridnub ire In 
pence ud denomination* are 2Bp. Estimated prinkuibK 
ratios sad cm maw based n latest uuwal reports sod arranpia 
and, where possible, are updated on ball-}mly figures. P/E»are 
calculated on (be kaaU ol not distribution: bracketed figure* 
indicate 10 per cent, or more difference IT calculated on “nil" 
dUtribotfcm- Carers ate baaed an “maximum" distribution. 
Yields an based on middle prlree, ate proa, adjusted to ACTof 
34 per cent, and allow far value of dec la red diatribnilena and 
rights- hcoriiits with detuanlnathms other than Berlins am 
quoted Inclusive of the Investment dollar premium. 

4 Sterling denominated securities which include investment 
dollar premium. 

* "TatT Stock. 

* - Hi gits and Lores marked thus have been adjusted to allow 
for rights issue* for cash. 

f interim since increased or resumed. 

X interim since reduc'd, pmoed or deferred. 

*4 Tax-free in non-resident* on appheatum- 

* Figures or report awaited, 
tf Unlisted M?curitr 

* Price at ume of suspension. 

5 Indicated dividend alter pending sen pond or tights iuiuc 
cover relates to previous dividend or forecast. 

•* Free of Samp Duty 

* Merger hid or reorganisation in progress. 

* Not comparable. 

* Same interim: reduced final and. or'reduced earnings 

5 Forecast dividend: cover on earnings updated py latest 
Interim statement. 

I Cover allows for conversion of shares not now ranking for 
dividends or ranking only fur restricted dividend, 
it Cover docs not allow for shares which may also rank for 

( *. . w ",_ dividend at a future date. No P E ratio usually provided. 

Ml 1 . f Excluding a final dividend declaration. 

lUimivafi- 1 145 \ . 13.63 1 l.Q[ 3.B f KSM? 

a Tits free b Figure.' based on prospectus or other offtrlal 
if.:., CH fl ma l e c Cents, d Dividend role paid or payable on pod 

• at capital, cover bawd on dividend "on full capital. 

[Rlanrtre'l I IMS l I.’3 35 I 2 111 0 1 e Redemption yield f Flat yield. g .Wumcd dividend and 

I ISO 1.17 66 I 3 71 to FW* h Assumed dividend and yield after scrip ism* 

1 - 1 I.II *•*1 U T J Payment from capital source* k Kenya, m Interim higher 

than previous total, n Rights Issue pending q Earnings 
based on preliminary' figures, r Australian currency • 
MTNtS h Dlrideod and yield exclude a special payment t indicated 

lIUltJUM dividend cover relates lo previous dividend. P.TS ratio based 

rniriin ■ » n ■ Vsrn 00 lltM annual earnings, n Forecast dividend cot or bared 

1 .r.lAi I KAJLi XuUaIU on previous yeari* earnings, v Tax free up lo 30p m the t. 

w Yield allows for cur rency clause y Dividend and yield 

_ _ _ tv..-pi | tut |. z ( i I based on merger terms i Dividend and yield Include a 

LmnKn Dreptu _ I ZOO |+n I- l-T'.l — special payment: Caver doe* not apply to special payment. 

A Net dividend and yield. B P re f erence dividend passed or 
deferred, r Canadian. D Cover and PIE ratio exclude profit* 
of U.K. seres pace subsidiaries. E Usoe price. F DMdond 
and yield hared an pros pectus or other afurlaJ estimates for 
1077-78. G Assumed dividend and yield after pending scrip 
and/or rights Issue B Dividend and yield based on 
prospectus or other official estimates for 1976-77. K Figure* 
based on prospectus or other official estimate* tor IB78. 
H Dividend and yield based on prospectus or other official 
estimate* for 1978. N Dividend and yield based on prospectus 
or other official estimate* for 1870. P Dividend and yield, 
based on prospectus or other official estimates for 1977 
4 Cross. T Figures assumed. I' No significant Corporation 
Tax -payable Z Dividend total to date. # Yield based on 
lj|u 4 | assumption Treasury Bill Rate stays unchanged until maturity 
10.7 * Krfock- 

f ilia 1 a I Abbreviations' «d ex dividend: n ex scrip issue; w ex rights; a ex 
*].IUJ |all; a n capital dlbtrihotion. 

“ Recent Issues " and “ Rights " Page 26 

This service is available to every Company dealt in on 
Stock Exchanges throughout the United Kingdom for a 
fee of £490 per annum for each security 


The follow inc 13 3 selection of London quotations of shares 
previously li:.1*d only in regional market'. Prices or Irish 
issue*, most uf which arc not officially listed in London, 
are as quoted ou ihe Irish exchange 

23 .. 
41 ... 

19 .... 

282 ... 
23 . . 
380 • .. 
35 ... 

65 ... 
27 ... 
17 . ... 

2012 +1 

SbeH.Refrshml 50 I. 

Shiloh splnn. .. 20 | . 

Skidall iwra.i.. S3 | ... 

H . ranv JF.-R0 82 C99 -rlj 

S *■— Alliance Gas... 75 

il . A matt. . - ... 315 +10 ; 

J?. Carroll 1 PJ .1 ... llOri +2 

J' .. Honda I Lin. 90 +5 

-■jP 2 + J. Concrete Prods 120 

2« “JO HeitoniHIdgM 50 +2 

”2 +4 iftscor,!. 169 ■ 

J42 -1 Irish Ropes....... 103 k *2 

237 . .. Jacob...... 59 +5 

40 +1 Sunbeam . _. 28 ... 

. T.Mtl. .... U0 .... 

17 ...... {.inidons_ 70 ..... 


3-month Call Rates 

A.Brow ... 
AJ*. Cement- 



Barclay* Bank. 


Boots Drug .. 



British Oxygen 


Burton'A 1 _ 


Co arts olds .. 

DlGtUICTS. .... 


Basle Star. 

G*n. Accident 
Gen. Electric.. 


Grand U . 




Hawker Sidd. 
Utxueol Fraser. 

U l.. . 

16*2 "Imps"... 

IB' I t'.i. 

11 Invi-rcsk.. .. 

10 KCA . 

25 Ladbroke- 

38 Legal* (; en • 

15 Leg Service... 

16 Lloyds Rank.. 

24 ■■Lot*"-. 

6 London Brick. 
20 Lonrho—. 

9 Lucas Indfc- - 
5 Lyons iJ ' ..... 

10 "ilamE’. 

10 Mrk*. Sc Spncr 
13 Midland Bank 
81, Nat. West. Batik.. 
If Do Warranu 
13 PfcODM. 

17 Flesscy. 

16 R.ITM. 

40 Rank One. *A'.. 

9 Reed Inti_ . 

13 Beymllo- 

M Spillcr* .. 

22 Trseo.. 

M Thom‘A". 

12 Trust Houses. 

25 Tube Invest ... 30 
7 Unilever. .. 40 
20 L’ld. Drapery.. 7»a 

7 Vtckchi—.- 15 

5 w Ml worths.... 6 

14 Piaperly 

BriL Land_ 3L 

“ C'ap.L'ouotws. 5 
| E P.. 5 i 

5 f n ire u rope an 5 ■ 

I, Land Secs. 18 ( 

“ MEPC. 12l.v. 

J 3 Peachej- . 10 

J, Samuel Props.. 10 

g TeWn&Cily. . 2 | 

a on. 

12 BnUVCroleum.. 45 1 

4 BtirumhOil.. 7 

5 I'haTterhnll. 3>; 

18 Shell- ... 28. 

18 Uliminar__ 22 ! 

|° Mine* 

4 ChonrrCony.112 

22 Cnn* Gold... I 20 

23 RloT.Ztoe_116 

A selection uf <>pU»n* traded is given on tha 
London Stock ELgltango Report page 


Tuesday January 10.1978 

Britanb Finest 

Ihfldrs ' 



Ulster political talks [ Thatcher pledge 
on point of collapse ! to unions on 

| pay bargaining 




THE COLLAPSE of talks on a involvement in the talks would tervenlion was last mgbt being 
Northern Ireland political settle- be suspended until the British acknowledged by Irish officials- 
ment seemed inevitable last Government “clarifies" Mr. as unfortunate. The . Prime 
night as a result of Ulster Lynch's assertion that he had Minister's view that an amnesty' 

Unionist*' furious reactions "to received assurances qf a “ power- for Provisional IRA prisoners in ; A - r UTU K E ^ Conferva.;ve 
the week-end statement on Irish sharing" objective from Mr. the Republic might receive cun- administration will not sees 
unity bv Mr. Jack Lynch, the Callaghan: ' sideralion has also provoked con-. confrontation with tne traae 

Irish Premier. The Rev. Ian Paislev, leader cent in Ireland. IUr. Frank unions and trill restore :r.e;r 

In Dublin, the furore follow- or the hardline Democratic Cluskey. leader of the Labour' proper role by introducing free 
ins Mr. Lynch's comments on Unionist Party, echoed Mr. Party, said Sir. Lynch s remarks. collective bargainmg. Mrs. 
Irish Radio that Britain should West s stance, and Mr. Gerry were “gratuitous and extremely I Margaret Thatcher said 
indicate an interest in Irish Fitt. leader of the mainly- irresponsible," while Dr. Garret' yesterday. 

unity has grown. The leaders of catholic Social Democratic and Fitzgerald, leader of the Fine! Although the Opposition leader 
both Irish opposition parties Labour Party- said: “It would Gael Party, said the statement■ would not comment on Sir 
have been severely critical of he pointless for us to continue had been made in terms tnat j Geoffrey Howe's controversial 
Mr. Lynch. talking to civil servants if the were “dangerously obscure.- speech last Friday on union 

Neither the Irish nor British Official Unionists refused to Philip Rawnsiome writes* Mr (power, she stressed that the 
Governments would make any take part" , Rov Mason. Northern Ireland j ps* r *> could, work harmorsoasiy 

comment yesterday, but it The strength of Belfast and Secretary is to make a Commons! W1 * b tfa e unions and intended to 

became clear that his interred- London reactions tn Mr. Lynch's statement on Thursdav in a bid ,lio 

lion ha* soured Anglo-Irish comments has surprised Dublin t0 a j| av Unionist concern over ! “ * lb,nk ti-ade ur.:r.ns 

relations. officials, who have been insisting ^TT. Lynch's remarks. He was !*' 11 pIay a ver > positive 

Ulster, but the Northern Ireland Government's aspirations 

Office has made it plain in Bel- clearly marked a departure from _ ** unlikely that ihe British 
fast that hi. s intervention is seen his comparative, silence on *,**1™' 

as damaging. 

Ubde r affairs. 

Thatcher said in Glasgow. 

' A return to free bargaining 
. meant trusting the unions to 

His remarks are mal P rotest 1° Dublin. Govern- behave responsihlv, she said. 

Three of the four Ulster also believed to have surprised “‘ e “2 i Tberebad heen several examples 

political parties involved since the British Government in view »«>r '■ reccnl i y where union ntemofefs 

October in talks on admin is- of Fianria Fail's diplomatic re- a ". c a ™ n ^ y _ f S 4,p !- showed J 1 ? 3 ' the - v wanted to act 

trativc devolution as an interim assurances that it was unlikely 5S!rJ *nnk«ni«n on N’orihem re SP 0 r #,Wy '. , ,, . 

Northern Ireland solution said to pursue its own October. 1975, 7j2m» 5T? Lvn.-h's wnrS' r Ear, l er - sn f. lold . a ' 

yesterday that they are pulling policy demanding a British LonlS he ^went mSsic in thf i ° r,m,u * t ri abfi,s Inal incomes 

out of the negotiations. declaration of intent to withdraw * “ „ f IR A " policies had raised tr.e power of 

Mr. Harry West leader nf the [mm Ulster. ears, or toe iaa. trade umon leaders. 

Official Unionist Party, said that The doling of Mr. Lynch's in- Editorial Comment, Page 16 

If they were denied the right 
to bargain for members, they 
[would seek to b* involved in 

Enterprise Board offer 
values Allied at £8.1m. 


BRITAIN'S Stale-owned National This compares with 40p before The bid is. of course, being- 

Enterprise Board will control a an announcement late on accepted by the three main in-idown tne money supply. 

b> iI k- i Nationalised industries would preserve iL 

.‘Wui'ff .ViMwmrf 

Mrs. Thatcher at the Scottish, 
industrialists' conference. 

political decisions. That was 
happening now. 

“The counterpart of the with¬ 
drawal of Government from inter- 0 f settlements. Then it would 
fercnee in prices and profits in have to bargain within its 
the private sector is inevitably budget, 
the withdrawal of Government “This is why it is difficult to 
from interference in wage j^e where confrontation would 
bargaining. There can he- no come. 

selective return to personal ■■jf dicI arise it wou ld not 
responsibility." be between the unions and any 

Under a Conservative Govern- particular Government, but from 
ment the private sector would be a challenge to the whole system 
left to bargain for itself: it would of democracy. If the process of 
be the Government's job to hold democracy and freedom were 

challenged. 1 will be fighting to 

company setting up two major November IS that bid talks were stitutional holder.-, and b.. , . 

hospitals in Saudi Arabia if. as on. The shares were suspended directors: these parties tugemer| nls ° bave to bargain alone, but 

Mrs. Thatcher also attacked the 

r»n the understanding that there “carefully orchestrated euphoria' 
would be no increased subsidies following the OECD forecasts for 
to pay for wage rises. this year. The forecast for 

Only where the Government Britain was worse than that for 

seems certain, an agreed £8.1ru. from quotation on December 14 hold more than half the Allied 
bid launched yesterday for the after it was confirmed that the shares. 

Allied Investment nursing homes NEB and the three main share- Dr. Sinclair will receive some 
and medical supplies concern holders planned a bid. After £400.009 for his shares and 

goes through. listing was resumed yesterday, share options. He is in lie ani was a direct employer would it the Western industrialised world 

A new company. United tbe shares closed at 53p. executive vice-chairman of lhej havc any innucncc> orc ' r the sfaw as a wbo * e - 

Medical Enterprise?. 70 per cedi. Allied, where Sir Richard ne J v . NEB-controlled UME, the 

owned by the NEB,, yesterday Marsh, former, chairman of vehicle for making the bid to 
made the long-expected take- British Rail recently became se *; lir * ‘'£ nlrrjl ° r 
over offer for Allied, which last chairman, owns the Champneys A NEB spokesman said the 
week received a £250m. contract health farm among its interests hoard was leading the bid move 
from the Saudi Arabian Defence in Britain and runs hospitals at because we want to support 
Ministry. Sharjah and Abu Dhabi in the «cP° r ** medical supplies and 

ri-j.. th „* 4 i Hu i Gulf believe this is a business uppor- 

Under that contract. Allied is ^ • tunitv where thp U K has wnmn- 

to equip, staff and act as manage- it has been known for some tbing y to offer the world ’’ ’ 

ment consultant for the new time to be short of capital and Asked why when the Govern- 

Riyadb Military Hospital and Al-.has received a £500.000 -nan (to dimiow^s tbe National Hrath 
Kharj Hospital. The bid is be repaid after the bid) from Service, the State-owned NEB did 
armed at promoting British Orion Bank in connection with not create a medical supplies ex- 
medical exports generally. problems over collecting film, of port business itself, he replied: 

UME. a recently formed com- debts due from tbe Middle EasI. “Our view was that we save 
pany in which the 30 per cent. A Jink was formed last year three years by doing it this way." 

not held by the NEB is owned with the NEB, which bought a Dr. Fred Wrigley. a former 

equally by Allied's mam share- 55 .per cent, stake in Allied’s deputy chairman of Wellcome 
holders. Commercial Union United Medical International Foundation. Is to chair UME. of 
Assurance. . Orion Bank and exporting company. which Sir Richard Marsh will 

London Trust, has gained the Allied has been developer! over become a vice chairman when 

agreement of Allied's directors the last six years by Dr. .Michael the bid is unconditional, 
frir.a 55p-a-share cash offer. Sinclair, now in his mid-thirties. Men and Matters. Page 16 

New head named for 
accounting committee 


A SENIOR partner in Price mg' uf Mr. David Hobson, senior 
Waterhouse. llie U.K. and inter- partner of Coopers and Lybrand. 
national accountants, is to lake Mr. Stanley Wilkins, senior audit 
aver at the end of March as partner of Deloitte Haskins and 
chairman nf the Accounting Sells, and Sir William. The 
Standards Committee, the private review should be completed by 
rule-making body on accounting the end of March before Sir 
matters. 'William's departure. 

Mr. Tom Watts will succeed The decision to conduct a 
Sir William Slimming*, senior major review of the accounting 
partner uf Thomson McLintock, standard-setting process canon 
London, who is retiring three at a time when there are in- 
months hefore his two-year creasing demands For interests 
period of appointment expires, other than accounts to he in- 
This will coincide with his retire- vnlved in the rule-making pro- 
ment from Thomson. McLintock,-cess. 

the accountants. Bodies which recently have 

One of Mr. Watts's first duties called Tor changes along these 
wit lie 'to conduct a wide-ranging lines include the Law Society 
inquiry into the workings of the and a group of finance directors of the principal U.K. accounting 
standards committee, which is in from eight Scottish companies, bodies, but a public announce- 
tls eighih year. He will be Mr. Watts's appointment was ment is not planned until 
assisted by a committee Consist- disclosed at yesterday’s meeting Thursday. 

Productivity deals 
bringing 20% rises 


A LARGE PROPORTION of tivitv deals on overall earnings 
workers settling pay de 3 ls dur- figures is not yet clear because 
ing the past five months have relatively few deals have been 
accepted basic rises in line with made and while these sometimes 
the Government's overall 10 per double the 10 per. cent, basic 
cent, limits. But some 80.000 limit, many are said to be self¬ 
workers also have won produc- financing and so should have only 
livity deals which could bring a limited impact on industrial 
their total rises close to 20 per costs. 

cent - So far, in its - 23 weeks of 

This emerges from the latest operation, the CBI data bank has 
statistics issued by the CBI’s pay been notified of nearly 800 settie- 
;data bank. It confirms that 10 merits covering 3.25m. people, 
j per cent, is becoming established These include 640 covering 2.6m. 
las the going* rate for basic pay workers settling under Phase 
rises although .some deals are Three of the pay policy of which 
being struck at between 11 and 86 per cent have accepted deals 
15 per cent. at or below the 10 .per cent 

Although this indicates that mark, 
there is no immediate risk of the The remaining 14 per cent 
policy being broken across a have basic deals in the IX to 15 
wide^front. it also shows that the per cenL pay range. • 
Government has no hope hf However, in about 90 of tbe 
limiting overall increases in deals, covering some 80,000 
earnings to in per cenL To have workers. Phase Three [ increases 
achieved that target, basic rises have been- topped up ’with pro- 
would have to have- been kept ductivity arrangements giving 
down m 5 or 6 per cent ..further- fires .of up to 10 per 

The likely impact of produc- cent 

iL/nt hi/fc 

Mr. Tom Watts 


UJv. TO-DAY cold, further hiin later. Max. 7C 

COLD and showery, snow in W. (45F). 

and N. Further rain reaching Wales, N.W. England, Lakes, 
S.W. Isle of Man, Cent. England 

London. S.E- E. Anglia. Mid- ‘ Sunny intervals, showers, snow 
lands. CenL S. England on hills. Max. 4-6C (39-43Fi. 
Sunny periods, showers, cold. n .e. England, Borders. Edin- 
Max. n- 6 C (41-43FI. burgh and Dundee, Aberdeen 

Channel Isles. S.W. England Sunny periods, scattered rain 
Sunny intervals and showers, and snow showers. Max. 3-4C 


_ BUSINESS CENTRES _ Rest or Scotland. N. Ireland 

' ... d Sunny intervals, rain and snow 

nwMav mirt-d*- showers, heavy at times. Max. 

c -H *c "K 2-1C (36-39F). 

MiWIm. R * M Luxi-lull's C 

.Ulit-ns Sii 1 HI.Madrid f 

Kjliriun S =1 Tfl .MaiKlh-sir. C 




F. Alr.-s 
Clucai .‘0 
rupnhun. C 
Dublin. s 
tMiiihursli t-‘ 
• ■laM'-if 

,i.« >iiir£ 
!... : hiin 

4i, I Mvlb«um« C J0 iw 
li sbjmi-kKu c r jo' ew 
4 1 Milan t- : 

n aj..Montreal Su -« Jl 

n .T>! Moscow c n as 

7 4.1 [Munk-t! o -1 30 

• ' s 4ii I NearvaMle P fl 

< ■- i C B V WnrkBMOl ft 

-i>E a I£ r 74 33 Bnntfuus P 

C 4 ra-Riodc-J ’0 s rj ” Dirtinivntk v 


,, AldCCiO 


v M ay 

-C •!■' 

' ID in 
l!l KT. 

■ it ss: 

Las PI ms. 
S 4t [Matasa 
S 44-Malta 

.111 Raffle 
.i 41 SinKapvre 
4 no l 's|oefctwlm 
1 .TiJSydiini' 

C -1 MlTohra:' 

K :: 37 Tel AlIV 
r i ?*> top vo 

s J'. 7“ Tnmnlo 
S il 7*1 YlflllM 
c i; r.'tn'arsaw 
C » Tn rich 


s 4S 
in 5fl 
lfi Bl 


C 2» S4 

C 4 S' 

C M 73 

R 1* 54 ;’" , rnsi,v 

s si 57 ,n nst>ruck 

i tnwnmss 
^ Jj j, IsU* nf Man C 

C -1 3n 3—5minv. F—Fair 

■J Si: Rbori.-C 
R 17 W | PaWilirs 
P l-'i yi'TanulL-r 
C ID 50 'Tenerife 
S — i 24 j Tunis 

c 1 mlvah-ima 

K 43'Vomw 


■C *F 
c si « 
K S M 
Ml 37 


S IS 5-, 
S 24 73 
C I « 
F S 4K 
C It 
C 10 50 
r -1 .111 
r 14 37 
S 14 57 
C 12 al 
S i 41 

C “3 Tt 

Va—F«w. Dr—Drlzzii:. So —Sno-a. 

Continued from Page 1 

Metal Box 

go ahead and negotiate jointly 
new tariffs for the three indus¬ 
tries involved: the Post office, 
the British Gas Corporation and 
the Electricity Council. 

Details of these joint negotiat¬ 
ing arrangements have I fen 
submitted to the Office nf Fair 
Trading by the commission which 
has a statutory duty to Inlorm 
its fellow competition hody. T i' 
thinks it may have uncovered 
anything which might fall within 
the scope of the Restrictive 
Trade Practices Act. 

The commission is carrying 
out a sectoral examination into 
the whole question of the money 
transmissions made tfy the clear¬ 
ing banks, and it has put off for 

consideration in this wider con¬ 
text two important issues raised 
by the investigation into Bar¬ 

These arc the proposals far a 
new charge For holding, cash and 
the question of whether account 
should bp taken of interest 
earned on overdraft business in 
assessing charges made to cus¬ 
tomers'for money transmission 

Row flares over delivery 
of Leyland cars by rail 


A TRAIN loaded with about 100- allow a consignment of cars to 
British Leyland cars was last travel by rail to the Didcot depot 
night caught on its journey from over "Christmas was being 
Cowley to Didcot, Oxfordshire, in “abused." 

a renewed row over whether the Recent 'Statements by Mr. 
cargo should be transported by Norman Davis, managing director 
road or rail. ' of Milton- Traders Estate, the 

With local leaders of the owners or the freight centre, that 
Transport and General Workers more cars would be sent by rail 
Union insisting that the train had Venflaroed'’ the situation. - 
would bp blacked and distributors Mr. Sid Weighell, general see- 
said to be confident that unload- retary of the NUR. pointed out 
ing would go ahead, the train's that this was the second report 
arrival could spark off a major of problems at Didcot. 
flare-up in a ' long standing A train with 100 cars had its 
dispute between the lorry drivers path blocked by a van before the 
union and the National Union of week-end. He.was seeking more 
Rail way nu*n. facts from iris divisional officers 

Mr. -David Buckie, Oxford and would be asking for a meet- 
district secretary for the TGWU. ing with Mr. Jack Jones. TGWU 
said last night that a one-off ticneraI secretary, if their reports 
agreement by a shop steward to justified it. 

Continued from Page 1 

Boost for hopes 

panics were expecting to raise small part of tbe rise in sterling 
prices in the next four months j n the last fortnight of December 
than at any time since April was in the indes . Th e 

197::, it is possible that there . , . , . . . 

could be a slightly larger rise average level .of the trade- 
in output prices in January than weighted index last month was 
recently. This is because in the 63.S. only 0.3 per cent, higher 
last few years there has tended than in November,, whereas the 
to a bunching of' some annual current level is 65.8. a further 
price rises in early January. . rise of 3 1 per cenL 
The reverse is likely to apply The price index for materials 
to raw material costs. The index bnubgt by manufacturing indus- 
of materials and fuel purchased try outside the food, drink and 
by manufacturing Industry fell tobacco sector, fell by J per cent, 
by about I per cent, last month last month, mainly as a result 
[to 32S.S 11970=1001 and is the of lower crude oil prices caused 
same pereentaoe Tower than in by the rise in sterling. This 
December 1976. index has dropped in the past 

However, only a relatively three months-by 3i per cent. 


A Saudi venture 
for the NEB 


A consortium headed by the ” : 

National Enterprise Board duly fade? fell 5.6 to 491.7 

made a 55p a share cadi bid 

yesterday for Allied Invest- - 

monts, the medical services 
group with book net worth— 
including goodwill—of a iittle 
under 20 p a share, and an 
auditors* report ‘ dated last 
October which carried -five 
qualifications. ■ 

Clearly the NEB is keen to 
develop Britain’s export drive 
in medical equipment after the 
landing"hy Allied of a £250m. 
contract to operate two. Saudi 
Arabian hospitals. ..the NEB 
has been in a strong bargaining 
position, fur Allied would 
scarcely have Iteeh in r position 
to secure the Saudi contract if 
the U.K. Government :1tad not 
been holding its haftd. But the 
negotiations have had-to'ialte , n Hi»mw 

StioTTIhra CWtaST 1 wcrc fira siinoa piss of 
position of three Lity. iRstitu- lhe ncw ^ryle Price Cnnmussron. 

fnmtan In recenI wcek ii, some Of tile 

companies under the microscope 
r«r have been making very hostile 

noises about the Commission’s 

nuhtii- sharehiidPr«t Ult ^ e5tS ^ aPPY° a c h to business, and in 
public shareholders. partjcular its plans tq monitor 

takeover m which public share- few 

holders get a straight offer, but P ’ • 

the three institutions are. locked sparK!> ' 

into; rather smaller holdings of Thus the reports go nut of 
10 per cent, each in the new ihcir way to make coraplithen- 
master company United Medical tary points about the tvtfo private 
Enterprises. Their final commit- sector companies. And there ts 
ment will depend upnn the level nn clear guidance about hhw 
of acceptances -by • public efficiency can be measured. In 
holders. Nobody is being pres- the case of Metai Box. the Com- 
surised to accept this bid; it is mission has turned to customers, 
conditional ooiy upon accept- U.K. competitors and a large 
ances of 51 per cenL, of which U.S. can manufacturer to judge 
all but about 3 per cent: has performance and it concludes 
already been committed. that tn most respects, the group 

But if shareholders decide to is efficient and enterprising, 
stay in. they will be taking a Wisely, perhaps, it gives little 
chance on the outcome of a huge guidance about the yardsticks 
Middle East contract few used in this assessment The 
financial details of which have verdict on Barclays is being 
yet been disclosed. And there held over until the full survey 
is Lhe further possibility that of bank charges is completed in. 
the NEB in future may be more March. 

S25Tih-n nSk generatins The Commission has also 

chr,rphn!riprv will Knrl Sleerert lJear ° f dogmatic VJCWS 

♦h? nri^ h an« on what constitutes an accept- 

ranspribl nn^tinn oF 2fv the able return 011 ca P llai: 11 

vin rH lhe hL ^ h returns of the aerosols 

f«r an 1 Ufnrl3«h^e rSp d, ' 1sjon - but has bee n Satisfied 
like Amed A business upper- ™ £ 

Se ni, meSi 8P ffi ^embeUnie* the^ 

^,e“ , V J? l,»S5 S^Sr.‘op n e?d e 

contender, whether from the Jn the open t0p raa group ' the 

Metal- Box win he inlet 
to learpi that Ute^ pubf 
lisnh's fiir the hair year rtt 
'temher inC!udr> 4 a "siibstajj 
loss on t rHvpreductHm of a I 
cans. The cxpcctwT tiirit’ 
here may Tjave -“ tiigniff 
effects op the overall 
-capita^ ot the npea tb^i f 
divlsidn,' .. 74 ^ 

■ More gcrtProlfy. -Mfetri 
apparchfly rebugtiists th 
"has' a • number., of long; 
strategic problems; Tho lif 
cart cnmpanijps have beeWi 
, sitting heavily, at least,: 

■jn anticipation of tvehnol 
L-hangct Metal Box ha 
gone far dnwh this rbadyf 
at least.. -’ 

With Barclays, the V 
makes th> first attempt ft 
sure. Ihd etuvt to ti »0 
actual fy-Ti old ing fd 

tosners*-use. The.inserts 
nf holding cash for the 
Office, for instance. fc*. : i •'' 
£3S1.(KX>. This "is whar tit 
posed new Uriif is aliahe 

:t v 

New tap 

private or public sectors, could 

he found to fill the role. 2ElL> 1 ^ as 

Price Commission 


This discreet approach is 
extended to most of the reports’ 
It was all • smiles yesterday financial disclosures. But there 
at Metal Box and Barclays are helpful insights on .both 
Bank, which—along with the companies. Shareholders in 

u .timi Feoms that 
mitiiorities hud planru 
announce a new long hi 
'Friday hut postponed^ 
decision until y ester cl ayt? 
of lhe weakness of EhiKg 
dr llie end or last week .% 
theless. the market hai 
expecting that they wou]» 
at least until next Friday; 
making a move, so thin ft 
stock would fall ink 
February banking mottlit. 
seqnently. the ■ 
appearance of the new- 
paid I£3D) lap — 
Exchequer 11M per. cciff 
—caught the market off : ; 
and after being i up-in 
prices of long-dated stock 
the day over a quartet 
point lower. ‘"{J 

This time last yeatiffir 
edged market was tell ytf 
until the und nf 
some op ti mitts had hee?.l 
that the Government £ 
would again lie low for^ 
since Ihe authorities an 
ahead with their funding 
last year, the authorities^ 
long-term rates substa 
lower, while this..Year tt, 
far less scope. As it j 
coupon is a quarter nf. a 
lower, than last-, month's 
subscribed long-dated' 
issue, and with the £8Tfc 
falling in the March b 
month the authorities 
obviously keen to kegp 
funding momentum roHi;-. v 


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niVMfhil 91 ifc Pusi OlHti*. Pnntid hy St. .Ck-ou-ut 0 Pr-»n lur tun! imWhhfU 
bv 1 I» Flnjmjal Times mi., firackcb Honsv. Kunw-WWl. t nirtwi r;r4p 4PV. 
, t © TTw - b uranoal Tnws lJd:, 1 ST*