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SEHERAL 


BDSIKESS 

Foods 


all for 


lap 


■ */- • EQUITY markets were in- 

fluenced by sharp falls' in tbe 
' til ^ Irish Phc " food retailing sector, on fears 

yjnister, last^mgM made no of a supermarket pTi ce war 
v.xort to patch np the Anglo- 

.. ish row that has followed his 560 | I ^ 

•-■.introversial , week-end com- - . ct ntnjKrnjiir l 

ents on the need for Britain to 540 — • 1 — 1 

ico ara ge Irish unity. _ . - jJ BnflIBai. . . J 

!>. Replying to Miticism from Mr. 520- j-W I • flfflEX ^4 - 
..; '-py Mason, the Ulster Secretary, _ I 1 lit 
' t. Airey Neave. the -.Tory / ■ W 

- lokesman, and Ulster potiti- 500“ |“ '^>1 ■ I ~ 

: J :. ans, Mr. Lynch stood' by his ’ |JH tn oR ■ 

•.marks and said he found the ; 430 -ftp FA A/ 

:i ..action to ' them " surprising J* If y 

«1 unexpected." Back Page f 1 ■; - ■ 

H ; park of hope T— ■ — ^ 

re Brigades Union leaders are ^40 - ~ - 

creasing ly confident that to- :±=r 

.. orrow*s recalled, delegate '.con-.. 4204 . -- ,!■>. 1 

' P rence at . Bridlington will *“3 ®®P 04:1 Piw Dec ; Jan J 
tdorse the executive’s recoin- ■■ . . ■ - mnJ 

endation to end the two-month following the annonneement 
-rike. Back Page from Sainsbtirv of nrim cats. 


Living standards 
recovering after 
12-month squeeze 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

Living standards started to recover last autumn following the tight squeeze in 
the previous 12 months. A further improvement is expected in 1978. 


Industry 

shows 

financial 

upturn 


gives way on 
road forecasts 


By Our Economics Correspondent i BY IAN HARGREAVES, TRANSPORT CORRESPONDENT 


jar boycott 


wm 




: venty black barristers said last 
-ght .that they would refuse to 
□duct cases before Judge Neil 
- cKin non because : of -his con tro- 
■ ratal remarks. Most of , the 
' ack barristers - who appear 
_ gularly at the Old Bailey are 
pected to Join - the protest, 
icision this week. Page 9~ 

’ress strike ends 

oirnalists on North of England 
swspapers ■ in Darlingtan 
icided yesterday to accept their 
• .tployers’ latest' peace formula 
.. d end their seven-month strike, 
,. e longest in the history of the 
. itionaf Union of Journalists. - . 
Icte Page *■■■"' 

ueritla victims 

>ur white ' civilians, including 
• . elderly iovalid. her son and- 
. . andson, have' ; been .lolled by 
..ack nationalists 1 near; the 
wdesian capital. .according -to 
...e authorities. The guerillas 
. .ve killed .10 people near Salis- 
try in the • last six days. 
trioHc Front* for talks. Page .5 

0 shot in Iran 

' least 20 people were hilled in 
- • im. south - of Tehran, when 
in’s police fired on demon- 
■ators calling for the return 
. im exile of a political opponent 
. .• the regime, according to dissi- 
■nts. Shah sees Saudis, Page 5 

.TV sues Tate : : 

seriated Television, has ■ issued 
writ -for. libel and slander 
- — ainst Tate and Lyle and its 

f mah, Mr. John Lyle, over 
nents made in Press "adver- 
ents - last month referring 
o ATV series on South 
a. Back Page . 

fuz-27 launch. " 

Soviet Union launched 
AMdyuz-27 with a : twcwnan crew 
Pfto space to link up in orbit 
L Ith the - Salyut-6 - laboratory 
| fere two cosmonauts have been 
jl ward foramontfe. 

iienn’s problem 

Anthony Wedgwood Benn, 
IBagrgy .Secretary, has started a 
HbSv -Series of meetings with 
SB clear- chleSa to try to settle - 
fMePteblem of Which type of 
ittriear power station Britain 
buihi. . .' Nuclear ' offer, 

^aif arrives 

<B>e .first ' shipments of mail to 
jgMach Britain -from the 1 US. since - 
jBptember have • beep unloaded 
ST. Felixstowe, six weeks after a 
Wck strike ended. ; The Post 
said the backlog of 30,000 
rflqsspf letters arid 75JKK) parcels, 

' jyuy ^for Christmas, would take 
®pne titoe'to deiivet. 


- 


Briefly v-ii: 


'» *tAnIa’s Palace; a dolls’ house 
, 2,000 miniature furnishings, 

■ >W fpr . £1^,000 at Christie’s, 
[pdttoteaa. Page 12 
~v |. othereare, -:ihe-- maternity and 
W^yware chaiou. is : to ghre 
V >00,000 for research into genetic 
isorders in children. Page 8 
ormer world" showjumping 
tampion H&rtwig Steenken (tied 
i a Hanover hospital six months 
Fter being injured £n-a car cratii. 


Sep Oct Hw Dec Jan | 

following the announcement 
from Sainsbury of price cuts. 
Backpage 

The -food -retailing -index 
dropped 6.5 per cent to.207.5X 
and the FT Ordinary -index 
closed 7-2 down at 484.5. 

• GILTS were weaker ahead of 
the latest banking statistics and 
the Government Securities 
index fell 0.60 to 77.29, its 

- biggest fall for over six weeks. 

• STERLING rose ten feints 
to $1.9185, its trade^weighled 

- index falling to 65.7 (6&8)..The 

dollar’s widened. 'to .447 per 
cent. <4.43)., ' . - ; 1 

• GOLD gained $2 to H73J. ‘ 

m WALL STREET dosed, 3 03 
down at ;78L53. ; ■ . • 

• #-. GROWTH of money ffuapls 
remained.-' relatively Hgh: las). 
' men tit the latest banking figures, 
indicate: but. there were signs pf 
avpossinte revival In demafia foi 
lending for. expansion by indus 
trial companies. Back Page . 

• CONSUMER DEMAND, de- 
pressed for most of last year, 
now shows signs of picking up, 
according to Department of Trade 
figures. Page 8 ‘. 

• CM is to campaign against the 
2 per cent -annual growth rate 
for public spending over the next 
four years which the Government 
plans to' announce in a White 
Paper to-morrow. Back Page 

9 NOBTH SKA oil companies 
have agreed with the Govern 
ment on a sector-by-sector blow- 
out prevention- scheme. Page 8. 

Car output at 
14-year low 

• UJL JflOTOR industry, which 
suffered ^from- nearly continuous 
industrial' trouble Jast year, has 
turned in the- second lowest car 
production figures/ since 1962, at 
1^32811)0. - units, f In contrast, 
Toyota aims to increase its UJC 
car sales this yeaor, but buy more 
components frefe Britain and 
Europe; ; Page s. 

• BRITAIN has asked the EEC 
to break ups pact between the 
Irish and French Governments 
which allows the Irish Republic 
to send lamb and live sheep to 
France free of import charges, 
while UJC exporters have to 
pay up' to £300 a tonne. 

Page 25 . _ 

• UJS. TRADE representative 
Mr. Robert Strauss, has gone to 

-Tokyo . to - try. to exerf pressure 
on the Japanese to reduce their 
trade surplus sharply. Back Page. 

'•■ NEW YORK city is to appeal 
For more aid “to deal with a finan- 
cial crisis which is expected to 
get wojse this year. Page 4 

COMPANIES 

» LETRASET INTERNA- 
TIONAL boosted pretax profit 
for the six months to October 31 
to £3.4m; (£2.S7ai-) on sales 23 
per cent . up at £155m. Page 
17 and Lex. 

• REARDON SMITH LINE pre- 
tax loss for the six months to 
September 30 more than doubled 
to £58m: (£2.77m.V Turnover 
slipped £lm. to £12.7Sm. Page 16 
and Lex 


The main boost since last 
summer has come from reduc- 
tions in income tax. But an 
upturn in real wages and 
salaries, after adjusting for. in- 
flation, has probably started 
only the last Few weeks, and 
this will raise living standards 
further. 

Official figures by the Central 
Statistical Office yesterday show 
that from the second to the 
third quarter of last year there 
was a rise of about 1 -per cent, 
in living standard^ as -measured 
by real personal disposable in- 
come. This is the amount left 
over from payment of personal 
tax, and includes social security 
benefits. 

Nevertheless, living standards 
in the three months to 
September were still nearly 
Four per cent lower than a year 
earlier, and nearly six per cent, 
below the peak level at the end 
of 1974. 

The recovery from the second 
to tbe third quarter reflected the 
slowing in the rate of consumer 
price inflation. For the first 
time In a year , prices rose less 
rapidly than personal disposable 
incomes, up 4 per cent, in the 
period. 

This upturn occurred even 
though wages and salaries in- 
creased by only' 11 per cent in 
the quarter, and was mainly the 
result of a 6$ per cent, fall in 
payment of taxes on income. 


LIVING STANDARDS 
Real personal 
disposable Personal 

income at savings 

1970 prices ratio* 


Cm. 


1975 

41,533 

15.1 

1974 

41.454 

14.6 

1st 

10,452 

15.5 

2nd 

10,246 

14.2 

3rd 

10,489 

75.4 

4th 

10,267 

13 J 

1977 1st 

10^10 

14 a 

2nd 

9,970 

13.1 

3rd 

10,084 

12.8 


* Saving as a percentage of dis- 
posable income. All seasonally 
adjusted. 

Source: Ccntrol Statistical Office 

Tbe same factors applied in 
the final three months of last 
year, as there was a further 
reduction in income-tax. an 
uprating of social security 
benefits and a Christmas bonus 
to pensioners. 

However, many workers 
delayed reaching new pay agree- 
ments, and the increase in wages 
is starting to come through only 
now. 

The combination of a rise in 
take-home pay and a further 
slowing of the rate of price infla- 
tion is likely to bring a sharp 
increase in living standards. 

The recent report from the 


Organisation fur Economic Co- 
operation and Development sug- 
gested that real disposable 
incomes might rise by roughly 
21 per cent, in I97S. “ the 
increase being largely concen- 
trated in the first-half.** before 
an acceleration in the growth or 
labour costs a fleets prices.' 

This is expected to lead to a 
sharp recovery in consumer 
spending. Even in the third 
quarter the volume of expendi- 
ture rose by li per cent, in real 
terms. . 

This was the result both cf 
the rise in living standards and 
of a. 'fall in ihe proportion of 
disposable income saved. The 
personal savings ratio dropped 
from 13.1 tn 12.S per cent, from 
the second to the third quarter, 
the lo.wesi level since spring 
1974- 

The decline in (he ratio prob- 
ably partly reflceicd the drop in 
living standards since mid-1976, 
as well as the anticipation of an 
end to the squeeze and. the slow- 
ing of price inflation. 

Projecting the savings ratio is 
an extremely hazardous exer- 
cise, and economists are unsure 
whether a revival in consumer 
confidence will lead to a further 
decline.' or whether the. ratio will 
stabilise around the current 
level, in view of uncertainties 
about the rm-dium-term prospects 
for inflation. 


Leyland raises £50m. 
in loans from banks 


\^Y TERRY DODS.WORTH AND AlLAN PIKE 


BRITISH LEYLAND has raised 
a suDWantial amount of new 
finance Vrom private sources in 
the past few weeks to avoid 
taking up a further tranene of 
the" £100m. Governmen^backed 
loan votetf to the company by 
Parliament ’la st summer. 

News of the company's latest 
fund-raising exercise, announced 
to Parliament yesterday, came 
as. -senior union leaders voiced 
their anxiety about Leyland's 
plan to de-central ise its structure. 

They intend to meet Mr. 
Michael Edwardes, British Ley- 
land chairman, next week to tell 
him' emphatically that there must 
be no going back oo proposals 
to- introduce a new centralised 
bargaining structure in the com- 
pany^ car factories. 

:The-newToans obtained mainly 
from the big banks, 'are believed 
to total, about £50 m., but Leyland 
declined yesterday to give the 
precis# terms on which they were 
raised. : 

Under the management- which 
has 'now been displaced, the com- 


pany had reached a point where 
it was finding it difficult to raise 
money on the commercial mar- 
ket. But Mr. Edwardes appears 
to have been able to acquire the 
extra funds without offering any 
unusual new guarantees. 

The company denied that the 
National Enterprise Board, Ley- 
land's m ain shareholder, had 
offered to underwrite the loans. 

Leyland's action in going to 
the banks has effectively bought 
it time before it has to go back 
to the Government, probably in 
March, with a detailed new 
long-term plan. 

Trade union leaders, mean- 
while. are unhappy about lack of 
consultation before the appear- 
ance of reports that Leyland is 
considering a less-centralised 
structure for the profit centres 
which will comprise Leyland 
Cars. 

Mr. Hugh Scanlon, president 
of the Amalgamated Union of 
Engineering Workers, said after 
his executive had discussed the 
latest Leyland developments 


yesterday: “There must be the 
earliest possible- consultation 
with trade unions before 
decisions are made, and assur- 
ances already given, must he 
honoured.” . 

The promise of centralised 
bargaining and pay parity helped 
resolve last year's seriouq strike 
by Leyland Cars toolmakers. 
With the toolmakers "'again 
threatening action. . engineering 
workers’ leaders are worried that 
any sign that the company 'is 
having second thoughts on the 
bargaining reforms will aggra- 
vate an already serious problem. 

In Birmingham . yesterday, 
leaders of 14.000 other Leyland 
craftsmen also renewed calls for 
separate bargaining rights and a 
common wage agreement for 
skilled workers. 

• Talks aimed at resolving the 
strike at Leyland's Speke, 
Merseyside, factory will resume 
at the Advisory, Conciliation and 
Arbitration Service offices in 
London tn-morrow. 

News Analysis Page 9 


THE FINANCIAL position of ; THE GOVERNMENT yesterday 
industry improved substantially i accepted the central criticism of 
in the early autumn though thefts traffic forecasting methods in 
upturn may not continue in 197S. j a n independent report and im- 
The combination of a slowing ! mediately published scaled-down 
in the rate of price inflation and i predictions nf future car owner- 
a reduction in the previously ; ship levels, 
high level of physical stocks! ^ r . william Rodgers. Trans- 
resultcd in a financial surplus for port Secretary, in welcoming the 
industrial and commercial com- report of the Advisory Com- 
panies in the three months tojmittee on Trunk Road' Assess- 
September. Previously these j ment. agreed to establish at 
had a continuous deficit since once a standing committee to 
the end oT 1972. which resulted in ! monitor developments in fore- 
increased borrowing. . easting and road evaluation. He 

This shows that industry had said he would start immediately 
a surplus of undistributed . to judge schemes in the light of 
income after financing tax. divi- the committee's findings, 
dends. capital expenditure and | Sir George Leilch. chairman of 
stocks. ; Short Brothers and Harland. who 

Figures from the Central j W as chairman of the advisory 
Statistical Office yesterday mdi-j committee responsible for the 
cate a surplus of £377m. in tbe | report, will be chairman of the 
quarter following deficits of j new standing committee 
£55Bm. and £793m. ic the pro-; Further Government reaction 
vious two quarters. | to the 150.000-word report is ex- 

Gross trading profits increased j pected in the first of a series .if 
by £241m. berween the second annual White Papers on roads, 
and third quarters. But the main publication nr which will proh- 
contrihution to t.ic overall a i>]y begin in March. Mr. Rodgers 
improvement same from a rrdur- sa i^. 

tion in the amount required to The changes in Government 
finance stock appreciation, from forecasts are intended as interim 
£999m. to £537m.. and a turn- measures tn allow further consid- 
round from a rise in ihe value eration to bo given to the report's 

of physical stocks of £372m. to 

a drop of £277m. ” “ 7j 

Editorial comment. Page 14 

, Oil growth Featurc ' Pase - 

There is likely to have been suggestion that future Jorecasts 
a further reduction in the level should be based on causal 
of physical stocks, and lower rather than exirapolato ry^ 
stock appreciation, in the final methods. 

three months nf 1977. so there The difference is that a causal 
may not yet have been a signifi- model permits the inclusion of 
cant deterioration in the finan-imore sophisticated determinants 
cial position of industry. }in judging the extent of car 

However, the recent Bank of , ownership, such as income level, 

I England quarterly- bulletin } family circumstances and Fuel 
warned that the company sector price variations. In the depan- 
raight be in deficit in 1978. Thislment's revised forecasts, an 
would reflect both the expected j element of causality is intro- 
further slowing in the rate ofjduced for the first time, using 
growth of profits, and increased data from the family expendi- 
spending on capital investment tun? survey, 
with an end to the benefits '»f Introducing the report, which 
de-stocking , was commissioned last February. 

The latest' official figures show Sir George said- the committee 
that profits net of slock apprccia- 1 was in favour of “more open- 
tion from North Sea oil and gas | ness, better balance, greater 
rose from £b*27m. tn £S75m. in ; flexibility' and a fuller recogni- 
tbe last six months, compared ) tion of the uncerl ami ies" Such 
with the previous half-year. !an approach would win greater 
North Sea activities accounted , public acceptability of the 
for almost a quarter of the 23 peri methods used, he said, 
cent, rise to ES.8hn. :n total Thp section on forecasting is 
industrial and commercial com- the most critical in the report 
pany profits (again net of stock and. having conducted a series 
appreciation) on the samp half- of "hefore and after” studies, 
year comparison. the committee concludes that the 

Banking figures and Lex department has tended in the 
Back Page j past ‘‘to nvcr-pTedict traffic, in 

• certain cases significantly." 
i The second main concern of 
t in New York j the report is tbe accuracy of the 

7 | 'department's cost-benefit enm- 

1 -infi'imi l* 1 ! iv*, mu putcr models in calculating ihe 
1 economic return from planned 

|M .(•170-3189 SL91S6-9170 roads. .... 

i wiit it g.P ait i-ivm. It says that, although tbe cal- 

gDiniif r j 1 ?® |ir ^ m dilations are basically sound, 

ti iitamiii i i. miJch more information about 


t in New York 


I nKnith 
j Du>ni li- 
IS inunlh 


I .iMi'inii l»! 


IM.M70..?!® S 
itl.p.0.17 I'ltl". Kl 


FORECASTS OF CAR 
OWNERSHIP LEVELS 
(percentage of population owning 

a car ) 

New Previous 
1976 (actual) 26 — 

1980 27 30 

1985 31 34 

1990 33 38 

1995 35 4D 

2000 37 42 

2005 38 43 

Both forecasts refer to the lower 
of two possible growth patterns in 
e ach case. 

environmental and local gams 
and losse*. should be included in 
the final adjudication on a 

scheme. It also want- changes 
in the way time i» valued m 
the cosl-hcncfit sum -itself 
Other points from the report are 
—Comparative cost - benefit 
analyses between road and 
rail investment are possible 
and. should be undertaken, but 
the issue of comparability is 
essentially one of policy. There 
arc few cases where road and 
rail compete directly fnr in- 
vestment. 

The argument that reads can he 
justified as a contribution [n 
regional economic growth is 
rejected a.v unproven. 

The department's £fim Regional 
Highway Traffic Model ts 
described as a useful national 
data bunk and possibly useful 
in widening Ihe traffic fore- 
casting base, bur its devolnn- 
ment should he "exposed more 
widely to informed scrutiny.” 
Its insensitivity to certain 
variables is noted. 

Government trunk road pro- 
posals should be made “fully 
comprehensible ” to the 
general public, and all details 
nf the final advantages and 
disadvantages of a scheme 
made publicly available. 

More research should be done on 
the effects of road building on 
land use. 

The effects of scheme.s on other 
modes of transport should he 
included in the assessment. 
Schemes in Ihe programme 
should bp given a ihrce-rank 
merit order 

Reaction In the report last 
night was one of delight from 
environmental and pro-rail 
organisations, which said their 
arguments at a spries of public 
inquiries hart been vindicated 
Transport 2000 said the depart- 
ment's revised traffic forecasts, 
taking the low-growth assump- 
tion. had cut the official estimate 
of growth in vehicle kilometres 
between now and the y ear 2000 
from 05 per cent, to TO per cent. 
“This will make a terriffir dif- 
ference in the cost benefit 
analysis of most schemes,” it 
said. 

Report nf the aririsnr// com- 
ntittee on Irani: road assessment. 
SO. £7.25. 


Algeria halts French imports 


%Y ElRENE FURNESS 

PRESIDENT Boumedieooe has 
instructed Algerian ministries 
and State companies to stop 
ordering Imports from France as 
far as is possible. In a move 
which/ brings .relations between 
the two countries to a new low. 
- Tbp instruction is likely <to 
haae ieen triggered off by recent 
French intervention. In support 
of . Mauretania, against the 
Algerian' - backed Polisario. 
struggling to establish a separate 
state in tbe former Spanish 
Sahara, 

:A3geria has also for some time 
■been - trying to reduce her 
massive, and growing, trade 
deficits with France. In the first 
10 ninths of last year, Algeria 
managed to. cut the French share 
of Imports from 30. per cent in 
1876 lo under 2$ per cent 
The main sectors to suffer from 


the new measures are likely to 
be steel products and pharma- 
ceuticals, which account for 
some 11 and six per cent respec- 
tively of French 'sales in Algeria. 

An important contract -for the 
gas liquefaction plant. LNG East, 
at Skikda, of which the French 
firm Tecbnip had seemed 
assured, is now likely to be 
opened up again to U.S. — and 
possibly Japanese — companies. 

Algeria has not however com- 
pletely closed tbe door to trade. 
Negotiations will be allowed to 
continue on well-advanced pro- 
jects; necessary spare parts and 
components will still he bought; 
and French companies will still 
be considered for contracts, 
-when they are competitive. 

France is still Algeria's most 


ALGIERS. Jan. 10. 

important supplier, particularly 
as the latter spends an estimated 
third or its oil -and natural gas 
earnings on food imports, a large 
share of which have traditionally 
come From France. 

But the U.S^ Germany and Italy 
are' all more important customers 
for Algerian natural gas than 
France. In the last few months, 
the U-S, has also overtaken 
France as Algeria's chief trad- 
ing partner. . . 

Algeria's deficit with France 
was some FnL3.7bn. f£413m.) in 
1976, on a total two-way trade 
of . Frs.10.3btt. (£1.146bn.). 
Despite its success In reducing 
French imports. its . trade 
balance in the first 10 months of 
last year continued at the same 
level. 

French reaction Page 3 


SAFEGUARD 
A £6,000+ DECISION. 

SPEND 9p. 


There are 101 ways that Climax can solve 
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CONTENTS OF TODAY’S ISSUE 


iHIEF PRICE CHANGES YESTERDAY 


Prices in pence unless otherwise 
indicated) 

RISES. 

■' jibby (J.) -313 + 5 

. jidjnbRh. Dundee Jnv.. 187- + 8 

told Fields Prop 97 + 7 

iieardon Smith A ... 46 + 5 . 
ffiiebens'fUR.) ...... 294 4* 8- ■ 

i j?ns. Gold Fields ... IW + 6 
0 Handsrand 186 + U •. 

T &kon Mines' 190 + 5 

* telfentein. 247 + 13 

'* FALLS 

fjehequer 91 pc ’82..JE99ii - I . 
fw*equer lffjpc *97_J961 — 1 

:gS8Cd. Dairies 250 — 30 

• jockcr McConnell ... 226 - 9 

Bfiots :222 - 7 

Bewol .......... JO “ 3 

“titish Home Stores 219 - 10 
.. Prawn <3j;- 233 - 6- 


Commercial Union 
Costain (R.) 

Davy IntnJ.. 

Fltdh. Lovell 

GL Portland Estates 

GUS A 

Hall (Mathew). 

Hillards ......... 

Ladfcroke 

Uoyds Bank 
Marks and Spencer... 

Motbercare — 

Prudential- Ass. ...... 

Reckitt and. Colman.:. 
Sainsbury. (J.) 

Tesco 

Thomson Org. 

Thom Elect, — 
Union Discount 

uos 

Vickers - i. .i. 

Vosper - 
Wagon .Fteanee 


150 - 5 
272 -6 
249 - U 
61-6 
322 - S 
300 “ 10 
197 - 7 
235-15 
197 - 10 
288 -7 
153-5 
188 — 8 
166 - « 
435-10 
190 — 12 

431 - 5 
688 - 22 
378 -8 
455.;-. 10 
92-5 
187-7 
143 - 9 
89-4 


European news ...nr. 2 & 3 

American news 4 

Overseas news • 5 

Mforid trade news 6 

; Home news— general ... 6 & 8 

. 1 . — labour 9 

‘ —Parliament ... 


Mr. Jenki life’s first year as 

Enro-President 14 

. The Leitch Report: Fuel for 

. the anti-road lobby - 15 

A risky time for Bcrlingoer 
to raise the stakes 2 


"Appal fitments 

OasMMrtf 


Careening ' 12 

Uttm — , 15 

L*X JB 


Technical page ID 

Management page 11 

Arts page 13 

Leader page 14 

UJK. Companies. 16-19 

Mining 18 


FEATURES 

Interest rates, tbe dollar 
- and the U.S. economy ... 4 
General Pinochet; A tight 

grip on Chile 4 

Vietnam and Cambodia:' 
Regional ties vital — .... 5 


Laialunf — — 

U 

TV and Radio 

22 

Mea ami Matters _ 

14 

Unit Trusts 

7t 

Money Market 

n 

-Weather 

30 

Bating 

12 

OFFER FOR SALE 


Saleroom- 

V 

Exdnm. UHpC 199$ 

2 


2S-» 

INTERIM STATEMENT 

Today’s Events ... 

15 

LW-Wet led. 

U 


For latest Share Index ‘phone Ol-246 8036 


Inti Companies 20-21 

Euromarkets — .... 2ft 

Wall Street ...W. 24 

Foreign Exchanges 24 

Farming, raw materials ... 25 

UJL stock market 26 


Holiday Inns: The network 

widens 20 

Boussac empire: End of a 

long reign 21 

FT REPORT 

Varkaus ; 22-23 


2 statements 

7t Bank «f Montreal .. i 

30 Central MaTs. Trad. 1 

LE Peter* Stare* V.... 1 

2 BwffMTD KHt ’class 1 

IEMT 

U Base Lemon? Ratos • 2 



To: Coventry Climax, Widdrington Rd„ Coventry. 
Tel: Coventry (0203) 27711.. 

NAME 

COMPANY^ 1 

ADDRESS 


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■ 

Leyland Special Products ■ I 







EUROPEAN NEWS 


Financial Times Wednesday January ! t lfl7S 



Sig. Enrico Berlinguer 



.Sig. Gialio Andreotti 


Italy’s Communists want a direct share in power. Dominick J. Coyle examines their prospects of success 

Risky time for Berlinguer to raise the stakes 

ITALY has had so many political Socialists had quit the centre-left theory at least this meant that irrelevant by a possible bilateral Democrat leadership now 
crises since 1945 that there is administration beaded by Sig. Sig. Andreotti would introduce accord between Christian Demo- accepts, however grudgingly, 
□o great novelty in yet another Aldo Moro. important legislation only after ersis and Communists. that Italy cannot be governed 

one. What however makes the Ostensibly intended to 44 clarify discussing it in detail with fee Politicians and the media alike a&dnst the outright opposition 
present crisis distinctive is that the Issue,” the election produced apposition parties and winning c0cc ij. ded lha , g|, e communists °i t P c Communists, the chances 
it appears to have been a situation where no single party, their broad agreement now really did mean business. . r ° eir conceding Cabinet posi- 

deliberately brought on by the Q r acceptable coalition, bad a - njj s was' on the oasis that, what- 1° A e J£L b *£ r *l 


USSR hardens line 
on dispute with 
Japan over islands 


BY DAVID BATTER 


MOSCOW, Jan. 10. 


Communis^ who, for toe first working majority in Parliament A Fiat rar executive ever its commitment to ’denu> “n^ er T d en ™« J, 00 * MR- ALEXEI KOSYGIN, toe frank atmosphere,” a formul 

Ume in decade^ are mov- pie evenhial outcome was a ^ shot and Winded In crate pluralism, the party a ^®, , 4 5f t U!?l ore Soviet Premier, tiwlay told Mr. used to indicaw ser.oiw disagre. 

**?? re a direct roJe f° z j? ula ****** Perhaps only toe Turin Iasi night as a wave of remains a virtually monolithic rienit P wi» m ^n.*K^ Sunao Sonoda, the Japanese merit, 

government Italians could have designed: political violence continued In organisation in which tactical a Foreign Minister, that the Soviet During Mr. Sonoda’s meeimj 

But their a^mptts going to a mmortty Chnstian Reuter reports. The decisions are taken with great {JSJLJ Un,nn does not n * copnise the yesterday with Mr. Andn 

^ ^ for *w5 rw e .iS^ ci«r rif.u? victim, 57-year-old Sig Gustaio care. When sig. Berlinguer j ** pa y reb p mceI ' existence of a territorial prob- Gromyko. the Soviet Fnreft 

To-day the Christian Democrats, headed by Sig. Giulio Andreotti. chlrotto, was shot six limes agreed to be interviewed on tele- . lem in its relations with Japan. Minister, the V'SSR proposed 

who have formed toe nucleus of wth the Commum^s unde^ vftile he was In toe garage at vision to advance his call For “ f lcctl ° n The perceptible toughening of treaty of friendship and e 

atotoitotion since his suburban home. police said, an emergency Government, most £ a - bav * “ fi* the Soviet ntund regarding a dis- operation which mad«, no refs 


World War II, meet to decide all major votes where they might St tS 
their precise response to the defeat the Government JJJrflta grom^htamed fS 

Communist call for an “emer- This, said toe Communist SotmJ! atiacfcl 

gency Government," which would leadership, was the only respons- c i aiin ed responsibility for toe 
include, beside the Christian ible course to adopt given Italy's shooting. Sig. Ghirotto. who is 
Democrats, the Communists, the serious economic and social nroduction maiumur -u the 
Socialists, and the smaller oppo- difficulties which, earlier in 1976. Rwia Flat niaifi in ""Turin 
sition parties, though not the had obliged the authorities to W1l5 ^fe second memher of the 
neo-fascist MSI. shut down the foreign exchange K 

That response Is expected to market to halt a major run on attacked by left-wing guerillas 
be a firm '* no.” The Communists toe lira. In the p^ M hours 

can only enter, the Government, But many rank-and-file party 

it will almost certainly be argued, supporters simply could not “ 

if the voters show they want understand their party maintain- Then, just before Christina* 


his suburban home, police said, an emergency Government, most «*!.# * the Soviet stand regarding a d is- operation wmen maoe no refo 

The Red Brigades urban observers concluded that the ™ . s ?^f “J* f? £*; nuted string of Soviet-occupied once to the Tons-standing tori 

guerilla group, blamed for Communists were advancing. j islands off the northern JapaocM tonal dispute over the island 

dozens of similar attacks, with the force of their parlla- J* J 3 **}® »» JJ ' t ^S2 r£? y » coast makes it unlikely that too The Japanese agreed to consul* 

claimed responsibility for toe mentary strength, towards their - 11 “‘f ® two sides will be able to agree toe Suvici draft hut said that r 

Shooting. Sig. Ghirotto. who is long cherished coal of a “ com- on a joint communique. other treaty could be sign* 

nrnrlnpiion rout........ m ih. r.rn-r»»«o *;orira.'‘ or ’rand mal . n P artie!l - LUO prospre tS Of “"l. J a.i ih. tviwna Janart and theSnui. 


The argument is in effect a con- crats in 
cealed ultimatum: either the quarters 
Communists drop their demand some of 
to enter a new Government, or the com 


, given Italy s shooting. Sig. Ghirotto. who is long cherished coal of a “com- ma j„ ‘ "Jr 1 K on a joint communique. other treaty could be rigne 

and social production manager at the pro:resso storico. or ’rand ?. a, J _ par L5.?l— °( jan-.nese sources said that the h«»iwcCB Japan and the Snvii 

SthoriSes^to R,val i? FI »t pSi in Turin, alliance in government of all ■ h JJ B ™ a n 1 Japanet-e side wif refuse in sign ^'nion until the two ctmntri. 
i^eShlnll lhe secMd mroiber of 'H Ira:,an dea!Qcr3 iC forcei ' that tL parTs have alS an? joint .communique which conclude a formal peace treaty 

iajor run on Ti,e W5lile House has. by all failed in two protracted sessioiui does not include their stand that The Japanese tn tun 

attacked b ? left-wing guerillas accounts, taken the message. Mr. to agree on the 1973 budget But islands off toe coast of presented their ideas to tfc 

jo,. "* tae P®* 1 M hours. Richard Gardner, the U S. am- an v consensus on ectraoraic and Hokkaido, occupied by the USSR Kremlin on .t peace treat- 

rnT.M p not bassador to Rome, has been social objectives might well at too end of the Second World including a territorial clans 

Z23ZS& toXriu&LS Then. jns. h,fo™ Chr.,™.^ “ ^J ng, ”J“: o ~ n d - fil«wthe Comn.nm,B,5 a^.Me W»r. »e re.urned » which the CSSB U .d i. eou.d m 

to is to happen in new elections, lug the hated Christian Demo- Sig. Enrico Berlinguer the Corn- -■* Ratoons amid widespread their earlier policy of absten- Japan- . j 

The argument is in effect a con- crats in office. Party head- munist Party Secretary, raised J h ^w? r«mmunUt« J* onisnj ,. into one of sup^rting Since Moscow has made it Mr. Kosygins denial nf tb 

cealed ultimatum: either the quarters in Rome despatched the stakes. The six-party agree- J£L l J e . Parlmmeniary majority with clear that it would find rtdtffi- existonco of a territorial issue; 

Communists drop their demand some of its top brass out into ment. be said, was not adequate « , aoo d;° JSVSS VOte . S \ bu , 1 "2?°“* * n * «**t to agree to such an tndu- taken by Japanese officials t 

to enter a new Government, or the constituencies to explain to meet toe problems facing "*«■ at .Sf d direct mlnU5lcnaI P ortfolu »- sion. it appears likely that toe represent a stiffening of tb 


LO cute* a lievr uuvu uuicul ui lub vuimuLUcuucb vauisuh iu meet uic uiuuiCuis uuiiia ■ n irrt r »ir„ r | T. -■ - - , ■ , , . _ - fa . . 

the Christian Democrats will party strategy, not always sue- Italy: his top aides insisted that ^ ® ,lc h nuances can have an Im-!* 8 **®* wbicb * ere l nr *, I |? od ,J D 5i‘ VIOT p0 j bo iL *, bo dispnt 

force new elections. The ruling cessfully. Even moderate party Sig. Andreotti was not keeping JSl^ eoI,on 111 portant sipntfican« tn a country'. improve the traditionally They said _ that Mr. I^onl 

party does not want these; but supporters felt that toe Com- the bargain anyway. The result. ° om esLc ita..an affairs.. whose politicians often talk strained relations between the Brezhnev, toe Soviet Presider 

toe Communists at this time want munists had given much by following weeks of all-party dia- But it remains very possible about “converging parallels” as Soviet t-nion and Japan, may acknowledged during 1973 tali 

them even less. sustaining Sig. Andreotti in logue and a trade union threat that the Communists have in fact between the Christian Democrats only lead to further tension. in Moscow; with the Tormt 

To understand the current office, with no tangible gain to to call a national strike later made a miscalculation. As one an d the Communists, while Sig. The Soviet news agency Tass. Japanese Prime Minister, Xf 

Communists fear of elections, themselves. this month— now effectively can- experienced observer pul it Berlinguer could claim that the in a report on Mr. Sonoda’s meet- Kakuei Tanaka, that i he ten 

and why they are trying now to Inevitably then, the Com- celled — has been Sig. Ber- privately: "What has mesmer- Christian Democrats acceptance ing with Mr. Kosygin, said that forial issue was one of the ui 


and why they are trying now to Inevitably then, the Com- celled — has been Sig. Ber- privately: What has mesmer- Christian Democrats acceptance ' ing with Mr. Kosygin, said that tonal issue was one of the ui 

get a direct role in government, munists began to put a price on linguer's demand for an emer- ised us ail in recent weeks is of Communist votes In . toe confidence was expressed that a solved problems In Sovie 

one must go back to the confu- their support. Last July, they gency Government notion that the Communists Government's parliamentary strengthening of Soviot-Japanese Japanese relations left over froi 

sion produced in party ranks by and four other small opposition The formula is strongly backed ns«r make mistakes. This time majority— whether tendered um- relations would meet the in- the war. 
the aftermath of the last general parties reached the so-called by the Socialists, who. besides the 7 may have done precisely laterally, or negotiated privately terests of both countries. But There was no him of this 1 

elections. These were held, pre- “Agreement of toe Six” with being internally divided, are that” —was a further real advance of TASS said that toe meeting was the talks with Mr. Kosygin to-da; 

maturely In June 1976, after the the Christian Democrats. in afraid of being made politically For, though toe Christian toe Communists rowards power, hold in "a businesslike and however. 


Major airlines try to agree 
lower transatlantic fares 


THE WORLD'S major airlines 
flying the North Atlantic met 
here to-day to try to set new 
fares to compete with Mr. 
Freddie Laker's cheap “sky- 
' train " service. 

More than 20 members of toe 
International Air Transport 
Association (1ATA) met at 
their headquarters to resume 
discussions which ended incon- 
clusively after sessions last 
year in France and toe United 
States. 

The big airlines, including 
Pan American Airways, Trans 
World Airlines and the national 
• airlines of must West European 
countries are trying to 
Mandardise their fares. But 
they have failed to agree on 
- how best to compete with the 


GENEVA, Jan. 10. 

Laker flights and each has been 
fixing its fares unilaterally. 

An lata spokesman said the 
meeting was likely to last 
several days. 

Some carriers would like to 
cat fares across the board. 
Others would prefer to intro- 
duce something similar to the 
Laker service for which pas- 
sengers can only bny tickets 
on the day of departure. 
Another gronp thinks charter 
and regular passengers should 
be included on board the same 
aircraft. 

IATA sources have said the 
varying Interests of govern- 
ments, many of which own 
their national airline, were 
making it . difficult to reach 
accord. 

Renter 


Greek bid to 
hasten EEC 
membership 

By Our Own Correspondent 

ATHENS, Jan. 10. 
THE SPEEDING up of Greece's 
negotiations with the EEC for 
foil membership will be the main 
goal oi Premier Constantine 
Karamanlis when he visits Lon- 
don. Brussels, Paris and Bonn 
later this month. 

During bis talks in the four 
European capitals, Mr. Karaman- 
lis is also expected to discuss 
Greece's relations with NATO 
and toe Cyprus iaue. 

Premier Karamanlis has indi- 
cated that Greece wotild return 
to the NATO fold if the Cyprus 
issue is equitably solved. 


Swedish cabinet plans 
£3.57bn. deficit budget 


BY WILLIAM DULLFORCE 


STOCKHOLM, Jan. 10. 


-V: ’• \ ■".n ‘ . •' ' 

"">V‘ - ‘ ‘ ■ ■- 

•• • 


THE SWEDISH Government to- toe improvement presupposes policy bas started to turn the 
day submitted a budget for toe that the increase in wage costs ship round.” 
fiscal year 1978-79 showing a defi- this year will not exceed 10 per Sweden, it is hoped, will ta- 
cit of Kr^2bn. (£3-57bn.j, cent. prove its market share of trade 

equivalent to more than 21 per The stock disinvestment, which in manufactured goods within 
cent of total outlays. It also started tn 1977 following the the OECD area by 2.5 per cent, 
indicated that Sweden’s foreign failure of Sweden's attempt to this year after losing an esti- 
borrowing requirement in 1978 bridge the economic recession by mated 21.5 per cent, over the 
will be only slightly lower than producing for slock will continue previous three years, 
the Kr^Obn. taken up last year, through 1978. It is estimated In his budget statement. Mr. 
with State borrowing likely to to have a negative effect on GNP Gosta Boh man, the Economy 
continue at roughly the same rate development" of 1.1 per cent but Minister, said toe Government's 
of Kr-9-lObn a year. by the end of the year it is hoped most important short-term aim 

The budget contains no sur- that stocks will be run down was to break the downward trend 
prises and is designed to con- sufficiently for production to pick to production. The major prob- 
tinue the more -rifeStrictive up. Over toe year as a whole, iem was the disproportionate nse 
domestic demand . 'iffilicy, to however, industrial production is w Swedish unit labour costs over 
which toe non-Socialisi coalition forecast to decline for toe fourth the past three yearn .but Swedish | 
switched last spring at the time year in succession. uSSah^l cSmhhfa 

of the first of toe last year's two _ 

devaluations of the krona. Contributions i“Eod°«i“ JE? Se^nmlTd 

Tax relief for the bulk of wage- The positive contributions to a further decline in toe level 
earners had been previously GXP development in 1978 will be of wage drift, 
announced and is intended to <j.7 per cent, from local authority The latest Swedish budget 
pave the way for a moderate 1978 consumption, and L5 per cent walks the tightrope between 
wage settlement The tax on from net foreign demand, accord- expansionary and restrictive 
petrol will be raised from May 1, to the finance plan. Exports fiscal policy measures. The 
P„ n which, date a tax— probably are expected to increase by 5 per central Government's own spend- 
Kr-100 — will be introduced on cenL in volume against a 1.5 per jug on consumption and invest- 
ebarter tours abroad. cent, decrease in imports, but ment is markedly restrictive. On 

The financial plan accompany- the deterioration in Sweden's the other band, toe size of the 
ing the budget anticipates a terms of trade after the 15 per budget deficit and the Govern- 
growth of only 02 per cent in cenL depreciation of the krona mentis contribution to aggregate 
GNP in 1978, following a decline last year will prevent any im- demand are expansionary, 
of 2.4 per cent last year, toe provement on the current The dichotomy is due to Gov- 
first time toe Swedish economy account eminent concern to maintain 

has experienced such a setback The deficit on the payments employment and to support un- 
since the war. Private consump- balance this year is forecast to profitable industries, such as 
tion is scheduled to fall by 1 per be Kr.16.9bn. compared with a shipbuilding, steel and textiles, 
cent, gross investments will drop preliminary figure of just over through a period of retrench- 
for the fourth year running and Kr-16bn. for 1977. The Budget ment. Thus, the Government is 
central Government consumption Ministry, however, stresses that expected this year to double its 
will stand still. these current figures conceal an industrial credits and share 

The rate of inflation Is ex- estimated improvement of about capital allocations to state com- 
pected to drop to 9 per cenL Kr-5bn. in fixed prices on the panies to some Kr.IObn., while 
against a 13.5 per cent increase foreign account, which would labour market spending will 
in consumer prices last year. But indicate that “ Government absorb a further Kr.4-5bn. 

Tor Field likely on stream soon 


THE LIST OF APPLICATIONS WILL BE OPENED AT 10 a.m. Oi 
THURSDAY. 12th JANUARY 1978 AND WILL BE CLOSED AT AN 
TIME THEREAFTER ON THAT DAY 

10£per cent EXCHEQUER STOCK 

1995 

ISSUE OF £800.000.000 AT £9500 PER GENT 


PAYABLE AS FOLLOWS: 

On duplication ■ .... .......... 

On Hondo. Zftt February W7S 


CM M dmt coat 
U5A0 oar ent 


EV4.D0 oar cent 




. :\nj 




BY FAY G JESTER 

THE TOR Field, in Norway’s 
sector of toe North Sea, Is 
expected to come on stream 
during the first quarter of this 
year, a spokesman for toe 
operators, Phillips Petroleum, 
said yesterday. 

He stressed, however, that it 
was still too early to be abso- 
lutely sure about the first quarter 
start-up. Bad weather could 
cause unexpected delays, and toe 
company was still discussing with 
the Norwegian Government toe 
conditions under which it would. 


be allowed to conduct drilling 
and production simultaneously 
from toe field's platform. The 
platform will have 15 wells. 

Tor will be the fourth Geld in 
the Ekofisk area to come on 
stream. The first three — Ekofisk. 
West Ekofisk and Cod— are 
currently producing a total of 
about 400,000 barrels of crude a 
day, plus associated gas. This 
total is made up as fallows 1 . Eko- 
fisk: 300,000-320.000; West Ekofisk 
80,000-85,000; Cod: 9,000. 

The Phillips spokesman said 
that when all seven fields tn the 
group are producing (by late 
1979 or early 1980) output would 


. OSLO. Jan. 10. 

be between 700,000 and 750.000 
barrels daily j 

• The Norwegian Prime Minis- 
ter, the Odvar Nordti, to-day 
announced the details of a minor 
Cabinet reshuffle, to take effect 
to-morrow, it Involves the 
appointment of four new Minis- 
ters: for Industry, Communica- 
tions, Labour and Local Govern- 
ment and Consumer Affairs. 

Mr. Olav Haukvik becomes 
Minister for Industry. The other 
three are all Labour MPs: 
Kirsten Myklevoll at Consumer 
Affairs, Arne Nilsen at Labour 
and Local Government: Asbjorn 
Jordahl at Communications. 


INTEREST PAYABLE HALF-YEARLY ON 21 JANUARY AND 21 jUL' 

(Ins Stud u .in incei-tMCui Jumna it-Kfi-H Part II of f)*t r i-:t .v-lL-duic tn ttu 
• Tnuuv fnriwimni: rtei 1.9$ I . OppHmiWR has btxn made hi ih*.- Dnratl of : 
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The princiMl of tod interest on tbo Sto<« will & a efiarso •>-. tiK National Lott 
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The Stock wUl be repaid ar par on 51» July ms 

Tim Slack vQi be registered at the Bank of tins land or ai the Bauk of Irtiad 
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Letters of allotment tn respect Of Stock aMottnd will be tienpHtcfk-d by posr at tb 
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reqoest tecehrod by the Bank of Ennlaad. New Issues. Watilnn Street. Lonrho. EC4% 
BAA. on apy date not Utter U»n Z3rd Fabruarv 197S Sncb a leoncst man » 
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instalment is paid, unless payment In fun nan been made before the One rtatr. u 
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1978. 

A commission at tbe rate of l2Jn pe- fin of the Stock win be pain m bankers <r. 
stockbrokers on allotments made in raipecf of applications bearlno their «wip 
However, no payment will be made where tbe banker or stockbroker wrmkl iwin' 
by way of com mission a total nf less than £1 

Application forms and cornea at this prospectus mas he obtained at the Rani <i 
EtWtaod sow tames. WaUlna Street, London EC4M BAA. or at any of Hi- hranrhr 
nf tbe Bank of X (inland: at rbc Bank v Ireland. P O Bos 13 Donesall Hare. BcVih 
BT 1 SBX: from Malleus ft Co.. 15 Hooraat-'. London. EC2R SAN: or st anr offlo 
of Ttu- Stock Exchange In the Doited Kimrdnm. 

BANK OP ENGLAND 

LONDON 

3th January 1978. 

■ THIS FORM MAY BE U SED . 

I For use by Banker or Stockbroker claiming commission— 


(Stamp) 


VAT Regn. No. 

(if not registered put "NONE'’) 


Czech party ‘divided’ 








! --y f •• -. 


V..M, \l. t 


THE CZECHOSLOVAK Presi- 
dent, Dr. Gustav Husak. to-day 
celebrated his 6Sth . birthday 
amid renewed speculation of a 
row within the Communist 
Party leadership over economic 
policies and the treatment of 
dissidents. 

Diplmatic sources said that 
Dr. Husak was trying to 
reconcile differing factions with- 
in the party on how to re- 
organise national industries, in- 
cluding widespread dismissals, 
and to revitalise the flagging 
national economy. 

The President was also under 


PRAGUE. Jan. 10. 
pressure from security officials 
demanding clearer guidance on 
the handling of signatories cf 
the Charter 77 human rights 
manifesto, the suroces added. 

Diplomats who regularly see 
the President said that he was 
badly shaken by toe death of his 
wife, who was killed when in a 
helicopter crash near their; 
country home at Bratislava in 1 
October. 

But toe sources said that he 
had also been put under 
tremendous strain by discussions 
Inside the party last month over 
economic planning. Reuter 




Shcharansky defence accusation 


fir ■ 


What can grow. 


THE MOTHER of toe imprisoned 
dissident, Mr. Anatoly Shcharan- 
sky. has complained to Soviet 
legal authorities that she has 
been hampered in her attempts 
to find a lawyer to defend her 
son. 

Mrs. Ida Mtigrom charged in 
a letter to the Soviet Prosecutor 
General, Mr. Roman Rudenko, 
that KGB secret police officials 
in charge of the case against her 


MOSCOW. Jan. 10- 

son have given her until Friday 
to find a defence lawyer accept- 
able to them, or they will appoint 
someone to represent Mr. 
Shcharansky themselves. 

Mrs. Mtigrom said teal Mr. V. i. 
Volodin, who is in charge of the 
investigation against ber son, 
summoned her to his office do 
January 6 and gave the family] 
toe Friday deadline for appoint- 1 
ing a defence lawyer, 

UPI 


Inflation rate 
falls 

in Holland 

By Charles Batchelor 

AMSTERDAM. Jan. 10. 
HOLLAND'S WAGE and price 
controls led to a further cut in 
the rate of inflation in 1977, 
according to Central Statistics 
Office figures. 

The cost of living rose 5.4 per 
cent last year, compared with an 
increase of S.3 per cenL In 1978 
In the month to mid-December 
prices rose 0.1 per cent., com- 
pared with 0.2 per cenL in the 
month to mid-November. This 
decline was due largely to a fall 
in tiie price of winter clothing, 
potatoes, and fresh fruit and 
vegetables. 

This Is likely to reduce the 
amount of automatic price com- 
pensation employees receive, but 
the whole issue of price compen- 
sation ts at present being 
reviewed. 

The unions and employers are 
discussing whether the LB per 
cent compensation, which should 
have been paid on January 1 , 
will in fact be distributed in full. 
The Government operatee 
detailed price controls and has 
an informal agreement with the 
unions for a two-year freeze on 
basic rates of pay. 


THE LIST OF APPLICATIONS WILL BE OPENED AT 10 a.m. Oh 
THURSDAY. 12th JANUARY 1978 AND WILL BE CLOSED AT AN) 
TIME THEREAFTER ON THAT DAY 

10« per cent Exchequer Stock, 1SS5 

ISSUE OF £800,000,000 AT £85,00 PEii G ENT 

TO THE GOVERNOR AND COMPANY OF THE BANK OF ENGLANC 
The apjt&oanr named betaw mwea von to altar to bun Her ta accordance witbjh; 

term* of UU prospectus dated Bib January i9JS a £ 

ay — .. prrtlM 

of the above-named s«x* and hereto eruaUea to pay tnc final instalment nS • 
before Km due date on any alhnrmedt 'hat may be made in reeporr of this apoKcsdad 
as provided by the said praspecna. The appi-canr reqiu-vts that any letter b 
aUounem m respect of tin greet allotted be seat to Mm/hm to mu' ai Ms. ber ns* 

Tbe Bum Of M ... beinu the amount nt tin- require 

deposit f namely £30.06 for every £100 of M* stock applied tori. i« enclosed 
• jrwt declare that tbe doplicanr ts mi nudeor outside the Scheduled rrmrorre* 
and that the security la not bcina aCuulnsiT hv the applicant an the nominee ot m 
pmomai reswent outtade three Territories 


January 1978 


SIGNATURE 

of. or on ■vhalf of. applicant. 


PLEASE USB BLOCK LETTERS 


SURNAME OF APPLICANT 
MR/MRS'MISS OR TITLE .. 


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application for acmuMa batman (MU and ESfiAKl Stock mum be tit muttlele 
of ESSO; application* Me more than C5SJMM Stuck nun be ta muHiptai af EL BN 
Application* sfa a M bo tadped at dta Batw of England, Now Imea. W.nllnp Sin# 
Louden. EC4M 9AA. 

6 A aonrata ctMtaiA mutt accompany each application. Cbemre* rtoottl be ntad 
payable ta “Baud of BaaiaBd 11 and ereaacd *-B«choeaer stock”. 

e ff thta declare flBB cannot be made It should be deleted and reference should D 
made to an Auiborueri Oepoaiury or, ih the Republic or Ireland, an Approtr 
Afient. dutnufo whom lodsmaat ahouM tw offeeted. Aathorioed DePOslMrk-s ar 
Hated Id tbe Ban* of Susfand's Notice EC I and include nidat banks and mock 
brokers and solicitor* praettaiax in tbe United Rfontam. tbo Channel islands e 
(bn Isle of Han; Approved Aaents In tb- Republic of irulaiui are defined in (H 
Bank of Eatiaad‘5 Renee SC lb- 

A The Schefflded Tmnortei at present comprise the United KJnfidom, Uw Cbatm* 
islands, ibe Isfo of buul the Republic of. Ireland and Gibraltar. 


\ ( yy lc ^Yjsc> 





Financial Times Wednesday January. 11 1978 


vjjmmm 



Gaullists spurn 
Barre election 



WFfi’i 

«*» * t v G i 

.n r « ’■ 

U w L< 

*»!•’. ‘‘ - ! 


BY DAVID CURRY 

'HE GAULLISTS, the largest era m ent’s pnth nmacm for the 
omponent in the ’majority sup- cause of national Independence, 
•ortiog France’s conservative The Gaullists fears about the 
oaution. have moved quickly to anti-Gauilist frontstem from the 
lark their distance from the decision of the . three non- 
lavernment’s election .manifesto Gauliist groups backing the 
punched at the week-end by M. coalition to present a single 

- 'aymond Barre, the Prime joint • candidate in many con- 

linisler. ' stituencies where they have not 

They have also renewed their reached agreement with the 
sensation that the other eoali- Gaullists for a candidate repre- 
on members are conspiring to senting-all the Majority parties, 
eate an anti-Ganlllst front in kA.. «, 0 . c 

,er 'iSS. y Sf ““M? SSM 
M. Yves Guena. a senior They claim that this amounts to 
luilist in the entourage of M. an anti-Gauliist front. - 

■ cques Chirac the party leader, ; . 

• 32 ““-iSlrSi" lie DO?S“Sl 

*ments ° nUined interesting pact was put together under the 

He was anxious to emphasise of the Prime Minister 

_.at it no way committed the tSS9JSf elect0?al T ° le 
u I lists who would state their dislike. 

. n election platform. In roughly one-third mf con- 

st Chirac has .always, claimed stituencies. there will be a single 
.. . it the Government should leave candidate for all the con- 
jctioneering to the individual seryative parties and this is one 
.. rties and that M. Barre, in w ? lch - th f 

. rticular, had no electoral role t0 rem i ln lar *“ l 

p] ay conservative party after the 

. The Gaullists think that a more . .- 

Ji&ateS&S &SE 

■ ■■asisiffS'ssiaS 

'“3KK v° 4 ™rrow at Gaullists’ reqnes to 

- -f b i ?*5LSl seek ’’clarification" 

., -i Barre programme which 

iphasi&es the need for two Meanwhile, three minor 
ire vears of economic recovery.- changes have been made, in the 
- ' ji „ Government involving the pro- 

secondly, the Gaullists are raotion of women. M. Alice 

med about one of them old Saunler-Selte steps up a grade 
•: ^-occupations — the Place of to become full minister in charge 
: jnce in the world. They have 0 f the universities: M. Monique 
..“zed upon President Carter’s Pelletier moves into the justice 
•ent remarks on the undesira- Ministry as Secretary of State 
Jty of sharing power with the retaining her responsibility for 
mmunists to If: Francois Mir- the drug problem: and 1C Nicole 
*n fffand, the Socialist leader, to Pasquier takes charge of ques- 

■ k'lnplain about outside interfer- lions relating to working. 
,l\ pe in French affairs and, by women as Secretary’ of State at 

plication, to question the G6v- the Labour Ministry,. 

Pakistan firm on N-deal 


Algeria, 
France 
links at 
new low 


“BY SIMON HENDERSON 

‘"ACTING TO the official admis- which does 
l that France wants to re-- Plutonium. 
..otiate its contract to sell a 


ISLAMABAD. Jan. 10. 
not produce -pure 


The carefully worded Pakistan 
, . , ... reaction chose to - open by 

-_?!ear reprocessing plant to weloxning that part of the French 
•• ;istan, a Foreign Office state- statement which declared that 
~it issued here tonight France always honours the con- 
eated that Pakistan would not tracts it signs, 
ept any modification in the Bo ^ countries are under pres- 
. sure from the U.S. to .modify . nr 

*• cancel the deal, which Washing- 

'he spokesman emphasised ton believes would be a serious 
t Pakistan bad neither the breach of President Carter’s 
inti on nor the possibility of policy of nuclear non-prolifdf-a- 
lg the by-product, plutonium; tion. Ail shades of political 
make nuclear bombs because opinion io Pakistan want the deal 
the safeguards written into to go ahead and deny that 
contract. France has said Pakistan would, make an atomic 
vould like to sell a so-called bomb, which neighbouring India 
•-pracessina plant ” instead, already has.- • ' 



Bt£«e» esubfcshed 1818 

Brown Brothers Harriman & Co. 

PRIVATE BANKERS 

NEW YORK BOSTON PHILADELPHIA CHICAGO 
ST. LOUIS LOS ANGELES 
LOftOON . ZURICH GRAND CAYMAN 

S IfllUHfc WT OF CPBI pm oiv, OECEMBEH 31,1977 

ASSETS ‘ 

Cash on Hand and Due from Banks S 1 07. 1 25.359 

U S Government Securities. Direct and ■ 

Guaranteed v r — ......... 30,502.506 

Sidle Municipal and Other Public ; " 

Secunt.es . ...! - ,71,480.342 

FrtieralFunds Sold - ■ >'72.500.000 

Loans and Discounts '. • - - • 1*171.1 17,448 

Cui-comerg Liability on Acceptances . / 17,639 B60 

Other Assets...'. - ------ --- / 21 .667065 

/ S53g.232.460 

LIABILITIES • ' 

Derate - $452,657,173 

Federal Funds Purchased. - 22600.000 

AroeDLancBS Less Amount in Porthiho — .. ' 18.570.050 

Other Liabilities I... — 5.179.953 

Cereal 3 1 4000.000 

Surplus 19.225.284 5322S2B4 

5532.232.460 


■ Vf ' 

: : i 1 


PARTNERS - 

J Eugene Banks 
Peter B. Bartlett 
Walter H Broun 
Granger CosUlyan 
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EfcndgeT Gerry 
El bridge T. GeiTy; Jr. . 


John C. Hanson - 
■ E R. Harriman : 
Noah 7. Herndon’ - 
Frank W. Hoch 
Stephen Y. Hord 
R. L. Ireland III- 
F. H. Kmgstxry Jr. 
Michael Krsv-n&i. Jr. 
Robert A Lovett 

John B. Madden 


Thomas McCance 
Hector P. Prud'homme 
Wiham F. Ray 
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L. Parte Shipley 
SuAley P.Towtei 
Maarten van Henget 
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KivehtWoofiey 


UNITED PARTNERS 

Louis Curtis . GerrvB-othersSCa W.A\-erell Harriman Kate Ireland 

COMPLETE BANKING FACILITIES 

Deposit Accounts * Commercial Loans and Discounts 
Commercial Lexers of Credit and Acceptances » Foreign Emhangs 
Custody o! Securities • Corporate Fmancial Counseling 
Investment Advisory Service • ... 

Insotutianal Investor Services . 

Brokers for Purchase and Sals of Securities 
Members of Principal Steel Exchanges 


nr * - J(flr^l^ia i ii»wi iwaim^ 

tm<rao b ^'vufSSaEBarT-WTvce-. TlcnlptswPBvr 
n>ciA<nciti«ii>nivr»w4 h»ok»B*«»v*j55. ZiexHMt imuwra&i 


By David Curry 

PARIS. Jan. 10. 

ALGERIA'S decision to exclude 
as far as possible French im- 
ports, except where eonjracts are 
in an advanced stage of negotia- 
tion or where spares and com- 
ponents are necessary, has 
caused no surprise in Paris. 

It is accepted in Paris that 
relations with Algeria are as bad 
as at any time since indepen- 
dence. The open political conflict 
between the two countries has 
centred around French military 
support for Morocco and Maure- 
tania against the Algerian-backed 
Polisario’s campaign -to establish 
a separate state in the former 
Spanish Sahara. 

France recently protested 
against the detention of French 
hostages captured by the 
Polisario in Algeria. 

Imperialism charge 

Before the Sahara affair, 
French logistical support to move 
Moroccan troops to Zaire, to help 
repel raiders from Angola, had 
stirred Algerian charges of a 
new French imperialism. 

Bui France has also noted the 
long Algerian campaign to cut 
down her dependence on French 
goods, which in 1976 accounted 
for around 30 per - cent, of 
Algerian imports. Over the first 
nine months of last year. 
Algerian imports from France, 
at, according to Algerian figures, 
4bn. dinars, were less than a 
quarter of imports. 

The French surplus with 
Algeria has been a constant 
source of complaint. This was 
of the order of Fr&3.7bn. in 1976 
on total two-way trade of some 
Frs.10.3bn. and only marginally 
less in the first 10 months of 
1977, according to French 
statistics. 

France's decision to look to 
Saudi Arabia rather than Algeria 
as the prime source of crude oil 
has also caused ill-feeling in 
Algiers, and it bas been ' noted 
that the Algerian announcement 
of the limited boycott of French 
goods coincides with a visit of 
the French Industry Minis ter to 
Riyadh. 

In practical terms the boycott 
means little to some of the big- 
gest single traders with Algeria. 
Berlict, the Renault-owned com- 
mercial vehicle subsidiary, bas 
been complaining for months 
that the state of Franco-Algerian 
relations bad effectively 
destroyed its market for lorries 
in Algeria— at one time Berliet 
was supplying around 15 per cent 
of; total French salesrto Algeria. 

however, it is also admitted 
that the market was perhaps be- 
comW saturated in any case 
Similarly. French motor manu- 
facturers knew that they had no 
practical chance in the face of 
Fiat of filling off a contract for 
motor vehicle assembly 'and 
manufacture. 

The maid sectors to suffer from 
the new measures seem likely to 
be steel products and. evermore 
so,- pharmaceuticals, which 
account for some 11 and 6 per 
cent respectively of French 
sales. 

Others to suffer will presum- 
ably include the engineering 
consultancy concerns which have 
traditionally had a big hand In 
the establishment of Algerian 
energy production. 

Strong challenge 

However, this is one of the 
sectors most vulnerable to tbe 
American challenge, which is 
now being launched in Algeria 
challenge which is strong 
enough to have made the U-S. 
the leading trade partner of 
Algeria over the past few months. 

It (s’ noted that the door has 
not been completely closed to 
trade! Negotiations, will be 
allowed i to continue on well- 
advanced projects. French com- 
panies will still be considered 
for contracts when they are com- 
petitive and their credit terms 
are: adequate, and the flow of 
material, necessary to maintain 
existing plant and infrastructure 
will continue. 

This is being taken as a sign 
that the. crisis marks yet another 
of' the cyclical low points in the 
history of Franco-Algerian 
relations and that an eventual 
upswing is not Impossible. 


Bonn protest over E. Berlin closure of Spiegel office 


BY LESLIE COLfTT 

THE WEST German Govern- 
ment to-night strongly pro- 
tested to East Germany over 
tbe closure of the office In 
East Berlin of hte Hamburg 
magazine, Der SpiegeL 

At the same time, the Bonn 
Government spokesman .said 
West Germany planned no re- 
taliation against East German 
correspondents here. He added 
that Bonn would do all it 
could to ensure that relations 
between tbe two states were 
not led into a blind alley. 

The protest was delivered to 
Herr ftiebae! Kohl, East 
Berlin’s permanent representa- 


tive In Bonn, who was called 
to tbe Chancellery by Herr 
Hans Juergen Wischnewski, the 
Minister of State. 

A similar protest was also 
delivered in East Berlin by 
Bonn’s representative there, 
Herr Guenter Gaus. The clos- 
ure is the first of a West 
German correspondent’s office 
Id East Berlin. The East 
Germans look the action 
because of publication in Der 
Spiegel of a manifesto by an 
alleged Bast German dissident 
group which East Berlin says 
grossly slandered its leader- 
ship. 


Leslie Colitt odds from Berlin .* 
The magazine has published 
a manifesto by a group calling ‘ 
itself the Federation of Demo- 
cratic Communists of Ger- 
many. which says that it wants 
the Soviets and Americans to 
leave both parts of Germany 
after which the country could 
become neutral and begin 
steps towards reunification. 

The second part of the mani- 
festo published this week 
speaks of widespread corrup- 
tion and nepotism in the East 
German leadership, including 
Mr. Erich Honeckcr, East Ger- 
many’s chief of State and 


party. leader, his wife and top 
members or the Politbureau. 

The East German Foreign 
Ministry has told Der Spiegel 
that in recent months it has 
“ increasingly slandered the 
German Democratic Republic 
and its allies In a malicious 
manner and deliberately 
attempted, by ihe invention of 
news and reports, to poison 
relations between tbe German 
Democratic Republic and tbe 
Federal Republic of Germany.” 

The East Germans say, in 
their message, that the report 
on ihe East German opposition 
Is an “ evilly contrived work ” 


BERLIN, Jan. 10. 

and has been “ fabricated by 
you together with the Federal 
Intelligence Agency" of West 
Germany. 

The East German Foreign 
Ministry notes that ** the Head 
of Stale and other leading 
personalities of the German 
Democratic Republic have 
been slandered in an especially 
infamous manner.” It charges 
the news magazine with violat- 
ing the regulations governing 
the work of journalists in East 
Germany that include refrain- 
ing from “ slander or defama- 
tion of the German Democratic 
Republic. 


Soares near forming a government 


BY DIANA SMITH 

AFTER TALKS and arguments 
often lasting long into the night, 
it seems that Prime Minister 
Mario Soares and his Socialist 
Party may have persuaded a 
heterogeneous gathering of 
independents and Christian 
Democrats to join them in a 
second constitutional govern- 
ment — with the tacit backing of 
tbe Communist Party. 

Although Sr. Soares is suffer- 
ing from a severe attack of in- 
fluenza. he is spending to-day i:t 
a final round of meetings with 
leaders of other parties. To- 
morrow he will see President 
Eanes and, barring a last-minute 
bitch, will report that he bas 
found a workable basis on which 
to build a new administration. 

The chances for thp long-term 
success of a conglomeration of 
Socialists, independent techno- 
crats and Christian Democrats, 
shored up by a separate agree- 


PORTUGAL: CONSUMER PRICE RISES] 

%l«S«iSf : JWETS - JSHCT7 

Cocoa 


Coffee 


Tea 

mrnmmmm 

Chickpeas 


Beef 


Tinned Fish 


Mifc&Dairy 

Produce 


Alcoholic 

Beverage 


C 



50 L 100 L 150? 


W. German 
industrial 
orders 
rise 0.5% 

By Adrian Dicks 

BONN, January 10. 
NEW ORDERS to West German 
industry increased by 0.5 per 
cent, during November, accord- 
ing to preliminary figures issued 
to-day. Bui the rise in the over- 

all index was ihe result of a 4 per 

amount for smaller tower quality i. cen t- increase in domestic orders, 
portions. i SL>l against a - a per cent, decline 

Worse still for the Portuguese. M n those from foreign customers, 
the chocolate, coffee and leal, the same lime, there was a 
which they once consumed with- 1 1 P cr nstl JJ industrial nut- 
out a thought for their price are P u * during November. the 
,rtnr i Federal Matistiral Office re- 


LISBON, Jan. 10, 

Recently, a huicl employee 
whose take-home pay barely 
exceeds $110 a month complained 
that all she could find at the 
butchers' was a “ lump of gristle, 
fat and string" which cost her 
$].50 for less than a pound in 
weight, took two hours to cook 
and produced virtually nothing 
in nutritional value. Small 
restaurants, where once a pork 
chop or veal cutlet cost the 
equivalent of $ 1.00 or $ 1 . 20 . now 
charge customers twice that 


now luxury items after price I 
increases between June. 1976 PorU’d. 

and June. 1977. of 151”. 149 and Lontinuma technical problem^ 
91 per cent, respectively. I W1, h the reckoning of ooth 

'indicators still make caution 
I advisable m trying to analyse 


mated to be 


The Portuguese State budget 
is $4 50m in the red. the Stale 
is io debt to thojune of $4.124bn. 
The balance of^>aymenLs deficit 


eTi«,‘ events »® < h e month since the about 32 per cent, io 1977 com . - 

. .. _ teiauveiy sum, minority Socialist Government of pared with 1976. a breakdown of has exceeded Sl^hn. after rises 

thft thp 1 1 rp nifp m mpn^uriH Sr L Soar ? s [ el! has be «?n a| l too prices of essential commodities 1D the value of imports of 49 P ( ‘ r j DeutscheuTark^ 

that the future Government will visible — is heavily burdened. reveals the drama faced by wage cent., and in volume of 15 

last until I960, when the next Real wages dropped by an earners whose average monthly cent- which increase J 

general election is due. estimated IS per cent, between take-home pay is about S150. revenue cannot offset. 

The herculean task faced by December. 1976, and December. Items tike chick peas. beef, tin- All parties asree that early 
a new administration is illus- 1977. Unemployment, estimated ned fish and dairy products went general elections would lake a 
traled starkly by figures by independent sources at about up by 735. 67. 58 and 56 per disastrous toll on Portugal's 
recently supplied by the Depart- 400.000 out of a work force of cent, respectively. between finances and political stability, 
ment of Economic Planning. The 3.200.000. has only been reduced June. 1976, and June. 1977, ai- but few observers hold out many 
Portuguese man in the street — by 0.6 per cent. Although, offi- though prices levelled off in the hopes for the lasting strength of 
whose indifference to political daily, the food costs rose by latter half of 1977. the new administration. 


(he preliminary figures. Yet the 
drop in the export orders figure 
for November >uggesU that ihe 
! much-discussed ill-effects of the 
upward climb 



■ WASHINGTON, I>-C. 

Jl Renaissance oj 
Qraciousness 

’ A luxury hotel in the great 
-European tradition. Elegant, quiet, 
v. unruffled — never a convention. 



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Telex 64245 

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5W«3 boil’s. Cefrts, ’PropntLir 










BY ROBERT GRAHAM 


reveals me drama laced by wage ‘-'em., ana m vuiuuie ui m per| alrcadv beinu felt hv West 
wages dropped by sd earners whose average monthly cent- which increased tourist I ^ erman y industry. 

Taking October and November 
together there was a 6 per cent, 
increase in new export orders 
over August and September, witb 
a particularly strong 9.5 per cent, 
rise in new export orders for 
capital goods — the classification 
considered to be the hackbone 
of West Germany's business 
abroad. 

In August and September, how- 
ever, there had been sharp drops 
in this category, so that the index 
for expon orders of capital 
goods. <it 204. stood at the end 


Social security arrears mount in Spain 


MADRID, Jan. 10. 


IN A TELLING indication of considered. But there was no try, the .two regions which con- roughlv 750 bad sought postpone- ' of November only three points 

*L. Arrok flnul nrnk fiml flfCAa ■ epi^n Mniil rnmn ‘ . f V _ . I O Km/P lip loifCil L’iv IllftVlthp 


tbe deepening cash flow prob- real discussion. Now some econ- stitute Spain’s economic pulse, ments of up to one year. In the 
lems of Spanish industry, more omists, especially those in tbe an alarmingly high proportion of Basque country's Vizcaya pro- 
and more companies are finding Spanish Communist Party, feel companies are affected by cash vince about 40 per cent, of all 
themselves unable to pay their this was a serious omission. Sow problems and are seeking industrial concerns are reckoned 
social security contributions. The Government is under- to postpone social security coo- to be in arrears, according to El 
According to an unofficial esti- stood to have only a broad idea tributions. Pais. This includes the four 

male published to-day by the of industry's cash flow position. In Catalonia tbe number of biggest companies — Babcock 
newspaper El Pais, Industry According to one well-placed companies seeking contribution Wilcox. Ei-hevarria, Astilleros 
will sood owe Ptas.200bn. source,' ; the Government has postponements in the labour Espanoles and Altos Hornos, all 
(S2.4bn.) in- social security been reluctant- to confront the courts has risen from 600 to 3.000 in the troubled steel or shibuild- 
arrears. • problem and has felt that pub- within the last year. Of these ing sectors. 

With bank credit costly and lishing details on the social 
difficult to obtain, and a general security arrears could be dam 
running down of stocks, com- aging to acceptance of its over- 
panies are .using postponement ail economic strategy. - 
of social security payments as a The formal procedure for 
form of unofficial credit. 1 There company seeking postponement 
has been no attempt by the of social security payments is 
Government to discourage this via a labour court. Bpt it seems 
practice and some companies the labour court is rarely in a 
are now doubtful of- their position to refuse an application, 
ability ever to pay back arrears. The bulk of companies resort- 

At the time of the signature ins to this expedient an? small 
of the Moncloa Pact in October and medium sized. But 1 * new 
— the series of political and development of late has begn tbe 
economic measures agreed by appearance of larger companies 
the Government and main op- too. According to HI Pais, in 
position parties — the issue was Catalonia and the Basque coun- 


above its level six months 
previously, at the end of May. 

Suarez adviser quits 

Senator Alfonso Osorio, adviser 
to Spanish Prime Minister 
Adolfo Suarez, has resigned in 
disagreement with the Spanish 
Government's centre-left policy, 
Reuter reports front Madrid. 


Bank of Credit & Commerce 
international 

announces that from the 
11th January, 1978 

•the following annual rates 
will apply : 

Base rate .... 6\% 

iReducedfrom 7$%> . 

Deposit rate . . 31% 

(Reduced from 4 

Bank of Credit & Commerce 
international S.A. 

MAIN UK OFFICE: . . 

100 LeadenhaU Street. London ECS 3AD 
Tel: 01-283 8566 


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[I 


AMERICAN NEWS , 


New York to appeal soon 
for federal financial aid 


GEN. PINOCHET 



Doubts on interest rate rise 


•,T» 


BY JOHN WYLES 


NEW YORK. Jan. 10. 


.'THE NEW administration of in political considerations, in- This plan has been framed ny 
Mayor Edward Koch in New vnivmg a projected pay rue for Mr. Felix Robatyn, chairman of 

York City will make its first city council men and other the Municipal Assistance Cor- 

fformal appeal within the next elected officials and a proposed poration (MAO, a New York i 

ten days for more federal aid to $?50m. tax cut in New York Gtate body which b as success- i 

help deal with a financial crisis state. fully mounted a number nf note 1 

which may take a turn for the Federal opposition, supported issues on behalf of New York i 
worse this year. bv Mr Koch, helped to reverse cit y- It estimates the city’s I 

Mr. Koch is putting the finish- , cilv council vote in favour of borrowing needs over the next: 
tag touches to his projection of h ' . nses furt h( , f _ rp w avnr four y® 3 *' 5 aT raor ® 11130 SShn - 
the efty s financial needs, and his and calls for investment in New 

^proposals for meeting them, Abraham H ® arae left office at York securities by municipal: 
which will be submitted to the the eQ d Q f December, but the pension funds, commercial j 
Treasury Secretary, Mr. Michael New York state tax cut looks banks and state pension funds., 
Blmnenthal, and the Senate likely to become an extremely Mr Kn » h wa _ cmdiomsiv ' 
Banking Committee. lively issue. Governor Hugh “ r i «srterdw S to whSl 

During committee bearings Carey of New York, who faces fh ® w ould SrS 
last month, Mr. Blumenthal and a campaign for reflection this SranratX^nhis nrtmnsals in' 
the committee chairman. Senator year, is adamant that this should r.,t S 

William Proxmire, appeared cool go through, and is unsympa- Washl^^ ^ since this is 
towards the idea of continuing thetic to opinion in Washington, 

the season Joan programme of which is believed to be sup- * he # lo ££l e ™,H.S"£. g 

federal aid which has helped ported by Mr. Koch, that some C !? m i iav „i n ^«f ced i 

ease New York's cash flow prob- of this money should be made* S i? in ?„ ® c P!f nis 0 i 

lems during the past two years, available to help the ailing city. t0 be takeo up - j 

Washington has become 3m- However. Mr. Koch and “ore concretely. Mr. Kpcbj 
patient with the lack of evident Governor Carey managed to W1 be reviving a familiar New; 
.progress in the city's bid to curb present a united front after a York theme about the unfair [ 


BY STEWART FLEMING . NEW YORK* J»tl. 10 

THE LAST month of the chair- interest rates, such as consumer While they do not dispute certainty which remain*-. th 
•ju.nsc\:p of Dr. Arthur Burns at durable spending and capital that what the Administration helps to account for the ^ha 

the Federal Reserve Board investment, be fears. In combi- has done so far h« « primarily fall m bond prices and u 

vromtsus to bf as controversial nation. Mr. Evans suggests psychological U*t pact, they argue further detune in Wall Sire 

as any during fci> eight-year these infiueort>s will tend lo.de- that the influence o' - these share prices yesterday, 

tenure.* There are a tread}' serious press the economy. initiatives is likely to be greater There are hope* that t 

misgivings about the impact ua Mr. Evans does not think the than the Administration s critics -Administration * moves to & 

the economy of the Fed’s us»e or prnspenivc benefits to the dollar contend. , _ , , with the ®}** r problem ha 

domestic interest rales to support are worth these risks. -Like Indeed, sonic Influential New only begun: itnes^in p»rt refit 
the dollar, nut only witiun i lie others- on Wall Street he sees York bankers have been pressing the recognition i that what a 

Fed but also a;i Wall Street, the impact of increasing interest the Administration to rota® the been done so far » not like 

Considering how abruptiv the rales on the dollar as being discount rate for A' 

Carter Admmisr ration last week primarily psychological. but according to one well-informed nee J n 1 * „ 

changed ;ls saitcy on the dollar, lends to discount this impact. source. . f>1 _ Jf {Jj* „• VJJJSJS* 1 * 

ihe scepticism with which many Thus ihe arcuiiicnt runs- that These anal} J 1 W ls W 

Xea- Yarl. Dokm tev. gmM il «U "Imre » --■* sharper f»n that .he Carter admiwrtn ‘“Jg, . 

the cnasge sti.mid Bur be suraris- • thit ihiv 


A tight 
grip 

on Chile 

Bjr Robert Lindley in Santiago 


J®* « ' h 4™ e un^L t i ,e Central hankers from the tUL 

few days haie unfolded more md the m4ior baUnre-or- 

white sull ■irgums payments surplus countries, 
that the impact of cie new policy ^ their regular 

imtiatives is pnmarily psycho- m «ttnf in 

Sf-ir >Sp '&= JESS- 22221 ,a '!f d 


Imports annoyed 


tagge&t that they already dete 
a greater sensitivity in Washic 
the ton to the linkage between t 


Germans but left the Japanese dollars* problems sod ener. 


relatively unruffled. 

US. Federal Reserve Board 


policy. 

Moreover In the longer tec 


L.S. currency ia dto >hort term. ach , eve a laV fi nB solution to 
Alongside this perception. ^ problems caused by- the' 
however, investors on Wall ^kness of thp dollar. . 

, street in both the long-term Reuter reports that a UJS. 

bond and equity markets are ra }\ f 0T ih C surplus nations, in. 

« recognising that supporting the particular West Germany and 
i dollar may entail adverse effects Japan, to do more to boost 
•• on the economy. ,hetr economies and take *n 


chairman Arthnr Bums appt- context, one banker sees tf 
rently put no pressure on the reversal of the Carter admiq 


surplus countries to re flate. 
'However, central bank sourws 


tration'e policy on the dollar 
breaking the N logjam “ of Int* 


said yesterday that while the national policy Initiatives, fft 


VS. may not have applied 


Administration 


evert pressure It nevertheless moved to support the dollar ai 
made plain that It considers abandoned its posture of detac 


particular West Germany and that the action taken so Car by menr it will^ be easier, it 

- - - — - - . , _ ,, . « - . • — «uj cun „ 5a n a n fo r i 0 m0 re to boost the strong currency nations argued, to achieve wider Inti 

its budget deficits, which are meeting in Albany yesterday at burden of welfare payments By Robert LnuUejr in Santiago ion the economy. thpir Veanomies and take in was inadequate. national agreement os econnm 

expected/ to amount to S400ra. in which the question of framing which the city has to carry. At *tTr>TT«rrr, piva 1 These anxieties are amply |helr cconom,es ana ra,v , problems 

1978. This projection does not a long-term financing programme Slbn. a year, this amounts to CENERAi ALGUSTO PINO- re n ecte d the steadv decline in — Ti But even some of tbit 

include possible pay rises being was discussed. The main pro- 25 P er reot - of the entire wel- snare prices over the first five ‘ ' . Reserve inkers who are inclined to gi^ 

.sought by the municipal poaal. in fact the only one. was fare bill of the city. New York city j b3 f strengthened his po«ao a as d ^- Q f l be \*e^ vLr upward adjustment of taierest tion and Jhe F«leral R^rve mova -to the Cart, 

employees' unions which, if that the city's problematical re- argues that this is a far higher j S?* le “* Jf?l g “epibw of the rbiii\ “j onG , indn^al av« rates ,han ■ , 'PP ear s cither to be have for the . a ” 1 - administration'* mitiativex, co 

granted, could leave Mr. Koch turn to the credit markets should proportion than other cities i ““J in, JJ ta W Junta as a result , d *??«?« noinrl contemplated — or politically years, resorted to JJJ tinue to harbour reservation*, 

with no alternative to swingeing be smoothed by the state guaran- have to find, and that the' of Jh® national consultation, • ge s I'aiKth!' am S acceptable— to have much impact interest rate wea pon t o oofead They question the degree .< 
■cuts in employment and services, eeing 10 per cent., and the federal government and the on January 4. ' whirt ii n^nn. K on attracting funds to the United the dollar lends credibility to coordination and agreement b 

The question of federal aid federal government 90 per cent, state should take a far larger “Now I am in front and the States and thus in supporting the the policy. tween the Federal Keservo Boat 

has become inexorably bound up of any loans. • share. other three are behind." he ,w«oDer, wa. dollar. The half a percentage Of particular significance tney aod the Treasury and they a 

exclaimed after the votes had Bond prices too have fallen point increase tu 6J per ce'nL in say was yesterday s open tnarket uneasy at the evident haste - 

been counted. The general was sharply, and in the short-term ^ discount rate, and the up- activity by the Federal Reserve t j, e policy reversal and wh. 

rewarded with 75 per cent, of ?® ne 3 r . markets more oanks are War d shift of the Fed funds rate Board At mid-mornmiu the Fed they suspect has been a lack i 
FF <1_ JL* i. A .* 1 V the votes when the following ‘ jo»lowing Citibank's lead in to perhaps fij per cent-, from the Intervened in the New York contingency planning; they a: 


Trib hit by distribution hitch 


statement was pot before the increasing prime rates to S per e i per cenl . a | which it has been money market and drained B ] ro a w are that the Adininfstr 

citizenry: cent Analysts are also expect- slan ding Tor Ihe past - three reserves from the banking tion’s coramitmPDt has nof 

“In the face of International ; tna hi 3 her short-term interest mon ths. is simply not cnoiigh in system, putting upvtard pwssuw really tested by the exehanj 

aggression unleashed acainst the rales " a period of floating exchange on short-term interest rates. The markets. If if fei. they hplfox 

Government in our country, I These reactions are leading to ra tcs. the s.-eptics say. willingness of the Fed to take the Strains within the Admihi 


NEW YORK. Jan in l aggression unleashed a cainst the a period oi floating exchange on awn-wra . Z ™rK pts - “ ,r 

| Government in our country, I These reactions are leading to ra tcs. the s.-eptics say. willingness of the Fed to take the strains vilthin the Admihi 

"AT LEAST four wholesale dls- the paper because of a “labour to vendors bv Trib delivery ' support President Pinochet in increasing criticism of the etaoin shrdlu shrdlu shrdlu uu this action, which has a direct tration and the Fad will kite 

tributors refused to deliver The dispute.” trucks K oecessar>-. Norma II v, a itbe defence of Chilean dignitv : Administration’s initiatives; and Some traders in the foreign impact on the U.S. economy, aify. How will the new supM 

■Trib on Tuesday to neitf&stanris Mr. Vedder said that he could newspaper truck drops bundles i and I reaffirm the dignity of the time even Dr. Burns docs exchange market, including for reinforces the psychological policy stand up to these? Ifn 
Mtttrdmp not determine the nature of the only at the distribution centres. ; republic to lead with sovereignty not seem to have carried all his example Mr. Hans Hunsch. Senior impact of the increase m the too will it «and up to- presnu 
» »K ™ * dispute. A spokesman for the dis- Mr. Vedder said that the dis- country's process of demo- colleagues with him. Vice President and Head of discoii.nt rate, it la argued. from domestic critics concernr 

general manager of the new trlbutors cau]d not bc reacfted tributors beLn caiiinriSivid^ ^ 1 ^ 3 ^ 00 -” Thus it is reported that Mr. Foreign Exchange at Bankers h was this demonstration of about the impact of dollar mi; 

morning newspaper m New York, immediately. Sly shortly^ afterSS At' Any doubts about his posi- Charles Partce. a member of Trust, one or the latest New the Fed's determination, coupled port policies, in. particular rnr 

Mr. Vedder said that the four The Trib has contracts with 28 least four had called in by! 5 ajn.. j tion as the first among peers the Federal Reserve Board, has York hanks, arc Tar less pessi- with Ihe un^tainty alMul how 
Including Metropolitan News, metropolitan area distribution he added, saying that be was not [were dispelled resoundingly on suggested that the price which mistic about the short-term out- far it is read} to Pu£«up short- These questions have yet to t 

which distributes The Trib to companies responsible for drop- certain how many of the 28 dis. 1 January 4. Now with the over- the domestic economy is being * nok - tcrrn interest rates— an un- answered. -. 

most of the Manhattan vendors — ping off bundles of newspapers to tributors were participating. ; whelming power of his army asked to pay for supporting the 

called the printing plant after vendors. Mr. Vedder said that Mr. Leonard Saffir. publisher 'apparently almost totally jo ified dollar is too high. Mr. Partee dis- -wpi| * - j • 1 

midnight and told him that they most nf the press run of about and editor-in-chief, called the < behind him. he could easily y-.ish agreed with last week's derision YYIO 1*0 TAP iyiPI*/^0C!0 

were not accepting deliver}' of 260,000 copies would be delivered distribution' action iilesaL and I through a constitutional act by the Board to increase the JL | m|Mv 1 illviJ l&lV'JI vilJv olJm. V'ttVliJ 


midnight and told him that they most of the press run of about and editor-in-chief, called the < behind him. he could easily p.ish agreed with last week's derision 

were not accepting deliver}' of 260,000 copies would be delivered distributiors’ action illegal, and \ through a constitutional act by ihe Board to increase the 

said that it was another attemot ; which would confirm this clearly. Fed's discount rate from 6 per 


Prime rates increase spreads 


Bribery charges dropped 


“to destroy this paper,” which! Io his somewhat gloating vie- ; cent to 6 1 per cenL fearing that _ Y Q o wtM CORRESPONDENT 

began publication on Monday. ! tozy speech in front of Govern- *t would not do much to help the 
The paper has been fighting | ment House on the nignt of dollar but would create new THERE WERE clear signs to-day 


NEW YORK, Jan. 107 


NE\t r YORK, Jan. 10- 


Pinochet problems for the economy. 
uesuon — Mr. Michael Evans, a 


new THERE WERE clear signs to-day A number r»f other banks. In- tlons. However, long-term bon 
that last week's increase in com- eluding Chase Manhattan and prices have fallen sharpfr- 
forts mercial hank prime lending rate Chemical Bank in New York, 


y accuse “And now what?” But his . caster for the consultants Chase initiated by Citibank is begin- followed the Citibank lead if-;*.- 
infringe- reply was not really an answer. Econometrics, shares Mr, Par- n ing to spread rapidly through yesterday. neinz opnmisitt 

met New He promised a change of ,ee s anxieties. He fears that the whole U.S. banking industry. In the money markets »nd M. J. HEINZ Co expects a “ satfl 

number of bond markets, investors were factory” increase In earnings fa 


This morning 


w ® stmt a lawsuit filed by the New York January 4, Gen. Pinochet problems for the economy. that last week's increase in com- eluding Chase Manhattan and prices have fallen sharply. 

BY OUR OVYN CORRESPONDENT NEW YORK. Jan 10 Times and the International replied to his own question — Mr. Michael Evans, a fore- mercial hank prime lending rate Chemical Bank in New York, 

Herald Tribune. They accuse “ And now what? ” But his caster for the consultants Chase initiated by Citibank is begin- followed the Citibank lead 

THE U.S. Government has with- in “unlawful gratuities” when the Trib of trade mark infringe- reply was not really an answer. Econometrics, shares Mr, Par- n ing to spread rapidly through yesterday. oeinz opnmisitt 

drawn a- bribery prosecution he was Chairman of the House ment on the now-defunct New He promised a change of ,ee s an *'eties. He fears that the whole U.S. banking industry. In the money markets end H. J. HEINZ Co expects a “ satfl 

against a former U.S. Congress- ^rckant Marine and Fisheries York Herald Tribune. foreign policy and to make it s ^ ort terni interest rates This morning a number of bond markets. Investors were factory” increase In earnings fa 

man Mr Edward A Harm at? of Committee in the early 1970s. Last month, the Times and the more “pragmatic anti aggressive," : rising well above 6 per cent., banks across the country, in- still anxiously watching interest the third quarter ending Jamjar; 
Vurvianrt dropping the charges, the International Herald Tribune the next day the Foreign i savers will begin to buy fixed, eluding Bank of America, rate trends. Short-term interest SI, vice-chairman Mr. R. Bw 

Punuciy saying fede,-^ Government. repre- sought an injunction to prevent Ministry sent a scathing letter to 'interest securities directly. Morgan Guaranty Trust Banker* rates have not yet fully reflected Gootan told analysts, report 

That scale of the important rented by Deputy Assistant The Trib from appearing with the UN Secretary-General. Dr. ! which will restrict the flow of Trust Manufacturers Hanover the upward thrust to rates which Reuter from Chicago. 

evidence to support the charges Attorney-General Russell T. that name, hut the judge who Kurt Waldheim But- the import- funds tQ savings institutions. Trust and Continental. Illinois the Federal Reserve Board has The company earned 73 rest 
had not been proved true. Baker, said that some documen- took that request under advise- 0 f Gen. Pinochet's manoeuvre ; particularly those which supply National Bank all announced an •induced through its increase In * share in last year's th tot 


o mm ittee in the early 1970s, Last month, the Times and the more “pragmatic anti aggressive," : rising well above 6 per cent, banks across the country, in- still anxiously watching interest the third quarter ending Januar; 
In dropping the charges, the International Herald Tribune the next day the Foreign j savers will begin to buy fixed, eluding Bank of America, rate trends. Short-term interest SI, vice-chairman Mr. R. Bw 

rinnnmiMM, cnitoh, intTinfltlnn tn ni-ntran^ - . intaiwief liamintiac dirantli- m r» - ~ l. .... ... ...» w a . J (lAnl-in tnlil nnnlticts mim*- 


Mr. Garmztz had been accused tation did not 
of conspiring to receive SISJ100 certain testimony. 




corroborate ment is now on vacation. 
■ ■ ■ UPr 








— which, as was wi del vTore seen 'funds for housng. increase from 73 per cent, ttrrthe 'discount rate to SiuerWnt quarter.- -- — - ' 

has brought increased Inter- * T 1 * 1 * wiI1 b ® a similar art- 8 per cent in prime rale— the ' ;irifi"throUgh what have bfeen ln- jts*%cuv 

national opprobrium on' to his vers ® impact on other sectors of rate they charge on loans to terpreted as credit tightening J?-«. 

regime— is not abroad but inside llhe economy sensitive in their best customers. • - moves In its open market opera- JMiwiluirCW ' Si *- 

Chile. }— T '■ 


fiawi Seme 


mm 

«S 




mm 


On victory night, he also 
promised (with the skill of 
a winner who has learned in 
Four years how to ride a wave of 
his own making), “there will be 
no more elections, ao more vot- 
ing, no more consultations' for 
ten more years.” 

Before the consultation, be 


Pi 

IPil 


-oeiore ice consuitanoo, ne 
had said there would be eleo 

lir.u?!.-* 1 * linn, » U > A .«h{ V rl> n' 


wemm 


mm 





P?'' 

mmi 

Iclfil 








X* .* . • •. / 


■ • •. i 






totally flexible.... 


tlons for two-thirds of a i 
legislature as early as 1984. With | 
the landslide victory in bis 
pocket, Gen. Pinochet said only, 
“gradual construction of a 
new institutional democracy * 
would continue and that the 
make-up of the junta would 
remain unchanged. 

This latter scrap was tossed to 
the navy commander and Junta 
member, A dm. Jose Merino, wbo 
had expressed bis “total disagree- 
ment" with the “nationat con- 
sultation” so hastily called by 
Gen. Pinochet. Adrn. Merino 
and Gen. Gustavo Leigh, the 
air force chief, and considered 
the number two man in the 
junta, had written letters to Gen. 
Pinochet Adm. Merino 
emotionally protested having 
been put in a “ de facto ” situa- 
tion and Gen. Leigh complained 
more coolly that the consultation 
would only worsen Chile's image 
abroad. 

Moment for unity 

Adm. Merino was on the 
platform with Gen. Pinochet on 
victory night, apparently recon- 
ciled to the consultation 'once the 
Pinochet landslide majority bad 
become obvious. Gen. Leigh was 
not there, but he came round the 
next day with a statement that 
there was no division in . the 
Junta and that the moment was 
one far unity and not division. 
His change of mind may have 
been conditioned by Chile's 
increasingly serious dispute with 
Argentina over islets in the 
Beagle Channel near Cape Horn. 

Gen. Pinochet seems to have 
no intention of dissolving the 
junta, prohably largely because 
of the possibility of armed con- 
flict with Argentina. 

But, given his apparent popu- 
larity he may try to form a 
mass civil movement.’ Gen. 
Pinochet has long been talking 
about something he calls a 
“ national unity movement,” 
but so far he has done nothing 
about forming it 

Possibly in danger now are a 
number of organisations and 
publications which so far have 
been tolerated by the regime. 

It would seem that the must ex- 
posed are the Vicariate of Soli- 
darity — which is protected by 
Cardinal Kaul Silva the Roman 
Catholic Archbishop of Santiago 
and regularly publishes the 
numbers of missing persons — 
Mensaje, a monthly opposition 
magazine put out by the Jesuits, 
and several research institutes 
run by the Christian Democratic 
Party, which like ail other poli- 
tical parties is outlawed. 

The greatest threat roiy he to 
the trade unions, mostly in 
effect run by the Christian : 
Democrats and the Communists ! 
in spire of formal government ; 
control of them. i 


Sure, I need to take on 
extra neoole.Where d< 


find the money?* 


it to you. 


If on March 29th 1977 you employed under 
50 people, then every extra personyou 
take on in a Special Development Area 
could get you £20 a week subsidy. 

If you own a private manufacturing company in a Special Development ' 
Area you may be entitled to financial help from the Government. 

Under the Small Firms Employment Subsidy, you could be paid £20 a 
week for every extra person you employ full time. And you could.be 
paid this for up to 26 weeks. ' ■ jp 

See if your firm may be in a Special ■ -Jr 

f ^ r-J y Development Area by referring to the map 
** * showing approximate locations. ' 
sp y If so, send the coupon now, or ’phone . 

Jack Beilis on 01-214 8335 for the explanatory ' . 

|j leaflet on the Small Finns Employment Subsidy. This gives 
jj? details of how you qualify for the schemeand specifies the 

Y Special Development Areas. * U 

\ This scheme is open for application until 0 

<* 31st March 1978. f 





Spctcial Dsvelopacnt Areas 



mall If ms Employment Subsidy 


| Please send me deta 

B Employment Subsic 
Snwial naimlnnmat 


Department of Employment 


Please send me details of the Small Firms 
Employment Subsidy Scheme, and the 
Special Development Areas. 


Post to; Jack Beilis, Small Firms 
Employment Subsidy, PO Box 702, London 
SW20 8SZ, or telephone him on 01-214 8335. 


Name 

Company 

Addres&_ 


if t v 

I 

I 

ft 








Financial Times- Wednesday January 11 1978. 



|V Trade, aid 
•issues for 
Callaghan 

* , By Simon Henderson 

ISLAMABAD, Jan. 10. . 
TRADE, AID and immigration 
ire expected to be the • main 

■ ;opics in talks'- which Mr. 
Callaghan, the Prime Minis ter, 
lafi with- Pakistan’au’ military 

• 1 ntler. General Zia-iti.Haq, during 

lis three-day visit which starts 
VtMnorrow. 

• General Zia. will also be in- 
erested to hear oP Mr. Callag- 

.. ’urn's official meetings ln-Bangla- 
. Jesh and India. There is no 
".'ormal agenda for the two hours 
'• if talks in which it is al so 
"‘possible the question of Paid- 
• stan's return 'to the Common- 

. r , s health will- be rai&d. - 

Public interest in this -.has 

• leightened to the extent that the 

' light-wing Muslim League poll- 

■ 1: ical party has. urged' General ilia 

• o make a formal application. 
- l- >opular sentiment. coniiderB .that 
■'■rith Commonwealth - memher- 
•■>hip, Pakistani immigrants living 

n Britain would get a better 
. ' leal. 

Even if not discussed at official 
eve], local journalists are deter- 
(lined to ask the question at a 
- - tews conference' scheduled for 

■ 1 Thursday. Details will .also be 
.. - requested -then on the reported 

-.legotiations to sell India Jaguar 
strike fighters, as Pakistanis 
-. onsider they may alter' the 
.. ; -alance of power. 

. . Any attempt by Mr. Callag han 

‘•0 underline his' support of 
„ [’‘‘resident Carter’s policy against 
'.uclear proliferation may ^arn 
-■-•dm a sharp rebuff. Paktatan is 
ery upset that France is trying 
. ,'~“ o renegotiate the deal to build 
i' * nuclear reprocessing plant in 
' '■•he Punjab. 





White detained 
in Namibia 

WINDHOEK, Jan. 10. 

ECURITT POLICE said to-day 
bev have detained Mr. w Peter 
laShing, the first white member 
f the Swapo nationalist move- 
Jjent, to be held under the 
terrorism Act 

Police said Mr. Manning, 31, 
fas detained here yesterday. .It 
' ’ i as not known whether be would 
e charged or held in preventive 
etention. No reason was given 
' or his arrest. 

— A spokesman for Swapo (South 
.* nicest Africa People's Organisa- 
' ion) said little was known about 
Ir. Manning except that he had 
S tudied at the University of 
* ' latal, and spent some time in 

• iritain. He was one of about a 

• r aousand white members of 
. wapo in Namibia and Sonth 

• .fries, the spokesman said. .. 

-• teuter .■ ■ ~ 


Begin denies proposal to 
barter land with Egypt 


BY DAVID l£NNON 

ISRAEL IS not considering 
trading territory - |n the Negev 
for the land in northern Sinai 
on which Jewish ‘ settlements 
have been built, Mr. Menahem 
Begin, tiie Prime -Minister, said 
to-day. - • . 

He was denying’ reports that 
Israel would be - willing to cede 
land in the Negev to Egypt pos- 
sibly to create a land corridor 
between Sinai and Jordan. 

Some Israeli Ministers, even 
went so far as to criticise tbe 
suggestion in public. - They 
asserted that the -Government 
had no right to- give up territory 

which was intemationally recog- 
nised as a part of Israel. 

Mr. Begin also said to-day that 
Egypt had not asked: Israel to 
pay compensation, for the. oil 
pumped from the Aba Rodeis 
field ..in Sinai. Mr. Hamdouh 
Salem,-. . the Egyptian :- Prime 
Minister, said yesterday that 
Cairo would demand that Israel 


pay more than S2bn. compensa- 
tion for the oil Israel pumped 
from the field between 1967 and 
when it was relumed to Egypt 
in 1975. 

After four hours of debate this 
morning, the Knesset foreign 
affairs and defence committee 
approved the Government's plan 
to build four new settlements on 
the West Bank. 

This decision bad been chal- 
lenged by one of the coalition 
partners, the Democratic Move- 
ment for .Change. The DMC had 
argued that Israel should refrain 
from creating new Jewish settle- 
ments in occupied territory 
while peace negotiations are in 
progress. 

But the Knesset committee 
finally approved the Cabinet 
decision by 14 votes to 9. 

Mr. Yosef Tamir, a member of 
Mr. Begufs "Luted bloc, accused 
those who favoured expanding 
Jewish settlements at this junc- 


TEL AVIV, Jan. 10. 

ture of being against peace. But 
be finally accepted party disci- 
pline and voted to support the 
plan to bnild one new settlement 
on the West Bank each month 
for the next four months. 

Oddly enough, - the Gush 
Enmnim movement, which has 
been most insistent on increas- 
ing Jewish settlements on the 
West Bank, to-day announced 
that it had run out of people 
willing to join tbe settlements. 

The ultra-nationalist group 
said that if the Government 
wants to increase .the number 
of settlements, it would have to 
appeal to the public to volunteer. 

Meanwhile, preparations for 
enlarging tbe Jewish settlement 
area in northern Sinai continued 
at a rapid pace to-day. Addi- 
tional bulldozers and heavy 
earth-moving equipment were 
moved on to the site west of 
El Arish which Israel plans to 
farm shortly. 


No mending of Iraq-Syria rift 


BY IHSAN H1JAZ1 

EFFORTS to reconcile the rival 
Iraqi and Syrian regimes and 
so form a united front of those 
Arab States rejecting President 
Sadat’s peace initiative- are still 
facing difficulties, arising mainly 
from the. stand- .taken by 
Baghdad. 

CoL Houari Boumedienne, the 
Algerian leader, who has been 
touring Arab countries, is due 
in Damascus later "this week for 
talks with -President - Hafez 
Assad. CoL Betrmedieune has 
already visited Baghdad with the 
bope of closing the gap between. 
Iraq and Syria. Observers noted 
that no" joint communique was 
issued on the- Algerian-Iraqi talks 
indicated that success, was lack- 
ing. ■■ 

Unless progress is made, it 
would be difficult to bold the 
projected second meeting of 
Arab States opposed to . Mr. 
Sadat, the observers xaid. 

President Abmed Hassan al 
Bakr of Iraq has issued invita- 
tions to these States to meet, in 
Baghdad, provided.; Iraqi terms 
are accepted. The. terms -were 
rejected by tbe first conference, 
which was held iu Tripoli, Libya, 
last month, prompting the Iraqi 
delegation to walk out/. - . 

The Iraqi regime was reported 
still to. be insisting that Syria 
must renounce UN Secrarity 
Council resolutions 242 and -338 
for a peace settlement with 
Israel. Damascus maintains such 
a move would be tantardquqt 


to a declaration of war on IsraeL 

For its part, Syria bas made 
several gestures to show its 
readiness to co-operate with Iraq. 
It is reported to bave informed 
Baghdad of its agreement to have 
Iraqi troops -stationed in tbe 
Golan front against Israel. 

A Kurdish faction whicb has 
been active against the Iraqi 
regime from . Syria bas been 
instructed to- discontinue its 
operations. The faction, known 
as the “ Kurdish National Union •" 
and led by Mr. Jalal-Talabanl, bas 
sent a special envoy to Baghdad 
to discuss reconciliation with the 
regime there. 


BEIRUT, Jan. 10. 

All propaganda attacks against 
the Iraqi regime by tbe Syrian 
State-controlled media have 
stopped. 

By contrast, the Iraqi Govern- 
ment bas denied reports that it 
was discontinuing the “Voice of 
Palestine " radio broadcasts from 
Baghdad which have been attack- 
ing Syrian and PLO leaders. 

The radio is known to be con- 
trolled by Palestinian dissidents 
led by the man known as Abu 
Nidal, who was held responsible 
by certain Palestinian quarters 
for the assassination of the PLO 
representative in London, Mr. 
Said Hamm ami. 


Shah sees Saudi leaders 


THE " SHAH of Iran, to-day 
arrived in Riyadh, the Saudi 
Arabian capital from Egypt for 
a brief visit and talks with Saudi 
leaders. 

King Khaled met the Shah at 
the airport Tbe official Saudi 
news agency said the visit would 
last "several hours'’. Tbe Shah 
was expected to review with 
Saudi leaders the results of his 
talks with President Anwar 
Sadat of Egypt 

Before leaving the winter 
resort of Aswan in Southern 
Egypt the Iranian ruler voiced 
support for Mr. Sadat’s peace 
moves and said, the next move 
.was up to Israel. 


RIYADH, Jan. 10. 

However, the leader of the pre- 
dominantly Shia Moslem state of 
Iran stopped short of saying that 
East Jerusalem, annexed by 
Israel in 1967. should be returned 
to the Arabs as Mr. Sadat has 
demanded, although he said the 
Moslem holy places should be 
run by Moslems. 

President Sadat reaffirmed his 
opposition to Jewish settlements 
in the Sinai peninsula and con- 
firmed that Egypt would claim 
S2.1bn. in compensation from 
Israel for oil extracted during 
the Israeli occupation of Egyp- 
tian oilfields. 

UP1 


APPOINTMENTS 


*-jT\ AneKpandingSmiorExecutiveRecniitment 

1 Company has a vacancy for an ' /_ ? 




A proven successful trad: record is required (probably in 
die.Servke Industries) together with Tellings ability, a 
sense of humour and m eotrepreoeuoaldrive to succeed. 
Articulate fluency in both the written and spoken word is 
fundamental: another language would be an advantage. 


Age between 33-43- V 
Write Bear A6200, Financial Times, 10 Cannon Street, 
London EC4P4BY. v f. - 


J— 


LEGAL NOTICES 


PUBLIC NOTICES 




CITY OF MANCHCSTEK 


V 


lillt amounting la. £11.9j>t> ww . . 
in lltli January. 1B7B. for matUTttv-w* 
12th April. 1978,. CMJUhK- The 
otal . amount applied tor mh £122 Jim. 
rhe total amount of Mils pvtstandtaB Is 
:il.9m. 


GLOUCESTER COtlKTT COUNCIL 


IJn. Mils tuiMd rtl.1.78 at 3*16* to 
nature 12.4.78. Appl I rations were.l3.5in. 
Iouj outstanding 4£rtt. 


MOTOR CARS 


DAIMLER YANDEN PLAS 
FtL ifn 42 SMooii . 


V <r - 


■- r 


: : uvwy "... 

Beautlhd colour -(Coni' tritfe -black 
roof). . MU' -, wvtbiqn /mt* 
vkM by Hcaty* ‘ Of Qwswr. Only 
12.000 -ibIIeC, all ' t*» rtfiiwortna of 

air ostnUdaRlnc. electric windows, 
door lopki,; ...wrUL . - octree radio, 
ipeakjm. in every doer. 6 years’ nwt- 
proof warrkfity. Siwtng over £3,000 
on today’s .price, - Exceltent rauon 
for sellins. 

Hens# teJephoos! 

CHIRK 3412 ' . 1 



.Early Rom-WOYCE SUrar Shadow 
z Motor Car wanted.- Cash MW.- Fleas# 
F ringlwm* D- Nudd, KeffihtBton HOesc. 
Shard low. Ttl, Derby. 792177 anytime. 


GENEVA 

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BOND DRAWINGS 


, Ko. 004141 of urn 

ta ifie mcH court of justice 
Chancery, Dlxlxjon. Companies Court, in 
the Matter of STAW HOPE OWEN 
(HOLDINGS! LIMITED and In the 
Matter of The Compajoles Act, 1W8- 
NOTICB 19 HEREBY GIVEN, that a 
PeUtlon for the wItuIIdb up of the above- 
named Company hr the High Court of 
Justice was on the Clfii day of December 
1SI7; presented to tbe said Coon by 
WILLIAM fflG HAM TONG (Social 
Worker) of The lames. OakfalH Road. 
Sevemnks. Kepi, and that the said 
Petition is .directed to' be heard before 
(he cmirf tfmnjt at (he Royal Courts at 
Justice. Strand. London WOA. SLL, on 
the 23rd day of January 1978, and any 
creditor or contrlbmory of tbe said 
C o mpa ny desirous to support or oppose 
tbe maklnc of an Order on the said 
Petition may appear at the time of 
hearhus. in person or by his counsel, 
for lhat purpose; and a copy of the 
Petition wtu be furnished by tbe under- 
sinned to any creditor or contributory 
of - tbe .said Company requirtas such 
copy on payment of tbe resulted dorse 
for the same. 

LINKLATERS A PAINES f ACBA), 

Barrington Honse. 

Hf'87. Gregum Street. 

- London EC2V tja. 

. Tet M-40B 7BS8. 

^SoMclmrs for the Petitioner. 

NOTE.— Any person who intends to 
appear on the hearing of tbe said Petition 
must serve on. or send by post to. the 
above-named notice In writing of bis 
Intention no .to do. Tbe notice must 
state the name and address of the person, 
or.. If a firm (be name and address of 
the prm and must be slimed by Hie 
person or firm, nr Ms or their soSJcftar 
Of - any) and most be served, or. If 
ported, mast be sent by post M sufficient 
time to reach the above-named not later 
than fonV o’clock M the afternoon -of the 
SOfb day- of January 1978. 


CHILEAN EXTERNAL LONG-TERM 

CITY O^T^&L^m^CH.LE) 

5 94 STERLING LOAN 1913 
Midland Bank Limbed announce 
th* redemption lntalment lor th e aLn ltiwg 
fond « 25 January 1978. haai been i mrt 
by ■ drawing ol Bonds to the nominal 
value of £ 1 . 018 . ■ _ . 

■ The dlstln^-ve numbers Ol the non«P 
drawn In thep-esence of . a .Noury Public 


■"23 

m 

1 S3 
1JM 


follows: . 

Serial Numbers £20 
119 302 30S 4€0 

844 715 935 1104 

1351 1447 .1506 1773 

2001 2209 2331 

■■ Suht M e mb e rs £100 
... 387 ABB "113® ,!US 

.^he'^above bonds sbovtd be ,PCS5?*Sl5 
■t- the -Ncw issue Department ol Midland 
Bank Limited, listed on the approp riate 
Innti and must bear an coonom suwe- 
ouenx To 25 January. 1978. oUtorwila 
the amount ol the mining coupons will 
be deducted from the principal moneys. 

.The usual Interval ol tour clear days 
will be r*o aired tor examination. 

Midland Bank Limited. 

Now lasue- Dep artm e n t. 


'Mariner HoMt, 
Pams ■ Strpet 
.• London EC3N j 


ADA. 


RESIDENTIAL 

PROPERTY 


3 MKWS COTTAGES to. let. Newly fur- 
niaiiM and .mooernkEd, 1 - 2 ti tmdroono. 
5 minute* Hsrruds Phil South Ken. StA. 
Sbrv/oe d. £100-tiSQ <9* weak. Phone 
-370 3273 (office hours). 


CINEMAS— (Cont.) 


CLASSIC 1, 2, -3, 4. Oxfonl Street 10m. 
Tottenham Court Rd, Tube). 638 0310. 
■U SIN BAP AMD THE EYE OF rat 
TKKR. rO). ^ froas._n.10. 3.30. S40, 
a.io. Late Shaw 13 p.m. Ark) Guthrie. 
JHn Hendrix WDODSTOCK <X}. 
fJHS HIDING PLACE. (A).- SCO- Prrft - 
2. 00. 5.00. .BX». Late Show ii g.«. 
Chris Preslay Gl BLUI5 (U). TIT FOR 

flay 

' f». Prog*. 2JM.-4.ij5, 8.30. B.4S. Late 
Show n.05. 

4 ( WIZARDS (A). Psoas. T.O. 3.0. 5.9. 
7-0. 9-0. Late show eyory night n o m. 


CUKZON. cunon Street W.1- 499 3737. 
h COUSIN COUSINS (AM. ICogldh aah- 
tltles). Proa*. Todav at 2.30. 4J5. 6J3 
and 0 JO. Last Da£ _ 


LEICESTER WJU ARE THEATRE. £30 SZM 

■sm 

8.35 progs.' 


OOEON. Lricetter Suuare. 930 ■’’’■-"S- 
WEEF <AX 5*0. onras. every day. 
may be booked. Coots opo« ■* 

4.30. 7AS. 


OPeON. Marble Arch. ~ _ 72 S 20 11L 

- AUDREY ROSE fAA). - Sep- proB*. WKS. 
230. 530. 830. - 


ewmeg (3(ARLg. L>tC. 81.81. 


SALON NITTY Glia Siep. — 

Sun.). 2-4*. 6.1 S, lU^. t. «t- SJMWV ^ 
and Sat. 1135- Scats bkWe. LKd Bar, 


Dlv. One; 

tote Show _Frf. 


!. 1230. 4.10, 7-40i tat* Show PTi. aad 
Safc . 11.00. . . ' 


-NO. 604150 of 1977 

In HIGH COURT OF JUSTTCB 
chancery ■ Dtrlalon. Conmutics Court. In 
the Matt er of CALLUS (BUILDERS) 
LIMITED and hi ti» Matter of Tbe 
Onmunlea Act. IMS . 

NOTICE IS HEREBY GIVEN that a 
Petition for the winding up of the above, 
named Company by the High Court of 
Justice was on the Hst day. of December 
1*77, presented io the said Court by 
If.-WTSEPART LIMITED whose registered 
office la -2457253 Wick Road. London, E.9. 
and that the said Petition Is directed to 
tie "heart before the Court sitting at the 
Royal Court* of Justice, Strand, London 
WC2&- 2LL, on the 23rd day of January 
un, and any creditor or contributory 
of -me said Company desirous to siqipon 
or ovooso Ote nutting a f an Order an the 
**>d . petition may appear ai die- time 
of hearing, hi person or by bis counsel, 
ror that purpose; and a copy of the 
Petition wffl be fnrnished by tbe imder- 
i g i tod to any creditor or concrfbunny of 
Rffi sUd Company reaffirms such copy 
.98 wument of the resulated charge for 
am hum 1 ’ 

- POLLARDS, : 

SS«0, Oxford Street. 

- _ London W1R IRD. 

- Bet vsnsw/mtL 

• Tffi. #Mffl SJffi. 

; ~ 'So lid:, in for the Petitioner. 

■ ■ NOTE.— Any person who Intends to 
jPPea r -an the burins of the said Petition 
jjayt. serve' on, or send by post ro. lbe 
mffiye-tuuned notice in' wrlrtng of hit 
taandon -so io do. Tbe notice most 
ffinte the' name and address of- tin 
Person, ' or. If .a firm the m»mn ■ and 
Ejfflren of [he firm and musr be signed 
by the person or firm, or his or their 
ftniettor of uy) and must be served. 
gfVJj Hosted, must . be sent by post In 
■aSrint time to reach the above-named 
not later than four o'clock In the after* 
noon of. the Sflth day of 'January IKS. 


ART GALLERIES 


■SOANE STREET GALLERIES, IS 8. Staane 
«- W.I. Modern paintings, sculpture 
no graphics by Interestlnp International 
SSSS'-Wde range el prices, Tncs^FrK 
ltLQQ.530. Sats. 10 . 00*1 JBQ. 


.CDUMCNI‘3. 14. Old Bond St- W.I. 499 
7*08. THE VIENNA SECESSION lugend- 
'Yb’ts and DrMNngt 1*97-1917 
(Mti OTtr £40-£«00) and CHRISTMAS 
EXHIBITION at English Watercolours. 

lSS'*° J,fc Molu • ,rr, ■ 930-0-00. Sat. 


CLUBS 


Resent StrceCTSA S873. A. Is 
Carte or All-in Menu, Three Spectacular 
r»or Snows 10 as. 12 AS and 1A3 and 
nustc-ot Jphrmy HawKecwemi a FruuoM. 


Front likely 
to accept 
talks offer 

By Michael Holman 

LUSAKA. Jan. 10. 
THE RHODESIAN nationalist 
alliance., the Patriotic Front, is 
considering an invitation to 
meet Dr. David Owen, the 
British Foreign Secretary, on or 
after January is. Mr. Joshua 
Nktimo, co-leader of the front 
anno unced in Lusuka to-day. 

Acceptance of the invitation, 
which reached Mr. Nkomo dur- 
ing, his recent visit to Cuba, 
would depend on whether Dr. 
Owen could convince the Front 
that such a meeting would he 
worthwhile, said Mr. Nkomo- 

However, sources in Mr. 
JVkomo's Zimbabwe African 
People’s Union (ZAPU) subse- 
quently indicated that a meeting 
was very likely. 

' Speaking at a press conference. 
Mr. Nkomo said he did not 
retract his description of the 
Anglo-American settlement pro- 
posals for Rhodesia as “dead." 
However, “If Dr. Owen proves 
honestly and sincerely that he 
pushed air (life) into it ... in a 
manner acceptable to us, then 
be has . resurrected his dead 
thing." 

To-day’s announcement is the 
expected consequence of the 
meeting of the African front line 
states, and Mr. Nkomo and 
felFbw PF leader Robert Mugabe, 
In Beira shortly before Christ- 
mas. 

The presidents drew up a 
four-point declaration whicb in- 
cluded support for tbe u positive 
aspects” of the Anglo-American 
proposals. 

Observers believe that to-day's 
development has also been 
spurred by reports suggesting 
that Rhodesian Prime Minister 
lan Smith bas been making 
headway in his talks with inter- 
nally-based African leaders. 

Despite tbe likely meeting with 
Dr. Owen. Mr. Nkomo had 
several harsh things to say about 
the British Government. Apart 
from repeating his objections to 
tbe Anglo-American plan, he 
aired bis suspicions about the 
British attitude to the internal 
talks. 

The British Press, he claimed, 
bad been “put on standby" to 
produce reports “that- will make 
tbe Patriotic Front feel that 
doom is near." 

Mr. Nkomo accused the British 
Government of Planting two 
journalists at Chimoio. the 
guerilla camp in Mozambique 
■which was attacked bv Rhode- 
sian forces in December, so as 
to provide eyewitnpss reports 
presumabiv designed to demor- 
alise the Front 

But Mr. Nkomo attacked 
Bishon Muzorewa who is taking 
part in the internal talks. 

He accused the bishon of 
seeking evidence from Mr. Smith 
that . a *' sellout settlement ” 
could be defended. 

''•-'ST ' 


Israel seeks troop limits 

BY OUR OWN CORRESPONDENT 


VIETNAM-CAMBODIA CONFLICT 


Fighting reported to have eased 


BY OUR FOREIGN STAFF 

FIGHTING IN the border con- 
frontation between Vietnam and 
Cambodia has become less 
intense, according to agency 
reports out of Bangkok, and 
broadcasts yesterday from Phnom 
Penh and Hanoi suggested a 
moderation in the propaganda 
war. 

Sweden's Ambassador Extra- 
ordinary, Mr. Kaj Bjoerk, who 
arrived in Phnom Penh at tbe 
week-end “on a mission” along 
with a Tanzanian envoy, yester- 
day met Mr. Ieng Sary. Cam- 
bodia's Deputy Prime Minister 
and Foreign Affairs Minister. His 
arrival followed the return from 
a “personal” visit to Cambodia 
of Sweden's Ambassador to 

Thailand at the end of last 
month. 

Yesterday Sweden's Am- 


bassador to Vietnam. Mr. 
Tscherning, met Mr. Truong 
Chinh. the chairman of the 
Standing Committee of Vietnam's 
National Assembly. No informa- 
tion on what was discussed was 
amiable. 

Phnom Penh radio exhorted 
Cambodians again yesterday to 
eliminate from “ all our factories 
and our entire national com- 
munity ” the activities of 
“ remnants of the enemy planted 
within.” The radio had first 
alluded to the possibly dubious 
loyalty of some Cambodians the 
day before. ' 

The radio also repeated yester- 
day its claim that Cambodia was 
mopping up remnants of Viet- 
namese forces, and stated that a 
Vietnamese penetration along 


Route 19 in tbe north had been 
repelled last Sunday. Diplomatic 
and intelligence sources con- 
tinued to discount such reports 
and assessments remain sketchy. 

It remained unclear yesterday 
whether the Vietnamese had in 
fact reached as far as Ncak 
Luong, 35 miles from Pbnom 
Penh, as was earlier intimated. 
Nor was it dear that Svay Rieng, 
the provincial Cambodian capital 
in the Parrot's Beak region, was 
under Vietnamese control, 
though it is thought that the 
surrounding region may well be. 

The lull in the fighting, which 
has become apparent may 
indicate a modification in Cam- 
bodian military strategy inas- 
much as it reflects a decision 
not to confront hesd-on the 
superior forces of Vietnam. ' 


Regional ties essential 


BY RICHARD NATIONS 

VIETNAM is mounting a big 
diplomatic offensive to gain in- 
ternational support for its border 
war against neighbouring Cam- 
bodia. in which Vietnamese 
troops now apparently occupy a 
slice of Cambodian border 
territory. 

The focus of this offensive is 
a high-level 20-man mission 
headed by Mr. Nguyen duy 
Trinh, Vietnam's Foreign 
Minister, to the major capitals 
of South-East Asia, who is 
accompanied by Mr. Vo Dong 
Giang, Vice-Foreign Minister, a 
man who played a critical role 
in the final stages of the 
Vietnam war. 

Tbe mission — officially dubbed 
a trade mission — is believed to 
be as much to evade the threat 
of Sino-Cambodian encirclement 
as to drum up economic support 
for Vietnam's huge domestic 
reconstruction efforts. 

Until very recently Vietnam 
regarded the members ol tbe 
Association of South East Asian 
Nations (ASEAN) — the regional 
economic association to which 
the countries on the mission’s 
agenda belong — as an imperialist 
instrument indistinguishable 
from the U.$.-dominated regional 
military alliance — Seato— which 
backed the South Vietnamese 
war effort. 

The tone has now changed 
noticeably. While underscoring 
bilateral relations and carefully 
avoiding reference to Asean, the 
joint declarations and Press 
statements issuing from the 
Trinh visits constantly reiterate 
that the time is now ripe to 
“improve relations among all 
nations of the region, to pro- 
mote peace, independence, free- 
dom and neutrality in South-East 
Asia." 

Vietnam does without doubt 


stand to gain some concrete 
benefits from the bilateral trade 
and technical co-operations 
agreements, Mr. Trinh has 
vigorously promoted during his 
tour. Malaysian expertise can 
contribute to the rehabilitation 
of Vietnam's war decimated 
rubber plantations and help 
develop a palm oil industry. 


Most observers see the 
Trinh tour as a 
continuing effort to 
broaden Vietnam’s 
contacts in the region to 
forestall a drift into 
isolation in the wake of 
China’s renewed 
attention to Sonth-East 
Asia in recent months. 


Indonesia offers a source of 
petroleum and the hope of 
regularising the conflicting terri- 
torial claims on the continental 
shelf of the South China sea 
near the Natuna Island which 
impede oil exploration. 

Thailand would like to legalise 
its fishermen’s poaching in 
Vietnamese waters in exchange 
for a share of the profits. And 
Singapore— Jeft out of the Trinh 
intinerary due to continuing 
Vietnamese pique over Mr. Lee 
Kuan Yew. the Prime Minister's 
refusal to return Vietnamese 
hijackers— can offer investment 
and expertise in consumer 
industry. 

However, observers here con- 
sider trade potential distinctly 
marginal in view of Vietnam’s 
enormous reconstruction needs — 


BANGKOK. Jan. 10. 

limited not only by Hanoi's 
slender foreign exchange 
reserves but its current export 
potential. The anthracite, super- 
phosphate. ground nuts, canned 
meats, fruits and cigarettes listed 
auiong Vietnam's com modules 
for exchange in its Malaysian 
trade agreement boast neither 
the volumes nor command ihe 
regional markets to finance the 
rice, nil, tin. rubber goods, 
pharmaceuticals, cement, steel, 
that the Asean countries can 
offer. 

Indeed, tbe trade agreement 
with Malaysia signed January 5 
granted mutual favoured nation 
status and specified payment m 
local currencies. 

Most observers hen* see the 
Trinh tour as a continuing effort 
to broaden Vietnam's contacts in 
the region to forestall a drift 
into isolation in the wake of 
China's renewed attention to 
South-East Asia in recent months. 

CMna bas repeatedly under- 
scored its endorsement of Asean 
as a regional associate in line 
with its policy of securing a 
diplomatic buffer against the 
spread nf Soviet regional influ- 
ence u I ready entrenched in Hanoi 
and Vientiane. Cambodia has 
responded to the Chinese line and 
made overt gestures particularly 
to the Thais and Malaysians. 

Well-informed observers in 
Hanoi and Hone Kong sec the 
Cambodian Premier Pol Pot's 
November visit to Peking as ihe 
catalyst that triggered Vietnam's 
latest diplomatic thrust int«< tbe 
region — normalising relations 
with Thailand's re-opening its air 
corridor into South-East Asia, 
and now developing trade. The 
now open border war with Cam- 
bodia can only add urgency to 
Vietnam's new diplomatic offen- 
sive. 


ISRAEL’S DELEGATION to 
the military talks with Egypt 
will take a detailed plan for 
Israel's withdrawal from Sinai 
when it flies to Cairo to-morrow 
afternoon. , 

The talks are due to open 
formally to-morrow evening, 
but are expected to adjourn on 
Friday. The first meeting of the 
political committee, whose for- 
mation like that of the military, 
was decided by Mr. Begin and 
Mr. Sadat on Christmas Day, 
taks place next Monday. 

The 10-man team, headed by 
Mr. Ezer Weizman, the Defence 
Minister, will be empowered to 
deal with &U aspects of the 
Sinai arrangements. It is .ex- 
pected to attempt to map - out 
the future border between the 
two countries. 

It will also press for safe- 
guards to ensure that Egypt 
does not use the returned terri- 
tory to launch a military attack 
on IsraeL 

Mr. Weizman will propose 
that the size of the military 
forces, which Egypt maintains 
in the eastern part of Sinai, will 
continue to be limited, as was 
agreed • when Israel' returned 
that area to Egypt in 1975. 

Israel will offer to return the 
bulk of the peninsular, which is 
still - under Israeli control, to 


TEL AVIV, Jan. la 

Egyptian sovereignty but pro- 
pose It be divid.ed into two 
zones. \ 

Israel expects tough bargain- 
ing on its demands. Jerusalem 
is well aware that Egypt objects 
to any limitation of. thi forces 
in the land returned to \jt. un- 
less matched by. a simiJaA limi- 
tation for demilitarisation on 
the Israeli side of the border. 


ON OTHER PAGES 


International Company News: 
Mexican loan 

Boussac's . troubles J... 20/21 

Farming and Raw Materials; 

Spanish threat to EEC fishing ... 25 


ARAD Oil Ja 


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Subscriptions (inc. postage): 

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4 












Financial Times Wednesday January U 1978 


WORLD TR ADE \ EWS 


SL HOME NEWS 



British Leyland strikes 
slow U.S. sales rise 


BY JOHN WYLES 


NEW YORK, Jan. 10- 


BRITISH Leyland. managed a U.S. At 34,794. MG sales were U.S. market. Although the; 
modest increase in its United 22 per cent, up on 1976 while Commerce Department expects; 
States sales last year, but the Triumph’s 29.258 units sold was Import sales to fall from 2.1m.: 

H icnintinn nf cimnlinc KnMiien nf A. nar AaTi f niohar than thn traar ■_ mw torn 1 


India nears 
decision 
on arms 
purchases 

By K. K. Sharova 

NEW DELHI. Jan. 10. 


Car output figures 
tumble after strikes 


BY TERRY DOOSWORTH. MOTOR INDUSTRY CORRESPONDENT 


market 
likely by 


THE virtually continuous bout 
of industrial trouble which ran 


*^ pU ° n u ^25^5 t?a« CenL *“ igher aan ** ye “ ta 197 / , t0 2nL in 1973 ’ f °H*f°!TWO 'MAJOR decisions on through the British motor Indus- 

any real exploitation of the boom- Overall volume sales were also parent. iFfee^rLuLst year . ! ^hlch wfil^nqS^^eMT So-S* 1«25 c ^reduction 


LUC. CAR PRODUCTION 


A spokesman at the company’s that the British company was* before. Britiih E£h c£ The re Tof E^. and Tome 

Lid’ cen !' increase “ d Honda 48 P er po ration’s Jaguar is a front manufaeinrcrs — Renault, for . 

ssiu tha t the Lcjland tooldiskcrs VBrtioIss in tnc U.S- insuricct and i rurtnBr. and thp upond jc mt CTjmnlc hjyj srhiecpd rwYipd 

strike last February had knocked had the widest range of sports Volkswagen the largest selling ? establishing facilities -for build' output. 

£i in I2i T £k\K%hi£ Lawra™, 1 ? * g“issr£ 0 i ss?^3s?ujL?iSi '^jsssssr-te mhos ^“ftaKiK 

> s°« : T32M£ a^as s?s? , as - 

oftiS™l?th?TE7 Spitfire. ™“o“ ghl Xe p^pt BL P°™*e <■«>« "* «P « »" C ^ D 'S ^«crp Europe 

and BL's other sports cars, the expanding its volume sales In the Biggest sales improvement was jj ce nces and technolo«r t^make JSfm Stint'll 

MGB and the MG Midcet posted UJS. this year. This is clearly reported by France's Renault ^ Indian na^ »°?-re!i a “ in “EElS - 

solid gains in a convertible car frustrating for the company as it which marketed 13,001 cars in what ^ cons |^^ d r a J- ltaI 

market where the company has views the onward march of other 1977. 91 per cent, more than the operational sector because of ,«w nrS-^vlS 

□nlv limited pnmnetitinn in the rnreiim manufacturers in the vear before. th^ <*n„nt*u’e in« n a _l e _ r .I“ e record production J car . 


1962 

T .249,426 

1963 

1,407,939 

1^47^40 

1944 

1945 

1,772,045 

1944 

1,403.479 

1947 

1353.013 

1948 

1.815,936 - 

1949 

1J17JBI3 

1970 

1,645,946- 

1971 

1,741,940 

1972 

1,921311 

1973 

1.747421 

1974 

1334,119 

1975 

U47.495 

1974 

1.333,44? 

1977 

1378,000 


being undertaken at British 
Leyland. * - 

The Government his grown 
increasingly anxious during the . : ry 
last few weeks at the mounting 
evidence that the U.K.’s car pro- THE 
auction capacity was being Chun 


BY MARGARET REID 


r pro- THE STOCK EXCHANGE 
being Council put its barking. Includ- 
ing seat* financial support 


only Limited competition in the foreign manufacturers in the year before. 

U.K. may delay trade talks 


irretrievably undermined. log sem financial support 

On the other hand, a spell tit yesterday behind the project 
industrial peace could make a far a new London market la 
dramatic impact on the figures, traded share options. This 
Although Leyland Is not setting ensures that Thu vesture will 
its targets particularly high for be launched rims, probably ht 
next year— its most sanguine April 

marketing target is for a 26 per Work on reconstructing « 
cent, share in Britain— the other podium abAve the Slock 
manufacturers are all aiming to Exchange floor to house the 
increase output new market begins, in the next 

Ford now has a big backlog nf few days. A written in i rod u re- 
orders. Vauxhali is aiming to tion to traded options will be 
step op production as the British- sent out to slock market firms 
built Cavalier model comes on before Ihr end of thb month, 
stream, and Chrysler is also step- These metres, to hr backed 


the country’s long coastline. 

The Indian navy has eight 
submarines bought from Russia 


af , te . r J5 e record production year . .. indQstrv pins up output following the financially by the Stork 

of 1972. when toey made l-?™. «»» ree With oitStS ,aun <* ° r its Sunbeam model-. Exchange, were widely inter- 

units on the eve of the oil crisis. Commercial vehicle produc- nr**Mi 1 mI nlvhr »* m»> n t nn 


BY DAVID BUCHAN 


BRUSSELS, Jan. 10. 


submarines boncht fr«m RnAn Jn i£i?. n the eve „ ot °» c ™'*- imom cars but before thaL Commercial vehicle produc- preted last night as meaning , * 

& "Eft -52, SJgj iSfr 

seas for servicing and repairs. S-LSJ ceeded since the 1.249.428 inilB ?3 r SL?5B 5?”?*” 1 «* ■*« «■»«**», )*• 

SS^I»J7ft?S£rt.ft nranuf.en.red in 1962. _ ’1’“ £’.* ft, *532 SKSEM'' 

•mWifiha -Shmirin d€ £!rd 0n t0 heawilv from strikes during the The figures, which include. than any vear apart from these stack Exchange utri 

autumn, were the main factors Ley land’s%roduct ion of »m- *ree since 1967.^ JSSJ^SKESn fif 


T „._. r-~ ,v.« i. - autumn, were ine main factors Luyiann s prouucuuu ot com- three since isor. wu( , n |. u **,»# 

have already h^Id^Iks on SS ^”1 *!_l ecii il e ^,. out ?“ L .u_ J P?"^S!T a 5?S! , . , £ at ..L*5 -? 1 ,??* In 1076. Thc cDmmereial vehicle 


. . . nrnWr a- wall » nn tho ^iuvu‘«-uuu uiciou (covueu in oenene, uuawitne manuiaciurers proaoven o 

EEC GOVER?fMENTS have now Commission insistence onginally safeguard or quota measures by °° 1^000 units, against 1^33,000 the urgency of the reforms now units, and in 1975, 380,704. 

received, and their Foreign on a lower figure. making It invoke against one ^rinS for cowtS^fence 

Ministers will on January 17 be But the tt per ml mm* £i^JSh"t£ Talks on the jet fighter for m A ' ~ <■ 1 » « 1 


umii Mac UCI.UIIG Hi UUljlUL f/UlllTlllh IUI AOaVlUill* «BA )#MUU Ul fU I O. T IftA CJIlIiflL’l WMI VVIIlWir fAfAll'Ml % DffiffffHK MflAVt 

Production overall reached in Sencffe, Belgium, underline manufacturers produced 372,057 lt ontlo in commit!^' 

KSSJQ00 units, against 1,333.000 the urgency of the reforms now units, and in 1975, 380,704. hcaded by Mr ^i S hTS- 


asked' to approve, the mandate cut — with higher cuts on bigger sU'roD eaSl the^ndiaS 1 ai? E foSe have^bwi T I ^/vvr 4x4-** T^ldlVIC Kid'll /W* no l/\ri 

that will allow the Brussels Com- tariffs and smaller cuts on the and other non-Europeans M(1 ^th the British Aircraft I fllVf If A H I M II C* ■ |H% 

mission to start proper tariff lower range — does not please 7 ... nr Corporation and the manufac- ft-WL IwaMpIIU fiAAU|llVfi. UiflVlJ 

cutting negotiations in Geneva the French Government Next turers of Swediah Vi ^ en ^ 

at the end of the month. .. Tuesday, however, French Minis- J*’ 1 ^ based °NorS^ ^AmSican^ ^and 2 nd thB «^T en 5 h Mira 8 e - Mr - • Tft •j • il 4 

The Commission will stress’ to ters will be under considerable Ser'dSii Si Ja^ar 111 Kritillll 1 HlC VP51 V 

Ministers the urgency pf start- pressure not to upset the apple- D The requirement that SJJJFl „ noSl^rt2r £?h n £Sn -111 AJI JII-U.1U IH19 T Vul 

ing the much delayed substan- cart on ih.s ■ - couutecvaiUng duties imposed. in Sd XS MtJSes say thS 

live round of the Tokyo^ Round British officials say the U.K. retaliation fdr export subsidies «t is likely to be chSn ? by mm motor iNniicmv coubespondent 

GATT negotiations, also citing will go along with the proposed must be supported by evidence ja Tj.* Government is seekln-’ ° Y OUR MOTOR ,NDUSTOY CORRESPONDENT 

the priority given this by Presl- Spire, only with the vital pro- of damage -to domestic in- facilities to manufacture the 

dent Carter in his Brussels visit that a break clause be dustnes. This affects the U.S. aircraft in India apart from TOYOTA, the Japanese car mainly because Datsun, the big- and Violet (Cortina size) .which 


BY OUR MOTOR INDUSTRY CORRESPONDENT 


ton, a former deputy chairman 
~m of the Exchange. 

1 A~1 I /\ri This " stated that (be com- 
ijm I mlljtee . was satisfied that a 

w'k-J suitable clearing system, which 
would he under the control of 
the Stock Exchange had been 
designed and that the project 
was on course." 

The council noted that it 
was not possible at this stage 
to give an accurate dale for 
the launch of the new system, 
but added: “If seems likely 
ina >tte) .which that ^dhxg In options on 
the showrooms. t eigbt stocks could 

he Society of commenre within the next 
icturers and three monlhs.” 


A requirement that tech- and a number of its other jets Europe. 


Because of this Japanese sales ^Motor Manufacturers and three monihs.” 
overall went up by well over 1 Traders arc to visit Japan early T 
per cent, in 1977. from 9.4 per next month Tor discussions on LargCl Qaie 
cent, in 1976 to 10.8 per cent;, further Japanese car limitations. ^ Urget ^ mans that 
despite an understanding Toyota sought to lake some of London share options trading 


The con.era.one of *e m,V but ‘ no. EU ,rt • A S..t .ha, »* f^ooMWe?^ ^ ° '»• «• '«« ,»> ^ “ JapMe “ me.o, H 

date is the tariff cutting pro- , decisions bv the Council nicat standards should not in are f as t becoming obseleie The company’s target for U.K. despite an undcrstanmnfi Toyota sought to take some or London share options trading 
posal. With that agreed, the of MinistlS oSt wSk, “ the themselves be a barrier to trade, heoce the need fof a modem ata ftta j*S' It about 29,000 cached with the British industry u* hMt ou , o, the situation may begin at much the sun! 

Commission can then start lay- Dr0CTess ma d 0 0Q non-tariff trade Th e Tokyo Round timetable' all-purpose aircraft that the cars, against an expected total that «*«« wopJd not be a algnm- yesterday hv announcing that It time as the projected European 

ing offers, on the table In ^ e ^u res whiie the glare of has constantly slipped. Nor even Jaguar seems to be. of about 25,000 in 1977. cant Increase in market share. i s increasing imports of motor Options Exchange 4n Anurteiv 

Geaevq. It provides for a 40 publicity in the earlier Kennedy ,f agreement is achieved, may it The Toyota importer, a Pride Several Japanese manufao components to Japan this year dam, which starts o«r April 4. 


Cairo, agiuuai *u cxpcclcu ujmi — - v : . , , ■ -•* 

of about 25,000 in 1977. cant increase in market share. \ s increasing imports of motor Optlom 

The Toyota importer, a Pride Several Japanese manufac- components to Japan this year dam, w| 


EECCom miss ion, wi'th Japanese ume“ “““ ' would constitute “a move in the Haq] a further _ 15 per cent to the 270 

acquiescence — but not by EEC so the Commission wilt brief r $ ht dire c b011 ' b “t a drop in ■■■ 4411 UVWI dealers It already has. 

member Slates themselves. ^ °° ^aS^aSVuf? i« Rr^/ll 

It represents a carefully con- the following items. sion officials feel growing protec- ill ALU lha J t this increase could be 

strocted compromise between « Modification of the existing nonist pressures pose dangers rede Ferroviaria Federal S.A, of accommodated without dlsturb- 

invtial U.S. demands for a higher Article 19 of the GATT that for any further delay in the Brazil have awarded a £13m. con- ing the company’s relationship 

fixed percentage tariff .and EEC allows 'countries to take general bargain in Geneva. tract to GEC-Gcneral Signal and with British manufacturers. 


shares 


a further 15 per cent, to the 270 tion not lo be caught out in the lecturers’ Association, said cate- Prices, bul trade tn < he options 
dealers It already has. next few months. gorically that this move was undcr standardised 

Mr. John Pnde. a director of • necessary to ease mounting condition8. 

Toyota (GB), said yesterday Jost’e for ffiad - criticism" in Europe of trade Present project for 

that this increase could be JUSI c rcau . Imbalances with Japan and in- PP^ns dextllp* in London 


The Japanese interpretation of crcasc d Japanese vehicle sales the full control of the 

•• . V A _ . ■» - . » - 1 - . ' Ctftali ’ 1 - M 


Broadcast which will have the Sony said the Omega Is now in t ■ . ci n I dis- 
function of selling and use by three U.S. broadcasting Sales to the U.S. began last oatHl HOOItIVCS piRH 

developing " such equipment in stations and in Japan. Agree- -y®* r Sony says it has no a S20m. manufacturing plant 
Europe. The 'president of Sony men ts have -been signed .with .clear idea yet of the sales poten- will be built In Brazil by Shell 

Broadcast will be Mr. Howard RCA and with Thomson-CSF of there. Sonys main coin- Brasil, SA and the Lubrizol 

Steele, a former director of the France for the promotion of petrior m the U.S. (and possibly Corporation. This joint venture 


Japan-Abu Dhabi oil deal 


TOKYO, Jan. 10. 


initial u.s. demands ,for a bigner Article 19 . of the GATT that for any further delay in the Brazil have awarded a £13m. con- ing the companj-'s relationship the last understanding on import i n Europe. ■ Stock Exchange was worked 

fixed percentage tariff and EEC allows countries to take general bargain in Geneva. tract to GEC-Gcneral signal and with British manufacturers, limitation* is that it docs not Mr. Toyoda said that the com- 0,11 *«* b T the five lead. 

Sisembra Engenharia S-A, a “ Our extra penetration will cover 1978. This means that n nv wa s negotiating to buy iB * LoRfion Jobbing firms after 

■ _ . _ _ _ Brazilian signalling company. ’Hie come in large part from the im- there could be some aggressive f aro * ps f rom Britain’s Lucas In- J 11 scheme Tor a jotur 

W/kvvvT ft M L v J vrwl a/v --^4 contract covers the ^engmeering ported car segment." selling \n. the nevt few months, dnsiries and France’s Cibie Pto- London-Amalerdam options ti- 

in Ola Tor VICIGO K Gt fi on^f M I li nmS or 3 } hp But the company’s ambitions, as ear. importer* jostle ti^ je^aurs; lyres from Michclln of d^sume eugde the ambit of 

-i-HS Wilt Y V llllll -aii/ * t0 ^ backed with a range of care position, and as two new tmpor- France: and seatbelts from the Stock Exchange had been 

' ■ Hip 13 nfiin° launched yesterday, are bound to ten. Subam and Daihatsu, scok Brifain’s Magnet Kangol. shelved, 

BY CHARLES SMITH TOKYO, Jm. 10 Paulo™, lw» ito, GE&Oen»r»l 1 10 - ff, u na„f l . “f. ..V^ 

Signal will take overall design re- Mr sa * es ,n Bntain will resume Several new products are wouw be the first fruits of an Tlirinll/\wn 

SONY CORPORATION is plan- British Independent Broadcast* Omega under their own names. sponsibUity. This contract fellows their upward trend in the next expected from the Japanese exploratory mission by Japanese JL^IlSllllvrS 

ning an assault on the S200m. ing Authority. Sooy vid _. the award to GEC in Janary 1C77 few months after a lull in late manufacturers to add to the component manufacturers to ” 

Purnnpsn markAi for hmadraai- Sony’s main products for the recordinp pouibmp^t fnr of the Brazilian Steel RaUroad 19"- Carinas and Cchcas frouehly Europe, early last year, and 

European market for broadcast- European video broadcasting 2s?D?p Wg in qU rh^^TT b r^tfn CDnLra ct which includes the sup- Last year there was a similar Cortina -sized vehicles* launched British efforts to expand com- ITlCCtS xL 

. P J y ° f the fixed installations for rapid expansion in Japanese car hy Toyota yesterday, and the ponent sales at the Tokyo Motor i-vt ^ 

uH electrification of that railroad, the sales in winter and spring, Datsun laurel (Granada size) Show two months ago. — 

is a natural addition to its sales sup pi y 0 f locomotives, telecommu- _ . . firir'P^ 

territory. It is a comparative nicatiarts. signalling and supers Vrl.fi tfifi fiV>%*Cr 

newcomer in most of these visory control. -■ , . jp> . • 

Sales to the us. began last Shell additives plan Dunlop pursues non-tyre profits ThI NEXT round of talks be* 

.year and Sony says it has no a S20m. manufacturing plant AT , M. a/ A. tween Distillere Company and 

clear idea yet of the sales poten- will be built in Brazil by Shell - i£ e Eur °pean Commission about 

■tial there. Sony’s main coin- Brasil, SA and the Lubrizol BY LYNTON McLAIN, INDUSTRIAL STAFF Scotch whisky prices takes place 

petitor in the U.S. (and possibly Corporation. This joint venture ^ ... „ . in Brussels on Friday, 

in Europe too) will be Ampex, will produce and market lubri- DUNLOP group's continued develop the group's non-tyre ties outside Europe In countries It will be the first contact 

the U.S. specialist In professional- caring oil additives. IAB — search for profits from the non- activities. where tyre sales are still pro- between the two since the Coin- 
use recording equipment Industria de Aditlvos do Brasil tyre sector of the rubber Indus- p , hi h j, f ci P grassing. mission's decision that some of 

• Charles Batchelor writes from — ' joint venture company, in try In Europe took a further step r _£ ® He has left the fruits of his Distillers UJL trading practices 

Amsterdam; A Philios sonkps. which each partner will own 50 forward yesterday with the an- Campbell Fraser, chief executive aearc h.for non-tyre work in the w®fe unlawful was announced on 

man in Eindhoven safd that the Per cent, will provide a Brazilian nouncement of a major reorgan- of D “ n ]°P Holdings, was to h an ds of Hr. John Dent, now December 21. , 

u . UUU CIJ uiai toe *_ *„«. exnand Industrial nrnduets acH- n, nn miMa nMl .w nn vi TKa v»ae mndo it* 



.. , cuiupcau vjuueu uiunuc®uus rastinp In thn TT<! T a*ln cuou "«i »«««> wwhuw v-«= 3M,r v.uiwh«™wu nwivi 

mg video-equipment, the com- market will be the one-inch tape " ply of the fixed installations for rapid expansion in Japanese car hy Toyota yesterday, and 

pany revealed to-day. Omega helical scan videb uJ electrification of that railroad, the sales in winter and spring, Datsun laurel (Granada si 

Specifically, it plans to reconler and the three-quarter £^0^ It i? a r^ n ar2/2 s V pp i y of lo « on, ® I l ^ teJ ? coramu ' 

estabUsh a company In the inch U-Matic videoSmaette “in most of fe^ and SUpe ^ 

Netherlands to be called Sony reconler. ... . SSf hoSver fliDW e0 * t ™ L TV -1 


the ponent sales at the Tokyo Motor 
size) Show two months ago. 


Dunlop pursues non-tyre profits] 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


between the two since the Com- 
mission's decision that some of 


IN ONE of two developments In- In a separate development, Magnavox plans to test-market a ducts now being ™P°rt ed - 

volving Japanese companies' in Hitachi.. said it had signed a video long playing record set *»■ • , ■. 

overseas ventures announced ^ 5™?° fedustnai (VLP) in the UA at the end of Yacht Order 

here to-day Japan Oil Develop- Alfa ; SJL of Mexico to establish a tills year. The VLP will be Scaudia Yard, a irecently 

S ^ joint- venture company to manu- imprinted in the factory with a created boat building company 

SS?n a Jv Jith a hi "TSifthi 3 rSi fac J ureand market large electric television show or film and will in which' Malta Dry docks has an 

SHKSF T„ h mn ^v D ^ b „ °t« m S!° re ’ „ . ? e ,,read ” b * a laser be a™- It interest, has won a £13m. order 

oiu ^ - 1 ?*® new company, Megatek is expected to sell for about from a U.K. company for 86 
auL Addalkh oti- Sociedad Anoruma, to be $500 in the U^. motor sailers. Scandia Yard, in 

“ em on ADU ■ naD1 * capitalised at PeaoslSOm. philips has been selling video which Danish and Maltese private 

The Japanese concern is ex- (£4.17m.) will be 51 per . cent, cassette recorders on which the interests are Involved, produce 
pectcd to have a 12 per cent owned by the Mexican company user can record television shows a 31 foot yacht 
interest, with the remaining- 88 and 49 per cent, by Hitachi, it of- his own choice since 1971 
per cent, held by the Abu Dhabi said. Production capacity was They retail for about Fls-2,000 Salzffitter deal 
company, it said, without giving not immediately available. or roughly the price of a colour Salzcitter AG said- two of its 

out names or capml.saLon. Reuter TV .et in HoUeud. Staffdtarie. SgeUier JriSl .TftS 

' — — — — lift-Whylera. GmbH have received 


company* ^ American vuSidia?? manularturing source for pro- isation. «JE«“ d Industrial products acti- responsible for the non-tyre acti- ,The Commission has made it-s-* 

Mama vox nianv to tost.inarirot^ ducts now being imported. Mr. Alan Lord, who resigned J^ties, especially in Europe. He vities n> Britain, and Mr. Geoffrey clear that it would have pre-' , '«. 


from the Treasury last summer J] 35 ^ e ® n rewarded for his efforts Wheater. who is in charge offferted Distillers to' have cut 


GLC funds 
Thames 
rail tunnel 

By Lynton McLain 


Domestic airlines 
seek 10% rises 


involves proposed price increases, 

In the-U.fC and the withdrawal ? -\ 
of Johnnie Walker Red Label. £ . : . 
from the home market. v 

. . There is considerable annoy* — 
ance '- among senior Distillers v_ 
executives that first news of the ' : 

Brussels, decision, and subsequent 


PIA in Mideast hotels scheme 


BY LYNTON MdJUN, INDUSTRIAL STAFF 
BRITISH DOI4ESTC airlines British Caledonian seeks per*. 


indications that- the Commissions^: 
has been - upset by the group’s /* ^ 
reaction, have' come from Press c «:, 
reports rather than from tha 
Commission itself- '• 


an order of over DMSOm. (ibout CONSTRUCTION could start have applied for fare inlaws m £Kn “ to increase flm-dSs Differs u con- 

£12. 4m.) to supply two one-track next year on a Hivcr Thames up t0 10 per cent from April 1. ^ “™? d ’ f S en . 


n/1 111 IVllUeaSl IlUieiS SCneme Sill 'innei: -at" CWr A ”A U riS ? g,e .^ s , 0n the Gatwick possible commerriaiTtep^-ln;^., 

x llViVlU UVIlVfififiV B razil 1 a n-Fa raguay a □ Ttaipu dam London. Money to allow design sa id a had received applications Airport— London to Edinburgh circumstances and can see Uttla« x 

project, Reuter reports. The ctfn- work to start has been provided f or increases from all domestic Glasgow routes from £45 to to discuss *v . • 

BY IQBAL MIRZA - KARACHL Jan. 10 tract has been awarded by in the Greater London Coun- lines except Aurigny Air™} 1 tounst single from £30 : to 

. ‘ the Company Itaipu-BinacionaL dl's transport budget for 197S Services. £ ^ 4 * shuttle stand-by from £16 > ^ 

PAKISTAN International Ali^ Corporation, on behalf of the agement services are of flret which Is building the dam on the The tunneL which cquld The proposed increases would t0 ^ , Tbe . ? ir |. lne has aIso AillCCI £tW3lt$ \ 
lines has signed an agreement airline. Construction of an hotel cfasT ime™7S tsi ^wParaw on the Paraguayan- eventually be used by both mak e British Caledonian more a 5 p ^ ^LJ Btroducc a ° ew ’ 

with Prince Faisal Bin Khalid, as a joint venture between Shaikh , U ? d ^L. th Brazilian border at a cost of British Bafl and London Trans- expensive than British Airways advance-purchase excursion VGrdlCt ftll hfi£F 

the youngest son of the King of Hamdan bin Mohammad, Deputy [ bnc entered Into partner- around $5.1bn. port, would link Custom House on Londoo to Scotland lllghta, returD fare £45 ’ »C1UILI UU UCti >- 

Saudi Arabia, to build a hotel at Premier of UAE and PIA is sa,p a French hotel . . on the north bank with /wool- with a premium on the former’s British Midland bas applied to TiriPP rich' Kin ‘ 

Riyadh as a joint venture. already under way. The $18m. operator, MovteL to form this liOCUIIieniS Warning wJm Ar S2?* °»r fw Ga t wick flights. raise the Gatwicfcto-Bolfast U1U 

The 247 room hotel is estimated hotel vritb Shaikh Hamdan and company. Movtel operates 15 A warning that exporters who amlng . BKs North Woolwich The increases vary from route tourist single fare from £27 to ALLIED BREWERIES, Britaln’n . 


BY IQBAL MIRZA 

PAKISTAN International Air- Corporation, on behalf of the agement 


Allied awaits 
verdict on beer 
price rise' bid 


The 247 room hotel is estimated hotel vritb Shaikh Hamdan and company. Movtel operates 15 A warning that exporters who abllng . BR's North Woolwich The increases vary from route Jurist sisiKle fare from £27 to ALLIED BREWERIES. Britaln’n . 
to f coSt £23m Dolellsesu,na ' eD PIA sharing 51 per cent and 49 hotels and Is the second largest fell to ‘supply the necessary »ne to connect- with Its North to route but Tall between 5 and 529, while British Airways Wants bS^d^ iSsiSs IxpectS-, 

«_= _ . , per centi interests respectively Is chain of hotels outside United Information documents .could Kent services. London Trans- xo per cent on single and excur- to increase the tourist single to hear on Fridav whether the ’U‘ v 

Pnnw Faisa^ will have 51 per expected to be commissioned by States. face a fine of £100 was Issued port has already completed soil sion return fares. Inclusive tour from £30 16 £32 on the Heathrow Price Cammfcshni is. allowing it ' J ' 

cent, share and PIA 49 per cent gj e eni j 0 f 197^ three months This company will be ou the yesterday by Customs, and baring tests at Woolwich. fares could rise by 5 per cent British Caledonian wants to t° 50 ahead with 2p-a-pint 

in the joint venture. After the a head of schedule. pattern of the Hilton and Inter- ^jjrise. The department viewed The tunnel would ^e on fee from November 1. cancel winter weekend excursion increases on a wide range of ; 

launching of ®*y ad ^ The collaboration with. Shaikh continental chains and it is the srave concern ” the in- British Airways has applied to fares to Man Chester -and to raise beers. ' - ■ , 

development of more hotels at if a nidan has led to the establish- first time that professional hotel fraaslng number of people fail- Pf®P° se ^ Jubilee tube line, raise first-class single fares on fee single Gat wick to Manchester This emerged yesterday after,. 
Jeddah, Dhabran and Yanbo In ment by PIA of an hotel manage- management organisation has f 2 d S cul 2 l S2LiJ? ?IhS„il5 r0 fn ll?® J? the Heathrow Airport— London fare from £21.10 to £29. In place a deputation fromAIIled's beer 


The agreement was signed by fee Middle East and elsewhere with Turner International of fee s «f c, ,„Si 

Air Marshal Nur Khan, chairman under the name of Mlnhal. U.fe. which has 75 years’ arm ^ 0 traa- 

Pakistan International Airlines In order to ensure- feat man- experience of building hotels. Exnort credit 

Talks between the t 

Price war erupts among UAE shippers 


accurate statistics on volume' through Fenchurch Street from £30 to £32. and si 
and types of trade. Station. This “highest priority” stand-by from £16 to £17.50. 


BY OUR OWN CORRESPONDENT 


DUBAI, Jan. 10. 


- . plan would -provide tube access 
Export Credit talks to London’s docklands, already 
Talks between the U.S. and other tbe subject of a GLC Improve- 
tndustrial nations designed to ment programme, 
agree' on exnort credit terms got The GLC has proposed that the 
off to a bad start yesterday and line between Stratford and 
were adjourned till to-morrow, Woolwich Arsenal should be 
AP-DJ reports from Paris. electrified. 

Sources close to the conference Details of the council’s pro- 


]ames- 10 fcdinnurgn and Glasgow routes of winter excursion fares it hopes division, which', produces fee 

°;5° n . T . rom £ *5 “ tQUP ! st s ,n «fe to introduce new excursion Double Diamond. Skol, Long ^ 

“ otn JL £3 9 to .r? 2 - ai 2“ shuttle returns and advance-purchase Life. Ind Coope and Tetley \ 

lority stand-by from £16 to £17.50. return fares available .all year. brands among others, visited the. ;« 


f . 

Production of houses 
lowest for nine months 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


brands among others, visited the.. ;* 
Commission to -dtecuss proposed v ^ y 
price rises. , . 

Scottish and Newcastle Brew-, #■ 
eries. which has also formally*,- ; 4 
notified the Price- Xommlasion • \ 
about 2p-a-pint price Increases,^, 
will have discussions with th®’.-.^. 
Commission next week. * r 1 1 , 

A third major brewery. Caur M * 


THE SHIPPING community of when port congestion which had money but they are prepared to for by the Belgian chairman of £p £i6m. 00 1977.^0^ before fee NEW HOUSING OUTPUT in while private houses finished ?,?!; 

fee United Arab Emirates i* been up- to 60 days in Gulf porta, ait it out and wait for the smal- the meeting following persistent P i ann i na 3n d communications November fell to its lowest point during the month rose ellghtly. J,." 10 *«e . uonunwaipn ye=> 

experiencing a round of cut- --ijiy became a thing of the ler names to crack,” one ship- differences of view, esMCially policy committee to-day. Of the ' or nine months, according to Taking three-month totals. ° Sm . - . - ■ 

throat rate slashing as shipping Tonnages through Dubai pi ?f BBent Baid - - between U^. and a number or estimated £80m. capital spend- figures released yesterday starts m Se'ptembcr-November. ' ; ! ■« ' . 

lines vie for business which has P*”’ .. . g 1 rD “ B Not onI y arB fee? chasing European officials. ing. £65m. Is for public transport The Environment Department were up seven per cent, on the r ISOI1S PVIianQS * 

plummeted in the wake of the p “^ wh ' c n h nfh ^ er tfi ed fh “ ro S5 fewer cargoes, but with fee _ . . and £15m. for new roads. said that contractors started previous three months and one * CA|iaiJ!« , 

banking crisis last year. 9 ■rafiuetton in waiting lime, turn- PepSlCO III KUSS1H Tbe £i37m. for revenue alio- w o*k on 21.100 new homes, com- per cent, better than in the ammol cpphnn 

The crisis came when hanks tn ram on ms or last year, pi urn- ro und is quicker so more ships pensico said it acreed v/*** the cates £9Sm. for ouhlic tran?nnrt. pared With about So.000 in same period of 1B76. Comnle- dlHIlUUli SCLUUp 

had overstretched their credit f, 9 !"'” 2'* «e available. During the been., to SS2 tb 

due to lending long and borrow- >ast jear^H has now steadied i to shipping lines all wanted to get per or Pepsi-Cola plants 

ing short. Suddenly. importers a ™“ n S« lnt ° ti 1 : “frtet. Much Of the country to 10 and to l 


between U.S. and a number of I estimated £80 m. caplta'l spend- figures released yesterday ” starts in Se'ptembcr-November.' 

European officials. I ing. £65m. Is for public transport The Environment Department were up seven per cent, on the rl^OTlSi PYIUHIuS 

and £15m. for new roads. said that contractors started previous three months and one 
The £!S7m. for revenue alio- workon2i.l00newhomeR.com- per cent, better than in the onimol ennfinn 

calcs £98m. for public transport. Pared with about 25.000 In same period of 1B76- Comple- ailHilal 3CLUUH 

including fares subsidy and free October. The figure was 200 up lions were five per cent up on F1SONS is expanding Its animal 

travel for the elderly, and £39m on that of November. 1976. At the proceeding quarter hut fee health interests and Is consoll- 


i to “93 000 K September round % !ti ick ! r “ more ships p epsico Mld it ocreed ^fe the calcs £98m. for public transport. Pared with about 25.0M in 

fear Ithunow rfeJdtS to a £? a? 1113 ,! 316 - During the boom. Soviet Union to double the num- including fares subsidy and free October. The figure was 200 up 

not? hnY S shipping lines alt wanted to get ber of Pepsi-Cola plants in that travel for fee elderly, and £39m on that of November. I9fb. At 


co S ul. no, receive ’ lenens of H5. 


ths market. Much of fee country to 10 and to Increase for road maintenance and traffic 10.800, starts in the public sector same as a year .ago. dating this sector in the group**, 

couia not rowc.ve v. u - nnmnat ,„„ . t .- t —trials shipped was for fee substantially the imports of control. were 2.M0 lower than in October. The National House-Building pharmaceutical division. 

credit and almost overnight pm S- r,, ^ , ,^177,, construction industry, but as in Stolichoaya vodka into the U.S. to For the first time for “some Completions for November Council -announced its private The company' has Invested : ■ 

stopped ordering from abroad, car 8?' t „,. P her ,neSS naS Decome any slump, the construction meet soaring demand, Reuter years.” said Miss Shelaah reached 27,700. a reduction of sector housing. figureB for last £1.25ra. is - Qu«r manufacturing • : 

leaving shipping lines flounder- muca “'“suer. industry suffers flfst and Imports reports from New York. There Roberts, leader of the committee. 2fl0 bn fee previous month and year— starts of 129,730. second plant fora product used In fed' ■ 

ine for business. “Things will not get better of construction materials have axe .now two-Pepsi-Ceia plants the sum to be spent on road of 100 on the same period last lowest total of the Inst decado prevention of anaemia in pip, '■», 

It took about four months for until some of the weaker opera- fallen. Wife fee scramble for operating at full capacity in fee building shows an increase of year. and some 25.000 down on 1876. lets, Gleptosll, and .bas ; buUt an «\ 

fee effects to filter through and tors go to the wall. Even some cargoes conference rates have Soviet Union, while three are £2 37m. to £15m. This will rise Public sector completions fell Completions reached 141.S62, a nlrail . health development unit ^ .> 
the fimt signs came last summer of the *”£ operators are losing been thrown out of the window, under construction. to £40m. a year by 193233. from 15,100 in October to 14,900, against 152,000' in 1976. at its farm ar Belton. . 


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'fEB plan for North 
ignores local help’ 


North Sea groups 
agree on plan 
to stop blow-outs 


Consumer demand gives 

hope for improvement 


JX „ ft •'■WF V v * BY MICHAEL BLANCN \ . 

KY JOHN aUCETT. INDUSTRIAL EDITOR ^ | MT 

GROWING rivalries to the north- position to\ J3» . suitable asgnr- the -region, with no- ele-tted repre- *T out ABERDEB4 CORRESPONDENT THE LEVEL of roomer per cent below the annual . Within the total, finance-honse 

of Wn gft»r»T between Government ances to cam. pnnies who -needed senjatives of the regi bn on The demand remained relately do- average for 1976. lending was higher than In Sep. 

agencies: over their roles in the security ». of a long-term board. . THE GOVERNMENT has agreed wonM be reviewed annually with Pressed for most of lx year, Most main components of total tembcr or 'October; and about the 

boosting local industrial' develop- partner to deV eI °P Iheir b«*i- “Local authorities in ithe north with major oil companies a see- the Government. but there are signs that tending trade were virtually unchangedsame as in August, while lend- 

ment came to the surface yester- nesses satisfactorily- are directly ’involved prob-j tor by sector Wwautprevention The six ships earmarked for *s Jresjnn ing. tP _p*ck up . to the latest ihree-month Parted, tog by retailcrswas the highest 

day w inert the Na ti onal Enterprise Sir Leslie. said; *" The NEB will lem of industrial development > scheme in the North Sea. the UJC. sector could cost as The latest figures y • tire with the exception of the durable recorded in 1977. 

. Board announced the member' be careful to taiL.* its invest- and many have very Saige and! There win be a v*»rlv review much as £240m. and Dr. Mabon Department of Trade si* that goods shops, which showed * rf*e to the latwt three-month 

• '’-ship of a new regional board it ment terms to liu.’ needs of active programmes for Imdjzstrial j a j SOt to monitor the progr ess of said be would like as much work the final seasonally l a sted Of about 1 per cent. • • ^temner to 

. baa set op based in Newcastle particular companies 7 *u the support. Their potential contn- chiA* »nd eoninni»i^ «tronlied as possible to go to British ship- index of the volume o retail Instalment credit business November, total advances were 

- upon Tyne region" Whenitwas consider- bmiun lo the regional eatopm* STch^k y*i§?\ri£ th/ships manned by «»» « November wa IO 64 showed a recovery in November, 7 per cenf up ontho previous 

ZL Wtta^hours of Sir Leslie inf an investment it was. squired board has been ignored." £ntf OT ****** Britfch «Sr££n az* equipped by <*£=“»'; markedlv nC T eWdU -"ESSSt a? h^B SSt SSS 

• “Murnhy chairman of the NEB by the Industry Act. 137h • in see Sir Leslie, howeverj said that ■ This was annomir*^ resterdav British companies. This W2S .markedly dgber finance houses and retailers at tncreased by 5 p er c ent, on this 

^*25 the prosper o?Tn adipate he felt hi? new" E-w would j faXLSJ "I have Sad discussions with Jjf *■ TSSS^SnS: S26"- SBE^ffoSSS? 8 ^ SSl ****** ** ** * 

board; the chairman of the North return withm a reasonable hejip to consolidate -the dose Mabon, Minister or State for British Shipbuilder on build- rt^mSSSui SEt *“** against £3S6m. in October. 8 per cent, 

of England Development Conn' period. relationship between, northern! Energy, following a meeting with ing these ships on time. If Jv". f ,L - C 4 " - ----- 

ciL Lord Gienamara, said he was The local reaction came in- a industry, trade unswns and (50 senior r e pre s e n tatives from there is an annual review there w* 


u> 

Hi*' 


cv -house leading 
per cent on this 


adl^uate he felt to new bo^rd worfd j to Dickson “I have bad dicussions with ^ ^ * SBE^&tfSS2f 8 ^ SSl rettiltrs V/ere U P * 

reasonable faeto to consolidate -the dose Mabon, Minister or State for British Shipbuilders on build- rt^oreSuSSS *“* * s “ nst £3S6m * 0ct0ber * 8 ^ ** 

relationship between, northern) Energy, following a meeting whfc ing these ships on time. U i "”. 1 0 °.S C . praTlOM . _ - 

came in- a industry, Iradp limans inri!W «mnr ■■m... fn»n iSm « art animal mint thm le L£ l 04 1U *’' . 


unaoms and 50 senior representatives from there is an annual review there 
government. 15 of the North Sea's main will be a full and fair chance 

new { -northern production companies. for British Shipbuilders to 


-disappointed by the event. statement from Lord Glammara.. central and local government. 15 of the North Sea's main will be a fUU and fair chance . jAJf ' wm* 

This r eacti on from Lord H* . complained that the new. The NEB's new I northern oroduction eomunfe*. for British Shipbuilders to ? ??“ 


The outcome suggests 81 the 
higher level of sales in st&ner 
has been maintained. Ir eon- 


rGtenamatrg (formerly Ife Ted. regionai bnactf did not indlude? regtohal Board, whichj f has power | The British sector of the North torild.” with the earlierimpraion 

Short, the Labour politician) to un/est up to £306>,000 in a Sea has been divided into five Mr. George Williams, director- ^ . ther ^nd been a rerwed 

'■ - company, comprises- r five part- sectors and the Government will general of the United Kingdom *“ jJ ^ e 

time RiemherK. e»eh k #>+icriKJ» tn he tneetrno tho K<vnc»aianc in Offshore Ooerators Association. .rJiTT'.t _ < 


HIRE PURCHASE CREDIT AND RETAIL SALES 

(Scawnally adjusted) 


Short, the Labour poJxtnnan) 

■ - stems Erma local tensions that 
have arisen in the north as a 
-.result of the Scottish, devolution 
-1 deba t e 

It distracted attrartion. from 
-• efforts Sir Leslie made yesterday 
.-■to persuade local industry that 
. .he intended that his local board 

- .- should have considerable 

autonomy and freedom to 
operate flexibly. A similar 
-^.regional board wag- opened last 
...-month in Liverpool. 

Speaking: in Newcastfw yesCcr- 
. “day. Sir Leslie also gave sn as- 
1 . surance that the NEB is pre- 
: pared to pull out of companies 
: - In which it invests should a suit- 
i-. -able opportunity occur. 

' He said that some people 

- bad held back from becoming in- 
volved with his organisation 

• ' ^because they feel that once they 
‘■ -get the NEB in, they cannot get 
--to out." 

The NEB aimed to be flexible 
and businesslike in its approach, S 



time members, each; eligible to be meeting the Norwegians in Offshore Operators Association. wjui'the recovery is stibnhr 

receive a fee of £H<KJ 0 a year. April to coordinate steps on the said the sector by sector basis modest m0 re recent indlSSS 

and Mr. Gerald Cbzmolly, the plan. had been deaded upon because . ^ retail trade bavemg- 

NEB's northern region director. The five sectors as outlined of the tremendous variety in peste . W j th a ROO< j S3 
The .five part-time members yesterday, each with a principal water depths, weather and types ^ and a stTong nspom to - 

- are: Mr\J. L. Dickenson, deputy operator m chaxgefor emergency 0 f pl^ormsjn m^ the January sales, the lew of 

chairman of Sheffield 1 Twist Drill firefighting and blow-out action. He was confident that a multi- ^ picking up Titer 

kCo.; Mr. Pavid Brown, manag ing are: SheH. east of Shetland: Elf, purpose ve ssel on maintenance more quicklv than was expired, 

director of D. J. B. EnSS\n| Mb ^eld: BP Forties Field; ^l!LSS£ Mo« ‘ retailers thought thiSe 

ar Durham; Mr. L^tRogr Phillips. Ekofisk; and Conoco, gaged quickly for emergency TQCOVer7 would not C ome beire 

rnvnaging director , 0 / Victor Piper and Claymore fields east acuon and, m an y case, mere spr ing. when consumers will »1 
Ptg ducts: Mr. Arthur/ Myatt, area of Orkney. would be support available benefit of a lower leveof 

manager of the National Wert- There are now seven multi- the next sector. inflation coupled with tax tis 

minister Bank. Newcastle; and purpose flre-fighting and support • Cromarty Petroleum, which and delared pay settlement^! 

Mr. iPavid Williams, a full-time vessels operating fa the L.K. already has planning per- he current 10 per cent iv 

official of the General and sector and five In the Norwegian mission to build a refinery at policy 

Muniqipal Workers' ’Union. I zone. A further six. including Nigg. on the Cromarty Firth, is ** In three-month period frn 
The v new regional board can ' three semi-submersibles. are to apply today for additional September to November 'c 
make recommendatJ.ons to the I Planned for the British sector consent to erect storage tanks v0 | ura e of retail sales' -tig 
NEB on investments exceeding in the next three 40 four years. This effectivriy would give the virtuaUv nn changed from Je 

£500,000. It can 'afeo generally Dr. Mabon said. company an oil terminal ready prevjou ' s three months. Butts, 


TaU AM IUM wtao* (irtMd) 

ctSSSJi 

tm, tin. tm . (mi= IW) 


OT6 1st 

340 

502 

2J97 

1S7J 

119 ~ 

2nd 

382 

491 

2363 

107.6 

122 

3rd 

393 

524 

2.465 

108.9 

128 

4th 

420 

558 

2.662 

1085 

128 

1977 1st 

460 

557 

2,737 

105.0 

118 

2nd 

489 

568 

2£65 

103.9 

119 

3rd 

547 

635 

3,054 

1068 

125 


13S 

189 

2.661 

106.7 

123 


157 

185 

2A91 

105J 

120 

- March 

168 

183 

2.737 

103.1 

m 

Anri! 

154 

195 

2,782 

103.4 

121 

• May 

171 

187 

2JI36 

104.4 

116 


164 

186 

2.865 

103A 

119 

July 

163 

200 

2.906 

107.0 

129 

August 

201 

216 

2.994 

wa 

122 

'.September 

183 

219 

3,054 

- 10A2 

125 


173 

213 

3,113 

105.4 

124 % 

November 

200 

220 

3.213 

106.1 

122 


StWfca; Depart of TroJm 


X&;Z . WOBk the total .funds available to the e*** ordering a multi-purpose Regional Council is obviously 
'" l il uc UCAU " C of 11 T fct re witepffv board. vessel, but he did not know how being made with the Beatrice 

iu -said sir Leslie 6 and adtied^" I Its temporary chifirman ft Mr. many ships would be needed Field— operated by Mesa Petro- 

.. Would ntoi to siv“ an France accountable members of local J. L. (Bob9 WcHnsim. formerly altogether because the number leum— m mind. 

on .that people need not feel they authorities and that its one trade managing director Sl^F (U.K.) 

;.-are beine locked in for aH time ' 1 uni °n member was insufficient to and a part-time member of the 

The wav in which an inv«t rapre ® 6 " 1 iocai ^^ns. Board of NEB. The • otter mem- * *11 

1 : ment nif/kacp wic “It is clear that the north is bers. are; Mr. David Brown. f }§» A -ni*AinnAC! wl ATTB A 

-■“would ^e^kent a? facing an unemployment problem managing director of DJB 1 j I J f\ |Ji Of XU-CS iltf lTl t? 

nnMibIp° tn k ?iHf Sr eater than at smre Engineering, of Co. Durham; Mr. J# A VT f 

... Kffl? 1 * “J 1 existing ^ 1930Sj - he ^Id. “This is L. Roy Mann, managing director 

• A 7 ^n h ppmin S tc mi.ih* ho a time when we should be facing of Victor Products, of Wallsend); ^ f • • 1 * 

' • n 2«2 U f*l ? our difficulties jointly and Mr. Arthur Myatt. area manager T A|* 1101101^ 

■'S!SJ?i na hi accountably. of National Westminster Bank AU1. AAAI UU1 AJIA^AIAA^^^ 

be JL^ b ° ia ^ at “ftrstead the Government has in Newcastle; and ‘Mr. David 
2L5 ° r 1D chosen t0 create yet another Williams, a full-time official of B v our BELFAST CORRESPONDENT 

agreed circumstances. nominated body responsible to the General and Municipal 

Equally the Board was in a London, not to the people of Workers. Union. < _ 


UDA provides home 
for liquor business 


Nuclear data offer 
may soke dilemma 


BY OUR BELFAST CORRESPONDS 


Beer output figures 
puzzle brewers 


BY KENNETH GOODING 


Credit 
brokers 
will need 
licences 


BREWERS have been puzzled by was that licensees were worried ImAVintac and spokesman for the UDA, 

•)»' figures released yesterday which about beer supplies for Christ- ULcIlC^iS and another Is « Belfast 

showed November beer produc- mas because of the increasing publican ’ ' -i V 

},■ tion 6.5 per cent up on the same frequency of industrial disputes - Mr iwi.. w ho ' a (d i n 

month in 1976. on the distribution side, and By Midia.1 Bhntien .reSIds^ S' the C^npany 

For there are no indications, or ^. r ^ d ®5 tra in ;v j9 veillb « r - __ _ , . . . . Registry <n Belfast to be the 

• from the major brewers at least. Production in November last IN THE final main stage of company secretary, said yester- 

that sales have been anything but *■* , 3 - 7m - U P““ bfreels implementing hte« licensing pro- day that Senaw leased offices 

* - static in the past few months. (1.066bn. pints) which took the visions of the Consumer Credit • in the UDA*s headquarters. He 
The Brewers' Society sug- tr^m^ar^isTlOARhf Act - ^ Government has intro- refused to discuss the nature 
.. gested that demand might have nfatsi. duced rules which k will require of flic eompanys business, 

been affected by the exception- T hb? was 0.6 ner cent, dnwn nn credit brokerage businesses to . T he CO ? I P a ?. y ^“ registered 


A REGISTERED trading com- 
pany involved to Ae liquor 
business Is now operating from 
the Belfast headquarters of the 
province's largest Protestant 
paramilitary group, the Ulster 
Defence Association. 

The company has been 
registered as Senaw, with a 
nominal share capital of 
£204)00. One of Its three 
directors Is Mr. Sammy Doyle, 
formerly a leading member of 
and spokesman for the UDA, 
and another Is *, Belfast 
publican. ' ,'V^ 

Mr. Doyle, who Is said fa 
. records at the Company 
Registry fn Belfast to he the 


UUOlUVkJVJ by DAYID FJSHLOCK, SOENOteDlTOR 

- pj - THE British Government need nspectors without the electricity National Nuclear Corporation a 

not make a “firm commitment “ idustry issuing a "letter of licence for its PWR design, to-, 
tn build a nressurised water itent " or other commitment, gether with enough Information 
UDA building In Newtownards ™ ® P his offer may help resolve the for the nuclear Inspectors to 

Road in the heart of Protestant reactor (rWK) type of nuclear overomen t's dilemma. complete their investigations. 

East Belfast, Mr. Andy Tyrie, station before its .nuclear The electricity supply in- But the NNC declined 10 dis- -. ; 

the UDA commander, was not inspectors complete lovestiga- cstry argues that only with cuss the offer. v;:.* ; 

available to answer questions tions. a West German heavy *ch a commitment can.it en- n. vrtm * r also uoimed out 
about its activities. electrical plant company said sre obtaining the information * the Central * Eleetrinfr 1 5 

The stated objects of the yesterday. id help required to clear a Generating Board had beencoS v ' ]! ill 

company are lengthy. One The Government’s central <hign with the nuclear in- missioned by the Government of "* 

object is to rent, purchase or problem i a trying to choose a swtors. and with the public i ran t0 participate in a safety 

otherwise earry ou the busL reactor to meet Britain's future. Ifciry it would expect to evaluation ol two 1,300 MYlfVi)"':', 

ness of wine and spirit mer- nuclear energy requirements is ujetgo for any novel type of pwRs. his company is building - * 

whet ? er *° acce , pt to* electricity nctor in Britain. fa Iran. This contract would 

K S. rtnSni? supp L y 1 ^ try s case for P™* J* x Bceording to Dr. Hans g ive the CEGB a considerable 

. SS me the P\VR a s an insurance or FJWer. K\YU managing direc- insight lnl0 lhe gafety 

; f ? 1 . , -S a i k . Policy, in case the to his company would not philosophy of the German manu- 
ulster Constabulai 7 he^n to Bntisb-designcd advanced gas e*ct a commitment from any facturer. 
clamp down on dlemil. drink- cooled reactor proves unable to pay to build to its design be- t> , 0 nPr3l 

ing de ns to Belfast which w ere fulfill the nation's future needs. f 0 i it had completely satisfied ha ve foaSedSel?^ intrnSt m 


«- a* '^ G r ernment ' s nDdear “• 

endof lhe vear, about '30 of ^ el l c „ t i Icl P ripply sp *f s - design of PWR, although latest 

the known “ shebeens " were lndnst p' asked the Govern^ - Ftoe nuclear inspectors had stipulations - by nuclear inspeo- 


been affected by the exception- This was 0.6 per cent, down on credit brokerage businesses to . regisierea police ifflrers fa Bj 

ally mild weather in November. tte sajne peri od of 1976 so it have 2 licence to carry on their - ^ «» enrtenee came aware of the activiti 

“Sunshine hours were 40 per appears that the Brewers' Society operations after July 1. ■ 0nIy 4 y« ster *V- company operating f; 

StfaJanSa?; e fas"y^ The move was announced Although it operates from the headquarters. 

S .? 1 ™ h ‘ g i te ?Pf™^ rea earli in production would show a 1 to 2 yesterday by Mr. John Fraser. 

Sf a „ m i°a^ rfI u f! r ?-S per cent decline in 1977 is likely the Minister of State for Prices TTnr^nw A 

t i 5f° tigrade f6S to he fulfilled. . and Consumer Protection, in AA 3X13110 1161X00113110^ 

de 5?S« Farenhejt l r e- In December, 1976. there was reply to Mr. Jim Callaghan, MP VI 1LH UXailUU 

cor(ierL an 8 per cent jump fa production for Middleton and Prestwich. prtfinfn nf/\wvr 

Others in the industry are compared with the same month a The new Order published S3.L1ST 3t!fllXV"' 


raided hv the oolire and pimM ment f ° r 2 “ fir ^ commitment " res vat Ions about the safety of tors show a preference for 

Sow? the police and closed tQ buj , d one PWR 3tatlfm . fitart . theSesfan after their Govern- safety features Sf the German 

It Is understood that senior i °L n °, 1 wfler tiurn 1B82. But mei had entered into a “firm reactor. These features Include 

police officers fa Belfast are S? sterday ’ J\ r j^ twerk . Union, a corn it ment. the result could a duplicated emergency core 

aware of the activities of the 5ie ™ ens subsidiary, said it would be j commercial catastrophe for cooling system, forged pressure- 

company operating from UDA ? alce ^warlable to Britain all the K W. he said. vessel components, and a more 

headquarters data oeeded b >‘ toe nuclear KTJ had. already offered the robust reactor containment 


Reactor stuly to be reopened 


-■ co ea " an 8 percent jump fa production for Middletoo and Prestwich. cofinfn a 4 -/vwt 7 . „ g | 

sceptjcai ,”is£5 »«siactoiy--report « ™ W e n , M ore ™«.o«, - ». 

feel that mild weather in piled ahead of January price major step in putting into effect THE-PERFORMANCE of Harland to the forecasts on which the ^ ec . c,t ? Generating tak^iearly three years to carry Marshall said. 

“ Nc* - ember has not the same kind increases. ' Although the trade the extensive protection tor con- WoME. the Belfast ship- assistance was based. P SHi l ° bu , a 2Ut “^sw® 2 tific study, it seemed But Sir Alan and a group 

’of impact as extra summer sun- expected price rises this January, sumers provided by the 1974 builders, has been satisfactory The shipbuilding programme r „?. D OTt v -to leave it in its within the UKAEA itself con- 

shine. it is unlikely that stockpiling of Act. Two important stages in since & rame into public owner- was fairly close to target. Produc- Si P^L‘, n amhnlit ; ♦ preser uncertain state. sldered that be had not been 

. One theory, yet to be tested, similar proportions took place the licensing process have shi P. according to a report to tivity in the steel output has * s He rpes to reconvene the cautious enough, while the com- 

already been achieved, after Parliament from the Controller risen 33 per cent in the past , c team Jbjeh led the study— in- oients of the British nuclear 

" ■ ^1 . . * some delay. and Auditor General. three years. eludin' Sir Peter Hlrsch. pro- inspectors were “ fairly neutral*" 


— — — T tiJ NS * * mucv JCOJ3 kL# uau j auusunu Odiu. 

Board plans to build a pres- out h-scientific study, it seemed But Sir Alan and 


Courage to shed 300 Defend l;March 1977 the yard had drawn export orde'rt. has been ahead of I w T /? is ^ T as , C 0 .?^ T l ne ^. by Dr. versitjof Oxford.^and 1 Dr.^ Alan 

a in Mo ....... „ .£32 7m. of a £60m. package set target and relationships with the 1 h rSh T a )l-Av e * pu y , clia 3, r " LiddiaL. formerly in charge "f 

A 12 PER CENT, reduction in bution costs." These have covered other iaslde to stave off redundancies, workforce have shown a dramatic man of f nd the theorem physics at Harwell— 

its labour force is planned by Courage ( Eastern "> fa also ancillary categories of the credit tsbows spending within or close improvement man responsible for the Marshall later tfc month.' But he expects 

Courage (Eastern), that pan of talking to the unions about new business, such as debt-adjusting. report on the integrity of PWR the Dei exercise to continue fnr 


already . been achieved, after Parliament from the Controller risen 33 per cent in the past “ !?!S" team Vbieh led the study— in- ment* of the British 

some delay. and Auditor General. faree years. fwrs rJ MUhSdVi JSXSSJE eludin’ Sir Peter Hlrsch. pro- inspectors were “fairly 

^ „ The report, which says that at Engine production, including • shed - 15 m ° Dt fi s a S°- fessorif metalluig)’ at the Unl- 

Deferred ;March 1977 the yard had drawn export orders, has been ahead of w ,, £ as if 0 .!? 1 * . . r ‘ versitshf Oxford, and Dr. Alan — 


tin Courage brewing group agreements involving more debt-collecting and debt-coun- 
which operates in London and flexible working practices. selling, as well as credit 
other parts of the South East. Courage (Eastern) hopes that reference agencies, which have 
- Unions have been told that the latest reduction In its 2,500- been required to have licences 
about 300 hourly-paid jobs, strong workforce can be since August 1978; and most con- 
mainlv in production and dis- achieved partly by voluntary re- suxaer credit and hire businesses, 
tribution. will have to go beFore dundancies and early retire- Including baoks and hire- 
this spring. ments. purchase companies, which have 

The company, part of the Another part of the Courage been subject to licensing since 
'Imperial Group, said the move group. Courage (Central), closed last October. 

necessary because “ the a depot at Whitney, Hay-on-Wye. 


Freight forwarders want 
air cargo rates reduced 


-—i-— —."V ia«r us montn. But he expects 

° n in,e ^ nty ^ the nei exercise to continue for 
vessels. anotheiyear or two. 

ahhSSgblererel Sportam mod? purpose will be to 


ficatiohs in the U.S.-designed ■*« & 

Dressurp vessel would hp frortI a 7ut ten expert bodies. 


Big demand 
for aluminium 
frames likelv 


pressure wuuiu uc amonE 1P1T , c: r Ai_ n aAinuuiiu aiiubwu™ 

required to adapt the 428-ton JJJIJ * 8 Strip window and door frames and 

stool r.hn-^Hnn n iT p...!.,. nouse biectnc. toe r rench , k« 


EXTRUDED 


ALUMINIUM 


steel fabrication to U.K. nuclear other building products will be 

conditions, such vessels could be j 1 t ^ P ^j roup ” ra matome, and ^ g^j. demand as the ant ici- 
designed and built to British . ' • pated upturn in. the construction 


BY LYNTON HcLMN, INDUSTRIAL STAFF 


PROPOSED INCREASES in air they say “ fluctuations " in the “uclear safety standards. 


mu m„u j- n^ n h 0 y anA an « special deferrafl of the cargo charter rates should be U.S. dollar exchange rate justify But the findings failed to c fL r ?_„ i - *, **"——« *«•*«*, ». 

^ * ere Were 00 licensing provisions has been reversed, says the Air Charter a call for a downward revision completely convince Sir Alan attempt '« use a novel statistical Star Alu m i n ium. Company, told 
■ to production levels and distri- redundancies. . — j rVoii techmau. for anaivsine the Wrfah hniindconon in. 


Their imments primarily con- industry gets under way. Sir 


Marshall report's Richard Powell, chairman of the 


to production le eis ana aistn- reaunaan made for non-corporale credit Forwarders Association, follow- of rates. There was a “ very good Cottrell, former chler scientific . *° r fmalysmg the Welsh businessmen and in- 

; ! brokers who only make introduc- ing a letter to Britain's major case” for airlines to bring the adviser to the Cabinet and one prooaoiiir -of failure fa situa- dustria lists yesterday. 

tions resulting In the making of cargo airlines. The association rates down quickly, said the of the world’s leading authorities tlons wfire “ e Probability is the commissioning of Star 
A/Trtf hors'd rik fmonpac rPCParf'h certain agreements regulated re presents 90 per cent of association. on nuclear containment. very rem; e . Aluminium's new £450,000 

lvlULllClL.<tlC lUldULCS IcacdlLU under the Act. for credit not ex- Britain’s air freight forwarders. Cargo rates are based on a Sir AJan accepted tbe Marshall The tdinique has since aluminium anodising plant at 

MOTHERCARE, tbe maternity of £500.000 and will involve ceedfng £80. Tbe call for a cut fa rates sliding scale, decreasing in report and its 40 “ essential attracted considerable interest Briton Ferry, Swansea, Sit 

and bahveare chain is ta finance Mothercare in financing the cost This deferment which broadly less than a week before sterling value as the dollar-to- recommendations,'' but con- among nelear engineers, who Richard snid: “ There are many 

eronori/. HicnMan of toe staff and equipment in corresponds to the similar Tradewfads cargo airline raises sterling ratio rises. eluded it could not be guaran- have use it to reach both signs that the construction- in- 

, ™ c . 1010 - “ m- „ ” tbe new unit measures taken for small coo- ^barter cargo rates to Kano. The minimum rate on the Kano teed that such vessels would higher amdower figures for the dustry, with Government back- 

in cmiflren. it « estaousning a The unit will try to ensure sumer credit and hire busi- Lagos and Khartoum by an aver- run. quoted bv IAS Cargo Air- operate safely for the design life probabilitfaf failure of a PWR ing, is picking up and that will 

paediatric genetiw unit at tne that more babies are born nesses, will help retailers who a £e 2.7 per cent, from January lines, is now 50p a kilo, as the of the reactor. vessel. mean big orders for the plant" 

Institute of LDiie Hcaim. tne healthy in future. It will try to supply or arrange for finance 15. Tradewinds said the increases existing scale was frozen at an His reservations take on Most exirts judged the report Star Aluminium had outline 

medical school of tne ureal identify causes of congenital dis- bouses to supply goods and in were based on rising operating exchange rate of S1B0 to 51.75 special importance with the pos- as taking cautious line — that plans for a similar plant in the 

Ormond Street Hospital tor or ders such as heart disease and connection with that transaction costs. per £. Yesterday, it stood at sibility that the Government may of Roils-Ryce and Associates, north of England if the demand 

Children. deformities of the nervous make introductions for small The charter forwarders accept $1,917 while cargo charter rates shortly approve the CEGB plans which mak, pWRs for Britain’s for Briton Ferry products looked 

The endowment is for a total system. * amounts of credit. this but in the letter to airlines remain at the April, 1977 level. for a PWR station. nuclear subiarines. as taking a like outstripping supply 


Mothercare finances research 


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Fipapcial Tim es Wednesday Jaauaiy 11; 1978 



LABOUR NEWS 


pay i 
Foot 


policy Cabinet 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


AN ASSURANCE that the Gov*' 
eminent has no plans for the 
re introduction , of a statutory 
incomes policy was given yes- 
terday by Mr. Michael Foot, when 
he came in for intensive grilling 
from- MPg -on both sides of .the 
Commons. 

As an ardent former advocate 
of free collective bargaining, the 
Leader of the 'House found him- 
self in an embarrassing dilemma 
when he answered questions to 
the Prime. Minister in the 
absence of Mr. James. Callaghan. 

Left-wingers wanted ah ex- 
planation of recent suggestions 
by Mr. Denis Healey, Chancellor 
of the Exchequer, that some form 
of pay policy was here to stay 
and that Stage Four .would.. have 
to be Introduced when Stage 
Three comes to an end in ,the 
summer. 

To -make matters worse for 
Mr. Foot, the Tribunites seemed 
to be. in hearty agreement with 
the policy promulgated by Mrs. 
Margaret Thatcher od Monday, 
when^she promised that a future 
Tory administration, would 
return to free collective bar- 
gaining. • 

Yesterday's exchanges dis- 
closed deep idivisions of opinion 
on the subject 'within the Labour 
Party. Mr-: Eric Heifer (Lab. 
Liverpool -Walton), a leading 
figure on the Left, warned that 
whatever Mr. Healey was advo- 
■ casing, it certainly did not have 
the backing of the Labour Party 
as a whole. 

Always an adroit performer,. 
Mr. Foot neatly managed to solve 
his difficulties by explaining that 
he still adhered _tD his original 
views on pay policy. This meant, 
be said, that he was opposed to 
the re-introductioli of statutory 
wage controls— a view which 
was completely in tine with 
Cabinet policy. 

At the same time he agreed 
that there was a need for the 
Government to have full discus- 
sions with, the TVC on what form 
pay policy should take after the 
summer. _ 

Decision on 
race judge 
this week 

By Rupert Cornwell . 

LORD ELWYN-JON^S. the Lord 
Chancellor, is expected to reach 
a decision by the end of this* 
week on Judge Nell McKinnon, 
whose controversial remarks in 
a race trial last Friday are at 
the centre of-, a political storm. 

Lord Elwyn' Jones last night 
conveyed to. a deputation of 
Labour MPs - his intention to • 
treat the matter .-with the utmost 
urgency. . According ■ to MP$ 
present, be spoke of his own 
“personal concern and worry" 
over the incident.- . 

The Labour Party at- West- 
minster remains outraged at the 
judge's behaviour in virtually 
directing the Jury to aquit Mr. 
John Kingsley Read; the former 
National Front chairman, on 
charges under the Race Relations 
Act of inciting racial hatred. 

Almost 100 Labour MPs have 
now signed a backbench Com- 
mons motion, demanding Judge 
McKinnon’s dismissal., but he is 
unlikely to receive more- than 
a reprimand if the -Lord Chan- 
cellor deems further action 
necessary 

Lord Hailsham, a former Con- 
servative Lord Chancellor.' under-. 
Rued -the differences in the atti- 
tude of the two- maior parties 
over the McKinnon affair. Tn-'an 
interview yesterday he accused 
Labour Left-wingers of conduct- 
ing an “ hysterical " public 
relations exercise- which • could 
do more harm than good. 


Mr. Dennis Skinner (Lab. Bols* 
over) wanted to know whether he 
was in agreement with the “new 
sexy, husky voice of Mrs. 
Thatcher” .oh pay. policy. Mr. 
Foot managed to sidestep this 
with a genial assurance that he 

would rather agree with Mr. 
Skinner on such matters than 
with, the leader of the Opposition. 

Out of touch 

He was not allowed to escape 
so easily,, however: . Mr. Ian 
Wrigglesworth (Lab.; Thornaby) 
told him that recent statements 
by -Sir Geoffrey Howe, Shadow 
Chancellor, Mr. ' James Prior. 
Conservative, employment spokes- 
man. and Mrs. Thatcher showed 
bow much they were out of 
touch with the unions. He asked 
for an assurance that . the next 
round of talks on pay policy 
would begin very soon with the 
TTJC- • 

Mr. Foot agreed that the 
Government should have talks 
with the TtrC “to: produce a 
common approach to the view on 
pay policy." 

For the Tories, Mr. Norman 
Tebbit (Chingford) suggested 
that Mr. Foot should have given 
a more frank and honest reply 
tQ -Mr. Skinner. He wondered 
whether the Leader ‘of tie House 
vis free of his “hang-up” of 
supporting free collective bar- 
gaining or --whether - he still 
believed in if. 

There were jocular Tory shouts 
of “resign, resign ? when Mr. 
Foot replied: “ 1 still hold to the 
same views 1 have, held about 
this, matter all along/? 

He- wa6 sorry that the same 
could -not .b? said of the Tories. 

He was asked, for his views on 
an article yesterday, by Mr. Moss 
Evans who is about to take Over 
as general secretary of the 
Transport and General Workers' 
Union. Mr. Evans wrote that in 
no way would his union agree to 
a continuation -of pay - policy, 
whether voluntary or statutory. 

Mr. Foot declared',. ta l fully 


accept the importance of the 
article. We have always believed 
that there should be an orderly 
return to free collective bargain- 
ing. We believe that the agree- 
ments we have made over the 
past six months will be of assist- 
ance for tbat purpose. 

" In deciding a future ‘policy, 
tbat artlde will be taken .into 
account." 

From the Opposition Front 
Bench, where Mrs. Thatcher was 
also absent. Sir. Keith Joseph, 
Tory Industry spokesman, asked: 
“Don't the Government think it 
right and necessary to enable 
Skilled people to earn skilled 
pay? " * 

* The Leader of the House told 
him that he'certainly did agree 
tbat $ was right, but be was not 
sure where Sir Keith stood on 
this. 

“ He was taken to Scotland by 
Mrs. Thatcher— even if he wasn't 
allowed to open his mouth there. 
Well, maybe he did, but be did 
not put his foot iii it this time, 
so nobody noticed." 

Scornful laughter 

Mr. Heifer wanted him to 
explain “to simple souls like, 
me” what- the Chancellor was 
talking about when he referred 
to the need tor & Stage Four 
policy. 

“Who was be speaking for?" 
he demanded. “ Was he speaking 
for himself or for the Govern- 
ment? He is certainly not speak- 
ing for the Labour Party.” 

There was more scornful 
laughter from the- Tories when 
Mr. ' Foot explained that the 
Chancellor bad been speaking of 
the need to discuss what should 
take place in preparation for 
future policy. 

“lr does not mean that the 
Government in 'any sense what- 
ever is seeking to commit jtself, 
in- any sense, at any future date, 
to any form of statutory incomes 
policy. We are opposed to a 
statutory incomes policy and 
remain opposed.” 


Tories back plea 
for 9SC letters 

Br RUPERT CORNWALL 

; i . -• -.. , 

THE -PROSPECT, alii at big ‘ Therefore,- they, are seeking 
confrontation ' between ” the access to letters exchanged 
Government and MPs proved^ exchanged between Mr. Eric 
closer' last night as senior v Varley, Industry Secretary, and 
Conservatives Indicated their* \ Sir Charles Vinters, the corpor- 


brbad support for the demand 'ation’s chairman since. January 
o f a Commons select commit- W76. 

^ * °. see s ecret rerrpspond- \ honld their demands be 

safipesslnl, a precedent will 
Steel Corporation. - • established which 

twfrwf'jbe danverc^f rreatlnv eould -redraw the traditional 

positions of power between the 
a precedent which could easily Executive, the Legislature and 
rebound against the Tories in . 

office, but they felt that, con- w “- , „ 

stituuonally. the request from 5o far, the Government is 
an all-party Committee should vigorously resisting this P res- 
not he ignored. sure, on the -grounds of eom- 

The line the Conservatives' merelal confidential! ty. 
take wUl not be settled before For the select committee to 
to-night’s Shadow . Cabinet - have its way, therefore, all- 
meeting at the earliest. party support will' be needfed- 

There Is an obvious attrac*' Meanwhile, the Speaker, Mr. 
.tion -in using the Incident to George Thomas, called y ester- 
cause 'maximum embarrass- . day for a tightening of the 
ipent to the Government, but rules, governing Parliamentary 
the Opposition knows it must privilege, to prevent premature 
avoid clumsily provoking a disclosure of select committee 
straight split on the issue in . reports. 

the Commons along party lines. His remarks came in a ruling 
The unprecedented challenge on a complaint - by Mr. John 
to .the Executive will come Ellis, Labour MP for Rrigg 
with to-day’s publication of two- - ..and Scunthorpe,, about Press 
reports on British Steel front articles . at the week-end on 
the Nationalised Industries the Corporation’s report 
Coimnittee,- which has been- Mr. Thomas pointed ont that, 
investigating for 18 months the .technically, the articles were 
Corporation's- record — cni- :.pot a breach of privilege since 


minatiug in the acute financial 
crisis it how faces: • - 

MPs on the ■' committee 


(he documents already had 
been “laid before the House" 
— formally presented— as tor 


Late retirement ££■- ' IS - 


MR. IVOR STANBROOK' (Tory, 
Orpington) wants to . Introduce 
a Bill -in the Commons later: this 
month to raise the age of com- 
pulsory retirement ~to 70.- . 


tags, they may [have been-; 
seriously misled by key wit- 
nesses from the Government 
and the Steel Corporation oh. 
the gravity of the corporation^ .. 
finanrial position. 


However, he strongly 
criticised the “Inconvenience 
.and discourtesy " shown In 
publishing reports. before ljlPs 
had had a chance to study the 
committee’s findings. 


Westminster vetting of Scots 
Executive’s spending resisted 



w BY IVOR, OWEN,' PARLIAMENTARY. STAFF 

WHEN THE' proposed Scottish tax-raising powers and wiU rely 
Executive ; corned into being . it on h block grant' from Whitehall 
must he "responsible to 1 the Scot- for its finance— would be a major 
ti'sh Assembly for the expen di- factor in the attained relations 
tore of taxpayers' money, _and between Scotland and -the restof 
not to the Westminster Parlia- the U.X. which were certain to 
ment Hr. . John Smith, Privy result from the Governments , 
Council Office Minister of State, devolution policy. . 
insisted Id the Commons last j^ p spjoat repeated earlier 
night • . . warnings that the Scots were'. 

He strongly resisted an Opposi- to themselves worse . 

tion amendment to the- Scotland off when fl, e Scottish Assembly 
Bill, moved by Mr. las Sproat being. . . — . - 

(Com* Aberdeen S.) .when MPs treatment- 

-arsis saffipjas - -5 srSjj- 
S\ 3 fS dS^SSon 2 SS& ' 

- nf p-menditure authorised by he said* would not accept .Scot- 

' land getting more money on a 

Mr- Smith maintained that any purely geographical basiE rat ^ er 
attempt to' superimpose on the than a needs bpas. . •• 

Scottish. Assembly accountability Mr. Sproat argued that if toe 
'to Westminster . would be British Treaty provided toe 
'disastrous. It was essential that money for thejScottish Assembly, 
in expending money provided by the- House, ofi Commons had a 
' the British Treasury, Scottish right to control how it wasspent 
Ministers should be responsible “We cannot have .a Scottish 
to the Scottish Assembly from Parliament ^spending wtttout 
' which they sprung. ■ ' regard to tome who gijejtJtoe 

• . “There should not be another funds it receives under the block . 
line of accountability to this grant," - _ ' 

House ,oE Commons,”, he said. He estimated that -Scotland. 
“That would lead to total con-, could find itself as r«U«i a 
. stitutional confusion ' and £500m. a year, worse off-- ~ 
duster’’ . Tory opponents of dev^rtion. 

Mr. Fronds Pym, Opposition, again came under fire from me. 
spokesman . on . devolutipn, Dayfi i.Cro^ 
wanted that ‘toe final- arranged He contended • that ^onm 
ments proposed by the Govern- be no real devolution unle^tiM 
meat— -the Assembly wilj-bave no Scottish Assembly were joyen 


some control over its financial 
nets. - - 

Mr. Crouch described the Tory 
sponsors of the. amendment as 
the “ confederation of the south."* 
They were opposed to ‘devolution 
and the amendment would have 
an absolutely crippling effect on 
the Bill. . . j 

The amendment : was with-, 
drawn: - 


arms 
decisions 
l anger 
Left 

BY PHILIP RAWSTORNE 

LEADING LABOUR Left-wingers 
: yesterday called for an urgent 
t meeting between the Cabinet 
, and the party’s National 
: Executive Committee' to discuss 
; the Government’s arms sales 
s and defence policy. 

I The move followed reports 
that the Government intends -to 
increase defence spending by. 3 
per cent in real terms in 
1979-80. 

Tribune Group MPs bave also 
been, angered by the Govern- 
ment's plans for arms sales to 
Egypt and El Salvador. 

Labour's International Com- 
mittee yesterday unanimously 
approved a resolution urging the' 
Government to drop its proposed 
increase in defence expenditure 
and carry out its election pledge 
to reduce toe arms budget to toe 
level of other European 
. members -of NATO. . 

. Mr.. Frank Allaun. MP for 
Salford East, also secured the 
'committee's backing for a 
motion condemning the Govern- 
ment's proposals for selling 
£40m. of arms supplies to Egypt 
and helping to establish an arms 
industry in the Arab countries. 

Meeting demanded 

The party’s National Executive 
is to be asked to press toe 
Cabinet for a ban on further 
arms supplies to both' the Arab 
nations and Israel. 

The International Committer 
yesterday reinforced 'Left-wi'ni 
demands for the cancellation o' 
the Government's £850.000 dea! 
to supply armoured vehicles Ic 
El Salvador. 

Mr. Callaghan is to be asker 1 
to meet a deputation cnmprisinr 
Mr Ian Mika r do, . Mr. Erir ; 
Heffer. Miss Joan Lestyr and 
Mr. Alex Kitson to discuss the 
issue. 

A resolution passed by thr 
committee said that El Salvador 1 - 
support of Guatemala in its 
claims on Belize made the sale 
“inappropriate." . 

The arms could be used. too. 
in the continued suppression of 
human rights within El Salvador. | 
It added. 

Bni«sse\s welcome 

Reginald Dale ivriton: Britain’s 
plah to increase defence' soerid- 
ing by 3 per cent', in t97ft wa? 
warmly welcomed yesterday at 
Na'to headquarters in Brussels. 
The decision unexpected to be 
, announced officially in to- 
morrow’s Treasury White Paper 
on Government expenditure. 

Tri Brussels, officials- said the 
British move meant that ’five of 
Nato’s 15 members bad now 
said that they would increase 
defence spending by 3 per cent, 
or.njpre in their next Budaet 
The others were the XT.S„ .Canada. 
Belgium and Norway. 

■ At' a meetine shortly after 
last May’s NATO summit in 
London, allied Defence Ministers 
pledged themselves to increase 
spending by 3 per cent, annunllv 
in real terms diiri-ne the flvp 
years starting in 1979. nnt«?«i ivre. 
vented bv economic difficulties 

To-morrow’s WTiire Paner is ex- 
pected to iodicate British accept- 
ance of .the overall flve-vear con? 
mitment. although firm decision* 
on the allocation of funds remain 
4o be made. 

Liberal backing 

ffi The -Liberal Party welcomed 
the plan to • increase defence 
-spending. Mr. Emlyn Hooson, 
the party's defence spokesman, 
said that the- Liberals had made 
strong representations to the 
Government on defence matters, 
which had been one of the 
greatest Sources, of disagreement 
during toe Lib-Lab Pact. “ How- 
ever. this -announcement does 
much to remove the cause of that 
particular disagreement." 

Fight to oust 
MP ‘to go on’ 

MEMBERS OF Northampton 
North Labour Party's Park 
Ward said yesterday they had 
voted unanimously to continue 
their fight -to oust Mrs. Maureen 
Colquhoiin as their MP. 

Mrs. - Colquhoun's appeal 
against the -sacking proposed 
by Park Ward was upheld -by 
.toe Labour Party’s organisation 
committee - bn procedural 
grounds. 

A spokesman for Park Ward 
said: “A new motion demand- 
ing her resignation - wilt be 
tabled - at otir -next meeting on 
February T.” • 


Transport unions clash 
over stranded cars 


BY PAULINE CLARK, LABOUR STAFF 


ABOUT 60 British Ley land cars 
stranded on a freight train at 
the Didcot distribution centre. 
Oxfordshire, were last night 
awaiting a return journey to 
Cowley amid signs of a mounting 
furore between the road and rail 
unions. 

The Cowley-psoduced cars were 
loaded on Monday onto a train 
Bound for the James .Car Deli- 
veries depot at Didcot Shortly 
after the loading. -it was decided 
to- send toe cars by road 
instead— apparently to avoid a 
further confrontation with local 
Transport and General Workers’ 
Union leaders representing Ley- 
land road hauliers: 

The cars could not easily' be 
reversed back onto the loading 
bay and, according to British 
Rail, were taken to Didcot so toe 
train could turn - round and 
return with the cars facing the 
right way. They became «tran- 

t 

BP drivers 
call for 
ban on 
overtime 

By Our Labour Staff 

BRITAIN was threatened yester- 
day 'with serious disruption of 
its oil delivery .network as some 
2,000 tanker drivers, in British 
Petroleum decided on industrial 
action in support of a 30 per 
:ent. pay claim. 

After a tbree hour union 
neeting, shop stewards called 
tor ' an overtime ban from 
February if there was no im-' 
irovemenl on BPTs offer of. a 10 J 
ler cent, increase in line withj 
loverninent pay policy. j 

BP emphasised last night that 
toere was still time for more 
alking and that normal negotiat- 
ng procedure had not yet been 
-xhausted. 

Three other major companies 
—Shell, Esso and Texaco — -have 
still to settle their wage agree- 
ments. Mr. Jack Ashwell. 
national secretary of the com- 
mercial road transport group in 
the Transnort and General 
Workers Union, warned that 
.’bey might follow suit unless 
hey wore offered more than 10 
per cent. 

Welsh miners 
think again 
ton incentives 

SOUTH WALES niiners* leaders 
met yesterday . to reasses their 
opposition ro productivity deals 
— but any decision* made were 
i being, kept secret until after to- 
day’s South Wales delegate con- 
j ference at Brldsend, .where lodge 
officials will . voteNon executive 
recommendations \ 

Only the Yorkshire area and 
South Wales are maintaining 
their opposition to Coal Roard 
incentive deals. Mr.\ . Emlvn 
Williams. South Wales NT7M 
ordsident. has said 'his . area will 
not stand rlone against the ore- 
ductivlty schemes so Yorkshire 
Slinnort. is vital. 

An increasing number \of 
Yorkshire pits are demanding- 

■ireentanre of productivity deals 

M r . Williams claims miner* will 
t»k" risks to earn the ipoeotiyp 
money and that the productivity 
deals are aimed at splitting the 
union, putting pit against pit. 


ded at Didcot, however, when 
British Rail retrieved the engine 
for urgent use elsewhere. 

Confrontation 

The incident is the most 
curious so far in a longstanding 
dispute which could lead soon 
to a direct confrontation between 
Mr. Sydney Weighall, general 

secretary of the National Union 
of Railwaymen* and Mr. Jack 
Jones, general secretary of the 
TGWU. 

Since last July, when Didcot 
first became the centre of the 
row, the rail union has not dis- 
guised its concern that lorry 
drivers have been using their 
muscle to prevent goods goina by 
rail, even where rail transport 
would be more efficient. 

Mr. Weigbel] was asking bis 
divisional officers yesterday for 
further facts on incidents so far 


and is to seek a meeting with' 
Mr. Jones if there is evidence 

to justify a confrontation. ; 

Meqnwhile, the picture in , 
Oxfordshire remained confused, 
with uncertainty about who was 
responsible for loading the 60 
cars onto the train then decid- 
ing in favour of road transport. 

British Leyland said it was not 
responsible for toe method 
chosen for transporting cars for 
distribution. Mr. James Jewell, 
director and general manager 
of James Car Deliveries, believed 
Leyland made toe decision 
because of congestion. 

He added that his company 
always' used road f. run sport. 

Cowley cars were sent to Did- 
cot by rail in a one-off agree- 
ment with lorry drivers last 
Christina^ bui union leaders 
claim that this agreement is oow 
being abused. 


Dockers reject part 
of productivity deal 

BY ROBIN REEVES, WELSH CORRESPONDENT 


A MASS . MEETING of Ayon- 
mouth dockers yesterday failed 
to give wholehearted backing to 
a new “ self-financing ” pro- 
ductivity deal, which would' be 
in addition to a 10 per cent, rise 
in basic rates already agreed 
with the Port or Bristol 
employers. 

The meeting accepted the 
terms of a product vi tv scheme 
covering the majority iff 
dockers, but rejected that part 
of toe deal applying to - one 
category of workers, known 
locally as “lieu differential" 
men. They include Customs 
attendants, stevedores' riggers 
and others whose jobs do not 
provide natural scope -for pro- 
ductivity improvements. 

The situation after this p'artiM 
rejection of toe deal was con- 
fused. The port employers met 
later to discuss the implications, 
but it wu' not immediately dear 
whether the issue could be 
settled quickly . or whether it 
would- amount to a new, major. 
stumbliDg block. 

In the balance bancs not only 
a new wages agreement at Avon- 
mouth. but also the start of work- 
ing operations at the new Royal 


Ponbury Dock. This was officially 
opened, by toe Queen last August, 
but is stiii being boycotted hy 
Avonmouth's 1.300 dockers pend- 
ing a satisfactory pay deal at the 
old port. 

N'csotiations on conditions at 
Pnriburv. which will employ 100 
oT Avonmouth’s labour force, are 
said to he well advanced and a 
settlement could be reached 
quickly wben the present dispute 
ends. 

Delay in Portbury's effective 
opening led to reports earlier this 
week that one of the dock’s onry 
two firm customers so far. Tor 
Line, was threatening to with- 
draw a plan to use the dock for 
roll-on, rotl-off and container 
services. 

The Swedish-owned company, 
white expressing concern at the 
continued hold-up, has denied 
issuing an ultimatum. 

Mersey vote 

STRIKING dockers on Mersey- 
side are to hold a mass meetlne 
this moraine in the Liverpool 
Stadium to decide whether to 
continue their unofficial action, 
which stems from a strike by 60 
men before Christmas over re- 
allocation of labour. 


BBC TV engineers 
face suspension 

BY OUR LABOUR CORRESPONDENT 


TELEVISION ENGINEERS who 
caused serious disruption to BBC 
programmes on Monday night 
face suspension for breach of 
contract when they report for 
duty to-day. 

Staff responsible for Monday's 
disruption were not on duty 
yesterday. The BBC. preparing 
for the possibility of further 
industrial action, warned tbat 
any others who refused to work 
normally would also be sus- 
pends immediately without pay. 

The latest round of action by 
the .Association of Broadcasting 
Staff follows the failure of talks 
last week aimed at settling a 
long-running dispute about over- 
time and grading Association 
members have been told not to 
work before 8 a m. or after mid 


night, and this has led to sus- 
pension of 21 employees who 
refused to work later- than mid- 
nieht on Friday 

On Monday evening the asso- 
ciation stepped up the action hy 
telling 100 engineers to stop 
work and not return for the rest 
of their shift This led to can- 
cellation of Panorama. Nation-* 
wide. Tonight and Blue Peter 
• Mr. Alisdair Milne, managing 
director of BBC TV yesterday 
wrote to the association calling 
for further talks in an attempt 
to settle the dispute. 

In a statement to staff Mr. 
Milne said that the BBC had no 
wish to widen the dispute. The 
Corporal ion, had arranged earlier! 
closing of BBC I and RBC, 2 to j 
reduce' toe' need for engineers | 
working after midnight. i 


Yarrow 

workers 

stop 

overtime 

By Our Glasgow Correspondent 

THE 4,500 manual workers a* 
Yarrow (Shipbuilders) on the 
Clyde introduced an overtime 
ban yesterday in support' 
their four-mouto-uld claim' for 
a 50 per cent, pay rise. 

Affected by the ban win he 
completion . or a Type ' ' 2, 
frigate, four Type 22 ,'rt gates 
— all for the Royal Navy— and 
four logistical support ships 
for Iran. 

The uira derided on ‘toe 
action in preference to an nut- 
right strike. They had f*en 
in dispute with British Ship- 
builders since September over 
their claim, wbirh they S 
intended to bring them -Run 
line with wages paid Jt /He 
nearby Govan Shipbuilders 
yard. 

Yarrows have offered a 9.96 
per rent, rise, together with 
consolidation of the last two 
pay supplements. 

The claim, dne for payment 
from October, has acne 
- through nil stages of 1 pro- 
cedure in the agreement 
between British Shipbuilders 
and the Confederation of Ship- 
building and Engineering 
Unions. 

Now the confederation ■« 
taking the case to the fc'rir 
Wages Arbitration CommHtee 
and a hearing Is -xpected 
before the end of January. 

Yarrow's 1.200 techiti,--«l 
f*laff. who . have lodged a 
similar claim, have a 'tearing 
with the committee lo-nit^ifi'w 
week. 

The company and its -hop 
stewards are examining . ibe 
feasibility of introducing, 
productivity scheme, out - the 
unions feel progress has U-en 
tuo slow to offer any hope of 
resolving the dispute this way. 

Strike threat 
brings denial 
of sackings 

By David Potts 

NEARLY a thousand workers at 
the Smethwick-based weighing 
machine plant -of W. T. Avery 
were threatening to ' strike 
yesterday unless a sacking ulti- 
matum to 200 colleagues at the 
group's Walsall foundry, was 
withdrawn. The- unions- claim 
that Avery has threatened 200 
workers with the sack ; over 
sanctions hitting the supply of 
castings to Smethwick. 

An Avery spokesman denied 
that the group had any intention 
of declaring redundancies.- He 
said.’ “We are trying to find a 
buyer for the foundry, but no 
statement ha s been made to the 
employees about redundancies." 

Escort line ; 
stooped 

FORD AT HALEWOOD yester- 
day stopped production of the 
Escort, which will cost it 900 
cars a day. worth Elm. in the 
showroom The production close- 
down is due to the continuing 
strike of 1 .000 press men who are 
protesting against work schedules 
and work practices. 

They nfet in Transport House 
Liverpool yesterdav and decided 
hy a 9 — 1 majority to continue 
the strike which . started on 
Monday They will not meet 
again until Tuesday. 


NEWS ANALYSIS— BRITISH LEYLAND 


Speke strikers face closure threat 


BY PHILLIP BASSET, LABOUR STAFF 


Scroungers’ MP attacked 


TORY CAMPAIGNER " against 
social security scroungers," Mr. 
lain Sproat (South Aberdeen), 
came under fire himself in the 
Commons yesterday. - 

" Mr. Stan Orme, Minister for 
Social Security, said, MPs were 
sick of him picking, on individual 
cases wben millions of justified 
applicants were entitled, to 
benefit i 

Mr. William MoIlOy (Lab, 
Ealing N.l referred to Pres* 
reports of Mr. Sproat, at a Tory 
Women’s meeting “ giving, bints ” 
about how to fiddle social 
security. . --- 

Mr’. Orme accused the Tory MP 
of. “trying to be clever” and 
advising people how, in hfs 
opinion, toe system could be 
beaten. • . • ' . . . 

Mr. -Sproat should .' advise 
people'ien titled to benefits to 
claim -thjm.- 


Mr. Sproat had earlier re- 
ferred to reports of a young girl 
from Rhodesia who bad not doae 
a stroke of work' .for five years 
and in hex own words was 
“having -a ball" on social 
security. 

Another: from Limerick 

now living in New Cross, was 
getting £98 a week tax free and 
had not. done a' Stroke for -nine 
years in this count ry,- he said. 

It was “a painfully unjust 
system " which allowed this— 1 yet 
compelled too many old age pen- 
sioners to stnifigle -to keep their 
heads above water. 

Mr. Qrme. -said . earlier: that, 
there was too much* -criticism 
that- supplementary benefits were 
too- high. • 

_ The Government- rejected that 
view. If pedple- tried to- live on 
benefit for a few months they 
would understand what it was, 

like. 


STRIKERS IN their eleventh 
week of. . an unofficial stoppage 
at toe British Ley land Speke 
plant -knew when they decided 
to stop work that there was a 
danger, as there is in' any strike, 
of thB factory being forced to 
close. 

But plana by Mr. Michael 
Edwardes, Leyland chairman, to 
save toe company oy slashing 
the site' of the laoour force, 
redesigning . the new Mini and 
breaking - down the single cat 
division into smaller units, has 
suddenly emphasised that danger 
to toe picketers. 

For Merseyside, grappling 
with strikes at the docks, at Ford 
Halewood car plant and at Birds 
Eye Foods at Kirkby; as yelL as 
at Speke, closure of the 5,500* 
strong TRT-producing Leyland 
factory would be a major econo- 
mic blow. 

Local union . leaders bare 
already stressed— and local MPs 
facing the possibility of an elec- 
; tion this year seem TjkeJy to jora 
them— that it will ne hard for 
Mr. Edwardes to make one-third 
of his desired labour cuts by 
dosing Speke. 

. The Speke- strikers believe that 
I Leyland win propose some form 
of closure if to-morrow's resumed 
talks between Speke manage- 
ment union officials and the 
Advisory. Conciliation and Arbi- 
I tration ^Service fail to find an 
acceptable solution, to toe 
dispute. 

- Speke, once called Leyland’s 
u Industrial relations pearl,” had 
a' good -labour record before the 
strike- began on November. 1 last 
year. 

. Becauser the plant assembles 
TR7s from parts supplied, by 
other Leyland plants and out- 
side companies. It has always 
.been prone to layoffs from dis- 
putes at other factories. This 
strike, the unions say, is toe 
first in the .plant's history. ■. 

Good • relations ha've ‘ been 
achieved through toe Protected 
Earnings Plan, an agreement 


proposed by management but 
Worked out with toe unions which 
changed the wages system from 
piecework to measured day 
working. The plan was signed in 
May. 1972, and has worked with 
annual reviews since toen.- 

The -union claims management 
has broken this agreement and 
this is the cause of toe -curran 1 
strike. Leyland realised . 15 
months ago that production le'veis 
would have to be raised. The 
unions accepted that production 
could be higher and agreed to 
look at Leyland’s proposed man- 
ning levels. 

The current overall line rale 
of TR7 production at Speke is 
14.5 cars pec. hour, according to 
the strikers who say management 
wanted this increased to an over- 
all 18.5 cars per hour— -a 27.5 
per cent production Increase. 

Leyland has refused throughout 
toe strike to discuss the manning 
proposals in terms of line rate, 
claiming that it would produce 
unfair comparison within, the 
company and could prejudice any 

ACAS talks. 

. Oriclnally men working on. 64 
separate assembly operations 
disagreed with the proposals. By 
consultation, that figure has now 
been reduced to eight and before 
the strike the production Increase 
bad been agreed by about 90 per 
cent of toe factory section it 
applies to. 

Tile other 10 per cent have 
not agreed to toe Increase, and 
toe strikers claim that manage* 
ment bas flouted the three stages 
of a local procedure attempt 
agreed to jn toe Protected Earn- 
ings Plan. 

Management tpyd to bring In 
the manning levels at the end 
of October last year, and the 
men went on strike. - Shop 
stewards say that management 
thought the strike would not 
last because it followed s seven- 
week layoff due to suppliers’ 
disputes, because the press shop 
workers were not affected and 
because Christmas was only eight 
weeks away. 


Birkenhead^ 


LIVERPOOL 

mmz 

(MERSEY^ 
DOCKS ^ 


HALEWOOD 


Widnes 


$*SPEKE 


Rimcbhi 


Ellesmere Port 


Eleven weeks later, the men 
are still out, 3500 workers on 
Merseyside and in' Coventry have 
been laid off and Leyland has 
lost TR7 sales with a retail value 
of £60m. 

The shop stewards committee 
is now wondering if the dispute, 
which was under way well 
before Mr. Edwardes took over 
the company, is being used as 
an opportunity to cut down the 
swollen Leyland labour force by 
closing Speke. 

Leyland needs the TR7 to keep 
its dealer channels open in the 
U'JS- toe export market which 
the company bopes to expand. 
But the men ^rg . worried that 
the company's agreement to use 
Saab’s Canadian distribution for 
the TR7 will weaken Speke’s 
position still further. 

Leyland savs old acreements 
cannot be worked when condi- 
tions change, and that all it 
wants is to improve Speke’s 
efficiency. It savs the unions are 
demanding unreasonable man- 
ning levels and .keens urging the 
men to reiunf-to work and try 
Che levels ouC 

The company is not proposing 


any reduction in toe numbers in- 
volved-just more work. 

After eight months of negoti- 
ations over production levels, 
the company has pul three offers 
to toe strikers .’All of them have 
been turned down, one by a mass 
meeting, toe others by shop 
stewards. Leyland feels it has 
tried to find a solution but that 
the unions will not move from 
their position. 

Leyland used to be a plum job 
on Merseyside and drew men 
from a wide area. But men 
have been leaving Speke, 120 
have gone since the strike started 
Merseyside/Ford and Vauxhall 
workers have passed the Speke 
wages level and some Speke men 
faced with high commuting costs, 
have been drifting back to less 
well paid local work. 

Support for the strike is still 
solid. At the last meeting "on 
November 21. toe vote wga s'even- 
to-one in favour of continuing it. 
With Christmas behind them and 
no fresh 'nanageirpnt moves, toe 
strikers are prepared to sit it out 
until ACAS finds a solution, until 
the" plan agreement is adhered 
to— or until Mr. Edwardes makes 
his expected closure move."" 


i 




Financial Times Wednesday H :XWS , 



EDUffl W ARTHUR BSffl^AISDTEDSCHOETaS 


<0 RESEARCH 


Waste heat recovery 


INDUSTRIAL use accounts, for 
about 40 per cent, or Britain's 
primary energy consumption. 
Much of this energy is eventu- 
ally dissipated as waste beat 
One method of reducing losses of 
energy is to convert this waste 
heat into electricity to augment 
the plant supply, and so reduce 
overall costs. 

: This method of energy 
recovery is the subject of a re- 
search project involving 'Dr. D. 
O’Kelly (Bradford University 1, 
Mr. G. Musgrave and Professor 
J Sherlock (Brunei University), 
Dr. L K. Smith (City University) 
and Mr. S. S. Wilson (Oxford 
University) for which the Science 
Research Council has awarded a 
gram of £37,050 over the next 
two years. ' 

The project forms the first 
stage of a programme which, 
might lead to the development of 
a device aimed at the conversion 
of waste heat to electricity by" 
means of a high speed turbine- 
generator combination. The tur- 
bine would use a beavy organic 
vapour as the working medium, 

© BANKING 


enabling relatively low waste 
heat temperatures to be 
employed, and would be coupled 
directly to a generator, to avoid 
the need for gearing. The tur- 
bine speed could van; during 
load changes, generator output 
being converted to synchronous 
mains frequency by solid-state 
techniques.' 

Tbe grant holders claim tbat 
adoption of tbe developed device 
would represent an important 
advance in energy-saving prac- 
tice. 

Two Research Associates will 
be appointed for this first stage 
which will survey the potential 
applications and desirable power 
ranges of this energy recovery 
device in industry and determine 
the conditions under which the 
case for its adoption might be 
made on economic grounds. At 
tbe same time, work will proceed 
on the design of the device and 
on the identification of areas 
where further research would be 
needed before the design specifi- 
cation cou'd he completed. 

Mtfrp from Mr. Musgrave on 
0895 371S8. 


Citibank uses Arbat 

ONE OF the world's largest- contract and ‘the first phase, 
international banks. Citibank, is designed to produce a stand 
using the 5WLFT package deve- alone system, incorporating some 
loped by Arbai. special Citibank requirements 

Arbat is to supply a modified has already been completed. The 
version of its package and one three to complete 

*? imit to Citibanks London 


80K DEC PD? 11 minicomputer. 


Citibank SWIFT will use the message switch and to handle 
hew PDP 11 and share back-up reformatting for its Foreign 
with one of two existing PDP's Excnange and Payment Systems 
currently used for other systems ?£L due for com P^ ellon ^ A P r1 *- 
and wilt accept messages from ... „ .. _ 

the Citibank London switch, in ^ Meanwhile, _ Security Pacific 
cable format, and convert them National Bank in London has 

Into SWIFT format for subse- Jjgwf WfiS riE S? 

quent transmission to Uie SWIFT offices at Anindel Great Court, 
network -• Arundel Street, London. 

a “= ° f ““as IMOTSK 
3m uTT*, Bras iUM relsn e " Mi 

3” ” , £ J®; which is constructed so that its 

wntral section may. at some 
Shrnu^h™ TSnrtJn fubire stage, be expanded by one 
fffifjfflLi t?i^ Nation on each side. It was 

S designed by Roberts Weaver, a 
destination bank via telex facitt- U K company. 

“ e ®; , , The top is removable for 

Citibank is already a very access to wiring underneath and 
extensive user of minis, particu- the table itself bouses the Arbat 
lady DEC PDP. ll’s, and prior to dealers' system to provide up to 
the new decision, commissioned date dealing information. The 
a SWIFT Interface Device (SID) information from the Reuters 
selection study frofri -a computer Monitor Svstem is displayed from 
consultancy. After an exhaustive television- monitors housed in the 
survey of Citibanks needs Arbat ceiling, with keyboards placed in 
was selected. strategic positions around the 

Work has already begun on the table. 



a good 


instant 

Contact 




Increased 

Efiicienty 


Claimed by Teradyne to be the a OFFICE 
most up to dale laser beam w 
trimmer, for hybrid and 'other . EQUIPMENT 
Integrated circuitry this 104UU . 
machine *is now lost ailed at the __ 

she* Wwir “*' TcchnI “ 1 Produces 

Compared with the equivalent 
unit of four years ago. this equip- 
ment has something tike 50 per 
cent, higher throughput, thanks 
to an improved beam positioner _ 

and a higher power laser as well ITllOfFA ^ „ 

as the step and repeat handler. IliXuclv B4 siie, over JO by 14 Indies. 

introduced In recent months to 1 ^ _. • Goby paper is fed from a 

cope with mnUi-circult sub- INTERNATIONAL Office Copiers cassette, and there If a single 
strates. *** » second generation dry-tone ^ by-pass feed for the times 

The beam position** has been *« « considerably reduced when a ootwtimdard copy is 

MtowrivcrT timed by custom** ««. . compared with earUer a«d«!. 

and It has been shown to give “™*“. _ nil No liquids are used and 

- - -i per cent, CombiniBR ^ ‘^pUcily operation la lnrt*nttww-m> 

n times, reliability of conventional ele* The controls are 


Telctrocer 

POCKET 

PAGING 

For Industry 



Cuss Electronics limited 
Pb out ft/??® S 2 SB tar tilarnstm 


Keeps the coolant clean 


glm ■ a bish-contrast. intense copyjqtf spend la STO'pnr hour. 
U^ t SSRiSESS*Jt SSTiS VwB International Office CoPiea. 

provided which produces * **«* three square feet of de*k 7HR. Sunbury-oo- 

bright spot coaxially wUh tb* space but produces copies up to Thames S3668. 
much more powerful unit TWs 

allows the rim pattern to be * HI TDATIAM 
observed' with the main beam “ .T II. I KM I IvW 
turned off. tbe low-power device 
leaving the work unaffected. 

Development of the trimmer*-' 
is not standing still and tbe CMB> . 
pany has invested over £lm- lo Q u centra Heed systems to handle 25 

farther Improvements during REMOVAL of <»atan^tiug au ^ ^ Ulres hour. 

1977, doubling the research staff from coolants, and water used A pan j p dfJWJt ttoo liquids to 
involved in this area. for washing or quenchingi is bo separated into an integral 

Tendyne has also announced a claimed to bo achieved very sedimentation unk wherq beavy 
high and low temperature 'efficiently with the Hyde solids settle- Liquids then flow 
integrated circuit handler for rae t filierine device now through an Inlet basket and 

with its automatic test equip- ; dowrT through the flltraUoo 

ment Daymarc 1152 H/L worts uiarkued by ZiromitG medl)| L(ftB yj^us coolant or 

over the range — 55 to US (U.K.) l, Artillery Row, London passes to tbe bottom of the 
degrees C There Is negligible SWlP 1RL (01-222 6733). unit and out while the more 
frost formation and brief access Tj, e separator, which is free- viscous oil collects In tbe media 
to devices In cold operation is standing, is available for Indivi discharging separately at a 
nmndhie with recovery within ,n,ai applications or for higher leveL. 


possible with recovery wtuun dU ai 
one minute. 

Farther on the cutter and the , . 

handler from Teradyne. Olfe m COMPONENTS 
House. Queens Road, Wey bridge, 

Surrey KT13 9XB. 


I COMMUNICATIONS 

Cuts number of channels 


COMPUTING 


Temperature sensor 


CAMBRIDGE Consultants is to 
design digital -speech interpola- 
tion (DSI) equipment for 
installation in the U.K. ground 
station at Goonhiiiy, as part of 
the international Time Division 
Multiple Access (TDMA) satel- 
lite communication system. 

Tbe equipment provides the 
means of making a number of 
telephone connections between 
ground stations using only ' ail 
the number of satellite channels, 
and so has a considerable impact 
on the economics of satellite 
communications. 

Digital- speech interpolation 
relies on the measured statistics 
of telephone conversations, 
which reveal that, given a 
sufficiently large group of 
speakers, only about one-third 
are actually talking at any one 
moment The equipment takes 
advantage of this by monitoring 


incoming telephone lines and 
dynamically allocating them to 
satellite channels only when they 
are speech activated. 

Eacb speech segment has an 
associated instruction which 
enables tbeir receiver. DSI equip- 
ment to route the interleaved 
segments to their correct destina- 
tions. It is this dynamic alloca- 
tion process which makes it 
possible to haivje the. number of 
satellite channels required. 

Cambridge Consultants’ cruip- 
ment, which has been ordered 
by the Post Office at a r ost of 
£120,000, is for 120 input tines 
and 60 satellite channels and is 
designed to allow for Future 
expansion. A complex *■ isfri- 
buted multi - microprocessor 
system is used to control the con- 
tinuous rqonitoring of "Stellite 
channels and incoming lines, and 
to allocate speech sigriali to un- 
assigned satellite channels . 1 


Micro given mini-power 


INITIAL deliveries will begin 
this month from Fairchild of a 
sew 16-bit microprocessor which 
its designers say has the ability 
to execute instruction sets norm- 
ally used by a minicomputer and 
perform the corresponding 
operations equally well. 

Fairchild's 9440 Microflame 
will gpny oat the Data General 
Nova 1200 instruction set. yet It 
is a device on -n single chip 
mounted on a 40-pin DIF. 

Fairchild has developed an in- 
itial software package and will 
offer an introductory kit consist- 
ing of the 6440. 16 4.096-bit 
memories, the components 
required for memory control, 
along with introductory software 
and manuals. 

The company stresses that in 
bringing out a device which con- 
forms closely to Nova 1200 


operation it is not seeking to 
displace this Data General pro- 
duct but rather to “create a 
whole new market segment" , 

Tbe initial software package 
with each 9440— Fire 1— ' will 
give the user the necessary tools 
to evaluate and develop comput- 
ing arrays based on il. Fire 
stands for Fairchild Integrated 
Real-time Executive. Ir con- 
tains diagnostics, loaders and an 
interactive entry and debugging 
program. 

Several other software offer 
ings are available including 
Basic business language. 

Introductory kit with proces- 
sor. 16 4-k memories and their 
control components, as well as 
Fire 1 software costs $790. 

Fairchild Camera and Instru- 
ment (U.K.). 230 High Street 
Potters Bar. Herts. EN6 5BU 
0707 51111. 


ANALOG Devices has u two 
terminal integrated temperarure 
transducer, with an output 
current proportional to absolute 
temperature. 

Type AD590 is intended to 
replace the conventional electri- 
cal temperature sensors— thermo- 
couples. RTD’s and thermistors— 
in the updating of temperature 
measuring and sensing equip- 
ment used in industries ranging 
from beatinq and air condition- 
ing to aerospace. 

This is the first product In *» 
new range of integrated circuit 
temperature transducers to be 
produced by Analog. 

- A major advantage is tbat any 
well insulated twisted pair is 
sufficient for operation hundreds 
of feet from the receiving cir- 
cuitry. as the device is insensitive 
to voltage drops over long lines 
due to its high impedance. In 
addition.- the device is easily 
muTfotofcd— the' current can be 
switch?* by a CMOS multiplexor 


or the supply voltage can he 
switched by a logic yatc uutput. 

It is accurate to l degree O 
over the .range —5fi to ■♦■ISO 
degrees C. A version for ~1W 
to +200 degree# C will soon be 
available. ■ 

Analog Devices, Central 
Avenue. East Molesey, Surrey. 
01*941 0466. 


electrical” 

wire&cable? 



Thousands of tyres end sizes In stock 
for.nvnBdiale detivery 
■ NonutriTtumadw m Nommunwnlenotn 
London 01-561 8RfJ 
Abmdwn toM 323591# 
Bksjgwnsvi, 






FINANCIAL HIGHLIGHTS 


Total Revenue 
Total Expense 
Balance of Revenue 
-Per Share 

Provision for Income Taxes 
Balance of Revenue after Taxes 
-Per Share 

Appropriation for Losses 
Balance of Profits 
Dividends 
-Per Share 

Transferred to Rest Account 

Loans 

Deposits 

Assets 

Debentures 

Accumulated Appropriations for Losses 
Shareholders’ Equity 
Capital Funds 


1977 

$ 2,003,098314 
1.792375,114 

215.723.700 
5.63 

93.700.000 

122.023.700 
3.18 

25,000,000 

97,023,700 

40380,441 

56.700.000 
17,122,112,026 
23,025331,485 
25,175394,690 

203370300 

197,286328 

665345303 

1367302,031 


1976 

$ 1,798,722,903 
1,623388,407 
■174,834,496 
4.94 
78,900,000 

95.934.496 
271 

20 , 000,000 

75.934.496 
35,181,028. 

038 

41,437,500 

14,128,978374 

18,577,969391 

20-492378,623 

240,000,000 

146,948,824 

541303386 

928.152710 


Percent 
of Change 

11.6 
103 
- 23.3 
13.9 

18.7 

27.1 
. 173 

25.0 

27.7 
14u4 

5.1 

363 

722 

233 

228 

-17.7 

34.2 

23.0 
143 



The First Canadian Bank 

Bank of Montreal 


Bank of Montreal's growth this 
year has been 'truly global- Our 
European/Middle Eastem/Af ricari 
groups, for example, managed or . 
co-managed a number of impor- 
tant medium-term syndicated 
loans. 

Among them, a . $500-miHion 
loan for International Investment 


Bank; $ 200-million loans for the 
Kingdom of Denmark and for the 
National Bank' of Hungary; $300- 
million loans for the Bank of Fin- 
land, for the Province of Quebec, 
and for the Kingdom of Morocco; 
and $137-million forthe Republic 
of The Ivory Coast. 

Bank of Montreal’s interna- 


tional bankers in Europe, Middle 
East, Africa, and throughout the 
world are backed up by a network 
of over 1,200 offices across Can- 
ada and assets of over $25-billion. 
We are eager to assist you and 
serve your every financial need. 


Divisional Office: S46 BLstopsgate. London. England E.C. 2M 4QP : London Main Branch (Est 1870): 47 Threadneedle Street, London, England EC. 2R AM 

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Twenty Financial Times surveys on the 
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The book contains all Middle East surveys 
as published in the Financial Times and the 
subject titles were : 

Bahrain Banking and Finance • Oman ■Syria • 
Sharjah • Turkey • Tunisia • Bahrain ♦ Abu 
Dhabi • Kuwait • Qatar • Saudi Arabia (parts i 
and ii) • Arab Shipping and Ports • Dubai • 
Jordan. • United Arab Emirates • Algeria • 
Middle East Banking & Finance • Tran • 
Egypt * Middle East Construction •. 

The surveys are reproduced in a reduced format 
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Financial Times Wednesday. January 11 1978 


11 


e Management Page 


EDITED BY CHRISTOPHER LORENZ 


-* iii 


clej 


THE .accountancy, profession's 
pursuit of a system that; can 
cope with changing prices has 
suffered Up untii now from ah 
excess of debate and a shortage 
of practical experience. I hesi- 
tate therefore to .add yet another 
a rtfde to. the. countless number 
tliat have been written and 
argued over subsequently in the 
correspondence columns of the 
newspapers. Sut we are about to 
V enter a very important' phase in 
. • the evolution of an inflation 
• accounting system — Current 
Cost Accounting (CCA) is to be 
put to the test -It now seems 
probable that a majority of 
quoted companies will publish; 
with their 1877 accounts,- a sup* 
' plementaiy statement based on 
the Hyde guidelines. 

The purpose of this article Is 
j. not to criticise or suggest altera- 
1 : tions to the Hyde guidelines but 
. • to offer some comments alined 
at helping the consumers— the 
people who read and have to in- 
terpret accounts — to -under- 
stand what CCA. statements can 
tell us and to identify the im-* 
portant points which need to be 
watched when ' comparing one 
company's information with 
'another's. .Y 

The Hyde guidelines propose 
N- three adjustments to historic 

- . cost profits relating to fixed 

assets, stock and monetary items 
- (or gearing). The first two ad- 
justments are probably widely 
■ understood and accepted. They 
are aimed at measuring the in- 

- creased cost of maintaining the 
• physical assets of a business 

*.. when prices rise. There are cer- 
tainly many -theoretical and 
practical points'still to be re- 
solved. such as the use of 


: modern equivalent assets, econo- 
mic values, special, types of 
business activity and backlog 
.depreciation but we should not 
expect to solve all of these prob- 
lems immediately. * After all, 
there are still a host of unre- 
solved problems relating to his- 
toric cost accounting and there 
is much to be said for allowing 
scope for experimentation to 
find the compromise between 
.theoretical precision - and the 
practicalities of bmaness. 



ACCOUNTANCY 


Commentsfor 

consumers 

By Graham Stacy 


THE HYDE GEARING 
ADJUSTMENT 


Agonised 


For the moment, when look- 
ing at tiie additional deprecia- 
tion- charge in the current cost 
statement, remember, that .the 
life used to calculate- the annual 
charge is probably more signifi- 
cant and certainly as subjective 
as the calculation of current re- 
placement cost on which the 
depreciation is based. There 
will no doubt be agonised 
debates in many boardrooms on 
the question whether or not to 
use the same “ estimated useful 
life” for current cost purposes 
as for historic cost depreciation 
calculations:. We have all come 
to expect the lives used in 
historic cost accounts to be ex- 
tremely prudent and it is not 
uncommon for fully depreciated 
assets still to be in use. . 

In CCA there will . be more 
emphasis on arriving at a fair 
annual charge for ail assets* in 
use than on writing costs off 
over a minimum period so the 
same degree of prudence in 
selecting asset .lives may not be 
so appropriated Some companies 
may rationalise this problem by 


arguing that asset lives can only 
be estimated within a range and 
while it is right to cboose an 
age from the lowest end of the 
range in historic cost accounts, 
for current cost purposes an 
average of the estimated range 
is more appropriate. It will be 

interesting to see how com- 
panies and their auditors 

grapple with this problem. 

The cost of sales adjustment 
may show interesting trends in 
some companies. It is important 
to recognise that it. may vary 
from year to year and will not 
necessarily reflect general infla- 
tioo rates. A good example of 
this is to be found in the CCA 
information published by 

Unilever which showed cost -nf 
sales adjustments of £200m.. 
£9m. and £113m. for the years 
1974, 1975 and 1976. When 
considering the cost of sales 
adjustment of particular com- 
panies one Would expect there 
to be some relationship between 
the percentage that the adjust- 
ment bears to average stock 
levels and the percentage price 
changes the company is likely 
to have experienced. 

The third of the Hyde adjust- 
ments, .the “gearing" adjust- 
ment, is the one which will give 


rise to most discussion and 
merits a closer examination 
here. The guidelines them- 
selves admit that there are 
differing views on how to deal 
with monetary items and the 
Hyde gearing adjustment is a 
compromise solution. Its main 
attraction is the simplicity of 
its calculation— but this sim- 
plicity conceals a number of 
separate' problems. Before look- 
ing at some of them it is useful 
to look at the basic calculation 
in diagrammatic form. 

The diagram depicts the 
balance sheet of a typical com- 
pany, the size of the boxes 
being in proportion to the 
balance sheet values of - the 
different items. The Hyde gear- 
ing adjustment takes the total 
of the additional CCA deprecia- 
tion and cost of sales and 
apportions it between equity 
(A) and net monetary liabilities 
IB). The proportion attri- 
butable to net monetary liabili- 
ties (B) is assumed to be 
capable of being financed by 
third parties and is added back 
in arriving at the profit avail- 
able to the equity shareholders. 
Some companies, notably the 
banks, will have net monetary 
assets but the separate pro- 
posals for dealing with this 


situation are not dealt with in 
this article. It Is important to 
realise* that the gearing adjust- 
ment is not measuring the 
“ gain " on monetary liabilities: 
it Is measuring the extent to 
which costs arising from the 
.increased replacement cost of 
physical assets may be borne 
by those who provide .financing 
to the company. If there arc no 
depreciation or cost of sales 
adjustments the gearing adjust- 
ment will be NIL, regardless 
of the way the company is 
financed: 

The Hyde guidelines do not 
measure separately the in- 
creased costs of maintaining 
debtors. In the gearing adjust- 
ment debtors and other 
monetary assets are netted 
against monetary liabilities on 
the assumption that any increase 
in debtors caused by price rises 
will be matched by a similar 
increase in creditors. In inter- 
preting H-yde. look out for situa- 
tions where this assumption may 
not be valid. For example, the 
level of debtors in a labour 
intensive business will reflect 
changes in labour costs. If the 
labour is paid weekly these 
cost changes will not necessarily 
be reflected in similar changes 
in creditors. 


EQUITY 

1 A 

1 

FIXED 

ASSETS 

DEBT 

ij_ 

STOCKS 

CURRENT 

LIABILITIES 

DEBTORS 

AND 

CASH 


Gearing adjustment h : — 

Additional depredation B 

■f cost of safes adjustment AtB 

The searing adjustment 
assumes that it is appropriate 
to spread the increased cost of 
maintaining physical assets pro- 
portionately across all providers 
of finance. Watch out for situa- 
tions where this may not be the 
case. For example a retail 
store may have long-term bor- 
rowings secured on its buildings 
which it may be reasonable to 
assume can be increased m pro- 
portion to the increased cost of 
replacing buildings and trade 
creditors that can be assumed 
to increase in proportion to 
stocks but it Is probably not 
valid to mix these two assump- 
tions together. (It is interesting 
to note that the German 
accounting profession’s pro- 
posals for a gearing adjustment 
relate long-term liabilities to 
long-term assets and parti ally 
avoid the effect described 
above.) 

The gearing adjustment can 
be affected by the values placed 
on goodwill end other assets. 
If. in the diagram, there had 
been an additional box. for good- 


will at the top of the right-hand 
column, the equity (A) -.would 
have been increased by a 
similar amount so that the 
gearing percentage would have 
been different. The effect of 
this is that companies which 
write off goodwill will have a 
larger gearing adjustment 
credit to their profit and loss 
account than companies which 
continue to carry goodwill in 
their balance sheet. 

The gearing adjustment 
assumes that part of the in- 
creased cost of maintaining 
physical assets can be met by 
increased borrowing. This may 
be an acceptable assumption for 
well established companies with 
a satisfactory profit record and 
a reasonable gearing situation. 
But watch out for companies 
with above average borrowings 
who may not be able to go on 
increasing them further as re- 
placement costs rise. Watch out 
also for companies with a rate 
nf return which is lower than 
their borrowing rate. If they 
borrow increased amounts to 
maintain their balance sheet 
'‘gearing," their profit and loss 
account gearing (the amount of 
profit absorbed by Interest 
charges) may deteriorate. 


Interim 


The qualirv of the gearing 
credit will clearly vary between 
different types and sizes of com- 
pany. It is to be hoped that 
companies will assist the readers 
of their accounts to understand 
the significance of the current 
cost information they publish 
by giving appropriate explana- 


tions. One specific piece of use- 
ful information would be an 
analysis of the gearing credit 
between that part which relates 
to general creditors and that 
part which relates to external 
borrowings, together with some 
indication of the company's 
financing policy. 

I said at the beginning that 
I did not intend to criticise aud 
I hope that whar T have written 
does nor appear iu be just that. 
The guidelines arc called 
“ interim " and we must use the 
next year to look critically at 
the information being prepared 
by public companies. We will 
never get to a point when one 
single figure of profit for each 
company will be adequate to 
assess performance by com- 
parison with previous years or 
other companies. Different 
users will want to lonk at com- 
panies from different points of 
view and in our discussions 
about accounting systems it is 
more important to aim fur dis- 
closure of information which 
people can use as they consider 
appropriate than for a single 
all-purpnsc “ bottom-line " profit 
figure. I believe that the Hyde 
guideline information is a 
major step forward in providing 
the users of accounts with help- 
ful information and I hope that 
my belief will be proved correct 
during 1978. 

Graham Stacy is national 
technical partner of Price 
Waterhouse, responsible for atl 
aspects of accounting and audit’ 
ing standards, and for : minimi. 
He is also a member of the U.K. 
accounting bodies’ auditing 
practices committee. 


sensor 




BRIAN SMITH, first holder of designers— who. are concerned he has decided there is no rea- 
the chair of design management primarily, with, product appear- son to change it. 
at the Royal College of Art,* ance— but others would come “Design management is (he 
believes that the Joneses had from finance, personnel • or management of all design re- 
it right all along: appearances general management .‘ Now he sources in a companv right 
do matter- feels that ideally all ■*, design through from product planning 

Professor Smith, who has just P 1 " 18 ® 6 ” should be trained in to the whole design team, 
completed a year in the RCA m £ u ? : des ipN v - '*. „ which includes the marketing 

post, goes so far. as to say-that Yet Brian Smith is himself ma n, the research and develop- 
he can think of only one pro- ^,-® ngln !? r , by he meT * engineer, the product 

duct whose appearance did not ty a t one of the prune engineer and the industrial de- 

matter. That-was the moon tasks of design managers must signer himself,” Professor 
probe — which was never going ** to secure a marriage between Smith says. 

to be put up for sale. appearance and technology. He 

w i/ui uf * jmuc says most desigD managers 

f e,»; s'ita 

seem, to have grown ; ing techniques, “ f “ b * g * 

ing the gap between the design- 
first, provisional jattempt J *v.p hrndurpr* DpsiPn 

it was desirable for design at defining the job of. a design * the/are not Droneriv 
*>^(1 managers to be drawn from manager was made when -he . p 5°?^f. y 


Sue Cameron talks to the RCA’s 
professor of design management 

Good looks pay 


In tbe.saihe way as, there 
are managers for resources such 


^iHCSances seems to have grown -ing techniques, , immediately 
V * ?Y r ^«k lsomewhat in the last 12 months, after they have been -appointed, 

wv.: '^v,vGUWhen he took up his chair he His firsl 


■^-PaE 

.- .lift! 


E 


c 




| varying, backgrounds: - some S“Sp th ZhsttESS SH 

“might be trained as industrial had a year to mull it over .but J£ d Ue d the production and bdu£ 

[trial managers say that indus- 
trial designers are expensive 
arty crafty people who do not 
understand the world of in- 
dustry.” 

- Professor Smith says his year 
at the RCA has shown him’ that 
tnb whole field of design man- 
agement is even more neglected 
thamdie thought— there are few 
{■courses and no .textbooks. He 
has therefore been - devoting 
about naif his time’ to the pro- 
motion b£ his subject -He has 
held seminars, stood on public 
platforms, written papers and 
gone into, companies in order 
to . preach tbe importance of 



. -#o77 
C * s ' 


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l- • 


^ f ^ “ 




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Notice of Redemption < 

Copenhagen Telephone Company, Incorporated . 

- B % Sialdnr Fim3 Dollar Dobcntiiru dm FAreuy-l, 19S6 

NOTICE IS HEREBY. GIVEN that, pursuant to the provisions of the Indenture dated as of February 
1 , 1971 under which the above described Debentures were issued. Citibank, NA. (formerly First 
National City Bank}, as Trustee, has drawn by lot,.fqr redemption on February 1. 1978, through the 
operation of the sinking fund provided for in said Indenture, $1 ,050,000. principal amount of Deben- 
tures of the said issue of the .following, distinctive numbers: 

COUPON DXBSjmraES OF *1,000. PH3KCXPAL AMOUNT OUTSTANDING 


X 30 920 1720 3638 6055 5884 6619 TC51 8169 8764 
39 931 1735 3741 6056 5896 6622 7257.8173 8764 
37 933 1740 3743 6099 3925 6653 7259 8181 8768 

41 953 1787 3768 6060 5929 6661 7263 822* 8773 

49 966 1772 3769 8076 3330 6666 7373 8227 8832 

77 977 1789 3770 6078 -5934 6667 7376 8231 .8837 

84 1004 1796 3876.5081 5844 6668 7458 8233 8840 

103 1017 1802 3877 5082 5955 6671- 7462 8239 j»+3 


9458 10130. XU92 33109 13693 13783 14285 
9537 10131 *11198,13162 12699 13801 14389 

9539 10134 11203- 12170 12700 13803 14290 

9540 10136 11206 12172 12913 13819 14300 

9545 10142 1. 1212 12226 1291+ 13827 14304 

9547 1014+ 11216 12231 12916 33834 14305 

9548 10 147 11217: 12241 12918 13840 14313 

9617 10193 11222 12247 12921 13854 14325 


120 1021 1807 3878 .5189 5959 6700 7466 8275 8845 .9618 10134* 11225 12235 12927 13867 14329 


147 1064 1633 3908 5190 .9960 6703 7466 8278 8848 

192 1077 1836 3909 519+ 5961 6703 7469 8280 8895 

195 1093 1842 3910 6195 5973 6704 7537 8281 8899 


9619 10156 41228 12264 13013 13877 14337 

9632 20161 11231 12272 13018 13885 14338 

9629 10164 11237 12277 13020 13892 14340 


203 1101 1BSZ 3911 5196*5977 6708 7539 8286 8902 -;9686 10267. 113*3 12314 13024 13900 14352 

225 1114 1870 4020 5259 5978 6710 7543 8288 8907 9687 1 0269 *11248 12319 13028 13915 14360 

- 9690 10273 11255 12331 13106 1392+ 1+3G5 

9694 10373 11266 12333 13111 13932 14368 

9695 10281 11260 12342 13120 13940 1438S 

9700 10369. 11265- 12346 13121 1394+ 14391 
9748 10373 11266. 12363 13123 13976 14394 
9751 10376- 13276.-12361 13123 13984* 14396 
9763 10377 1I2T9 12369 13196 13085 14403 

9758 10381 11281 12376 13202 13990 14*05 

9769 10389 - 11285-. 12379 13283 14006 14412 

9822 10*64 11287 12387 1328* 14011 14417 

9855 10468 11288 12481 13294 14020 14423 

9861 10472- 11392 02482 13297 14029 14424 

9864 10*76 11398 13494 13298 1*045 14431 

9868 10*83 11399 12497 13362 14056 14438 

9898 10561*11*96 12500 13375 14066 14439 
990* X056T 11303 12506 13376 1*068 14440 

9905 10758* 11505 12611 13377 1407S 14443 

9911 10761 HBOS 12613 13378 14081 14463 

9912 10763 11510 126+1 13435 1409+ 14456 

9923 10769 11512 12547 13451 14101 14458 

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9976 10783-11599 12555 13456 14108 14472 
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9993 10979 11610. 12569 13520 14130 1*494 

9998 10994 JU6B3 .12677 13526 14134 14501 


227 1126' 1674 4021 5263 6980 6728 7544 8315 8906 

229 1033 1876 4068 0264 5981 6731 7597 8318 8911 

243 1147 1889 4059 3269 6086 6738 7599 8321 8950 

270 1154 1900 4060 3303 6090 6740 7602 8339 8953 

274 1156 1939 -4073 W04- 6091 • 6750 76DS . S»2 8938 

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309 1190 2144 4223 5309 6096 6755 7651 Jgg 8998 

324 1213. 2146 43+3 5312 6170 6761 7656 8363 9010 

358 1227 2147 43*7 5332 6171 67G3 7637 S366 9012 

365 12*3 2186 4349 5333 6174 6767 7689 8378 9032 

374 1270 2189-4350- 5334 6180 6769 7694 8381 9043 
380 1258 2192 4395 .5335 6329 6776 7716 8385 9047 

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463 1322 2235. 4397 5350 6235 6780 7732 8392 9056 

484 1331 2243 4399 .5381 6239 6881 7733 8400 9068 

503 1337 2286 *531 5456 6272 6884 7737 8*04 9065 

515 1366 2287 +53* tMSl 6273 6889*7753 8407 9079 
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550 1376 2327 4588 5487 6280 6893-7757 8419 9088 

559 1392 2383 4612 5468 6282 6977 7769 8*26 gttH 

594 1396.2389 4615. 5532 6304 6978 7764 8429 9097 
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SS-itS Sf HH few «17 72*9 8167.8760 9457 10131 11191 13101 18689 1377G 1427* 

The Debentures specified above are to be redeemed for said sinking fund at Citibank, NA, 
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-Dated January 3, JWg ; 


good design and the need for 
better design management. 

He believes this is an import- 
ant part of his job Uiough it 
could be argued that preachers 
have rarely zpade. much Impact 
on the sinners of the world: re- 
pentance in principle is a fine, 
uplifting thing but the actual 
abandonment of worldly goods 
and fleshly pleasures tends to 
be nasty, brutish and shortlived. 

Few manufacturing com- 
panies— if any— would dispute 
the* value of good design and 
effective design management. 
The problem, for many - of 
them, lies in practising what 
Professor Smith preaches. 

It would be unfair to suggest 
that he has spent the. whole of 
the past year on promotional 
work-r-he has not. He estimates 
that about 20 per cent, of his 
time has been taken up with 
research or what he calls 
"finding the scene." This has 
meant ascertaining the size of 
the gap in existing design 
management education, * dis- 
covering which .industries most 
need to improve their design 
management techniques and 
visiting countries such as 
Russia, West Germany, Holland 
and Belgium to see how the 
whole question is tackled there. 

Professor Smith has spent the 
rest of his time teaching, both 
inside and outside the RCA. He 
is not .vet running a specific 
design management course of 
his own but he has already 
started planning one and he 
hopes to set it up by the end 
of this year. - 

He says that at present design 
management training can 
usually be classified under three 
headings: there are general 
management courses for indus- 
trial designers, design manage- 
ment courses for general 
business students and the type 
of small business courses which 
teach individuals how to start 
their own companies and market 
their own jewellery or textile 
designs. 


BUSINESS PROBLEM 
BY OUR LEGAL STAFF 


Preparing for 
a tenancy 

In the case of furnished 
lettings wbat management 
costs may be allowed against 
rent arising in the preparation 
or a house for a first tenant 
and In respect of the actual, 
letting? 

There will be no income-tax 
relief for tbe cost of preparing 
the house for the first tenant; 
however, some of this expendi- 
ture should be deductible in 
computing tbe capital gains tax 
liability, if the property is 
eventually sold (or disposed of 
by gift, etc-J- No tax relief will 
be allowable iq respect of tbe 
eost of the first letting: you will 
find helpful guidance in Inland 
Revenue booklet IR27 (Notes on 
the Taxation of Income from 
Real Property). This booklet is 
obtainable free from most tax 
inspectors’ offices. . 

Your inspector will probably 
agree to give you an arbitrary 
wear-and-tear allowance of 10 
per-cent, of the (net) rent unless 
you prefer to have the cost of] 
renewals allowed in future years 
(and consequently no wear-and- 
tear allowance). 

★ 

No legal responsibility, - con be, 
accepted by the Financial Times' 
for the answers ' given In these 
columns. All Inquiries will be; 
answered 'by post as soon as 
possible. 


Professor Smith points out 
that while general management 
training for industrial designers 
is necessary it does nm consti- 
tute design management educa- 
tion as such. He adds that 
design management courses for 
business students are also im- 
portant but they fend to pro- 
duce good managing directors 
rather than good design 
managers. 

“Ideally I think we should be 
taking industrial design people 
and giving them design manage- 
ment courses," he says. “But 
in practice I would hope to have 
design engineers and business 
students on uy course as well 
as industrial designers. - ' 

“lam still feeling my way as 
far as my design management 
course is concerned and it will 
take a year or two to develop 
fully, but I want i\to cover a 
number of specialised topics. 


These will probably include 
computer aided design, in-depth 
market research, production 
control systems and project 
management. 

“ We have to remember that 
there are two routes to becoming 
-a product designer, one through 
arts and one through science. 
Arts-based designers are con- 
cerned with appearances, with 
ease of handling and with the 
effect a product may hare on 
the community — whether or not 
it will be a pollutant for in- 
stance. 

“ Engineering designers, on 
the other hand, are concerned 
with the -function of a product 
and with ease of manufacture. 
Yet these two * groups of de- 
signers have to be brought 
together if a product is to be 
any good. The best industrial 
designers do work very closely 
with engineers and technicians 
but it is the job of a design 
manager to ensure that this 
happens every time." 

Professor Smith adds that it 
was precisely because he him- 
self is an .engineer that his 
design management chair was 
set up at tbe RCA instead of 
somewhere like Imperial 
College. 

** The RCA may seem a 
strange place to drop an 


engineer but it means I am in 
the opposite camp and this is 
valuable," he says. 

He does not think there is any 
royal road to effective design 
management and he adds that 
companies which are particu- 
lary good at it often have en- 
tirely different approaches. He 
cites Philips at Eindhoven, 
which has a strong centralised 
design department covering in- 
dustrial designers, managers 
and engi neer s and compares 
this with ITT, which makes the 
maximum use of outside design 
consultancies. 

The one thing he does insist 
on is that design managers 
should be in at the beginning 
when a new product is being 
planned. “Industrial designers 
like to he consulted early on 
when a product is still in the 
discussion stage but this is not 
always possible — sometimes 
work has to be done nn per- 
formance specifications first. 

“ Yet it is vital that a design 
manager should be brought into 
the Boardroom at the outset 
when a company is deciding 
what sort of organisation it 
wants to be and what type of 
products it is going to make." 

Professor Smith stresses that 
good design management can 
make all the difference to sales 
figures and order books. And 


this is why he is so insistent 
that when a product conics nff 
the line and goes on to the 
market its looks wilt count — 
though looks must be backed up 
by good performance. 

“ Some industrial designers 
become upset when they arc 
dismissed as being mere 
stylists," he says. “ I tell them 
not to be fussed about it he- 
cause appearance has to matter. 

“Looks are important even 
with something like a machine 
tool. A good finish will inspire 
confidence because in a way it 
is a feature of the tool’s 
function. And if a feature 
inspires confidence people will 
be more likely to buy it. 

"One example that comes to 
mind are the mudguards nn 
Volkswagen cars. They turn 
back on themselves at the ends 
and this makes them look thick, 
strong and therefore more 
effective. 

“Another forceful example it 
tbe locomotive. Locomotives are 
old-fashioned, they are in- 
efficient and they pollute the 
atmosphere. Yet there are 
thousands of people who love 
locomotives, who make long 
trips to see them and who join 
clubs to study them. Why? 
Because they like the looks of a 
locomotive. 

“Appearances count." 



We'll take your cargo in our containers 
direct to ten ports in the Caribbean. 


Until now container services to most destinations around 
the Caribbean have involved transhipments. Until now. For 
now the tfanison Line's new container service, using 
purpose : built, 21-knot ships, offers tbe first-ever direct 
container system to and from the Caribbean. 

Frequent *and regular sailings will leave BremerhavCn, 
Hamburg; Anisterdam, Antwerp, Tilbury, Le Havre and 
Liverpool direct to Bridgetown (Barbadosl, Port of Spain 
{Trinidad}, Oranjestad {Aruba], Willemstad {Curacao], San 
Juan (Puerto Rico), Rio Haina (Dominican Republic), Port au 
Prince (Haiti), Kingston (Jamaica), Santo Tomas de Castilla 
{Guatemala), and Puerto Cortes (Honduras). 

Sowitiithis new' container service come three major 
benefits. You get speedier shipments, with, faster 
transit-times. You get greater security, because the risk of 
damage Or pilferage to your consignments is minimised. 
And you get the incomparable advantage of direct 


door-to-door transportation. 

If you want the very best deal for your Caribbean cargo, 
then, the answer's obvious. Simply take the Harrison Line, 



Harrison Line 


A MEMBER OF CAROL together with Hapoq-Llo \ d. CRM and K.VS.Nf 
Jnn aRuXk, Hdttuoniid , Strive Oxt.-nhm. U^rpool L2BI F, Englrtai 
liDOTOBthJwSqnaie, LoadouECJM4!iA, tagland * 












12 

LOMBARD 


Financial Times Wcdnesfiav Jw.u&iy‘ll‘‘-1978. 


Time to 
industry 

BY COLIN JONES 


review 

aid 


•A SENIOR official at the Common Government's regional. Indus- 
Market headquarters in Brussels irial, and job saving or creation 
.was asked the other day if he policies, plus another £lbn. plus 
had been surprised by the fact for industrial innovation, indus- 
that so few objections had been trial training; and export credit 
raised to a particularly expen- refinancing. Much or it derives 
sive and questionable industrial from the Industry Act which the 
subsidy scheme which had been Heath government passed in 
submitted by a member country 1972. Tories could not 

for clearance under the Treaty of have foreseen the way the Act 
Rome rules governing state aids has been used by their Labour 
to iodusirv successors as the basis for an 

No. he said, he had not been increasingly elaborate and expen- 
at all surprised. Most of the ? IV « ?. vs .tem of se ective intervcn- 
other member governments were Uo * ,r L f 

probably planning to do some- ask f ha J. e 

thin* similar themselves and v ^ 

were quite happy to have the * ure - S , ur ,1 :_j£ e _ t,r ?5. .. haS . c0 , ni f 
way paved for them, while 


a for a full-scale review of what 
German official-whose govern- 

raent might have been expected Ministers cWm that empl 

to argue the purist line-had told m * n \ SU ^nJt t hf 6 rS 3 ?- Z £ 
him that in the long run it could offse 1 t a 0 jmst the reduction in 
only be of he!o to German firms employment and the cost of 
if their Community rivals were focmlsecur.ti benefits. But there 
debilitated by severed, heed- jf av !“ L°v5 SV^LfiS 


outs. 


The cynicism of this reply is a SSVhl Sllli" 

measure of the kind of rear- ™>n-subsidjsed firms LThe Govern- 

guard action which the Commis- m r ent .f! _ 

sion has bad to conduct against °L ^F^tvJn 

the recent proliferation of scheme and of 80,716 of the 


industrial subsidies in the EEC. 


sectoral aid schemes. But it is 


luuuauidl 9Uii9IUJ» 111 |||r _r_ t 

It is no longer simply a question > JJJ.J" 

Qf ensuring that Inlra-Cnm. IStS. if offered Cheap mODeV Wlth- 

munJty competition is not dis- Sn?it n »o o ?s’ ctio n* 

torted by members' regional aid ** 

S beea? e nmsf B io^™ 
raents have rame to realise that 
financial aids to industry are one 0 v P 

form of protectionist action **£ JS!!L SSSLuJKEPSS 


which is available to them while 


the inevitable raiionaltsation and 


wuivu «tvaii a uic iu luciw nune „r 

still nominally subscribing to the d ^ ,nstab,1,ty f the 


principles of trade liberalisation. 

In steel, shipbuilding, textiles, -r * ; 

paper and many other sectors JuIp”StTYlC6 
there is both considerable over- r 

capacity and a deep reluctance Meanwhile, up^service is still 
on the part of governments to P a * d 10 V 16 importance of 

allow companies or plants to go regional policy. But the prolifer 
out of business. 


Big spender 

The result has been a series of 


atinn of other aid schemes, by 
reducing the discrimination in 
favour of the assisted areas, has 
contributed to the policy’s 
diminished effectiveness. Beg- 
ad* hoc "rescue" o perations ' which 
threaten to undermine the prin- L h Jn 

ciples of the Common Market t l rn , 1 . s , 0 [, cn . st per ]oh. has been 
itself. The Commission has tried fished with a view to mak me 
to dig its heels in against per- policy more selective But the 
manent operating subsidies while biggest remaining aid costing 
laying down guidelines for other ov , er £ 4 0G m - ? ye , ar T ls , t * ie un ' 
forms of aid and it has had one selective regional development 
or two notable successes. But $, ran * arid the Public Accounts 
there is not much it can effec- Committee, is the latest of many 
tively do in face of determined critics of the very hish cost per 
national governments, the deroga- i°b involved in many grant pay- 
tions in the Treaty which permit nients. 

aids for regional development, to H thp Government is reluctant 
remedy a serious economic dis- conduct a full-scale appraisal 
turbance, or to facilitate the —and the Commission in Bras- 
development of particular activi- SP ’ S is ton weak to force it and 
ties— and the very considerable other member governments to do 
technical difficulties posed by sn — pressure will soon come 
the opaqueness of so many aids from a different external source 
which has made it virtually ira- and in a wav that will onlv corn- 
possible to measure their effects plicate fh« efforts to preserve an 
upon intra-Community trade. open sv«tem of international 

As the public expenditure trade There arp provisions in 
■White Paper due later this week the U.S. Trade Act. 1974. whi'di 
will remind us, Britain has been will make it mandatory ror the 
one of the biggest spenders on U.S. authorities to imnose 
industrial aids — if not the countervailing duties on all US 

biggest. In the present financial imports receiving a nroducn’on of 
year rather more than £ljbn. exnnrt «*ihsidv in the countrv of 
will have been doled out to indus- origin. Thev come into operation 
trial firms in the pursuit of the next January. 


Filling the gaps in the flower beds 


IT IS still an extraordinarily or so of damp north-facing hanks, dear yellow as their ha<ic improved strains, siatlf flower* shaded borders, excellent where* enjoyed in one 1 called A, T. John- 

mild winter. I have Tobacco where it covers iiself with pretty colour, blotched with a dark and all the rest. Who buys it ? ever they Will not be overrun or son which I have seen massed 

Plants still in leaf and flowering pale yellow flowers on six-iach hrown-red :« that bright com- FT readers. I trust, this year, for dry out in a hot summer. under Azaleas in Wales. It : j 

intermittently, not even t'ne stems. Not so With me. IT lasted hi nation which is the mark &r it germinates quite easily and Q nun b- fancier whom I met * al,6 {_. lhan * h< * nearly two 

ordinary white, red and true- less than a year and led me to the eld garden Mush. Seed set leaves you With SO good garden' k*<» f®®? high when in. flower, a point 

green varieties but the big. hrand the Musk 

.caved Xicotiana Sutrestris which plants which 
is generally believed to he more retirement next 
tender. There is a flower or damp n id-age garden 
iwo on a hush of Lavender and Stream. 

early buds arc beginning to open . . 

on a red japonica. January 1975. a 

in short all over a-^ain centre and feeling Obliged lo bur- 
in short, all over VMO. something more than a packet of 

h i l i !hiv *? r!i h n I'rffUl th/mnrp spinach seed after wasting the 
helatcdls. I plan to fill the more assistant’s time, I settled on a pr.r 
obvious gaps In the (lower-beds. i a Viellcd Mimulus Ochnd. It went 
Two years of drought have now jntfJ a smaII aarroy/ hed . no j 
persuaded me that tne bed which particularly wet, m which 1 grow 
l made beneath one side of ray two s j ow Hepaticas and a relation 
house must be fed by under- o{ primula called Cortusa 



GARDENS TO DAY 

BY ROBIN LANE FOX 


ever, so that Their roots could ^ a single plant and .Increase 
run under an edging or stones , r bi- division. It will not come 
between the- bed ana the pain, ^ite from seed. 

A stone keeps a plant’s roots „ „ , 

COOL one of the few reasons why _ Su11 . 16 JJ 8 * 1 Q? MiniUlus the 
beds of rocks are ranre than a monkey -Hower. a came whuso 
fanciful attempt by. alpine onglus I cannot trace. The wily 
plantsmen to recall a lower slnpe , lila j 

of the Matterhorn in a suburban “ih* u L U! *. “I' 11 °* “J!* 1 


Musk 


never m °nkeys arc mimics too. 



, ■ — — « — Besides rue Hirer fcu\ uu-.w m u " . • mean 

Musk, or Mimulus. You xnav be Not for long, however; It quite without equal '.n the from those perennial Lobelias Wham Nurseries can sell von to mass It vnth the old Double 

surprised, but l had only growTi flowered without * * — '■ ** 1 — - u-s.-s f-a «(«».-. ■ * - — - • - * ■ - • *»-*— - 

one before, the small yellow- May till August, 
flowered variety sold for damp or that it would 
shaded alpine gardens and bsted death. Nor were 
as Mimulus Primuloidcs. Some- of the dreary 

times, it is to be seen spreading usually accompanies _ _ 

far and wide over a square yard ing variety. They rely on a good of six varieties or more, offering plants for the edges «f semi- shade, prettily combined, can be persistent flowers; 



Crofton Hall likes Kelso course 

JOHN DIXON, the popular easy winner here in November, in Wefherby’s valuable Castlo- 
Cumbrian permit holder who He then made ah unavailing trip ford Chase, and he again ran well 


last month landed the Pommery 
Greno Trainer of the Month 
award, looks all set to boost his 
spectacular record at Kelso this 
afternoon. 

Having won nine races this 
season with his string of four 
horses, be saddles Crofton Hail 


RACING 

BY DOMINIC WIGAN 


when chasing some Xarribiani 
and Monte Cera in the Johnny 
Walker Hurdle at Ayr a few days 
ago. 

Provided no serious errors 
creep into his jumping here. 
Crofton Hal! ought to prove up 


and suddaw View and both may soutb 10 Ascot for ^ BL * ck and tfJ conceding about two stone to 
Sntehflwi. " White Whisky Gold Cup. so the iuekiess and equally con- 


That most consistent course , . , . - 

specialist Crofton Hall, who has *° ur reoces from home, 
just Tumbeieena to beat in the Quickly he made up 


which he unseated Jonjo O’Neill sistent Tumbeieena. 

Skiddaw View, another top 
or lhar weight with highly impressive 
two-mile Duns Chase, was a very reverse, outclassing Nice Palm recent winning form, has just 

Tregarron. Stag Party and Little 
Swift between him and a treble 
in the three-mile Swinton Chase 
If he reproduces the form 
which saw him giving Scorton 
Boy S lb and s length beat ms 
in Ayr's Kilmarnock Chase half 


Schweppes yacht week 



CASH 
new 
sored 

this year ana nasca on me new Brighton 'event, the World Half _ 

Brighton Marina. The company Ton Championships will be held uown at Towcester— where it 

is putting about £10.000 behind at p 0 ole, sponsored by the Daiiv will come as no surprise if Blue 
the event, to be called Schweppes Telegraph 2 nd Beechams Food's Braes creates an upset in the 
Yachting Week and to lake place aI a cost thought to be in excess opening division of the Long 

in the week beginning August 19. nf no.000 and. before that, the waler Hurdle. for which 

British Level Rating National Hackelly will be a hot favourite 
Championships will be supported — Josh fiiffnrd may well score 
by Chloride. both Salviati and Manny- 


YACHT1NG 


BY STUART ALEXANDER 


Delmar, the marine fitting divi- 
sion of Delta Metal, is this 


poy. 


sion nr ueno metal, is in,., , Ir S ‘“ i‘ 
year’s new sponsor of Cowes ,n '‘ clI - M " 

Week which for many years was e " e p ‘ 
in the hands of Dunhill. Delta is ~ ‘ 


_ ... w . putting in about £25.000 a year 

The races will be named after f 0r three years, but has not taken 
Schweppes products, like up the option to sponsor the 

p£k S S '«,iVi Ul i,'«.? 06e f S and Wa 'S ra Admiral's Cup series, which takes 
and will cover fun races for place every other year, 
week-end ^nabouts to more This was spons ored last year 
serious events for offshore by Mumu champagne, but their 
racers. offer for 1979 has not been 

On shore, entertainments will accepted and the Royal Ocean 
include displays of hang-gliding. Racing Club is believed to be 
and formation Hying by the Red considering a higher offer, pos- 
Ariows. sihlv about £30,000. 

There has been a resurgence However, there seems to be 
of interest in sponsorship of something of an auction over the 
yacht racing in 1978— to the tune Admiral’s Cup and RORC is un- 
of £73.000— with several cam- likely to take a decision until all 
panies moving in. It is also the bids are in. 


KELSO 

12.15— Great Echo* 

1.15— Crofton Hall 

1.45— Carmoni Prince 

2.15— Skiddaw View 

2.45 — Tangles Brother 

3.15 — Highland Spice 

TOWCESTER 

1 .00— Mannyboy • • 

1-30 — Blue Braes 

2.00— Salviati'** 

2.30 — Valmony 

3.00 — Colonel Nelson 

3.30— Ode i pus 


TV Radio 


. t Indicates programme In 
black and white. 

BBC 1 

9.15 a-m. For ■ Schools and 
Colleges. 10.45 You and Me. 11.00 
For Schools and Colleges. 1130 
p.m. Closedown. 12.45 News, 
weather. LOO Pebble Mill. 1.45 
Mister Men. £.01 For Schools and 
Colleges. 3.00 Closedown. 3.53 
Regional news for England (ex- 


cept London). 3.55 Play School. 
4.20 Touche Turtle. "4.23 Jar kanory. 
4.40 Screen Test. 5.00 John 
Craven's Newsround. 5.05 A 
Traveller in Time. 

5 A0 News, weather. 

5.55 Nationwide. 

6-50 Sykes. 

7.20 “The Prisoner of Zenda." 


9.25 I Didn't Know You Cared. 

9.55 SportsnighL 
11.15 To-night. 

11.55 Weather, regional news. 

Ail regions as BBC 1 except: 

Wales — 5.03-5.35 p.m. BUidowcar. Farm. 
5.55-6.20 Wales To-day. 6.50-7.13 5.45 News. 

Heddlw. 7.25-7.40 Trem. 7-40-9.10 
. Young Scientists of the Year. 8.10- 
Film starring Stewart 9.00 The Oregon Trail. 11.53 
Granger. Deborah Kerr, Weather. News and weather for 


James Ma-son. 
9.00 News, weather. 


F.T. CROSSWORD PUZZLE No. 3,564 



across 

1 Left snake and its game 
associate (6) 

4 Steady but certain to be In 
drink IS) 

9 Company going to watch a 
playwright (til 

10 Member of two unions is a 
criminal (S) 

12 Pack of cards and those dealt 
for a sailor (4-4) 

13 Commend start of pay in- 
crease (6) 

15 Throw to ship (4) 

16 Firm bargain or 26 f7) 


20 Go back in defeat (7> . 

21 Type of bird or animal that 23 Evoke Oriental 

is willing (4) D 

needing 


6 Fake gem the Irish favour tS» 

7 Fruit is seen in wet weather 
<6> 

8 Held it herself disguising 
tremor (6\ 

H Cheered for more of the 
middle in the end (7) 

14 Evangelist has a job with 
the French t7> 

17 While it could be me 
opposed to me (8) 

18 Healing South Australian 
aboriginal (8) 

19 Calculated thought (8) 

22 Outlaw has to associate wilh 
it 16) 

with legal 

following fB) 


first-class 24 Maintenance on high part of 
castle (61 

fluster sailor or 27 P ure and simple (4) 
Solution to Puzzle No. 3.563 


25 Ili and 
fish (6) 

26 Biscuit to 
16 (S) 

28 Refused to bend down and 
died (8) L 

39 Military force the French 
soldier takes on (6) 

30 Tied up there to dry out- 
side (S) 

31 Extend cover and feast (6) 

D0WN 

1 The brightness of intelligi- 
bility (8) 

2 Dejected— having moulted, 

<S> 

3 Coarse but could be 

hearty (6) . ... 

5 Way out and without it (4) 



Wales. 

Scotland— 5.55-6.20 p.m. Report- 
ing Scotland. 1 1.55 Weather. News 
and weather for Scotland. 

Northern Ireland — 3.53-3.55 p.m. 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 9-25-0.35 Spot- 
light. 11.55 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): South CJ£ vept: 

To-day (Southampton!; Spotlight 


South West (Plymouth). 

BBC 2 

10.20 a.m. Charbar. 

10.45 Parosi. 

11.00 Play School. 

11-25 Closedown. 

'7.00 pjn. News, weather. 

7.05 Democracy at Work. 

7.30 Newsday. 

8.10 Julian Bream Masterclass. 
94)0 The Master Game. 


HeJp ! 1-30 Crown Court - 2.00 I* Your Right ms Crossroads 6M 

After Noon. Z35 Hadleigh. 3A0 S™"**® wish You Wore 

Heart to Heart 3.50 Couples. 4.20 'e HaSifo 
Michael Bentine's Potty Time. * “ Ha,ml50 " ,V ' 

4.43 Pop Quest 5.15 EmmerdaJe HTV 

1*® pjn. Report West Readlines. t2S 
Report Wales Headlines. 1,-0 Crown 

6.00 Thames at Sis. £“"■ ** ^ ^ uie 

ej; Crossroads s ? aoe *-* ^rnswaads. 6*3 Report 

tm?.™? 1 , -r Wvn ^ R*«»rr Wales. iJ# WL<a You 

7.00 This Is Your Life. Were Here . . . ? U-0Q Bless This House. 

7.30 Coronation StreeL ^i-* 0 Cciebntr Concert. 

8.00 ** Murphy's War." Film HTV Cymru.'Walas-As HTV general 

Starring Peter O'Toole Sian MrTK f ««!*■ 1JMJS p.m. Penawdaa 
Phill of ’ Nea-yddion r Dj-dd. «#4j 0 V a, Y 

in on mu!!.. • G*di .Vr Ouraett. ajMJS Y Coodwigwyr 

10.00 News. Newydd. (AMOS Y Dydd. 

IOJO A Prime Minister on Prime West — as htv general service 

Ministers. J*®? 1 ' UB-Ufl Report West HeadUaes. 

11.00 Bless This House. 6JWJ0 R<?pon Vm - 

11^0 World Snooker. SCOTTISH 

US p.m. 5 cotush news, road and 
I- — 5 ajn. Close: Joe Melia reads weather repons. aj»3 women unis. soS 
Buddhist poems by Christ- Pndj»»r Kiwi. SJ# Crossroads, um 
mas Humohrev« Scotland Today. SJO Rcpon. MJS 

dll mA j Welcome to the Ceilidh. 1UJ0 Oui of 

AU Ut-V regions as London Town ujo Late CalL n-M Police 

Woman. 

ANGLU 


ta pj/i. Anglia News. 2J» Hottsepans. , SOUTHERN 
5J5 Mr. and Mrs. 6.00 Aboot Anglia, n 1 *® "■?' S°, l il lil ? rn 1BB 

ltM Jtiz Concert, u JO ' Baretia. Hoi |? fpai 2*L s i 5 T “ ni1 ;,^ £!??*■ 

UJO a.m. The Big Qnestton. ' rwu,B - ^ £ ay by Day - UJB 

a -r-T/ Surgron. UJ8 Southern News. IL«l 

A IV Healths Caring. itXB a-m. Weather and 

UO p.m. ATV Nowsdesk. SJS Mr. and aose: The Clue/ Rabbi 

To-day. IS JO Citizens’ TVMC TCCC 

Rights. 1 1 15 Bntlin’s Grand Masters Darts » Tlsti .1 ttj 

ChamoLooshtD. 1UG Police Surgeon. *-2° *•«“■ The Good Wort. loUovccd by 

RHO nCD North East News. U0 P.m. North East 

„ R , _ „ News. Look around. ZOO Women Only. 

®-"!: ^Horder News. ZOO Honse- 5.U Happy Days. ZOO Northern Life. 11.00 

? 5 r5 ,, £ L ' B „° ur Blood. 6. 0D Bless Tins Home. UJO The family 

Looharound. in* The Odd Couple. UJO lZJe «.m. Epaozue. 

_ .. _ . ... World Championship Dana. 1Z00 + Border TI - c--»-r-r> 

9«J) Play of the Week. A News, weather. IZ83 a.m. Closedown. ULSTER 

Visit from Miss Prothero." CHANNFI ijii.p.™. LimchUmL'. sjs Ulster News 

by Alan Bennett. n « a.m.-zu p m rinsed J-? 5 Dynnuutt. the Dog Wonder. 6JM 

10.10 Arena: Cinema. channel news. What’s on vr^m: leather H 1 ^L t,r ujo Re wo?w 

10^0 The Light or Experience. W» o«»|£ ««. wither, u* a“mpSp^ s . ^ WorU 

II 05 News weather Drnomutt— the D« Wonder. ^ uiiniaiaamw luu. 

|{ ,a cizuft Viwht Channel newa. weather. 1#J2 Rising WESTWARD 

"if Sffis^ uj tzis ! :isf ass.“?,s.« ssrai ss: 

reads •‘Troublesome Fame," hy news ami weather In Kronen. S DUry ! W^inl SoS 

by Robert Graves. GRAMPIAN weather, lajo Rising Damp, u.oo a 

LONDON Cr^plan^NowV^'fiJI^c'rWolim* Tadar! liU Faith for Life. MJn * Ster '* 

9JS0 a.m. Schools. 12.00 Clop pa MMniy Conrenn M xw 

SilnHe n I ?i 0 ;Z, m - ^ GRANADA Md'aJS. 

Sounds of Bn [3 In. 1. 00 News: 1-20 U0 p.m. This Is Yaur 5.M Tills 1130 Dan Amrust. 


Dolls house fetches £135,000 


TITAN). VS PALACE, probably 
the most elaborate dolls hot(se. 
ever assembled, sold for £139,000 
at Christie's yesterday to the 
London dealers. Spinks, bidding . 
on behalf of a European institu- 
tion. 

The price, over double, the 
forecast, was way above the 


SALEROOM 

BY ANTONY THORNCROFT 



‘ Mr. Ra&er Kcvcrao, *a director or Spinks, with TiUnU'a 
£133,900 palace. 


£31.500 which secured the Item 
in 1967. when it lust appeared at 
Christie’s. 

Titania's Palace has 2,000 
miniature furnishings which 
include many works rif art. They 
include 16th-17th century Nurem- 
berg miniature cannon and 
caskets: a 15ih-century illumi- 
nated Book nf Hours; a water- 
colour 2J inches by 1} inches 

painted by Samuel Palmer, an foot hi?h. V* foot long and S foot aid of children's charities, la 
18th-century Swiss mechanical wide, with Id rooms around a Mrs. Olive Hodgkinsun. who 
fountain 2j inches high: and a central courtyard. The rooms, exhibited it commercially, first 
jewelled peacock made for the which include n throne room and at Wuokoy Hole Caves, m Snnicr* 
1856 Paris Exhibition. a chapel, arc heated and lit. by set. and more recently at SL 

The dolls house was built in electricity. Helior, Jersey, 

the 15 years between 1907 and From the start the house was Riddiny was brisk vesturday, 
1922 by Sir Novile Wilkinson, imended tn raise money for and the vale was completed in 
soldier, artist and author of ^children’s, charities and fnr 45 90 seconds. A .Yew York bidder 
children’s stories, who was fol- -years it travelled the world, was used the telephone, competing 
lowing up a fancy nf his three- visited by two million people, with youfi*;.. children and wth 
year old daughter that she had and collected £l50iOOO. In 1967, owners »jf stately houses, but in 
seen a fairy among the roots o£ Miss Guendolien Wilkinson, Who the end the Palace wool lo 
o tree. « in her youth had seen the fain. Spinks, whose clients will enn- 

He built the fairy a house 6 sold the house at Christie's, in time to exhibit it, to children. 


APPOINTMENTS 


Dunlop group reorganisation 


A major Dunlop group 

reorganisation has been pul into 
operation by Sir Campbell Fraser, 
chief executive of . DUNLOP 

HOLDINGS, who takes over the 
additional post of chairman at the 
end of May. 

Three main Board directors are 
to become managing directors in 
group companies Dunlop Limited 
and uuniop international Limited 
within a plan to streamline profit 
responsibility for operational 
activities on a product and 
geographical basis. * 

Mr. John Dent has been 
appointed managing director, 
Dunlop Limited, responsible for 
Dunlop's non-tyre activities in the 
U.K., including the development 
of licensing and turnkey projects 
with overseas customers, and for 
the group's major research pro- 
gramme. 

Mr. E. Geoffrey Wheater 
becomes managing director, Dun- 
lop Limited, in charge of the 
European tyre operations and 
non-tyre activities in France and 
Germany. He will also head tyre 
development programmes for the 
group as a whole. 



Sir Campbell Fraser 


addition to existing directorship!. 
The parent concern i* EJfrj Cor- 
poration, 

* 

Dr. David W. Wyltc has been 
appointed chairman and president 
of STEP LI NG- EUROPE ■succeedin'* 
Mr. C. R. B. Williamson, who has 
resigned to pursue .i literary 
career. Mr. Eric E. Barber has 
become chairman of Jsterhng- 
Wintrop Group m place of Dr. 
Winihrpp Group in place of Dr. 

UNITED DOMINIONS TRUST 
lias appointed Mr. K. Fowler as a 
general manager, Mr. fi_ Gillespie 
and Mr. E. C Turk, assistant 
general managers, and Mr. F. A. 
Mobhs. regional director. South 
and South East. 

. * 

Mr. Maurice Constant has been 
appointed senior manager of the 
first London branch of BANQUE 
CANAD1ENNE NATIOYAIX. Mr. 
Constant retired recently as a 
general manager of . firindlays 
Bank. Prior to dial he wa* a 
senior overseas executive of the 
Ottoman Bank, working pi'inci- 


Mr. Alan Lord will be managing vlously overseas sales manager, pally in Arab countries, 
director. Dunlop international, Mr.; R. H. nlvKcars, group sales * 

controJUng a range of Dunlop marketing director, will now , comDanv c ;i led \\resEPL.U4 
operations outside Europe. LT'^n 1 ftS 


Mr. Thornton Hawkins, for- 


group. 


the 


RADIO I 

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an Kid aVU ." 1 1 ' NC T^t. a i' Havcl Barber. 2.80 in itvyertory iS*. lures. «-00 Science V 

Slid no S-M 7 or 3W Brahms <S. : Chamber music. JJS 0J9 Weuther. HUM 

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6JS a.m. Wea liter. T.flfl News. 7J5 SEi: Rcslonal nev»9 and w.-gifter. LOfl Allen witft Cash on Dell very. 1J0 n.m. 
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izoa p.m. Yon and Yours. 52X7 What 


19 Jm and 93 JI VHF 


- P and O Group. The Board of 
merty personnel director of the _ ' . . . . \he new concern consists of Mr. 

overseas division of Booker Mr : Thomas Dawkins has been Bryan Perry, managing director, 
McConnell, has been appointed to app^nied as managing director Mr. David EirL manufacturing, 
the Board of BROWN KNIGHT of FRANWPILE in succession to air Norman Ewing, commercial, 
AND TRUSCOTT (HOLDINGS). Mr. Walter Rowland, who con- an j Hr. Edward wSbura, market- 

* linufia as chairman. Mr. Dawkins • • • - 

Mr. A. M. B. Large has been ^ company as designer - * 

appointed a managing director oF In 1 . ’ . Mr. Befer Gardner is tn ha 

ORION BANK. Mr. Large has .. . R ^ PTincipstl of the BAT ■ Group 

been an executive director of the ™ r : ,1.- n “ 5 as , be ? n Management Centre from May I 

bank since 1974. having joined in ffJKUJrSn -Wnfin - * and 110 wil[ relinquish his 

1071 after six years with BP. HvXFOKD GROUP as financial present res|K>hsibUitics as chair- 

* director. Teape Limited. He will remaiu 

Mr. Andrew Ferguson has been „ _ , _ * ■ ■ deputy chairman of the WIGGINS 

appointed group managing direc- . Wr - Cope, a member of TEAPE GROUP, a member of the 

tor or J. B. HOLDINGS. He joined t he Management of Linotype Tor BAT Paper Division Board and a 

the group in 1967. ten years, has bee n appointed director of Wiggins Teape 

* chairman of LINOTYPE . U.K, in (Belgium) SA. 

Mr. Mnrray 8. Simpson has I 

been appointed a director of I 


CHRISTIAN SALVESEN tSHlP- 
PING). 

* 

Mr. Bob Horton has been 
unpointed technical director or 
RK INTERNATIONAL MACHINE 
.TOOLS. 

4r 

Mr. W. G. Cochrane has been 
annointed a director nf thp 
EDINBURGH INVESTMENT 
TRUST. 

★ 

Mr. Dennis Dinmare and Mr 
Michael Dinnen have been 
pniioin'ert executive d*rcc’nrs of 
HOWFflSLD ENGINEERING, a 
member of the Wllurhler Group. 

+ 

Mr. David Slone has been 
aonointed manu trine dlroctor of 
^LVRFLOW ENGINEERING. 

* 

Mr. Terry Raikca has been 
aopointed works director on the 
Board of DOLPHIN PRESS, a 
member of the Williams Lea 
Group. ^ 

Mr. Tom Jones is resigning as 
international sales director of 
Serck Heat Tranirfer, of Birmlns- 
ham. to become vice-nrp«irier | t 
heat transfer sales, of SERCK 
INCORPORATED of Houston. 
Texas. 

4f 

Mr. Alan Reid has been sn- 
poimed tn the Board nf RECORD 
RIDGWAY TOOUS as sales and 
marketing director.' He was pre- 



ss 


~d E3AIMK 

rate 


Australia and New Zealand 
Banking Group Limited , 
announces that on; 
and after 

11th January 1978 

its base rate will be 

A# w per annum 


AUSTRALIA AND NEW ZEALAND 
BANKING gpoup LMVWTEO 

(iif.cWiA'J iiftl'^v''n> \ VJb-i Lni'u.':,, ••^1 i V •; i 

71 ComhiH. London £C3V 3 PR Tel. 01 6^3 Till . 










Financial. Times Wednesday: January- 11 1978 

rheatre Upstairs 


I Television 


Our Own People 

by MICHAEL COVENEY 


Where have all the stories gone 


by CHRIS DUNKLEY 


The scene of David Edgar's the stage an area of British life committee member (Indira Appeal for more good stories there are some very satisfactory 
lay for (he Pirate Jenny touring apd contemporary, attitudes of Josh!) scratches away at her in television drama and you are technical effects, and the robots 
roup is a government enquiry riveting importance. opposite number’s instinctively in danger of being dismissed as are both appealing and funny, 

ilo an unofficial strike at a York* An audience can take its points formulated resistance, part of the “ beginning middle and for movie buffs there are 

lire mill m which less than half emphasis where It chooses; The piece is hill of such and end" brigade who will not dozens of Hollywood references 

IB wnrk fnn*» * or wrap* 0 ? testimony is dynamic confrontation, asserting accept that a play really is a (overt and otherwise) to be 

“ P^^paled. delivered by a dignified Asian the pla/s importance in the play unless there are French, spotted. 

ion P inoalr J 5. . L. up over an adjournment pint as he growing bulk of public plays by windows at the hack and Scene But all that i s incidental. The 
mans raransed that, after the recounts how his mother came younger dramatists that meet the 1 opens with a ringing telephone point Is that the strong simple 
miai withdrawal of labour, the to this country from Lahore to complexity of British urban life being answered by a maid in a narrative concerns Luke Sky- 
.janagement advertised for and work as a nurse In response to a head on. black dress and a little white walker and his friends who wear 

.led positions m the company government advertisement in rirector Walter Donohue has apron. while and fiehl for goodness, 

Lnitt. 196L ' The Minister of Health at done a cool and measured job Go further and appeal for aa ^. liberty, and Darth 

themseJves tte time w *5 Enoch Powell She of allowing the pot to boil within television plays with a more Vader and bis sinister allies w*o 
idigenously eligible was ashed to come here and the frame work of a court-room positive sense of right and wrong wca * blaiK. sneer a lot. ana try 

The fact that Darley Park assist the economy- drama, eliciting beautifully so that moral issues are to torceeieryone to toe the 

1 * . 1 ? a “ c “. on ". company- or The piece is most gripping as judged performances from the developed in more definite black unp^rtal line, 

lat the small print of union it touches the- dramatic' level of strike committee’s barrister (Sue and white terms, and heroes and To suggest that all television 

gisiauon sides with the white Destiny ■ In passages ,-Uke the Glauville), the committee chair- villains are easily identifiable, drama departments should 
orkers does not diminish the downbeat confession of the man (Tariq Yunus) and the and your progressive liberal promptly turn over to the pro- 
jwer of _thls singularly in- militant pregnant woman General Secretary of the friends will mourn your loss to duction of .star Wars' Imitations 
iguiug and mn-partisan enters (Chrlssie- Cotteril) about her Weavers’ Union (John Gillen), the clutches of the Festival of would, of course, be absurd. But 
iinment. While not quite recruitment to the National in all, this is the sort of theatre Light, or whatever the latest it is surely nut so absurd to sug- 
mieving the textual colouration Front And the dramatic- screw work that brings those endless puritan tobbjt group may be. gest that a large proportion of 
Mr. Edgars prophetic Destiny is turned when the other face of newspaper • columns about Yet the risk must be run the audience would welcome 

i the matter of race relations, Industrial militancy in the shape G run wick and associated topics because television — of all things more television plays with strong 

ns show nonetheless brings to of the female Pakistani strike to vivid and challenging life. —4s falling to provide a fair p | 0 tSj clearly recognisable good 

share of such entertainment guys and bad euvs. and — if 
I say "of all things” because - right” and “wrong” are felt 
Warehouse television has (surely?) made , D be dangerously totalitarian 

•- greater efforts than any other won i s these days — certainty 

| InrrVT^n A COA+C - “uVenre VeTbSt^d* wants thao doubt aboul morai 

* r rozen Assets by b . a . young Sm/Ts sxs *»■->.« tum, . ««« 

w its owri research department. sudl ls . 


• v-lytt 


Frozen Assets 


by B. A. YOUNG 


.Here is Bame Keeffe again, situation and little plot. When widen his horizon. He’s a big issue figures detailing the most returned Wings (a serial rather 

iiciting our • sympathy for Mr. Keeffe feels a duty- to tie up boy now- be can’t go on writing popular programmes. This week's than a play but drama nonethe- 

- 1 'i. lijddy Clarke, a ' teenager in ^ loose ends be makes some Gimme Shelter all his life. The JICTAK list claims that the less) already follows this for- 

r-srr ^,.- : ouble. His problem is wor^e P^ny odd knots. Uni Plaistow truth Is that this quest Tor io- BBC's Mite Yanoood CTxrwlmus roula; after all it is about war, 

Vr^ „ takes Buddy to a party where the stant pity is too easy. It belongs Show narrowly beat the BBC s and wbat could be more black 

l x ./teenagers silly rich girl is another guest, in 3 500-word story under a 48- Morecambe and Wise Christmas and white than that? However, 

- - -r‘ia * I- nlfl hr haVA tfl fspp 4 Or ho hep B ■ ■ I I i n . _ ■_ _ C*V into flee* nlinA in Phnirt- in *■!%#* 


.I 

' " C - 

” BEsrav* 

Custom !fa*- 
1 Wh ^ 




i it. In the 

ps enlarges 
tan the cer- 
thank gond- 


Laurence Olivier in * Come Back, Little Sheba ' (Granada) 


like the recent Abigail's P arty. 
with one guest dead on the floor 
from a heart attack. Lines sueh 
as “Don’t use the downstairs 
toilet, Marie's being sick in 
there " have the ring 'of absolute 
truth about them. 

But do they go any way 
towards fulfilling a desire which 
seems to hare been felt through- 
out history for stones — fact or 
fiction appears to be immaterial 
—with clear narrative, powerful 
internal dynamics, and a strong 
ethical resolution? Hardly. 

Are we. then, so different from 
the Greeks who first watched 
Sophocles' Electro, or the cinema 
audiences who first watched 
Ford’s Westerns? 

The success of Star Wars 
suggests that we are precisely 
similar, yet television brings us 
Saturday Sunday Monday which, 
according to Granada Television, 
was chosen by no less a man than 
Lord Olivier as “The Best Play 
Of The Year 1973.” 1 find it hard 
to believe that all the other new 
plays that year were worse than 
this, though it may be that it 
transferred badly to television. 

What certainly transfers badly, 
as ibis scries is steadily proving, 
is Olivier's acting supremacy. In 
the intimacy of the .small screen 
bis style looks fussy and over- 
blown. even though touches of 
genius (his old man's clutching 
progress from one piece of furni- 
ture to the next, for example) 
do show through. Placed as he 
was here next to a television 
natural as great us Frank Fin- 
lay. however, most of his tech- 
nique looked startlingly self- 
conscious. Finlay rose above the 
material — a slice of N'eopotitan 
family life— and conjured up a 
whole vulnerable man out of 
very little. 

I have to say that Anglia's 
The test Campaign which con- 
tained another entrancing per- 
formance from Finlay as the old 


the pain is-aD that he can 
ink of. His performance in 
e dentist's' chair was enough 
make me grit my teeth in 
mpathy. 

Buddy, however, is the only 
e of the 15 characters who- is 
sre than a trompe l’oell design 
cardboard, .though David 
alter almost persuaded me of 
ihantom third dimension to the 
ad screw who dies with a stake 
rough his belly and, later, the 
& Labour peer with a weak-. 
$s for brandy and teenage 
ys. The rest are a kind of 
issaud exhibition of property 
araciers. 

Buddy’s dash for freedom takes 
n first to an old aunt- with a 
r breaker’s yard, and so pro- 
les him with transport Then 

to his sister Pam, married to a 

jh-class thief- who gets 
dresses from a British: Airways 
oking-clerk of houses about to 
deserted. Pam — and here the 
e unds of belief are severely. 
U ..-etched — tells her - brother 

) fit TLicb house is being burgled, 

1 su t Buddy gets the number 
ong and encounters a simpfe- 
nded rich girl who, believing 
n to come from the garage, 
ps him £150 in readies to 
, :elerate delivery of the new 

g. 

' The burglar, when Buddy finds 
> right house, gets rid of him 
fast as he can. and we next 
' 2 the boy visiting his sick . 

jther in hospital, where . a 
•man Catholic priest promises' 
lp but sounds the alarm. In 
2 dockland streets Buddy then 
rets Sammy, a drunken 6 x- 
xer, who recommends him to 
, rd Plaistow, a man always glad 
' do anything for a- lad in 
ficulties. 

So far the play has been all 


thank good- .. . , . . , man who befriends a truant lad 

troopers let anoth , er from **“« picturesque make no definite comment or a nd then finds himself accused 
led Gestapo aera P> a nes and salute one commitment, but I will not even 0 f “unnatural" practices with 
re are brave “o^ier when they miss. The risk an implication. The work him, was a play with a strong 


b. , , 



&' ’ll: 



• t ' ' 


auu moveQ LO mieiilBUdr ““ General Staff. But at least Wings you will have to infer il your- However, in essence It was 

. does have a pretty positive nar- sel J- , really no more comparable to 

OllVier rative line. Such an approach is not star Wars, Slianc or Electm than 

— ^ ^ ^ In so much modern television necessarily completely unproduc- were Saturday Sunday Monday 

I l/\n K|/\ drama this ls not the case. As 0ve: in the case of television 0r the next in the Granada 

I JllMllIC |X CCt I N with other art forms the fashion drama it can produce the series, the depressing Little 

is for ^ artIst t0 repr(X i uce occasional giggle or even out- Sheba in which Olivier was 
(sometimes not even bothering right laughter. BBC 1's Scully's again overshadowed, this time by 
It was supposed to have been some and slighL And for a to re-produce but apparemh- just Aw lear'a Eve by Alan Bleas- Joanne Woodward, 
the critic of a London evening finale the whole ensemble played lazily producing) some unmodi- dale, for instance, certainly N d bt it b objected 

paper, arriving too late from with gusto an arrangement by fi ed C b un k of everydav “reality." raised fairly regular if mostly that n ,f prrp( i n i 3 « ant! 
Vino’s one evening in 1923 to Andrew Knights of Corelli's G leaving the onlooker to get on embarrassed mirth. adante ^d boote (Tte iS C^- 

catch the premiere of Arnold major concerto grosso (no. 8 of with it. A dtimb granny with Parkin- Jafgn^ coating from the novel 

Bax’s oboe quintet, but feeling op. 6 ) — diflScult to decide Whether it be the pile of son's disease (or similar), a “The Captains And The 
obliged nonetheless to produce a jvhether such a squawk of double bricks on the floor of the Tate, chairbound idiot boy driven into Kin-s ") are hardlv the places 
review of the work, who began Teeds was really a genuine alter- 0 r the wodge of sacking on the a staggering walk by his lust for \ 0 look, and that television's 
his notice with the immortal native, or whether just a per- wjU of the ICA. or the “slice of a Boots stjie " painting " or a 0W n version of the Western is 
words: "Five oboes are an fectly viable, and at any rale fife ” on the television screen, bosomy woman, and an elder son the tough cop thriller. Yet 

unusual combination. very jolly, way to play Corelli the attitude of the “artist" who plays perpetually with toy .vtarsfty And Hutch and the un- 

Six oboes and three bassoons if you happen to have six oboes seems to be very similar: “ Not trains in the loft were some of appealing hard men in The 
are even these days a still more and three bassoons dropping by | only shall 1 employ no recog- the more notable characters in Pro jessionais hardlv fill the bill : 
unusual combination; but in its one rainy Sunday afternoon... j Disable craftsmanship to trans- this all too believable "slice of their morals would be acceptable 
piquant, buzzing fashion— and . DOMINIC GILL form my chosen * material, and life” which ended merrily, just to Darth Vader. 

perhaps for not too long at a ■ f — . .. ■ ■ 1 1 



01-930 2578. E»enmos 8 0. 1 LYRIC THEATRE. 01-337 3688. Evs. B.fl. f ROUND HOUSE. 267 2564. Ends Su. 


Sau. 5.30 and 8 30. Man thuri. 3.0. 
Winner erf all 1975 Awards. 


Best Play oJ (he Year. 
LL BENNETT in Simcr. C 
OTHERWISE ENGAGED 


Directed by Harold P'nter 
LAST WEEKS. Must end Jan. 21. 


CRITERION. CC. 01-836 3216.1 f T r7. , i 

Evenings 8. Sets. 5J0 8.30. Thurs. 3 00 ' J 

LESLIE PHILLIPS 

" impeccable . . a master" Son. Times 

In SEXTET MAYTAIR. 

"HILARIOUSLY FUNNY.” N. ol World. op 


iVRIC THEATRE. 01-437 3686. Evs. B.O. 

" n,U, jbAl^ PLOWRIGHT and B " JD - 
COLIN BLAKELY 
and Patricia Hires In- 
mUMENA 

oy Eduardo dr FiIidpd 
D irected By FRANCO ZEFFIRELLI 
'•TOTAL TRIUMPH." £v. News. "AN 
EVENT TO TREASURE." D. Mir. •• MAY 


T FILL THE LYRIC FOR A HUNDRED 
YBARS." Sunday Times. 


Allan Hendrick and Marjorie Bland 


Leonard Burt 


urcell Room 


Young Artists 


perhaps for not too long at a ■ f — . v — 

stretch— it actually works rather 

well. The six oboes in Dominic • comedy. 01-930 257 a. Evenings bo. : lyric theatre. 01-437 3686. ev 5 . b.o. 

Muldowney's ;e* Double Reed PNTFRTftl N M ENT ““ USUI. WiJPfVjSC s ° ,n * ,M 

Ell I Ell I RIH M Ell I HYWELL >™ r S| TT “ .fUSTb..,-, „• 

d a more or cor angJais, and one Afllltr otherwise engaged _ fiiumena 

!HSL ,h 5f ssrsj! tx fiU,DE LBrfwgjRji ., 

Olivier Theatre OU Monday night CC.-Tteie theatiV* accept Sau So b 30 01 fS5r 6 , 3 = oo' ! *t Mll a 'hundred 

— which was also the first concert certain credit cards by^elephone lesli! Phillips yeWrs. • Sunday Times. 

proper ever to be presented on o r at the box office " ln,B ' ?Cfa<,lE • ln - sgSroT Sl,,,, T ’" 1 ” mayfair. c.c. 629 sos6. 

that stage— one missed after a OPERA a BALLET - h I lar.ously funny. - n. t worl d. 0 p Srmn cHA^a 1 .-®' 

while only some enrichment or the elocution of 

reinforcement of the timbre in 5 i r .*l , 36 0, 3 i*?. S=M nlHh, 600 sh VJ; ’ 3 1gS 1,nw ,nd “'bVs&'S 1 / 1 

the middle ranges: ln its lowest English national opera a chorus line •■ » ■ ■ ■ proroundiy 

register the oboe tends to quack; 5SU*TwnJVSb orim m 7 'th? -voted best musical of PrrvieJ^fVom Feb. ik. 

tiie upper registers of the has- ouchiss. bm azjs. m««. » mermaid. 24 a 76 sb. r M i. 24b*:b3s 

soon are -notoriously querulous. ?&»»* ivailabS da V ot pert. Evas - a 0, ohT'calcuita ? Ktb *davy d 'jonbI m mTcky' ^ f doL!nz ' d 

difficult to manage. A pair of — -The Nudu ^ amv d. DAV ^n®RY M NiLssoNS LE 2 

hnmc nr a rnimlo nf QfriTloc COVENT GARDEN. CC. 240 1066. Bth SENSATIONAL YEAR .THE POINT 

norns, or a cuupie 01 strings, (Garde-Knome credu cards B 36 6903) — ; — ~~ a dw*n OelighHul *ngs whkh linger 

would fill the tone-gap adnur- the royal ballet duke of York's, cc. oi-ase 5122 . 'nth* memory." d.e»p««s 

,ci„ - ^ Tonight A Tomor. 7.40 p.m. Sw»i Lake- Man.-Sat. 8.00. Mats Wed, 3.00 and Stall tickets CT.25. £3.50. Combined 

aOIy. SaL 8 P-m. La Fllle mal oardee. Sat. 5.00. Dinner- Theatre ticket £5.95 

We heard a Garland of. the royal opera sian Phillips — 

, . K-, Frl, 7 p.m. A Mon. 7.30 PJH. La land- PAUL DANEMAN NEW LONDON. Drury Lane. 105 0072. 

cnansons, an arrangemenL oy u n a del west. sat. 2 pjo. a tubs. 7.30 *.n mterrationai spectacular with the 

Muldownev of 33 chansons o-'". Die Fledecmaus. 65 Amour scats SPINE CHILLER magical tnqndlenu ol -neat-e. 

nuiuowuey “ *•» cnanswus aM per ( S . M sa i e t ro m 10 a.m. on • Ticket from £i .80-L3.80 Cabaret and Circus 

“ taken from a vast repertoire of day ol oerf. fnsum Credit Card Reservation. SURPRISE. SURPRISE 

15th-century Parisian theatre Dmner andjop-pnee seat l. so. T*ur. a fh. s.o.tf fn. = a. so. b.o 

njusic ” — a short, bittersweet >WAt fbtjjwlhau- 928 sist elle et lui. cc oi-«7 ze6i reduced prices for children 
u H LONDON FESTIVAL BALLET Walker’s Court Brewer Street. W.1 Last 3 Days. Must end Sat. 

sequence, neatly made: and a Last weo*.j eve. 7 -ao . mm. sat, at 3 . T>,, ce Nigmiv n .15 and io.is. — 

vioirl at-pounl of Bprin’s J 1 ** nuttiiiACKER Paul Raymond presents national theatre. 528 2252 

. aCC ° , 1 1 1 1 OS enza Tonight Hill Johnson penetration OLIVIER (open stage)- Ttaav J 30 (red. 

VII lor solo oboe given by Robin An *r«lc adventure m French porno- pr. mat) & 7 30 VOLPONE by Ben 


DRURY LANE. 01-B36 8108. Every 
night BOO sharp. Matinee Wed. and 
Sac. 3.00. 

A CHORUS LINE 

"VOTED BEST MUSICAL OF 1976." 


(VENT GARDEN. CC. 240 1066. 
(Garde-xnarge credit cards 836 6903) 
THE ROYAL BALLET 


OH ! CALCUTTA ■ 

"The Nudity is stunning." □. telegraph. 
8th 5ENSA TH3NAL YEAR 

DUKE OF YORK'S. CC. 01-836 5122. 


Opens Mon. Feb. 7 at 7.0. 
GORDON CHATER In 
THE ELOCUTION OF 
BENJAMIN FRANKLIN 
by Steve J. Spears. 

Outrageously funny . . . Pro roundly 
_ moving." Variety. 

Preview* from Feb. 1st 


DAVY JONES. MICKY DDLENZ 
In HARRY NILSSON’S 
THE POINT 


Eves 8. ACTORS COMPANY In 
THE IMPORTANCE OF 
BEING EARNEST 

I laughed almost without stooping." 
Financial rimes. 

ROYAL COURT. 730 1745 Prns. from 
19 Jan. World Premiere of 
LAUGHTER ! 
by Peter Barnes. 

See also Th eatre Upstair*. 

629 3036. | ROYALTY. CC G1-4QS 800?. 

Monday -Thursday Evenings 8.0. Friday 
5-30 and 8-45. Saturday 3.0 and 8.Q- 
London'i critics vote' 
BUBBLING BROWN SUGAR 
Best musical of 1977. . 

Tel. bkgs. accepted. Mal or credit cards. 

SAVOY. CC. 01-836 8888. Evenings 8-0. 
Mata. Thun. 3.00. Sat. 5.00. 8.30. 

ROYAL SHAKESPEARE COMPANY 
RICHARD PASCO. SUSAN HAMPSHIRE. 
NICKY HENSON JAMES COSSINS m 
Bernard snaws MAN AND SUPERMAN. 


— I “A dozen delightful »ngs which linger Directed by CLIFFORD WILLIAMS. 


In the memory." D. Eapress 


sal in a cloud o< lov from beginning to 


Tonight & Tomor. 7.40 p.m. Swat Lake. Man.-Sat. 8.00. Mats Wed. 3.00 and j Stall tickets CT.25. '£3.50. Combined | end.” 5. Times. RSC also at Aldwych 


SaL 3 P-m. La Fllle mal oardee. 
THE ROYAL OPERA 


'dee. Sat. 5.00. 

I SIAN PHILLIPS 

. La fancl- PAUL DANEMAN . 

1 udl 7.30 in 

nphr scats SPINE CHILLER 

0 a.m. on • Tickets from Si.80-C3.80 

tnsiani Credit Card Reservation. 
Dmner and ToP-orlce Seat L7 30. 

. 9 . 2 JL 3191 ELLE et LUI. CC 01-447 2661 
U-Et , Walker's Court Brewer Street. W.1 

SaL at a. Twice Nightly n.15 and 10.15. 

PAUL RAYMOND presents 
' PENETRATION 


I Dinner-Theatre ticket £ 5.95 ! 

NEW LONDON. Drurv Lane. 105 0072.' 
International spectacular with the 
magical mqredlenu ol "neai'e. 
Cabaret and Orcu* 

SURPRISE. SURPRISE 
Thur. & Frl. 5.0 15 0. Sit. ! 0- S 0. B.O 
£1 .SO- £3.50. 

REDUCED PRICES FOR CHILDREN 
Last 3 Days. Must rnd Sat. 


PAUL RAYMOND presents I NATIONAL THEATRE. 528 2252 ” Spectacular PreiC 

PENETRATION * OLIVIER (Open stage)' TcOav 2 30 (red., and TOD Price S241 

An eratlc adventure in French oorro- pr. mat 1 & 7 30 VOLPONE by Ben ; Card Reservations, 
graph v. " Goad-look .ng men and women J or son. Tomor. 7.30 The Madras House. 


and Piccadilly TheaLres. Credit Card 
bookings accepted^ 

SHAFTESBURY THEATRE. 01-836 6596-7. 
Evs. B.OD. Mat. 1 Thurs 2.30. Sat. 5.00 
and Q.OD. 

TICKETS £1.50 -£4.00. 

PAUL JONES 

A NEW 16th-CSNTURY ROCK MUSICAL 
DRAKE’S DREAM 

” Many Merry Refrains" Evening News. 
” Bouncing vigour. " Evening Standard. 
"Sdecracular Presen tar ion ” nage. _Dnr. 
and Too Price seat £7.75. Instant Credit 


Canter— it was a good idea to SADLERS WELLS THEATRE. Boh*^ ;,W,' ,0 ^ , ^ ll SS*on. B,, o7 0,, ;h; iY^TON m °|prL^T^ M »»g r “ T^t I STRAND. 01 - BSE 2660. E 7 n.na, 8.00. 

have the accompanying drone on o'OVUf C/an orau w«jl Ml” News. You may rts. .Tomor. 2.45 a r.4 S THE GUARDS- , Mai THIS. ^,3-00. Sawrdass S.30 & B 30. 

B Played by variow members of % *-«■ ■" the Engi.sh -ers,on Fr.nkj no sex p^easej- 


hv RONATT) fT? IfHTON fisemble hidden right and "trw ft. i^W T Wbw fortune, m® »sb - t-». a Thur s.j 

oy K V IV left in the wings, though disturb- pemzance, „««« "^“marple m 

The Park - Lane Group's First World. War. It was played Dickinson settings and a frag- aitf ft much l too t tou™ OJBeDtS ° THEATRES MUBD Thir^ Gre?t E ve'Sf * A6 * 

mirable series “Young Artists by a gifted team — Melissa Phelps raqnr - of music - theatre, Muldowney’s own Four, from adelphi theatre, cc. oi-ue tbii. barrick theatre. oi-sao 46 oi. 

d 20th Centurv Music” is with * a Tortelier pupil) and John Ntghfpiece for soprano and tape Arcady led a quartet of oboists Evw . 7 oi?DON^BRT r N l GHT out 40 ' Ewi “ «o. wed. Mas. 3.0 ml .s^s&bjo 
.« i?.t TmI. Vorfc Their intimate, introspeo-. by. Richard Rodney Bennett, the anVmus ng ehwe for 10 minutes tuJes 

again at the Purrail Room this ^ ^ m ivany we ii suited featured composer of theories, after each other’s (and some- AND RACY c u«nh y '' s ' PMBh -' 

rek. up to and inducting Friday t0 the hall and to the fastidious ' Nightpiece failed to grip times their own) tails— whole- .. 5L , C v h Sum U to^ 5 mus % A £« has 5 BRaLijK^MUsicAi 

enmg. The concerts are chromaticism of Bridge's style— through simple miscalculation. ^eviryWtng/- o*.iT t iTm r.bVIy^ISf’by^nKStm 

iuable both for the new per- they had strength in reserve The text is a Baudelaire prose- 'NJa\X/ ‘WpIIc* ,nst bookings ^ <& M: o°-B 3 a E ^ 76 ii? ARD „ "„co wice!" s. MoNgy p i"«n Vr 

rming talents which emerge -when required. Some of the poem. Miss Jensen, though a INcW WCilS - 01 836 - go three times. ■■ s- Barnos. nyt^ , 

d for stimulating programmes, cello’s impassioned high passages greatly talented singer, is not A ^ eR 3 gs 2 B3 ?«^Stti Cre MM.“rt. ^ 4 ^ globe, «. oi-ro um Ewning* s.i s. 

jn day’s opening included went out of true, but the risk was stidug on French diction. The SP3.SOT1 T l u d 3 ?i ^ " fs 8 ‘ paul%ming-&n/ amanda barrie 

thing actually new,, but plenty worth it English programme gave an a thous l[dn t^m^welco t ,n °* 

at was unfamiliar, while- the Karen Jensen, a Canadian English version, but the lights Sadler’s Wells Theatre will miraculous musical- F m nm«. miuul frayn 


New ‘Wells’ 
season 

Sadler’s Wells Theatre will 


THEATRES 


AND RACY COMEDY.” S. People. 

THE MUSICAL MUSICAL 
“SLICK. SUMPTUOUS — IRENE HAS 
EVERYTHING.” Daily Ekorcaa. _ 
INSTANT. CONFIRMED CREDIT CARD 
BOOKINGS ON 01-B38 7611. 


Muriel Pav aw it MI5S MARPLE in 

AGATHA CHRISTIE’S 

MURDER AT THE Y ICA RAGE 
Third Great Year. 


DAVID FIRTH and Special Gue»t 
appearance lor this week only 
BERNARD BRADEN In the 
"BRILLIANT MUSICAL 
ENTERTAINMENT.” People. 

SIDE BY SIDE BY SONDHEIM 
“■GO TWICE." S. MOrtey. Pune" 
"GO THREE TIMES." S- Barnes. NYT. 


COTTE5LOE fimall auditorium): Ton’l 8 
LAVENDER BLUE by John Mackendrirb. 
Tomor. 7.30 The Hnncnback of Notre 
Dame. . 


THE WORLD’S GREATEST 

LAUGHTER MAKER 

ST. MARTIN’S. CC 836 1443. E*S1- 8.00. 


Many excellent cheap seats all 3 Wirarrm M ’. t . Tuts. 2 4 5. Saturdays 5 ami B. 
dj* of aerf car nark RestauraM 928 AGATHA CHRIST I E’S 


1592. Evenings 8.15. 
i. Mat. Wod 3.0 
, AMANDA BARRIE 


LIONEL BARTS 

MIRACULOUS MUSICAL." Fm. Time*. 
_ OLIVER 


agle work on the threshold of soprano who joins the ranks of were too dim to read it by. There welcome three companies making! " RO f HWKL, SW .K'?H 

a “familiar" Mtonnrv _ Rllinti.'einanrc with otpadv tone and Tins ' Thflira irnrler the rirpiim- ..... I ?■_ T 61 ’.. .. : 


in tne SECOND year « 
DONKEY’S YEARS 
By MICHAEL FRAYN 
THE BEST COMEDY OF THE TEAR. 


dav of pert car oark Restaurant 928 
2033 Credit card bkgs. 928 3052. 

OLD VIC. ■ 928 7616.: 

Christmas mats, ' for children 
■’ Shrk-ks of delight ... . I 

THE GINGERBREAD MAN >S a hit." 

_ Dally Telegraph. 

"Splendid." The Time*. 

“ Lovely stuff." Daiw Express 
Today 2 p.m. and S p.m. Seats available. 
PROSPECT AT THE OLD VIC 
In repertoire Jan, 16-March 25. 
HAMLET 
ALL FOR LOVE 
_ SAINT JOAN 
ANTONY li CLEOPATRA 

Bookings now teen. 

PALACE. 01-437 6834. 

Mon. -Thur. 8.00. "FrL. SaL 6.00 & 8.40. 
JESUS CHRIST SUPERSTAR 


; i come. • - . aenui wnw oi 10 - pm m toki i roe cordscs di des igner, Pierre Cardin will now BobKjNG thr 

In this concert, however, the butterfly of a song by John Cage, speed in verbal delivery of a twoveek season on " S T^r: 

nelight fell on a really uo- with' gentle hand-taps .on the Browning’s extraordinary lines, h nn.-. troune of 20 dancers ^q^l CH shakespeare 
miliar callo sonata, the one by pianeeaaa t*rjhe made a fe d M m’uaicians Erom Sawan in ."Bi'S'i’MjiS’Vc 

■ank Bndge written during the a selection from Coplands Eraiiy-stnkmE effect. North Bali Gone Sawan. start " M«sfcai. 


GREENWICH THEATRE. 01-858 7755. . *• Rp-ontbr Agatha with anom 

Eves. 7 JO. Mat. Sat. 2 JO PINCH -ME- £ Mat WauL too Sat. dunlt hit’. . Agalha Chriltle 

NOT. A new comedy bv Richard O Keeffe. B =>-0O- sat pern. |ng WMt End yc , jgaia -with 

•’ An excellMlt II rw play." Times. ” A K -, T u" ,u a °i“?;- LO pr of her fiendishly Ingcnl^ii 

W/TOi: T lM M,CHE fcVGEL srS'™ mysteries." Felix Barker^ 

2.30 LEONARD ROSSITER FS THE JUNE JACO RW? MTHICE VICTORIA PALACE. 01.33 

i5t l 52 R IA L oilfiXi?® N ‘ ,B *0 Chieheaer Festival Theatre** • Twice hall* atS.30 inS 7- 



Elizabeth Hall 


Alfred 


THE MOUSETRAP 
WORLD'S LONGEST-EVER RUN 
26lh YEAR 

Italic of" the” town. cc. 734 sdsi. 

8.1 S D.ning-Dancine. 9.30 Super Revo* 
RAZ2SLE DAZZLE 
and at It n.m. 

BUDD Y GRECO 

THEATRE UPSTAIRS. .730 2554. 

Until Sat. Eves. 7.30. Pirate Jonnv in 
OUR OWN PEOPLE by Payid Edgar. 

VAUDEVILLE. S36 9988. EVO*. at B. 
Macs. 7 lies. 2 45. Ssts. 5 and 8. 

Dinah Sheridan. Du Isle Grav. 
Eleanor SummerhHd- James Grom 
A MURDER IS- ANNOUNCED 
THE NEWEST WHODUNIT 
bv AGATHA CHRISTIE 
■■ Re-enter Agalha with another who- 
dunit hit-. . Agalha Chnuie Is stalk* 
ing me West End yel again whn another 
of her fiendishly Ingenious m order 
mysteries. " Felts Barker. Ey. News. 

VICTORIA PALACE. Q 1-334 1317. 

Twice Dally at 3.30 and 7-30. 
BASIL BRUSH'S NEW REVUE 
BOOM! BOOM I BERT WEEDON 
BOBBY CRUSH AND STAR CO. 

“ A true family show." D Tel- 


THREE WEEKS. 


by DAVID MURRAY 


PHOENIX. 01-836 l 

Owning March 1. 
FRANK FINLAY m 
The .Leslie Bricmsc Miitkd 
KINGS AND CLOWNS 
. Red, price press, from Feb. 16. 


GARLAND. WAREHOUSE. Donnur Theatre. 836 6608. 
LKS. Royal Shakespeare Company. Today 2AS. 

ft .r HB fV 8.15 MACBETH {said out). Adr. Bkgs. 
01-836 8B11. A i dwW h. 


. h™V commence a two-week season on alowyCH. 836 eoo4. inf. ass S332. IMMORTAL HAYDON. "A StmndDUl , B rtg thiehewer F^.Sl Tiwaire’s •• Twite Dalle at 2.30 and 7.30. 

5 extraordinary lines. M arr h ‘*0 -’ a trDuoe nf 20 dancers royal ^shakespeare company in vehicle ^r Rossiter,. . . compafiino and wt BiSSttSTp basil brush’s new revue 

ha If -English, made a M a ITDUpe OI ZU oancers X«5? 2.00 8 7 JO I*i*0*Iv entartaWng." Punch. TOE APPIA CART BOOM! BOOM! BERT. WEEDON 

fort and 30 musicians from Sawan in a midsummer nights dream by Berrwni snaw bobby crush and star co. 

feet. VftrtH Tleli ClnriB Cowan rtart " Magical. .deUghtlHl. hilariously funiw.j HAY MARKET^ 01930 9632. " outstanding revival of buoyant Shaw." A true family show. D Tel. 

worm Bail. UOUg bawan, Stari p, ayl s piavan. With: jonson’s.THE Evgs. 7.4S. Wad. 2J0. Sat ,4 JO 8. B.1S. Dally Telegraph ' — - l. ’-TT T T 

Hieir two-week season from June ALCHEMIST I tomor. Frl.. Sat. m AeJ . CIAIRE “AHIEL Directed bv PATRICK GARLAND. WAREHOUSE. Donmar Theatre. 836 660§. 

“ I. I 7Vl *.1 n L n: “ 1 ? RSC alSiO « 'THE WAREHOUSE (S«e LAST THREE WEEKS. Royal Shakespeare Company. Today 2.AS. 

5 followed by the Spanish Fiesta Jnaee Wi and- at ' Piccadilly end 5e»ov 8.15 MACBETH (said out). Adv. Bkgs. 

• de Bspana. ^ MtrM ’ directed W'SSPRSB' williams dbm March i. “ Ala " w,t - 

Return visits are Ballet ambassaoow. oi^bsb 1171 . ;■ a a mumer^lay a mok c E*e^iNg WjSffl ’ 11 

Theatre Contemporaio (Feb- siobhan ^mckenna J ' KB’ a^wKSS” 11, Red k »^b«5s? is rupert4 c^oIstmaI^adventure; 

Murray sfe ^S^SSSj SSrt *. -a s. Ta*s& T vi£?va'i,£';?ffl?.3 T ««« ^ 

(April and September), Hath,- W io. 1 ,^,7 T ST «'■ “"KUS «S8»« , , 

Bnodcl «Um< Urn- SJ* . ‘“VV , ouie. ^SS‘i£gh.*i £gUt» S». ** ROSHBS'MW'"^ SU: 

Theatre (July), Marcel Marceau shut voun rrcs and DtaEK mrk Frances iffiSSwr cemSg « *• at 2 . s a e. cMdn. « semor 

hindsight .no doubt, Handel 0 Dera fNovem- . godfmy °°yS!L half sai. 2 a 5. p.v 


Sat. 5.15. 8.30. Wed 3.00. 
LAST 3 ftfEEKS I 

ROYAL SHAKESPEARE COMPANY 1« 
RAUCOUSLY funny 


WESTMINSTER. 834 0283. Dally at 3, 
Fri. and Sat. 3 and. 6 — ■ESS’- 
RUPERTS CHRISTMAS ADVENTURE- 

The Family Minlcal. " It's a hit." F.T. 


LAVISH ICE PANTOMIME 
HUMPTY DUMPTY 
” Sheer soarkling wectatle. O. W. 
Men. to Fn. 7.45. Mill- wed! Th Wi- 
lt 3. Sat!, at 2. 5 & fl. Chldn. a Senior 
Cm half once meant Sal. 2 & 5. Pay 


Lrf ***; 

i v*’ 


ASTORIA. Charmg Jc Rd- 01^37 623S or 
01.437 S757 .W '01-734 4291. Nearest 


WATERS OF THE MOON j 

bv N. C Hunter 
NOW BOOKING j 

HER MAJESTY'S- 01-930 6606., 

Evgs. 8.110. Wad. and Sat. 3.00 and 8.00. 
GLYNIS JOHNS 

LEE MONTAGUE. HELEN LINDSAY 
In TERENCE RATTI GAN’S 
_ CAUSE CEU8RE 
■■ R ATTIC AN REVEALS HI6. MASTERY." 


■ f WlLD r ?IAT7 MV Cm hVlf oTice eieent Sal. 2 'ft S. P.v 

wild Oats Season flnlshe* jan. 28. Peter at doors. Enquiries 902 1234. seaeioin 

M.'phnU- Auim Wi £■„ — DnaiiH Hr OSlTl. 


Tube TolienMm Court Road. Mon -Thurs. S.T. "A ooarcrftil drama." E.N. "GLYNis 
B.oo. Frl. suid SaL 5.00 and 8-45. JOHNS dlay^ srtjlttgjv. D.T. 

rus CTAGE^cSS^.mi HER MAJESTY’S. CC. 01-930 660G. 

THE STAGE SPECTACULAR _ Ooenlna March 2B 

Tickets G1.5Q-£B-S0. instant Credit Card noun FORSYT H 


BRUCE FORSYTH 


Nichols’ Award Winning Comedy. Privatei ta r park. 

on Parade pert*, from Fen. 2- WINDMILL THEATHE. CC. 447 631 Z. 

PRINCE OF WALES. CC J1-9S0 MBi TSpFW^mlm ays “ fijSn *S!d '£32 ' 

Mon. to_ Fri. 8. Satx 5.30 and MS OP I?i i? U 52vMAi5f? 0 -5S n i 00 
‘ ^Miradev at 3 - 0 - PAUL RAYMOND presents 

iQ( in AGLOW." K'P OFF 

rTclc«r»Dfi THE EBOTIC EXPERIENCE OF THE — 

} BECKINSALE MODERN ERA 

In " Takes to unpretedented limits what fa. 

1 MY- WIPE permisslhie on our Stines’" Erg. News.. 

JMEDY MUSICAL." Sun. You may smoke and drink in the 

e 3aks with " BountHol Aud i torium. 

J ‘Tar D WYNDHAM-S. 836 3028. Credit Mr*' 
»xn E oa46 CABD boolte. BSfi 3692 rfi*. Sat.). Mon- 
ON 01.930 08 45. Thur*. 8 FH. and Sat. 5.1 S and 8.30. 


Mats. Thursday at 3-0- 
■ THE STAGE IS AGLOW.' 

RICHARD T BEXK^NSALE 


Brendel is to contribute four is better ^hown. but over- spoiled. Brendel allowed ^ m_ Theatre (Julvl Marcel Marceau DON ^ shot SI vSu». l lvEs P A l ifb ‘ UMl ' wendy hiller raucously funny at°S' sat/lt z' d i'* M I 1, chldn ii ft se™>r 

■flZl to ftB “Mainly Shadowed by Scbuoert'* stii selt .some hindsight, no doubt, ^ eatre “hS™ f Kka es 1$,l V5f EPMr*' “« “u o” ? 'e^s.? 

2S2PJL on 6 the South Mri Lo“on °ffil^SSr ’ .iWB^a&r?fc. wattrs q f'%he moon mBUgUS&Si!^ “ ^ ^ 

ank. We had bis first on Mon- "SSfc aifl'Sfflf sang -wonderful fy.' as if from an Dance Theatre (November) ahd oi-.sszT^ ZJSTS ' S^. ^Ve ST 

iy night, divided evenly be- 0 ndeTcurrent of anxiety His intimate distance, and it cast DOyle Carte O^era Company in dirtv^linen 5 her majesty's- 01-930 66ob. “on. to fn. b. saoi 5.30 and o^s op pAUL U RAYMOND D BiwnB° Q 

raen . very famli,r Schubert XTend deUcpy to Se Au,. ™ W JoiI* ehedows.. Thoc S htful ^^r jlc currcnt DW ’’ "“SS-™ ASi.rS.™''’ 3ft® - 

id two sonatas which are cot dante . was exceUent; I should toicretion of this order is Carte season continues until wdiv at 7 .m .biw 9 -ls. lee Montague Jelen lindsay ric® ^uSTsale modeSn e^a 

n nf ti.juiii. hive liked even more icy tTMSlWtlff md rare, February 13. »cmoia charnn^ Vr * ^-.q cause celcbrc in unpfKedeni6(i 

uzuliar at all— one of them: , Af ■ • -- rattigani ms mactery - I VOVI MV-WIpe I*rn»ls*]bi* on our sufics. fivo. n««6 

ecaase It ubuply rejuained .ub- £ ,*2 t* *j - TT rP ^ Willem PcrVpr fiS4Tt<!S*s£%^S "■MTSS.-aU* ~ ~ * 

nished. That was the C major Cllltlvat ing a vein .of somewhat A tlCS 03,11(1 Dy W 11113111 1 3-CKCr stam u ^|ctacula« h “ MAJE o^ M C Mkrth 2 B 930 Bfi0B ' r ^i^ NF K 9 S E ?flV AB0 mhT s-IFmEE 

ooata D. 840 (about which the daunting spverftv. and the deli” ,> ... . Ticket* il.sg-£S^M. lutant Credit Card Hour? porsy™ BOOKINGS ON pi . 930 0846. — _ Thurs. 8 Frt. and 5at. 5.15 and 8.30. 

rogramme on ‘sale had'nothing beraSfSnSg ofhis touch for year MtiCountil Th« J«*n ‘SSBTS le,r5 b jo. M« M wiJ.“: very'%°nW°" US e^ 

, 'haiAVPr tn «nv nor about any this Schubert muse -was impres- myites tjvo people to make pur- «leeted from work acquired by „ ner sM w-rtwrtt«jj/ii -aownce. Previem fro m Mirch is- Marw tMciF 1 V* rATFHs7i , r r<ww *' , 

1 (her work In The recital either): siW. One was most grateful for ^ases towards an exhibition; on - mfoctiao*. w eeing . .toot- sramp mo and icings W5- a nm» nay by SlafTbennett. " sortfir* «« w iro reHgron,- 

* a, Lnwir .f? in thi> “Wanderer” Fantasy; this occasion, however, Pmancial four years, inevitably it covers heart tbum^pc-- obsnw. mm. » Fn. 7 jo. s.sc. pirer trd by Clifford williams. - 

iK rat0 ^ “SLK Sh&i ^UniSlarirfron. Times critic William Packer was rather less than the whole field; .. t ln „ arrlBj PliV , STfBS tLSPJSSP-m*. 

uousaea wtm .suosiannsi wu _ ■RrAnfipl's nerfor- a&ed to select an exhibition but Don-representational art is as along by ^ .ffigyia oraidd bv the jhger LONDOM casino. 437 S877. Twice ■’ Ofte of he moftnoiibie ihestneai voung virTn-ar mu vici — pm 

SSFt SI o a pen“g U CeS d o il flings and various ^ any otherbroagy 5SSv ® 

SS^PSSSSSfSSS^MS SSSr 6 c^ctiom hI hS SonSro^emon^soml „„ In ttm&SSr- 

eys; Brendel made* .it : seem un- elangonr^ The . v^atio^ iS^mrS^ine MMnon ^The’wSbttion consists of 22 ^ W.M^ IU “hk C .nd £l 7 ZZl. mci m shaftesbury ave. 93S 8Ml 

ommonlv niirDOdeful. though were notably nch and firoau. f*ano, worits Dy- less weiwozoua ine eA^iuiuua «insiau> ui ^ — - — - L ^ ITED season to feb. m only. fu»t am, conditioned, you may i Mv. *«. S^t£ Boausie. 

n ?Ein th* devel- Tha'recit^ had tieaun mem or- arflats. who are being rep re- works and from this week until Cambridge tjuatre. 01 -B 36 7040 . drink and smoke m mg.audHonum. the gauntlct ix». wx. a sun. 200 . 

- pSSwSSS ab^ JStt ' £ STtSmentd eented in the Arts. Council Col- February. 1979, will tour to the ^ ^ .-I^A^v^^inb .S' F ■ remake oru gebte 

pment strain lection for the first time as well following places:- Chester. Arts toad of M '' V B ti|- »Sd M a_A 5 T ' ,Qr ’- * nd 4*1 * SuB - 2 a °:.** a - 

.ne fine slow movement, -m ™ _ nirminpHam timn — sexual pervershv i> ruir&no camden plaza, dob. camrim tpwk 


ter iimw— wraBiff in -atfrance. Preview fro m March 16- 

Infectious. mmcaHng. foot-srampHig and ROAD tHEArat 352 7488. 

heart tfiomijlno." Observer. MM. to Thurs. B.o. Frl. Sat. 7 JO. 8. SC. 

. " ELVIS TUB. ROCKY HORROR SHOW 

t wii Mrwlmdy caught uo in H carried NOW IN ITS St*» ROCKING YEAR 


I LOVE MY WIFE 

" HILARIOUS COMEDY MUSICAL." sun. 1 
Directed by Geae 3aks with “Bountiful 
Invention and wit." Flnanoel Times. 
INSTANT CONFIRMED CREDIT _CARD, 

BOOKINGS ON 01-930 08 46. j 

aUEEN'S THEATRE. • 81-734 'l166. j 
Evgs. B.O. Sat S O. 8 JO. Mat- Wed- 3. 


ALK GUIN+JES5 In 
THE OLD COUNTRY _ 

A New Way bv ALAN BENNETT. 
Directed by CLIFFORD WILLIAMS- 
BEST PLAY OF THE YEAR 
Play* and Player* London erlllcs award, 


^"ENORMOUSLY RICH. 

VERY FUNNY." Evening Now*. 

Marv O’Ma'lev’s remedy 

„ , ONCE A CATHOLIC *■ 

Surefire ce"»*dy n« Vx ird reHglon," 
Dlllv Telearaon. 

MAKES YOU SHAKE WITH 
LAUGHTER." Gdn. 


•• sucocrtiwfv - Tlmes - u ^ PETER PAN 

.. - win, m YS” . . " The beet ChrKtnus entertainment In 

Rgrferniea witn ■ _vavw rant In BrWah town." Evening Standard, 

musicals. Th« abocr literally had the 1 "" - — , ‘ U^ - r : ... . 

audience t 4«"cln0 - in ' the aisles. TMs LONDON PALLADIUM. C C. 437 7373. 
“ Elvis " I* man»lio« Sunday Esenre**- E*gs. 7.30. Mat* .Weds, and Sao. 2A5. 
*** LIMITED SEASON TO FEB. 25 ONLY. 


RAYMOND REVUEBAR. CC 01-734 1 593.' 
A 7 n.m. looen SunsJ 

PAUL RA YMO ND presents 
THE FESTIVAL OF 
_ EROTICA -. 


CINEMAS 

AA C T ft 2 SHAFTESBURY AVf, 93S 8861 


TO 'FEB. R5 ONLYJ Fully AIR CONDITIONED. You may Sen Pent. All Seat& Bookable. 


t jS? l ^82:'.i? n Talbot 
TOAD Of TOAD HALL 


TOMMY STEELE 
SALLY ANN HOWES 
■nd ANTHONY VALENTINE 
In tub Fairy Tale Moakal 


onic minor; kSSSmSS to ^wojjby ^tteto«*dL u Caro, 

liacnnsSatP and Brendel’s. lm- them, since depths are oniver- QoMn^ ; Hoyland, Huxley, tor?; HuddErsfield, Art Gallery; mr. »- a.so. 

tosine account of It let it' stand sally agreed to b© 'there, but the Tuc&fJ and Walhar, who were teeds. Polytechnic; Leigh, Turn- - pulsating f^ical/’ e». News, 
u a^conSon ’ srttnea of tl« ion purclused for the collection P»e Gnllery. ana Worcester. m'SIB 

Thn^A fflinnr’ Sonata X> 384 SSice of these pieces la easilr|>am,e years ago. ... . Museum and Art Gallery. Dinner and **« ».7S'inc. 


I- INSTANT CONFIRMED CR EDIT ■ CARD — AMD ""nitriF” uob.’-L.jImo™’"” 

* I BOOKINGS ON gi-734 8961. . AHD b y U §^w V fft , j” 1 ® r “ 

LONDON PALLADIUM. CC. 01-457 7373. The talk is dirty, the weltin' nice . . . 
FOR°l?|^S«ER S season “ Tshmtefl ™oUc?snL" ^'^TBlf^tudont I 

BOOK BfSt" TiaW * ^ WftA » "■ 


Dinner md WP-Mee sear fJ.Vs’ine. 


drink and smoke In tug, auditorium. 7tTH^ GAUNTLET iX). Wk. ft Sun. 24)0, 

B £ GSI *T- w CC. 01-637 9862-3. 2; THE’LAST REMAKE OF BEAU GCSTE 

M " T " sin BI |?1 s" 5d° t a Tl,ar *’ * n0 ,At ’ Wk - * SuB - z ’°°- s -°. BJQ.^^ ' 
SHXUAL PERVERsmr mcHiCAGD C AMpEPE jn^AZA. odd. Camden Town 
and duck variations Tune _ aas aaas. Tavian.'s padre 


PA^kOnc i Xi. Grand Pr» Cannes "77. 
4.05, 6,25, B.SQ. 

CINEMAS ARE CONTINUED 
ON PAGE 5 


l 


Financial Times Wednesday January U 1878 


- ^ 


FINANCIALTIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finantirao, London PS4. Telex: 886341/2, 883897 
Telephone: 01*248 8000 

Wednesday January 11 1978 

Selecting new 


MR. JENKINS’ FIRST YEAR AS EURO-PRESIDENT • BY GUY DC JONQUIERES IN BRUSSELS 

A Briton amid the French 

nuts and bolts 


"■ 11 Tk yTR. ROY JENKINS upon would provide a more tnrustinp 

ft £% /V IVI \/| his arrival in Brussels leadership than his diffiden: 

B B KJti 6 3 B IC^l B B -“-promised to be a “Euro- technocratic predecessor. Mr. 

pean ” president who would Francois-Xavier Ortoh. Mr. 

head a “ political " EEC Com- Jenkins's style so far has 

THE ROAD building pn, ™ds point abop, ~,'*y 

gramme has been cur ba^ cost-benehta pp ra^s ap P making good the first pledge. It a man with such a long public 
severely in the past few .rare all such studies, the most nolor is probably still too early to career, he has given the impres- 

perhaps thc iud how y successful he has «on that he feels most com- 

,«? CO f* bene , m a i er ' in fulfilling the second. forlabie conducting business in 

natlVe s,l ! s 2£ a third u L ° Qdon He cannot be accused of small groups behind locked 
being spent improving and airport, the difference between bending EEC tD accom . doors. 

WbiCh seeraed 10 r ? st essentially modate British interests. If anv* Within the Commission, he 

.™ d t,!2S a S ,! vcp0n 1116 pmicular valuation fhingi he has Ieaned ^e other has not tried to lay down the 






mm 

Z'S&tr- 

*:'*V^;r.- : V .- 


*23? LuIS!!' put time saved hy peup'e way. His outspoken criticism law to his colleagues and has ¥ 

hi ?oing off 00 a package tour „ f Britain’s handling of its Siven a free band to the more T 

S?SUhSS. ?nr?h«j! hoLiday ' The problem of uncer presidency of the EEC Council enterprising and capable com- 

»h? taintJ’* arises in all investment -artier this year and its delay in missioned like Mr. Finn-Olav 

which thev aS ro be cut So Judsmenls ’ whether in roads massing the direct elections Bill Gundelach (agriculture and l 

«f ro hSh CU n.miS railways, or in industry gener has not pleased former fisheries) and Viscount Etienne j$ 

“ nS ally. But there is much in ail -olleagues. especially o n the Davignon (industry and trade). $ 


number 


SSStouTu Zy 38?rh3 g “ 


meat officials responsible tor 
selecting new trunk road 


.r'S wSS ani the Transport Minister has done On the other hand, he has with impressive speed on 
M?ct^tions use^b ™the”ln ,’ern- right in accepting them. "learly found the switch from occasions, such as in drafting 

'□onsible tor The changes now being made "he familiar territory of * bc new base pnc ® ira P or * 
trunk road ought to raise public confidence Westminster and Whitehall to But 


schemes should be given ouch In tte D^aito^’s metote «*• strange and sometimes g-« regret that 
trinf"m.d The, .ill alee create stiffen politic wlers of £>« h* »**! “>*«““■ 

public scrutiny, as the Le.-fc hurdles fur future read te EEC » fairly strenuous “Jda^ Mllries ^d 

committee recommended yes- schemes, though this will pre- undertaking. In spite of his function ^less as a 

terday. sumably help to concentrate European convictions and his tS thi^in *! 

priorities on the most urgent ? ood P™nal relations with ^tiy-kiut team than in the 

Criticism remaining needs, such u ^ ^ Whether better cohesion at 

On The whole the committee 3MSS 10 F° rB : 3nd Seem eaLrteeS' W.™ top would reverse the indiS- 


terday. 

Criticism 

On the whole the committee "JT direct experience before he l,i * l " P rev ^ ‘"“I 5- 

found much that it could c. m- ®® 8t . «-« d l£S2 arrived of how the Community p . uta . b,e of * e . Corn ® 1 t 

mend in the methods used by ™ tt 5® works iQ Practice. Much of his sion s politjcal authority which 
the Department of Transport. be tQ improve the methods used ^ veaf hag bepn Jparn has taken place during the pasJ 

This is not surprising consider ‘ elft * n * ™ a , d “ h !®“ ing how the predominantly h jwever t question- 

ing that it is now more than carded out b> local authorities j? renC h. ma de nuts and bolts of ! J ‘, e ' The do . ubIe impacI °f ,ts 


* y .. - - 

• ■ • v.*i-nj 

ClVu-^ 


mm 




20 years since Britain wenf in which are responsible for about rJie commission fit together, 
fora modern road build.tg 40 per cent. M a time when 


for a modem road build. r.? ^0 per cenL of the total expen 

programme — a period surely diture on road construction. 

long enough for any set of nffi- 

cials to bring their terhn.ques rlUnnea 

to a measure of refinement Such changes may fail to 


1 iciivirntBML I1ULO anu uuub ui 

rhe Cammission Hi tresetber. ’‘‘ f” f ”“ “ ™™dct S 
A . .. . to nine and of the prolonged 

At a time when many economic recession has caused 
Governments are reluctant to the Community more and more j 
surrender funher authority i° t0 develop crabwise through 
Brussels, he has scored a few inter-govem mental collabora i 




to a measure of refinemeut Such chan3es may fall t0 rsonai successes which ^ on rather^ X, 

However, the committee makes app ea S e the anti-road lobby, helped to' put him more firmly prescrihed bv S toond/4 

three major criticisms. Hie a i tb0 ugh they may help to iso- on the Community map. though more ^n 20 vei 5 ipn 

cost-benefit techniques now late *«, most fanatical. Nor it remains to be seen whether rL rZuLl ^* u u 
being used tend to be dim- will they help resolve the road- these will be of much more nf th ® rommSein 0 - n Y ,st 

nate l b .L factnrs th ^. are irn : St rail argumem, but this Is essen- than symbolic significance ^ bL^ bared Tn toe pa^Tave^n 


Terra Kt* 


Mr. Roy JenJdns 


susceptible to valuation i«J Ually a malter for political rhe longer term. Against strong r^rJl^Lr^IV! 
money terms with he iajU judgment in which economic French opposition he has won ?i ay JSE* JS? SgH* 


; a h l - ! es ! ad 1 1 p nS rn n m cal culatinn can play only a part, the right, as Commission Presi- a {J d ut how'io nroceed now Ihat peen Integration, as outlined in seems at the moment to have 

On this, it is interesting to dent, to attend future western P !Z2S:J ul tha J His celebrated letter to the little appetite for the kind of 


disturbance— appear to be given r“ . 
less weight The methods u?e«I * DOt ; 


the assumption made jb<*u* ouuouio uien as one nears 
energy prices. And lfficals about ™ ds now ^ d precisely 
presenting and defending their tbe sa m e arguments used by 
calculations to public inquh.es the canal companies about using 

l 1 * «ta"wltd^ b the“,rt U ?™i »^a«raS C Sw“ ?beonv Contemplative dl^^meol^ *' SSS’sudi »' ^eSSem' IS? lyJtaS W ‘'S 

of uncertainty which is in- thing that can be said about the It is unfortunate for Air ^° ncei ^ ^ Lh aiIh^P?nJfh* ^ groond 

volved. present road building system is Stvle Jenkins that his * time in i^ r^r rH Isi , d ’ ^ 

The last criticism may make that it has given this country Brussels so far has coincided ' ^ ’ ?? C i m I 

insufficient allowances for civil a much better planned roads He has struck up a good with growing British impatience desuSred^f ISSn- mt to rield J? 

servants’ instinctive reaction network chan the Victorians relationship with President with what is seen as the Mr (nl nn 

when faced with the kind of managed to achieve with the Carter, whose recent visit to excessively meddlesome ten- Akins's principal answer To eSmir b w 

attitudes displayed at recent railways Brussels clearly flattered the dencies of the EEC He would ,; nK ! ns r 5 principal answer so economic contraction has 

Commission even if little bnsi- almost certainly have liked to ha l, bee ? !° ^ f £ r a arou ?f d * especially in Britain 
ness of substance was conducted make the Community better reIaan C“ m S Plans for a Euro- and France. The dispatch with 
m — there. - He has also overcome understood in his own country. pea . n l P oneIar >' union. H.e which it has negotiated bilateral 

Hi 1 ^-v **%. g wArtrtVT fierce German resistance to a But the outcry over the Dis- fjjjjjj* tb i f _ a move towards a import limitations with low-cost 

J 1 1 SS bl iljl | H/|(| new EEC lending programme, tillers' Company dual pricing S1 "f , e E ,f C currenc y *°u Id textiles supplier countries and 

w&JLA vr A %/MU f to finance regional and energy case just before Christmas and sUppIy the necessary inter- run up a provisional steel im- 

m V projects, though it is less the current row in Britain about na ^ 0Ti al confidence to pernm a ports scheme has probably won 

to J 1 'S ambitious than the original supposed pressures from t0 , SU5ta ”f d economic it more plaudits from EEC 

ri T|*l I/ /\ 1% /| |7 Commission proposal and Brussels to switch roadsigns to " ,r ? w . ana a 1I ] ves ‘ raen L while Governments than any action It 

| 8 1% ||/ILyi\ Governments have yet to put a kilometres can only have y e ° ucing , mflationary . expects- has undertaken during the past 

figure {Q the tQtaJ that can be sharpened public antipathy- "«■ .* nd *tabilfeing exchange year . The traditional free 

„ w . . . J , borrowed under it. however misguided — towards rates in one of the world s big- traders in Brussels have just I- 

REPORTS FROM Ethiopia sug- pamed by realistic political jf Mr. Jenkins now has a the EEC. sesl tradlIlg b,ocs - fied the restrictions to them* 

gest that government forces may concessions, could now be firmer grasp of the Brussels In spite of the outcry which Well argued as his case may selves on the grounds that they 
be moving onto the offensive expected to end the insurgency mechanism, he has disappointed met Mr. James Callaghan’s nega- be. It has failed so far to ignite have maintained EEC cobesion 

after a year of almost un- in Eritrea, where fighting has some expectations that he tjve views about further Euro- a spark in a community which by averting the real threat of 

interrupted victories by forces gone on for nearly two decades 

fighting for the secession of and where the secessionist ; : 

Tritrea and the Somali- control several important towns HJ|r 8| fl 1B|1 BAhTTCDP 

populated Ogaden. Fighting in as well as large stretches of IllB fp BU ftfl Bi ||f 1 £a 1 I r vC 

both these regions could soon, countryside: the Ethiopian BIB ha 8 m ■all Wm lilO ■ I Ik I ftw 

and the fact that this is likely itself neither able nor wir n« Closed book ** *£ ( aFAD FNQ “ d ® Normuidy 

while P the EtWopia^forees may in dockland Cal^han'They i BACK OF ' 7^ fH 1 


this, it is interesting to dent - tp attend future western f fh c mmimitr’s .» bis ra Iebra ted letter to the little appetite for the kind of 

back to the last century economic summits. But his s titutional foundalions have Labour Part? National Execn- “qualitative leap” which a 

me finds precisely the same brief at those meetings will be been j a j d Tbe leac i encv t 1 '’ 6 Committee last autumn, no serious commitment to monetary 

ronmental and other objee- restricted to those subjects M tional capitals has be«n tr olher Government has shown union would entail. Even some 
; being made to railway wfn ch lie within Community look j ncrea sj n p] y ^ coreoer any 5erious desire to supply new of Mr. Jenkins's own colleagues, 
ling then as one hears ^possibility — a definition the Committee J o[ p ermanen i impetus to the process on a notably Mr. Ortoli. new in charge 
i roads now and precisely abou ^ ^ b,eb ”®^ be J. EEC Ambassadors in Brussels, gr f and s “ le - The r . Iafty drean,a of the economics portfolio, 

same arguments used by m ®" ts have disagreed in the ra th er t jj an t0 t he Commission. ? Europeap Lmon, which believe that his ideas are ton 
anal companies about using p to prepare the ground for fresh dominated the first 15 years of visionary, and that more is 

- spare capacity as the rail- fv i 4 • decisions and to sort ‘‘out long- * he Co ? l S un ti y * bav ^. . bee ^ J. 0 be achieved through 


Contemplative 

style 


attitudes displayed at recent railways. 

Ethiopia ready 
to strike back 


REPORTS FROM Ethiopia sug- panied 


realistic political 


MEN AND MAHERS 


Become even mure reiuviuua, unvemmem nas so iar snn*m _ . j • ■ 

and the fact that this is likely itself neither able nor wir ng Closed book . lSlfJ 

to be almost entirely due to a to apply either tactic. And . . . . , aS J£St 

major resupply of the Ethiopian while the Ethiopian forces may in dockland raiiaphan f ii« v wtri^ow hu 

armed forces by the Soviet soon be in a position to outguo Th ___ ic nnw nrncno ^. t > la ^ af .f«r r _ rrinn T_. bc .® TV ~J 
Union raises the question of the conventional Forces supaort- HpmnncK^riSa^ I?hw nns-aiS rd 

how the United States and the ing the guerillas in tbe Ogaden, *■ *. ep ° 

other western powers should it is difficult to see them defeat- J® J® hav r e 1 jjf J ?, 01 *1 “ ihnjJfv 

r “«- BSS^S eSLSZm ™ after T eiecMon^The^ 

Russian commitment n C , e r to he Julio V Ad-J.t be P ubli3hed ' P 3r J? ? “■« socialist MP representing 

. . .1,1. ” j- report were leaked ’ two Attlee’s “new wave was none 

The Soviet Union, having months aao. to the consterna- other than our Jim. Inrldeatalbv 


PEAP ENP 

HITHER e.t^ 0 K N °p F 

THITHER I J* 

T 


\VTien P and O Normandy 
Ferries offered 200 kingsize to 
users of the “ French Streaker " 
service between Dover and 
Boulogne. ASH were able to get 
a parliamentary question asked 
by Sir George Young: it elicited 
a stern answer from Health 
Minister Roland Moyle. ASH 
wrote to P and O suggesting 
that in the interests of public 
health they should introduce a 
cash discount for non-smokers. 
Soon afterwards. P and O dis- 
continued their promotion and 
promised to draw the attehtinr 
of their French partners 
Normandy Ferries, to the topic 
When I suggested to British 
Rail that Sealink might want to 
alter its bonus offer, there was 
a stiff response. “There is no 
comparison between the P and O 
promotion and own own. More- 
over, we have brought a great 


Somalis and bitterly determined those 00 ^ Continent ever after th e election. The eager ,.*1 W h*v Minister Roland Moyle. ASH 

Russian commitment ««r* t« he n,ii hi Arid,* be Pushed. Parts of tbe young socialist MP representing 8 wrote to P ami O suggesting 

c . ... . . Ababa aeain. rep0rt were Ieaked two Attlees “new wave’ was none iT V that in the interests of public 

The Soviet Union, having J* f & nrosnect of raooths *80. to the consterna- other than our Jim. Incidentally, health they should introduce a 

finally decided to t , suppo rt ^ at \ a a C ® w tion of ^ organisations which Callaghan wanted to be • / y cash discount for non-smokers. 

Ethiopia rather toan its long- 5ES thV produced it— the British Ports nominated for Reading, but had tea \Vrf) Soon afterwards. P and O dis- 

standing ally Somalia, has s „ u ^ inS , ® " Association, the National Ports to switch to Cardiff because Ian ;■«< continued their promotion and 

backed its commitment with Eritrean guerilla groups are council and the General Council Mikardo impressed the local # frnft promised to draw the attehtinr 

dozens of shiploads of weapons, coming under increasing pres- of 3™^ shipping. There was officials more. * 1 * of their French partners 

culminating in a dramatic air- sure from their supporters in also anger among shop stewards Young tells me that he was A/ Normandy Ferries, to the topic, 

lift of supplies which ended only the Arab world first to unite in the British docks surveyed at surprised, on interviewing Lord A ff When I suggested to British 

very recently. Russia has also and then to seek a settlement figures suggesting that the Byers, to learn that Wilson was £$ Jfri tJ S Rail that Sealink might want to 

sent in several hundred military with the Ethiopians. Any settle- turnaround of ships in Antwerp a keen member of the Oxford m — \/g alter its bonus offer, there was 

advisers, who have been aug- me nt in present circumstances j S three times faster than in University Liberal Club in his ^ ^ a st jfi response. “There is no 

mented by an even larger wou ja inevitably stop short of 0 ur ports. political salad days. “ Looks Ukc a page from the comparison between the P and O 

number of Cubans. It would full independence — the move- It is known that shipowners mmm Lcitcfa iSrarL" promotion and own own. More- 

be wrong to assume, nowever, merits' avowed goal — but could were anxious to see the full over, we have brought a great 

that this will automatically eiltail a considerable degree of report printed, and the General Eastern appeal ' " T~ 7 many tourists to the Channel 

turn the tide of Ethiopian autonomy within Ethiopia. The Council of British Shipping . . . . London was theur. last hope. j s | es t hi S winter." Even if 

fortunes on the battlefronts: difficulty is that feelings on pressed this view. But the JJ jjjjj* ** FJJJJJ* 1 Slz P M u r ”^ tb®" raised the money for two some of theni mm e back with 

the Ethiopian army suffered a hotb stdes hav« / become so National Ports Council told me “ acIeh Pf e * c * 0>ern0 l r of Hong return air fares. With the kind a a smn ker’s cough! 

serious mutiny last autumn. deeD j y en trenclied that neither yesterday: “We didn't seek to *> on i’ n0t . reckoned with of efficiency anyone who knows 

while a largely American-trained ha _ K ^ et shovn sjEQS of com . publicise it and we know of no the fighting spirit of the audio- Hong Kong might anticipate, » ■-■■» — - — — 

force inevitably faces difficulty ] ^ intention to publish it now. It tyP“ ts *" *• colony s_ civil the two delegates rattle off A „ 

in absorbing strange equipment was a discussion document." service. With a combination of figures to support their ease. Kld S Stuff 

on such a large scale. Anneal for arms When I asked whether any determination and charm, Mrs. Their main complaint is that tP , .. A . . 

But there are reports that APP**!/ cop i e s had gone to trade union- Matilda Cheung and Miss Vivien the “equal pay” policies of the ^ further evidence were needed 

the worst grievances ef the Somalia meanwhile is pub- , sls such as the Transport and So are *' orkiri g their way c0 ] ony has passed them by 0,31 0,6 Community institutions 

armed forces have been ire-1 ticly mentioning the possibility General Workers’ Union to around Westminster and White- because they are an all-female caQ wasle much time ° n u»n- 

and that some of the new equip- that it may be invaded by w hjch the dockers belong, I was hal1 t0 spread their militant group, so that the administra- problems, it is provided by the 

ment has already been put to Ethiopia as part of a military , 0 ] d t h ey had not: “The’ trade message: “Hong Kong is dis- t j 0n says there are no men to Europeaa Court's Teddybear 

effective use. In Eritrea the campaign to recapture the unionists don’t want to be criminating against its short- compare them with. judgment. It apparently needed 

Ethiopian forces appear to have Ogaden. This naturally lends associated with It." hafld audio-typists." This week „ the collective wisdom and 

stemmed an attack by the greater urgency to its appeal ^ they have been seeing parlia- expertise of the nine best-paid 

guerillas on the crucial oort of f or arrn s to the Arab States and ^ mentarians and trade unionists. /^J| g-J ggg European judges. to decide that! 

Massawa on the Red Sea, while r ran and nuts west*™ I ahniir linnes using the offices of the National __ __ . . _ . _ the Regional Financial Office in 


serious mutiny last autumn. d l ntrenclied , 
while a largely American-trained . J' ' t h , 
force inevitably faces difficulty S 

in absorbing strange equipment P ronw: » 

on such a large scale. Anneal for arms 

But there are reports that / 

the worst grievances of the Somalia meanwhJ 


_ , . . . many tourists to the Channel, 

London was their, last hope, i s | es jhis winter." Even if 


a a smoker's cough ! 


effective use. In Eritrea the campaign to recapture the unionists don’t wan 
Ethiopian forces appear to have Ogaden. This naturally lends associated with It." 
stemmed an attack by thp greater urgency to its appeal ^ mm ^ 
guerillas on the crucial ■sort of f or arms to the Arab States and 
Massawa on the Red Sea, while i ran . and puts the western LsbOUT (lOIlS 
Russian-made aircraft have powers and the U.S. in an em- _ , 


criminating against its short- compare them with. judgment. It apparently needed 

hand audio-typists." This week ^ tbe collective wisdom and 
they have been seeing parlia- expertise of the nine best-paid 

mentarians and trade unionists. All at sea European judges, to decide that 

using the offices of the National the Regional Financial Office in 

Union of Public Employees The widely-advertised “ Bonus Cologne was right in thinking 


bombed guerilla positions in harrassinn position Last The general election of 1945 fNUPE) as their base. Next Breakaways” scheme operated (hat three picture books cabled 
Other parts of the province November Somalia piected its was not onIy a great Britlsb week they will be seeing an by British Rail’s Sealink is "Teddybear, Teddybear," "The 

What news has emerged fr-n» rinid Watershed - It is also sufficiently official at the Foreign and Com- under attack from an un- Mouse Clock” and " My 

the Ogaden suggest that there SJwS Soviet naval facilities on c,ose far , same of . the * 0UT £ “°n wealth 0ffic e- 0 expected quarter. Under the Friends," were meant for 

has been no major advance by “ a#L alt the uT fa ,ions of Labours tf lu “P b still Mrs. Cheung and Miss So scheme, people taking trips to children. When consignments 


has been no major advance by r»» »h« rrT u 1,ons of Labour s triumph stilt Mrs. Cheung and Miss So wneme. people taking trips to children. Whew consignments 

the Somali forces in the mam deeolv^uctfm to become in- ? e ** polilica J cIaim ’. lhat J ar ® ** flrst Jf e f - ChanT,e i w .“? between arrive d from Japan. the 

part Of the front in recent 10 ^ecome^ m Jun gi e; Harold Wilson and women s delegation ever to October and mid-May get a importer had claimed that they 

weeks volved n a conflict which James Callaghan, for instance, make tbe long journey from bonus with a mainland value should enjoy the lower tariff for 

The danger for both sides is ^ pears t° threaten the sacred Seen wini hindsight, the dreams Hong Kong to London to press of almost £11, consisting of a general books He succeeded in 

that Ethiopia’s greatly increased Amcan principle that borders ^nd realities of that moment so a pay claim. A year ago. they bottle of spirits (1 litre— your oerS u a( im C the German court 

firepower will make the war “j^nted at independence fascinated two journalists, told me, the 400 members of choice of whisky, vodka, sm or lhe problem was so difficult 
conSderablv more bloody with- should be inviolate. Washington Peter Young and William Har- their association petitioned Sir rum) and 200 cigarettes. Those , ha . lh European Court must 

? newsarSv producing a has no sensible alternative but rlngtun, that they have written Murray without Result, then indefatigable campaigners. Ac fo StiSdLte 

decisive outcome. Only an ti> 8 negotiated settlement a book colled "The 1945 Revolu- organised a go-slow and poster tion on Smoking and Health. I 

exceptionally skilful cnuntoi- between Ethiopia and Somalia tion," due out at the end of claim. In the end, all the girls am informed, are on the war* flhenviww 

insurgency campaign, accom- over the Ogaden. the month. got together and decided that path. ^ UUot itWr 


sn uncontrolled rush into In the applicant countries, 
national protectionism. But this While Its altitudes, have been 
argument is slim consolation to hardened by the election east- 
poorer Third World countries paiftn. they are utmuety jc 
which have been encouraged to soften appreciably if, as scetdo 
view the Common Market as a probable, the next Government 
major nutlet for their limited in Haris enjoys only a slender 
range of -exports. It is likely to majority, 
grow even thinner unless the Mr. Jenkins has tried to !m- 
respite purchased by the par* some direction to the de- 
measures is used to tackle the liberations of the Nine by warn- 
formidable problem of re- i ng bluntly' that enlargement 
organising and modernising will cost thorn a good deal of 
Community industries such as money. But there is far from 
steel, textiles and shipbuilding, being a consensus on his basic 
The Commission’s powers to thesis that a massive transfer of 
direct such change are very resources from richer to poorer 
limited. Moreover, the Com- members will be essential Bn- 
munity’s own resources nre piti- tain appears unperturbed by the 
fully inadequate to shoulder prospect - of the looser and 
. either the cost of such an un- economically more disparate 
dertaking or to create fresh community, which would be 
employment for those who will likely to result; Germany, 
inevitably be made redundant though publicly favouring a 
in the process. It cannot there- more cohesive EEC, lias shown 
fore move any faster than no signs of being prepared to 
governments are prepared - to foot the bttL 
go. and its influence will depend. 

heavily on how far it can con- rnnAonfrofmn 
vince the Nine that painful re- w^UIIvtUlTallOn 
adjustments are inevitable and a 

best carried out by inter- Of DOW6f 

national collaboration. In the „ . . r . m . 

past, commission proposals for Without major institutional 
industrial policy have failed, reforms, it is hard to see how 
partly because they were aimed P* e decision-making mechanism 
unrealistically high and sought in a 12-member EEC can avoid 
to achieve too much at once. s ^ ow paralysis. The fear n! 
Viscount Davignon appears to many smaller countries, and of 
have recognised that more is Mf- Jenkins, is that in such a 
likely to be attained by coaxing situation real political power- 
Governments into a step-by-step become even more heavily 
approach, though it remains to concentrated in the hands of a 
be seen how successfully he can f®» larger Governments, or th* 
sell his proposals. ■ individual members will simply 

The coming year is certain decide to go their own way. 
to see renewed pressure on the consigning the EEC to a future * 
EEC to make up its mind on as a bigger species of EFTA. 
another problem which goes to a question mark hangs over 
the heart of its future develop- the institutional and political 
ment — the applications for changes that will result from 
membership from Greece, the first direct elections to the 
Spain and Portugal. Greece is European Parliament, due to be 
displaying growing impatience held cither next autumn or in 
with the slow pace at its nego- the spring of 1979. Will »q 
tiations. which opened almost assembly armed with a popular 
18 months ago. Portugal expects mandate prove a rejuvenating 
a commission report oq its re- force, acquiring the necessary 
quest within the next two powers to make a tangible 
months. Spain seems in slightly impact on the development of 
less of a hurry, though it Is the Community? Or will it 
eager to see endorsement at arrive on the scene too late to 
least of the principle of even- make much of a difference and 
tual entry. settle back, affer a brief initial 

'.So far. the Nine have res- flurry of notoriety, into a rote 
ponded lethargically, acknow- as a rather ineffectual gadfly?;- 
(edging the political imperative No one Mn be sure of , h , 
of underpinning the newly- , n5wer t0 this question, any 
fledged democracies m the more than to another— how the 
three countries, but refusing to EEC wll , react t0 the other 
face up to the serious practical mc jre threatening challenges 
problems which their entry will now racif , g ils members. No 
pose. In so Jar as they have done obvious solutions exist to many 
anything, it has been • to safe- 0 f the problems, and recently 
guard their own national in- there have been disquieting in- 
terests. An ominous hint of the dicatinns that Governments are 
kind of political tensions to drifting into a mood of detached 
come emerged last year, when resignation. If Mr. Jenkins is 
Italy blocked negotiations with to leave his mark in Brussels, 
several Mediterranean countries it seems likely that he will do 
in an effort to extract a better so by using the remaining three 
deal from the rest of the EEC years of his commission presi* 
for its own Mediterranean deucy to point out the dangers 
economy. The French Govern- of this approach, and concen* 
meat, facing a difficult election trating the minds of his 
in two months' time,, has also colleagues and of European 
sought increased protection for Governments on the search for 
its own farmers from the com- practical and constructive steps 
petition of lower-cost producers to avert them. . 


FACTS 
you will wish 
to consider 
when making 
a will 

* Over 300.000 of Britain's old people are in genuine 
- need because of acute loneliness, bad housing or 

disability. The number Is growing as the proportion of 
elderly people increases. 

* An official report records the sad fact that many old 
people are “huddled in icy moms, wrapped in rugs, 
unable to afford proper heating.'* It is medically, esti- 
mated that up to 20.000 die In winter from "hypo- 
thermia" (fall in "inner" body temperature). 

* The tragic need of old people is increasing. 

* Voluntary service is increasingly needed to bring 
personal care to old people, and to meet widening gaps 
left by state organisations. 

* Old people overseas also struggle against terrible 
hunger and lack nf medical help. 

Bow Help the Aged gel things done 
for those in l fie greatest need. 

* ft mobilises experienced volunteer effort, and so 
achieves maximum results from every £ entrusted to it. 

* It has pioneered flats Cor old people; and now. Day 
Centres for the lonely. Work Centres to provide light 
employment, and Day Hospitals for those who need 
regular treatment but not full-time hospital. The 
charity Is also active arranging volunteer transport tor 
the housebound, extra medical research, and much 
more. 

* In places stricken by earthquakes, floods and famine, 
and hunger. Help the Aged is well known for its swift 
practical aid. 

The charity's work has been endorsed by many 
eminent people, including Lord Shawcross, Genera) Sir 
Brian Hnrmcks, and Dame Vera Lyrm. Its President is 
toe Rt. Hon. Lord Gardiner; Hon. Treasurer, The Rt 
Hon. Lord Maybray-King. 

Write or telephone for Interesting and Informative 
booklets and the annua? report and accounts to: The 
Hon. Treasurer. Lord * Maybray-King, Help tbe Aged, 
Room FT8L. 32 Dover Street, London WIA 2AP (Tele- 
phone: <0498 0972). 

Perpetuate a loved name and help work for old people 
£150 inscribes a name m enduring memory on the 
Dedication Plaque ol a Day Centre. 

£100 provides 0 hospital bed in Indfa or Africa with on ' 
mscnptfo* of pour choice. -.- 


1 yy^xjsa, 




r ] 




Financial Times Wednesday January II 1978 



anti-roads lobby 


THE DISPUTED FORECAST: 

p ’™ CARS PER PERSON IN GREAT BRITAIN 


0-5r 


(MS 


®y IAN HARGREAVES, Transport Correspondent 

SrolV^anUl^^^^taDe Wl5rk is Perhaps test judged by This leads to the criticism schemes— a return normally 

at the entrance to th» Prp«t£n andlhe treating the report as a manual that the Tanner forecasts, pre- said to be i n the region of 20 

by-pass and launched Britain . body academic of procedure for those who sented as they have been as gov- per cent, and therefore, if the 

iDto the mntnrwav a l B aln and professional opunon which become involved in the business emment-supported national comparison can be made, ex- 
„ . ■ , y a ° e ' has argued with canaderabfe of objecting to, or indeed yardsticks for assessing the pros tremely good in Terms of indus- 

t^ercaimy no-one present at sophistication that the Depart- advocating a particular scheme, and cons of trunk roads, are trial investment the report is 

. J .££ uld . haVe n ?l n ^ s de . sire to adduce “scien- The report repeatedly stresses given a weight they cannot and satisfied that the Department's 

imagined that- 1,400 miles of tific evidence in favour of that such people should have indeed do not claim to possess, work is soundly based. 

• motorway and several national more roads has led to official the maximum possible access and that they effectively stifle The report * does, however, 

road building plans later, the calculations which are clumsy. t 0 the raw statistical material debate about future traffic levels propose a significant widening 

. Government would be commis- inaccurate and deliberately used by the Department in at public inquiries into of the assessment process so 

stoning a mjmitely detailed obscure. assembling its case at the individual road schemes. that in presenting the final case 

report into the methods used earliest possible stage, and that The Leiteh Report rejects the fpr or a ? ai nst a route, a 

for ns economic and environ- such information should be pre- PYtranniam™ mQthnR in “framework’' document nr 


Forecasts 


v— luiuuu> uiouu'oio ana HsuusiBicu usea oy xne uepanmem in jjuuuu inquiries jnio oi • me assessment process SO 
sioning a minutely detailed obscure. assembling its case at the individual road schemes. that in presenting the final case 

report into the methods used earliest possible stage, and that The Leiteh Report rejects the fpr or a ? ai nst a route, a 

for its economic and environ- .. such information should be pre- extrapolatory method in favour “ framework ” document is pro- 

mentai justification of such hPFIPTlf sented as clearly and simply 0 f what it calls a " causal vided setting cost-benefit calcu- 

highways. The Government's uwuwti as complicated . statistical model,'* which it says could be laUons alongside considerations 

acuon was taken m response to n is not prim ari]y to Mr. exer cises permit. . made more sensitive to forecasts whicb are not easily expressed 

^ Tyme and those who have The report does, however, of growth in GDP and to other H 1 'monetary terms. These in- 
orocriy campaign against motor- f 0 u 0we{ j ^j S example that Sir define three sharp issues of factors which govern decisions clude tbe . br eak-up of communi- 

T . , ' ■ " George Leitch's committee has Public interest which demand on car ownership, such as family f ies - environmental gains and 

* addressed itself. Composed half Political debate and Govern- structure, availability of public lc ?ff es and em Ptoyment opportu- 
SSbliSd of’ academics itself. . the com- ®ent decisions. transport and the variability of ni ^ 

seems like fbeneh i.rk fi « ? i««e has ettempted to deal «» ** '■ ' he "!?° d ° f ^^2S2TSL*552i X? ilTZI 


1950 60 70 -80 

w.aa- flewwm iiuunr new mmakch unum. 


f “ !! «ntraj 

pORj 


. " *' V 


year period hi which nubile ^neilt economic assessments of .The standard Government trunk road mileage will increase road schemes using cost-benefit 
HT dI £ have beep atoraed road schemes and the national View is represented in the fa hue w-ub car ownership * nd the purely financial calcu- 
eq a ip ment sabotoSd -Govern^ forecasts on which those regular forecasts by Mr. John (more trunk roads encourage atl ° n used , n judging railway 

1 mont f n j + assessments rely Then having Tanner of the Transport aod more people to buy cars), investments. 
Smiirip!. n ?^ t0 wntp2n« d >» fl ™ looked carefully at these public Road Research Laboratory. Finally. Leiteh insists, any fore- So me critics of the roads pro- 

SSmsSsS srEHHS as. =ss sssrtaa rri 

£ S-M p°™«T SR MJSS. v “ 

Ability in the face of demand cas f “legrounas hasieallv th^v atiP^nt to rr« ee« n ance costs not, it is said, 

'for change. Unfortunate inspec- *e alleged illegality .of. cer- oflculati tbe feneth ^ the TrafflC flOWS Presently accounted for. Such 

,tors. at crucial points not well tain P“ts °f the planning and reauired to reach this a Boftrd * it is claimed, would 

M rsr Ms -MSKaars £«?^S2 
.■s-kt* rr = “ r “ sjpewss 

^QUEh what is described as One difficulty in summarising polatory in type and, as he tion of the results from 14 “be- 
the anti-roads lobby mainly the committee's findings is that, explained to the Royal Sfatis- fore and after” studies of fore- wul5”i“e%?en ^ 

pnmnnses individuals who as the final chapter of the tical Society recenUy. operates casts and actual traffic flows on better rale of return thJn^an 

s-nroly haooen to be affected report points out, -the -meaning in a void. This is because future particular schemes, all of which as^iment on JfS^cial basts 
hy a particular road plan, there and usefulness of the com- Government policy on the show inaccuracies and some of It ®dds however that ^thoueh 
has emerged a national leader- mittee’s work is inseparably desirability -of allowing car which show flows which are less a cost-benefit analysis of the 
shm of the movement which can bound up with its detailed com- ownership to increase to such than half the rates predicted, current Si Pancras to Bedford 
be divided into two parts. These mentary on the Department’s levels, and the likely shar^for When it conies to the Depart- electrification scheme shows a 
arp the headli ne-grabbi ng cam- various computer models. The private transport of dwindling ment's cost-benefit method of net present value-to-cost ratio 
paianers like Mr. John Tyme, key to the significance of this oil resources towards the end of assessing the return in benefits of 1:9, the scheme is still ex- 
who has stated that motorways part of the Leiteh Committee's the century are both unknown, to the nation of trunk road pected to add £l.3in. a year to 


British Rail’s revenue deficit // A. Low i 

Thus the report having estab- 03 — r _ ■ — /a-L jNJ [ 

lished that cost-benefit studies ACtUB /// r-S 

of railway schemes can be done, 1952-1973 F0r8C3SlS 

quite rightly observes that the ~ \\ — T975-20K3 

question of comparing road and 0-2 — .J-4 — 

rail projects is an unavoidably ^ / j 

political question, beyond its y I I 

scope. It will be interesting to / ! 

see how far British Rail is pre- o-i — j, 

pared to push this argument as ,.•** ' 

it prepares to launch its plan I 

to more than double its electric ; 

network, a project which would 0 11 J 

require massive investment It 1950 ’60 70 -so ’90 2ooo 10 

is -also noteworthy that in re- 5£S£L aSTSS " OM ’ wawo< 
cent months, British Rail has 
presented evidence on three 

U ^n a S arduous in another respect too, and argue their case then with 
cifnutrihl R 1 1 pfn rp artrti 35 shown b y ihe four-page the assurance that their view 

S3 dummy “ the report o£ a hypo - be slven -iwiuiiuy 

o mirastructure 15 the tical “framework'' presents- for espressiou and 11 1 innately 

tion of the pros and cons of a equal consideration alongside 
AT I n rt 01 ^ 0 : n f,T> road project. Decisions on such that of ibe Department's. ’ 
uncenamiy projects, if the Leiteh argu- At national level. Mr. Rodgers 

ments are accepted, are not proposes in March to publish 
where then does the Leiteh going to become any simpler. the first of his annual mart 
report leave Mr. William simplicity of assessment Whlte p *P* r * in »’hk'h he will 

SK’-SSIS ™u™ ra p'» b i?MJ"» s n sir « 

s“ a z “5^ rzv ■■ * ;™“ nfo p ™d »f «»■>*■ "* >* 

>»ou, traffic *1 £? SCSI- ‘r» P ta' 

allowed In proceed will.n.u coo- 


road infrastructure is built 


‘Uncertainty’ 


1Der 1 The rpnort does sense - P ure Public relations: an Mlip , “ rocasi ^ ‘“reca-ts. 

Sw'reSorkto? either exercise to regenerate public p ™ ccduro a, a f p . 1,b,,c 

7r downwaTds of l especially “tell- iufonned and ' °^our>e. 1 he pmm.ition uf 

forecasts about traffic public”) confidence that the .^V' l> , ^ p S d ' 


more weight to the case aHainst judgments — thev will be uv « any groups 

iStSKeTs to adequate public ^ 

and to suggest a more cautious ^eid^makes substanlial delay of pm j eels. A 

view of the trend m car owner- Sit ” P ^ J? 1 r J! d f much postponed decision on the 

ship. It- also enshnnes the biggest of these, the £liH)n». M40 

principle of “uncertainty" and '. ,ousl y ''cH- e uarded mforxna- ... b . Gvf D rd ami Ri- 

so. without doubt, places greater ^eso man7i?to toe «»*««•»». will provide the acid 

responsibility for major road to monitor these matters in the . - f Mr R n d -e-s' noii.-v 

planning decisions upon the w *»rthor the inn^uliation pri- 

Minister, and suggests that in * safeguard by the rebel coss fi(r thi< ail(1 lllher r . 1JlU 

future more comprehensive academics. can prturce d without warfare will 

reasoning wjJJ be required to What Mr. Rodgers must he also indicate whether the I.etrch 
support the selection of a par- hoping for is that, armed with committee has at last -.m-ceeded 
ticular course of action. ihe Leiteh report, the anti-road in clearing the air between the 

The Leiteh report will make agitators will return to their objectors and govern in e n t 
the job of the Minister more local by-pass or motorway plans officials. 


VVP** 

v F ' 


Letters to the Editor 


Toy CTIPndrniJ— * n sucb publications (which are space heat (35 per cent of all London was an efficient market 

- J. AA spCIIUillg often of considerable public in- U.S. end-use) costs, in 1976 S. no mechanical trading sytem 

" ---.4. terest) should be. vested in the about §17.5 from nuclear power could be expected to con- 

DOl proms Crown. Any royalties arising with an electric fire and S7.4 with tinuously beat market averages. 

From Mr B Cole from . publication could then be a 250 per ceot-efficient heat- The continuing success of 

Sir— Mr Newman fJamiarv 51 applied t0 the benefii of those pump. S5.0-6.4 from synthetic recovery funds, and those invest- 
suegests that stock appreciation Sroups or individuals who have gas. S2.94.T from completely in 2 in small capitalisation stocks 
relief fSART shoulrf hP Ter suffered as victims. In many solar space heat in a single house would not be possible (unless we 

- initiated ° and elawrwf hSk cases the Criminal Injuries Com- and Sl^-2.5 on a neighbourhood accepted that they are random, 
because of vvhat be judges to be Pensa tion Board would be the scale, and “502 )0 SI .4 from and likely to be followed by 
misuse of the svSem b^hank^ most worth y recepient .. more efficient buildings. (The periods of underperformancel. 

, Sd Taree stoiS^His reSm? At present UK * denies a cost from fuel oil and natural Mr. Glass (December 20T 
! mendation i* SSt the “ reSutae wr [ ter copyright in "scurrilous " W/JW ago m the L.S aver- maintains that the results of Mr. 
mvield" S b»ckTT‘"thi Publications. This principle aged ®4.I and S23 ^ respectively. Carter’s policy of buying de- 
iSinarv i™ toT Sivm" ou « ht ,0 be extended 10 any British costs should be broadly pressed high yielders is in itself 
-There ^ arf iinf Sbii material relating. , however comparable except about 40 per evidence that London is not an 

Criticisms ^of thk^JSefiestkSbm tenuousl y. t° a person’s criminai more than fee higher efficient market. Mr. Carter. 

to SS S^'tSo “P 1011- ’ 7116 5016 benefit and for solar heat.) The however, has indulged in self 

■ His ass nm nii bn rhat ?AB S copyright fa such writing should nudear/he«t pump system com- deception in describing his in- 

belong to the Crown alone. P. etes . w,th u J®®/bbl oil and vestment policy— what he did 


From Mr. B. Cole. 


introduced “to assist traders Ronal d lWin«: ‘ 

SSaiS 1 a ? d “"SiESLBS 5, Upper Brook Street. W.L 


should not be built was to purchase stocks with low 

My \ analysis assumes solar equity market capitalisation to 
equipment as long-lived as power total debt (stretched in terms of 
stations,: and compares neither both operational and financial 
with oil-wells as an option gearing), on the critical assump- 
because oil is not a long-run tions that interest rates would 
marginal source. If it were, the fall and that tbe banks would 
age correction woald be roughly continue to support those corn- 
half. Mr. Saunders's factor of panies. What would have 


J? - equipment as long-lived as ptwer total debt (stretched in terms of 

description of the need for This rji ^i. stations.: and compares neither both operational and financial 

form of relief. In a time of in- J 00 |HUClI with oil-wells as an option gearing), on the critical assump- 

flation, historic accounting pnn- ' because oil is not a long-run tions that interest rates would 

eip es overstate a company’s IT) 01 Sill TP marginal source. If it were, the fall and that the banks would 

..ability to pay taxes. As fallible uivwiuit age correction would be roughly continue to support those corn- 

human beings we have so far from Mr. O. Jfendell. half Mr. Saunders's factor of panies. What would have 

failed to solve this problem, but Sir, — In your issue of Jaouary three because replacement in- happened if the bankers with- 

SAR is a move in the right 9 in. the executive health vestments are discounted and drew their support has been 
direction, and Iff probably no column Dr. David Carrick re- because most of the oil system vividly illustrated, 
more open to abuse than most commends • that all centrally outlasts the well. This analysis could support 

other tax regulations. No doubt heated buildings have moisture National Economic Research the contention of P. C Baker 
this is why a Labour Govern- added to the atmosphere by tbe Associates Inc. the U.S. (December 29) that Mr.' Carter 

men! introduced it. use of humidifiers. utilities’ main economic con- just took greater risks and 

I suggest that the worst thing Perhaps 5 per cent of homes sultants declined to criticise my naturally received higher 
- we could do would be to trade are overheated and as a result cost' figures because they found rewards— still possible In an 

reduced income tax fortucreased the atmosphere is too dry and nothing wrong with them. If Mr. efficient market, 

corporation tax. I happen to be. the problems outlined do result. Sannders troubles to read before The truth, however. Is that Mr 
in favour of a shift from direct The majority of home? in this writing. I think he wiH come to Carter’s experience neither 


to indirect taxation, but corpora- country, centrally heated or not, the same conclusion. refutes nor supports the theory 

tion tax is one of the least effi- Iwve an excess of moisture in Amory B. Lovins. that London is an efficient 

.cient forms oF indirect tax. Its the- atmosphere, and this fre- c/o Friends of the Earth, market. I contend that the 

(simplified) effect is to shift quently shows up in problems 9 Toland Street. W J. following pointers provide more 

national resources from efficient *>«* condensation. This is tangible evidence that London Is 

to inefficient companies, and its usually apparent on windows p a him rvf flin not efficient 

(incidence on goods in the shops * Dd water from these may be JxclIlIII U1 tilt? Surveys have shown that 

is arbitrary and unknown to the seen on the sills. By putting , , balance-sheet concepts. and 

voter. Governments like it, extra pint of water into the 226S profit and loss account analysis 

possibly because of these atmosphere from a humidifier. - o are a jj en to the majority of 

characteristics. one me . re ly ends up with an From Miss I. Cassidy. shareholders. This inevitably 

We should be pressing for a e3 ^ a P»nt of condensation. Sir.— The correspondence con- puts the financially astute 

reduction in income-taxes aod Your readers would do cerning a proposal to place fast minority m an advantageous 

corporate taxes, with any com- 10 P u £ Das . e 8 httij‘a»y ™* ie ‘ breeder reactors for nuclear position. Tbe second reason is 
pensating increases, to be levied * 1 a rraction of the cost ot a power stations underground that if It were efficient, there 
on expenditure (for example, hy uumidiflertoseewbether (January 6) may perhaps be of would be no need for legislation 

higher VAT), not on efficiency atmosphere really is too ary. interest from a safety angle, dealing with insider trading. 


refutes nor supports the theory 
that London is an efficient 
market. I contend that the 
following pointers provide more 
tangible evidence that London is 
not efficient 

Surveys have shown that 
balance-sheet concepts. and 
profit and loss account analysis 
are alien to the majority of 
shareholders. This inevitably 


Chat is. profits). thos * C38es w ^ere the atinos- )> ut gurejy the troglodytes oeces- since all price sensitive in/orma- 

B. A Cole. pbere does contain too uiue Sarjr ro maintain and operate tbe Don would be instantaneously 

“ Drake Wood n moisture, a cheaper solution is plant pose ao iosuperable prob- available to all shareholders. 

Derunshrre Avenue. !° t H rn t* 1 ®™ 0818 ! d ?'l° * lem - It may not be all that and “insiders” could not exist. 

.4 merchant. Bucks few degrees and have some more esL5y to consign to the nether As far as I am aware no U K. 

" bouseplants in the home. regions live human beings based communications service 

TVT - i Most homes get too muen erajet* to construct and maintain yet claims to have achieved the 

INO emolo vee moisture, because housewives 0r operate these potentially latter goaL 

*r ■ v dry clothes fa the house and do jethjj power stations. Remote J- T. Stride, 

nirppfnrc- ” • ■ : cooking Which give* off control is all very well in theory. Amberleu. 

uucv.lUli3 Only in a small proportion of ^ut- a Hunterston type of fault Tottenham Crescent. 

From the Greater London homes is this done- in separate ^ ^ installation in a cavern Epsom Downs. Surrey. 

Council Member for . "servants quarters so “J® doesn’t hear thinking about 

Hendon North. - problem of excessive ' firyness is it, -would seem that the dark i * 

Sir,^ — Your report (January 6) usually limited .to office ages conditions of wort for some JT ttlFiV C10S6 

about the newly constituted hotels,- etc., where .there is oo - W jy certainly return unless we % 

Board of the Post Office with <ts moisture coming in. Tne pur- we ^ xipht in time. PlIPCnniQtPC 

trade union directors shows that chase of humidifiers when toe-Ijo^j Cassidy. . guwiiuifltCj 

it is far from being an experi- atmosphere is already moist win ^ chudston House. From Mr. P. de Val. 

ment in industrial democracy.- benefit only , the manufacturers . HcUon Rood, N.l. Sir , — I should fifce to correct 

There are no- employee direc- of these devices- an error in Mr. Marberis letter 


tors as such.' The trade union Oawrtd F - Be“ de J!;_, 
directors were not elected to the 7, White R °“ s ?, 

Board by the Post Office Solihull. West Midland*. 

employees. 

In Germany it is an essential 1\nTl«f111PlPSr 
condition of ' the appointment of Lx Mil IlUvivui 

employee directors . that they nntigxn 
should be employees within the UuliUll 
enterprise itself. Though certain From AIr . Am Lovins 


Living with a 
strong pound 


From. Mr. W. Murphy 


Fairly close 
guestimates 

From Mr. P. - de Val. 

Sir , — I should like to correct 
an error in Mr. Marberis letter 
on market efficiency (January 
3). He states that no analyst 
came * within £5m. In his 
“ guestimate ” of Bass Charri. ig- 
loo's final results of £90.4m. 
I was not alone in forecasting 


Sir. — Perhaps I am simple £8Sm. and at least one analyst 
minded hut if the -improving estimated £90m. 

value of the pound cheapens our Peter de VaJ. 


of the new trade union directors Sir '^h 30 -odd published imports but makes our exports Using and Cruickshank 

ot the Post Office are its ex- cr jtiq'oes of my energy work, more expensive and therefore incorporating Powell Popham 

employees, they now work full- [ nc ] ut jing those of the Energy less competitive the answer must Dawes and Co. 

time for trade unions. Research Group (cited by Mr. -surely be that wages should be The Stock Exchange, E.C2. 

The Post Office seems to have - ^ ^ Saunders on January 9)- reduced (without detriment to 

set an example in “ jobs for the anc j those animated by tbe living standards) and thereby ■ y jm . 

boys': rather than in genuine Atomic Industrial Forum, are reduce the cost of goods for lnC6fltlV0 tO 


industrial democracy. 

Bryan Cassidy. 

Member# "Lobby, 
county Ho 11, S.E.l. 

Benefits from 


Incentive to 

reprinted with full responses arid -export so that we are again com- 

supplements in two U-S. Co ogres- petitive. WOFk 

sional . hearing records: Alter- i do not recall seeing any - 

native Long - Konpe Energy ecoDomisr reported as regarding From Miss .V. Brookin. 

Strategies (Senate Small wages as being part of the equa- Sir — I was more ; 

Business and Interior Commit- tion. i prised to read that a' 

tees, 2 vols., May 1977 and Janu- W. Murphy. - the unemployed . ha 

ary 1978) and The Costs of 49, Chitwoods Road. launched by the Depai 

Nuclear Poteer (House Govern- Loughborough, Leics. Health and Security to 

ment Operations Committee. whether Social Security 

spring 1978). The responses deal --r j * > removed the incentives 

of satisfactorily with all points . 1^011(1011 IS DOt 1 would have though 


primp Nuclear rower (Ho 

V * IIUC * ment Operations 

From Mr. ft. Irving. spring 2B78). Tbe re 

Sir.— The publication ' of satisfactorily with 

Goebbels’ diary raises the im\ raised by all critics, 
portaut ; question — should a Readers will find 


„ _ London is not 

Goebbels’ diary raises the un- raised by all critics. . . . constructive and proper -way to 

portaut question — should a Readers will find that 1 have- PrtlPJftllf m conduct this survey would be to 

criminal or his family benefit under-estimated the cost of- ***. discover whether Social Security 

from a publication whose chief nuclear power (using the In- From Mr. J. Stride. benefits removed- the incentive 

interest is his criminal status or dastry’s own data) and have sic,— The _ efficient market to work from those already em- 
wrong doing? Certainly Goebbels explicitly computed, not ignored, hypothesis is largely supported -ployed, 
would have hanged had he not electrical .and other end-use by empirical studies showing Karen M. Brookin, 
committed suicide. efficiencies. The U.S. "result: a. Strong evidence of. random lS. Wepre Hall Cresceni. 

Many feel that the copyright marginal; gigajoule of delivered walk In stock prices. If Comiom’s Quay, Deeeide, dwyd. 


the unemployed had been 
launched by the Department of 
Health and Security to discover 
whether Social Security Benefits 
removed the incentives to work. 

I would have thought a more 


V 

i. <",?■ 

.V i * 


GENERAL 

Treasury issues details of 
Centra] Government financial 
transactions for December, includ- 
ing borrowing requirement. 

Prime Minister ends five-day 
visit to india. Mr. Callaghan 
begins two-day . talks in Pakistan 
to-morrow. 

Egypt ian-Israeli military com- 
mittee meets. Cairo. 

Mr. John Silkin, Agriculture 
Minister, speaks on “Britain in 
the EEC," National Liberal Club. 
S.W.1. 

Mr. Roy Mason, Northern Ire- 
land Secreiary, is guest speaker 
at American Chamber of Com- 
merce lunch, Savoy Hotel, W.C2. 

South Wales area of National 
Union of Mineworkers holds dele- 


To-day’s Events 


gate conference at Bridgend to 
consider its attitude- to local 
productivity schemes. 

CBI Eastern Regional Council 
meets. Cambridge. 

London Chamber of Commerce 
business forum on Finance and 
Payments in the Oil-rich Arab 
States of the Gulf. 69. Cannon 
Street, E.C.4. 10 a.m. 

Sir Peter Vanneck. Lord Mayor 
of London, receives Agents 
General for Canada at Mansion 
House, E.C.4. 

PARLIAMENTARY BUSINESS 

Home of Commons: Scotland 
Bill, committee 

Select Committees: Science and 


Technology General Purposes 
Committee. Subject: Durability 

and efficiency of discharge and 
filament lamps. Witnesses: Osram- 
GEC. Philips, and Crompton Par- 
kinson (10.30 a.m.. Room 16). 
Overseas Development. Subject: 
Renegotiation of Lome Conven- 
tion. Witnesses: Overseas Develop- 
ment Institute (4.15 p.m.. Room 
61. 

COMPANY MEETING 
Fenner (J. H ). Leeds, 2.30. 
OPERA 

English National Opera produc- 
tion or Rigoletto. Coliseum 
Theatre. W.G2, 7.30 p.m. 

D'Oyly Carte Company in The 


Mikado. Sadler’s Wells Theatre, 
E.C.1. 2.30 p.m. and 7.30 p.m. 

BALLET 

Royal BalJel dance Swan J-ikp, 
Coven t Garden. W.CJ, 7.30 p.m. 

MUSIC 

Laurent ian Singers (from St. 
Laurence University. Canton, Now 
York). St. Olave, Hon Street. 
E.C.3, 1.05 p.m. 

Vhian Banlield (pianot per- 
forms works by Beethoven and 
Mo/art, Si. Martin LudsuLe. Lud- 
gate Hill. E.C.4. 1.15 p.m. 

English Chamber Orchestra, 
conductor David Atherton, in pro- 
gramme of Janacek. Arnold. Hal- 
stead, Elgar. Nielsen, and Sibelius, 
Queen Elizabeth Hall. SE.I. 7.45 
p.m. 


''Our Nationwide Capital Bond pays 7? worth more than 10^ gross 
andaregularmonthlyincome’.’ 



It pays to decide Nationwide 

Nationwide Capital Bonds guarantee extra interest and a regular monthly income 


1 4 yedrlepri 
■ Extf'al Intmst 

•j.;:* 

o 

o 

■ Monthly Income. j 


■ 3 year term - | 

■ Extra 1 ‘Interest , 

M 

o 

o 

*v- 

■ Monthly .Income- . 

J 




- ,(w You can i nv e st f r um £500-£l 5,000 (up to I _ . , T* "T ... K . "T, - “ 

1.61* £30,000 in ajoiarKcount)forfixcdrCTnM 

of 2,3 or4ycars.Thetwoycar Bond offers J Iav e melon; for £ 

BR ° 55 '.'’’extra interest aboveShare Accountrare, | mbei»wcdiaHarioiiwule»in£emcd, 

che three and four year Bonds offer r* I 1. In az-far Capital Bond □ AhaNadomriile Share Account □ 

extra interest-The Share Account rate J Lhaj-TwOpiMlBond □ tw«aiwbe»»p«Hv}f<l □ 

may fluctuate but the extra interest is I 3. In»4-r«v Capital Bond □ orpaldat end of Jim* and 

lacs Euar^^fetkfiJIpcriod.Your, ^ | 


2yccrterin #. C»0 

Extmtrlnlcreif » 

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Share ’ ;• JL*00* 

Account " II 


9 . 85 * 

GROSS 

9 - 09 * 

GROSS 


interest can mther be compounded half- j □ 

yearly.paid half-yearly by warrant or ■ «k»beU»»'»i«kj 

transferred every month to your bank. RjSmdd 


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transferred every month to your bank. 
Nationwide Capital Bonds offer you 
an excellent return with complete 
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find the address of yOnr local 
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just post the coupon. 


Nationwide 

The Building Society of a lifetime 








Financial Times Wednesday January IS 1978 

Reardon Smith loss 
doubles to £5.8m. 


SGB profits finish year £2.53m. ahead 


THE SATISFACTORY improve- 
ment in pre-tax profit forecast by 
tbe directors' of SGB Group at 
midway — when an advance from 
£2. 76m, to £3.5m. was reported — 
turns out to be from £5.71 m. to 
for the year to Septem- 
ber 24, 1977. 

Yearly earnings per 25p share 
are shown to have risen from 
12.3p to I9J>p and the final divi- 
dend payment is 2.754 p net for a 
5_254p (4.704p) tOtaL 

197*77 I973-T6 

„ fWO i<MI» 

Turnover ^.736 62.919 

Ioj. and d.'vs received \fA tRa 

Interest parable l.WI i ** 

Pre-tax profits fcJS7 S.714 

Taxation M.QtS 3. (Cl 

MinonUes :37 !J4 

Retained J.WI 1 554 

• Reduced by a credit of uda.QOO ttuli 
relating to prior years. 

• comment 

SGB, the largest scaffolding 
supplier and contractor in the'- 
U.K, has comfortably exceeded 
most analysts' expectations of 
around £7. 5m. for the full year. 
Pre-tax profits in the l3St sly . 


HIGHLIGHTS 


a mm and its ultimate utilisation 
between the available options 
must be purely speculator until 
the amount of compensation has 
been determined. 


Reardon Smith has incurred lasses In the first half and 
the dividend has been omitted, but the cash position has been yv jj 1 j 

improved by realising the assets of an investment trust pur- K|jTT( i |*T |p|/~f 
chased from Charterhouse Japhet. Profits at Letraset are 

18 per cent higher after six months, but sales are only 13 TTnriTntT 

per cent, up which indicates that the period of rapid growth XX^UTVC j 

has come to an end. Lex also takes a look at the background _ * 

to the new tap stock issue and the latest money supply figures. nPQnWQU 

The elimination of losses at Greenwich has proved a useful JlJlwdlU vT 

boost to Satterfield Harvey while SGB has performed well in u\ SALES ahead from £i».93m. 

a very depressed building sector. to £22J)7m. pre-tax proS:< of 

Butterfield-IIarvey rose fror.s 
£0.SSm. to II. 14m. in the ssx 
A .4. sation of its Birmingham factories months 10 September 30. 1977. And 

rntlvl began in the year. the directors say they are con- 

Serck services made a steady fident that, given freedom from 

£k AAA progress and steps were taken to the effects of industrial disruption. 

4- /BS 8a B I II If I introduce radiator sen icing into profits for the second hair will 

the Arabian Gulf Slates "with a materially exceed those of :he 

»■ , company subsequently formed first, giving a total for the year 

of min Y7AAF for this purpose in Sharjah. substantially in excess of the 

mX IrJLIwB™ y Cdll. Serck Controls is also taking El. 75m. for 1976-77. 

_ steps to increase international The net interim dividend is 


Astra tops 
£400,000 
at mid-year 


months of the group's financial REPORTING TAXABLE earnings penetration for its telemetry lifted from 2p 10 l.l25n— last 
year have jumped from £2.95tn. ? n *? r p e . c ‘Ortue first six months systems. year’s final payment being LlCKfeo. 

to £4. 74m.. on turnover or X42m. 10 October au, 19 / '• *} *7 1I -0° 0 ; Accounts show net current The directors report that the 
compared with £33 -3m. Consider- a gain st .369.000, tne directors of a sets slightly lower at £19.47m. re-organisation at Greenwich :s 
ing that the group's principal ■' str ? , ron P say “ 1at > if 19.78m. 1, proceeding satisfactorilv. A sub- 

customer is the deeply depressed despite difficulties in the steel in- Meeting, Midland Hotel, Bir- stantia) area of the site* has been 
construction industry this is an dustry they are confident of being mingham. February 9, at tacated and its sale agreed, sub- 
impressive performance, especi-. »ble to mam tain progress. Full- 12.30 p.m. jecl to contract and detailed 

ally since over four-fifths of the time profit for 19/6-ii was a record planning consent The conrcntra- 






Midland Hotel, Bir- stantia) area of the site" has been 

February 9, at tacated and its sale agreed, sub- 

ject to contract and derailed 

— - — planning consent Tne conccnrra- 

pre-tax outturn comes from the tion of office furniture mar.ufac- 

U.K. r -.£!. r ^' ha ^, t *- nove £ v ? as ( * ovvn I f nClirfTH lure a t Margate, howeter. has 

Margins, which have been ^.83m. at £4.0/ m. Bank interest vJ fJdUj. created production' difficulties 

under considerable pressure w« up al £63,000 (£47.000) re- Mr which are delaying tbe return to 

since the second hair of the fleeting the exceptional financing L T^T £ || profit of this part of the business. 

1974-75 financial year have been costs, of about £26.000, relating to fly }\ I lj| 111 k Excellent results were achieved 
sharply improved— rising from a new building. J * bv the companies manufacturing 

9.3 per cent at the pre-tax level The company expects to occupy *4 1 municipal and other speci , »i- 

in the first half to 115 per cenL the new premises, costing some I QTllfOfl purpose vehicles. caravans, 

in the second. Prices firmed as £600;000. by the end of April. «-*■*. A hydraulic cylinders and rubber 

the group Increased its market Stated earnings_ per lOp share CONFIDENT HALF-WAY predic- mouldings, and from 
share, and smaller and weaker were belter at 1.57p (i.53p) and fjong for hoteliers and property factories factoring 

competitors failed. Overseas, the net interim dividend is lifted developers Norfolk Capital Group hydraulic equipment, 

performance was sluggish, with to 0.383p f0 32op). Last year's ha ve been borne out in the full- ^ . • . • 




Upsurge 
by Norfolk 
Capital 


Mr. William Fleldhonse. chairman of Letraset International 
— steady growth in the first half, and the firm tone should 
continue. 

DIVIDENDS ANNOUNCED 


EXCLUDING proceeds from the 
Sate . of ships, amounting " fo 
£2.99ra„ against 13. 58m.. the pre- 
tax ion at Reardon Smith Line 
more than doubled from C.TTtn- 
to £5.8 Vm. for the first half to 
September 30. 1977. . Turnover 
slipped £lm. to £ 12.78m., interest 
payments leaped from £S70.00Q to 
£L683.000. and depredation and 
other charges from £42BtU- 
CBLlSm.). 

The tramp shipping and tanker 
sectors or industry remain de- 
pressed. the directors say. The 
sale of the semi-submcratoie ns 
“Atlantic I" to Ben lane Steamers 
hw now been completed and the 
company has entered Into 

arrangements which will dramatic- 
ally reduce the tanker losses to 
at least a near break-even posi- 
tion. 

..These transactions, together 
with other avenues being ex- 
plored, will produce a much more 
stable structure for the company. 
The directors, therefore, consider 
that the future can be faced with 
greater confidence and the last 
quarter of the current year will 
produce substantially improved 
results. 

For 1976-77 there was a pre-tax 
loss of £C2S.ooa after proceeds 
from ship sales of 16.6m. 

The loss per oOp share for the 
half-year is shown at 16p (earn- 
ings 5p) and there is no interim 
dividend. The Board says it will 
consider a payment when the full 
year results are available. Last 
year net payments totalled 2.625p. 

Reardon also revealed yesterday 
that it had boosted its cash Row 
by more than £2m. following a 
purchase from Charterhouse 


Japhet. the merchant bank, 
the latter's North British v 
General Investment Trust aul 
stdiary, which recently made 1 
successful £H.7nt bid for Trim 
and Agency Gmmn 
Australia. 

Trust and Agency, a financial 
company w hlch was formerly part 
of the Lawson empire, be id « 
substantial portfolio of invest- 
ments. These securities have now 
boon disposed of. the selling 
prices bring related to those 
ruling on January 3. 

The original Intention had been 
that Charterhouse Japhet Itself 
would sell uff the underlying 
securities acquired with Trust and 
Agency to 11s investment clients 
and institutional purchasers. The 
altered arrangement by which 
North British— the vehicle through 
which Chart rrhouM? had acquired 
Trust and Agency and Its port- 
folio— went to Reurdon, after 
which (he securities were disposed 
of, appears to have been con- 
nee led with the tax position of 
the shipping company. Reardon 
had available capital allowances 
through its investment In ships 
which could be offset against 
profits on the deal leading to the 
sale of the securities. 

A .spokesman for Charterhouse 
Japhet said yesterday that all the 
parlies concerned had benefited 
from the transaction as it was 
carried out. Keardun paid cash 
for North British with the 
accompanying . portfolio. North 
British was a company created by 
Charterhouse specially (or the 
take-over of Trust and Agency. 

See Lex 


pre-tax profits np!v improving a final was Q.675p. 
shade from £1.49m. to £1.55m. 

High operating costs in competi- 
tive markets, together with some T m 

loss of profitability on currency |J fli, til. <f I IT 

conversions were responsible. 

Group interest charges have risen a j a 

nearly a fifth to n.Tom- on a CfarT Of 
similar rise in .borrowings to k, IU 

□early £16m. caused by an in- ^ « 

crease of working capital needs 17" 

of a quarter to around £33m. On UVl vJIV 
a full tax charge the shares at 


year figures to September 30; 1977. •Comment * 

showing a 368 per cent, jump in Butterfield Harvey has reversed Norfolk Capital 
pre-tax profit from £100.206 to last year's second half downturn iteabrook tnv. ..".."..."’.I 
£469.912. with first half oroRt< u» hv - >q npr Rmtnfnn Cmiih ■ 





Date 

Corre- 

Total 

Total 


Current 

of spondmg 

for 

last 


payment 

payment 

div. 

year 

year 

Astra Industrial 

....int. 

0.36 

Mar. 17 

0.33 



2 

British Benzol 

...int. 

Ml 


0.33 


1.19 

Butterfield-Harrev 

...int. 

1.13 

Feb. 21 

1 

— 

2.1 

Investors Capital Trust .. 

1.05 

Mar. 16 

0.65 

1.R5 

1.2 

Letraset 

... inL 

0.9 

Feb- 24 

0.52 

— 

2.83. 

Norfolk Capital .... 


0.4 



02 

0.6 

02 

Reabrook Inv 

....int. 

0.56 

— 

o.ns 

— 

1.05 

Reardon Smith 

... int. 

MI 

_ 

0.81 



1.62 

Saatehl & Saatctal 2nd int. 

2.13 



27 

4.13 

3.7 

Schlesiager Amer4 

...inL 

3 

Jan. 31 

3 

— 

75a 

SGB Group 


2.73 

April 11 

2.5 

5.25 

4.7 


Redfeam expects fall 
in first six months 


auiUiu me ill All/ll UKiuxa iu tinued In hn nnrnnraoinn .Inrino ST.u “**-"■•* L/IVIUftraS >i.Tmvn pence per snare net eapcvpt where otherwise stated. 

nearly £16m. caused by an in- 0 , {gT summer * 25 ? \UhauS tt 1,1,6 sronih 1 in volume -Equivalent after allowing for scrip issue. 4 On capital 

crease of working capital needs Vpfoj/ was SS Doslfble Ui achieve the lerms . b “ l b « cauae ® f lhe "' de increased by rights and/or acquisitidn issues, t Gross throughout 

of a quarter to around £33m. On kJCI LlV if spread of products, the group has 

a full tax charge the shares at fff!f,,« perce « tae,e „i n f re ^ se iJf been able to compensate for the 

loop fup 3p) stand on a p.e of THE START of the current year ^^Pancy as occurred dunn^ last unexciiins performance of those ti •/• 1 Tb 1 1 

8.3. and yield 52 per cent for engineers Serck has not been Wl " le f ne ' e ^ele^ he ^.^subsidiaries in plastics, building KflllCn RPH7HI flfflTlC 

encouraging and prospects are >e ars r «ulis could be producLs and housewares. SheH llLMl DCilL/Ul UlUUj 

^ > - uncertain. Mr R G. Marlin. ic voke. the largest company in the , «A A * 

pDClhrnnlr chairman, says in his statement A ne ‘ final diudend of 0.4p is sroup . d j d particularly well with f A -A- fll -fn** • 

IVeaUrUUK with accounts. announced raising the total for gjorta of municip 1 veh c es 10 XU.ZOlIl. SO IaF 

World markets Cor iU products, year to 0.lip per op share com- (^h as refuse dKal irock!) 1W 

Investment s^iss.i^si^j’ss; Tr r n « D .'; 'S,!r p ,» •? >*• ***.■ «■*. ,»<■ n» highe r prices of coal, the com- rebuild at Bed was which has been 

rri j main diffleu] it with no sign of P ei \ s ^" J Far Easl buf the home niarket is pany's prime raw material, and deferred for the time being. 

Trust onnlrioH pffnr, 'Yf ft* 11 ne J: d a , Afi e r *Il »/» ’‘ ll11 feeIin ? i h c effects or Govern- other costs further reduced mar- If at some future date the com- 

ff S2.W J. »i°nh PffLfI £186 503 la n« UP nnSt l rS^trom ment restrictions On public =*"S at British Benzol Carbonising pany continues with the rebuilding 
For the six months to Novem- fllff.? B 2hi°JS , H^ h S«?F* He 55 £62 882 1 spending. The shares vietd a for th^six months to September this expenditure will not be in- 

ber SO. 1977. pre-tax profit of Ef uI jL* C J n 10- ravaluatinn n f Prospective 5-4 per cent at67p. 30.1977. Taxable earnings were curred again and w, II be back Into 

2?^ - ( «p -»« x; SSS 3-5^S , rfM u P- F * Bevan 

S is ® iTWA-a -StiMSR L zr.z improvement B0ARD MEET,NGS 

^ ears heat transfer companies. Dircc- effect of increasing the net tan- x * n "' WMwnn* companies nave ppufiMl 

t°Ui pay ment was 1. Mop lor5 do nol anticipate any diffi- gible assets from £3.495^79 or HI llHlltiinC dau? * Boari 1 weennss to mo stock 

Tax for the half year took rutty Rnanrin 0 these investment ‘’H fin a share tr» 77 884 418 nr fifln until tne directors see an upturn CsctaanKe. Such fliKtinsi are usually 

£20.442 (£4,196) and minorities SL hnancin ° “ ese Vestment -h.6p a share to 1/ .884.418 or 60p Improved IaMble garnines of in demand. hHd lor ih- panm- o. consider^ 

£6.444 (nil). leaving the attribut- P f „ the latest vear cash £70.000, against £65.000. F were In view nl the existing condl-' "gj- 

able balance at J17.756 (£7JS2). resources of i.5Hm wire used by achieved by D. F. Bevan (Hold- lions, the uncertain outlook and rSb X 

The sum of £8,136 (£1.382) was t he companv with £4Jra. invested Mra Vi^lmrc ^es). metal merchants, etc, for the need to conserve remaining divisions shown below arc based mainly 

retained. on assets The <-roun has I x O V ICK0TS six months to September 30. cash resources the Board has de- on usi scan unK-rnNe. 

hc^n the vear ' w iih can^al com 1977. on sales marginally ahead cided not lo pay an interim divi- to-day 

n 7ri (U Ji m enmnhnrnfinti from £32Gtn to £3. 54 m. dend Consideration of a payment imerlms-ACB Research. ERF (Hold- 

FlUf tn Ipacp a , h ; mfcrriauonal COmpenSatlOIl « -WW. for Jhe .ve.r lfiX m'dfS '“<»»• >*“ « 

* 10 IcaSe valves business had a good year ll a i!'^j!i basic and 0.78p the fulI-Lme result is known. Last Fmats— Epicnre. Kenntns Motor. M 

^ , desoite a denrassed market with l2 KC VPT (0S7p) fully dlluled. Again no year 1.1 MEp yas paid from record and G. Doal Tnist. McCorquodale. Rco 

Space at SSSu ti iBTSd”. ■!& ft? iaUS ^ ** y* 1 interim Ls to be paid bur the profit of £l.4lm. . Suku on^usanun. 

^ S the Americas Ind South The directors of Vickers say ' directors remain confident that Stocks of metallurgicil coke . future oat^s 

Zavpnfpm Africa providing a goad level or that because of conflicting Press they will be able to paj the maxi- have built up at I the 1 Bedwas plant Rora u,. rs Jan. is 

orders. Its Australian operation reports on Sunday and Monday mum perm 1 ted at full-lime Last and production has had to be cur- B un Belton J 

Meat wholesalers PMC are to has begun the year with record they wish to state that negotia- J!5S t 1 J I ? n «?m Pa,d froin record P^SS?2? s .j S R , ! onerT “ ■}“- “ 

take space on Trammel Crow’s order books. Substantial re- tiona with the Government regard- P rofil of £0 - 21nj - „, r "J M«m B “ ’ tjan is 

industrial estate at Zaventem, investment Is underway in the ing the amount of compensation . »!? ^ws 2?^ VtSek? S v rm^vi m Howard^ fflSuonra’ ' . . JTT .. w 

Belgium. Agents Jones. Laing. U.K. and German factories to which the company will receive ram £M» Ceairal vummsraad Areas Jan. 11 

Wnnftnn rpnort that fhp unit nrn- mppf mmntftirion and ripmand in For its natinnalifepd airrraFt and SaJes 3 uuawa. * wmcii oaa a rnaieriai Nolroo Jon. 19 


chairman, says in his statement 
with accounts. 


155p fup 3p) stand on a p.e of THE START of the current year ! unexciting performance of those 

8.3, and yield 52 per cent for engineers Serck has not been ]V n , nevertheless he felt that subsidiaries in plastics, building 

encouraging and prospects are l “ e T u*' >'® ars resulls could be pnK j U cLs and housewares. Shel- 
uncertain. Mr. R G. Martin. vie , u e n d o , w ^ ,^ I e lH c n 0 n r ? = c voke. the largest company in the 
Ruahrnnlr chairman, says in his statement « net final diudend of 0.4p is sroup . (jid particularly welt with 

fteaUrUUK with accounts. announced raising the total for exp0 ^ u ° of p m SgS vehicles 

World markets [or its products, the year to OJip per ap share com- (S u C b a5 re f Use disnosal trucks) 
Investment parucularly industrial valves re- P ared with 0^p for 1 9 >6. Earn- |Q fbe y Iidd j e East. Africa and the 

, . main difficult with no sign of ,n S s P er share are shown to have p v... l . h n mp m-irL-pt it 

Triicf improvement. - We shall need a increased from 0.4Sp to 2.02p. l r . r ee iino ^Ihc eff*Srfn?r wri 

1 rUS>l concerted effort on the part of After tax up from £37.324 to ^L„t^ SSiS®' 

For the s « months to Novont- SI r °“ ^ ^"0^ n2 Lr£ 

Rea brook InV^men^TriMV’shows ttie year t0 Se Ptember 30. 1977. A professional revaluation of Prospective oA per cent at 6«p. 

nf pre-tax profit was a record fixed assets has revealed a surplus 

an improvement from £II.a,S to ^ 32m » as a , September 30. 1977. of rx r n 

Earnines ner 25n ^hare arp Mr. Martin lays a major capital £4.179.682. against which goodwiU \j m f . dGVRH 

stated aPl Un f04Roi and ?he es P endit u re programme is under- of JA59.988 has been written off. # 

iniPrim^iviripnd is T a , i«oH ld frnm wa ^' covering all the main activi- The net addition to reserves IfTlnrOVPmPnt 

interim dividend is raised rrom t j es but especially the valve and and improved profits has had the lUIJJrU VcUltOl 

oiiu-n > ears heat transfer companies. Dircc- effect of increasing the net tan- 1L1 , 

t°Ui payment was l.Mop. lor5 do nol an u C jpaie any diffi- gible assets from £3.495^79 or HI 11311111116 

mSa (k INI ond } aj 0I 5SSS aJW ,ina '’ cin " Ib ' 5e tav ' s,msnt l ° I7 -* , - 41S or mw* .o»bl, oamlop or 

£6.444 (nil), leaving the attribut- P i n the latent year cash 170.000 against £65.000. were 

.kl. I P,---o ,o- on.,. * U lJC WleSl d c dl ’•doll . »Vi io.-ad h.. TV C Itl.lJ 


D. F. Bevan 
improvement 
at halftime 


able balance at _£ 1*. 1 36 t£ i JS2). res0 urces or £5.59 m. were used by 

The sum of £ 8 ,«a 6 (.1.382) was the company with £4Jra. invested ISJfl 

retained. on fi xe d assets. The group has i*vl T Iv ntl J 

begun the year with capital com- .■ 

FMC to lease compensation 

A. l IV IV valves business had a good year 4.1 1 a. 

space at w Jii Ta4KS as y el 

Zaventem 


on fixed assets. The group has 
begun the year with capital com- 
mitments Of £3.4.im. t£l.S4ni.). 

In 1976-77 the international 
valves business had a good year 
despite a depressed market, with 
exports. lo the Middle and Far 


PRODUCTION at Redfeam 
National Glass in the first half of 
the current year will be reduced 
as a result of furnace reconstruc- 
tion and this will adversely affect 
the half-year performance. Mid- 
way profit should, therefore, not 
be taken as representative of the 
profits for the whole year Mr. 
Stanley Race, the chairman, tells 
members. 

The continued depression In 
Europe has had its effect on (he 
glass container industry on the 
Continent where there ts spare 
capacity and currently some con- 
tainers are being imported into 
the U K. 

At home on increased level of 
consumer spending is likely and 
this will benefit the sales of many 
food, self! drinks and wine and 
spirit products for which the com- 
pany makes glass containers. 

Mr. Race says the directors 
remain convinced that the clast 
container has an excellent future 
as a packaging material and their 
concern will now be to realise the 
full benefit uf the high levels of 
capita! spending recently under- 
taken. 

Of the outstanding bids for the 
company presently being investi- 
gated by (he Monopolies Commis- 
sion. he states that the directors 
are united in their view that an 
independent furore for the group 
is best for members, customers 
and employees. 

The commission has been asked 
to report lo lhe Secretary of Stale 


for Prices and Consumer Protec- 
tion by March 21. As known, 
there has been a partial offer from 
Rheem International for control, 
followed by a bid from Rorkware- U 
and a proposed bid by Untied 
Glass. 

A special debit of £803274 
appears in the accounts for 1976- 
11177, representing lhe defence 
co^ts against the Rheem but. 

As reported on December 7, 
taxable profit advanced (ram 
£3. 06m. to £4. 59m. on Sales of 
£41 2m (£34SSm.) for the year to 
October 2. 1977 In the context of 
the Rheem offer the net total 
dividend is stepped up to 10.56p 
<3 946p) per 25p share. 

At year-end working capital was 
down £436,000 (Up £2. 17m.) With 
bank and cash balances reduced 
to £6.267 (£Um.) and a bank 
overdraft, this time, of £388,603 
(nil). 

Outstanding contracts placed 
for capital spending amounted to 
ubout £3.3 5m. (£1.21ra.) and a 
further £l.07m. (£ 19.5m) had been 
authorised but not contracted 

Proprosals for the accounting 
treatment of deferred tux con- 
tained in ED 19 have been adopted. 

As a result the tax charge is 
minimal at £134.271 (£777.369). 

Under the boitle bank scheme, 
aimed at raising the level uf glass 
container re-cyoling. the company 
has contracted to buy the output 
ol the bottle bank skips located 
in the Barnsley area and pre. 
liminary results are encouraging. 


riding 1,800 feet of warehousing the future. shipbuilding ope 

and offices, will be purpose-built Heat transfer operations also yet commenced, 
for FIVTCTs requirements. had a good year and the moderni- Accordingly ai 



RaK year 


• 1917 

iWG 


HUM 

£W» 

Sales 



3Jff! 

Interesr 


25 

Pre-era profit 

TO 

65 

Taxation 

... 38 

30 

Retained 


35 


Tax for the half-year 


Wellman Engineering Jan. 18 

took W>srcm Board MtUl Jan. IS 

__ Finals— 

_ , Bakers Household Stores (Leeds’ Jan. i2 


THE HONGKONGBANKGROUP 

BASK R ATES 

The Hongkong and Shanghai Banking Corporation 

and 

The British Bank of the Middle East 

announce that their base rate for lending is being reduced, 
with effect from 11th January, 1978, 

To 6i% per annum from 7% per annum 


1 £162,000 and minorities there was FinWrivc Engineering Jan. is 

a loss of £40.000 (profit £243.000). ?«U««n steigh ami Cheston Jan. 23 


™ e . exceptional Uena repre- Feb. n 

sen ted the amount already ex- t Amended, 
pended on the proposed battery 


— Jan. 13 , 


ISSUE NEWS 

Yearlings fall to 6|% 


MatthewBrown 
&. Company Limited 

SHAKE REGISTRATION 

Ravensboume Registration Services limited 
have been appointed Registrars of 
Matthew Brown &. Company Limited. 

AH correspondence regarding share 
registration matters should in future be 
addressed to:- 

Ravensboume Registration Services Limited 


The coupon rate on local 
authority yearling bonds issued 
this week bas fallen by Lhree- 
eighfs of a. point to 6} per cent. 
The bonds arc issued at £99 
and due on January 17, 1979. 

Tbe issues are: Charnwood 

Borough Council (££m.) t Mid Sus- 
sex District Council f£im.l. North 
Tyneside Metropolitan Borough 
Council l£{m.). Barnsley Metro- 
politan Borough Council (ijm.). 
Bedfordshire County Council 
f£2m.}. Borough of Bournemouth 



“ChurehiU" Ships Decanter 
"Star of Edinburgh" Goblet 


If5s crystal clear 

why Crown House are Britain^ leading 

quality glass suppliers. 

Miff “ n 


K:. m 








'■j/ ' Our name, Crown House, is one rarely associated with 
’M glassware. Yet our Group includes Britain's most 

9f wide-spread table glass suppliers, with factories and 

F warehouses in four locations in the United Kingdom, 

f Far better known in the glass world is the name of our 

f glassware division, Dema Glass, through the manufacturing 

of full leadcrystal branded .as “Th os. Webb” and “Edinburgh” 
and the world-wide distribution of over 100 million machine 
made glasses each year. 

Dema Glass did well for Crown House and for Britain last year, 

. by increasing their exports to over half their output. 

To find out more about the achievements of Dema Glass and the 
rest of our group, contact our Chairman, Patrick Edge-Partington 
at 2 Lygon Place, London SWlW 0JT. 

Telephone 01-730 9287. 

a, Crown House CD 

tojmayrffitseeusiibutvve/relheia 


(Xira.i, Forest Heath District 
Council (£im.;. Newport Borough 
Council (££m.), London Borough 
of Southwark (£lm.),' City of 
Liverpool f£Im.), City of Edin- 
burgh District Council (£l}ro.l. 
North Cornwall . District Council 
l£Jm.). Tandridge District Council 
(£}m.). Hertfordshire County 
Council film.), Surrey County 
Council <£Im.>. 

Three-year bonds issued ai par 
and carrying a coupon of 9 per 
cent, repayable on January 7. 

1981, have been issued "by Hart 
District Council Uim.), City of 
Chester (£Jm.). and Cheshire 
County Council (£lim.). 

Tweeddale District Council has 
raised £im. through an issue of 
9£ per cent, bonds due January 6. 

1982, at par. 

- Variable bonds carrying interest 
equal to } of a point above Libor 
have been issued by the follow, 
ms councils: Derby City Council 
due on January 7. 19S1. 
at par, Surrey County Council 
(£lm.j due on January 6. 1982. 
at par and Central Regional 
Council f£*m.) due on January 5. 

1983, at par. 

LONG TAP 

The prospectus is published 
to-night in connection with the 
new Tap stock. 

The issue is of £S00m. of J0i 
per cent. Exchequer Stock 1905 
at £95 per cent. The application 
list opens at 10 a.m. to-morrow. 
The siock is payable as to £30 
on application with the balance 
due on February 27. 

Interest will be payable .half- 
yearly on January 21 and July 
21. The first payment next July 
will be £4.46 per cent. 

Applications for amounts up to 
£2,000 must be In multiples of 
£100. applications between £2.000 
and £50.000 in multiples of £500 
and applications in excess of 
£50,000 in multiples of £1,000. 

KENNING — 89% 

Kenning Motor Group’s recent 
rights issue has been taken up as 
to 8S.7 per cent The balance has 
been sold at a net premium and 
the proceeds amounting to 13-55p 
per share will be distributed to 
entitled holders except that no 
payment will be made for less 
than £L 


Bourne House, 
34 Beckenham Road, 
Beckenham , Kent BR3 4TU. 

Telephone 
01-650 4866. 


m 


iQP 



“Yi! 


w j : 

1 






" r\ 

‘v-tJ 

"•A 


LIMITED 

retailing leisurewear, leading brands OF JEANS# 
CASUAL WEAR. INDUSTRIAL CLOTHING, FOOTWEAR, 

PROTECTIVE CLOTHING, CAMPING & SAILING EQUIPMENT- 
FASHION CLOTHING FOR YOUNG PEOPLE. - 

• In my test statement I informedtypu that due to the recession It 
would be some time before we returned to the levels of profitability 
we experienced in 1 975. Our gross sales declined from £5,240.226 
in 1 976 to £4.894.434 far this year. Our trading profits foil from 
£232^96 in 1 976 to' £122,386 In 1977. 

• I can. however, report to you on a more optimistic note than last 
year. Towards the end of June we noticed a marked upturn hi sales; 
and I am pleased to say that this has continued up to. the present. 
This should mean that we will be able to report a substantial 
increase in profits, certainty for the half year, end if the trend 
continues, the results for the full year as well. The economic 
outlook for die country seems to be improving and if It continues 

It should be reflected in increased consumer spending In the shop*. 

• We are proposing a final dividend of 0.7p which, with the interim 
of 0.3p makes a total for the year of 1 p. I hope also that if our 
profits rise, as seems likely, we can increase die interim dividend 1 
accordingly In April when the half year results are announced. 

• If the present rise in sales is sustained ! am sure that we shall 
recover alt of our lost ground and continue our sales and profit 
growth in the future. 

J. P. GOULD, Chairman 

The Annual General Meeting 
was held on 22nd December, 1 97?. 

Copies of the Report and Accounts On be obtained horn: 

The Secretary, Patera Stores Limited, 

Julius House, Nor ham Road, North Shields, 

Tyne & Wear, NE28 7UX. 


O' - 


1 









'•.* .1 4; 





[ ty- • Fmaseiai- Tim^ Wedn esday Jan uaiy 11 1978 

.Oft NEW UFE BUSINESS ; ^ 


>i,S- 

■ 'i .• 




m new 
shows big slowdown 


Nrv 


Ln 


eels fall 

mbs 


BY ERIC SHORT 

1ST YEAR was not a particu* 
• iy successful year for life com- 
ities in respect of new business, 
gores issued yesterday by tfae 
: ree Hfe company associations 
.verlng more than 95 per cent, 
all business written, showed 
at new business growth slowed 
wn significantly in 1977. after 
. Mr successive years of dramatic 
es- {lew annual premiums 
Hten by U.K.-life companies 
■ablished in the. ll.K. rose by 
Jy fi per cent. to il.OBbn. from 
mi. in 1076. compared with a 
1 e of 31.7 per cent in 1976. on 
new. business written and an 
>rage of 24 per cent over the 
■st four years. 

ay restraint 

•fr. Peter Sharman. chairman 
■■ the Life Offices? Association, 
ted that these new business 
ures were .satisfactory ■ for a 
ir during which prices - rose 
‘isfderably faster than earnings, 
king it difficult for many 
jple to take on new .long-term 
ings commitments. 

Nevertheless, life companies in 
teral cannot regard a growth 
e at less than the rate of In- 
ion as satisfactory. . For the 
npanies to remain viable, new 
iiness growing at least at the 
ne rale as inflation is needed 
order to cover the companies' 
senses of operation. 

Tie results so far published 
. m the major Hfe companies 
nv that group pensions business 
; remained dull during 1977 for 


reasons that ware outside the con- 
trol or the life companies. 
Pension improvements ; were not 
freed from pay policy rest aims 
until August and- many employers 
have deferred malting changes in 
pension schemes or taken out new 
ones until. April,. 1978. when the 
Social- Security Pensions Act 1975 
comes into force. New annuities 
per annum, mainly group pen- 
sions, increased by only 2.5 per 
cent, in 2977 to SlS3ba. from 
fUtbn. 

But individual pension con- 
tracts for the self-employed and 
for executives have proved to, be 
two buoyant sectors in 1977 for 
new business: Although no over- 
all figures are available, indi- 
vidual company reports have 
shown growth of up to '50 per 
cent, in some, cases. Many life 
companies put new or revised 
contracts on the. market last year 
for both self-employed and 
executive schemes. 

The prospects for 1978 bo all 
pensions . business, however, 
seem very bright as the' 1975 
Act begins to bite. Ail indica- 
tions are that more employers 
than expected are going to con- 
tract out of the State scheme and 
provide pensions for. employees 
through a company scheme. The 
driving force, behind: *hese 
decisions bas in many companies 
come front the employees them- 
selves. 

The one bright spot in 1977*9 
new business figures is the con- 


tinued recovery in linked life 
bonds from the nadir reached in 
1975. New single premium busi- 
ness last year rose by £8 per 
cent, to £545m. from in- 
most of this growth coming from 
linked bond business- Howpver 
these figures are Incomplete. bu< 
overall linked life single pre- 
miums in 1976 jumped by 72 per 
cent, on 1975. 

Last year saw several tradi- 
tional life companies- enter the 
linked life business, among them 
Legal and General, Sun Life. 
Equity and Law and Sun 
Alliance. They have all r epurted 
successful results so far. 

Above average' 

Industrial branch business, 
where the premiums are 
collected at frequent intervals 
by agents calling at the homes 
of policyholders, showed an 
above average growth last year 
despite the agents’ four-month 
industrial action at Pearl Assur- 
ance. one of the leading home 
service companies. New jnnual 
premiums rose by 10 per cent, 
to £11 2m. from £102m. — com- 
pared with a rise of 18.6 per , 
cent in 1976. There was a 1 
tendency last year for persons 
which take out this type of life 
assurance to have higher dis- 
posable incomes. 

New sums assured last year 
rose by 9 per cent to £37-j>bn. 
from £34.5bn. 


Letraset ahead 
18 % halfway 

ART PRODUCTS group Lelraset meat dividend policy to 
International boosted profit before substantially increase the total 
iax I&3 per cent, from I2.S7m. to payment this year. 

£3.4m. in the six months to See Lex 

October 31, 1877. 


17 


Sales rose 13 per cent, to 
£13J2iq. and directors say the in- 
crease would have been nearer 
20 per cenT. but for the improve- 
ment In the value of sieriing. 

They say that the underlying 
trend In the first half was one 
of continued steady growth, with' 
sales volumes satisfactory in view 
of the sluggish performance of 
the world economies and margins 
maintained despite the pressures 
of inflation on U.K. costs. 

The uncertainty surrounding 

the pace of world economic 

growth and the volatility of ex- 
change rates must introduce a 

note nf caution for the remainder 

of the year, directors say. but 

they see no reason to anticipate 
any markpd' chance to the funda- 
mentally firm tone of current 
trading. - 

After tax of £l.S4m. . f£1.59m.) 
and minorities, attributable earn- 
ings before extraordinary items 
come out at £l.56m. (£1.23m.). 
There is an extraordinary charge 
of £0-34m. f£0.21m. credit) arising 
mainly from the translation of 
opening overseas assets to Octo- 
ber 31 rales. 

EamJngs per share are shown 
ahead from 5&4p to 7.3p and the 
Interim dividend is stepped up 
from 0 61 Sp net per lOp share to 
0JW7p. A final dividend of 
2.010Slp was paid on record 
profits of £6.52 m. last year. 
Directors intend to take advan- 
tage of any relaxation of Govern- 


Record 
£ 1.25m. at 
Saatchi 

ADVERTISING AGENCY Saatchi 
and Saatchi Company has more 
than matched its October 1977 

forecast with pre-tax profit for 

the year to September 30, 1977, 
ahead from £0.98ra. to & record 
£12im. 

At the. time of its re-organlsa- 
tion from'Saalchi and Saatchi 
Compton to its present form 
directors predicted profits of at 
least £LlSm. and lurr.over in 
excess of £40m. Turnover for the 
year was £42.63m. compared with 
£3 5 63 m. 

Directors anticipate that 1077-78 
will be another record year for 
the agency. They say they are 
looking forward to a year of con- 
tinued expansion in the main 
agency business as well as the 
pursuit of tiie many good 
prospects for growth in and 
around the company’s business. 

After tax of I0.72m. f£0.53m.) 
attributable profit emerges at 
£0.55 m. (£066171.1, and a special 
2.i3p second interim will be paid 
taking the total to 4.13p l3.7p) 
per lOp share. Earnings por share 
improved from 12.8p to 15.1p. 


MONEY MARKET 


Exceptional assistance 


Rank nr England Minimum 
Lending Rate 6| per cent. 

(since January* 9- 1978) 
Day-to-day credit was in very 
short supply in the London money 
market yesterday. and the 
authorities gave an exceptionally 
large amount of assistance. They 
lent a very large amount over- 
night, at Bank of England Mini- 
mum Lending Rate of 61 per 
cent., to five or six discount 
houses, bought a large number of 
Treasury bills from the houses 
and . banks, and also purchased a 


small amount of local authority 
bills. 

The market was helped by net 
maturities of Treasury bills, and 
a slight fall in the note circula- 
tion. On the other hand banks 
brought forward large run-down 
balances, substantial revenue pay- 
ments to the Exchequer exceeded 
Government disbursements, there 
was a further call on Treasury 101 
per cent. 1809. and the authorities 
held maturing local authority 
bills. 


Discount houses paid around 6} 
per cent, for secured call loans 
in the early pan. and closing 1 
balances were taken at c-Gi per 
cent. 

In the interbank market over: 
night loans opened at GMiJ per 
cent* and remained at GJ-BJ per 
cent for most of the day. before 
falling to 4-o per cent, at the 
close. 

Rates in the table below ire., 
nominal in some cases. 


Jnn. 10 
] 97 B 

Sterling . 
IVi-tt Avail- 
;4 iU*|**-il 7 

Inintanl 

Ia»I 

Aullninn 

■Iris'/Mi-. 

‘J,ieal Aufti : 
ntvialnbla 

In-n-lF 

fnin lire 
H- mrc 

1 >I 

• CnmpBQ.T ; 
DP|V 11 U 

; Ducrtuni 
markrt 
ilr|i|iiii 

1 

; Tmiiiiry 
Bills t 

t'iiud.fv 
U-iii.- 
llillh * 

Fin* Tm^.a 

kills 4 .. 

I’ternlclii..-.. 


4 - 6/8 

_ 

— 


7 , 

618 - 61 - 

— 



SiU\-t mil 

— 

— 

BU- 61 g 

— 

— 

7 

— 

— 

— 

— 

7 <l»ya <ir 
7 iikI H*f ... 


6 

6 V: 6 !; 


fiv. 67 j 

. 

6 Jfl- 6 rV 



I _ 


6 I-- 6 J* 

6 , - 6 > 

6 !* 

7 - 6 1 ** 

6 i- fci, 

67 b | 

6 6 >4 

5 r-- 5 : a 

6 -Vi 

61 ; 6 T s 

T*n mini In... 

6 i.i 6 '4 

6 .; 

-- 

. 61-6 


-• | 

6 - 61 # 

a;n- 5 i; 

6 ,x 6 * 

61; 6 », 

TMrtv nh-nlli*. 

6 .i 6 

&1..-6U 

61 , 

61 ? 6 

6 i, 61 ? 

an ! 

; 6 

S -6 

61 ; 6 *t 

i'ij nuinlli*. .. 

. 6 ..- 6 x a , 

6 ' 4 - 6 ,;- 

B'vSJs 

61 = - 5 -a 

6 > 6 S 8 

— 

[ — 

— 

6., 6 

6»; 6S4 

XioiMiiiinih.... 

6 SS- 6 .V 

6 s«- 6 ;s 

— 

6 *i 6 ': . 

6 i b 

— 

— 

— 


— 

din- vmr 

* 4 

6 ,: 6 =- 

61 ; 6 C 

6 /c-- 6 >t 

1,0 

— 

— 

— 


— 

Two ^ nn 


— 

7 I#-B 

— 


— 

— 

— 

— 

— 


Local amhnrlrtr-' and Brian.-* hmnr* srven <Jay»* untie*, mhn-s kyai <UyV fixed. * l-nnKer-ierm fatal authori'* m'-rtsas* 
rates nominally Three years «t-9 jk-r nil' lour >rar* Sl-Si Pr crni : five jvars 10 ini per i-i-iit. «|* P-auI. lull rau-« H. 
rable are having ra'cs for print? piper. Buying rat* for rnur-ranaih bank bills SMj;.g p.-r coot : four-month trade bills' 
5i-6| per veni. 

Approximate .sellrns rate for ane-rnonih Treasury bills r>j per cent.: two-month* LSVvySiSts per cent . au<l t hr---: -month 
525-: per rent Approx iraaf* si-Ilmp rate for one-mnn!li bank hills Gi-Shio per cvpi.: lu-o-muuih 6 per a-n:.; sad rhrrp- 
monUi is u, per . one-month ir-ide blits *1-*. m-r cent . cwo-momli tt-6C pi'r h-iil; and also thro- -month 

ifl-ei j>.*r erni 

Finance House Base Rales •oublivhm) by the Fmanre tlnnvev \ e-ociaitool M per rent from January t in;* Cleartn* 

ik Deposit Rues *ror small sums ai scu-n da vs' noiln- " per erni. Clearing Bank Rues fur li-nilmx 6 i pt r cvnt 
Treasury Bitb: Average lender rales of divmuni sates per cent. 


'•I I ■ ' . • - - ' 

CU new business down 7% 



' 1 


The Commercial Union Axsur* 
ce Company, in contrast to the 
leral trend of higher new 
siness, recorded net new life 
;urance annual premiums in 
-7 on its world-wide business 
wn by 7.3 per -cent, at £20.4m. 
m £22 m., with single premiums 
:er at £3m. from £4m. But there 
re special circumstances Which 
■ounted for this drop. The 
lup sold its Austrian subsidiary 
t year, so there jo a fal) in 
. lines i on account -of this trans- 
ion. And 60 per cent of the. 
mp’s life business is done over- 
is. The recovery in sterling 
-■ant that the value of overseas 
‘ sinew in sterling terms was 
.•er as a result. In volume terms 
business last year was virtu- 
-v unchanged. Net new . sums 
.urpd wer«* LLDbn. against 
)23bn. in 1978. ' 

-n the U.K.. the group ; had a 
~!ht rise of 3.4 per cent, in its 
••■inary individual lire business 
h annual Premiums at £5.S9m. 

:• npared with £3-79m. But . its 
up pensions business fell-- 15 
• cent. With annual premiums 
£1.7m. against £2m. 


^-rusader jumps 

20 % 


1 i 


J ■ » 

> i - 




r 

. > 'he new business results, for 

I n 7 reported by Crusader Insur- 

Company, a member of the 
T . BowTing Groun. show a 
nplete contrast to the general 
ture of the life assurance 
usfry. Overall hew annual 
miums, net of reassurances. 
,nped bv 20 ner cent to £>.04m. 
m £4. 2m. But much of this 
wth came from individual life 
jiness, a sector that other life 
npnnies found . dull. - New 
mal premiums on with profits- 
1 flexible endowments rose by 
per cent to £L23 ol - from 
- )m. 


(A Til®! 


But an even bigger contrast 
was the 60 per cent growth in 
single premiums to £7-3im . from 
£4-5201., since most of this 
increase came from ordinary 
annuity purchases. The . com- 
pany’s annuity rates were very 
competitive last year, but other 
life companies even with competi- 
tive rates -reported lower business 
in annuities in 1977. 

Scottish Life 
boosts bonus 

A substantial increase -in bonus 
rates to record levels for the three 
years to December 31, 1877* is 
announced by The Scottish Life 
Assurant*- Company. For indi- 
vidual life contracts the ‘new 
reversionary bonus rate is £4.60 
per cent, per annum of the sum 
assured and arraebing bompses 
compared with £4 per cent, at .the 
previous declaration. On self- 
employed . pension policies, the 
increase is even larger, being £550 
per cent per annum compound, 
against £4 per cent. The com-_ 
pany does not pay a terminal: 
bonus on this series. • ; ‘ 

■ On tbe old simple bonus policies 
(p re- 1968 series) the' rate bo life 
contracts is £6.50 per cent, per 
annum or the sum assured and 
£7.50 per’ cent, per annum of the 
basic benefit for pension con- 
tracts. The. previous rate in each 
case was £5 per cent, simple. 
Terminal bonuses for the tri- 
ennhun have been consolidated. 

The company is also increasing 
the terminal bonus rate for this 
simple' bonus series for claims in 
1978 to £1.50 per cent of the basic 
sum assured for each policy year, 
previously it was £0.75 per cent. 

•The' company bas declared 
these high bonus rates to reflect 
the increase In investment income 
arising from tbe high yields 
obtainable on fixed interest in- 


vestment. The • relative t*x 
tax position between the life 
fund, which pays tax. and the 
pension fund, which is tar free, 
has meant a bigger increase for 
pension contracts vis-a-vis life 
policies. 

Canada Life Assurance Group 
announces increased new business 
in the UJK. and Ireland in 1977. 
New ordinary annual premiums 
amounted to £2.60m. (£2 -26m.) 
and new ordinary single 
premiums came to £2-33m. 
(£2. 13m.). In addition new group 
premiums totalled £l-22m. 
(£0.82m.). New sums assured were 
£18Sra. (£161m). annuities 

purchased £3.56m. (£2.73m.), and 
permanent health benefits £l.B7m. 
(11.61m.), 


Confidence, 
at Brentnall 
Beard 

THE ^CURRENT year has started 
well at Brentnall Beard (Hold- 
ings) and Mr. F. Brentnall Beard 
chairman; says he looks to the 
future with confidence. • 

! He states that the company’s 
rapid growth in recent years 
makes a period of consolidation 
necessary to avoid over-stretching 
management and . financial 
resources. 

The strength of sterling means 
that the company’s overseas busi- 
ness will need to increase turn- 
over to obtain the same profit- 
ability. he points out. 

As reported on December '30. 
pre-tax profit for the year to 
September 30, 1977, expanded 
from £0J74m_ to £1.01ra. 



Redfeam National Glass 






container has - 
an excellent future’ 

The folio wjng is an extract from the Statement 
by the Chairman, Mr. Stanley Race. 

Capital Expenditure: Redfeam has invested £1 2 million on 
capital expenditure Over the past three years and plans to spend a 
further £8 million in '1 978. The major reconstruction of-one of the 
Barnsley furnaces is now complete. This furnace is certainly the 
largest designed for melting green glass in the U.K. The construction 
of the firstphase of the batch mixing plant at Barnsley is nearing 
completion, it will be commissioned in early 1 978. 

Finiahce: The major part of the. capita! expenditure programme of 
recent years has been financed from internally generated funds and a 
■ large part of our future requirements will continue to-be derived 
from this source. _ ^ • 

Monopolies Commission : The partial bid for your Company by 
Rheem and the subsequent ihvestigstiohsby the Monopolies 
Commission haveplaced a considerable additional load on our 
management and staff. We are united in our view that an 
independent future, for Redfeam National Glass is best for 
shareholders, customers and employeesalike. 

The future: We remain convinced that the glass container has an 
excellent future and must represent better value for money than 
other forms of packaging.^ i 

| intend to retire as Chairman at the Annual General - Meeting? My 
successor will be Mr. J^ L. C. Pratt* Deputy Chairman for the last 1 0 
years, who will combine the Chairmanship with his present 
responsibilities as Managing Director. His experience well qualifies 
him to lead your company into what I consider will be a new era - of • 
long-term growth. 

Copies of the Annual Report and A ccounts may be obtained _ 
from the. Secretary, J • 

REDF^ARN NATIONAL GLASS LTD., FISHERGATE, YORK, YOI 4 AD. 


Divisional analysis of results 



Trading profit 


Trading profit 


Sales 

before interest 

Sales 

before interest 


1977 

1977 

1976 

1976 

r 

£000 

£000 

£000 

£000 

Industrial services 

' 20,495 

2,135 

15,212 

1,605 

Light engineering 

4,200 

376 

3,416 

348 

Metal processing 

30.678 

34S 

J 1,431 

615 

Steel stockholding 

16,624 

3,069 

14,055 

918 

Tubes, fittings and 





forgings 

4,320 

876 

3,781 

644 


56,317 

4,604 

47,895 

4,128 



Dividends and net earnings per 
j nor- Pence 


share 



60 ' 


“ Record results despite 
economic uncertainty” 

reports Norman Hickman, the chairman . 

t 

The year was successful with record trading results despite difficult conditions and against a 
background of economic uncertainty. 

Pre-tax profits rose by 12 per cent to £3.945 million as compared to £3.503 million last year. 

A final dividend of 1 .35338 J p per share payable on 6 February 1978, makes a total of 
2.66338 1 p for the year and is the maximum permissible. 

All divisions showed encouraging increases in both sales and profits with the exception of ths - 
Metal Processing division which traded profitably, but on a much lower level than in the previous 
year. 

Plans for modernisation and expansion ensured that investment in plant, machinery and 
buildings continued at a high level. We believe that a planned capital expenditure programme is 
important to ensure future earnings and similar expenditure will again be reflected in the current year;- 
II is impossible to predict future trends with much degree of certainty particularly in steel 
stockholding and the engineering sectors. However, our period of consolidation after a series of 
acquisitions makes me confident that we are equipped to improve on this year’s record results. 

The year has started satisfactorily with demand, particularly for industrial services, 
continuing to improve. 


Industrial Services 

We began the year with a record order book and a high level of 
sales enabled record trading profits to be achieved. We were helped 
both by changes in legislation and the increasing recognition of the 
benefits of safety-wear, and the considerable increase in turnover 
resulted partly from the introduction of several new products. The 
current year has started well with turnover comfortably ahead. 

Light Engineering 

The year began with our order book at a very high level and this 
continued except for occasional periods throughout the year. Fuller 
utilisation of capacity and maintained margins contributed 
significantly to the increased trading profiis. Once again, the ament 
year has begun with a large number of orders in hand. 

Metal Processing 

Trading conditions in the industry deteriorated considerably in 
common with the general depression in the w'hole of the steel 
industry. Continuing lower prices together with Jack of demand 
combined to make the period the worst experienced in this country 
since 1945. The weakness of demand in the UK. was matched by most 
continental and other export markets and still remains alack. 

Steel Stockholding 

The division traded well under the prevailing conditions and the 
higher trading profits reflect a creditable performance considering 
the national weakness in demand for steel supplies. In the current 
year almost all thecompanies have traded satisfactorily and 
although competition is fierce another good year is anticipated. 

Tubes, Fittings and Forgings 

Progress on the rationalisation programme has continued and is now 
nearing completion. Sales in both the home and export markets 
continued at an increased level with the increase in exports of 
particular significance. The modem plant recently purchased 
enabled overheads to be contained and coupled with the additional 
turnover resulted in increased trading profits. With additional 
accommodation and production facilities we are confident that 
fun her progress will be achieved. 


Turnover 
i— £ millions 



J976 and J977 hare been czlculaud In accordance xlih the revised 
accBimilna foUcy for uuuaion. 

This is an extract from the annual report for the year to 
31 July 1977. Copies of the full report arid accounts are 
available front the Secretary , The CMT Group. 

303 Halesan cn Road, Dudley , West Midlands DY29NR. 


Profit before taxation 
6i — £ millioxis 


Tbe year in brief 

1977 

1976 

Earnings before taxation 

£3.945m 

£3. 503m 

Earnings for shareholders 

£3.652m 

£2. 360m 

Cost of dividends 

£Q.503m 

£0.45Qm 

Profit retained 

£3. 149m 

£1.9J0m 

Sharchol ders* funds 

£20. 197m 

£1 7.047m 

Ordinary dividends— actual per share 



Net earnings per lOp share 

19.2p 

12.Sp 


i Wft umi 1V77 ha\ e been calculated in mxprilann »iih the retired anuimiins /whey for 
luxation. 





A . 


The Central Manufacturing & Trading Group Limited 


• :k 


a. 










Financial Times Wednesday January U 1978 -- , 




MINING NEWS 





Banking figures 


Interim announcement 


Coins boost quarterly 
gold mine profits 


(as table S la Bank «f England Quarterly Bulletin) 


ELIGIBLE LIABILITIES. RESERVE ASSETS, RESERVE 

AND SPECIAL DEPOSITS 


Ratios*' 


# 


1— Banks 


BY KENNETH MAftSTON. MINING B3ITOR 


Sales (£000) 


Profit before tax (£000) 


Earnings per share (p) 


Dividend per share (p) 


Six months ended 
31st October 

Year ended 
30th April 

1977 

1976 

Increase 

1977 

15,211 

13,413 

13% 

28,671 

3,396 

2,870 

18% 

6,520 

7.30 

5.84 

25% 

14.06 

0.897 

0.816 

• 

2.82681 


THE EAGERLY availed first 
batch of December quarterly 
repons from South Africa's no* 
prosperous cold mining industry 


report*. Bui it would appear in year in 3.3m- corns, some »ay; 
partly that these mines obtained sluiri of i'rve 4-Siu. figure fur IS. a 
rather less tn the previous quan- which reflected the shorn feed] 
ler than The bullion price average Krugerrand boom in the UR. 


Continued steady growth 

The underlying trend of our business has been one of continued 
steady growth. The volume of sales has been satisfactory and 
margins have been maintained. We do not expect any marked 
change in the remainder of the year to the fundamentally firm tone of 
current trading. The Board anticipates that, Goverment policy 
permitting, it will recommend a substantial increase in the total 
dividend. 


bears oui the confident hopes of 
a srrong advance ip worknrs 

pro.'' *. 

A* the accompanying table 

shows, the rife m profits tus been 
even better than exacted with 
the Consolidated Gold Fields 
group's medium qoki oracle pro* 
ducer. DnarnCotueio. report ms a 
surplus of more than double that 
in the September quarter end the 
hi?b grade West and East I»rie* 
fon rein mines also achiei :nq good 
advances in profit*. 

3-r. 5 y ' i".' 

wr rr. 

z-.y 

Ti'.om! nzi ;n ... "iSTj .' ~ 

Dri>rfu*_‘: :n 4-iXr:? i 

ICJo?l 9 s*r t m; 9 >■ 

ijbaw: 7 tm *::» 

V-r.vrsjWJ - . -_%) ;n 

Vlj!ifoTi'r:n T 9 : - - 

WW Dr.-fa*::; .V-tKu <■> >,_• 

■ fASi Bufart. S'Jtt ui. - frafc- =.:ara 
+J8-* ari. 


for that period of $146. owing io Demand has been particularly 
•he l-ntinq of sales. There has strong during the second half of j 


Letraset international Limited 

7 Apple Tree Yard 
London SW1Y 6LD 


On ihe latest occasion the u*-ia! 
simple calculation of qn-d nrodttc- 
lion divided by revenue received 
suggests that the mines received 
far more for their gold in Terms 
of dollars per ounce th3r. the 
average price for bullion a*. the 
period of S360 per ounce. The 
mines appear to have received 
impossibly high prices, ranging to 
over S176 in the case of Kloof. 

No explanation Tor this is grven 
in the respective quarterly 


thus been m sum? catching-up in 1977. with Germany and the UR, 
*o*> respect ::: the pas* three , hp prim; ip al nurkcN. 

u-, h- P „ , h p Mr. Don Mnckay-CogbiH. 
imntftut Influence m *“Cer of Intercold. the market- 
er ^-rTn^Kro^rrS gofd com !"«/?", of * he of 

sales in »he past three months. g* 1 *]^** 1 ' 1 

Duruig the September quarter fillnim J" Jantuij exceeded 
part of mine production was in k0in V . . „ 

the “ pipeline " awaiting the The monthly production cana- 
minting of thc-sc coins. city of Knuterrands is 609,00 0 

Pay ire"! receded by the mines coins, and this is unlikely to be 
for ihu ir^rerijl include;, the increased because of the risk of 
price premium rf abnut ■” per *bpiDs the bullion marker of 
cent that- these coins cam maud bar gold. 

■sr their nrte-«funcc gold content ff demand for Krugerrands eon* 
'.fennwhi'c the industry should limns for any length of time at 
<!:IT be er.tmrirr good cnrn:nes In more than rapacity. ' a premium 
•me with ?*»<* ri^o in the bullion is likely to develop among dealers 
price which closed at 31731 in the coins, which Inter gold sell*. 
yesterday. iit 3 (ter cent, over intrinsic gold 

Krugerrand safes Chamber sources indicated yes- 

From .lohaenc.sburg i; Is re* lerdjy that the heavy demand for 
portei rhal sales of Krugerrands Krugerrands, associated with the 
in December ro<o ;n 613.000 coins recent strength of the gold price, 
worldwide — the second highest suggested broadly-based buying 
level nn record and just short of pressure in the gold market, 
the 6K.000 coins sold in Xnvem* In the past, they noted, this 
ber. KM. when the special factor has been a favourable ronjunc* 
at work was Stocking up by U S. iron. By contrast, previous rises 
desiers ahead of gold ownership in the gold pr.ee not supported 
legalisation. by increased Krugerrand demand 

The December. 1977, result have tended lo be or -short 
brought the total sold for the duration. 


EUffble IU hi lit In* 

U.K. hanks 

London clearing hanks 

- Scottish clearing banks 

Northern Ireland banks 

Accepting bouses 

Other 

Overseas banks 

American banks .................. 

Japanese hanks 

Other overseas banks . — ... 
Consortium hanks 


wopor. 
month ‘ 
Sra. 




Total eligible KaMIUIrs* 


Reserve assets 
U.K. hanks 

tendon clearing banks ... 
ScnUish clearing hanks ... 
Northern Ireland hanks 

Accepting houses 

Other 

Overseas hanks 

American banks 

Japanese banks 

Other overseas hanks ... 
C.msortium hanks 


.9 


Total reserve assets 


Canon Inc 

(Canon Kabushiki Kaisha) 


RTZ’s Alaska moly hopes 


Consiitiiilon of total reserve «nel« 

Kiihmrcs with Bank of England 

Mun-’v at call: 

nt<*eount market . 

Other 

Tax reserve certificates 

I K.. Northern Ireland Treasury Bills -~ 

Other hills* 

Local authority ; 

Comnierckil ...r.,.-.- 

British Government stocks with one year 
nr less to final maturity 

Other - 


- W , v 

+ $i- ' 


Total reserve assets 


7| per cent. Convertible Debentures due 1989 


Holders of the above debentures are reminded that on 29th November. 1977 Canon Inc. 
(“Canon"} gave notice that on 31 si January. 1 978 it would redeem all its outstanding 7^ per cent. 
Convertible Debentures due 1 939 at 1 04 per cent, of the pt incipaJ amount of each Debenture p.’us 
accrued interest. 

The Conversion Rights attached to ihe Debentures may be exercised by Debenture holders at 
any time on or before 31 st January, 1978. London lime. 

The Conversion Price (with Debentures taken at thetr principal amounttranslated into 
Japanese Yen at t he fixed rate of Yen 278 : US SI ) is Yen 253.90 per share of Common Slock. 

The closing sale price oi the Common Stock of Canon on the Tokyo Stock Exchange on 
6th January, 1978 was Yen 41 8 pershare. At this price Ihe holder of US Sl.OOOpnncipalantount 
of the Debentures would receive upon conversion 1 .094 shates of the Common Stock havinq an 
aggregate market value of Yen 457,292 (or US SI .899.05 translated at the rate of Yen 240.80 : 

US SI current on 6th January. 1978) compared with the payment upon redemption of 
US SI ,046.46. 

Debentures may be deposited forconversiononoratanytimepriarlo31stJanuary. 1973atthe 
officesofthe Depositary or of the Sub- Depositaries listed below, togetherwith a not iceofconversion 
(theform of which may be obtained from the Depositary or Sub-Depositary concerned}. 


The Principal Paying Agent and Depositary is 
HILL SAMUEL& CO. LIMITED 
1 00 WOOD STREET. LONDON. EC2P 2AJ 


The Paying Agents and Sub- Depositaries are 
Algemene Bank Nederland N.V.. 32 Vijzelstraat. Amsterdam 
Citibank N.A., 1 1 1 Wall Street. New York. NY 1 001 5 
The Fuji Bank Limited, Immermannstrasse 3, 4 Dusseidorf 
Kredietbank S.A. Luxembourgeoise. 37 rue Notre Dame, Luxembourg 
Societe Generate, 29 Boulevard Haussmann. 75 Paris 9 


THE POSSIBILITY of the RU> 
iTmto-Zlnc group developing a 
'large molybdenum deposit in the 
. south east of Alaska came cIoct 
( yesterday with an announcement 
(giving the latest figures on the 
extent and grade of the 
mineralisation. 

The deposit was found in 1976 
by the RTZ group's L’-S. 2rm. 
United States Borax and Chemical 
But whether the deposit will be 
economically - viable depends on 
the company's ability to come to 
terms with the environmental 
pressures which have been build- 
ing up. 

The announcement stated that 
drilling, of which 43,000 feet have 
been completed, “ indicates a 
potential orebody in excess of 
230m. tons with grades ranging 
from 0.18 per cenL to 0 23 per 
cent molybdenum.*’ A portion of 
the ore-body, at surface level and 
containing more than 50m. tons, 
grades 055 per cent 

These calculations are not 
definitive, however. The state- 
ment added, “ U-S. Borax believes 
that good potential for additional 
tonnage exists both laterally and 
at depth.” 

The scale of the measurements , 
made so far suggests a deposit 
comparable in scale to that of 
4maxs Henderson mine in 
Colorado, the latest of the major 
molybdenum developments- in 
North America, which recently 
came on stream after capital 
expenditure of about S500m 
'F2fin*mi 


The Henderson deposit is r?rv*.e 
300m. tons with a grade of 0.49 
per cent, at a cut-off point of 
02 per cent. While U.S. Borax's 
srade is lower than this, the 
deposit is near the surface and 
can be mined by open pit 
methods. Henderson is in the 
middle of a mountain. 

Any L'.S. Borax decision on 
mining is some uay off. A com- 
plete evaluation of the property 
cannot be completed without 
ground access. The US Forest 
senice has granted UJ>. Borax a 
permit for the construction of an 
access road. 115 miles in length. 
But environmental groups are 
seeking the withdrawal of the 
permit. 

This situation thrusts U-S. 
Borax into the middle of a wider 
debate about the disposition or 
Alaskan lands. Broadly, the 
Administration in Washington 
adopts a very cautious attitude to 
Alaskan mineral development, 
while the Alaskan state authori- 
ties are anxious to speed exploita- 
tion. 

Presentine proposals to Con- 
gress on Alaskan land use Iasi 
September. Mr Cecil Andrus, the 
IT.S .Secretary of the Interior, 
said. “We have an opportunity to 


l**irn from the past — to <tvuid 
making the ru*>h mistakes we 
committed in our youth as a 
nation. Alaska is n rejuvenation 
for us as a country— a chance tn 
preserve a major portion of our' 
natural heritage.” 

On the other hand Senator Ted 
Stevens of Alaska has argued that 
Alaska has enough resources tn 
avert a potential shortage in thei 
late 1980s. “We hate 16 out of 
the 13 minerals strategic to 
national security tn justify com-' 
mercial mining.” he said. , 

The U.S. Borax deposit is. hnu ; 
ever, outside areas potentially 
designated by the Administration, 
as national parks. Lying 45 miles! 
east of Ketchikan, near the border 
with Canada, it is «nuth cast of 
the proposed Wranaell-St. Elias 
national nark, the greater part of 
which the Administration would 
like to see as a wilderness. 

Should the deposit ever be 
brought to production it will 
represent an important diversifi 
cation in the evolution of RTZ as 
an international resources group 
Applications for molybdenum are 
being extended and Amax has 
predicted a doubling or demand 
over the next 12 years. 


Ratios % 

V.K. t tanks 

London clearing hanks ... 
Scottish clearing hanks .. 
Northern Ireland banks 

Accepting houses 

Other .. 

Overseas banks 

American hanks 

Japanese banks 

Other overseas banks. ... 
Consort i uni hunks 


+ 6-T 

• m 


Combined relio 


'+ijj 

-14 


N’ b —Government stock ho Wines with more 
than one year hut lew than IS months in 

final maturity amounted to 

2 — Finance houses 

Eligible liabilities 

Reserve assets 

Ratio I To l 


X«. 

v'VH.’i* , ‘ 


Special deposits al December 14 were £l,177m. fup SlSm.l 
hank< and D»n». (unchanged) for finance houses. •Interest-beat 
eligible liabilities were 126£03in. (up £322xn.). 


This announcemenl appears as a matter of record only. 


London Clearing Banks’ balances 


as at December 14, 1977 






THF. TABLES below provide the first 
monthly Indication of the trends of bank 
lending and deposits, ahead of the more 
comprehensive banking and money 
supply figures published later, by the 
Bank of England. Tables l, 2 and 3 
are prepared by the London clearing 
hanks. Tables l and 2 cover the business 


of their offices and their subsidiaries 
(excluding Scottish and Northern Ireland 
banks) in England and Wales, the 
CbanncI Islands and the Isle of Man 
which are listed by the Bank of England 
as falling within the banking sector. 
Table 3 covers the parent hanks only. 
In this, it is comparable with tbc figures 


produced by the Bank of finghutd, whfel 
show the reserve posliions of all tW 
banking sectors subject to credit control 
Minor differences here arise from 1ft? 
exclusion from the clearing biok 1 6*^ 
of Coutts. a subsidiary ' of NflHnogf ;■ 
Westminster but a clearing hank la 
own right. « ’ 




The Independent State of 
Papua New Guinea 
US$25,000,000 
Seven Year Financing 


TABLE L 

AGGREGATE BALANCES 


Total 

outstanding 


Change on 
monlh 


Total 

outstanding 


LIABILITIES 

£m. 

Em. 

Em. 

Cm. 

Sterling deposits: 

UJL banking system 

Olhrr UJv. residents I. 

Overseas residents 

Certificates nr deposit 

4.683 

25.487 

2.061 

SAW 

34342 

+ 151 
+ 194 
- 37 
+ 44 

+351 

of which: Siqht 

Time (Inc, CD’s) ... 

Forehm currency deposits: 

U.K. banking system- 

Other ILK. residents 

Overseas residents 

Certffi rates of deposit 

3.566 

9Z3 

10.500 

1.188 

14249 

2033- 

- 96 
+ 29 
+ 133 

- 3 

+405 
- 54 


Bills: 

Treasury bills 
Ollier bills 


Cm. * * / fiat. 


Total dnnooHo 

Other liabilities* A 


Spi'rlal deposits with Bank' of 
- England . , 

. . ' 

IJH6 * •• 

775 . + 'T>-- 

Investments: 

British Government stocks ... 
Other 

2.043 
- 1.093 

-. > 

- ■+'» ‘ 

Advances: 

. U.K. private sector 

U.K. public sector 

Oversow* residents 

10.833 

136 

2.608 

3.138 ; “U*. 

+100 
- + 8 

Other aieriina assets* 

“ 

HJSTf — — , 

•• 5JJ24 ■ - +ja ' ;• 


Managed by 


TOTAL LIABILITIES ... 


fc’orelun currencies 
Market loans: 

UJt. banks and d 
market 

Certificates of deposit 
Othet 


discount 


Bank of America NT&SA 


ASSETS 
I Sterling 

Cash, and balances with Bank 

of England 

Market loans: 


and Provided bv 


DLseonnl market 

1.656 

. 

21 

UJv. banks 

5.589 

+ 

73 

Certificates of deposit 

J2ZI 


14 

Ixteal aalhorftics 

1,132 

+ 

8 

Other ..: 

489 

+ 

25 


Billa * 

Advances: 

UJv. private sector 
ILK. public sector .. 
Overseas residents 


Other foreign currency assets* 
TOTAL ASSETS ... 




Bank of America NT&SA 
The Bank of Tokyo. Limited 
Chase Manhattan Asia Limited 
Citibank. N.A. 

Commerzbank A.G. 

Morgan Guaranty Trust Company of New York 
Soci6t6 Financiere Europeenne Finance Company N.V. 


Acceptances 


* Includes Items In cuspense and tn transit. 


TABLE 2. rNDfVTDUA 
OK BANKS' BALANt 


tU groups 

f 


Agent 

BANKOF AMERICA 1 


December 1977. 



LIABILITIES ? 

Total deposits 

ASSETS \ 

Cash and balances wi'lh Bank of 

England 

Market loans: 

ilk banks and discount market 

Other — 

Bills 4 

Special deposits wiV> Bank of 
1 England 1 — ......... 

British Government slacks 

Advances - — 4 


TOTAL 

Chim 

BARCIAYS 

Change 

LLOYDS 

Om go 

HU>1 AND 

Change 

NAT1UNAL 

WESTMINSTER 

Change- 


Oubianamg 

monlb 

Omnanding 

on 

month 

Osmond mg 

oh 

month 

Oataundlng 

mnneb 

Outstanding 

on 

MMt 

OutsuMHog 

(Mat 

tm. 

Em. 

Em. 

Eni. 

Em. 

Em. 

Em. 

Em. 

Em. 

Em. 

. Era.' 

OB' 

50.639 

+4W 

13.707 

- 45 

9,924 

- 13 

10.401 

+ 120 

14^28 

+326 

: 1,684 

’ + } 

1J2S0 

+283 

336 

+ 10 

246 

+ 77 

S39 

+ 94 

336 * 

+ 98 

29 

+ ■'. 

30344 

- 96 

2^16 

— 60 

2.786 

-209 

1+34 

— SI 

3J37 

+230 

281 

— _ ■ 

9JW6 

+205 

2.638 

+ 15 

2.434 

+ 89 

1.630 

+ 61 

2Jt59 

+ 48 

326 

— ■ 

U»7 

- 68 

332 

— 21 

*05 

- 38 

736 

+ 93 

546 

-32* 

. 69 

+ ' 

775 

+ 5 

343 

+ 2 

109 

— 1 

172 

+ 8 

226 

- 3 

2S ' 


2.043 

-120 

491) 

+ 6 

. 494 

+ 26 

284 

-184 

616 

+ 36 

159. 

— : 

25.536 

+ 275 

7.489 

+ 29 

3JH1 

+ 43. 

5,841. 

+ 122 

7.-1R5 

+ 70 

880 



I- ABLE 3. CREDIT CONTROL 
INFORMATION | 

(Parent hanks onfy) I 

EHcthle t labilities .....J 

Reserve assets 

Reserve ratio (*5 ) .-—I 


22.662 4-543 7.002 +37 SJM +173 5^73 +214 3353 + «3 842 + 

3.048 + 98 899 - 31 ' 4«0 + 49 774 + 4? *03- + 40.. , Ut -r 

13j + 02 lia - 0.6 14.0 + UA I3J + 0^ 13^ + ft* . 134 ^ 1 


iJrt'ii.&sa 






Financial Times Wednesflay January II 1978 








l '-*» t. 



I 


* 

hi 

■4 

: R| 

t> 

i: 


Assoc* Biscuit’s 
French buy 

Assodated Blscnlt Manufac* audited' account!) which will bo 
ww has added to its interests published shortly. ' 

3 France — it-. -bought a .TO per ■ The deal- is conditional upon 
“*• ** France. Feuifietes shareholders’ approval at the 

dtn oiect from January, 1976—. forthcoming general meeting of 
dth the £L 6 m. acquisition of an Belgrade. If that approval is not 
D per cent stake in EstabHsse- forthcoming. KOOock has under - 
jents oe Lolsy et Gelet, a .private taken to «E the shares back to 
□rcoJate ana . confectionery Lo thian for its desognate) at the 
u^ness. . . • ' price paid less costs. 

The major part of the purchase 

W " ” V Wn 4 Ka 

Coral buys 
4.7m. Pontin’s 
shares 


rice has been satisfied' by the 
roceeds of the issue of 1,714,147 
ew ABM OnUnaiy shares,- which 
dll be placwl by Rleinworc 
enson, on behalf of ABM, with 
istitutions and other investors, 
rokera to the- are W. 

reenwelL 

The balance of the consldera-' 
on. which is related to . the net 


Goad Leisure. whose offer last 


■■■*» 

:ii 

L* 

in 


M 6 



muisition costs, is estimated to : “"May village and hotels group 
s around jSSem. and will be speculation over 

aid on’ completion of the * P«si_hle bid following a .^fP?n- 
•counts for that year. OT° n m dealings, has- bought 

The acquisition of de Lotoy is M«^)00-P6ntin s shares through 
fairly small transaction for 2“ or roughig M per 

saodated Biscuit, which annooto- « nt v°* ^ In addiuon. 

•d profits for the first siweeks baa- received irrevocable 

» 1977 0 f j&sm. before tax. undertakings from directors in 

The latest deal follows the of their oWn and i &miIy 

-qulsrtion of SOTerao-Megowen poUmgs to accept the iCoral terms 
Iscuit Company- -of Chlea go. ■» respect of a furto 5|3in. 

inounced at the end of last ^ bares, or 4.4 ^ per cent It is 

onth, which is reckoned to have *at famfly-trusts ; con 

wt ABM around £5m. troHing 3.3m. shares (2.7 per 

»st ABM arouna eenL) wDl also be pledging their 

shares. . 

HEULOCK NOW HAS. 

__ __ . _ __ has been weak since - tne 

7% OF BcXXjIvAVE ; announcement of the bid, ended 
Further moves have just been unchanged yesterday at 122 p 
mounced in the complex merger placing a value' on each Poutin’" 
Bel grave' Assets, Lothian share, under the terms of the 
■vestment Trust and Kellock offer, of just- under 48p. The 
sidings, all ; of.' which, have Pootta's share price hardened ip 
rectors in common. Following in the market to 42$p. ' 

e " successful- -takeover by The terms of- the Coral offer, 
:1 grave for Lothian which which have met with considerable 
suited in KeDoek acquiring just criticism in the ■ City— on . the 
er 40 per cent- of Belgrave’s grounds that it is a good deal 
ares, Kellock has now for Pontin’s, but expensive for 
u-chased a further 3.7 per cent-. Coral— have gained the upport of 
king its stake up to 4&9 per stockbrokers Sandeteon. ’ 
nt circular issued on January 

The shares have Been acquired: argues that the deal is $ound, on 
om Lothian at a price per share the basis that it will help .Coral 
ual to the net asset value of to build up profits outside gammg 
■1 grave at December 31, to be and betting, and that the price is 
termlned by reference to the reasonable. • 

Matthews Wrightson 
sells shipping stake 

Matthews Wrightson, insurance 24 inches in. diameter without, the 
okers, announced yesterday that need to drain the complete 
:.V , 49 per cent, interest In the system. Gough Cooper is gBold- 
rrey Shipping Company has ing company with interests in 
•i,i en sold to the Counties Ship housing, ■ plant hire. builders 
Mugement Company, part of merchants and thermal insulation. 

, . e Kulufcundls group . of cone- 

Sm "December 21. Counties Ship SCHRADER ACQUIRES 
inagement previously owned the ^ - MIDLANDS 
ter 51 per cent stake in Surrey pj^CA SUE R 

rhe move marks another phase The directors of Schrader 
Matthews Wrightson’s de- Pnematlcs, manufacturers of fluid 
from the; capital Intensive power equipment, announced Ihe 
ipplng activities. “We are now acquisition, by their parent com- 
ncent rating on what. we do best pany Scovill, of the zinc, and 
ntermediary work," said chair- aluminium pressure and gravity 
in Mr. B. J. G. Henry. In its diecaster, Zmcast of Wilfenhall 
:t financial year Matthews near Wolverhampton. 

■ightSDn had to consolidate a Schrader; employ over 350 
/\fis of £600,000 'from' Ifh -49 per people at its Cannbckfactory and 
>3 fli ^ke in Surrey Shipping. Zincast have ^a wqrMarce-in excea 
«4 l»**.Vith Surrey Shlppitis goes one of 100. The need 'to establish 8 
-naining vesseL the 20,500-tort reliable source of supply of die- 
Ik carrier "Iron KestraL" The cast components to meet rapidly 
000-ton bulk carrier Shackle- increasing demand, at home and 
■d was sold last year for just overseas, for Schrader products 
er SSm. ■ was # major factor in their por- 

vVhat remains of Matthews chase decision. 

■izhtson’s interest In shipping aluminium castings 

a subsidiary company which has used extimsively in Schrader's 
ree oil tankers on long-term ^de range of m-lme components. 

° au thm- vessels have ‘ The good growth rate at both 
,. ..•l'c t S^h-^arte?ed con* companfes over recent years was 

h -L^rvpri. commented. on in a statement by 

, Hum of shipowners Til Bergen,.. cmnock company’s recently 


... 1 1 # 

-r. .■ 


-tif. • i ■ 


j* 


OUGH COOPER BOYS 


appointed managing director — Mr. 
T. C- Siocombe . 

He said— “It is now our inlcn- 




. q o/ Qp jBCB 

per cent, interest in BCB Son to expand Zincast’s capacity 
ne Freezing Services and BCB iwt.cthly: to strengthen our supply 
ating has been purchased by position at Cannock, but also to 
itch Cooper and Co. - provide a group source for over- 

Jr. Cyril W. Bishop; managing seas, -flag power affiliate com 
octor of the BCB . companies, jwmea. Obriou^ly thjs vdll raean 
-!* welcomed the purchased, stat- more jobs in the WtHenhall area 
7 Ss it is our mtuutiou to re- 

mansion would bendVt from the main when the lease on Zrarafls 
■' present premises- expires in 1980. 

The first indication of increased 


iking at Gough Cooper. • 
*CB Pipe FrerafaJg 


has de- 


oped a method 
facing sections 


nt rfvrvsirinp of export business for Zincast comes 
of ^Tup » “ 0» of T. Gahagan 

- .who is the purchasing, manager of 


i ' " 


i-> 


NEW LIFE BUSINESS 
HEARTS OF OAK BENEFIT 
.SOCIETY 

■ far 1 977 ntw annu*J pnmlii* Imtiui 
ai'f £972,086 (£B48JQ6j. condatins 
^rina pally of £636.080 f £4*6 .078). 

“ respect o [ conventional lift bvshiMS 

- • * i" » 

f property ■linkad tnnlnen. In aOdl- 
*.ton. new ilnfila pramlum Incora* -of 
.:J7.72D (£62.470) W*i wrtetao. . 

- ■ .. 1 L. 


. puriJiasin:, 

■be Scbrader Fluid Power division 
">ased in North Carolina, U.S. He 
hopes to start placing orders on 
Zincast this, month. 

ASSOCIATES DEAL 

L. Messel and Company has pur- 
chased 50.000 Ordinary shares m 
Leisure and General Holdings at 
67ip on behalf of Town and 
Cbunty Factors, a wholly owned 
subsidiary of Lad broke Group. 







Arrow Capital N.V. 


■ji 


A"- 




■ij - J "‘ 


■I 




i •» 


Established in Coracao Netherlands Antilles) 

Notice of Attnnal General Meeting of shareholders to 
. . " he held on February 1, 1978 . 

Notice fe heraby given that the annual general meeting 
of Bhareh ’ders of Arrow Capital N.V. (*The Company”) will 
be held- on February 1, 197S at 10 o’clock in the forenoon 
yOocal time) at the offices of the company, 6 John B. Gorairaweg 
Curacao (NJL) for the ^oUoteisg purpoaes: 

.1 . To approve the company , 8'annual accounts for the financial 
year ended March 3L 1077. . 

2; To elect a Managing Director, for the ensuing year. 

' To elect an advisory board for the ensuing year. . 

4 To ratify, confirm and approve the acts. of. fhe manage- 
y menx and the advisory board- 

i»'5 To appoint independent auditors for the ensuing year. 

B To transact such ether business as may. come before the 
"meotinfi; 

The official agenda- of the meeting together .wim-lhe annual 
accounts tor the Cpmpaay’s financial year ended Starch .31. 
r'J3<7, ma y be inspected, by. alt onarcholdpre at the oWces y 
a the Company as well as the oflSces of its sponsoring banks viz. 
f .Banque RShscnild SJL, Paris, N. BJL Rothschild .and Sons 
Limited, London, Pierson; Heldring and Pierson N.V., Amstei^ 
■'dam. Banque Bruxelles Lambert SJL, Brussels, Ban^ue Frtvee 
j-tA.. Geneva. Rothschild Bank A.G... ZuriCte Banque Inter- 
’ nationale a Luxembourg SJU Luxembourg. Holders of regts- 
• ferea shares shall be entitled to vote at the meeting.in person 
°r by proxy. Holders of .bearer shares shall be entitled to vote 
at the meeting on presentation of their share certificate (s) or 
of a vouchor-given by. any -of the Company’s sponsoring banks 
.-stating that -shape- owtificatefs) in respect of the number or 
.shares specified in the voucher have been deposited - until the 
>aa of themeeting. • - ^ * 

*g.- - - The Managin^Director 

' : r lhtrmis Management Cpitipany N.V. 




DECEMBER 

QUARTERLIES 


AH croipoiMei menUonKf ora Incorporated (n tho RcpuMJe of South Africa 


KLOOF GOLD MINING COMPANY LIMITED 

ISSUED CAPITAL; Ordinary’ thuve of R1 each, fully paid. 


WEST DRIEFQNTEIH GOLD MINING COMPANY LIMITED 

ISSUkO CAPITAL: 11682,160 Stare* of Rl eicH. fully paw. 


DjOaHFCNTEiN GOLD MINING GfflflPANY LIMITED 

ISSUED CAPITAL: 9.S28.M0 “ft area of Rl earh. fully paid. 


OPERATING RESULTS: 

Gold: 

Ore mflled <t» 


Cold produced (kg.) 

Vfcld i s/t> - 

Revenue tk/f mUed> 

Cost (R/l ndHati — — 


Profit (R/L xnOled) 


Revenue '(RUG'S) 
Cost (ROOD'S i 


Profit (ROOD’S) 


F1HOKCIAL RESULTS (800111: 

Working woflu Gold 

Recovery under loss of profits 

MWirsnre — - — 

Net sundry revenue 

Profit before mutton sod State’s 

share of profit - 

Taxation »»«i State's dun of 
profit • 

Profit after mutton and Stan's 
sham of profit — ; 


Qtr. ended 
31/22/1977 

Otr. ended 
. 9019/1011 

Vp/VQft 

4.775.7 

LL5 

tun 

35.71 

mm 

fiJUff 
12.5 
49 JS 
31.48 

2 AM. 

17.70 

"’2L6B2 

3XU5 

TOMS 

13/H/n 

9,937 

710 

9.937 

7fiO 

1*903 

4X0 

40 

mo 

■" s/km 

5.722 

2139 

6J25 

5.792 

""zai 

646 

4J36 

Jim 

357 


31/32/1977 


ZLU 


nvnv 


17.479 


12 xn 



Otr. ended 


OPERATING RESULTS: 

31/12/1977 

xsnan 

Gold: ' 

On milled iu ... 

683/BOO 

SIS/KJU 

Gold produced H»-> 

1AJ3LS 

I4.0IS.fl 

Yield .<a/i » 

ZL6 

221 

Revenue (R/t milled) _ 

113.07 

<w.47 

Cost (R/t mined i 

29.75 

27 JC 

Profit (R/t millMit 

DB 

6t)3l 

Revenue (ROOT'S) 

67,845 

Silva 

Con (ROOT'S- 

17«a 

nji.% 

■ Profit /ROOO'ki .. 

49.994 

97-13 

U ram mn Oxjde: 

■■■■■ r n 

- 

Pulp rreatod in 

293,700 

311 3VI 

Oxton produced (kg.) ......... 

73 JOt 

76.7 Ml 

Yield' Out. rn 

0150 

a./tb 

FINANCIAL RESULTS l RUM'S): 

Worfciwi proto: Gold 

49,994 

37913 

Prefix on sale of Uranium Oadt 

and Sulphuric Add 

3JB92 

3 MU 

Net sundry revenue 


2.143 


Capital expend! lute — 

Loan levy . — — ~.-.- 

DtvWend : 

DIVIDEND: A dividend (No. 16) a n cents (o-wnipi per ware wu ovtu 
ou U December 1 077. payable to members on or about 7 February 1978. 
CAPITAL EXPENDITURE: The cetimated capital expenditure for the current 
financial year Is R1&9 million.- The nneape aded balance of iolftortsed caplin] 
expeodunn* at 31 December 1977 was R43J jnlfiion. 

PRODUCTION: Production continued Is be hampered by the effects. Of the fire 
wblcb was detected on 23 Anson 1077 In the first soul ft lonawall between 26 
and JS Levels. U was established on 5 December 1977 ’hat ‘be fire bad finally 
been exti nguishe d, stoptns operations were rcconumucwr on ihe lower levels 
of :bn mine In the sotuh and central sreas. Entry has been effected lnro the 
fire aroa In order U> assess I be extent or ’he damaae canscd. 

The companr br insured for op to 30 days only iiisalust loss Of profile 
resulting frtjta a fixe, and a claim in this respect, unotmtlng tu approximately 
Rl j million, as shown shove, has beer lodged with the company's insurers. 

Development or tin second south lonawaH and socnxd north longwall h« 
reached an advanced suae and mulled sloping in these hingwulla has 
commenced. Development of the i-entral, longwall has .also reached die stare 
where store pWparsdon has commenced With these tongwalls becoming 
available, tie mine will In- furore bare a greater degree of flexibfiliy tn tu 
a pc macros. 

DEVELOPMENT: 

■ Vcofersdorp Contact Rauf 

Advanced cm) 

Sara pi I op resnlts: 

Sampled (ml — 

Stupe width fesp) ... 

At. mine: gold (g/t) — 
cm^/t 

SHAFT SINKING: 

Ho. 2 Sab-Vertical Shaft: The boring of reef passes has been compleied. 
Work Is In progress on the support of the reef and waste passes and on 
U pel nc amnsements. » 

No. 3 Shaft; The 33 Level station at UI73 metres below collar has been 
excavated and a holing has been effected with (be 23 PootwaH Drive (ram the 
No: 1 Shaft. Development Is In progress on 23 Lend towards the Auxiliary 
Shaft hoist' chamber. 

' On behalf ol the board 

tt A. Plumbrldge 

10 January 1978 A. Loow 


Profit before taxation »nfl state's 

share, of profit ... 

Taxation and state’s share of 
profit 

Prsffi after taxation and State’s 
■ share of profit .... 


9L3Q2 

sum 

23,793 


e, :« 

SijS39 

iHJblS 


i nc non 
2SJ42J 
23J 

ZtQdiZ 

2SJM 

71.78 


S7JU7 

6X.U0 
153.123 
. 0.248 

X 7 J 07 

U53 

WJU6 

56J78 

41.733 


OPERATING RESULTS; 

UoliJ- 

Ore nulled ft) 

Gold produced (kg.) .. 
Yield IS 'll 

Revenue iftt milled) 
Cost iR’r nulled) 

Profit iR.-t mlllfd) .. 


Riwenu^ iRDOll'si 

COSI ■ RUDD'S i 

Profit I ROOD'S t 

FINANCIAL RESULTS iKIWti; 
Working prom: Gold 
Net sundry roienue 

Profit bclorr taxation arid State's 
share of prafii •. 

Taxaoon and Stale's share of 
prafii ... .... 

Profit after laxaUon and Slate's 
share of oroHt ... 


Qlr. coded 
31,12/1977 

355.031 

3,433 JI 
4.T 
4AM 
30.79 


Vlr. i-rniivi ( mihs. ended 

M “ m 31. 12 1977 


16 A 65 

10.930 


.IV./Sfl 

JJM.n 

S.5 

.n :< 

3M7 


IJ.W2 

Fi*.: 


713. M* 
W24J 
9A 

41.73 

13.33 


UJ9 


3 ASS 

a. 632 


5A35 


5425 

304 


2.783 


Capital t-xpL-odliure 

Loan levs- 

Di\ dORd 


'.■El 


I'-SW 

l.Wl 

8)1.': 


7.966 


7 .S 66 

559 


■33S 

tiB 

4 JM 


1.671 

M2 

L4u6 


Capita] expenditure 

Loon levy 

■Dirldeod - 


5449 

S/40S 

11452 

378 

5 » 

966 

M3 

144 

144 

224 

W.4 

2L9 

5446 

2938 

3424 


&429 4MI U.S43 

3JT3 2AH9 5.662 

19.M - 19JU1 

PRODUCTION: As mentioned tn the previous quarterly report, a fire brok. 
in the No. 3 Sub-Vertical Shaft area on is September 1377 and. alter :<iis bad 
been extinguish^, opera lions In -ni6 area were resumed on 3 Oidoftur ... 
Some loss of production was sufferea as a rettli of the Arc and an uuaun; of 
E325.0B0. which amount is included in sundry revenue above, bus been revovured 
under the company’s loss of prafara insurance policy. 

DIVIDEND: A dividend (No. 30) ol 133 rents iSOJOSSSpi per share was declared 
on 13 December 1977. payable to im-inhero on 'nr about 7 February 1975 

CAPITAL EXPENDITURE: The -runaied capital expenditure tor the current 
financial rear Is R18 j million. The unexpended balance ol authorised capital 
expeadiiora at 31 December 1077 was R146 milium. 

DEVELOPMENT: 

Carbon Leafier 
Advanced im) 


776 

2^1 

L9A4 

DIVIDEND: A dividend «No. 92 » of 20 cents 'ii.BSMTpi per share wi< dci-Ur.-l 
on 13 Di-u-mber 1977 payable to members op nr ahour 7 Ubrturv mis. 
CAPITAL EXPENDITURE: The •■Miniatifl capital eapendi'iire lor 'hi .nrr. nt 
lituncial year i-. RS.7 miUlou The nm<spi>ni1eii hslance of auihortv-it rjp.ul 
eveud:iur<- at 31 December 1U77 was lifio minion. 

DEVELOPMENT: 

Carbon Loader 

Advanced inn 

S.-iunbiii: results- • 

Snmplt-d imi 

Mope wnl.h iiiui 

.AC. value: paid ip’ll ... 

cmi:>7 .. 

Maui Reef 

Advam-LHi ftn > 

Samplioit Tvsulis 

5a-uplrd inn 

Slope width 'em- 

Av. .value: Bold in'M 

ana-i 

■ On behalf of the board 


3480 

3AI7 

7.W7 

691 

I3'W 

1.714 

135 

rus 

1?S 

UJ 

i.‘ i 

l: 

L4U 

i.ni? 

1.3M 

836 

u'U 

1.649 

322 

S4.9 

573 

124 

1 1.1 

123 

19.7 

H.3 

155 

2.113 

1/193 

LBOT 


\ 


Directors 


VENTERSPGST GOLD MINING COMPANY LIMITED 

ISSUED CAPITAL: 5, 050 808 shares of Rl each. fnUy paid. 


OPERATING RESULTS: 
Gold: 

Ora mined ft) ... — 
Cold produced (Kg.) .. 
TfaM igm 


Revenue fR/t milled) -i 

Cost iRA mffied). ^ — .'....-Ja 

■' Profit (Loss) Ot/t mfllcd) „ 

V 

\ Revenue CRBOtTa) — 

Co« (ROOT'S l — 


Qtr. ended 
31/12/1977 

314/nO 

UW2A. 

U 

-asjs 

: -t u - 


Otr. ended 6 mum. ended 

30/9 turn Tunmnt 


tjrofli (Loss) (ROM’s) . — 

FINANCIAL RESULTS (ROM's): 

- Working profli (loss): Gold 

. Profit .on sale of Pyrtfe 

Stale «3«isiancp ' 


(0JB) 


7J99 

MB 


054) 


(156) 

116 

US2M 


' Net sundry revenue 

111 . 

?S9 

Profit before taxation 

14» 

SS7 

- Taxation (noaradnlng) — — . 

n 

101 

■i. Profit after taxation — 

USB 

TVS 

Captui ezpendinm ' — . — 

680 

xn 

Loan levy ... 

U 

14 

■DivldeiK] .... - 

2S3 

— 



Sampling recalls: 

' Sampled uni . 

Slope width icm) 

.-'Av. valuo: gold (gAt 

CQLg/t ._ 

Vemersdarp Contact Rear 

Advanced rmt 

Sampling results: 

Sampled rmi . 

Srope width icm) 

' Av. value: gold (g/1) 

• . cm. BA 

Main Reef 
Advanced (m) 

Ssmpilnfi resuKs: 

Sdinpled dm 

Scope width (cm) 

Av. value: gold ig’i) 

cmg/t.- 

SHAFT SINKING: 


Ns. 6 Sub-Vertical Shaft: Wort continues on the rock loading arrangements 
and the equipping of the ore poss system. Temporary facilities have been 
provided for the hoisting of waste rock 

VEMTERSPOST/OBERKOLZER WATER DISPOSAL PIPELINE: The construc- 
tion of a larwdlametnr pipeline to transport excess water dowlna atom: the 
Wonderfonte’n Spruit across the Rank Compartment has been completed and Is 
In opent&m. 


54M 

3461 

7.065 

52 

S3 

134 

105 

20> 

1S5 

22j4 

19.6 

23.7 

2452 

S/bS 

2474 

2.743 

IJSU3 

3446 

468 

374 

842 

193 

155 

176 

M4 

167 

164 

3487 

2411 

2434 

UBS 

1/ttS 

2437 

. ua 

Mi 

478 

277 


245 

X7 

9.9 

74 

1425 

2J2S 

L74S 

loading arnuigements la 

In progress. 


•10 January 197S 


K. A. PlnmbndR? 
A M. D t iuodiii- 


l 


Directors 


DZELKRAAL GOLD MINING COMPANY LIMITED 

ISSUED CAPITAL: Gl.piN.DOO ordinary shares of :o penis each, folly paid. 

Total since 
Incept ion of 
company io 
A/U/U77 

UN 
4L578 
43RU 



Otr. ended 


FiNANCJlL i ROOT'S):, 

31/12/1977 

3U.-9. 1077 

Capital expenditure: 


Mining lease _u 



Shafts 

3,134 

3 /ns 

Other capital expenditure ...... 

4.748 

4JZ22 


7482 

7AS7 



— r- ' ' 

Sundry revenue 

418 

677 

Taxation 

m 

239 

Loan levy 

25 

.76 


On behalf of the board 


10 Jarmaxy Ufflt 


A. LOOW 

R. a. ptumbridge 


f 


Directors 


EAST D8IEF0NTEIN GOLD MINING COMPANY LIMITED 

ISSUED CAPITAL: SLEKLOM ordinary shares of Rl each, folly paid. 


OPERATING RESULTS: 
Gold: 

Ore mined ft) .. ...... 

Cold prod need (kg) ... 
Yield ig/ti 

Revenue (R/t raffled) 
Cost iRA mflled) 


Qtr. ended 
31/12/1977 

533.008 

IWHUJ 

M.7 

11523 

27.7* 


Crr. ended 
30/911977 

snjm 
14199.9 
SJ.S 
KJ5 
23 iW 


XCS4 
. 25 

. 2 B 

DIVIDEND: A dividend (No. 75) of 5 cents (2.99effl>p) per share was declared 
on 13 December 19 iT payable to members on or about 7 February 1078. 
CAPITAL EXPENDITURE: The estimated capital expenditure for Utc current 
financial year is Rl ,563.068. The unexpended balance - of authorised capiral 
expenditure at 31st December 1077 was R137.DQ0 
PRODUCTION: A fire, which was detected on the upper levels 31 No. 5 Shaft 
on'ta December, was extinguished on 34 December 1977. Production was not 
mairrtany affected. 

DEVELOPMENT: 

Main ReBT 


Year ended 
31/12/1977 

2.096.003 

4&847J4 

23J 

94.69 
25 M 


92,1 79 

6.936 
2.017 
309 

CAPITAL EXPENDmiRE: The unexpended balance of auibarised capital 
i-sju ndimre ai 31 December 1S7- was iL'l 1 million. 

Consideration Is being given to the amount of. and the method of raising, 
additional lands to brim; the mute to the stage when it bccuna-s silf-finaaciiu;. 
CAPITAL WORKS: 

No. 1 Shaft: The shaft was sunk 4S metres to a total depth ot 1.971 anur.* 
below copar. The excavation and support of 11 Lewi Ktartan have b.-n 
completed and a Doling was effected with No. 1 Sub-Vertical Shaft nn thu 
elevation. Further dev< iopm e m work i* in progress on this IvveL - 

Mo. 1 Sub-VertJcal Shaft! The shaft was snnk Hi nicin*s to n roral »li-p:h 
of 149 metres below tin- collar on 9 Level The excavation and support of 
11 Level station have been completed <ud rhe canine of 13 Level station u, ip 
prouress 

General: Clsi) work continue* with the erection of tanks, conveyors and 
Hlter .building at the reduction work-., and ranks and bulldlnrs at the refrigera- 
lion planu The fans at No. 3 Shaft have been tested and >hc construction of 
the rack winder ai N*i ] Shaft romlmwv 

Consrrucilon wort also continues nn the extensions fo rhe hostel complex 
and on ihe offices and acmramudation for ihe mine wearily organisation. The 
bullduag of 276 houses hi tin: township has been emu pie ted. 

Oo behalf of tbc board 

H. A. PlumbrklCT 

Id Jannary 1979 \ Lonw 


l 


Director? 


LI?AN"N BOLD EI.'IRG COtiPSHY LIMITED 

ISSL'SD CAPITAL: 7J.T7.3uO shares of Rl each, fully pant 


Advanced tin) — ~ — 

ua 

US6 

2488 

. Sampling results: 

•- Ss ranted im) 

a* 

514 

932 

Slow -width (cm) , 

157 

161 

163 


S.7 

«4 ' 

64 

cm-g/t — 

Its 

IMS! 

978 

Vemersdarp Contact Reef 
Advanced (mi — ' . 

233 

375 

588 

Sampling results: 

Sampled tin) .... 

14 

30 

44 

-Stone width femi — 

272 

907 

228 

. At. value: . gold (R/t) . — 

1A4 

8.7 

74 

i . . cm.g/t 

3.944 

7SS 

L778 


D5T/OBER HOLZER WATER DISPOSAL PIPELINE: The lanw. 
plpoUne to carry, water flowing down the Woodcrfonfeln Spruit abran 
tho Vcmerupoit dolomltlc water compartmem hag been completed and. Is is 
operation. 

On behalf of tho board 

R_ A. Ptumbrldge 

IU January 1078 A. Lattw 


Profit <R/t mtDod) 

Revenue (ROM's) ..„ 
Cast 'ROOTS) 

Profit i ROOTS) ... 


FINANCIAL RESULTS (ROOD'S): 

Working praflU Cold 

Rocov.-ry under lass of profits 

Insurance 

Net sundry revenue ... 

Profit before taxation and State's 

share of profit .. 

.Taxation and State's share of 
pram — 

Prom after taxation and State's 
share of profit 

Capital expenditure 

Loan levy — ; — 

Loan levy refund 11978) 

Dividend — 


87.09 


46J72 


46J72 


3.799 

JL&S4 


5L926 

26,779 

25447 

6JQ8 

2.948 

23.439 


S8J7 


5SJ34 

HJI5' 


49AI9 


CA7 

SL569 

19J2H 

5113 

2J75 


MAI- 


145.914 

145.914 

3,700 

ABU 

.155,700 
S3 JO 

72.457 

1M« 

9J67 

16 

QJU 


OPERATING RESULTS: 

Gold 

nra milled m .. 

Gold produced ikg.) 

Yu-lrt tat-'t ■ 

Revenue iRt milled) 

Cosi i R/t milled i .., 

Pro iff iR) mined i 

Ruvtunc i ROOT'S) 

Com iRWO'Sf 

Profit i ROOT'S 


Qlr. endeil 
31.12/1977 

495.090 

3J7SJ 

M 

43.12 

23.93 


Otr. t'mUd 
■Tn 9 fi.T 

3.:m s 
•i 3 
.■hi i*i 
i'.I.M 


19.39 


l- 91 


17.546 

9.602 


N (i'-7 
S.itf) 


6 mihs. ended 
a 12 1977 

812.333 
7J63J5 
9.1 
39 76 
21.61 

1015 

32.133 

X9J22 


UJJ31 


7.854 

M7 


A201 

4.046 


4.155 


Directors. 


VLAKF0HTE1N GOLD MINING COMPANY 'LIMITED 

ISSUED CAPITAL: B/HU.OM shares of Rl each, fully paid. 


OPERATING RESULTS; 

. Goto: 

Ore mflled: 


Qtr. ended 
33/12/1977 


Qlr. ended 
30/9/1S77 


From underground ft) 

iun 

87J50 

From surface dumps ft) 

J 65,941' 

1SIJSO 

.Twai to L-. : 

UtUHO 

J78JOO 

Gold produced (leg.) 

25L5 

XZL5 

Vleto fgA) . . ... 

L4 

Iff' 


33/12/1977 


746,777 

$43,729 


712^00 


-Revenne iR/r .milled) 
Cost (R/l milled) — 

Profit l R/t milled) — 


Revenue (ROOTS) 
Coat .(ROOD'S) — 

Profit (ROOTS) — . 


-6J51 

A29 


FINANCIAL RESULTS (ROOTS): 

WsrUn Profit; Gold 

Gdncrfbuuoa to Dnsi Control 

Pond ................ 

j net sundry rmnao 

'Profit floss) before taxation — 
;. Tuxtimr. 

• Formula 'tax - 

Nmu TpInl tip tax 

‘ Ruess recoupments lax 

Profit (ton) after taxation — 

Capita) expenditure recoup- 

■ raenm (ip) — - 

Loan levy 


GB» 

US 


<UU 

06) 

42 

74 

036) 


7 JB4 

7.49 


0J5 


1J63 

1J37 


l35‘ 

' ifii 

n < » 

se 

IK 



DIVIDEND: A dividend 'No. 9) of 48 cems <35.770S0p> per share -was declared 
on 13 December 1977, payable to members on or about 7 February 197$. 

CAPITAL EXPENDITURE: The unexpended balance Of atttbfulsed casual 
expenditure at 31 December 1977 was RAE mflltan. 

PRODUCTION: There was a lo&i of production as a result of the fire which 
broke out on 1 October 1977 In lb® Vcmersdorp Contact Reef workings oo the. 
eastern boundary above 14 Level, to which reference ‘was mode In tho prevtans 
quarterly report. The fire was contained be i ween S and 74 Levels and was 
subsequently extinguished. Limited sloping was resumed in [he affected area 
dnriDB November and by the end or tbc Quarter production had returned to 
normal although It will lake some rime before the adverse effects of the fire 
have been overcome. 

The company is Insured for up to 30 days only against toss of profits 
-resulting from a firs, and a claim m tins resprn. aroonntins to npornsjnaately 
R3.7 miUlou. as shown above, has been lodged with the company's insurers. 

DEVELOPMENT: 

Main Reef 
Advanced (tn) 


2j»3? 


U>.1 

3?.’ 


D.C31 


U.756 

6.779 

6.977 


Sampling results; 
Sampled ipti .. 


9J92 

6.745 


LW 

un 

(259) 


Stnpo width (cm) 

Av. valnas gold (g/ti .... 

- cm.g/1 — 
Ventersdarp fnntma Rm) 

Advanced «xm 

Sampling results: 

Sampled (an 


W» 

vr 

197 

30 


M 


in 

(6) 


£29 

IS) 


TU 
128 

Loan levy refund (MRU — - . —- — . ,** 

-DtvMand “ L — 9 00 — LSM 

DIVIDEND: A dtvtdend '(No. OT) of 16 cents (8JK9fflp) per share was declared 
•on U December 1977, payable to members on or about 7 February 1978. 
capital EXPENDITURE: There was a capital expenditure commitment of 
R5.IOT at 91 December 1977 In respect of a conveyor system to fadliUde U» 
handling of dump material to [be crusher plant. 

OPERATIONS: Underground mining operations finally ceased on < Nev£jnlv*r 
and the hoisting of on: was completed on 14 November W77. Salvage of the 
re maining und er g ro und eq u ipment will be completed In ’he near future, after 
which the shafts wtU be seafed off. Treatment of low grade dump material Is 
con nutting at a rate of approximately 89.0M tons per month: 


Slope wWtb '(cm) 

Av. value: goto (g/t) ...... 

cm.g/1 

Carton Leader 

Advanced (in) 

Sampluig results: 

Sampled inti 

Slope width (cm) • 

. Av. volao: sold (g/t) — 
enng/r .. 

A farther 399 metres were advanced ha the- area held under prospecting permit. 
ZJ6 metres were sampled on the Venieradnrs Contact Reef bonom arcrauns 
<3.1 grams per ion over an estimated store width of 173 centimetres, equivalent 
in 10.D43 cm. BfL 

ORE rfESERVES AT 31 DECEMBER 1977: The ore reserves dated On n nay 
«wn deicrmined at a pnU price of R4 BM per kitogrom an as follmrs: 


66 

153 

995 

54 

56 

486 

145 

1.14 

162 

8.4 

16.8 

9.8 

1418 

1M7 

M* 

5.439 

6239 

23,151 

U« 

JM1K 

4.958 

IU 

199 

• 184 

4L7 

22.1 

283 

7J4S 

4477 

SJBI 

■W . 

341 

1326 

96 

73 

294 

IN 

100 

IU 

12 

6'ff 

83 

au 

745 

n> 


FINANCIAL RESULTS IRON'S.: 

Working prolh: Gold 
Vr? sundrr levenup 

Prohl before taxation and Siatr s 
share ol profit 

Taxation and State's short- of 
profli 

Prolh after untln and State’s 
share af profit 

Capital expenditure 

Lou levy 

□itldcnd 

DIVIDEND: A dividend (Ns. &J ’ of 411 cents itiJtiftpi pit share »•»« itcrlared 
on 13 DeLTJUber 1977. payable io rarmurrs on or about 7 F.-hni.iry W7<. . 
CAPITAL EXPENDITURE: Tbi. i-*.itmaK-il i-apilul expenduurc lor ihe curri-n: 
financial your us RJ.S million The unexpended balance af auihunscd capital 
cirendiinrc ai fll December 1977 uas RllJ million. 

DEVELOPMENT: 

Main Reef 

Advanced rail 

Saiuplim: results; 

Sampled (mi .......... 

Slope, wldlh (cm) .. 

Av. value: cold ip/t) ... 

cm.g,T ...- 

Ven te r s d o r y Contact Reef 

Advanced (an 

SamDHna results: 

Sampled 'mi 

Slope width (cm) . ... . .. 

Av. valuo: gold (g/r) ..., 
cnMt'i ... 

Elshurg Reef 

Advanced (m) 

Samplmv remits: « 

Sampled mu . 

Stope width fem) 

Av. rahlc: gold (g/t> ... 

cm. g/t ... 

Kimberley Reef 

Advanced (rt) 

Sampling result#: 

Sampled tm) 

Slope width ton) 

Av. value: gold (g/i) 

cmjbt .. 

SHAFT SINKING: 

No. Z Sub-Vertical Shaft: Ttv shall was sunk I<9 metres. . 

the whole portion of (he shaft h,-iwvcn 17 rad 77 Lyjvi'U » now com Dice and 
kiulppIub is being carriHl om refnre nkinu hclow n Urel 
PROSPECTING: Drilling In borehole* ELF) and LB1 in ihe punpii ar*-i '-asi 
ot the Misting mmttu: lease area was nnOnued. The final nro deflcctimis in 
borehole ELF! were completed, m hornlmle LB1 tlw first and wcond di-ni-crmrs 
■were completed and the third drilectlon Is In croon is. Resolls were as 
follows: 


L7S7 

IJIM 

3.641 

412 

XK 

988 

126 

M-p 

136 

4.4 

4 4 

4.6 

554 

fisO 

626 

L926 

1370 

3496 

356 

■.*4 

653 

144 

1 !H 

141 

74 

21 1 

134 

1,094 

2213 

1.91S 

n 

42 

122 

' 62 

Kl 

92 

158 

IM 

16) 

3.1 

5.0 

33 

332 

17V 

515 

» 

10 

194 

74 

16 

W 

ITS 

7>n 

1R 

7.4 

<7 

74 

1317 

jjirr 

1383 


Excavation nt 




STOPE 

dowlfleation 

Toms 

width 

. (cm) 

value 
. (grams/ 
* ten) 

CeMinusre- 

srams 

perron 

. VenteraJorp uonuet Reef 

4399460 

159 

284 

A547 

Main Reef 

UN4N 

Z32 

94 

L254 ■ 

Combined Keen 

44994N 

158 

283 

■L66 


Os behalf of tin board 


19 January 1978 • 


On behalf of the hoard 

Tt A. Plumb rtdea 

B. R. van Rootcd 


Dtrecmm 


U Jumsty 1978- . 


R. A- Plum bridge 
A. Loow 


Directors 


Borehole 

ELF! 

Dr 0. 3 
Dell. 4 
LSI 
DeB. 1 
Dt-fi. : 
Dell. 1 
Dcfl. 2 


19 January 1978 


Corrected 



Rmt 

Depth 

Width 


Value 



i me ires) 

icm> 

IR.H 

H'DIK-n 


V.C.R. 

3.0A3 

su 

12 

:.4* 


V.C.R. 

3.1)68 

344.9 

8.3 

it; 



V.C.R. 

2ff72 

574 

144 

wo 

.. ’ 

VCR. 

•2473 

60.3 

24.? 

1 li'M 


Elabnrg 

-JK 

126.1 

7.8 



Ebb Dry 

2485 

10S.5 

84 

T3S 


On behalf of (he board 

R. A. Plumbridge 
A. J. Wwdi-tnan 


J Oirecture 


NOTE : Copies may ba obtained from the London Secretary, 49 Moorgate, London, EC2R 6BQ 



20 


Financial Times Wednesday January 11 1978 


P HILIP PINE NATIONAL BANK 

U.S. $75,000,000 


MEDIUM TERM LOAN 


Managed by 

„ Abu Dhabi Investment Company BT Asia Limited 

Compagnie Financiere de la Deutsche Bank AG The Fuji Bank, limited 
Grindlay Brandts Limited Gulf International Bank, B.S.C. 
Westdeutsche Landesbank Girozentrale 


Provided by 


Abu Dhabi Investment Company 
Bank of British Columbia 
Bank of Scotland 
The Bank of Yokobama,Lt& ■ 

The Chao Trust and Banking Company, Limited- 
The Dai-lchi Kangyo Bank, Limited 
DB Finance (Hong Kong). Limited 

(Wholly-owned subsidiary of Deutsche Bank AG) 
First Pennsylvania Bank N.A. 

Grindlays Bank Limited 

Iran Overseas Investment Bank Limited 

Japan International Bank Limited ** 

The Mitsubishi Trust and Banking Corporation 
Pierson, Heldring and Pierson (Cura^ao) N.V. 

Tbe Sanwa Bank, Limited 
Toronto Dominion Investments (HJL) Limited 
UBAF Bank Limited 
WestLB International S. A. 


ASIACAsian International Acceptances & Capital Limited 
Bank Bumiputra, Malaysia Berhad, London Branch 
The Bank of Tokyo , Ltd. 

BT Asia Limited (A Member of the Bankers Trust Group) 
Credit Agricole (C.N.CA.) 

The DaiwaBank,Limited 
Euro-Pacific Finance Corporation Limited 
FirstNational Bank in Dallas 
The Fuji Bank,Limited 
Gulf International Bank,B.S.C. 

Irving Trust Company 

Lloyds Bank International Limited, Manila Branch 
Morgan Guaranty Trust Company of New York 
Qatar National Bank s.a.q. 

Tokai Bank Nederland N.V. 

Trade Development Bank London Branch 
United California Bank 

The Yasuda Trust and Banking Company, Limited 


General Agent 

Abu Dhabi Investment Company 


Paying Agent 

WestLB International S A. . 


25th November 1977 


7hfe aimauncementappeais as a matter of record only 



MAURITIUS 

US$37,000,000 


7 year term loan 


managed by 

LLOYDS BANK INTERNATIONAL LIMITED 

in association with 

THE MAURITIUS COMMERCIAL BANK LIMITED 
BANK OF AMERICA NT &SA . 
BARCLAYS BANKINTERNATIONAL LIMITED 
CTHCORP INTERNATIONAL GROUP 
MERCANTILE BANK LIMITED - 


provided by 


BANK OF AMERICA NT&SA / 

B ANQUE NATIONALE DE PARIS LIMITED 
THE CHASE MANHATTAN BANK N. A. 

CREDIT LYONNAIS 

LLOYDS BANKINTERNATIONAL LIMITED 
THE MAURITIUS COMMERCIAL BANKUMITED 
UBAF BANK LIMITED . 


BANKOFBARODA 

BARCLAYS BANK INTERNATIONAL LIMITED 
CITIBANK NA 

DG CAPITAL COMPANY LIMITED 

(wholly owned subsidiary of DG Bank) 


MERCANTILE BANK LIMITED 
UBAN-ARAB JAPANESE FINANCE LIMITED 


The Borrower has been advised by The Stale Commercial Bank Limited 


Agent 

LLOYDS BANK INTERNATIONA. LIMITED 

A Member of the Lloyds Bank Group 



December 1977 




INTL. FINANCIAL AND COMPANY N E\V? 


f/'- 




MEDIUM TERM LOANS 


Softer terms for Latin America 


as economic confidence grows 


BY FRANCIS GHIUS 


TWO OF THE largest borrowers 
in the Euromarkets are raising 
loans on terms which • are 
markedly more soft than a few 
months ago. Mexicans del Cohre 
is arranging a S270m., eight-year 
ioaii on a split spread over the 
interbank rate of li per cent, for 
the first fire years, rising to 12 
per cent, for the remainder, and 
three years’ grace, from a strong 
group of bank; led by Citicorp. 
This loan carries a National 
Financiera guarantee. N'aeipnal 
Financiera. a Mexican State 
agency, bas a 44 per cent, stake 
m the company, which is con- 
trolled by the privately-owned 
Larrea Group. 

The last big loan for a Mexican 
borrower, the §1.2brt. one for the 
United States of Mexico, boasted 
a maturity of seven years and a 
spread of If per cent. The man- 
agement fee on the latest loan is 
unchanged, however, from what 
management fees for Mexico 
have been in recent months, that 
is 1 per cent. 


The weight of liquidity In the 
market plus a greater degree of 
confidence in the country’s 
economy have combined to en- 
able this borrower to obtain 
softer terms. The fact that the 
proceeds arc earmarked for a 
copper project with a discernible 
‘cash flow should help, as many 
banks say they prefer project to 
general finance. The national 
oil company. Pern ex, is Currently 
approaching banks with a view 
to raising S400m.-50Gtn. Tends 
are expected to he finer than 
those of the current loans. 

The other borrower to benefit 
from softer terms is Brazil. The 
Banco Nacional' de Descnvotvi- 
miento Economics (BNDEV is 
raising S250m. for 20 years on 
a spread of 2 per cent, through- 
out. There is a three-year grace 
period. BankAmerica Inter- 
national Group has a mandate 
for this loan which, particularly 
on account of the long maturity, 
shows that Brazil is, after 
waiting for quite some time. 


benefiting from the present bor- 
rowers’ market. 

A smaller loan for Brazil, 
which is being arranged for the 
City of Sao Paulo' by. Merrill 
Lynch, is In line with conditions 
which have prevailed' in recent 
months for Brazilian borrowers 
carrying, as this one does, a 
sovereign guarantee; SSOra. for 
eight years on a spread of 2J per 
cent- throughout 

Chile should be the' next Latin 
American borrower to enjoy 
more favourable terms as a num- 
ber of banks are nqw actively 
interested in acquiring Chilean 
paper, something which was not 
universally the case only six 
months ago. 

Transnave of Ecuador Is rais- 
ing S29m. for seven years on a 
spread of 1 1 per cent' from three 
banks; Allgemeine BankgeseRs- 
chaft. Rheinlandphaltz Bank and 
Libra. Such terms are tn line 
with those on recent loans to this 
country. 

Back in Europe, Spain con- 
tinues as an active fund raiser. 


Recently signed Is a 510 c 


— — — « V4VII 

seven-year loan carrying a i j 
tent spread for lostltuto 


Crrdlto Official; Go-lead 
gers are. European Banki 
Company and First Best 
(Europe). BldroelectrieaTbar 
Iberduero, meanwhile, is seek! 
SlOfat. ror seven years ea 
spread of U par cant f or t 
first four years rising: to lj j 
cent, for the remainder from 
group of hanks led by Ba&eo 
Bilbao. The higher spread- 
explained by the fact the eg 
pany is a private one and t 
loan carries no. official guaranf 
The Philippines is anotl 
borrower - to achieve stf 
terms: l per cent for set 
years on -a 5100m. loan for* 
Banco Central being arranged 
Bankets Trust 
The terms on the SL8 


seven-year loan to* the Domini 
Of CM " 


Janada are understood ■ 
include a spread of | 'per.ee 
for the first three years, risifag 
* per -cent for the last three 
the' amount drawn. 


Credit Suisse 


responds to 
Italian suit 


By John Wkls 

ZURICH, Jan. 10. 
THE PUBLIC Prosecutor’s 
department in Milan has 
officially informed Dr. Oswald 
Aeppli, chairman of Credit 
Suisse, that investigations are 
taking place In connection 
with a legal suit concerning 
the Italian foodstuffs company. 
Motto i Certosa. • As was 
reported in Italy on Monday, 
the former chairman of Mol ini 
Certosa, Sig. Ferdinand© 
Bozzo. is Instituting proceed- 
ings against Dr. Aeppfi in his 
capacity as head of the.Zurich 
bank, which now controls the 
company. 

Credit Suisse * stated this 
evening that it has immediately 
called on the responsible 
Italian authorities for the case 
to be suspended. In con- 
nection with the suit brought 
by Bozzo. the bank says it has 
provided the examining magis- 
trate with the banking docu- 
mentation ■ asked for, since it 
“ has nothing to bide.’’ 

At the same time. Credit 
Suisse says that U was obliged 
by the legal aid agreement with 
Italy to provide the magistrate 
with details of former trans- 
actions with Bozzo and of 
connected numbered accounts. 

Bozzo himself had also 
supplied information. There 
co old therefore be no talk of 
a breach of banking secrecy. 

Credit Suisse says It intends 
to continue to operate Molini 
Certosa and. to secure work 
places. 


Financing upsurge in Tokyo 


... art 


BY JEFFREY BROWN 


J. • 

lit 5 I 


THE COMBINATION of lower 
domestic interest rates and 
official efforts to curb overseas 
borrowing by Japanese com- 
panies is having a dramatic 
effect on the levels of new con- 
vertible bonds -issued on the 
Tokyo stock market. 

Last year new convertible 
issues raised something tike 


i YlTDbn. which is more than three 


Singapore publisher’s 
scrip and profits rise 

By H. F. Lee 

SINGAPORE, Jan. 10. 
1AJOR Singapore publishing 
■roup/ Times Publishing Berhad, 
•nd its sister company. Straits 
.'imes Press (1975) have ao- 
lounced scrip Issues of two-for- 
tve and one-For-two respectively. 
This followed announcements of 
mproved earnings by both com- 
lanies For the year ended August, 
977. 

Pre-tax earnings at Times Pub- 
:shing rose by almost 3 per cent, 
o SS19.3ra. despite a 4.6 per 
■ent decline in turnover to 
'-SI 16.3m- The improvement was 
lue largely to the sharp increase 
n the group’s investment income 
vhlch rose from $S3.2m. to $S6m. 


times the figure (Y55-5hn.) for 
new funding' in 1976. And the 
Japanese Underwriters Associa- 
tion — which produces ' these 

statistics — reckons But the 
upsurge Jn this category of new 
financing will continue through 
1978. 

Since the beginning of 1977, 
coupons on convertible loans 
have declined by three points to 
the 5 per cent seen currently 


on tbe forthcoming issue of. 20- 
year notes by Sekisui Chemical 
At this coupon level, convertible 
funding on the Japanese borne 
market is a full point cheaper 
than for similar types of debt 
on the .international dollar 
market. 

Helping to press home the 
economic realities of this situa- 
tion to the Japanese finance 
director has been the Bank of 
Japan's informal curbs on over- 
seas borrowing by companies. 
The strength in foreign exchange 
markets of the yen— it appre- 
ciated by more than a fifth 
against the dollar last year — left 
the Japanese authorities with 
little option but to keep under 
control the internal influences 
drawing foreign currency into 
Japan. 


The growth of the Tat 
market in convertibles Is urn! 
lined by the latest estimates 
stock market trading vofe 
These : suggest that Jaaou 
dealing volume in convert}) 
Is running something Itkfc 
third ahead of December, wt 
volume la probably twice ; 
high as il was In January id 
■* ♦ * : 
According to the Federal 
of Bankers’ Association, th&g 
standing balance of lot 
among Japan’s 13 city bu 
amounted to Ven.S7527bo. 
the end of last year, a rise 
S» per cent. This repress 
the smallest . year-on-year f 
crease for more than 20 Mi 
The modest growth is rata 
attributed to sluggish corporl 
demand for bank loans. 




Pressure on cargo rates 


BY L. DANIEL 


ZTM. ISRAEL Navigation Com- 
pany* will do everything in its 
power not to raise its cargo rates 
this year, its director. Mr. Y. 
Rotem. told tbe Minister of 
Commerce. . Industry and 
Tourism: Mr. Y. Horwttz. Zlm 
postponed raising its tariffs on 
January I so as to assist Israeli 
exporters. 


Whether the company will be 
able to bold freight charges at 
last year’s levels is doubtful 
however, as the 1978 inflation 
rate is likely to reach 40 per cent.- 
With fond subsidies hetoe abased 
down, and fuel and other charees 

dup toeaundjiTine tbeyeatthe Peak sales overseas 

trad® unions Intend to unitor 
nuarterlv cnst-oMiving allow- 
ance? instead of the present 
se^hi -annual ones. 


JERUSALEM, Jam 10. 

of 27 per cent, net, ot which 12 
per cent net bas already been 
distributed, writes L. Daniel. The 
final payment of 15 per cent 
will be made in mid-February. 
The dividend, or a sum double 
to that due. may be re-invested 
at a 2 per cent, discount in any 
of the Bank’s trust funds. 

Alon invests main'? in index 
linked bonds. Us assets at end 
1977 were equivalent to £52m., 
of which 77 3 per cent were 
invested in linked bonds and the 
balance; in foreign currency 
(including dollar-liuked bonds). 


of Israeli bonds 


The Israeli pound is likely to 
fall in value, which would in- 
crease Zim’s local expenditure on 
foreign currency allocations to 
its crews. AJ1 this wifi exert pres- 
sure on the current freight rate 
structure. 


SALES- of Israeli Government 
bonds abroad (mainly in North 
America) in 1977 reached their 
highest annual level since 1973 
(the year of the Yom Kipper 
war).- reports our Tel Aviv 
dent 


Israel Discount’s unit 
trust to pay 27% 


ALON. A UNIT trust operated 
by the investment company of 
Israel Discount Bank, bas decided 
on a total cash dividend for 1977 


correspon 

Sales, all against cash, .totalled 
$331m. The record was estab- 
lished despfte the fact that tbe 
rate of interest is low, except 
for the institutional investors, 
which took up about 25 per cent 
of the total placed last year- 

Since State of Israel bonds 
were first launched, S3-S5bn. 
worth have been sold, of which 
51.7b ti. have already been repaid. 


Landis and Gyi 


rights issue 

ZURICH, Jan. ld 
LANDIS und Cyr AG plan* 
rights issue. Present capital 
Sw.Frs.121m. 

Detail^ of the issue 
announced in a shareb&ffi 
letter towards the end of K 
week. The company’s register 
shares were the most -ctlvt 
traded issue on the Bom 
to-day. reports Reuter. * -T 
In Basle, an extraordl^ 
shareholders’ meeting of St# 

Bank Corp. has' approved a .-a 
in share capital by SwJ! 
134-Sm. to Sw.Frs.l.4Sbn. *nd! 
Participation Certificates cap! 
by Sw.Frs.23.4m.' to Sw.S 
257.4m. . - 

The increase in tbe (ha 
capital will be effected by irar- . . 
660.000 Bearer shares e- 
6S8.020 Registered shares, -e 
with a par value of Sw.FrtJ»n „ 
in 4he ratio of one new share L v 
every ten old shares, at a pr . 
of SwJFrs.160. The same cm 
lions in respect of par val 1 
price and ratio of new dock’ 
old will apply to the 234,000 n 
Participation Certificates. 

Ail three categories of «lt 
will be open for subscript . 
from January 23, with all c 
securities ranking for divide 
from January this year. 






i 


HOLIDAY INNS 


Widening the network 


BY JOHN WICKS IN ZURICH 



ALREADY THE world’s biggest 
io tel ebain. Holiday Inns is aim- 
.ng for a substantial expansion 
>f its network outside the U-S. 
during the next few years. By 
1981 the Memphis company's 
international division plans to 
have some 280 hotels open or 
under construction, -an increase 
of 70 per cent, over 1976. This 
means that some 20 new hotels 
will be added to the division's 
directory an anally for the com- 
ing four years. 


The ambitious programme 
comes aFter a number of wrinkles 
have been ironed out in tbe 
working of the 25-year-old group. 
The total number of Holiday 
Inns premises has been cut back 
from a peak of 1,742 to some 
1.712. while tbe rooms aggregate 
has risen to 3S7.500. New policies 
and tbe removal of a certain 
amount of dead wood have 
strengthened tbe profit base 
in 1977. 


strong national chains, rather an important new contract was the -area and the into 
than to concentrate only on the Signed with MAH GmbH, a joint division is working on 
capitals and biggest cities, venture of Holiday Inns and ties in Prague and B'udatf 
Holiday Inns, says- Bernard. Is Hesslscbe Landesbank, to man- Eastern European lotere'^. 

prepared to get its feet wet ” age. three hotels, with a to»at of have caught enough of ’ ^ 
in financing and the offer of 661 rooms, currently under Holiday Inns spirit tor a H 
management knowhow, while construction in Frankfurt, dex group ' booking system to 
anticipating a rise in the quality Dusseldorf and Garmiscb- ins tall ed at Cracow and 
of franchisee; all but 400 of tbe Partenkirchen, while a fourth Polish and Yugoslav hotel! 
worldwide chain, including U.S. management contract was con- to have had courses af 
hotels, -are worked under Iran- eluded with tbe David Taic group’s ** Uhiversirv ' 
cbise arrangements. Organisation of Frankfurt for Memphis. 1 

By taking. over existing l . 

• 1 " 1 perties and having new o ** i ! J 

... u i-j ■ . built. Holiday inns, has beet 4 - 

In the US, Holutojr Inns, though growing, is concentrating on cog- Europe's second biggest h 


A 


solidation. Internationally it plans an ambitious expansion programme, chain, after Trust Houses Fo 
By 1981, the Memphis company’s international division plans to have T^ e ^ European hotels open 
some 280 hotels open or under construction, an increase of 70 per r , a f° in t | ie 

e SL OVer ^ means rf,at abo4it 20 hote, * a fear wiH he by over SSra. 'before 5 the ye 
added to the international division’s directory for the coming four end and occupancy up 5.4 pO 

years. These plans come after the ironing out of a number, of about 70 per cent. The 
wrinkles in the working of the 25- year-old group. 1 


In the U.S- Holiday Inns is to 
concentrate on consolidating its 
position, with something of a 
reshuffle occurring as certain of 
the franchises are not renewed 
after 20 years. The aim on tbe 
home market is to improve 
quality and move ' tbe image 
away from that of tbe motel, 
rather than building up quantity. 
Nevertheless, there will be a 
net expansion over the coming 
five years. 

Expansion abroad will be 
geared to quick decisions, though 
there is a commitment to certain 
types of development and an 
annual budget within a five-year 
plan. This means that deals will 
not be picked up simply as they 
occur— somethin g'Tn-hich tended 
to happen in the past. The inten- 
tion, according to division presi-. 
dent Eric Bernard — formerly 
chief executive of Grand Metro- 
politan Hotels— -is to develop 


franchisees for their part sbo 1 
record profits and occupaocie 
Outside Europe, the chah 
spreading in a range 


_ of a: T 

from the Middle- East to the * 


One country with the basis of a 230-room property being built e£? .Si TSS i-XSK 
a good national chain is the on the site of the former Middle East has proved 

U.h- Including management Carlton Hotel in the city. Site particular draw tor 'the gn 

contracts signed this year for objectives for 1978 include the latest openings having^ 

properties in London (“Che l- Berlin and Hamburg, where the of a floating hot^tem-exhibi 
0a rt! f?k- are> *, an £ c £3 ,n . “ uo * y et represented, centre in Sharjah and a W 
Aberdeen, the UA. network though negotiations are current hotel at Salalah in Oman, 
consists -of 11 hotels. Four or in the case of Berlin. Growth is A city centre hotel is to o 
fiV I W v Uld ■ w ®i C0 ™^T fa** fa Germany, which in 1977 probably next spring. In Am 

a Bath franchise ip on the hon- accounted for seveh of the 11 (Holiday Inns Is already rum 

zon— and Mr. Bernard thinks new European Holiday Inn a resort property in Jordan 

Smi^^^rn^SitaS* Openings. Aq&ba). A management eont 

about so. in Britain, as m a, particularly. Interesting de- has been signed for a bote 
Germany, something like 85 per velopment has been the entry Teheran and up to six or 
cent, of all guests are nationals, 0 f Holiday Inns Into Eastern more Holiday Inns are cons id* 
not American rounsts. Catering Europe. A 308-room *' Hotel . viable in Iran. A propertj 
and service nave been restyled Orbis-Holiday Inn" jn Cracow Bat Yam, tor which a mao 
in European countries accord- was . the first of these and- a ment arrangement bas also t 
ingly to meet local require- franchise agreement- baa been concluded, could, be. the firs 
ments - *toniwt for an operation in four hotels lb Israel. And o 


t. 


signed for an operation 
Germany Is another important Yugoslavia, at Ljubljana. New projects, are. under construe 
development area for Holiday projects include hotels at Be!- -or planned in the Middle Eas 
Inns, with 15 directly-owned, grade Airport- and. in Poland. Egypt, Bahrain. Jordan 
contract managed or franchised at Katowice and Warsaw A pnsxihly in Saudi Arabia and 
in operation there. This month gradual expansion Is-tore^em in. IWr'-* '^rab'Emi rates. 

’ 


s.-,. 


h 







^5te-: Hwactai Times Wednesday January 11 1978 


21 


!*ierj 

ro\v s 


INTERNATIONAL financial and company news 






rHE BOUSSAC EMPIRE 


tr 


End of a long reign 


1 



*NE BY one the great autocrats' 
f French industry are dls- 
n. ppearing. Ferdinand Beghin 
. jok his disgruntled farewell of 
, • is sugar empire last year, 
ierre Datable lived long enough 
, ) see Poclaln's spectacular ri sp 
an into the sands of recession 

■ 'ut not long enough to see &e 
id family management get out 

* i the wake of the takeover by 

• ase. Marcel Dassault, 86 in a 
. jw dai-s* time, bas seen a Con- 

■ frvative Government decide to 
“i ike a stake in his famous air- 
•aft company Uiis year. 

- And the next long relgo 
' .jproaching its end?— By almost 

'mmon consent, that of Marcel 
‘boussac, who. started in 1809 to 
-iiid up a textile empire which 

- now one of the biggest In the 
->untry and' -which, as he 
Jproaches the 89th spring of 

•v; s life, M. Bo us sac still effec- 
vely controls. ■ . 

i- For the sprawling. Balkan ised 

■ i. .lipire of Marcel Boussac. with 
-■ .s SO-odd concerns affiliated' to 
•. ; .ie master company Comptoir 

; l'lndustrie Textile de France, 

- n,' being kept alive only by politi- 
lv il necessity and the reluctance 
rbearance of creditors. Losses 
Frs.eOm. on a turnover of 
rs.750m. in 1976 may well have 


BY DAVID CURRY IN PARIS 


doubled In 1977, while M. 
Boussac’s personal fortune, his 

S rivate assets and those of me 
ealthier bits of the group, have 
been thrown into the battle to 
keep the wolves from the door. 

Lost October the Government 
stepped in to demand a new 
rescue plan, from M. Boussac's 
nephew. M. Jean^ude Boussac, 
after deferment of social security 
charges and interest on bonds 
bad kept it going through the 
summer. The immediate prob- 
lem was the imminence of the 
maturity on some Frs.llfim. of 
debt. 

The main agreement was that 
the State would purchase ies 
Haras de Jardy, a 150-acre site 
in the west of Paris forbidden 
to development and owned by 
M. Boussae personally. . Around 
Frs.80ra. could eventually. .come 
from this sale unless M. Boussac 
ran find a private, purchaser 
ready to pay more. 

This, new income would not 
cover the outstanding debt, far 
less provide working capital to 
put towards the new investment 
programme ‘ desired by- the 
Government 

Commentators doing mental 
arithmetic have calculated that 
the remainder of the cash needed 


to meet the most pressing of re- 
payments could be raised by 
selling off M. Bo Us sac's press 
interests, comprising the Right- 
wing morning ■ Newspaper 
L’Aurore, and Patis-Turf, a 
racing publication reflecting M. 
Boussac’g passion for horse- 
breeding and racing. 

This suggestion drew a prompt 
and pungent reply from M. 
Bonssac. Denying any intention 
of selling off bis press interests, 
he laid the blame for his group's 
crisis firmly at the door of the 
Government. 

’’Despite the warnings about 
the errors in economic manage- 
ment issued for the past 30 years 
by L’Aurore. despite all my per- 
sonal efforts to convince govern- 
ments of the drama facing the 
French textile • industry, despite 
the promises of M. Barre (the 
Prime Minister), despite reports 
on the circumstances in which 
uncontrolled imports- of textiles 
were taking place, absolutely' 
nothing bas been done since the 
Common Market came into being 
20 years ago to avoid what has 
to-day became a national 
tragedy.” 

At the Industry Ministry, 
officials would go part of the 
way with this analysis, accept- 


ing the dramatic impact of 
textile imports and the “ mis- 
placed liberalism” of Brussels: 
trade policies. , 

But they would certainly addj 
one or twD aspects particular to! 
the Boussac empire. The first isj 
the reluctance of M. Boussac .to 
relinquish personal control of the 
direction of affairs. Jean-Claude 
took over two years ago when the 
prfessionaj manager brought in 
to sort out the group's affairs, M 
Claude-Alain Sarre. left in a puff 
of smoke saying that the family 
was refusing him the means to 
do his job. . 

In the second place, they 
would complain that M. Boussac 
himself has allowed his com- 
panies to “ fall asleep " under 
bis control and fail to make the 
investment necessary to modern- 
ise. 

Marcel Boussac. a self-made 
•man who lists himself in Who's 
Who as being a member of the 
Paris Association of Old Boys 
of the Chateauroux Grammar 
School — his only educational 
qualification, would doubtless dis- 
agree. But for many people, in 
both Government and outside, 
Marcel Boussac is one of the 
dinosaurs to which the ice-age 
of the depression has put paid. 


UROBONDS 


fn;. |1 


'• 1i\- 


Another setback for dollar Issues 


BY MARY CAMPBELL 


“ ■ ins DOLLAR sector took an- 
’■•‘-hor big knock yesterday with 
' 'vices of individual issues fa.ll- 
g by anything up to a point 
\salrag volume was heavy, but 

• as said to be mainly profes- 
onal. . 

The factors behind ‘the fall 
*• ?re the continuing reaction to 
"■‘:e interest rate rises in the 
It-S. combined with the sharp 

• • Its in the U.S. bond market 

'- Although the falls yesterday 
ere so sharp, a few dealers 
?re beginning to talk about 
- me stabilisation at the close 
business. The key question 
: jing asked in the market was 


the extent to which the U.S. 
monetary authorities. . in the 
apparent absenee of domestic 
reasons for raising UB. Interest 
rates, will feel that they have to 
raise them in order to satisfy 
foreign critics of their- policy 
towards the dollar. 

With the dollar having shown 
some signs of recovery on ■ the 
foreign exchange markets, 
optimists were arguing that 
perhaps rates need not go much 
higher at alL 

The Eurodollar three month 
rate closed last night at 7H per 
cent, up from 7$-7J per cent, on 
Monday and 7-7} per cent a 


week ago. 

The D-mark sector was also 
weaker for the second day 
running though the downward 
tendency was nothing by com- 
parison with what has been 
happening in the dollar sector. 
The main factors in the D-mark 
sector seem to be the weight of 
new issues — to be augmented 
to-day by the DM500m. block- 
buster for the World Bank — and 
the ever tightening of the pricing 
of new issues in this market 

The terms of the World Bank 
issue are not officially out until 
to-day but will include an 
indicated coupon of 5} per cent 


on a twelve year maturity (eight 
years’ grace). The pricing will 
be indicated at 99 to put the 
indicated yield at 5.86 per cent 
Deutsche is lead manager. 

A. Kuwaiti Dinar 5m. (about 
$18m.) offering jias been 
launched for Panama. The final 
maturity is ten years but bond- 
holders have an option to redeem 
in five years’ time. The indicated 
coupon is 9- per cent 


BONDTRADE INDEX 

Yesterday Monday 

Medium 99.66 99.73 

Long 93.65 93.79 

Convertible ... 106.07 106.45 


■•’’•D’C 'V 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


> v 


liXltf 

BM 

Offer 


Bid 

Offer 


BM 

Offer 


Bid 

Offer 

IvillRAIGHTS 



I5E Canada 91 pc MSS 

1024 

2034 

Sweden fK’dotn) 81 pc 1997 

95| 

96* 

CCMF 19S4 SlittPC 

9ft 

994 

an Australia 8>pC 1BSS 

371 

98 

Macmillan Btoedel Bpc 1992 

89 

. 98* 

United Biscuits 9 dc 1939 _ 

PP 

995 

Creditanstalt 1084 71 pc .. 

Ml . 

98* 

: 1; .IEV Spc 1997 

934 

MS 

Maaoey Ferguson BIdc 1991 

IBS* 

163 

Volvo Spc 1087 March - - 

934 

94* 

Credit Lyonnais 1882 6,’pc 

981 

091 

stralla 9*pc 199. 

96 

8W 

.HlcbeUn 9* pc 1988 ..... 

10* 

1814 

NOTES 



DC Bank 1982 7 15 is pc 

•994 

ISO! 

strallan M. & S. 9*pc TO 

981- 

994 


97* 

984 

A'istralia 74pe 1984 

96 

961 

GZB 1981 7<pc 

100* 

3W1 

. relays Book SJpc 1992.. 

97* 

98 

National Coal Bd. 8 pc 1997 

94* 

*51 

DcU Canada 7jpc 1957 

95* 

96 

imL Wstrmmr. ’S4 715 jspc 

99i 

Ml 

1 train- 91 PC 1992 

97 

971 

NatnL KVattnnstr. Bpc 1986 

102* 

103 

Hr. Co lomhla Hyd. 7Jpc "83 

94 

941 

Llo«* 1B83 7* pc 

091 

1604 

-l N. Railway 84PC 1968 

97* . 

98 

Newfoundland Spc 1989 ... 

901 

1W* 

Can. Pat 8*pc 10W 

99 

99* 

LTCB 1982 6* pc 

991 

098 

■dh National SJpc 1988 

97* 

984 


MS 

974 

Dow Chemical Spc 1986 ... 

98! 

984 

Midland 1982 8pc 

1014 

102 

’ - imarfc 84 Pc 1984 

99 

90C 

Norpipe Si DC ms .. .. . 

97 

- 171 

ECS 7*pc 1982 

96; 

974 

Midland 1987 7Ui*pc .. .. 

98* 

981 

5 Spc 1995 

MI 

- - 894. 


9*1 

‘ 97S 

•ECS SipC 1289 ' 

96 

Ml 

OKB 1983 C*pc 

99* 

901 

■5 Slpe W97 

96! 

V7I 

-Oslo 9pc 1388- 

994 

MH4 

EEC Jlpc 1982 : 

98* 

97 

5NCF 1985 813I6PC 

97! 

W* 

. i SJ DC 1992 

ass 

• 994 


994 

1(H 

EEC ’Tfpc 10S4 

95! 

m 

Stndd- and Chrtrd. ‘84 8!pc 

SS| 

993 

11 04PC 1969 .. .......M. 

98 

961 

Prov. Quebec BpC 1985 

9« 

061 

*nso-Qntcett R*pc 1984 

.964 

97* 

Wms. and Glyns 1984 7pc 

m 

98C 

. cbsoii Sipc 1989 ....... 

88 

Ml 

Prov. SaakatdL 8|pc 1986 

99* 

100 

Got a verk^n 7fpc 1982 

971 

W4 

Source: White Weld Securtdos. 


m 

1894 

Bred International 9pc 1837 

954 - 

06 

Koctmns Rpc WR3 

97 

«7; 

CONVERTIBLES 



Lakes Paper Sjuc 1984 

90 

m 

RHM 9pc 1992 . -. 

95* 

96 

Mlcheiln 84 pc 1983 

09* 

IDO* 

American Expr-ss 4*pc TO 

79 

81 


1MJ 

19U 

Selection Trust Slpo 1989... 

K 

935 

Montreal Urban SJpe T98I 

»•* 

99 

Ashland Spc 198S 

904 

*!* 


96* 

97 

Skand. EfKkQdn Bpc 1»1_ 

99! 

. 1004 

New Brunswick Spc 1984... 

964 

97* 

Babcock & Wilcox 8Jpc TO 

944 

954 

8* pc 19S7 . . 

97 

971 

SKF 8 pc 1987 ................. 

934 

94* 

New Bruns. Prov. ufpc TO 

ion 

ire* 

Beatrice Foods 45pc 1992 

ff4 

96 







New Zealand Sypc 19S6 

97* 

9* 

Beatrice Foods 4Ipc 1992 

102 

10* 



CREDIT COMMERCIAL DE FRANCE 

U.S. $30,000,000 Floating Rate 
Notes 1976-1983 

For the six months 

January 1 1 th, 1 978 to July 1 1 th r 1978 
the Notes will carry an 
interest rate of 8% per annum. 

Usted on the Luxembourg Stock Exchange. 

By: Morgan Guaranty. Trust Company of New York, London 
^gent Bank 


Norsk Hydro 7loc 1962 ... 87* 
Norm? 7? Or 1082 .... M3 

Ontario Hydro Spc 1987 .. m 

Sitssrr 8tpc 1982 .... 99! 

S. or Scor. Elec. BIdc 1981 09* 

Sweden nCdomt 7»pc M85 97 

Swedish Slate Co. 7*pc 1983 97 

T f l rn cx 9*pc ]984 981 

Twjneeo 7Jpc 1987 May ... 9SJ 

VoUwwairen 71 or 1887 94} 

STERLING BONDS 

ComtauU* 9JPC 1989 96 

ECS 93pC'I989 100 » 

BIB Slpe 1982 97* 

Finance for Ind. 9»c 1987 97* 

PISOHE MhJC 1987 .. 981 

Total Oil 9* pc IBM 97J 

DM BONDS 

Anstria Eipc 1835 .. 106! 

BFcb Tpc 1987 ., 1031 

Denmark 6jpc 19SS 184 

HB 8 tpc 1984. 1051 

Grand Met. 7pc 19M ..._ 1001 
Hrriro-Qoebec Slue 1987 ... 1MJ 

TO «toc 1B87 

Montreal Tpc 1937 , 

Nmwa Cm 7pe 19m 

Norsk Hydro 5 toe 1989 ... 

Norway 5Jpc 19S2 

Shell 83 PC 1M9. 

Spain pipe 1884 : 

Sweden 84pc 1884 

world Bank «*pc 1987 

FLOATING RATE NOTES 
Bank .01 Tokyo 1984 7Bi6pc 

BFCE 1984 Tpc 

BNP l£S3 Sine 

CCF 1883 Spc 994 


99* 

97* 

96* 

1004 

JMi 

971 

971 

99* 

*4* 

95 

9g: 

MU 

98 

984 

99* 

984 

107 

104* 

1041 

186 

101 } 

1914 


994 

73 

77* 

117 

'.79 

84 

m 

so 

si 

m 

78J 

M3 

754 

130. 


1914 
75 
794 
Ut 
81 
96 
794 
FS 
S3 
814 
784 
116 
77! 
IS 
87 
87* 
94* 
3065 

77 
IBS 
1904 
166 
116 
1051 

964 
- 981 
1184 
.77 
1681 
844 
105 
944 

78 
784 
97* 
91 
•81 
75 

78 

99! Source: Kidder. Peabody Securities. 


Borden 5pc 1982 
Broadway Hale 4ipc 1997 

Carnation 4pp 1987 

Hjevron 50C 1988 

Dan 4!pc M57 

Haatman Kodak 4 '.pc 19SS 
. Economic Labs. 4Jpc 1987 

Firestone Spc 1988 

Ford 5 oc 1988 

General Electric 41 pc 1987 

ClUene 4ipc 1987 

Gould -5 pc 19S7 

Gulf and Western Spc 1988 

Harris jpe 1993 

Honeywell Epc 1986 85 

ICJ 83 pp 1992 86* 

INA Bpc 1997 — 93* 

inch cape 63 pc 1993 I0S 

ITT 4;pc 1987 75 

Jos co upc 1993 104 

Komatsu 7ipc 1990 994 

J. Ray McDermott 4 .’pc S7 164 
Matsushita 6*pe 1990 . ... 113 

Mtrsul 7Jpc 1990 104! 

J. P. Korean 4* Pc 19PT . 944 


10S* 

1064 

Vabiseo S*pe 1988 ... — ■ 

974 

1021 

163 

Owens Illinois 4>pe 1987 

1141 

1054 

1BW 

J. C- Penney 4»pc 1887 .. 

7S 

m* 

IBM 

Revlon 4." pc 1SS7 

IDfii 

103* 

104* 

Reynolds Metals Spc 1988 

82* 

ins 

ies; 

Sandrttr fl*pc 19SS _. .. 

104. 

1904 

101* 

Sperry Rand «pe 1987 

re* 

HD* 

186 

Squftib 4Jpc 3M7 

75 

103 

103! 

Texaco 41 dc iww 

764 



Toshiba 51 PC 1992 ... .. 

BR* 



Onion Carbide 4 toe 1982 

88 

9M 

994 

Warner Lambert 44pc 1987 

79 

97* 

M* 

Warner Lambert 4ipc 1988 

75 

00* 

99! 

Xerox Spc 1988 

78 



December 16, 1977 


Portland-Zementwerke Heidelberg 

Aktiengeselbdiaft 


bas acq 


Lehigh Portland Cement Company 


The undersigned initiated this transaction and acted as financial advisor 
toVortland-Zcmentwerke Heidelberg Aktiengesellscbaft 
and as Dealer-Manager of its tender offer... 


Smith Barney* Harris Upham & Co. 

1 Incorporated 


AMERICAN NEWS 

Sohioin 

Canadian 

venture 

B)r Stewart Fleming 

NEW YORK. Jan. 10. 

STANDARD OIL OF OHIO. 
British Petroleum’s associate 
in the UB-. is supporting the 
construction or a new oil pipe- 
line in Canadu by becoming 
a participant in the permit 
phase of the project 

The pipeline project calls 
for the construction of a West 
coast port and lermtnal 
facilities at Kltimat, British 
Colombia, in Canada, and the 
constnKtion of 750 miles of 
new pipeline from Kltimat lo 
Edmonton. Alberta. The cost 
of the project would be around 
$750m. If started nexl year. 

Sohio is committed to par- 
ticipating in the project if 
permits are granted, bul its 
share of the costs cannot In- 
known yet. They -would 
depend -on the number of par- 
ticipants as well as other 
factors. 

The line would be designed 
to distribute crude oil from 
Alaska: Currently Sohio is 

also pursuing applications for' 
the development of a pipeline 
‘to distribute Alaskan crude 
from Southern California 
through .to Midland, Texas. 
Sohio Is the oil company with 
Alaskan crude reserves which 
is Sharing a disproportionate 
burden of (he ‘ surplus of 
Alaskan crude which is antici- 
pated In California when the 
Alaskan pipeline moves to full 
capacity. 


Sun Life faces pressure 


BY ROBERT GIB8ENS 

PRESSURE IS mounting for the 
Sun Life Assurance Company of 
Canada to reverse Its decision to 
move its head office operations 
from Montreal to Toronto. 

There was no immediate state- 
ment on the pressure from the 
company, hut meetings are being 
held between Federal Finance 

Minister Jean Chretien and the 
Sun Life senior management. 
These will . continue till the 

week's end. 

Sun Life, Canada’s largest 
domestically owned life insur- 
ance company with assets of 
So bn. and worldwide insurance 
in force of S31bn.. says head 
office operations must continue 
in English hpcause of its world- 
wide business. 

It claims that recent Quebec 
language legislation is so restric- 
tive*. that it cannot set Anglo- 
phone specialists ?nd managers 
lo transfer to its Montreal head- 
. quarters. 

Thus the company said it is 
forced to movp its headquarters 
operations to Toronto. ■ 

However, it is now clear that 
investment of Quebec premium 
income and administration of 
Hydro-Quebec pension plan con- 
tributions are additional issues 
at stake. 

Mr.- Chretien said that Sun 
Life's projected move had been 
discussed with Prime Minister 
Pierre Trudeau and the Cabinet. 
He was concerned that the move 
might precipitate an exodus of 
head offices from Montreal. 

About 25 of the 128 members 
of the Canadian Life Insurance 


Association have company head- 
quarters in Quebec. There arc 
unconfirmed rumours that Stan- 
dard Life Assurance Company 
plans to move its head office 
from Montreal. 

in Montreal. Mr. Thomas Galt. 
Sun Life president, denied that 
the projected move would have 
a snowball effect, prompting 
other head offices to leave. 

“They are quite capable of 
making up their own minds." 
he said. 

The Quebec Government has 

been silent siucc Finance 
Minister Jacques Parizeau 
accused the company of “ exploit- 
ing ** Quebecers’ savings . and 
taking out "$400m. in premium 
income '' to be invest cd in other 
provinces. 

However. There wore signs of 
possible coni promise on invest- 
ment allocation formulae as the 
Canadian Life Insurance Associa- 
tion said it was willing to dis- 
cuss with the Quebec Govern- 
ment changes it may propose. 

Public spclnr unions in 
Quebec and also in Ontario 'have 
conic out strongly against the 
Sun Life’s proposed move. Van- 
dals scrawled the words “ Good 
riddance” on the wall nf the 
Sun Life building on Dominion 
Square. Montreal, the head- 
quarters of the 507-year-old 
company. ‘ 

Bur generally the lernper of 
comment was more restrained 
as the possibility of compromise 
emerged. 

Federalists 3re worried that 
the move would be seized upon 
to justify the case of the Quebec 


MONTREAL. Jan. 10. . 

separatists, and are highly criti- 
cal of the company's liming 
before publication of hi>3d 
office regulations under the 
French language charter. 

American Standard 

AMERICAN STANDARD expects 
to report 1977 operating earn- 
ings of $S7m. in $SS.5tn.. or $5.50 
to 85.60 a share. William A. 
Marquard, president and chief 
executive, told AP-Dow Jones. 
In 1975 the company earned 
$3.94! a share. 

He said sales of the diversified 
manufacturer of building pro- 
ducts construction and mining 
equipment, security systems and 

signalling, braking and control 
equipment for transpnn.it mn 
systems increased in 1977 In 
•ibriut sti.Sbn. from- $1.65bn. in 
1976. 

The 1977 earnings e=tim:t«e 
includes an exchange luss from 
the translation of foreign 
currencies nf a hour .12 cents a 
share compared with an S cents 
a share exchange loss in 1976 
The company also expects .in 
extraordinary gain of about Si 
cents a share from lax |n*n 
carryforwards which is not in- 
cluded in the 85.50 to 85.6U a 
share estimate. 

MELLON NATIONAL 

Fourth Qwner 


Net profits 

Net per share... 

Year 

Net profits • 

Net per share... 


1973 

Mr 

S 

5 

IS. 7 111 

lS.im. 

1.01 

1.S6 

70 0m. 

64.1m. 

7.15 

6.54 


Axel Springer 
going well 

By, Jonathan Carr 

BONN. Jan. ID. 

THE AXEL SPRINGER Veriag, 
the big West German publish- 
ing group, bad another buoyant 
year in 1977. Turnover was 
np by 15 per cent, (against 
12 per - cent. In 1976) lo 
DMLBbn. — meaning there has 
been a virtual' doubling over 
the past ten years. 

. Advertising revenue, which 
now accounts for about 48 per 
cent of turnover, rose 

especially strongly to DH780m. 
from DM657m. in 1976. 

Revenue from sales of Springer 
newspapers and magazines was 
up to DM760m. from DM671m^ 
while the rest of turnover was 
accounted for by outside busi- 
ness contracts and book publi- 
cation. - 

So far no profit figure has 
beeu given, though this is 
expected to eflect the continu- 
ing reeovery since (he pressure 
on earnings in the recession 
year 1974. 


Greek insurance safeguards 


BY OUR ATHENS CORRESPONDENT 


THE MINIMUM amount of share 
capita! of Greek insurance com- 
panies and the guarantees of 
foreign insurance companies 
operating in Greece, as well as 
those of the London Lloyd's 
agents and brokers in Greece, is 
being compulsorily doubled on 
the basis of a draft bill tabled 
in parliament by Minister of 
Commerce George Panayo- 
topoulos. 

The new bill aims at safe- 
guarding the interests of insured 
parties, as many insurance com- 
panies do not have sufficient 
capital to meet their commit- 
ments, the Minister has clarified. 
The bill uiso aims at encouraging 
the merger of smaller insurance 
companies.- 

According to the bill, no insur- 
ance company can be established 
in Greece with a share capital 
of less than Drs.lOm. (£285,700). 
For insurance companies also 
covering car" insurance The* 
minimum share capital will be 
Drs.l5m. (S428.500). For the 


branches of life insurance, ship 
and aircraft insurance the 
minimum will exceed Drs^Orn. 
(SS57.000). 

Lloyd's agents and brokers In 
Greece must increase their 
guarantees to Drs.lm. (S28.570). 

Insurance companies already 
operating in Greece arc given 
three years to increase their 
share capital lo the required 


minimum, once the law is 
passed. Those not conforming 
will have their licences revoked. 

The Union of Insurance Com- 
panies has already said that the 
three-year time limit should be 
extended to five years and that 
the Drs.l5m. minimum share 
capital for those covering car 
insurance should be revised to 
Drs.lOm. 


IP loss at 10 months 


By Paul Betts 

(TALI ANA PETROL1. IP. the 
former Shell distribution and 
marketing network in Italy 
taken over by the Italian 
National Hydrocarbon Agency. 
ENI, has reported losses of 
L64bn, (£42m.) in the first ten 
months of last year. The com- 
pany lost -L34.6bfl.- in 1976.- — 

ENI said to-day that the IP 
losses reflected thp current diffi- 


ROME, -Tan. 10. 

cult ies or the oil distribution 
market in Italy, seriously hit by 
Convernment controlled prices, 
a sharp increase in costs, and 
a simultaneous fall in consump- 
tion. 

The Agency, however, added 
that its distribution losses were 
offset by the profits of its 
research, exploration and -oil 
exploitation operations grouped 
in its AfilT* Mineraria subsidiary. 



Thermo-Mechanical Pulping— a principal part of the huge forest 
industry complex recently completed in Finland. 

VaPa TRIP stands for Varkaus Paper Project Thermo-Mecbanical Pulping and is- the synonym for a 
long list of superlatives. *> 

The VaPa project is the largest single investment ever made by Ahlstroam Company, Finland, 
and represents the completion of one of the most, if not the most efficient, forest industry complex in 
Europe. The Varkaus mill located in the centre of the Finnish forest and lake area produces paper, 
board, chemical pulp, moulded products, sawn goods, plywood and prefabricated houses. 

The New Sprout-Waldron Thermo-Mechanical Pulping (TMP) plant, at the time of start up in 
* March 1977 the largest in the world, is the natural supplementation to the existing facilities towards 
full integration and at the same time the culmination of a new technology and its commercial 
utilisation on a large industrial scale. 

The Thermo-Mechanical Pulping process basically uses wood chips which are heated and 
softened by steam and defiberized by large disc mills resp. refiners in order to produce mechanical 
pulp for all wood containing papers especially, however, newsprint. The traditional process has been 
to grind round logs of rather precise length and certain requirements of diameter on grinder stones. 

A usual newsprint sheet contains 75^80% of groundwood and chemical, the rest is chemical pulp 
to reinforce the rather weak groundwood. 

The properties of'Thermo-Mechanical Pulp come in between groundwood and chemical pulp and 
thereby allow a drastic reduction or even elimination of the costly chemical pulp portion. With the 
conventional chemical pulping process only about 45% of the wood is* converted into usable fibres 
whereas mechanical pulp has a yield of approx 95%. 

At Varkaus a typical newsprint furnish mix contains to-day 10% chemical pnlp, 45°;, TMP and 
45% groundwood. In time it is possible that chemical pulp will be eliminated and that the mix will be 
30:70 between groundwood and TMP. 

The chips used with the TMP process can even be made from residual woods or wood species not 
suitable for the conventional grinding process. This, of course, broadens the possible raw material 
resources. 

Chips are a much more homogenous material and easier to handle than logs and therefore the 
TMP process lends itself to automatisation-and process control. Certainly a must for a modern process 
and to obtain high and uniform product quality. 

The Varkaus TMP system is tied into the overall process control and compute? system of the mill, 
optimizing raw material utilisation, energy consumption and profitability of the product mix. 

Reducing the basic weight of the newsprint sheet, still offering the same printing surface, but 
using less wood is a main objective of papermakers todav Ahktroam Company has pioneered in this 
field and produces to-day the lightest newsprint in the world (25 g/m2) for air mail ptfitions. Utilizing 
a stronger pulp as TMP is the natural way to meet this target. The invention of the TMP process is not 
really new. Precursors were the refiner mechanical pulping process and steam pressurized refining as 
used in- the fibreboard industry. With people becoming more and more aware of the scarcity of raw 
materials and need for environment protection, its practical exploitation started, however, rapidly in 
the early ’70s. Some called it a hidden gold mine which had been discovered. Investments in TMP- 
plants have been about 10 times higher than the overall investment rate in the paper industry. 

Is there no drawback at all one may ask suspiciously? 

Yes, there is. Thermo-Mechanical Pulping requires considerably more electric power to drive 
+he huge disc mills than the old grinding process. The VaPa TMP plant has a totally installed 
power of about 60,000 kW, enough to supply a toym with 180.000 people. It comprises 6 nf the largest 
disc refiners respectively in the world, each connected to synchronous motors of 12,000 hp at 
1.500 rpni: 

The TMP process, however, lends itself to energy recovery and the Varkaus plant was specifically 
designed with this in mind. About 70% of the electric energy is recovered in the form of heat resp. 
steam and hot water which is used in several points of the mil! complex. This, of course, drastically 
improves the overall economy. 

Investors who are to-day faced with the decision to install either a traditional groundwood mil! 
or a TMP plant also have to evaluate the still existing potential for future developments of the TMP 
process. As it is a new process, there is undoubtedly room for further progress in improved energy 
recovery, optimum combination of heat and chemicals to pre-treat the: raw material and optimizing 
the technology itself. It is the decision to not only be competitive to-day but even more to be 
competitive in 5 or 10 years from now. 

Also for the supplier of the TMP plant. Sprout. \Valdron and Company GmbH, located in Vienna, 
the VaPa TMP project wks the highlight in its 40 years history of service to the pulp and paper 
industry. The approximately U.S.S10m. contract was the largest the company ever received From the 
pulp and paper industry. Earlier deliveries like a refiner mechanical plant for processing of sawdust 
had convinced Ahlstroam Comnanv of its specific canabilities in this field. It was the largest single 
export deal from Austria to Finland and found considerable public interest. Sprout. Waldron and 
Company is a wholly owned subsidiary of the Knpners Company Inc. Its efforts to combine U.S. 
technology and European experience and manufacturing skill peaked in the VaPa TMP project. 

Thermo-Mecbanical Pulping is certainly one of the many processes developed today which is . 
little known to the public. People are of course more generally aware of developments in the 
electronics or the petrochemical industries. It is of vital importance to everybody who is concerned 
about scarceness of raw materials and our future environment. 


T 


V 




22 


FINANCIAL TIMES REPORT 


Wednesday, January II 1978 


PAPER MILL AT VARKAUS 


Building 

for 

the 

future 


profitability. Between 1969 and 
2975 the -oldest paper machines, 
PM I and H, were modernised, 
a refiner groundwood plant 
board mill and sawmill were 
built a power plant was com- 
pleted, the plywood factory was 
modernised and enlarged. Then 
the VaPa project was started, 
the biggest - single investment 
ever made by the company. It 
is costed at about U.S.SlOOm. 

In forest industry circles the 
u green line ” of' integration 




. Df ™ E “ c^ atlbout uSslSteL 

centuries of its existence the , 

Ahlstrom concern has grown f Qres f industry circles the 
from a single wooden ship u green line ” of integration 
-enterprise into one of the big- starts, in the forest with the 
gest industrial companies in harvesting of the wpod. The 
, F inlan d, with interests in the u^ed for logical luiks .between 
wood processing sector, engi- tbe various processing plants 
neering, glass and plastics. Its becomes apparent as soon as 
turnover in fiscal 1976/77 was the wood is delive red to toe 
Fmks.i.74hn (approximately nulL The first step is. sorting 
£233m. at the current exchange the logs by species, quality and 
rate). A. Ahlstrom is still a size, and debarking them. The 
family-owned company. Its bark is used as fuel in the 
shares are not traded publicly, thermal power plant. The logs 
Innovation has figured pro _ then go through another sorting 
minently in the company's P™«*s : Using automahc data 
history, but perhaps pride of vrocessme machines, the clean 
place goes to the recently com- P nmm : , w0 °? «* “atenai is 




V 


~ • - - 




LOJC;' I 


pleted Varkaus Paper Project 


(VaPa). This was SecroS ” 09t P^taWy straight logs 
achievement in the establish- for f° vers l 0D “{? f? 1 ” *°®f 
ment of a fully integrated forest 7°° ked and timber 

industry unit in the town of * or pulpiI1 S> e * c * 

Varkaus, about 200 miles north- _ 

east. of Helsinki. It is the Jar- V Q|| 1 Q nip 
gest and most diversified com- 
plex of the Ahlstrom concern. The sawmill and - plywood 


rationalisation through, automa- Not far south of the Arctic Circle Europe’s newest paper mill is now ^r m " e d ri ^ £££. Sf«„^ p JJodS 

tion. the fullest possible use of . ' _ ^ rr < . , . Yynxyttr^nmrr are so far not fully used. One capacity is 120.000 tonnes, rtb 

Se»r»"fion“r^en^ m production. Our Helsinki Correspondent, LANCE KEY WORTH, VSW 

mental problem, and doubling j- „ *L'« j. T" j- i j- r ., j . • - branches and tops), which 350,000 tonnes. The tnachto 

of the turnover to maintain CIlSCUSSGS tlllS' 2Q(lltlOIl tO JF UllSGQ. S 162.0.1112 TOTCSt prOCllICtS UldllStjCV. could be used as fuel. The rea- was delivered by Yalmct Qy «a 
profitability. Between 1969 and . r . sons arc that pine and green has several innovative featUB 

3975 tbe eldest paper machines, chips are not suitable foe the which ensure uniform qtnm; 

‘ ’ present sulphite pulping pro- and improve the runabUlty'm 

cess, and it takes some time to. printability of the product 

establish a . market for fine These include a hydraulic fcetf 

sawn goods. The former prob- box which generates goo 

Iem will bp solved when Var- mieroturbnlence in the pnij 

kaus converts to the sulphate and the twin wiTe.’ttehnolqg 

process; and pine sawn goods which gives the 'paper the aui 

production has. already been properties on both sides.'! 

started. As the world demand fa 

paper recovers and PM IV ca 
lVpWQTirin t be run at nearer capacity lew) 

iiCiT bpilill (at present it is working i 

In 1977, Varkaus Paper and a $° lt J pe . r 5*®^ C'*pactty),j 
Pulp Industry added to its Jnte- 

grated system a thermomechani- durtion ^ st wdani j 

cai pulping (IMP) plant, the M/F . . new ®Pf J "5 
biggest in the world when it 

went into production in March, wd *#* 

the biegest newsprint machine « rades * Varka ? s ** th 

(PM IV) in Europe and a waste ®*5* manufacturers to Euros 

water treatment plant which re- t J at , s r u ^* g g .®l§ 

covers from the process waters standard tints of grounds^ 
just about all tbe wood fibre produces » 

that is recoverable. These three W*** v^-wmtaining quail! 
units formed the core of the J* 1 tbe W0 J ,d * S/®** ra - ***' 
VaPa project. The TMP pro- ket . ed under the name Li*ft 
cess is a fairly old invention, ^ghi 25 and used for aim 
but its practical exploitation is en«itons of newspapers. -> 
n«. Tho pulp required for The V,p * "» «* 

for conversion into sawn goods, , various paper grades must have , on **** . bn *W 

crooked and small-sized timber A general view of the plant certain quality charactistics. which is a mini-miracle m th« 

for pulping, etc. Chemical pulp improves some da ^ 5 heavy inflation and to 

paper properties, groundwood flow* labour dispute*. - 

\Jn1unklA . pulp others. TMP cbmes be- exemplifies the risks and oh 

V 2iUa Die may be more easy to sell one is most profitable for the com- a while, so how will that affect Europe at least. But we have tween the two. allowing con- of major investments in fi 


r- . 1 


directed to where it can be used 


fe-v 




wtid costs rocKeang, quality mill yield industrial waste, the balance of the end product for linear optimation. Its solu- can supply answers such as the one of the most effitisit.” *t Varkaus today is 10-15 per to the gtobaJ consumption f 
i ^ inS ' 1116 J e ™T ind secondary wood raw material mix must be flexibly adjustable, tion is applicable to the slightly reduced need of primary wood. This seems to be borne out by cent, chemical pulp, 45 per mechanical and chemical wow 

purees tending that is more valuable if con- Varkaus has designed an auto- longer term, a year or so. electric power or fuel oil. the visitor’s book: on average, cent, groundwood" and the rest based ■ products. Then 4*4 

ro outstrip tne supply, verted into chips and pulped, matic data processing pro- Since linear solutions are not These automated aids to fast hardly a week passed in 1977 TMP. called oil crisis and snbsequtt 

tiS 2 r ^ If, 3ust burned, gramme for quick decision- always true to the real situa- derision making are applied without a group of visitors The Queen Mary of the VaPa worldwide depression wreefce 

S Se JnS ? ™ ¥ } n ^’ 211 ,rood f bre - m ‘ *“^8 ? * best tion - VarkSms has a- complemen- through nut the integrated unit arriving in Varkaus from North project is PM IV— it even looks ^ the forecasts. Production M 

tatSaSr S ■ dUdm S. S ?r d ? St 15 ^ ***** ** « exmnpto: tary system, a storalation model, at Varkaus. America or Europe to study the like a colo^l ship decked tad' to be held at wrfl bald 

and mg at the higher processing level assuming that the market for all that calculates the wood and “We like to think,” says Mr. innovations and technology, of in a spotlessly clean h^Twhich optimal levels. But K 

, as board, pulp or paper. This products is good, but toe supply energy consumption as a func- Olavi Lehtikoski. a deputy vice- the complex. * is so big that the few men re- Lehtokoski is not dismay* 

Ahlstrom published its long- seems to be a relatively simple of wood raw material is weak, tion of production. The Simula- president of Ahlstrom Pulp and He admits, howdver, to one quired to run it ride about on' “The turning point wifi coti 
term investment programme for system to organise. In fact, which of toe production units tion model announces what is Paper Division and manager of missing link before the com- scooters The width of the web and when it does we are po# 

f01 *? “ dust ry ^ whea processing plants in the integrated complex actually going oa Again an ex- Varkaus Forest Industiy, “that pany can really claim to have is 8.660 mm. the operating for the take-off. It’s the M 

1969. The five objectives set by are involved and market factors should be favoured- and which amide:- for. various reasons, ours Is toe most efficient forest achieved full integration. This, speed .750-1.100 metres per term view that ultimately co# 

t he board were: raising the pro- tend to change— sawn goods starved fo-produce the mix that pulp p rodurtion mast he cut for industry integration system in strangely enough, is at the minute. and basic weight in the forest industry” 


We are well known as paper-makers. But we know how to make machinery for the paper industry as well. 


Many of the world’s leading newspapers rely on Ahlstrom newsprint But they are hot the only ones who put their trust in Ahlstrom. The Ahlstrom Engineering Works at Karhula ^ 

and Varkaus produce machines and equipment for the pulp and paper industry throughout the world. • :i 



Close co-operation between our divisions is of benefit to us and especially to our customers. 


Each factory and* mill is fully capable of working on its own, but by pooling resources and skills in research and development 

they can achieve more together than by working separately. 



Besides products, we sell know-how. 


For newsprint we make good runnahaity and printability an absolute must From reel to reel our new PM4 at Varkaus gives consistently high unifonnity for standard as 

well as lightweight newsprint The new winder made by our Engineering Works guarantees a smooth run. . v 

Please approach us with your problems. Our products and know-how. could be the answer to your requirements. 



AHLSTROM 

Pulp and Paper Division Engineering Works Division 









■ -il-v 


Financial Times Wednesday January 11 1978 


PAPER MILL AT VARKAUS H 




control 


a major 



I iPPR OXIMATELY 10 per cent. 
If territorial Finland is water; 
here are about 55,000 lakes and 
.800 km. of river. Given all 
us water, industrial pollution 
f the watercourses would seem 
: * . i pose few if any difficulties. 

(owever, two factors have made 
• . : into a problem which is being 
iven serious attention. First, 

• ' lost of the population and in- 

.ustry of Finland Is concen- 
... *ated in the southern part of 
country. Second, the abund- 
nt waterways are sensitive to 
. ■ ollution, for they are relatively 
fallow and ice-covered in the 
. Inter. 

The National Board of Waters 
.'■as established in 1970 to come 
. . ' j grips with the problem. It 
repared a long-term water pro - 
. iction programme based on 
v.,,.;; Jar principles: prevention of 
/•damage, elimination of the 
iuses of pollution, reduction of 
■aste water loading and treat- 

■ ient of waste water. For indus- 
.’..'.■ ■7 this mean investment costs. 

-Jtallang FJtfks.l.3bn. (at 1972 
, ; - rices) in the ten-year period 
. '■ ' 3 74-19 83; for the forest in- 
-ustry alone the. sum was 
M " ;Mks.850m: (about £88m. at 
• le December, 1972 exchange 
ite). This was on top of the 
r.Mks.400m. that the forest in- 
ustry had already spent on 

• ater pollution control In the 
■ '*; ve years ending In 1974. 

The principle in Finland is 
lat the polluter pays. Industry 
A /;iust itself meet 23 per cent 
,’ f the total 1 cost directly. For 
'ie rest, it will receive some 
... J ssistance through long-term 
“‘urns raised at home and 
broad and granted for' the 
reater part on subsidised 

* iterest terms. Because of the 

• • ’’ fnbal depression, this 1974 
nancing plan has had to be 
jaled down, -and the ten year 

' eriod will be extended by four 

• -7 five years at least Even then, 

7 ater protection is an * ex- 

■emely expensive addition to 
• . roductive investment costs. For 

■ le forest- industry, which is the 
. ingest industrial user nf water 

id the biggest polluter, pollu- 
. on control accounts for an 
■■ - /eragq of 10 per cent- of total 
.ivestraent 

The - Varkaus Paper and . Pulp 
idustry of- A. Ahlstrom -Oy, 

.• cated hr the' heart of the 

"?autiful lake district.in centra], 

(inland, is a good example of 
the water pollution cnnlxol 
tern works in Finland and 
iv/- expensive it Is. When the 
?w paper mill and TMP plant 
-ere being planned, a corapre- 
Vr,!! ^ Ill h£?nsive environmental protec- 
nn system was made part of 
le project from the very 
■ginning. To ensure that it 
nuld be the best that modern 
■chnolngy could provide, com- 
any representatives visited 
u!p and paper mills in the U.S., 
anada. Sweden and Central 
urope. After thorough labora- 




[Integration of Wood 


•>, ,s . Af?*. WOOD . 

\ f : ' r t , *;;*• :? $ yr - Hanoi in g 





^ PINE 
GREEN CHIP 



Industries 


CORE 

BOARD MILL 

[30,000 i ci«fi 


PAPER 

MILLS 
330.000 VM»ts 


PULP 


MOULDED 
PRODUCTS 
MILL 


tory and pQot plant tests, the 
construction of the mechanical 
and biological waste water 
treatment plant was set in 
motion. 

The first phase, the plant for 
mechanical treatment, was com- 
pleted early in 1977, in time to 
handle the effiuent.from the new 
TMP mill and paper mill which 
went into production later in 
the year. 'When the second 
phase [biological treatment! is 
completed in a couple of months, 
the entire waste water treatment 
plant will occupy an area of 
12 hectares (29.6 acres) along 
the lake shore a couple of -kilo- 
metres from the mills. 


Clarifier 



The mill effluent is pumped 
through special sewers to the 
primary clarifier after- removal 
of the course particles by bar 
screens and sand traps. Lime 
is added to- the effluent to raise 
the pH to around 6: The primary 
Clarifier is a huge basin 180 feet 
in diameter and 13 feet deep. 
The milt • process watery- are 
detained there for four hours 
to separate the suspended 
solids. The sludge that settles at 
the bottom of the clarifier is 
thickened and! then de-watered 
in : a bandpress. .The dried 
sludge, which emerges rather 
like the web -..-'bn- a paper 
machine.- is loaded into con- 
tainers which are trucked away, 
The eventual disposal of the 
sludge will be decided after 
labnratoiy investigations have 
been completed. It has been 
used sn far for land-filling. Other 
potential uses, sued] as burning, 
composting, etc., are under 
investigation. 


When the second construc- 
tion phase is completed, the 
water from ■ the primary clari- 
fier will be led into an aerated 
lagoon which covers an area 
of about 18.5 acres and has a 
volume capacity of 79m. gallons. 
Nutrients, nitrogen and/or 
phosphorus,' can be added to 
the water if required before it 
enters the lagoon. During the 
5-6 days that the water is held 
in the lagoon it is aerated by 
26 floating, high-speed surface 
aerators with a total effect of 
1,300 kW. From there it will 
continue to the secondary clari- 
fier where the biosludge will be 
removed. The clean water can 
then be discharged into the 
lake from a new outlet point 
well away from the shore. The 
biosludge from the secondary 
clarifier will be mixed with 
that from the primary clarifier. 

All the steps in the treat- 
ment of the process waters are 
remote-controlled and watched 
on TV screens in the control 
tower. Some data from the 
system are also fed back auto- 
matically to the computerised 
Management Information Sys- 
tem, in the mills. The number 
of employees- required per shift 
when phase two has been com- 
pleted will be one. 

Mr. Pentti Moilanen, Manag- 
er for Environmental Protec- 
tion of the Varkaus Paper and 
Pulp Industry, claims that the 
waste water treatment plant 
when completed will be one of 
the most efficient anywhere. 
When Varkaus switches from 
sulphite to sulphate pulp pro- 
duction, perhaps in 1983, the 
plant will at little extra invest- 
ment cost be capable of meeting 
the stricter discharge limits. 

It is the regional Water Court 


that sets the discharge limits 
for production plants within its 
jurisdiction. For the Varkaus 
Paper and Pulp Industry the 
daily maxima are: seven tonnes 
of suspended solids and 24 
tonnes of organic substances In 
the waste waters. The latter is 
measured as the biological 
oxygen demand per week and is 
expressed as BOD T . When 
Varkaus converts to sulphate 
pulp production, the latter maxi- 
mum will be reduced to 11 
tonnes. Put in another way. if 
the discharge of suspended 
solids, BOD., the specific water 
consumption and raw water con- 
sumption in 1975 are all denoted 
by the figure 100, in 1983 the 
predicted values will be 35. 24. 
22 and 40 respectively. 

The expansion project at 
Varkaus is costed at about 
$100 m. The cost of the waste 
water treatment plant is 
estimated to be one-tenth of this. 
It might have been spread 
thinner by stretching it over a 
longer period, but the company 
decided thitf it would tie all the 
phases of the project together, 
including the prevention of 
water pollution. -Mr. Moilanen 
says that industrial pollution, 
not only from the - - pulp and 
paper mills but also from other 
plants upstream, nad spoiled 
the waters. But now, salmon 
and muikku (a species of white- 
fish) have been seen again just 
by the milL And Mr. Olavi 
Lehtikoski, manager responsible 
for the Varkaus Paper and 
Pulp Industry says; “ My home 
is just a couple of hundred 
metres from the mill site and a 
few metres from the lake shore. 
My family bathes in the lake.” 


Fully computerised 







OOD AND even quality paper 
squires both high-class raw 
laterials and strict and con- 
nuous control of the produo- 
on process. Until the early 
160s. control of the paper- 
taking process was largely de- 
endent on the skill and ox- 
en e nee of the manufacturers, 
hen came the computer era, 
ad F inni sh paper companies 
in claim to be pioneers in this 
eld of automation. The first 
rnccss computer in the Finnish 
a per industry was installed In 
363. Now there is hardly a 
irge paper machine that is not 
on trolled by computer, and the 
pie is true of pulp lines. 

The Vafkans Paper and Pulp 
[ustry df A. Ahlstrom 
;eyfctia had.a computerised 
rStein in operation ;at Its' mins 
!y 1969. 'It has taken some 20 
r ian-years to develop. When 
Ians were made for a fully- 
ntegrated forest industry unit 
P t Varkaus they included a new 
nd greatly increased automatic 
■ontrol system covering the new 
*aper mill and therm o- 
nechanical pulp line as well as 
he existing production plants 
n the Varkaus complex. Draw* 
ng on the old system for both 
*quipment and trained staff, the 
iew control system took “only " 
15 man-years to finalise, 

“We believe that our com- 
puter system is unique because 
t is integrated," says Mr. Olavi 
Lehtikoski, manager of Varkaus 
Paper and Pulp Industry. “It is 
a hierarchical system that 
operates on a real-time basis. 
Real-time working is not un- 
usual in process control, but it 
is when applied to the whole 
production system.” IBM and 
Measures supplied the com- 
puters and Honeywell the 


instrumentation. AhlstrSm itself 
did practically all the total 
system software, that is, 
designed the whole hierarchical 
system. - Sub-systems were 
bought from IBM and 

Measure*. 

Put in somewhat simplified 
form, the Varkaus system 
handles different types hf data 
input simultaneously at three 
levels: process control, produc- 
tion control and cost and profit 
analysis (management informa- 
tion system, MIS). Linked to 
this are the automatic labora- 
tory (Autolab) instruments for 
quality control that must still 
be fed semi-manually, and, at 
the other extreme, direct line 
communication with-'-Finnpap, 
the central ‘sales organisation in 
Helsinki. Thus, the main pulp 
and paper properties are con- 
trolled from the start, each reel 
of paper is followed from the 
winder through the packaging 
line to storage, and client orders 
are received and invoiced auto- 
matically. 

Five process computers feed 
information from the four 
paper machines and the TMP 
plant into the main process and 
quality control computer. Steam 
control is a major part of the 
pulp and paper production pro- 
cess and will serve as an ex- 
ample of how the system works. 
The machines monitor con- 
tinuously the moisture content 
of The web at set points and, 
when necessary, order the 
steam inlet valves to increase 
or reduce tfielr input At the 
production control level the 
amount of steam used par 
machine, shift otc., is auto- 
matically. measured and re- 
corded. The central brain, 


ISIS, records all these data and 
reports automatically a profit- 
ability calculation, for instance 
the costs of steam consumption 
per ton of paper.- ■ - 
It is not yet possible to 
measure and regulate all paper 
properties automatically, for in- 
stance the colour of the tinted 
paper grades. Hence, the man 
at .the machine takes a 'sample, 
sends if to the laboratory 
through the pneumatic tube 
system^-just like the system 
that used to operate for bill 
payments in large department 
stores. A laboratory assistant 
feeds the sample into the right 
Autolab machine, which in r 
staptly reads off the tint values 
and! sends them through the 
TV. circuit to the man at the 
machine, who makes the neces- 
sary adjustment in the dye 
Inflow. . 


Storage 


The; central storage of this 
constant and rapid flow of 
information is the management 
information service corilputer. 
“Die entire Varkaus' forest indus- 
try can be controlled from this 
centre. In the other direction, 
itx line to Finnpap, the Finnish 
Paper Mills' Association in Hel- 
sinki 200 miles away, which is 
the marketing organisation for 
most of the papermaking com- 
panies in Finland, is used for 
; taking orders from a client in, 
say, .the UJL With the data 
stored' In its memory, it makes 
a production plan, sends it to 
PM IV via the production con- 
trol computer, and the order is 
followed all the way through 
to the paper storage and re- 
ported badk to MIS. 


MIS informs Finnpap when 
the order is ready for shipment 
and gives it the invoicing and 
other specific details. Within the 
mill area, an operator calls the 
computer, receives on a terminal 
the full invoice, copies it and 
sends it to the client in the 
U.K. Nor is that the end of this 
fast-moving process, for Finn- 
pap has direct line telephone 
communication with Lamco, the 
paper industry’s sales repre- 
sentative in London. 

Computer control systems are 
not cheap to develop or install, 
but their benefits are consider- 
able in saving raw materials, 
labour and other costs.. The 
Varkaus system gives accurate 
readings directly from the pro- 
duction line. It is fast It 
eliminates the need for a 
reporting department The 
state of a particular order, even 
a single reel of paper from one 
paper machine, is automatically 
fed to MIS, enabling it to trace 
faults, quality defects, etc. 
Computerisation has played a 
major role in achieving the 
targets set by the Ahlstrom 
Board when the Varkaus forest 
industry expansion plan was set 
in motion. The number of 
employees is about the same as 
it was in 1970. Virgin fibre con- 
sumption Js back at the 1970 
level in spite of the significant 
increase in production. OF 
course, not all these gains can 
be credited to automation. For 
instance, TMP is a higher-yield 
pulp, the trend towards lighter 
grades of paper has helped, arid 
so on. But the continuous 
control of the production 
processes and quality and the 
instant availability of essential 
information to management 
have played a vital role. 


23 



mmpmm machine 



Main data of the Vaimef Sym-Concept machine: 

□ production 550 1/24 h 

□ paper grades 35-49 g/sq.m. 

MF-newsprint, MF-iightweight 

□ wire width: 9150 mm (360 in.) 

□ design speed: 1200 m/min (4000 FPM) 

Sym-Concept: Turbo-Flow nozzle, Sym-Former, Sym-Press II 


rwv TAMPELLA VALMET VUAMETSILA Aim? MACHINE GHOUH 


Mirage 

VALMET Oy VALMET BUILDING SF-00130 HELSINK1 13 FINLAND TELEX 12427 VALP SF 



MEASUREX INTERNATIONAL Monks Mead House, Hare Hatch, Twyford, Berkshire. 






24 


Financial Times l^edhesd^' Janrary-Il 1378 


WALL STREET + OVERSEAS MARKETS 


Decline resumed after early rally 


+ FOREIGN EXCHANGES 


Gold higher 



GOLD MARKET 


BY OUR WALL STREET CORRESPONDENT 

A MODEST early rally nn Wall want if* push (his rate even gave way to afternoon selling „ 

Street today in response to bar* higher, possibly iu 6 } per cent. pressure. The Toronto Composite Street setback, 

train hunting Failed to drum up Thu additional Federal Reserve Index finished 0.4 better at 1.0 liS, Siemens Ids 

much of a following, and stocks credit restraining action comes nn while Metals and Minerals re- 
lator resumed their decline as in- top of interest rare worries Rained 5.7 at 83I.R and I'tilities 

vest or s reacted nervously to addi- stirred by a new round or Prime R u, .. on °' 3 ? to lfflLfiG. Ho wever, 
tvonal signs of credit lightening Rate increases from 73 per cent; receded L».G to «■», • <3 and 

by the Federal Reserve. to 8 per cent, and the Fed’s move f fanks G- 36 *° 730.t4. 

The Dow Janes Industrial Aver- 13 -T F ” d /l y I,r ‘ ils discount PARIS — Stock prices were 
a«c after recoverin'* to 7!KiS9 pate a half ‘Pomt to B? per cent inclined to make further progress 
tZu afro^h In 9 new. twn.vear Although designed to aid the in lively iradins. still responding 


•Id falllCO: 


NEiV YORK. Jan. UK Hold continued to rtae y ester- Japanese yen were fairly steady, ■* iw«ui« . 

day amid good general demand but The Canadwn dollar ttsed J ill- 1 p J 

Satrta»der. 15 points and a relative absence of sellers, slightly, to 90.S5} LA. cents from u^l!^ ; |^Sl7S.w m^ *lM^ W '!•• 


afternoon selling following the fresh nvemish: WaT Banco Santander, is points and , a relative absence °t ^tere, slight 
oronto Composite Strew setback. firmer at 33®. ami Banco Popular, Trading was described as only 91. OS} 

4 better a 1 1 . 012 . 9 . Siemens lost DM2« in Elec- 10 belter at 2lfi. were particularly moderate, but tile metal .gained 


tw o-year 


• Stock prlcu.s were to 30 pfennigs. The Rcuiilif:n! 

inclined to make further pro-re^ Authorities- made no ner taler 

m litplt' lpgf?in?. oril rp»:nnnrfm" . r-._ . 


Ml afresh lo 9 new Ik o-year Althi«u?h designed' lo aid the in lively irddins. still responding ieniion afier huvin- IlMlVsnV ;ivc! >'- * hi!e Hutehfson Whampoa 


T« f. 0flil t - n J rupJIfin <11 l»ci (.Till, ill* Iivtuirauv auu 

Public Authority Bonds In*: up Matb^J^rch To cm! ” nUemalion.il delivery, from the 

tn 20 pfennigs. The R.-uuTMm- 35? W ev *«“’ ™ninion level uT.Wi 

AuthnritlPS no «n- sr-lire- »*K W>i| aBC anfc.ll.iwrt.spci- pjij. cum, 

? *SS5£ TSTSSZ Trading was fairly quiet »n the 


DEUTSCHE 
MARK a 


tin the dav and making a drop of Pef, > “*ion unsettled the stock Barra's week-end speech on the \i ar k Foreign laians w, -re shghtfy PiCjted 

v -,0 nnlnts sn lar this owrket because of Tears that it governme majority s elccnon lov , er against the trend to 

‘The xysE All Common may hklT,per domestic ecnnomiu package. suTTZKRlWu Ka>d -Vila Navigat 


»wr. me -'ll -wim.i— ■ , , lh 

Index finished 28 cents lower at ■»' r "™- . _. 

tin rr ufr«»r an M ri P imnmve- . American Medico rp. the volume aT . 


Foods had Carreroor 45 higher pr^Uoiinilri^iVci"' ** "' ,ode! ' T tBI |, ;o sHIvS 05 ah 0 ud of the dollar. touchuig”a best level of [ 

a i Frs :T SO - ^ M h ' ] 5 . "“Scot Bjmfcs, huwever ucre -trady »n‘cr:m .-tatemcni. due to-day. M.«f225-l.!«i3.i in the morning, and an-i*! 
Wcheflti^ "R" °moved^ahMd U ^ C- dsewhere. Landis and fiyr TOKYO — Share price? came » low point ‘.fSlOlfiO-l-SlTUw 

FiS 1 *? BIC Ifi to Fra 5 fts''and Re = Js1erTd Participation back on profir-uking and liquidn- ,iK ' pou " U c i os ^ \A 

SKtisn IP FWI70I Cenilicatcs ro^ on active demand !lons invading issues following « * M1 *” *2* "ul ? f I 

immune* j.j to its.hui. on u* planned capital iixtcm. last week's rapid rise. The P° ,ni * ° n , j hc d *'- v - , lra dc- SR, 1 L - 

BRUSSELS— Prices were lower Onrge Fischer. 15 U p at Sw.Frs. Xikfcei-Dow Jones Average fell “^ !, S htt?d Index against a basket jyjg JJ 

for choice-after fairli acme 715. also resisted the downtrend, id **4 * to 4 Jlffi 4B with volume u f c “ rr “ nc, , e ^ ®? Mlcu aled 
trains. hut. Ciha Hefey were pr on,.rcn,!y am OU nim a To 240m st^lS En « ,and ' MI to ™ ? rilBBjrN 

CBR Cement fell 16 to easier at Sw.Frs. 1 . 130 . down 3a. <s;j 0 m » fr ^iS ■ 5 j . CURREN 

B.Frs.lj202 and Perrofina 40 to Domestic and Foreign Ronds p . p | . Tnc jndev stood at Ga..i at noon _..... . - 

B.Frs.3.flfltl. but El eel robe! rose 40 gained ground in light trading. ^ m ^ a-S ,n , 1 ,i r *55* l 'S' „T faE 

tn RFr*i»r>Q COPENHAGEN — ficserailv and t-imera^ retreated in ine dollar's trade-weighted deprecia- 

™ iss^-s-ss- ^ iff $sr%F$z ga» 7 . ass ir- _ 

nrescr/rd = JR “ W» •«* “„« 7 P« lr " m *« <* r g— .y— 

.AMSTERDAM Shares tended rail5hS”^’ ”l!l:hi?y‘'more Poee. Pta„t Equipment issues. Tlie I S. currency lost ground 

to ease afresh. active trading. however, firmod in anticipation of against most or the stronger . !tJl ^.r 

Hoogoveos. m Dutch {o'er- Pirelli improved 1G to Ll.stw active capita! outlay by power un ‘ l -s. It finished al mui-h *mnc J 

nationals, lost Fls.n.SH. but Royal ani j Sofa vhran 7 to LST3. bul firm« DM2.13BU against the D-mark. ii M , :V |.,--.. l »rk 

Dutch, against ihe trend, added ItaJcementl were 7 cheaper at JOHANNESBURG -Golds im- ft SffLTifL 


ill* 173: f««.sn exchange market, with 

40 Cflt Ub 1 * 1 currencies remaining fairly 
-he tn. nd to -UKG.40. steady. Srerhng was quoted within 
East Asia Navigation receded a a narrow range against the 


Frs.IJSO. 


Peugeot 


23.18m. shares against 27.99m. 
yesterday. 

' The Central Bank entered the 


ll r , rS ^ Un ; r ^ USSELS— Prices were lower George Flsrher. 15 up a: Sw Krs. \ikkei-Dow Jones Average fell 
changed at S14 and TWA cased Tor choice— after fairh auliitt 715. also resisted the downtrend. - 1^4 . u 4 jjfiS 43 with volume °S 

' BnSr another take-over aw “*■ - - - »moum.n« to ' 240m. shares & 


market to-day to drain bank re- aiitl_ also active, advanced Sl» to B.Frli'lJJOS'^nd* Petrofina 40 to Domestic and Foreign Ronds 

$34; — Ihe company said it knows B.Frs.3.flfltl. but Elect rebel rose 40 gained ground in ligiu trading. 

TUESDAY’S ACTIVE STOCKS of n « neu developments in pre- ^ R.Frs^i.920. COPENHAGEN — Generally 

< 1 «na^ viously reported acquisition talks *: K r„ rnnrl ninth and r S l°«cr m moderate dealings, bu: 

Aiu-nc-n «y> v* — : - : . . . Market Llold Mines were higher. MILAN Market preaen.cd a 

Bnrtrf . . l-s: nirt -t; value index ended ».9R weaker — mixed appearance, with selective 


to easier at Sw.Frs.1.130. down -15. 


AMSTERDAM 
to ease afresh. 


sto-.+n nosirw os with an unnamed company. CT" ,„T, - 

:r?diii on-.v day thf tMFRiPiV ' ,,-. 1 ,-, stocks fell, but French issues a, 

.tn.,nc-n:j-j*,erp. i.*: - : ™ la , n „ ‘^Y , S, AIar £ el Cold Mines were higher, 

nudit . . -in nirt A'= -n value Index ended U.9R weaker c . , . 

rtann-n ?i9»m r.. -11 at 120.15 after trading volume of . AMSTERDAM .shares lendi 

pia.-fc i. D.ik-r i-*.wn 14: - : 2.58m. shares (2JtSm.j. to ease afresh. 

ibm 2«7 - 1 ; Hoogovcns. in Dutch Inu 

;«1£ r I = nationals, lost Fls.n.SlJ. but Ro> 

L-"on :. .. ' !«>*■ «: -li OTHER MARKETS Dutch, against the trend, addi 

Norton Simon . H0.4«n » U,nt|1 WlMKIVt I d FlS.0.70. 

Rnii^h patrol, um i:°7n.. r. s - - — Elsewhere. OCE Grintea shi 

— r otl .j„ I*— Fls.lJJO and Ahold FlsJ.fiO, b 

serves v.hen the key Federal 1^311303 UTCgUl3T KLM gained FlsJ&ZQ. 

Funds rare was trading at B: per Candian Slock Markets finished Stale Loans weakened, recor 
cent., and money marker analysts on an irregular note yesterday inf} losses extending to FIs.0.70. 


123031.1 

Export - orientated El 
and Cameras retreated 
wake o? Wall Street’s 
overnight fail, with TO 


«IS SEP OCT HOT BEC Jtf 

CURRENCY RATES 

'Special - Jftrtweu' 
■ Drxwin* Unit « 

aghu Amxhuu 

'4aiimir> K' luiiat) 1‘* 


4.43 per sirriiitK 0.689875 

l : .8. . 1.20810 . 

ground csim^iisii 1.33000 

sOwneer *•8....' 18-5635 

IS-.*.-'. 40.0878 

Shed at jhujqh «i.>nr . 7.06020 


Dutch, against the trend, added itiTcemenli were 7 cheaper at 
FIs.O.iU. L9.460 

Elsewhere. OCE Grinfeu shed Bonds were irregular in a 
FIs.1.30 and Ahold FlsJ.ftO, but quieter business. 

KLM gained Fls.2u!fi. SPAIN — .After last week '.4 do- 

StaLe Loans weakened, record- pressing performance, the market 


proved 


compared with DM2.14 Im on Mod- Uunii K .n Fri- 
day, and Sw.FrJ2.0OS5 in terms of J'i-si -*i ir*n - 


trading I the ' svvisx franc, compared with l! 7 - 


may after 


Indices 


mid-marnino recovery’ GERMANY — Easier on balance Index 


N.Y.S.E. ALL COMMOW 


a rally with the Gerterai 
regaining 1.32 to 9S.90. 


Siam and Falls 

In. 10 Jan. • 


NEW YORK -DOW JOKES 


nn-ic 

■l*a. Jaii. Jau. 

5 4 5 HfciJ L 


:.71ncemm {iiiaT u.n 
Uijsh Lin 


Jan. Jan. Jan. -Ini. 

10 4 r - H«li 

4B.7/. aaja so.64 si . 26 nxi 

:* 1 77 


Gsti-i IxadW ... 

t,.* l.'iw-i 

.. Fall- 

49.77 I nHjanj.f-1 .... 

,\an Hiali- 

.\ei Lun a 


•nera « ®ff va Tv, .0 - 1 l0 . “sL-'i Fls^945. The French franc and ^ 

ACM De fe ‘f IS cents lo R5R7 

9S.su. 3 f ter the CSO diamond sales V- 

Ggures. 

AVsmAUA— Both the Indus- EXCHANGE CROSS-RATES 
trial and .Mining sectors lost 

SEft \£S£% 2SL2V 

cents to SA7.50 on the Bullion y.-aaktun.. 12 . 1 * 0.73 «h. awa'fi.« 

IW4 price rise. Xi* Y-rk. 1 st.t&l* . 4 . 01 : 

Dealers said Uie decline was in ^L r ’SL‘ u -“ 

?*? rui-iAn Hniw*.'.*. ?>.* SS- lW-Sfe i.NLOi 


2.58860 

2.73319 

5.71794 

1057.15 

291-756 

6.20722 

97.79*5 

5.69378 

2.4867* 


0.533*28 

1.21*84 

1.33714 

18.6713 

40.311* 

7.10889 

2.60926 

2.78787 

5 74803 

10823)7 

293.174 

6.32881 

98.2725 

5.72198 

B. 44905 


U<(ult>h AnMl’ilm 


.£90.40*, i<£87J|98i 

AU#*tt*«if« 1 sXl73,lfl ", '11TOJ28 
C90.1Z3I . :.«ae*M3i 

ti..M r<un. 

ihimpKira;:*- - 

Kiiiacrninri.. SlTBU-lBOIl 51761.-178 
iCHMi lAlk-Nk' 
ManSkwcBi. *5*1* B4t« ; foil. B3J a 
. .iW7W MU«) iC27.28i 
OM 161 VB3V 

c27-88i oa7.am 

RnM t.'fiiiu 
ilncrHuat’liT 

hraurnsihl..' 3178U-180U 3 1 76 1 (178 
... £93-9*1 . miltOtit 
V« Untfim raa^i S*H 558U-8*V 
,'£>7ic-2*i«| (S87li|-2Qja 
tMd :*nr'atirS81li‘55lt 3514*833? 

<£28N-27J«t (827.98V ~ 
tmi Ifaftl w ... 3853-856 &B51BQ* 


FOREIGN EXCHANGES 
~ - m« riw* utter 


>ro T.vb . 7 Crkaiff-IJUa l.tMft-Ut 
Vtunlnwl. 7 1(2.168#. 2,1 IRt.LHOM.U 
A i'.i»tr whin 41, J.364.J2 4.&8;<JI 

HnroaSa.. .. 81? U.«fi «.» 1 HJW48J 

i ilirarMRen I IM4.-it,t 

Fiaiikiuii I 4.0ti 4.K ‘ 42#fr4.tt 

I. I » . ft. 16 77.88 : 7/JO-IFt 

MaiiMj. . _ 1 a iu.tt-tu.um.a- in 
Uilau .. .. .. lllj" 1.878-1.882 ,1.877*- 1 

6 - 9.tt 1501 5J3MI 

mr>«. . ... - 8)2 8.87-1.88 l&7;6.tt 

NI«k-l)i»V|ii.. S . ltt-7.07 1.891 8 JC 

Y>‘Uvw n . ..• *r* - tti-JN' ■ <821-484* 

Vienna SI-. 29JS-S8 8B,; 1153*11 

/urirh 1 II;: 3.54# *.|7i - Att3 H 

tUlr-. aivco an* lur nuncrTihb* (ran 
K'namial (ran' kj 4B-U dA. . 


OTM4JI HAH Kim 

YiSwhaliw'' 

Iraantina. 1178. 14 M Vrarniina. lIU !f 
\«i<*raui.. 1.8715 I.B8&8 \mtrta.. ...* yitii 
Km.-tL .. .. S8.8S 40.82 Rrltfinm .. 63*4. 
Finland... 7.J4 7.78 Bn«ll IU 
ItiVfc-r etAU-TO.IMUiuila £11* 
tli-ng K’n* Mtti-Sttj, lVntnuJi.. , ll.O&Jl 
ti*n IBS U8 t’rnr. .)8,ffiL 


*h. ElW8 1 fi.«c.4ui A.IiV-ll? IW.Aj-i’.li v inr ^i, irwiiMi i-iti-mbt < Mt 

s, - ii “ •»xs?igaK fisa -aits 


503 -~ Kw>n “ recent -ains and on | 4llnlrll 4 . 93 * 10 ; l.sis*J-90 9jl7<438j si.-o.Ki - *.58*^1*: sjnh \n*i. win Vriueft'n.i m2 

13 concern over domestic interest An .« .imm.. ie7. lie l*> UMOHI U.W milra!fa«4j*^40to wS 5* 

16 rates and exchange rale policy. Xnri.ii. m.imi 39 *.: -waJOtit E7>*33 s.Atn,-* l.» 2 < lbtbi P. ni«»r.‘ - u« 


M-J-Liti SAfla-iYrc aio.rt.Vj0 2.14.1W»J 
r.t.s#-»vv U.«t ta . itUJ*4 
KirJKi - 


Usla.rda .. 4 A*. 1 4Jft I Inly 1710-9 

\. ZnOauil 1.8758- 14947 Japan. .. 489 41 

ShikIi trail &.U-G.89 VriUerfmi a304> 


H0MTKEAL 


hulu-vrul . 131-53 7H.5S 733.49 804.92 013.58 817.74 >(*.75 

J t'iii 

H'mfH'nil*'. 90.16 90.15 SD.52 90.78 90.86 90.75 js.b/ 

•I "i‘ 

Tnnwp.in.... 205.74 206.61 210.17 215.97 215.45 215.77 24'i.b4 
, :lf.t 

1 utilie* 197.04 107.50 109.24 110.52 110.75 110.35 115.67 


Tra-iing »«.i 

v«r- t 


25. 130 2 7.990 26. lad 23.570 24.090 17.720 _ 


Ra- 1 N of inclU KwniS-fl from (UiillAl 24. 


Ill'l. in. y it-"-J 


701.53 1051.70 41.22 

ilO.ldSi flLlMJp >2. 7/i2i 

30.15 - - 

(3.1.7*) . 

I Jo .Oil 1 27M.8B 15.23 

-2S lOi ■ iIi2i , G9i 18,7 321 
1 U 4 .S 1 166.52 10.5a 

i2£«i i2D «.wl> ■28.'4)42i 


Li' m:i' ia|<|ini\.' 


JlMu«nm 

L'-miljiaeii 


160- 18 168.25 159.75 171.69 lat.<7 iti.Ji 
174.85 174.06 176.59 I7d-61 187.96 >»a,i7> 


153.02 . 2: l-' 
165.60 ."If ro 


16 rates and exchange rale policy. 

— Bank or NSW receded 6 cents 
_ to SA5.34, Fhmeer Concrete 5 

cents to SAi.Jj. u nd CSR 4 cents 

— to 5j.Y2.9-i. while Minings had MDT. 
SA2.73L and CRA. S.\223. each G 

u ' cents down. 


TORONTO tomp^iUf 1012.9 1012.5 1022.9 1030.4 1057.4 rfcf'ii 

JOHANNESBOEG ‘ 

. 210.2 200.0 200.7 204.1 214./ ,1i lO. 

Iii>1ubiriai* 213.1 213.1 213.4 2I3.D (14.4 ,4,17c. 


I'..-. S m r.i-ixd«> I'.S. 5 Iij3.fi RJJi.tiuJi4n >«M«. 
I’un.iaii S in Xrn Yiii-k i. AUS-Wimi*. I .>. X in Milan 8Y4.6Pc.2i 1 . 
Mrrifne in Milan ISU.ivV 


EURO-CURRENCY INTEREST RATES^ 


1 *. >|-irr. . . 159* 

('aiuiia ... . 'Snitt'Unil t|U 

« 0i. ... !..?<.„ ... l.sCj 

I* S. coots. K44 80.07 .X'u^.nUiiTB. 37^0 

Rate sivrn (or .\rcrmnu Is Im rai 


214./ .If- 10-. 

1 14.4 .4,17c. 


I39.« .2; - 
163. 1 


Jnn. Pm- 1371-73 lWi-7i 
10 iiKjft High l>ra 

AnsrraVia i*; 461. IA 4*\.»l 4'id.4» »lrj;a Bnun 
•3'1 -iZi iK2i 

B«unum u 91^2 32.22 ie.12- 90.71 Svedi 


Tra- i-*ii-T2 
vi-m» Hi-.-. 


STANDARD AND POORS 

Jmi. -tan. -Inn 
!■> 6 


Belgium t.i 91^2 32.22 99.12- 90.71 
• fU»U 14G.I41 
Denmarkf*' ai.fti 95.15 I0«.9i ■3;^4 


Jan. -Jan. 
4 o 


>ini-*r lomtiiia* n 
• fligh ; Ijiw 


99.27 99.00 100.00 101.97 102*1 103*2 114.92 98.27 , 164.(4 1 3.52 

.(3. bin ■ 10/li75ii iLl.UJi (jOiKiiSi 

90. 17 90.69 91. 62 92.74 95.52 93.92 1D/.0I) 90.17 125.83 4.40 


France *ft • 52.3 =1.2 
Geman7<t=i T9=.4 yseje 
H oUand !»i • fc*>.3 cO.7 


i9(6i lb 

M.4 43^ 

iJ.ti ilj.i?i 
ilija 
ill ill itJ.?. 
Si.i. is.o 

(4. Cl .£3 0. 


Sweden 

„ . ft' ■- rent*. dDindwW alter m-nduitf rights Euro- Knud) dipoat tatua- inoKli 

Swuerl d • dc9 il*..: ^*-i im or sen# fcsm*. ** Pur share- t francs on>.--Tnanth lQt-tol nor cvni.. uscmw 

it* li, ~ =■ o Gross, dw. ■». I« Assumed dividend after com.; one year Uin.-ljjio per uiaL 

■- ' — 1 ■■ >f!> and or ricAh tssoe. fc Alter local LanB-ti'nu eurodollar denostts: nc 

iudien aod base dates ialt d»i- raiues ' ar ^ s - ™ tax ire,’, n Francs: Ipctmtiofl rani : tour j rs s;o>; per ccbl: fire y 
LOO tsuiTpi NYSE Ail Common - a# I®*® dr-‘- pNom o Share split, s Dlv. The (oltovritlR nominal ratus were i 
SiandaiUs and Poors — to and l oronto a™x»li! exclude ■ «m<cial oainwnr t IrtdG one-nwnih 7.n»-7 jn per o-m.. three- 1» 
aio-l.uoo. ilu? last named oased or. tJTSi J'J™ d»v. HCiwnreial trading, r Mlnonrv cudl: onr-rcar r.W-r.W per cent. 

» Eaciudlno Bonds- «fl Irtrtujinals » f lL,rae ’l rt-ndwc * Axked - Rau-s are nominal closUur rates. 


oi.li =ai Hi 


ia6.4& 41c.es JsS.tl lot suspcdMOT 


NOTES : u-.i-raeas pnera stnun bt-lou- 
.•iciaiN- £ oramium. Hcl»an dmduafe 
arc a(P-r wi;hho!duu us. 


4f Pras.3M itc-aoui. nnk-ss OThonrue srati-d. 7 ihiy 
A fir.lQO dunlin, nnfcra* othennse staled. M-.-ni) 

I C Krs.SPO dencm and Rearer shares Three 
onV.-a tuhnrvHe «;a*.ed. * Yen j0 tan Ms n. 
unless o’Jh-rwise stated 5 Price ai rime Oovii 


ii Schilliaci | 


Jan. 10 

'■terlnift 

Uni Ear 

iir.4. Uellai- 

(•UlMer 

franc 

mark 

T!>ln*rt lerm... 

6is 6.s 

67 

"'’bTr-T'H 

Sta 5 jj 

In-an 


2 .’a-S 

7 ihiVH nnl n r. 

61; 6*1 

67 

1 6 -fl 7 ig 

5 M 5+i 




MenlJ. 

5. -5 ; 

6-8-7 U 

7-7U 

53*. 5*a 

1 .*1 -R 


23*-2va 

Time niroiili*. 

6..-6.i 

67* 71g 

7Sfl.7»s 

5*i-5 j? ! 


1 i 

319-2.2 

N\ ItiMlllllV . . 

6.7.. 

71 R 7l- 

\ 7S#'7: B 

5Nn-S'»s 1 

1 Uj-la 

4 1 

S-3U 

I'lK- )t«.. 

7'r. 7s* 

7i«-7ia 

» 7VB 

53*-57a_ 

2-ai 

'5 j 

5l-j3U 


FORWARD RATES 




I Euro- Knud) deposit 
om.-Tnonth lOMOt per c 


■ 7 i. I -r 4i I s ! ai,2 a >rn Y.*k 0.18-0 JO riw D.dO^.tW c, 

' ; 57J.1 » vmiwl 8-tto. 13 aaao,wr.. 

!- T 1 S. 7 S I iS-Tic 5 Mi-S* 6 1 lU-lirt f 3-3U B ' ’jT 

it rates- t«o-day 9J-9i p* r evm.: xoveiKlar 9i-M Per cuflt.: sSliIsV, 1 !*^ 'JCKJ^ftOO r.^S 

cvm.._ mrremntttli liSih-LSw. per vxiu.i slx-mamh Q-Bi prr yi^Hil . . 90-160 r, ills ;*30-Saahri 


14 -30 I in- >lis 4046 lira A 






<3 1.771 rlurl r7Si «II 

l.7ai ilib.Jifi. 



Jan. * 

lie.-, a 

lire. /I Year *".» ropprug.i 

Ind. 

•in. vieM ^ 

4.96 

4.90 

• 4.99 

3.71 

Iml. 

P H tfatui 

9.01 

9.13 

! 8.97 

11.36 


Hone Koue 390.16 391*7 *iU7 30:-'3 ! 4«l Inds.. 46 tiuUUui 49 t-Qanur and! l Traded . Seller ; Assumed. | Shori-term rales are call for stnrbns. L.S. dollars and Canadian dollars: two 

,*«■, ilL-ej i4-( TEi S 8 Transpun. if) Snmry -V!) OrajvrtJ npnts. sd £x dividend. xe Ex 1 days’ notlra for nuildi-rs and RwlRi frann 


Betaian SE 31/12-61 f—i Copcolueu ■ w ' r, a ^sspur. xa Ex all. a In reran since | 
SE t/l/73 117) Pam Bourse :9-i| increased 


Lwiu tuiiL BiiimI yiglil 


i. ii ».«a K)J6 5o.il o6*l) .. Betaian SE 31/12.63. t— i Copcohaaeu „ Tl p j 5 ? 1 " “ 

tali iS2-1i*> SE t/1/73 tt7) Pam Bourse :9-»t increased 
toi 370.71 372.26 330 Si ii^.43 »m CommeraianJt Dec.. l£3 ii;i vn.>'er . 

f®.*) i *'4 1!: dam Industrial pfiO iSl) Han.- >t-ue GERMANY ♦ 
, 26Z.cZ 262.C0 2fi?.i'a 242/fi Bank 11/2/84. 4 ;il|l Milan 2'1*73 up Toir.-.i 
I*. i ,29.8i iS-pd New SE «)|.*69 <h‘ Straits Times IMS ... 

' to Closed. <rf) Madrid SE M# la-n -ci 4 “' “ 

Stockholm Industrial 7/1/3? it> Swiss 
Rank Core 31/12/35. no Unavailable 


/iirieh .... BU tUe. i*tii 5Ja-4J|)c. pq 

Six-month forward dollar fl.9H.B0c « 
12-mmuli 1.23-l.ak dla. 


r29.3, i--4 M: 

Singapore az.cZ 262.00 2AZ;x 

i3l 1 i29i8i iS-ad 


Prints +or Uis.YM. 
Dm. - % 4 


(TOKYO ] 


A KG 


OVERSEAS SHARE INFORMATION 

fclClBJ V/7 PI/ t Jnn. Jan. I Jnn. Jan. i 

NtV* TUKR Sd«-k io a oict. lo i -Si. 


Aljbiit* Lil«....rl. 52 
Aildrera-«w«[ili 1*U 
Aems Lite * Cam 34 

Air Prodm-ts 2*1 k 

Airov ...... 33 i c 

A hsui’Atu minium 24sj 

At-uL - . *2. s 

AUechen.T Unl».. 19 '4 
Allegheny Power 2il 
AUuelCbeniU-wl.. 393s 

Allied dtureb 20 U 

Allis L'halinera... 23 U 

All.VX 3 *)b 

Aiiieraiia Ken-.... 25 U 

A 'tier. Mrjlue... 1 9i\ 

Amer. branil-r ... 41's 

Anwr, llwilS't. 3Bis 

.liner, fail 37 

.liner. Cm Da mid d5U 
.liner. Kler. P"«. 2*1* 

Amer. 6)piv»... 3* 

.1 mer. Home Pmii 1 27ij 
llliei. Uaeluai...' 17as 

Amer. Mrt»7> 4W 

Amer. Anl. fin.. . 43on 
.liner. awnHnnl . 34 

Amei. Suite* 29 in 

.liner, lei. A I'el.- 58 Ig 

Aineiek 28 >4 

IMF 161* 

IMP. 25* 

Annex I 

Aii'-lmr H«vkmj{. 27»» 
Anlieu>el Bun-h. X 8 "a 
Ai-iilh $LerJ- ' 263e 

l.-f.A 2 7 id 

A«anien« nil • 9 

.Vuireci... 14 U 

.libbuht OH 2914 

All. Ri-.-hlielil 471* 

.lulti Data Pin.... it 6 »i 

Alt 10^4 

.Min 153s 

Axi<n h'duil*.. 46U 
U*n On» Wei.... 1 i 5 ii 
Knnk Amenca. . 20 

MMiketi li. \.Y. 34 
Uni Tier till . . .. 281 a 

Bavicr I wieiiiil.- 35 U 

Beal i-i'W 24' 4 

Be -km l>ii -lea * hi 31-U 
Hen i- Howell. ... 1*U 

JJendiv 36 1 n 

HeiLfuet Lou- -B‘ 2 '1 

Heidiehetn p'twi. 203s 
Muck a l*ei-k«.-r ... l*ij 
IV-eiua 25 ij 

X.R-'waiXe 261 a 

HnWcii 30ie 

Kora Werner .. . 26 U 

HihdiII lui M 

Hismh "A".. 13 U 

Brisuxi Mrers..... 31^4 
Mn«- Pei. AUK.. 1544 
Brocksray Glass— 291* 

Bruorerlck 154a 

Bucyrns Brie. 1 lSTg 

Budd - - 34?e 

Hi 1 lova IVaich .... 5 ‘a 

Burlington Ntbn 38)2 

Burnmgku 67ia 

i.amphell Snip-. 32U 
I'A&idiUi Paid Re 15 1* 
Canal itandolph.. lOJa 

1 'arnax.ioQ 285 b 

earner k liencrml 12 U 
< 'aner Hhu ley ... 17 "h 

talerplllei Traci » 521a 

l BS 47ie 

lelHeM , li'nu-i 39 

Central .t 5. IV I5sw 

Certuiniecl 20 u 

Cessna Air-inll 30ia 
Chase Manhaii an 27 So 

i : hem ini l Ilk. ,\> 39/g 

ChorebrjiU IShui ., 2 1'« 
Cliesaieh.vaCeiii...: 32 
ChvXRO Bridge...- *3 

Clirumalhxv 14** 

Ui«7fcta 1 2 J * 

Cine. SlilwToii... 37i« 

Cineorj) 2 lte 

i II lea hervi>-e * 8 (b 

tin Investing Ills 

CiKwCvia 36 i H 

L olgn.lv Paliil ..... 201* 

• '.•OM* Alkiiusn... IO^i 
C iiliiiiil'la lias...... ZBU 

Coliinihu PIct — . J5'i 
Com- 1 nsC-M-IAiii. 15 <h 
» KililxiatiiHi Bug. 55 'i 

l mnlH&Miiil h|... 181* 

i "iii'xv'ih hillaou. 273j 
( om'w th Mil He! 21* 
Coni in. SsteiHo.-: Z9ia 

CoiniHUeneletMe: 8 V 

CtUirar - 20‘B 

C*hi- KillnOU A-7- 237s 

*.mi«nl K««»hx , 231 " 

(*miK«l AmL 41 U 

t . Hi*timrr |4»ww Z3lj 
(..HiCllieniRl f a H'-- 32 
omiinenisl ,, d— 27 >s 
l mil menial roll*. 1 * ‘ I 

ti-iiiifiH Ihiia 261* 


’* Li.-ruiufs Glass.... 48 

OH; lin'n'riijrjni **U 

51*4 Crane dSU, 

141a ‘.WkerXai 231* 

34l» [ Gniix-n/ellerlwch 32 
2*»* iLiioiniin-* Engine 355« 

34i 4 Curt Mi i K In 187g 

25 

42>i I ^ >Bn * 22Sa 

IB u l Lhlrt lil'liittries.. 3*1* 

2u ' Ueere 241 b 

394. 1 UelMonie ' 25 

20 n ' Uelionit 53s 

23 il Mentaply Inlet... 781* 
541 . I U'AmH tullsun...' 16 
. U iaii n -rril ->lm n i rk 27 U 

_ > lii'-iapUuoe.^ ll-U 

»'« ! Ihgltal K«|iitn 44 1 2 

bbJ i Ui'iiey iMall).... 361* 

zSf 8 ! IhixerCvrjiii ....... 38 

3 ' a < ii, ib cheuikwl.... 251* 

S* 1 < I'tw-wr >-• 42s« 

*7 I Tin IS.ut HU* 

“2 Uvnu. Imliisine-c 12 Sb 

K:» (Kauli-I1.-I.ei. 181* 

a-" ! Kaai In-Ini'* 6U 

j Kart man kolak.. 50 

29 J 4 Ll.,4 1. 17 

593* I Kl Puna Nat. (in* 151* 
3BTa tUrra ‘ 265 j 

161* i Lm«r>.-n BioMnc 32So 

25 1 « I Knien-.Ur Kr’ghl 38 Sg 


Knihnn. 

88 ;* 

b.M.I ; 

3>z 

b'ouelbnnd i 

25i s 

Kemnrk ' 

2 Vi* 

Klhyi ' 

19V8 

Kxson 

433* 

Fairebildfenierai 

83)* 

Fed. Uci*. Storeal 

3bt>a 

Fireaiunc Tire.... 

15>r 

Frt. Nat. Braion. 

241* 

I'lexi Van 

' 17 

Fllntkuie 

187* 

Fhiruta Pnner 

321< 

K.U.L 

207g 

Fnnl Mutiw.. 

42ig 

K. iien 11 -si Mck.... 

1 /It 

Fi>xl>.«i> 

399* 

Franklin Mint 

7 M 

rrecirf.rl Mineral 

lflfrf, 

Fniellmll ; 

25 J i 

Fai,iM (uiluftinei" 

81: 


109* 

liauueti. 

39U 

'ieu.Anier.Jn _... 

IOJr 


35 

lieri.Libie 

116* 

Oen. l)\iwniu+... 

41 

Don. Kla'tri. ...... 

■47 

I'nirni F>x«lx. , 

20 o, 

liunenU Mills_.... 

Z 8 I 4 

'■ enteral Motora_. 

58 V, 

Den. Puli. Lid 

UO&R 

Den. dutnai 1 

261: 

fieu. 'lei. E 1 euk_.! 

30 

Den. Tyre™ | 

231ft 

Irtoow 


Unea Pai-ilk' , 

25 1 , 

Dew-v Uil — .....4 16 b 

liiiietle 1 

23*, 

DuodMi-b F.F | 

191, 

r.ffuMlvenrTkre,.,. 

1698 

Minie IV. K 1 

261? 

1 * 1 . Allnn ISu-lta; 

71, 

lirf. N-xtli lam...' 

24'„ 

i*re>liuiriiii ..1 

121, 


11*. 

Dun <>n : 

25 


601a 

llitiina .Mu nil"....: 

36 

llavuiwliiraer.-.l 

15+, 

Harn- l'ur|4) 

401,, 


JuDuslkai-ille.. 29>i 291* 

-Inbusim Johnson 691" 71 

Johnvm Contnn. 26 25 U 

Jo.vMnitiilaciur'g. 311* 31 la 

K. Mart Cur p. 25Sa 251* 

Kainei AiiiiuIdi'iii 89 J® 30 

Kaimr* liuiiistries- 41* *1* 

Kaiser fiteeH^ 23 U 23U 

Kay i 7 7 

Kennn-Uti 223a , 22 1 * 

Ken JJU-Gee 454« 45 U 

Ki.lde M'aiier 27»a 27 1* 

Kuril *ir ley Clark. 393a 394g 

K.iraier* iSlAf Bit* 

KralL 437 B 44 

Kruger Lu. • 346 26 

LnistmiiN...... 277a 28 

LtiiLy i Vw . Knod. . .. 25 U • 26 

Liggett Group....! 26Ig 86 ?s 

Lilly >Klii _ 37 36Va 

Idiiwn InitiMi 144 14 Sb 

Uicklieeit Alrcr’H- 134* 13 1* 

Line star ln>ln... 19iji 19 

Lnu t-larnl l*il- 18l|i 18l( 

UmiMaiuLaail... EOSg 204$ 

Ijidnuul 33-i* 34 

Lieh.v 8 i>.hv* 131* 131* 

L’kwY'uinim'wni a big 

MacMillan- ! 10I« 101* 

Macx It. H 371* 37 i, 

Mira HMnrtr..... 31 321* 

)U)xv 361* 36i* 

Uaratb‘ >n Oil...... 457* 46 

Marine Midland - 121* 12*4 

MarsUaJl Klei-i ...; 30U 31 >e 

May Dei*. Himes, 843* 24 U 

MCA-.,. 35S» 35St 

.lii.'JJertmiU. 53 U 553* 

MclAiuneli Duuc 261* i 25U 

.Ui-Graa Hill 17 U W'fl 

Memuiex 281* 27'* 

Men-K...... 531 a ■ 624* 

Mein 1 1 Lvru-h 141* 14J* 

Mesa Petroleum . 37i* 37s* 

MUM 25 ia 251* 

Almolliug&MLg. 46s* 46fia 

MnMi i'<#n SOI* ■ 60<* 

Mnnaani'i. - — : bl’i 62 

Moniau J. P 415* 48 

Mutotnla - 35*i SSl» 


Iteihuj- 40 >8 

Ueyitmna Metals. 30 
Keynotris tt. J.„. 5658 

Kirt'nn Merretl. 22 1* 
KoelCweil truer .. 29 

ttuhra* Haas.... 291 a 

Knval Uutch 65 1* 

KTK 125a 

KiiaLim IH* 

Rvilai-Hystem....' 135a 
-lalanny Stores... 391* 
5u Jue Mineral*. 294* 
Hi. I.'egui Kaiser... 30 
Sant* Fe liuls.... a7>* 

tiaiii Invesi 4L 

MAnnlmh... 48* 

S--hliii Brew m*.. 1 1 
Kelmimbereer— 68 U 

SCSI 165* 

dititi Paper 133* 

■xsjril Mr*., 20 

hriKir Uiwr l ew! bh 

aea tVraiainera... 23 

-x-sgrem 211 * 

Searie iG.IJ.j 13 

>esrs Kuehuct... 264a 

IKDCO 361* 

--hell Oil • 29 

hheilTranapmA... 39M 

Higuai 28 1 s 

HigmsleCorp.,— 369a 
HimpiK-lty I'M-] 117* 

Singer 19U 

smith Kime....... 46>* 

Huiiunu 1/* 

Southdown 18 

Southern Cal. Ed. 25** 

Southern l_o. - 17 <h 

mfan- Xau Kea...! 30U 
sou them I'fcviftu.i 35 U 
Houifaemltailwaj. 471* 


P l**K._ 

Investment premium based nu 

S2.60 per £— 664®o (6^1%) Barer. lerKHiatk 

Cihalm..\ml.«rrt» 

(.-•nmmlaaliM... 

Conii Gummi 

Daimier Ben/. 

40*8 j lVooramth 175* 17*4 Uegima 

301* rWytr - 012 0*8 Uem«a — 

5618 Xerox. - 450® 481* Deutsche Bank ... 

22 idapHU.. 17>4 165* Uras«lner Bank ... 

29U i 4«nith Itadtn... . 13M Idle Dycke/tu-C Zenit 

29 £** i Ljs.rnais IJIAK 1935< iioithoamma..-. 

I a.TrenrtiS7t.7r- fBlJ* tSlia UatagLiM.I 

64i* ] tjS.!*) 0*j- bills. 6.65J, .6-62% Rarpener - 

Hi-rehsl 

Hxesch. 

Horten 

Kali uiui s«lz — . 

Karwarit ..... 

havithra 

isHvkuer Dm IOC- 

KHD 

hrnfip. 

Untie 

D-n'nhraiillni ICl 

Luilbanm 

MW 

Uannesnsafln 

Melajlgea 

Munchener Km-k. 

Ae-kernmrui. 

I'miiwiji Dm IOC 
Knem U'M bleet. 
5 Derma ............ 

swinens 

sui iHf-ktr ■ 

I'hj’weo A.li... 

I aria 

' EBA. 

Verem A Wert Hk 
V nlfc-roages) 


4 ,iitn/ Vera Job... 478.9 * 1.9 . sl8 
KM IV — 226.5x0.5; ZO 


Memuiex 281* 27'* | aoutuniliatlway 

&^::: fill * TStTSssi* 

MgrtPetroieum. 37^ 375* K 

*'*«' Sfi- nSodaid' li read's, 24:* 

Mcuuuiire ; bliB 62 ShLOiIUli/orniH 36 

M.-reau J. P 415* 42 Sl.l. Oil Indiana.. 46J« 

ii • fSt* fnu Htd. Utl Ohio 66 

Murphy O.I 34l 8 . 35 a Stmur Chemtal. 

SSf® i%\‘ Hlerliog Drug ... 

.Nak-oC liemiral... 251* 2S1" aruclefcwkei 

, X alio uni On 15 is • 151* f? * 


X81* l l.l. Allan ISu-lVn; 7l* 

52<s I i.rt. -N-irfli Ihhi ■ 24-b 

47 i in-.x liuniiM 1 121* 

39 fiutl A WeM-iai...! Ilia 

lSJa I .<iir « **t ; 25 

201* Jlnlll.in lull ' 60 lo 

JQIji I Uiiuw .Mining....’ 36 

27'* llsmiv-iiitgrr. 1 15 ; i 

40.B i Ham- Cur) « ! 401* 

21 U jllelnrH.J 34 . B 

32 j UhuIiImh 24 1 y 

4|'tl iHi-sUrtt l-a.-kanl, 70 

J .,? 3 ( Kululnx 14 

aJ* H-wneNiake— ! 38 j* 

t H’MM-MM-II ' 431* 

?.?!• U— in 11 :o 

Hue, ■C hiu liner. : 23h, 
7”’" ll-Hi’-l.Hi Anl. Iin>. 24 

Hum. Hi.A..L !■■■■ 11 '* 

5, ilullini iK.K.i ll’S 

“i. l.« . 1. nUi.i 22V 

28 'a ■ Ina’-rrel Knn-I— ... 63 

151- JfiiHibl isi.<-J 37 <* 

ISh Im-iiiii. 131, 

361* 

18 ', liilcmnl KwnO'' **'« 

27i a DIM 267 

21 * lull. Flaviilira 20 i* 

29;* InU. Hnr vertex... 28 *j 

Big lor). .MmAMiem, 40L 

20tg Inti. Miillltnili-.. 2 iig 

24.U Iihsi- ’ 16 1* 

23>a lull. pR(«r 39s* 

41*i I IH - 26ii 

23ig j I uc Kent i tier 6i« 

3Zir In). Tel. l Tel—.. 30 'a 

2 ?U ! In*em — l‘i 

14 -i ltnrr*l'«>) 377 a 

36 n i til luiematleiul. 11 
42 U • .Inn Hull i 39 4 J 


NhU DtaUUnrs. . , 20bg 20 
AnL Sendee Ind- 135a 13 

Nat Ions) steel....' 311* 52 

AaiiuiMz 365* " 37 

NCK 37i* 37 

Xnptiine Lnip 15 , 15 

Nes* hncland Bl.; 22 22 

New England Tui 58 35 

N utgara AlobasrU' 15s* 16 

Niajjare Share..-. 11 10 

X. L lodurtrlea .! 17 16 

SonoUblWeatara 1 261* 26 

Xdrlb Nat. Gan— ; 38 , 38 

KUra a late* Pwrj 26^* 27 

Nthweet Airtlnea: 217* > 21 
Nt hires* Hancorp 2H* 22 

Norton Simon 19 19 

l taiilentai i'etmfi 21 i* 21 

Ojjtlry Mather... 37*2 37 

Ohio Kdlmu- 191* 19 

\>iin l&ig • 16 

Oi ersen* Ship.,.. 22'* 23 

Out-nal Hi-niiiH,,,. 62 62 

ll»'U*lllitui«. ; 20-7* - 21, 

l-H, III.- (jar : 23.* 23 

Pa.-iiW.icbi mg.. 20U BO 
IVvI'iii.IU.... 21 20 

IMiiAiiiMnrhlAir 41* 1 4 

lVrkr-r tlailltifili.l 215* , 22 


Slerlio*: l)ru* ... 13b* : 15'* 

aiudebakei 445s 44** 

sun IX*. • 40Se ■ 401* 

Sunn strand...— . 33 326* 

Symex ! 191* . 196* 

Tecli mentor 9sa 9 <g 

Xeictnntx : 34 Sg ; 35a« 

Leieiiyne 58>* -. 59 

telex 2ig . 2S* 

I'entxf 29 ! 295* 

L'esnro Petroleum 1 . 77* . 8 

leucu 261* 261* 

Texaagull — , 1»I* . 18/* 

Texas Instin j 703* , 70 

luuOii JLGu...- 295* > 297* 
Texas UxIliMes.... 1 20 1* j 207* 

Lime Inc. J 357* ] 571 * 

Times Mirror i 231* 231* 

1'imkeD ,.J 471* : 471* 

rnne.. 332* ] 335* 

rrauMUnerka...... 135* ■ 141* 

Truav — ... | 20'* ' 21 lg 

rraiisL'niuu ; 331* : 33 

i'ruii.«av InCrav 217* ' 22 
■Ians lV>dd Air.. 95g ■ 95* 

Trexplk-r* 1 285g I 281* 

iniAinlinenls)..., 197* ! 19 V 

l.U.W aO 301* 

trail l.viiinrv Kox 1 211 * 2l*g 

LAL • 195g 19 5* 

I 'Will 195g • HtJg 


CANADA 

AhiiDn l-a,<ei 10i« 10 u 

A*uien Eacie... .. 6 6*a 

A lean Aluminium 275* 275* 

; AU,-* , m* Sieel tl4i* 14a* 

Astealus fi73* 38 

hank Montreal 17i* 17|! 

Sank Nnrs Sent is 185* 18'* 

Sash- Kesournra.. 71* 7 

Bell Telephone.... 537* • 54 
Sow Valiev lulls. 20*4 I 207* 

dPCaugila 161* 16 lg 

Bnacan - 146* 14i* 

Bnia-o i3Jta T3.25 

Caleary Pcnier.... 363* dflli 
Ciuads Lemenl .. 9 1* 95* 

Uo«U NAV [and ll*a ll 5 ! 
Can IniiiUnkCom 1 237* : 24 
Canada Imiuu... IBS* 1 tlSIg 

Can. Pai-ilk.-. 17 17 l a 

Can. Pai-iri ■ Inv.. Ifllg 181* 
Can. Si i pei <*>■.... 54M 64 

UrilnuO'Ktdt..' 3.20 ■ 3.15 
Caaealr Asheatoe.; B 5 * ! 0 

CbieUain 16', ’ 18 A ( 

Cominoj 28U ; 27>* 

Cons bathum.... 22 21 )* 

Consul aer Gas... 162 * : 16U 
L'-oseka Uesouices .7 6*« 

Com sin Klii 8 8 

Denison .Minn... 53 1 6BU 

Dome Aline- 74 s * i 7B 

Dome PcAiuieum. 55 '2 531* 

Dominion Uri4*r 226* t30h 

Uuiular 14 s * 15 s * 

Dupom 121 * | lZlg 

PaluMi’ce Ntrkei lfllj - lB^s 
rmu Motot Lau„ SCUz i 80 

lien star 26 265* 

OtanX Tel'wknle. 125* 1 Z >2 

Galiilii Canada... 286a ' 28 
Hawker aid. Can &J* 6*« 

Huiiinffei- 291* .-. 29 

Home Oil -A 40Sg 40 

HihIsod Ubv Mnp 161* 16b* 

HikImjd Sax', 161* 17 

Hadron llil'il: fta- 4o J , 42>* 

1-A.C 171* 17>« 

Imas/.x) 297* . 297* 

Imperial Oil 20 ’ 20 


Indai...... 81* i ai* 

Inland Mat. tins.. 10S* ! lO'g 
Ins'pc’yPipeLinei 14 ! 135* 
Kaiser KeBDun.-en. 13 13 1* 

fsuirm'rFin Curpi 7<B 7Aa 
Infalaw X'-nm ‘ it In 1 -75.45 


136.2 —0.9 17 

132.9-1 16 

277* BO 

307 20 

150 - 

215.7-1.7 18 

69 -0.7 j - 
323 ... 19 

269 —3 , 18 

151.0- 1 14 

298.5- 1.4 , 20 

239.3 20 

152 -2 4 

210.5 1 — 0.7 » 12 

115.5 >-2.5 i 12 

229.5 +2.3 s9 
126.7,-0.8; 16 

43 —1.3 4 

130.3—2.2 | 10 
145 9 

341.0- 1 20 

2Z0J5— 1 , 20 

90.5- 2 - 

270.5 —0.5 12 

100-5 - 

Z38 -2.5 16 
1 ^ 45-15 1 20 
110 :> 1 7 

200.8 -r0.8 12 




•Price* 

■fur 

Div.jTM. 

Jan. Id 

Yen 


% \ % 

Arobi Umo* 

317 

-1 

14 ZS 

Danon 

413 

-10 

11 1.5 

L'a.-io. 

534 

+ 7 

25 23 


.410 

+ 8 

20 2.4 

Usi M[ii*m Prm 

534 

-5 

lB.'JLV 

Fuji I*hntu 

480 

+ 6 

15 • 1.6 

Huai'lu- 

187 

-7 

12 . 33 

H'.inrtii Mr*tut«.... 

444 

- 1 

18 | 2.0 

House 1i«*« 

869 

-7 

35 2.0 

L. Itiih. — 

240 

' -7 

12 3.5 

lto\niHii> 

1.290 

+ 30 

30 1.2 


14 . 4.6 Jau-s 483 >- 10 

20 . 3.3 JJl.L. 2.630 -r 10 

20 . 4.1 kairau Eleti.Pw. 1.120 ,—40 

4 j 1.3 Krona tan ' 269 , -3 

1* 2.B Kina* a. 273 .^-3 

12 . 5 Ji KywuCenmiu... 2.270 - 10 
s9 1 3.9 Matsushita lint... 560 —1 

16 | 6 J Mn-Hjti&hiHsnL.. 380 

4,4.6 MnsulavbiHrari, 143 -2 
10 ! 3.8 Muaubistir Corp.. 410 3 

9 i 3.1 Mitsui A Co. ; 315 -6 

20 : 2.9 Utuuikosbi 020 .-5 

20 1 4.5 Nippon Denso 915 i— 5 

— 1 — Nippon abinisin.. 550 + 1 
12 ! 3.5 .lisauiUiHnri.... 680 !t5 

„ • _ tVunt 1.310 —10 

16 3Z xm>oEiMnt.... 199 '—1 
20 1.3 wkiaui Knmh.... 1.020 e20 

7 ■ 3.2 - ^hwcHiu, 929 +4 


200.8 -r0.8 12 3.o yny - 1.710 

163.9 i-O.B 14 — C"i«hu Mamie 261 

838.8 +2JB 10 2.1 tHKeda ClramtcHi. 262 

485 -a 18 1.8 ft' 1 * 1.370 

121 —1.5 — — lejm 113 

11B.5— 1 7 5.9 tukk. Marine. 5U5 

206.5 16 3.9 Inkiu hie>-l Pu«'r l.l6Q 

267.0 — 3 20 3.7 lokruOan.vu. > 223 

2yl^— a 16 ' 2.7 DMi>u3liit*iini... 124 

248.5 + 2 1 17 3.4 Irony 121 

117.9— O.I . 11 i 4.r Hirrita llrtiir..... 721 

176 • 14 I 4.0 T— — — — — - 

115 .... 12 1 5.2 Sonrw Nlkbn Seci 

294 —2 20 : 3.4 I 

915.0 10 8-3 I am iccci c #i > ivcmd 


BRUSSELS/LUXEMBOURG 


AMSTERDAM 


-price i +or .dir.Yld, 
Fl». ■ - 1 % - | % 

97.21-2.0 24 \ 4Ji 
23.5 -0.9 - , - 


+ 15 • — • — 

-3 '60 1 4.1 


Jan in *Fb -I Tit ,2.005 !+16 : — ' — 

Jan. 1 FIs. , — ^ | % tkj.BrsJUunb....J 1.450 U-B '60)4.1 

tP i ‘Ah 07 y p n ■ 9 d J 4 q ..'1,710 '—10 ^112 ■ 6.3 

.Kit SfcSS - 1 “ isSiS— -i*« til I “ ! « 

Altfetn BnlnPi.KM; 323 XO& 7.0 feSK " 11 ,g f IS tlS )177 i 7 fi 

Amec. iFl. 10 ) 73.8 + 0.1 . 1 ^ 44 h 5.9 EK* 3 Z; — .I StS ,fiS 311 2'f 


AUSTRALIA 


Imjan Hxpinnilinn. ' 

Atnpol Petroleuni.; 

Irow. Minerals. 


l.N.I 

483 +10 • 13 1.3 AiMtunee. 

.630 t! 0. - - .lurt. Oil' A Ds*« 

.120 -40 1 10 4J5 ulue Metal lnrt.» 

269 3 . 18 3.3 Uromrinvllle Cupper 

273 ,-■•3 > 15 ; 2.7 UrekW Hill Proprvnary-..' 

^70 --10 35 OJ ,l " ** 0, *>. — ' 

560 —1 20 , 1.8 L ^ rt[cn United Brenw — ! 

143 —2 12 4.2 

410 3 13 1 6 u * u - Ana.......... 

315-6 14 2!a UwiuioerWlK 

l— 5 80 i- ® Coonxjc KwtiDio 

915 '—5 15 08 Cnacaln Australia 

550 ,+ l ’12 l.l Duninp Huhber .Si) 

680 t5 • 16 I 1.2 86COK. 

.310 —10 48 • 1.8 KklerigmtTb 

19® "1 13 3.0 ajLItniuBirtes ...... 

■5 2 2 r 30 1.6 (*eu. Piupertv Tmit 

939 +4 20 - l.l Hamers lev. : 

.710 40 1.3 Honker 

261 ‘ 11 2.1 i.CJ. Australia- 

262 -rl2 15 2.9 InWrCapuer 

.370 —30 30 1.1 I ermines Industries 

ii? “i J? ?-? irons* tUarmi- 

?r» Meiatt-fcaptorartan. 

fll : J io 4:S 225^*1““ 

“j ili JLjj 

Secnrltta ToWro J-Jnkhnrtw - 

Du aetreb...., .......... 

iVeest Cuoeme....^. 

EMBOURG HaauuifcCWmao 1 

— H. c. Sietjth 

_ ■ ■•lie. 1 xoi brand Mloina. ...I 

Pnce 1 + or . Kra. Vw. Lootb tsl) I 

Pra. | — Net | f iljutonx — j 

Western Minuut i60c«u*l.J 
tVootwnrth* 1 


BRAZIL 


Price 1 + nr : Dir. J 
CMw — Vnatj./ 


' “ + or 
.last. 8 - — 


L-reioi - : 1.34 -0.0 UU2* 

t0.74 -8.05 dtacottarilMI*..: 4.20 +0.030.18*1 

».86 .-A03 delKoMuielraUP, 1.79 -0.050.12 

12.35 -Ott tX«*OP_ 0.95 -0.010.1 

tl.3B 1 - 0.00 L»p« Amer. Ol*.. J.44 .. 0 

10.81 :- 0 Jlt MaiUiestnan UP.. 2.50 -OJtf.O 

tO -88 ; .... PWroba* 2.77 -0470.10 

OP...; 1.20 

« i **® 1 SouMlnieOP.J 3.28 , -0.12 

!r92 r.-« IWKn.ltn-PI. 1.66 + 0.034.13 1 


11-95 —0-02 
>0.38 ' 


2.77 

1U1*...; 1.20 

CnirOf.J 3.28 , -012 

:n>llnraPI' 1.66+0-054.13 7, 
Vol crjucsnir s.ii*ek atim? 
Snnrcej Rlu <te JUnriro SE. . 


«L30 J 

«l 3 l-ii» OSLO 

15.48 | 

10.95 I-0LB1 Jgiu. 10 
♦ 1.90 +04B 

!5o2 !“H5 acre™ uank 

,_a,M aotrotiuiKJ 

• c-redlMiaiik....— . 

+2J22 -0.06 KredHaasseo 

tL30 

tl.36 

10,98 +8.03 


‘Price' -f i>r . bitiX- 
Kroner ' — i % _Jj 

ioo +i fio ;5 

62.01 + 0,5i 4 if 
114 .' Ui'-C 

305 i+ 5 20 it 

113 11J* 


Norsk H>+irotr.ci , 188.75 -’ajtB 1* { t 
^WOm nd.. 87.5 -3.5 9 iK 


.020 

+ 20 

30 

1.6 

939 

+ 4 

20 

1.1 

.710 


40 

1.8 

261 


ll 

2.1 

262 

+ 12 

15 

2.9 

.370 

-30 

30 

1.1 

113 

•— 1 

10 

4.4 

5U5 

-3 

11 

1.1 

.160 

.-10 

CJ 

3.4 

223 

;-l 

12 

2.7 

124 

, — 4 

IO 

4.0 

121 

+ 1 

10 

4.1 

721 

' + 7 

20 

1.4 


Snnrce Nlkbn ftecnrltb-a TaRyo 


— o.a 

1—16 i 90 I 7.5 
1+10 ! — ! _ 


rl.BO -4UB . . 

3S JOHANNESBURG 

rz’as -0.BS HINES 

10.73 —0.02 Jan- 

12.10 \n&«) -Itucncdn Carpn. ... 

rO.29 Charter Cousedchited ^ ... 

♦1.31 • ...... Kan DnetoDtrin 

roi Elaburs 

S?s fs-si 

n.7o -ana ujQoj 

taiR R»«cnjMin; pLumun"!! - 

!?'nS So ' ,t,, Vaal 

if-g® Cow Fluids SA 

Jn'rn l”2'S Colon Corporation 

ti'4S 2? Bw" Deferred 

Sirvooruiuicht 

S an i Ra,t " , Wp- 

TO^ -0.02 Free Slate Gedotd 

Jr'S , U ij President Brand ^ 

♦n'oo r 2'Si Preswieni 5tcyn ; 

|J-91 rij-jjl WulRom 

tl.6Q -o.m West Orlefootein ...: 

M'esiera Hotdlnfta 

Western Deep 


Band 
. ... S35 
.... >5.30 

UJJ 

. .. 2.34 

7J» 

0J» 

5.1* 

.. .. 1.43 

U50 

6J0 

. 30.73 . 

4.0H . 

i-0* 

5.M 

fi^0 

, --an 

— 4.1U0 

-L ja.» 

A» 

-ra.'4» 

... .; 3t« 

ii* 


:b; 


.Vinro BsnkiFiJsGi' 66.4 + 0.8 ' 22£i 6.7 
BljenlroniPiJslj- 78. 1 —0.4 i 83 i 5.9 
Unka'Vod'raiFi.k.'' 120.B *0-3 .-70 j 5.6 
Hubnn -Tenenyie 64.3 — 1.3' 25 7.7 
Elsevier (FlJfi)>..... 25a5-1.0 121 I 1.7 
Ennis N. A'. Bearer 133.0 — 00 32> 4.7 
hua-Ct.raTrtFI.il 61 9 4.8 5.7 


HUES '2.350 '+15 1177 I 7.5 

BtalroUsi -'5.920 ;+40 .430 7.3 


PARE INDUSTRIALS 

; — , — AECI 3-10 

! + pr I IHr-Yw. Ancto-Amer. ladomml .. »j» 

Jan. 10 Fra. — i Fra. , % Barlow Rand i «8 

i>.n.inDi>)iiii -1.875 l— ia 1 130 ; 6.9 * 7 ™ — — . 1— CatA InreiunentB fl.M 

Geraea 1.332 U -8 | 80 6.3 K«H«. 695 j+3 \ 41*; 0.6 Cume Finance - *0.08 

H^<o*ien 2.635 1-35 1 I 6 O 5.9 AfrlqueOrad’c'lr 313 -4 21.16; 6 ^ Du Beers Indusmai tS.« 

lnLfcni.ni 1.810 :-r 10 :L43 i 7.8 •UrliquWe— 1 247.91+6.5 j 18.5i 6.7 Eduara ConaolKUted Tnv. I.M 


11 U 

HU 

ll:a 

12 

22 v 

22 a. 

39i, 

38 

S3 

52*4 

37 'g 

381, 

13 ij 

13 ig 

81 , 

8 

267 

268.75 


iVnixli Ini- 21 ig 

Pen. Ptv.Ji Lt.— .. 223* 

I'+iinet J.C. 34s* 

I'wmiil 27 ii 

Proj'lea t'nia...-. 71* 

IVi+Inlias,....-., 53 >g 

I V|.bi 26 

IVrklii hluirr. I 16 >y 

I'el 32 ly 

I1i/+r...- 26 -g 

Pliel(q Lkslne— ... 20)y 
I ‘I ill uka |'h i» Isle. IB 
Pluli)' Moiiw...... 57>* 

l'lilliii+ Pelial'ni. 28i| 

I’llalnir.i' — 371* 

Pituv> tones, IBoj 

Pulsion 22-1, 

I'l+wi Lt«1 -Vlllt. 16i* 

I'tonmi 24 iv 

Pi.'Ujma.- Kin- 15 lg 

I 'll. In. In sines.. 26 
I'nsxer (rwniile.. 81>i 
Pul> S+n >■ hlras.J 22 1* 

Pul 1 mini _.... 251; 

Pure*. H»ig 

‘Juakerimi^ 223* 

I Sf, id inierimli... 6 1, 

l!«vth+fcii 301* 

l.*l A I 23-'« 

]i*puhnc aieel—.l 23'* 


I.UP 141;! 

“*’• l mleVW 401* 

,«5g • 52 -I.* 

■’'I I HKMl )S>IHT1'|>.,. 123 4 

i munCarldilr..,. 39 is 
7 j* 1 ‘iiTun I'nniiin-n*- 6 1 * 
“ f : 8 I • ni< hi » »il Call!... 48l« 
26 I ui"ll ParlHr H 6 

> Cninnsl 7sa 

1819 I Hi.ll«l Hinn.ls... 7 Sg 
334* L mlal l<ir|i.... M .| lOi, 

18H I V». IUihi'T 50-** 

aoij ■ l.s. 22 i, 

19 U ; I S. ^Ih+— ....... 22 >* 

58lg I f». Slefl ... iOs) 

281* 1 I. . I'ei-hiHilMCie*..: 3312 

37:* L V In.iii-I iin„.. 181g 

IB&g VtniniM KI + 1 14i», 

22ia Waliirecu- 17ia 

17 IVanier C. irniiiii 30 
Mamet -Jrtmlioi.- 25i* 
2 * m Wjuie-.VIaii'menl- 17** 

15 i! Wrii*-Fan.« 861 * 

26 j* M’vu-m tkui.tiri 30<g 
Hi's M’wieni N.Amer 24J* 
22.i* M’ljaiem Plikai,..' 16>* 
25 Jj M't+unsliM- Klf» I. 17 

16 IVraliii« 27 

22*4 Waverlismsev 26 1 * 

6 201 * 

30', ; While Croi. ln.L. BOij 

23-g i W itllim !•«. 181* 

82 Jfl I M lnwoem HtoeC)' 30 


335* Uiblaw Com. 'tt. t3.7o 1 13.45 
141* Mg'iulll'ii Uioe.li 167* 163* 

211 * Maaaey Fernuroii, 151* 15U 

33 .Mi-liiLrrel'ro-Miie. 241* 24 It 

22 Mr« ineCi .- 29Sa 29lt 

95, Niirarfla Mi lien... 227* 38>s 

281* Nrawu fin-nit..., 17 16K 

191* Niliu. ' 26U • 36 Jo 

Numai Oil X liar' 139* | 14 

“O'* iiakn».l IVii’h. 4.99 4.85 

19 5 *'«»t , )«r A* ' 3.92 1.80 

Pauiik'l'ei i ■•leu in 367* ; 36 ij 

““■a Pau. iVn. IVt'ne 32M • 32 1* 

” a I'auro. il5ia ; -.19 

22*/ Peufiiif* D-M- " 4.1a r 4 -9D 

"I 1 * iWimjl «i|... 1.00 0.99 

Paj«r lirtcliii.inij 20 ' 201* 

*:;* Hswlii isimi'ii: lOU 9fft 

-S'J Pro-e lOSa • lOU 

49-5* y.wi*,- Si„r--.M,: 1.45 1-40 

Hanger < Hi 263, . 26U 

7'* li*m*l t'liaw S IBig 

71* lti v m c .mu 271* 27is 

104* lU'iHiliL.ra , „i,. 26i« 261* 

51 lunai 'l'rnni lfil* 15*4 

22 

22*4 3<<r|j«i+lh— HH.e» Big ’ 8Ki 

6g ■» .-Hm-n.il 25 231* 

331* Ibrll Cana. In ItiJfl lbl, 

JB's fbernll Miner 4.7U 4.60 

iS. laielwra'-’-C.....^. 22 1 g 22 s » 

IJ'a sliniscna 4.60 4.65 

"9 s ® Itw-I *4 Vaiuiitai... 231* 24 

Mw^rtwHslnsi.. SLoO 2.49 

“I 1 IVuaiCwiaiii,,.. 36 38>i 

Z5sg | Toraiil'i Lkuu.itk. IbK J6jg 

fi, 1,1 ] l'raii«C*nPi|ielji -14t* 14'.* 

“f 4 i Tmn* Mroini till* iPi ' Blj 

16 I liuw, 1 10 ' 110 

4i*4 I L fl |tm Cot. 103* 101* 

27*4 j Walker 293* S9»* 

261* 'Vert I.'nani Tn.- 34 ‘ 04 

20', 'Vert.ni '.n s 141* • 14ig 

201? 

18i* l * Assemrd. t Bin. .* AsKnct. 

50 | Traded. | New •««*- 


'jelHrmiialF.** 40,5 —0.9 

HeUMkea(Fi-£ai.. 153.1 -‘-0.1 

Hcs-LRuvensiKl’Ai"' - 35.1 — 0.8 
Hunter U. tF.IOOi 24.S . . 12 . 4.8 

1 H C. H'iiixn>i-. 16.0 ID i 6.1 

KLM ,'FlLOOi 121.7 r 2.2 - - 

Ini. Muner ilftl 39.3 +0-3 

Nagrden 37.1— 0-1 

.NM.'eiiln«.iFL.* 99.7 

NedCredBt (F12 : 4B.6 +0-4 

Ned. UidMk |Vi lsC'i 17Ssfl- + 1 

OcetPlJUi I 150.Q-1.3 

Vsa Onunensi— -i 134.01 + 0^ 

FKkboed(Fi^O)... 1 423): 

Philip* lft_V0) — ; 35.7' 

IlijaS-taVerFUlX; 61.1 ^-0^ 

UobHQ (FUjOI. I 168.0 —1-1 

Hoiaoa iFLbO) ‘ 117 !— 1 

Karanto — t 13O.0 ! — a.l 


« Mt57 hradiKtauk.. ,6.380 :+30 .265 i 3.8 iSS!“ tar — .' Sgf 'tta It “*«»**» 

40.3-0.9 m%: 4 ;mio jsos J 5.7 52S !ti 6 i 2'3 SffJS 1 ®: 


33il +0.1 14 ' 2*6 ! rt»n Hoi.lu^ 8.500 

35.1 — 0.8 ,10.26 8.2 i !2-|S 

oil c • ~ roc oeu Bsnque ,«.o95 


Stores 
■ady S.V 


!*r.*irw 3.046 


SH-ISS ISili? 


■ ' -- '"iouy 0.1 rj.ira 

' + 3 f-5 l-S&f 8.4 Federate VaUisbeiouditts . 1 JS 
i.5> + 2.5 , 3tJ0llOJb Greater-mans Stores S.ib 


tauo 

rl.TSzd 4t 


4.7 Guardian .AasuraiKr iSA> 

10.8 nutetu .. . 

6JS LTA . '... .. 


« 6 To 4 4 |o ! Bl \ 742 

«Ktl i lo i 1.7 v :<ri | le_Mroi_t«ne ! 1.520 

150.01-1.3 A34 j 4.5 

134.01+0-6 i B t 6.0 ! SWITZERLAND • 

«J3: ; 21 .10.0 

25.7' 16 1 6.2 Pri 

61. l!— 0-9 ! — ! - Jan. 10 . Fn 

168.0 — 1-1 |A25J^ 7.5 

117 ! — 1 1 Bl 2.1 


.."”2.570 i— 50 UK a' 4 ”1 * »9"9I + ,5 '*' i® I McGarUir Rodway 

:::: 2 ." 47 o l" iiirS fSJ-sii'A WS.M - 21 ^. - 


1+12 , CredltCnro Price. 

' + 6 ' 60 ' 8.1 KT"* 51 U,1ra - , 

S 3 S 5 == ! 


lO3.0j + Bj» 11.1 10J3 Premlisr Minion 

56.8 + 0.81 12 80-6 Pretoria Cement 

456 j + 17 1 B. 0 H 3 J& Pro lea Hotdlnas 

96.2U0.2 SJ& 3.7 Rand Mines Properties - 


Gen.Ocrtrieocaie J 178*d| J. 8 J 6 | 4.6 Rembrandt Croup t&M 


l metal — 


y.S-0.5| S J5| 9 . gr Ha ^- 


117 ! — 1 I 5 I 2.1 

130.0'— <1.1 «9 I 3.5 Aluminium 

126.7 +0.7 ;A50 7.8 BHC-A'....,, 


I r «. j — | % i % L'OmaL j 520 |— ll lR^Ps.'l Smith Sugar 

r UgantL-,— -__..|l.505 51.9& 2.S »£.-•— - — 1 - 


167b 163| lhffalUnrelifF«JO| 126.7 +0.7 ;A50 7.8 

ill* 15U -’Weenbure 1 239 ' i 19 7.9 

241* 241* iterinGrptFija)); 146.9 27* 3.7 

291a 291* Tokyo FheHld»S.; 88.5: : 30 I 0.8 


BJJC'A* 11,615 

OlheGeioiFr.lOaJ 1.130 

lira UTlW. ! ARl! 


jiSwa^ PfaiwiT.I 765 + 4 "' 393 V* Biwwica 

!•* Mtebrtln 1.131 +31 3!W 0.8 0*M and N«C SlUl*. 


CnilereriFiJO).. 122.4— OJ 

ViktneUes.lut.Sl. 43^ 

W+<tlaniL'ii. Dank' 378 -ll 


Do. Pi.Cena...! 
IK-. Ken- ! 


122.4 -0,3 'tASI.Si 6.9 Credit buhrte — '2.240 
43-2 | 20 1.1 tiievirowHil '1.590 


32 1 4.2 Flasher l(ionreei.J 715 +16 

' H.rflnuui Pi.CerW 860001— 50 

Iki iui«<>1. | 8,600 V— 25 

Interfuml Ik j 3.225 | — 25 


o§ I f g Heonrav- 

22 i 2.6 rtribaa 

ItabS^- Z 

! ®'® Phn»d-a1»4»«tJ... 
f '1 PSujieot-CItropn.. 
r _ Pbctain 


357 +18 

170.1.'+ 8.9 
139 ad,- +3 I 
73.81+ 1.0 I 
198 +6 : 
868 [ + 8 
103.5! J 


-6O0| 550 0.6 UmUq Ttvankmej 388" 1—2 


|ag “IHOtlU -rai., I. My 

® eecLr * t ^ es Bud Dbomiit 
7.5, VIA — r 

ii ii v 

— _ January ID Percent, 

rkrJtq Asland — 107 


49On» + 10 | 
53.0, + 1.4, 


i»«- \«ira >»> — 1 e,ouu y — » | 55 10.7 ttertcsrte 49Ont + 10 84 | 30 

Interfuml li. j 3.225 1—25 30 3.1 Ubtme Poutem- _. 53.0+1.4 9 18.0 ft' 00 ® 1 

lennull iFr.lJU) — ! 1.405 +10 20 ; 1.4 tt_ GOtain 130.5+2.6 13-ffi'lSJW 5^22 952*2} J‘ 

COPENHAGEN * NertietKr. | 00 i....| 3.540 1— »S Uwj! 2.5 Sals KotamiiiL ... 1.630 +73 39 j 3.4 oESS* 

J 10 K rri "* Oaratan-tejiSdi 2.450 |-20 14 j S* ftSiSSidiZ: 578° tl’* 

^10- Kroner, 3.1^ |^5 »|» » til W SS®S2« 

Aixii'irtBiiht-u.— 10 ; 7.1 ^ IV 11 Certs... I 470 —15 j 36 , 2A 1IKL MedlteiTaneo... 


AlKll'MsIlkt'U— . IdOlf, 

Uiirai'rtrWjt,« ... 404 1 + 5 

Dnicke I tank ! 1301*' 

Knrl A'lnlii- » r>... 247 — 11, 

Kliuni-lBIlksiU... 116)2 

I-W. I'rvisatriw ... 345 '--2 

F... 80 -1 


KnilDr.iFr.^A.i 3.900 j— 25 
1K>. Itur Cerla...| 470 —15 


i.hiI k'aliHu ’ 259 ij— 5 

"iwiilnk..»...... 99'*—*i 

Pnvstbnnii 138 +4ie 

i*n.i«nsl«nk 144l s 

ropft. Het+ndsen. 372'* - l-> 
ropertim. _... 190>] — 2i* 


VIENNA 


1 o"t taniUrrUbPlli' 
“ I f'“ dinrer (Cta.F.IIAi.i 
Jf ,?■? TwisratlrfF^aO)— : 
i'? ■Swiss ttmkfK. lie 
12 ■ 3.4. . w w,u,.v>/|<..i 


11 ?:1 i milam 

12 3.2 1 

12 6 . 3 . j.., 


310 


9 ! 1.4 

380 

f.g.* 

14 3.7 

810 



8.67 3.8 

431 

-3 

10 ' 3.3 

4.775 



4 '. a.i 

3.270 

;-io 

20 [ 3.1 

11.300 

‘—50 

40 | 1.8 

Price 

+ ■*■ 

IMr.jYliL 

Dire 

- 

Urv| % 


,a[dw* 311.0+3^ 25A1331 ManS, AAX! 

,7 relemeraiihtue— 578 +8 BUB 3.8 R?nS Burning fl,0W ’ 

0 1 T^«n« Brandi. 137 +7 itoli^U.7 BanS 

Urtnor...^-...- — *7j»_ +0.l|_ ^ Medltemneo .. 

Banco Popular .. . 

Banco Santander ttran 

Banco Unxtdjo ri.OM) 

STOCKHOLM Banco Vitear* 

Jan. 10 Kroue -> | kr. [ 3 Banos AndnJucfa .. 


AU A An iK/JU+.l 161 * — 3 
,\ira La+iulJlKroOj 146 1—3 
.V5HAtKr.aCB._lJ 98 ‘+0.5 

vtiMt-'opco f K r 112 1-^4 

uinenid 75 +2 

tokm — — — - lOi +1 

UrtdOL J 367 +2 

Cell more ' 199 ’+2 


Auir 112.75- 1.26 : - . - Klrerilu* -BjhJbC; 133 

■ wuuan— .... ^48 1 + 2 : — . - Kncwm'U ikrJl. 133 

h1« 1.675 ■ 150 8.0 KM+ite **U P _ I 818 


■ rwitlUUMnU 

IVnitionaor 



'•empent 

-leer ttumta ... 
v»n M*ene«:i,... 


380 

260 

578*r + 1 
96 -2 

193 * 3 

22 2 -2 


Ikh I'riv 1.480 * 150’ iai Funcratw 

. Fin^l.ler ............ 66.5 t — ■ - (iiam« [freei._.. 

VI 11 link+nimu>. 9 . 48 O 70 300 2.1 -Hnnilrirfuuken..: 

X Hai-wer lOQ !+3 — Maial’iU-.,,- 

Meillnlrtlki '30,276 '+255 1.200 3.9 Mo l>di IVanrt.v. 

3.9 Miinltatlroii 132 : + 2 — — tandrlk A.R...+., 

3.4 ilhieili Prir 736 4 — - 5 .K.F. 'IT Kra».. 

8.3 Pirelli At -.1.899 ■* 16 110 6-0 .Skand KnaKlMa— . 

Pire.H1 *r» 99 V '*2 BOH Tainlatik ’,B*KtCU. 

3.6 >nm Viwnra ....... 375 1+7 • — — tVMeholm .......... 1 

6.1 VrUmiKr. SOI.-..! 


I „ Banos AndnJucis - 

]!XiT5 . 

1 + i Drasaticis 

' 6 BJ Inmobanlt ... .. 

* 5.4 B t. Ana oop fox .. .. 
: *6.8 9.1 EspaoolJ Zinc 

4 4.0 8*i*l. Rto Tinto 

12 ; 5.3 Kcesa il.assi 

IO 5.0 Fenoaa • I uooi 

5.5 4.5 Cal. Preciados _.... 

5 4.7 finipo VVIrtwigz iiufti 

8 3.6 

• i' 00 BEST”. 


218 +S B 3.6 

80 +5 8 10.0 

46 +3.5 — Hlarra 

266 +1 14.97 5.6 K *' un, ‘ , “ 

UO 8 7.3 StaEffiSf 

58.S+0.5 6.S 11.1 SlSTS--,!-,,- 

208 +3 6.W2.4 |1T“ p " Mlcra 

63i -0.5 ; 4.8 1 7.1 55J2^ 

»!» *r» i ® a & 

5? - *2-2 a a ' 8 Torra^ llmitnch -... 

41.8+0-5 — - Tnlucc* 

65.3+4! 6 1 9.2 Wee. 


Percent. 


107 

2*0 


25 C 

. — ‘ 

fit 


ZK 

•* • 

358 

+ < 

167 

— ■ 

2 X 2 

-• 

IN 

+ : 

187 

— • 

2 U 

+11 

338 

+r 

3 « 

-■ . M 

2 U 


2 S 9 


152 

— 

2*0 

re* 

11 

— . 

126 

— 

231 

+ 1 ‘ 

136 

— 

55 

+ 

102 

- 

IDT 

+ . 

71 

— 

77 

- 

too 

— 

US 

- 

?D 3 a 

+ • 

n 


n 

- 

u 

- 

Ml 

- 

100 

+ 1 

70 


36 


Itt 

— ■ 

-SO 30 

+ 

U? 

. “• 

103 

+ 

M 

+ ‘ 









25 


FARMING A! 

N 

D ] 

RAW '.MATERIALS.- 


No rubber 

cartel 


. . Sy Our Own Correspondent 

't .KUALA LUMPUR, J?n. 10. 

;V IS Association of . Natural 
ibber Producing Countries was 
t planning to be a producers’ 
rtel by starting Its price 
■ t t. . lbillsaHon scheme, Datuk Taib 
l. 'rt 'ihmud, Malaysia’s Primary 

* iustries- Minister, 'cTaUned 
*i **•«.■ Participation' from con- 

iilng countries ' would; ■ be 
^.yjrimedrhc explained..' 

.rbe Minister' . was formally 
i \ r . ?ning‘ a three-day meeting of 
International Rubber Council 
'ended, by 150- officials from 
‘ laysisu Indonesia. Thailand. 
...igapare,.Srl Lanka, India and 
. pua. New Guinea. They 
. cussed various aspects of the. 

• \ 'ce stabilisation scheme^ 
.'1 uding the question whether. 

' proposed 100,000 tonne 

V ( >ber stockpile should be 
i trail y located -or distributed 

• nng member countries. 

The meeting felt that the' price 
bilisation scheme should be 
••r.rible to allow the programme 
' ' fbe incorporated In the Unctad 
;aimon Fund '/or commodities 
'■'a later stage. 


^Vlalt exports 

nay fall 20 % 

! T -Our Comrnoidjties, Staff . 

»• WISH exports of malt during 
. ; t u. 19/ 1-78 crop year-seem likely 
. . 'be 20 per cent, lower than in 
previous two years, accord- 
4 4 , to the '.Home- Grown Cereals 

‘K .,thority. Main exporters (u the 
. 1 cely competitive, world market 
•:/ France, Australia- 1 " and 
-,iada. The U-K. usually has 
-•v. a S per eent. share of the 
( . Id market, writes Christopher 

•ices. ... 

; ; ut the picture is brighter for 
'■ home trade, where; in the 
t quarter of the crop year 
tish maltsters and distillers 
iwiftfl 490.000 tonnes of barley, 
ipared with 430,000 tonnes in 
<same. part of- last season. 
■; te 88 per cent of this total 
grown in Britain. 

.mong possible reasons' for 
-.increase in barley use is the 
action In prices this season. 
:h of the 1976 , barley crop 
• affected by the drought and 
, iored unfit lor. malting. and 
. rs rose sharply: — 

■ • Itho'ugh it is still early in the 
rr the HGCA says U.K. malt 
oris tend to be spread, evenly 
mahout the year, with slightly 
ier monthly • totals in the 

thus it is able to assess 

i some accuracy the prospects 
'*• he year as a whole. 

•t 1975-76. Britain exported 
000 tonnes of malt, and sold 
. . 000 tonnes the next year. In 
. . first four months of the new 
■ on. exports totalled 39,000 

.V 


U.K. wants legal action on 
Franco-Irish 



BY CHRISTOPHER PAR KES 

THE BRITISH Government has 
demanded that the Common 
Market Commission should break 
up a' -pact' 'between the. French 
and Irish Governments which 
allows Ireland to send, lamb and 
live sheep free of import charges 
to. France While U.K. exporters 
have. to. pay a levy of .between 
£250 and £300 a tonne. 

■ A . memorandum sent to 
Brussels yesterday afternoon 
complained -that the agreement 
discriminated unfairly agaiqst 
British traders and was; there- 
fore: In- breach of the free trade 
provisions pf the Treaty of 
Rome. The consequences of this 
action will he severe discrimina- 
tion against ' U.Jt exports to 
France, .the memo said. ; . 

The Government has com- 
plained under t>.e provisions of 
Article . 169 of the Treaty of 
Rome, and thns .started a pro- 
cedure which could end with 
France ' and Ireland facing 
charges in the -European- -Court 
of Justice. 

This is believed to be the first 
time that Britain has uSed.the 
full weight of Community legis- 
lation in its arguments, .with the 
rest of- the Nine. . But trouble 
has been brewing in this par- 
ticular sector For the past five 
years, and the Franco-Irish 
arrangement was settled only 
after threats from Dublin that 
legal action might be : taken 
against France. 

The British move, instigated by 


Mr. John Silldn, Minister of 
Agriculture, followed a trial ship- 
ment to France of lamb last week 
by a Devon export company. As 
Irish lamb was being allowed to 
land free of-.all charges' the U-K_ 
shipment was subjected ttfe a 
levy. The exporters paid under 
protest, complained to the 
National Fanners' Union, and 
the NFU promptly turned the 
case over to the Ministry of 
Agriculture. 

Mr. Faddy Lane, president of 
the Irish Fanners’ Association, 
said he was disappointed that 
Mr. Silkin had taken legal action, 
and warned of passible reprisals 
from Dublin. For example, he 
said, the question of the legality 
of British Milk Marketing Boards 
would be raised at a meeting in 
Brussels to-day. He also regarded 
the British ban on- imports of 
potatoes from EEC countries as 
“ discriminatory." 

Brisk trade 

Since the French and Irish 
settled their differences, Ireland 
has been running a "brisk-trade 
in lamb, shipping about *1,400 
carcasses a day. Irish farmers 
too, have benefited. Before 
Christmas they were earning 
115p a kilo for best quality 
lamb. Now prices' have been 
boosted by the higher rates pre- 
vailing in France and best lamb 
now fetches 175p a kilo at 
market. Average price in 
Britain is about 130p. - 


Commenting on the Govern- 
ment’s move, Mr. David Parker, 
chairman of the National 
Farmers' Union livestock com- 
mittee, said: “The Commission 
must act now to stop the French 
Government from discriminating 
against U.K. sheep-meat exports. 

There was no immediate re- 
action from Brussels, but Mr. 
Finn Gundelach. Agriculture 
Commissioner, is expected to 
support the British case. He is 
also expected to try to settle the 
dispute without any further legal 
proceedings, and he may try to 
resolve other differences at the 
same time, notably the com- 
plaints about Britain’s ban on 
potato imports. 

Cases of this type seldom reach 
the Court of Justice- The pro- 
ceedings are so lengthy that they 
are often overtaken by out of 
court settlements. 

Since the Commission has pro- 
mised to present new plans for 
a nine-country Common Market 
regime in sbeepmeat before the 
end of March, it is possible that 
a -compromise may emerge 
during the talks on that. 

If the Commission agrees with 
the UJC. complaint, it will ask 
France and Ireland to justify 
their deal. The two countries can 
be given up to three months to 
prepare their response- Many 
more months may elapse before 
there is any activity at the level 
of the European Court 


Poles need heavy grain 



BY OUR OWN CORRESPONDENT 


MR. PIOTR JAROSZEWICZ. the 
Polish Premier, said to-day that 
the country's, grain and feed 
imports for this year and last 
will be 15m. tonnes. 

This import, which "comes 
mainly from the. capitalist coun- 


tries,*’ win cost $ 2 bn. the 
Premier said in a speech at the 
two-day Second Party Conference 
which ends to-day.. 

The imports are needed to 
counteract the effects of last 
year's grain harvest which is 


Indian grain stocks curb 


BY K. K. SHARMA . 

THE INDIAN. Government has 
decided to limit Its "foodgrain 
stocks to 12 m. tonnes since it 
feels this is adequate as a buffer 
against shortages and rising 
prices. - - - - - • - 

Stocks have again risen, to Hie 
20 m. tonnes mark and are ex- 
pected to rise further when the 
expected record Rabi (winter) 
wheat crop is harvested. Ways 
to run down the stocks will 
therefore have to be worked,- out-' 
.imports are' not sit ‘ present 


NEW DELHI, Jan- 10- 

being considered on any signifi- 
cant scale mainly because of the 
psychological effect this would 
have and the criticism the 
Government will face for allow- 
ing exports of what are con- 
sidered basic needs. 

During President Carter’s 
recent visit the idea qf building 
up global reserves was discussed 
and it Is . possible . that India’s 
stocks will be considered as 
intended- to cater for. other 
countries in the ;»*egion. 


WARSAW, Jan. 10. 

estimated to have been 3m. 
tonnes down on targets, and to 
rebuild Poland’s livestock herd. 

Meat production in 1977 was 
250,000 tonnes down on 1975. 
This year’s meat supplies to the 
consumer — a contentious issue In 
view of widespread meat short- 
ages— will be 22 per cent, up on 
1977, which, according to the 
Premier, will fa not be much of a 
tangible improvement” 

Reuter reports from Houston 
that UB. wheat exports in the 
1977-78 crop year were predicted 
to exceed the previous record of 
122bn. bushels set in the 1974 
season. Mr. Michael Hall, presi- 
dent of Great Plains Wheat Inc, 
made the forecast. 

Looking ahead to the first half 
of 1978-79. be said the outlook 
for U.S. wheat export# appears 
extremely favourable partly be- 
cause the Australian crop will 
fall below an estimated 9.0m. 
tonnes and the Areentine crop 
will be- less than -5.5m. tonnes, ?-■ 


Gold rise 

boosts 

platinum 

By John Edwards, 

Commodities Editor 
THE STERLING price of 
platinum on the London free 
market yesterday surged to the 
highest level since February 
1974 gaining £L70 to £101.85 a 
troy ounce. The UB. dollar 
price was raised by $325 to 
$195150 and is now very close to 
the $200 target predicted 
earlier by London dealers. 
Indeed, platinum Is already 
trading at over $200 on the 
futures market in New York 
for April delivery. 

Yesterday’s rise was attri- 
b'nted mainly to the Increase la 
’gold, with one dealer pointing 
out that platinum appeared to 
be keeping a $20 premium over, 
gold. 

ft was thought especially 
significant that platinum values 
have continued to go. ahead 
despite the steadier tone of the . 
dollar that brought a lot of 
extra speculative buying 
interest. 

Consumer demand for 
' platinum is reported to be only 
reasonably steady, but lack of 
offerings by the Soviet Union 
has aggravated a tightening of 
strppUcs and (his Is fuelling the 
upward price trend. 

Free market dealers are con- 
fident that the South African 
producers will shortly take the 
opportunity to raise their 
official producer price again 
from $180, possibly to $200 an 
.ounce. They were, after all, 
charging $190 as Tar back as 
1974 since when production 
costs have soared and the value 
of the dollar has fallen. 

Silver prices also rose follow- 
.lug the trend la gold. The 
bullion market spot quotation 
was raised by 5p to 258J9p an 
ounce at the morning fixing, 
and made further gains in the 
afternoon to close at 259J>p. 


Community to 
export stocks 
of olive oil 

BRUSSELS, Jan. 10. 
THE EEC will bold its first 
export tender for olive oil for 
several years on January 24 when 
2,500 tonnes from Italian inter- 
vention stocks are sold, EEC 
officials said to-day. 

The Commission has decided 
to export the oil from the 1975- 
76. erdp year before its acid 
content rises too much. 

Sales. of older oil within the 
Community would compete- with 
fresh oil from the current season, 
which started last November. 

No export rebates will be 
granted as prices accepted will 
take into account the difference 
between the world and EEC 
prices. 

Reuter ■" 


EEC FISHING 


‘Armada’ threat to 
common policy 


BY RICHARD MOONEY 


A NEW "Spanish Armada" 
could threaten the survival of 
the European fishing industry if 
the EEC as a whole does not 
alter its thinking on fisheries 
management This warning was 
issued in London yesterday by 
Mr.- Charles Meek, chairman of 
the U.K. White Fish Authority. 

If Spain and Portugal join the 
Common Market, the Com- 
munity's fishing fleet will be 
nearly doubled and under the 
present common resource ap- 
proach to EEC fishing this could 
spell disaster. Mr. Meek claimed. 
“Has Brussels in reality under- 
stood the colossal impact this 
would have on the Community 
and on a common policy based 
on common access? " he asked. 

The prospective entry of 
Spain into the EEC provides "the 
strongest possible argument” for 
amendment of the common 
fisheries policy, the White Fish 
r-hairman declared. "The Spanish 
fleet is very large, very powerful 
and is still expanding.” Between 
them Spain and Portugal would 
add 710.600 gross tons of fishing 
vessels tnf over 100 tons each) 
to th» Nine’s current total of 
v* noo torus. 

This threat lends extra weight 
to the British claim for control 
over fishing in its own waters, Mr. 
Meek said. The common resource 
approach adopted. by the rest of 
the EEC members (with the 
exception of Ireland) is a bad 
dogma and has been recognised 
as such by countries all over the 
world which have welcomed the 
switch to 200-mile Limits, he 
added. 

Mr. Meek was speaking at a 
Press conference to announce the 
publication of Fisheries of the 
European Community • in which 
attitudes to EEC fishing are pul 
by contributors from six member 
countries. 

But the fish authority chair- 
man was not above attacking the 
arguments put forward by several 



Mr. Charles Meek 

of his contributors. He disagreed 
altogether, for example, with Mr. 
Eamonn Gallagher, EEC director 
general for fisheries, who, in the 
preface, attacks the conception 
of national sovereignty in 'Euro- 
pean fishing. Mr. Meek insisted 
that some form of proprietorial 
standing was essential to the 
effective conservation of fish 
resources. 

He also objected to Mr. Galla- 
gher's statement that EEC 
countries should “ show solidarity 
in sharing the burden of the 
changes brought about by the 
generalisation or 200-mile fishery 
limits." He argued that the exten- 
sion of limits should be seen as 
increasing opportunities rather 
than imposing burdens. 

Another contributor to come 
in for criticism was M. Jean 
Regnier, editor of France Peche. 
who asks why the British should 
want to exclude bis (French} 
countrymen from waters they 
have habitually fished. Mr. 


Meek said the British were seek* 
ing control of their waters not 
exclusive fishing. " It is national 
control which alone in my judg- 
ment would enable us to ensure 
the recovery of the stocks.” He 
said a licensing system for fish- 
ing vessels was essential to effec- 
tive fishery management. 

This view is expressed in the 
report by David Steel and Neil 
Buchanan of the W’F.Vs fishery 
economics unit, the only con- 
tributors to find favour with Mr. 
Meek. 

The WFA writers say British 

fishermen are disenchanted with 
the quota approach to fisheries 
management and want lhe U.K. 
to control and to impose direct 
effort limitation on fishing with- 
in a 50 mile band round Its 
coasts. They also stress the 
great regional importance of the 
fishing industry in Britain. 

An article by Mr. J. Mol ler 
Christensen, director of the 
Danish Institute for Fishery and 
Marine Research, defends the 
practice of industrial fishing 
(catching fish for reduction to 
fishmeal). Mr. Christensen 
argues that it would be wasteful 
to stop industrial fishing and 
also suggests that industrial 
fishing fur one stuck can actually 
help lo increase another stock. 
" It must be more than -a 
coincidence that together with 
the depletion of pelagic fish 
(mainly herrinE and mackerel) 
in the North Sea an unprece- 
dented increase took place- in 
gadnid stocks like cod whiting 
and especially haddock.” 

Mr. Christensen also points 
out that some of the energy loss 
involved in converting fish into 
meat of other animals (through 
fishmeal) would still take place 
in the natural situation as the 
small fish are eaten bv larger, 
human consumption, fish. 

Fiihcrtc* n* I Ik- numwm Ojnmunfry, 
price X2, published hr the While Fldl 
Authority. Fishery Economics Research 
Unit. Sea Fisheries Rnuse. in Vnuns 
Street. Ed to bar ah. Ell! 4JQ. Scotland. 


U.K. mackerel catch outstrips cod 


BY OUR COMMODITIES STAFF 


MACKEREL OVERTOOK cod 
last year as the British fishing 
industry's major catch. Pro- 
visional figures released by the 
White Fish Authority (WFA) 
yesterday show that total U.K. 
mackerel landings rose from 
87.000 tonnes in 1076 to 170,000 
tonnes in 1977: At the same time 
cod landings fell from 212,000 
tonnes to 146.000'. •“ 


But the cod catch remained the 
most valuable at £76m. Mackerel 
landings were worth only £J2m. 

Mr. Charles Meek, the WFA 1 
chairman, said it was “ typical of 
this paradoxical industry" that 
despite the "calamities” affect- 
ing the fishing industries on the 
Humber, in Fleetwood and else- 
where the industry as a whole 
enjoyed a high degree of pros- 


perity last year. The total catch 
was only 3.5 per cent, down at 
900,000 tonnes and the value was 
up from £209m. to £251ra. 

Oar Aberdeen Correspondent 
writes: The U.K. Government will 
he urged to have no agreement 
'kith the Farocse over reciprocal 
fishing rights if there is an 
unsatisfactory result to present 
talks between the EEC. 


)MMODITY MARKET REPORTS tiUD PRICES 

ASE METALS 


P PER— Moved narrowly in mdet ajn- 
— s nn I be London Moral Exchange, 
ard metal marled at 1*83 and 
*d to £68-1.5 before respnudlnato 
..'omrcv open ! or with a rtae. to aSS. 
.market then slipped to £858.5 but 
cd to dose on the Kerb at 088.35. 
aver 15,480 lonnes, 

rate tm a led Metal Trading reported 
'to lhe morning cash wlrabars traded 
70. 6S.5: three months £885, 843, 85, 




HIM* 


P B « Offlrii. 

t or 

V-.m; 

UnoflirfaU . 

'+OC 

1 £ 

£ 

£ 

£ 

■ban _ 

+ .& 

67Q^S 

—.5 

ith»..! 8B3.*-4 : 

+ .5 . 

684-5-3 

—•5 

m’ntl 670 

+ .5 

. — ' 

M4.lt 

odes ! 

658.8-9 

+ .5' 

6SQ.5-9J 

-l.ffl 

ilhn..i 672.5-5 

+ .5 , 

675-.S 

-L 

m'uil 66» 

+ ^ i 

I'- . 




60 6iL5 

■ ■■MB 






84. 8L5. . Cathodes three months DR2 j.'. 
Kerb; Wirehars. three months £884, B4A 
Afternoon; Wtrebars, cash £699.5, 76.5: 
three months £883, 84. 85. *4.5. Kerb; 
Wjrebars. three months £884, M-5,. .85/ 
83J. - 88. ; ' . . - - 

. Till— FhKntr" after a'.'dulte acUve day. 
Tbe East .was bister., overnight and 
forward awful opened In tendon at HUM 
and row to 16.408 pre-market. Hedse 
spuing, profit- laklDK and bear coverins 
against' physical sales -were evident In 
the rings and the. price moved to £6.355- 

• ; a-m.' Hh mi p.m. [r+« 
TIM ."Official 1 — iJJnofflclal | — 


- cSS!L....| 642030 
- ■ ’ 1 6570-5 -j 

1450 


SettJem’i- 
Btandard 
Cfcah — 
Amnmhs- 

Settfem'r. 

SmdtaB. 
Mew York 


6405-151 

6560Q 

6415 

lfl.710 


£ r. £ 

+ 1Z0I 6430-40 1+87.5 
+ 7B [6300-400 +88 
+ 120 - | ...... 

+ 108 6430-40+U7-5 
+75 6380JS +47.8 

+ 106 - 

+ 2Bi - 
......1 -571.5a + 4 


In die afternoon there was nn advance 
in line with .other metals and the close 
nn the Kerb -was £6.400- Turnover. 1.420 
loones. .. 

Horning: Standard, cash £>.410:. three 
months £SJS5. 80. 70, 6S 60, 95. meh 
Grade, three taonths 18,375, 78. Kerb: 
Standard, three months £9.380. 55.- M. 
Afternoon: Standard, three months £8.385. 
70. . 75, 80. 83. Kerb: Standard, three 
months £6.403. High Grade, party March 
M.400- - - 

lead— study In (he foe* of hedse buy- 
ing against the possibility of an Asarco 
strike and stop-loss -buying around £371 
for forward metal. The prire moved 
around 1388- £3>l during the momiim and 
around . £371-1572 to the afternoon before 
dosing on the- Kerb at £372 J. Turnover, 
1M50 tonnes. -- • 


the respective shipment periods. Yarns 
and cluhs quiet hut prices vent find. 


COFFEE 


London coffee furores broke ahead from 
the recent range and persistent mixed 
buying look the market to new hfghr 
since October, reports Drcxel Burnham 
Lambert. Rumours of producer rapport 
and concern over supplies of African 
Jtobuqtas were two factors contributing 
lo the bullish market tone. A great deal 
of chartist and stop-loss buying was also 
evldooi once the £1.809 barrier basis 
March had teen crossed. Values at tbe 
dose were £40 to £70 higher on balance 
after a hectic day's trading. 


Index Limited 01-351 3466, Three, month Gold 175-25-177.25 

1. Taxtfree trading oh commodKy futures 

2. The commodity' futures market for the smaller Investor 



"Whatever happens to the markets this year one thing la . 
sure; any success commodity traders enjoy wilHargely 
depend on the quality of the market intelligence they: 
will get from their brokers. 7 Perhaps the most Important 

factor js accurate price forecasting. ' 

Our Annual.MarketReYieyrwhlch gives firm price 
predictions at sn d-TS wlll'shortly be sent to all our 
clients. If you'd like a free copy- pdas the next four 
issues of our weekly Market Report, ask W " • . 

Telephoned-*®) .684 Lor 1 '.write 

CjC.S. 1 6)imnodiifcies Ltd 

• WalsitjgTiamHDUfie, 35 Seething Lafle; 

London EC3N4AH.- ... 



COMPANY NOTICES 


• ci.N 


INTERNATIONAL 
EPOS rT ARY RECEIPTS- (IDR) 
' taued b)T Morgan Guaranty 
+ rust- Company of New York- 
^ representing ordinary _ 

:* invertible Class C shares of 
) . BRA5CAN LIMITED 

i dteribudwr of • (JSS9.3S 

.'PMitary ibarti 1+M in]r *ppl»eaMa 
nri let, will te .pijnbto on-and 
JW Jmvuarr .-31 1 .197B, upon, pre- 
-coupon No. 4 m **y 
. tte following offices of Morgan 
? aruitjr Trust cjr, of New York: 

New rvk'(UJSA-) ADR 
. Section.' IS. Braid Street - 
. r— - B rum t*, 35 avenue del Arts 
— Antwerp, -82, Frwikrijklei . . 

: •“ London. 33, Lombard' Street 
. — Peris. 14, Phw Vend&ne . 

. — ■ Frankfort,' Bocfcenheimer 
Landnruw^ - 8 
Zurich. Stocker* enne 38 

• J* *« Braque Gtnirale. du - Luvem- 

• 14. rue' AUrinavr, ‘Luxembourg--. 


• national Westminster bank. 

LIMITED. 


■ JjMlco Is preference Si»reHoM*r»- 
■PUvf I® HEREBY GIVEN low* • ,«*►. 

2.4SB see there Tor tne Iwthyora 
.JiM Decefrtoer 1977 will M paid oh 
[Jibniiuy 1978 to ho««ra ~ot «;■ 
, r&j£» Profenmw Shore* to 

'twahe w tne, Comora* « th* -«$*•» 

• ?*n«w on 27 Jeauarr 1978. 
i, *V Order. ot:the Board.' _ 

■ ^ _ c- P. GROIN. SeoeUnr. 

10 January -T97fe 


ANGLO'AM DU CAN CORPORATION of 
SOUTH AFRICA LlMrita 
««oi^tra.te^Rraublh: oi 


DIVIDEND NO. 97 'ON THE 6 PER CENT. 
-. -CUMULATIVE PREFERRED STOCK 
Further . W the -dividend ng*fco adwrt^d 


1^171171 equivalent to 1.7B5T* 

Tbo effective rato -ot Sooth African Non- 
ResMont . SbonhoUen" Tax to 13.A142 
■or rent- . . ■ ■ 

For and on befall o’ 

ANGLO AMERICAN CORPORATION OF 

SOUTH AFRICA LIMITED 
,J. C, Gfeen*ml*h 

I niton Qffi ftt . 

4 D Hoi bora Viaduct. 

IC1P 1AJ. 

OHbee of Hut United. Kingdom 


Cigrtgr^CoftMlIdoteil Lhnltad, - 

Charter Home. • • • 

Park Street, . 

Ashford. Kent 
TN24 8EQ. 


PERSONAL 


1A -YDUR ‘ HOUSE TOO LARGE? ' V ®"J 
home < era tie beautifully used Jl , vou 
ollt.tt to the Nattonal CheHte «H«l0 
The - AsmeJ - Oi»'. portion will be 

. modernSed tree . of to*t to vou 
t usually *eH»contalnc<n tor’ vour own 
or roar surihrlns apouac** use tar JR* 
-—(pee of. nent. ,ret«. external repaira. 
. Other.- odtooma cowerted .tor 
oeopie- Ptassa write wHhmrt objioa* 
Mon to: The Secretary. Jrtelp The Asm 
-Hooalno Appeal- Room FT1C. 2B. Do*or 
. su ee u London. W.l. - 


LB AD 

a-tn. 

Official 

+ orl 

p.m- i 
Unofflctel, 

r- 


£ 1 

1 £ 

£ 


Cash i 

' S64-.fi j 

+ 3.5 

364.fi- 5 

+ 6J 

ltno«lh>M 

. SB8-.2S 1 

—2.76 

369 .26 

,+.4 

bm'hp'ur 

-364^ | 

+ 3.6 

— 


N-Y^dpt^ 

' -r 1 


•38-35 ' 

Lrur 


Morning: Cash £364.5, 64; three months 
E387.S, 93,- 17.76. 67S. 68, 68J. 98, 8A23. 
88. Kerb; Three rr oaths £388. 884. After- 
noon: Cash £364.5 three month £88B, 
®-3B. -Kerb; Three months £S6flJ^ 88.78, 
78. 71. R. 73.5. T2, 71.8; 7i ' 

ZINC— Uttle chawed 4n - uneveoiful 
trading. Forward metal U4d At £283- 
£268.5 -during the morning end was msr- 
gtnally firmer id the afternoon under the 
Influence of copper. 1 A late Boorish -of 
baying gUted Uw price to dose on iha 
Kerb arm o.5. Turnover, 3.80 0 wan es. 

+ ( p.m.- |+ or 

Official { — j Unofficial j — 


COFFHB 

Yesterday's 

Close 

£ per ronne 

+ « 
r 

Business 

Done 

January 

March 

May 

July 

September .. 
November .. 
January 

1975 1U8D 1+43.0 
1855 1840 1 + 66.5 
1784 1785 ' + 62-5 
1750 1760 +54-0 
1781 1722 ■ + 51.5 
1698 1701 +efi.5 
1650 1700 +70.0 
1 

1990 1(40 
1845 1/B) 
1783 1738 
1750 1710 
1722-1676 
1702-1650 


Sales: 3.TS2 at90) lots or 5 tonnes. 

ICO ImUonor prices for Jan. 9 lUS. 
cents per pound): Colombian Mfld 

Arahlcas 308.00 f207.S»: Unwashed 

Arablcas 218.60 turaei. Other Mild 
Arab lea 8 308JM 1 307.33 1: Robnnu 175.08 
(174.691. Daily avorago 181-73 1190.67). 


RUBBER 


ZINC- 


: s 

281.5-2 

288-.G 

282 


£ 

■i 

-1* 

-2 


£ 

SSB1-75-.B 

2B8-.5 

30.5-31 


£ 

h.ra» 


CraK 

imumha."- 
n’mbnt L\. 

PricCWen 

. Olbrntogt Cash .JB1.S, 81.75: ■ three ILS.S. ( cloee 

tnootte eto. S9.5. Kerb: Three minute ■ - , — — 

E8SA . ..Afternoon: Cash 081 A 8L25: 1 

three momhs £188. 88JL Kerb: Three 
mamba jm bA. 

■ Centos per pound. . T’Qu pravioug 
■moffleid -dose. MM per plcnL 


STEADIER operdne on the London 
physical market. Oood demand through- 
out the day. dosing on a firm note. Lewis 
and Peal reported that MnluvtoB gsdown 
-price was 201 (US) cents a fells (borer. 
Feb.). . 

3*tep 275 (34) tots of 15 tonnes add 
So. 1 ] Yesterday'fl Previous Business 


done 


per cenL, Jan. 84.68. Feb. 83.78, Mardi 
83.75 Tilbury. .'U.S. Dark Northern 
Spring. No. 2, 14 per rent, Jan. 81.80, 
Feb. 81-50. Marti) 87.00 rranaMpraent East 
-Coast. UJ5. Hard Winter Ordinary un- 
named. Australian pnauuMd. SBC wheat 
unquoied. 

Malm; U.S^French Jan. »7J0. Feb. 
38-50, March " B8J5 [ranshlpmont East 
Coast. S. African grades unquoted. 

Barley; Unquoted. 

HGCA— Location cx-farm spot prices. 
Other milling wheat: Humberside 88.00. 
Feed barley: Humberside 70X0, Gloucester 
60.60. 

- The U.K. monetary coefficient for the 
week be ginnin g January 18 wlH decrease 
to 1.282. 

EEC DAILY IMPORT LHVrES— The 
fol lowing EEC levies and premiums, are 
effective for January ll in mills of 
account pet tonne in order current levy 
ping Feb.. March and Apr!) premiums 
Vwttat previous Ip 'brackets). Common 
wheat— 86.87. a\l JUL aft (88.87. nil. nil. 
nil). Durum wheat— US. B4, nil. nil. nil 
(118.84. nil. DO, PUJ. Ryu— 74,00. OIL 
nil, nil 173.32. niL nil. nUi. Barley— 
77J8. nil. nil. na (77.68. nfl. ML nil). 
Oats— 88X8. nil. n0. nil (86.88. nil. nil 
nft). Maize father than hybrid hr 
saedtag)— 77JS1. nil, all. nil (77.81, nil, 
nil. nil). Buckwhamt— All nil (all nil). 
Millet— 71.74. ml, nU, nil -'7L07, nil. tdL 
nil). Grain sorahmu— 7JX1, ml, niL nil 
(79X1. nn. nil. nil). 

Flour levies— Whuat or mined wheat 
and rye floor— 132^3 (1CJB3I. R « flour 
—115.08 (U4.13). 

SUGAR 

LQHDOH DAILY" PRICE for raw SU8M; 
£169.00 (same i a tonne eff for Jan.-Feb. 
shipment. White sugar dal|y price was 
fixed at Dll (£1141. 

Reports of further baying by China 
stimulated some .short covering in a 
thin market and gains KP lo scone 100 
-points were recorded o ver th e day. 

ftSf freslerdeybj Previous- 
Clora 


SEVER 


SOver.'was' fixed 5.3 d sn.-eunre higher 
for’ Spot deHwery' hi the Louden taliron 
marhet yfc^ttxdjy. at 25&£p. U- 3 - cent 
eaulValmis. of the fixing levels - were; 
sMt 4$fl.4c, up 9-Sc: ihrce-momh 5 MAl 
up lOXcv NX-moMh 613.8c. up UL3c: ud 
13-mbhth _ 532.8c. up lfl-2c- The metal 
opened st-SWOTip (482 *-4Wc) and dosed 
At m«55.4p (48Wfl7i«. 


Fefa n .„. 48.8B-4fl.TO 
Msreh..i AS.a5-48.2Bj 
Apr-J no. 49.aB-BO.IIO 
Bl.8i-ol.70 
B3.an-S5.SB 
55.05-55.15 
*6.75-58.90 
JVy-3ep.rSBJS-BBJ5 
pet- Doc 59.83-58.70 


- Apr-J a< 
Jly-Sop 
Oct-Dee 
Jan-Mr. 
Apr-J no] 


47-25 -47.7S 
47J0-49J0 
4B.B0-48.78 
50.fiB-50.4D 
62.06-52.10 
55.7D-5S.75 
55J0-6BAB 
57J2D-BLB9 
&8.B8-B8.78 


Comm. 

Conn. 


Close 


Husinm 

Done 


45.70.47 .75 
48-70 

Bfl.00-48.G0 
51.7b-BO.8B 
SZ.fi6-B2.B9 
56.19-54,70 
B5.58-6SJS0 
B8-46-5BXS 
63.75-89. 6& 


aiLVEft 
■ per -, 


^ month 
5mo«Uw^' 


Bullion 

"fixing 

IHicSng 


4- or) LHJ. 
elose 


Lf-or 


2S8.9p {+5-9 i 2BB.7p : [+2.1 


268.7jp +M I 26S.4P 
866.7 p +5.4 - 


-l&mootliB.; 276. Ip |+B.S | — ' 


12 U) felts of 5 unmet 

Physical closing prices (buyers) wore: 
Spot 48D 147^501; Feb. 48 p (47.7Gp): 
March 49JS3D (48J)p>- 

SOY4BEAN MEAL 

The Diaritet opened untiisngod on thin 
volume. Chicago opened slightly Usher 
reflecting a slight nse la London prices 
and London dosed si lhe Highs of the. 
day, repona SNW CaoKroCWt*. 


H-l.W 


jY’wtenlSi, *f- ur I 

Huiinesa 

: - [ CIlw 1 — j 

Dcme 


•» £ per tnane 

Martb..ni9.B9- 19.70 1 18.25-18.55; 120.00. 13.00 
Moy._. 124 .85-24. 7E 1U.80.25.BB! 128. 18-2fi M 
Aug. .... 177. 50-27 -B6 12fi.W-2B.75' 127.96-29.75 

o3T_... IS0.80-U.B6 158.16-&S.S9J Ifi MO-fiO.OO 

Dec. 1 SS.4B- 55-B0- T55.08- Si J6llJfi.7B-5B.2B 

Uateh.. tB7.2B-S7.fi5 1B8.75.S7.2B157JB-56.6S 

May 15H.85- 40-lffi.188.am.00l ta.75-fi9.50 

'Sales: 1.481 >649) tots' of 59 tonnes. . 

Tito aad Lyle ux-Tefinory price for 
gramilatod basis white sugar was £242.40 
(samel a tonne for bora trade and 
£374.00 (samei for expon. . 

INTERNATIONAL SUGAR AGREE- 
MENT— milcai or Prices (U.S. cento tier 
pound fob and stowed Caribbean port): 
January 10 dally price 8J2 (8JBi; 15-day 
average -BJ9 f8.17|. ■ 

WOOL FUTURES 

LONDON— Doll and featureless. Bscbe 
reported. 

(Peace per fcltol 


UtBi^jtonwvcr' 113 0821 lots of M.foO 
ounces. .Morning: Three months 362.5, 2.7, 
3X, U,-£3, 2.4, Kerbs: Three monihe 
382.4. Afternoon: Three aanths . -282.4, 
2J, 2.4. la. aj. Kerbs; Three mnnite 
283.8.' 83. 


ICpertiuinoi ■' I 
.'UT.Bfl-ULO +0.90 U7.WMe.bO 
„|t 14.28-14 J + 1.10114.40- 15.08 
.115.10-153 +0^0 115.5M2JW 

Jns.oo-iiJ lU.fafl 

J1I1.50- 1G.8 +1.7SI — 

Jl 10.58. 13.B+0J6! — 

Jl 15 JO- 15.0 +0.50 — 


COCOA 


February 

April 

June — ... 

. AUffDft MM„ 

October ..... 

Itewember .. 

Febniflix. .. 

Sales; 68 (34) lots-ot 100 umhea. 


Auimltan Yeaierday}+ nr| 
GreairWool L'lose 


Ag -. Unround . sellers withdrew, con- 

tfoded 'consumer demand led *to short . 
covering -and,' a steady close, . reporta 

ffifl jqu 2 "j - 


GRAINS 


Buaftieaa 

Done 


r Sbrntey'si' 4- hr i Burin r« 
Close. I — . 1 Done 


Sa £ i CnsPf! • 

March J17M.O-SE.O 

Jl*y_ 1902.0-05.0 

Jiilf ' '1582,5-88.0 

Sept — *. ’lSSS.0-4D.il 

Deo..; — .-.„|18ltt.lMW.q 

Mairh 'UBB-MTJ 

Atoy* t4fiffl.0-B&.1) 


+ 1LO 1755.0-7712 
+4.0 .1808.0-1585 
,'+a.O -1587.0- 1544. 
1-8.0 1B85J-.1S22 

1610-0- 1808 

-3D 1487.0-1490 


-Soles: 2.405 <4j4i) tote of 10 tonpifs. 
Kucmatlaiui Cocoa orsnnltauon tuJL- 
cents Pri-jnxud)— Daily price for Jan. 9: 
137-88 <197 JO). Indicator prices for Jan. 10: 
l£-<Uy average .141.54 <i42JGi; 22-day 
average i«.50 (Mafoi. 

.jute’... •. 

DUNDEE— Vary flrtn la Sansfadesli but * 
no offers being made to the U.K .Calcutta 
poods steady. Quotations c and r TJ X. 
lor prompt ihlvnHU U n« inch DQ J6. . 
71 k 47J3 -wr i»3 . ranhc Jan. £1637 
and, £TJi: ffeb-4Ureh E0J1 -and £7.99- 

"8" Ttrins.iMjT,; mg; aad ES02 for 


GRAIN FUTURES rGAFTAV-Tbc mar- 
feet opened 19 higher for old crop wheat 
and five tower on all other complexes. 
Old . crop ‘ barley options /onnd heavy 
hedge sellers throughout the dor wftb 
virtually no bnyers In ibe martlet snd 
values by the close showed losses of 
between 507S5 palms despite good sbert- 
covertag tanerea is March. Old crop 
wheat options dosed firm with miters 
appearing only because of the weakness 
In barley. However, gains of 5-46 points 
were rudstored on wheat by the close. 
Adi .* reports. - 

WHEAT I BARLEY 


’ 

M'oth 

Yeatenlaj'il + or {Yesterday'* 
dew: I — ■. j. i-fora _ 

+ or 

Jan. 

Mu. 

May 

81.35 
82.80 
84.60 ' 
80.83 

+0.d 70.20 
+ 0.40! 71,70 
+ 0^fi! 73.85 . 
-OJSI 76.26 

-OJfi 
— Q.9S 
—0.76 

Xoft 

83.00 . 

-O.ui. 7B.6B - 



Buosfocss done; Wheat: Jos. &U5 only. 
March 81.60-83. DO, May 84.4544.60. Sent. 
mUfr-FT 10. .Vov. S3 M S. Sates. 90 
tacs* Rartui Jan. TI M only. March. 71 50- . 
9180, USF 73J0-74J5, Sept 78.00-38JS, 
Nov. 78 .56-78,85. Silts: 120 lots. 

' IMPORTED— Wheat: CWRS NO. 1. 13} 


March 'aSBJMWj 

SUy J45.0-J7JI 

July .......... Si*-®-*™ 

October 258.DJ2J 

Decembor ... 240.0-4U 

March. 242.8-45.C 

244.M8J 

July 244JM8JJ 

“ Safes'; NU isM*l Iflts of 1 JOB Idlos. 

' SYDNEY GREASY— Close fin order 
barer, seller, business, sales v— Micron 
Contract "-March 338.5X38 9; 3J9.IM88J: 

28. May M5.5WS.5; W5.M44J; ID. July 
'991.0GSL5; 35S-D-851A 19. OcL 363.5-554.0; 
554.0-354.6: 8. Dec. 3S8JMS8J; 35B.0-35BJ: 
IX March 381.5-30.11; SO,046L8; 7. May 
SKL7-36L0: 364. 6- 361,0: S. July 36fiJ-386J: 
nil nil. Total sales: 88. - ' 

meat/vegetables 

5MITHFIELD (prlen In pon» per 
pound)— ffeeft Scotch killed aides 47.0 to 
50,B; Ulster hind Quartets 8L0 to 84.0, 
fore (miners 8M io'-jmj; -Etra hind 
quarter* 80.0 to 83.0, foroQuoncrs 32.0 to 

33.0. 

Lamb: English^ CauD SO.B lo 58.0. 
medium 49.0 10 38-6. heavy 40.0 ta SO.B; 
Scotch medium 48.0 to\5B.O, heavy 40.5 to 
50.0: Imported {roam:, nz.pi. 48J to 47J, 
YL» 44J «0 46J.. • ... 

Porit: Ensfesh. jmfler JW Jte 38.0 fo, 

42.0, 100-120 0)1 35,0. 10 A 0 J, 120-160 lbs 

33.3 to 38.0- „ ... . 

Panridaoa: ^ouiw 1M to XM.ff each. 
Phaaaapm BcMSJg Afo 380 8 pqr brace. 
MEAT CDHMISSlORr-Aiierago foutork 
prices at repretentedv* marfeau on 
January 10. G B — Caft te »JPb per kg.Lw. 
(+3.70); u.ic-stera. m.ep per kR.rat. 
U.C.W. I -AS).' GD^-HW 87.IP per kgisf. 


<-0Jl. Eastend and Wales— Cattle num- 
bers down 33.0 per cent., average price 
56.0%) (+0.7S>: Sheep numbers down 29 J 
per cent., average price !25.6p <— 4.7): 
Pig numbers down 32.8 per cent., average 
price 38 Jp 1—0.6). Scotland— CaiLle num- 
bers up 31.7 per cenL, average price 
St-76p <+0J2i: Sheep numbers down 18J 
per cent, average price 125.1 p (+3.Qi: 
Pig numbers up 3.6 per cent., average 
price M.7p (-1J). 

COVENT GARDEN 'prices In merlin* 
Per package except where otherwise 
Rated)— Imported produce: Oranges— 

SpanJo; Navelima U0-2J0. Navels 2.00- 
2L30; Greek: 2.30; Jaffa: 3.154.10: 

Hsyptlan: 2.30; Cyprus: Ovals approx. 
16 kilos 51'80’s 3.30: Moroccan; 2JB0. 
temows Italian: 100/J20 3J0JJ0; Crprus: 
150-5.00. Gropefrnll— Cyprus: 15 kilos 
2.40-2.60. 30 kilos S.BO3J0; Jaffa: 15 
kilos 2JKW.B0. 20 kilos 2J83.M. Soun— 
Spaola: Approx. 40-lb 5.80. aememines— 
Moroccan: 3J0-3.5Q: fipanla: 3.00; Ponu- 
gucse: 3.00. SatsmuBS— Spanla; 1.S0-2.60. - 
Apples— French: 40-lb Granny Smllb fl.DO- 
7.00. Galden Delicious 3.4O-5J0; 30-lb 

72/110 Granny Smllb 3JIL3.80. Golden 
Delldons 2.403.20. Stark Crimson 3.30. 
Jumble pack.' per pound. Golden Delicious 
0.10-0.13: Ilallan: Golden Delldons 0.12; 
Danish: Per pound Spartans 0.12: OK.: 
Red Delirious 9.00-0.50: Hungarian: Red 
Delicious 7.00-7.20. Peucbes — S. African: 
Per lr ay lSWs 2 80-3 JO. Appricou— 
S. African: Per pound 023-0.35. Pfnm— 
S. African: Sama Rosa per pound 0.30- 
0.40. Metiflen 1 0 36. Crapes— Spanish: 
Napoleon 1Mb 4.80. Almeria 220-3.00; 
Californian: Red Emperor per pound 0.40- 
0.45. Bananas— Jamaican: Per pound O.Ifl. 
Tomatoes— Per 6 kilos. Canary: 1.90-320; 
Spanish Mainland: 0.30-2.00. Capalcnms— 
Canary: Per 13-lb iff): Israeli: 13-lb 2.70: 
Senegal: 6 few, - * ISO. Cucumbers— 

Canary: 2.8O-3J0, ^lom— Spanish: 1.60- 
3J0: Polish: 1.66. Brazils— Per pound 
NO. I LWM 0.43. Tocamins DJ35J.36. 
Wofnate— Chinese: Per pound 0J8. Cuill- 
ftewure—Jcrsey: 5.00! French: 5.00. 

Potaioeo— Ilalten: 20-lb 2.70: Canary: 25 
kilos 620. Lettuce— Duicb; 24‘E 2.20: 
Frendb: 0.80-C.9Q. Celery— floaUsh: 24's 
3J0. 

Enpitoli produce: potatoes— Per 66-lb. 
Whftes/Reds 1.1M.6*. Lettuce— Per 12, 
Indoor 0.7M.00. Cabbapo— Per 4-bag 
Primo 0.60. CulffloMars— Per 12. Kent 
230-2.40. • BCetrmrts— Per 2S-lb 0.70. 
Carrots— Per bag 2£4b 0JIL0.W. Onions 
—Per 58- Tb 1.00-1.-40. Celery— Prepodc 
]S/22*s 3 00. naked J0*a B.S0. in L30. 
Swedes— Per bdg. Devon 0.40-0 JO. Apples 
—Per pound. Derby 0 tt-O-12. Cox's 6.18- 
0.24. Bramlers 0 16-0.16. Pears— Per 
pound. Conference L16-0J0. Cornier 6.16- 
8- IS. Sprouts— Per pound 0.DS4UM. 

Parsnips— Per 2S-lb 1.00. Turnips— Per 
3Mb 0.70. Rhubarb— Per pound 0J0. 

VEGETABLE OILS 

LONDON SOYABEAN OIL— The market 
was extreme ly quiet, reports GToqvenor 
Commodifies. Close: Jatt imqnotsd. Feb. 
2K-K4. March 283.278. April 2794fo. Map 
273-276, June 273-270. July 273-178.50. 
August 273-808 JO, Sept. 27+283. Sales, 
Oil. 

- LONDON PALM OIL-Close: Jan.. Feb.. 
March 270.08-280,60. April. May, June. 
July. August, Sen. 258 J0-270 JO. Sales. 1 
niL- 

' * 

- COTTON— Liverpool: Spot and Bhlpmeoi 
gales amounted to 584 toqnei bringing 
the total for the week to 1,456 tonnes, 
reports F. W. Tateraafts. Renewed In- 
terest was shown to a wide variety of 
American-type qualities. Middle Eastern 
types attracted further anendoo as did 
African and For Eastern growths. 


PRICE CHANGES 

Prices per tonne . unless otherwise 
staled. 







Jon. 10 

+ or 

Meath 


1B78 


a*» 

Kotels 

Alumlninm 

£680 


£680 


Free Market <d»W980-1D! 18940-50 

CuppercnabTr. Bara'£670JB — 0.6 
5 manthi dn. do. [£684.761-0.5 |£69B.76 

Oa»h Cathode. ...£659 — 1.2&X673 

3 mi mt bs dn. do £673J5 — 1.0 1£687.5 

Gold. Tre.r oz.JS173.in + 8.0 [S1B7.B2S 

L«wd Ca*b >£364.75 +5.5 'x379 

Smooth! £169.125; + 4.0 £381.25 

Nickel ( - '£2.752.5 

Free JlaritK (cfr)..JS1.7B-2.6!+ 1.7 [$1.73-2.0 
Ptolinuni troy oz..£9B 1 £88.5 


Free Market £101.85; 

Qiiiekailver i761b.). S 128 .53 

Silver Tnij- «« 258. 9p 

3 inimtliR...^ 262.7p 

Tin Crab £6.439 

3 mnntb* £6.382.8! 

Wnirnmie2.0lb.aeV S7B8.176 

Zinc nab >...£281.875 l~0.E2BX293.2fi 

3 months £288.29! '£289.575 


+ 1.7X95.1 
+ 3.0 IB126-A0 
+ 5.9 1233.65 p 
+ 9.4 ;397.7Bp 
+ 67.SX7.100 
+47JX6.825 
(51B6.7B 


Frmlueers 8600 

Oill 

Lonmut (Phil) 3 55 On 

Groundnut ..... < 697 

Linseed Crudefr) .. 5265 
Palm Malayan 5495m 


Seeds 

Copra PbllUfi 

Soyabean 




5380y 

S246J« 


;S6M;700 

! S567.5 

+1D.O! 5987 

S26B 

.5505 


+8 J MOO 
5343 


Giuina 

Barlfljr BBC 2 

Home Future* „. £70.2 

Maize 

French JJn.3 Ami£97J5 
Wheat ! 

No. 1 Red S prin^£84 


Na2.HardWlnte 
Hugllsh Milling. I 


t 

£93 


i — 0J5 j£71.05 

U LCS4 

I 

+0.25 £88.75 
* 


Cocm Shipment.... £1.909 

Future May <£1.805.6 

Coffee Futures... 

Marrb Cl.B57.fi 

Cotton -A 1 index... 68.75c 

Jute LJ ABC 5437 

Rubber kiln 48p i 

tSiml £ HA3L 5560-70 

Sugar (Kt«j £109 

Wunltaps 64a kilo... 


+s!75|£l,9Bfi.B 

"5.5lE1.1 
i.5 B9.; 

...J Sfl 


+ 55.B| 
+ 0 


1.769.6 
2c 

, S437 

+ 0.7fi!49|» 

'5960-70 

£110 


L”»P 1; I 273p 

Nominal, t Unquoted, a Seltor'a quota- 
non. c Cents a pound. oBs-tank London- 
HffiL. m Feb. pjgn. vJha.-Fob. a Dec- 
Jam r Det-Feb. » Frt^Mar. u Feb.-AprU. 
m March, v Jan^-March. . x Per ion. 


U.S. POTATO 
OUTPUT TO RISE 

WASHINGTON, Jan. 10. 

In its first forecast of winter 
potato production the UJS. Agri- 
culture Department predicted a 
2.9m. cwt crop— 8 per cent 
above the 1977 production. 

But the department said that 
spring potato planting intentions 
for 1978 are estimated at 86,000 
acres. 7 per cent below the 
$2,800 acres planted during 1977; 

The department forecast 
orange production at 221.4m. 
boxes. This is slightly above the 
December 1 forecast but 9 per 
cent., or 22.8m. boxes, below last 
year’s crop. The orange juice 
yield is projected at 1.28 gallons 
per box above the 1.07 gallons 
per box yield last year. 

AP-DJ 

v, ' 


FINANCIAL TIMES 

JinT 10, Jul P [Mo utii ajpt 7cir Ago 

236.70 j235.8g~i 842.D S 1 851.07 

(Base: July 1. I952=ug) 

REUTER’S 

Jan. lb Jan. 9’jMonth ■( 


"Year Afio 


1420 .0 (14 17 -5 | 143 9.9 I 2586.3 
(Bare: Seprmobar is. U3X=100) 

DOW JONES 


Dow 

fonu 

Jon. ' 
10 | 

Jan. j Month: Tear 
9 ! ago j ago 

Spot.... 

Fat urea 

349.56 
340.41 ! 

347.20 38 1.65B79.33 
|337.6B|5 24-2715 69.54 


MOODY’S 


Moody's 



Jan. 

Month 

10 


offo 


ago 


Spin C<«mffyjB98.5‘8ei.l!88g-9 ‘ en _ 


(Derember 31, 1931= llHD 


GRIMSBY PISH— Supply p^r and de- 
mand pw. Prices per none at snip'* 
tida <uoprocmaud>: Shelf cm) £4.46- 

0.40: Coatings £3J6 -xs.4d; Larne haddock 
X3.50-14.S6.' Medium haddock X3.so-f4.2a: 
Small. haddock J3.OD-O.io; Lorn plaice 
£3.7M3.9D; Medium ■ plain £3.70-13. »; 
Best small plaice n.M: Skbuwd dwfiah 
tmefflum) 12,09; temau sole* £g.ao.£?.M: 
Bpcfefiah C.0M24D; Red s n •n-rL+fl: 
SaJlhe £3 30- C. 16. 


U.S. Markets 


Metals and 
coffee up: 
wheat firm 

„ _ NEW YORK. Jan. 18. 

PRECIOUS METALS and cnppi-r liaisted' 
under urmnirf as Chieagn soling ariramcd 
local liquidation and touched Commiski.m- 
house yap- loss si-lllng. Cnff.-e ended 
&U«hlIy higher on roaster Interest. Sugar 
dosed a Iitile higher un Uglit Commission- 
house buying. Soyabean* were .strong i-b 
nearby meal demand, lueal shurx-eovcring 
and slop-loss buying, Baehc reports. 

Cocao— March i£!.w 1 142.30 >. May 132.00 
(samei, Jnly 137.10. Sopi. 124.03. Dec. 
120.3S. March 117.53. May lifi.oo settle- 
ments. sales: 1.026. 

Coffee—" C •’ Cnniracf: March 200 DO- 
M.01 1197.191. May 1SS.50 i IST.lOi. July 
1S0.30, Sep(. 179.00, Dec. 1 Mj 5. March 

157. 00- 1 50.00, May 153.00 asked. Sales; 
721 Inis. 

Cooper— Jan, 5S.90 1 59.701. Feb. 59 JO 
160.00), March 59.60. Bias' 00.60, July 
61.00, Sept. 62.50, Dec. 63.S0, Jan. 64J0, 
March 65.20. Mu' 66.1'* July 67.00. SepL 

07.00 sriUeraeiils. Sates: 3.IHM lots. 

Couea — No. 2: March 51.03-54.75 153.631. 
May 55.90-53.95 iS4.7(it, July 56.00-57.H, 
Oct 5K.00-5S.15, Dec. 5S.50-58.60. March 

59.0040.40, Mar 59.40-59.80. Sales; 525,000 
bales. 

■GoM-alu. ITlte (172.40), Feb. I72.SO 
117X301. March 174.00. April 175^0, June 
177.70, Aug. 190.20. Oct. 182.70, Dec. 
19520. Fc-b. IS7.G0. April 160.40. June 
193. DO. Aug. IBS. 70, Qet. 19S.40 sctUementa. 
Soles: 11.000 lots. 

tLard— Chicago loose 19.50 (1B.D0). New 
York prime steam 21.00 traded 1 20.50 1. 

JMalie— March 224+225 iZ3*t. May 
228! -XSi i227| ). July 230-2291. Sept. 2Si, 
Dec. 229I-23B, March 230. 

SPIatlnum— Jan. 182.10 1103.10). April 

195.00- 196.30 1197.001, Juy 193.10-19960, 

Oct. 20X00. Jsu. 206.50. April 208.70-205.90. 
Sales: 1,282 lets. 

ISlIvcr— Jau. 490.60 (492.30), Feb. 492.70 
<484.201, March 496.00. May 502.70. July 

508.40. Sept. 515.10. ec. 526J0. Jau. 528.80, 

March 536.00, May 543.40, July 550.30, 
SepL 557.10 scttlemenis. Sales: 20.000 

lofff. Handy and Harman ispoi bullion) 
483.50 '491. SO). 

Soyabeans— Jan. 598-5973 (5S7|i, March 
E07-60S IS97D, May G1M151. July 6193-618, 
Aug. 613. Sepl. 5963-58T3, Nov. SSSl-iSJ, 
Jan. 595. 

H Soyabean Head — Jan. 165.60-166.00 
<1 64,301. March 163.30-165.00. May 167,50. 
Jub' 168^0-169.60. Ann. 1B9.30-I70.00. SepL 

166.00- 166.30. OcL 165.00. Dec. 164.36-165.28. 
Soyabean Oil— Jan. 2LS5.21.00 120.12), 

March 21.10-20.15 i2IL2Si. May 2l.25-2i.sa. 
July 21^0-21.25, Aug. 21J0. Sept. 20.7S. 
on. 20.15, Dec. 20.00, Jan. 19.85-20.00. 

Sugar— No. U: March 923-9.30 v9.19). 
May 9.CS-9.70 19.61). July 8.92. SepL 10.09, 
On. 10JUL Jan. 10.67 nom., March ID.78- 
10.87. May 10.8^11.02. Sales: 1,775 tols. 
TTn— 563-00- 5S0.60 asked i5B7J0 asked). 

**Wbcat— March 2791-2791 l*7Bi). May 
2961-256 12921), July 2NKML SCPL 295*. 
Dec. 3021. March 3091 bid. 

WINNIPEG, Jan. 16, ItRfeo-'Uay 118.80 
bid illl.so bid). July 10840 asked ins.oo 
ashed), Oct- H0.ro bid, Nov. lll.TO nom. 

ttOnu-May 79.00 hid l77.50 bid). Jute 
78.50. hid (TUB bid). 

marl ey— May 7S.50 1 78.00 j, Jub 77.76 
bid tn.70 asked), Ocl 79.00 bid. 

SfiFlareccd — J3ay 212.00 bid 121BJ0 bid). 
Jtdy 214.00 asked (212.00 asked). Da. 

217.00 bid, Nuv. 217.S0 bid. 

Wheal— SCWRS 13.5 her cent, protein 
eoniont elf fit. Lawrence 3971 i3841i, 

AU rents per pound cx-warebotuc 
unless nthonrlre stated. 5s per troy 
ounce— 100 ounce lots, t Chicago loose 
to per 100 Urn.— Deut. of As. price* pre- 
vious day. Prime Sicain f.o.b. NY bub 
lank car*, t Cents per 56 lb. busbcl eg. 
warehouse. 5.00 bushel luts, i ss per 
buy ounce fur SO uttneo units of fo.o per 
rent, purity delivered NY. SCrals per 
troy ounce ex warehouse. H New B " 
conirart in is a short ton for bulk Ins 
of 100 shnn tuns delivered f.o.b. can 
Chicago, Toledo. Si. Louis and Alton, 
•* Cents per ® lb. bushel to store, 
tt Cents per 24 lb. havhel. tt Cents m 
4k lb. bushel ex-wurehmue. ll Cut* pa- 
ss lb. bu&heL ex-warehouse, 1,000 bashd 
lots. 



r 


Financial Times Wedfwafey January 11 1$78 



Consumer shares weak on High Street price war fears! 

Food Retailers down sharply— Share index falls 7.2 to 484.5 SES : 

* V w 'Grfit Hum .. li 


iL times stock indices 

" dan. " Jan, 7 Juu » 4aa. Jmv r’Jan, ", A imt 

Uv i f 1 . a. : - * : : 4 . 


.Account Dealing Dates latest Bankof England monthly British Benzol became a late nationalisation of its shipbuilding of the forthcoming libel action bv result of profit-taking in B. Stanley, 
Option statistic; s. These, at first glance, duH feature ui OictmciN. Tailing and aircraft interests base not ATV. United Biscuit were 21ftp. Beaumont. P7p. and Centro- 

•First IWiars- Tj»ct &een nn t 2 USe *L/i? a £ con 1 5 ei ! n and af . le ^ 3 2 ? p ° n * he haif-year.y prouts yet started. JLn sympathy. Vos per lowered 8 to I60p, but Robertson tin rial, S7p. Ktr»h and Tompkins 

the Official Close the longs reacted setback and rat enm dnidend foil 3 to 143p. whUeSwan Hunter. Foods, at 14 Op. recouped the pre- came back 3 to 112* 

Dealings tions Dealings Day on further pressure, giving up * omission. ICI drifted down 3 to i51p. and Yarrow 2S5p. lost 4 vious day's loss of 3. J. Blbby onraat. Traders were notable 

Dec. 12 Dec. 29 Dec. 30 Jan. 11 further, and the shorts in similarly S44p in thin trading. Stewart ana 5 respectively John Brown were also supported at 2I3p. up 3. fn ?r£^??nr^nr9 

Jan. 3 Jan. 12 Jan. 13 Jan. 24 unsettled conditions shed * more. Plastics ended 7 off at 129p and. closed 6 off« 2^ after 230a n„ ^ tSf.Jf' Q Sf-*. . - A° n 7 a . p , 

Jan. 16 Jan. 26 Jan. 27 Feb. 7 Nearer-dated Corporations often ahead of tomorrow's preliminary while a recoveryin’ GKN' from fjrofiJw. 10 

• “ *ew u* - maim. u*. »,«. improved but issues of a longer r«olt* ffleteon and Welch 2S5 p to £g S3m\ »fe t£S ££"4? S^r^SSlS? GES Harri-m* ^ 

frofn 9jo ajn. two .«*«„ to, emier. life *«?*** ^writing softened 5 to o«p. by hopes or early new, of the £ged t?„£ from lSb!3£ the te 3 S22S^^&s£ W L32^ 

Stock markets wwre ^ .fW"* *» the ««* wtter lost 10 more at I37n for a - 


frofn 9jo ajn. two to. roller. ™ e "£«*■ Awaiting softened 5 to 535p. by hopes of early new, of the recLsed terrns from iSbreke: the 

- . . news on the adjourned peace _ company's appeal to the West latter lost 10 more at l37n for a *!* Investment Trusts. Border and 

vefr^ino^f o e i?r« , '\f r rrf fe f t r U n t * talks- Southern Rhodesian bonds StOFBS YVe&k German Federal Supreme Court two-day faff of M ^Grand ^ outllCTD s L°0d n H t f 1 278p.- 

dated 1978 and onwards made * , ~ . ... ^ on its proposed purchase of a JetSriltM ea^ed 2 to HWp , 10 - * h,,c ****» 

Food snr^m?<ir > rMfi«r S Minw- fresh gains of twoor three points. Fears of an increase in High further holding ip Sachs .\R. foUowiir^new* of the extension Colonial. 140p. and Argo In- 

£?iSfcSw 0ttar a2 B “ ltel ? r n „rr ,i Streel competition and a result- Secondary Engineerings encoun- ofrt<^ftdrmks mieiStsTbut vestment. Up. shed 4 apiece. 01 

'^^’ r ¥ , 3 ni *. P nce m ^ SU M™^ ed ma r tM ,ns squeezc °° P™0t margins in tered scattered selling 3 with Daw Vorf^lk Capital ed~cd up N to the isolated firm spots. New Thro* 

cutsm the supermarket pnee-war. H ' ak ?. of Sarasbtwy’s dcelelm InternaHoual noteworthy for a itoon^tlS^iSramunv increased morton Capital improved 7 to IWp 


riMorawni Mo 77:W *7.39 77.80 78.00; IBM 78.58; 50.78 

Fixcxl iRtcraOn.... : 80.8*. 81.87. 81.03 01.19 8l.lt: 82.0^ 85.7C 

fn iiirtrtiii UidUkuy WA 491.7 i 4*7. J, 4*4 .fl 4BJAJ 468.K 558.* 

'Gout Uiiiml JJ0 3 135 8 136. a UO* in.T 106.* 

Uol.lhr.Yu-M.. 8.5S; 0.47 8.4 1' 5.40 B.60] 64* t£! 

Kiniiih.il POhluillri: *6.50| 18. Sg 10.45 10.47! tfflS; 15.78 18,51 

I* K K«tw toot I rn 8 45' 8.53j B.60 : 8-6 lr 8.48; AOsj . WU 

UrMinK*n H rbM. 7.140; MM 6,480 6.85 1 : 4.^7 4.17* 7.B35 

giimtv l«iruti«T Em... — * i 65-18' 57.85, 75.85 W,M Ulrf 544*' 

£qmtr tanpiiDi ruU... ; — i 17.916 1MJ1 1S.AB7 14.715 1S.U87:14 Ju. 

18 t.m. Ml. 11 ■». 4W3. Nooa 483 R. 1 ym *if. 

: OBt #3? 8 p.m *0.1.- 

» .M r» «4|| 1028. 

•Ujii-J IV( 5S prf nwi»M!wn tax. •X1)~83T. . . 

n-.m :isi Oni smh r- w w. turn mi. iws. 2nd. .tint lt d." cm 
3Ii:if* 17 l SK VllUIr Ml-Pir- uw. 


highs and lows 


s.E- Acnvrry 


a snuaywis- sz±s*g&&*&&£ja 

-25S. ^f^nme,bi“nf,u e t io 0 n "aS ■ its —I M - >* « «* » r«po=sc m Sfr?^ mm>W ' ^ 


Stm-* C«'>iii(4Uli-a | 
■ High I l^itr 


1 JntL T Aa. 
li> - 8 


mortfwllir u-a^iror sions wen met oy insiiiurionai ana ' — - ■ — 

ahead of the latest ’banking statis- 2J* r d de t n ^i d- d !^ KjStof 664 .— 

tics leaving falls to a full point in ^ f2S0i A 

long-dated stocks which were ffT,®? 1 nL *Yto!Sa5i i^Sivpr 

easing further in the late trade. S ^ne Y «.*nSiS SfwwtT 

The Government Securities index 51011 ^ act0f 9^128 (0.8013.). ■ 

had its biggest fall for over sis ^ DU - j 

weeks at 77249, down 0.60. Short- RanL-c linll - Afl A LA 

dated stocks were also sharply mill r\l V 1 . 

easier, partly on second thoughts The major clearing banks 240 — J — Tr J A 

about the possibility of another drifted lower in thin trading with J 1/ l a 

early cut in Minimum Lending Barclays dosing 7 off at 338p M A 

Rate m view of the rising short- despite the Price Commission’s gl tf| \J , 

term money rates in North favourable report on its charges. f .1 ” 1 1 

America. midland also shed 7 to 388p as . i I 

Leading equity shares came did Lloyds and NatWest to the ■ f * . I . 

more fully under the influence of common level of 288p; the latest 200 — jA l - — | irfhf-HflpfpnwipQ 

the obscure outlook for the U.S. clearing bank Sgures for mid- / *' LlijvU ilIHUpj 

economy as reflected in the re- December announced after-hours, A 1 1 n ■■ T w j 

cent weakness on Wall Street, did not affect sentiment Discounts ^ok/Ap KcIQIO I V i 

There was a continued reluctance mirrored the easier trend of gilt- loujf 1 1 

on the part of buyers, signs of a edged securities. Union dipped i J F.T.-ACTUAR1ES WDEX 

rally after an opening mark-doum 10 to 4oop and Gerrard and Uo-r-r I I I I L ft _ 

of prices were short-lived and the National 6 to ISSp. Hire Pur- - - 1 ' • -» f197p 

FT 30^hare index, close to break- chases came on offer with Wagon MAY JUN JOL AUG SEP OCT NW DEC JAN 

ing above 500 only last Friday, Finance notable for a fall of 4 V ' — - — J 

fell ?-2_ for a two-day loss of 12A to 89p. First National Finance 

at 484.3. Corporation, however, hardened nervousness in leading Stores, adverse Press mention. Matthew 

Fails m FT-quoted Industrials | frariion more Zf^whUe the wjlh food retai | co^m Hall came on offer and fell 7 to 

outnumbered rises by a-to-l and “i P^ r cent. UMiici unie issz , . . . i«Tn. while losses a round 4 

the FT-Actuaries three main in- moved upS^ points more to £S0 2l4o were in Simon, 2i7p. Black- 

dices all gave up about 1) per ahead of Friday s results. ?«<•?-!£& ytood Hodge, 82p, and Capper- 

ppnt With tha at 9iA as , while Marks and Spencer declined v^,. Jl' “ r 


I ;,■■■< 174.5 


60,49 ’ 187.8 ’ 4*728 ; i »<« „ i 

■ «:b ■; jTUQ ; M-v* r?£S£z\ Swi I SSi 


150.4 90.55 

T5.1HS* 

84J.B 48.4 

t AH 40) 

1 448.3 ' 4B.B 

, .Tast- r.-irxiMi» '.i> 


I iMUatrtan. 898 J 9B9.tr 

•VolWlw.... 47 Ai BOJQj’ 
TvM* 108 5 250i5 

^dav.Vv'airt- 

'■lit Edjfihl ..J 810.4 1 IBM 
tikMuiruua :. ' 9104) ‘ IBM--' 
44 . B ‘ OSS'. 
*«•- 148.8 ; IttS 


m2* & mov^ r ^VoST^e ,e to ^ ^esp^ly^n^rabte ^ 

itVie^T t* . ° »y*» «au - while Marks and Spencer declined’ 52f*n..^L Soli' 


earnings. Shippings were noteworthy for ", I ! l»»uy ... 

Among dull miscellaneous in- strength in Reardon KmiUifegov- &*»■»«■■ ^ U»® 1 ^ 

dust rial majors. Boots receded 7 iM the rwwurtes statement • at 27 bo 4» 150 4 90 63 J 

to 222p and Reeklft and Oilman which accompanied confirmation n»«>i ■ ®V.^. v i Ky*"' »2a s ' S 

10 ro 433p on Tears of increased of the expected imcrmi loss; the 

M-h street competition and a Ordinary rose 10 to 140p and the t.i.i- ‘- I..- M9.* . W.f •Jm Bii t *i..j 820.4 ; IBM 

resulting squeeze on profit mar- A 3 to 46p. : ' l * a \ ■ i ! . . £*“"£* ■ *»■« 

gins foKowins Sainsbury's more. TrafTord Carpets stood out In ti,M Mlw *‘ ATJ? : ^ ; r‘T.'^ : , i5i» : l»| 

Trafalgar House dipped 6 to laSp lacklustre TeMiles with a jump 

and Pfijclngton Bros. 7 to 473p 0 f 51 tn 32«p on ^mall buying In T 

fallowing the scheme of arrange- a restricted market. • 

BSU-KUSSS fi» f M nrsirffi options traded 

trials will exchange their Ordinary DEALING DATES Barnuh Oil. British Land. Gfa 

for nen- Preferenre shares. Deal- 10 P 3 tHD ^ lay Fln4 List Last For MetropplUan. Thomsen Orraj 

w-th^hl Deal- Deal- Declare. Settii- lion, Britbmia Arrow. bS 

ing*t ings ilfttt ment Rcozol, SpiUers. Town and Q 

StSS£S£^£r5 f enta v ’ ^T7lS Golds firmer Jan. ll Jan.23 Apr. IS Apr. 25 Furness Withy, Barker ^ 

in response to the higher interim After an initial mark-up follow- Jan. 24 Feb. 6 Apr. 27 May 16 Dobson, London Brick, LidUt 
&r&res ° but English China days ins the sharp rise in the bullion Feb. *7 Feb. 20 May 11 May 33 Warrant*. _Grand MctropoHi 
shed 3 to 79p ahead of to-morrow's price in overnight transatlantic p or nJfe •ndjm'.tons sec end of ®*rieW 1111^^ 

results. Avon Robber, a recent markets and its <nib«qaent ^ 7»f 4 ,rniariVm J! sh . N< ^caitlr Brewerl 

speculative favourite on hid improvement here. South African Mmre mu rmarion .vmr< Raglan Property and Sutdte 

hopes, declined 6 to I87p follow- Golds spent another uneventful Cal is were dealt in Selincourt, Marketing, while doubles an 

ing the annual report. Profit- day awaiting the first of the FNFf. Caravans International, -arranged In Sellnrourt,' Or 
taking left Leigh Interests 10 December 1 0 j < qua rf eriy reports Fain tew Estates, Yule Catto, BP^ Developments, Town and~ r 
lower at 156p. which are published r ^dW- . . Consolidated Gold Fields, and Brlttan la Arrow. 

V.-.A hmall scattered London buyfnq 

eaij£^liiac d RrS^, interest was reported and with — ■ ■■ ^ 

ttssszurstiA £ffia 3 SSaS 5 NEW H,GHS AND lows f OR 1977m 

Motor were called a penny firmer c t ,iV ,sierea 3 ..tn* Mjawiaq mawi now rn the EaiBhinb * o»nto Park n»r 


OPTIONS TRADED 

DEALING DATES BftrmaJh INI, British Land. Gfa 

First Last Last For MctropoliUta, Thomson Onwti 

Deal- Deal- Declare- Settle- lion,- Biftfamit ‘Arrow, Biff 

tags tags ttan meut BmicoI, Spf tiers. Town and i& • 

Jan.ll Jaru 23 Apr. 13 Apr. 25 F'urucss Withy, Barker I ' 

Jan. 24 Fob. 6 Apr. 27 May 16 Dobson, London Brick. Ladktt 


NEW HIGHS AND LOWS FOR 


Tito followin'] iKWttltt QiMMce m the EotBhmb 6 Dnndr* FMfk Hacp uv 
sharo inlornijticn Scnrce wwto Eau.tr Cot*. Dett Sot. 5 M*rtV • 
Attained ROM Hiahv <nd Laws lor 19r7-?B. MAG. 2nd D m! Inc , "•*. 

NEW HIGHS f65> s DW i itraa -i 

CORPORATION LOANS IS) ™ 1,1 

U.nrol 5 ‘jpc -70.78 l (?C. S .BC -77-«1 «-“•*«* . 


while fears that pnee competition 292p. while Legal and General 2^55*1 ifJJ * ~ a ii l -2Jer Harvei responded to the good P , ' w tantein. EtOi. West Drletoaleta. cortoratton loans is> , a 

will spread to other retailing areas wen 5 off at 172p. Efseu'here. flfhliT?, i» rS results with a rise of _ Supported recently on North £17, and Western Holding* i!4J. HrfJi ,J S;J i :5S ^/ c - 5 ;Bt : 

left the Stores sub-section 2.7 per Commercial Union declined 5 to w5 r J?23«n anri ^ Alhcd Retaflen 3 10 67p and Brown and Tai *se and share , ^. ll hopes, that amount harder. Lower-priced ^monVtlth. a african loans ti) RiSnSS^corp 

cent, off at 191.75. 150p and Eagle Star 6 to 158p. ^ a , cL . , !?P-* v continued to reflect satisfaction Thomsons^ ,en c S“ nter ®l profit- issu es showed Elandsraad 14 »h. Rhodnu Cwp - 

Hie one mam market to display 


MINKS 13) 
Wunt 


— ----- 150p and Eagle Star 6 to 158p- a ICC _. ,L. vw«uiiubu ,U luicti »ii9is>;ui>u -TT — — — . r-«— issues snowea uuu.>num x*» — unks m 

TTie one mam market to display D , 3 down at IS 6 P. the * a ^. er , s with the interim statement and taking and fell 22 to 688 p. Else- higher at IS 811 . iuia n ircuim *o5c Cc5*. 

all-round firmness was in South be ^ r P. e reactionary interim figures are due next Wed- t-osc a amount further *'here, Saatchl Saatchi hardened south \frican Financials were coriotsan T^e Oa»Noom««it 

• African Gold shares; the bullion and Scottish and NewresUe gave nesday. In Shoes, Hiltons added t0 91p> 2 to loip following the higher aeain featured by De Beers, which Brown 

price put on S2 an ounce to SI73i up 2 at 6/p in front of Thursday's 4 at 72p. annual profits. flmnua l^rween iSSnoad ^M4n u . . n . ' '?> „ 

—its highest siweklay 19^— and, i^r^repor^wh^^^.Saip, Thorn, down 8 further at 378P, p» j Rpfailorc Lit before closing unchanged on jarm ij s g^ouo 

• y d«uS a ^nrem?»m r tS raXteSL DlSl- encountered fr^ nereous selling Food Retailers hit BP ease late balance at 292p following the „M 0n r or L«to- TW “W5 1 sm^ 

vestment dollar premium, the •* respectively, bisewnere, u«u ahead of Fridays intemn results. n c * n Cemral Selling Organisations L.t^nv v«mo«u 

Gold Mines index gained 2.4 at Aea^r at 1 Tip ^ other Electrical join th? nrJZ - “!»• ac ^ty developed in 19"7 diamond sale's figure. Ll^cr1 » n v ord v«nnw 

139 - 3 - ^ ti ^Jl i K s "-! eting uiai lhe Baders, GEC, 27l P> and Plessey, S5| ra war British _ Petroleum _ which held Revlvc^vnguc take-over rumours BMuiorrf * CINHg^ 6 ^i| Kintr 

EEC Commissioners. 90p. feH 3 aniece. while EMI eased "Sdf nngi *2? SUS “ S5 ***1 to f most °* “S" gare S to sStion * u "» 

Gilts un settled Buildings were quieter and 2 to 182p. Decca, an old take-over widespread 8 losses in Food reactm8 Ia , Ie ol l W * U Slreet SSH* ConsoUdated Gold Reids Bin*. ,j . 

“ “ , irregular in appearance. Easier favourite reacted 18 to 497p. gSK? Satasbury fell 12 to g««J 0 cl«>se ». Reaper at S28p which advanced 5 to l90p in active n^icp. wni,m 

The unexpected issue of a new at HRp in front of the preliminary with the A la lower at 4«ap. Racal 190p whjIe x who started the E Jf e ?' terB m drifted trading; the company’s South industrnus .it^ 

long tap stock coming on top of a results, SGB rallied on the higher closed 4 cheaper at 20lp, after hig £ street competition when more to alSp. while Roval African arm. Gold Fields of South imh K r;««i U rt-» 

tighter money situation rn a Gilt- profits to close 3 better at 155p. 198p. and similar losses were t £L decided to drop trading eased I furth , er to £35L Africa< put on a half-point to ' "saSAttg! l", ,„■■■■ 

edged market still basically over- Timber issues were firm with recorded in BSR, 86p. Comet Sempe tost June, dropped 5 t6 SHUT ,5?K? ati v| i*!”* - ,efl £10* . 

bought again weighed heavily on International 4 to the good at Radiovision. 168p. and Ever Ready. 431^ Losses of 20 were seen in Slebens U P 8 al 2M P- Rhodesians arm in reflected con- £?2| r '’ rl _ 

sentimenL Initial steadiness at lSlp and Parker 2 harder at 112p. IT 1 *’; M ® ,r fS ld v L ere quot ^? ex Associated Dairies, 250P. and Property shares encountered tinuinc hopes of a political settle- " j cum?' 1 ' 

around the previous evening^ late Elsewhere, Richard Costain shed rights at I82p, the new snares g aVe> 213p, while llDlards scattered selling after the recent ment with Falcon Mines a further H*rsr*\a.<«* MO — 

levels soon gave way when 6 to 272p and Wilson (Connolly) opening at 3 Op premium and fall- shed 13 t0 235 P . Fitch LoveU fell pood run. MEPC lost 3 to 129p 5 up at 190p— a three-day hn- B -w-n ar«. 

selected stocks were sold quite cheapened 5 to 117p as did in * away to close at22p premium, g l0 glp while losses of 10 were and other leaders to shed a few movement of 25— and Rhodesian wll , Qil Eras KrmpA " M 1,1 

substantially and before mid-day Newarthfll to 180p. Losses of 4 Vickers, a particularly good seen in William Morrison, 20Qp. pence or so included Lam) Secmi- Corporation a penny harder ot property 171 

the longs were showing falls to a were recorded in Derek Crouch, market of late on speculative sup- and Bishop's Stores, loop Else- ties 224p. and English, 44p. A. J. a 1977-78 high of 22p .g5? ’i USES . Ko!Tpuiii«r»hia* 


despite yesterday’s easier 
"vestment dollar premium. 
Gold Alines >.dex gained 2 
139 2. 


lers closed 3 cheaper it mp Among the ' other Electrical Wn**^ 1 ™ r? .L pla More activity developed 
awaiting Friday’s meeting with the jeadeii GEC. 271p, and Plessey, war SST ^d„rt L« P ™ British Petroleum which 

EEC Commissioners. ao n r*»n a aniivp whita kmt '\* r _ with reductions over cteadv for most of the H»v 


Gilts unsettled 


Etc commissioners. 90p. feH 3 aniece. while EMI eased a ^ range of preducts caus^ ste S? to f most °* , i e c da ^’ gave rise to further speculation 8 w % 0O E , 1 T 

Buildings were quieter and 2 to 182p. Decca, an old take-over widespread* losses in Food reactm8 Ia . ,e or l W * H Slreet SSH' ConsoUdated Gold Reids Bitb* u . - 

irregular in appearance. Easier favourite, reacted 18 to 497 p, Retailers. Salnsbury fell 12 to g”. 10 c!ose 5 , cbe |? e T I which advanced 5 to I90n in active New*u. cjp. 1 


NEW LOWS (1118) 

HITKN FUNDS i'3> 
AMKRICANS (41) 

^asa« i T3> 

•UlLDlNGS 111 
. CHEMICALS (SI 
CLCrTRICALS in 
room nj 
HOTELS in • - 
INDUSTRIAL* HSl . 

' INSURANCE lit 
SOUTH A'RI'-ANS ID 
TEVTILK II) 

'• T»**STJt 1 T 1 • 

OILS tV 

OVERSEA ^ YRAnflW l» 
MINES «5I 


RISES AND FAI 
YESTERDAY 


the longs were showing falls to a were recorded in Derek Crouch, market of late on speculative sup- and Bishop's Stores, loop.' Else- tie* 224p. and English. 44p. A. J. a 1977-78 high of 22p -cm EwiJTw . KSTpS 

point: shorter maturities were as 9.7 p, Higgs and Hill. 87p, and port, reacted to 185p before where. Associated BLscnit finished M nek low stood out among second- In an otherwise quietly easier D-v-’-.-aton R.*oiiun 

much as J down. A rally in the M. P. Kent. 40p, while Magnet steadying to close 7 lower on 4 cheaper at 8Sp following ary issues with a fall or 7 to lISp. Australian section Pacific Conner M -' ,rll ' r E5,a, “ shoes ii» 
latter was not sustained but little and Southerns gave up 3 at IflTp; balance at 187p following the acquisition news. Tate and Lyle while Great Portland. 322p. and put on 3 more to 35p on hopes h it®** , 

fresh ground was surrendered the interim results of the last- company’s fresh statement that were also 4 easier at 2l2p: senti- Haslemere, 235n. lost S and 5 re- of further news of the BarL\ coal Mention “1 t. 

until the announcement of the named are due next Wednesday. . compensation negotiations for ment was not affected by reports spectively. Falls of 4 were the prospect in New South Wales. , TBUS1 v t .*l a 


British Finds .1 ... 
C*mi Own. a 
ForetfliT Bonds .... 

iMhaurisls 

Financial and Prop. 

Oils „ ■, 

Fivnatloa 


Rmn Issues 


Up Dora Si 
fl 

0 D:.-. 

uj «j : . 
<1 5SI 

1 *■ 1 ' 
3 Uj 

* > y S 

a al. 


1 Altirund Inc. 


Vorlis. A LSnn. 


APOLLO 

Edited by Denys Sutton 

The world’s 
leading magazine of 
Arts and Antiques 

Published Monthly price £1 .50 Annua! Subscription £21 .00 (inland) 
Overseas Subscription £24.00 USA & Canada Air Assisted. $48 

Apollo Magazine. Bracken House. 10. Cannon Street. London EC4P 4BY. Tel. 01-246 8000 


ACTIVE STOCKS 

No. . 

Denomina- of Closing Change 
Stock lion marks price (p) on day 

Grand Met. 50p 12 1 06 - 2 

Rank Org 23p 12 2.72 - 3 

Vickers £1 . 11. 1S7 - 7 

BATs Defd 23p • 10 230 - 4 

IQ £1 10 344 - S 

La db rake Group I0p 10 197 —10 

GKN £1 9 268 - 2 

P & O Defd. £1 • 9 112 - 1. 

Shell Transport ... 25p '• 9 518 ■ — 4 

Tesco 5p 9 43J — 5 

Assoc. Dairies ... 25p 8 230 —20 

BP £1 £1 828 - 8 

Burraah Oil £ 1.-8 54 — 

Courtaulds 25p 8 115 — 1 

GUSA 25p 8 300 -10 


Closing Chance 1977-78 I977-7S 


marks price <n) 

on day 

hizh 

Low 

12 

106 

— 2 

JM 

62 

12 

2.72 

- 3 

276 

12S 

11 

IS 7 

- 7 

242 

144 

. 10 * 

230 

- 4 

200 

202 

10 

344 

- 3 

44C 

MS 

10 

197 

— 10 

213 

SI 

9 

258 

- 2 

369 

200 

9 

112 

- 1 , 

175 

109* 

9 

518 

- 4 

635 

454 

9 

43* 

— 5 

52 

33* 

8 

230 

—20 ■ 

295 

141 

- £1 

S 2 S 

- 8 

■ 966 

776 

- 8 

54 

— 

88 

41 

8 

. 115 

- 1 

135 

89 

8 

300 

-10 

347 

176 


FT-ACTUARIES SHARE INDICES 

These imfices are the joint oompU&fioa ot the Financial Times, the Institute of ActnarJei 

and the Farcify of Actuaries 


EQUITY GROUPS 
GROUPS & SUB-SECTIONS 

Figaro In parenthero show number of 
stocks per section 


Taes. f Jan. 10, 1978 


SsL I Gnus | Eat 
Emfe*» Oh. I P 'IK 


at 3*%t Corp. 

I Tm5» 


Mm. 

Jan. 

9 

Fri. 

Jan. 

6 

Than. 

Jan. 

5 

Wnd. 
Jaa. , 

6 • ! 

Ym 

«** 

<WF« 

Index 

No. 

Index 

No. 

Index 

No. 

index 

No. 

lode 

m 


a« 213.67 214,04 212.72 
9M 19/ST 197.86 | M53» 
B60 .34837 350J5 
9.83 461.79 46434 
6.90 386.96 307.6 
8.10 36632 166.11 


FEVANCIAL TIMES 

BRACKEN HOUSE. 10, CANNON STREET. LONDON ECU’ 4BY 
Telex: Editorial 886341/2. 883897 Advertisements: 885033 Telegrams: Fmastimo. London P84 

Telephone: 01-348 8000 

For Share Index and Business News Summary In London, Birmingham. 

Liverpool and Manchester, Tel: 246 8026. 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Birmingham: George House, George Road. 

Telex 338650 Tel: 021-454 0922 
Bonn: Presshans 11/104 Heussailee 2-10 
Telex 8S89542 Tel: 210039 
Brussels: 39 Rue Dncale. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2040. 

Tel: 938510 

Dublin: 8 FittwfWam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street 
Telex 72484 Tel: 031-326 4120 
FrankfL.-t: !m Sachsenlager 13. 

Telex 416263 Tel: 555730 
Johannesburg: P.O. Box 21ZS. 

Telex 8-6257 Tel: 838-7545 
Madrid: Esprondceda 32. Madrid 3. 

Tel: 441 6772 


ADVERTISEMENT OFFICES 

Birmingham: George House, George Road. 
Telex 338650 Tel: 021-454 0922 
Edinburgh: 37 George Street. 

Telex 72481 Tel: 03T 226 4139 
Frankfort: !m Sacbsenlaecr 13. 

Telex 16263 Tel: 554667 
Leeds: Permanent House, The Heaanrw. 
Tel: 0532 454969 


Manchester: Queens House. Queen Street 
Telex 666813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaxa. N.Y. 16019. 

Telex 66390 Tel: (212) 541 4625 
Paris: 36 Roe do Sentler, 75003. 

Telex 220044 TeL 23 6 J 743. 

Rome: Via della Mercede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Sveqska Dagbladet, Raalamba* 
vagen 7. Telex 17603 Tel: 60 60 88 
Tehran: P.O. Box 11-1879. 1 

Telex 212634 Tel: 682898 
Tokyo: 8th Floor. Nihon Kelrai Shimbnn 
Building. 1-9-5 Otemachl, Chtyoda-ku. 

Telex J 27104 Tel: 241 2920 
Washington: Second Floor. 1325 E. Street 
N.W. Washington D.C. 20004 
Telex 440225 Tel: ( 202 ) 347 8676 


Manchester: Queens House. Queen Street 
Telex 666813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza. N.Y. 10019. 

Telex 423025 Tel: (212) 489 8300 
Paris: 36 Rue da Senticr. 75002. 

Telex 220044 Tel: 236J86.01 
Tokyo: Kasabara Building. 1-6-10 Ucbikanda, 
Cbiyoda-kn. Telex J27104 Tel: 295 4050 



ml ■ 


Tupi. 

Jan. 

3 

PrUtey 

Itee.. 

V* 


SUBSCRIPTIONS 

Copies obtainable from nemagents and bookstalls worldwide or on regular subscription 
from Subscription Department Financial Times, I^ndop- 



Rnnuclatfon dale usaslU law day for dealing free of oump dpty. b FI gores 
iMoea oo DrosDcou* estimate. 0 Asnnned dividend and Field, a Forecast divMewl: 
ctrver based on previous roar's eanungs. r Dlvtdend and vwkl baaed oo prospectus 
or other official estimates for iBlB. 0 Gross t ’Figaro assumed. • Cover allows 
for canrenlod of shares not now ranking For dhrldcod or ranking only for reernoted 
dividends. 5 Placing price w onblic. pt Pence unless otherwise traUered. 5 Issued 
by tender. || Offered to hoMora Of Ordinary shares ns a - rights." ** Rights 

hr way Of capitalisation. ttMUUtnom tender pnee. 5j Relmrodacrd. n Issued I tRwdmptloa yield- Htalu and Imvc record: base dates Cod walon and coosHtPom change* an published . p» S*tn 

la coooectlMi with f eorgantetaw merger, or takr-over. ff!l IntrodocuoD ~J Issued l Issues. A liyt at ibc consdncnb is uvallebla from t)-r Publbhers, the Financial Times. Bratfcen House. Ca 

to former Proferenw? bolder*. El Auotmeni tenors tor fliUr-pajiti. D Provisional ] street. Leaden, EC4. price Up. bv post 72a, 
or nanly-pald aUduncnt tetiers. With warrants 


is |20-yr. Red. Deb. & Loans (15) 65.45 fatTO 

16 ; In vestment Trust Prefs. (15) 67.57 !. 12.14 

17 iComl. and Indl. Prefs. (20) 76.33 j lx.si 


w-y^yjsd 



































































27 




JlY = ^ 1 0-* li— 


J • : .W^esfey -January Tl- 1978 



AUTHORISED UNIT TRUSTS 


Abbey Unit Tst. Mgr*. 144, (u g) Miranto Tnm— Tmrtiaard 

^BQ.(^fa4BHTUI ;: ATl tt bwy. . 02883941 Pnt«*n«l_ ._ (4860 5010.3 .5 71 JJ 

i S|i| ill ill 5! 

1 33 2j -O *il 

* . 4iA -9* 362 


i^nui in ymumu AM, 


r.artmjrp Fund Managers * Perpetual l 'nit. Trust Musmt,? isi 


v:Affied Hjmbro Ctarap? <a) (g)’ ‘ 

. . >fte*rM Hj*, -H utton. BlMtWMcL-Etau. 
0I-GB&38S1 or Brentwood (0277) 2iMSp 
pslssrsri ftwda 

, . *]H«d 1st 165.4 

• BriUlnd. Fond UJ 

Grib. fc Inc.— — 364 
,Bo«. & lad. fie*. lift 
70.4 
1002 
■■P173 

. ’ Income Fund* 

HigbYWdFd. 

Equity Incomes — 

, Biitaln 


Statu* Chan e* 

Unh EacrJi 


;VV 


Agfa income — L 

AS Eq loeji | — 

TulenwthMl nub 

.. internal Mori 

Sect, of America 

Pxclflc Pond. 

_ Special!* Panda ■■ 

| 

S5S?&$h Wr:SJ 

'Qrtrwt Earnings. 52.1 
. Ejunpu Smlr. Co'«_ 2S7.0 



The British Life Office U±* (at 
Reliance H*a. Tonbridge "A'ellg. XL 0802 2227] 
BL British Lite. ..tIU 524J -Q.R 559 

BL Bal&actd' . US 3 48.4 +0.« 556 

BL Dividend* 47.4 t-lJ) 853 
’Prices Jan.-!]. N«t dealing day Jan la 


2. Si MktAsc EC3A8BI* 
‘t'Americap Tst. . 1220 
Bn:uhT« i.teet 513 
Comnwriiiy Shan* 132 1 
• t) Far Ea*. Trust 22 4 
High Ipfctne Tst_~. 571 

I nr oar Fund Hi 

■ isAceocien 12.43 

Inti FSttmpf F<1_ U 9 
i*ilmlTa<Aeei _ 259 


012833.311 4BJLjr1 S( . Hon I pi. no Thamei MUISdWS 

2S7dj-0« L07 Pprtun!<;pr:ih J3SJ 40 701 . . -I 02S 
1-0 9! 3.41 

Piccadilly Unit T, Mgrs. Ltd.? laKb) 
Aar-dsie Use . 58o London UTjII er? Kt« 0801 


-IS 37a 
-Oil 130 
-0.4 838 
-0.81 4 73 
13 24a^ *3 2ffl 3 84 
9191-O.a 534 
27 9f -03 1 44 


L\ta Inromr _ 

Small IV* Ed _. 
I'apilftJ Fund— 


335 

382 

502 


Im. Enu. & Asset.-. .as r 


Private Pond. 


Accumlir. Fund — ffiS.0 


4 os . Brown Shipley & Co. Ud.0 


Uagn: Founders CL BS 

BSUaiteJaa.fi W»2 

Do i Acc.) Jan fl -_.p« 2 
Oceanic Tnreto (a) 

Financial 

General , 

Growth Accum. 


01-800853) 
*30 
430 




Gibb* i Antony) Unit TsL Mgs. Lid. 

m Bieofltaosi.Ecns-wL wana-ijii I w “'R FonB - 

•B.A..3 Income*. — leift 43* I 820 

la.Ar, Gnracbtt UT 1 397) -0.7 450 Adv *^o« ru»U 

<a>A G ■ J BJa Practical Invest. Ca Ltd.* tyXc) 

«.B1oqhu*.ihvR, WC1A2RA OJdKSSC 


»7 


5*6 

229 

22.3 



. — unmniKtm 

I — Growth Income 

High Income 

ITU 

Index „ 

Oversea* 

Performance 

Rorwnr? 

Kxmp) ,l»n XI 


372 -05 
19,' -02 
473 -05 

“S- 5 

311 -0.1 
20.4 -04 
263a -03 
272a -0.1 
03 -05 
23 la -0.4 

6x5} -3i! 


4.31 

419 

498 

4.98 

9.00 


Goveti ijohn)? 

77. London Wall Efl 

S'hldr Jan fi 11253 132 

Do.Accum.UnU ■--B991 158 

5w daajjng da* Jan 


m 1 

Practical Dec. 30 ...U*S 8 15491... I 389 

0]. 588. 5020 Accua l' OIL* £03.7 - 23t«J . . | 189 


2 01 
201 


361 Grlevestm SBasytgecwnt Co. Ltd. 


425 

357 

4.75 

554 

551 


SOGrnlumSL FL2P2SS 

Bnrein. Jan. 4 CM 9 

(Accurn Ueitai. -_.ma J 


014084433 


B’irs IT!' Jan. 5 

■ Acnirn. L'nlti' 195.9 

Canada LUr Unit TsL MnfW. Ltd* T 102 

24J fifsh St- PMTetw Bar. Herts P. BarSU22 Gmclutr Jta.a. SQ7 

Can. Gen DisL— B7J* - 39* -0* 4.24 ,Ac ciun. LniU» Cl 

Dt> Geo. Acctun K45 47.3 -1)3 424 if -dSTSta-Jnt.*™ gf 

Do.lac.BU— B4J StS-flJl 733 (Acctnn Lnltsi J782 

De-lnc. Accum. .. „[4A2 ' 53-4 


. Cape! (James) MnfL Ud.9 



3ADED 


Andenon Unit Trust Ma nager s Ltd. 

' UBFmcburctaStaCSXSAA . 8239231 

Anderson U.T K5J - 44i| .. .4 .457 

Ansbacher Unit Mgmr. Co. Ltd. 

‘1 Noble SLECBV7JA. 

' Inc. Monthly Fund. (USA 1750) _ 

Arimtbsot Securities Ltd. <*XO ■ Wcei-on Joa. d. Next dMQBf 

77, Queen St, Undoa Scot 1BV. 01-2X828) CarHol Unit Pd. Hgn. liii.f (aKc) 

*Arbthnt.Ctmmd.^ ’ ' 

AvAeeum. UnUx)._. 

. W) tfxtni wiim,^ 

j. .Su 

■ArtmUmotPrefc.— BBJt 

MAccum. IlnlU'i 07.4 

Arbnthnfrf Cap.’ _ _ 

. AriMQmt.CitviijrtLto.fl 
i (Ac com Unitafft _f733 

.■JR 


2112} 

228.4 
USJ . 
2652 . 
1573 -1.4 
162J -1.4 
Bin . 


BJ 


«» 

420 

7.87 

707 

2A9 


Provincial Life Inv. Co. 

222. Ei«*op*{aie. K r D 
PraHtlefnit*.... .(723 
High Income [U7 

Prudl. Unit Tst. Mng n.¥ <*H bMc) 
HoJhorr Bari. EU1N2NU. 01-4059222 

Prudential Q23.0 130^ -2.« 422 


Ltd.? 

01-247 8533 
77 4} -l.i 3.75 
1152} -0* 73» 


259 Quitter Management Co. Ltd.? 

2-S5 rtir.SU Exchange. ECZN 1HP 014004177 

“ ssasisss ® 


e.n 


Quadrant Gen. Pd . 008.4 
Qaadrast Income p219 

Guardian Royal Ex. Unit Mgrs. Ltd. Reliance Unit Mgrs. UtLV 

Roj*l Exchange. BC3P3DN. 014686011 Rellanre H*e .Tonbridge Wells. Kt 08B222271 


'■» imessm 


><-r 


i (Arcnm. Unit*)- 

l-RNMTklhritl 


M.7 

ft , ‘^^wiSSroaieSj 

-.^sxeHss=n 

• :i. 


ii„, 1 Growth Uoitj_ 
i itAcenm CbM 

• ^asfafisas 

*-rjr; ■Barf * tea. Act I 


in,i 

as :J5 

27.1X1 

2£ 

&J 
79.3 
. 54 J 

- 195 lOM 
-*2 Jm -oif 

993a -M 
36.6s -0J 

222 

- UJ 

** ^ 


, }00CU Broad St, EC2N1BQ 01-58885 

"TSf SBS=±|ti SS:::( ?' 

Prices -oa Jan. L Next dea&agJaa. 18. 

f (aKc) 

me 211 

m 


01-5888010 , " g ’ Ca * ttiUU ™^l ,M "^1 -Wl 
424 Henderson AdndnxstntloBUH) 
7-61 Premier U.T. Admln_ Rayleigh Rand. 


427 


OmrumltrFd.. 503 645 

SeUw-de Tt Ace. J... Hi. 7 44.fi 

SsUordeT.Inc K13 442 


802 

802 

802 

3020 

895 

895 

1225 

1225 


HUbuxv Bouse. Koweade-opim-' 

Carliol IMS |7J 

Da. Aecmn. fntts _[77.8 793 

Do. Hi ih Yield M03 

Do-Acetun. Unit* _ 1*9 6 

Mart dsflliag date Jaa. " 

Qurtcriooir JojActf 
L PalcBTUMtee Row. DC*. 


Brentwood.] 

(8 lA mtfrnlian . B7.4 

(RCflp. AHUAl «L5 

“J“ gRS?EC~ Si 

2m (giFlnanAITU 247 
777 (8i High Income _ 573 
777 'HiTnc.A Asset*- .. 315 
' ” tg'lnternatlonal _ 245 
ifiiNlh. American _ 313 

N-A. Gross Jan. 8 [1052 

Oil & Nat. 


Z24 

824 

4.10 

879 

IBS 

LBS 

224 

LOS 


CJ. Internal 7 (213 

xtna. Units 124.4 

J. Income — 
CJ.EM.Fte., 

Accurn. Oalts... 
CV.Fd.lD*.7Hl 

Accurn. \jott5 

Prices Dec. 




Wirt Hn (I 

■giCabot 




ten 227300 Ridgefield Management Ltd. 

P0 Box 4 Mi Ba«k Use, AUochmr. 8812X852! 


IS ns&Bssn u 

-83 331 


^ -OJJ 

^3*021 


358 

8 821 


zg jl 7-5^ Rthchld. & Lwnda. Mgrs. U) 

Dfl -□ * 5SO SL SBriUUna Lane. Ldn- EC4. 0|-4B8«3I 

&n -02} 227 Newer Exempt . J111B 126 Ot . . | 35 

Price on Dec 15. Next dealing Jaa. 18. 

Rowan Unit Trust Map. Ud. 


227 

127 

23S 

148 

3.97 

374 

8.46 


Label Extra Inc [533 - 

’For tax exempt foods only 

*» Bin Samuel Unit Tst. MfeK-T (a) 

— 01-8388011 

MS 


Deal. *Koa. Toe*, trifled. fHuira. «Frf. 
Neat digs.*— Dec. 22. *»D«. tf. Dally 


332 43 Beech 5LBC2P2LX 

.. 352 tb>Bn)tabTnui J1S34 

OgJJn.4 igilnn Trust 132 

1*1 Dollar Tru* 63.4 

s;ssSi2?S5; s: 

30W! Quota SL BC4R 1BR. 014482832 <b) laconic Trust... 275 

Anurtcao- — h*1195 28.*^ -0J1 274 (biSecurilr Tracts 512 

Hlghlnooms klfl 442 -O 921 (hi High YWd TtL 28 7 

InCcrocDlloel T*L..kzJ223 - 28« — 0?71 142 .. . _ . 

Basic ReSRW. TBU&9 253] -82] 437 Intel.V (aXg) 

18 Ouixtopher Street. E.C2. 


Rowan Am Jan.S. 
RmoSri Jm I 
Bom Hy. Jan. 5.. 

> Accvm.ua Its 1 

Rwn.Urln Jan 9 . 


ibuiy So.. EC! 

01-808 10M 

UD 

634 


280 

165 1 

173 1 


577 

535 

5&.C 


702 

732 

ns 


7.02 

742 

732 


320 

no 

93.7 

- .. 

320 


Archway Unit Tst. Mgs. Ui9 (aKc) 

M--317. High Holbom. WC1 V7NL. OX-831 8233. 

. f ArchwayFand (775/ <2 5a( .....4 5.96 

j (i •' Fricca st Jaa. 4. Next aab. dig Jaa. U. 

A Barclays Unlearn Ltd. (aHgWc) ' - ... _ . „ .- 

Unicom Ho. 232 Romtord Rd. E7. 014045344 C<»Bn*op«itan Fund Hauagcra. 

I Unicom AOOrl ca ... 127. V 30JJ( -0_5Tv 741 Ccpthall Avc- London EC2R , UT" 

LVuii Ff)B inDaAosLAcc B22 ^3-1^ 227 

r UI? lBoiAnsl.lBe. ISS 45*3 -0.7^ 237 

l-O.fl 434 


Confederation Funds MgL Ltd .f (a) Intel in*. PBnd__[«93 fS.ftrf -LOf 
1HE «^ 0l :.i a ^ ! *** M 


Royal TsL Can. FdL Mgrs. Ltd. 

M.Jenayo Street. S W 1. 01-8288292 

Capita! Find <67.4 71.U - I 351 

InnuneFoad -POJ 7441 J 754 

Prices at Pec. 30. Next dealing Jan. 13. 

Save A Prosper Group . 

01-24T7243 4- Great St- Helens, London EOT 3EP 


ShL 1^4.4 


% Do- Exempt DO- —(107.7 
Do. Extra lac 


> Tin T lnanrfal .. 

'■^.•fiaaoo. 


Do Gen era). 


V-I 


■r.V 


te. AoCUQL - 





CasuopolA.GthFd. {Z75 


MJf+851 *85 


25 MiliSt- EC2V 8JE 
Key Energy ls2 r d—|72.9 
Key Equity * G*u._ K£8 
♦B&yEjceinpt FU -Bss 
Key I neome Fund. . . |77.0 
Key Fixed Int Fd. ..M3 
Key Small Co’* Fit (»S 


01-8087070 
7751 -«5| .3.7g 

._...! 6.W 

-0J» 822 
eLlj 1225 
—J 659 


fi-1 88.73 Qsycn SU Edinburgh KHZ 4NX 
DeatinM to 01-554 8889 or 031-228 73S1 
Save Sc Prosper Securities Lid.* 




1 1 J1 . ■- Da. Growth Arc 1*02 

Da Income TsL M23 

'Do Fit A'ns-TSL-034.9 

- 'Prices rf Dec. 30. Next sab. day Jaa XL 

DO. Recovery— 1403 43 -U -0.41 5JO 

Do. Tnutae Fund_)ll26 XULM-L9 494 
•I i Do. WLhrfde 2VurfM45 - 4>1] -q.4| 2JB 

1 ytatlnJdUBC— ZTteJ ..- 65-2J -12] 4U 


J7B-2 


451 


:^#arlng Hndhen ft Co: LtdLV (aKx) 

, ' a. Lasdenhall SL F-C3 - 01-5882830 

'*.’S-jr-!hr«UoaTdL tt77.a 1W.4I . J 335 

i.^'JoAeeam. -_&6A 22X« 352 

.i.iv. s««r r — 


day Jan. 

SlBhofMgate Progreastve Mgmt. Co.f 

Bishoptgtte.RCi 01-5888280. Bqnltaa Secs. Ud-WaKg) 


TgatePr.—JaaJO.^ 

i» tcc-lits.— Jan lO 

“i- ' fgtatelaL Jan.4_ 

• Aecuaij Jan.4 — ... , 

’”7 .. Not sub. day Jan. 17. —Jan. 34. 


CcfriLaJ Units. . -go 

_qq gj 2 Unh- Qrawtli }S83 

641] +lh larrcring Income Fun 

Crescent UnftTtt. Mgrs. 7 Ltd. (aXg> KeySmaUWsW..|85J njj .... J 659 mgh- Yi eld u iriu - [553 
4 Mfdrnie Cm*, Edinburgh a an -228 4831 Klefnwart Benxon Unit managers* n "^4. 

Crescent Growth _|Z7J ■ ’ 24H -0^} 412 20. Penchurch SL SLCJ. - 01-0238000 Jii£S^f ,ura K 

SS'm!S?wl— 52 8LB. Unit Fd. Inc. -05.9 923 - 4 431 ^ 

CWBL Hlglt IHst. — W2 46.4 -0. g 734 fc g B. UnltPd Ar nftS 1 util 1 _ UJL Fands 

Cxcx. Rcsexva p&A 53 -&4 433 , . ^ ^ UK&ioily Fund -(443 

L ft C Unit Trust Management Ltd.* onnou puwMsi 

Dlscretlottitry Unit Fnnd finingen The Stock EChangr. EC2N 1HP 01-988 2800 Europe GU lFU J7L0 

32, Blomfleld St. EC2M7AL ’ 015S84485 lACInc FU^^-Oiai 23f.6t _...| 752 

Disc Income (156.7 l*73f : _..| 525 LfcCtoUfcGeaFd .ISS . B.3 1 567 U.S.Oth-Fd. - 

K. p ”■ » cs,mI tMt im Lnwson Secs. Ltd. VtaMc) conoodiiy 

JS. F. Winchester Fond MngLIMi 53 George SL. Edinburgh QQ27G. 031-22638 11 &<«y 

OM Jewry. EC2 01-8082187 earn* Materials. SJJ 4471 I 768 

5U :d iS S’ 

*lAccum Units) — 582 __ .... 

Cmson ft Dudley Tit Mngmni. Lid. JjCHad wmai. mi ? 82t -20J 

20, Arlington St. S.KL ' ’ 

7XK 530 ^gjgb Yield 492 

“tAccum. Units) 66.6 72 , 

Deal fitfon. 'Toes. ffWed. JThiii*. 


J5.4d| -OAj 3 


486 

137 


59 4j -0.7] 6 43 




7.41 

784 


47.5] -0.61 «-49 


EDuon Dudley 3*t_ (682 


Fin'aal Sees. Fd. ... 

7.68 ITIfk Wlh 1 "* - "* Fmk 

528 Select lataraaL — &66 
528 select Income [531 

“J \ Seotbita Securities Ltd. 

I ifl.® Seotbita. [37.1 39 

MM Seotyidd 

Fri. ScoUhares —155-5 9 




' Iridge Fund MannganfWfe) 

StagtKQlaaSUZCSRBKR. 01-8234861 

55* 


Scoc. Ex. Gib’d 

Scot. Bx. 314*9 — . , 

’Prices at Dec. 28. Neat aab die' Jan 1L 

SchlEsinger Trust Hngn. Ltd. (attz) 

(Incorporating Tridsnt Trusts] 
lift Cxuithdre. _ 



91 Biahopagate. BC3 . 01-5682851 Legal ft General TyndaH PnndV 

I [623 66J| -4.9) *29 ia Canynge Road. BrlnoL 077222341 

Equity ft Law Un. Tr. SLf W0»Kc) lAmum unitai-ZiEe nA ".'.‘J 520 

AmenhanTU, High Wycombe. DIM 33377 Next sub. day Jaa. U. 

Equity t Law 1641 6J4-1JI 428 Leonine Admlniatratlon Ltd. 140. South Street. Daring. — <0108188461 

iw.iiJmTI.uim X Duke St. London W1MBJP. 01-488 5»1 Am Exempt* M.9 19.91 -0* 2.93 

FT BlBllngC O n Unit MgL Ltd. W Leo Dim M2 75.9| -Loj 522 Axa Growth— . . 2*3 26.7 -03 3 08 

5-7. Ireland Yard. EC4& SDH. 01-349 BD7] Leo Accurn [763 Bsij -Llj 4.98 Exempt High W 253 27 2 +L! 826 

oiSSd iS Unit Tst. Mngn.Ltd.qw SSSttK^'a? Us -U 2 

gShS?EK3 H/d ii %^'v, J £k£?* bT ^ 01-823 1388 SJ 

—IT '“•~ 1 First fEalnCdJ [505 544) -031 428 IntnL Gmwth. VJ, 43 7a -0 J> 3-32 

¥*■ I II 11 1 * T-1 .1 U Jp TTaK 9U H m a tin i Ae emti 1. tefc 73.71-12] 410 Inv. Tit. Units 23.9 25.7 -02 4.41 

SSS’zrJI ’ijiil IS 8j S J2 

in-WwiW** ihi_j. Drf. rft. urns jts _nal <ll fins 86.3 -L3 



Jmf’Io. Dealing ‘^Sn"f9fe±' 
trttnxnia Trust ManagementtaXg) 



Friends PrOv.Ut*~(CL4 
Da Accurn {543 


424 

43* 


Third (Incoaiel HOfi 

Do. (Accurn.' (1032 

Fourth (Exlnc-1 

Dn it muul (64 6 




GLT_ Unit n m^p " UtL9 
18, Finsbury Circa* BC2M7DD -01-083131 Lloyd’s life Unit TsL B¥n grs. Ltd. 


5.92 

5.92 

7j*7 

747 


293 


PropcrtySIiarc* — [272 
SpecislSitTit — __&2 272} +«d 

UJL Crth Accurn. &8 ■ 22.^ -03 

• UJLGrlhJXst 5?5 2L4 ~M 

'Next sab. Jan. 


-Oj 


223 

2.77 

521 

528 


OFFSHORE AND OVERSEAS FUNDS 


Arbutbnot Securities (C.J.) Limited 

PM Roj284.Sl llelier.J/*r*ey 053^ 71] 77 

rap TClfcwn BM0 u»3| I IJ9 

. Next ocallnc date Jan. 1] 

Ea»« JJntl-Trt iCTj pSS-O 11801 .. . ) 318 

Next tuh Jib. 12 

Aostralian Selection Fund XV 

Market c'o Irish Young * 

Ouritwmte. ITT. Kent 5t. Sydney 

USH Shares Smui 1 1 _ 

Net BUM i-aitto Jaa. i 

Banqne Bruxelles Lambert 
2 Rue d" l» Regenca B 1000 BtumcIi 
R eouFuodLF... [L95J 2JaB( *2| 82 


Fidelity MgmL ft Res. iRda 1 Lld. 

PO Box ST0. Hamiiun. Bermuda 
Fidelity Am 


Series A 1 Intel. 1 

Senec B'Pseiflc).. 


SIS28V3 


SIS1S46 


3US3777 

-Hire 

SV&1260 

-013 

OH 


CMS 

-eii 

213 M 



Kemp-Gce ManaRcnient Jersey I-td- 
rrhann«rro^.Kt.Hrtirr lermr aSMTiTli 
Kecip^'Tcc ■"opital [86 4 8921-181 - 

Kemp-GC* Income |U 7 t&H-lJl *70 

Krysrlrx Mngt. Jene> Ltd. 

PO Bov Pb St. (teller. Jtrw, lEoqei 80870701 


Save ft Prosper International * 

nealing in 

3fT Brood St. St Hdier. Jersey 0334-antt 

I'.l DslIoHSHanlRNri Fuad* 


I - 


First Viking Commodity Trusts 

8. St George's SL. TVwrias. 1 o 31 
WM 4482 Ldn Arts Du^h. 


— - — j nhar A Cc . Ltd. 

53. Pall Mall. London KW’.7*JH. 0) 8307857 

F* Vik.Cm Trt. . ..j«» 42. 


Foaxclex 

RenttalDfi — 

Kcyaclcv Litropc 
Japan Glh Futuf 
Kevyelex Japan . 
Cent. \a set* Cap I 


- . . FrlJTD 149 

Ml IS 68 67 

Jiiropr. .G71 4.0 

Fund 1927 JO J 

apan . .i? 24 79 


14991 

6 28 -flJOj 

jiS , 

l’.24 91 Mini 


3000 

478 

483 


Plr Fad. :«iL . . 
1 mersci f!r«t . 
For Ecstcrn*: . 
North AiaencAn*a 
SepM’i 


Bk. of London ft S. America Ud. 
4038. Quaen V1c!nru St. ET4 
Alexander Fund .- 1 SUS422 J | - 
Net asset value Jaa S 

todays Unicorn Int. (Cbu IsO Ltd. 

1, Charing Cnau.St HeUer.Jrsy. 093473741 

■«:::] Jg 

*Sttb)ect *o let and wlthhoWm* tarn 
Barclay* Unicorn Ink (1. 0. Man) Ltd. 

1 Thomas SL. Douglas. I.o.VL 
DoJcoro Aust Em. B 9.9 
De Aun. _ Z2.9 24.71 

Do Grir Padflc. .. 55 0 

DalMLtamtoe.... 621 

DaLafllUBTK..... «to 1 

Do. Um» Haras] ... 23.4 


r iLVk.Ubl Op Tst »7 D 92 6d] . !. | 

Fleming Japan Fund S_\. 

oiAao Mis - rr - rue Notro-Damr. Utaemhourc 

riau; Jaa 4 1 SCS5681 | ..._J 


King ft Shaxson Mgrs. 


Free World Fund Ltd. 

BaccsOeld Rids, HamUtan. Betmtidh. 

XAVDee.m 1 SUSU49S | . ..| - 

G.T. Management Ltd. Ldn. Agis. 

Park H«.. 18 Finsbury Cirrus. London Et!2 Guernsey Inr... 
Tel 0I4S8 813L TLX 886100 “ ‘ 


. I'hicing Crgvi. St l!nl;i-r Jer'CI' 

1 TIWIKM Krtl-i. hi... -' of. 1'le ■■< Man 
Gill Pand : Jrrscv; . lllirr* <O31d-0>”! 1850 
G.ltIWlIoM.. [Ha 6a 121 j3 I 1050 
IbU. Levi. Bees Tst 

Fire. Sterling . . [IS a 159C-06n - 
First lot! - Bl'.'LTH UUd-2.951 - 


* J5 

». 

546 

firsBW 

SCrrUsM-dmaiaatcd Fuads 
rhnanrl Capital* . 2163 ZS. 

Channel I •lawl** 

■'omnmdi!'-“'4 

SI F-.-.1 I=i ”'T 

Frire' on -.lan in "Jan. 4 
jV.retlj pe.-ilinc- 

Schlehinger International Mngt. Ltd, 

•it lAMpMeSt.w llrlicr.Jrrocv OSH^’Aft 
«M -li 843 
MOB -VS 4*9. 
25 J -OjJ UB7 
1028] -20 367 
UlSl-acM - . 



SAIL 
S 1 11 L , 
un: Fd . 

Inti Fd. Janwr - - \n 0 


Intel Fd Lxmt'ri;. 


trS9H 


Klein wort Benson 

20. Feurburch Si . Ei zt 
Eurinven. Lux F I 

|M3 


J mi ted 


Schroder Life Group 


1003 


Do Across [71 3 


228 

2-46 

Ut 

■AO- 

328 


Sfmagnann latenuaiaul Ltd 
Co Bk. 0/ Bermuda Front SL. : 

Anchor ‘B'Cnn* _ g. MJ9 1 

.Anchor lut Fa |H'S3ft 


Hamlta. Baida 
0 *5j ...| 193 

4U3 J 196 

G.T. lamb Ltd. 

Bk of BcmnOa. Front SL. EhjftUa.. Bsala. 

on 


KB Far East Fd ... 
KBtoM. Fond 
KB Janao Fuad . 
K-B. L’.S. Gwlh. Fd.. 
Signet Bermuda 
•UntfondsUlMi _ 


6)4 

77 Jl 


51S955 
5I.S1094 
511X25 P5 
M0 71 

5US4J7 , 
1810 1910 


OlJZiiUn Euierprise House. Portsmavih 


499 

416 

41b 

147 

2 82 
OM 

To 

890 


lutmtanpaal Fuads 


xFcuily . 

SEqiUtv.. 

insed lnt«vst 

SFisei Int ere vl 
fUsDiim) . . .. 

{Managed 


{1022 

115) 

14J.9 

1021 

un 

1636 


108 7 
1224 
153 1 
IMS 
1309 

115 7 


wnsjrra 
{ - 


RishopcgRte Commodity Ser. Ltd. 
P.O. BOX 42 Douglas. LoM. 
AR MACNP* c.a— I SUB2S.01 
CAN&HfrrDcc 5 0.834 

COUNT^Dec.) . .1 £2370 

OrtglpaUy Issued at *510 


G.T. MgL (Asia) Ltd. 

. . . Hutchison Bse, Harcoan Rd 

G.T. Asia F [SHK72S 

G.T. Bond Fuad 


n^r 

10 aad ~£I DO. 




Hong Kong 
199 
520 


KB an tu London pni-mg agcnls or.li 

Lloyds Bk. (C.I.l VIT Mgrs. 

POR01 185. SL Heller. Jefer us.34 r:*\ 

UcydsTrt-Ci-reas .1513 5)41 ■■ I 2 45 

Next dealing dale Jan 16 


Trafalgar Nnv M 
Avian Fil Jaa 8 _ fn>1271 
DarUnc l‘nd 
Japan Fd Dec S> 


01588 4066 
Jl'siO 68 1-01)1 268 

SUKU3A8 J .1 - 

vfin UR . . 57) 

11 71 ID .. . SJ0 
’5)51 SW - ■ 


0. T. Management (Jersey! Ltd. U®yds International MgmnL SA. 


Bridge Management Ltd. 

P JO. Box SOS. Grand Cayman. Cayman la. 

jirteuhtjaa.9. 1 712A*7 | 4 — 

C.P.O Bex 9BO. Hong KoST 
Nippon TU J»o 4.. .BCSHO QJU| ...4 895 
Ex -Slock Split 

Britannia TsL MagmL (CD Ltd. 

30 Bath SL.SL Heller. Jersey 

GreoshlovMt toa .35 

IntnL Fd. &19 hb. 

“V 

IteteaLSTK-Stfi.. .toJS 2 
Vate* Jan. 8 Next dealing 


r:#s sai'-ja 

' 12 Next mb. day Jan. 9. 


Butterfield Management Co. Ltd. 
P.O. Box 185. Hamilton. Bermuda 

BottreaS Bmdty 

BatBtem Income 
Prices at Dec 

Capixal Interna tionai S.A. 

37 rue Notre- Dame. Luxembourg 
Capital im- Fund | SUS15.0 f | — 


Cbartorkouse Japhet 
L Patorooswr Row. EC4. 

Adtropa. Dues SB 

Adlrafba — MMLh 

Fondah- DWLflO 

Fonda*. DM21 IB 

•Fuad- JUSU2 

.... SUStUB 


Royal TsL Hse, Colomherie, 
r, T. Asia Sterling- 108 JS 
Bum of Bermuda iGuerascyi Ui 
31-33. La PolloL Guernsey. 0481-2B2W 
Beeiy Pac Strlc. — 1199.00 209 ' 

Anchor Gib Edge ttio 96 11 

Anchor InJR.fit ,|Si 24 

Gartmore ImtsL Ltd. Ldn, Agts. 

2. St Hary Axe. London. EC3 

awt um GasfKl Fund Mngt 1 Far Eanl Led. 

1503 Hutchison Hse. 10 lUrcouriRd. HJUuic 

HRtPic U.Tst. pHQJJ ... 1 248 

Japan Fd. ttS 

N. American TK .. BH59C 1B5» 

Inti Bond Fuad _ Sl-SMB HsS 
rsniain Ihmbnm Hast lad 
PO Box 32. Dcraglss, Io3L 
Interns UonsI lae. . Pit 


s. 7 Rue du Rhone. P.O Hot 179. 151 1 Genei » 1 1 

ria* LUsdsIntGrowh L«FW59 »7« . | 180 

1142}- -1 175 ljoyds lot Income MTC}» ]Vi«j 640 


M ft G Group 

Three Game. Tower Udl D7-.R SXQ 0l«w A r 4W 


Atlantic Ex Jca 

A tut Ex Jan. 4 

Gold Ex Jan 4 . 
01-3833531 I ‘i and . . . 

Aci-um I" nits 1 . 



-DM - 


J. Henry Schrodrr VFxgg ft C«. Ltd, 
ITO.Uieapsidc.BL'S. 01 S88U66 

' 'hr 11 [1 5 Jan 8 

ilcar Sr 
9 Fil Jw 

* A1 1 _ 

Kl-sssi 

Singer ft Fried lander Ldn. Agents 

PI Fanron St EC4 01 5488848 

Hekatond* ]DM36J0 2770-OUf 7*4 

Tokyo Tst Dec 38 | Sl<S29.U I H 286 

Surinvest ijeneyl Ltd. Ixl 
P ti Rns BR Si Heller. Jersey 
American IndTst 
* "opper TkuM . . 

Jep Index T-s 


osMtairs 


Tst bA72 4.IU-4W 146 
. . Eo»J lO.TflriMCl - 
. ..RtOb 82» - 



Samuel Montagu Ldn. Afitf- 

1 14. Old Rroad >51 . E «' 2 
\p0D0Fd Dec. 31 
Janfest Doe. 

9 9* RuH.n 


Do. Growth 1 


,B<J 5834 1 531 

Hambro Pacific Fund MgmL Ltd. 

3110. Conaaagbt Centre. Hoag Kong 
Par East J*a 4 — 1927 97« .[ - 

Japan Fund [Il-SSA) 57lj ] 

Himbros (Guernsey) Ltd./ 

Hxmbra Fund Mgrs. (C.I.I Ltd 
P.a Box 81. Guernsey MSI 

CJ.Fuod [MS. 9 15511 .A 590 

IntnL Bond BVL'IILC MjSri-Oia 8 SO 

01.3483800 Int Equity nCS978 IB (81-001 

5 .3l rZ lot Saying* ‘A’ kus099 




Dec. 31. RF4755 51 U . . 

.31 -.[SKK9BT fit 

>«c M Kror* bji 

Jcc 14 lf« 65 lit - ■ 

axTXrl4 K10 70 11.81 . 


■3 29 

93 29 


IN 

191 


UTJryyO'xeaxDcM 

Murray, Jobnstone ilnv. Adviser) 

ICG. Hope Bt. Glasgow. i'J NI-SI If Cl 

•Hope St Fd ...] SLS27 08 | ... I - 
- ‘Murray Fund _ | SFS9 88 1 ... . - 
lie.- 3|. 


_ _ 2_50 

57S lot savings ‘A ‘ tsXKUM ii2) ..I too Neeit Ltd 

ig InLSannJj'B’ . .Into* lcj 4 2M 

Prices un Jan 11 Next dealing Jan >8 

^ Hendersou Baring Fund Mgrs. Ltd 
14.2.1*1 292 P.O Box N4723, Nassau. Bahamas 


Negil S.A. 

10a Bouleiard Rny-al. Lu-.rinhnurg 
NAV Jan 8 „ . J 5l'S9 74 | . 


Surinvest Trust Managers Ltd ix> 

<4. vSol Slrcpt DimijIbi. 1 uJ4 W34 SB;* 
The siii erTruxt |488 101 01 « 1 Of - 

TSB l nit Trust Managers (C.I.) Ltd 
01MSA464 Raxnlcllc ltd .SI r*ilaur. Jersey Q334T34M 
Jer-«y FiifHl . - )44 9 -166x4 -D M «t2 

iTurro vy l Unit . |443 4*0*4 -Q ^ 4 12 

I Tim on Jan 11 5nt suh day Jan 18. 

Tok>o Pacific Holdings N.V. 
lirnmix Mnnscetoenl <~o Nv. rurarao 
N \ V p^r shore Jan 2 SL'S3B 49 

Tokyo Pacific Hldgs. (Seaboard) VV. 

l.ntmiy .Mniuirmrnl Co N V Cnrarao 
NAV per hare Jan 2 Sl'KaBSO 
Tindall Group 0534 37331 

1 1 am (lion Bermuda 6 St Ilelier. Jersey 

IN 


I - 


13 


Bank of Bermuda Bldgs ilamillnn. Brmda. 
NAV Dec 18 I 1375 | . [ - 


CombiU Ins. (Guernsey) Ltd 

FjO. not 1ST. St Peter Port. Guernsey 
Intel Man. Td. 1163.0 177 Jj | 

Delta Group 

P.O. Box 3012. Nassau. Bahamas. 

Delta luv. Jaa. 3 — »134 L41] .-.4 

DegtKher Investment-Trnst 


Japan Fd. STSUTl MU) I _ 

Prices oa Dec. 28. Non dealing data Jan. 11 

H Hi -Sam pel ft Co. (Goerugey) Ltd. 

— 8 UFebm SL, Peter Port Guernsey. Cl 

Guernsey Tst [153.9 1647) -23| 331 

Hill Samuel Overseas Fund SA. 

— 37. Rue Nocre-Dnae. Lnzcrabanrg 

DCS16J3 163g -4»21| 


Old Court Fund Hurts. Ltd. 

P O 58. St Julian* it., Guernsey 0»t 2CQ21 

EqJT DecBO . M96 52J| .. I 258 

lac Fd Jaa. 3 ...[154 5 1690 . j 6*5 

Inti FdDec. 15. U27 8764 - 

Sra CaFd Dec 30 . UCL5 I5LR . ... 3.U 


'•verrasiJna 4 

|ST«1H 

KM 


i.u-rum I'niTi* 

tl'iSI 

lit 


TAKTH.* Jsn 4 

II idll 

17b 


twnv lot Dee to 

l'R« 

IMS 


TOFSLJss 4 . . 

Lb 70 

7151 


•Acrum ShHMI 

L1O09 

10 70 


TVkOFJsn.4 

793 

840 


• Areinn Shares'. 

79 5 

840 


Jersey Fil Jsn 4 
■ Non-J Arc I’te.i 
Gill Jaa 4 .. . 

1M6 

2520 

1174 

1951 

267.2 

1194 


' Ac win. Shares' . 

1438 

144.4 


Jr»y Maa Dec S . 

1253 

132 tj 



688 


10 81 


Old Court Commodity Fd Mgrs. Ltd. 

P (> Bn 58. SL Julian's a. Gcenaey 0(81 36741 
n.C.CamrttyTxt-. [127 7 115 81 | 168 

DC DUr Cm.TsLt ($25.38 26991 .... - 


Pastfsch 3885 Biebergasse 0-10 6000 Frankfurt fscl Ue lH9. Mngg. Ud TtMeaonfna? Xex^dcalmg^i^JwtSS 

ut!SSSSSn5»zSKS nvS-vBiiil — 


Dreyfus Intercontinental Inv. Fd. 

P.0. Box N3712. Nassau. t 

AVJaa.8 (sums dj 6| 4 _ 

Sun k Dudley TuLMgUrsyXtd 
P.O. Box 73, ft- Holier, Jersey 053430091 40th Floor, Connaught Centre. Hong Song 
EJXLC.T (129.4 1282) +3.41 — Jerdteebta.lri.-l SHK2LL39ri 


PO Box R337. 50. Pitt St. Sydney. An n. 

Javelte&pibyTtt. |n.n 2-»ri . .. I - Phoenix International 
JJLT. Managers (Jersey l Ltd Po Box 77. Si Peter Port. Guernsey. 

PO Box 184. Royal TsL Hse.. JeneyOSM 27441 Inter Dollar Pond. IWK? JT Z«} . 

Jersey ExmL Tst _ [113 0 130.0] I - 

1 Next sub day Jan. 3L 


AS at Dec. 30 Next sub day Jan. 
Jardine Fleming ft Co. Ltd 


F. ft C. MgmL Ltd Inv. AtMsers 

1-2 Laurence Pountaey HUL BC4R 0BA. 
01-023 4080 

CauLFd-Jam* 1 SUS4.46 |-0M[ - 


Jsrdlne Tpa 1 
Jardine S EA. 



■lardlaeTOpTst-l SUS1Q40* (.....1 369 
Jardine FlcmlnLt. SHK8.9M UobI - 
NAV Dac. 3a ’Equivalent SU558TS. 
Next sub. Jaa 18. 


I - 

Property Growth Overseas Ud 

28 Irish Town. Gibraltar. iGlbiSKM 

r s Dollar Fund . | SUS9036 ) .... | - 
Sterling Fund . .. 029.11 ... - 

-7E» 3.40 

^Ifi ^ Royal Trust (Cl) Fd Mgi. Ud 

PO Box 184. Royal TM. lUe, Jersey 0534274*1 

R-T IntlFd 7SLTS926 968 J 3.00 

R.T ten USF.lFd. to n] . 1 32 

Price* al Dec IS Next decliug Jan. 13 


ttd Intnl. MngrnnL (C.I.) Ltd. 

14. Uulcarter Street SI Holler. Jersey 
U I.B Fund | Sl'SlOO | [ 825 

United States Tst. IntL Adv. Co. 

14. Rue Mdrlnfier. Luxembourg 
l! 5 TM. lot Fnd | JUST 70 j-CWX 897* 
Net asset value Jan. fi 

S. G. Warburg ft Co. Ltd 
30. Gresham Street. ECl OlOPOVAV 

CnBdJtuifi -.1 SUS927 

Easy Int Jan 0 . Jr. 'SIS 46 

GrSt JFd.Dec 31 . - 1 SUS6J8 

Warburg Invest. Mngt Jrsy. Ltd. 

I.Channy Cross.SL IleJter, Jay n OSM 7374V 
CMFLId Dec 2& IK’SIU UO 
CVll Ltd Dec 28 £1155 UBtl 

Metals TsL Doc 15 £1220 12 AB 

TSITDec 8 - IUS9J2 4)9 

TMTUd Dac ft. . |i.9.08 932j 

World Wide Growth Mftnagementft 

Ida. Boulevard Royal. Lur.rabourg 
Worldwide nth Fd| SUSI2 90 [-00R — 


Irl z 


INSURANCE, PROPERTY, BONDS 


Abbey life Assurance Ca. Ltd. Credit ft Commerce Insurance M ft G Group? 

1-3 St PanT* Churchyard, ECL 01-M8B1U 130. Regent St. London W1R5FE 01-4387D8I Three Quays. Tooer HDI EC3R SBQ 01-829 4588 


i NDifliSS 


G.T. Can Inc 

Do. Acc — 

G.T. Inc. Fd. Ud 

a.T.US.*Ge»__! 
G.T. Japan* Gen _ 
•GtFenaJCLFd,_ 
G.T. Inn. Fond— 
G.T. Four YdaFd. — 


m 

,9 




W 

Si 

1364 

1S9.< 

si: 



72-80. GatebooseRd.. Aylcrfnny. S286S841 J. Henry Schrader Wagg ft Co. LtdV 

Equity Accurn. P*52 U22] ( 3.99 m. Cbeaprfde, E.C2. 01-240 

M ft G Groopf (yKcXx) - SSSSl^* Kg’. 1 £Ej j 

-Ttete Quay*, Tower Hffl.-RCtt Q8Q. 0U» 4588 jtaSSS&anSZTtoi 1 *m3 + 


High IW- 

SthAwrioo — I 


VG. ft A. Trust (a) (*) 
5. Haytrigb R d_ B re ntwood 
C tL- BL5 . 


See also 6tock Exchange 

__ American.—.. ~[31U 6 

™ -CAccnnxtfflte]— .. to.7-. ' 4 

AuBtrnlstiqn — [389 4 


tom) 323300 
S3iJ-03[ 4AI 


(Aecum. Ualts) 

CoeuDOdJty : 




m 


OLIVE INVESTMENTS LIMITED •/ 

"1 Royal Exchange Avc., London EC3V 3LU. Tel.: 01-283 1101 
vindex Guide as at tth December, 1977 (Base 100 al 14.1.77.) 

! • . . Clive Fixed Interest Capital ^ 135.19 

Clive Fixed Interest Income 128.03 


CORAL INDEX: Close 481-486 


INSURANCE BASE RATES 

t Property Growth ...1 S$% 

Cannon Assurance : 44% ■ 

t Address shown under Insurance ud Property Bond Table. 


.-*■ 


BASE LENDING RATES 


.. o A.B.N. Bank 64% - 

i Ailied Irish Banks Ltd. 6j% 
r-.^ I 1 American Express Bk- 61% 

r Amro Bank ; — 64% 

" A P Bank Ltd 7 % 

i -. Henry Ansbacher .64% 

- Banco de Bilbao 61% 

•: : y* ^ank of Credit ft Cnice. 64%' 
'■r i Bank of CjTinw 64% 

Bank, Of N.S.W. 6i % 

- Banqne Beige Ltd. .....'. . 7J% 

T ?' Basque du Rhone 
i-"!: ? 1 Barclays Bank BJ% 

:.-x V Barnett Christie Ltd.-. .84% 

Bremar Hordbigs Ltd. 74% 

: i> ? Brit Bank of Mid. East 

:• Brown Sfiipley 

• ... y Canada Permanent AFl 
f Capitol C ft C Fin. Ltd. 

Cayzer Ltd.'- ...I;' 

• ii ; 5 Cedar Holding* 

“ ,r ri Charterhouse Japhet. ; . 

? ! .C. E. Coates ....... 

' ^ Consolidated Credits ... 

'. r* Co-operative Bank ...... 

v ; Corintbi an Securlti eft:.. 

■ : i'’* Credit Lyonnais 

:r ^ The Cyprus Popular Bk; 

' -ii Duncan' Lawrie 64% 

.'.v^r Eagil -Trust 64% 

u :"** \‘ r . English TranwonL ... . B % 

• Al! First London Secs. - 64% 

.. First Nat Fin. Corpn, • 9 '% 

T ; £ First Nat; 'SftCs. Ltd. 8 % 

' ; (it ^(Antony Gibbs..: 64% 

r . ^iGobde DurnrirTrust... 74% 
Greyhonnd Guaranty-.. 64% 


I Hill Samuel S 

C. Hoare ft Co t 

Julian S: Hodge 

Hongkong ft Shanghai 
Industrial Bk. of Scot 
Keysor -Ullmann ...... 

.Knowsley .ft Co. Ltd.... 

Lloyds Bank 

Loudon ft European ... 
London Mercantile ... 
Midland Bank 


7 % 
6i% 
74% 
64% 
7 % 
7 % 
9 % 
64% 
8»% 
61% 
6J% 


7 % M Samuel Montagu 63% 


64% 

7 % 
64%. 
8% 
7 % 
S.% 
64% 
74% 
74% 
64% 
64% 
64% 
64% 


(Morgan Grenfell 6j% 

National Westminster 64% 
Norwich Genera] Trust 64% 
P. S. Kelson ft Co. ... Bji% 
Rossminster Accept’cs Q*% 
^Roya) Bk Canada Trust 6J% 
Schlesinger Limited ... 7 % 

E. S. Schwab 9 % 

Security Trust Co. Ltd. 71% 

Sbenley Trust 94% 

Standard Chartered ... 6-1% 

Trade Dev. Bank 74% 

Trustee. Savings Bank ' 64% 
Twentieth' Century Bk. 74% 
United' Bank of Kuwait 64% 
Whiteaway Laidlaw 7 % 
Williams & Glyn*s ...■«»% 
Yoritsbire Bank 61% 

the Accepting Bobsps 


■ Members of 
Committee. 

- 7-dsuy dopoalK 3<5>. l-month depoais 
**%. . .. 

t 7-da? drposiu on gums of ae.BQO 

- and turicT n. up to m.W 31% 

■ *Dd over tSa.fioo li'i. 

1 Cal) depoots. over U.OOO 


,*• , V’ ■ — — .-u -J ■» a L.OJ1 UClXKHUt. o*rj- i 

7 t 1 ! * 5^5'* Demand deposus 4 f'<* 

••-* •' " ?*; noess Mahon t- ■ % -. fl haic also adultn id 

. • * Hambros: Bank 6*% . s^cs. 


Slerlifls Ind. 



SiSvar that never ends 

We British are a jjeacdul people. When a war is 
rer we like to consign it to the hislory books - and 


aver we l 
forget it 

But for some the wars live on. The disabled from 
both World Wars and from lesser campaigns, now all 
too tosilj' forgotten; the widows, thexnphansand the 
children - for them their war lives on, every-day and 

all day. 

. In many cases, of course, there is help from a ; 


pens OB 


ut there is a limit to what any Government 
mean do. 

. ^bis where Army Benevolence steps in. Will) . 
understanding- With a sen* of urgency . . . and with 
practical, financial help._ 

To us it is a privilege to help tliesc brave men-and 
women, too. Please will yon help us to do more? Wc 
must noriei our soldiers down. 


The Army Benevolent Fund 

•_ for soldiers, cx-soldiers and their families in distress 
Dept. Fr.Dukeof.York’s HQ; London SW3 4SP 


taj 66J 

. ' " 993 

CcDWrrion Growth *7J 
DWflond U28 


Umx 

E5vopc« 


Unite) &099 


lAixm. Lhital. 

Extra Yield. MO 

lAecKBL Unite] 1093 

SSSKBsnM 

Fund of tnv. Tsu — 500 

(Acc«m. Unite) *9.7 

bwcnl 1583 

lAixora. Unite) 3CL5 

Sifh Income 99J 

(Acaun. Unite) UL8 

3S,-=aS5 

Ksgtelm 1329 

Unite) 2M3 

U_ 1S5 A 

Unite) — KL9 

77 J 

Unite) 

“ 2413 

Unit* i SSi 

Sperialised Fnwb 
Traricc [1424 





lAccum. Units) 

9,90 GeneraJ Jsn-4 


(Accurn. Units) 2 U2 

_ awrlbood Jsn. 120.7 

Chsrifd.Jsn.10 1472 • 149 

Units' 1758 I7X 

. 1250 m 


•Pn'tty Dse. 90 — Q71.9 
•SpeeLEx. pet 30 X _ 

•Recovery Dec 30..P87J, 192JN 

•For tax exempt funds oab 

Scottish Equitable Fnd. Mgrs. Ltd.? 

28 St. An drevsSq.. Edinburgh 031-5588101 

Income Unite BO .7 . 54 « -03 530 

Aecum. Unite ... — ».9 UJTIMj 5--8 

Dealing day Wednesday. 

tad 433 Sebag Unit Tst. Managers Ltd.? (a) 
,_75J -2‘ PO Bax51L Seklbry. Bse- E.CA 01-2885000 

si ^ il si 33 is 

gg i” Security Selection Ltd. 

uai -0J L43 16-18. Lincoln's Inn Fields. WC2 01-831883^8 

194J -U 4.83 UnvlGthTxl Arc „BI 24.(1 4 »■*! 

S2J iol tw Unvl GthTss Inc — 15.3 

stewart l3nit Tat. Managers Ltd. U) 
43. Charlotte Sq- Edlnhurxh. 021-2883271 
Stewart American Food 

Standard Unite B5-3 5as) 1 278 

Aecum. Unite... — [59 5 
Withdrawal Unite . |«5 
Stewart Bruts* Capital Fuad 

•standard—- U31.7 1422) eD3[ 358 

Accurn. Unite 0492 1U3| t-13) - 





Manulife Management Ltd. 

St Gaorga'a Way, Stowage. 083888101 

OrawritUntts— ._ J5U 544 1 3.7b 

Mjfewtf Management Co. Ltd. 

l«18EnaduiBSC.EXSV7AU . 01-8008088 

w=i 5is 

Steoiy Fond Managers Ltd. 


Sun AU lance Fund Mngt Ltd. 

Sta Alliance Hse.. Horsham 04Q384M1 

447 
5.71 


Bt?.Eto.TnJVw. U K3943 2*05 .. J 
nVeFtenfly Pd._. to.l 9M -S-4 


Target Tst. Mngrs. 
31. Gresham St- EC2 
Tsrjet Commodity .[315 
Target Flnacdal... 60 J 
T»r5« Equity-. — 172 
Target Ex. Jsn. U . 2895 
> Do. Acc. Unite 2772 

to Gresham Si, EC3P2EB. 01-8004855 xSS&SiSh! - -:” 299* 

KemCso.Jsn.il _ U9A ZB04 -03 4.0 iCSlnU. 722 

Ace_ Inx. J»n. 1 ] — ale 4« W.Rdii». Uo!3„ 342 

Herc.fnt3an.U-. SA2 5924-20 129 Target Inv 29.1 

™ ~ Zi H2 3SA** Ft Jan. 11 „ 160 J 

*tert-Extt3>ec TO »85 2019[ 4.48 Tft. inc. 29* 

AcanaUte^DoL28.p362 Mb*) —.1 44 TeLPrei. 144 

Midland Bank Group Coyne Growth Fd. fifth 

UnS Trnri Mmqen LtdV (a) 


LULV (aMg) 

Dealings 028859*1 

33 W 431 

653 -1* 433 

toto ..... 523 

217.1 +43 5.95 

287. S +5 7 5.95 

1220 -75 ? 

322 -05 439 

23.9 -0.4 131 

2b.O -05 UI 
3U -05 326 

169 2 -O 7 429 

3L2 833 

53 12 CO 

19 fl -02 451 


_ .. . ■ „ _ , . Target Tst- Mgrs. (Scotland) (aXb) 

sasM&s* SUs * r ^ 1 23 “ i '= a i 8 ®^ 

JJ-0AI 6J2 ?SjgSfiS.“gj 43U4 

Rstrs Income Fd ^)U 5 fell -0 3 9.77 

Trades Union Unit Tst. Manogenf 

100, Wood Street. K.C2 01 -020 SOil 

TOUT Jaa. ft ISU, • 5«(| ■— 4 4.94 



Do . Ac cum. 

Inrwnrr..-. 

Da Acenm — 

IntOnisTtiwt 

asw£== 

Da ‘ 


497 



Transatlantic and Gen. Secs. Co.? 
81-88 New London TM. Chelmsford 0M8 8185) 


BarbtasaJso.8- 


( Acrum. UnitsJ _ . 

Barfa Kiitd. Dee. 28. tot 


Btiekm Jan.5— 


P?3 


(Aecum uuitD 

Cnmrld.Jso.4 


M7J8 

nlbci s Next dealing Jsn. 31 
Master Fund Managers Ltd. 

Stoner Hsa. Arthur St^KGA . oiktoldSD 

3 toS::::1 IS 

MLA -Uatt Trust MgtsnnL. Ltd. 

OM Owen Street SW1HW0. 01-8307333. ItelboraJan. 10_to| 

WAthn.- D7.9 395) -OJl *27 l*«w«.Ualttl ^g7 

Mutul Unit Trust Maafigeref fa)(g) mhus. UaU»i™MJ 
toGopttnUAVC.ECXRTBU. 01-808483 VaaTIY Jsn.3 [718 


lAceum. Untta< 1942 

CohuncoJao.8 TOJ 

lActrum. Units) - to 9 

Glen. Jsn. 10 i_f 

(ACCUK. Unltel. 


■ffissass^E 

National and Co mmercia l 

I** 6 * 11 Mkaagers Ltd.? 
5.44 
3Jfl 
JJB 


Vang.TieeJsn.-t_ 08 
lArsmin. Unite} — K2 

Wlekmor Jsn.8 bOa 

(Aectiax Unite) 70.7 

Wick Div. Jan. 8 64.4 

Da Aecum. 735 


Bm 



InctneDae.28 

(Aecum. Unite). 
Owt-Dw.to..-. 
(Aeemq, GniteJ. 


I 

grs-1 

01-82 

Hi 


18, Canrugu Road. BiWoL 

Income Jsn. 4 “ 

(Aecum. Unite) 


OZ72323U 


ia 


345. 

355 

530 

330 

28. 


toOacactarefc St. EC3PSH3 

w S^“gbV ^ 

- _ sas*.Trttn - 0142 us, 

(Accmn Unitdr* ... W0.B B7.. .... 
Wea os bet to Next dealing )i 
■ 'Price* Jaa. A Next dealing Jan 

National Itotahafariti) 

18L dutensldt SCSV BU. 01-806 8080. 

1A 44.9) -LU *54 

D " MM ui 

Growth W 

NEL,Tnot Managers Ltd.? laKg) 



(Ace urn. Unhs) _ 
Canyogs Jan-4 — , 
(Aecum UnittJ 
Int Run. Jan. ( 

4 Accurn. Units) 
ScoLCsp Jan.4. _. 

(Aecum units) 

Scot Int Jan.4. ► 
Lsodoo wan Sn 
CapttM Growth., 
□a Aecum. 


Extra Inc. Growth— 

Da Accurn. 

Fi a teci ti Pr'rty — 


London WsH laL . 
Specie) SIS 


197.4 

1024 


7ft3 


182 

124U 

..... 

7.43 

420 


j5?I 

::z 

428 

1' 1 1 

1136 


724 

am it 

1546 


729 

mT 

JWft 

. M M4 

5A4 

fil7.fl 

123.0 


' 5.44 


2446 

2722 

— 

537 

557 

IL I W 

139 4 

7*. 

4JD 

<33T« 

162ft 


451 


USA 

— 

US 

73<j 

844 

-461 

Ul 

73, q 

84ft 

-04 

AU 

gfc 3 • 

390 


422 


■43.4 

-0^ 

472 


177 


452 

rtT^B 

ZLZ 

...... 

452 


64.4? 

-0.* 

825 


27ft 

-02 

S3 


3l« 

-03 

421 


mftoa Coart. Dotting. Sttrr*}’. . toll 

NdSffiStecTI^S 952 iSB Unit Trusts ly) 

New Cogrt Fnnd Managers Ltd, (g) 21, Chsam' way. Andow. Hsoix <06482188 
'ifito.Gatehoaze Rd. Arteshmy. - 02S8BM1 Dealing*, to .0384 63*325 

N.C.Sqnl 
— rSp 


w 


N-9?^(*AcC- W5 



6.98 (bl TSB income— - 
221 lb) D o Arcun—— . 

221 TSBSCotUsh^ 

417 fb) Do. Accurn 



0*3235237 
4U[ -6.61 * 445 


Intenux. Ine- 
teternatJlcc 

N. GSml.Ct Fd._ (150.4 

Nwirtch Unin Insurance Gnmp Tbl Ulster Bask? (a) 

P.O. Bax 4, Norwich. NRJ 8NG. 060322200 WnringStraet. BoifOH. 

Group T*. Fd. 13477 ‘ 3461)1 -Z« 4.7J rbiUlAceGrwrth- p8-« 

?nrl Trad Managers Ul (a)(gJCr) ^ Tnut Account ft Mgmt. * 

a 2 "§-3 iM Friars Ra*. Fund...-M 8. 1S4M ... I «54 
^cgan^jPHS- J" Wlef srGrth. Fnd. _1«92 • 3dS 3J5 

pSluStTS^K^ 374a -0 Jj 4 S Da Aecum J&2 -tofl - J 535 

lAecuflL Urita>--^ tol .475 -03 *-78 WIeler Growth Fund . •' 

FUlean Units Adtitin. Ud. (gttxl . King wiuisra Si ecsrbar . . oi-8234951 

SlTetinUihSt.MitfehesiB' - 081-338 S« innw Units ;BJ 5191 J-32* 

PshcuVidbiM— )SU - ifcor-W.TJ 4Jfi- Accurn. Units =-j34J 362J _Z 4 324 


£5 


EcuUrFund 

Equity Acc. 

Property Fd — — .. 134.6 

Property Acc. 1444 

Selective Fund _ IM 
Convertible Foul .. 127.4 

TteoosyFund— lifts 

iVauT Property 14XA 

Fens r.slsi live 193 

Fens. Security ... 1312 

Pens. tUnsged 1*9.7 

Pom. Kqul»_ 156,0 

9Prop.FdS*r.A — 1195 

VSbn.FU.Ser.-4 1284 

VBquittFd. Ser. 4 _to* 

VCoov.Fd.Ser. 


^ Mop sq^FU Sra. ft_Jll72 


004.4 

_ . ^ BlTJ 

Jsn. HL v a) u s li o n s norinelly 


575 -0^ — 
JL4 -05 — 
1*5.9 -OJI — 
1525 -0-Z — 
88.9 -03 — 
UA2 +03 _ 
124ft +0.2 — 
1702 -03 — 
83J -03 — 
13ftl — 
1782 +X* 
1MJ +X7[ — 
125ft -Oil 
139ft +07] 

34 7 -0,« 
1142 +0J1 
112ft +0JJ 


CACIbmLF 

Crusader 


.r ± — uzlo ixft| ...4 - 

Insurance Co. Iid- 

Vlnenls Bouse. Tower PL BC3. 

Gtfa. Prop. Jsn.3 — (65.9 72.R ,| — 

ASS. 


<”■<00*01 


1. Tbreednecdln 84. . RC2. 
Ssgle/lOd. Unite- [50-* 


* [1475 


Equity ft Law Life Ass. Soc. Ltd.? 


— Amerahite Rood. H I cb Wycombe 


RqoltyFIL 
Property FB.. 
Fixed lmerratP. 


G feD ^orft FA. — pTft 


US* 

un.4 
113 4 


I - 


Pen Pension* - *.— 12tVJ* 

Coot. Deposit* 115.7 1215 

“W” 

Fami&Blftd— 171 1 - 

Gilt Bond”* — ...pM 1135 

89 .0 

813 

... , 4L6 

AnnriennF(LBd.*.|4U 46.4 
Japso Fd. Bd-*—. .|40J> *2.l| 

Prices on *Jen. 4, —Jen 5. — 


81-588 1ST InternstaL Bond— . |B4-7 
=? -07| 5.77 Slr-Bl 


MM 333(r< Rs coror j Fd. Bd.* 
-)-7| - 


Scottish Widows' Group 
POBox 802. Edinburgh EH18SBU 


031-885 8000 


Nixed Fd 1187.4 113 JH -O 

TW General Portfolio Life Ins. C. Ltd.? 

Albany Life Assurance Co. Ltd. £St ^i!f cy«i 1 1243 


-Jaa ft 

Merchant Investors Assurance? 
125. Hlch Street. Croydon. 01-8888: 

ft.7w*m«ei crass, wxaisn 


SL old Burlington St. W.l. 
Fd. 

Int Ace. 



[175ft 

m 1 \ f 


1395 


..ran 

112? 



913 



103.9 

Brfi : 

. t- „ 

139 J 

147J 


284.7 

213.4 


174.4 

■Z3X' 



1231 

■I'l 1 



104J 

KbT~y 

, 

1185 



fi»3 


...... 


01-4575882 Portfolio 

Gresham 


capu*i -{m-* ^ _ 

m Life Ass. Soc. Ltd, 


2 Prince of Wole* Rd_ B’moath. (002 TSI855 

GJ- cut Fund pl73 123.7] I - 

Growth ft See. Life Ass. Soc. Ltd-? 
Weir Bank, Bray -on- Thames, Berks. Tel J4364 


Her. for. Ply. Bd. 

KquRyBond 

Prop Pens 

Kan. Pens 
Equity Pens — — 
Ceav. Dep Fob* — 
Mon. Ma Pros — ,. . 


1267 



1462 


18 12 


W2.8 

ifctM 

60.9 


’ 147 0 


&* 


1735 


134.1 

• ■ 

1876 

... . 


Im-.FW Series 1.... 1101.7 101.71 

Inv. riy. Seriec 2. ..K.2 10LS .... 

lnv.Caib.J0U 8 . ~h4.8 1011,. 

BxUtTr Jsn-4 - hjftS 1443 - . 

Ugd. Pen. Jan 4 — 1251-5 258.1 . 

Solar Life Assurance Limited 

10T Cheopildo, EC2V 6DI*. 01-000 M71 

Solar UsnsgedS .. J 
SiolsrPropertsS... 

Solar Equin-S _. 

Solar Fad E«tS_.. 

Solar Cash S 

Solar Managed P. 

SolarPrepert> , P- - 
Solar Equity P . .. 

Solar FUdJnt P .. 

SoiraCnih P 

Sun Alliance Fund Xangxnf. Ltd. 

Sun Alliance House. Horsham O40BM14I 


0271 133.1 

-1ft 


1042 109 T 


-m 

1555 1635 

-Z* 


120.7 1272 

-14 


986 104J 

-14 

_ • 

1278 135.7 


184.1 1096 


-ra 

1552 163.4 

-2.4 


1206 127 0 

-1.4 


903 1047 




~ Exp.Fd.Int.Pra. 14. 


e.14.1053.9 16SM...J - 

_. .. I moo l-oisl - 


AMEV Life Assurance Ltd.? 


PtexlblB Finance... I £L083 I .- .1 — 

LoDdbsnkSecs 1 5454 J ..._J — 

Lan d ba n k Scs. Ac c h 1 2 3 1172 1 _ 

G. ft S- Sopor Fd._[ C8.067 1 | - 

Guardian Royal Exchange 
Rural Bsphsngq B.CJ. 


Property Bonds — P57.4 1*391 .--I — 


NEL Pensions Ltd. 

Milton Court. Dorking, Surray. 

NolexEq.Cop [794 83." 

NelexEq Aecum _ (112.7 llfti 

Nnlcs Money Cap. ..(425 65i 

7107 Nelex Mon Aec,[445 67! 


FlxndhHLDvp— 
Kqnlry_ 


(UU 

Q443 


Hambro life Assurance Limited* 

AMEV ' ~ 5 S3 Z 70WPnrttLnne.Umdon.Wl 01 A» 0031 

AMEV Konev 

urtftteTdbiL7 urn 1 

___ , P TOPtety . 

Flced plan —.[99ft 18U[ 

Arrow Life Assurance ' 

30 Uxbridge Rood, Wifi 01-7488111 5^.p 

‘ 644+OJl - Pear! 


Nm cub. day Jan. 


1 = 


Im Bn Jaa 10 

San Alliance Linked Life Int- rftd. j 
Sun Alliance Hoiue. Honbam 040384141 


_ , Fund- — 984 
Fixed Interest Frt. 97ft 
Pro pert 7 Fund - 95.7 

InteraatUmsI Fd . 115 
Deposit Fund 951 
Managed Fund ..... |94 9 



- 


1535 

Managed Cap 1359 

UanagadAra 1445 

Overseas llfi.9 


HffiS&EfcRS JHta - 


Barclays Life Assur. Co. Ltd. 
5S Romford Rd_i7. 
gandaybondi' ^lftl 


Madyd gy 

Msa?este.Arcnin. _ 9*5 ~ 

Do. Initial 97.4 

GmEd S Fen»-Ace.- JU 

Do. Irdosl Wft 

Money Pens. Acc. 


QUt Edged — - 1242 

Pen.FJ-Dcp.Csp — 124.0 
Pen. F XDep_Acc _ 1446 
Peru Prep. Cxp. — 1 95ft 

Pen.Fcop.Aec. 2449 

Pen. Maa Cap. 

01-534 SH4 S“- 


1X4 

SSKS =M = 

mi -oj> - 

II u ..... - 

10.7 -22 - 

182ft —Z2 — 

107 -22 — 

lOUj+25 — 

5 — 


•Current unit value Jsn. tl. 
Beehive Life Assur. Co. Ltd.? 


259.4 

Peri. GUI Edg. Acc . IOI 


^ Pea Gilt Bdg- Cap. 


Pen-RS. Cap 

Pen.BLS.Acc-— — 


129.7] _ 

mil 

103J 

1733 

259S 

215 ft 

1*02 
1274 
142.4 


New Court Property Fund Mngrs. Ltd. 

St. Swithlnalftae, London. EC4. 01-CT4358 Sun Life of Canada (U.K.) Ltd. 
Sf-CtPr.F. Dpc-39-.pM.l 12141 | — 2. 3. 4. Cockrpnr B 

Next sub (teg Morcli 31. Maple Lf Grth .. 

NPI Pensions Management Ltd. mSHSubSS? 1 
4ft Grscechufeh St, EC3P3HH. 01-6234200 Persnl Pn Fd 


Managed Fond — [15U 157.4) . I - 

Frtnw Dec 30. .Vert dealing Fch I. 

Norwich Union Insurance Group 
POBox 4, Norwich NR1JNG. - COmSSaSO 
Managed Fond — 

EquhyFnnd . 

ProperQ-Fund. 

Fixed UiLFund - 
DeposK Fund. 

Nor. Unit Dec. 15- J 


SW1T3BH 

01-030 3400 

| 1980 

1 1 “ 1 

1366 

J 

1256 

1 I ' 

204.3 

| .. .1 — - 


Target Life Assurance Co. Ltd. 
Target Uoura, Gslehouao R«L. Aylesbury, 
Bucks. Aylasbur? (Q3B8U041 


209.8 

2288 

-IN 

332.0 

3494 

-26 

120ft 

1267 


1614 

1699 

—2.4 

^W* 70 ! 



Hearts of Oak Benefit Society 

Boston Road. London, nwi 01-3875020 Fboeafe Assurance Co. Ltd. 

Hearts of Oak ffTl 35 Jl . ..J _ 4-a. King William SL.EC i 4P4HB 01-83)9878 

?H111 Samnel Life Assur. Ltd. SypoSS, 

NLA Twr_ Addiseombe Rd., Crag. 01-886 43S6 Eb-rKsq 




+09] 


01-8381288 Money Unite 

1 -4 - sssam 

Canada Life AaSuranee Col p^mSS?1™&32J 

3-8 High SfL. Potters Bar. Herts. P3ar 51122 Pna.GM.Csp. hfl42 189 

Orth. FftDra- 3— -| *95 [ [ - Pna-Gid. Acc.~—. J1CS2 113 . 

1145 [ I — Imperial Life Ass. Co. of Canada 

Cannon Assurance Ltd.? Imperial Roosa Gulldterd 71255 

GnrthFd. Jaa 9 , — J71.1 773 . J - 


■h, Lombard St. BC8. 

Black Horse Bd. — | 



» uijoui ou. ca. %r wn 

t — 1105.4 III 11 

jK'H'ltoft 717 73 . 0 I 


Man Fund Inc . . 

Mna Fund Arc, 

Prop. Fd. Inc. — . 

Prop Fd Acc. - - 
Prop Fd-Inv .. . 

Fixed lot. Fd lne.| 

Don Fd. Acc. Inc. 

Ref. Plan Ac Tea.. 
ReLPlaoCsp.Pen . 
ReLFIuiMsaAcc. . 
P-eLPlanMaaCap.. . 

GHr FeaAcc IJ4L9 

Gilt Pea Cop 11365 


Aylesbury 
,-4 1045] 

114.7 1235 

1022 1M2 

mo 

990 

18 117 J 

J022 
.0 79.4 -lM 

0 4 45.7 -V6] 

22J 1294 

.14 4 UL1 

101.1 
14421 


Prop. Equity & Life Ass. Co.? 

1 10, Crwrioco street, wiH2A8. hi-48eo»7 Trans International Life 1ns. Co. Ltd. 

R. Silk Prop. Bd — I 149ft I -| - 2 Bream Bldgs .EC4INV: 01-4088407 

7L1 I . . I — Tulip Invest Fd 

156.2 j -Oil — Tulip Man Kd-Fd 

Property Growth Assur. Co. iftd.? M^ren^i^cap”^!!* 

Lena House. Croydon, CR81LU 01-8M0808 Man Fan Fd Ace.. [1202 


R Silk Prop. Bd..._ 

Do.EquttyBd.. 

DO Ft Mm- Bd. Fd. 



. , gwu, nm. wwuLru.Ji0.< 

01-9028870 ftmi jifl j , p fl_ 



^ i 

2d. 

01-4288253 

0142358 

: 

Langhain ]4fe Assurance Co. Ltd. 

Longhorn Ha, Holmbrook Dr. KWa 01-20332]) 

ggE52iBfr 


'Farid toft 

Irish Life Assurance Co. Ltd. 

II, Finsbury Sonora BC*. 01- 

hwGs.Jsjt.S_. 11 

KsmaxedFW— 

Prap.lM.Jate 4, 

Frap.IM.Gtb 1 

King & Shaxson Ud. 

S2.Cornhill.EC3 014235433 


Property Fund . 
P roperty Fund • A> . 
AgricnJtars] Fund 
FusuStA; — 
Abbey JU*. Fnud.... 
Abbe* Not Fd IAI 
Investmont Fond— 
InvoMaaentFd (A> 

Equity F'und 

Equity FUnd (At 

Money Fnnd 

Money FundiAi — 
Artuarlal Fund . . 
GUt-edned Fund_.- 
GUt-Edged Fd-iAi. 

ORecire Annuity . . 

VImjaed. Anntj . ... 


[175.4 

142 6 


1088 

UU 


1114 

1272 


UU 

1205 

1206 

1265 



todFmPmsfi 

2nd JfelPra 
LftESXF.-. 

LfcESiF.ft-. .. 

Currant ratav January S. 

r A mt.) Ltd. Pror lncial Li fe Awurmee C ? . Ud L = 


Wisp (SP) Map F0 


VAil Weather Cap 
Vlnv. Fd. Uts. .. - 
PenrioaFiLVti. — 
Cotrr.Pens.FiL-.- 
COr Pat Cap Ul. 
Maa Fens Fd , 
Man. Pens. top. UL| 
Prop. Pent. Fd ._ 
Prop Pont. Cap Un 
Bdgg. Soc. Pen- ut 
BdteSoc.Csp.Ut... 


178ft 

148.9 
4852 
USA 
1482 
1432 
144 
(44 
2495 
148.9 
1340 
135.4 
108ft 
137 3 
127J 
1705 
37.0 


:i L | 




Trident Life Assurance Co. Ltd-? 

Rons! sde House. Gloucester (KS338M1 


Managed 

Grd. Mhd 

Property ..... 

Equltjrf American ... 
U K EquiteFund. 

Higta Yield. 

GiK Edged 

Money 


(1212 

11545 

fig 

1058 

1424 

126.4 

1281. 

968 

129.6 


Fra^^l^ftAm^Ud 


w m.3 

133.0 


128 5 
1445 
1347 
139.4 
1295 
1262 
1175 


Intern atumal 

FlSCXl 

GrawthCcp p2B7 

Growth Ace._ — 
run*. Mncd. cap. 

Pdua Unid. Are . 

Pont GidDsp-top 
Pen* (IldDyiAce.. 

Fens Ppty Cap ._ 

Pent Piy Ace._.._. 

?rdt.Bond._. fi6 0 

■Trdl.G.1 Baud. 

■Cash value 


12&J 
163 ( . 
1526 . 

87 4 . 
1121 -L7| 
149.4 
13*2 . 
1246 . 
1027 . 
137.3 . 
1343 . 
138ft . 
1282 
12J ( . 
1M2 
108.7 
1162 . 
1ULE . 

38.0 

1821 -ail 

far £100 pie rallied. 


11320 

(1234 

1 1141 
1002 
[102 6 
DB9.4 
fi22.2 


Z Tyndall Assurance/Pensions? 


— IF.CanynEeKwA Bristol. 


Euy Inruafc F«L— — 
Paeemakcrlir'Td- 


18024 

182.73 


Charterhouse Blagna Gjxf 
It Choqaan So- UaMfea Ufis LPDB 
Chrthse Energy — g2 37ft| -flftl 

Cimhsc, Moooy-- 2-2 301 .....J - 

dutluo. Managed- toft 4U +0% - 

55 1244^ M Z 

:\2SM -L9| - 


CbrtbM. 

Magna B 

Magas Managed 

City td Westminster Assur. Sec. Ltd. 

RlugstMd Houie. t Whhvhw** Road, 

Croydon. CB0 u A _ - Oltoc 



City of Westminstb- Ass. Co. Ltd. 
TUngatMd House, t WUtabnne Road. 
Cnydon.CRDtoA M 81-404 MM. 

West Frap. Fttad— 

'A. 60 Ht‘ 


1 1 _ Kisaawood Bouse, Kings* ood. Tsdwortb, 

=3 - *$&*?*{- 

Do Accsm. 95.6_ 

E unto Initial 1147 

82181 DoAccnm. U72 

_ Pbred intrt.l 112.2 

Da Accum. 132.7 

Managed InMal — 1255 

Do. Accum. 124.9 

Prop er t y Initial — 151 
Do. Aeeum. 955 


100.7 ...... 

122.9 ...... -lft 

123ft -L4 - 

U&2 -Lt 

Sl-tt 

^'+ii = 


iota ■ 
100 M 


teWayD ee-S 

Doc 22.. 
to- 


0572 32941 


722, BUbopfgme, E CH 01-2478333 Property Dec. 22. ... 

SS J - ^STsss 

GDt Fund a 1329.1 


[Fund- 


Legal ft General (Unit Pbnrieurf Ud. 
Exempt CashlnU- -WO looof 
Da Accum. toil 


Rovnl Shield Fd. -0338 140.7] 

Save & Prosper Group? 


rvui dim iir-rr?? -..-I — 

Fund currently rinsed to new braimitei 

Peri arm. Dniu 1 - . 198ft. j [ — 


8884 Exempt Entail, .toft 

Da Accum. — 95,0 

Examd Fixed InJx. Hft 
Da Accum. .. 95.0 

Exempt Mngd. lnrt. 95 0 

Do. Accum — 95.8 

ExccV- Prop. Inti. . 95.8 
DoAecttm--"—- [95.0 
Ufe Assur. Co. of Pennsylvania 
3042 New Baud SLW170RQ. 01-4838385 

LACOP Units [1013 usq ._.J - 

Lloyds Bk. Unit Tst. Mngrs. Ltd. 

11.L0BbudK.Ea >»*=>» astSsL’s=er 


Prudential Pensions Limited^ 

Holbom Ban. BC1N2.-IH 
BqolLFd Dec. 21—.IE2387 », . 

Fad. Int Dee. 31.— K9J9 19.tS . - 

Prop F. Dec . 23 S3ft3 2457] . | - 

Bellance Mutual 

Tunbridge Welia. K e e n IWFJJ327I 

Rel. Prop. Bd* - I 1921 [ ... .| - 

Royal Insurance Croup 
New Hell Place. LhrerpoM. 


Un.Pn-3-WJsn. 
De. EqultrJsn 3 

•■*>= KSS&ti 


120.8 

152.4 
lf>5i 
100.2 
124 8 
MLB 
454 
1678 

249.4 
1843 
810 


Vanhtugh Lite Assurance? 

41-43 UaddoxSi. ]ftn. W1RBLA OMH4O0S 

Managed Fd 
Equity Fd .... 

In 


0S12.T4422 

I - 


PraperirFd . ... 
tosh Fund 



Mil 

IV 


225 4 

ZT7 

... 

127 

67 


1730 

162 


1349 

14Z. 


1158 

121 



Welfare Insurance. Ca Ltd.? 

The lajas, Folkestone. Kent 030837338 


T*'*mF"R%F am 102.7 J .....J - 

B& % ~ p mtA z 


Deposit Fd.T - . . 

Company Psna.Fd.Tf2S95 
PcnxfU- 11725 


Commereial Union Groop 

SL Helen’s, Lltodanfcah.ZCn. 
%'grtaMeAaAe.Uta- '• B.92 
Do, Anntdty Uti — I 17.91 

Confederation Life-Insurance Co. 
SO. Cbmcriry Lana WttA Ihk. 
vEaukyPuna. 


ggg lrttei 

V5WW1 mt ,(1042 10951 __J’ 741 S3S? F 2jr 

^SslSilimraiiee DworftP«teFd.t. 

12Ifteflonhil i SUECMt7LS. 

^S^^5z:U.V ,w ?» 

-J - OptSSw-Jan-S^ 12L6 128. 

— J — OpLSHy.JaaS .159.7 148 

OpL3Man.Jtn.3_ 1425 190. 

DpL SDopL Jaa Bu UU 125. 


01-8288081 


VUasagnlFtutd 

PUMBU?n.n 


E qgj^ Pra-Fiind — 


Int PtBFd.l 

Managed Pen. Fd- . 
Property Pen. W-; 
VPrauctnd la Pol 


.sLS'iasg: 4 - 

Schroder Life Croup? 
Enterprise House. Ptrismeulfa. 

Equity Dec. S3 

EQnlcyZDra.28 2120 

EeuitearDec.ss— mi 

»**"“ Lan*ni Indemnity* Gnl.Ins.Co.LuL g«-g - 

- pm. -Inij— i r *fito The Frabnry. Handing 883511. lnt.LTDrc.a.-.“ 

. Kl. - — +( — I - Money Manager — M.7 82.“ ' u..-^..* — « 

RLttTherible C7 8 28 

FbmdlntorasL.— » - _ 

The London & Manchester Ass. Gp ? 


1275 
mi y 

IBU -l.J| 
2D9.< .. I 

Mid -o n - 

1001 


Windsor life Assur. Co. Ltd. 

1 Hlcb Street. Windsor. Wlnd*«r881M 

Ufe Inv Plant |5& a 

FuturcAudGrt-Jai 190 

Future Arsii.Gt fsbi 47 ft 

ReL Assd. Pens. . _ 07.75 

Flex Inv Growth . 1044 


. m - 

ft — 

ft ..... — 

.75 - . 

112-C — ' 


«L. 


1773 
05 
872.4 


~ The Lons. Folkaxtene, KvnL 


. - 117 9 

KftXGUiuw.sa . . 158.9 
RftS GvLSr Deem . U45 
Mgfd ,Fl>i)De»- 28 . 128 5 

^ — 1413 

. 1054 


Cap. Growth Fund. 



Conihill insurance, c*. Ltd. ' ' etSomra Fin-Fd. 

to CornhilL R.Cft ___ Z- ' . , OFWMIO fj| 

m =n ^se 

‘ s-.- 


Ma«OFd. uete *o.F 


2155 

2479 

1111 

U54 

79.4 


<00351333 Moneys Dee. SB — [1155 
DppmilDcc 2B- .117 
Prop erty - Dec. SB . 1M5 
Pr oper ty 3 Dor 28 IQJ 
BSPnCp Dra SS 11730 
B5PaAcc.DK.S8. 125.6 
Mn Pn C> Dce.sa 1944 24* «j 

Ma Pa Acc. tier. 28 |2Z72 23^ J 


010527733 


m 

imjT 

162 ll 

1353J 

M8.« 

IM 

1214^ 

U7.68 

iftftoj 


NOTES 


_ Price* dn not Include 3 pratnlufl 


10 m. except wtnra 

... « unless Kberaiu 

indlcAtm Yield.* % ishwen | n last raluami 
allow for all huylnc erpenma Ofternd price* 
InbUdo all exponMj, b Today ji prices. 


indicated 9. and arc In pence 1 

1SFIW 


k Distribution (in 
tft V .K tww » V’eriodJc premium Insurant's 
* Simr “ ‘ 


c Yield based cm aura ^rice a'EsUmstod. 

. iteUe prei ... 

plans * Sims)* premium- insurance, 
a Offered price Includes pH cxpenni except 
aecafa eomndteien. j riffered price inrindea 
all expeiHur If bought ibrnuch maosaera. 
1 Prctiouk dfO.'a price V Nat of u?m 
realised capital gala» nnlesa iudlroted h>- a 

^5 Guernsey xross ft Suspended. 4-YucU 

before Jcxycj tax. T Ba-suMIrMcu. 















































































































































































































" , IBs* IMT 

- 

■ ' 1 
|| * 
v. :® 60 

i i r f»- 96 
•v •*« g 

<S% 1 

■n w 
. “j a 

%»${• ., 37 17 

, '%k | 


^ Mttaiicial Times -WecJnesday January -II 1978 

INDUSTfilAI^-^ntijiued INSURANCE-Continiied 

*ttwj :;• Mck | PHre f*-"j s£ |cvr|™|?fe aSTSirl Stock . j Price I*-"! !r«!l 

lint. Up — I JO 1-2 


PROPERTY — ContiDuec! 


Stock . > PHct 


l* ori wi ; i ra* mtn.% \ 
! - | vi irui&t'iiFT: f£gk l*» i 


K? &zi g§ {j 

ifalEte-Sp — 156 -a J&63 S 

mreCarjOp. 114 -4 tM.©h 2 J 
Gnnpttp-- 24M ..... ftl 
sey Prods. 5p 59 -Z td264 41 

iS 

ifc >» 3T SO l 
% r a £ 

ffi35fc * ±9811 


310 [194 



T— Continued ^ TRUSTS-Continued FINANCE, LAND-Continued 

I pri™ !*-i frt W\Stm JPtarf **» ! m» M S UISJIps egp-g^j ^ | ^ j\«j gj Irjgjj 


j* Wv lTTdJ 

Prior * — | Set rwlGi-slpjE 


lerntxlionai financier 


-% ySL28j - 3.W - 156 44 Pnn.ta.biOto 

2®2 1 1 T7 61 1 2.6f 4.1(14 5 4 ^ ^2 [Raglan ftpp.5p 

85 ’ 38 


% 3fi m s t 

.18 g g Hi” « u^m a 

: ; l I 4, T M ” S : m h 3 

; 2o 33 McueerjLA — 12% +% flK — i — 14. 7 

.’ 65% 36% Marotaisoa(lX>. 57 ■ +£« 41 g M 127 S3 

;J « gglg l*MM%*-* 

' jg: 1W MniSiup^'Q^ 2^4 — 1414 .Isia!} £2 go 32 

% 1 Esa&tft .a* ns n a-s i § 

g 1M -2 4ft 66 uj g 

rfOM C ?i £91 Q7V% U ftS — fl* 3 


7.9 21 M 43 19 

— i — 14. 7 

4.1 6.4 5J 127 83 


« ti « MOTOES, AIRCRAFT TRADES 11 § 

— fi ■ Cycles % II 

fi of y! a LIT* nWtLejtmdWp 21-1 - - -.1 - 75 

it I J ^ l 3 :::: “ L 7 “)I J » 6 4 & 4 

| ; « Tf si ■ BSB: «p «i s 1 J a 'M & 

21 W !i “W® PoS^_l 850 488 <U29i| Oil 8^192 ?5 2 f 


•; 74 « 

m 'S, or $$ ii^.K g * 

■If h ^ " :! J 43 is is U M* a 

:| aaagfe-g :f li ! a ^ ^ | | 

; .'. 1?2 9 K«tH»reSp-_ 131a 0.93 0.7 10 4 20J » 

; J | Bfe»:±g»H4rH¥2. 

! i'M W Bklrars-SOp. lS _J K to « I? ^ ^ 

: V'|® a 3 36 ^ 3 « % ^ ^ 129 ^ 

I.'i- SS ES^ 9 ±&” i’tiuf 1 

:;s g sssfc 

! 8 « KRS»h. w IIpT ibioi 53 79 41 

. .51 25 Msthnii(B.4dJ_ 48 ™„ 3.05 2.4 93 6J J? 4>Z 

8 | -r ^ ili iii ^ ^ i 

1 I S “P- if Si 13 1 S 

J ft »i5S: ““"f ft- 

f ft SSSS.-5EZ: ftjjft “ d “ 1 ft 

:-re 42 SottwAWnOOp. DU-2 +d3.8 2.9 3 J 15.9 ?&, 28 

f-lft 14 NortfeSecilflp. 27 -1 12.2 l4l2J 7.4 .73 39 

- S 25^ tL« 14 R5 13-6 *50 24 

• - D5V 90 0« Finance Ct_ 91fc -5T Q9% — £U13 — 52 22 

. U I £ gfflteftgect— 94 ; &M 16 A.6 7.0 36 1* 

. 08 59 QfraSOp 107 -1 f!21 3U 4JU2 g J 

1 SSSS: I == ^ 8 8- 

: ?i : M 75 SSiwSttct S iL R22 MHuSI’ 

■-•56 a Peerage I0fki_ . 36 1 4J &2 &1 Eg 

a 6 PsntlandiOpn Wh ~h 10.61 W 4i 7.0 77 .52 

; V-137 £77 . %S8bLS £U7 L_ Q1 Mi254£5r - | S 

m TBanafe b 8 


IS SoTH 


127 1 83' PfaxtOM lgft^ 4 # 17 42 

75 4.31 [YotklndlerlOp. 67 -2 tm 


•—Ism |ne|«u«lu|aiiiu JJ l \ 

Commercial Vehides 9 & 

MKnAlOp 99 ...._4t2J8] L9j 33123.9 290 1S2 

ir.Offlte.k- 136 -I 33 6.4 3.7 45 75 

- 56 +1 f3.25 5.7 8J (23) 280 172 

^ « « 8.5 62 20 73, 


£91 I Q7V% 23 

S25p__ 120 |—2 liis 3J4 

itt&p. 20 Pi 1.B2 U 


Components 


jj Sa(l5 



34 [Lod Merchant- 93 -2 tL25 4 1 181133 
_ _ 60 QL4G.HdfiS.5p 107 -.... t3.l5 3.1 45113 

a4S ~‘ t .iSifl 15 J 5’ Ss 56 40 [CtianCTTnBt. . 54 234 A 60 6 39 22h Hsjrtirlnrs liB- 39 — 0 a 3 2-1 2 6 26.7 

132 -3 ^68 — 19 29 374, DlyiCcm-inc 29 +£■ t !6 10 841/3 78 50 Sianm iR-P.iS- 70 -2 5.96 1.112910.6 

Tl 2 ■■ la 69 Do&p“i* IK U _ _ _ £12% M5 301*8% 945 -20 {JSL16 - 2.1 - 

■_:::» 43 asbfm'itxl ai, -i, _ _ _ z itjs 33 suria* isa> 17 ^ u 0.7113 

85 ‘ 065 - U - 1W 71 O^fclmenin- 96 ... 407 1.1 65 23.0 2*?, 53E5S?.& ^ * 18 . I - - - 

7S -2 3&5 - 13 - 66 36 Cny of Oxford 62 t3.05 0.9 7.4 2L8 Vi — SS 1 * v <rk Tt 

112 -3 i26] 21 33155 89 52 ^ertmuejOp. 80 -h 13.25 1 0 6 2 24.2 l{ ** Ha AS “ 

m _? os as 3t|Ut WW 4 Cuftonlnrsito.. 6 'j _ _ _ _ 207 J20 Pearva: S 4>m.. ZOO I.... 619 37 4. 

1U -2 cl M 13 26 522 70 53^2 CJrdesaalelnc^' 64 2 -1 f!67 10 4.0 39.8 K J gMb!-? 5^0- £ C*2pli QJ-^b - 68 

» Lt, T7A Ai T9A £9 51 Do‘B“... 63 .Urfj.a ^ , S.R«rwlCp .. 11 J.. .. t0.44 0 9 6.D 

S l-J c226 L5 27«2 245 175 WmsISjoDK. 235 1 ~7 121 13 4.6263 SaSsfe*'- }U +2 L7 19 


145 -20 QSL16 - 2.1 _ 
17la 1 13 0.7 113 IB 8 


200 “I - - - - 


tPtare^i.ll a 1 *!^.'! ?0 


127 -Z CZ.26 1.5 27 W2 <’5 2J5 -Z 7JI 1.3 4.6 Z&JISl cwmSSj™ _ cm ridJC 63 

£172 -2 OKW6n.9f5.9- ?« 151 Mnneiftfad 108d -4 15M 1.0 4.7 323 ^0 KS |^,“SL Ann - ^ ^ r„f ||,r, 

260 -4 1181 33 U 40.4 J15 » 109 -l 1259 13 4.0 30.1 “ 77 l£frE > »Svr 4A 11 

210. -4 3,97 M 19 - 126 1W foaMJapanap. 122 ...... - - - - » 5*. . rJ,. "i" “ ,7m 3 ‘ 


»• -r 
i? i “ 


2« 69 

v\ih' 



- - - 3; 


237j -ij - _ _ — 89 1 62 ^DtotCwn. 83h - l 2 12-79 1-2 53 25.J 

267 537 14 29353(202 T233 I^yTstlnaS 202 .. — |tl205[ La 9.0 16j 

1«5 ...... t242 16 23363 170 88 Do Cap rtp — 164 — I — — j— - 


263 -2 14-86 16 
191? — dhO.48 24 

3^2 -- U6 13 


J332 192 MPa 

3^163 134 100 mrajltm Con'd- 123 -3 106 12 5.0 255 v«aj 

_TJ _ 146 314 l " inK — — 138 -1 4.7 13 52 25 9 128 tt LCtockSOn 112# 436 0 9f 53}.s05i 

5fllM ,S j f 1 H 187 130 3riLBtSo»p. 1S4 # --1UJ irf 60U.3 

2 iS iS g&mm* -? ^ s “ &S±: M- . 

RS S? IS* SE&Sh?*: SS - H HSS ?wa - •»« - 


ini on Aten. 185 635 lJU 5.W25.4 

ion Con'd- 123 -3 4.06 L 2 l 5.0 25 3 


OILS 


55 64 

68 W 

&& 

* si 


67 45 

.51 25 

•:-M _35 



i 

. J; | 

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|;j| | 

i- : . . .97 56 

V: 1 ,-DB 59 

•fc^o 20 

- ■ •; t-50 25 

;! r; 26 37 

•1 -jl8 75 

... .j.36 n 

• • - a 6 

s> -i.,n 42 

• 337 £77 

t . :,-.E8 58- 

> -: -l? 6 

y. -.53 20 

. BZ 128 
^ .*40 273 

- . ; , S .|2 £45 

. } ‘ %p 39 

.t:74 31 




Do. BK Or. In. JOB £137 L... 
Peixt«mI2)^_J 74 C 
ndllipsIVaita; 19 L- 


s06ra} 52 ftd2_4S 

y3fc50 P 244 +2 3.96 I 

stonKrS 473 -7 Ull-56 
rBowsIau £56 
cCoodLHto- 62. 


H H B | 
?i« 6 I 

M 82 S3 H 


Ba5p_ 72 -1 2.02 A 4.4 * SS 101 

Up— 55 12.48 16 7.0 « S& 1?4 

„ Z42 e 7.B2 2.7 4.912.B Jw 6 

dL60p. 192 -2 Ss .0 2.4 7.9 GO % % 

iBKL 28b -lb g084 4.4 43 7i S }& 


120 PwJlMa^. 192 -2 110.0 2 

12 Press 2» ? -lb giJ4 4. 

108 ProstiseGnml 160 +1 5.08 l 

18 5 , PrikhaniSvR^p SZh -V 1135 l 

3b Fror.Lamjds.fe. 73* ....™ 136 0. 

5$ PuDimiiRAJ.fip 90 -Z 5.45 1 

306 IFFi). Group IQp 69 -1 H43 7. 

12 RTDG ^ - 


391a lW 
75 20 


4S 6.9| 5.D cm 
35 8.7 5.0 OHI 
3.§f 52 93 ™ „ 

88 23 63 Jg H 

ibHitaBSliB 

37 3.910.6 
3l| 9.3) 45 
4.0 3.3 113 
Lfl 3105.4 
33 2.4 M3 », 

4.7 4.4 7.4 W, 
h3£ 3JjlZ4 f|n 

4.9 6.6 4.7 gS 
53 5.0 5.7 ^ 


id Distributors . % 

79 4.01 4.11 7.71 4.9 24 

13 ...... — _ — — 95 

HI 4.47 U 84 7J 179 

liar +1 97.75 2.4 10.0 7 2 175 

40!, -1 rOi 1? 7.9 5.7 215 

40 — Jjj L25 3.4 4.7 9.6 84 

O -la 1-98 1.V 22 1F0 -D» 

19 113 14 M.S1S3 

loan -1 5.84 12 &5 85 

« -1 d!55 37 5i 86 _ 

81>2 ~h J3.03 55 5.6 4.9 S 

73 _A4a9 13 8713.9 

46% -21; *2.76 25 9.0 65 22 10 

51%-% t43 U 43 7.7 68- 35 

30 ..... 127 11 6.4 219 65 36 

22 ...... d0.42 9.7 2.9 3.4 104 67 

% td3.72 35 5.9 89 34 12% 

ffi 3.98 35 73 73 72 37 

117 . -1 15.99 80 73 97 60 26 

39% +1 3.23 23 55 105 40 31 

£131 -1 010% 17.0 £7.7 - « 22% 

S - <*5 45 82 115 43 M ZZ 

33 155 4.4 12 4.9 tt 45 

80% $405 33 7.9 7J0 37 21 

76 -Z 13.41 2.7 6.BML2 35 56 

49% £2.46 42 75 48 «% 17% 

87 ..... Stt.O 2J 10J 60 28 18 

\ :} « L* Sa 11 

165 i. 1493 45 45 70 

238 105 12 7.0205 

36% $162 45 6J 5 D 

Ig gOiZ « 45^15, „ 

43 063 13.6 22 5.7 550 390 

Jl -1 tZ2 2.9 9510J113 79 

70 2.0 53 4.4 U 35 17 

...... c.u 9cn ■e.-rt m ujjj 41 


Sir i:o SHIPBUILDERS, REPAIRERS g ^ 
d g re a nrttaLa,.! 75 | : 1 $ in 

2 R 162 « SranHnmera- 151 -4 i6.B6 18 6.91Z5 230 U3 

«3 * 154 73 Vesper 143 -9 lt4.13 186 4.4 18 113 79% 

47 290 140 VazwSOp | 285 -5 451 50j 25| 8.7 12\i S3 



SHIPPING 


288 -2 IS 42 
133 -2 ?R1 

117- -3 thl.38 

343 t7.43 

230 -5 10.89 

$ nfif 

145 14.46 

255 510 

2 m a - 1 % — 
76 2.72 

132 -3 17.44 
112 -1 15.95 
140 +10 1164 
46 +5 zL&4 
105 -2 ffl-16 


25| G7 TT, |3 
77 56 

103- 6 ? 



30 163 aan.lnc.Df.£l_ 221 -4 *65 1 ® 43 383 S in mi,.:, '1 _ _ 755 

TT S3 2 iSrISJ 8 - ills li tiSi nk EW4 Ci^SSleB- £13 +4 Q1U&. 1.9 13 6 It 

W S a 100 Bifig&jg a ; 2 - : : - 66 

77 56 &64NYTSu#_ 681 ; -1 125 11 5.5 295 12 7 % 10 1 . - Z Z _ 

03- 6 ? BimhCnwlEl" 96xd 1594 11 9 . 4 §2 ^ ^ ^0 Jfi ij Z ° J _ Z ^ ~ 

fi iS Seat: 9) : 2 .. IS H HH ^ z «!! Q - 


1 6 V^ a _Z j f CL tt L? f 550 400 TlCtaHOilfl _ 450 .. . - 

S, - 1 -S® H S-i S-1 17D 100 HCbdeFetrolO 144 +2 - 

l.Y \ TTiw_ 681; -1 125 1.1 55 295 rj 71 , Rjtfcpiicr^ 10 — 

£L -1 H *5 2i kca!^ I 35 -i ZOJ 

DtfiSOp- m +2 3.96 12 5.7228 01 * 


UcInv.TSL.. 81 ::z: 13.65 10 6 


153 117 IFcroion ACul — 140 [-4 294 1M 12148.0 “am, ’S Mbef ’ 

50 29 F.D.O.TjB03i. 38sl 1Q5V 12 9 2 8-0 3 % 2 S *i 

If « WST ,I “-' H “J? 10 10.1 14.8 eH SSJ.-CB-: £56 ... 

,1, ,5? ptSE; ,S? T-, -Tt.Te.204 100 THetnlroi 172 -2 

131 101 GT. Japan 101 101 2.1 15 48 9 ?tt 116 i n™» 228- -2 

139 92 Gen-ACamm'd.. 134 -2 14.92 11 5 6 26111? gc SwSfe mri -1 

84 60 Gen. Consol dnL_ 80 T315 11 *0 22.6 « 50 88 -2 

m 77 in “■■■• 4-14 L ® 4.6 331 qg 50 Do PM 8 a -2 

106 74 G«Llm-ec«mL MO - 1 " 3.45 0.7 52 39.1 41 49 W^S^^oT 61 ' 

83% 65% Gen. Scottish 78 -1 1355 b !6 5 916-2 ” »ooos«eAJWt- m ... 

102 76 Gla5SmrSrMd.-s_ 93% -3 12.2 U 36433 

87% 64% G!sofiwon Im - , 82 - 1 % Tltt 10 3.150.4 . , , , . , , . « . 

84 57 _Do-B" 80 -2 OVF.HSEAS '<T?t 


ip! 


SHOES AND LEATHER 



rt iflc_ ea -2 Qisv - j 10 . 3 I - 

» 1 — — — — 

A50e . 61 - — — - 


^ ' 4.5 9.7 22.3 

W.BB fJ 


mvn I 
R(k Lev | 

195 70 

22 9 

065 52 

164 115 
SO 70 
42 27 

27% 12 


20 10 
127 57 

1T8 69 

325 119 
65 IB 
132 77 

35 10 

242 129 
105 10 


12 4 % 

143 BT 
55 20 

£13 575 
19 8 

555 345 

12 7 

164 SS 

75 40 


MINES— Continued 
CENTRAL AFRICAN 



lei Mr. 
Wee - Nd 

198 +5 Q50e 
22 +1 037 

52 - 

137 Q1U3 

78 Q9% 

40 -1 Q7%C 


icJ™ 


AUSTRALIAN 



10 ...... — 

66 -2 QlOe 
69 -1 - 

164 -2 <J9e 

If ::z: i« 

16 -1 - 

^ 1. ** 
2 — 

BO -2 QBc 
9 -1 - 

117 -5 qhc 
33 +3 - 

850 -25 — 

3W Zf Q15 C 

7 n M ZZ = 

§ ZZ 2" 


68 % 51 kaennurraclav,. 64% -1 1.7 LO CO 385 

66 48% j Do. "B - Old 61-1 _ — - _ 305 

122% 71 kaobelm 104> a -1% u41 712* 5.9 205 108 

59 42% (Gavett Ean 8 *._ 55 -1 1.8 12 5.0 25.8 ZZ5 

75 M .tomgeTnKt__ 72 +1 Tl.84 L2 3.9 34 0 239 

110 74%kSL.N«th’aIiir_ 104 3.5 LO 5J 293 % 

B3 61%Kre?afriarIm-„ 75 -1 L22 L4 L5W3.6 31 


& ii 


lain Inc 58%ni g!82 2.tt 4.T\lbl 319 

Jinteswrs- 52 -1 L71 Itiol 5.®i36.9 2«0 


85 56 Gnsrajniw.TSL 73% +% 239 1.0 4.9(303 

95 SL Hambros 85 -I t33 10 5.9(253 


95 61 Hambros. 85 

83 37 Harms Ln-lDp. 83 

1% 122 178 

78 41 Heme Kds. “A". 74 

76 35 Do.“r 73 

£9 B IcciiDdiSl £9 

775 620 Do.(£l 670 


ii 


SOUTH AFRICANS 


SSfe iejrifc Ii ?5 3i NEWSPAPERS, PUBLISHERS | % 

ass± s -t ® 7 h u « , b fl Eats *s bJar B a a f f 




,35 Randalls L 72 ..... td4.7 IS 9.9 

bUS Rank Organ 252 -3 724 19 4.4 

332 ReekSttCttL5fe_ 435 -10 19-65 34 3.4 

.77 RaHeanGlaaa- 325rf -2 IHSM h 31 7.4 
15 Rffriforc Sp— 47- .... nltt 2J6 55 

118 BrndlntLClZ. 134 -3 13.20 18 14.9 

145 Renown Inc. m 145 ^ Q15 ft LO 

17 Renmiewip- 40-5 — 1 

&S=±» =; & % II 

23% RHotCE. JJ10p_ 26% .... bZ54 - 14J 
7i Rodwaro . : .. 140 -5 452 4J 5-6 

24% BopnerHkte-. 46% 1L94 4J» 63 

24 D EW.ZZZZ 45% 4lM 411 6.4 
22 Rotapdntafe^. 50 -2 l£tt 2.0 GO 

12% RomnABoden. 27% +U 2 1L2 4J 6.7] 

H3 EcvdWorcs— 126 -2 15.81 2.4 Iff 

37 Bumdl(A)10p- 45ai — fZQ4 AS 6.9 

£15% SWkJbsfaftiM £16 +% 3BB% L9lL0i 


•Is 

-k n 

=1. s 


iaSejtt. 25 +1 
fionGrpu— 80d -2 , 
M GTCPp.- ... 110 -3 I 
(onfaergBH £44% -1% 

nBldfl . ■ 65 -1 


173 82 

50 26 

70 22% 

78 50 

108 62 


6J 135 92 
6.1 59 31% 

7.4 §0 117 

8^ * 


330 [194 
25 fl3 
38 18 



» -a uc *•_» /.■* /.au rant, 

172 -1 13.66 64 32 7.4 ^ 

48 L87 2.4 91 6.0 ^ Ptt 

63 -2 213 29 5J 10J2 “ ' % 

73 4.46 L 6 9.210.3 

155 -1 15.8 21 8.4 81 

148' -4 t4^4 4.4 4i 7.1 

148 —4 t4M 4.4 42 71 

345xd -2 111.61 L4 51 2L7 757 75 

71 -2 13.63 44 7 J 53 55 28 

85 1264 4.01 4.7 8.4 « » 

_z H 2-2 84 74 - 48 

2 ^ ZZxlb 17 74 7 J 34 * 33 

58 13.96 LB 101 8.4 m. 27% 

200 6L65 b64 2J1L5 au 2 fu 2 

266 -4 1B12 44 44 12 ^ 

176 -2 144 4.4 4.7 73 « 2 74 

40 10211 23 8.4 81 2a ?9 

153 U, 34 3.710.7 g S 

135 rd3.03 5.0 3.4 94 77 4 m, 

688 -22 cS.91 19 13 684 40 % W 

326 -4 132.71 2.9 5.9 8.9 jf* g 

s-brfe n m b I 



53% 36% 

m 97- _ ^ 

76 52 (bderoafl Inc 72 -1 +2.37 12 51 263 240 

150 107 foUm TsUsjU. 148 -1 Q3.5 2.B 3410.7 235 

122 88 Inc. in Success— 113 -3 12.45 LO 33 451 57 

75 59% Invertcrr Cap.— 67% -% 145 A 34 ft 11% 

206 161 InreamLTH.7rp.. 187 -2 t6.0 14 4.9303 120 

Il33 U1 lantine Japan—. Ill 6.71 L 2 1.0 - 362 

125% 71 IardkeSec.KX$5- 71 -3 1045c U 7.7114 50% 
143 107 - leceyEri-Klp 113 -1 2.3 - 3-1 - £92 

262 185 JenecGeo.£I— . 240 -3 tQlL5 12 4.B1B.D 53 

49 28% Job Holdings 49 +1 £.05 10 6423.0 53 

51% 28 Jorelnv.bx. lOp 50 $3.4 LO 103 152 

a 2 D&Capfe 5 — — — — 

83 Seyms he. 50p.. 137 6.0 ft 6.7 ft 

51% 31 HngsidelnrZ- 49% -% tL93 17 5.9 245 

90 66 Lite View Inc— 86 -1 t2J3 LO 3.8 38.9 

41 24 Lane fc Lon. let, 40 L58 11 64 23.7 * 


L.73 LI 32 463 92 
II LO GD2S3 428 
1 13 7.617.6 24 

_ — _ _ 25 

Oc - 13 — *86 
149 - L4 - 49 


ISGhl 48% £L45 111 433L5 


LPac.Sc.HKS4 J 105 QlBc 

tenaf] Inv_Z( 72 Pi 1237 


20 372 h03 
5J 263 240 


OVERSEAS 'jfRADERS 

28S h275 303) 131 23 

220 -2"SH C Jl 3B 34 
226 -9 $7-88 34 4.7 93 

71 -1 62 1.1133194)! 

27 L52 12 27 ,13* ■ 

308 -1 cb 54 7.0 3.2 5.7 
223 -5 68.71 3.2 5.9 73 

£49 .... QIZ^b 23 4.7 6.9 

337 -13 ThlI56 3.8 52 75 

69 426 21 9.6 63 

370 -5 1134 29 6.118 8 

, 24 t- - - 10.1 

aiu-.caSsEar.-l 23 — — — — 

73 +1 16.45 36ll2.5 3.71 

42 3.4 L81123 54 i 

223 11.37 12 74.1U) 

95 -3 b229 33 3.7 7.9 

235 +5 7.0 7.9 43 43 

225 +5 7.0 7.9 4.7 4.1 

51 -1 4.43 13132 93 

9 +% B- - - - 

B9 -3 Q53 33 3.9104 

362 -... T112-5 4.4 52 5.4 

47 -1 3.09 2310.0 64 

£91 — . Q89i 102 193 — 
53» ..... hS.75 110 21 - 
53 Q10% 312 f3.4 - 


39 18 

395 240 
57 25 

260 155 
SIS 260 
13 8 


100 60 
10 % 7 

85 30 

490 260 
410 237 
42 40 

70 50 

215 133 
90 35 

73 5« 

210 77 

305 140 
160 57 

•60 19 

102 42 

95 45 

203 93 


TINS 

Anal Nigeria — 30 — 

AynrHjtamSSn— 24® ...... 

Befall Tin 45 ...... 

BerjuntaiSHl 20tid -5 

Geeror 480 

Gold & Base 13a>_. 10 

GopengGooa. 255 -5 

Hongknng— — 130 — 

Idris Ifet— 93 

JanWr t%p— 10 

KmmmtliuSWUO. 69 

HUinchafl 450 

Uoiayfi^tagWl. 2W -5 

S^alOp'ZZ 58 1„ 

HeSiiicSJU 185 

Sate? Pirun — — 60s) -1 

SomhCroflylOp... • 60 id -1 
So-Jih KJ nta SM030 S5-M - 5 

SttmMfllas-anSHl- 250a! -5 

Stmfiri Best SBU — . 140 -2 

smirmeCarp JHI 55 — 

TaajauUp 100 ...... 

T^SSh Hrhr.OU 3® -5 

TronohSU] 133 


140 -2 

55 

100 

3® -5 
133 


COPPER 

198 | 84 (MesshaBOA | 17 | )Q30e| Lf|233 


RUBBERS AND SISALS 


TEXTILES' f 2 # 

edTafflo— 136 15.9 23] 6 i| 9.4 ^ « 

in Bros. 48 -1 3.34 27103 5.4 S 

kcQ’jaOp 59 1262 5 2 6.7 4.4 ^ U 

tananA-filp- 72 . -1 h4.49 2 tt 9.4 83 ,?? S| 

dewood Mcrt 26 0.32 LB 5.0 04® rf S 

dSLAklOp 32xd -% 26 A 123 * % ?4 

ihtfJohn)— 39% ..... 246 L7 9.4 Hi S g 

ssasi 3s = = = ^ll 


rDebeotura. 

alnv.IneJHp 


466 10 

t244 10 


237 iten 
24.1 fflgk Urn 
18-0 „ 


28% 12 % Dn.Oft.5p 24 - — - — K 

35 18 LeVauSaSlnr.. 26 4203 13110 4 ?i 

10 - LaA Abda Pfd5p 10 133 - - - g 

70 38 LnLAdanUe 58 -1 1267 LI 7 IK 256 M 

107 77 LonAtuUnrLU UM 4«9c 10 53 18.0 ^ 


lohuir— 38 ...._ 25 

K&- ^ _ 

blnLSiu 54 ..... *539 
taVfceflal 40 -% 1207 
nr hid..... 30 -1 g242 
Patna— 70 -1 1296 

mlris- - ■ 115 * -1 ' 1631 


HUS 


.07 77 LoaAusUnvlVl 104 4Q9c 

64 43 Lra.6Gart.50p_ 6 E «I3 

S B3 LadnfcHolyrood- 105 -3 1325 

57 Lan-AImmi 70 .„... 1245 

Z1 13 Lon. 6 Iir.lflp- 17 e) «.42 

75 45 Lon. £ Lomond- 67% -2 233 

81 139 lot A Montrose. 172 -2 515 

15 83 LmLProc 102 -1 13.05 


1.42 14 3.K28.4 ,3 
13 10 4.9.30.7 2 S 

15 Li 4 «320 52 
’.05 1.0 43|329 


“tzl L^L 33 - 


LfcPror— 102 -1 13.05 l.o 43 329 SS 

LPredendal- 70 -1 L44 1.8 53 293 S 

LfcffeWe- 39 -1 138 L» 5.4 283 

LTstBE— 188 -1 18.0 12 6-4233 S 

rkndlnv 50 -1 21 Ll £4 214 Iff 


‘ 5 40 Dt'A'S-Y. 

0 48 SeorfrS«rcfcss„ 

•;B « Da'AN-V 

. 0 34 Sharon Ware 30* 


13 S3 . .. 


PAPER; PRINTING 
ADVERTISING 


3Z% £60% Do. 7% Deb 8277 £80% 
45 28 CrtmtherUJ — 37 

19 49 Dawson UL LOSxri 

IB 48% Da 'A' 104*4 


: 1 1 
19 


«: 9 = 

roelfnv. 19 — 
.evil -an 


n(S.)'AL M — 3-81 

■**- M — gf 

lP3—_ 2144 -1 M25 


60 Z4 
31 15 

— 33 IB 

<- 99 55 

73 88 63 

B 6 ! !3 % 

43 64 <5 


1 (David) — 58 1238 

S115 ^ = S 

ffi(J.)3lto_ 97 ..— WL67 
ngPsLSOp. 88 ..... 1648 
lBW.3p— 12 0.75 

sGrpSp — 64 ZZ 439 
as 53ni — d3J2 


L+1115J0 | !« 92{l9.0 


54 38 Uiwkndlnv 50 -1 21 Ll 64 214 

L95 129 M60Duallnc.l0p 194 ..... 1118 1.0 8X19.6 

136 80 Do.CmlOp US -2% — — - - 

M 3 ffi% M _ a^|d +1 15 j0 13 92 19.0 

13 50pl 21 ZZ 0.98. L6 71 140 

^ 46 25 Kddnunlnv— 43 +167 Ll 5.9 242 

T- 39 ZliW Mercmtilelnc- 35 -% 6.96 10 4 2 352 

Ii 7Z% 55 MstinstaTri — 67% -% t26. 10 5a».4 

ii 50 40% Mods Ernest — 45% 1142 10 4.7 313 

?- B 58% 40 Mont Boom lOp 51 -2 0.88 8.8 2.6 753 

33 16 Ite.Wtats.EL_ 26-3 



‘far Dir. FH 

Price — Net Cw Grt : 

81 ..... 234 24| 4.8 

67 33 13 7.9! 

11% ..... — ft - 

32 hL27 Li £0 

170 s2.B ft 23 

56 ..-. 203 1.1 53 i 

100 +1 0120 121 Z 0 

47 fin 21 - 

8 % ..... 035 ft 9.8 

220d-2 +1035 U 7.0 
68>2 -% 3.05 - £7 

57 -% icraje - 5.4 

42 -r 2 OlOc 11 5.9 

29% Qllic 11 10.0 

80 20 16 3.8 

49 ..... tQllc 17 5.6 

39 4115 G.4 5.8 

31% 60.43 3.1 23 

57 $218 23 .53 

£20 +% S0.J7 L7 3.8 


& A 

600 250 
<75 260 
247 173 
70 2812 

O .434 850 
55 39 

160 m 


MISCELLANEOUS 



9 - 

84 -1 — 

250aJ Q30c 

260 — 

284 -1 183 

4fl — 

675 +25 — 

45 — 121 
127 ..... Q7c 


2 J 4.1 1 

♦1 33 


TEAS 

India and Bangladesh 


NOTES 

Unlew oCicrwtar Indexed, prirca and Mtt dhrlteda m in 
pnee and H e— mla n ttona an S» Ealtin iS e d | » ta ( ui nln» 
ntiae and coven an baaed on lafrU ncud iwpiatB and ■eceona 
and, where ruaUde. are upictnl aw half^mrlj flgurea. PfEi era 
on the hasU at m H dMribatfan; bracketed Hfutw 
lufiow 10 per cent, ar am dUhrence V i Bten l md ea *WI" 
diatrUMtkm. Coven are baaed ob -■laalumw" dMrOatSaau 
Tielda are baaed oa niddle prieN, are srrea. adtnaleid to ACT* 
M per cent aad aHaw for rahw al dadared dMribadaaa and 
rUbta. BocwrtUem wtlh ifcmamlnariaaa tow «Aaa ■terUnp »w 
OBMcd tneHuIre of the laceaanem dellar pmHn. 

A Starilm a e cu r l tlea rhkh tntaniMl 

dollar premium. 

• “Tap" Stock 

* High* and Low* marked time have been adjusted to aHom 
for right* issue* for each. 

t Interim since Increased or resumed. 

1 Innjrim since reduced, passed or deferred* 


tt Tax-free to noaceaideatt an application, 
ft Flgnrea nr report nrralted. 

T+ Unlkted necnrity. , 

¥ Price at time of suspension. 

1 Indicated tUridond after pending aerlp andfor right! lama* 
cover relatea to previous dividend or forecast 
** Free of stomp Duly. i 

+ Merger bid or reorganisation In progress. } 

4 Not comparable. 

ft Samn interim; reduced Huai and’or reduced eendni* 
In d i c ated. 

f Forecaat dirldend: raver oa ea rn i n gs updateff by latest 

t Cover allows for conversion of shores not ns* ranking for 
dividends or ranking only far restricted dividend, 
t Caver doe* not allow for share* which may also reck for 
dividend at a future date No P’E redo usually prorlded. 

T Excluding a Anal dividend dedantion. 

* Region si price. 

N No par value 

a Tex free, b Figures haaed on pro s pectus or other dlM i I 
estimate c Cents, d Dividend rate paid or payable oa port 
rf capital.- cove- based on dividend on full capital, 
c Redemption yield. I Flat yield. 1 Assumed dividend acd. 
yield, b Assci&rd dividend and yield after scrip issue, 
j payment from capital sources, k Kenya. ■ Interim higher 
than previous iota), n Rights issue pending q Earning* 
based on preliminary figures. r Australian cummer. 

« Dividend sod yudd exclude a special payment t Indicated 
dividend: rarer relates to prerioas dividend, P/E ratio baaed 
on lalcst annual earnings ■ Forecast dividend; rarer based 
na precious year's earnings v Tax me up to 30p In the £. 
w Yield allow* for currency clause y Dhrktend and yield 
bared on Barger terms. 1 Dividend and yield include a 
special payment- Cover dor* not apply to special payment. 
A Not dividend and yield B Preference dividend passed or 
deferred. C Canadian, a Caver and P. E ratio exclude peofita 
of U K aerospace subsidiaries. E Irene price. F Dividend 
and yield based on pr os pectus or other official es rimat es for 


Yi 58 24 

« 84 47 


: iJS S25§E5 8i =SW4jttl|3 B 

7 66 ^aPoteZZ- 157 +1 335 42 3.* 7 J ^7 *5 

-.25 025 DoflVftCnvJjL 025 +35 WW IBi £3.0 - 7 a 42 

29 11 State* Is. 18 -3 x£24 &9 1 5.9 xq 31 

. 6 28 StafiFnniitme— 94 n£ A3 7J 53 jjg 32 

8 133 Steeto -■ ■ ■—- IS -1 1^6 4.0 43 8.7 ^ f| 

| 28 StdinHuLBEtl 29 Gfi4c Ll 15.7 39 12 33 

"I 6® §S8n®.“ as ZZ r£ 0 L7ia|^| ^ 

; . 2% 837 ^SlSira 02 +%“ 0 J « 2HJ 322 § 

X ”, Ks== i * W fi-BSvv 

vft S rSSjSml-- IM -i' 1£W 72 63183 g ^ 

. 9 5 Tb-TSmeimfip. 7% — ... tm.3f 3.0 7.7 6.6 303 52 

2 64% 110 -% M31 S3 5.9 £7 3 ^ ^ 

.1 I BbaK X 3T & H K ^ *8 I 

■ ■ iJj a TtoS- to 3i 1 ft* rt Afe, H Sf M 9 

2 W3 DKOlaS— Z 167 ...— 1802 23 7.4 O 

:: 4 65 Pniwre faijinT . . 96 -1 k« 2J 73 £8 

*.2 29 UrdflexlOp -59 0219 33 IflJ 4.0 

6 410 Pnterer 534 -4 11136 3-2 31 7.0 

• 8 % £20% Dn’cN.VPUL— £»Sfl* -** WJS% 23 63 6.6 

■ 1 & m®ss. S* ;1 S S H H JS 


arose 71 -T 0.77 2d 8 D £5 24 9% ffidd&os.3p— 12 — 0.75 (U 

-Printing. — 44% 3.23 0.91L007.4I 48 26 Hlritan 48 .-... 2.79 3.1 

SS %z i = P 11 % SJ 8 ll fel f 

| :L. a? nun % f Bb* § --uj I 

atonfSffJ.l— .23 -2 - - - 5.7 40 26 [nfiBunmiOp- 34ai . — d 2 Jl li 

pnmBsL50p- 68 - 338 22 W 7.7 49 31% fcromeffite). 49 — hZ.T7 3 1 

rffiichard) — 6 L — +Z87 2i 7 J 73 01 46 Leeds Dym 81 3M 51 

IriHyroolOp 5T — 12.97 4.2 7.9 4.7 18 10 LeighMilli 15% dL05 2J 

^Goarti — 21% LKL 3i 73 53 18% 7 Lerex5p 15 +% - - 

roSOp 19 - „ 42 22 Lister 42 — 03 - 

1 128 -1 1637 2J 73 8.7 74 33 " " 


ffife r e«Jh BejI 

itSASUSa . 6C0 ..... QU_e I r-J-LOTri' US 


Z ?4 11 % Newnw»Iiie_ 21 F*L54 

123 24 DttCBpH 105 +7 - 

23 5 Da New Writs.. 18 -2 - 

H 34 26 MLT.HSartmote. 3Z -1 03 

M 211 260 1928 incest 20§ -2 t7.67 

£2 93% 75 Nm. Atlantic Sec S3 -2 Z7 

5-1 98% 71% Ntho. American. 90 -2 2.85 

H 102 66 Northern Sets — 100 13.05 

83 66 48 ■»*Aswc.Iav_ 60% 1L9B 


Lri 58 26-flfea 



180 +931 5.9 8.0 

370 -10 44.0 ft L 6 

104 -1 7.0 3.7 10.2 

21 -% «.78 L6143 

215 12.0 3.5 83 

224 10-0 £8 6.8 

180 100 2.7 £4 

390 -10 15.08 4.9 5.9 

22% -% 6FL72 32 123 

155 -f P13.iT 36 10.6 

143 -3 9.0 4.7 93 


fctft Lancs. Pp£- 44 +1 2.97 0.7 10.2 203 44 28 

batatas 66 -2 5JB 4J 1L7 23 21% 11 

WKdlDp— 63 ■ — b236 3LJ 6.2 BJ) 85 36 

InlaHohUms. 109 -1 u7.7 -10.7-36 22 

basQroalOP- 51ft K3.0 23 9.1 83 59 35 

[arriaoo AScns. « — 3.82 03 8.9(2tt| 108 60 

PGiOCIs.. — _ 06% -1% K»UQ 3.6 4.9 43 6 % 

^erosiGni5to_ 79% -1 «39 23 93(6.« 80 25 

.AP.P«&30p 171 +8.81 L7 7i Ui 15 ID 


Ster 42 O — 

i«(SJ20p 64 — 43 23 

tekwHnaZI 44 — 0330 12 

jckumonScot* 21 % — — 

EtintWHJp- 83 g.7 3.4 

lteCF.)10p_ 36 -.... fi.45 33 

Mtfnrt 59 +2 +3.17 2.B 

jtb.Msnft — 108 fe.94 33 

iraJenaSOp- 3M -1 t03 1M 

rklstuTA' — 71 -a Td2J8 6.6 


L4 4.6 23.4 

*■*( M 66 48 '»*Aswc.I«_ 60^2 +L98 LC 5.0 29.6 

T. 7 56 38 Datwtehlnv 52 hL28 L4 3.7 29.7 „ 

in? f. 117% 87% Peoflandlnc — 115, ..... 3.45 L0 4.6 323 148 | 59 (Lanaro 

Sana 12 63 ?teHH.br. S* 71* +1 254 Ll 5.4 263 

IL41L4 293 16 provincial CRea 26 ...... 135 13 7.9173 

r, r, 123 98 Raetarn 114 -2 t3.4 Ll 43 50.9 

(j K ft B SSSffiTci- fi as 6 “ - 3 - pis gs® 

.Sfiarl SSffife:® ±JP U HB 


Sri Lanka 

1 148 (+3 (3.63 | 1.0] 3.7 


Africa 


2335 1 2.01 9.1 
736 | L7( 8.9 


MINES 

CENTRAL RAND 


roffPen-lftp 76'. -2- 
BvjftM-SJL- £2*_ -1% 
res P. Mill 20p 24 

KSS: g ~ 

aciui^ — l« +2 1 

SSreStre =T 

UBparentPpr. 75 4—1 


63 12 

31 18 

20 12 
28 14% 
104 62 


rdsWp 24s) LOS 3-2 7.9 73 

T 20p 61 -2 dl.65 73 4J 3.9 

BoMcfcon. 27 -1 LB 6 32 10.4 45 

BlntlOp- 19 1132 L7 £9 1BJ 

Siprtsfflp- 24 ...... W .88 1 - 


120 88 St. Andrew Tu_ _ 114 -2 +3.71 L0 4.9 M2 

88 58 scoLAH.Iac.50p_ 83% -2 til5 L« 4.0 413 

« 35% ScotfcCoutfiw- 45 L2 Ll 40 55.4 

181 90 ScoLQtire'A'— 178 -3 8.0 U 6.8 203 


Durban Deep Rl_ 257 -3 — — — 

Eza Item Prp. 5U . 321 -5 iQ5c 16.4 t 

IRamamfinEsLffi. £2W% +% Q350c 33 7.7 

West Rand R 1 167m +U Q13c ft ± 


103 Scot East Inc_— 122 1-2 (13.75 LOl 4.7)334 


L^^adcfinetra 


' 'f 1 

■\ “J U 


MledGasIndt. 53H +1 $3J3 23 10.4 73 
LGumdMSft. 19 r - ffl 

ravtam 13 0.48 A 50 A 


an van ina M* cSwKfi' St Ti" Hi , n 1S1 90 sariuna A_. 17B -3 8.0 4-1 b-B 20-1 

S l£^ Ind&50p - S + i riPR? \\ 183 martin*— 122 -2 13.75 L0 4.7 33-1 

na t? n M i^esasr m -1 *7m tt i 39 25 ^European- 36 F15 Ll 6326.4 97 55 

B-4 63 28 20 SmaQfclldUl. S fZJU 20 t — ■ 9 m, 75 Scottisc Icr_— _ 871» -1% 23 L 0 43 328 35 a 

6-7 53 119 Z7% £nuHW- ^2 -v- - - - - ^ 91 % ScotMorLAW. 103 -1 5 05 Ll 45 303 _ 1 

2-5 M p 4 Bftr.MMB- - - - 147% m Sco. National- 136 -4 3.45 13 3.9 35.6 13 * 5 ? 


EASTERN RAND 


ftzrlOp- S' 1297 3ft £7 S3 119 ZD- 

mp20p- 5rt LC 33 9.4 4.9 85 19% 

tMOi- 22M . — : FUJI 4.4 75 83 49 22 

92 — b235 52 3.7 7.9 35 14 

|5p_| 12 — 27 10 

30 10 

•7... _ 27% 31 

PROPERTY f 2 B 2 

54ml IhlJKt 9 41 5 45 13 


« « g a™- ^4 -% - - ~ - 147 % nf is -5 3 ft 5 

H H 3 » S ti ll ^ g? .SS SSSfc £ -r lfS 


45 303 _ Z 
3.9 355 136 52 

45^3 379 205 
50 333 47 20 


SS,"™- if, H MHfB 72% Scot Utd. In* 77 -1 L73 0.9 3.4 47.9 m 46 

-n — W.63 £4 MU4 ffl 71% 5coLW«Btera__ BO -2 L98 L0 30 4L6 « 29 

ItaS U*. a T ,Fj 3 | 2 L8f2 L« MM- n ~ .79 53 


1 Carpet* I 32% 


S% JT 1348 ™ sT«fiZ m -3 ■ 5.S L 0 4 inft £ 

3 ^^ Pi ul|al S “ S£e«««b.. g ; i tun u c 

g%+5afe06 10 9-3 J-J 184% 143 SecnrtttaLSe_ 173 -2 «.« LO 4.R30.7 



66 % *V* «B53 

- 1 * * z z 

izam -2 Q24e * 125 

308 +2 Q3Je U 7.4 

27*2 OSe 12 5.4 

BSaH-1 Ctte ,L5 3£9 
56% -% WZJjc 10.7 i 
SPju +Jjt 0j5e ft 293 
556 - 1 Q3te L7jia4 
34 -% 


S. ZZlMl 


-;7 a Thwniop . 27 ^ ZZ 234 1012 x 1 73 ^ g 

j | 1= i ■; » f| B « 1 1 

. I SSi lE r 3 r s t,s > f » 

-i 169 Wedgwood 1 199 t+ T60O 3.9 5.2 5-5 ^ 

; A 9 MW 23 05 83 33 43 « 

■fl. 34 WarttSiifli® &9 — 0335 15 £5105 MJ 
j 10 WWaiu.*<7wP 16 — — — — ^ 

; ■ '^ES9& ftr^nru hw * 

l 8 i gagfc U ti K+ asiif 

M .9 St ’S =fi* aii4i| 

'! S &£Z 2- = 8L " a V. % 


- . ! s% 


i 169 
: J 9 
•fl 34 


.<> 128 

>) ,18 


dr=r- 8 S 23 25 ^6 M « »tz ^ “•“ L83 " 53 ttSTSB WBEOSSL 5so ilo m f a J 

10 — • — - - — % J OA 7iro7 H 137 P7 Shires Inc. 90p - 132 +7.47 L0 8517.0 

68 ft u^i. ftZ.42 05.55 313 51 ^ « " 5 tat H 59 47 SianreD 10p— . 58 15 131 3.9 331 

237 -J 35 L7 2L2 48.4 ^ g4 ytrteTlneW.!Dp. M ...... L67 53 £7 45 ^ 7t srtaeto 107 -1 12.44 1.2 43 30 6 

17% -%. iS Ll 53 265 80 ° [Y(«M 58 |-1 W£« 0-ffl fl 8.4 UJ m ^Lnbe.lto- 168 t9.19 Lfl 9.418.9 


FAR WEST RAND 


73 -t 15 

if 3- a. 

53% 251 

ns -r 365 

ltt — +553 


TOBACCOS 


_ .nnrBa 

fl M B«f (lii ajffffitUtaL. WO 19iH Lfl 9.415.9 Sf*Plg Strir 

771 - a? spur can. Ito 63% -lb — _ — — 1 W 58 DeeurauRaafl — 

93 s 77 pZ&SL ... - +378 L4 4.6 23.4 1™ 138 DoorotattonRI- 

i7 9l >8 BBBg:^ -l UP ttM»8 1 

L°| { 9 M3 1 iS rempieBar 180 -Z^ ii! Ll 7 3 139 — 

35 ll T- n +la “““ ffi li SSHC: = 

fg m2 £70 007 -4 Offstt 12.6 tt.l - ^ 

"» M 78 43 Tor. Invert. I dl. 75 ...... £95- ft 10.0 ft ^%n2. — 

130 77 Do Cap. U 2 -2 0.43 - 06 -28?. — 

167 126 Trans. Oceanic— 158H -3 5.0 ft 4.8 ft S?* — =r- 

n 670 578 Tribune to . 50p. 590 -20 023 1.4 3L 37.9 22 | U 0 

U. 67 46% m W% +1 13-99 Li 9.4 163 ^34 544 

179 92 DfctottalC- 149 -3 - _ - _ 241 (130 (ZendjanRl 

108 72 TrustCSu 99 -2 1254 1.2 4.4 283 

£30.0 139 94 rnutWSCorji-. law -A 14.06 1.1 4.8 29.9 

ISgj HO 90 Draateto — 105 -1 40.74 Ll 5.4 HI 


**: — i t£10 3-9 « 95 ^ ^ 

3$* ZZ “ Z z z ^ g 

a»u 

87 -4 — — — — 


BATInds. 280 -5 H1257 &2 

OftDcfd. 230 -4 - - 

DttnhnilAJUSis- 365 -5 t7.92 65 

tmrerial 76 535 15 

HrttaaralZt®- 49% — b?JM 9.4 
SkmoenHiLlSI 65 S75 32 


TRUSTS, FINANCE, LAND 

Investoiest Trusts 


?. 1 ,20 TOktoHilfhe;; 46H M03 

v. J 129 mruMXeMl. 206 -ft ■ fl3J 
;.-f3 EJ9 DalflpcGrt.-. £M3 
; \ 25 I BIHaS aj-.- . 42 SJ5 
>•}■■ 26 JPalGeatgeli— S . v . ffiftl 

i rEene 

.4Ib9» s Iff 

f a nrifflZ- -w +| 

i- 21 ZeBasfip 48 -1 136 


05 - W% 
£3 95 263 
H5 - M* 
95 5ft « 
U £6 .25 
£4 85 HZ 
105 73 ® 

“J 7 -Z S 

35 4.7 « 
5.0 5.7 M% 
75 U » 


— 4 - — — SO 133 (Abentemlnw.^ 50 1258 

313: -f 353 L9 15 «£7 M3 103 Aberdeen Trust. 130 -2 4.67 

J4 7 % _ — — — 111 67 Atato, 107* 1432 

263 - rfy 143 1.7 2.4 373 94 67 AGUmcelm 89 14?^ 

Sj ■i 7L56 14 3i 28.1 224 146 MfaweTnirt- 209 -3 «.«? 

W*i +2 1L8 22 4316.6 122 91 WfifondlntSOp. 122 4-1 1731 

.-L. T-, r; 183 81 DaCpMSOp- U 8 -2 1036 


Ste * J 


05130145 585 «0 

L0 83 18. D 5® ?35 


AreasRl. 
Deepffi- 
i M 



1077-78. G Aaaumed dividend and jieid after pending scrip 
and.'or rights issue. H Pb-Mend end yield baaed on 
proepeenu or other official e a in mw for 1870 77. K Figure* 
based on prospectus at other official es tim a te s for 187a 
Tt Dividend and yield based on proa pec tea or other official 
estimates lor ISTO. N Dividend and yield baaed on prospectus 
nr d her official estimates for 1970. F Dividend and yield 
based on prospectus or other official estimates tor 1077. 

Q Gross. T Figures assumed. V No significant Corporal! ca 
Tax payable. Z DWtdond total to date, ff Yield based ea 
assumption Treasury Bill Rare stays unchanged until maturity 
of stork. 

Abbreviation*, ri ex dhidenditc mi scrip Isane; rot rights; n aot 
all; A pv capital dUbibutlDa. 

a Recent Issues " and “ Rights w Page 2fi 

This service is available to every Company dealt In ea 
Stock Exchanges throughout the Halted Kingdom for a 
fee of £400 per annum for each security 


REGIONAL MARKETS 

The follocring la a selerttra of London quotations of share* 
previously listed only in regional markets. Prices of Irish 
issues, most pi which are not off 1 dolly listed in London, 
are as quoted on the Irish exchange. 


23 SheH FtefnfamL.I 50 ...... 

Shiloh Spftau _ 20 

M Sindall(Wta.V— ( S3 


5 824ft 55 29 iJpdowalny— _ 5ft +1 157 10 4.4 335 

42 355 128 96 I'-uLGriLSco.- ll&ri -5 h4J3 L0 5.2 293 mg jq iFteeStateDev 50c 

4.7313 19 13 UtdCfflartl — 19 -...10.91 D .8 73 263 g? 757 

9.3 163 95 7512 I'SDti.CBn— 87 -1% 131 13 5-4B-9 126 68 FS. Saul trim Rl„ 

188 144 UUmgSL 185 .-...4.94 L2 33 3L4 235 SSgaT 

103 13.9 980 630 L'S Trad Find E_ 630 -5 QlDc - L 0 - >S ASSSSIm 

— — 104 68 Vfl ffiHg BBCBL. 96 -1% 0.91 13 L4 80.1 £101750 Prea. Brand 50c 


4^J 128 




31 15)30.4] 68 36 


61% «... 


Hal 056’ — 43 — 61 27 I DdCab— 62 L... —• — — — 105 68 ViUMBWOCBuj 9b - 1 % 0.91 M £10^1750 

-? tOJ9 2.6 14 0JIJ tt 30 Umknfrnrtl 40% -1 tl.2 Jl 2 <3 308 6 £> 44 W (^tfcoi Ito 59% -i; 0.51 Ll L3 1BA 733 ’ (J 75 

■*% 19b 22 £E 8.9 44 2B%[to“B* 38 -1% — - - _ 310 Z1B We m?1Jto.a _ 300 -1 1051 ft 55 ft 025,685 


OJaS. 

u - 


49 iLatm-e 


insurance 


«• 103- 7? 

» +% 1251 16 8.DU5 52 33 

44 -t 233 12 8.0 D5il 136 86 

E97 -3 (36%% 13.9 f £8 - 44% 31 
£27 --2. fflS% 5.81321 ~ 79* 52 
« .-rt. £42 25 15 510 Q4 18 

20% 051 -0.9 £0 29.4 121 93 

» -2 HU 25 5 314 131 94 

.98 — _k®JS 2ftl 1835.9 m 35 



[10 


55— 46 
75 — 48 
2.6 18.4 134 
5.0 9.4 230 
'45 9.9 08(1 


4.0 8.7 205 
£7 95 93 
2.7 12J 74 
85 7i m 


I'.Ttt'U'HUi t 

3S 4156 Q 55 K2 56 39% 

585 -3 ' 5JDS 12 13 WJB j?S ?5 

M £46- 17 45(118 290 

255 -5 +2.97 12 180021 ltt 
» -1 tCpTc L3 4.9 5.6 59% 

ya -3 ui lo 0.7 21 U $?r 

,38 ltt J U £5£9 6? 
m -2 2J1 12 13 55.6 <3 

™ -1: i! ili u? 

iU 1 E k! 8SM 



91 -1 258 Ll 45(314 386 ' Klntertritco™ 180 4.6 ft, 3.9 ft_ 

« -% ZM U 93155 86 % 64 WUiato 77 -2 +1.93 11 35 372 

126 -2 - - _n _ 33% 61 Da-P 72 -3 0.06 - - - 

41 -% U1 10 5. w 25.7 172 U0 — 168 . ...... t£93 10 £2 246 

75ri 535 ft 10.3 ft 29% 17 YM^tldae*- 29% +% 135 L0 7.0 ZL5 

37-2 7 2 v ortptW10p— 6 _ 


685 St Helen* B1 

108 Unite! 

118 Mam 50c- 


BrandMc— 835 +23 
Stem 50c 650 


341 +2 tO50c 4.7 9.8 

122 +5' &c 05 13 

835 t-23 OBOc 2.6 1Q.4 

650 o20e 9.9 2.1 

779 +14 QlLSc 25.9.9 
166 — — — 


41 ~% L61 7.1 5.9 25.7 172 tUO — 168 . ...... t£93 


111 -4 £5.09 ft 5.2 ft -80 ( 49% lYauafiOrttoiLl 75 13.35 1 

124 1145 1% 4337.0 


118 WeikomSOc 212 +10 Q35c LW1U 

£10%(W.0oldmfis5Gr--| £14% +% Q2B0c L5jl2.9 


FINANCE 


Pearce (C.H.l- 1X2 
Peel Mills. — „ 17 

Sheffield Brick 45 


282 

23 

360 ...... 

35 

65 

27 ._... 
17 . — 
47 ...... 

20% 

240 

142 ...... 

142 

237 

42 +2 



£ 98 % 

• 4 . 

75 


315 


112*3 

+2 

90 


12 S 

+5 

50 


tt® 



103 s 


si 

+1 

29 

+1 

zoa 


75 

+5 


49 -1 05 15 15 SSlQ 

81% -3% 0.41 45 08 455 

56% 152 Ll 4.4 322 

tlnL(SW.| 78 -% 2.7 LO 52 275 

■54x1 ..... S ItU 22.4 235 |368 

54 -1 087 Lfl 25 59.9 8 (3 

165*1^1“ 1553 LO «3Lfl 25 \ 


Fbunce, Land, etc. 


L0j 0.712*28 J96 

Lfl 6u5i2L9 ^ ^ 
25(555 « 3fl 


EM4 -1 . ffll(»U 17 05 “ JS 

iSma® 

W- r3 - &74 25 L2 47J 76 

,72 -1 3J 0.8 65(3191 66 

f yjJSI 2 ?? 

z z:"S 

IB Iftl 3.0 15395245 

ffS-ja p-zjrrjg 

1 U -7 5222 L( 2828.6 ijh 
-46 ^ 20 U 65 4?«xa6 

•n h 0.99 u.u- iS 


»-z.B= «■ 

7ft2 - 8.9 - 47 

^ z Mrs 

= n - S 2 


50- r3 ■ &74 ZJ 

,« -1 3J 0.1 

127 . - 1 - 228 2 J 

129 -1 £l 



■54x1 ..... 233 10 65 22.4 235 168 

54 -1 Oftf lfl 25 59.9 8 3 

7% - - — - 27% 121 

« k 1533 lo 4.9 a.e zs 6 

278 -10 75 ■ Ll 4.1 311 27% 10 
135 -2 - — — — 163 102 

S9% 050.44 5.9 45 3.7 66 42 

W5 051,05 09 1-2 *7.9 Ul% 850 

25 tOJ IS 3.D 0.1 241 1% 

6 — 032 U 83 172 35 13 

39 TL42 Ll £525.6 73 12 


iS ti. ul 3 6.9 


98 3.4 

wriSOpij lg ■ -1 

fc-s T» 


I f 1387.9 £11% 850 

1J 3.D 0.1 241 1% 
13 £1175 35 13 

II £5 256 73 12 

L2 53 27.9 59 27 

2.6 6.9 8 6 56 3b 

13 5JS6 16 12 

L0 45 34.0 27 15 

13 4.9 27.9 177 64 

ft 5.9 ft 22 U 

10 4.4 233 13 2>a 


65 ...... L9 12 4.4 Z75 37 8 

252 -3 17.67 12 46 26.7 » 19 

66 % -1 L42 {Ll 5.2 4L8 16 4 

64 -1 — — — — 42 25 

86 35 Ll £2 233 23 9 

190 184 a U 39-fl 100 48% 

99 1335 U 53 28.0 46 14 

US 4.0 10 Sips.? 23% 14 

112 __i- - • - - 15% 8 

103- — 335 :L0 4.9 29.8 126 30 

1W +0.75 U £3 2*6 17 10 



% m?rMi 


522 370 Ao8.A«.Coai5(kU 
322 1« AngJoABW-iOe^ 
£1712 £U% Ang-AteGoUBI- 
950 621 Aofl-VBSjSOt 


a 2 -id 


-J-J= - ■ ” 

_1Zl_ U 97% 02 


1S% -% _ - — — *•*'? 

105 -2 Q12%e 3.i 6.7 5.0 Of 825 

a.±SC fi lit 1 1 

? itfsaall 

MJ, -% — - _ 1£8 05% 880 

58 2 — .. I0-.99 £0 26 10.9 W 37 

M L72 2.1 5.9 liJ s® ?7g 

15 ..... LOl 17 103 B 6 230 118 

26 t0.49 55 29 lift J5 33 

177. 14-49 15 3i nJB 02% «5 


CtarterCtBs,^—. 

Geos. Gold FMds^ 

East Band CctLlflp 

GedDUto.Bl 

Gen. Hitting E2— 
(Mflfi55SJV.25c_ 
Jo’bDRCna.RiL. 

MfirfWtt23c 

UhncoSBDl.tt-. 328 

NtwWttSDc 106 

PrtnoNVE&5_ 

Hand Lnrtcp 15c 
SeiectiotiTnui— 
BeoiraaiOt 


«a " 


17 I’.CLlKesRL,.^ 
.70 [i.‘nWoCorpfl.Bi3c 



OPTIONS 

3-month Call Rates 



25 (Tahelavnit. J 30 I 
7 Unilever—— J 40 | 
20 Utd. DraperyJ 7%| 
7 Victor*— — J IS 
5 woolwotths-J 6 | 
17 

M Property 

t, BrtLLand 3% 

f 2 Cap-Coimtiw. 5 . 

S IntremppeS" 5 
L Land Sec*. U 

u 0118 

12 HrttPrtrotenm.1 as I 


r- fa : :: = » | « RBSSC= 

34 ZZ L64 43 76 4.8 

I ““ ^94 E 73 Is DIAMOND AND PLATINUM 

1 =r S 31 S £ * v fL|®f a a 

|v = a- ai, ps wsatr . is- = p .Is jj 

S Ipr '*■ = = =IS .8 i£^S£«&L= B ±K t li 


i saesris 

lfl Ultramar— j 22 | 
f Mian 

4 chanerCoMi 12 | 
g cons, sold — J » 
13 fUoT.ZLaoZZ] tt | 

A selection of Option*, traded la given on the 
London Stock Exchange Report page 


i ■ 

■1 . 




















30 



The world's finest 
umbrella frames 



FINANCIAL TIMES 


Wednesday January 11 1978 


Fox— amemberof the Raine Group, Sheffield 


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L OMQ 0MT4NC* 

X XTVNMD HMMK ** 1* MKTRIKXn 
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show nono. imww,. . apm 



First sign 
of money 
lending 


revival 


Lynch stands by his views 
in face of criticism 


BY GILES MERRITT IN DUBLIN 


; mr JACK LYNCH, the Irish est in encouraging the unity of Osier Secretary Roy Mason. *.'r-e He emphasised that ho bad 

; Prime Minister last night made the Irish people. Tory spokesman on Northern been replying to a hypothetical 

lift!** pffnrt to natch lid the He also said 11131 Britain Ireland, Mr. Airey Neave. and question and had made 't clear 

' AnlifuirNh row that h« fniioweri should reconsider the “negauve prominent Unionist poIit:r -n«i— that thai question would Ik? cun 

, I ca nr rnv e r si a l wee k - e rid *c o m- guarantee" under which Ulster came as a surprise in Dunlin. 

GROWTH OF the money supply ; ^s j“ ntrn h tor Brilafn to "HI remain a part of the U.K. i t had beet, expected that the 

remained at a reiaUvely high:™ e “ £ * J “ Irish uni tv until the ma 3onti' wishes other- Irish Government would 'e.utm 


BY MICHAEL B LAN DEN 


THE LEX COLUMN 


Setback for 


level last month. This was 


indicated by the latest banking! Replying to criticism from 
figures published yesterday, j Britain and LHster, Mr. Lynch 


silent m the hope that the 


<:drred only :n rircumslanrv 
where violence and hostility hud 
genuinely ceased. 

Mr. Lynch went over to the 


Mr. Lynch staled hist night: furore would die down, rj'.r.vr att^vU t.r. power sharing, which 


<- . • . . *In my interview 1 was reueraL- than risk stirring up f ur J :\i*r Ulster Unionist politicians have 

The figures suggested that . f t0 , , ‘ llS rf V r 1 K WS an Sa , h' £ns my Government’s position, tension. However, the .-n; r^e been piling as a reason for pull 

after the first eight months bf» he lia * rou .?“ „„ s To, paper over cracks can cause that Mr. Lynch's remarks rvre lag out of the current round of 

the current financial vear, the j rem , j tt surpnsiog ana un- them lQ ^cme chasms." been directly responsible :or she talk* on an interim settlement, 

rate of increase might still have ! e3£pected ' He also said: "No progress apparent collapse of Ulster iuiks He maintained that he hud 

been at or slightly above the j His statement was issued in can be made in contain^ on administrative devolution is indeed received an assurance 

top end of the official target Dublin at the end of a lenglhy violence and establishing peat * believed to have spurred !j**t from Mr. Callaghan at the time 

range of 9 to 13 per cent, for the < Cabinet meeting held to discuss if we always look for the met? Irish Cabinet into making 2 of their Downing Street summit 

year as a whole. I the sudden worsening of Anglo- in our neighbour's eye, and ere reply. last September on the matter of 

At the same time, figures ! Irish relations that has followed continually suspicious of his Mr. Lynch was slightly von- power sharing. I got from him 

published by the London clear-! his hour-long interview on Irish every utterance” ciliatory on only one pom: — a firm undertaking that there 

ing banks gave the first signs of i radio. In this he said that the Mr. Lynch's decision to reply that of consideration ■: an would be no devolved anvern 

a possible revival in demand for : time had come for the British to criticism of his original com- amnesty for Provisional IRA mem without power sharing, 

lending by industrial companies J Government to indicate an inter- meats — which have come from prisoners in the Republic said Mr. Lynch, 

to finance expansion in the ; ! “ ’ 


coming year. 

The pointers to the money 
supply are likely to be received 
with disappointment in the City, 
after the earlier signs that the 
growth rate was being brought 
quickly under control. Yester- 
day the figures brought a set- 
back in late dealings in the gilt- 
edged market. 

The main indication is given 
by the total eligible liabilities 
of the banking system, their 
main deposit funds and an impor- 
tant constituent of the sterling 
money stock on the wider defini- 
tion (M3). 

These liabilities jumped by 
about 1.6 per cent, during the 
four-week period to mid- 


StraUSS presses Japan to Supermarket 

war fears 

reduce trade surplus 


BY jUREK MARTIN 


WASHINGTON, Jan. 10. 


ihit retail 
shares 


By James Bartholomew and 
Elinor Goodman 


fell 


At that stage, over the umi 
seven months of the financial 1 


MR. ROBERT STRAUSS, the U.S. in Washington that he would not last year, when he negotiated an 

special trade representative, left make the trip unless he received “ orderly marketing agreement ” 

here for Tokyo to-day in another definite indications from Tokyo limiting Japanese colour televi- 

attempt by the United States to that it would be worthwhile. sion exports to the U.S. FOOD RETAILING shares 

exert pressure on the Japanese It is reasonable to assume that Mr James Jones, an Oklahoma b y up to 10 per cent yesterday 
December, to £40.84bn. The | Government to institute policies Mr. Strauss has reason to expect Deraocrat who serves on the^iid fears of a vicious turn to 

increase was substantially j to reduce sharply the Japanese that concessions will be made by House Ways and Means gub- the sunennarket orire war in 

greater than in the previous trade surplus. Japan. Committee on Trade, isolated. the wake of the J. Sainsburv 

month, when sterling M3 went; The plan is for Mr. Strauss and ® ut l “ e 8fP between * he two one particular subject in the price reductions announced on 
up by only 0.1 per cent ijdr. Nobuhiko Ushiba. the sides after last montns sess »° n course of a Press conference in Mondav. 

rr , I Minister for External Economic remained considerable. Mr. Tokyo yesterday when he said Sainsburv's own shares fell 12p 

Target 1 Affairs, to make a joint Straus® JlS 11131 Jiipan would have to alimv to ISfip. while Tesco. which initi- 

announcement on Friday which a ♦!! a ™ 016 import of more American a ted the battle last May when it 

while he professed to he more hoof forsook Green Shield stamps. 

43 *p. Jabbers 
‘'quite a lot of 

w ure Tinafiftto nmnnmip iiimai iiitis«c, Mm mil) u 11 *« although bargain 

achieve a real economic growth i^mises 01 Japanese economic fim step tow . ards ** a C | ear hunters were picking up stock 

A stream of American Con- understanding that additional at the lower levels. 

It is not clear, however, if gressmen who have visited Tokyo ni ar ^ ets will be available in Broking analysts were almost 
Mr. Strauss will be satisfied with in the last couple of weeks have i a P an to American beef pro- , universally pessimistic with 
the Japanese concessions. He not appeared hopeful that Japan ducers ve, T shortly. several contemplating the possi- 

wilj be able to get a first-hand is in a frame of mind to make Mr. Strauss is aware of the nihty of. cut-throat competition 
report of the slate of play from the sort of concessions that would political difficulties facing Mr. like that in American food retail- 
the U.S. delegation which opened satisfy the U.S. Fukuda's Liberal-Democratic mgra 1972. 

negotiations with Japanese Several have publicly warned Government from ibe equally 1 Hedderwsck Sterling Grumbar 
officials in Tokyo at the start of the Japanese that Congress is protectionist Japanese agricui- ■ said of that period: “There were 
this week. quite capable of taking matters tural sector which has tradition- n p winners, just losers and sur- 

The mere fact that he is going into its own hands and enacting ally been allied with the party, vivors." 
to Tokyo at all is considered a protectionist legislation. But the special trade repre-- 

positive sign. He said after last This is the sort of argument sentative. an experienced bar-'. VJOSUreS threat 
month's inconclusive— and, from that Mr. Strauss has delivered gainer, is unlikely *n be overly i ,, , . . . , . ... . 

the U.S. point of view, unsatis- privately, not only in the current influenced by internal Japanese;. M° s t do not think i it win get as 
factory— talks with Mr. Ushiba round of talks but also earlier considerations. , bad as thaL if only because plan- 

1 ning permission is not easily 

ahtained for the new generation 



year, the growth 
represented an annual 
just under 134 per 

the target range but better lhan!^ e ^ “ ™ 
the 141 per rent. rate recorded i goal of ' per cent - ^ year ‘ 


in the previous month 

The indications are that last 
month's sharp increase in eligible 
liabilities could exaggerate the 
rise in money supply, which is 
subject to seasonal and other 
adjustments. Nevertheless, the 
figures suggest that a number of 
factors contributed to keeping 
the increase relatively high. 

These probably included' a sub- 
stantially larger Government 
borrowing requirement, reflect- 
ing tax rebates and the Christ- 
mas bonus to pensioners which 
boosted the money supply in 
spite of substantially off-setting 
sales of gilt-edged stock. 

The London clearing banks 
reported that their sterling 
advances to the U.K. private 
sector increased by £100m. in the 


December banking month. Allow- 
ing for seasonal and special 
factors, it is reckoned that tile 
underlying increase was about 
£200m.. in tine with the recent 
pattern. 

Tables Page 18 


Firemen 
expected to 
end strike 


By Alan Pike, Labour Staff 


LEADERS OF the Fire 
Brigades Union were Increas- 
ingly confident last night that 
to-morrow's recalled delegate 
conference at Bridlington will 
endorse the executive’s recom- 
mendation to end Lhe national 
firemen's two-month strike. 
The men coaid be back at work 
next week. 

The day began well Tor mili- 
tant firemen campaigning to 
keep the strike going when lhe 
regional committee or lhe 
London Fire Brigade voted 
10-3 against the proposed peace 
Tormola. 

This means that the 6,000 
votes of the largest brigade in 
the country, which opposed the 
original strike decision, will be 
cast In favour of continuing 
Industrial action. London will 
be joined by at least two other 
large metropolitan brigades, 
Strathclyde and Merseyside. 

. However, there were In- 
creasing signs by late yester- 
day that this wilt not be suf- 
ficient to ensure the rejection 
of the peace formula. Fire- 
men in several other urban 
brigades. Including the West 
Midlands, Greater Manchester 
and Tyne and Wear, yesterday 
voted to end the strike. 

After the Manchester deci- 
sion Mr. Jack Haworth, vice- 
president or the union, 
predicted a full national return 
to worit by Monday, reflecting 
the growing view among 
moderates that some of yester- 
day’s metropolitan votes— allied 
with Lhe many rural counties 
which are seeking a retorn to 
work — will be sufficient to win 
acceptance for the formula. 

Firemen had to face the fact 
that they could not break the 
10 per cent. limit, said Mr. 
Haworth. 

At Tyne and Wear men voted 
in favour of a return to work 

against the recommendation of 
their local leaders. Other 
areas which supported the ! 
peace formula yesterday j 
included Northern Ireland, r 
Dorset, and the Essex brigade, ■ 
which has a reputation for 
militancy. 

Yorkshire firemen are , 
expected by their leaders to 
vote for acceptance to-day- i 


CBI will campaign against 
public spending growth 


BY JOHN ELUOTT, INDUSTRIAL EDITOR 


basis that > 
no longer: 


THE CBI will campaign against These included tax levels, the relaxations nn the 
the 2 per cent, annual growth industrial strategy, and the uses such controls are 
rate For public expenditure over of North Sea oil revenues, as needed to bolster the balance off 
the next four years, which the well gs public expenditure and payments. ■ 

Government is expected to exchange controls. The CBI argued that there is 

announce . in a White J*aper no ev idenee that allowing indus- 

to-morrow. Freeze trialists to invest abroad cuts 

This emerged yesterday when Tho rRI ., . Wai( . * „ U.K. employment by reducing 

CBI leaders held talks with the n , [ir JSS investment at home, 

rhancpiior of ih*» Fx.-h wiuer Planned j per cenL annual rise „ , 

during which also becamc?lear in P ubI *c expenditure is based All the evidence 
that thT ^easurv\ b keepfn" ?n on a belief 11131 this Wl!1 make ? llow,n S overseas investment 
ooen mind over whether to relS ft ^possible for the Government peases home employment, 
ft.rthor to cut income-tax by one-third, said Sir John. The CBI had told 

exchange controls further. which indufitriahst3 wanl by t he Chancellor that exports of 

Mr. Denis Healey said that be 1981. manufactured goods as well as 

still had not made up his mind It considers that a significantly invisible earnings would improve, 
on this subject, and indicated smaller tax reduction would not Sir John felt ifaaL while the 
that he would act if convinced provide the stimulus industrial case was well understood ‘in the 
that a valid economic case could confidence requires. Treasury, little progress, had 

be assembled. “ Our policy is to freeze been made in persuading TUC 

However, the TUC would public expenditure in real terms leaders, 
staunchly oppose such a develop- right -up to 1981 in order to The CBI leaders &aid yester- 

ment and the Treasury is there- facilitate the tax cuts, and we day, Following publication of 

Fore trying to calculate the told the Chancellor that we their pay data bank figures show- 

impact that any further relaxa- would engage in a public debate ing a large proportion of cur- 
tion might have on the level of on this Issues if the expected rent pay settlements around the 
exports and U.K. eraploymenr. 2 per cent, rise is announced,” 10 per cent, limit, that the pro- 
The talks with Mr. Healey Sir John Methven. CBI director gress of phase three of the pay 
lasted for about an hour and general, said after the talks. policy is ** fairly satisfactory" ‘ 
gave the CBI an opportunity to On the issue of exchange con- Sir John added: things' got 

range over a variety of issues trots and direct investment off to a good start last vear. and 

that were debated at its annual overseas, the CBI put in a paper after a black period they are 
conference in November. setting out its arguments for looking quite good again." 


I of super stores. It is stores like 
! these that allow operators to pare 
; their margins to the bone. 

| But Sainsbury’s move is ex- 
' pected to accelerate the rate of 
J closures of the smaller super- 
j markets and possibly to stimu- 
late International Stores to make 
some counter-move 

Share prices in the sector have 
held up remarkably well since 
Tesco’s first salvo. But the fear 
of a price war has been counter- 



The reasons for the author! 





£3.4m. 


t ies' dciTision to "rush 'out Mon- Index fell 72 tO 484.5 Currency aspects .have 4 ! f J 

torted these comparative 


day’s unexpected new tap have 
become clearer with the pub- 
lication of banking figures for 
December which dent some of 
the gilt-edged market's recent 
optimism. Thus the bardring 
sector’s eligible liabilities rose 
by as much as 1.6 per cent, in 
the month, and although this is 
unlikely to have fully - fed 
through to the sterling MS mea- 
sure -of the money supply, 
thanks to seasonal adjustments 
and other factors, it is by. no 
means certain that sterling M3 
will have been drawn back into 
the 9 per cent, to 13 per cent, 
target growth band. 



rather more than for mott « 
panics. Apart from different , 

on lhe translation of overe 1 , ; 
profits. Letrascl converted f 

1977 interim figures at Oetajil** 
31 rates. However, the Apr 
for the corresponding peri 
were translated at January - 
1977 rated of exchange been 
the October Si. 1976 exebg 
rates were considered to bj. 
been artificially low for stefff 
Meanwhile the search for-s! 
ideal U.K. organisation goes 
Profits for the full-year shot 
not be far off £7. 5m.— flm. 1 
on last “year — which puts \ 
shares nn a prospective p/e 
6*, fully taxed. 


Reardon Smith 

Against a background of ti 


In November the annualised special payments) is now 
growth rate since April was 13.3 whopping Hi per cent 
per cent., and a rise of anything GM is still sticking by its year- 
less than 0.9 per cent, in end forecast of a modest rise in __ _ 

December would have pulled total car sales to 11.7m. umts deprS.si^ freighi rates 
sterling MS back on target, this year. Most other projections s i U nip * in secondhand -£•' • 
Large giit sales promised to indicate a decline-many go as priees a num ber of smaller IT 
have done the trick, but it now low as KLom. units— including shipping companies are find 
appears thai the Government's a drop of 5 per cent, or more in the going increasingly ton 
borrowing requirement may home-based output. and Reardon Smith is no exc 

have been high by recent. scan- . 9 ne obvM>u s explanation for t j 0n< Yesterday, it belatedly 
dards. boosted by tax rebates. “ 1IS i v ' ea K niJ5S ts that sales were leased its interim statefflt 
1 -i* a 1 very strong through most of passed its interim dividend,* 

Further large B ilt-edged-.«aea 1977, when output almost crept posted a pre-tax loss of £?J 
during the current banking 5^ t 0 1973*5 all-time peak* In a ftp r creditinc ship sale r 
month have made it likely that addition, the 1978 model range of £3 ra S P • * 
the January figures, at least, —especially GM*s— has not been But what catches the eye in' 
will be satisfactory, but even a great .success with a buying statement {and sent "A'’ sb*- =- 
here there is a possibility that public which had been gearing 5 p hi-^her to 46p} are die tb 
the nonnal seasonal inflow of itself up via a steep increase in unexplained capital transact 1 
tax revenues will be reduced to instalment credit in the first ten w hi c |, should improve liquk 
the extent that unusually large months of last year. - substantially. Rcardtm g# 

holdings of tax reserve cert iff- The decline coincides wi'h a has somehow made £2m. 

cates have been built up in period of vciy heavy- capita] jug an investment trust ft 

recent months. The market spending, partly to comply with Charterhouse Japhet and sell 
reacted badly yesterday, prices new federal regulations, and so 0 ff the portfolio, and its c 
of the longs falling by up to a it will have a dusproportinnaTt* balances should have been } 
point, and another half-a-point effect on earnings per share, ther swelled by the sale of 
after hours. The uncertainties GM's could drop by roughly a semi-«ubmersible drilling ... 
over U.S. interest rates haye fifth, which would leave it on. i Q . addition, it bas entered 1 
quickly stifled hopes of lower a p/e of 6}. Meanwhile the arrangements which . 

money rates here, and with prospective yield, after mafeum “dramatically reduce the tiiiJ' 

Wall Street losing its nerve, the an adjustment for special pay* losses to - a near break « 

shakeout in U.K equities con- raents, could according to G Id- posiDoa-" 1 But until the <! 

tinued yesterday. Sachs he around Si per pany discloses the balance s| 

cent. The consensus view seems implications of these last 1 
to be that both GM and Ford moves the shares must] 

. , . look cheap— and that in the treated as little better « 

e T *]f „ d **P* nin S despondency short term they will probably gambling chips, ; 

of Wall Street 15 not just lhe j 0 ok cheaper. k ', 

result of increasing stresses on Cnmnsinv mtnr 

the financial markets. Although Letraset A-onipany b«ciur 

most forecasters are still pro- For the first time In ne^ 

jeering real growth of ova.* Letraset achieved volume five years (on the present ei 
4 per cent in gross national growth of about 5 per cent, in ence of a much revised stati 
product this year, ii is already the_ first half-year, indicating cal series) the industrial 1 
dear that some key indu tfnal that the company's period of commercial company set 
sectors will do nothing like rapid growth has slowed down moved into a healthy final* 
as well as this. The milcu to more normal Jevels-r-at least surplus in the third quartet),,., 
manufacturers are the prime for the time being. Sales emerge 1977, on a seasonally adjus ' 
example — which is why the about 13 per cent, higher in basis. Profits improved, but 
historic dividend yield 0] value at £15.2m„ while pre-tax stocking accounted for ati 
General Motors (indudir.q profits are up 18 per cent at three-quarters of the surplus 


U.S. Autos 



ATV to sue 
Tate and Lyle 
for libel 


THE INDEPENDENT television 
company Associated Television 
has issued a libel and slander 
writ against sugar refiners Tate 
and Lyle, and Mr. John Lyle, the ( 
company’s chairman. 


Darlington journalists end 
seven-month dispute 


BY PAULINE CLARK, LABOUR STAFF 


be 


JOURNALISTS ON North of decision of its members. 

England Newspapers in Darting- The 101 journalists will 
ton decided yesterday to accept returning to their desks for the 
their employers' latest peace first time since June 3 when 
formula and to end their seven- they walked out in a dispute 
The writ is over statements! month strike — the longest in the over the hiring of Mrs. Josephine 
made in advertisements and re-jbislory 0 f th e National Union Kirk Smith, who refused to join 
ports in the national Press 0“ ; of Journalists. the NUJ. 

December M and 15 and re- 1 
ferring to the ATV documentary 

S ° Uth tte e.,,9» e „ er . a „ owio . affecl Pd| foa r n iw products' to the' aifer- 

— " c f”, L - J tnen,be ™ i hip. newspapers to be produced for tiseraents appearing in two of 

expenses and' 1 " oa°vm«it " for - he flr ?- r t tlme S ‘T August, the! yesterday's papers. The prices 
expenses and payment cor journalists agreed not to press} were t he same as those appear- 

S?5 ra vote^' after h!Li£~ “ f ?-- a ° J°P per 'enL j | n g j n Sainsbury's advertise- 


An‘ ATV spokesman said the 
writs would probably be served 
to-day. but a Tate and Lyle 
spokesman said no notification 


The decision to accept a deal After printing unions with-, un monaav u«-ui mi 


balanced by expectations of a 
rise in consumer spending this 
year. 

Moreover, investors appear 
reluctant to believe that super- 
markets, which have done so 
well for so long, can now be in 
real trouble 
Publicly, most of Sainsbury's 
competitors yesterday were dis- 
missing the company's new dis- 
count programme as “ loo little 
and too late." and claiming that 
if ■ it hit anybody's profits, it 
would not bit theirs. Asda, 
Presto. Key Markets and Tesco 
all said that Sainsbury bad failed 
to undercut their prices 
As Sainsbury operated only 
200 stores in the south, there 
would be large areas unaffected 
by its new strategy. 

Most claimed not to be mak- 
ing wide-ranging price cuts in 
response to the Sainsbury move- 
However, it was fairly clear that 
behind the scenes most of the 
groups were re-examining their 
prices, _ particularly in those 
stores competing directly with a 
Srainsbury branch. 

On Monday night, for example. 


or the writ was received 'ycster-J^^,*”'" , cIo3ed . sb °P provided their pay j ments. 

day- > 'fas raised nearer to the stan- Privately, a number of execu- 


Nelther the eompany. nor IU;^ v ?" lb ®J fc ^.™3, 1, * w were Mid dards of other provincial jour- lives , n , bp industry forecast 
chairman Mr. .John Lyle, nor the} 10 ” ave . atl siainea. nalists. They claimed they were [ jh a t competition would be even 

I solicitors acting on behalf of 1 I . fte journalists hope to be receiving between £10 and £15;tougher in the next Few months. 
Tate and Lyle In this mailer. ; h3 f V* to work on Monday after less than elsewhere. . If nothing else, they thought, the 

ratification of their decision by strike leaders said last atqhfr! Sainsbury move would delay 
an executive meeting of the “It's not an unqualified victory recovery in gross margins. At 
National Union of Journalists but not a defeat either." Further j worst it could lead to casualties, 
on Friday. discussions on the closed shop The Feeling was that groups 

NUJ leaders tried to moke would probably follow publica-l which still depended for the bulk 
the Darlington issue into a test tlon of the Government’s pro- j of their turnover on small stores 
case in their controversy with posed charter on Press freedom, j would be the first to suffer. 
Westminster Press — the owner Meanwhile, tbe journalists! Sainsbury said last night that 
of North nr England News- hoped that immediate pay con-, trade had gone exceptionally 
papers — over the closed shop cessions could yield up to 25] well on the 6rst day of “ Dis- 
for journalists. Tbe executive per cent, improvements. and that; count " 78 -and that the stores 
is expected to follow the tradi- further increases might be paid j were far busier than on a normal 


have received any form of noti- 
fication that a writ has been 
issued by ATV,” said the spokes- 
man. 

Tate and Lyle has itself issued, 
a write against atv alleging libel ; 
in the television documentary 
“Working fur Britain/’ part of 
the series on South Africa which 
was screened on December 21 
after an injunction bad been 
lifted.. That action has yet to 
come to court 


S 


tional policy of bowing to the when Government policy allowed, j Tuesday. 

* 


U.K. TO-DAY 
RATHER COLD. Showery. 
London, SJE„ CenL S. England, 
Midlands 

Isolated wintry showers. Wind 
W.. moderate or fresh. Max. 4C 
(38F). 

E. Anglia, E-, N.E. and 
Cent N. England 
Occasional rain or snow. Wind 
N„ strong to gale. Max. 3C (37F1 
Channel Isles. S.W. England, 

S. Wales 

Scattered wintry showers 
Wind, W, moderate or fresh 
Max. 5C i41F). 

Borders, Edinburgh. Dundee, 
Aberdeen, Cent. Highlands, 
Moray Firth 

Occasional sleet or snow. Wind 
becoming N., strong to sale. 
Max. 2C (36F). 

W. Scotland, Glasgow. Argyll 
N.E. Scotland, Orkney, Shetland 
Frequent wintry showers. Wind 
N., strong to gale. Max. 3C I37F). 

Outlook:. Becoming mostly dry 
in S: and less cold in N. 


BUSINESS CENTRES 


Velar 

Wld-dar 


Vdar 
mid-d ar 


A mat rim. 

F 

D C 

S 

“F 

41 

Madrid 

$ 

"C 

•Y 

Athena 

K 

8 

•Mi 




Bahrain 

S 

33 

73 

Melbourne 

C 



Barcelona 

S 

9 

49 

Mexico c. 

S 


5S 

Beirut 

c 

14 

37 

Milan 

F 


Belfast 

Sf 

1 

34 

Montreal 

S- 

-17 


ttvimvdc 

c 

-8 

Si 

Moscow 

S 



Berlin 

c 

4 

39 

Munich 

R 



Brm^nra. 

F 

4 

39 

Newcastle 

F 



Bristol 

t 

a 

41 


S 


IB 

Brtijfiicls 

S 

a 

43 iflata 

s 


Budapest 

an 

-~3 

33 

Paris 

F 



B Atres 

s 

no 

87 

■ Perth 

F 



Cairo 

s 

15 

88 

Pin cue 

F 



Cardiff 

H 

7 

4b 


F 



Chicago 

s- 

-17 

1 

Rio de J’o 

r 

an 


CfllOROC 

F 

8 

43 


c 



Connbasu. 

Y 

3 

37 


H 

24 


Dublin 

R 

3 

37 

Stockholm 

SI 



EdinhuRrh 

C 

1 

34 

Sirasbm. 

r. 



FrnriWurt 

C 

4 

39 

Sydney 

F 



Geneve 

c 

1 

34 

Tehran 

C 

12 


GlasKnw 

c 


36 

Tel Aviv 

R 

Hetsln|:l 

Sn 

0 

32 

ToKyn 

C 

7 


H. Koua 

a 

IB 

84 

Toronto 

C- 



Jo’burif 

V. 

31 

711 

Vienna 

C 


«<s 

Lisbon 

s 

12 

34 

Warsaw 

Sa 

— | 


London 

F 

a 

43 

Zurich 

Sn 

i 

.14 

Luxemb'K 

C 

4 

39 




HOUDAY RESORTS 


Aiacclo * 

c 

11 

S2 

Istanbul 

R 

4 

39 

Alders 

c 

T5 

59 

Jersey 

F 


43 

BlaniU 

c 

12 

34 

Lno Plnjs. 

S 

30 

60 

Blacfepool 

R 

S 

41 

Incamo 

S 

3 

37 

Bordeaux 

F 

12 

54 

Majorca 

C 

14 

5? 

Boidocue 

C 

7 

45 1 

Malaga 

F 

15 

3fl 

CduUdcu. 

V 

« 

W 

Malta 

C 

H 

27 

Cape Town 

c 

21 

70 

Nairobi 

S 

24 

75 

Corfu 

s 

1! 

3" . 

■ Naples 

F 

4 

lit 

Dubrovnik 

c 

0 

43 1 

|Nirt- 

a 

12 

34 

Fare 

F 

10 

u! 

■Nicosia 

C 

15 


Florence ' 

n 

fi 

43 

Onortn 

a 

12 

54 

Funchal 

R 

10 

■Wl Rhodes 

s 

14 

.17 

Gibraltar 

c 

16 

63 

5a [zb urs 

r 

0 

32 

Gucrassr 

F 

7 

43 

TaflKler 

F 

17 

43 

limsbrucX 

F 

-0 

37 

Tenertle 

S 

14 


lirvemeM 

S 

t 

34 

Valencia 

C. 

IB 

SO 

tile of Mas C 

5 

41 

Venire 

F 

1 

54 

s— Sunny 

F- 

-Fair 

C — Cloudy 

R— Rain 

h— hail 

SI— Steel. So— Snavf 




Business with 


Portugal 


goes a deal 


better with 


the right 


interpreter 


Portugal’s new expansion plans offerBritish : 
businesses and their banks exceptional . 
opportunities today. In, say, machinery for 
agriculture, fertilizers and textiles, negotiation^ 


-and deals in foreign currency -can be best 
interpreted by a bankthat is fluent in .both 


finance and Portuguese. . 


Call on the services of Banco Totta & Acoresi 
Portugal’s oldest and also one of its largest 
banks, with over 100 branches. We are here, in 
the City of London, at 1-3 Abchurch Yard, 
EC4N7BH. 


For foreign exchange dealing 
Telex 888341/2. Tel: 01-626 6711 
Reuter Code: BTAX 




And for help on any aspect of British/Pbrtuguesf 
business, talk to Manuel Bastos on 01-283 8555 

International banking is our business. 


13HMGE] TnTTH 

Head Of rice: Rua Aurea 88, Lisbon 2. Telephone: 36942 
Representative Offices: NBwYork-Paris-Caraeas. . 


A^iatedBanh: Banco ToUa-Standard de Angola, Banco 
Slandard-Totta de Mozambique, Banco do Orients, Macau. 


Rcgtstned at the Post Office. Primed by Sr. Cti-menra Prcan for ud bu&H 
by inr Financial Tima LM... Bracken House, Cannon 'Street. unrtnn.E#® ' 
G R 0 The Financial Ttawd Ltd-,'