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the fug fighter 


No. 27.457 


Thursday January 12 1978 **i5p 


Bo vis Construction Limited ||jp 

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favourite builder 
Telephone; 0X"422 3488 


CONTINENTAL SELLING PRICES: AUSTRIA Rh-lSt BELGIUM FrJI: DENMARK KrJ.S; FRANCE FrJ.O; GERMANY DM2.0; ITALY t.SPB; NETHERLANDS F1.Z.0; NORWAY KrJ.5. PORTUGAL GacJO; SPAIN PftB.<0; 3WBDB1 Kr.J.25; SWiiatacLAND FrJJ>; EIRE ISp 


s-ts- v&’M 


general 


BUSINESS 


to stand 
trial 


Mrs. Indira Gandhi, the former 
Indian leader, is to he tried by 
a Delhi magistrate for refusing 
to testify yesterday before Hie 
Shah Commission on li issues 
relating to her emergency rule. 

.Mr. Justice Shah nrrterecl lht- 
I rial when Mrs. Gandhi dccilined 
to make a statement because, she 
saul. it would violate the oath of 
.secrecy she look when she be- 
came Prime Minister. 

If convicted. Mrs. Gandhi faces 
imprisonment far six months or a 
fine of 1,000 rupees, or both. 
Pago 4 

Political ban 
may be eased 

Must civil servants will bp free to 
uke part in national and local 
m lilies if the Government 
iccepts the Amiitage Committee 
-port, published yesterday. But 
use who deal directly with the 
ublic. as in social security nr 
.r: offices, will still be barred 
•'mm political participation. 
Pace S 

“ormer envoys 
'.ttack report 

lertainment "is simply the 
v one shares one’s life with a 
eigner.” Sir Fred Warner, 
ner ambassador to Japan, told 
Commons select committee. 

• and Sir Christopher Soames. 
former Paris ambassador, were 
sharply critical of ihe Think 
Tank report on Frit Min’* overseas 
representation. Page 10 

Lost portrait 

T .idf Spencer-Church ill destroyed 

t r.ihrm Sutherland's portrait of 
Winston Churchill before her 
Vband died, her executors 
nnnunced “ l hear nn rancour," 
aid the artist last night. 

Jftoads blocked 

Snow blocked road' in the North 
E England, while the A -59 
IjJvstal road at Sandgate. Kent. 
mV dosed by floodins from the 
S I'^e London Weather Centre 
92 >4ed a record gust of 71 
leap (S2 mph*. 

Basque battle 

suspected Basil uc guerillas 
^ a police inspector were 
rated in a gun battle in 
dinplona. Spain, it was the 
freest outbreak of Bas'iue 
2«lence in the country for three 

Jnnths. 

Pakistan move 

jenenit Zia-ul Haq. Pakistan's 
fiiliiary ruler, said he would 
•aise with Mr. Callaghan the 
»o.5«,ib|liiv nr his country apply- 
,ng to rejoin the Gorsnniuiwealih 
:n 'their talks to-day. Page 4 

(VI an owes £3.3m. 

Ur. Gordon D-nms Walters, a 
former building companv direc- 
tor. of Marvlebune. who ha' 
dehls of £3.37 m . and assets of 
£1.1550. told London Bankruptcy 
Goun that his failure was due 
in th<- collapse of the property 
market. 

BSC talks fall 

Talks hM-.veen tiie BBC and i ,1<m 
elation «f Broadcast 5 "■* 
Siafis failed 1o resolve the di- 
pole involving 162 engineers 
which stopped work on all live 
TV programmes, other than news 
hu I let ins, yoste relay. 

Euro-drive later 

Switching mad signs from ntilce 
to kilometres could not ho Hon** 
before 19*3. Mr William 
r« r, dgers. Transport S"cretarv. 
told the Commons. The cdsI 
would he over I7m. 

Briefly - - - 

Electrical fault caused a fire at 
Bank underground station. Lon- 
don. which disrupted commuters' 
homeward journeys on the 
Gcniral Line. 

toft-wing agitators in borrowed 
firemen's uniforms were accused 
by tile Fire Brigades Union nf 
damaging equipment in Hcri- 
fardshire. Firemen I^cc rows. 
Page 9 


Equities, 

Gilts 

reverse 

falls 


• EQUITIES reversed their 13- ! 
point fall in two days with a 
rise of 2.7 to 487.2 in the FT 
ordinary index. 

• GILTS regained early loses 
from noun unwards, and the 
Government Securities index 
closed with a 0.02 fall to 77.27. 

0 STERLING improved sharply 
as Uic London market closed. 
Tor a gain of 2.05 cents to 
SI. 9390. its trade-weighted index 
up at 63.8 <65.7). The dollar's 
widened to 4.88 per cent. (4.47). 

• INVESTMENT dollar pre- 
mium ruse, to 00 J per cent. 


EltaeKeK" 
24 *8 % 


CHIEF PRICE CHANGES YESTERDAY 


(Prices in pence unless otherwise 
indicated.) 


Ewliequer 9! pc 'SJ £ 

ton.:- 

. L_ 

i 

floral Leisure 

i an 

— 


E.ti.F 

hi; 

-r 

in 

Edinburgh ice Rrnk.. 

13U 

— 

2U 

Hatnvi 

.1.1 

— 

.") 

Highland DistilK ... 

1411 

T 


Mnw ard Shut luring 

33 

*1” 

■» 

1G1 

348 

-5- 

4 

I'll!. Timber 

i:«; 

+■ 

•* 

tod broke 

202 

-b 

■ 1 

l.evex 

18? 

-r 

.lj 

[Jnyds Bank 

293 


i 

London Pavilion 

:inu 

1- 

140 


UcOrquodale 

Northern Goldsmiths. 

B.K.T. Textiles 

Kactti Electronics 


Hank Org 238 

Kbarpc i Charles) 383 

Vickers 302 

Wcslbrick Products . . 37 

Don rn fan to in 252 

rtnlrl Fields of S.A. JEJO; 

Pahang -IS 

FALLS 

Billon i Percy i ISI 

Dnlsety 22U 

Davy Inti 244 

Gibbons fS.j JS2 

H.K. Sc Shanghai Bk- 228 
Rcdfcarn Nall. Glass. 318 
PP 820 

Oil Expln 276 

Cons. Gold Fields . ... IS3 

Jo’burg Cons. £10 

Sabina 34 

Ventorspost 273 

Vlaklontein 51) 


MPs urge closures 
and redundancies 
for British Steel 


Stage set 
for clash 
on Varley 
letters 


Gaullists end 


By Rupert Cornwell, Lobby Staff BY DAYID CURRY 


PARIS. Jan. It. 


BY ROY HODSON 


Radical surgery on the British Steel Corporation daring the next five years 
has been urged by an all-party Commons committee which reported yesterday. 

i That is the only way of stem- avoided revealing the true situa- " There has been a very serious 


80-INVESTMENT— I - 

DOLLAR l 
70- PREMIUM -K 

{ Bandog! £BDp*r I 

J I I I I J 

ou Auq Sep Od Hw Dtt Jm 

1977 19781 

(65J) on revived demand for 
investment in U.S, securities. 

• GOLD fell $2 to WKjl 

0 WALL STREET ’was 4.33 
down at 777.20 Just bprore the 
dose. i 

i 

« BORROWING requifement 
has continued hi run comfort- 
ably below the Govern fr n Rl’s 
forecast levels, mainly. 
of rapid growth in tax income. 
Back Page 

e PRICE COMMISSION figures 
show that the slowdown in the 
rate of inflation ^topped in 
December, when a small increase 
in the index of price rises was 
recurded. Back Page 

0 STRIKES in {the U.K. car 
industry last yea led to a 10 per 
cent, fall in sales) while imported 
cars took a reccfrd share of the 
market. Back jage 

Saudis hiay 
abandon $ 

0 SAUDI ARABIA may seek 
payments fur its oil based on 
several currencies other than the 
dollar, if the U.S.;unit keeps on 
failing, in spite ; of an OPEC 
decision in peg petroleum prices 
in 197S. Back Page- 

O PETROL companies expect 
prices to he pegged for much of 
this year. Page 7 

G AMOCO is In gn ahead with 
Murco with a £75m. cracker plant 
ai its Milford Ha.ven refinery in 
We^l Wales. Gill and Texaco 
are already cooperating on a 
l'29i)in. cracker at the Haven. 
Back Page. 1 

c u.s. unemployment 
dropped to 6.4 ptr ceoL io 
Iiccemucr. toe lowiist level for 
three years. American analysts 
feel ihe drop will take some of 
ihe pressure off President Carter 
u< stimulate the economy. Page 4 

O MR. JOHN SJLKIN, Minister 
Tor Agriculture, has warned the 
Dunes he may be forced to block 1 
this year’s EEC farm package if' 
they oppose a revision of subsi-i 
dies on bacon sold into the U.K. 
Page 33 

© PINCHIN DENNY is to begin 

• dine in the gilt-edged market. 
wRcrc its eniry will raise the 
n-nnbvr uf jobbers to three. 

Page 9 

COMPANIES 

0 ERF pre-tax earnings more 
than doubled for the 28 weeks 
to October la from £628.000 to 
£ 1.56m. on sales 41 per cent, up 
ar £26.9 1 m. r£I9.0Sm-1- A onc- 
for-lwij scrip issue will be made. 
Page 22 

0 McCOBQUODALE almost 
trebled pre-tax profit fa r the year 
ended September 30 to a record 
£3.03m. I £1 ,05m.) on (tales up 
17.36m. lo £52.41 m. Page 22 


That is the only way of stem- avoided revealing the true situa- 
ming the corporation’s mounting tion to MPs and the Department 
losses — now running at well over of Industry. 

:7 a day— and returning the *• All that is certain is that 

Industry to profitability by the financial forecasts given to 
early 1980s, the Select Commit- the committee proved to be 
tee on Nationalised Industries wildly inaccurate,” tbe report 
says- , , says. “ At face value it (the 

The committee has produced evidence) indicates that the 
two reports on British Steel. corporation's management is 
The first contains the results incapable of making a forecast 
of an iS-month investigation of 

British Steel and its performance n ... . „ 

in comoarison with foreign steel Unions at British Steel have 
industries. agreed in principle to a 

The second was prompted by tripartite Board and a new 
the current steel crisis and was consultative and negotiating 
researched and written last structure. Union leaders have 
November and December. In It also agreed to set np working 
the committee comments acidly parties to develop what Sir 
I DD the handling of British Steel's Charles ViJiiers calls “the 
affairs during the international steel contract’' Insure 9 

steel slump, by both the corpora- " 

tion management and by ihe ...... 

Government. for a fevv months ahead which 

___ .. , stands any chance of achieving 

The MPs say there are only a min j maI IeV el of 

two possible explanations for ihe ac ,. uracv - 

fact that evidence given to them Sir chkrles Viltiers. chairman 
was liable to cause them to be f Brftisb Steeli reacted angri |y 
seriously misled about British , 3St to the MPs* criticism. 

HFCr.s r hiss - X.SSSS. wsiis 

eye^to tlie SIl danger thafS WUi 

world market situation would P r °P er nfor aU - 
worsen rather than improve and Sir Charles turned up the 
had continued to base their evidence he gave^to the com- 
Forecasts on the most optimistic mittee in May 1977 in which he 
assumptions.” said: “if you look at 1977 you 

The other possibility was that will see that steel delivery has 
the corporation had deliberately turned down again. 


revision of our sums and market 
assessment and every steel com- 
pany i nthe world has had to do 
this ... we have made careful 
preparations and have been less 
optimistic than the Government 
. . . for the immediate future it 
is a downturn and a further 
downturn.” 

He could not understand, be 
.said, how the committee had 
failed to appreciate from that 
statement and others he had 
made just bow seriously tbe steel 
market was deteriorating. 

A Government statement on 
British Steel’s future is expected 
shortly, following months of dis- 
cussions -between the Department 
r»f Industry, the Treasury, British 

Steel management, and the TUC 
steel committee about trimming 
the labour force, closing old 
works, and cutting the corpora- 
tion's £500m.-£600m.-a-year in- 
vestment programme. 

The committee believes that 
the corporation must deal with 
its financial .difficulties by reduc- 
ing the number of jobs at BSC 
works over the next five years 
and by recasting the capital 
investment programme. 

Without going into actual 
manning figures, the committee 
recommends cutting operating 
costs by a reduction in “job 
opportunities." 

Continued on Back Page 


THE STAGE has been set for a 
major trial of strength between 
Parliament and the Executive 
after yesterday’s publication of 
the Select Committee Report 
demanding access to confidential 
papers on the financial prospects 
of the British Steel Corporation. 

A motion is due to appear on 
the Commons order paper to that 
effect to-day. endorsed by every 
member of the Select Committee 
for Nationalised Industries. This 
is expected to secure backing 
from all sides of the House. 

In the afternoon, Mr. Michael 
Foot. Leader of the House, will 
come under strong pressure to 
grant a speedy Commons debate 
on the report. But last night, the 
signs were that tbe Government 
plans to resist the demands. 

The determination of the 
committee to secure the papers — 
correspondence between Mr. Eric 
Varley, Industry Secretary, and 

Sir Cbaries Villiers. the BSC 

chairman — was bolstered yester- 
day by strong but carefully 
worded support from the Con- 
servative leadership. 

Sir Keith Joseph. Opposition 
spokesman on industry, 
acknowledged the importance of 
commercial confidentiality. 

But in the case of BSC. he 
continued, “if select committees 
are to function effectively, and 
to safeguard the public interest, 
they must have the informa-tdou 
necessary for their task. 


THE FRAGILE p re-electoral ' 
peace between the parties sup- 
porting. France's conservative 
coalition was shattered to-night 
when M. Jacques Chirac’s Gaulust 
party denounced the Section 
pact with its coalition partners 
and declared that it would put up 
separate candidates throughout 
the country. . 

The Gaullists accused the' other 
parties, notably President Valery ’ 
Giscard d’Estaing's Republican 
Party and his middle-of-the-road 
allies in the National Assembly, 
of ganging up tb form an anti- 
Gaullist front 

They alleged that the aim was 
to damage GauUist chances in 
the Marcb General Election and . 
clear tbe way 'for a Centre-Left : 
dominance of the post-election 
Parliament 


Split votes 



This decision by M. Chirac's ^ 
party means that in the 120-odd -President Giseanfr.aeqused 
seats where the four coalition. of ganging up 

partners had agreed to present a 
single joint candidate in the first ™ . - ■ 

round oF voting on March 12. . i J.Y ,0 1 a8 P ects 
there may be two coalition can- SfS?* ‘ 

sSlStTtt.“ iJ,s Ior u>e no ‘ t - fill 

C^U^biggMf party IB ppoS’S 

the National Assembly and the: tJbe Gaullists whose party 
coalition, have said they wRI now refused to sign the general elec- 
certainly nominate candidates- torai pacL. 
for the 50-odd seats- where they *. 

Uf e ft„r 1 ’JS '° Wa “ fiV0 “ r w^asuirSl u5d^U,“^Sp^s 

•SFKffSS; M,-R.ymand BTTe, the Pri.e 


Rebellion 


Details Page 8 • Parliament Page 10 • Editorial comment Page 20 

Rolls-Royce offers Benn 
nuclear reactor expertise 


BY DA v «i3 F1SHLOCK, SCIENCE EDITOR 


ROLLS-ROYCE has offered to 
apply its 24 years’ experience of 
the pressurised water reactor to 
the construction of nuclear 
power stations. The move is a 
major development in the 
nuclear reactor debate. 

The offer to the Government 
is backed by tbe Ministry of 
Defence, for which Rolls-Royce 
has built 16 PWRs and has a 
further four under construction. 

Sir Kenneth Keith. Rolls-Royce 
chairman, has already briefed 
both the Prime Minister and Mr. 
Anthony Wedgwood Benn. Secre- 
tary for Energy, on the experi- 
ence his company has to offer. 

He suggests Rolls-Royce might 
collaborate with GEC to build 
the PWR station wanted by the 
Central Electricity Generating 
Board. 

Tbe CEGB has proposed build- 
ing a PWR station as an insur- 
ance or fallback .system should 
the British-designed, advanced 
gas-cooled reactor prove unable 
to rulfil Britain's future nuclear 
energy requirements. 

Nuclear submarine reactors 
are built for the Navy by Rolls- 


Royce and Associates, in which 
Rolls-Royce bas a 54 per cent- 
interest with the balance shared, 
by Babcock and Wilcox. Foster 
Wheeler and Vickers. 

In the 1950s. the company was 
given access lo Westingbouse 
Electric PWR technology, 
through Ihe U.S. Navy, but bas 
since developed a series of 
British PWRs. The second- 
generation reactor is already in 
service with ihe Fleet- a third- 
generatioo at the prototype stage, 
and a fourth, on tbe drawing 
board. 

The submarine PWR is about 
one-third of the size of the 1.300 
MW reactor the CEGB wants lo 
build, but has a pressure vessel 
with half the wall thickness, and 
a power density in the core of 
the same order. The reactor is 
built entirely by Briti>h industry 
in the same safety standard.- as 
a commercial PWR. 

The siani Stance of Rolls- 
Royce's intervention lies in the 
fact that it is a large state- 
owned company the Government 
respects, and one that could 
greatly strengthen the project 


capability of a depleted nuclear 
industry. 

Sir Kenneth, said yesterday 
that he bad been stressing that 
the PWR was not U S. technology 
but “world technology." just as 
the jet engine was ' world 
technology. 

He envisages Britain's nuclear 
reactor programme pursued 
through Iwn enmpanics under: 
the umbrella of the National 
Nuclear Corporation: one 

designing and building AGRs; 
and a joint GEC-Rolls-Royee 
aroup designing and building 
PWRs. 

Rolls-Royce itself would par-: 
ticipate in the venture, leaving] 
Rolls-Royce and Associates as ai 
purely defence contractor, build- 
ing and servicing submarine 
reactors. 

Sir Kenneth was confident of 
Rolls-Royce's previous nuclear 
experience, and that it would 
be able to draw freely on the 
experience nf its subsidiary. 

The series nr meetings Mr. 
Benn; is holding with nuclear 
industry chiefs to try to resolve 
tbe choice of reactor continues 
to-day. 


"The disclosure of documents 
is not a party matter, but one 
for the House of Commons to 
decide.” 

The Tories are likely to make 
available some of the Parliamen- 
tary time they are allotted for 
steel but a two-day debate on 
the industry and the Report is 
unlikely for at least a fortnight 

An element in the MPs’. mood 
of increasing ' rebellion against 
executive diktat is the belief that 
the options for BSCs future, 
which officials declined to dieenss 
with them, have already been 
partly “ leaked " lo the Press by 
the Industry Department. 

They are. therefore, unlikely to 
be satisfied by the compromise, 
being suggested , by the Depart- 
ment yesterday, offering to reveal 
the contents of the papers, but 
only after the Government had 
made its own long-delayed state- 
ment on the steeL industry. 

For all the turmoil, it is 
accepted at Westminster that the 
Government through its control 
of Parliamentary time, will be 
difficult to defeat 

Mr. Foot, moreover, is known to 
be very reluctant to see any ex- 
tension of select committee 
powers implied by the surrender 
of the documents. 


the Gaullists after to-day’s Uai- ■ ■ 

son committee meeting with, the Editorial comment, Page -0 
other parties, emphasised' that union summit and other 
his party would remain faithful-'.' . .French news, Page-2 - 

to tiie other .elements in -the * — - i - — 

election pact ’ Minister, to whom the Gaullists 

' This means, notably, the agree- refused to concede any political 
ment to step down after the first ;tple. in the election. , • 
round of voting in favour^ of The row in the majority will 
the candidate with the best show: certainly do- material damage io 
ing. to give him a free second the Government’s election 
round run. ^ ' chances. Ironically at a moment 

• --.when the split in the Left 
ISOlatlOU seemed - irr^pairaMe. 

> T7» Communists have con- 

M. Guena committed ; the firmed* that they will refuse' jn 
Gaullists to observe the “ code of election agreement - with the 
good conduct ” ' between the Socialists in the first round, and 
majority parties, designed to stop accept one for the second round 
their attacking, each other during only if their -popular vote: 
the election. . . approaches 25 per cent. 

Gaollist fears that the' real - - • • - 

purpose of M. Giscard d’Estaing lJpCfniPk 
and the Centre parties is to JACaLUv 

The particular cause or the 
new dispute is the ..decision of 

the non-Gaul List parties of the • gg*, -S55T2? ' 

majority, to put up their own ™ bittorly^vfSed Sft* g 
joint candidate in constituencies a • ■” r :? am “ ea Lere - . 
where there is no agreement . Leaders of the majority parties 
with the Gaullists for a single are due to meet the President 
candidate. . at the_: beginning of next- week. 

This decision covered some 380 when presumably there will - be 
constituencies. an effort to repair the damage. 


but you’ll never fbraet 


$500m. Euroloan repaid early your first AlTHFcl 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT ' 




THE GOVERNMENT pro- 
gramme of early repayment of 
part of the large official bor- 
rowings overseas is under way 
on a significant scale. 

The Electricity Council con- 
firmed yesterday tbar ll will re- 
pay a S500m. Euroloan next 
month, more than four years 
before the maturity dale. This 
Is hv far the largest early re- 
payment yeL 

The Government fs> expected 
to announce within tbe next 
few weeks the early repayment 
in stages of Ihe S830m. firsr 
credit tranche from the Inter- 
national Monetary Fund. 

In addition the U.K. public 
seetor has borrowings or 
S950m. which mature this year. 
Although some of this may he 
refinanced, the total of debt re- 
payment looks like being be- 


tween at least 82bi\. amt 
82.5 bn., compared with S20flm, 
in 1977. 

The strength or sterling 
makes it attractive lo repay 
some debt. The Electricity 
Council loan was raised in 
November 1976. Since ihen Ihe 
pound has risen by 17 per cent, 
against Ihe dollar. The henefiis 
of this gain accrue to the 
Treasury. 

The other main criteria far 
early repayment are The 

absence or penally clauses and 
a high interest rale as in this 
ease. 

The main aim of early repay- 
ment is lo reduce the large 
total of borrowing* maturing 
in the peak years ] 980-82. when 
a total of SI2bn. is due. 

New borrowing and re- 


financing of existing debt is 
being considered, and S360m. 
has been raised overseas since 
October. 

But the immediate scope for 
refinancing is fairly limited, 
since only relatively small 
amounts oT money can be 
raised for longer than five or 
seven years, and the intention 
is lo extend maturities Into the 
late 1980s. beyond Ihe current 
repayment bump. 

There is some caution about 
repaying in the immediate 
Tuturc more ihan a limited 
percentage oT the official debt, 
in view of the sizeable propor- 
tion or short-term liabilities in 
the reserves. 

Debt repayment has also 
become a coniroversiat Issue in 
the debate about the use of 
North Sea oil resources. 




CONTENTS OF TODAY’S ISSUE 


European news 2&:» 

American news 4 

Oi erseas news 4 

World trade news G 

Home new* — general 7-9 

— labour 9 

— Parliament ... 1U 


The London-Dubtin row 
after Mr. Lyneh's speech 2lt 
Economic viewpoint: The 

world economy 21 

Business and the courts: 


2 

Technical page 



26-27 

.. 4 

Markclinc 

17 

Euromarkets 

... 26 

G 

Arts page 

J9 

Wall Street 

... 32 

. 7-9 

Leader page .. 

2ft 

Foreign Exchanges 

... 32 

.. 9 

t K. ( nm panic* . . 

22.2.1 

Farming, raw materials 

... 33 

.. to 

Mining .. 

2.T 

U.K. sioek martol 

... 34 


Tolse on Air France Welcome Tour ro South America f^ yo^ 
memoroble. famous sights. fpjlip 

Bur trie rhingsttioryou'llneverforgerore thelrrrie, penooalderoHi ^ UtehtMring «5p|: 
your her Arrara bird. .v . . *I-Jj 

Ron on unforgettable holiday. 24daysfiom£895 .. 

Ash your Travel Agent for o copy of rhe Welcome Touts brochure/Orpost^coupoaffi 


FEATURES 

Italy's drug pirate . ... 18 
Her Spiegel affair: llow E. 
Germans i jew the row 3 

FT .SURVEY 

South West Wales 29-31 


Austrian banking: The draft 

fur a new shape 27 

Mr. Siikin ready far show- 
down on prices 33 


10UTH 

( 




— 7 

AOPOlntnienls . ... 

s 

FT-Actuarics Indices 

M 

- S 

- 20 

Appolntmcpu Adsis. 

boolci 

Business Oppu. 

fa-12-lb 

2E 

SS 

Jobs Column 
Leaders & Laggards 

12 

» 

*— 3 

Ci o sow ui’if ... 

J 

Letters 

31 

— 1 
c 

Economic Indicator* 

2S 

Lex . .. 

33 

Enun iJnment Guide 

10 

Lombard 

IS 


-T-Actuancs Indlce* M Hen and M.iUrrs . 

labs Column Mm*ty Market 

.coders a Laggards » T.?' 11 ' 9 . , ■ • . 

Share Information . Jfc- 

31 TinJaur's EvcnLs 

» TV and Radio 

Lombard IS Unit Trusts .. . . 

For latest Share trdex 'phone 01-246 6026 


Weal Her . 

Winter Spun* 


INTERIM STATEMENT 
La Rcdmme .... U 


Base Lending Rates 


I To Air France. Depf. PU 690osronA4onorRcyad. Brentford. MWcflesexTWS 9JG- - ■ 

_ 1 am pomeutoriy mTew?d m rours ia rhe French ConbbeoriQ"Sotrii America Q AAexico * 

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EUROPEAN NEWS 


Tense summit Giscard 


link 


between French 
union leaders 


BY DAVID CURRY 

A TENSE summit meeting 
between the leaders of France's 
two biggest trades unions was 
taking place to-day to try to 
agree on a joint strategy for the 
pursuit of wage claims and a 
common attitude towards the 
political events leading up to 
and beyond the election. 

The meeting between M. 
Georges Seguy, leader of the 
Communist-controlled (at central 
level) CGT. himself a Com- 
munist Central Committee 
member and M. Edmond Mai re. 
head of the CFDT, is likely to 
bring to the surface differences 
both of political preference and 
industrial strategy. 

The CGT, which claims some 
2.4m. members, is a partisan of 
"democratic centralism” and is 
vigorously promoting the Com- 
munist line against the 
Socialists. It has, nonetheless 
showed a tendency recently to 
back down from industrial con- 
frontation. 

Th e CGT. rather than the 
CFDT whose links are with the 
Socialist Party, has refused to 
renew industrial action over a 
pay claim at the State-owned 
power utility EDF, and is thought 
to want a period of peace to sort 
out its internal troubles. These 
stem in part from the fact that 
some 40 per cent of its member- 
ship are Socialist voters. . The 
CFDT 'has claimed that the 
strong Communist position taken 
tjyM. Seguy has caused a num- 
ber of dissidents to cross the 
union lines. 

The CFDT. with about 900.000 
members, is a much less 
organised and disciplined body 


PARIS, Jan. 11. 

than the CGT. It takes pride in 
its grass roots philosophy and its 
main commitment is to local 
workers control. This puts it far 
apart from the Communist pre- 
ference for centralised planning, 
extended nationalisation, and 
nomination to the government of 
company chiefs acceptable to the 
workers (in practice the unions), 

M. Maire has, like M. Seguy, 
conducted his own investigation 
into the causes of the break-up 
of the Socialist-Communist 
alliance and arrived at the 
opposite conclusion to his col- 
leagues. He accuses the Com- 
munists of being afraid to par- 
ticipate in government in the 
current economic climate and of 
being excessive in their demands 
for nationalisation. 

Both men have said that 
industrial action must be pur- 
sued, though they have a 
difference of emphasis. M. Seguy 
has dismissed the idea of a pre- 
electoral truce, although his 
union in fact appears to be 
observing just such a cease-fire. 

M. Maire has warned for his 
part that “ social mobilisation " 
may be necessary after the elec- 
tions to keep a left-wing govern- 
ment up to its promises. 

The two unions collaborated 
strongly last year, particularly 
before the left wing political 
alliance collapsed. The general 
strike in May was a reasonable 
success and the two anions were 
the main forces behind the un- 
successful attempt to repeat the 
performance in December. But 
by that time the tensions in their 
relationship bad begun to 
become very obvious. 


Companies sceptical over 
Algerian boycott effect 


BY OUR OWN CORRESPONDENT 


PARIS, Jan. 11. 


FRENCH COMPANIES in the 
running for contracts in Algeria 
remain hopeful about their pros- 
pects, despite the virtual em- 
bargo the Algerian Government 
has ordered on new import con- 
tracts with France. 

However, while admitting that 
poor political relations between 
Paris and Algiers are contri- 
buting strongly to the increased 
difficulty in selling to Algeria, 
they point out that the market 
has been in decline for most of 
them for some time. 

Typical is the case of the 
Renault Industrial Vehicles sub- 
sidiary Saviem Berliet In 1975 
they sold 10.000 heavy vehicles 
to AigeriaS in 1976 4,500; and 
last year fewer than 600. 

One of the reasons is that 
ambitious investment plans were 
drawn up by Algeria, in common 
with other oil states, in the wake 
of the 1973-74 boom in oil prices. 
The recession in the West, the 
relative weakness of oil prices, 
an dthe failing demand for crude 
forced a scaling down of plans 
and consequently of imports, in 
Algeria as elsewhere. 

Nonetheless, important con- 
tracts are at stake. Berliet itself 
was responsible for the engineer- 
ing supply of equipment and the 
training for the first stage of 


the Poueba lorry plant, intended 
to build 4,500 vehicles a year. 

T-he output of this plant, of 
course, was partly responsible 
for the decline in imports. 
Berliet is in the running for the 
order to double the plant's capa- 
city, while it still has an tacorest 
in sales of parts. 

Its parent, Renault, has not 
written off hopes of landing Ihe 
contract to supply a 100,000-unit- 
a-year car plant to Algeria, 
despite 'Fiat’s claim that it has 
almost won the contract. 

The Italians, in fact, wit* 
their growing purchases of 
■Algerian energy, have made 
solid advances as suppliers of 
know-how and equipment to the 
Algerian -tetrocarbon industry. 
However, in 1976 the French 
steel industry sold 51,000 tonnes 
of steel to Algeria. “It’s not in- 
considerable but neither is dt 
enormous," commented a steel 
federation official philosophic- 
ally. 

Technip, front runner for the 
consultancy contract for the LNG 
East gas liquifaction plant at 
Skikda, is very guarded in its 
comments. It notes that some 
negotiations which are very 
advanced with French companies 
may be allowed to continue, and. 
clearly hopes that the Skikda 
plant is a case in .point. 


begins 
Ivory 
Coast visit 

By Robert Mauthner 

ABIDJAN’, Jan. II. 
PRESIDENT Valery Giscard 
d’Eslaing, who arrived here 
to-day in a Concorde for a five- 
day official visit. Is expected to 
stress the growing role which 
Europe and, particularly 
France, can play in African 
affairs in his talks with Presi- 
dent Felix Houphonet-Bolgny 
of the Ivory Coast. 

The long visit which the 
French President is paying to 
the Ivory Coast at a time when 
the French general election 
campaign is already underway, 
has provoked some surprise in 
France. Though no official 
explanation has been forth- 
coming, it is generally con- 
sidered that the tuning of the 
visit Is not entirely fortuitous. 

ML Giscard d’Estaing who, in 
the early days of his pre- 
sidency, wsa criticised by the 
Gaullists for neglecting 
France's traditional ties with 
Africa is, no doubt, anxious to 
prove that he is as concerned 
about France's relations with 
its former colonies as were his 
predecessors. 

Partly for domestic reasons 
and partly as a result of prod- 
ding from moderate West 
African leaders such as Presi- 
dents Senghor of Senegal and 
Houphonet-Boigny, M. Giscard 
d’Estaing has bent over back- 
wards during the past year to 
prove his critics wrong. 
France's military aid to Zaire, 
when It was threatened last 
year by incursions Into its 
southern province by Angola- 
based rebels, and its recent 
military backing for Maure- 
tania in its fight against the 
Polisarlo Western Sahara inde- 
pendence movement, have 
been the most obvious 
examples of France's new 
policy. 

This policy is based on help- 
ing the governments of 
friendly African states to 
repulse threats originating 
from outside their frontiers 
and. particularly, to counter 
the growing Soviet and Cnban 
influence in Africa. Though 
they have been criticised in 
many quarters, there can be 
little donbt that the French 
Initiatives have met with the 
aproval of President Honp- 
honet-Boigny. 

The Ivory Coast President is 
in the vanguard of those 
African leaders who feel that 
former .. European colonial, 
powers have a special role to 
play in preventing the African 
continent from going Com- 
munist or becoming the victim 
of superpower rivalry. 

Of all France’s former 
African colonies, the Ivory 
Coast is perhaps the one where 
French Influence has remained 
strongest. France is still the 
country's biggest single client 
and supplier, and French offi- 
cials, teachers and companies, 
to say nothing of a 400-strong 
French military contingent, 1 
continue to play a vital role in 
the country's affairs. Some 
50,000 French nationals live 
and work here, compared with 
only about 12,000 at the time 
of independence, and French 
financial aid amounts to at' 
least a third of total aid. 


TWO COSMONAUTS aboard 
Soyuz 27 linked their space- 
craft with a SaJynt 6 space 
station today and joined two 
other cosmonauts for an 
historic rendezvous in space. 

It was the first time two 
spaceships have . docked 
simultaneously with an orbit- 
ing space station. 

The official Tass news agency 
said the Soyuz 27 spaceship, 
carrying U. CoL Vladimir 
Janlbekov and civilian engin- 
eer Oleg Makarov, docked with 
Salyut 6 at about 2 pm (GMT). 

The double docking opened 
a major Soviet effort to man 


Brussels j 

refinery 
cuts urged i 

By David Buchan | 

BRUSSELS. Jan, 11. ; 
THE EEC Commission is to per-. 


continuously the station orbit- 
ing more *han 209 miles shore 

the earth, for as long as a year. 

During the difficult link-up, 
the first pair of cosmonauts — - 
Lx. CoL Yuri Romanenko and 
Engineer Georgy Grechko — 
remained in their Soyuz 26 
spacecraft. When the docking 
was sc c or ed , all four cos- 
monauts left their spacecraft 
and met in the space station. 

Moscow radio said Janlbekov 
and Makarov will work aboard 
the orbiting laboratory for five 
days then will swap spacecrafts 
with the first crew and return 
to earth aboard Soyuz 26. 'UPI 


David Satter adds: The 
Salyut $ hag two docking parts. 
The Soyuz 26 space ship, which 
was launched into orbit on 
December 10. docked at one of 
the Salyut 6 ports the following 
day. and Soyuz 27 has docked 
at the other. The mlsston. 
could greatly expand Ihe 
potential of the Salynt's pip, 
gramme which has been going 
on since 1971, making It poft. 
sible to replace crews, to ferry 
extra specialists, to refuel and 
resupply, and even, if neces- 
sary, to rescue cosmonauts in 
distress. 


Earlier Salyut models have 
duly had one docking facility. 
The first attempt to link up 
with the Salyut 6 la October 
failed, and after Seym 26 
linked up successfully in 
December, Grechko («), wear- 
ing a new type of spaces all. 
walked In space for 20 minutes 
to check the docking mech- 
anism used to-day by Soyuz 27 
aad reported it in perfect 
condition. 

Reuter adds: Ute final 

approach to the Salyut station 
would have been made less 
nerve-racking for the Soyuz 27 


MOSCOW, Jan. II 

crew because their comrades 
already aboard the staihm were 
believed to have been able to 
guide (hem in. 

Moscow Radio said Coanto- 
nauts Romanenko and Groebko 
took up positions .aboard their 
own Soya* 28 craft for the 
crucial docking manoeuvre, 
high over central Aslan Aral 
Sea. is case of any mishap. 

Soyuz 27 lined up for the 
final approach from a distance 
of 240 yards and moved In at 
a speed of 0-2 yards per second 
until levelling off at 40 yards 
and nudgtng into the docking 
bay. 


Former top Italy bank official Irish group 
held over Sindona case evidence s 

BY PAUL BETTS ROME, Jan. 1L IlfXLf IC V J 


ROME, Jan. It. 


MARIO 


- recent! v suspended joint znanag- — ■ »wu.u b v U „.. „ — .... „ .. 

THE EEC Commission is to per- , ^ director of the Banco di Later Sig, Barone, together month when the entire Board Js European Parfmacutariauz of 
severe in its efforts to persuade “ s °ir«uor m roe tfancooi ^ ^ Banco dQ Romrt ottor to ^ a new the Wctreug European Pro- 

EEC Governments to agree to a." 0313 * 026 °J * largest managing director, Sig. Giovanni Board be elected. grrsslv.o Democrats -(EPD) 

tucabek in the present oii refln- State-controaed banks, was Guidi, was suspended at his own The decision is aimed at re- group decided in Dublin today 

ing capacity surplus in Europe. ; arrested to-day on charges of request from the bank's. Board, storing credibility to the bank to take the unusual , step of- 

Despite rebuffs from EEC : u alleged continued concealment pending the “Sindona" inquiries, after a protracted scandal in voiv- contesting the legality of thu 

Energy Ministers twice las: year. ; and suppression of private docu- The charges against Big. Ing the alleged misdirection of EEC’s levy on dairy produce, 

the Commission will produce a" merits." Barone involve the alleged con- funds which resulted in the The EPD. which represents * 

new report on the problem for; The decision was taken bv cealment of a list of some 500 resignation last year of Itaic&sse group tetriuding Ireland 1 * 

ihe planned Energy Council : Milan magistrates currently clients of Sig. Sindona’s former chairman Sig, Giuseppe Arcaini. ruling Fteuoa Fan Party, 

meeting in March. * investigating the activities of the Banca Privata Italians, said to Dominick J. Coyle adds: Italian Frances .Gaullists and the 

This assurance was given by j Milan financier Sig. Michele include leading political and consumer prices in December Danish iTWSrevsive Party in. 
i Herr Guido Brunner, the Energy . sindona. now living in New financial figures. The Kre do- rose by just half a per conL This the European Parliament, 

I Commissioner, in a letter made - York where he is flphtfntr extra- posits of the former Siadona is the smallest increase for any announced after a two-day 
public to-day to the presidents ; dition demands bv the Italian clients are also said to have month last year, and is a distinct meeting here that early next 

of five European oii companies a ptfr ftriti**? ' been transferred to Switzerland improvement on the 1.5 per cent, week Us directorate will servo 

— CFP, ELF Aquitaine (both; . . and later " laundered " back into rise in consumer prices in notice on the European Court 

French), EXI (Italian), Petro-i ^Toe -Banco di Koma took over jtaiy. November. j of Just lee in Luxembourg that- 

fina (Belgian) and VESA ; of - , a2X fi “ Sig. The Milan magistrates have Consumer prices last month) It 1$ to ask for a ruling on 

(German). also been pressing the Swiss were just under 15 per rent., the Joini-responslbUity levy: 

These five companies, with j ‘7? I va „ 1 - *^5 an " authorities to relax their bank higher than in the corresponding imposed test September oh : 

about 30 per cent, of the Euro- ' empire couapsea in u r/4. secrecy rules in order to obtain month in 1976. and provisional EEC dairy farmers. ' v 

pean market betwen them, have! Last November, Sig. Barone Information about numbered returns by 1STAT published here The EPD will base Its can# 
in common a relative lack of l was arrested but released 24 accounts of a Geneva bank for- to-day show that the average rise OB claims that the levy Is dig- 
their own crude supplies, and a j hours laier . The Milan magis- merly controlled by Sig. Sindona. for the whole or last year was IS criminatory in that it 'aims t» 
correspondingly high depen- j trates investigating the “ Sindona Meanwhile, the Board of per cent, over the mean for the reduce tire level of the EEC's 


BARONE, the “ reticence and concealment of hank, called to-day an extra- 
ed joint manoE- evidence." - ordinary general meeting next 


By Giles Merritt 


DVBUK, Jau. II. 


the European Parliament^ 
announced after a two-day 
meeting here (hat early nest 
week up directorate will servo 
notice on the European Court 
of Justice in Luxembourg that- 


pean market betwen them, have: Last November, Sig. Barone Information about numbered returns by 1STAT published here 
in common a relative lack of i was arrested but released 24 accounts of a Geneva bank for- to-day show that the average rise 
their own crude supplies, and a j hours laier . The Milan magis- merly controlled by Sig. Sindona. for the whole of last year was IS 


correspondingly 


dence on European refining Affair ” 
operations. 

They have been pressing the; 
Commission for the last IS ■ _ _ 

months to take Community -wide \ IV 1 
action to ratioanlise the EEC's! ( 

refining capacity. I •*- * 

The Commission proposed last ! 
year that a cut of 16 per cent, j BY ¥ 

ti’lC noAl^AfV 1*1 l , U*/Y MfSninn /Minn I 


depen- J trates investigating: the “ Sindona Meanwhile, 


charged 


with Italcasse, Italy's central savings previous year. 


New Austria central bank head 


BY PAUL LENDVA1 


VIENNA, Jan. 11. 


butter and powdered mjft 
mountains, white intervention 
surpluses of wine, beef and 
wheat are not similarly 
treated. The EPD memorial 
will also cite fiscal Irregu- 
larities and questions of 
accountability. 

With the co-responsibility 
levy expected to raise £135w. ! < 
bv the end of its first year, the . - 
EPD Is to argue that Ihe 


was needed in EEC refining capa-; leyy^ exi»rtrf to fSTESE,. 

1 EXECUTIVE committee of President of the Central Bank, servative government iri J9GS-70. bv the end of its first yew, th* 

tT 5, 1 „ Sa ir’. the ruling Austrian Socialist This -is the first time in post- wilt he formally appointed by EPD Is to argue that Ihe 

** h ''Party unanimously approved war history that a leading oppo- the Federal President next Council of Ministers cannot 

consirucuon ana oy> taxing iesS to-day a proposal tabled by Chan- sit ion politician has been pro- week. He will replace President legally enforce the levy under 

e^ient refineries out of semce. ; Bruno Kreisky that Dr. moted to such a key position by Hans Kloss, whose fic-year-old the terms of the Treaty of 

f- w yty 1 complaints of . Stephan Korea. currently chair- the government in power. term expires on January 31. Rome. 

P 7, Petrofina : unan 0 f tbe parliamentary group The 5B-year-oid professor of His aLpointment is a major But while the Idea or coo- 

have the support of their respec- of the opposition People's Party, economics, who served as political event since it deprives testing the levy is popular 
uve Governments, agreement j should be nominated as the new F inan ce Minister in the last con- the main opposition party of its enough with the Irish whose 
was not possible at either of. effective public speaker. Prof, dairy farmers pay fl.9p on every 

the two EEC Energy Councils _ Koren, twho began his political gallon of milk delivered to th^ 

last autumn. career only in 1967. has all along creameries — it was recognised 

The Commission^ also an-i been a sharp critic of the In Dublin tonight that tint 

nounced to-day .t^tw^V^askiirg ] f TDAnc rtlon niinrTAI* ctpi £h Po e »ajis* Government's monetary move is largely a political 


was not possible at either of 
the two EEC Energy Councils I 
last autumn. 

The Commission also an-! 
nounced to-day tiiar^^rraskins j 
oil companies and /traders to 
report ail spot transactions on j 
the Rotterdam oil market for a t 
“trial period” of six months i 
from February 1. 


f®“s| Czechs plan hunger strike** 


BY OUR OWN CORRESPONDENT 


VIENNA, Jan. 11. 


flmd.fittal policies. gambit Inspired bv (M 

However he has long been on ftaiiiUsLs, who dominate tti 
excellent personal terms with EPD grouping. With Francal 
chancellor Kreisky. who regards March general elections loo** 
him a S : a man of personal ing. the Gaullists annarenfir' 


This is designed to meet the CZECHOSLOVAKIAN HUMAN literary works by well known integrity and outstanding ability, cxnect to make valuable caTitf 

demand by the five European oil ! rights activists have decided to Czech writers who, for political The move has also been wel- H ith France*^ large agrieaK 

companies for a greater “ trans- ! ^Se a simultaneous hunger reasons, had been prevented corned by the banking community vote. * : 

parency " of the Rotterdam I sUrike to-morrow in Prague and from publishing in Czecho- which has been increasingly con- ; 

market iriiich although account-! Vienna t0 commemorate the Slovakia. cemed aboul meddling in . -i 

ing for only 3 .per cent! to 5 per] arres * of , ^ :? ir ? Lederer, a Ten signatories of the Charter, politics by Soria list directors of No Sonoda aCCOrd -~J 

cent of North West Eurooesm ( P ronunent Czech journalist on. who last year emigrated to the central bank. In view of his 

consumption is CSm! January 12 last year and to Austria, and others, will stage reputation. Prof. Koren should * Ir - Sunao Sonoda. the 

TwSSrtXt 0 * c!!«t demand his release. a symbolic hunger strike from be able to reassert the bank’s Japanese >orelgn Minister, 

maVk-fri P Mr. Lederer was sentenced by-T-SO a.m. to 7 p.m. to-morrow in former key role- in monetary prepared t 0 leave Moscow 

«h„ a ii -i i a Pr ag«e court in October, 1977, .front of the Czech state travel policy. yesterday after a four-day visit, 

wnai me nve smaller on cam- 1 three years imprisonment for bureau in Vienna. Politically, the Socialist Party having failed to reach agree- 

appear 1 to suspect alleged anti-state and subversive At a news conference to-day, can only profit from Chancellor ment with the Soviet Union on 
is mat men: bigger brethren — activities. a committee representing 16 Kreisky*s shrewd move. Party the text of a Joint commuolque 

among them the two European Mr. Lederer was one of the Austrian youth and religious propaganda is bound to stress the because of differences overs 

oil majors, BP and Shen — are initiators of the Charter 77 organisations called for a nation- appointment as a convincing group of Soviet - occupied 

depressing prices by . offering human rights manifesto. At his wide campaign to protest at the proof that the Socialists, despite islands off Japan's northers 

secret rebates on the Rotterdam trial, he insisted that he tried to violation of human rights in their absolute majority, refrain coast, writes David Satter In 

market collect and to sead abroad purely Czechoslovakia and Brazil. from abusing the power. Moscow. 



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Executive Requesting Data 


-Telephone Number — 

Building Data 


Feoaa indulge of ptjJealptme ■ 

Gross floor area heated crcooled vp m. 

Number of floors, including basement — 

Type of building: Office □ Store □ College □ Apt. -Hotel □ 
Church □ I nd u stri al □ Hospital O School □ 

Other □ — - — ■ — 


Energy History 


Year of energy history IP — 


.^ maannua a 


Tot^ainounrafelectricitFUsed ■ 

Total cost of electricity £ - 

Whac% of the above electrical coBCbdeamdc 


Chilled Water Plant 


ElectocdriTC centrifugal capacity . 
Steam tarbine centrifugal capacity ^ 


cu-m. □ 100cn.ft. □ therms □ 1, C00cu.fr. □ 

Total cost of natural gas£ _ 

Total amount of fad oilnsed lw 

Total cost af foci oil £ 

Type of fuel oil ■ 

Tn tal amnmrn fpiTrh atfil wwm i*n. m_ 

Totalcost.of purchased «yam£ . . ...... » 

Total amount ofpegchased chilled water ^ __ — . - 

cu-m. □ million hm □ ton/fam □ 

Total cost of purchased rinlledr ra ta r£ - 

Total cost of fuel or purchased energy for fceotHig only 

. .... 

Is d^aaafl-electric building? Yea O NoQ 

Space Conditioning Ei 

Double Doct 

orMuhfiooo Reheat: 


kcal/hrD cmm/hrO too □ bra/hr □ 

■ Interiorlighting 

Total KW of installed lighting 

TTnrn-efr-mt- hr Incan/fe y ^t T~. 

Honrsperweeklighted space is fully occupied": 

Fluorescent hre/wfc Incandescent.- LnAtfc 1 

HouESperweekllghaareon: J 

Haarescent hn/wk Incandescent ^bn/wk I 

Lighcsarc on daringunocctlpied hours because oh 
janifiosi □ Overtime □ Both □ Other □ 


c and Schedules 


SbigJeZene 

Keg. and/or 
Coating Syuesss 


Variable Air 
Volume 
Systems 


Perimeter 

Induction 

Systems 


Packaged Room, 
Heating ccnd/ar 
Cooling Units 


.CBbmJhr 


■ cua/far 


cu-mVhr 


■ cn.mjhr 


Total bv all airhandUngfecE. ■ ... lew ■ far — bv — kve lev ' kv 

Total cn.iru/hr handled: c n. tn jhr . . ca .taJhr cmn/br en-mJhc ■ ca.mjhr J 

Minimnni%ofontsideain - ■ % % % ■ % - ~ % _ % 

Total hoars HVAC 

units ru n each weeks — , ho hta hot , lira - Rra 

Total hour s pe r wed: spaces 

served are hdiyoaaipied:* - . . InZ las — IttS . 1w - ... hta - - hra 

Total cooling capacity for . . . .. — — - - 

HVAC units having incar- lew btu/hr tons kwfato/hraans lew box/hr tons lew bto/hr -tons kwbtu/hr tons Iw btn/hr tons 

nai refrig, compressors: □□□ □□□ □□□ □□□ □□□ O □ 


nairelrig. compressors: □□□ □□□ □□□ □□□ □□□ 

JsInuidingoccapkdcaweelcendsZ YesQ NoU Nmnber t^olidaTB w^or sbutdowndays peryear 

*T t-mp_ Tvy r mnlly ma i nfauied dinrn^ mnlmg sw mn .. . ^lin^ ||WH|«n tkrylimft tetttp. (wmwil 

Isrh»f»«mj B » nHwm a»thaffegryTri^ri-dHringthg li«iaHngseaaBTi? YesO NoO 


-day# J 

-“C J 


* Do not - . , j 


yy&VisA 




3 





Financial Times Thursday January 12 1978 




The Der Spiegel affair: How East Germans view the row 


‘ <■ 


: 


opens 
polls campaign 


pr LESLIE COUTT IN EAST BERLIN 


BY JONATHAN CARR 




/ I 




M. 


...'■'■..THE WEST GERMAN Christian 
Democrat (CDU) ■ opposition 
;■»(. leader. Dr. Helmut Kohl, to-day 
i,fired the first rounds in the cam- 
" ,B 'kjaign for four important pro- 
uncial elections this year. His 
own political future, as well as 
' the standing of the Government 
/iu P arties - depends in no small 
'Jfwneasure on the outcome. 

^ W .At a news conference,- Dr. 
Oht hit out at the Government 
on three fronts. He said the 
! l$ Social Democrat (SPD)-Pree 
Democrat (FBP) coalition had 
failed to take effective action 
til-against terrorism, had * reacted 
v 'weakly to East German pressures 
Ind had shown nonchalance 
ibout the recently -publicised 
1,1 r-ij\,>pying case at the Bonn Defence 


‘LiiDva 

hMain themes 


■ ,i 'B lisr 
Slit... 


He said terrorism and “ eco- 
..iomic stagnation ” would be 
l < > 1 ^mong the main themes in the 

: . 1 'bn Section campaigns, adding that 
•. ‘ ■ planned to play an active 

..... .•;• ‘•'"•e: jersonal role in the battle just 

, l :*s be had for the federal elec- 

.ions in October. 1876, The CDU 
‘ ’ " ' r, Mr. r Ind its Bavarian sister party, the 
.... , 1 c-SU, together gained 48.6 per 
' ' ent. of the vote — a result which 

; *:t, ifc/rflected credit on Dr. Kohl as 

- ••• :iri flOT;ir he opposition candidate for the 

:!;i i Chancellorship, but 'nonetheless 

*■' •• c. i veiled to bring- the two parties 

H ij. .p power. 

s. .i.- r-.jhiJ" D r - Kohl's ebullient attack on 
r,\ i ;m -Jovernment strategy served 
L..-, ] ; ^ -artly to conceal the continuing 
•• 1 \'\\ V1 »” ifferencea between the Union 
.h « t ’fcT artie5 » iD Particular between 
.......... r l 'v. Kohl and the CSU leader. 

. '^err Franz Josef Strauss. 

. . ' r *- Herr Strauss said yesterday 
• , '." v hat he felt the question of who 
.. •-"lould be the. union’s Chancellor 
"* smdidate for the federal elec- 
'. ** ons in 1880 could not be 
1 deluded from discussion this 
' ,r '--.jar, while Dr. Kohl said to-day 
'iv-iat the CDU would not involve 


5 t < 


. BONN, Jan. 11. 

itself in the matter .until next 
year. 

More fundamentally. Dr. Kohl 
appears to believe that the FDP 
might still he -tempted away from 
its alliance with the SPD. Herr 
Strauss evidently feels that only 
a" policy ..of total opposition to 
both Government parties will 
bring the Union ultimate success. 

Both theories wilf be tested in 
the State Parliament elections in 
which some 18m. voters will be 
involved- In October in Hesse, 
the local CDU -leader,' Herr Alfred 
Dregger— generally seen y as on 
the right of his party — will be 
going all out for an absolute 
majority , th us displacing the 
existing SPD -FDP coalition. Such 
a victory would also alter the 
composition, of the. Buhdesrat 
(the second chamber of the 
Federal Parliament), greatly to 
the opposition's advantage. 

But in Lower Saxony, which 
has elections in June, the -CDU 
is itself in coalition with the 
FDP and will -be looking for 
vindication of its record from 
the voters. A success here -would 
be widely seen as support /or 
Dr. Kohl's strategy. 

Least doubt * 

Hamburg City-State voters are 
likely to confirm their - existing 
SPD-FDP coalition in., elections, 
also in June. The least doubt of 
all is attached to the result of 
October elections . in Herr 
Strauss's borne State of Bavaria. 
The GSU gained 62.1 per cent, of 
the vote in October, 1974, and 
the only outstanding question is 
whether this remarkable success 
can be improved. 

Herr Strauss is also expected to 
take up the post of Prime 
Minister of Bavaria- But. few 
really believe' that this means 
he will desert the federal political 
stage, although some-.CDU 
leaders may privately hope that 
this might be so. 


VIEWING the evening news on German TV, but to West Ger- RONM Qrri/C Trt A\7Ain A DDEAAU 

East German television these many’s two television channels. DUWW OLLKo I w AVUIU A KRIlACH 

days leaves the impression that TwentjNJight years after the THE WEST German Govern- 

founding of their State. East ment pledged yesterday it 

German government news agency trom? nfediaf a ctuation un- improve reIalitms 

wport - paralelled in any other com- 7 th ~ Germany, despite 

Ambassador Dr. fiucbael munist country. As one East closure by East Berlin aathorl- 

Genn “ 1 writer explains it: "No- ties of the office there of Der 
one . h . ere Relieves anything, Spiegel, writes Jonathan Carr 

in Bonn. 

Tbe 


announcement came 


Germany) in the BED (West especially about their own 
Germany) to-day officially pro- country, until it’s reoorted bv 

tested in the Federal Chancellery west German radio and tele- rt . --- — 

of the BRD agaznst the latest vision." One reason for the near meeting during 

contrived work of Der Spiegel monopoly on credibility which wUchtbi- Minister of State at 
slandering the DDR. He the West German media enjoy In ^““Uery, Herr Hans 

emphatically referred to the East Germany is the J East w ‘schne wsld, reported 

negative influence of the publi- German Press itself. ’ m *“* taIks last night with East 

cation on relations between the' ‘nrithpr it ... Berlin’s representative in 

DDR and the BRD." • ma5& wd nl^." *° m ' ■«* »«*«! Kohl 

She is followed by a special East^^n jfSlifif i East Her ? W “ehnewskl protested 

oprsMj s&gs sf-s isasre £ 

ssrstt&izxrs WWHStSfe? 


rinded. Bonn Feels the action, 
taken because Spiegel has been 
publishing a manifesto by an 
alleged East German dissident 
group, is against the under- 
standing on reporting reached 
between the two States in 1972. 

At the same time, Herr 
Wischnewski underlined 
Bonn’s continuing interest in 
avoiding a serious deterioration 
of ties with East Berlin. This 
means no retaliatory action 
against East German corres- 
pondents in West Germany and 
continuation of the series of 
talks improving of contacts 
between the two sides. 

The Government feels there 
is nothing to be gained by cat- 
ting hack contact with the East 
Germans. On the contrary. 


Bonn may be able to use some 
of tbe economic leverage avail- 
able in its technical talks with 
East Berlin, iq prise a more 
forthcoming altitude from the 
East Germans in other areas. 

This latest problem in East- 
West ties has come at a time 
when Bonn has made one 
advance elsewhere on the 
ostpolitik front, and Is seeking 
another. During his new year 
visit to Bucharest, Chancellor 
Helmut Srhmidt was able to 
gain agreement that 11.000 
ethnic Germans in Romania 
will be allowed to resettle in 
the Federal Repo bile each 
year. And io-dav a delegation 

is off to Prague to attempt lo 
revitalise Bonn's flagging rela- 
tions with Czechoslovakia. 


form ed by tbe West German ship. That was the result of Faeist type Soviet rulers." It also gain by bribery some of the 

rtri>™ 9 n» press. being kept totally ignorant contains sentiments which hark privileges which are auto- 

tharaffttn*- Sme ^mStiSn The Spie S el reports or an a ^ ,out a Y ha ? actually does take back to the divided Germany of matically bestowed on higher 

between the sS£>t opposition in the P]*“* .^her party and Gov- the 1950s- The supposed level party functionaries. By 

^ThSooHtiSl * m a5a H pper echel0DS of foe ruling er 5?* nt ,e ^ East CennMy. manifesto calls for the with- comparison with other Com- 
mafia Communist Party illustrate the East Germans. including draws 1 of American forces from raunist countries, though. East 

Slnriin^thR misive^5lsifiea‘ of the West German press pi 2^^ii^ e !L ect S?!5J* ,bo pr ^‘ Western Europe and of Soviet Germany’s Prussia n-style regime 

faISlfiCa in East Germany. After the tested against the Party's expul- troops from East Germany. Both comes out as a moral paragon. 

magazine had given advance sion of the political poet. Wolf Germanys would leave their A s for oonos tion in East 

t-jSS £ h.n ropies t0 tee Dew ® agencies, it Biennann. to West Germany, say respective military alliances and Geraianv in P soit? of constant 


munist and anti-Soriet opposition from " the’ wSt “G^raan K TV party member venting his disgust ^Bration^GemYny re ’ uni,ed ^ennany are rarely 
movement in East Germany call- correspondents in East Berlin with the system in an unsigned , T ° encountered, even in the unlikely 

iog itself tite .Federation of left viewers with the impression manifesto sent to' the West Ger- This week's second instalment event that it would be blessed 
Democratic Communists of that the account in Der Spiegel man news magazine. deals with corruption and by the Soviets and the Western 

Germany. . must be true. . The document itself is nepotism, said to be rampant in powers. Disparaging remarks 

As usual, the problem for the East German viewers in par- sprinkled with Maoist-like terms, the top layers of East German about the Soviets arc often heard 

East German leadership is not ticular were perfectly ready to such as the "two imperialist Communist leadership. In fact, because East Germans feel they 

any real opposition group but believe that an opposition Com- super-powers, the U.S. and tbe corruption does exist on every are bearing the brunt of 

the fact that East German tele- munist movement had suddenly Soviet Union," as well as "Red level of East German society. Moscow’s increase of the price 

vision sets are not tuned to East cropped up within their leader- imperialism” and the “neo- Non-party members attempt tn of raw materials. 


Suggestions that ihe entire 
manifesto may have been manu- 
factured by the East German 
Ministry for State Security are 
not very plausible. East Germany 
had oilier ways or getting rid of 
Der Spiegel's correspondent in 
East Berlin without first exposing 
its people tn j heavy dose of 
commentary from West Gorman 
radio and television about an 
alleged opposition movement in 
the country. 

s The manifesto in Dor Spiegel 
has come as East Germany's 
leadership has been accusing the 
West German press of “poison- 
ing" the atmosphere between 
East and West Germany. West 
German correspondents, report- 
ing from East Germany tn a vast 
and receptive audience inside the 
country, arc a major headache 
tn the East German leaders at 
any time and particularly now 
when the country is ' c»otng 

through a trjing economic 
period. 

East Germany has accused Der 
Spiegel and a West German 
correspondent in East Berlin of 
having links with the West Ger- 
man intelligence agency and has 
closed the bureau of Dvr Spiegel 
for “slandering’' the DDR and 
its "leading personalities." One 
of the West German correspon- 
dents accused of espionage nos. 
Herr Dirk Sager, nf West Ger- 
many's second television channel, 
has simply allowed East Germans 
to describe (lie reality of their 
lives in his programmes and 
greatly increased the impact on 
viewers, especially those inside 
East Germany. The hlunt mes- 
sage from the East German 
leadership to the population is 
to stay clear of West German 
correspondents if one doesn’t 
want to get in trouble. 




Vj- 




Swiss tourist industry 
wants Government hel 


\r v ':;* 


n, f BY JOHN WICKS 

aE Swiss tourist* industry has 
l lied on tbe Government to pro- 
de foreign-exchange support 
’• «•*■>. is winter and In the 1978 
- i -.framer season. Immediate 
• v.. tion by tbe Government has 
en demanded by the Swiss 
•• ?tel Association' from the 
■ v . 'deraJ Council and the National 
. ink to guarantee certain 
- mimum exchange rates for 
penditure in Switzerland by 
s reign tourists. As possible 
-amples of the minimum rates, 
e association gives levels of 
least Sw.Fwl 2.20 per dollar 
d Swiss-franc parity with the 
! i • i..irk. 

’ “ There is no indication as to 

• actly how such a guarantee 
1 .’-‘uld be made. The Hotel 
.. o-sneiatiou foresees “guarantee 

• lasures " for what it calls 
. i ..-thenticated tourist spending 
.i.. - en exchange rates lie below 

arranged minima. 

The government .and the 


ZURICH, -® -11- 



national bank are verjf nhlikely 
to act on the demands, both 
because exchange, rites.' are 
currently well below yhat are 
seen as typical minimum rates 
— the dollar, for example/ -was 
to-day below Sw-FrE-lSfiJand* the 
mark under 94 -centlbWs— £nd 
rince the sort of guarantee en- 
visaged could prove tantamount 
to a splitting of the Swiss-franc 
rate — the ■ authorities have 
repeatedly stated that they could 
not countenance this. 

In Swiss tourist circles them 
selves there seems no firm idea 
of how hotel-keepers could 
obtain the same sort of exchange- 
rate guarantee; as is provided to 
manufacturing- industry by the 
export risk insurance scheme. 
There is. however, considerable 
concern at tbe sharp rise in the 
Swiss-franc rate and in the fact 
that foreign travel agents are 
declining to enter into Swiss- 
franc contracts. 


- Central bank talks ‘constructive’ 


BY OUR OWN CORRESPONDENT 


ZURICH, Jan. 11. 



E LATEST round of centrat 
ik talks at the Bank of Inter- 
ional Settlements (BIS) head- 
irters in Basle were " har^ 
nious and very constructive 
! led to progress being made," 
ording to Dr. Fritz Leutwiler, 
sident of tbe Swiss National 
tk. He categorically denied 
arts that the BIS talks, had 
□ a failure with regard to the 
ar problem. 

II participants welcomed the 
isures already- taken to im- 
ve tbe currency situation. Dr. 
itwiier said. Statements by 
U.S. delegation, in particular, 
shown chat the U.S. like 
ir countries, realised the 
■ity of . the situation’ and was 


not prepared to let the matter 
drift 

A further weakening of the 
dollar — such as took place on 
the Zurich foreign exchange 
maritet -to-day — was Irrational, 
he said. It was incompatible 
with the fact, established at the 
BIS and elsewhere, that the U.S. 
showed the most favourable eco- 
nomic development of any in- 
dustrial country. This meant that 
the UJS had the best short and 
long-term prospects, while the 
situation in hard-currency coun- 
tries .was deteriorating, primarily 
as a result of revaluation. Fore- 
casts foe the future development - ! 
of these countries would have 
to be adjusted downwards, be 
said. 



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AMERICAN NEWS 


U.S. jobless rate lowest 
since 1974-75 recession 


Fukuda 

seeks 

trade 


BY JUREK MARTIN, U.S. EDITOR 


WASHINGTON, Jan, 11. 


summit 

By Our Own Correspondent 


THE U.S. unemployment rate fell indicated. In November, for It would be unwise, therefore, ■ 
sharply by 0.5 per cent, last example, the Department now to assume that, on the evidence •. 

month to 6.4 per cent, its lowest calculates that the rate was 6.7 of one month's figures, the; wjcutvtww T „ 

level since the start of the 1974-Ta per cent. 0-2 per cent under the Administration may decide sig- . TT Vf 
requirements. original estimate. nificantly to pare down its i ".*“** 

The decline in the jobless While the Administration can planned S25bn. in stimulatory tax 1 SHEA® ac 5£? c Japanese Fnme 
corresponded with another size- clearly take some satisfaction cuts— much as it dropped. last. JU "„v_ MT ’ xu->jaas 

able increase in total employ- Trg — V ~ — spring its planned 550 per person : *3 * hj \ ost ®*£ 

ment. In December 58 per cent ecunmy grew at * tax rebate when it appeared the i £ e 

real rate of about 4 per cent, economy was expanding vigor- !? r ' .^9^^ Strauss. . the L& 

ouslv iindPrTr^ n^r^m S Specml Trade Representative. at 


of the population were working, 
the highest figure ever. 

Over the calendar year 1977, 
total employment increased by 
4.1m., the biggest annual gain 
since World War EL In 1977. 
about 3m. people entered the 
labour force, thus bringing a net 
numerical decline in unemploy- 
ment of Llm. 

The December figures do bear 
out some of the more optimistic 
predictions earlier last year of 
the then new Carter Administra- 
tion. In January last year unem- 
ployment dropped to 7J3 per cent, 
from 7.8 per cent in December, 
1976, prompting forecasts that 
by the end of the year the rate 
could well be below 6.5 per cent. 

However, from the spring until 


annually in the final quarter of 
last year, according to rough 
estimates released by the 
Commerce Department, our 
U.S. Editor writes. In the 


ously under its own steam. ... , .... 

There are many other weighty i 

factors at work— not the least the} JJJJ* thB JapaTCSe Tok2ro *** 
need to establish a consistently^ Mn0mce4 fa Tok , 0 


u.s. i.uitor writes, in the economic policy and the dear- 

course of Congressional ability of restoring the confl- tD '^* 7 ttl f t Mr - ^nl^da requested 
testimony, the Department’s denes of the business community \ f, s ^ mnilt me ®ting with President 
chief economist. Mrs. Courtenay —that would militate against any t a , wee “, a §°- - , . . 

Slater, noted that this repre- sudden change now in previously j 

sen ted a progressive quarterly announced plans. ; “J n , j » toe .Present ^ polffi 

decline from the 7.5 per cent. Moreover, in spite of the im- 

' In the first pro venmnt in thrunemployment i While the intent 

L977. How- picture last month, certain strno- 


advance recorded 
three months of 1977. 
ever, she characterised the year 


nei.sii* U.MUOWEB we jwt tural weakne s ses remain y®*T i*k« tr n 
*> a whole - as M! of solid, apparent Although nearly all 


[ the trade And economics front. 


well-balanced growth, with the democraphic, occupational 
GNP having risen from fourth and industrial sectors showed 
quarter 1976 to fourth quarter reduced unemployment, some of 
1977 by about 5} per cent the numbers are still high. 

The unemployment rate for > 


be a fine line which, if crossed, 
could result in an. aggressive 
American approach proving to 
be counter-productive. 


On his departure for Tokyo 

auwever, iroui me apnug until x .as unemployment raws tut [ veCTPrriav Mr ct» nu „-, 0 t,* 

last November, unemployment from the improvement in one of blacks, for example, though down ; £ ’ rtf ’ ouauss was a. 


lO^L lYUVCUlUClt UUCUl^lUJUlt^ii UUUi Uiv UiipiWVCUICIU m uue Ui ULdUl^, 1UE CAdlU^lt;, t-UUU&Xl uuwu l-__ _ a f f i* - 

stuck stubbornly in the 7 per the country’s most nagging prob- by 1.5 per cent in the month, [ ° t ® 

cent range, in spite of the lems. it is unlikely to get carried stood at 12.5 per cent, that forl poTenual aeat ont of “* sas- 

creation of a considerable away with euphoria. black teenagers was even worse 

number of new jobs. In both of the last two years, at 37.3 per cent While down 

A revision of the seasonal the winter months have produced from November’s 39 per cent, it 
adjustment procedures issued by sharp falls in unemployment was higher thaq the 34JS per 
the Labour Department to-day which subsequently petered out, cent of December. 1976, and the 
shows that unemployment was although in both 1976 and 1977, Department was obliged to note 

actually somewhat, though not as the recovery from the reces- that "no downtrend" was evident 

appreciably, lower than the sion proceeded, employment rose in the unemployment rate for 
monthly, adjusted figures bad appreciably, black teenagers or women. 


Query on safety of Concorde 

BY JOHN WYLES NEW YORK, Jan. 11. 

MANUFACTURERS of Concorde announced any plans to use the been through the most extensive 
are facing the task of convincing aircraft. Braniff wants to lease it test programme of any aircraft, 
the Federal Aviation Adminis- to operate on a New York-Dallas “We are quite confident of the 
. + „ route. integrity of the aircraft but we 

tration (FAA) toat its hydraulic . Itis nn( jerstood that the FAA's have to demonstrate to the FAA 
systems comply with U.S. safety reservations apply to the lack of that there is a level of safety 
Rations. back-up devices to compensate equivalent to its standards," the 

Although Concorde has satis- f or -any .possible failures in the spokesman said, 
ned most FAA standards, the aircraft's hydraulic system. Any The manufacturers are certain 
agency has raised questions defect could result in a loss of they can demonstrate the possi- 
about the adequacy of the air- control. biliiy of a hydraulic system 

crafts hydraulics whicn will a spokesman for British Aero- failure is no more than one in a 
have to be settled before it can space in Washington said to-day billion and that there is no real 
be certified. Without a certificate that the French, British and threat to the chances of U.S. 
Concorde cannot be operated by American aircraft certification certification for Concorde. The 
a domestic u.S. airline. -Its use authorities each apply equivalent FAA has not suggested this 
by Air France, British Airways safety standards but that the publicly and there are indica- 
™ any other foreign carrier FAA. tended to have a different tions that it expects to Issue a 
would be unaffected. approach to certain matters. In certificate by about April pro- 

At >present, only one U.S. car- winning French and British vided the hydraulic systems 
ner, Bra n i ff Airlines, has certification the Concorde had question is settled. 


Coal strike violence increases 


BY STEWART FLEMING 


NEW YORK, Jan. 1L 


THE U.S. coal strike, which has Bored and frustrated miners in strike and coattmxed. supplies 
made idle 160,000 members of the district of Charleston, West from pits which are still operat- 
the United Mine Workers Virginia, one of the most miii- ing. 

(UMW.) union, has moved into tant union districts and one signs have also appeared of 
its sixth week amid reports of where the mines are solidly mounting distrust between local 
mounting violence in the coal unionised, have been planning to union leaders and the leader- 
fields. _ send pickets to non-union mines ship at the headquarters in 

Last week a retired miner was in neighbouring Eastern Ken- Washington. On December 30 
shot to death by a company tucky. Severe weather has so far the coal companies walked out 
guard at Prestonburg, Kentucky, halted the expeditions, accord- of negotiations with the union 
Although the shooting was in ing to local reports. when, under pressure from local 

part a reflection of a feud be- Tension in the milling districts, leaders, the UMW backed away 
tween the two men going back especially En Kentucky where the from a prospective agreement 
several years, it has 'served to union probably represents less This agreement would have in- 
in flame miners and to increase than a third of the miners, has eluded financial penalties against 
tension dn the area. been increased by the miners’ miners who went on unofficial 

Earlier in the week at Rock- growing bitterness at non-union strike, a proposal which has 
port Indiana, 191 men identi- coal production. UMW members incensed mine leaders in the 
fied by the Indiana police as produce less than half the field. 

striking miners were arrested nation’s coal each year. Since then no negotiations 

after a dynamite and incendiary The strike began on December have taken place between the 
attack on a loading pier in the 6 and major industries relying two sides, although federal 
Ohio river handling non-union on coal have shown little sign mediators have been attempting 
coal. The attack resulted in of having been disrupted. This daily to bring the two sides 
several hundred tbousand is a result of the high stocks together. The complete break- 
dollars’ worth of damage. built up in preparation for the down of discussions is causing 

. concern for it. is feared that 

the longer the dispute goes on 

F ah J the more entrenched the posi- 

Jr orcl raises car prices beco s me of tte two * ides ^ 

Some' observers suggest that 
the dispute is now entering a 

FORD HAS followed General Motors have been given some i? 1 ^^e Ph towar(b^seSKmMt 
Motors in raising the prices of margin within which to improve oV er the next week or ten days 
iU small cars in the wake of the very small rate of profit- t he miners may still be out on 
increases in rival imported ability on their small cars. February 1, when pension pay- 

models because of currency Ford's Price announcement meats to retired miners end 
adjustments. covers three of its small car lines because the pension fund will 

Both manufacturers had shaved which will now cost an average have run out of funds About 
their small car prices and of 2.5 per cent more. In 81,000 retired miners have been 
included certain extras as addition, the company has raised drawing pensions of $250 a 
standard equipment at the start the price of its German-built month recently 
of the 197S model year in a bid “captive import." the Fiesta, by Already miners have had their 
to halt import gains in the small $159 of 42 per cent. health benefits cut, and. it is 

car_ market. • More than 200.000 Volkswagen feared that If pension benefits 

Now that prices of imported models sold in the U.S. are being run out the strike could become 
vehicles have been forced to recalled to rectify possible faults self - sustaining with miners 
respond to the slide in the value in accelerator cables and steering demanding social justice as well 
of the dollar, Ford and General mechanisms. as increased pay. 


BY OUR OWN CORRESPONDENT 


NEW YORK Jan. 1L 


gestion that Japan and the U.5. 
were embarked on a confronts 
tion course in the economic and 
trade field. 

More generally, the White 
House has been suggesting since 
President Carter’s return from 
his foreign tour last week that 
what bad been construed 
same as a rather frenetic Presi- 
dential approach to foreign policy 
last year was to be avoided in 
1878. 

Specifically, the intention is for 
the President to receive fewer 
foreign Heads of State in Wash 
ington. 

But such an approach would 
clearly allow for flexibility and 
could easily accommodate 
meeting with a significant foreign 
leader such as Mr. Fukuda. 

UPI adds from Tokyo: Chief 
Cabinet Secretary Hr. Shin taro 
Abe said Mr. Fukuda’s request for 
a meeting with Mr. Carter was 
conveyed to the U.S. Government 
about a week ago by Mr. 
Ftnnihiko Togo, the Japanese 
Ambassador to the U.S. 

Though Japan has made con 
cessions to allow increased im- 
ports of UR. farm products, Mr, 
Fukuda has been under pressure 
from his own far mer s not to give 
in to American demands. 

But with the U.S. plainly un 
happy, Mr. Fukuda is expected 
to present his country’s case 
directly to Mr. Carter in an 
effort to diffuse protectionist 
sentiment in the UJS. 


OVERSEAS NEWS 


Israel, Egypt military 
committee sessions open s 


BY ROGER MATTHEWS 


CAIRO. Jan. 11. 


Major nep 

anti-smoking 

campaign 

WASHINGTON, Jan. 11. 
HEALTH, Ed ucation and 
Welfare (HEW) Secretary 
Joseph Calif ano today announced 


Argentine forces on war footing 

BY ROBERT UNDLEY BUENOS AIRES, Jan. IL 

THE ARGENTINE armed forces mander of the Fifth Army Corps, Andes and return to Buenos 
have gone on a war footing as a which is headquartered at Bahia Aires to-morrow 
result of tension with Chile over Blanca and is the corps which 0ne reason for thf* mieht hi* 
the Beagie Channel near Cape has jurisdiction in all southern he waSts fo^StSl^y 
Horn. Argentina, simultaneously began MaJ.-Gen Carlos Laidlaw a* the 

Before boarding the aircraft- an inspection tour of the units new Planning Minister 4 — a 
carrier "25 de Mayo" off Bahia mm held on an interim basis by Maj- 

Blanca in southern Buenos Aires A Fifth Army Corps com- GerL Albano Harguindeguy. the 
Province yesterday, to accom- mumque said that the f orces i nter j or Minister. The holder of 
pany the fleet on battle were well-equipped and the ^ planning portfolio is the 
manoeuvres in the disputed area, troops in top operational form, n^nj^er who acts as President 
Admiral Eduardo Massera. the The President, army LL-Gen. ShenGenVidela if out^f the 
naval chief and a member of the Jorge Videla who is on the 

ruling military junta, said that active list and also a junta mem- g*“ videla aSd thl Chilean 
the navy was “ready for action." her. will almost certainly cut Prcsiden . a me 

Maj.-Gen. Jose Vaquero. com- short his summer holidays in the Pi „ ocIjet ; on the Beagle ChSmS 

— — — — — dispute is a possibility. 

The foreign ministers of the 
two countries — Rear-Admirals 
Patricio Carvajal of Chile and 
T , ,, Oscar Montes of Argentina, 

DA PAZ, Jan. li. failed to reach a solution to the 

THE BOLIVIAN military govern- seven years of military rale in dispute in their talks here 
mpnt has olaced the armed Bolivia, might be cancelled if between Christmas and New 
ment has _ pucea uie _ armea fl>r re f a nns Year’s day. A Presidential sum- 

forces, police and civil guards on ggntipued. mit is seen as the only remaining 

red alert, saying that subversive Labour and civil rights sources recourse before February 2. the 
elements arc* trying to prevent a have claimed that about 500 deadline foe Argentina to 
return to democracy. people were taking part in hire- declare whether it accepts or 

The order was in view ger strikes to back demands for rejects the British crown's 
of “the obvious subversion con- a general political amnesty', the arbitration on the border dispute, 
ducted by extremists” with Uie re-biring of workers sacked for Already it is known that 
clear object of preventing trade union activities and the Argentina will reject the arbitra- 
general elections scheduled here withdrawal of troops who have tion, not because it gives three 
for July, according to a state- been occupying the tin mines islets — Picton, Lennox and Nueva 
ment by the Armed Forces since 1976, They said that the — to Chile, but because the 
Cnmman'd. protest, started by a handful of decision allegedly leaves un- 

The President. General Hugo people at the end of last year, decided which country has sovd- 

Banzer, hinted on Sunday that appeared to be increasing. reignty over other islands east 

the election, which would end Reuter of Cape Horn meridian. 


Bolivian army alerted 


a major new' Government cam- 
paign to persuade Americans to 
stap.smakiujg. 

The announcement came on 
■fee 14th anniversary of - tie 
report by toe UJS. Surgeon 
General Which first gave wade- 
epread attention to toe link 
between smoking and health 
problems such as cancer. 
Research since the 1964 report 
"has proven toait smobmg ns 
even more dangerous than we 
originally believed,” Mr. Oakifimo 
said dn a speech prepared for toe 
National Interagency Council an 
Smoking and Heaiilih. 

He accused the tobacco Indus- 
try of spending “fcalf a bril&on 
doHans a year (trying to hue 
Americans into smoking. The 
most, pernicious aspect o£ .toat 
adrartfcing as the effeot it lias 
on cfafld ren,” Mr. Califamo said 
that an HEW study of a -large 
unban area of the west coast 
determined that at age 11, one 
out of 20 ohildxen smofo^ 

The new programme involves 
public education, regulation and 
research. Mr. Califano added 
that his agency has the "strongest 
smoking policy in government” 
and outlined several smoking 
restrictions for HEW workers. 
He said that separate work areas 
will be provided, within practical 
limits, for smokers and non- 
smokers. 

A task force will study possible 
incentives for non-smoking, 
including an increase in federal 
cigarette taxes and a graduated 
tax — based on nicotine, tar and 
carbon monoxide content- 
UPL 


Rowlands has 
one-day talks 
with Yance 

By Hugh 0*Shaughnessy 
MR. TED ROWLANDS, British 
Minister oE State at the Foreign 
Office, yesterday made a one-day 
trip to Washington for talks 
with Mr. Cyrus Vance, the U.S. 
Secretary of State. He was due 
to return to London later to-day. 
Foreign Office spokesmen said 
that the topics touched on in the 
talks could have included Belize, 
the Falkland Islands, tension 
between Chile and Argentina, 
and recent developments in 
southern Africa. 

According to Whitehall sources 
Dr. David Owen, the Foreign 
Secretary, who is to return to 
-London to-day, will be giving 
further study to the question 
of the shipment of £850,000 
worth of British arms for El 
Salvador, a deal with his been 
criticised by members of all the 
main parties at Westminster. 

The sources added that the 
shipment wiu sat sail from 
Britain until next month, and 
hinted that there was therefore 
time to reverse the decision to 
sell, in the light nf the condi- 
tion of human, rights in the 
Central American republic and 
the danger that the weapons 
could be used in support of a 
possible Guatemalan Invasion of 
Belize. 


THE JOINT Egyptian-Israeli men Is issue as quickly as possible - man s*Id on arrival In Cairo that 
military committee held its open- so that Che military committee ha had to be optimistic about toe 
ing session here thu evening could concentrate on all toe outcome of the talks, whereas 
with two issues dominating the aspects of Israeli withdrawal General Gamassy said that he 
agenda — *.he phased withdrawal from Sinai. was - neither optimistic nor 

of Israel from occupied Sinai. The Egyptian proposals are for pessimistic, 
and the future of Jewish settle- withdrawal to tie accmspUisfaed No statement was Issued after 
meats on Egyptian land. by stages in about IS months the talks between President 

Mr. Ezer Weizman. the Israeli virile Israel is understood to be Sadat and Mr. Weixman. which 
Defence Minister, flew in at the suggesting a period of at least were also attended by Mr. Hosny 

head of bis delegation early this five years. Mubarak, the Egyptian Vice 

morning and then went - on Withdrawal would be acorns- President, who had flown to 
almost immediately to Aswan in panied by the establishment -of Aswan accompanied by Mr. 
Upper Egypt where he bad a 50- demilitarised zones, a continued Hermann Eilts. the u-S- a m bas- 
in i mite meeting with President United Nations presence, aopfcri- tailor. 

Anwar Sadat. Be was accom- stinted devices for mositoete The Egyptian team will also be 
panied by General Gamassy. movements in Sinai, and a raxtffe using the military committee to 

Egypt's War Minister, who will of international guarantees tint try to asess what the prospects 

lead his delegation at the talks, will be asked for in the coming are for significant Israeli can- 
The Military Committee was months. cessions in the more important 

formed following the Christmas Both aides went into toe political committee in which it 
talks between Mr. Sadat and Mr. negotiations accompanied -hr is intended that the thorny Issue 
Menachem Begin, the Israeli detailed maps and a cam prehen- of toe Palestinians will be 
Premier. It was designed to sive set of proposals. Mr. Weis- discussed, 
hammer out the details of mili- 
tary arrangements in Sinai, and 
is supposed to complement toe 
work of toe political committee, 
which meets for toe first time in 

Jerusalem next week BY L. DAN BEL JERUSALEM. Jan. 11. 

«*»■ BoU ‘ !>n>iects ” 0 ?" . th ,' 

sion to be advanced, following “ eea a P PQi°ted °y toe Israeli utilisation of height differentials 

evidence that Israel was planning G< ?y^ rnj ” en t . to fir toe generation of Hydro- 

to extend its existing settlements nuttee to- study aU aspectg of electric power (lOO-L’OO STW) and 
in Sinai Mr. Sadat has insisted toe proposed Mediterranean- *«*ne 1 

that all Egyptian territory must Dead Sea canal. toe possibility of using toe sea 

be returned*, and was angered by So far, two possibilities have water for cooling an atomic 
Mr. Begin's insistence that toe ' been explored. The first Is a power station not located on toe 
se ttlem ents bod to remain. canal from toe Mediterranean shores of the Mediterranean. 

Howeve r, h e also believes tort somewhere near Ashdod, in can- Another purpose is to main- 
moves to expand toesettlements Tral to aQSS tbe Judean tain the rapidly falling level of 

a Hills and end in toe Dead Sea. . the Dead Sea which is being 

The second possibility would starved of water by toe utilisa- 
1 c exctans ° be a longer canal from the tion of toe Jordan river by 
has been impressed rianity of Haifa, in northern Israeli agricultural settlements 
bvMr WetaianSiSE^toSr IsraeJ ' vhich would link op with and by -the diversion of toe 
three previous meetings, and toe Jordan River (which flows Yarznuh (one of the main tnbu- 
their talks today were Obviously into toe Dead Sea) just south tanes of the Jordan) on the 
aimed at dealing with the settle- of Beith Sha'an. Jordanian side. 


Dead Sea canal project 



Mr. Mohammed Gamassy 
(right), the Egyptian War 
Minister, greets Mr. Ezer 
Wetanann, the Israeli 
Defence Minister, prior to 
the joint military committee 
meeting. - 


Japan plans 
exchange 
rules probe 

Prime Minister Take© Fukuda 
said yesterday the Japanese 
Government plans to consider 
a full scale revision of foreign 
exchange controls, to make 
freedom toe rule and controls 
exceptions. Reuter reported 
from Osaka. 

Such a change will be sym- 
bolic of Japan's movement to 
an open-system economy, he 
said. 

PM in Pakistan 

Prime Minister James Cal- 
laghan arrived in Rawalpindi 
yesterday on the third leg of 
hxg 10-day tour of South Asia, 
Reuter reported from Rawal- 
pindi. He is scheduled to have 
two hours of talks to-day with 
General Mohammad Zla-ol- 
Haq, Pakistan’s military leader. 

S. Africa arms 

South Africa has no inten- 
tion of halting the manufac- 
ture under licence of foreign 
weapons even if these licence* 
are withdrawn. Commandant 
Pieter Marais, chairman of the 
South African Armaments 
Manufacturing Corporation, 
said yesterday, TIPI reported 
from Cape Town, 

Namibia talks 

Mr. Pik Botha, toe South 
African Minister, said yester- 
day he could not attend 
planned New York talks on the 
future of Namibia if the five 
Western powers postponed 
them till toe end of toe month, 
Reuter reported from Pretoria. 
Instead be invited the five, 
Britain, France, the UJS^ West 
Germany and Canada, to come 
to South Africa for talks before 
then or send their promised 
“ comprehensive proposals’* to 
South Africa. 

Students injured 

Anti-riot troops used dubs to 
break up a student meeting at 
a university campus in East 
Java, injuring several students, 
a student spokesman said 
yesterday. Renter reported 
from Jakarta. The students 
were bolding a meeting to 
mark the fall of toe Govern- 
ment of late President Sukarno 
in 1967. 


Vietnam, Thailand sign pacts 


ON OTHER PAGES 
International Company Newst 
Excellent year for Swissair 
Thyssen withdraw* from French 

steel .- 26/27 

Farming and Raw Materials: 
Norway— Russia fish .deal 33 


BY RICHARD NATIONS „ BANGKOK J*B. If, 

THE VIETNAMESE trade dele- namese will need to import up the non-socialist ctmhfrta* o4 
eation in South-East Asia to ton.; or rice this year South-East Aila, ■ PUtfcularl] 
rh-iiked un another senre here from a ' v °rld market where only Thailand. 

Thailand and toe U.S. are Diplomats here comment toa; 
to-day m its current diplomatic re ii a blo long term exporters, the trade agreements a 
offensive with two bilateral But bad weather has cut Thai- from the Tnnb mission 
agreements signed with the land's 197S projected exportable open ftoatfttlies between Vi 
Thais covering civil aviation «nd rice surplus to half of last year’s, and its Communist neighbooi 
“ trade economic and technical ^ enough to satisfy traditional Cambodia lmve combined drama 
co-o Deration." customers. tically to reduce these pu 

_j 7 . ,.. . . . The- same may be said for anxieties. Thailand is non 

This is the third such mat ce ment and steeL two other receiving appeals for detenti 
agreement signed by toe Viet- jt ems .-,f Thai manufacture from both Hanoi and Phnotc 
namese delegation, headed by needed in Vietnamese recon- Penh in place of the harsh props 
Nguyen Duy Trinh, _ the Viet- s truction. Moreover, it is doubt- ganda blasts of recent months 
namese Foreign Minister; In Us f U i that Vietnam would have the General . Kriangsak Cham 
current four-nation regional tour- foreign exchange to afford large man and, the Thai Premier, aim 
to Indonesia, Malaysia, the imports from cither Thailand or gains something from, then 
Philippines and Thailand. More- ; *» H j 0 ther countries of the region, agreements; they fit with hh 
oyer, the air asremenr ia fc^ri Jf£supplies were abundant commitment to reduce tensiow 
viewed here as a. solid step In ^Thc symbolism of these agree- with Communist Indo-China. oh! 
reopen^to world anauon toe mehts is largely political, but all of the main pledges of lad 
vita 1 Tamber One carrldw the more significant for that October’s military coup tWt 
ove J Vietnam between Bangkok reason. No less than six mouths brought him to power. Observer! 
and tiong Kong, two of the a50 the mystique of Vietnam’s here also feel that these agree 
busiest airports in Asia. war machine combined with meats promise to enhanw 

For the time being the trade Hanoi’s aloof and often hostile Vietnam’s credit rating with 
agreement is likely to be more diplomacy generated disquiet Western aid donors and 
symbolic than real. Tbe Viet- and apprehension throughout Investors. 

Diplomatic moves as border war eases 



BY OUR OWN CORRESPONDENT 


BANGKOK.Jan.il. 


BOTH SIDES in the Oamibodian- appearance of Vietnamese their own allegations that up « 
Vietnamese border war seem to objectives from a limited border two battalions of Camboffial 

te taking a*'®” 13 ®® exercise to one of invasion. troo P s held portions of Vie t 

rent loll on’ the battlefield to ocenpatton and cooqnert, some- namese territory until las 
shift toe contest on to the thing few observers here think ~ 

diplomatic front Phnom. Penh’s only real ally. . K ad ‘° Pbnom Penh has retool 

The consensus of diplomatic Peking,- would be prepared to te d “Vietnam’s monotonous . . 
opinion here is that the Viet- tolerate. excuse of self-defence m « 

namese have achieved the first w ‘ --j editorial claiming that “ never ir 
objective in a limited military MtetSlpu hist °ry has a small country pin 

operation by opening a corridor t * voked a big country and conumt 

possibly toe entire length of ted ^Egression against it 

thedx common border and cutting Cambodia continues to pdNtoi 

all comnHimcatioiis between the f0UX ‘ natI011 its charges of invasion by to* 

two countries. diplomatic toar. Vietnamese while Hanoi has 

Any drive by the Vietnamese The Vietnamese have also refused to admit that its “bor dei 
to deepen this corridor would countered Cambodia’s charges in operation ” ims actually intrude*! 
immediately transform toe the United Nations today with on Khmer territory.- 


Sithole confident on talks 

r ' SALISBURY, Jan. 10. 

THE RHODESIAN Government Mr. Sithole said the 
and black nationalist parties are nationalists are prepared to give 
still deadlocked over ithe ques- the white minority 20 guaranteed 
tion of white representation in seats in a 100-seat Parliament. 
Parliament when the black but that the Government was 
majority rules Rhodesia, a insisting on 33. 
nationalist leader said to-day. He would not comment on 
The Rev. Ndabaningi Sithole published reports that the 
told a news conference, however. Government was now prepared 
that be was sure the problem to compromise by reducing its 
would be resolved and settlement demand. -to .30 seats while the 
talks would move on to the final nationalists had raised their con- 
major issue : the make-up of a cession to 26 or 27. 
national army for Zimbabwe. Mr.- Sithole added that the 
The last plenary session of the Patriotic Front — political spear- 
talks took place on January 3, bead of the guerilla forces 
since when the beads of delega- 1 based in Zambia and Mozam- 
tions have met privately three bique — must participate in elec- 
times in a bid to bridge the gap tions for a Zimbabwe Govern- 
on white representation. They mdnt “If they refuse that’s 
are due to meet again this after- their affair." 
noon. Renter 


Rhodesian race 
harmony drive 
is scrapped 

SALISBURY, Jan. lL 
HARMONY, a white advertisiW 
campaign designed to iraprov* 
race relations in Rhodesia, ha 
died a slow death, its spoowo 
announced to-day. - 
Mr. Michael Hogg, head e> 
the Salisbury advertising agena 
which launched the campaign 
last September, said it has beffl 
scrapped, because of lack 01 
support. 

The campaign, backed hj 
five major Rhodesian buslnefl 
organisations who put HI 
R §25,000 (£25,000), appealed . t* 
white Rhodesians to “unw* 
stand” their black neighbour* 

Reuter 


Mrs. Gandhi— details of her defence 

BY 1C. K. SHARMA NEW DELHI, Jan. Hi 

MRS. GANDHTS defiant state- of any government, and l * I can- tion of her Railways Minister, nationalisation of the banks 
ment yesterday— her first de- not do what is forbidden by the Mr. L. N. Mishra, the violence suggested this was done becati* 
tailed defence of her decision to constitution." The Cabinet in Bihar, the attempt on the life the judges owned shares in fl> 
clamp an emergency on the system of collective respGn- of the Chief Justice, the call to banks. 

country on June 25, 1975— was ability would " collapse ” if the forces of law and order to re- Mr. Shah, who was then to 
made in a courtroom packed by oath was violated. volt and the threat by leaders Chief Justice, objected to h* 

her political rivals, supporters, This plea has been taken by tihe Mr. Morarji Desai and Mr- “imputation” and said be hs 
witnesses, counsels and scores of Mme „£ her followers, but not J.. P. Narayan to march in pro- never owned any shares, althoug 
reporters. bv many of Mrs. Gandhi’s former cession to her residence " to he admitted that some of b 

Mrs. Gandhi made the state- ministers, who have made state- paralyse my functioning as “brother judges" did 
ment as soon as the Commis- mentg about Cabinet proceed- Prime Minister." them. 

sion’s hearings began to-day. In £ ngs W hen Mr. Shah assured As Prime Minister, Mrs. To-day's drama came afU 
it she disputed air. 5 nan s con- them this did not amount to Gandhi said, her assessment was Mrs. Gandhi had split tl 
tenti on that there were i no violation of their oath. It remains that all this would lead to ex- Congress Party and started wb- 
accused and no charges before t 0 be seen how many resort to tensive violence, especially, os she calls the “real Congress" ■ 
toe commission. this plea now that action <has been this happened at a time of a bid both to enhance ax 

I am the target, she said, taken against Mrs. Gandhi. eeonomac crisis. political character in the charg- 

airy Sroshoi that all pol£ Tbe tenner Prime Minister’s "No government could view JgJjJJ .^® r before the Shi 
■ ^,1 actions hy politicians iustilcation for declaring an this with equanimity and certain an{ L l0 „ P re *2 

Xcii during her exn&r- emergency was based on a series hard decisions had to be taken,” Sf”® r# S w »? itl< 5. t0 l 

gency 1 ride had been carried out o£ acts of violence and civil said Mrs. fcandhL She pointed For l he preser 

% hir bXeSt SSToSS&Sri «■*•*■«»■■ fra m 1974 on. oct that the Prime Minister had mncHTti 

terms of reference she said wards. These included a state- a special position, and every de- ™PPon, and much of tj 

.1™ s ^ „ _. e i ^ by the present Home cislon she had taken was “with ingress has remained with ti 


were directed at “excesses” of ment by the «umc ckmuu •»**«- — — nnmnt ■ uj-L -i 

the " previous government Minister. Mr. Charan ^ Singh, to the country^ interests upper- ^^broken^ from which sl 


which I had tile honour to toe Uttar Pradesh legislature in most in mind." 

head.” 1974, that “what we cannot JHrs. Gandhi ©lashed with Mr. _ 

The oath of secrecy taken by achieve by Jaal tote we will achieve shah when she referred to the wri botidm .”,!^MKkii^ob. 

ministers, Mrs. Gandhi said, was by bullets, Sanreme Court's decision in 1972 

etssentiai foe the .functioning She mentioned the assassina- to declare as unconstitutional her _ 


l 


L 




•;kr Vi art 


■ . .. -ifitlV 





*3m. 


Sg ; m 


*V : . i-i---' f 







. .... 









Dateline: 9 am. 1st November 1977. M58 Skelmersdale 




Who would believe that so many 
people could spend so much time 
crawling on crowded motorways 
simply to spend the next seven 
hours in . an overcrowded and 
highly polluted atmosphere? 
Especially when they could be 
enjoying life more and making 


Skelmersdale New Town 

The experienced one 

Skelmersdale Development Corporation Pennylands, Skelmersdale Lancashire WN8 8AR 
Telephone: Skelmersdale 24242 STD Code (0695) Telex: 628259 


more profit in an area where the 
third lane is still the fast lane and 
the byways are still not the 
highways. Shouldn't you be 
finding out about a healthier 
approach to industrial life? M4 or 
M58 the choice is yours. 















4 


Financial Times TEursBay .3araaxy 12 I97S 


WORLD TRADE NEWS 


Sanyo to 
make TV 


U.K. strikes ‘aid Japan’s car sales’ sowt pipe 

BY DOUGLAS RAMSEY TOKVn Jan 11 UluCr lOl 


sets in 


TOKYO. Jan. 1L 


JAPANESE car exporters sold exported to Britain in 1S7B and According to one official at yea’s appreciation on inter- 'ITT' O 

over 20 per cent, more cars to 122,800 in 1975. Nissan, makers of Datsun cars national currency markets began VY ' vTCl V ■* *' 

Britain in 1977 ’and .took a big- Have the Japanese car com- C largest Japanese seller in in early 1977. These price in- J ||f|n A|* rfTC?/IlTC?C?T^fTTT 

ger snare of the U.K. market ponies, then, been guilty of Britain), the figure 10 per cent, creases, according to industry The West German concents. UJUU%^1. UlOV Uo^lUlI 

than ever berore, but they deny duplicity in their talks with was at no point discussed either sources, have begun to hurt sales Manitesnaim>Handel and Ibyrnen 

criticism in British motor in- British industry and Govern- formally or informal!-- with of Japanese cars in Britain. Stahhinion have won another » v iymi-am MeLiiM MnusmuL star 

dustry . circles that Japan's ment? Tbe Japanese view. SMMT. while the Japanese argu- «*w»ct from the Soviet Unkm ■ n Htmw ocuuii. 

success ui 1977 was achieved at naturally . is not— for several Third. Japanese car makers meats are at times persuasive, *»£ delivery of large pipes for CONCORDE services from gradually assumes the greater 
2*JgW r re “ ons ' v « . , blamestrikes in Britain for the the rSmicg is »meti ra « SSSeS H° don t0 *** * handling British aSSS 

standing that Japan would not First, there is no official htaher share of reeisirations in saectaus. in oartieiilar. although 'ESfr follow from discussions next trans- Atlantic supersonic jiuhrs 


Europe 


Concorde flights to 
Lagos and Jeddah 
under discussion 


TOKYO- Jan. 11. 
JAPAN’S Sanyo Electric Com- 
pany said to-day it planned to 
established a new company in 
Europe to manufacture colour 
television sets for the 
European market 

The company said negotia- 
tions were still In progress, 
and refused to give details of 
the probable location or pro- 
duction levels. 

Tbe measure was designed 
to cope with the yen’s recent 
appreciation against the dollar, 
which made exports from 
Japan more expensive, and in- 
creased domestic wage and 
materia] costs, the company 
said. 

Sanyo, which makes about 
2m. sets a year in Japan, said 
tbe European move was also 
part of a programme to expand 
overseas production of colour 
televisions and electronic 
goods, such as audio systems 
to one-third of Its overall out- 
put from 20 per cent 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


I standing *' that Jaf»n would not FSn£ there is.no official hi^er share of ^SStiloks in SdftapLMrSSSS STSJS iTEK 

than thev had the vear before. imnvt. Drit.in »U7a I US ! St that UO SgiUCIBCnt i BOUU .TllC IWW CURTSCt Is fori .n -nrf nnntllMU -nH.it. • 


f e ar exports 10 Bntara. “ We most of 1977 their penetration of or sealed between JAMA and 304000 tonnes to Caledonian and Nigerian ventures wit* other airlines 

SSS^fAr th-ir have no asreemeau accor *}°S the U.K. market remained at or SMMT, the British side has come produced in Manneamann’s MueltL Alrmyo. sterna firm 1 November 22. when 

^ in t0 company executive, below the 1976 levels. away from several meetings helm (Ruhr) factories by this Supersonic flight* from Ross Staimon. the British 

weased share on ffiesmTres m and strictly speaking that is Th ey paint out that between assured (perhaps wrongly) of the autumn and shipped to the Soviet London to Jeddah are also under Arrays chief executive, said the 
the Bn Mb ^ Neither the SMMT nor j amla Jy 7nd j u “y ,™e average Japanese «r makers’ goodwilL Union. No details of the value dffiuSon Kn BriUsh Air- Mrfjne -would enter agreements 
forced Bntish customers to JAMA has wanted to write an mnntMv share of 11 k w»"L«ra- rfLl rim to an 11 01 the order have been given, nor tskudi Am hian Air. other national airhnes alon- 

turn to foreign suppliers, notably orderly marketing agreement {gi nkiKJ JanS^L JJ m recuring rfose to an 11 Qf ^ cooA ite>Tu involved “ d S*™ 1 Arabu,n the lines of the Singapore 

in August and September. which might then expose both “22 9 4 oer ren? had fSLtJSLe £FjmJZ Le which have bca arrangedtorottgfc ™- 4 t lines Venture." = 

Officials of the Japan Auto- sides to anti-trust scrutiny in a German^banliBg consortium tod !^e announcements hare come This project was subsequently 

mobUe Manufacturers Associa- the EEC as well as the U.S. “ e J™** the trust of the SMMT. it mlgnt by Deutsche Bank. as British Airways Is stepping-up suspended as a result of nroblem* 

tion (JAMA) and Britain's instead, both sides agreed in « Aft * r a . 11,811 I***! of regisja- well signal more open P* ot **' -its London to New York service, over the use OP Malaysian ai£ 

Society of Motor Manufacturers 1976 to “ forecast ” toelevel of rraV 14 *? per , < f 1 f Medical Standard ybile not reintroducing the full space, 

and Traders (SMMT) agreed in Japanese exports to the UK. (14.6 per eenL) and British Gowwnment to stem ___ . four flights a week which oper- Mr. Slainton called far > 

a joint communique, coincideu- British officials feel that this 0cto ^ er ( , lld t ceoU. they imports at the SMMTs urging. THE FIRST international me*. sted t0 Washington before “United Nations of Concord! 

tally last September, that there forecast amounted to an under- W, J^ans sharefen back to SB Any protective action by Lon- jjajt for the December 10 last year. oporators” as the best 5 ib 

would be “no possibility of any uMng not to greatly boost cenL ,n ^ 0VKnb er. don would, in fact, be a poor aB fn The New York flights, which uw the aircraft. Links with 

significant rise in the share of Japan’s share of the U.K. market. Moreover, Japanese exporters alternative to the more flexible JSXSS iJ!* began on November 22 last year, other national airlines W nJ 

Japanese made cars in the U.K. This was largely the case in «« n ° «as®n to apologise for arrangement arrived at between ,r a 3nf nfS «• Xo te «»PPcd-up to sue a necessary where British Alrwars 

this year." 1976, and the SMMT was expect- higher level of sales in the SMMT and t JAMA. Above all, feart ed a t a cDnfwww oftoe WCfjk from Sunday. January 15. did not have traffic rights, fur 

In fact. Japanese models have ing a similar outcome in 1977 August and September because tbe understandings in 1976 and " tlTiSSS 1 There will be no flights on Sutur- example 10 Lagos, 

taken 10.6 per cent of new U.K. S j n ce Japanese makers agreed ^ey were induced by the non- 1977 allowed Japanese exporters nr n.vIrn.S wrirw ^ days. This has gradually become a 

regstrations in 1977. substantially (repeatedly) to forecast that no availability of domestically- to increase exports in line with ™ * t»n Concorde flights to Washing- “destination In its own avhl" 

higher than the 9.4 per cent, significant rise would take place, produced PUBsnser rare- during the nse m Bntish car pur- *“*? ' ‘jT ^f-tv 5S - *«» were reduced from four a said the airline, rather than 

share recorded in 1976. Second, Japan has never talked “ Yi? v ® of strike? which hit toe chases. d a "5 fQP th | e i ct . t rtcai mAdleat week to two a week in December, simply a trans-shipment airport 

Japanese vehicle exports to 0 f limiting its car sales in the Bntish car industry and inflated As a result, despite this mild ™ ttt and S now A third flight will be added from This supportod Mr. Siuintnns 

Britain jumped by over 20 per U.K. to 10 per cent of tbe demand for foreign cars. restraint, exports to the U.!». euldeUne bvtiS February 16. but there are no contention that destlnatlun* 

cent, in 1977 although December market. British officials have “ We don't like to blame the went up 9.7 per cent in 1976 medic _j nrofession but also hv plans to reinstate the fourth which a few years ago enuld not 

export figures are not yet avail- come away from talks with Jama strikes,” says one Japanese and. perhaps, over 20 per cent, manufacturers when establishing flight- have supported Concorde, arc 

able. Between January and with the Notinn that in 1977 official, “but we bad to satisfy in 1977. That is as good a per- DrQ duction lines to meet This has been dropped for the' now sufficiently important to 

November. Japanese makers Japanese exporters would our customers.” formance as on the American minimum national safety toreeeoable future as New York justify a " closer look." 

sent 159.774 vehicles (including actively keep sales from push- Fourth, prices of Japanese cars market, so it is not the sort of reauirements - - 

trucks) to the UJC That com- ing Japanese .model registrations have been raised several times built-in increase which Japanese * j 

pares with a total of 134.800 cars beyond the 10 per cent. mark, in the UJL market since the makers would like to lose. Fork lift ordfiT f 1 1 O'hvIT) QGirC IflfllSI f A 


in August and September. which might then expose both was 94 per centf Itut as had 2£«trSiom ti^Jananese 1 m! which h * vt <} 3t:f £ a^TangedthroUgb 11 ^' 

Officials of the Japan Auto- sides to anti-trust scrutiny in h *“ ? Gennan, banking consortium led 1 The announcements hare 


Import promotion 


TOKYO, Jan. 1L 
THE semi-official Japan Ex- 
ternal Trade Organisation 
(JETRO) announced plans to 
promote imports from indus- 
trialised countries and develop- 
ing countries. 

The plans include posting 
task forces probably in New 
York and London in fiscal 19 7H 
to act as a market research 
consulting service. It will set 
up an office in Japan to 
brief foreign businessmen on 
Japanese trade policy. 

Reuter 


s of Callaghan asks India to 
|Fi ease controls on imports 


Hitachi in Mexico 


An order worth in excess of 4=7 

Pakistan tractor plant U.S -EEC in steel talks SSttSSSSS ease controls on imports . 

BY IQBAL MIRZA KARACHI, Jan. H. BY DAVID BUCHAN BRUSSELS.Jan.il. SVigen^^igeVhJlivStis BOMBAY* Jan. 11. 

A TEAM from the Canada-based exchange China will export to A JOINT working-party of U.S. market to the other. Whether Motors of Apapa. THE PRIME MINISTER, Mr. Mr. Callaghan’s visit to Bum T 

tractor manufacturer Massey Pakistan steel billets, tools and and EEC officials met here the margins between U.S. James Callaghan, told Bntish bay. the commereul huh c* t r. : 

Ferguson is expected to arrive workshop equipment, textile tfW . av Tn deviw. a nrt ncr cam- domestic prices and the new ECGD ffU Bran tee businessmen here to-day that he India, contrasted strongly 

here later this month to finalise machine^, rice planters, grid t(Mlay “ trigger prices-re ported to be had asked the Indian Govern- his study of niral ndm Jcser'V- 

the rupees Ibn. (about £53.2mj station equipment hospital and panson between the complicated ^ average of 5.7 per cent— is to do all it could to ease LiT 4 ! .S Mr 


TOKYO, Jan. 11. 
Hitachi has agreed to set up 
a joint venture in Mexico to 
manufacture and sell large 
electric motors. 

A new concern, Megatek SA. 
will be eapitalised at Y2bn. 
and be held 51 per cent, by 
the Group Industrial Alfa SA 
and 49 per cent, by Hitachi. 

The company will employ 
about 250 workers and start 
production in December. 

AP-DJ 


maximum capacity, will be 4B per for the private sector. These The EEC Commission to-day meeting. 

cent owned by Massey Ferguson include tiles and sanitary wart, expressed concern that the U.S. Meanwhile, the EEC Commis- 

and 51 per cent, by the Pakistan S heet and plate glassware, trigger price system might hit sion is to embark on the first i oans , 

Tractors Corporation. earthenware and porcelain. “ certain EEC steel exports to round of its bilateral negotia- awardi 

kSSS lX U wo^ AP-DJ reports: Chios sore it M dSwiy « r - "K hc W ZSS SSA S^SSSt! 


partment and U.S. and UJL this century. Mr. Tang Ke, head next month, is calculated on held on January IS. with Norway r a o 

banks. Under the project of the Ministry of Metallurgical Japanese production and. more on January 20. and with Switzer- D*nCSSOIl CO 111x3 Cl 


Pakistan will be able 


Airport to open 

NARITA. Jan. 11. 
Seven years after initially 
scheduled, Japan’s new inter 
national airport at Narita may 


to produce Industry, in an interview with important, transport costs. The land and Portugal on January 
s required the official Hsinhua News fear is apparently that, while 23. So far, only this time-table, 


AKUUilil riiutii wumq ivs, -fSII 

, . * . Morarji Desa*! and members of 

ncsson contract his Cabinet and left a meraoran- Refornng lo the rih* am 

Sbciete Franoaise d« Tele- dum with Mr. DagL- _ _ ■ 


84 per cent of the required the' official Hsinhua News fear is apparently that, while 23. So far, only this time-table, phones Ericsson said it had won Mr. Callaghan said he believed_ 

spares for tractors in the next Agency, set this as Peking's Japanese steel is sold mainly on with the EFTA countries has a FrsJlm. contract tn develop th ® re w . a * every poai bill t> of -lift 

4 .® * ur»it m w .vnArbire h4re.nn.reri 4 -.!; inih«rnntinllv increasing Indo- investment, it will DP tilt due: 


perioT““ ~ Set’ “ toe W«t“coasL EEC exporters Cg- &L “toe' W" "SSA 73 ^^antiaily fental* E of toe Indrm 

Meanwhile it was announced Western specialists, however, may have some difficulty reach- These agreements, covering Republic of Benin. '. ? r i Us ^J^i n {£? dMenninc tow 

here that Pakistan and China will estimate China's production of ing Midwest steel markets from both pnee and quantities of ^ . ?nd rhyt tom would heraorc that aeterminc now tut we ca. 


soon open, officials say. With 
more than $lbn. spent in con- 


exchange goods worth S24m. each crude" "steel in" 1976 was' only Ea"st Coast ports at a low enough steel imports, are designed to Steel aid 1 5tf£*L < SSS!! rali0B bctween «id hr 'r, 

way this vear under a new trade 21-22m. tonnes, down from 26m. price to win orders. replace the syaem of minimum . .. .. the two countries. Callaghan said he to 

protocol. Goods worth $16m. were in 1975. China reported 1977 steel Basically, toe EEC officials import prices that toe Com- . The EEC Coimuission i S81 ^ ^ He was speaking to the heads hopefhl that Britain could s«.. 
traded each wav over the last two cutout 12 7 oer cent, above that consider that the two price munlty has imposed between 15 granting a Frs. 350m. loan to of British companies operating more manufactured kouds l 

traded each way over tne last two outout : U.7 per renti abore raai Same January 1 and March 31 this Soriete Lorraine de Laminage in India at the end of his fiv*day Ind.a to balance the di-fir 

“Sistan will export to China tion figures Thw 1977 output absolute level, and there is thus year. The bilateral agreements Oontkm (Sollac) to contribute to visit here before flying on to which has averaged close t 

raw wtSS. wrton jSk teSS Sa? leTthSi tta? of 1975. when Uttle danger of third-country are expected to. last until toe toe financing of its Seremange, Islamabad on the third stage of mm. a year since ... 

leather ^ end ^ leato^goods In US ou^utwMllSJSm. tons. imports being diverted from one end of 1978. 1 Lorraine, steel plant J his south Asian tour. *eutor. »_• 


more than $lbn. spent in con- 
struction costs, officials have 
set March 31. 1978. for the 
opening of the airport about 
40 miles north-east of Tokyo. 
AP-DJ 


ASSISTANT 

FINANCING MANAGER 


TAX ’ 
ACCOUNTANT 


OPPORTUNITIES 1978 


We are seeking young executives of outstanding ability, between 
24 and 35 years of age, on behalf of two North American Banks. 
The ideal applicants will have a professional qualification or 
financial degree with some- banking experience combined with 
enthusiasm and a positive attitude. 


Ids 


London Head Office 


International Group 
Turnover £l 3 000m.+ 


LONDON 


Salaries range from £5,500 to £8,000- 


The Treasurer of a major U.K. International Group is seeking to 
appoint a commercially motivated and suitably q u a lifi ed person to 
fill this key post in his team. 


Our client, s major British Group with extensive 
international involvement now wish to recruit an 
additional accountant to handle varied aspects of 
their corporate tax affairs. 


BSB BankingAppointments 

131-133 Canmn Strut. Lm$m EC4N SAX Telephone 01-623 7317 & 01-623 9161 


The responsibilities will cover project, export and asset fin a n cing, 
international money management, exposure management, leasing 
and both sterling and currency dealing. 


Candidates should have acquired experience of treasury manage- 
ment in a multi-national or banking environment, they should possess 
sound analytical capabilities and have the ability to communicate 
effectively with all levels of financial and general management 


Candidates, with good communicative skills, an 
appropriate qualification and relevant experience, 
need not previously have been employed in Com- 
merce or Industry. 

A starting salary in the £6,000-£7.000 range is 
envisaged but the total remuneration package which 
can include a car allowance is very negotiable. The 
benefits and security associated with a major group 
■also apply. 

Please contact I.M.G. O'Hare on 01-409-1371 or 
write to him in confidence at 24 New Bond Street, 
London, W.l. 


APPOINTMENTS 

also 

Appear To-day 


| Group Chief Accountant 


: SW3 


£8,500 negotiable 


Age: Around 30 


Circa: £9,000 + benefits 


Write Box A.6213, Financial' Times, 10, Cannon Street, EC4P 4BY. 


Pages 

12, 13, 14, 15 & 16 


Highly enterprising international group, basically 
engaged in hotel operations in the South Pacific, and 
with venture capital investments in land and leisure.:' 
developments, seeks an experienced accountant to . 
support the Group Financial Controller in strengthen- l 
ing the financial disciplines of the Group's operations, -- 
which are almost entirely overseas. 


BANK ACCOUNTANT 


CITY 


FINANCE DIRECTOR 
DESIGNATE : oxford 


MIDDLE EAST- 

SALES ENGINEERS 


A recent joint venture development contract with a 
Middle East government has highlighted the need for 
. strong financial control at the centre, and applications 
are invited for toe post of Group Chief Accountant 


This International Bank with strong Middle 
Eastern connections has a vacancy at its City 
branch for the post of Accountant. 


The successful candidate should be in posses- 
sion of the AIB diploma, have had consider- 
able experience in the day-to-day running of 
a busy office internationally orientated. It is 
essential to be well experienced in bills of 
exchange work including documentary 
credits, foreign exchange, money market 
operations. Bank of England returns, etc. 


Phaidon Press Limited, a leading publisher of fine books, 
seeks a qualified accountant to lead a department responsible 
for accounting, financial and secretarial functions of the 
company. 

Phaidon is expanding rapidly and plans considerable further 
growth in toe coming years. The successful applicant will 
be required to make an important contribution to this 
programme in the supervision of all aspects of financial 
planning, control and reportage, which is computer 
orientated. 


American Multinational Company serving the petroleum /petro- 
chemical market in piping systems and components, offers a 
challenging career opportunity to experienced Sales Engineers to 
establish and develop sales in Che Middle East. Locations: Tehran 
and Dhahran. 

The candidate should have an engineering degree and must be a 
self-starter with a strong background in sales to engineers, 
contractors and oil companies. Prior experience in che Middle 
East would be considered a plus. 

Please send in confidence your resume to Box A.62T4, 
Financial Times. 10, Cannon Street, EC4P 4BY. 


Candidates, who should be qualified accountants pre- 
ferably in their late 20s or early 30s, must have 
experience of consolidation of P St L and balance 
sheets in a multi-national situation. 


The post involves an element of solos administration 
in liaison with tbe oversea s controllers and also some 
office administration. 


For a fuller job description write to- A. R. D. 
MacDonelJ, John Courtis & Partners Ltd.; Selection 
Consultants. 78 Wigmore Street, London W1H 9DQ, 
demonstrating your relevance briefly but explicitly 
and quoting 537/FT. 


Candidates should be in the 30-40 age range. 
Attractive salary and fringe benefits. 


The initial appointment will be as Chief Accountant and 
Company Secretary, but it is anticipated that appointment 
to the Board as Finance Director should follow shortly i 
thereafter. The person appointed will report directly to 
the Managing Director and will receive salary and benefits 
appropriate to this senior position. Applicants should have 
bad experience in a line management post of a similar 
nature, while knowledge of tbe publishing industry would 
be useful but not essential. 


REQUIRED 

TWO MANAGERS 


FOR PETROLEUM 
INDUSTRY IN 
SAUDI ARABIA 


All applications will be treated In the 
strictest confidence and should be 
addressed to: 


Please write in confidence to: 


BOX A6215, FINANCIAL TIMES 
10 CANNON STREET, EC4P 4BY 


George J. Riches, Managing Director 
PHAIDON PRESS LIMITED 
Littlegate House, SL Ebbe’s Street 
Oxford OX1 1SQ , 


1. MANAGER— Office Services 
Graduate business nuujusni. 10 
yean* experience, preference If can 
read, write and speak Arabic, fab: 
maintenance of following: 

(a) Visa and passport control 

(b) Company owned or leased 
housing. 

(c) Guest villa. 

«f) Motor pool. 

(e) Mall services. 


UJC. EQUITIES 
OIL RESEARCH /SALES- 
£7,ODO-£1 0,000 
Experienced Ansiytt, to 35, 
with food knowledge of Oil 
majors and desire to promote 
own work to play key role in 
the further development of 
this lector. Highly res posted 
firm. 

INSTITUTIONAL SALES 
£7,000^10,000+ 

A career motivated individual, 
26-35. with research and/or 


jcarp 


CHARTERED ACCOUNTANT 


CONSTRUCTION INDUSTRY 


MIDLANDS 


BANK MANAGER REQUIRED 


SALES MANAGER REQUIRED 


CONDITIONS 

Salary according tn axperiortce. 
housing, car, 30 days holiday, nva) 
and moving expenses paid p'vs full 
medical coverage. Two-war contract. 

2. PERSONNEL MANAGER 

M.B.A. degree, six years’ experience, 
preference if tu read, write or 
spask Arabic. 


salee exp. to Join expending 
desk and promote the work 


A.I.B. with practial knowledge of Lending rod Administration 
and basic Clearing Bank background. Suit assistant manager with 
experience in City/West End. Age 30-35. Full Benefits. 

Write Box A.6212, Financial Times, TO, Cannon Street, EC4P 4BY. 


with proven record in general printing or periodicals. Knowledge of 
stationery would be an advantage. .East Anglian works r with letter- 
press and litha processes. Appointment is in the London office and 
carries opportunity for promotion to main board. Could suit sole 
proprietor. Terms by arrangemenL Apply in writing to: Managing 
Director. George Bemdge & Co. Ltd* 1 18$ Shoreditch High Stmt, 


JOB: 

(a) Hiring. 

( b > Establishing of procedure. 

(c) Establish merit review system, 
fd) Administer discipline procedures, 
(ej Review existing systems and 
modify. 


of leading analysts in the 
Leisure, Cham Fell or Mining 
sectors. Large orogresslve firm. 

INVESTMENT ANALYSIS 
C5.000-XS.000 

Graduate, mid 20s. with 1-2 
years exo to loin small team 
with excellent reputation for 
their coverage of the Engineer, 
ing and Electrical sections. Wei) 
known reputable firm. 

Do concoct m In confidence, 
end we'll keep yon informed 
of these ond other poiKiont In 
Slock broking. 


Stephens Selection 


CONDITIONS— As Above 


35 DoverSswt, London WlXijRA. 

01-030617 > 


Please write to Boa A.6717, Flnene lei 
Timet. tO. Cannon Stmt, EC4P 4 BY. 


An old established group of private companies in che construc- 
tion industry with a turnover of £10 million requires a chartered 
‘ accountant age 35/45. 

The appointment is to act as assistant to the Financial Director, 
with prospects of a Board appointment, within a well established 
Accounts Department with computer facilities. 

Duties will include the preparation of financial accounts requir- 
ing a sound knowledge of taxaelon. an interest in land-, 
transactions and an ability to contribute to che effective, 
management of -a building group. 

Commencing salary: £9,000 per annum plus bonus. Company car 
and membership of non-contributory pension scheme. 

. . Please reply fully to Box Aj 0216, Financial Times, 

10, Cannon Street , £C4F 4BY . 








Financial Times Thursday Januaryl2 1978 


HOME NEWS 


to freeze 
its Sunbeam 
and Alpine prices 

: V BY TERRY OODSWORTH, MOTOR INDUSTRY CORRESPONDENT 

15 t0 the assembled m Britain after phas- 

2 Alpi ? e “*5 out ' of tto French model, is 

models for the next three months Improving. 

•' . ' : - 1 *B“ES* sales momentum Output Is running at about 
. % ™£. b * san ^ non th- 825 vehicles a week, which 

' * J™ 1 “nuim^ move. at a time means the company will have to 
“ e °^ er , UJ V manu- achieve about 40,000 sales in 
lacturers are involved in across- Britain this year against 30,000 
toe-board increases, lends weight In 1977. 

to the view that several car com- Sunbeam production has 
. panics are preparing for a tough reached about 86 per cent of the 
marketing battle this year. target of 1,000 units a week and 
Although the total market is the company claims that it. has 
•; expected to go up by about 7 per too few cars to meet demand. 

• v en t year > t0 L4m. units. Last month, .Chrysler bad its 
both Japanese and Continental best sales month for at least a 

. .. exporters plan to step up their year, recording 5TJ90 registra- 

' ■ ®"prts in the UJL, and the tions. It. captured almost 9 per 
. ‘j British indnstry itself will pro- cent, of the market ' 

duce more cars than last year if Prices of the other Chrysler 

• * it manages to meet its targets, car and track models are going 

• ■ Chrysler’s pricing policy is up by an average of 4 JS per cent 
being dictated by these develop- from to-day. 

• meats, plus the fact that the This increase is in line with 

• .Sunbeam had a troublesome the recent Ford rise of 4.6 per 
launch because of 'strikes at its cent, and the 5 per cent. 

... Linwood plant and has a great announced by Vauxhall in 
deal of lost ground to make up. December. British Leyland is 
The company's launch price expected to follow, at about the 
• . . , for the 1-litre Sunbeam, at £2323, same rate, In a week’s time. 

;eems to have been dictated Examples of' the Chrysler 
_ lartly by the desire to be able increases are Avenger GLS L6 
'0 hold down rises for about six four door: £3,416 (old price 
E smji At the same time, production £3316); Chrysler 2 litre: £4J.59 
u >f the Alpine* now totally (£4409): " 

» wi imp — r — — ■ — - — — — ; ' 

Laing drops £25m. 
Eastbourne plan 

BY JOHN BRENNAN, PROPERTY CORRESPONDENT 

Y '.'. OHN LAING has backed out of store groups, ineluding Little- 
ie £25m. Eastbourne central wood, Sainsbuzy. British Home 
■ea development. The contrac- Stores and Wooiworths, bad 
: * - t and its funding partner, tbe agreed to move into this first- 
sell pension fund, have decided phase building. ' '' 

Lat it is impractical to build The company planned to brnld 
• !Lr?f^n S n d cin2il C «t n S 0PPmS ** additional 140*000 square feet 
"Taw? P hff e ‘for«,rt of shoppingarea when 

.Se 3 

, own and City Properties which, Eastbourne Council s embar- 

. acked by Legi and General fassment at the Laing. decision 
ssurance, has been involved in 1S heightened by the need to 
ilks with the council for nearly agree on a development plan 
decade before mid-March. The council’s 

- Last 'autumn the council powers of compulsory purchase 
. added that Town and City*s on the site expire on Mateh 14. 

ian for a two-phase development Any proposals affdr then 
as too drawn-out Now, after would involve anotaer. public 
. atng's move, the council has inquiry and protracted planning 
tformally asked the property delays. 

■oup to reconsider the scheme. Town and City awaits the 

- The Town and City develop- council's next move. It hopes it 

ent team, responsible for some has regained the rolq of deve- 
: the largest covered shopping- Joper in the proposed .qpp.trp, - and 
nitres, originally proposed a views the council's .change, pf 
>o-phase development " ‘ :-heart/as ar conflnnajias of the 

In the first stage a 325,000 group's improving mage ’after 
luare feet shopping area was several years- of ■* financial 
anned. A number of large . difficulties. ■ > 


asks 
)ls 


Green Paper slated 
by Stock Exchange 

BY CHRISTINE MOIR 

THE CONCEPT of “public If the Government wanted to and dangerous. It also claims 
accountabaity ” by companies, extend companies 1 accountability that it is inequitable if it is to 
which underlines tbe Govern- to specific groups on particular be applied just to public com- 
ment's Green Paper, Tbe Aims matters, it ought to do this by panies over a certain size, as the 
and Scope of Company Reports, specific legislation. Green Paper proposes. 

However < of requir- An earlier paper, the Corporate 

aecordin S t0 “ e Stock ing companies to.be accountable Report, had recognised that there 
vv to ^ P ufali c at large was a were other 11 significant economic 

mai r ‘ irf tHa wha wooUy «®“**P* which "could ont eptities" such as local authorities 

SUL ** nor * houi(i be nationalised industries and 

Sjf f 0™ ” patroerships „bich the notion 

directors are to be held account- K companies were made to dis* most also apply, 
able to croups of people who 01086 formation simply because To pick on companies alone 
have Z Jo? ? f t TP ^tions that public was smipij- convenient- 

interest in the company, they u,terest was involved, pressure The Stock Exchange does agree 
will in practice cease to be firon P* would not be long in seek- with certain specific proposals in 
accountable to anyone." ia § influence companies over the Green Paper. These were 

" Company law is concerned decisions which related to these likely to bo included in future 
with the obligations of com- Hitters. listing requirements for com- 

panies to their shareholders and “The possibilities would have panics. 

creditors.” the most damaging potential for They include statements of 

Most of the proposals in the companies, he said. added value, statements of source 

Green Paper “ do not belong in The Stock Exchange, however, and application of funds, analysis 
the field of company law and are goes further than just arguing of short-term borrowings, details 
clearly designed to serve other that the concept of “public of leasing agreements and 
interests.” . accountability” is both vague foreign currency transactions. 


Grants chases supermarket trade 

BY KENNETH GOODING 

ANOTHER example of the major and marketing organisations into over at £104m. and taxable profits 
impact the supermarkets have two new companies, one to at nearly £l4.6m. 
made in the liquor trade conies operate as a wholesaler, and the • “Wholesaling and brand- 
to-day with news that Britain’s other to act as a brand owner, owning are two very different 
Digest wine and spirit merchant. The company markets and businesses and for them both 
Grants of St. James's, is to make distributes about 700 brands of to develop their full potential 
significant changes. wines and spirits. The latest it is necessary- for them to 

Grants, an Allied Breweries statistics registered at Companies operate under separate organisa- 
subsidiary, is to divide its sales House— for 1976— showed turn- tions,” a spokesman said- 


Sainsbury 

claims 

December 

recovery 


By Our Consumer Affairs 

Correspondent 

J. SAINSBURY claimed yester- 
day to have new evidence for 
its claim that it had started its 
new cut-price programme this 
week from a position of 
strength. 

According to figures pro- 
duced by Audits of Great 
Britain, the company’s share of 
the packaged grocery market 
recovered to 8.8 per cent, in 
the four weeks to the middle 
of December. 

This is only just below the 
share Sainsbury was taking 
just before Tesco dropped 
stamps and adopted Its new 
policy of disco outs in the 
summer. 

Immediately* after tbe Tesco 
move, Salnsbory's share 
dropped to 8.1 per cenL, 
although it made up for this 
overall by making bigger in- 
roads Into tbe markets for 
other supermarket lines, such 
as fresh foods. 

Audits monitors the sales of 
the biggest selling grocery 
lines and it is these items 
which form the basis of Sains- 
bury’s new discount pro- 
gramme. 

Sainsbury, with (be rest of 
the trade, has always stressed 
that it is unwise 10 read too 
much Into one month’s figures. 


Oilmen expect 
price-pegging 
well into 1978 

BY RAY D AFTER, ENERGY CORRESPONDENT 

OIL INDUSTRY forecasts show about S1.72 to the pound, price# 
that product prices are likely to have fallen markedly in the in- 
be pegged at present levels for dusirial markets through rebates 
much of this year. and discounts. 

With hardly any growth in One large companv estimated 

sales expected in the next 12 that ihe effect of this process 
months, oil companies foresee throughout 1977 had lowered 
little chance of improving their prices bv an average of ->n > 
margins. gallon. ' 

They say that even if The A formal reduction in price* 
Organisation of Petroluem Ex- may be implemented if a srerlinj 
porting Countries raises crude level above 51,95 is maintained 
prices this summer, it is far from for an appreciable period the 
certain whether market condi- company added. 

tions will allow such an increase «_ , „ , , 

to be passed on , the P eXrol market the price- 

On the other hand, the industry ^ ont i" UM P as slroa ? I Y 

sees little chance of a reductioh ln *?*•** or a notional 

in prices in the next few " ,6rLaMJ ° r -P 3 gallon in 

months to reflect the recent rise C ° St I' f 

in sterling against the dollar. 10 "°' or ‘ s,, i ! e . j 1 ltu * “f last 
The fluctuating pound can have V S r\7$?' 3331,1,1 ,&p 31 
a marked impact on oil prices; tho ond uf l9 ’ b - 
it is calculated that a five cent Forecourt competition is ex- 
movement in the exchange rate peeled to remain keen this year, 
generates an overall cost reduc- for major oil yroups will try to 
tion to the oil companies of maintain market shares in a sec- 
aboot £1.20 a tonne, or about Jp tor which may crow bv 2.5 tn :t 
a gallon on all products. per cent. 

The main cause of oil price Fuel oil sales are expected t«* 
increases in 1B7S was the falling remain static, although coin- 
value of sterling. panics hope that the demand fur 

Those expecting companies to Derv and gas nil will rise bv at 
trim prices in the next few least 2.5 per coni, 
months are in for a disappoint- Last year gas nil sales grew by 
raent, according to marketing about 6.5 per cent., largely due to 
executives. thp North Sea supply industry. 

They say that since the last fias oil is the principal fuel used 
round of price increases in April, in offshore supply bouts and 
reflecting an exchange rate of barges. 


Go Hertz No.l 

And make your money go further 




■:s !')78 


~tr 


New unlimited mileage rates. 


Builders face ‘worst 


year since 1963’ 

)fjlt if I ' t ih •' BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


rt 


IIS YEAR will be the worst 
ar for tbe construction 
iustry since 1963. according to 
National Council of Building 
iterial Producers^ 

’"A fact sheet entitled A Bleak 

tlook for Construction, pub- 
hed yesterday by the council, 
it is expected that^e.in- 
\ ; ‘‘“"stry will show no signs of 

overy until nest year and that 
tput this year will be no better 
,.*n last year. 

' * '* s *rbe forecast is at odds with 


some of the latest predictions 
concerning the industry's future 
. which have pointed the way to a 
minor revival in fortunes this 
year. 

The council says that in spite 
of the £63flm. that tbe Chancellor 
has restored to public spending 
on the construction industry since 
last March, the industry still 
faces two lean years. 

More than £2bn. had been cut 
from capital spending since 1973, 
with construction being cut by 
£lbn. in 1976 alone. 



ED 

JSS 


ftO^ 8 

•(m r» * 

*r ■’ 1 



BITUARY 

Professor Fred Hirsch 

OFESSOR Fred Hirsch, who In a completely differ 
d on Tuesday enjoyed a dis- he wrote, with Dr.vid Gordon, a 
juisbed career m the three study of the financiai Press en- 
erent fields, of academic titled Newspaper Money, pub- 
nomics, international mone- lished in 1975. 

.• affairs and financial Professor Hirsch showed 
realism. - - characteristic courage . and 

le was born in Austria in determination in carrying on 
1. Three years later his working until the very end 
ents moved to Britain. After despite a severe wasting disease 
aining a First at the LSE, from which he suffered in the 
fessor Hirsch worked for The last. couple of years, 
iker under Wilfred King and Indeed, he managed last week 
» for The Economist, where complete the proofs of the 
was Financial Editor from Political Economy of Inflation, 
3 to 1966. - “i which he achieved the seem- 

le then ' moved to the IMF tiigly impossible task of making 
ire he was Senior Economic 8 useful synthesis of the work of 
iser until 197° This was several different contributors ot 
owed by two y^ars as a Re- var Y ln S towipUnes and 

:cb Fellow at Nuffield College, beliefs. • ■ 
ord: in 1975 he became 111 SP 1 ^. of these ftxmdung 

- m fessor .-of" • International : c ? n ? eril f’ ^rf. ^ sor i * 

B dies at Warwick^-' always bad actively interest in! 

■ current events and the needs andj 
V f JS written work was erudite, foibles of those around him. 

y. but never pedantic. His a man of strong opinions—. 
f /k. The Pound Sterling; A.foj- instance, on British member- 
?mic, ib lished in 1965, was ship of the EEC— he was always, 
first to advocate tbe devalu- much more impressed by a good- 
n_of sterling, two. years.be- point made on -tbe other side 
; it occurred and at a time of an- argument than a feeble 
j\n the subject was supposed oa^ made bn hhr own ~side- He 
]’ e unmentionable. . • . leaves a widow, Ruth, and three 
is book Money Internabojial, boys. 

^shed in 1967 became a SAMUEL BRITT AN 

mard guide; and Professor ■ 
sch had a major hand- in ■ + ■ 

iy of the IMF studies which \ii» Infin T airlO 
»ed to steer the world into Lf41Ug 

post-Bretton Woods era. SIR JOHN Laing, life-president 

is growing desire to stretch 
horison of economic studies ?TL'_ 

lout abandoning their stand- . 

* found expression in Social. nl ® resl . 

its to Growth, published in gro ?P', ^ relinquished active! 
». As its titie indicates, his “2?^ ye ^ ««?' ^ , 

is was sharply distinguished _ 

* the Club of Rome fears ^ entered tile family busi- 

Jt physical scarcities. 11888 founded by his grandfather, 

is work is probably the most Under his direction, the organi- 
■essful and comprehensive sation grew into an international 
ana tion yet attempted of group— -to-day one of the largest 

the rise in output and in- building, civil engineering, pro- 
es so often fails to bring the P«rty development and manufac- 
»cted satisfaction, and why taring companies in the country, 
■efore both capitalisin' and ' - Heis surrtyedby fcis two^sous, 
more growth-oriented Sir ■'Kirby and Sir Maurice Laing. 
es of sodalism fail to live His wife. Lady (Beatrice} Laing, 
expectations, . died aged 86 In 1872. 


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s 


COMMONS INVESTIGATION INTO BRITISH STEEL CORPORATION 

6 


Financial Times Thursday January 12 1878 

REPORTS BY ROY HODSON 



’ decisions needed 


THE ALL-PARTY Commons 
committee investigating the 
British Steel Corporation 
recommended that the number 
of jobs at the corporation 
shoatd be cut to provide a more ' 
efficient industry. 

Its second major recom- 
mendation is that parts of 
investment projects, worth 
about £ 2 bn_ at Port Talbot In 
South Wales and at Redcar, 
Tees side, should be postponed 
or cancelled. 

The committee recommends 
that the second of its two 
reports into British Steel 
should form the basis of a 
Commons debate lasting at 
least two days, and that there 
should be an early statement 
on British Steel from the 
Government. 

This should Include the 
** unpalatable but necessary 
decisions that need to be 
made.” 

The committee sees the early 
closure of a number of the 
older works — which are being 
maintained in production as a 
result of Lord Berwick’s 
review while he was at the 
Department of Industry — as an 
essential part of its proposed 
strategy. 

The prospect of assisting the 
corporation back to profit- 
ability — it is losing up to 


£1.5m. a day — by a financial 
reconstruction is also con- 
sidered. 

Such a reconstruction would 
reduce the corporations 
burden of current and future 
interest costs. The committee 
recognises reluctantly that 
partial financial reconstruction 
may be inevitable as a result of 
recent events. 

Underlying the research and 
recommendations in the two 
reports is a feeling of deep 
disquiet that the committee has 
been unable to investigate its 
subject properly because or the 
reluctance of British Steel, the 
Government and the unions to 
give Full information. 

The committee bas recom- 
mended that Parliament should 
act to secure confidential 
correspondence that has passed 
between Mr. Eric Varley. the 
Industry Secretary, and British 
SteeL 

The committee^ apprehen- 
sion about the impact of its 
work on British Steel's prob- 
lems are summed np in the 
following paragraph hi the 
second report: 

“Your committee fear that 
the remedies proposed after 
due consultation between the 
Government, the BSC, and the 
trade unions, will be an unsatis- 
factory compromise involving 


eaeb of the three courses of 
action (manpower reductions, 
reduced capital spending, and 
a capital reconstruction), and 
that as a result of the elements 
of financial reconstruction In 
the compromise, the true 
nature of the crisis in the 
Corporation will be concealed 
only to reappear In a yet more 
virulent form at a later dale." 

The committee recognises 
that British Steel faces at 
least two years of losses unless 
both its policies and its 
market are changed radically. 

In July last year, the com- 
mittee estimated that the cor- 
poration's spending on fixed 
assets between 1977 and 1981 
would be £3 ,492m. at outturn- 
prices. By December, it had 
added £l, 210 m. to that 
estimate. 

To contain borrowings, the 
committee estimates that fixed 
capital expenditure most be. 
cut by 35.4 per cent- below 
the levels forecast in July last 
year. 

Such cuts would almost cer- 
tainly Involve the cancellation 
or lengthy postponement of the 
two major projects at Port 
Talbot and at Redcar. 

The earlier possible phasing- 
oat of a substantial number of 
the Beswick plants is con- 


sidered a sensible course by 
the committee. 

It also says there must be a 
steady reduction in jobs so 
that productivity targets can be 
met in plants falling short at 
present. 

The committee points out 
that very little progress has 
been made in manpower re- 
duction since the agreement 
between the trade unions and 
British Steel In January 1976. 

** It would be undesirable for 
obvious social reasons for 
there to be a rapid reduction 
in the size of the workforce — 
but a steady and progressive 
net reduction in each of the 
next five years must be 
achieved," says the com- 
mittee. 

Looking ' at investment 
policy, the committee reckons 
that the Scunthorpe and Llan- 
wera expansions are almost 
complete, although Scunthorpe 
continues to suffer from a 
shortage or Iron. 

It recommends that the 
Ravenseraig plant expansion in 
Scotland should go ahead to 
completion as should the first 
stage of the Redcar, Teesside. 
development. 

Bat It believes that it might 
be better at Port Talbot to 
replace the ageing wide strip 


mill, using the foundations of 
the existing still, rather than 
to go ahead with plans for a 
medium-width strip mill prim- 
arily to supply the needs of 
the can-makers. 

“The medium-width strip 
requirement for modern can- 
making is a separate invest- 
ment problem which should 
not be the sole mainstay of 
the whole Port Talbot invest- 
ment," Ute committee says In 
its second report. 

The proposal for a new 
plate min on Teesside, it adds, 
should go ahead only after a 
searching review of the 
demand prospects for Its out- 
put. especially In the North 
Sea gas and oD Industry and 
in the shipbuilding Industry. 

The committee believes that 
plate reonirements should be 
examined as a specialised 
problem Involving, principally, 
the Redcar plate mil] and the 
mills at Consort and Harfle- 
pooL Plate req ui re me nts 

should not be seen as the main- 
stay for the far larger steel- 
work project at Redcar. 

The second development 
phase at Redcar is priced at 
£1.6bn. at 1975 prices and the 
eommlftee says it has been 
given no justification whatso- 
ever for such an Increase in 
steel malting capacity. 


Cash flow estimates soar 
as finances deteriorate 




BRITISH STEEL’S deteriorating 
financial position in 1977 caused 
the committee to produce two 
widely differing cash flow esti- 
mates for the corporation 
Is the second estimates, com- 
pleted in December, 1977. the 
committee calculated that the 
total external funds British Steel 


wtu need between 1977 and 1 981 
to maintain forecast capital ex- 
penditure will amount j to 
filfiOSm. 

The committee bases the 
revised estimates on the likeli- 
hood That British Steel will 
return a loss of approximately 
ESOOm.in 1ST7-7S and a further 


loss of abour 1350m. hi 1878-78, 
The committee consider* that 
if steel demand recovers and 
British Steel takes corrective 
action to cut expenditure on It* 
revenue account la possible 
to anticipate a low of (sayl 
£ 100 m. In 1979-80 and a break- 
even position in 1980-81.". 


* 


CASH FLOW ESTIMATES, 1977-78 TO 1980-SI (JULY 1977 ESTIMATES) 

£ mflfton outturn prices 

Item 

im-n 

7978-79 

7979-80 

. _ Total 

1977-78 to 
191041 r 1980-81 

Applications 

Fixed Assets 

as 

863 

991 

1.01 3 

M92 

Working Capital 

■ iw - 

744 

165 

»» - 

•• 582 ‘-- - 7 

Total Applications 

T» 

1.007 

1.154 

1.182 

<074 

Sources 

Generated Funds 

-SO 

279 

252 

2S7 

478 

External Funds 


788 

904 

925 

3,2*4 

Total Sources 

729 

7J»7 

1.156 

1.182 

<074 


GASH FLOW ESTIMATES, 1977-78 TO 1989-81 (DECEMBER 1977 ESTIMATES) 

£ million outturn prices 


Total 

If 77-7* to 


Committee gives increased productivity 
higher priority than expansion plans 


Item 

1977-78 ' 

1978-79 

1979-80 

1980-81 

1980-81 

Sources 

Generated Funds 

-400 

-250 

0 

118 

-512 

External Funds 

1,129 

1,257 

1,156 

1.064 

4.606 

Total Sources 

729 

1,007 

1,156 

1,182 

<074 


Secretive witnesses attacked 


Main recommendations of the for specific projects which 
two reports: promise adequate returns. 


• British Steel should concen- 
trate oh raising productivity at 
existing works rather than incur 
higher overall costs by introduc- 
ing new facilities. 

The committee calls for clear 
views to be put forward in the 
public steel debate, "in which 
Government and departments 
and the corporation have shown 
themselves so far unwilling to 
engage." 


• Mr. Varley, the Industry Sec- 
retary. should ask British Steel 
to explain why the corporation 
has such a high break-even ratio. 


• Urgent consideration should 
be given to improving industrial 
relations and negotiations on 
manning levels should begin as 
soon as possible. 


ment for any non-commercial 
obligations. 


• Mr. Varley should take into 
account the need for maximum 
production efficiency in British 
Steel when he reviews the future 
of the Shotton plant in North 
Wales. 


• The Industry Secretary should 
initiate a formal procedure 
requiring major steel projects to 
be accompanied by manning 
outlines agreed with the unions 


• The industry Secretary should 
set out the general circumstances 
under which he may intervene 
in the affairs of British Steel 
The committee recommends such 
proposals being incorporated In 
the next round of steel industry 
legislation. 


the industry, planning invest- 
ment and taking Government 
decisions on the industry. 


• The Treasury should consider 
a self-financing ratio as a regula- 
tory device for the provision of 
finance to British Steel. The 
corporation should be allowed 
to raise its own loans with 
flexibility. 


THE COMMITTEE is seeking corporation and restore it to explains what it describes as 
Commons backing to secure evi- viability. Inadequate evidence given to it 

dence from Whitebait and The committee is recommend- earlter. 

British Steel which was not made ing the Commons to agree to two The committee stresses that, 
available during the examination motions designed to discover during its 21-year history, good 
J*i tnessw - . , what has passed between the relations and mutual confidence 

The committee notes in its Government and British Steel have been built up between 
second report that Mr. Eric during the current steel crisis, members, their predecessors, and 
Varley. the Industry Secretary, Motion A reads "That a the various nationalised Indus- 
bad refused m the commons to bumble Address be presented to tries. • • • 

lay on the table all papers that Her Majesty that she will be Th » renon savx committee 
SJjESfl.SSSS SI™, piously PteKrt to, give dir«- me „Lrs Sve ntSS tadS 


chairman of British Steel during tions that there be laid forthwith 


• The corporation should deve- 
lop and improve its monitoring 
and control procedure for capital 
projects. 


Directors 


• The uaion5 should organise 
themselves to respond ?de- 
quately in the steel industry to 
a much wider field of respon- 
sibilities than they have done 
so far. 


Procedures 


• British Steel and the Depart- 
ment of industry should both 
improve financial forecasting — 
“ not least so that reliable esti- 
mates can be laid before Parlia- 
ment." 


• More information should be 
made available to British Steel 
non-executive directors. They 
should serve for at least four 
years and their pay should be 
reviewed. 


• British Steel should review 
the balance between reduced 
costs and lost revenue resu'lmg 
from- rationalising products 


• The task or sanctioning British 
Steel’s financial needs should he 
switched from the Industry 
Department to the Treasury and 
fl New procedures should be direct experience of industry 
adopted by the Department of should be essential for civil 
Industry, the Treasury and servants taking part in the cor- 
British Steel for reporting on poratinn’g affairs. 




• The Treasury, the Department 
of industry and BSC should con- 
sider the appropriate self-financ- 
ing. ratio of the corporation. 


9 British Steels capital spend- 
ing should be authorised only 


• The Government should en- 
courage closer association 
be twee □ the Iron and Steel 
Trades Confederation, the 
National Union of Blast Furnace- 
men, and the Steel Industry 
Management Association. It 
should provide finance and an 
independent mediator. 


• The corporation should look 
at sales opportunities and 
Government should ronsidei 
strengthening British legi.'iatior 
to protect British Steel’s market 
position. 


• The Industry ' Department 
should investigate scrap supplier 


CONTRACTS AND TENDERS 





DEMOCRATIC AND POPULAR 
REPUBLIC OF ALGERIA 

MINISTRY OF INDUSTRY & ENERGY 
ENTREPRISE NATIONALE “SONATRACH” 


SONATRACH 


MARKETING DIVISION 
DOMESTIC MARKET DEPARTMENT 


International Invitation to Tender No. 4 / 1 1 


SONATRACH is launching an invitation to tender for the 
Engineering study, supply of equipment, construction and 
starting into operation of the following: 

A barrelling unit for ammonia with a capacity of 4,000 
Tons/year in Arzew. 

• 2,000 tons/year in bottles 

* 2.000 tons/year in lank-wagons 
Interested companies should apply lo: — 

SONATRACH. Division Commercialisation, 

Direction du Marche Inter ieur, DJLL 
(Base AlcipK 
Route des Dunes, 

CHERAGA (Algiers) Algeria 
Telex: 5£80S DZ— 52.892 DZ— 52.983 DZ 
to obtain the leader documents, against a payment of Dinars 
200, as from the publication of the present announcement. 

Tenders, together with the relevant usual references, 
should be sent in double scaled envelopes by registered mail 
in SONATRACH, address above, the inside envelope clearly 
addressed as follows: 

by March 1, 


“ A nc pas uuvrir - soumission A.0.1. 4/77 
197S al Ihe latest. 

Tenderers remain bound by their quotations for a period 
of one -hundred and twenty days. Tenders which do not follow 
the above-mentioned indications will not be taken into 
consideration. 


ART GALLERIES 


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COMPANY 

NOTICES 


3 TICE TO THE BONDHOLDERS OF 
IA NAVIGATION INTERNATIONAL 
LIMITED. BERMUDA 


JTICE IS HEREBY GIVEN that the 
ter ol Members ol Eastern Asia Nan- 
n Comoanv Limited. 21st Floor. 
b's Building. Hong Kong, will be 
i from 2610 January to 4th Feonisrv 
. born days inclusive, during i*mcI> 
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s 1989 issued oy Asia Navigation 
uciwiai Limited. Bermuda, on Stn 
i. 1974 min not or convertible into 
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January. 1978. 


PERSONAL 


OUR HOUSE TO LARGE? Tour house 
n be beaut Holly used ll ton silt It 
the National Cnaritv (Help i nr Agio*, 
ic portion will be mocermsco tire 
cost to you (usually sell-conta>nocO 
your own or vour surviving spouse’s 
e lor Hie — free ol ronl. rates, external 
siirs. Other portions convert ea lor 
iinjj people. Please write without 
ligation to: The Secretary. r«Ho The 
led Housing Appeal. Room KF1C. 26, 
nr Street, London. W.1- 


LEGAL NOTICES 


NO. WSJ 01 1978 

In the HIGH COURT OF JUSTICE 
Chancery Division Companies Coon. In 
(ba Hatter of LOMBARD WHARF 
MOTOR SALVAGE LIMITED and in the 
Matter of THE COMPANIES ACT 19*8 
NOTICE IS HEREBY GIVEN that a 
PciiUqd for the winding up or the above- 
named Company by Ihe High Court of 
Justice was on Ihe 9th day of January 
1978 presented to the said Conn by THE 
DEPARTMENT . OF HEALTH AND 
SOCIAL SECURITY of Stale Bcmsc High 
Hnlbnrn London WCZ. and that the said 
Petition is directed to he beard before 
rhe Court silling at the Royal Courts of 
Justice. Strand. London. W.CL2. on the 
Llih day of February 1978. and any 
creditor or contributory of the said 
Company desirous to support or oppose 
the making of an Order oo the said 
Petition may appear at the tunc of 
hearing in person or by bis Counsel for 
dial purpose: and a cony of the Petition 
will be rumlshed by ihe underpinned lo 
any credHor or comrlhuiary or the said 
Company ruaulrlnn such copy oo payment 
of the regulated charge for the same. 

M. W. M. OSMOND. 

Slate Boose. 

High Bolborn. London. W.C.L 
NOTE.— Any person who intends to 
appear on the hearing of the said Petition 
must serve on or send by post to the 
above-named, notice in writing or hie 
intention so lo da. The notice must 
stale the name and addresn of the 
person, or. if a firm, rbc name and 
address of die Arm. and must be signed 
by the person or firm, or bis or tbelr 
solicitor (If aoy>. and must be served 
or. |» posted. most be sem by paw la 
sufficient time to rejeh ihe above-named 
OOt later than four o'clock in [in- afternoon 
of the 10(h day of February 1978. 


PUBLIC NOTICES 


BIRMINGHAM COUNCIL fc US 
The £Tm. nlnety-gnc day BUB were 
issued IQL Jv wUn maturity an the Utt 
April. 1978 Applications totalled 

fchaiim. The minimum price .e.vpu-d 
was EM -94 hp- The average rale of 

Btvoanl waf % B'99896.. Tlht total Bills 
outstanding Is £1 9m, 


• The Department should im- 
prove the consultation between 
British Steel and private steel 
industry- 


• British Steel should be 
properly compensated by Govern- 


Titles of reports 


THE FIRST and second reports 
from the Select Committee on 
Nationalised Industries into the 
British Steel Corporation. 

First report: House of Com- 
mons Paper 26—1 (Stationery 
Office. £1.60). 

Second report: House of Com- 
mons Paper 127 — I (Stationery 
Office, 60p). 


3> n 


Steel supplies in the UK between 1967 and 1976 


When Sir Charles Vimers, BSC retary of Stale for Industry a SSi) wtiih roSii i»i im 
chairman, was recalled by the of all papefs relating to Sin^re^od by tte SaW 

committee to give further evi- the future prospects for the tSt ’ * "2. „ 

dence in November 1977. he British Steel cSporation whtch gES*!"!* as a ^nfldant ^d l 
refused — "short of being sent have hepn submitted to tiim hv' ennc UUI as a . connoani ana a 
to the Tower” - to give details ^ e cSration and tl the Co^ protection against irresponsible 
of plans being formulated with porationbs-him sinre Jannare f P rcs ? ur ** a* well as a guardian 
the Government to reshape the iSS" * D January 1. or the pub n c interest.- in the 

„ „ _ . J . words or the select Committee 

- Motion B. to he moved when 
the Reply to the Address is 
received, reads: “That the papers 
relating to the British Steet Cor- 


:i|I 10 
i ill 

\t( 



Explanation 

Evporti 



Iaporci 


Hoor supplies 

to hoac aorfcnt 


Total BE. production 





Tool supplies 
to n. uarket 


IOJ 


They. 

Steel 


of 1952. 

But the report goes on: ' 
regret that the British 
nation ^Potation docs not appear to : 

“So far w the withholding of 

sssr JLTSS j 

AMV&Sfe ~ a ■‘MS 1 

tee’s second report which committee. Me most select com- ... 
examines future relationships or “ lttee *- have die power ‘to send.,- 
the committee with Government f « r persons, papers and records'..^ 
departments and the corporal inn. “The only sanction available.,?. 

In- both reports, ihe committee ti» a committee, however, when- . . 
repeatedly draws attention to the witnesses refuse to answer a. ;. 
difficulty it had in obtaining question or to produce a paper, - 
reliable information from cor- is to report die mutter to the 
poration and from Government House. This - is art unsatisrac* 
departments and. to the facr that tory situation: it is. of course, 
“neither side was prepared to not unique to your committee but - 
d *RE 1 S*L .'applies to all select committees. , 
wiTnMws? may^favS^ J£?i '“I* must be for the House to - 
legitimate resection St delermine whether or not the 
public discussion of the details f ° r e T nsur ' ns conipIi ? 

of negotiations between the 1 Gov- a ° ce requests and summons 
eminent. British Steel and the of a se . lecr «w*niittee should be 
TUC Steel Industry Consultative strengthened. The forthcoming "• 
Committee in the last months of report of the select committee 
last year. on procedure should provide an 

The committee does not aceept. opportunity for this to be 
however,, that this excuses or considered." 


More political freedom 
in Civil Service urged 


BY DAVID CHURCHILL 


MOST CIVIL servants will be 
free to take part in national and 
local politics, subject to the 
approval of their department, if 
the Artnitage Committee’s report, 
published yesterday, is accepted 
by the Government. 

The committee, set up by the 
Prime Minister in May, 1976, 
with Sir Arthur Armitage. vice- 
chancellor of Manchester 
University, as chairman, has 
recommended that about 175.000 
middle grade civil servants 
should be allowed to take part in 
political activities unless the 
type of work involved prevented 
this. 

Previously, such middle mana- 
gers were classed as “ politically 
restricted” and prevented from 
most political activity. 

Some 23.000 senior civil ser- 
vants will still be subject to 
restrictions because of the sensi- 
tive nature of their work. 

Civil servants who directly 
deal with the public, such as in 
social security or tax offices, will 
be. barred from taking part in 
politics. This recommendation 
was criticised yesterday by the 
Society of Civil and Public 
Servants, which represents many 
of the middle managers involved, 
as being an “ abitrary con- 
straint " on civil servants. 

The committee’s report, how- 
ever, was a unanimous one in 
spite of an earlier split on the 
committee which had delayed 
publication for several months. 

Mrs. Barbara Castle. Labour 
MP for Blackburn, and Mr. Stan- 
ley Mayne, former general sec- 
retary of the Institution of Pro- 
fessional Civil Servants, had 
favoured a greater relaxation of 
the rules. 

But evidence from some Gov- 
ernment departments that few 
civil servants had applied for 
exemption from the present rules 
persuaded the committee that 
there was insufficient demand 
for a complete abolition of 
restrictions. 

The committee felt, however, 
that the present operation of the 
rules was unnecessarily restric- 
tive and could be substantially 
amended without losing the poli- 
tical impartiality of the service. 

The present rules provide that 
the extent to which a civil ser- 


vant is free to take part in poli- 
tical activity is governed by his 
grade. On this basis, the .Civil 
Service is divided into three 
groups of staff: 

The “politically free” cate- 
gory. consisting of industrial and 
non-office grades, who are free to 
engage in any political activity 
including standing for Parlia- 
ment (although they would have 
to resign from the service if 
elected); 

. The .“politically restricted” 
category, consisting of all staff 
above executive officer level, to- 
gether with executive officers 
and certain related grades such 
as information officers, who are 
debarred from national political 
activities but may apply for per- 
mission to take part in local 
political activities; 

The M Intermediate ” . cate- 
gory, containing all other staff, 
who may apply for permission to 
take part in national or Inrel pol- 
itical activity apart from adop- 
tion as a Parliamentary candi- 
date. 

“Certain groups of staff in the 
Intermediate category may be 
granted ‘en bloc’ standing per- 
mission by their departments to 
take part in political activity, 
and staff concerned need not 
then apply indlvidnally for per- 
mission. Someone promoted to 
the politically restricted cate- 
gory, or transferred to a branch 
of tiie department where permis- 
sion Is, as a rule, not granted 
would normally have his permis- 
sion withdrawn," the report says. 

It Is in fact the case that, at 
present, members of the inter- 
mediate category are given or 
refused permission (whether for 
national . or local political 
activity), primarily on the basis 
of the nature of the work on 
which they are engaged. - 

“We think that the approach 
for the future should depend 
upon the type of work on which 
a person is engaged, and not 
upon the grade of his civil ser- 
vice appointment. We therefore 
propose a reduction in the size 
of the restricted category and a 
consequent transfer of staff to 
the intermediate category. It is 
important to emphasise that this 
will not result In large numbers 
of civil servants being accorded 


indiscriminate freedom to take 
part in political activity. It will 
place them in a position to 
which they may ask to be gives 
permission to take part • in 
national politics In the same way 
that they may now ask to be 
given permission to take part 
in local politics. 

The effect of the changes 
recommended by the committee 
would be: 

The number of staff in the 
“ restricted " category would be 
reduced from 196,000 at present 
to 23.000 (about 3 per cent of 
the civil, service). These staff 
remain Ineligible to take pari In 
national political activities but 
they “could, as at present, ask 
permission to take part in local 
political activities; 

Staff in the “intermediate” 
category (about 67 per cenL of 
the civil service) would, on the 
committee’s recommendation, be 
able to take part in national and 
local activities; 

Permission to take part in 
political activities — in the case 
of staff iD the “restricted" 
category, in local activities only 
— would be given or withheld on 
the basis of specific criteria 
which would have regard to the 
nature of the work on which the 
individual was engaged. 

But the committee recom- 
mends that permission should 
not normally be given to the 
following groups of staff. 

i. staff dealing directly with 
Ministers either in advising them 
or in submitting policy recom- 
mendations or in executing 
ministerial decisions. 

ii. staff, a substantial amount 
of wbose work involves them In 
both: 

a. intimate knowledge of and 
direct contact with members 
of the public in regard to their 
persona! affairs, and 

b. making, or contributing to 
making, decisions affecting the 
personal lives of members of 
the public; 

iiL staff representing HM 
Government overseas; 
iv. staff working in sensitive 
areas, for example a minister's 
private office or security; 
Committee on Political Activities 
of Civil Servants. Cmnd. 7057. 
£135. 


JVofice of Redemption 


Continental Telephone International 
Finance Corporation 

8^ % Guaranteed Debentures Due 1986 


NOTICE IS HEREBY GIVEN that, pursuant to the provisions of ihe Indenture dated as of February 
IS, 1971 under which the above described Debentures were issued. Citibank, NJV., as Trustee, has 
drawn by lot, for redemption on February 15, 197S, through the operation of the sinking fund provided 
lor in said Inden ture, $1,000,000 principal amount of Debentures of the said issue of the following 
distinctive numbers: 


COOrON DEBENTURES OF 11,000. PRINCIPAL AMOUNT OUTSTANDING 
Ml 1331 2161 3318 4761 6803 6969 8140 9469 10775 11940 13300 24157 15083 16357 17223 18116 1215 4 

22 1357 2165 3M1 4762 5878 6975 8142 9473 10779 11950 13332 14158 16099 16363 17245 SlW 19160 

35 1368 2179 3339 4770 6896 6982 8201 9479 10788 11951 13352 14221 15131 1093 1TC55 18131 19209 

42 1399 2279 3340 4774 5916 7014 8214 9536 10817 11952 13353 14224 I52nn ikwj irare inioi t owl* 


30 1568 ai re » *ri u ooat, 8201 947S 10788 11351 13352 14221 15131 16393 17C5S laiai 19209 

42 1399 2279 3340 4774 5916 7014 8214 9536 10817 11952 13353 14224 15202 16394 17283 ltlBl 1934* 

. 46 1417 2299 3442 4318 5919 7044 8224 9552 10819 11962 13355 14337 15218 16402 17296 38163 19260 

87 14X2 2308 3443 4824 5928 7082 8247 *559 10820 11972 13363 14202 16*06 17329 18204 13265 

100 1423 2324 3469 4846 5953 7071 8261 9589 10826 12065 13380 14267 15382 16443 17330 llHW'lSCTO 
211 1425 2334 3356 4857 5978 7077 8268 9623 10832 12100 13383 14981 i TSSiS iawr 


9623 10832 12100 13383 14281 15435 16469 17364 18247 19287 

9670 10834 12110 13332 14288 16450 16473 17382 IflMT 29308 

|W6 10870 12115 13399 14234 16458 165® 17W2 18310 1M18 

JD883 J-J21 13419 1430G 15466 16315 17401 18314 19321 

i 4 ? 17 16529 16517 17426 16317 19338 


311 1425 2334 3553 4837 3978 7077 8266 
238 1428 2356 3567 4881 6050 7101 8401 
242 1449 2391 3371 4885 6063 7116 8413 
282 14£9 2396 3619 49*2 6068 7142 8415 

286 1470 2409 3620 4964 6078 7193 8443 - 96J5-10SSS 13131 13425 14307 15529 16517 17429 18317 19339 

287 1473 2418 3641 4987 6079 7216 8487 9702 10933 12336 13*32 14311 15530 16518 17431 10336 1S366 
319 1487 2436 3667 5067 0082 7225 8516 9753 11020 12325 13464 14347 15539 16545 17*53 18359 10373 
336 1*88 2460 3680 5060 6119 7237 85*9 988= 11066 12326 13*91 1 43=9 15606 16553 17517 18379 19395 

354 1493 2*65 3691 5077 6137 7238 8555 9910 11073 12344 13518 14364 15618 16S60 17531 18438 3*06 

355 1494 2463 37E9 5127 6143 7241 8591 9363 11077 12389 13533 14339 1K32 iSsTl 17S5i mvS 19*32 
360 1509 3329 3807 5145 6144 7295 8608 10609 11101 12406 13537 14398 15633 165 75 175S1 1S470 19441 
394 1523 2536 3g0 5162 6170 7320 8616 10021 11141' 12*33 13543 1*399 13W1 1661B 17564 18*71 19462 
434 1544 2543 3836 6183 6202 7327 8626 10033 11142 12449 13547 1*408 15674 16618 17569 18514 19465 
483 1555 2555 3839 5193 6203 7344 8668 10073 11160 12456 13562 14453 15682 16629 17570 18563 19492 
492 1568 2566 3850 5196 6308 7376 8676 10079 11215 12*97 13572 14454 15700 16639 17577 18364 1950T 
501 1592 2652 3865 5198 6233 7386 8687 10096 11228 12502 13589 14475 15723 166*6 17578 18590 19548 
508 1598 2698 3873 5208 6255 7412 8722 10101 11252 12521 13594 14484 15765 16668 17595 18603 18586 
521 1601 2708 3884 5255 6266 7*54 HT7A 10128 11273 12532 135QQ lAdJtn iR-ne TSSJs irSSS 


-Wes 


ova Lose rare JO 10 Ofea (*XiI bt&I ll MOL aaaax 12321 13534 14484 15765 16668 17595 18600 19586 
521 1601 2708 3884 5255 6266 7*54 8773. 10128 11273 12S32 13599 14488 15796 16687 1TC05 18600 US70 
524 1632 2757 3909 5262 62S9 7473 8809 10132 11284 12S5S 13626 14*39 15802 16638 17606 18636 19575 
523 1641 2759 3927 5280 6356 7494 8840 10133 11288 12538 13677 14504 13804 16703 17810 18640 19=78 
539 1542 2809 3960 5286 6411 7528 8862 10153 11297 12587 13688 1*523 15B& iffTM 1Q5H2 


7*34 8840 10133 11380 12598 13677 14504 15804 16703 17010 18640 19=78 

539 1642 2809 3960 5286 6411 7528 8862 10153 11297 12687 13688 1*523 15813 10728 17630 18660 13582 

— 3961 5307 6449 7531 8873 10159 11308 1262a 13693 14586 15835 18752 17634 18706 1S»89 

3976 5339 6471 7548 8878 X0166 11328 326ES 13722 14596 15841 16783 17648 18733 19591 

562 1670 2850 4036 6396 6476 7561 8911 10197 11338 12706 13735 14537 15921 16790 17884 18749 19634 

588 1675 2851 4064 5444 6484 7566 8939 10297 11351 12733 13743 14631 15933 1685* 17675 18760 19639 

6=3 1731 2877 4074 5451 6513 7573 8940 10280 11302 12741 13745 1465* 16943 Iran 17704 1R7M 19664 


588 1675 3851 4064 5444 6484 7566 8939 10297 11351 12733 13743 14631 15933 16854 17675 18760 19639 
6=3 1731 2877 4074 5451 6313 7573 8940 10280 11302 13741 13745 1465* 16943 Iran 17704 1876* 19664 
637 1764 2906 4079 5460 6517 7596 8946 10914 11372 12836 13748 14681 16026 16OT7 17748 18771 19692 
642 1771 2906 4082 5471 6549 7638 8948 10317 11375 12839 13785 14690 16042 18917 1773a 18780 19758 
696 1779 2939 4133 5481 6533 7641 9006 10327 11402 12846 13769 14710 18061 16933 l-mf iSSS 19760 
724 1802 2977 4160 5540 6558 7676 9071 10329 11497 32856 13798 14715 16057 1RW1 17779 18838 19761 
743 1810 2980 4216 5556 6571 7685 9092 10368 U5Q3 12879 13843 14752 leOTE lRt&T vrnw ira? 9MU 


72* 1BOB 237 7 4160 5540 5558 7676 9071 10323 U49T 12856 13798 14715 16057 16931 17779 18838 19761 
743 1810 2980 4216 5556 6571 7685 9092 10368 11 503 12879 13843 147S3 1607S 16937 17789 18873 20002 
793 1816 2381 4217 5599 6572 7695 9189 10405 11504 12904 13849 14762 16095 16951 17791 18880 30038 
926 1833 2985 4269 5603 6600 7699 9192 J0S2S 11578 12939 13850 14773 18107 16852 17807 1M08 20067 , 

231 1ST £?? ££ SSS 147 S3 }bub isms iSSs iSaS'-Som 




■K... 

-Vs 


941 1837 2986 4 272 5629 6634 77=3 9200 10430 11587 32959 13880 14783 16116 1G989 17*26 18315 23072 ' 1 

945 1842 3011 4273 5637 6638 7737 9204 '10435 11614 12964 13863 1*787 16120 16981 17828 18962 20094 - ll 

980 1858 3072 4274 5640 6644 7742 9207 10647 11632 12980 13887 14809 18124 16983 178*0 mu' 20132 V lln _ 

973 1883 3118 *343 5649 666= 7745 9208 10575 11852 12991 13906 1*637 16130 1699= 17861 19969 201*8 ijljll J 

1002 1989 3133 4372 5651 6704 7759 9260 105 77 11661 12997 14013 148S9 16132 17010 17881 18980 20157 1(1 II f, 

1021 1933 3140 4387 5660 6714 7767 9299 10594 11674 13005 1*026 14872 16142 17037 17894 18987 20183 . Hil f jMl 

LOST 1935 3156 4420 5674 6721 7778 9297 10517 11683 13017 14055 14916 161*7 17045 17905 10930 20187 H III 

1983 1943 3164 4466 5684 6796 7781 9303 10640 11722 13085 14060 14923 16162 17058 173*8 19004 20193 III 

TOR7 IRKS 3107 4007 BKR? KR7T nu, an* 70004 1L93K 130(17 lanci 14044 iei« ' ' F 


1003 1969 3133 4372 5651 6704 7759 9260 10977 11661 12s 97 14013 14859 16132 17010 17881 18980 20157 
1021 1933 3140 4387 5660 6714 7767 9299 10594 11674 13005 1*026 14872 1GJ42 17037 1789* 18987 3)183 
1057 1935 3156 4420 5674 6721 7778 9297 10517 11683 13017 14055 14916 16147 17045 17905 18S90 20187 
1983 1943 3164 4466 5684 6796 7781 9303 10640 11722 13085 14060 14923 16162 17038 179*8 tdno* 20192 

1087 IMS 3167 *602 5687 6837 78*7 9315 10644 11736 13097 14063 14924 16165 17067 17950 19029 

1088 1965 .3170 4516 6707 6846 7851 9331 10647 11776 33322 14064 14994 16183 17127 17981 uod. . 

1089 1979 3177 4528 5711 6864 7918 9344 10692 11848 13141 14067 14979 16=11 17133 17B93 19072 
1121 1383 3222 4616 5739 6884 8002 9347 10695 U862 13154 14088 14980 16213 171M . 18007 15100 
1200 2020 3238 4621 5740 6888 8042 9369 10697. X18S7 1316* 14113 15025 1S2S1 17174 XB06B 19109 
1224 2032 3256 4684 5776 6895 8087 9403 10710 11868 13167 14123 150=8 1S333 17186 18091 UlS 
1226 2058 3299 4700 8785 6896 8104 9*10 10717 11887 1 3203 14132 15059 16348 17196 28096 19130 
1240 2160 3309 4716 5786 6907 8107 9423 10763 11929 13275 14154 15080 16355 17204 18100 18148 

The Debentures specified above arc to be redeemed for the said sinking fund at the Corporate 
Bond Servi ce* Department of the Trustee, 111 Wall Streep in the Borough of Manhattan, 
The City of New York, State of New York, the main offices of Citibank in Amsterdam, 
London, Paris, Frankfurt/Main or Milan or Citibank (Belgium) S_A_ or at the office of Kredietbank 
SA. Loxcmbourgeoise in Luxembourg, as the Company’s paying agents, and will become due and 
payable on February 15, 1978. at the redemption price of 100 percent of the principal amount thereof 
plus accrued interest on said principal amount to such date. On and after such date, interest on the 
said Debentures will cease to accrue. 

The said Debentures should be presented mid surrendered at tiie offices set forth in the preceding 
paragraph on the said date with all interest coupons maturing subsequent to the redemption date. 


paragrapa on me saia aatc with ah interest coupons maturing sunseqneni to me redemption date. 
Coupons maturing on February 15, 1978 should be detached and presented for payment in the usual 
m«nner. 

For CONTINENTAL TELEPHONE INTERNATIONAL FINANCE CORPORATION 


January 12, 1978 


By CITIBANK, N-A-, 

Trnste* 




9 



SOy 



1 0-^ 



Financial- 'Times TJrarsday Jaa n ay *12 1978^ 



GKN to 

close 

plastics 




By Kerin Done, Chemicals 
•’• Correspondent 

SANKEY is - to close its 
b la sties division because o £ 
ersistent losses incurred over 
past two years. The plant at 
Piston, Wolverhampton, employ 
ome 650 people. 

■ The company says that every 
Tort will be made to find alter* 
Stive employment for the work- 
•bree at other GKN factories in 
be area. 

Employees have been toM that 
e division will be progressively 
in down over .the next six 
oaths and the Tnanag am y ni 
.jpes to have, completed the 
‘ ,0n (, u^,osure by July. :. 

'• 'The GKN Group Is one of the 
Jafcest suppliers of components 
.M "jj*r the automotive industry. The 
---jSastics division produces injec- 
>n mouldings for the 'motor. 
Revision and domestic appli- 
t lces industries. 

■Tin the past two years the divl 
jn has faced mounting losses 
tailing some £L5m. Its. turn- 

! . er last year was some £8m. out 
T Arl a group turnover Of more than 
€-£'^ 6\ol -5bn. 

** GKN said yesterday that the 
is ore was due to lack of 
■ m and. weak prices, and the 
>:, "c tinning losses. Among other 
rfors contributing . to the low 
•' mand has been the uncertain 

■ ...ite of the British motor Indus- 
• < • as much of the production 

.. '■■.‘‘vm the Bilston factory is taken 
' domestic customers. 


' n M 




* *is 


>n 


Pinchm to 
trade in 
pit-edge 

BY MARGARET REID - 

•. *K2EON DENNY, one of Loa- 
n's largest stockjobbing con- 
ns, is to begin trading in- the 
.uning gilt-edged market, 
--’ere its entry will raise the 
nber of jobbers— the Stock 
Change's wholesalers — to 
ee. 

lie move will mark an ixa- 
tant development in the 
lcture of the stock markers 
' ivities. 

‘he decision by Pinchin to 
. l Wedd Duriacber Mordaunt 
l Akroyd and Smithers in mak- 
a marker in the major Gov- 
unent stocks sector has been 
.en against the background of 
lyant business in this. field for. 
le 

■ast year, admittedly an excep- 
lal one, deals -in gUbcdged 
.. iritics accounted for more 
a feur-fiths of the value of all 
lsactions on the - Stock Ex- 
•Qge. 

inchin, which is a private 
tnership. and will remain one, 
concluded that it can no 
ier afford to star out of such 
important area of stock mar- 
’ ‘ trading. The partnership has 
ded that it cannot prosper as 
fould wish in the long-term 
1 tout widening its range in 
■" manner proposed. - 
he move by Pinchin will also 
~~.me significance ip . the con- 
of the present Stock 
-change structure examination 
the Monopolies Commission, 
:h is probing tbe projected 
ger of two other large 
-ers — Smith Bros, and 
ood Bishop. - 
□chin, which has 31 partners, 
-eking a £20,000-a-year senior 
ntive to run the proposed 
gilt-edged section- 
le firm — now trading : in 
ties and prior charge stocks, 
iding debentures — intends 
i crate in gilt-edged stock this 
. Assuming that the right 
idate for the job is found, 
bin, will expect to start 
ing by late-summer or 

mil. *• • 



HOME NEWS 


:-life light bulbs 
research has ended 

BY LYNTON MdJUN, INDUSTRIAL STAFF 

BRITAIN'S lamp makers have th e standard 1,000-hours life set kinson ha done “no research 
virtually stopped research into in the 1920s had been on sale w since 196 ” into increasing 
long-life domestic bulbs in Britain since 1969. domestic bmp life, 

favour of more . research into Crompton Parkinson, the ^ ... 

high-efficiency • lamps, even makers, told the committee that 
though, these may not he on sale it had been unsuccessful in per- jj,® 

^^S.I^Ple to buy Uie tops, which -,*20 per less 

2ES5 : was told “ evld “ ce S5SS ° £ the 100 w 

JSSfijS&S m%rl "*• .* ** ud *£ 

SS^S^S'- ■'KSB « s tt o^ lor har?hS 

Industries, told the committee! tbeir double-life bnlbs for higher 111 

w^^mvesti^ag^dn^ efficiency fluorescent lamps. cars, aircaft and traffic lights. 

ability of filament and discharge These used less energy, an Philips. Crompton Parkinson 



domestic tungsten lamps were how much the domestic lamp, ^ a ™P s - tmgsten halogen lamps 
replaced by fluorescent tubes. even with a doable life, couid 2^ d lamps which ^ were 

Tf>aa ««« ■- be improved. - • among. he most efficient lamps 

ficient converters of electricity BirS^hTto oo^^^Mmoletelv 32 

£s£3asss WtKWsa u .» 

twice as many of these -inefficient away from *?. old- able formass production and for 

lamps as all other bulbs together- “■«- 

Domestic lamps with double Consequently, Crompton Par- sales stagnated. 



‘key to deficits’ 


BY PETER RtbpaX, ECONOMICS CORRESPONDENT 

THE WIDESPREAD view that He argues against the view He ays a devaluation should 
countries in pers i ste nt current that nominal demand- expansion Improe the balance of pay- 
account surplus, - notably. Ger- can reduce unemployment and meats. ** Exports Increase and 
many and Japan, are folding up under-utilisation of capacity, the balance of payments 
the recovery of other, economies “The cause of unemployment at improce in response to a real 
is strongly questioned to day by present may well be mainly devolution.” 

leading international trade structural.” remediable by *.* ima- On be import ride, given time, 
economist. _ . ginative micro - policies rather price dasticities are not low and. 

Professor W. M. Cordon, of than crude macro ones.” on tie export side, short-term 

tbe Australian National TJhiver- This idea might have some advere effects on tbe balance of 
sity, says the problems of deficit short-term validity, but"“ the paynrots justify foreign borrow - 
countries are not their deficits, effect would not last and. more ing. scured by the likelihood of 
but rather the pressure for important, it would do so at the an inprovement later in the 
spending in excess of real in- cost of increased inflation." currert account of tbe balance 
come. The deficits are the results The argument is put in terms- of pyments, 'Professor Corden 
of their problems, and not the of a dialogue between a sup- argus. 

cause, he adds. ' . _ • ' ~ porter of expansion by the sur- He agrees devaluation may 

These views are set out in the plus countries and a sceptic. geneate a bigger rise In domes- 
January issue of The: World In response to the 1 fear of 0515 aud prices than would 
Economy, a quarterly journal on potentially adverse balanced- havf resulted from the expansion 
international economic develop- payments effects. Professor “ “ ra j e bad stayed 

meats launched last October by Corden says that “ exchange-rate uxec But some domestic urna- 
the Trade Policy Research flexibility can insulate an tion ts the inevitable cost of 
Centre. ' . economy from monetary pohdes ccoomic expansion. 

Professor Corden says ttat in and disturbances abroad, and E_ P an£l011 °- v ™« majnr 

the debate over the dofies of therefore, there Is nothing to economies cannot women tbe 
surplus countries. — . a-/c&stant stop any country expanding tens of trade of ail other c°un- 
feature of recent mteroabonal nominal demand as much as it tnB - Professor Corden says, 
economic meetings — the distinc- wishes, and then devaluing lie World Economy, volume 2. 
tion between demand expansion appropriately to avoid adverse nuaber 2, January 1978, Trade 
and output expansion does < not balance - of -payments conse- Polcy Research Centre. 1. Gough 
appear to -be clearly' understood, quences.” Sgare, London EC4A 3DE. 

1 


Message 
by TV 
system 
unveiled 


LABOUR NEWS 


BSC-union pact 
on Board plan 

BY CHRISTIAN TYLER, LABOUR EDITOR 


BY MAX WILKINSON 


THE LOSS-MAKING British directors from divisional Boards 
Steel Corporation has achieved a would probably be included in 
breakthrough in industrial re la- the policy Board, 
tions by winning uni on agree- Alongside would be a national 
ment in principle for a tripartite consultative body, the steel coun- 

Board and a new consultative di, with about 100 members, 70 

and negotiating structure. of them from the unions. This 

At a secret meetino held at would the t0 P ° f * strue ' 
POST Office yesterday an^wcrS 

system ‘linking MlJS^SSSSS would 

vision set and a simple keyboard "steel iSmSSt” 888 act *» steel coundl’s execu 

to toe telephone network. cauea me sieei contract. tlve arm _ 

Subscribers will be able to The idea is that in exchange BSC has failed to persuade the 
communicate by typing messages for involvement at all levels in unions to use tbe steel council 
on to. each other’s television the strategic planning of the as a central negotiating body, 
screens- The messages go from corporation, unions would co- Because of this and tbe inter- 
the keyboard to a central com- operate in long-term productivity union arguments about repre- 
puter which will re-route the improvements, some devolve- sentation on the expanded TUC 
words to be displayed on the ment of wage bargaining to local committee. progress on the 
recipient's television set. leveL and, tbe corporation hopes. “ steel contract ” has been much 

The Post Office says that tbe a lessening of inter-union ten- slower than Sir Charles envisaged 
system will be particularly use- sions. when be took over in September, 

ful for deaf people. However, it These are long-term reforms. 1976. 

also has a large range of com- for the early I9S0s, and are sep- Nonetheless, the step-by-step 
mercia ] an d office uses. arate from the discussions now approach of the new management 

Tbe system, still at tbe proto- going on at local level about to BSC’s industrial relations and 
type stage, is a development of early closure of high-cost steel economic problems appears to be 
the experimental Viewdata ser- plants and lower manning across bearing fruit, 
vice which allows people to use the industry. The corporation has now per- 

a modified- te levis ion set and the Under the proposals, a new suaded the unions not only to 
telephone to extract information tripartite supervisory policy allow local negotiations on volun- 
s to red id a central computer. Board woald be created, com- tary redundancy but has made 
In a -tnal service starting this posed of worker-directors, a man- progress on a significant exteo- 
sumraer, subscribers will have agexnent-Governmeot team, and sion of worker participation des- 
access -to some 60,000 pages of business representatives. pile the industry’s crisis and tbe 


Firemen 
face rows 
over work 
in strike 






Power deaFdisciissed 


istate agents 
le Marples 

D MARPLES of Wallasey. 
■ .erly Mr. Ernest Marples, the 
erv alive Transport Minister, 
ing sued by a firm of London 
. e agents for alleged non- 
lent of commission on the 
.of £230.000 worth of prop- 
s he once owned. — 

‘ dric Towniug Real' Estate 
- pany of Bayswater in Lon- 
are claiming £6300 from 
Marples,. whose aMress is 
t simply . as “a village in 
serland.” 


BY CHRISTOPHER DUNN 


Barclays credit 
;ard coverage 
extended 


information. 

Computer 

The service will cover news, 
sport, financial and stock market 
data and information on cars, 
houses and holidays. 

It is envisaged that subscribers 
will pay a local telephone call 
charge for using the system. 

They may also be charged by 
the providers of the information, 
but these details have not yet 
been settled. 

ai hiJip THE TUC yesterday reaffirmed the TUC economic committee, 

iffy ' .T.. .? r^ e Its demand for the reintrodne- which was considering its annual 

tion of a reduced rate band of economic review, 
j rf JS! lonventional mcome t ax-a proposal that has But there was no discussion of 

ptfp^^pnrnn fiPri’e CTery chance of bein S m et by the pay at the meeting, despite tbe 
7, f Chancellor of the Exchequer in Pnme Minister’s recent advocacy 

ZZJS5SEL vJSpS^ “■ BudgeL . of 5 per cent, settiements for the* 

he was confident that \ public B®* nature and the size and }. daas 

service, altowing access only to reduction sought by 

the computer would be started ^ TUC square with the Chan- ChsmcelIor and 

next year. ceUoris own Budget thoughts. ot €| r Ministers. . 

Birl Mountbatten of Burma ’ m -“ ' PTTr * — — — - ***•— econoraic review tlself is 

yesterday 

first demonstration 


Some of the existing worker- threat to jobs. 

TUC seeking tax 
cut for all 

BY CHRISTIAN TYLER 


antbatten of Burma The TUC, as part of a £3bn. nntikriT to^ntatiT^y 11 » 
commemorated the reflation of the economy, wants 3 miwE k 

yr-uon^f the telfr- , mbn. income « cu.'m the Sopmen™” 0^^ the^y^r o? 


phone in the UK. made at I form of a 25 per cent tax rate 


THE Central Electricity Genera- "This is exactly fte kind of 
ting Board may buy -an extra opportunity we must seise if wc 
3m. to dm: tons a year from the are to reverse recent trends.” 

National Coal Bpard. after tri- Sir Derek Ezra said. Similar 
partite talks between the Boards opportunities for expanding coal 
and coal unions,® Sir Derek Ezra, business in other markets were 
Coal Board / chairman, said bound to crop up. - - 

yesterday. An Important proviso in tbe 

The increase in business witb deal, stipulated by the elec- 
the” Generating Board, already tricity authority, is that the 
the Coal Board’s biggest single quality and price of coal sup- 
customer^ could start in ApriL plied must be acceptable. 

Last year, out of total Coal . ‘Sir Derek was confident the 

Board output of 120m. tons, tbe Cqa! ;Board conld meet tijeseLcheme & now also being made 
electricity industry bought 75m- speci fi cations. He told Mr. Available . to partnerships and 
tons. Generating Board nur- England that more coal could be other unincorporated businesses. 

chases accounted for 90 per cenL .supplied^ if the electricity indus- This has not been tbe case 


BARCLAYS BANK is to extend 
tie coverage of the company 
cedit card scheme which its 
Brclaycard operation has been 
ploting since March last year. 

The service is now to be made 
mailable throughout the bank’s 
jetwork of over 3.000 branches, 
o far some 1.S00 companies 
iave joined the scheme and 
:0.000 cards have been issued. 
Tbe company Barclaycard 


of this. 


try required- it. 


Which? backs British cars 

•BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


BRITISH CAM are no less inconvenience of a car lettia 
reliable . foreign ones, you down." 

Kcord i^ a 

reported to^ay in the latest eai age. was “ pretty slim,” tbe mag- 
tion of the Consumer Association aue said. 
maggzkm Motoring Which? Three out of four one-year-od 

The magazine’s conclusion cars had at least one fault, aid 
goes some- way to confirming the this rose steadily to more thrr 
recent - claims of British manu- nine out of ten ^rs having at 
facturers that the quality of their least one fault when only pe 
has impr^ed „«* the ^ ^ 

»T> , AiffonhTipec in ®ori*s gave users the most «m- 

r ^L!? er >, < ^ ( ^ 2er rifffereat P. Iaints - with paintwork and bdy- 
reb ability between work, also troublesome. 

TSie survey showed that 28 >er 
fact that^ all the mikM * cenL of all cars a year old bpke 

are consistently nUabto doafIli ^ ^ se t0 35 ^ c J nt 

thm Average are foreign, uo ^ two-year-old cars and reaeed 
ever, that does not mean that a peak 0 f 52 per cent. In.ara 
all foreign cars are reliable. eight years old. 

- Nor ’did it mean that a car Datsim, Toyota and Volvorar&. J 
with good reliability necessarily proved' more reliable than ;ver- 
Would be cheaper to service and age: .'.Of .the makes wbicbjhad 
repair. Spares, for instance, proved less reliable than ver- 
might cost a lot more. age, Ghiy'sler UJt, Fiat, Viux- 

. However, “ lower garage bills hall mid some Reliants'rand 
‘do- not really compensate for tbe BkoSas were named. 


under the pilot scheme. 

As an extra facility, the com- 
pany name as well- as the card- 
holder’s can now be embossed on 
the card where the company 
wishes, though where this is done 
the card will not function as a 
cheque guarantee card as well 
as a credit card. 

Under the Barclaycard system, 
a company specifies the total 
credit limits and allocates to each 
cardholder enough to cover 
business expenses likely to 
occur over a six-week period. 
The minimum credit limit for 
company cards is £100. 


Kroe House. Isle erf Wight on the E.000 of SxaWe \SSSS 

by Alexander Graham Bell to income. fn » ™ llectlv e 

Queen Victoria 100 years ago. With the standard rate now 34 ^retSv 8 o^ TAsS 
Lord Mountbatten spoke by per cent.— the highest starting , .,1 % e y ,h,te- 

transatlantic line to Mrs. Lilian rate in the world— that would JJllS J' ngj £ e f” 

Grosvenor Jones, Bell’s grand- mean a £100 a year cut for all JJS 1?-^ BSterday ’ but lt 

daughter. Afterwards. Viewdata 21.4m. taxpayers. was QOt taken U P- 

messages were exchanged be- it would not mean automatic The other £lbn. of reflation 
tween Osborne House and the adjustment of the tax bands, sought by the TUC comprises 
British Embassy in Washington, unless the Chancellor decided to mainly demands for the exten- 

adjust those too. At present tax- tion of the Temporary Employ- 
payers leave the standard rate at men t Subsidy, due to expire on 
£6.000 a year. March 31. and the widening of 

The TUC argues that the other the £20-a-week job expansion sub- 
method of helping the low-paid sidy, which at present is confined 
to escape the so-called poverty to smail firms in special deveiop- 
trap — by raising tbe personal ment areas, 
allowances and threshold — has Also on the list is an increase 

already been used twice in the in retirement pensions on top of 

past 12 months, and has been their annual adjustment for 

reinforced by the Rooker-Wise inflation, and a special increase 

amendment to the last Finance in the child benefit 
Act The economic review will be 

It now wants to level down published after next month’s 
tbe incidence of tax for those meeting of the economic com- 
THE English mile appears to left in the tax net mittee and general council, and 

have been given a reprieve. Mr. The decision to press for a will take into account the Gov- 
William Rodgers, the Transport reduced rate band at a meeting ernraenfs public expenditure 

Secretary, told Parliament yes- with tbe Chancellor later this plans to be published in a White 

terday there was no possibility month was taken at a meeting of Paper this afternoon, 
of road signs being changed to 
kilometres before 1985. . 

Technically, Britain is under 
obligation by the treaty of 
accession to the EEC to review 
metrication of distances next 
year, but the Department of 
Transport is heavily playing 
down the possibility of a switch. 

Ways of escaping the treaty 
obligation will be explored. 


The mile 
wins a 
reprieve 


Scots Labour conference 
to debate jobless policy 

BY RAY PERMAN, SCOTTISH CORRESPONDENT 


British Rail 
shows art 

By Antony Thom croft 
TWO of the finest items in the 
British Kail Pension Fund’s con- 
troversial investment Jn works of 
art have been put on show at the 
Victoria and Albert Museum. 
They are Picasso’s “Blue Boy,” 
bought in New York a year ago 
for $lm. aflti Renoir’s “Portrait 
of Cezanne.” a pastel not gener- 
ally known to be part of the 
Fund’s collection. 

Tbe Pension Fund, advised by 
Sothebys, has invested nearly 
£20m. in art treasures over the 
past few years. 


A n> forPC fa Tire DEMANDS that tbe Government an increase in public spending. 

/ait idles uuas take immediate steps to reduce particularly in construction and 

The world’s major airlines unemployment, and calls for a through the Scottish Develop- 
flying the North Atlantic met in cut in the working week to 35 ment Agency. 

Geneva yesterday to try to fix hours, seem likely to dominate The Prime Minister is to 
new low fares to compete with the Scottish conference of the address tbe conference. The 
Laker Skytrain service. The Labour Party, to be held in resolutions reflect the growing 
meeting is expected to last Dunoon in March. concern among the party and the 

several days. Four trade unions— the engi- unions over unemployment. 

□eers. electricians, transport rather than prices or wages. 
^ j workers and raiimen — will bead Only a few motions mention pay 

Tax plan attacked the call to find an “alternative restraint. 

Mr. Nicholas . Goodison. Stock strategy ” to reduce the number On devolution, .. there are 
Exchange chairman, said the 20 of unemployed. Unemployment demands that the party should 
per cent relief from Capital in Scotland Is now 8.1 per cent campaign vigorously in favour of 
Transfer Tax for minority share- and has been rising against tbe the Government’s proposal to set 

holders, which the Chancellor UK. trend. up a Legislative Assembly in 

foreshadowedin his October mini- In resolutions published yester- Scotland before the referendum 
budget, would discourage com- day, the Amalgamated Union of next autumn, and that the 
panics from going public. Engineering Workers records its Government should insert a 

concern at tbe unacceptably higb second question on the ballot 
L nrini ,_ level of unemployment, parti cu- paper asking Scots if they want 

'—O-Op nuuuur iarly among young people, and independence as proposed by the 

Sir Arthur Sugden, chief calls on the Government to return Scottish National Party, 
executive of the Co-operative to tbe 1974 manifesto commit- • The Labour Party in Scot- 
Wholesale Society, has been ment to “ an irreversible shift of land is to use the conference to 
elected president, of the C04P wealth and power to working launch a year-long internal de- 
Co agrees for 1978, the move- people and their families.” bate on a Scottish Assemble. 


menfs highest honour. 


PORNTMENTS 


Palau to 



companies 


It also demands that the Mrs. Helen Liddell, Labour’s 
Government should introduce tbe Scottish Secretary, said yester 
35-hour week in nationalised in- day that a statement of intent 
dustries, local authorities and would be published by the Scot- 
the Civil Service. tish Executive before the confer- 

Other motions, while endorsing ence, providing the background 
the call for a shorter week, for a detailed manifesto for the 
demand early retirement, work- first Assembly elections, due in 
sharing with no loss of pay, and spring next year. 


By Alan Pike, Labour Staff 

RECRIMIN ATION arising from 
the two month long strike will 
begin immediately after 
today’s Fire Brigades Union 
delegate conference, which is 
expected to call off tbe aetion. 

Disciplinary proceedings 
against union members who 

have worked during the stop- 
page will begin as soon as there 
Is a return to work. This was 
emphasised by anion leaders 

last night as delegates began 
arriving for the conference. 

In four brigades, London; 

West Midlands; Tyne and 
Wear; and West Yorkshire, the 
nnion has closed-shop agree- 
ments, and disciplinary action 
which led to expulsion would 
put non-strikers’ jobs at risk. 

Local authority employers 
will watch the progress of the 
proposed disciplinary proceed- 
ings closely, since the peace 
settlement which delegates will 
be asked to endorse to-day 
contains a clause stipulating 
that there should be no 
recriminations. 

It is expected that delegates 
will adopt the proposed new- 
pence formula, giving firemen 
comparable pay to skilled 
manual workers in industry fay 
November, 1979. by a majority 
of up to three to one. 

Hailwood 
peace 
bid fails 

By Philip Bassett, Labour Staff 

ATTEMPTS to set up talks be- 
tween Ford management, shop 
stewards and union officials in 
settle the unofficial strike by 
1.000 men at the Hailwood car 
plant on Merseyside failed yes- 
terday. 

Tbe body plant press shop 
strikers — whose action over new 
work schedules and practices has 
caused 8,000 men to be laid off 
and stopped production nf 
Escorts— meet again next week, 
but no further management- 
union meetings are planned. 

Fresh efforts will be made to- 
day to settle Merseyside’s other 
car dispute, the 11-week strike 
by 2,000 men at British Ley- 
land’s factory at Speke. 

Production at Ford’s Dagen- 
ham plant was back to normal 
yesterday after a strike by 150 
workers over the sacking of a 
shop steward. Most of the men 
went back to- work after Ford 
management sent them tele- 
grams urging them to end the 
strike. 


Move to end 
Brent oilfield 
pay protest 

By Our Labour Staff 

UNION OFFICIALS are flying 
out from Aberdeen to-day to the 
Shell-Esso Brent “ B" oil plat- 
form off the Sbetlands to try to 
settle a dispute over back-wages 
involving 90 construction 
workers. 

The men, who have been 
sitting-in since Saturday on an 
exploration rig moored alongside 
the platform, work for tbe 
Aberdeen-based company of P 
and W Offshore Services, which 
last summer was awarded a £7m. 
contract for construction and 
production hook-up facilities on 
Brent ’’B.” 


Mass meeting 
at Swan Hunter 

A MASS meeting of Swan 
Hunter’s 1,700 outfitters — their 
first for six weeks— -has been 
called for to-day at Wallsend, 
raising hopes that the men 
might decide to lift their five- 
month overtime ban and still 
save part of the Polish ship order 
for the Tyne. 

The decision to call the mass 
meeting followed another day nf 
talks yesterday between manage- 
ment and shop stewards. 

Mersey dock 
strike ends 

By Our Labour Staff 

LOADING and unloading nf 
cargo ships in Liverpool docks 
will resume this morning after a 
mass meeting of dockers voted 
yesterday to end their unofficial 
strike in a dispute over Christmas 
absenteeism. 

About 4,000 of the total 7,000 
dockers involved decided by 
three-io-one to accept a new 
peace formula from the port 
employers. The strike began on 
Monday*. 


'N * 


, Geoffrey Palau, depoty- 
. man, INTERNATIONAL DIS- 
ERS AND VINTNERS.. wflJ be 
,.g over as chairman of its 

- i companies from April -1- in 
ssion to Mr. D. B. K. Belton, 

. retires from the H)V Group 
. - e end of March. 

* 

- t David W. WyBe has been 
,-mted chairman and president 

k ‘,,%ERL3NG-EUROPA in succes- 
. V’- to Mr. a K. B. Wlffiamsoa, 
•' has resigned to pursue a 
ry career. Mr. Eric E- Barber 
. lecome chairman of Ste r l l n g- 
hrop Group in place of Dr. 


. W. A. Weddle has been ap- 
ed managing director of TI 
BINE TOOLS, a new corn- 
being formed to bring closer 
her the manufacturing,' fac- 

.,*•? and sales expertise nf the 

ine tool, companies within n Brecto i 
,1 Machine Division. Mr. G. A. DUCTS, 
*y an, managing director of that martial 
■ ' ■ ■.on, will- be of .die 

company: Other Board ap? 
meats are: . Hr. B. R. Bottom- 


ley ' (managing' director, TI responsible for . all . aspeis of 
Matrix): ' Mr. P, Henderson administration,' sales and roduc- 
(managing ‘ director, TI Machines tion within tile Tubes Dlv&m. 
International); Mr, B. Hodgson * ' } 

{managing director, TI Churchill); Me Midtati S. Scott, predously 
Mr. G. X E. McCall (managing general ' manager, has ; been 
director, Hodkwell-Benaett com- appo inted 'managing diretor of 
ponies); Mr. 2. A. darke (finance TEES . STORAGE COMPANY, 
director)— Mr. Clarke will also be which is jointly .owned by toitank 
chairman of' the Tf Machine Storage Company, .a Tae and 
Division Finance Committee; Mr. Lyle subsidiary, and' Gebr. 
D. R Greenway (director and sec- Broere of- Dordrecht a susidiary 
rotary). ‘ of Tenneco of the U& . : 

JUrfJSS tidif' A ^2Stiv^ M of b ro Srefa^aSkfe 

appointed, chirf executive of ru jomhjj the . RQCKWAH5 -glass 
PROCESS a group as a non-exemtrv'efiirector. 

division ofjhe Powdl Duffryn p e appointment is the taken 
Group company; PD Polintton by Mr. Ball since he forzally left 
Control. He joins the company Barclays in November 
from SFP Systems, where be was “ xvovemDer. . 

marketing manager. Hr. Denis Jackson ;a s been 

t • • ’*•••’ appointed secretary am director. 

■ Mr. Harold W. Bathurst has of a dministration of ne CON- 
heen appointed deputy managing FEDERATION OF BRTISH ' IN- 
directOT of LCP STEEL' PRO- DUS1KY at Its Londn bead- 
DUCTS, which - ha joined as com- quarters . from April L . He 
imwini to I972L when the succ e eds iffr. Eric Fefcate,. who 

company was known ai-Longniore is Vfetiring. Mr.- , jadpon ia a 
Brothers. '-' His was appointed a fp^mer . Civil. Servant, mo served 
director ini the same year, being m the Treasury for wtae years 


before moving to the Foreign 
and Commonwealth Office in 1965 
to advise on management services 
and administration. Mr. Felgate, 
who is retiring after 31 years' 
service, wfll continue to serve 
the CBI is a part-time consulta- 
tive capacity. ■ ■ 

Mr. Colin Draper has resigned 
as c hairm an and a director of 
CORNB3LL ISURANCE because of 
full-time commitments in the UK. 
Mr. Davifi W. G. Sawyer, at pre- 
sent deputy-chairman^ has been 
appointed chairman. Hr. Julian 
T. Faber has been re-elected to 
the Board. 

* 

SIR JOSEPH CAUSTON AND 
SONS; Mr. Michael Hook has re- 
joined tbe Group as London, divi- 
sion marketing director. . 

* 

Mr. R. L J. Agnew has joined 
the Board of C. TENNANT SONS 
AND CO. 

Mr. George Edwards, 'who is 
presently London director of 'the 
Scottish Council (Development 
and Industry), has been appointed 
public affairs co-ordinator lor 


CONOCO in Scotland. After an 
initial period in . the London office, 
Mr. Edwards will be based at the 
new Northern Operations bead- 

S turners of Conoco North Sea 
ic. in Aberdeen. He will join 
Conoco following the opening in 
February of the. haw Scottish 
Centro m Loudon,- a project witb 
which be has been closely in- 
volved. 

*’ . 

M. AND G GROUP. Mr. S. G. 
Ayre, Mr. H- J- Baden and Mr. 
R. A. Jennings have been. appoin- 
ted to the Board of Iff and G, 
Securities. Mr. J. A. Corses has 
been made a director of M and G 
Investment Management and Mr. 
P. T. Herbert a ' director of 
M and G Administrative Services.. 
* 

MORGAN GUARANTY TRUST 
COMPANY OF NEW. YORK has 
announced the promotion to vice- 
president Of Mr. Ralph J. Buitcbe 
Jr. and Mr. Hamilton k Shields 
Jr. Mr. Alan H. Lowe has been 
appointed an ^ .assistant vice- 

president AH three are assigned 
to the hank's London office. 


Vote for pit incentives likely 


BY PAULINE CLARK, LABOUR STAFF 


PROSPECTS mounted yesterday 
of a significant vote in favour 
of mining incentive schemes 
among Yorkshire miners as a 
number of collieries in the 
militant Doncaster area indicated 
a change in attitude. 

As the new pit-head ballot 
got under way. the National Coal 
Board reported “several" in- 
quiries from collieries which 

previously represented tbe hard- 
core opposition in Yorkshire to 
productivity bonuses. 

In addition, the past two days 
has seen four more collieries in 
South Yorkshire making applica- 
tions. for the introduction of 
incentive schemes. This has 
raised the total number to have 
either formally or informally 
expressed interest to nearly 30. 

There are 66 collieries In the 
Yorkshire area employing about 


60,000 miners. In the previous 
national pit-head ballot on the 
Issue, the area voted 77 per cent 
against introduction of produc- 
tivity schemes. 

On tbe first day of the new 
twuday ballot. South Wales 
m iners' leaders ammo need that 
they would postpone their 
decision on the Issue until nest 
week. 

Although the prime reason 
was said to be lack of sufficient 
information on the scheme at 
present, it Was dear that the 
miners preferred to wait until 
tbe result of the Yorkshire vote. 

Thus is not expected to be 
known until next Monday how- 
ever, because of the need to 
tamsport the ba«ot papers from 
Yorkshire to London far count- 
tog. by Electoral Refarm 
Society. 


If Yorkshire backed down, 
Soutih Wales would be unlikely 
to stand alone against the 
scheme and to defiance of the 
executive of the National Union 
of Mine Workers which has 
decided to allow the introduc- 
tion of productivity deals on an 
area basis. 

Mr. Arthur Scargiu, the York- 
shire area’s left-wing president, 
has said he will not make 
another recommendation far 
rejection. 

This, coupled wish a question 
In the ballot on whether nrinere 
who vote against the scheme will 
be prepared to take Industrial 
action, is expected to contribute 
lo a significant swing in favour 
of going along with -the policy 
adopted by miners elsewhere to 
the country. 



10 



Kn andal Times January 







Think Tank 
proposals 
criticised 
by Soames 


Tory MP beaten by 22 
in closed shop protest 


BY IVOR OWEN, PARLIAMENTARY STAFF 


By Reginald Dale 


Need fa 
Ulster 1 
confided 
stressed 


.. „ __ ANOTHER SKIRMISH over the Relations Act giving an employee by British Rail bad been, aged 59 . j 

A COMMONS Select Committee sj^p yesterday ended in the right not to join a trade or 60 and this had heightened r<fy Ag C Af | 

yesterday heard sharp criticisms riefeat f or Mr. Ian Gow (C-, East- union on reasonable grounds had their difficulties in finding other 

of the controversial Think Tank bourne) in bis bid to introduce been repealed by amending jobs. 

report on Britain’s overseas rep- a pilvate member's Bill to pro- legislation in 1976 such dis- opposing the Bill, Mr. George 

tw0 former vide compensation for workers missals were regarded as fair- Rodgers (Lab. Choriey) accused BY PHHJP RAWSTOW 

senior ambassadors. w jj 0 are sacked for refusing to There were cries of “ Shame Mr. Gow of being ** obsessed " 

Sir Christopher Soames who join a trade uniozL and “ Shocking” from the Tory with the closed shop and totally pnv v 

served in Paris from 196S-I(*72 His proposed Closed Shop benches when Mr. Gow under- disinterested in the freedom of a TTv,'..? V_Tnfjnt-* v«» 

anf? Cir fnrl Winur Dvitiin’e Tir u — C..1 linp^ th* f art -fhsit hvA flf the umtItm if LreiaUQ secretary, ye) 


Growing power signals confrontation 

MPs find strength 
through truculence 



IY RUPERT CORNWBJL 


“ONCE IS happenstance, twice 
\ Is coincidence. The third time 
la enemy action." The Govena- 
^ K _ r _ menl to-day must be anxiously 
reflecting along the lines of that 

.eruay .nhArinn MinM hv 


-report had litifle exp^ience or ^££”who was supported wij British ftitemm 13 t f M 

understanding of how diplomacy b y Mrs. Margaret Thatcher and and 19 years, and five had been “jgj* ^scnroiiW Stovers to t “ inject reference > Mr. Had the demand of a Commons 
worked in practice. other Conservative leaders in engaged on the railways between masiniIse their ^^5 tSoueh ? ac * fo ^ a rV ? i IS d Se Ie * Committee to see confr 

Sir Fred, now prominent in the lobby, again strongly 29 and 38 years. low wages and poorworkiScon- 531,1 1 -*5® dential correspondent rriatoM 

criticised British Rail for sack- No fair-minded person dra onsfte^Ui^L ™ ang TO Government had sougt to to the financial plight of the 
f!fr aJwin* ine worked with long periods of could possibly believe that it is T JS S ’ R .it establish confidence in No hern British Steel Corporation been 

attacked the report for assuming ^jedy because they had fair to dismiss, without com pen- 0 ^ d b^^boast fSr +£*“!?«! Ir * 1 * nd in de terminal n to an isolated incident, Minister* 

Ucked%eS S P e°m JKS » & a trade uJon. sation, a man who has carried EgJ.*£* were prepared to f 


r . 1113111 re* » r-iowd-shoD agreement with faction of his employer and to ensure the earliest potable it is not. 


source of such skills ing a closed-shop agreement wlth.iacuon 01 ms employer ana hi by struggle and sacrifice of en f gre . ™ po 

the rail unions, British Rail had the entire satisfaction of his their workmates in trad#, iminns return to normality- j 

Sir Christopher, farmer vice- embarked upon a programme of fellow employees," he declared. Mr . Rodgers accused Conserva- ■ * Tt ^ pf “ ! . lf ° lQ,e *j 
president for external relations dismissals. In all, 40 employees Mr. Gow said the terms of his tive MPs of teinFflefective in the L - K * m £ ke 
at the EEC Commission, said had ^eo dismissed, simply BUI would provide that the dis- their concern wfr tte closed * h,( * *«* ****** of da 
there was a good deal worth because they objected to joining missal of employees in such ^p. Th ey said nothinc about confidence 

thinking about in the report But a union. circumstances was unfair and a, e position in the SStoal and - Mr - ^ pe3b ^ ng ™? ] 

the suggestion that diplomats Because the provision in the that compensation should be paid legal professions. Even though Styen by the American Cha 
based abroad could increasingly 1974 Trade Union and Labour to them. Some of the men sacked Conservative policy on the trade of C*ni“n®ree in London, 
be replaced by people sent out applauded for his remarks, 

for short periods from London . , tadtaXS He =*» ttet M 

SSSvSS-j: Judge motion ‘not abuse 


be replaced by people sent out 
for short periods from London 
was “ beyond all mention." 

Such visitors could have no 
influence in the country con- 
cerned, Sir Christopher said. In 
his experience, Foreign Office 
personnel were often more 
competent than people from 
home departments. 


The frustration and anger felt . 
other out- by the MPs at the obstacles 
comi ents placed in the way of their inquiry 
of ds lag- into the affairs of BSC contain 
the germs of a constitutional 
at a finch confrontation which could, and 
1 Charter one must emphasise the word 
nd on, was "could." redefine the traditional 
arks. [ relationship between legislature 
basis of executive and Whitehall. 

Nortfem It Is a confrontation which 


tn w»x»b th»r a wot rndiMfinTi rie said mat me oasis or ifunsiuu. 

rl? w ? £ .°° yyg*tion poetical dianee in Nortlim It Is a confrontation which 

rlfht ^**°i Uce Ireland depended on the will ig- has been implicit in a recent 

S s i 0 o P n mV pHte* tD 1 S pattern of more truculent 

hadToS^ n?S5 d indS to sether. 14 1 cannot fore ( st behaviour by Parliament, culmi- 

naa long oeeo part or _tne lnous- ,v.„« ... mro notmn m tti» »n. 


of Commons procedure’ SriSSF &&&&& 


BY IVOR owe* 


benches He added: “It is the Govdn- mtiniry into the Grown Agents 

z~ J.!2SJES? IT * d meat's policv to establish! a scandal, against the wishes of 
L^ x SEL5? hf " “ weJl d^hed^ SmSistiSon kl the -Government. . Ttniay, fte 


posa^th^a bo? A COMPLAINT by Mr. Nicholas _ Mr. Ridley contended “If asjrade unionists. 



devolved administration 


, t -v ~ “** RiHlev (C Cirencester and Judge McKinnon had incurred The proposed Bill would wreck Northern Ireland which will ^ 

should be created to oversee the ^ * *v. -o criticism becaus of bis personal the uro^oects for wide-ran^in™ r ® a powers. To achieve this, 

country^ numerous export oro- Tewkesbury) that the Partia- _-j™+_ n Mno j . ®_.5 oarties must work together 1 


IVrTV Air* 

the -Government TtHiay, the Mr. Michael Foot : A reverence for the chamber of Ute 
conventional wisdom that fee. Commons. ■ > 

Commons is little more than a 

rubber stamp of Cabinet dec!- trol over the business of the of how BSC's forecasts went so 


country's numerous export pro- 


of private behaviour over a long industrial agreement and would part1 ^ orh t JJ getlier 


who criticised diplomatic enter- constituted an abase of the g e Maimed that the issues in- 

tainment misunderstood its par- procedure of the Commons was volved where of such funda- Tl 

pose. They did not appreciate it rejected by the Speaker, Mr. ment al importance that the 

was an extension of the dipio- George Thomas, last night matter should be referred to the i 

at f v, ^ °n ^ C f? se The Speaker said that the House of Commons Procedure T)J 

to toe people he was dealing mQ ^J n ^ « en 1 ire i y within Committee. 

■»— order." If such motions became a THE 


Dog wardens 
plan studied 


SETTING 


reduction “ in the flow of mom 
and material from Iw 
sympathisers in the U^. hi 
been an important contributld 
to the improved security situ 
tion in the province. 

Northern Ireland now pr 


state of affairs can be traced back 


Mr. Foot. a marked difference, indeed, 

1 is a dear friend,- hut from the past,- when Select Corn- 
Parliamentary crusta* mittees have at times -seemed - 


t, uiuer. *1 auen uiuuuic uecame * w “«o . . — — — ; * 

Mr. Ridley ^ed ttat , ^ ^ 

Open University, told the com- motion tabled in write of would ^ possible to hector^ in die EEC he said. sStari 

mil tee in written evidence be Judge McKinnon s wntrovereial ’ ,,, t j ]e State, said in the Commons troubles were not brought to t 

was critical of three broad summing-up m the “niggers. faetnrv floor TndHstriai 


SiJhJ ,1 S ??' cekn." is how one Labour MP to fall over themselves not |o 

^ describes the Leader of the upset Very Important Wil nesses, 
l raiIl ^ d . House, who can be confidently The second nucstion, though, is 
*?*#? e co J? tro ‘ expected to oppose any shift tn more problematic. 

ffi?SL B of l! Co^ona^TMedmre ? e b “ Uince J}» What the MPs have done * 

SS i^ko 0 ned°“ fiStS ^fSL^JSSTS^Sf 


was critical of three broad summing-up in the “niggers. Jnuge witn aismissai on ine 
assumptions underpinning the wogs and coons" case was in occasion of any judgment that >«ste day. 


seated more industrial hives was recKoneu men to nave oeen Committee Rooms nostairs. Nor ^ 

ment advantages than anywhei more cynical than that of“ he alone in hisstubbom 

in the EEC he said. Sectaria the Conservatives, a few years £ rZ +h« iw Majesty that STO will be 


rariipr^ mw S»' rmuSL r™ w^rence for the Chamber itself graciously pleased to glve-sUsee* 
SSSS;.°Sm ,he Europe “ Cra - > tile only truly acted ground S tEd th«e bo l.M fitS 


and productivity were the best iq . Finally, however, as the stand- 


before this Houser by the'Stare- 


the sole criterion for external It related, he said, to a specific was in c 
activities, the confusion over judgement~-and there was no pointed out 


order, the Speaker dogs, which recommended that omer ™ MPldedded 5St enoieh toPO^nce-ihat the best way British Steel Corporation 

t that the question of dog warden schemes be operated T T„i nn «t Jwas eMneH Wto WndrichtK' «“ haD, ?PS ?*» authority of in essence, these flowuvy phrases, 

j to the Committee of at district council level An SfiSriSn bv MrM^WaldJw .CommSnsis by strengthen- fflcan that t be committee has to 

could itself be the announcement on the report John MacSntS ^ ^_ lta Sclect Committees. There, secure the endorsement of the 

a motion. would be made scon. STsSMB? SSSSSLSt £L ig SSfSJSSl 5°.?“ its dcmand “ V 


“power" and “influence,” and the suggestion that it was a criticism a reference to the Committee of at district council level An xSirr ™U ccision V Mr^amWalden .Commdns is by strengthen- mean that the committee has to 

narrow interpretation of the against the conduct of a judge— Procedure could itself be the announcement on the report Li ♦»? WndMr John Sjdntlwh to lts Sclect Committees. There, secure the endorsement of the 

national interest over a period of years. subject of a motion. would be made soon. ■ on J a°Sv S3SSLS. » House' before its demand can bp 


British Government after con- We in the emasculation of the fwj* o^toe ^^or°of toe e HbS«re r timn tho rnmmons mav 

sidenng Mr. Mason's statement Jock Work Regulation . Bill- fe ca Uy co^ctwl ?t wSJifd ha^its waV ^tboS tli S 

in toe Commons today on ^ ■ wv^ntKSnntol resistance seem, to encourage adversary partment oAndustry is trying 

The Northern Ireland Secret The power ri individual MPs ^^s 5, Is not tbe pj aCe t0 tormSTa^anrf^oi^” suonrit^'S 

taj^in answer to questions, is *d been dramatically Illustrated, rehSrse 1 t he Sow argS fw tol preS to su3- 

expected to reiterate his criti- W witrin a month or two toe mentao f Mr Mwari du Cam ^ But to cSt nrurew 

inter * S^^cWne^dfSn^ar^ 116 ^ 8113 otheT5 fQr 3 revamped struc- short, many MPs ore attracted 

Stain- tan of with vastly by the American practice of 

SnilJv ° f the Goveraraent s Aw *£? tSSv increased back-up facilities, and giving Select Committees the 

uSLi«f ar . j or,, ^ 80 an - Th® of P robtem power directly to subpoena wit- 

fljj 11 * k! Stnm is two-fold: the trill of a com- nesses and evidence they require. ■ 

t fJ^.irS 0U d ** ti r °r^ 7 P^^ 1 ^rc mtttee to exert its authority and Such a proposal has been lonfced - 

nrSpl^Sr a a ney l ? its means o f doing so. at by the Procedure Committee, 

ta P thp ■af5 B S? t T ?53irtHFftito2S t lnrt y ' The eub^ommittee of the which is due to report this year 

SopS® which _ the Nationalised Industry Committee on ways of improving the worfe- 

p^rtv Lab0 iT fh Wlth 1135 ^Ply answered the first mgs of Parliament, but a general 

^fw point, with its demand to see election. could come. before tbe 


Newlssua 
January 12, 1978 


AO these bonds having bean sold, thte announco- 
nent appears as a matter of record only; 


Sparbankemas Bank 


U.S. $ 30,000,000 
8%% Bonds due 1988 


The Northern Ireland Secret 
tary, in answer to questions, is 
ejected to reiterate his criti- 
cisms of Sir. Jack Lynch's inter- 
vention and to reaffirm the main 
lines of the Government's 
policy. 

Unionists are likely to demand 
that future talks should be 
restricted to forming a new 
upper tier of local government 
in the province to which the 
Social Democratic and Labo ir 
Party would be opposed. 


Commons majority. 


Ann »-! ■ A i.. Alt 1 . MVAIIl, Wttu an UUliUUU tv OvC CiCI-UUil taiuiu IU 1 I 1 C UVIUIb- ure 

writo^- tnSS iwp e I ?« e " letters exchanged over the past publication of its findings. 

L^, +1 two years between Industry In the meantime though, some-' 

Lj+»? w +». dea L.^ j ot3S £?fc? ra « ed 4 .» 3 )y V 18 ^ Secretary, Eric Varley, and Sir thing in the jungle has stirred. 


Protesta ° t prcpgpy H*® onl y major Bills Charles Villiers, of the British and Ministers would be very 


WESTDEUTSCHE LANDES BANK 
GIROZBfTRALE 


SPARBANKERNAS BANK 


AMSTERDAM-ROTTERDAM BANK N.V. 


HAMBROS BANK 
Limited 


KREDIETBANK S A. LUXEMBOURG EOISE 


SWISS BANK CORPORATION 
. (OVERSEAS) Limited 


UNION BANK OF SWITZERLAND 
(SECURITIES) Limited 


S. G. WARBURG & CO. LTD. 


majority, according to a research to mrvive were constitutional, 
paper published by the Northern On hese, backbench trouble is 
Ireland Fair Employment bot to be expected and almost 
Agency. invj lably occurs as shown by 

The agency, set up last year the ollapse of the first devolu- 
in a bid to eliminate religious tion Bill at the hands of 43 
and political discrimination in Lab ir dissidents. With the 
jobs, says that the level of un- Croi 1 Agents, the slumbering 
employment experienced by Pari meutary lion rubbed an 


rvive were constitutional, steel Corporation, which, it unwise to misread signs of a 
iese, backbench trouble is believes, could answer the riddle new mood at Westminster. 


Homeless row settled 


ALGEMENE BANK NEDERLAND N.V. 
A E. AMES & CO. 


AMEX BANK 
Limited 


ANDRES ENS BANKA/S 

ARNHOLD AND S. BLBCHROEDER, INC. - 

ASIAC - ASIAN INTERNATIONAL 
ACCEPTANCES & CAPITAL Limited 

BACHE HALSEY STUART SHiHJJS 
Incorporated 

BANCA COMMERCIALS 1TAUANA 
BANCA DEL GOTTARDO 
BANCA NAZI ON ALE DEL LAVORO 
BANCA DELLA SVIZZERA ITAU ANA 
BANCO 01 ROMA 

BANK OF AMERICA INTERNATIONAL 
Limited 

BANK JULIUS BAER INTERNATIONAL 
Limited 

BANK DER BONDSSPAARBANKEN N.VC 
BANKERS TRUST INTERNATIONAL 
Limited 

BANK FOR GEMBNWIRTSCHAFT 
Akllengesetlschan 

BANK GUTZW1LLBI, KURZ, BUNGB4ER 
^Overseas) Limited 
BANK OF HELSINKI LTD. 

BANK MEES £ HOPE NV 

THE BANK OF TOKYO ^HOLLAND) N.V. 

BANQUE BRUXELLES LAMBERT SA. 

BANQUE FRANCAISE DU COMMERCE EXTER1BJR 

BANQUE GENERALE DU LUXEMBOURG 
Sodete Anonyme 

BANQUE DE LINDOCHtNE ET DE SUEZ 

BANQUE INTERNATIONALE A LUXEMBOURG SA 

BANQUE NATlONALE DE PARIS 

B ANOUE NO RDEUROPE S A 

BANQUE DE PARIS ET DES PAYS -BAS 

B ANOUE POPULAI RE SUISSE SA LUXEMBOURG 

BANQUE DE L'UNION EUROPEENNE 

BANQUE WORMS 

BAYER1SCHE HYPOTHEKBI- UNO 

WECHSEL-BANK 

BAYER ISC HE LANDESBANK GIROZENTRALE 
BAYERISCHE VERBNSBANK 
JOH. BERENBERQ. gossler & CO. 

BERGEN BANK 
BERLINER HANDELS- 
UND FRANKFURTER BANK 
BLYTH EASTMAN DILLON 8. CO. 

International Limited 

CAlSSEDES DEPOTS ET CONSIGNATIONS 

CHASE MANHATTAN 

Limited 

CHRISTIANIA BANK OQ KREDfTKASSE 
CITICORP INTERNATIONAL GROUP 
COMMERZBANK 
Akriengeseflecnalt 

COMPAQ WE MO NEGASQUE DE BANQUE 


CREDnANSTAU-BANKVERBN 
CREDIT COMMEROAL DE FRANCE 
CREDIT INDUSTW EL ET COMMERCIAL 
CREDIT LYONNAIS 

CREOITO ITAUANO (UNDERWRITERS) S*. 

CRH3IT SUISSE WHrTE WELD 
Limited 

D AIWA EUROPE N-V. 


MANUFACTURERS HANOVSI 
Limited 


MCLEOD. YOUNa WEIR 
International Limited 


RICHARD DAUS 4 CO. 
Banklers 


DEN DANSKE BANK 
at 1871 Aktiesetekab 

DEN NORSKE CREDITBANK 

DEUTSCHE BANK 
Aktiangesellecliaft 

DEUTSCHE GIROZENTRALE 
- DEUTSCHE KOMMUNALBANK- 


M SWILL LYNCH INTERNAT10NAL& CO. 
SAMUEL MONTAGU & CO. 

Limited 

MORGAN GRENFELL & CO. 

Limited 

MORGAN STANLEY INTERNATIONAL 
Limited 

NEDERLANDSCHE MlDDENSTANDSBANKN.SC 


ana political discrimination in Labiir dissident*. With the . 

jobs, says that the level of un- Croih Agents, the slumbering AN ORDER dealing with home- MPs complained that they had . 

employment experienced by Parlkmentary lion rubbed an l ess people which the Govern- not had time to consider tbe 

Catholics was two-and-a-half eye.SOver BSC, it has perhaps meat had been forced to delay report 

times greater than that found in show! its claws. was approved by a Commons The Order relates to the 

the Protestant community. Netrtoeless. there is still a Standing Committee yesterday. Housing (Homeless Personsl- 

■ ■ Mr - Cooper, chairman of long Way to go before Parlia- Debate on the order was Act which lays an obligation on 

toe agency, said that toe research memfcan claim any lasting vic^ adjourned before Christmas local authorities to accoraniodate 

had identified the problem. That tory. lThe first Impediment of following protests by MPs. The homeless people. The Act came 
was the first steo towards finding coursi is the Government itself, row was over a report by a Lords into operation in England and . 
out how to solve it whicHstill exerts massive con- and Commons scrutiny com- Wales on December 1, and is doe 

I mittee criticising administrative to come Into force in Scotland 

. I arrangements in the order. on April 1. 


NESBITT; THOMSON 
limited 


Time for devolution 
Bill ‘a scandal 9 


DG BANK 

DEUTSCHE GENOSSeiSCHAFTSBAMC 


DILLON, READ OVERSEAS CORPORATION ► 

DRESDNER BANK 
Aktlangeselischeft 

DREXEL BURNHAM LAMBERT 
Incorporated 

EFFECTENBANK-WARBURG 

Aktienfleselbcchatt 

EUROPEAN BANKING COMPANY 
Limited 

FAELLESBANKEN FOR DAN MARKS 
SPAREKAS5ER Aktieselakab 


THE NIKKO SECURITIES CO, (EUROPE) LTD. 
NOMURA EUROPE N.U 
NORDDEUTSCHE LANDESBANK 
GIROZENTRALE 

OSTERRBCH1SCHE LANDERBANK 
AktiengeseHscnaft . 

OSTERR 0 CHIS CHE VOLKS BAN KEN 

Akaengasellsciiaft 

SAL.OPPENHBMJR.iCIE. 

ORION BANK 
Limited 

PIERSON, HELD RING & PI BISON N.VI 

PKBANKEN 

POSTIPANKKI 

PfUVATBANKEN AKTIESaSKAB 
ROTHSCHILD BANK AG 


BY JOHN HUNT, PARLIAMENTARY C< 


* ON DENT 


FIRST BOSTON (EUROPE) 
Limited 


ROBERT FLEMING & CO. LIMITED 
ANTONY GIBBS HOLDINGS LTD. 


N. M. ROTHSCHILD & SONS 
Limited 


GIROZENTRALE UND BANK 

DER OSTERREICH1SCHEN SRARKASSEM 


Akil eng os oltacti aft 
GOTABANKEN 

GOLDMAN SACHS INTERNATIONAL CORP- 

GROUPEMENT DES BANQUIB1S 
PRIVES GENEVOK5 
HAMBURGtSCHE LANDESBANK 
-GIROZENTRALE- 
FL HENRtOUES JR. BANK-AKTESELSKAB 


HESS I SC HE LANDESBANK 
- GIROZENTRALE - 


HILL SAMUEL & CO. 

Limited 

EJF. HUTTON & CO. N.V. 

KANS ALLIS -OS AKE-PANK K1 
KIDDER, PEABODY INTERNATIONAL 
Limited 

KJOBENHAVNS HANDBLS8ANK 


KLEINWORT, BENSON 
Limited 


KREDIETBANK N.V 

KUHN LOBB LEHMAN BROTHERS 

Intamatkmsi 

LANOESBANK SCHLESWIG-HOLSTEIN 
GIROZENTRALE 

LAZARD BROTHERS & CO. 

Limited 

LAZARD FREHESET Q E 


SALOMON BROTHERS INTERNATIONAL 
Limited 

SCANDINAVIAN BANK 
Limited 

J. HENRY SCHRODER WAGG&CQ. 

Limited 

SKANOIN AVISKA ENSKILDA BANKB4 
SKOPBANK 

SMITH BARNEY, HARRIS UPHAM & CO. 
Incorporated 

SOCtETE GENERALE 

SOCIETE G ENBtALE DE BANOUESA 

SUMITOMO FINANCE INTERNATIONAL 

SUNDSVALLSBANKEN 

SUN HUNG KAI INTER NATIONAL LTD. 

SVENS KA HAND ELS BANKEN 
TRADE DEVELOPMENT BANK 
London Brancti 
TR1NKAUS&BURKHAROT 
UNION BANK OF FINLAND UD. 

UNION BANK OF NORWAY LTD. 

vqteins-undwestbank 

AMIengeseftschalt 
J. VONTOBEL & CO. 

M.M.WAflBURG-eRINCKMANN,WimZ&Ca 
WOOD GUNDYUMITO) 

YAMAICH1 iNTERNAnONAL (EUROPE) 

Limited 


MPs ON both side of the Com- guillotife. 
mons last night combined forces From] the Opposition front 
in a furious attack on toe Govern- bench, Ir. Francis Pym, shadow 
ment over toe lack of debate ou Leader If the House, declared: . 
the crucial financial positions of ** What Is happening here is a , 
the Scottish devolution legisla- procedue which is quite literally 
tion. unaccepible and unjustifiable. 

They claimed that it was an The Goermnent has, in fact, 
"absolute scandal" that on the caused JarUament to let toe 
previous day almost the entire United Ingdom down.” As a 
financial section of the Scotland result, hi said, vital matters in 
Bill had gone through the com- the Billrere now unamendable 
mittee stage without MPs having and couJ| not be discussed in 
the opportunity to discuss to- either theComrnons or the Lords, 
dividual clauses. A si infer line was talke by 

OF the 19 financial clauses, Mr. ErlcHeffer (Lab.. Walton), 
only one had been debated be- who saidTlt seems absurd that 
fore the guillotine was brought it can gi through this House 
down at 11 pan. on Tuesday. The without ay discussion at all. 
result was that when the com- What on erth are we doing ? ” 
mittee stage resumed yesterday He called }n Mr. Foot to reeon- 
Mr. Michael Foot, Leader of the sider his rtitude and said: "It 
House, who is in charge of the is an absiute scandal what is 
BiU, faced a barrage of criticism, hanoeninglo this Bill.” 
not least from his own back- Mr. CWrge Gardiner <C., 
benchers. Beigate) Bought there was a 

It was pointed out that when danger thd a similar situation 
the legislation goes to the House could arisefluring the section of 
of Lords, toe peers will not be the Bill wjieh the House was 
able to amend the clauses he- Parting tol discuss last night, 
cause they deal with financial This deal with powers to b» 
matters. MPs were also distorted devolved re the Scottish 
at the implications for the Assembly Ind those to be 
referendum, which will be held retained by Westminster, 
anee the legislation is approved. "It wouldhe a scandal of toe 
They wanted to know how the first order ifinaners of thi« Mnd 
Scottish electorate could possibly are to be erfud»d from discus- 
understand what it was voting on sie*'.” he preested. 
if the financial heart of the Bill The sole vice raised In sun- 


The unsecret 

of 

our 


,, .... .. :*&&&* : ¥* 

'i.% • ':»• T* : 






./ii" urn*: '"^0 



had not been adequately debated port- of the r »v**niment was t*i»t | 
in public. of Mr. Dowels Henderson (SNP. 

They wanted a promise that Aberd*»»nshirft who alleged that 
there would be a chance to som» MPs w|e merely inciting 
debate the financial clauses at a the House of Birds to destrnv toe 


> merely inciting , 
rds to destroy toe ! 


Friendly and efficient service in a dynamic economy is 
ifie winning combination that assured our growth into a 
city bank of Japan. And now we're developing into an 
iniernationa/ financial complex. 

Perhaps more than any other Japanese bank, Saitama 
offers its customers tbe. full benefits of its yigor-and 
vision. The vigor that has made it one of Japan's fastest 
growing major banks. And the vision of a bank that 
never forgets people are people. 


later stage of the committee. But Bin and hold j up nnnecessarilv. 


Mr. Foot told them that no more The Jeadi r I-ibour nnri- 
time could be added to the 14 devolution 1 '*! *r. T *m Dtlveli 
days allowed for debate under (West Lotbtar pointed out that 
the guillotine. He would only under the Bil there was to be 
say toat the subject could he a new post Scottish Comp- 
raised in the business committee trailer and At itor General. But 
which decides the way that the the Commons had not bad an 
Bill should be debated under the opportunity touscuss that at all. 



The Japanese bank that helps yni-gmv 


HEAD OFFICE- TOKIWA.URAWA. SAITAMA PREF: JAPAN 

















rS'^-^i'TSv 

S5? ?K-"v . ■y'-’V 


^anrfC'Tttaes- Tfitasiky .January 'IZ I97S - 


w * s ^ti 




ir 


EDfTH) BYAffHUFR BHHfHTAND TED SCHOEIBIS 


• POWER 


COMPUTING 


IBM at the small end 


COMMUNICATIONS 

Tiger an phone watch 


Smoothing out the 
fault currents 


• WELDING 

Manipulator 
for electron 


«rv 


KMoSr,: asKSfifst^assa ™le> »*■ jpg?* - *• <— *- 

6 ™lSe‘ n iBM e omc! IS So^t^ofSthlr “to Wonn a tio n tottering for Evolu- !£ 

6/452 and 6/442. oxcbango information, or to print and Review) has been Jg}* “J d JgL starts of calls 

They will print carbon copies in local offices a text prepared installed by the London Hilton, made From each rtom are primed D63H1 WCluCr 

and multi-part forms, and handle centrally. It can also jink to suit- Hotel Tiger is minicomputer. ?ut on a looted ‘ WUW 

■E™ 1 JFULIS*', l?n y rST^W System/, b^d and is connected to the in the computer room. When a TORVAC is now offering a heavy 

paper and provide an impact 370 compu te^ t o gain access to hotels telephone exchange. It guest checks out, the cashier duty precision work manipulator 

wmjIXI ' . ‘ SSSlS* J .v*5S5? ThVnffiS JSStTaSf 11 ^ ou each of fte keys in tbe 100111 number and t«th headstock and tailstock as a be wound in and Iwkcd at any 

WITHIN the next two to three ability to carry a large current «/SS» b iJiSJS 6 0ffice f s ii D °- u ^? ut . device where hotels 509 guest room extra- the details are given of any standard option on its range of position across the chamber. Run 

months, tests will begin on a without power loss. The power * 3 ™f m 6/440. quality printing 13 required. dons- When a guest dials an additional calls made since the electron beam welders. It can out between centres is within 

prototype of ' a fault current supply is a current source. , The ^ ew equipment is capable In Atlanta, U.S., General outside call. Tiger automatically last overnight analysis. also be fitted to machines already 005 mm. 

limiter which is probably the first liquid helium Is supplied in ® predDCtofi. storing and dis* Systems Division has introduced begins charging on connection, a significant improvement in in service. The manipulator is driven bv 

proposed fully commercial unit a closed cycle from a suitable £525* ^ et L,„^._ I>r i n ^ d S!L!I! lpro I£~ ▼wnMi^of the com- When the call is complete the the efficiency of the guest billing The headstock alone will take a variable speed, feedback cm- 


DALC 


GENERATING SETS 

For prime powee 
standby, and the 
construction industry.; 


Bale Electric of Groat Britain LtdJ 
Electricity Buildings. Filey, 
VWks.YOW 9PJ.UK. . 
Jel: 0723-51 4141 Tofox : 52163/ 


to use superconductive elements refrigerator , ana. helium gas ma j ei l?L *5°?. 


delay pany's portable {just) desk-top processor calculates the total system has resulted with im- an overhung loud of 25 kg. and irol. motoMachogcnenunr. inter. 


as a matter of routine. resulting from boiling during “° d ®°? I ^2S5! U ffjachiae under the designation cost of the call and records, on mediate indication of any fault has 25 ram. adjustment in both changeable with a mure puwrfu! 

■ opentioDS is returned to a suit- ‘“rmaung and revision teatures SuO. disc, the room number, the time in the metering of outside calls X and Y axes, in conjui 

IB a _L,_ b.v:.v c with an imnaef onnter. IBM mid thp unit could he the call PnmmdnwH the nnmhap fmm » hnr&l matt, . v.„ 


able compressor which feeds the WI ^. 30 i , mpact 2?**: _ ,. ***£ ®? u,d fae commenced, the number from a hotel room. with the optional supporting tail- required tfor” example? when 

They also process information, used m business applications, dialled, the time the call was Minster Automation Is on 01- stock it can drive and support handling heavy asy metrical 


A fault current limiter 

want?* W? ^, ch wU1 Prevent un- re M aera £ or They soso process intormauon, used in 

wanted power surges from propa- supply sorting facts and statistics into such as 


general ledger and connected, the time the call was 680 1977. 


t l: 
“ •' \ 


gating through a network or ej ,*T. eh for "unattended reports quickly and simply. They accounts payable, 

between one sysiem and another Q Der |nnn 0 f one week, should can take care of administrative It is available with four main 
and thus will make fnterconnro- £ refrigerator system develop Processing, amending, updating, storage capacities, two storage 
lion and reinforcement of grids a fault, divine am Die time far sorting and re-arranging informa- media, and two programming 0 SERVICES 
much easier to aehleve at servicing. 6 tion as well as the routine office languages and costs between 

reasonable cost, even when very iv ervaaenit technola®* « correspondence and memos. $9,875 and $32,925. 
high currents are Involved. • f rom international Research and A communications facility More from IBM (U.K.) 

The alternative of replacing Development, one of the com- P ermiLs tbe rapid distribution 01-935 6600. 
modifying switchgear . is pany's associates,, -which has 


loads up to 50 kg. loads). A load coll can be filled 

Mounted outside the vacuum to measure axial luad applied to 
chamber, the headstock has a the workpiece, 
collet on an extendable 25 mra. Details from Torvar, Hi>tcn. 
diameter shaft, with 150 kg. axial Cambridge, CB4 4 HE 1022023 
load capacity. The tailstock can 2646). 


on 


or 


extremely, expensive and, until been working on snperconduc- T\ a e • , 1 

Peebles, tb^nS^f fcitit jtiSfters l^t supplied Datasaab is od the move 

cased on‘ saturated 


• MATERIALS 


Testing jet engines 

Airport is The company can now build 

which bas a range of fuel control system . • . m 

specialised test stands, as well as machines f AQTiniT OllTC AAlTACirin 
raft main- for applying tests to hydraulic V^UuLJLlI2C LUlij cUll 
equipment. A test stand for fuel ^ 



BASED AT Stansted Airport Is 
a small company which bas 
developed a highly 

service in the aircraft 

^titrated iron cores a number of important expert- FOLLOWING the merger in The company, now having a tegance field. , — — . , , . 

demanded heavy de current for mental unils inter alia, to the Sweden of Datasaab and Stan- staff of 100 which it is planning . Keareiey Airways repairs, re- pumps and flow dividers (some- DAMAGE CAUSED by erosive nozzles, pump blades, impel lore, 

tile bias windings if they- were to Generatine Board • ■ saab. Datasaab will be offering to expand, has a market base in builds ana brings back to original what like a direct injection fuel and corrosive fluids can, it is etc. 

h< * employed .on high power ran Parsons Pefiiles eol- on the UJv. market the latteris Britain of 70 small business specification aircraft hydraulic, system 0 o a car) requires full claimed, be prevented with a The coating, saniio be so inush 

° rarsom reeuna coi - c - — • - m pneumatic and electric com do- instrum^ntarinn with on «i i*n coating developed by Belzona It will wear ilc 

cutting tools, is unjITecleii by 
Ceramic extremes of temperature, can be 


certain alloys drop^to vMy ^ ^SSSe ^ 'tSfiZTSSSm S^dinayMn ewitres. 

tures,’ is employed In .the new 

SSiu m. irtS -rSU Peebles exp«„ 


syrtems. ■ labmated^rith' Fplrton’ «eU developed data terminal systems. 175 electronic account- P^^tic .and electric compo- instrumentation with op to 1*0 coating developed by Belzona it will wear down carbide tipped 

Superconductivity, in which JnSSfctor S equipment, already in use in ing ay stems, 57 financial terminal 5 n l„^f„ sts beween Molecular Meta life. 

rtain alloys drop to virtually rnmnniar many Scandinavian centres. networks and 51 paper tape data an ^ alternators, to control £25,000 and £30.000. Called Molecular 

nil resistance at low tempera- “ The m^ereinforces the back- entry units. and Uadin 8 0 ne of the latest units, com- Sleel * the coaUn E consists of a used on damp s-urfaces. and does 

th “ n ““ - as responsL e i n3 of Datasaab in the UJC since It is proposing step by step to * S’; . pleted this week, is a 

the parent company moves off to take over the maintenance of its r *™ L'rT wvT testing pressure and flo 

i mover expected to be con- hardware from Computer Tech- s ?J7 Ced ’ ring of Id jets feeding .-w. . , . 

.. ■>- * — — - ■ — and eiv ii fmm manv ^rti»ntri*.c - - - - - ,c mixed with a hardener and Details from Hie maker. (.Lrn 

died as a paste to areas sub- Road. Harrogate, North Yuras, 
Sff porous inspection i to meet v^me^Jf flow througTeach Jrt * c ' t0 wear suc ^ « W c bends, (0423 67641). 


It is proposing step by step to legs. pleted this week, ^"a^ric "for resin containing a high propor- nut cunduct elecirieiiy. Patents 

H K H ^ Parts for every type of ait- £2™, -n“ flow on a tion °- f microparticles ofjiteel en- have been applied for in the I’ K. 


titanium irr a copper matrix #ll "““t- ZTEZ. a turnover expected to be con- hardware from Computer Tech- ring of 16 jets feeding fuel to cap l u,at 5 d ‘"silicon. The resin and US. 

cooled by. liquid helium; , to gain Fnrpp^i^b^ bv mnX siderab jv higher than the com- nology, which bas so far been Ro!J s Royce Gnome jet engines. ** *J?** ed wl,h 3 hardener and 

saturation of the iron cores bined £^5m. total for the separate providing this essential service The machine measures the ? pp ! f d 


economiiaUy.-. : . extensive interconnection With- companies in 1977. At the same on a sub-contract basis. Rff 3 volume of flow through each jet 

V1 u L .; -oj The'- limiter will effectively o»t at the same time Introducing time, Datasaab's UJL company More from Datasaab at POB . vanous authonties stan- iQ turn aQd C h e cks the pattern 
absorb supply voltage so that many more incidents of fault has increased its share capital 105, North Circular Road, .fv - .. angle from each nozzle. 






absorb supply voltage so that miQ y more incidents of fault has increased its share capital 105, North 
overcurrent does not occur and currents and reinforce security by £Im. London, NW10 7TS. 

do this smoothly— in . contrast of supply. without the. need to up- - 

with stepped impedance switch- ra ^ e switchgear etc. Tj-r t a 

ing— as the spike occurs so that should be a- boon, m such Inf/v I QTIQT1 AGP 1T1Q1*U PlC 
faults are levelled out down the fault-prone areas as- New York illlU tf dUilliLijv llim lYVliJ 
line. The stiike itself, hv over- State where “ brown-outs,” if not * 


Circular rtoau, M Ue h 0 f the test equipment. 

as-i. jyj ^ mac hjnes for renovating the 


angle from each nozzle. 

o Accuracy of flow measurement 0 INSTRUMENTS 

components were developed and must be within 1 lb/hr. as the 

built by the company, and the permitted variation between jets l) Afl i 1~_.11 4-liiAlrnAcn 
expertise this has provided in is only 2 lb/hr. Used for engine JjQ3t HUll IDICKI16SS t6Sl 
_ .. ... . SI _._ wtiPT*. - tmwMiiK •• if nnt — - the control and measurement of maintenance on helicopters, this 

n 7iLT$ZL ltS !iL by °Z r C totaf rWr -fSSJSTmear to IN TE«CO Business Consultants is estimated to be the size of high pressure oil flows, for rig costs about £S.000. VARIATIONS IN the density of gives a four-digit rcaduul 

coming the .biasing voltage which er im urra. appea to j taking a range of products the U.K. and German markets example, bas led to a “ built-to- Details of the service and the „i ass fihr _ rp i n f orP «d nlasties material thickness, 

keeps impedance low. causes .*» L« atfft L OTV th , s from British companies to Japan combined. The large machine order” service for special test test machines from Kearsley ««• It er h = s l t0 CK Jf Rrst ..-.nhramd 

s&T&uiur* “ d ;^ s sr- lor aircraft maiBlen - efbxesi « S!ao ' 

aiMssssras K; ^ i ^ 1 wiih an uUrasonit ,hickMsi — > » f «>» ™ "“*■ 


nf 


state bas zero resistivity and the burgh EH5 2XT. 031 55? 6261. tronic security devices and will 


• OFFICE EQUIPMENT 



SPEEDS 

PRODUCTION 


Few if any. know more about riveting technokDj^ . 
than the manufacturers of the world-famous 
'Aylesbury' range of rivets, special cold formed parts, 
setting machinery and other labour saving equipment 
Whatever your requirements the BE Group members 
offer a service of unequalled quality and reliability. 
Shouldn’t you be keeping abreast of the' latent 
developments? 

Send today for 
The Guide to the BE Group 

Group Head Office: 

BltureaM Engln— ling Ud, 

PO Box 2. MandeviUe Road. 

AylosOury. Bucks. HP 21 SAfi . . 

Tel: AylestJury (0296) 591 1. TbIb*. B32l0. 


iie 


bailed 

P*""J 


gauge developed with the assis- ness at a convenient point. The 
tancc of surveyors of Lloyds unit is placed at this point and 
Register of Shipping and offered adjusted to give the same re:i«l- 
the U.K. by Teledictor, l l c ™ 


be on the Interco stand at the “ d J 8 ^^cted to grow 

SSkI saw - — « » Dictator sounds good «« sm — - - 

ft® the Japanese market to J ° _ . . . . Tipton. West Midlands DY4 8YB The gauge operates si ini lar lv 

Among the companies being Investigate the possibility of USERS OF pocket dictation condenser type fined with auto- (021-557 3056). to a depth sounder and working 

running an exhibition of British machines have to give up some matte gain control— it compen- According lQ Teledictor, the on lhe Pulse-echo system its 


are 


represented 

cuumufi «u uuiuiuuu ui diiusj uiauuucs u»ve give up ouiuc — — — •; < 

mA™ SM^.. s,S, hardwire ,nd software computer sound reproduetian duality In »'« 


naraware ann soriware computer sound reproduction quality m * U1 “■**“•*“ transducer responds accord n q 

*-a£Sf 51222: — r !SS fASS? SM - 


inte- m removing 
and described by 


impulses. The transducer con- 


All compan/^i on the Interco Japanese National Computer . w 
stand are seeking to establish show in October. ° ut 

themselves in .the Japanese At the same time Interco will Phone Company goes a long unusually large . , 

market either by finding agenls be establishing its own office in towards offsetting this by f55mm) for such a small somewhere along the line a ply as gound waves throu „ h 
and distrib*itors or through Tokvo to provide marketing usin S . separate speaker and machine complete the voice re- or two of laminate has m ' ‘'couDlinc" liouid such 
setting up licensing agreements services in Japan. microphone systems instead of production units. Range is from advertently been omitted. glvcerfnc, oil or water 

tD manufacture locally. More from the company on *? _P/rior both functions 200 to 6.000 Hz. Called the Panaraetric Model Sound waves travel through 


a new model from Dicta- gI . at ed "circuit " amplifier and described by builders of GRP vcrls lhe c i PCtricaI cneP . v . n!fl 

. . area speakeT boats as “the haununB.fcar that frSfcbmid 

a 
as 


The Japanese computer market 01-549 975L 


m 


FOR ROLL-FORMED 
STAINLESS STEEL 
SECTIONS 

Ashford Kent. Tel 0233 25911 


7 


tions as is common on machines Recording medium is the 5227. it consists of a portable the material and are reflected 
of this size. standard mini-tape cassette, of (four lbs) recording unit with from the hack surface. The 

- This Dictamne unit measures fifteen minutes per side. connecting cable and transducer, transducer receives the reflected 

just 1-5 ram x (Sram x 32nim and Dictaphone Company.- Alper- Battery life is eight hours, and sound waves and converts the 
its tjpight including dry battery ton House. Bridgewater Road, the unit firm be run from its time taken bv them into .i 

celts- fa 200 grammes. Wembley. Middlesex. 01-903 external charger while the measurement of thickness which 

The microphone is a sensitive 1477. battery is being recharged. It appears as a digital rcadnut. 


r-fl 


THIS ANNOUNCEMENT APPEARS AS A MATTER OP RECORD ONLY 




CARBOCLORO S. A. INDUSTRIAS QUIMICAS 

A BRAZILIAN CORPORATION JOINTLY OWNED BY 


diamond shamrock corporation, 

CLEVELAND, OHIO 


HNI PAR-UN IAO PE INDUSTRIAS 
FETROQUDAICAS SA, 

RIO.DE JANEIRO. BRAZIL 



n 




CHHMICAIi BANK 


.j* ^ 


$ 100 , 000,000 

EURODOLLAR LOAN DUE 19S5 

MANAGED BY 

CITICORP INTERNATIONAL GROUP 

. LLOYDS BANK I NTERN ATIONAL 
LIMITED 

MELLON BANK, N-A. 


CO-MANAGED BY 




THE CLEVELAND TRUST COMPANY 
CHASE MANHATTAN LIMITED 

CROCKER NATIONAL BANK 


MANUFACTU RERS HANOVER 
LIMITED 

CONTINENTAL BANK CONTINENTAL 
ILLINOIS NATIONAL BANK AND TRUST 
COMPANY OF CHICAGO 

NATIONAL CITY BANK 


PROVIDED BY 


CITIBANK, NA ' . 

LLOYDS BANK INTERNATIONAL LIMITED, 
CHICAGO OFFICE •* 

THE CLEVELAND TRUST COMPANY, 

NASSAU BRANCH . 

THE CHASE MANHATTAN BANK, NA. ; 


CHEMICAL BANK 
: JyiELLON BANK, NA. 

MANUFACTURERS HANOVER TRUST 
COMPANY 

CONTINENTAL BANK CONTINENTAL ILLINOIS 
NATIONAL BANE AND TRUST COMPANY OF 
CHICAGO, NASSAU BRANCH 


CROCKER NATIONAL BANK 

CAYMAN ISLANDS BRANCH ' 

CENTRAL NATIONAL BANK OF CLEVELAND, 

NASSAU branch: SCANDINAVIAN BANK LIMITED 


National city bank 

SOCIETY NATIONAL BANK OF CLEVELAND 


emCOBP INTERNATIONAL BANK LIMITED 

AGENT .. 




X 


DECEMBER 22, 1977 


This announcement appears us a matter of record only. 


December, 1977 



Setts u Paperboard Mfg. Co., Ltd, 

(Settsu Itagami Kabushiki Kaisba) 

U.S.S15, 000,000 

6$i% Convertible Bonds Due 1992 


First Boston (Europe) 

Limited 


Daiwa Securities Co. Ltd. 

1BJ International Limited 

i 

Chase Manhattan Asia Limited 

The Development Bank of Singapore Limited 
DBS-Daiwa Securities International Limited 
Ihdosuez Asia Limited 

Kuwait International Finance Company S.A.K. (KIFCO) 
Singapore- J apan Merchant Bank Limited 
United Overseas Bank Limited, Singapore 


ABN Finance Amsterdam -Rotterdam Bank N.V. ASEAM Capital Corporation ASIAC-Asian International Acceptances & Capital 
Limited - 

Ayala Finance (HJC.) 

Limited 

Baaque de Paris et des Pays-Bas 


Limited 

Batique Bruxelles Lambert S.A. 
Banque Worms 


BT Asia limited 

—A Member of tbe Eaokeri Trust Group— 
Dewany and Assocics International 


Baring Sanwa Multinational 
Limited 

Continemal Illinois 
Limited 

DQ BANK Deutsche Genosscnschaftsbank 


Limned 

Banque de Neuflize, Schlumberger, Mallet 
B.NF. Finance (Hong Kong} Ltd. 


Dai-ichi Securities Co., Lid. 


Hessische Ijandesbank-Girozenuale 

jardino Fleming & Company 
Lbaitad 

LTCB AsxaLhL 


IBJ Finance Company (Hong Kong) 
Limited 

Kuhn, Loeb & Co. Asia 


Inter*AIpha Asia (Singapore) 
Limited 


Daiwa Securities (HJSJ 
Limited 

First Chicago Asia Merchant Bank 

Limited 

Hill Samuel pacific 
Limited 

Kleinwort, Benson (Hong Kong) Kuhn, Loeb & Co. Asia Kuwait Pacific Finance Company 
Limited Limited 

Manufacturers Hanover Asia, Ltd. Mitsubishi International Finance Ltd. Morgan GrcnfeU (Ada) 

- ' Limited 

Morgan Guaranty & Partners . New Court Merchant Bankers New Japan Securities International iHJK.) Ltd. 

United Limited 

The Nikko Securities Co., (Asia) Ltd. Nippon Kangyo Kakumaru (Asia) Nomura International (Hong Kong) Ltd. 

• Limited 

Okasan international (Asia) Orion Pacific Osakaya Securities Co_ Ltd. Pan Asian Finance 

Limited Limited .Limited 

Saitanta-Uoion International (Kong Kong) Sanyo Securities Co., Ltd. SBC Finance (Asia) Ltd. Schroders & Chartered 
Limited Limited 

Singapore International Merchant Bankers Singapore Nomura Merchant Banking Socicte Generate Societe Generate de Banque S~A. 
Limited Limited 

Sumitomo ft East Asia Sun Hung Kai International Taiyo Kobo Finance Hongkong n.W. Taylor & Company Tokai Asia 

Limited Limited Limited Limited 


Limited .. 


Tokyo Finance (Aifia) Ltd. 


Wako 


I me coronal 


(Hong Kong) Ltd. 


United Chase Merchant Bankers 
Limited 


Yamaichi International (H.K.) 
Limited 


Vereias- und Wcstbank 

Aktiengesellscbalt 


J. Vontobel ft Co. 
Yamatane Securities Co, Ltd, 





12 


Financial Times Thursday January 12 15)78 


THE JOBS COLUMN 


Index-linked dilemma 


More about recruitment 



BY MICHAEL DIXON 


CIVIL SERVICE appointments 
with in Bali on-proofed pensions 
are evidenrly not the most desir- 
able jobs on the public payroll 
after all. I have just discovered 
tile existence of roughly 900 
posts now within the State 
sector that carry index-linked 
pay. 

They belong to staff of a pair 
of the two dozen industrial 
training boards which, effect- 
ively since 1975, have had their 
wage and other administrative 
costs paid from taxpayers' 
funds. But the story behind the 
unusually plush working condi- 
tions starts farther back, in 
1973. when the boards in general 
were still financing their activi- 
ties by raising a levy — part of 
which was returned in grants — 
from concerns within their par- 
ticular industries. 

At that time morale in the 
ITB's seemed extremely low be- 
cause under the distinctly chill 
eye of the Conservative Govern- 
ment they were worrying about, 
whether they were going to sur- 
vive. 

But about 800 staff in the 
Road Transport Industry Train- 
ing Board, and some 120 others 
in the counterpart for the furni- 
ture and timber industry clearly 
did not let the depression get on 
top of them. For they upped 
and negotiated with their res- 


pective governing councils, 
which include representatives of 
employers as well as of trades 
unions and education, what I 
gather are legally cast-iron con- 
tracts including index-linked 
pay. In the case of the outstand- 
ingly ambitious road transport 
board at least, there is provision 
for twice-yearly adjustments 
based oh the positions in June 
and December. 

Now, the salary levels pre- 
vailing in the two boards were 
not the same — each ITB set up 
its own pay structure mainly re- 
flecting the conditions of the 
industry for which it is respon- 
sible — and neither are they 
known to me. But it seems safe 
to say that over the two years 
following the successful nego- 
tiations the two progressed to 
being among the best paying of 
their kind, although staff of the 
transport organisation were, and 
almost certainly still are, better 
off than their furniture fellows. 

With the re-arriyal of incomes 
policy, however, the respective 
governing bodies decided to 
suspend the index-linking 
arrangement. And that was the 
state of affairs m 1975 when, 
seemingly with little notion of 
the potential trouble it was in- 
heriting, the Training Services 
Agency arm of the publicly 
funded Manpower Services Com- 
mission took over responsibility 


for the ITBs and, in effect, the 
financing of their pay bills. 

Whether the agency remained 
unbothered about the unique 
contracts of getting on for a 
thousand of its new employees 
during phases one and two of 
the incomes policy, 1 cannot be 
sure. But it knows all too well 
about the problem now. 

For with the replacement of 
incomes policy by pay “guide- 
lines," it seems that the staff 
of the two boards have a 
scrupulously legal claim, under 
the terms of the contracts, not 
only for the reactivation of the 
index-linking arrangement, but 
also for the restoration of the 
increases in pay levels foregone 
during the period while it was 
suspended. 

Suddenly. therefore, the 
Training Services Agency finds 
itself faced with claims for rises 
which I hear total around 40 per 
cent., plus of course whatever 
the index calculations say 
should be added in future. 

With inevitably sensitive 
negotiations still in progress, 
nobody can yet say what the 
outcome will be. The agency 
would naturally like the staff of 
the two boards to agree to give 
up the linking arrangement 
and. in all honesty, it seems to 
have a fair argument. 

When the staff entrepreneuri- 
ally negotiated the arrangement 


they were employed in a rela- 
tively entrepreneurial position. 
Their boards had to finance 
themselves, and their continued 
existence was by no means 
secure. With the 'transfer of ihc 
boards to the domain of the 
Training Services Agency, how- 
ever. their staff gained the high 
security of employment which 
typifies the public sector. 

But if the staff were to insist 
on the letter of their contracts— 
which would of course thrust 
them greatly ahead of the pay 
of their counterparts in the 
other ITBs — it is hard to see 
what might usefully be done 
either by the Manpower Services 
Commission, governed directly 
by a 10-strong body including 
three representatives from each 
of the Trades Union Congress 
and the Confederation of British 
Industry, or by Mr. Albert 
Booth, the Secretary for Em- 
ployment who speaks for the 
commission in Parliament. 

I suppose that driven hard 
against the wall, the commis- 
sion might be able to declare 
cash limits to the running costs 
of the boards concerned, so 
that insistence on the full con- 
tractual increases would even- 
tually have to be paid for by 
cuts in staff. But that would 
surely have dire effects on the 
efficiency of the training boards' 
services to the client concerns in 


:hc:r respective industries. 

So one can only hope that the 
staff «r:I! agree to reasonable 
seif-yctrifice and fair compara- 
bility with the pay nf their 
fellows in the other boards. 


Grouses 


WHEN ! printed and discussed 
the Institute of Personnel 
Management's proposals for the 
code of good recruitment prac- 
tice in last week's Jobs Column. 
I had some hopes that it 
covered all the grounds for 
major mutual grousinc between 
candidates and recruiters. I 
should, of course, have known 
better. 

It look only 24 hours for the 
hope to be shattered. “ I wnuld 
like to add a plea for job 
advertisements to give an indi- 
cation of salary," said the first 
letter I opened on Friday. “It 
seems to me a waste of time 
for both applicant and recruiter 
if an applicant, in ignorance of 
the salary offered, replies to an 
advertisement for a post which 
is either above or below their 
level." And about a dozen more 
responses arriving since have 
echoed the same sentiment. 

So there can be little doubt 
that secrecy on the part of 
advertisers about salary levels 
is another fairly common habit 
which discourages a good many 


potential candidates, as this 
next quotation shows: 

I realise that some firms do 
no wish to publicise their salary 
structures. They are afraid of 
“ rocking the boat " with Iberr 
present employees by revealing 
how certain individuals within 
the company are paid. But this 
type of secrecy is. in any case, 
counter-productive in that it 
arouses suspicions among staff.’.' 

That fact is not unknown to 
me. I once worked for a man 
who. when I told him on the 
day I was leaving the company 
how much I had been paid, 
immediately stormed into - his 
boss and gave notice. His salary 
had been only four-fifths of 
mine. And there are doubtless 
many other concerns where a 
bitter dispute could be started 
simply by getting the staff to sit 
round a table and state their 
respective salaries, one after 
another. 

But it would certainly bo 
unfair for anyone automatically 
to interpret the lack of an indi- 
cation of salary in a company's 
advertisement as evidence of 
Machiavellianism. The combined 
effects or pay restraint and the 
Employment Protection Act 
have created parlous problems 
for concerns who suddenly need 
key. good quality staff. 

It is no longer uuusual for a 


recruiter, to find that the 
necessary kind ol worker just 
won't come, except at a salary 
premium which would set the 
company at loggerheads with all 
its comparable existing staff, tn 
whom if could not afford to give 
comparable rises, pay- guidelines 
or no In the circumstances, 
bring secret about salary might 
not he 1 the perfect siilqtinn. but 
it is an eminently understand- 
able one. 

So while it wuuld doubtless 
be desirable for the giving of 
an . indication of pay level to he 
provided Tor by the ideal. code 
iff practice. I do not think it 
practicable to include such a 
clause when to be successful, 
the provision* need to be volun- 
tarily. acre pied by numerous 
comnanies operating in a real 
world. • 

.. Another bone of. contention 
mentioned hv severed readers- is 
the design of job-application 
forms. ... 

“Practically, without excep- 
tion. these are designed wit hotu 
any thought as to i he candidates' 
convenience in filling them in," 
says the most, articulate 
complainant on this topic, “ The 
foons appear to he designed hy 
the same people who master- 
mind the layout of . one’s 
personal, tax returns." 

'Once again I know the 
feeling. But on looking into 


the basis of lhe>e complaints, 

I gather that they come from 
people with some apparently 
irresistible urge u» use a type- 
writer to fill in documents which 
were designed to be completed 
hy hand, so it swms small 
wonder that they find the task 
"at times causing aggravation, 
frustration and even despair." 
.. From the recruiters’ side, on 
the other hand. 1 have received 
three or four expressions of 
cynicism about the likelihood of 
applicants* abiding by the pro- 
visions »f their side of the code 

II It wtuilri bo pleasant to think 
they wuuld all he ohserved," 
says one. but sorely naive fur 
anyone ur any organisation to 
suggest they will be. 

The answer id those pessi- 
mists is simple. The code takes 
the form of a two-way agree- 
ment. so any applicant who 
breaks Ihc provisions of the 
candidates* side automatically 
frees tl.e recruiting concern 
from the obligations of the other 
side. And to my mind, a candi- 
date who prefemxf to ill-treat 
the recruiter rather than 
benefit by the eode's guarantees, 
would hardly he worth employ- 
ing anyway. 

Fortunately, however, the 
bulk of the comments 1 have so 
far received on the proposed 
code of practice have been 
firmly in favour of it. 


DirecteurFmancier 

Fmnce 

JiisquXi 150 000 Frs. 


Notre client estune grande organ- 
isation internal! onale de transforma- 
tion dans le domaine de Iequipement 
auiomobile.comptant des socieies 
dans trois pays de la C.E.E.appro- 
visionnant findustrie automobile 
europeenne. Le chiffre d'affaires pour 
1977 est de £73 millions. 

Le candidal selectionne prendraen 
change la gestion financiers quoti- 
dienne de lentreprise fran<?aise sur le 
plan de la compiabilite.de la budget- 
isaiion.du financemenide Pactivite 
ci du controls interne tout en ayant 
cgalement un role consuliatif quanta 
la planilication financiere a court 
lerme ci a long lerme. II exisle de 



bonnes possibilities d avancement 
dans ce groupe dynamique. 

II sera age dau moins 35 ans.aura 
un dipiome professionnel.asavoirun 
ACA ou DECS,etparleracouram- 
ment fanglais et le frangais. II doit 
posseder une experience de la 
comptabilite dans (Industrie de 
transformation etetre un gestionnaire 
resol u mais souple.capable de diriger 
xnais sachant aussi comment deleguec 

Veuillez ecrire.en joignant un 
curriculum vilae detaille a votre lettrc, 
a: Mr. Michael Webb-Bowen. 
Managing Director. ORES Inter- 
national Ltd.,35-39 Maddox Street, 
LondonWIR 9LD, England. 


Management Recruitment 
Consultants 


Freight Division 
Director 


c £. 12,000 


Our client — a major 
international Croup with 
diversified operations in the UK 
and overseas — has decided on a 
policy of expansion of the 
Company’s interests in surface 
and air freight services. In order 
to promote and control this 
expansion a new appointment 
of Freight Division Director is to 
be established, with 
responsibility for implementation, 
of strategic plans and the 
general direction of a number of 
operating subsidiaries. 

This appointment calls for a 
professional freight services 
executive who combines proven 
strength as a senior line manager 
with the vision and stature 


appropriate for a policy-making 
post at corporate level. 
Experience in acquisition work 
would be an advantage, and all, 
candidates must already have 
managed freight services on an 
international scale. Likely age 
range late 30s to mid 40s. 

Starting salary by arrangement, 
with £12.000 as the indicator. 
Benefits for this central London 
appointment include a Company 
car and non-contributory 
Pension scheme. 

Please reply, in strict confidence, 
to Peter Bingham A Partners, 
Personnel Consultants, 9 Curzon 
Street, London W1Y2FL, giving 
full personal and career details. ' 


Peter Bingham & Partners, 


Financial Controller 

London 


c.£9,500 


Long established quoted wine shippers with products known throughout the 
world wish to appoint a Financial Controller. The initial task will be further 
development of group budgetary control and management reporting 
systems. Later, responsibility will cover all aspects of finance and in addition 
it is expected lhat the successful candidate will become Company Secretary 
in about IS months’ time. Career prospects are excellent. 

Candidates must be qualified accountants with at least 5 years’ experience 
in a commercial organisation. Age should be less than 40 and knowledge of 
a latin language will be an asset. 

Initial salary will be about £9,500. Other benefits include a contributory 

pension scheme. 

Candidates of either sex should apply in confidence giving personal details 
and an outline career history, quoting reference FT/18/F, to:- 


Turquand, Youngs & Layion-Bennett, 
Management Consultants. 

11 Doughty Street, London, WC1N 2PL 



i 


FIRST-CLASS OPPORTUNITIES 

avaiStble to qualified, student and 
experienced accounting persoonel. 

Contact Bob Mile, or Brian Cornet 
on 01-628 2 691. 




DRAKE 

ACCOUNTMG 


GILT EDGE 
JOBBING FIRM 
requires Manager with goad 
money market experience. 
Salary aod terms negotiable. 
Please write Box A.6203. 
Financial Times. 10, Cannon 
Street EC4P 4BY. 


1 HAVE EARNED ON 
AVERAGE £1,800 MONTHLY 

arnie icp./i-g to a niniu, ui uvis 
paper in 1975. I work hard and 
have a varied and interesting jon 
working for Hnabro Life Assurance. 
I need three top people cc wm me 
in London. Experience unnecessary 
but impeccable references essential. 
flcpJy with lull c V. Bo* A.0191 . 
Financial Time s. IB. Cannoo Street, 
EC*P 4BY. 


Degree + ACA? under 26? 


A career m Oil 


London , 

One of the largest UK oil companies requires 2 chartered 
accountants to be groomed lor a responsible management 
career. The initial appointments, at their hejd office in 
London, wilt involve project accounting and internal 
consultancy providing technical and commercial support to 


to £7,000 

their operations in the UK and overseas. Up la 255a travel 
can be e\ peeled and a foreign .language would be useful. 
Excellent conditions of employment include a salary review 
within b months, nun- contributory pension scheme, interest- 
free season ticket loam, and heavily subsidised junches. 


Mrs l/idiru Brown r Ref: 190~6. hT 


Male ur female candidates should telephone in confidcri 
LONDON: 01-734 6852, Sutherland House, 


for a PerCpnalifistnry Form tot 
crgyll Street, W1E 6EZ 


I- 

I I ■ 


} ■* Executive Selection Consultants .. . 

rikmiv.Hwi r, i \siam. u invYi m \Miii vn **.m in viiir.sHn nrt w 


LEADING STOCKBROKERS 

INVESTMENT ANALYST 

Wc wish to recruit an Analyst to lead our estab- 
lished Textile Research Operation. The ideal 
candidate will be a graduate, or have a professional 
qualification, and will have had at least three 
years’ relevant experience, of which some should 
preferably have been gained within the industry. 
The position involves regular contact with and 
visits to textile companies, and close liaison with 
the firms institutional sales desk. 

The remuneration and conditions of service will 
reflect fully the status of the post. 

Write Box A.6204, Financial Times, 10, Cannon 
Street, EC4P 4BY. ' 


FINANCIAL 

SERVICES 

(aged under 30) 

AN ESTABLISHED COMPANY 
is seeking to recruit 

TWO FURTHER EXECUTIVES 

This is a long term career project and full 
training will be given 

Starting salary circa £5,000 p.a. 
depending upon experience/qualifications 

Please send brief details of current situation to: 
Box A6197, Financial Times. 

10 Cannon Street EC4P 4BY 


r- 



UK 

Representative 




Process Plant 

A representative role of this type makes 
particular demands on — and offers - - .' • 
substantial satisfaction to — the individual 
concerned. This major Continental process 
plant contractor will appoint a Chief • * 
Representative in London to generate 
business, initially in the UK. but also 
throughout the English speaking worid.A 
thorough familiarity wilh the structure of the 
process industries, and with the financing. and 
contractual arrangements appropriate to . 
large scale international projects, is s key 
requirement. The ability tQ operate 
independently up to the most senior Jevpte in 
industry, commerce and government is also 
essential. We seek those, aged 35 at least who 
have been Involved in worldwide sales of 


£15,000 


multhEm engineering schemes; a degree or 
professional qualification ts expected, as is 
conversational French. A pensionable career 
is envisaged within the multinational group. 
Remuneration freely negotiable around the 
figures indicated. 

Personnel Services Ref: GM26,6250,‘FT 

initial interviews are conducted by - • 

PA Consultants. No details are divulged to 
clients without prior permission. Please send . 
brief career details or write for an application 
form, quoting the reference number on both- 
your fetter and envelope, and advise us it you 
have recently made any other applications to 
PA Personnel Services. 


PA Personnel Services 

Hyde Park House, bOa Knighlsbridgc, London 5W1X 7LE. Tel: 111 -JJj GtlhO Telex : ‘27874 


L 


’**2 j 


frvnf** «•* 'M irr • ■■■■(■•. i"-/ 


!ES 


J 


LEADING U S. 

INVESTMENT BANK 

requires two orjthree- U.S. stockbrokers for 
retail accounts.;: i ■■■ 

Excellent compensation ’and working 
conditions. 

Write Box A6199. Financial Times. 10 Cannon Street 
EC4P4BY. • 


k 


V. 

% 


GROUP ACCOUNTANT 

SALARY— £7.500 negotiable - CAR 
LOCATION — Kingston - AGE — 30 

We are retained by a Public Company to find a Chartered 
Accountant with experience of contracting. Basic duties would 
include: 

Overall responsibility for group companies accounting, 
preparation of monthly cash flow statements, production of 
annual accounts, consideration of standardisation of accounting 
procedures and implementation of recommendations. 
Contributory pension scheme. Four weeks annual holiday. 
Applications to: 

D. J, Cakebread, FCA 
PITMAN CAKE BREAD & CO. 

113 High Street, Hampton Hill. Middlesex TW12 1PF 
givinu details of career and salanj to dele 


EXPERIENCED MARKETING/LENDING OFFICERS 

needed fur work in a commercial bank' in Saudi Arabia. . 

: — Minimum three years’ experience in same field. 

; — English mother tongue only. 

— Age — 25-35 years.' . 

Assignment fora minirnum of two years. 

— Compensation package attractive. 

Applicants should write eric! using fulL details. and applications should be 
received at the following address by. 1 3th February,- 19TSi 

Ref: 10 /I 9 /B ... _ , _ 

- - •- jRDriAil INTERNATIONAL 

Park Lane. .London WlY 3LB. 






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13 





financial Times : Tthirsday January 12- 1978 


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Closing the Sale - that is what this Job is about. 

; The Company, already a leader m sophisticated 
systems, has successfully developed this new 
produclr proved itanri already hac it mstaUad ’ 
with miyor customers. Theyhavea headstart 
on competition world-wide and are determined 
that the ^Oh-^CKxmimoti’ story of British 
technical achievement being overtaken by 
competitor^ superior selling is not going-to 

• - apply here. Itis not a pioneering job, in the 

sense of opening doors; they are wide open. It is 
writing orders, hot just talking about them, 

. . whereevery body m one’s customer’s firm, from 
the unions, through middle management, to the 
board, will probably be involved. 

Our man- or woman -need not necessarily he 
a systems, computer or E.DJP. specialist, but 
they should not be capable of being inhibited by ' 
such specialists either; ..... 

This is a job for a diplomatically aggressive, ' 
selling businessman or woman -mid 30’s to mid 
40s probably- with a demonstrably effective 
track record. They will report to the Managing . 

. Director. Expected success could result in the 
~ establishment of a separate division and a seat 
on the main board. ’ 

Location: desirable, ptrt ofTondon.'WesL 
' Normal senior remuneration package into five ■ 
figures. 1 . 

Write, quoting reC 745, to J. p. Madarlane: 

BbcIcZDcII International \ 

* ' BECK WELL CONSULTANC* SERVICES UJX. •• 

StM. BAKER STREET. LONDOT-miMlDl. - - ■ - ■- 

Tdertame 01^87 STM (244M0-atM«i^»rtkcLTdec3S3S3tu ■ 
ASSOCIATED WITH COMPANIES IN EUR OPE. AFRICA. ASA. ' 
NORTH AND SOUTH AMERICA AND AUSTRALASIA 



F. PRATT ENGINEERING 
CORPORATION LTD. 




ive 


! ' » . , > 


MARKETING 
DIRECTOR 3 

required for subsidiary company Pra« Burnerd International Ltd, . 
Hrniiax. W. TorKshire, engaged In the manufacture of’ prtcasion 
engineering products. The. markecin^executive will benupdnsibW, 
ro the Managing Director for; % 

Y * Developing marketing strategy and "policies, horae^andli 

j.-' overseas. ’ ^ 

fr*t * Identifying npw product/market opportunities. “ 

5-. * Preparing and implementing marketing plans. .,/• . 

* Managing the sales force. 

This is a challenging situation requiring the. development of a 
total marketing function. Enthusiasm,, .drive. and leadership are 
, essential qtialities and recent experience jn the trighieedhg sector 
1 of secondary importance. ' / 

1 Candidates aged 3(M5 years should have had formal training 
inland responsibility for marketing- and - proven. sucreas in sales., 
management. . . j -& ■ 

Salary c. £9*0(30 pa. plus pension, car^ and other .Benefits, * 
Applications to: V- HoUingwoiffy' 
l 1 Pratt Bumerd. International Lt di.. 

Park Works*; Lister Lane. i‘ 

V Halifax, W. Yorkshire. ** - 


K V 


MESIHENT ASSISTANT 

Ttte Canada Life, which is an international Company with U.KL. 
assets exceeding £l.000m.. has an excellent opportunity for an 
honours graduate (or a person with. 1-2 years’ relevant experi- 
ence) to join its Investment team .in .the London office. 

The successful applicant will provide support for che officer 
responsible for faced interest investments. Initial responsibilities 
vtf II. include administrative and monitoring -work- but the appli- 
cant will also be expected, to. develop analytical techniques and 
fdjMow the larger. economic scene in both the U.K. and Ireland 
Wan introduction to further responsibilities. 

K competitive salary together with the normal fringe benefits 
associated with a leading- Life Office.. 1 - • 

7 .Please oppiy in writing to: : 

| MR. M. R. Collett . 

Personnel Manager 

| THE CANADA UFfc ASSURANCE' -COMPANY 
Canada Life House. 

High Street, Potters Bar 
Hem ENA 5BA 



b 


Rare Opportunity 

small tut fast-growing Public Com pany^wkh interests in natural 
- '^/resources, energy conservation and public services requires two 
— ^ young executives to supplement . the top management team at 
Head Office in South London. ' - ^ 

One will fulfil the* role of Group Financial Controller and the 
second will act 4* P-A. to the .Chairman. Candidates should, be 
. well qualified wrthsound: eommerctal experience and aged 25-35. 
* 1 |/ The ability to manage and control diverse activities with flair 
A \|\ md foresight will be of importance. 

s' Excellent career- prospects exist, for the person who excels in 
, m everc hanging commercial environment. Remuneration and 
, ^ Ti-'I benefits would be commensurate with the responsibihrei of these 
! ■ * ' : * positions. 

Replies in strict confidence, with fall curriculum to 
' The Chairman. 

Box A. 6029. Financial Times, 10. Cannon Street. EC4P-4BY. 



COMPANY ACCOUNTANT 

. (South Yorkshire) * ;/. 

TheCompany 

Employs SM personi in the Steel lndustry and has a turnover 
L i.of over £4m pa. 

The Job 

Encompasses the control of- all aspects of the Company’s 
finances. The successful applicant will be an energetic.^ qualified 
accou riant, capable of leading a team of accountants m Imple- 
menting and operating systems within, the Company. 

Salary win be negotiable. The company operates a pension 
scheme and normal benefits. 

Applications in strictest xoiiBdence to BOX A^207, 
i FINANCIAL TIMES. 10, CANNON STREET EC4P 4BY 


J.& AScrimgeour Limited 

EQUITY INSTITUTIONAL SALES 

As part of an expansion of our institutional equity department, we have 
vacancies for- two individuals to join^ our sales department. _ • 

They will ’.be expected to activelyjiarticipate in the -f orination of views and 
the onward transmission of them to out clients. In addition they will have 
the backing of a well established research department which specialises in 
the Building, Retailing, Oil, Financial and Engineering sectors. 

Applications are invited from: — 

1. An individual who is experienced and has a deep knowledge of the U.K. 

equity market and ideally will have been working in the institutional 
department of a stockbroking firm for some years. . He/she will 
probably be aged between 30/35. y 

2. An individual in his/her twenties who has about two years' experience 
in an investment department. 

In both cases we will regard experience as more important than qualifications 
and advancement within the firm will be entirely dependent on ability. 
Please send brief details of your career to: — 

Hie General Manager, 

J. & A SCRIMGEOUR LIMITED, 

The Stock Exchange, 

London EC2N 1HD. 


LEADING ENGINEERING FIRM 

requires for Iran 

ONE CIVIL ENGINEER 

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

ONE CIVIL. ENGINEER 

1 

Specialised in soil mechanics for design of earth filled dams. 

ONE ELECTRICAL ENGINEER 

Specialised in hydroelectrical design 

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

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

Remuneration will be commensurate with education' and experience 
and will be at an attractive international leveL 

Interviews with. eligible* candidates will take place- in Geneva (Switzer- 
land) at the cost of employer who win reimburse travel and hotel = 
expenditure. 

Summary of education and experience should be -sent as soon as pos- 
sible to: • 


Balsam Engineering Division 
of Cofinier SA. 

P.03. 213 
1211 — Geneva 6 
Switzerland 


Telex: 22203 cofge 
Phone: (022) 35.83.60 





V 


£8,50q + 


A public company, based In the West 
Midlands, with an annual turnover 
approaching £7m., wishes to appoint a 
Chartered Accountant, preferably aged 
over35, with industrial experience and a 
practical approach to financial 
management as Group Financial Director 
Designate. i > 

The person appointed will be responsible 
to the Chairman for the financial control 
of ten UK and overseas subsidiaries in a 
specialised engineering Add. The 
position will lead to a maio'board 
appointment for a successful applicant, 


car 


who will also be appointed Company 
Secretary. ■ . ' *i . L 

' Salary will not be less than £8,500'; norma! 
corporate fringe benefits are available 
including a car and assistance with 
relocation. (Ref. H1245/FT) 

REPLIES will be forwarded direct, 
unopened and in confidence fo the client 
unless addressed to our Security • 
Manager listing companies to which they 
may not be sent They should include 
comprehensive career details, not refer fo 
previous correspondence with PA and 
quote the reference on the envelope. 


PA Advertising 


Hyde Park House, 60a Krijghlsbridge, London SWtX 7LE. Tel: 01-235 6060 Tdcstr 22874 


. A member of PA International 


J 


V ■ 





rector 

Taxation and, Iwestment 

• An international financial services group which sells an 
unusual range of investment, taxation and life assurance packages 
through professional advisers needs assistance in developing its 
marketing efforts. ■ 

• The position calls for a self-motivated self-starter with 
experience both in' selling and marketing sophisticated personal 
financial services. Experience as a Life Assurance Broker and in a 
Life Office would: be useful, as would a knowledge of the 
expatriate market. 

• The remuneration will be very attractive, will be geared to 
success, and will include stock options. Based in London. 

• Please contact, in confidence and quoting Reference No. 220, 
the consultants retained to advise on this appointment: 

Che DeoereU Associates-Limited 

P.CL ft* *£2, Lonim SIV1X 9RN. Tekpkmc Ot-235 8215 


J 


’ SOMETHING COMPLETELY DIFFERENT 

as PA to Principal of thriving small firm providing total investment/ 
financial services to private clients. The job ranges from routine, recording 
-to portfolio management. The person will' be 27-33, numerate, 'articulate, 
ideally with experience in accountancy/taxatfon/investment, hard-working, 
.attentive to detail and entrepreneurial. Location Devon Coast — but pressure 
is high! 

Starting salary negotiable; to £5000. but with prospect of Directorship and 
total reward package equating to £10,000 + (wih use of firm's cruising 
yacht). 

Apply with CV to Box A.6208, Financial Times, 

10, Cannon Street, EC4P 4BY. 


" • < ^ * i > •: 

Senior Lbari Officer c.£14,000 

Substantial international bank requires a Senior banker aged 28/35, with 
a broadly-based experience of eurocurrency credits and marketing. 

ralNCP 

F/X Dealer c.£7,500 

This international bank maintains one of the U.K.'s most active dealing rooms 
and now seeks an accomplished dealer aged 23/26, with good F/X experience. 

retNCP 

Accountant £9,000+- 

Qualified ACA/ACCA in tate'20's required by major foreign bank. 

Experience of international bank accounting procedures is essential. 

retAJT 

Senior Credit Analyst to £7,500 

Exceptional opportunity for analyst with 115. bank credit training or investment 
research background, to join one of the City's leading international banks. 

ref-AJT 

Loans Administration to £4,500 

Well-respected consortium bank seeks a Loans Administrator, 21/24, with 
at least 1 years’ experience of directand syndicated eurocurrency loans. 

ref.TOK 

Junior Credit Analyst c.£5,500 

A basic introduction to balance sheet analysfetogetherwrth a positive personality 
are essential ingredients for a career in credit with this market leader - ideal 
age 23/26 years. relTOK 

F/X Accounting £4,000-£6,000 

New Year opportunities abound with many of our Internationa I banking clients 
for young bankers with experience of F/X accounts, reconciliations and B of E 
returns. ref.TOK 

, For further details, telephone 01-248 3812 in confidence. 


M 


'■.. c60 Cheaoside r 'Lon'ddnEC2 '• Telephone: 01 -248 3812/3/4/5 


Jonathan Wren * Banking Appointments 

The personnel eonstdtancy dealing exclusively with the hanking profession 


m 


LEADING FRENCH RANK has thq following vacancies: — 

Senior Account Officer ~ to develop new business in the U.K., 
whilst being responsible for ajange.of existing corporate customers 
of diverse character. and to supervise one or two account officers. 
Must have initiative and drive, good commercial sense and the ability 
to communicate easily. Salary £8,000“£n,000 p.a. plus usual 
benefits. 


Junior Account Officer -initially to review and follow up existing 
•commitments and to assist a Senior Account Officer with a portfolio 
of existing customers. Applicants must be able to communicate easily 
with customers and colleagues and to be able to work without 
supervision. Salary c. £6,000 p.a. plus usual benefits. 

The persons'appointed must be able to work within the framework of 
an agreed policy, as members of a team, and in consultation with the 
Manager of the Division and other colleagues. Applicants will need a 
sound knowledge of banking (AXB.). Previous experience of trade 
finance and documentary credits would be beneficial. A knowledge 
of French would also be an advantage. 

In the first instance, and in the strictest confidence, please contact 
David K. Grove:- • 


CHIEF F.x: DEALER WllbDte EAST 
£ Negotiable Tax-Free 
An international bank seeks a fully- 
experienced Dealer for its office in a 
Gulf State. The ideal applicant will be 
aged between 28-35, with experience 
gained in a major banking centre,. with 
a prominent bank. The position .can be 
permanent, or on a 1 contractual basis. 

CONTACT : Richard J. Meredith 


CHIEF ACCOUNTANT/ 
COMPANY SECRETARY 

c. £7.500 

This vacancy occurs at the newly-' 
established London Office of a North 
American investment bank. Candidates 
will ideally be Chartered Account- 
ants aged mid-to-late twenties, with 
one -two years' post-qualification 
experience. 

CONTACT: Sophie Clegg 


‘credit analyst “ c.£5,ooo ; 

A leading consortium bank offers an 
artactive opening to a young Credit 
’Analyst, aged 23 or under, with a 
■ minimum of one year's experience. 
For the successful candidate, ideally 
a .graduate or qualified A.I.B., there 
•will be scope for progression to a 
' lending officer position. 

. CONTACT : Sophie Clegg 


ACCOUNTS/OPERATIONS 

£6.000-:- 

Due to internal promotion the position 
of Assistant Accountant is vacant at 
the London branch of a European 
bank. Candidates should be aged 
25-30, with international bank opera- 
tions experience- including depart- 
mental audits. Foreign Exchange 
valuations and general accounting 
duties. Salary is negotiable, and the 
figure quoted can be regarded a 
minimum. 

CONTACT: Richard J. Meredith 


' 170 Bishopsgate London EG2M 4LX 01-623 1266/7/S, '9 


■ i .. 


Assistant Financial 
Controller 

£8£68-£ffl,688 p-a. incL . . 

We wish to appoint an Assistant Financial Controller i Payments) based at 
our Headquarters in Central London to be responsible lor an extensive 
range of banking services, including foreign exchange transactions; 
payment of supplies accounts and other claims; computer based salary 
and pension payrolls; administration of : superannualion records. 
Applicants, preferably with experience of similar work in a large 
organisation, must be members of a recognised professional • 
accountancy body or have an equivalent professional or academic 
qualification and be able to demonstrate ability to take up a senior financial 
post There will be a requirement to accept jod rotation and willingness 
to move to other parts ol the Board will help in career progression. 

Applications stating full relevant details and present salary to the 
Personnel Services Manager, C.E.G.B., 

Sudbury House. 15 Newgate Street London EC1 A 7AU, 
by 19-Jamiaiy 1978. Quote Ref. .FT/3Q4P 

Headquarters 

CENTRAL ELECTRICITY GENERATING BOARD 



k 

t 

• * 

;? 

• Mi 

• »i 
«* 


rt 
' 7 









Treasurei/ 

Controller 



£10,000 


This company which has an 
enviable record of success in its 
interests in oil, seeks an able 
person with potential to eventually 
assume responsibility for its 
finance function. As a member of 
the management team, the 
Treasurer /Controller will have 
specific responsibility for taxation, 
statutory accounts and 
consolidation of subsidiary 
accounts, cash control and 
management accounts together 
with his or her role in the 
formulation of financial policy. 
Candidates, male or female, who 


Edinburgh 


are likely to be aged 32-40, should' 
have a degree and be chartered 


have a degree and be chartered 
accountants. They should have 
experience in the areas indicated 
together with an appreciation of 
computer applications and will 


ideally have knowledge of the 
oil industry although this is not 
essential. Personal qualities of 
presence and maturity together 
with high motivation are important 
in this situation. Initial salary is 
negotiable around £10,000 
together with normal fringe 
benefits. 

(PA Personnel Services 

Ref: AA45/6259/FT) 
Initial interviews are conducted by 
PA Consultants. No details are 
divulged to clients without prior 
permission. Please send brief 
career details or write for an 
application form, quoting the 
reference number on both your 
letter and envelope, andadviseus 
if you have recently made any 
other applications to PA Personnel 
Services. 


PA Personnel Services 


Hyde Park House, 60a Knishtsbnage, London. SW1X 7LE Tel. 01-235 6060 Telex: 27874 


A membetorPA International 


|.^#§SPs£ 


Phillips & Drew 


INTERNATIONAL ECONOMIST 


We have a vacancy in our Economic research section for an inter- 
national economist who will specialise in forecasting world trade 
and payments patterns. Applicants should have atleast two years’ 
experience preferably in a financial or forecasting environment 
The successful candidate will join an economic and corporate 
research team with a high reputation in the City and in Industry. 
Remuneration is competitive and there is scope for rapid advance- 
ment. There are a profit-sharing scheme, pension fund and other 
benefits. Please send a brief curriculum vitae and apply to the Staff 
Manager, 


Phillips & Drew 

Lee House, London Wall, London EC2Y 5AP 






Lead , 

Clevelands 
industrial 
ion team 


Objective To attract jobs to the County 
and to assist local firms to grow. 

- Job Description You’ll take over an 
already successful selling operation. 
Manage- a major promotional programme. 
Sell the area at Director level. Coordinate , 
advice to incoming firms with the four 
District Councils. Advise local companies j 
on sites, services, and finance. Your title: 
Assistant County Planning Officer 
(Industrial Promotion). You will be 
responsible to the County Planning 
Officer. 

Qualifications Marketing and sales 
promotion experience at senior level. 
Direct experience of industrial 
development would be a bonus. 


Salary £81 19-£8707 + car allowance. 

The Area Cleveland is the North's 
major growth area - and one of the most 
dynamic in Europe. But national park and 
village life are only minutes away. 
Housing is plentifufand varied and prices 
are well below national average. 

Application Forms and further 
details from Mr. W. Bean. FRTPI, 

County Planning Officer. County of 
Cleveland, Gurney House. Gurney Street. 
Middlesbrough, Cleveland, or by 
telephoning Middlesbrough 248155 
extension 2423 (Mr. S.A. F. Comer). 
Completed application forms must be 
returned by 25th January 1978. 


County of Cleveland 





PANMURE GORDON & CO. 


PRIVATE CLIENTS 


Excellent opportunities are available for both senior and junior account 
executives to join an able and well established team. 


We are seeking an Account Executive with proven ability to handle Ihe 
firm's existing clients and with a flair for responsibility and originality 
of thought. This post will suit individuals with ambition who see their 
interests and those of the firm as identical. 


We are also seeking an enthusiastic younger executive with an 
engaging personality as a partner’s assistant; the ability to engender 
good client relations is of greater importance than existing experience. 
Please reply to: 


G. F. Hailwood, Personnel Manager, 
PANMURE GORDON & CO., 

9 Moorfields Higbwalk, London EC2Y 9DS. 


INTERNATIONAL INVESTMENT 


AND 


MERCHANT BANKING 


A major, locally owned Bank in a Gulf State requires 
an officer with detailed working knowledge .of all 
aspects of documentation for Eurobond issues and 
syndicated loans. 

The position would suit someone between 25 and 35 
years of age who is willing to spend a limited period 
abroad in order to add denth to his career experience. 
The individual should 75e prepared to live in the 
Middle East for at least two years and to train local 
staff in the* support ■»? the' international lending 
operations of the Bank. 

A university degree of appropriate qualification is 
preferred, but is not essential provided a thorough 
knowledge of the technical aspects of the job can be 
demonstrated.- 


The Bank, which is one of the oldest in the area, 
has an excellent reputation, both in the domestic 
and international markets, together with first-class 


connections. The international lending opera Hons 
of the Bank have been developed to a point where 
in order to sustain - the dovelonment and expand this 
additional capacity for growth, another specialist is 
now -needed in the International Banking Group at 
the head office. 


A competitive salary will be offered in an income 
tax-free country together with free accommodation, 
car, and generous arrangements for home leave. 
Interviews will be held in London during the first half 
of February 1978. 


Please reply giving full details of present position 
and other relevant information to Box A.6201. 
Financial Times. 10. Cannon Street. EC4P 4BY. 


CAYZER LIMITED 


Cayzer Limited is a recently established merchant 
bank and a subsidiary of The British & Common- 
wealth Shipping' Company Limited. The emphasis 
of its activities is on corporate finance and corporate 
banking. The bank is seen as having scope for 
developing these activities within the British & 
Commonwealth Group and with non Group related 
clients. In order to assist the bank in its expansion 
the following senior staff are required: — 


BANKER 

A senior Banker is required to take charge of and 
develop the bank’s lending activities, which focus on 
small to medium sized commercial and industrial 
companies. A banking, legal, or accounting Qualifica- 
tion and a solid career of banking experience and 
achievement are essential requirements. 


FINANCIAL EXECUTIVES 


The requirement is for one or two executives who 
should have an accountancy qualification followed by 
several years’ experience in the profession or in 
industry: a university degree could be a useful 
additional qualification. The bank is looking for 
applicants with a track record which will demonstrate 
an ability to produce financial assessments with a 
strong commercial bias. The ability to formulate 
valid commercial judgments and to oversee the 
implementation of recommendations is essential. 


Please write in complete confidence with, curriculum 
vitae to: 

The Managing Director, 

CAYZER LIMITED, 

5 Laurence Pounfney Lane, London EC4R OHA. 


Due to expansion a leading firm of 


INTERNATIONAL 

STOCKBROKERS 


with offices in the City have vacancies for 
general settlement clerks in all departments. 
Also Burroughs, Sensimatic and Telex 
(T7 and T15) Operators. 


Each appointment will carry an attractive, 
salary and a non-contributory pension, also 
LVs. 


Please telephone Staff Manager. Mr. Potter, 
638 5699 to arrange interview. 


FIELDING NEWSON-SMITH & CO. 
LONG DATED GILTS— SALES EXECUTIVE 


We have recently established a department 
specializing in gilt-edged securities. We are 
looking for an additional sales executive to handle 
an expansion in business. The person appointed 
will be expected to service the accounts of long 
term investment institutions and will therefore 
need to demonstrate experience and success in 
this field. 


This is an important position which will be reflec- 
ted in a highly attractive level of remuneration. 


Please reply in confidence to David M. Shaw’, 1 
Fielding Newson-Smith & Co.. 31 Gresham Street, 
London EC2V 7DX. Telephone 01-606 7711. 


W.G KEEN WELL & CO. 

Economist 


W nnvnwol! * co. haw a vacancy for a youru ccanoniiA •.’radnati- irhnv j 
d ulics will invlud'. wiOh their Monetary Bulletin. An uncrmi in | 

monclary economic!; is uss-.'OUal J 

Please apply giving details to: j 

Mr. k l- Thomas. W. tirannrciJ s Co. | 

Bow B-.-IU House, Bread Street. London ECtM BEL, 

Tele plume- M-SX 


Financial Times Tlmrsday January 12 1G7S 



1 * 


in ll 


Accountant 




(£ 8 - 9 , 000 ) 

The Borthwick Group is afiulri- sume-l 

national food business with an annual ! ravel i 

turnover of around £500 million. is appuir 

principally engaged in the processing, oppojfl 

tradingand retailing of meat .i cundit 

As a result of expansion, w^requirt; 
a Group Financial Accountant wbo will ll . *“ 
rcjtort directly to the Gn mp Chief • j 

Accountant. Responsibilities wfi&fnchide:- . 


sumc-l-K travel is involved, u ith overseas 
l ravel a future | Risibility. This is a career 
appointment combining promotion 
opportunities with attractive benefits and 
conditions of service. 

Applications an 1 invited from 
qualified accountants with al least (wo 
years post-qualification experience; 


* Supervising tile parent Company s 
accounting 


ideally gained in the group h« -adquarters 
of an international company. IVeJenvd age 
25-35 years. 

Write in cnnfidcnce.with full career 
and qualification deUtilslo: 

BJ.W. Milton. 

(iroup Personnel Manager, 

Thomas Borthwick & Sons, Ltd. 

Priory House. St: John’s Lane, ' ‘ . 

London EC1M4BX. . 


* PrvpiirinjrintcrunandanuttalGroup 

con solidated accounts f. 


Monitoring Group accounting 
procedures > 


Location Is at the Groups : 
International Headquarters m Log 


Lbjndon; 


7ZZZZ ; 1 J,tl 




Bor th wicks 


Ce|_] 


Top Gdlhre Accountants 


Why not consultancy in 1978? 


If you are a qualified accountant agrd SS-? 3 and have already achieved 
demanding objective* in difficuJ: circuiFStanccs*. in industry or rommaroe.thea 


you have demonstrated the baste inaredienta for getting to the top. It's certain 
you won t be doing your present jod in 5 years 1 time and unles you're work- 
ing Tor one of the few top hne companies that offers you room to grow you U 
probably be workingfbr a different company also. 


Your next job must prepare you for the critical subsequent move to-the top 
ensuring that you can oiler the boot possible mix of personal qualities, experi- 
ence and achievement at a time vrhen competition is at its strongest. Which is 
why so many top people choot-e. during their toimativc yearn. to spend a 
neriod in consultancy. Alternatively consultancy can offer a stimulating and 
varied long term career. 


Why? - fee challenge perhaps - clients and colleagues are demanding, dead- 
lines are impossibly tight, there's ro much new ground to cover and every 
assignment presents an opportunity to solve someone else'a problem. You 
will bo stretched as never Before, exposed constantly to new technology and 
hiqh calibre colleagues from all kinds of backgrounds will onsuxo that your 
standards are of the higher! . 


We, as one of the largest intern -iifenai firms of manaaement consultants. need 
top calibre accountants to meet the g* owing demand for our services both at 


home and overseas. The positions are London based, although a reasonable 
degree of mobility in Ihe U K. e^ennal. Salaries are combounvc and for 
overseas assignment? generous additional allowance;; are paid. 

If you think consultancy could be for you. please send briel but comprehend ve 
details of career and salary to elite, which will be treated in confidence, to:- 


J. C. Cameron; The Executive Selection Division - MSF20 -13, 
Coopers & Lybrar.ci Associates Lid.. Management toraultanis, 
SheUay Rouse . Iv'obie Street, London. EC3V 7DQ. 



■> jl* 


Internal Audft Manager 

Management Consultancy "Tehran 


for a newly established manage- 
ment consultancy. The role will be 
to control a team of accountants, 
providing services in the field of 
internal audit, special investiga- 
tions and systems review, design 
and installation, for a wide range of 
companies in Iran. 

A strong background of audit 
experience in a major professional 
firm of Chartered Accountants* 
followed by experience at senior 


level in the internal audit depart- 
ment of a large industrial company 
is required. Experience in dealing 
with multi-national companies is 
desirable. 

A realistic salary is negotiable 
and benefits include free accommo- 
dation, company cai; and sub- 
stantial assistance with medical 
and educational costs. Successful 
performance could lead to a 
partnership. 


jyiervyn Hughes Group, 2-3 Cursitor Street, London EC4A 
Telephone: 01-404 5801 (24hours). 


Mervy vi Hughes Group 

Management Recruitment Consultants 


TAXATION EXECUTIVE 


NORTH SEA OIL DEVELOPMENT 


London W.l. £10,000-£15.000 + Car 

Our client is a major quoted group whose traditional activities include 
publishing and leisure. A major investment has been made in North Sea OQ, Sw 
revenues irom which are now making a substantial contribution to group --- 


As a result, fee group now plan to appoint a Taxation Executive who, reporting 
to fee Group Taxation Adviser, will have responsibility for advising an tax matters 
relating to Oil acHviHi— ‘n>e p o s i tion will entail clone contact wife ' 

management, other consortium members and th$ oil industry. 

.Candidates, male or tamale, should be qualified accountants with 
considerable corporation tax experience either wife a major comp any gran 
international practice. Any specialist knowledge or experience ol the oQ sector 
will clearly be an advantage and will be re fl ec t ed in fee salary -paid. Candidat e! 
should be able to bring a creative approach to thin challengintfapp ointnimt 
For more detailed lniannation concerning this appointment and a psrsnnrrl 
history form, please contact either Nigel V. Smith, A.CJL ac 
Ronald Vaughan, A.CH-A- quoting re fe re n ce 2039. 


Douglas Liambtas Associates Ltd.. 

A 1 0. SlrdisL London WC2R ONS. Telephone; 0 1 -836 9501 . 

121 Si. Vincent Sheet, Glasgow G2 5HW. Telephone: 041-226 3101 



APPOINTMENTS! 1 


is required to join the present team of traders in tne 
London Branch. A high standard- of professionalism md 
knowledge of the London currency market is expected. 
Usual fringe benefits. Salary negotiable. 


Enquiries to: 


mm 

Bill 


R. Jewell, 

Assistant Vice-President. 

UNITED CALIFORNIA BANK. - 
35-39, Moorgate, London EC2R ABD. 


ADVERTISEMENT 

RATE 

£14 PER SINGLE 
COLUMN 
CENTIMETRE 





13 





ESnandaL Tte January 12 1978 




A Gey™ based international, banking group has a 
vacancy .for an economises male ox female, with ar 
Jeast four years 5 experience in commercial, 
financial, 'or other relevant exnpJovmenc since 
graduation. 

The. post .offered is in the Economic Department 
and' concerned "with a - wide range, of subjects 
including international monetary matters* 'develo- 
ping countries in" which the group operates, 
primary commodity markets and developments in 
the United Kingdom and the OECD area. 
Experience in sterling money markets will be. 
valuable, though nor essential. 

The appointment will i nte r es r possess- 

ing a good degree in economics or an associated 
discipline who seek an attractive basic . salary and 
substantial ancillary benefits. A working know- 
ledge of a major European 1 language -would be 
■usefiiL' : 

Write* giving relevant personal data and career 
history to: The Personnel Manager, Standard 
Chartered Bank I. inured, 10 Clements T-am» • 
IondpaEC4N7ABw t. . 


Hants 


978«» 


' -!c; 


Credit Analysis 


to £6,000 


Fciur of our' International Bank clients each stek 
an ambitious and capable young banker to- assist 
with the growth of their Loans portfolios: 

The “common denominator* 5 in these opportunities' 
is sound practical Credit Analysis experience, 
together with an appreciation of the administrative 
aspects;, in. 2 cases, there is the additional specific 
requirement of a knowledge of: a) Portuguese; 
b) French. . 

To discuss these possibilities — in confidence — 
please telephone either John Chiverton, ilB, or 
Trevor Williams ... on 405 7711. . .. 

-■ David White Associates Ltd. 

Hampden House, 84, Kingsway, London, W.C2L - 


BUSINESS 

DEVELOPMENT 

MANAGER 

DISTRIBUTORSHIPS AND DEALERS 


A B Volvo, otbt the past tenye^oi 'successful 
growth in thq U.K. , has established, through her British 
Subsidiary, an unrivalled Distributor and Dealer network 
throughout the UX and Ireland 

To continue the development of this network, 

Volvo has decided to establish a small Business 
Development Unit which will provide a key advisory 
. service covering those modem business methods, 
including control systems, necessary to ensure effective 
management and profitability. In addition, the new unit 
will helpio plan and control the future growth and 
development of the network and liaise with AB Volvo on 
matters pertaining to corporate identity facilities 
planning, etc. The new unit will also be responsible for 
recommending trainin g programmes for Distributor 

And ! Fte al pr ! ma na g pry 

- To head up this unit, Volvo is looking for an 
experienced Business Development Manager male or 
female, ideally a financially orientated MBA in his or her 
30’s who has had experience of providing consultancy 
services to small and medium sized organisations. 
Accountable to the General Manager-Product Sales, 
he or she must be able to give advice in depth on 
problems relating to marketing, sates, finance and 
general administration. Experience of the Motor Industry 
■ and in particular Heavy Commercial Vshide franchise 


is desirable but applicants from other industries will be 
considered as the emphasis is on Business Management 
experience rather than Product knowledge. 

Tims position will be of interest to those currently 
earning in excess of £7, OCX) per annum and, in addition to 
an attractive salary, Volvo's remuneration package 
includes staff productivity bonus, pension, permanent 
Health and life assurance schemes and four weeks 
annual holiday. An executive class car will also be * ,■ 

provided forth]] private and business usage. 


confident* to John GJnmttmft AOs* Track* Ltd 


KQfffbBfingBMKMRVINE, Ayrshire, Scotland. 




c 




CREDIT 

ANAIY5T 


Saudi International Bank is an 
expanding City* based merchant hank- 
whose shareholders include the Saudi 
Arabian Monetary- Agency and several 
of the world’s leading banking names. 

As a result of continuing growth we 
wish to appointa Credit Assistant whose • 
particular responsibilities will be to help 
officers in charge of Commercial lending 
activities in specific geographical areas. 

The successful candidates will pro- 
bably be in his/her late twenties ideally 
possessing both a relevant degree or 
professional rprafiffeatinn and at least 2 


years' international banking experience 
(preferably including a period of formal 
credit training). A knowledge of 
American credit analysis and accounting 
practice is highly desirable. 

Significan t career prospects exist and 
the salary will be made attractive to the 
together with, excellent 
its. 

Please write enclosing a detailed C.V. 
to:- Christopher D. Thy lor. Saudi 
International Rank, 99 Bishops^te, 
London. EC2. 


Saudi International Bank 

AL-BANKAL-SAUDI AL-ALAMI UMTTED 


FINANCE DIRECTOR 

ULICi Medium Engineering Company 



Midlands 

Play a key role in man. 
operating Divisions 


C. £10,000 + 
— . bonus + car 

.S-TTv" . 

_ and co-ordinating the. financial affairs of several 
time responsibility for. Performance Appraisal • 

- A AS Jt II r* C x- 


lancfl 

i«i -T( 




.. - .i- -.nc-- : 

. . . u-jd 


.i:lh 

* v.iii-j 
-,! if-* 1 * 


Forecasting • Manufacturing Costing • Ail Fi nancia If u net ions 

-t 1 '. 7 •' ».-• • /( • ’J- 

‘ T. V# 

Our Clfentr A dynamic growth Company, part — 
of a substantial., and highly successful 
speciafrtyengineering group itumbysr.p.ESOml. 

They aie poised for a major investment and 
sales effort. The' objective of this appointment 
is to permit and strengthen the growth and 
achievement of the business plans. : 

Your Role: To assume control of the Financial 
Department (total staff of 50) 'with-a manag 
ment team comprising • A Company Secrets 
• Financial Controller • ManagemenrServia 
Manager and Divisional Management 
Accountants. • To lead and hea'd-up. r the 
financial function • to' ensure that high 
standards are opera lecMo ensuie that systems 
. are efficient - to provide and obtain accurate, 
cohesive and timely information for budgets, 
forecasts and plans * generally to support foe 
Managing Director fn developing the business. 

Your Background: A- qualified Accountant In 
your 3Q's or early 40 s with wide industrial 


■V - 


experience, gamed ideally wilhln an engineer- 
ing .-.environment. 'An accomplished track 
record as a. -Management A cc o'J n tant .with' 
pr#en skills in appraisal' techniques and 
controlling a diversified executive team. A 
' ilnation of • breadth of vision « co- 
rdinaling skills • proven latent fn communi- 
cating with and- motivating others ......... 

unyielding professional standards. 

Your Rewards: A key role in the accelerating 
progress ol this Division • Immense personal 
and professional job satisfaction * A tirsi year 
remuneration package exceeding £10,000 -t- 
Exceltent benefits and Company car. 

ACT NOW! Telephone or write (in strictest 
confidence) to Paul Sinha (Director) on 01- 
388 2051 or 01-388 2055 (24-hr. Ansaphorte) 
tor curriculum vitae form, quote reference no, 
207 . 

Thbappcfcl^JfcopeimnateflemabaDpEcaiUs. 


tssW 

ffOUp 


M 


MERTON ASSOCIATES (CONSULTANTS) ■'LIMITED 

Merton House. 70 Grailon Way, London W1 
Executive Search and Management Consultants 



TIVE 

j. i i = n° a ' 

- , ;r M. :" J 










SENIOR EUROBOND DEALER 

An;; International. Investment Company offers an 
exciting opportunity to the right person to establish 
and develop a Eurobond Department. The success- 
ful candidate is likely to have had experience in 
bojh primary and secondary markets. This is an 
opportunity to join a new team as it is JbeingTormed. 
Remuneration commensurate with qUalfficatio.ris 
and expenence. -Interested candidates please 
submit detailed curriculum vitas to ; Box A6206, 
Financial Times, 10 Cannon Street, EC4P BY. All 
replies will be held fn the strictest- confidence. 



European Chief Accountant 


Salary Neg, 


FrancerGerieva Area- 


Qualified Accountant with gpod international accounting experience, 
including USA owned companies, required for nevdy^reated position 
witfT international group. Duties will include supervision and control 
of amounting services throughout the group. Applicants should be 
fluMt in Geman, and/or French arid be free to relocate, and travel. 

^plications to E. SI Moore ' 

j RegwMWelsk & Partners Limited : , 

*: - Accountancy- & Executive Jtecrutimtrit Consultants ' 

. 2 S3/4- Newgate Street, London EC1A 7AA Tel: Ol-COO 8387 


ASSISTANT MANAGER 

BUSINESS 
DEVELOPMENT I 

P. S. Refson & Co. Limited wishes to appoint a 
talented young executive to assist in its busi- 
ness development activities;, 

The ideal candidate will hold a university 
degree or professional qualification, be aged 
27-32 and have at least three years’ experience 
of international banking, with particular 
reference to trade finance. The ability, to 
speak a foreign language and a readiness -.to 
travel at short notice will he additional 
advantages. \ 

The bank moves to its own City premises in\ 
1978 and the present vacancy arises through • 
the continuing expansion of its activities. 

Salary, rewards and future prospects will fully 
reflect the importance attached to this appoint- 
ment Please reply, in confidence, to: 

The Managing Director, 

P. S. REFSON & CO. LIMITED, 

1 Hobart Place, 

London, SW1W= OHU 


COMMODITY APPOINTMENTS LTD. 
requires Physical and Future* 1 rider*. 
Trainees, Accountants and Support 
Staff lor U.K.. Europe. UAA. and 

1%1. Te,J Gra *“ M SteWir - 


Northern England 
Scotland, 
and Wales 


A pcMie grrun or compand V implement i n? cirofuliy 01 aitnted 
plunsumwd.n -.idiwt jnisjx*ifit:t , H*»iih lurpcis. (Jixwii sound, 
cnin.-pronL-iirj.il leadership, some NXlcrs of llu: .sroup* .iciiviu cm 
CL*ml'i'nahIydi'uWciii wiihin I/Sxliiis. ThiscrcilA'j nuaitor 
u limited uiimivTol'ko cuvnli\cs. Male or Il-iii.iLv all will be 
undLT 3 S tcjKol'uLV, uppropriuiftt' qiiiilified and well experienced. 
Each posiiidu oflers \erj- atiracuvc prospects. 

Managing Diredor-Wiles 

Toiulty accounuble for ifci company's pcrlomumce ueaiu.laercci 
iunjeK the per-^n « ill report only to ihe Group KixinL \lnhm d-.c 
ennicM oi tiyhi encineenn? - jwuMy w nil an eki: lrk.',ii/eLxlroiikN 
bus - strony nreanrdny ability coupled uiili huMiiess iLiir would he 
a suiuWe mv\. i-or a i ciry short period. SikmIior in ilw Gr eater 
.London area u,iuU tv ncci^sjiy nn u «<.vk by \\ivk hji-i*. prior to 
the 1 ran .-.! it ol ilur tinn to i he Mid-Wales area. Salary indicator i : 

£ f n.nOn plus ear und henelii < mduditiy realistic bonus jwy men u. on 
i-irgtfl Jclueveiucnu iRdf: SOI t. 

Managing Director ( Designate ) 

Scotland 

Thoeomp.my prniiiuvs mcilium lotunv. lneli quaint clceine.i! 
pnxIucisiorihepmjie.Tnd public sccUvsoi mJaarx hub ini he 
l K and mers.--.is. The jvr'iMi appomiwl w ill :uain'M.-'lull 
respsULsibiliu t.irtlv lirm'sultairs within a\er> slum jvriiKt. 
Sironels deu-InpLil hsulership qiLilitii^ allied io s,»nn J mJuslnal 
markcl my skills u ifi tv cssctui.il. Pre» ions k \poTienec as .1 
C ommcreul DmKiur. with i.ncw]edtv nl' mdiislri.il markets in 
ScoiiuDd. would be ot'spLVi.tl ml we a. Both ti nance anil pii'ilucnon 
ctpacitv e\Lsi in support 'growl 1 1 to double l lie company--: pieseui 
ma in about J tears. Salary induniorise. i"S.puti plus car and 
bcnelin including nralislv bonus payment-, on r.*-nlt.-. (Ret: m.« 2 |. 

Financial CotihrUer-YaMin- 

Actually a l ondon Group I appomuuem. ilieie v ill be a 
detinue NoiL'liirc have with prune responsibility lor tlv 
ifilroduclion auJdevelopinem of elUvuve luunei.it sonlrols w idiin 
one of 1 he mam companies situated locally. "I utilizer appuMcbes 
i.'M and products arise Ihnn li-eht .I'scmhb work in iltv*eleetric:tl 
spliere.Thesc-,iieiikiinlvM'klloiiidusiiul iiscr-. t K pliis.iu-r^-.is 
lumoi it will double in 2 j eats. '] here wjii l. PI' tUciliiy on -iu- 
w lik'li could tv used for Group pnipo-ss and lull ci<iii|uucrivi(i,m 
isemi-eivil within twoycars. A umm: Chartered Vcotuitaiit wtlU 
a si rone person: ilrty. at least .1 years' e-.jvrieikeol' lielu uidiisin 
uihia.sounilkikiwtefeeol'cosiine. will liiidihis.ippioiiuiik'iii t'erv 
at iraeln e. Theiv are early pn.wrvcts »*f iLiiiouw ide ie>iHUisihiJiue . 
plus a finaueiat Diiucloivlup ol a main company . ste|vi'duvi utx'it 
pcrlonn.ince. S-ilnyc. £ 7 ,UtM pai. to uuiuneucc plus cal . < Ret: 

Intcn ieWNc.m be held in a number of locations. Please w rite iu. 

Mrict a'liliLlaKcbridh in ihe first insl.iikv and quotine the 
reference number, to Cluries Stew art. KSc.. NLl-P.M? 

Bedaoell International 

nrcKWu.i.ru\si lt\\« Ysrutu i si n». 

>aa«lLVKl KSfRIi t.UlMXlSWtMItU. 

T.-k-pIm.' Ili-t'"' y"i J i^Thi. An..v;oin^.VniL. 1. tiis 

asstic 1 \ra>wrm niMptMi.s in h. roit. \i kk; \ v-i \. 
N*:tKTHANDSt»Linr.tMI-RU \ W» \l s'| R \ LVM t 



This is a challenging opportunity for a highly motivated accountant to 
work for a large multinational corporation. 

OPERATIONAL 

AUDITOR 


The successful candidate will undertake marketing and production 
appraisals, profitability reviews and financial audits in the company's 
Spanish subsidiaries. 

Applicants should be aged at least 30 years and should have: 

— a good university degree, MBA or recognized accounting 
qualifications, 

— a minimum of 8 years of business experience, including EDP audit, 
operations or systems experience, 

— fluency in Spanish and English languages, 

— a diplomatic personality and good oral and written communicative 
skills. 

The position is based in Madrid and requires 50% travel in Spain. 
We offer an attractive compensation package and excellent future 
career prospects. 

Please send detailed CV in strict confidence to: 

R. Stoberg, Sevenco AB, 73 Welbeck Street, LONDON W1M SAN. 


LONDON & CITY 
FINANCE GROUP 

This medium size group intends to appoint a 
Chartered Accountant to serve as Director 
In Charge of Finance and Administration. 

He/she will report to the Joint Managing Directors. 

The Group's activities encompass Estate 
Agency (Residential and. Commercial). 

Corporate Finance, Property, Equipment 
Leasing, Financial Consultancy and . . 

Investment, other activities are planned. 

The successful applicant will have responsibility 
for a small accounting department the 
production of regular accounts, statistical and 
management information and the administration 
of the Group’s procedures and activities. 

Salary £9,000 plus car. 

Reply in strictest confidence to:— 

Neil Bradman, 

18 Seymour Street, - 

London. W.I.. 
or telephone 01-935 2382. 


ASSISTANT TO CONTROLLER 

Eastern Hemisphere 

Career opportunity to join the UJK. subsidiary of a 
Houston-based Energy service company. . 

Position, requires a strong accounting background 
and experience with a chartered accounting firm 
-would be a plus. Must be able to perform under 
' pressure, supervisory experience necessary. 

The -successful candidate would be expected to 
progress in line with company expansion. 

Interested candidates should in the first -instance 
send their curriculum vitae with salary history to: 
Mr. R. G. Lowe, ' 

Eastern He mis phere Controller, ; 

Hydrotech Services TJJL Ltd., 

Sea Oil Support Base, 

Ferryden,. Montrose DD 10 9SL. 


Financial 

Director 

Australia 


Ourdient, a major inter- 
national group and acknowledged 
leader in its field requires for its 
Australian company (quoted on 
the Sydney Stock Exchange) 
a Financial Director. 

The applicant will be required 
to plan and direct finandal and 
managementaecounting functions 
and to contribute to the general 
management of the company in 
the achievement of its o veral i 
objectives. 

The successful 
applicant will probably be 
between 35-45 years of age; 


RW 


will have a good accountancy 
qualification and several years 
experience of the engineering 
industry. He will not be lacking in 
entrepreneurial qualities and will 
certainly be a hard worker. 

The salary paid will be 
commensurate with the import- 
ance of the position. Please write 
in complete confidence endosing 
concise personal and career 
details to: 

The Managing Director, 

Reid Walker Selection, 
Hutton House, Hutton Street, 
London EC4Y8HP. 



j i- i -;,X ’ i ald h f ; '\ m > 


Investment Analysts 


Owing to promotion and expansion, vacancies exist for 
analysts with at least two years relevant experience. 

Of particular interest would be candidates with specialist 
knowledge of commodities or economics. 

Good opportunities exist for advancement both within 
the UK, and overseas. 

Applicants, of either sex, should write enclosing curriculum vitae to . 
D. W. J. Garrett, Robert Fleming Investment Management Limited, 

8 Crosby Square, E.C3: 

ROBERT FLEMING 




; • i 

VI 

' 3 "! 






16 


Financial Times Thursday January.;.!? ‘1978 


CORPORATE BANKING 

AGE 28-50 NIGERIA £20,000+bens 






A prominent International Bank with an extensive Branch network in 
Africa 'seeks to appoint two experienced Executives as 


DEPUTY AREA MANAGERS 


for Management Consultancy 


APPOINTMENTS if 
ALSO 


The successful Candidates will be responsible for the provision of the whole 
range of Banking services to Corporate Customers of a number of Branches. 
In addition to a minimum of 3 years' Banking experience within a major 
institution, the possession of the Institute of Bankers Diploma, degree or 
other relevant qualification is essential. 


A knowledge of French would be advantageous, but not paramount. 

The initial basis of employment will be a 2 year contract, mutually renew- 
able, and benefits include free housing, car allowance, steward, relocation 
expenses and free medical care. Ann ual leave entitlement will be a 
minimum of 50 working days, and return air fare to the U.K. will be paid 
for the appointee and family, if applicable. 


Do you have:— 

■- an accounting 2 r.d a -^ocd Ur..vers. : tv deg-cc? 

* a background of prac 1 . ea: accounting in two irdLstrui cr 
commercial environments? 

* experience of prod^cirg practical solutions to financial 
problems outside normal accounting matters* 

* the ability to communicate effectively both oraiiy and in 
writing? 


We aren- 

* list: management consultancy arm of a loading fiitn of 
accountants 

* expanding rapidly both in the UK and overseas 

* offering work in muHi-disripfine teams on a wide tango of 
business problems 

* able to provide you with training and experience to further 
your career development 

* offering salaries winch vvsll attract the most abie rand: dates. 


Applications , in strict confidence, to Rod Jordan. 


§& BANKING PERSONNEL 

41/4.2 London Wall -London EG2-Telephone: 01-5SE3 07S1 


(Recruitment Consultants) 



If yo;: are interested in die challenge of helping to solve our clients' problems and. at the same time, wish to 
further vc jr own career, please-writ?, giving relevant details of earner and salary progression, age, cduuHior. 
ar.d Qualifications, to Dr. L BGwers (quoting ref. 672; B on both letter an J envelope). 


Deloitte, Hdskins & .Soils, Management Consultants, 

P.O. Box 207, 128 Queen Victoria Street, London EC4P 4JX. 


APPEAR 

TODAY 

ON 

PA6E 6 


Financial 


Administrator 


Europe 


Squibb Corporation is a large and successful U.S. 
group with a worldwide turnover nf SI 4 billion 
in pharmaceutical and consumer products. One of 
its major product divisions. Life Savers Inc . 
requires a Financial Administrator to take full 
charge of the administrative and financial 
function for its European operations. 


He or she will be based in Central London and 
will be responsible for the following: 


1. 


2 . 


3. 


Legal, administrative and accounting matters 
involved in setting up businesses in various 
countries. 

Financial control and reporting procedures 
for U.S. divisional headquarters. 

Financial analysis and advice to Managing 
Directors and marketing staffs of European 
companies. 

4. Recruiting and supervising all staff required 
in the performance of these duties. 

This is a challenging post with excellent prospects 
for candidates who can combine the “shirt-sleeves" 
task of start-up operations with the organised 
approach required for long-term development 
Candidates should be qualified accountants 
holding a university degree, preferably in 
accountancy, finance or related subjects, and 
should have had several years’ management 
experience of financial planning and control in 
relation to fast moving consumer products. They 
should also be fluent in German and have 
considerable experience of dealing with banks, 
government agencies and professional advisers in 
the setting up of business operations in a 
European context Experience with American 
subsidiaries, and fluency m French would be 
added advantages. 


The most likely age group is 30-40 and frequent 
travelling may be necessary iiutiaily. 

The earnings package is negotiable and will 
consist of a five figure starting salary, company 
car and executive pension scheme commensurate 
with the importance of this key post 



Send adequate particulars in confidence 
to A. R. Cockell, F.C.A.. ARC Management 
Recruitment, Suite 5. Warwick Street, 
London W1R 5RD. 



BankersTrust International 
seek a Qualified Accountant 


He or she will be responsible for all financial 
and management accounting, the preparation of 
management ‘and annual accounts and regulatoiy 
returns. 

The position arises from the planned 
re-assignment of the present Accountant wi thin 
the Bankers Trust Group in mid-197S. 

Reporting to the Director, Administration, 
the Accountant is supported by a Controller and 
his staff of six. 

The ideal candidate will have experience of 
bank accounting, preferably gained with an 
American bank. A working knowledge of taxation 
is desirable. 

The Accountant is expected to attend 
Board Meetings to present and comment on the 
management accounts, so clarity of thought and 
expression is essential. Preferred age range is 30-40. 

Salary is negotiable, but candidates 
currently earning less than £8,000 are unlikely to 
have the necessary experience. Fringe benefits 
are those usually associated with banking positions. 

Interested persons should request an appli- 
cation form by letler, briefly describing how they . 
meet the above requirements, from the Secretary, 
Bankers Trust International Limited. 

56/60 New Broad. Street, London EC2M IJU. 


BTI 


BANKERS TRUST INTERNATIONAL LIMITED 


Financial Controller 


Circa £11000 

+ Significant Benefits Package 
East Midlands 


Our client is one of Europe’s 
most successful specialist 
engineering groups with annual 
sales exceeding jfaooM. The 
member companies - mar bet 
leaders in their field - operate 
mainly in the construction 
equipment, commercial 
refrigeration, defence and 
mechanical handling industries. 


professionals to achieve 
demanding objectives and meet 
tight reporting deadlines, but 
offers rewarding scope lur 
exercising substantia! nurj;m*s; 
influence and subsequent career 
progression into general 
management. 


With 1 6 manufacturing 
locations in this country and eight 
overseas subsidiaries, each 
committed to extensive 
business plans lor expansion, the 
group finance function has a 
highly important and challenging 
task. 


As Controller, you would be 
responsible to the Finance 
Director for co-ordinating group 
reviews, convdidation and 
monitoring nf individual company- 
plans and performance reporting 
to optimise total profitability. You 
would also be involved in 
investment actions, including 
assessment of acquisition 
prospects and new business 
opportunities. 


You should have attained 
hieh standards of academic a ad 
professional accountancy 
qualification. Yotsr experience in 
the finance function must be broad 
baaed and preferably embrace 
both the accounting and analysis 
areas in an engineering 
environment. Experience of 
corporate planning is also highly 
desirable. 


The l ie rou Motor tiroup w. hkh HTcnr^-rnl-s 
companies engaged m most aspects of the it inter 
trade has undergone an era of almost unp-aaiwk-d 
growth, doubling fe profits in the last y cjt. 


vdiichmB enable nvirunuiucnl.it all tods. hiiota 
decisions which wiB enhance the pcspLi A o| the 
business m the short, mediuin Jisdion-J trrm. 


Tins growth is containing and a Finance 
Director is now required to take overall eve itt.rfot die 
company financial matters. This b obi iouc4> a Kev 
position and demands a vnHkpeliliad Vcou: itunt 
with an intimate knowledge cf management ai ul 
financial accounting.' 


1 hi* position a® appe.il lu Aixouittoirts 
currently uanunii m ewes* ot £ IO.OOU pet ouiuim 
dMconiesac'inipjiiv , catpcnsinn.*u.himu , *irkl 1 
SI ion* Option Scheme. 


The i nd; wdiul we appoint will be able to 
maintain and influence tiwdevefc»pn>--i rt o! systems 
aid controls and provide authoritative inlemtation 


AiindAidu.il capable rt making a ilfetmbal 
cwitnbi itioi t tn the Group' 's success can anticipate a 
vw irwordnvi futui r. 


An^K-Jt»ns,whichw dlKe handled Btcoi i ipiete 
cot lfiderKe. sliodd be set it te: 


FS. Kevndds. 

Ci lief Exec UtllU. 

Hei.-fli Motor Group Liirdea. 

Heron House. I^AWyfebotieRoad, London MW I rJL 


HERON 


If you arc attracted by this 
opportunity with a highly 
successful group, write, in 
confidence. enefcuinq a concise 
resume of your career and 
remuneration to date, naming 
companies to which you do nut 
wish your application to be 
forward ni. to: 


This position calls for an 
ability to motivate a team of 


V 


E.M.JOV (879FT) 

. , Lopez Limited, 

St. Mardzt’c House, 
xjo St. Martin’s Lane . 


_ London WC2N4BH 




lOPEXLIMITE) 


Financial 

Director 


Blyth, Greene, 
Jourdain & Co Ltd 

£ 20,000 - £ 25,000 


INTERNATIONAL 
LEGAL COUNSEL 


One of Europe’s leading banks requires a senior in-house 
lawyer to service its considerable overseas and domestic 
interests. The person appointed will join an established team 
at executive level in the bank’s headquarters office. The team 
provides a full range of legal services including involvement in 
commercial negotiations, and liaison with outside professional 
advisers. Experience in the fields of syndirated euro-currency 
loans and other merchant banking activities will be an asset. 

Our clients wish to consider U.K. or U.S. qualified 
lawyers aged 27-35 yrs. who have-diplomatic skills, commer- 
cial understanding, good drafting ability and a commitment 
to living in Holland. The bank is prepared to make mortgage 
assistance available and envisages paying a salary 'of 60/70,000 
Guilders which will provide ^standard of living equivalent to 
a U.K. resident with over. £12,000 p-a- 



Our clientls a successful, long-established family-- 
owned .Group which is an associate company of 
John Swire & Sons and hss diversified international 
interests in trading and manufacturing. It has a re- 
quirement to recruit a Rnancial Director to join it’s 
Ciry-ba~sed headquarters. The Director will be 
responsible for all aspects of the Group's finance 
function. The right man or woman will be 35-45, a 
qualified accountant, have a good educational 
background, and at least 5 years in the profession 
and/or management consultancy. Subsequent 
experience must include senior financial manage- 
ment responsibility in an industrial/commercial 
environment also some trading and overseas 
experience would be an advantage. 

Please write giving full career details to David Munns 
at- 

. KORW/FERRY DICKINSON LIMITED 
20 Queen Street. Mayfair, 


ACTIVE MEMBER 


wich useful commission income 
seeks association wich member 
firm possibly combined with 
salaried dealing. 

Write Box G.1177. 
Financial Time s, 
fO, Connon Street, EC4P 4BY. 


ACCOUNTING SUPERVISOR 


Age 26-32 £6,000 4* Bens. 

European Bank requires ambitious person with an accounting background preferably 
acquired within a Banking or related financial environment. Progress towards an 
appropriate professional qualification would be advantageous, and a knowledge of 
taxation is essential. Personal qualities required arc an ability to supervise, and the 
capacity to institute control sysuap*. Prospects, working conditions and fringe benefits 
are among tho City’s beat. - 


LOANS ADMINISTRATION 


Age 23-26 £**>00 

Rapidly expanding international Bank 
seeks ambitious Banker with sound folic 
background augmented by a. -minimum of 
2 years’ Loans Admin, experience. This 
is an outstanding opportunity for advance- 
ment based on ability and a capacity for 
hard work. ‘ . 


INTERNAL AUDIT 


Age 25-30 £5,000 £ 

Consortium Bank requires to complement 
its audit function, by appointing a young 
Banker with previous experience 1 
internal auditing. ' or accouutapei 
qualification is essential. Career ' pros- 
pects arc considerable, as are the benefit! 


For further information regarding these and other banking positions 
p lease telephone Rod Jordan 



<5S> BANKING PERSONNEL 

<41/42 London Wall -London EC2 -Telephone: 01-508 Q7S1 


(Recruitment Consultants) 



MJ 


McKELLARWATT 


’. London W1X7PJ 


KORN/FERRY 

INTERNATIONAL 


ilications which will not be passedto our. client without 
ness consent should be made by writing to or telephoning 
G. Macdonald. 


reuier simKin 


i uKourt lira mas uiq &H85-BS2 


CHIEF ACCOUNTANT/ 
COMPANY SECRETARY 


required for international trade finance company being established 
in Central London with considerable backing by overseas trading 
and finance group. The successful applicant will: 


a. already have acquired in depth knowledge of export finance, 
documentary procedures and systems including E.D.P., 


b. have probably worked in a Merchant Bank, Confirming House 
or international trading environment. 


c. probably be professionally qualified, 

d. work dosely with very experienced senior management, 

e. be seeking a challenging appointment with considerable 
potential demanding hard work and responsibility. 

f. probably be aged 28-45. 

Salary and Fringe benefits negotiable according to background. 
Replies in the first instance with CV's to 
EUROPEAN INVESTMENT CONSULTANTS 
Room 24-25* 175a Piccadilly, London, W.T. 


CHIEF ACCOUNTANT 

(Director Designate) 

c.£9500p.a. 


plus 


Performance Bonus and Company Car 


An outstanding opportunity is offered to join this expanding 
Independent company, Scotland's market leaders in fresh and 
frozen Sausages, Pies and Cooked Meats, employing 
over 600 people. ‘ 

The duties are broadly those of a company secretary, 
combi ned with the m aintena nee and development of a firmly 
established system of integrated budgetary and f ina ncial 
controls. In addition the successful candidate will require to 
work with an active Executive Board in the application of Long 
RangePlanning techniques, includingthe'financial 
implications of associated projects. 

The person we are looking for is probably a Chartered 
Accountant, age 35-45, with a proven track record preferably in 
a fast-moving consumer goods.rndustry. Remuneration 
package includes salary, performance bonus expected to be 
around20%. exclusive use of company car, and normal 
fringe benefits.: ■ 


Applications in strict confidence toi— 
G.M.WARD 
MANAGING DIRECTOR, 
McKELLAR WATT LFMITE D. 

1 7 OLD SH ETTJ.ESTON ROAD, 
GLASGOWG327ES 


The Britannia Group 


OF INVESTMENT COMPANIES: 


A VACANCY EXISTS FOR 


A JUNIOR DEALER 

Previous dealing experience preferred, but not essential. 
Good knowledge of Stock Exchange procedures required. 
Preferred age 24-23 years. Salary negotiable. 


Please apply to:— 

Mr. E. j. Farrell, 

Managing Director, 

BRITANNIA RNANCIAL SERVICES LTD, 
3, London Wall Buildings, 

London Wall, EC2M SQL . 


INVESTMENT ANALYSIS/ 
MANAGEMENT 


-Cferical, - Medical and General is an established Life and 
Pensions office of high repute wich existing funds of over 
£4fi0m. and £50 m. per annum becoming available for new 
■Investment. This continuing expansion requires the recruitment 
of an addition to the team of Investment professionals located 
at our London Head Office in the West End. 


The successful candidate will be aged under 30 with accoun- 
tancy qualifications and/or a good class degree in a relevant 
discipline followed by some industrial or commercial experience. 

Previous investment research experience Is not essential, m 
a thorough training will be given, but a positive contribution 
to the management of the British equity in vestment- (present 
value over £I00m.) will be expected at an early stage. 

Attractive progressive salary, non contributory pension, 
and, after a qualifying period, subsidised house purchase. Where 
appropriate, assistance with re-location expemes wUI be given. 



Please write, enclosing 
curriculum vitae tos- 
Mr. N. (ones. 

Assistant Secretary (Staff), 
Clerical, Medial and General life 
Assurance Society, 

Narrow Plain, 

Bristol BS2 0JH. 


HOLDERS OF 
REPRESENTATIVES LICENSE 


Required for aggressive organisation, providing a complete 
■range of financial services to non-disc re tionaxy private 
clients — excellent prospects. Also Trainees required— must 
be able to obtain references from: 

1) A Bank Manager 


3) Stock Exchange 


Accountant or Justice of the Peace 

Write Box A.6210, Financial Times, 
10, Cannon Street, EC4P 4BY. 



APPOINTMENTS WANTED 


EXECUTIVE 


with wide international experience 
Kuki. association with financial institu- 
tion or company- active abroad. LID 


specialised In project finance erglneer- 
1(1* and _ management of . fwfl'gn 


tut ■ V— ' 

Business. Connections m Capital mar- 

Keu. Bilingual Engliib/Spanirit. warit. 

French and Italian. 


ina 


Writs Sax A-42I7, , Financial Timex. 
10, Cannes Street, EC4P 4fi¥. 


EX-MANAGING 

DIRECTOR 


'of large prince house -building con 
Sanr with 10 

Oiroctorahlp 

in land acquisition. 

»nd all upecu 
Wake Sox A.620S. Financial Time i 
10, Cannon Street. BCdP 4BY. 


mce house building cans 
10 years* experience. 

In similar field. . Fractiselii , 
uMicJon. planning, finane*! r 
Nits of building. V 


,w 













Financial limes Thursday January’12 1978 


The Marketing Scene 


No soft soap for shavers 


17 


EDITED BY MICHAEL THOMPSON -NOEL 






BY PHILIP KLEINMAN 

SHAVING, is a serious business, 
believes the Gillette company. 
There is, therefore, nothing 
jokey about its new TV cam- 
paign for the GTl twin-blade 
shaving system. The com- 
mercial, by J. Walter Thompson, 
interweaves a hard-sell demon- 
stration Of the product in action 
with shots of footballers scoring 
a goal. The connecting theme, 
for those interested in such 
things, is the '“old one-two." 

A couple of years .ago, 
aficionados of TV advertising 
may remember, a much lighter- 
hearted ‘ approach, was being 
taken. JWT created a comedy 
situation for Gil in which an 
actor had a discussion with lus 
face, reflected in . the mirror. 
Gillette came to the conclusion 
that the product’s progress 
would have been Faster without 
this infusion of What agency 
people call creativity,, and last 
year's - .campaign : was an un-. 
humorous, one, featuring football 
celebrity Tommy Dodherty. 

If the thematic content of 
Gillette’s advertising this year 
is serious, the amount it is 
spending is even more so. In all 
the company will put £2m. of 
promotional money behind- its 
razors and blades. Of this. £l'3m. 
will go on; advertising Gil, and. 
£250,000 on the first TV burst, 
due in March, for its new twin- 
blade disposable razor. 

Wilkinson Sword promises to 
match - Gillette promotional 
pound for pound. As ever, the 
two rivals disagree about pre- 
cise market shares. Gillette, 


quoting one set of market re- 
search statistics, reckons to 
have 46 per cent, of the entire 
£24 m. wet-shaving market, 
against 42 per cent for 
Wilkinson. The- latter, quoting 
another survey, claims 50 per 
cent, against 34 per cent 
for Gillette. 

Where both agree is that 
Gillette is for ahead in the 
“ systems " sector of the market 
Wilkinson'. concedes 18 per cent, 
to GU, compared with merely 
four per cent.- for ’its own twin- 
blade system and 10 per cent 
ior Bonded. Gillette Says GU 
has 27 per cent and confidently 
expects it will reach 30 per cent 
this year. 

Another point of agreement is 
-that disposables will this year 
^capture 15 per cenL of the 
market. Wilkinson 1 is to launch 
its own £250,000 TV campaign 
for a twin-blade disposable next 
month, through .agency Masius 
Wynne-Williams. Both the 
giants have been pushed into 
making a strenuous effort on the 
disposables front by the sue- cess 
of the French-based company 
Bic. 

In some countries, including 
Italy. Greece and 7 ■ Austria, Bic 
has. already made great inroads 
with its single-blade - disposable 
razor. In Britain it is credited 
with four per cent after two 
years but is in process of sub- 
stantially expanding both its 
advertising and its distribution. 
Previously its product bas not 
been sold' in Boots or 
Woolworths, which between 


them account for some 35 per 
cent, of razor blade sales in the 
country. 

Reasons for the success of 
disposables vary from country 
to country. (In Italy, because of 
the shortage of coins, tobac- 
conists give them in lieu Df 
change.) Cheapness, however, is 
obviously one of them. 

Recommended price for a Bic 
in Britain is 8p. Gillette is 
recommending a price of 33p for 
a packet of three disposables, the 
average life of each of which is 
said to be 21 shaves. Wilkinson's 
recommended price is 19p for a 
packet of two. With promotional 
price cuts, the Gillette packets 
are already available in multiples 
at prices as cheap as 16p. 

According to a piece otf 
research carried out last summer 
by. Gillette itself. 40 per cent of 
people buying Bic disposables 
were newcomers to wet-shaving. 
They included women as well as 
men who were accustomed to use 
electric shavers. (Despite some 
recent growth in electric, or dry, 
shaving, sales still account for 
less than half those of wet- 
shaving products.) 

The survey, though its results 
may have been influenced by 
hoiidaytime factors, helps to 
explain why both the shaving 
giants believe they must get into 
disposables. So far there appear 
to have been no public protests 
against the unnecessary waste of 
raw materials involved. Perhaps, 
when the campaigns are all going 
full blast, the ecological lobby 
will wake up. 


Kraft spending up 50% 


VISOR 


i IH'P • 


KRAFT FOODS has raised its 
advertising budget to £3.5m. for 
1B78, an increase, according to 
the company, of 50 per cent on 
last year. 

Tlie drive follows the merging 
of the company's four sales 
forces into two national sales 
divisions, one of which is to deal 
with multiples and co-ops. John 
Foley, marketing director, 
reports that 1977 was a difficult 
trading year in many ways but 
that targets were achieved in 
“ virtually all sectors." This year 
the consumer is the prime target. 

Posters, the Press, women's 
magazines and national TV- are 
alt In the schedules. And, for 
the first time, there will be a 
test local radio campaign for the 
new Cheese Fayre range of 
frozen foods. Some £185.000 is 
to be spent on- support for 
industrial and catering products. 

• .T. Walter Thompson reports 
that new business gains In 
Europe (including the UJC) last 


year amounted to £21 .9m. — a 
rise of about 47 per tent on new 
business in 1976; Denis Lanigan. 
executive vice-president of JWT 
and chairman of the London 
group, forecasts 1978 billings in 
Europe of S400 ul -Charities Aid 
Foundation .has. appointed the 
London agency. 

O Mike Chamberlain, editor of 
Campaign magazine for the past 
two years, has left to start his 
own publication covering the 
advertising and marketing indus- 
try. To be known -as Adnews the 
first issue trill appear next 
month. It will ’ be. . published 
twice weekly on Mondays and 
Fridays and will go to &500 lead- 
ing figures in the /marketing 
world — in agencies,- afedia and 
lending marketing companies. 

For the first year at least 
Adnews will be free; relying on 
advertisers to pay for itself . Its 
backer Is a European publishing 
company. There will^e; 16 to 20 
pages and ttie coverage will 


iurhal 


•A 




i’A 




Lunch "a la Carte" . 
and know the price at the 
- HUNTING LODGE 

16 Lower Recent Street. London. SAY. 1 
Telephone: 0.1-930.4222 . 


Enjoy the finest English fare in the superb f 
surroundings of the Hunting Lodge. Tiyour new idea Only 

in eating. la Carte at a fixed pricer gc 95 

Choose 3 courses and coffee from an excellent . VtLL 

selection of dishes including our famous Roast Beef me. 
from the trolley. 


include features as well as newB. 
At least. one member of the cur- 
rent Campaign staff ' is joining 
Adnews. 

Chamberlain's split with Cam- 
paign was precipitated by dis- 
agreements over the planned 
Campaign Europe publication. 

• Flatleau Advertising Partner- 
ship is to handle the campaign 
by Thorn Electrical Industries 
to celebrate the group’s 50th 
anniversary this year. A new 
corporate identity programme is 
being brought in. . 

• Costain has asked McBride 
Partnership to act for three sub- 
sidiaries: Co stain Mining, Foun- 
dation Engineering and Filcon 
Engineering. 

• A. and F. Pears is spending 
£200,000 in the first quarter on 
promoting . Lasting Care hand 
lotion and Pears soap in women’s 
magazines... Further bursts are 
planned. 

• The Institute of Marketing, in 
conjunction with its marketing 
.education group, is launching 
"Marketing author of the year 
awards.” Lord Rubens will be 
chairman of the panel of judges. 

■ New members of the council 
.of the Advertising Standards 
Authority are Antony Newton 
MP, Christopher Cory and the 
Rev. Paul Flowers. Mr. Newton 
is the Member for Braintree. Mr. 
Cory is a director of John Cory 
and Sons, and Mr. Flowers is a 
Methodist chaplain to the 
University of London. 


j|\iJ\s£=L 


Mt aN aL * 

age^ nT 


Advertisers and the new media 


PROPHECY IS NOT suffering an 
energy crisis, particularly when 
it comes to electronic media 
developments. For ten years we 
have been 'reading about the 
electronic revolution about to 
overtake our living rooms: 
Channel 4, Teletext, Viewdata, 
video cassettes, video discs, cable 
and satellite broadcasting. We 
kept on believing in it but 
nothing seemed to happen, so 
now a huge credibility gap exists 
at the very time when there is 
at last evidence that - some of 
these facilities will shortly be 
within reach of the mass of con- 
sumers, initially in the U.5. . 

The predicted availability of 
these new media varies widely 
according to the point of view or 
self-interest of the author: 
usually missing altogether . are 
the ways In which they might he 
utilised by advertisers. 

With the advertiser in mind, 
then, let us try to give some 
realistic answers \ 0 the key 
questions posed by these deve- 
lopments: Who needs them? 

What impact will they have? 
How will advertisers use them? 

One measure or people's appe- 
tite for television is the amount 
they pay for the privilege of 
viewing. The cost of a 22 inch 
colour' set is about £300 and I 
estimate that over the seven-to- 
ten-year life of a set it costs the. 
consumer another £300 in main- 
tenance and repairs. The appro- 
ximate two-thirds of colour sets 
which are rented cost an average 
rental of £105 a year — £735 over 
seven years, even without infl£ 
tion. 

Add to this the fact that the 
average home views five hours 
a day and that colour TV pene- 
tration is 52 per cent, and 
moving ahead steadily, and you 
have evidence of a pretty strong 
commitment to the medium. 

Yet at the same time the 
domestic TV set is the most 
underutilised piece of equip- 
ment- in the British home, not 
necessarily from a time spent 
point of view but from a tech- 
nical one. When a consumer 
bays a TV set he buys the elec- 
tronics for more than 40 channels 
of entertainment and informa- 
tion but is lucky if be receives 
more than three, so It is arguable 
that his needs are not being fully 
met 


One effect of this will he that 
advertisers will economise, as 
they are doing already, by 
reducing space sizes, commercial 
lengths and production costs. 
Consequently more commercial 
messages will occupy the same 
space, and advertisement clutter, 
which is already becoming a 
problem In some media at cer- 
tain times, will increase. To 
these constraints must be added 
growing consumer pressures and 
advertising regulations concern- 
ing what the advertiser may or 
may not say. 

So we do need more media. 
And the new electronic ' media 


BY MICHAEL. TOWNSIN 


The much publicised Teletext 
and Viewdata systems which 
transmit facsimile pages into the 
TV set by normal airwaves and 
telephone wires respectively, 
are essentially Information facili- 
ties with huge business poten- 
tial but very limited consumer 
potential For the foreseeable 
future. Even when these media 
do become available on a mass 
audience scale — probably not 
before the mid 19$Qs — they will 
mainlv be of interest to retail, 
classified and recruitment adver- 
tisers. 

What is the definition of a 
mass audience for electronic 


it is in this rule that video discs, 
shortly 10 be launched on the 
consumer market in the U.S.. 
may well eclipse cassettes. They 
are potentially cheaper to manu- 
facture. more durable and more 
compact. 

The growth of either of these 
facilities will depend much on 
the extent to which the price of 
hardware comes down and how 
soon they become integrated into 
new sets. Colour television pene- 
tration has reached 52 per cent, 
in eight years and will rnntinuc 
to grow steadilv. aided, in this 
country, by the rental companies. 
It is they who could be the means 


A leading media director surveys the video 
environment of the next 20 years and the 
opportunities for new freedoms , increased 
advertising competition and specialised audiences 


Demand 


Advertisers are in a similar 
situation: demand for advertis- 
ing time and space is almost 
certain to keep on growing, 
which means that with to-day’s 
relatively inelastic media supply, 
the cost of using media will con- 
tinue to rise faster than retail 
prices and most other marketing 
costs. This will begin to have 
economic and political implica- 
tions In an economy which Is 
becoming more and more media- 
dependent. 


promise more competition, new 
freedoms and specialised 
audiences. But unless these frag- 
mented audiences are allied to 
improved caramunicatioo effec- 
tiveness. they may not match up 
to the values of our present mass 
media. What impact can 'we 
expect from them in the near 
future? 

Channel 4 is the newcomer 
most Hkely to have the greatest 
impact on the lives of the mass 
of consumers within the foresee- 
able future. How advertisers will 
benefit depends largely upon 
whether it goes to ITV cr 
whether the Annan recommenda- 
tion of a separate part-commer- 
cial channel is adopted. 

Recent newspaper reports 
suggest that the Government is 
about to reject the Committee's 
recommendation and defer & 
decision on the allocation of the 
fourth channel for three years. 
This is good and bad news for 
advertisers. Good because the 
fourth channel envisaged by 
Annan would be of limited bene- 
fit to them not only in terms of 
creating more airtime to absorb 
growing demand but also in 
terms of audience appeal. Bad 
because a delay of three years, 
even if the fourth channel 
eventually goes to ITV, means 
that at least five years could 
elapse before it begins commer- 
cial transmissions. By that time, 
if present trends continue, 
demand for airtime will almost 
certainly exceed supply through- 
oat most of the year. Only a 
change of Government, which 
seems unlikely, would bring for- 
ward the birth Of channel 4 and 
in that event ITV would almost 
certainly get it. 


media? Based on experience in 
TV and radio here and in the 
U.S.. 30 per cent, penetration is 
probably the critical level re- 
quired of an electronic communi- 
cations medium before it can by 
any claim to being broadly based. 
Advertisers really became 
interested in commercial TV 
when it reached 30 per cent. oT 
households: the same was broadly 
true of commercial radio. In 
the U.S., television began to 
overtake radio as an advertising 
medium when it reached 30 per 
cent. Key programming, such as 
the soap operas, began leaving 
radio for television at the same 
time, and most advertisers 
started supplying all of their 
commercials in colour when 
colour set penetration reached 
30 per cent. of U.S. households. 

Video cassettes, which are 
essentially devices for recording 
TV programmes direct from a set 
and replaying when required, will 
undoubtedly enhance the value 
of broadcasting by extending the 
life, use and significance of pro- 
grammes. They are on sale now 
at around £500 hut have virtually 
no domestic penetration. In the 
U.S.. though, battle is being 
joined in The domestic sector by 
Japanese and U.S. companies in 
response to growing consumer 
interest, and by 1981 it is ex- 
pected that at least 1 m. units 
will be in consumers’ hands. 

On this evidence it seems 
highly unlikely that video cas- 
settes will reach anything like 
critical mass penetration in the 
U.K. within the next decade. But 
will thev ever do so? As in the 
audio cassette field, the biggest 
demand will almost certainly be 
for pre-recorded material. And 


by which the potential price bar- 
rier is overcome in the case of 
cassettes and discs, but not until 
servicing becomes rclatiycly 
slraighl forward and economic. 

Nor is it likely the rental com- 
panies will find cassettes .and 
discs an attractive proposition 
until the steam goes out of colour 
TV rental or until volume produc- 
tion has reduced the price and 
maintenance costs of machines. 

So at this stage, therefore, it 
is bard to be sure whether 
cassettes or discs or both will 
gain mass penetration or when 
this will be achieved, though one 
can say that current develop- 
ments in the U.S. are about to 
provide a clue. In addition, world- 
wide sales volume will bring 
prices down to a more realistic 
level by the early 1980s which 
could make them a working 
proposition by around 19S6-S7. 


Revenue 


How to harness cassette or disc 
for advertising or whether doing 
it will be worthwhile has scarcely 
been considered. Sponsorship of 
pre-recorded programming would 
seem to be the obvious and most 
practical route. Advertising 
revenue could help hold down 
the price of tapes and discs to a 
level which would make the 
medium attractive and affordable 
to the mass of consumers and 
therefore a viable commercial 
enterprise. Advertisers would 
pay for sponsorship (or might 
even take spot advertising! 
according to the judged popu- 
larity of the programme material: 
particular audience sub-groups 
could be targeted by programme 
typo. 


Gable television, which would 
facilitate almost unlimited choice 
and selectivity for consumers and 
advertisers and would virtually 
eliminate the threatened medm 
supply problem mentioned 
earlier, seems in be in a .slate nf 
suspended animation in the U.K. 
Exisuim narrow-band s»w*ms 
owned variously by the Post 
Office, relay emu panics, local 

authorities and others arc retied 
upun for television reception by 
about 2m. homes, a figure which 
has scarcely changed since 1970. 

There is little doubt that a 
national wideband cable network, 
probably owned by the Post 
Office, is the most logical w*ay of 
developing a cable system. This 
would be integrated to carry 
telephone calls, computer data 
hank access, facsimile services 
and multichannel broadcasting. 
The Annan Committee concluded 
that the necessary investment in 
such a system, estimated at £lhn. 
lo fl.5bn.. would be unlikely 
before 1990. by which time 
technological developments such 
as fibre optics would have signifi- 
cantly reduced the cost. 

In contrast, cable TV develop- 
ment in the U.S. is well advanced, 
with subscriptions expected tn 
reach the critical 30 per cent of 
houcholds by 19S1. The revolu- 
tion promised by cable will be 
well into its stride m the L'.S. 
by the time U.K. advertisers and 
consumers begin to contemplate 
its vast potential. 

Satellite broadcasting to 
individual bomes on individual 
aerials or, via a community 
acriai, by cable, is even more 
remote a prospect here. Such a 
service would require a new 
generation of TV receivers in 
addition to expensive aerials. 
Satellite is also more suitable for 
providing the same service across 
very large land masses and. un- 
like cable, it is unable to provide 
a 1 regional service. An inter- 
national plan for satellite broad- 
casting in Europe has. in fact, 
recently been agreed, but before 
any service is launched the 
implications nf programing and 
advertising overspill from one 
country to another will need to 
be discussed. Internationally- 
advertised products would be the 
main beneficiaries of such a 
service: for the rest it could 
create more hazards than oppor- 
tunities. 

No one should be surprised it 
these new media take as long as 
the computer, the photi-'opicr. 
radio or television set itself to 
show what they do best and to 
hit their threshold. But adver- 
tisers and agencies who utilise 
media which increasingly com- 
pete for flic time and attention 
of consumers must continue to 
be concerned with when and how 
the new media will come into 
their own, and to plan to-day’s 
action on the best estimate nf 
what the future video environ- 
ment will be. 

■Uichncl Totrusiw is media 
director at Young and Rubicon. 


/ 


S53 






-,'V 

sH 1 ' - 

Early television campaigns on Southern Televtsion had successfully 
promoted the Hfl Construction Company’s agricultural building business. ■ 

Too successfully, perhaps. For their 1976 campaign of 15 and 30-second spots 
on Southern, Hill were keen to promote the Hillspan industrial buildings'which' 
now account for two-thirds of their Business. The campaign, staged by 
Lonsdale Osborne, was another undoubted success. Hill were pleased at the 
contacts it gained, and the reputation it made them. More important, they 
were delighted to receive enquiries from an influential band. of businessmen - 
; those who work in London but live in the South. These men watch their 
‘ television in the South tool ... 

, „ SOUTHERN ^TELEVISION 

pl“ ■ For further information contact Brian Henry, Marketing & Seles Director, 

Southern Teteviaon Limited, Gten House, Stag Place, London SW1E 5AX. Telephone; 01-834 4404. 


EVERY SYMBOL 
TELLS A SUCCESS STORY. 


Over twenty years ago when 
■we organised our first exhibition 
we created an individual and 
unique identifying symbol. 

Every exhibition that follow- 
ed was coded with its own 
symboL 

The symbols produced 
over the years illustrate 
the wide variety of 
differe nt in dustries in 
which ITF are 
involved. 

ITF are now the 
World's largest 
independent exhib- 
ition organisers, 
and provide a tbtal 
service to Industry; 
total profession- 
alism in planning; in 
promoting visitor attendance; 
specialised teams for every 
exhibition, consultation 
with industry advisory 
groups. 0 

All part of the ITF 
service that brings 
top calibre buyers and visitors to 
each exhibition, giving exhibitors 
every facility and the freedom to 
concentrate on the real business 
of successful selling. 





These are the hallmarks 
of an ITF exhibition. 

ITF events reflect industry’s 
needs and can be either small 
highly specialised 
events, major public 
shows, or huge Inter- 
national Exhibitions 
anywhere in the country. 

ITF's programme also 
encompasses British 
Industrial Exhibitions, 
organised for the BOTB 
in many overseas centres, 
including Caracas, Kuala 
Lumpur, Jakarta, 
Shanghai, Sao Paulo, 
Peking, Buenos Aires and 
Bucharest. 

The next such event will 
be held in Mexico City 
in November, 1978. • 

Industrial and Trade 
Fairs Limited. 

Head Office: 
Radcliffe House, 
Blenheim Court, Solihull, West 
Midlands B91 2BG. 

Tel: 021-705 6707. Telex: 337073. 
Cables: Lndatfa Solihull. 

London Office: 9 Argyll St, London 
W1Y 2HA.Tel: 01-4371622. 



THE SYMBOL OF GOOD BUSINESS 













15 


Lombard 


Financial Times Tbursdayr touary 12 1978 


The CBI calls 
for a binge 


BY ANTHONY HARRIS 

EVEN before the publication oil is capital, no pan of the pro- 
to-day of the White Paper on ceeds should be made available 
public spending, the CBI has for consumption. The strength 
announced that it wants to start oT .U? CBI’s caselsthatup ton 
a debate, .ta tbeme i, sintpte: 

any increase in public spending form except by allowing con- 
at all is wrong; the sole aim' of sumption to rise, so that spend- 
any Chancellor should be to cut ing out of increased income will 
income-tax. Now I am as fond stimulate the investment which 
as the next man of spending my increased saving will finance. But 
own money, but I will follow the *"* ®5 uaUy abs ^f t0 conclude 
CBI-s example and plunge Into ““SmediSSy bSmw 

the argument before it is ^j e sole objective of policy. The 
cluttered up with any facts. The case for cutting taxes does not 
CBI’s argument is balderdash, undermine the case argued by 
So there. Sir Alec Cairncross in these pages 

The simplest way of putting my for inviting more in things like 

argument is to ask any member c 03 * a " d ♦£ oad Kan^t fo / n r Se f 
of the CBI Council bow he would P art *** benefit for ^future 
feel if bis company bad happened Separations by reducing the 
to strike oil on an unused site, national debt 
and the shareholders at the next 
meeting promptly demanded that 
the entire capital windfall should 
be distributed to shareholders as 
fast as it could be brought in to 
cash flow. Ue might well argue 
that the company would like to 
use part of the capital to expand, 


Discretion 


It Is. then, the CBI’s simple 
minded proposal to erect tax- 
cutting into the sole objective of 
policy which I find irresponsible; 
but there is also room for doubt 


aTdlfo sV^enTtTcapimi^ about their oPPO^on to any in- 
by retiring part of its loan slock, g—JJ ^ 
and that in this way the benefit ev ®. r ' e J ,en eu 


below the 

, , ,, , national growth rate and much 

to shareholders would be long- f urt h er below the growth rate of 
lasting; but he would have no revenue . Worthwhile public 

^pH capital spending has been cut 

dx 0 ued that he must just trust savage [v * n recent years, but this 

™ mvest is the only spending which will 
whatever they did not choose to create pu biic sector assets to 
spend with the company if it replace * share of ^ oiL 

could propose an attractive It p would be nice to finance this 
enough issue. hy cu tting current spending, 

rria* . much of which is wasteful: but 

I his regime transfers from the town hall or 

the civil service to the dole save 
Now it is possible that there only a limited amount of money, 
is a Council member so devoted If the White Paper sets such a 
to the service of shareholders transfer as an objective I will 
that he would simply swallow be ready to cheer, even if initial 
bard, resign himself to the Tact progress is slow, 
that his share rating would not 
benefit at aU m the long run 

from this binge, and pay up; but !££ “57; ,£ t D rivatelv 

even such a man should hesitate he 5^^. them. But he 

before urging Lhe same policy on raay ^ add that the CBI is a 

the Government Tax cutting is pr eksu re group out to edge 

very nice, and I strongly support policy in the desired direction, 

it: but tax increases would and that others can be left to put 

follow in due course if the Gov- other sides of the argument Tiiis 

eminent insisted on treating the is fair enough, but I suspect that 

whole of its oil revenues as in- overstatement is a weapon which 

come, and replacing them from needs to be used with discretion. 

income-tax wben they ran out. An argument which is too one- 

Tbls regime of sharply rising sided can sound like the ranting 

taxation would cause national ®f a ^ bore. . T}*f. 

difficulties of a kind which have Pamfuily been rebuilding a 

no parallel in the affairs of a reputation for sound economic 

company making a tmce-for-all “ d . ****** >*> 

distribution nadlr m ™ e 1133,5 of Mr - Heath ’ 

ai.tnouuon. when CBI embarrassed 

To be sure, it would be absurd Ministers. It still cannot afford 
lu argue that because North Sea to cut loose too often. 


BUSINESS AND THE COURTS 


A setback for Italy’s drug pirates 

By A. H. HERMANN, Legal Correspondent 

PHARMACEUTICAL products the Italian Constitutional Court, periods after which compulsory years, and the waiting period this time towards a solution sole dealing Remounts granted 
and processes could not hitherto According to reports the Court licences can be granted, would before compulsory licences may giving, greater weight to the. by Re^iau on «7/ov. _ 

be protected by patents in Italy, has now made up its mind to probably provide sufficient be granted from three years to need of businessmen to know tne aispuie awoutemnpea- 
to the great benefit of numerous admit pharmaceuticals to patenr means for frustrating the newly seven. In the meantime, the where they stand. ration alter me temiMaoa of 

“pirate" drug companies making protection through the back available protection by patent booming Italian market for The dispute in which this m^iatioiMip. 
use of research done at great door. :n most cases. Registration of pharmaceuticals, where per- promising judgment was given Is ww mat roe \jamnnssna am 

cost by other companies— mainly =_ Tt _,_ a new Italian pharmaceutical head consumption of medicines between, a French manufacturer, been wrong to treat toe agree- 

Certain? Bmish. “Sran^md producl-rtlhoiK wtach it a second only to th.t in France. Bouwr.and it, Belgiu distribu- meat ^ 

Swiss. The campaign to make *£51 i!f« not be sold— lakes about five still seems to be well protected tor. Db Blocs, whom Bouyer started to bubUe with intricate 

Italy adopt legislation which inemui^ demon- - reari ' te *** case of 3 ,orei S n against foreign penetration. But appointed in 1959 as its exclu- <22S? ll 2S««5 0t **.2? 

would bring it into line with the Smed by the?SdSt SSSk Pfod^t one must add the period the time has come to consider sive agent in Belgium, Luxem-. 

rest of the EEC, and with other and ^vthemSiSS for and re* 1 * possibilities created by the ex- bourg and Belgian Congo (now “jjj* £j' °^ 7 

” — i — *— *• — forebears and by the medieval fralion ia country of origin, pected fundamental change in Zaire). The agreement, origin- 1 ^ ort3nt consideration was 


European countries, has been Ijw teacher5 o£ Bologna. .The 


long and not so far successful. 


Assuming that only two years the law. 


Ratification by Italy 
European Patent 
would achieve this objective. 


ally concluded for three years, *h»t J* 1 * 5 T** *n. “" old .agree- 
ly Of the S=r_4« be” ab le * Tn between the application * * * had been tacitly extended until peat (that -ia. «» made 

Convention jg* ^ ‘ T4 of ^; - for and ^ ° f 3 P 3 ^'- I97S. when it was ended. This before Fehrowy . ft IW m 

delete Article 14 of the Paten. ori |y a few domestic applicants THE VALIDITY of restrictive resulted in a claim for compen- respect of the Six and before 


the J-B'Jlf 7S 


but there is little hope that the* ® n . ^ simple grounds that would have their registration agreements during the long ration, to whieh an - agent is January 1, 1973 in reject of 
BUT Introduced last Seotember lt mfringes the equality of citi- before the expiry of the three- years which elapse between entitled under Belgian law upon the Three 


notified or not notifiable must 
be treated by national courts as 
fully valid until the ConsniMKm 
has decided otherwise. 

That means that the court 


Bill introduced last September 11 minuses roe equainy ot ciu- before the expiry of the three- years which elapse between entitled under Belgian law upon the Three now member States) 
will be passed by the Italian zens before the law, which is year period after which the “un- their notification to the EEC unilateral termination of an and that auch^ agreements if 
Parliament in less than two guaranteed by lhe Constitution, exploited" product becomes Commission and the time when “ undeterminalc " agreement. «•* r,nt 

years. It is held to be unfair that phar- subject to compulsory licensing, the Commission decides (if ' 

When legislation is bogged macological researchers should There is some hope that the ever) that they are either .. ITvpmTltion 
down, lawyers look to the be denied The patent protection double registration procedure innocent, or may be exempted "Aviiipuuu 
courts; a little twist of thd old that is enjoyed by other can be speeded up by using the because of redeeming graces, or The French manufacturer’s 

law can often make it look like research workers. EEC machinery -devised to pro-, are to be damned for ever, is defence was that Belgian courts has replaced the “ provisional 

new. . vide acceptance throughout the a subject on which the Euro- cannot draw any conclusions validity " of these agreement* 

In this particular case the Kriistrfltin? Community ‘or drugs registered pean Court has changed its from this agency agreement by full validity. It is even more 

twist needed is of consider- 3 3 lul o # any member national mind more than once. As a because it had been invalidated important that the Court used 

able magnitude. Article 14 of Will that be enough to pro- authority. That machinery, result, what now goes for law by the EEC rules of cumpetition. reasoning which should benefit 
the Italian Patent Act (No. 1127 vide effective protection :o however, is still in its infancy, is illogical, confused, and con- The Agreement had been noti- also new notified agreements 
of 1939) expressly excludes foreign researchers and to Help can also he expected fusing. The latest shift is a fied to The EEC Commission in which now enjoy the peculiar 
pharmaceutical products and stimulate Italian research? Not from the ratification of the judgment given by the Euro- 1863 and the Commission later status of “provisional Iq. 

processes from patent protec- as' things are at present The European Patent Convention, pean Court in Case No. 59/77, wrote informally to the parties, validity.”- One must hope that 

tion. It was evident that no combination of long delays in Failing that, there is a Socialist shortly before the Christmas rellinff them that after prelim- the Court will soon be given an 

ordinary court could do the the registration of new products Bill in the Italian Senate recess. It provides a glimmer ihary examination the agree- opportunity . to rescue frmn 

trick. For about a year atten- by the Italian health authorities proposing to extend the life of of hope that the Court, is inent appeared to benefit from limbo (terse rather more 
tion was hopefully focused on and of short “non-exploitation" Italian patents from 15 to 20 changing its mind yet again, the general exemption of certain numerous agreements. 


Arctic Heir is day’s best bet 

WEST COUNTRY racegoers have calibre in to-day’s line up. Arctic disappointing if he cannot make 
tbe prospect of Interesting Heir should gain an overdue his undoubted class tell against 

afternoon at Wincanton, where success if his jumping does not Royal Marshal II, whom he meets 

the jackpot-supported programme let him down as it did in Ascot's on level terms, 
includes the John Bull Chase, SGB Chase before Christmas. I Although he receives S lb from 

in which Royal Frolic, Royal take him to give his shrewd that pair, the remarkably con- 

Marsbal II and Irelands Owen owner-trainer another success — distent Irelands Owen may he 
clash, the Lillo Lurab Challenge possibly at the expense of just out of his depth, 
the Red Lion Hotel another sometimes chancy 

course winner Coffee 


Cup and 
Chase. 


Hotel another 
jnmper. 
Bean. 
Royal 


Frolic, rated by many 


RACING 

BY DOMINIC WIGAN 


Fields for all three races have 
dried up disappointingly, but 
□one has a cut and dried look, 
and it would be no surprise to 
find a busy market on the Somer- 
set track. 

My idea of the afternoon's best 
bet is John Thorne's locally 
trained Arctic Heir, who im- ■ - 

pressed me when chasing ^ ^ principal stumbling block 

Master Spy in the Mandarm between Midnight Court and a 
Chase at Newbury on New Year’s Cheltenham Gold Cup victory 

Ev f' .. » . . . priced at 20-1 not many weeks 

Arctic Heir, who shoulders top ag0i should ^ the John 

weight of 11 st 1 lb in the Lil o ^ Fred Rira eii. trained nine- 
Lumb Challenge Cup. would year ^ ld , who travels down from 
have run out a facile winner on Worcestershire, came right back 
the Berkshire course but for t0 somewhere near his best when 

?\ e ? r !ri? C fl of c the extremely defeating Cancel lo by 12 lengths 
talented Master Spy. in a match for Doncaster’s Blyth 

With nothing of that rival’s Chase eight days ago. It will be 


New Year good will was hardly 
in evidence at Towcester yester- 
day from where the openin^ 
show of the afternoon to the 
nation's betting shops was Evens 
Lochus, 6-4 Manny boy. 5-2 Gay 
God, and 16-1 Woodham— 130 per 
cent, overround. 


WIN CANTON 
LOO— Tenges Brake 
L3Q— Joint Venture 
2.06— Arctic Heir*** 

2.30 — Royal Frolic 
3.00 — Hipparion 

3.30 — Hunters Joy** 
SOUTHWELL 

12.45— Gay Twenties 

1.15 — Miss Plumes 

2.45— Linden Dolly” 

3.15 — Sovereign Lane 



BBC 1 

9.41 ajn. For Schools and 
Colleges. 1220 p.m. Closedown. 
1235 On the Move. 12.45 News, 
weather. 1.00 Pebble Mill. 1.45 
Trunlpton. 2.00 You and Me. 2.12 
Closedown. 236 For Schools and 
Colleges. 3.00 Closedown. 353 
Regional news for England 
texcept London). 355 Play 
School. 4.20 Winsome Witch. 4.25 
Jackanory. 435 Scooby Doo. 5.00 
John Craven’s Newsround. 5.05 
Blue Peter. 535 Fred Basset 

5.40 News, weather. 

5.55 Nationwide. 


6.45 To-morrow’s World. 

7-tO Top of the Pops. 

7-40 The Good Life. 

8.10 Wings. 

9.00 Party Political Broadcast by 
tbe Liberal Party'. 

9.10 News, weather. 

9.35 Unemployment. 

10.25 Omnibus; Jeanne Moreau. 
11.15 To-night 

1L55 Weather, regional news. 

All regions as BBC 1 except: 
Wales— L4 5-LOO pjn. Baraaby. 
435-4.40 Crystal Tipps and Ali stair. 
4.40-5.00 Mae Gen 1 Stori. 5.55-6.20 
Wales To-day. 


1L55 Weather; news and weather ^* r «« no * <•**» aira*- sop&ia Loren. 

r ... . T B HA Roirluw (Tnmnnl and mnl IA U 

for Wales. 


S.<3 Raise lor ThoogtiL 10.02 Jimmy 
9JB Review: Cement and coat. lOJt Yoons >5/. X2J5 p.m. Wassoiwra' Walk 

c .. . - ~r C9n » „ Channel news and weather. 1042 Focus I2J3 Peic Murray's Open House fS). 

bcotland— 5-55-b-ZU p.m. Report- on wildUfe. mo TV Movir: "Ljsj including M3 Spons D«k. 2J0 David 
ing Scotland. 1L55 Weather; news Bright and Dark.'* Z2J0 a.m. News and H a m d u a isi. i nd a d i n g 2.45 and 3.4S 
and weather for Scotland. weather in French. Sports Desk- 433 w ass oners’ Walk 

Northern Ireland t 53 . ^ w n m MS Sports Desk. 447 John Dunn iSi, 

Northern Ireland News. 5J5-&20 ' GRAMPIAN SttAaEFaZ*,. 

Scene Around Six. 1 1 J 5-11,45 I J_ 2 I a.m. First Thing. U0 p.m. weave. 9-55 Spons Desk. 1QJQ Two by 

Grampian News. M0 Grampian Today. Two. 1030 Star Sound Extra. 1IJP 
weather. 730 Mystery Movie- Colombo. Brian Matthew with The Late Show 
10-43 Reflections. 10.45 SportscaB. 1135 1Z00-12J15 a.m. News, weather, motoring 
Baretta. informallon. 


Didn’t Know You Cared. 11.45 
News and weather for Northern 
Ireland. 

England— 5-55-6-20 pan. Look 
East (Norwich); Look North 
(Leeds, Manchester, Newcastle); 
Midlands To-day (Birmingham); 
Points West (Bristol); South 


GRANADA 


RADIO 3 464m, Stereo iVHF 

. i.55 a-m. Weather 7.00 News. 7JB 

, P.m. Thli la ^ our Right. 3JC Overture ‘Si. Concert: ,\rne, Handel, 
Looks Fanultar. 4.M Code R. SJA Thit Mnan. MO News. MS Morning Concert 
RlShr. 5J5 Crossroads. 6Ji (Si: Berlioz. Schumann, Roussel MQ 


F.T. CROSSWORD PUZZLE No. 3^65 



of 


645-7.10 Heddiw. To-day (Southampton); Spotlight Granada Reports. 638 Emmerdaic Farm. News ' Covnroseis : The 

Bologna School «5>. 10.00 BBC W P hh 

w,al H*® Say. 1135 Symphony Orchestra 'Si: Milhaud, 

uiuucy. Franck. Cbausson. H4B Aeolian' String 

. Quartet ‘S'; Haydn. Borodin. 1155 In 

HIV Short. 1235 p.m. Aeolian Siring Quartet. 

UO p.m. Repon West HeadUncs. US nn 2 ‘Si: Schubert 150 News. 155 
Report Wales Headlines. 2.00 Women Bradford Midday Concert: Mozart 

Only. 350 Beryl’s Lot 450 Dynomutl — GemiuianL Debussy. Ravel 250 Liszt's 
The Dog Wonder. 4-45 The Lost tuinnrf* Missa Solemnis in D lS». 350 Scarlatti 
US Ink! at the Circus. 530 Crossroads. Sonatas <Si. 355 In Short. 3 J5S Scar- 
653 Repon West 6J8 Report Wales, latti Sonatas (S«. parr 2. Wflanow 

635 Rent In lhe West. 7.05 Mystery Quartet iS>: Penderecki. RaveL 550 

Movie. 1055 Haydn’s "Tbe CreaUtm." fad’s Hardy iSi: s«mg recjiaL 555 

MTV Cymrn/Wa es — As HTV general Home ward Bound (Si. 6JB Neva. 600 
service except: 100-105 pan. Penawdau Homeward Bound. 630 Lifelines: The 
Baroque NewyddJon y Dydd. 4O0-43B "Malchiad Wider World. T30 l Made a Rural Pen 
Cjrtuaf. 430-455 Q’r Locomotion rr 123. . . T (Si. 755 Bournemouth Symphony 
650-6J8 Y Dydd. 635-7.05 Sports Arena. Orchestra <Si, part 1: Beethoven. 830 
HTV West— As HTV general service Finnish Mythology and I is Rediscovery.' 
except: UO-130 Report West Headlines. 850 Bournemouth SO ts> part 2: Pro- 

6J8-6JS Sport West. koRev. Sibelius. 93S Drama Now iSi. 

1030 Music In Our Time (S>. n Nows. 

SCOTTISH n-3o tobIbiu's scbm»rt song. 

155 pjn- Scottish ol-ws. weather and n , nm A 

road reports. 2.00 Women Only. 535 *v 

Professor KJtzeJ. 530 Crossroads. 650 434m, 320m, 233m and VHF 

unn i JL i . ScaUand Today. 630 Garnock Way. 750 SMedlnm wave only. 

11.3U Closedown: Joon Westbrook Emmcrdale Farm. 730 Charlie’s Angels. 635 ami. News. 637 Farming Today, 

reads “Rural Life," by 8J* RWaa Damp. 1050 wish Yon were 635 Up w the Hour mdudlns 652 vhf 

George Crabbe. Here. UJD Late CalL LLIS Thqrs- Regional news and weather. T.00 News. 

day Cinema: “Cry ot the Banshee." 730 Today. 735 Up to the Hoar, includ- 
F D IV DO IV starring Vlncem Price. ing 732 VHF: Regianal news and 

LVfllUUn weather. 850 Nctre. 030 Today. 855 

9 JO n m Schools. 12.00 Animal SOUTH FRN Yesierday in Parilamem. 950 News. 1955 

Kickers. I2J0 pan. Pipkins, uo nm. southern J£SL*r. 250 ^ ^ 3SS 

1220 Make It CounL LOO News. Jmwsn Only. A20 Shop. Look, Listen. Daily service. 310.55 Morning Story. 

120 Help ! 1.30 Crown Court 2.00 on k ‘ J «' Prairie. 5JB U150 News. HUB Down Your Way. 

After Noon. 225 Hunters Walk. DaT ^ speaking tor aiyseli. 1250 News. 

r ro,ra o_, - | Gh a l l e nge. 750 Elnunerdale Farm, u m pj^. yqo and Yours. 1237 The Bur- 

Sulliya™ 

on the Prairie. 5.15 Mr. and Mrs. I230 m Regional news and weather, un The 

5.45 News. ■Sm ’ foUowe<1 by Cl0sc: World at One. L30 The Archers. 155 

6.00 Thames at Six. ■ Woman’s Hour Including 2.Q0J52 News. 

CL35 Crossroads. . *255 Listen with Mother. 350 News. 


ACROSS 

1 Plant making bread on Saar 
(6. 5) 

T and 28 Calm down! It's only 
membership Fee to be paid! (6) 
9 Pamphlet about motoring 
organisation in race (5) . 

10 Reserves last month had a 
book in consequence (9) 

11 Food left inside 


5 Sailors caught on eastern ship 
in eruption (7) 

6 Pleased with illumination in 
act (9) 

7 Become hungry right inside 
bar t6) 

8 Preserve a bundle of hay (6) 
14 Had to be mad (9) 

, 16 Stone making them stay (S) 

e ?n\ ancB 17 Airman taking coin to editor 
ft must be stressed (8) 

19 Denunciation of lad coining 
up about ground-rice (7) 

20 Drink to encourage a short 
flight (84) 


should stem the flow (9) 

12 Hammer donated to learner 
(5) 

13 Reduce the price of each 
broken pen (7) 

15 Pari of opposite location (4) _ . _ ... , . . . _ 

IS Second-hand American edition 21 £f. lm Celllc leader m tartan 


(4) 


( 6 ) 


20 Native has to kill hybrid mice 22 Father takes part in word of 

people and 


and 


(7) 

23 Rent meadow 
east (5} 

24 Smoker caught one fish 
French take note (9) 

26 Bird gets a hybrid account (9) 

27 Weep before exercises and 
vault (5) 

28 See 7 Across 

29 Did 1 let a pad become run 
down ill) 

DOWN 

1 Trick in part if I celebrate (8) 

2 Read about one from the 
south and thought about it 

3 Well known like a piece Of 
music (5) 

4 Haggle about the landlords 
profit (7) 


honour (6) 

to the south- 25 Competed with 
died (5) 

SOLUTION TO PUZZLE 
No. 3,564 



South West (Plymouth). 

BBC 2 

11.00 a.m. Play School. 

5.45 Open University; 5.45 Pros- 
pect; 6J.0 The Pre-School 
Child; &35 Countdown to 
the Open University. 

7.00 News, weather. 

7.05 Your Move. 

7J» Newsday. 

8.05 Cantilena: Recital 

Renaissance and 
music. 

8.35 World of Difference. 

9.00 Party Political Broadcast by 
the Liberal Party. 

9.10 One Man and bis Dog. 

9.45 F. Scott Fitzgerald; “The 
Last of the Belles,” starring 
Richard Chamberlain. 

11-20 News, weather. 


The agony of choosing 

IN THE MINDS or most skiers of family or (very) close friend, reports published in the quality 
there is the perfect ski resort, and if ait members of the party dalles and with the aid of in- 
It has the well planned runs of then France offers a great formation In the brochures 
Les 4rcs the extent of Les Trois deaf- If you are alone, or want (Inghams in particular has a 
Vallees. the snow of Asoen the *®' people, then France is very helpful chart on the way 

ft0t reaI,y for > ou - ^ inswad the s1 °p cs fac ® Md ih « fcciik 

mxury of Gstaad. the coste of to Austria, to Spain or, if your ties boasted by resorts). Winter 
Panticosa. tbe apres ski of SL pocket runs to it. to Switzerland, sports brochures are often 
Anton, and, of course, the suih The Swiss constantly insist that much more helpful than their 
sbine of Barbados. Throw in yon can holiday cheaply in their summer counterparts, 
the comfort of Seefeld and the f$“ nt n 7 If t&«t sounds alarming Jf 

food of the Val D'Aosta and you of a "V 1 ? is worth painting out thut jairt 

really have ski heaven. And » "2^.7 JTutL"® - '»e be« ski frips have C 

an clement of 8wV 


have ski heaven. And -‘ y ° .. p i!lf r 0 f° stvte 3 vmi Q wm as thc ski tpips haw * 

that is a long way of saying that probably do it better i^siviteer- Th “ e 'J 11 !; 30 « le,ne nt 

if you are looking for perfection ian d than anywhere else — but JJJ!?- •!,,,?*£? h "f: V rf er kn S * 

— there s no such thing. really bad ski holiday— which Is 

more than can be said about 
some ro called sunshine trips. 
Snow or no snow. thcreSs some- 
thing about the mountains, 
which makes It fun. 


Perhaps there should be one 
of those complicated decision- 
making wall charts for skiers. 
You know, the sort which leads 
you through a series of yes/no 
answers until the perfect solu- 
tion is offered. Are you single, 
nr married? Arc you a good, 
mediocre or bad skier? Would 
you describe yourself as fun 
loving or a loner? 


WINTER 

SPORTS 

BY ARTHUR SAND LES 


SNOW RETORTS 


Depth 

(Ins.) 


State of 


On reflection, the best ski holi- the cost will also be higher. 

days I’ve . ever had were the »_ . , . . 

ones which came as a. surprise, v 

The brilliant sunshine and ideal £* *5^ do L_ n , ot J 


snow once found m January in 

the unlikely and tiny resort of unil * y0 

Serfaus; the relaxingly flattering, 


with him. Very few 


700 w h V w it , TYNE TEES 355 Afternoon Theatre. 330 Jack dc 

'■JJx wanvou were Hero . . .7 930 ajn. The Good Word, fallowed hr Manta precisely. Including 4.B3455 News. 

7.30 SIX Billiton Dollar Man. North East news. 139 p.m. North East 435 Story Time. 550 PM Reports. 550 

8-30 This Week: India — Tbe new* and Looturoond. 250 Women Only. Serendipity. 535 Weather and prosnimne 

FnrpnMpn nicavtpr 3J0 Looks Familiar. 535 The ■ Brady news. VHF: Regional news and weather 

9 on Parfv h, * L ° a Northern Lite. 750 Emmer- 650 News, indudins Financial Report. 

S.tHI Party Poutlcal Broadcast by dale Farm. 731 Quincy. 1S5B What 6J0 Top or the Form. 75a News. 755 

„ tne Liberal Party. Fottie! 1L2S Baretta. 1>»S Enflmme. The Archers. 739 Checkpoint. 7 AS Tbe 

9.10 1TV Playhouse: “A Ques- Black Lasoon. 830 Ray Coaitna- 8^ 

tion of Time." ULSTER Hawks and Doves, part 4: Das Hammer- 

10.10 News. L2B p.m. Lunch time. 4 .IS Ulster News. 

V?l for Busmea. JSg? N™' ^ 

ri-50 Kitchen Garden. 4 .BS Crasaroads. 638 Reports. 750-950 Bedtime. 1X35 Financial World Tonight. 

12.00 What the Papers Say. As ATV. U50 Coumernolm U-in Mhm 11 50 Today In Parliament. U5S News. 

12.15 am. Close: Joe Melia reads Youf Language. U5B Rising Damn- 172f her: ^ interl ude. liM- 

Buddhist poems by Christ- WFSTWAP n J"' T° re Fore<B ®- 

« > f-ondon laSta-B 880 Badl ° 

except. Westward Diary. 7.0B As channel. 10-.B 6.00 a.tii. As Radio 2. AW Rush Hour. 

A rvrr^ via Westward news and weather. 1050 Wost- a.IW Carry on Councillor. 43B London 

AJ7UL1A ward, Report. 1130 TV MOvle: "Lisa Live. 1153 In Town. 1253 Call in. In- 

135 pjti. Anglia News. 250 Women Bright and Dark.” 1238 a.m. Faith lor eluding 1.00 pjn. London News Desk 

Only. < 1 The Secret Uves of Waldo LUe. 253 aw Showcase. 453 Home Run. In- 

IDtly. 455 Solo One. 535 Emmerdale eluding London News Dcsfc. 630 Look. 

f*«»- ^-80 About Anglia. 621 Arena. YORKSHIRE StOD. Listen. 738 In Town. 830 Soul 

7.00 Bygones. 730 The Bionic Woman. 1 so ojn. Calendar im Looks > ' 7 - 1053 Late Night London. 1250— 

830 Bless This House. 1050 Police Familiar. 430 Look out 416 Little aose *■ Radio 2- 

a ’ 77 . 1230 ami. Tbe Uftllbi nn tfta Z 
12.40 Tho LI Tills World- 

ATV 

130 p.m. atv Newsdeak. 330 Beryl’s 
Lot. 330 Houge party. 535 Happy Days. 

650 ATV Today. 750 Cnunerdale Farm. 

730 The Bionic Woman. SJB RisUut 
Damn. in.48 Police woman. 1150 
Master Gold. 


Woman. 1150 Catch *77. 1230 un. The HouM on P _ ralrie . 6.00 Broadcasting 


‘I5M50 As Tyne Tev*. 1050 Tbe 
Vaugban Show. U.4D wish You Were 
Here . . . ? 1230 a.m. uon and Wcscnsn. 


Entertainers. _______ __ _____ __ 

261m and~07.3 VHF 

550 B.m. Moraine Music. 650 AJM. 
n . 10.88 Brian Hayes. 150 p.m. LBC Reports. 

RADTO 1 247m indiKUng 3.005.00 Ccontc Gale's CaQ 

CS1 Stereophonic broadcast fS 0 AtXa Eigi,L , - aB ' 1 - 0Q *- m - Nishi- 

650 aan. As Radio 1. 752 Noel IuJe - 

Ednumda. 9JQ Simon Bates. 1131 P«cr R n rf:„ 

______ PpweU. including 12.30 D . m . Newsbeat. LdpUai naUlO 

BORDER MW6 431 Dave Lee Travis. 1 94rn and 95^ VHF 

+138 p-m. Border New*. 430 The Lost "J® Newabwn. 750 Oooniry t.oo non. Graham Dene's BreakTasi 

Islands. 455 Solo One, 535 The Flint- Clpb tWns Radio 2i 1052 Jt4m Pee! show. 9^1 Michael AspuL 12JH Mike 
Bionea. 650 Looharound. 750 £tnsKr- JrfZtZn 0 , ajn ’j A S Ka<Uo *• , ltl ^ Alien with Cash on Delivery. 130 p.m. 
daks Farm. 730 Mr. and Mrs. 850 The - v .? F - R y° l . 0S . . x ™. 2— fc.00 a.m. WIUi Love line. 358 Roger Scoff s Three 

Streets of San Francisco. 10.40 This “““S . .JmaMlaii 15a p.m. Good O’clock Tbrill. 650 People's Choice. 750 

Week SpcctaL 1X38 Policewoman. +1255 Wilh Ratuo L 12503255 n.n»- Lord Ceortfe-Brown's Capdal Commentary 

m. Border news and weather. With BnctlO — 7 JO London Today, with Anthony Wedg- 

CHANNEL RADIO 2 1,300m and VHF Wedgwood Renn answerlmt listeners' 

X38 p.m. Channel News. What's On too aon. News, weaihcr 652 Ray durations. 950 Jonathan Khur. Your 

Where, weather. 535 Mr. and Mrs. 6.B8 Moore with The Gariy Show (SL includ- Mother Wouldn't Like It 1U0 Tony 

cbanoel news and weather. 630 Fantastic Ing- 0.13 Pause fur Thought 732 Terry M rail's Late snow. 2.00 a,m. Duncan 
Voyage. 7.00 The Bly Film: "House- Wosan (Si, lnclodlng 837 Racing Bulletin . Johnson's -Nuhc FltghL 


only recentiy, the short lift 
eues and friendly resort of 
Courmayeur in Italy. 

Carved oat 

A large number of experienced 
skiers these days find their 
way to France Somehow the 
French have managed to achieve 
something the Austrians cannot 
do; plan resorts dedicated 
entirely to skiing. There is no 
wish to be unfair to the Austrians 
in that remark. The major 
difference between Austria and 
France is that Austria has long 
had a thriving alpine economy 
Skiing arrived as an additional 
activity which had to be grafted 
on to valleys and meadows which 
relied on fanning for their basic 
livelihood. The French resorts, 
particularly the " modern ones, 
have been carved out of what 
is in effect virgin territory. 

The disadvantage of many of 
the French resorts is that tbey 
feel very very new. Places like 
Flaine and even Les Arcs have 
about as much atmosphere at 
night as Llangollen on a Novem- 
ber Sunday. Tbey are not alone 
in this. Many American resorts 
have seen their apres sld wither 
away as apartments have re- 
placed hotels. Do-it-yourself 
apres ski is the kiss of death for 
traditionalists. 

If you take your own apres ski 
with you, therefore, in the form 


this year or what restorts are 
best for which standards of 
skier. You*ll get much more 
help from a study of the snow 



1. 

U. 

piste • 

Adel bode n ... 

S 

24 

Good - - 

Andermatt ... 

20 

40 

Fair ' 

Ai-oriaz 

28 

S6 

Fair 

Bormio 

G 

20" 

Bad 

Champery ... 

12 

20 

Good 

Courchevel. » 

16 

SB 

Fair 

Flims 

10 

32 

Good 

Garmisch ... 

S 

20 

Good 

GrindeJwald . 

6 

14 

Good 

Gstaad 

6 

20 

Good - 

Murren 

.16 

38 

Good 

St. Anton ... 

20 

60 

Good 

Vcrbier 

4 

48 

Good ‘ - 

Zermatt ...... 


16 

Fair 


LA REDOUTE 

In hij end of year's letter to shareholders, Mr.. Henry Pollet, 
Chairman and Managing Director, presented the Company's 
results for the first six months of the financial year 1977/78 
(1st March-3 1st August) and commenced on the Group'll 
activities as at November 30. 1977. 

For the first six months of the financial year, LA REDOUTE SA.’s 
turnover including tax. amounted to Frs, 1.188 million against 
Frs. 1.028 million, an increase of 15.d% as compared with the 
same period the previous year. 

Trading profits reached Ers. 27.9 million against 24.5 million, an 
increase of 14% and net profits Frs. J4.2 million against 
Frs. 12.4 million, an increase of 14.6%. 

Ac November _30. 1977, the turnover including tax amounted to 
Frs, 1,986 million, an increase of 12.8%. However, pre-tax, the 
increase in turnover was 15%, corresponding to the progression 
forecast for the whole financial year. 

The consolidated turnover for the REDOUTE GROUP, including 1 
tax. reached Frs. 1,442 million for the first six months of the 
financial year 1977/78 and Frs 2,400 million at November 30, 1977.. 
Taking into account the transfer by LA REDOUTE of Its shire- . 
holding in EDICLUB-ROMBALDi and neutralising the correspond- 
ing share in turnover,. the increase in activities. of the Group 
readied 15 J % at 3 1st August, and 12.5% at 30th November. 

The Board decided to pay, as from lanuary 9. 1978 the balance 
of Frs .2 net on account of the dividend of Frs.18 net attributed 
to the shareholders by the Annual General Meeting of July 28. 
1977. 


. BANKING AND 
SOURCES OF FINANCE 
IN THE FAR EAST 

Published by the Banker Research Unit and now available, this new 
volume describes banking Systems and credit sources in ten countries 
of the Far East These are: 

AUSTRALIA, NEW ZEALAND, INDONESIA, 

THE PHILIPPINES, THAILAND, MALAYSIA, 
SINGAPORE, HONG KONG, JAPAN and - 
SOUTH KOREA 

Written by experts in each country, each chapter defines and analyses 
the banking system; the different types of banks; the services offered; 
the system of bank and credit control; banking legislation, interest 
rates; near banking activity and institutions; merchant banking; 
investment banking; official and semi-official institutions; export 
finance; the money markets, the capital markets; and a summary 
of all short, medium an d~ long-term sources of funds. 

Limp bound, 340 A4 size pages. ISBN O 902998 17 X . 

Price £26.00 in the UK. $52.00 outside the UK. 

Your order to: 

THE BANKER RESEARCH UNIT 
BRACKEN HOUSE 
10 CANNON STREET 
LONDON EC4P 4BY 
Registered in England No. 227590. 


~-T 

3 






5 



Knaadal-' Times Thursday Jaiiuaiy T2 : 1978 

Dublin 

Festival of 20th- 

. by -MAX LOPPERT 

t .f,np m ^ C v^S^ D i : , L. dea f almost every living cert (during which both that afternoon ■ recital given in 

Hn^«^ n « Yea Tv,Mr m admonl- Irish composer, eren if no more brave -band and the audience had William Chambers’ lofty, beauti- 
TaSSaiSP - a -Du blln week-end than once. For-, tte visitor to struggle against the dry sound ful. and acoustically rather foggy 
^ nt 'with i cold largely -unfamiliar «Wh the Irish and the ugly sight of the SL Examinations' HaU at Trinity 
s ?. u ?f es almost musical scenes it was this some- Francis Xavier Hall, Dublin’s College. . 

SEE? „*-?“*■ pl8yul f y hat higgledy-piggledy dipping much-regretted substitute for a Adventures in the same hall 

gSiSori? -!?*- th - at S 2 Us factory concert auditorium). w fth thelh'ternaUonaT avaS 

si stent ghost of that' romance 
seems to hover over the scene. 

^ . It did so even durin; 

week-end of the 7i ... 

1! ; opening vactifaT that %oaed {his was despite a forceful read- 

°P!fr,ri? 0U l? s s p ^ U 5j er u?° and and dosed the work, pinned a j n g by the young Siegfried Palm 

especially, m consideration of a Kagel-Zimm^rman-Stockhausen dully contrived voice part, insen- njioil ITlrfeh TTeinen TtPth 

'*■ ^t- ,mpr0ba ^ ly rt - C0n ^J la l^ri ril 7 tfay> and a lltS the ^th™ young e AmeriSS 

sp here surrounding the .festival Sunday xecftaf-of string quartets, verse or else unsuited to the soprano with presence, dramatic 

special qualities and timbre of skill well beyond the reach of 




Si.' 


per- provided the- prtndbar- interest These were thg Yeats song cyeta, garte Se pilous Gening had 
race The opening week-end showed A Woman Young and Old, by !3en no raSeSve of bv- 
ene. the assortment at its- most ran- James Wilson and the Smitmin. 



■ f. . organisation, and the lively air 
. of communal involvement per- 
. ceptible at almost all of the 
concerts. 

The festival is biennial. .For 
- tv this reason, perhaps, and also 
because not a great deal of con- 


Book Reviews are oil 
Page28 


-v 


Jane Manning’s soprano, to some better-known mnsic-theatre par- 
automatic twilight harmonies ; ticipants, and' a supply of purely 
while the latter proved to be a pitched high notes, brought com- 
narve. overblown amalgam of mitment to Kagel’s sensational 
Vaughan Williams pastoral and and soon squalid Phonophonie— 
-V. uui a gvcai. ueiu ui cou- ■ - ■ - • neo-revivalist ambitions in a supposedly the portrait of a 

. temporary music Is heard In There was- a feehpg^by the end crude Symphonic fontastique decaying opera singer, actually 
-...Dublin in the intervening oftins fiat MTetch,that one- bad mould. an excuse for shock tactics at 

‘i i.n,, < periods, interest appears to have 50 far failed; to. infeet an I rish By contrast the Sinfonia votiva once familiar even if one 
„ * been aroused more generally composer .with a really ‘Striking of Aloys Fleischmann, doyen of hadn't encountered them before 
than is often the case at-. the or distinctive speaking voice — Irish music, could boast serious- Mia; Griffin was better served by 
higher - powered international perhaps he. or sbq was being ness of both craft and purpose Things That Gam by Bema 
• . £ gatherings— -among the handy- saved for later sessions. R would in its development of a Mahler- Painted, a spoken selection from 
- i-. sized audiences, for most events he foolish to generalise .from the like funeral march, and scoring the 10th-century Pillow Book of 
: v ‘f* there was a gratifying propor-' fact that one beard afarramount skilful enough, to suggest a Sel Shonagon framed with cello 
-.-tion - "of reco gn isable “real of travelling down lare-Romantic body orchestral sound ampler and piano support by Gerald 
people," not just- the usual hy-ways; but it was^slightly than circumstances and perform- Barry (b. 1952). Perhaps this 
^.meagre collection of . critics and strange to discover, in -the young ance (under the composer him- music-theatre piece mightn’t have 
is . composers. In so far as there was composers’ concert* libe strong self) - permitted. A similar kind seemed so light-fingered had it 
.■rvvj-Ja stated theme this year, it was- apparent influences of Firm or of note-for-note thoroughness, come at the end of a less arid 
-.constituted in -the presence of Kawsthorne in place o£;the more eminently respectable even when evening; as it was, the wit, 

■ 1 Pannfnfk. Lutoslawski and Max- likely Berio hnd -Boulez. not actually very thonght-prorok- economy, and sense of timing 

•a> wel j Davies Heading two Fires There was also a faint intima- ing, could be Tecognised in John were devoured like manna. 
:, ->concerts) as featured composers; tion of Ne ver-N ever-Land about Kinsella's Third String Quartet, Perhaps, after all. Mr. Barry’s 
ur*, but the actual, if unstated theme two- of the works in the Friday the first work played by the was that single distinctive Irish 
was the obvious determination to PTE Symphony Orchestra con- Testore Quirt et in the Sunday- voice. 



Susanna Bishop and John Hudson 


New End 


Private Dick 



ecord review 


Songs of the Road 

, .by A N TON Y -T HORN CROFT 


V r.tcrvn musicians excellent^ .especially dream about the stars/Blues in obsessed with 
uacKsan -tfh e guitar of .Danny. Kdlcbmar. old motel tooms/Girls m daddy’s old alienation 


loneliness: 

syndrome, 


the 

but 


■ .■^ v.lmming on Empty: 

n_ ® r0 ' vne: f ’ and there is. a powerful, feel of cars /You sing about the nights/ achingly affecting' because his 

i .ri */8_n Juans Keckless Daughter: what it must be Kke’tO toar, con- And you laugh about the scars/ wife was just dead and be had a 

• : .--i,. J° m MitcheU: Asylum. stantly on - the. move, -the long Coffee In the morning, cocaine young son to tell it all to. Some 

^ liours on the *03(1 and hanging afternoons/You talk about the of the songs were maudlin, but 

... ^ When popular muac is finally around hotel ■ room^-:the few weather/And you grin about the they were genuine. Run on Easy 


• chievements will be the popular- touring— the roadies; the group- you stop to let ’em know/You’ve Her recent work was also 
• • .-nng of poetry to a musical set- jes; the tedium; the routine; the got it down/It's just another dominated by what it was like 
•w.-ing— a feature, incidentally, of loneliness: And, of course, they town along the road.” 


- .. w- to be a rich and successful, but 

previous (fairly) culturally are perceptive; Tiot ,Oxford Die- So starts The Road; it sums it far from content lady super-star. 

• . omogenous societies, like tionary of Quotations '.standard all up. and, as an evocation of Now there are still lots of love 

- -lomeric Greece and Bardic but yery good. . . . ' . a working artist it is eommend- songs but written in a more 

••■Vales. In other words Jackson “Highways and flancehalls/A able; it is just that it is a limit- detached and cynical style 

Jrowne and Jdm Mitchell will good song take^yiw Y^/You ing experience. In The Pre- The familiar Mitchell rhythms 

wnte abom- the- moony And you tender Jackson Browne was and the familiar Mitchell melody 


ome into their own. 

Neither might have Bob 

C iwsrs t £-• PFDnPl ,5 ’ lai1 ’ 5 in scarring images 
KLrUtti a desperate, uncontrollable, 
ichness — the hit-and-miss out- 
ou rings of an under-educated 
-earns. Both Jackson Browne 
nd Joni Mitchell are over-edu- 
.- ated — their songs cannot avoid 
, n art feel because they have 
, .* Iways been conscious of Art. So - 
t is hardly surprising that while - 
; Jylan was able to break through . 
,3a mass market, Browne and 
' i itch ell have remained some- 

:. ling of a college cult 

. There are new albums now 

, .. .■ yailable from both. Jackson 

TOwne is as musically impres- 
ve as ever but has become lazy 
" / f ideas: Joni MitcheU has pro- 
- uced a significant double album 
'. . ’■ hich is as far removed from the 

mventional Radio One idea of 
Jpular music as Isiah was from 
,-ving Berlin: 

— ■' It is a i»ty that Jackson . 

rowne’s Running cm Empty is 

at quite as good as his previous 
» A> ork. The Pretender.. The new 

Jv "v » ■“ bum was recorded on tour, 

>. - - imetimes during concerts, some- 

.. mes in hotel rooms: and hack 

’ .- age, once on the travel Hng bus 

, r Wch. transported artists and 
ad crew around the U.S. In- . 

; riably live recordings' of songs 
.e a disaster — old material 
. nerging battered from poorly 

r corded instruments and 

. owned in - sycophantic 
pi a use. That is not the prob-- 
n here: the sound is good, the 


omische Oper^ Berlin 


‘«*L 




h *'**&**. 







■ 

m 


. 

't Si) 


1> v> - • *, # ' 

^ ' V * - 




Joni. Mitchell 


(can there really be only one?) 
are there, made even more aus- 
tere and mesmeric by the use of 
Latin and African backing Instru- 
ments. Like all her work Don 
Juan's Reckless Daughter is not 
immediately accessible, and It is 
too easy to dismiss some songs 
as just pastiche, but eventually 
the spell starts to work.- It finds 
the common ground between 
ethnic music, free-form jazz, and 
contemporary classical, with 
rhythms rather than tunes domi- 
nant, but it is high quality, and 
there are, of course, the lyrics, 
as in the title song. 

“You’re a coward against the 
altitude/You’re a coward against 
the flesh/ Coward — caught be- 
tween yes and no/Reckless on 
the line this time for yes, yes 
yes!/Reckless brazen in the 
play/Of your changing traffic 
lights/Coward— slinking down 
the hall/To another ' restless 
night" Joni Mitchell somehow 
manages to avoid pretentiousness 
and artificiality. However 
strong the images, there is _ 
feeling that she has lived the 
event; she has certainly had the 
opportunities. Too often in the 
pop world the money cramps the 
creativity; it is easy to run out 
of Ideas, experiences, and the 
need, when living on Malibu 
Beach, Joni Mitchell has gained 
a second imaginative wind in 
these songs of travel, memory, 
friends and lovers, and that is 
nice for everyone. 


.The latest arrival in town from here only 

the Edinburgh Festival is a cele- parody. Joun nuuauu ta«s on a , y «■ 

bration of Chandler’s wise guy. f fcw mannerisnw to the I fcllZaDBXIl nail 

. linage of a reluctant dick who; 


a matter of sterile 
John Hudson tacks on a i 


19 

Lyttelton 

Change of Mind 

by B. A. YOUNG 

The new six o'clock platform of the majority. Yet he has lb 
performance at the Lyttelton is enforce them. Now he i$ think* 
a short play by Alan Drury, in S of resigning, 
whose previous offering, Tlic In the third of the throe thort 
Man Himself (described as "an sccnes the play j is divided into, 

we are back with John and Kate 
anatomy of a potentia pohuwi ^ UTcks , aler There is 

extremist ) was well enough an athcr demo, this time in 
j thought of to prompt the theatre “ a piddling little town :n 
to advertise this one as "in some Leicestershire." John’s mind has 
sense” a sequel been so much changed hy his 

Mr . Drury's aim sccmsto bu ETust'dM -u°L 
to show how ordinary raiddle-of- oppose totalitarianism 

the-road apolitical people can be by curtailing frerdom/’ he is 
swayed one way or the other by going to oHer his services as a 
exposure to political events, picket. 

John and Kate are as ordinary Pretty naive. I found it. hut 
as they come, a kind oF sub- then it is meant to be a warn- 
N.W.1 couple with mothers-m- ing about the effect nf politics 
. law and Penguins and framed on naive folk. Only naive iolk 
I prints of Low’s drawings from will find the arguments expressed 
the New Statesman (which paper by the characters In the play at 
they read). Their discussion, all convincing, but their triviality, 
when they find themselves on and the disproportionate results 
the route of a National Front such arguments have, are Mr. 
march, is flaccid and colourless. Drury's themes. Though I ean- 
As the march passes their house, not say they make for very grip- 
a brick conies through their ping drama, Bryan Murray and 
window. Janet Key exchange the semi- 

Tbe policeman who visits them detached politics amiably, and 
is art old friend of John’s, an Glyu Grain copes well with the 
educated man who says tbiDgs exhausted cop. 
like “ I've got a faintly obsessive The director is beba>tian 
mind that likes to close <11 the Graham-Jones. and this reminds 
gates" His police work has me that yesterday I faded to 
persuaded him that most of the record that the able direction nf 
liberal reforms of our *se have Frozen Assets at the \tarebouse 
been passed against the wishes is the work of Barry Kyle. 


Philip Marlowe, by Richard 


image 

. , _ ...... ___ can barely walk straight, let j 

Maher and Roger Michell. The a lone hold his tumbler. Not 
man on the door told me there drunk, just gauche. The girl | 
was no interval. 1 slumped into Wanderly /Susanna Bishop) has 
a seat on the end of a row and a - nice big mouth and gives 
felt like a drink. Outside it was Marlowe the predictable come-on 
raining. I looked at my before heaving the cold shoulder 
programme. It listed the after a starlit drive through Los, 

names of four actors. The lights Angeles. It is she. of course, who i Ju« d, i>s «..«* ^ *“ b ’“I vcarn.ng of ihc Monuetto had 

dimmed. Half an hour later 1 has plugged some poor cal- “Mainly Schubert series began , ess than |lsi dlI * 

came to with a start and realised burgling blighter downtown and with early Beethoven the we jgj^ (j wu little stress oil first 


Mainly Schubert 

by DAVID MURRAY 


concert in 


the similar reasuns. ihe haunted 


l could see five actors. Some- set up the goodies for a night- 
thing was wrong. Not only that, owner, doubled by the un- 


amiable and funny little piano beats, 1 thought »; and yet the 
Sonata in G. op. 14 no. ‘2, played delicacy of the ensemble aecum- 
Though modatod many subtle points. The 


bui the actor Impersonating identified fifth actor with a,. , h KaJichstein 

Mariowe took two matches to wn^hewiiig cpp who resents^ t a naie was excellent. w,th enough 

ue ucu cu * tension maintained through 

ironical neatness, his taste for jls dvnamk . chl>cks l0 dispel a 


light one cigarette. A sense of Marlowe’s activities, 
uneasiness crept over me like Marlowe is on the scene of 

an : enveloping fog. Outside, it crime in time to salvage a 
was still raining. crucial pawn ticket before run- 

A character called Chandler n ' n S into a blitz of police 
with about a tenth of his model’s brutality. The ticket leads to 
intelligence has lost the proofs the recovery of tbe manuscript 
of bis novel. Smile and be a an(i - although Wanderly turns 
VHiidn. He calls in Marlowe to tbe tables with a gun and bursts 
track it down, anxious lest it 8 cloud of derogatory abuse over 
should fall into the hands of Marlowe’s head, the fumbling 
some unsavoury shamus with a C °P S are on hand to save the 
money-dripping contact in a Marlowe walks into a spot- 
Hbllywood studio. He is visited l»S fa L turns up his collar, shrugs 
by -a pushy journalist from a and squints through a nicotine 
critical quarterly. Miss Wanderly. haze. 

in search of bright copy for an A $ a collection of parodistic 
article . on the best of crime clippings affectionately pre- 
fiction. ' Chandler drops a few sented. the play will serve- But 
no-nonsense nuggets that could it lacks grace, pace and dramatic 
have been filched from tbe style. I rose from my seat and 
master’s essay on detective pushed my way through the 
fiction. But be really wants to crowd. Some had enjoyed tbem- 
abscond with her to a smart bar. selves. I looked up at The sky 
For- Marlowe to be dragged which hung over Hampstead like 
from his office and whisky bottle a great dark blanket. It was s 
is, as usual, only a matter of long way back tn the office 
time, but his style in so doing is MICHAEL COVENEY 


all 

any 

blurring roost staccato passages n0t i 0 ‘ n ihai relaxed good cheer 
with a little pedal rendered it all was a jj ^a ( Schubert intended, 
almost too suave: Beethovens Afler the interval Mr. 
jokes are never bland. Apart Kalichstein joined the Lindsay 
from the intrusive toot. Ranch- team (minus its second violin, 
stein’s feeling for the style was and j 0 j ne d by Rodney Slatford 
not in doubt. on double bass) for the “ Trout ~ 

Schubert’s great A minor Quintet. It was a far happier 
Quartet was the centrepiece of collaboration than the sensation- 
the concert. The Lindsay String a jjy mismatched quintet which 
Quartet began it with wan tender- fished rainlv during last year’s 
ness, so softly and unemphatic- Summer Music in this hall, 
ally as to make listeners strain Kalichstein’s wellbred tidiness 
a little: their collective sound is posed no threat to the strings : 
not very large in this hall, and here and there he sketched a 
it took time to adjust to their languid phrase which they at 
scale. By the Andante the once glossed brightly — an odd 
“ Rosamunde ’’ movement — the switch of roles, since Schubert 
committed detail of the per- manifestly expected the piano to 
form ance was telling enough; the supply the icing for this con fee- 
opening movement haa seemed tion. But the proper level of 
to want more amplitude of sprightliness (roughly. just 

gesture to fill out its breadth, short of rollicking) was gener- 
particularly with the restless ally kept up. and the piece e\er- 
tempo they chose for Schubert’s cised its usual charm as freshly 
"Allegro ma non troppo.” For as might be. 




by ELIZABETH FORBES 

After the single, disastrous added ior tfae BrescIa perform- hunting the original version. with fatuous self-satisfaction, but 
: . rfonnance of Madama Butter- ance. The dramatic structure of Any. performance of iSadama there Is no donbt that his oassion 
at La Scala^MUan, m February SutteT/fy/ays a crushing burden for Butterfly ii genuine, if short- 



A>‘ i: 


era. At Brescia in May the greatest advantage that the haa^ like ‘Butterfly heral/, u? i^terlude7“he 
ne year this new version original version of..this act has suspected reserves of strength of Butterfly to blot out the dis- 
.umphed and has remained one over the r evisi on Ues in the sub- mid courage. Her voice, tight and tasteful sight of her corpse, 
the world’s most 1 frequently scenes Tbe Consul, a more ambivalent 

Wed ooeraa ev&r nine# So comes frmn^ plajdng the two proves amply vibrant enough to character than - usual, who 
,Jh Swledee scenes withDllt mterval - . . . orchestra in the love shiftily hides the picture of one 

s well-known is the exactcqn| . Professor Hera sees the drama gu etSh e ^8»_“Un bel^dr’ on of Gore’s geishas inhis hat and 
it of the -original Madama 

Stirenes^^nwrly^^SrS as B quaiot episode in hi life, 617 of . vindication change for h*eT son, Ts weU playwi 

artere of a century after that ^ several pages of snap- put generously, pe con- by Rolf Hounstein. Friederike 

astrophic premiere has been ^ wts ,n album— his imme- V°utatioH with Kate, her fare- Wulff-Apelt makes a youthful 

natter of coujertore oSy^A diate reaction,’ even , to the <W W and h«r death Suzuki who identifies completely 

w production of the original impreeations. is to reach *** tightly conttolled, but, with her mistress. Frank Folker. 

>m version at the xKche for toe Koda f his ■ * lack of outward a brawn bowler-hatted Goto, and 

er in East Berlin, directed by riwuldeivr-and «upermposed on ^notion, : tiiey make an agonis- John Moulton, exuding wealth as 
H?t^ piSeST tt be « ew ’. , quite M Impact. YamadoU fit neaU «0 the p£ 

Meetly viSle ^d in some different vision - of the same ^ ^erton Guntm Neumann duction. Rolf - TomaszeewsM as 
SH a deSS im^SvemenY S. ^n^thaj gradix^. j^temey ^SLS'SLSL director > ^ &J*g* and Rndolf. J^us_ as 


» iater. familiai- Tersion ia the Pietart underaealh: 
reacts. photographic theme w further 




The lections, thereby composing a Yakuside . represent Butterfly’s 

, H --,— ther ««ure of monstrous selfishness Uncles (the thinker and the 

Host of the cute made by d ^eloped in the His Di®»tra -PitsUou is a 

cani are in the first act; they P r ?S “P 1 ®, wMt e ret . hucnt smging pro- lacquered Kate, correct but un- 
fa Iy concern Butterfly's rela- Rf^ardt 2immernmrm,. and “ modicum of ^sympathy forgiving ip. behaviour; Pinker- 

os and Pinkerton’T far-from- Eleonore Kleiber's equally en- for Butterfly’s mfatua- ton will pay for his Nagasaki m- 

aplimratary rwiarks^about chanting. cosbnnes, shaded from plaumble. His more discretion for the rest of his 

- shutter, o f ..... Export licence suspended for a 




^ i -Opened; his nicknames for ... 

- servants. "Mng the first, Mark Elder, contipuing. a fruit- 
ond and third n ; his slighting fui collaboration with -Professor 
to Butterfly’s nudes- gf*, IMt started with the 
. thinker and a drinker"— and English National Opart's .s’otom^ 
' iV her other relatives; his offer conducts the excellent. .Komische. 
. jthe guests of “candied flies Oper Orchestra: in & performance 
. ^ v i. spiders, birdsnesta in syrup especially remarkable -for its 
: - the most disgusting titbits refinement- and -.delicacy. Full- 

he found in Japan," add up blooded orchestra sound is -not 
an appalling picture of con- lacking when required, -but In 
. \ rending chauvinism. The new a modestly scaled theatre such 
man translation' prepared by as this, the riiinactic mo meats of 
ifes8or Hera and Klaus Puccini’s score con be achieved 
degel does not try to soften without overemphasis while the 
? impression. marvellous filigree work m both 

let H suffered less from the Instrumental and vocal lines is. 
nposer’s blue pencil: the most clearly revealed. ' The. chatter- 
able, restorations to the first ing ensembles, 'of-, the. wedding 
ne come in tise Flower duet phrty, souffle-tight : hi texture, 
l in Butterfly’s preparations form a . striking contrast to the 
her vigil; the -second scene’s overtly emotional music that 
ef surprise is the absence of follows^ and so- beyome one of 


ikertan’s-“ Addio -finrito usil,"- the - best- justifieatiima- f or- ex- ■ Committee. 


' glass portrait plaque 

UonaWson, Minister for Any public collection in the 
the Axts>.“. has - accepted ■ the United Kingdom which is fat. 

an offer to 

w can- obtain 

exports glass portrait plaque by further ^information about the 
Dominik Bi mann should be Price and the person to whom 
withheld until January SI, 1978, tile offer should be made, from 
to give public collections in the ^ Expert Adviser Department 
United Kingdom the opportunity of Ceramics, Victoria and Albert 
to offer to purchase it This Museum, London SW7 2RL. 
recommendation was made by Details of the item are; A glass 
the Reviewing. Committee on Plaque wheel-engraved by 
the Export of Works of Art at Dominik Bimann with, a portrait 
their meeting op December 7. of Joseph ’Williams Blakesley 
1S77. The' committee considers (1803-85), -who became Canon 
that the item la of national im- of Canterbury In 1863 and- later 
portance under The criteria, laid Dean of Lincoln in. 1873. The 
down - by the Waverley licence has been withheld until 


ENTERTAINMENT 
GUIDE 

C.C.— -These theatres accept 
certain credit card* by telephone 
or at the box office y 
OPERA & BALLET 

-COLISEUM. Credit ura» 01-240 S25S. 

Resemtlow 01-S36 3161. 

ENGLISH NATIONAL OP IRA • 

Ton (flirt A Wed. Wxt 7 JO Orpheus In tbe 

UraJerworla; Tomurrov, 7.30 Janjcek'i 

From the House of the De»d: Sat. & Tucs. rpp H LUI. CC- 01-437 2661. 


DRURY LANE. 01 - 8*6 8108. ^ Every 
night 8.00 sharp. MJtlnee Wod. and 
Sat. 3.00. 

' A CHORUS LINE ' „ 

•‘VOTED BEST MUSICAL OF 1976. •’ 
DUCHESS. 8 Z 6 8243. Mon. to Thor. 
E««s. 8 no. Fri.. Sat. 6 . 1 S and 3.0. 
OH I CALCUTTA ! 

"The NwJltv l* Stunning, D. Telegraph. 
Btb SENSATIONAL YEA.; 

DUKE OF YORK’S. CC 01-836 5122. 
Moil- S at. 8.00. Mats. Wed. 3-00 and 
Sat. 5.00 


MERMAID. 248 7656. Rest. 2-18 2835. SAVOY. CC 01-036 8 B 8 S. Ewninoi 3.0. 


SIAN PHILLIPS 
PAUL DANEMAN 
In 

SPINE CHILLER 
Tkkots Irom tUl»-L3.'80 
Instant Credit Can* Reservatlan. 
Dinner and Ton-price Seat £7.30. 


next 7.30 RtaoKrtto. 104 Balcony seats 
always adallshie day ol perl. 


CO VENT GARDEN. CC 240 1066. 

iGirdenchiroe credit cards 836 6903.) 

THE ROYAL BALLET 
Tonight 7.30 p.m. Swan Lake. Sat. 8 p-w. 
La FIHe mal nard^e. 

THE ROYAL OPERA 
Tomor. 7 pa, Mon. & Woo. 7.30 p.m. 
U. raociuili dd West. Sat. 2 p.m. & 
Tues. 7.30 p.m. Die Fledermaiii. 6 S 
Amphl’ seats for all. pert* on sale from 
10 a.m- oh day «x perl. 


Walker's Court. Brewer street. W.l. 
Twice NlghUy 8.15 and 10.15. 
PAUL RAYMOND presents 
PENETRATION 

An erotic adventure in French norno- 
graehv. - Good- look I no men and «Jo*nf* 
perform various permutations ol the 
sexual act." Erenlnn News. You may 
drink a nd smoko In tho auditor ium. 

FORTUNE. 

M oriel 


Evss. 8 . 00 . Mats Mon Wed. Fn A Sat 5.00 
DAVY JONES. MICKY DOLENZ 
In HARRY NILSSON'S 
THE POINT 

'• A dozen detlgntlul tones wmth linger 
in the memory." D Express 
51*11 tickets £1.25. tiSQ. Combirri 
Dinner-Theatre ticket £S.9S. 

NEW LONDON. Drury Lane- 405 0072. 
International Spectacular witn the 
magical I to red tents ol Theatre. 
Cabaret and Circus 
SURPRISE, SURPRISE 
Today & Tmr. 5.o 6 B O. Sau 2.0. S.O. 8 0 

_ E1.S0-E3.50. 

REDUCED PRICES FOR CHILDREN 

Last 3 Days- Must end Sat. 

NATIONAL THEATRE. 928 2252. 

OLIVIER topen stage): Ton't & Tomorrow 
7.30 THE MADRAS HOU5C by Harler 
Gran « I lie- Barker. 


Mats. Tnurs. 3.00. Sat. 5.00. 8.30. 

ROYAL SHAKE5PEARE COMPANY 
RICHARD PASCO. SUSAN HAMPSHIRE. 
NICKY HENSON. JAMES COSSINS in 
Bernard Shaw's MAN AND SUPERMAN. 
Directed bv CLIFFORD WILLIAMS. "I 
sat In a cloud ol Jew Irani beginning to 
end." S. Times. RSC also at Altmycn 
and Piccadilly Theatres. Credit Card 

bookings accepted. 

SHAFTESBURY THEATRE. 01-836 6596-7 
Evs. 8 . 00 . Mat. Thure. 2.30. Sat. 5.00 
and 8 DO. 

TICKETS Jtt S0-E4.0D. 

, PAUL JONES 

A NEW Ifirh-CENTURY ROCK MUSICAL 
DRAKE'S DREAM 

- Many Merry Retrains Evening News. 
" Bouncing yloour." Evening Standard. 
*' Spectacular Presentation.'- stage. Dnr. 
and Too price Seat L7.7S Instant Credit 
Card Reservations. 


^ T ^]S N m«^^ U, TMT B 7 ,: d5 T THE STRAND. 01-836 2660. Evenings 8 OoT 
^f«r TD ?*.»h 4 »«lnS Mat - Thf"-. .2-00 Saturdays 5.30 6 8.30. 


ROYAL FESTIVA L HA LL. 928 3l»1. 
LONDON FESTIVAL BALLET 

^ Week THE E W^Ac51Vi ^ “* 3 

Tonight Asenslo'Wernor. 


836 2238. E*9£ 8 . Thur. 3. 

Pavfow" a^ M|SS*5dARPLE in 

AGATHA CHRISTIE'S 

MURDER AT THE VICARAGE 

Third Great Year 


IADu:#'S WELLS THEATRE. Rosebery 
Ave n E.C. 1 . 837 1672: —Until Feb. 18. 

D-OYLY- CA&TE OPERA 
In Gilbert & Sullivan. Evs. 7.30. Mat. 
Sits. 2.30. Until -Wed. next; THE 
PIRATES OF PENZANCE. Jan. 19. 20 . 
21: PATIENCE. 


GARRICK THEATRE. 01-836 *601. 

Evs. 6 . 0 . Wet l Mat. 3.0. Sat. S.ts 6 8.30 
JILL MARTIN. JULIA SUTTON. 
DAVID FIRTH and Special Guest 
aonearante lor this week only 
BERNARD BRADEN In the 
BRILLIANT MUSICAL 
“ETA 


GUARDSMAN by Molnar, English version 
by Frank Marcus. Tomor. 7.45 Bedroom 
Fa rce. 

COTTE5LOE (small auditorium): Ton't. & 

TOmor. 7 JO THE HUNCHBACK OF 
NOTRE DAME by Ken Hill. 

Many excellent cheap scats all 3 theatre* 
dav ol perl. Car oark. Restaurant 928 
2033. Credit card blcgs, 928 3052 . 

OLD VIC. 928 7616. 

Chnstmai mats. (Or cnildren. 

" Shrieks or deNght . . . 

THE GINGERBREAD MAN Is a hit." 

Dally Teleoraoh. . . 

. - SOMjndld.-- The Times. 

" Lovely stuff." Dally Express 

Today 2 p.m. and 5 p.m. Seals available, theatre UPSTAIRS. 


NO SEX PLEASE — 

WE'RE BRITISH 
THE WORLD’S GREATEST 

LAUGHTER MAKEr 

ST. MARTIN'S. CC. 836 1443 Ergs. 8.0oT 
Mat. Tucl 2.45. Saturdays 5 and 8 . 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGEST-EVER RUN 

26th YEAR 

TALK Of THE TOWN. CC 734 505 lT 
8.15 Olnlne ^Danci ng,^ 9 .30 Super Revue 


DAZZLE 

and at 11 p.m, 
BUDDY GRECO 


730 2554. 


THEATRES 

ADELPHI THEATRE. CC: 01-836 7611. 

L^DD^^N^HT^V 0 - 

aBtore - TUN6S 

■RENE 

- THE MUaivySL MUSICAL 
•‘SLICK. 5UMPTTJOUS — IRENE HAS 
EVERYTH 1 NO." Daily Express 
INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-836 7STT. 


ENTERTAINMENT.*’ People. . 
SlOE BY SIDE BY SONDHEIM 

"GO TWICE." 3. M or lev. Punch- 

'■GO THREE TIMES." 5. BaroeS. NYT. 

GLOBE. CC. 01-437 15"Z. Evening; B.15. 

Sau. 6.0 A 840. Mat. Wed. 3.0. 
PAUL EDDINGTON AMANDA BARRIE 


8 . 


People. 


THE BE t ST 


YEAR of 


INKEY'S YEARS 

vsmJFw 


YEAR. 


BLBERY. 836 3878. . 

836 3962. (OK. _Satj._ MOn.-Frl. 7.45. 


Thurs. mau. ».3o 


Ofedlt card bkngs. 
. MOn.-fn. 7.45. 
Sats. 4.30 and B. 


_ LIONEL BART'S 

MIRACULOUS IflU-UCAL." Fin. Times. 


GREENWICH THEATRE. 01-858 7TSS. 
Erg*. 7.30. MaL Sat. 2 JO PINCH-ME- 
NOT. A new comedy by Richard Q K.ee Be. 
" An excellenz nrst play.'* Times. A 

— - * Weeks 

Sais. 

THE 

IMMORTAL H4YDON. ‘‘A Stopendous 
vehicle lor RoMlter . . . compeilmp and 
hugely entertaining.-' Punch 


X_“RresA “ An excelleuz erst plaf." Times. 

,,c E 5«£. C * RO considerable aqhleyement " D.T. 2 VI 
196 7S11. Only Jan. L7-28. Eras. -7. 3D. Mat. 

idlT'carri uns J.EPNARD_ Jt&SITBR . as 


PROSPECT AT THE OLD VIC 
In rcoertoire^jJan.^^-Mareh 25. 

ALL FOR LOVE 
SAINT JOAN 
ANTONY A CLEOPATRA 

Bookings now open. 

PALACE. 01-437 6834. 

Mon. -Thur. B.DO. Fit.. Sat 6.00 & BJO. 

JESU5 CHRIST SUPERSTAR 

PHOENIX • . 01-836 8611. 

Evgs. 8 . 00 . Mat. Wed. -S-oo. Sat. peris. 

4.30 and 8.00 

KEITH PENELOPE 

ftHCHELL KEITH 

JUNE ij* fSS^DOTBICE ■ 
m tne Chichester Festival Theatre's 

production ol 

THE APPLE CART 

By Bernard Snav, 

Out stand I no revival ot buoyant Shaw." WAREHOUSE. Dunmar Theatre 836 6603. 


___ Otf R OWN PEO PLE by pjyid Edivar. 
VAUDEVILLE. .836 99E8. ErtS. ai _ 
Mau. Tucs. 2 4S. Sats. S and a 
Dinah Shendan. Dukle Gra*. 
Eleanor Summerheld James Grout 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNNIT 
bv AGATHA CHRISTIE 
re-enter Agatha with another who- 
Ml - - ■ Agatha Christie is stalk- 
ing the West End yei again with another 
ol her fiendishly ingenious murder 
mysteries." Felln Barker. Ev. News . 
VICTORIA PALACE. _ 01-834 I 317 T 

Twice Dailv at 2.30 and 7.30. 
BASIL BRUSH'S NEW REVUE 
“OM! “|OM! BERT WEEDON 
BOBBY CRUSH AND STAR CO. 

” A true family Show." O Tel. 


Daily 


apn. 


»Ui mya**"’ 1 to see ,t 

NOW BOOK ING .THROUGH 1978. 


ALDWYCH. 836.840*. lid. 836 SS3Z. 
ROYAL SHAKESPEARE COMPANY in 
reoertolra. Tonight Torpor. 7^0. Sat. 
2-0 a JM»-l THE ALCHEMIST. 

“ Maateroleee of rampant knavery." O. 
Tok-griOh. WWp THE COMEDY OF 
.ERRORS rrvrt twrf. Men J. PSC 
at THE WAREHOUSE Im JlWer W} and 
at wccadliw and.^oy TheaSSL 


**<1AS5ABOKS J 01-836 1171. 

Evgs s o. Mats.' Ton. 5 . sate. s. 

, McKenna 

»l Sar »* Hi MEMOIR 

with N1ALL BUGGY 


HAYMARKET. 01-930 9832. 

Eves. 7.45. wed. 2.30. Sat- 4 SO 6 8.15. 
CLAIRE DANIEL 

BLOOM MASSEY 

MICHAEL ALDRIDGE ■ In 
ROSMERSHOLM 

DIRECTED BY CLIFFORD WILLIAMS 
'• A MURDER PLAY • MORE EXCITING 
THAN ANT BY AGATHA CHRISTIE." 
J. Baxter D. Telegraph. 
LAST 1 2 WEEKS 

I'TYMARKET. 01-930 9832. 

Previews jan. 24 1 Charity 1 and Jan 25. 
Opera Jan. 26 7.00. subs. avgs. 8 . 00 . 
Mat Wed. 2.30. 5aL 5 0 and 8.15. 
INGRID BERGMAN 
WENDY HILLER 

■ DEREK DORIS FRANCES 

GODFREY HARE CUKA 

WATERS Of" THE MOON 
by N. C. Hunter 
NOW BOOKING 


Tele 

LAST TH»EE U WEEK~S ~ 
PHOENIX. . 01-836 8611. 

Oprnico March 1 
FRANK FINLAY ,n 

T S?JiS"^jL ,c, 5f Musical 
KINGS AND CLOWNS 
Red, price preva. irom Feb. 16. 


Royal Snakcsneire Company. Ton t. 
Tomor <hrst nlahtt 8.00 Ortimera 
EH ward Bond's THE BUNDLE. All seats 
£1-50. Adv Bugs. Aldwych 
WESTMINSTER. 934 0233 Daily it'j. 
Frl. and 5ar 3 and 6 — Last wrek 
RUPERT'S CHRISTMAS ADVENTURE 
The Family Mvvcal. 1 It'S a hit.' F.T. 


*TS A Sii r -,A 37 - 4W »-. Credit card bkg. 

836 3962. lEv Sat. 1 Mon. to Frl. 8.00. 

SaL 5.15, 8.30. Wed. 3.00. 

LAST X ■ WEEKS 

ROYAL SHAKESPEARE COMPANY . In 
R AU COUSLY FUNNY 

,8rt wr ariar* 

N^o° ? A^^WlS2l^t^^ y 2 ^|Mtes WINDMILL THEATRE7 CC 447“63Tj: 
on Parade perH. Irom Feb? 2 Twice Nightly at 8 00 and 10 00 . 

- — — - OPEN SUNDAYS 6.00 and 8.00 


WEMBLEY EMPIRE POOL until Feb. 25. 
LAVISH ICE PANTOMIME 
HUMPTY DUMPTY 
" Sheer sparkling spectacle "" O Tel 
Mon. 10 Frl. 7 .45. Mats weds.. Tnurs, 
at 3. San. at 2 5 & 8 . Chldn & Senior 
Cits, hair price except Sat 2 3 5. Pay 
•at doers. Enquiries 902 1234. Spac.ous 
ear park. 


PRINCE OF WALES. CC. 01-930 6681. 
MW. to Frl. B. Sats. 5.30 and B.Bs! 
Mats. Thursday at 3.0 
“THE STAGE IS AGLOW." 


HER MAJESTY^. 


01-930 6606. 


01-437 2683. 
3,00. 'Sat; 5,5 


APOLLO- _ 

^DONALD*! SINDENT 

5HUT YOUR - 
THINK. OF 


Evgs. 8 . 00 . 


Evgs. 8 . 00 . Wed. and Sat. .300 and S.oa: 
GLYF 


Dally "Wgraph 


RICHARD 




SLYNIS 

LEE MONTAGUE. HELEN LINDSAY 
In TERENCE RATTIGAN’S 
_ _ CAUSE CELCBRE 
"RATTIGAN REVEALS HIS MASTERY." 
S-T. "A powerldl drama . 1 E.N. “Gi YNIS 
JOHNS olav* brilliantly." D.T. 


In 


INSALE 


ARTS THEATRE. ' 01-836 gi >7- HER MAJESTY'S. CC. 01-930 6606. 
TOM STOPPARD'S Opening March 28 

DIRTY LINEN BRUCE FORSYTH 

"Hilarious . . Me It." Sunday Times, LMHe Bncuise & Anthony N cyder's 

•- Monday* td Thursday 8.30 TRAVELLING MUSIC SHOW 

Friday and Saturday- at 7,00 alu j 9 , 15 . Previews from March Ife. 


A 57 e X , .£c£& ri .I?«$ 5Si°LV 437 6239 0f KING'S ROAD THEATRE. 352 7*88 
01-4 3J S7S 7 jr^ OJj -73 4 4291. Nearest Mon. » Tbars. 9.0. Frl.. SaL 7-J0. 8 JO 
Tube Tottenham. CmbT- Road. Moa.-Thure. THE ROCKY HORROR SHOW 


*•00. * Fri. and ^Sar^ 5 . do ant j a.45. 

_ _ THE STAGE SPECTACULAR 
Tjekgti E1.SO-EE.50 Instant Cr«tlt Card 
Re*-, ft In “V fe«Y-l>caimd Restaurant 
or. Buffet Bar Janch-tlme god before or 
after tfow-Wwf^^adyanse. 

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Direc ted by CLIFFORD WILLIAMS. 
BEST PLAY OF THE YEAR 
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Mats. Thurs. 3.0 Sats. 5 0 and B.30. 
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•I* • 






20 


H NANO AI/IIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BT 
Telegrams: FinutiiBo, London PS4. Tden 886341/2, 883897 
Telephone: 01-248 8000 

Thursday January 12 1978 


Steel— time 
for decision 


THE GOVERNMENT has been 
put on a spot by the latest 
report from the Commons select 
committee on nationalised in- 
dustries. The committee is 
asking for a full Commons vote 
on the Industry Secretary's 
refusal to comply with its 
request for the papers relating 
to the British Steel Corpora- 
tion's deepening financial crisis 
which have passed between him 
and the Corporation. It is con- 
cerned, first, to establish why 
the Corporation failed to warn 
the committee of the extent and 
rapidity with which its finances 
were Likely to deteriorate when 
it gave evidence to the commit- 
tee last May. It believes either 
that the Corporation's forecast- 
ing system is woefully inade- 
quate or that it had deliberately 
misled the committee and per- 
haps Whitehili departments as 
well. Secondly, the committee 
has been annoyed by the refusal 
by all concerned — Ministers and 
Corporation alike — to reveal 

details of the options they say 
they have bee.i actively discuss- 
ing, information which it 
believes the House is entitled 
to have in order to have an 
informed debate. 

Attention 

The Corporation's chairman. 
Sir Charles Villiers, came back 
on both points last night. His 
line throughout has been that, 
solutions, which must inevitably 
involve plant closures and 
reduced manning levels, are 
more likely to be achieved by 
private negotiations with Minis- 
ters and the unions. As for the 
Corporation's ability to forecast 
the crisis, he points out that he 
did wan the Committee that 
steel, unlike other nationalised 
industries with which the select 
committee deals, is in a manu- 
facturing sector heavily subject 
both to sharp demand cycles 
and world market competition. 

For the moment, however, it is 
Ministers not Sir Charles who 
are in the pillory. If the Com- 
mons were to approve the select 
committee’s motion— and on a 
matter involving the preroga- 
tives of the House the Govern- 
ment cannot be certain of get- 
ting its way— it will not be easy 
for Ministers to sustain their 
refusal without adopting some 
contrivance, such as declaring 
the papers concerned Cabinet 
documents. More than that, by 
opening up the whole issue of 
the Corporation's losses — now 
running at around £10m. a week 
— the select committee has 


made it that much harder for 
Minis ters to defer politically 
awkward decisions until after 
an election. 

The constitutional issue 
raised by the select committee 
is a complex one. It would of 
course do no one any good if 
confidential matters became 
public knowledge in ways that 
made it even harder to complete 
sensitive negotiations, but 
Commons committees have an 
established procedure for ex- 
cluding sensitive information 
from their reports and it has 
worked successfully on a wide 
range of subjects including 
defence. In any case, it »'ould 
be a pity if the importance rf 
this particular issue were to 
divert attention from the rest 
of the select committee's report 
for it has made a lot of highly 
sensible points. 

A careful reading shows, for 
example, the extent to which 
successive governments are to 
be blamed for the Corporation's 
present situation. The world 
steel recession may be the 
immediate cause, the Corpora- 
tion's performance may have 
been weak in many ways, and 
the trade unions may be r aulted 
for refusing to co-operate in 
improved ma nnin g and hetter 
working practices. But the Cor- 
poration's development pro- 
gramme has been repeatedly 
delayed, it has been forced to 
keep open obsolete high-cost 
plants for employment reasons 
and price restraint policies in 
the early 1970s forfeited 
revenue which would have 
reduced borrowings and the 
present heavy burden of 
interest charges. 

Better 

To meet the present crisis, 
the committee says — and rightly 
so — the Corporation ' must be 
allowed to close down plants, 
negotiate much lower manning 
levels, and cut its Investment 
programme. For the longer 
run, the Government must put 
its relations with the Corpora 
tion on a proper footing. It 
should set a coherent set of 
objectives, stick to them, and— 
having appointed a chairman 
and a Board — back them or sack 
them and avoid intervening. 
This is a line the select com 
niittee has been argning con 
sistently since the 1960s. The 
tragedy is that if it had been 
adopted by successive govern- 
ments, the Steel Corporation 
would have been In a much 
hetter portion to weather the 
present storm. 


Thunder on the 
French Right 


WITH the French election 
campaign gathering momen- 
tum, the outcome of the crucial 
March poll has never looked 
less certain. A year, even six 
months ago, the odds seemed to 
be leaning heavily in favour of 
the Socialist-Communist Union 
of the Left. When the Union 
split apart in the autumn The 
pendulum started moving back 
towards the governing Centre- 
Right majority’. Until only a 
few days ago the anti-Left forces 
were showing increasing confi- 
dence that they might in ihe 
end emerge quite handsome 
victors. 

Anti-Gauilist 

Now such hopes have once 
again been shaken. With yester- 
day's announcement by jtf 
Jacques Chirac, the GaulJist 
leader, that his candidates 
would fight against those of the 
rest of the majority throughout 
France, the spilt in the ranks 
of the centre-right is looking 
almost as serious as the rift in 
the Left. M. Chirac's action is 
in response to the decision of 
thet Centrists and Giscardiens 
to field their own joint candi- 
dates in the many constituencies 
where no accommodation could 
be reached with the Gaullists, 
a move he has denounced as The 
formation of an anti - Gaullist 
front inside the majority. His 
decision does not rule tut the 
fielding of joint candidates of 
the majority in the :-econd 
Tound, but it is bound tn be a 
severe blow to the Government 
in the first. 

M. Chiracs angry reaction 
follows a series of incidents in 
recent days that he has clearly 
found highly provoking. The 
Gaullists were not pleased by 
President Carter's suggestion to 
M. Mitterrand, the Socialist 
leader at the end of last week, 
that it would be undesirable for 
his party to share power with 
the Communists. This smacked 
to them of their old -.bogey of 
American interference in 
French affairs, with, they sus- 
pected. the connivance of Presi- 
dent Giscard d’Estaing. Nor did 
they appreciate M. Giscard 
d’Estaing's decision to give M. 
Raymond Barre, the Prime 
Minister, the task of launching 


the Government's electoral pro- 
gramme in Blois at the week- 
end. 

Episodes such as M. Barre’s 
Blois speech and the electoral 
alliances between Centrists and 
Giscardiens are not just irrita- 
ting to M. Chirac in themselves. 
Behind them he clearly sees 
fresh evidence of a grand 
Giscardien design under which 
a strong new group in the 
centre of French politics would 
team up with the Socialists in a 
future Centre-Left coalition, 
drifting Gaullists and Commun- 
ists into opposition. 

It is hard to see, however, 
such an alliance emerging from 
the con'ing elections. M. 
Mitterrand wants to be Prime 
Minister, but he does not want 
to damage his credibility as a 
champion of the Left by relying 
on the support of parties to 
his right. That would be play- 
ing into the hands of the Com- 
munists oy allowing them to 
claim sole leadership of the 
country's genuine left-wing 
forces. Indeed, though the 
Communists are rebuffing him, 
M. Mitterrand is still maintain- 
ing nis readiness to lead a 
Union cf the Left Government 
if the two parties together gain 
a majon'y of the seats in the 
new Parliament 

Confrontation 

The Communists, however, 
are making it quite clear that 
they will only join a Govern- 
ment in wnich they have a 
strong influence For the 
moraeur. the likely Communist 
share of the poll does not look 
iike making them more than a 
junior partner in such a coali- 
tion. So the most likely out- 
come remains either an uneasy 
coalition of the present Govern- 
ment parties or. if the in-fight- 
ing on the Right continues, a 
minority Socially Government, 
perhaps with tacit Communist 
suppnrt. French industry is 
afraid that the former would 
provoke a confrontation with 
the unions, the latter an eco- 
nomic crisis. Either way it 
looks as if President Giscard 
d’Estaing w?ll be facing a diffi- 
cult test uf his leadership 
qualities. 


Financial Times. Thursday January 13 19a 

Ulster: the foreseeable 

surprise 

_ By GILES MERRITT, Dublin Correspondent 

T HE BRITISH Government, Mr. Lynch took office after 
observers are beginning to regai ning power from Mr. Liam 
suggest in Belfast and Cosgrove’s Fine Gael-Labour 
Dublin, has miscalculated in the coalition in a landslide elecuoa 
North and misjudged Mr. Jack victory. Neither Dublin nor 
Lvncb in the South. This after- London chose to acknowledge 
noon, when the Northern that the return of the tradition- 
Ireland Secretary, Mr. Roy ally an ti-partxtionist Fianna Fail 
Mason, makes his promised patty carried the risk of Angle- 
statement to the House of Com- Irish confrontation. Both 
mons at question time, it will Governments tended to dis- 
p rob ably seem more in sorrow miss as tendentious media com- 
than in anger that he lays the raents that Fianna Fail, if any- 
blame for the present Irish thing, was more hardline in its 
debacle on Mr. Lynch, the determination that Britain must 
Republic's prime minister, eventually leave Ireland, than 
According to the British line, it had been when it lost office 
Mr. Lynch has either by gross in 1973. 

incompetence but possibly by «rh e idea Mr. LynCh bad 
sinister design torpedoed politi- decided to put aside his party's 
cal talks in Ulster by making tough poliev statement on 
controversial noises about re- Northern Ireland— of October 
.unification. 29. 1975 — “a central aim . . . i* 

The impression given will be to secure by peaceful means, the 
that an Irish gaffe has upset unity and independence of 
carefully laid plans for an Ireland as a democratic repub- 
interim settlement in Northern lie” — gained ground when he 
Ireland. That has also been the flew to London in late Sep- 
view of Ulster unionists, but tember of last year to see Mr. 
there is now a growing body of James Callaghan. Mr. Lynch had 
opinion on both sides of the asked for the Downing Street 
border in Ireland that Britain summit immediately after his 
is at least equally responsible election, but when he failed 
for the current crisis. even to draw attention to his 

/-'i i ; policy commitment during the 

LdU2J)l Oil day-long talks it seemed in 
. , , British eyes to be a conciliatory 

1116 HOD gesture. Mr. Lynch at that time , __ . , , . _ ^ • 

“ pressed for Britain to push coming when he would demand the administrative devolution The* dominant official unionists while people in the Republic 

There is no denying that the ahead and negotiate an interim withdrawal. In mid-November initiative had broken down, had been generally optimistic begin to rally around Mr. = 
British Government was caught political settlement in Northern be told an invited group of while in Belfast the Northern about this .scheme, for it was Lynch's nationalistic stand, it 
by surprise last Sunday after- Ireland. As Mr. Mason had Fleet Street leader writers that Ireland Office maintains that it after all their leadership's idea. pmhaNjr boils down to this. Mr. 
noon when Mr. Lynch calmly -already mapped out a scheme if the administrative devolution had not. and moreover that it must therefore, seem in- Lynch's intervention was pre- 
told an Irish RTE radio inter- f or administrative devolution talks failed— and he clearly there may .vet be some chance credible to outsiders unfamiliar mature, "but it always had been 
viewer that he • believed the that might achieve a non-legisla- expected that they would — then of salvaging it. Mr. Mason is with the bog of Irish politics a matter of time only before ha 



Smiles at the Summit in September — but disillusionment was not long delayed. From the left : Mr. Callaghan, Mr. Lynch, 

Mr. Mason, and Mr. O'Kennedy, the Irish Foreign Minister. 



suggest that it should reconsider . . ^ =_ L n Cp Wtem f lcr Lj7lch was saying, with refer- main parties once the dust has t j on with Britain, because Mr. a -smokescreen that the local 

the “negative guarantees" oa ' T , 1 *. ence to the idea that Ireland settled. Lynch mentioned power-sharing, politicians were being offered 


luc iiceauvt: 6 ual auLcco n Q M cute iu uie lued u its i ueiauu 

under which Ulster will remain f 8 ’ L P w should drop its constitutional 
part of the United Kingdom claims to Ulster’s six counties, 

until a majority wishes other- Ji® tel B tSSi S nr? ^at 40 Irish constitution accept- 
wise. To be fair. Mr. Lynch's *LJ *22 able to the Unionists could only 

colleagues and officials were also tj at 11 e 5 be considered when “ elected 

caught on the hop, for many of ca, AU .= .= -.1° representatives of the North 


Although the term power- to disguise that power sharing 
sharing has been dropped Ernm ls the *<-*1 issue. The basic dif- 
official British use because it ferenct* about Ulster's future 
raises loyalist hackles, it was between Dublin and London are 
evident to all that the essence onc 9 mor „ e 0UI *** the open, hut 
So. how advanced were the of administrative devolution was JMNtner Government can afford 


Basic system 
outlined 


them had been unaware of his °^ lare “S intention ot wirn- d get around a table ““ thaTiV u-i » * l.rad iiall.st a nnrnarh to re-create the tension that tlie 

mounting impatience with the '» ** future ° f the ne3 ° M ' 10n * that “‘S' 11 have S cven.ua? Pruviaiunal IRA would once 

Ulster deadlock. As for the at Mme f 4 tur f- da , t , e ‘. That country, following an indication restored administrative powers Government Mr Lvnch's again thrive on. 

British . Embassy in Dublin, it «“ — ■ * “£ by the British Government of to Northern Ireland Before the St Sunday rented 



Government sVnre ST e.= that day will come. But in the ~ Iiad ^ort^ Jg - 

m mid-June last, only to find alread y started to make such non-legislative assembly. From “af nCV0I S (ortho , lt ' W,Mlt “ : nof dcar is whor *.. 

suddenly that such was not the he obvious references to reunifies- '« there would be drawn. - under Unionists to take fright. t he Governments can go 

ease. . ar ® [ 0T , “J* ° e r tion, it was understandable that a system of proportionality" UnMmWtt 10 ““ from here. In the past four 

As one British official put it SJJnnt Government’s first designed to give the SDLP First the official Unionists and days both Mr. Mason and Mr. 

this week: “We thought we had political and ordjnm judgment ^ ^ row over Wg guaranteedrepresentation.com- then the Rev. Ian Paisleys Lynch have dug themselves into 

agreed with the Irish on short- as to when we can move forward broadcast last Sunday was that mittees matching each Northern Democratic Unionists said that positions from which they can 

term aims Cthe need for an . to ^®* P° slt ™“- it contained “nothing new.” Ireland civil service department they were boycotting the talks be extricated only with diffl- 

interim settlement in Ulster), th "J.r" s ^ on obtams at Apart from the vexed Question Ulsterm ' * * - - - 


and had agreed to disagree on present time 
the long-term future (Irish 
re-unification ambitions). Now 
we find we disagree on both 
counts.” If there is one thing 
that galls the British in all this, 
it is the feeling that they have 


Administrative 

devolution 


After the 



Apart from the vexed question Ulstermen would thus have that bad been due to start again culty. Mr. Lynch has backed 
of a possible amnesty for Pro- administrative control of hous- ,n a fortnight. In defence, tne up his original interview with 
Visional IRA prisoners in the ing, commerce, industry, trans- SDLP, which ha* never shown an unrepentant communique 
Republic, that was fair enough, port, education and the like, but . a underlining his call for Irish 

for ' J 

politics 
past 

. , - - — — Downing • Street he has repeated this week. The discuss draft Orders ^in Council. °® aal ra 5 ,3 LJ vere timely ” was yesterday followed 

been deliberately misled by the Summit, as Mr. Mason and his point is that Mr. Lynch this the instruments Britain at a pretext to end the negoti- U p by a further public rebuke. 
Irish. officials began their tricky dis- time said that while the talks present uses to run Ulster, and *“ e TOI,lta "J On the other hand, both Govem- 

On the Irish side, Dublin cussions on administrative devo- on administrative devolution in might also suggest legislation Paisleyites began to men ( S are used to making 

officials find it hard to believe lution with the official Unionist the North were still going on. for Westminster to enact After brand them as parties to a sell- U p Anglo-Irish ' .controversies, 
that Britain could ever have party, the Democratic Unionists, For a man whose skiH in verbal four years the interim system 0l i*: the political tacticians although it is too early to say 

mistaken Mr. Lynch's polite the Alliance Party, and with the - — *- - - • - - -- -*»i *»*T*nt un^rstand f« whv - - 

silences on the Ulster questi-in mainly Catholic Social Demo- 

for complaisant support cratic and Labour Parly, Mr. he has dearly chosen his time ready to legislate together in 

The truth, of course, lies Lynch began to make remarks to be unequivocal. a calm and equitable way, a 

somewhere in between. The that in retrospect appear to have The heart of the matter is Stormont Government might situation now is, with the yet far fear that they, will be 

storm has been brewing since been hints that the -time was that Mr. Lynch believed that become possible then. Unionists turning to integration shot down." *■' 


» WUWOt aiVlM AAA VGAMOA iUUi /Wlfl LUC lUiClliU SJhlCUl , . 4 «U LilUU^M H IS LWJ f«llj IU SffiJT 

polite the Alliance Party, and with the obfuscation has caused the would be reviewed, and if „ 1 cannot imaerstana. is wny ^ nw ^ey will do it this time. 

uno- term “lynchspeak” to be coined. Ulster's politicians appeared ? r filven As one Irish diplomat remarked 

them a faewavrag «cuse. in Dublin last riisht: “NoKrfy 

Fluid and wonying as the is sending up doves of peace 


MEN AND MAHERS 


Literary realism— 
Kremlin style 

Robert Maxwell showe da care- 
ful deference to the 
susceptibilities of his host, the 
Russian Ambassador Nikolai 
Lumkov. when launching the 
new English version of Leonid 
Brezhnev's biography at the 
Russian Embassy. It was, he 
said, the first in a series or 
biographies of world leaders 
and would be shortly followed 
by that of Jimmy Carter. He 
refrained from adding that third 
in line is the biography of the 
Chinese leader Hua Kuo-feng. 

He did, however, refer to the 
Soviet leader’s current illness — 
only to be interrupted briefly 
by the Ambassador who 
pointedly asked: “ Are you in- 
flunza proof, Mr. Maxwell? *' 
Having acknowledged that he, 
too. was a mere mortal, Maxwell 
went on to explain that this 
authorised life story describ- 
ing Brezhnev’s rise from 
ordinary steel worker tn 
supreme leader," as the blurb 
defines it, aimed at giving the 
English speaking world “facts 
about the Soviet Communist - 
Party, Its Government and 
people as they wish to portray 
thernselres to us." 

As such, it clearly fulfils the 
function of portraying the 
leader as he would wish to -be 
portrayed although I thought 
that C. P. Snow, who made a 
short supporting speech, prob- 
ably got closer to the heart of 
the problem of understanding 
.between the “two cultures" of 
East and West when he be- 
moaned the fact that the 
English-speaking world knows so 
little about Soviet literature — 
which, he claimed, was among 
the best in the world. 

There must be plenty of 
scape here for British pub- 
lishers to fulfil the spirit of the 
final act of the Helsinki agree- 
ments. 



Actually, I'm from British 
SteeL” 


Cherchez la femme 

President Giscard D’Estaing was 
elected President thanks largely 
to the female vote and one of 
his first acts was to create a 
“Ministry for the Feminine 
Condition ” and even put a 
woman in charge of it One of 
the most popular members of 
his present Government is 
Simone Veil, the- Health 
Minister, and up to now the only 
ranking woman cabinet 
minister. 

Thus, on Tuesday night the 
Elysee announced the promotion 
of three women — so giving 
France the most feminine Gov- 
ernment in the world with six 
representatives including two 
Ml ministers. 

The biggest promotion goes 
to 52-year-old Alice Saunier- 
Sietd who moves up from secre- 
tary of state to full cabinet 
rank as Minister of Universities. 
Her earliest ambition was to 
become an explorer but she 
went into the tough electoral 
jungle of Lorraine politics 
instead. 


Monique Pelletier, who has 
somehow managed to run a 
family of seven children while 
tackling the juvenile drug 
problem for the last six months, 
has moved over to the Ministry 
of Justice while keeping ber old 
position as well. 

Nicole Pasquier,. a former 
child psychiatrist, who has 
spent the past IS months look- 
ing after “the feminine condi- 
tion" in general will now be 
responsible for female employ- 
ment conditions at the Ministry 
of Labour. 

The newcomers join Chris- 
tkme Scrivener (Consumer 
Affairs) and Helene Missoffe 
(Social Security) as well as, of 
course, Simone Veil, in the 41- 
strong Government team. 

Elections are only two 
months away and 53 per cent 
of French voters are women. 

In flammatory 

As the firemen prepare to go 
down to bitter defeat, it is worth 
noting that one dally newspaper 
has given the strike front-page 
backing every day for two 
months — and has doubtless 
collected adherents in the Fire 
Brigades Union as a result. 
Every day the tabloid News 
Line has been assiduously 
delivered to the picket lines and 
the strikers photographed 
around their braziers. The paper 
is the mouthpiece of the 
Workers’ Revolutionary Party 
(the Vanessa Redgrave faction 
on the Trotskyite left). Looking 
through the latest issue to land 
on my desk (splash headline: 
“NO. NO. NO — Massive Vote 
Against Fire Deal”) I noticed 
an advertisement for a series of 
lectures at the “ College of 
Marxist Education " m Parwich. 
Derbyshire, naming Cyril Smith 
as the star speaker. 

Was it possible ? I telephoned 
Alex Mitchell, an Australian 
writer formerly on the Sunday 
Times who Is now a bulwark of 


News Line. He reacted by 
accusing me of doing a “ hatchet 
job ” on the Workers’ Revolu- 
tionary Party in this column 
several months ago by saying it 
was in cahoots with Colonel 
Ghaddafi. “Libya’s not Trotsky- 
ite” he complained. “If you 
know a Government anywhere 
in the world that supports 
Trotskyism, tell us and we'll 
head straight for it.” After that 
crj de coeur we got back to 
Cyril Smith. 

It appears that the WBFs top 
of the bill speaker is rot the 
Liberal MP at all but a lecturer 
of the same name from the 
London School of Economics 
David Steel can breathe again. 


As Cripps said . . . 

Anthony Wedgwood Benn. 
Energy Secretary, found a novel 
way of side-stepping a tricky 
question when he spoke at the 
Institute of Bankers on Tuesday 
night 

The first question was: What 
were the Labour Party’s 
current plans for nationalising 
banks. “ I will answer that, but 
at the end of the meeting,” said 
Benn. And at the end of the 
meeting came his deft footwork. 
He produced a second cassette 
recorder onto the platform and 
relayed a speech delivered in 
1935 by Sir Stafford Cripps, a 
predecessor in Benn's Bristol 
constituency. Cripps was heard 
to advocate more co-operatives, 
the end of profit for the few 
and the public control nr key 
industrial and economic sectors 
— including banks. 

Benn admitted that the speech 
made even him seem like a 
moderate. He left with the 
packed meeting applauding his 
eloquence and unexpected 
ending. 

And he still had not answered 
the question. 


Observer 



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Financial- Times .Thursday January 12 1978 


21 


ECONOMIC VIEWPOINT 


BY SAMUEL BRITT AN 


Right policies for the wrong reasons 



i . 


THE MAIN point I . want to 
make in this article is that the 
world's govern meats have 
adopted broadly the right over- 
all economic management poli- 
cies, but partly for the wrong 
reasons. We thus cannot rely 
on the righ policies continuing. 
~ it we have , pome through. 

itter than anyone had the right 
jto expect in fbedaifc days of 
^^the Middle' East War. the oil 
" I’tprlces explosion and ' all the. 
* iother troubles which beset the 
industrial world in 1973-74. -. ■ 

Even such a qualified favour- 
able judgment will cause eye- 
brows to be raised at a time of 
upset in currency markets 1 and 
when the wood's leading' cor- 
ency, the dollar, is once more 
ider pressure, On'the currency 
rat we - have, hr • fact, been 
iere before^. with the dollar in 
evemts'leaijBhg to ihe Nixon 
dating jof 1971, 'arid, with sterl- 
ng on innumerable . past- 
ccasions. - 

§ wap agreemftn ts of the kind 
ononriced last week always 
lake the headlines, and. often 
ive .a .temporary impact on 
urreticy 77 markets but they 

:ever succeed in preventing the 
lepreciation .of a cnrrency; if 
rag market forces are against 
Debating points about O.S. 
1st - competitiveness - will, 'not 
op a slide' of the' dollar in the 
ifee of a TJ5,' ,<xn*rem account 
hiii v iefi dthf $18bn^ a Ifteral manu- 
facture of new dollars which 
00k place even under Chairman 
lurns, and an associated port- 
olio shift against the UJS. cur- 
ft* 'ency by holders of cash 
:• i; : i&lances all over the world, in- 
- * -!i < Juding, I suspect, the U.S. 

.1 hi isefl. 

Both experience and theory 
"•'•11 hould, however, have taught us 
• -hat currency depreciations 

-y eldora have the spectacular 


effects for good or ill that are 
50 often expected of them. They 
cannot bring about permanent 
improvements in competitive- 
ness, or in profit margins or 
provide ■ export-led growth 
(itself a peculiar objective). 
Indices of competitiveness have 
a.remarkable tendency-to revert 
towards 100, if -their base year 
is reasonably normal— and for 
very good reasons. Thus the 
former U.S. attempts to talk 
down the, 'dollar : or present 
German, Japanese -pr British 
attempts. to prevent feeir cur- 
rencies from rising/ embitter 
international economic relations 
to no good purpose.,- 

Nothing gained 

So long as separate currencies 
controDed by mi&pendent 
national - authorities exist, noth- 
ing is -gained by trying to hold 
them together artifidaliy. If 
centra] banks are- really con- 
vinced that the markets have got 
it wrong,., they do nrif have to 
engage in highly publicised and 
highly political swap : arrange- 
ments. Some- straightforward 
market speculation in favour of 
trie currencies believed to be 
too -low would be both stabilis- 
ing: and -profitabieL 

Changes -in ourency- relativi- 
ties have an inflationaiy impact 
on the depreciating country and 
an anti-inflationary effect on the 
appreciating one. While I should 
hesitate to say that the inflation- 
ary effect is yet one for one in 
a continental economy like that 
of the U.S., it Is much much 
higher than is allowed, in most 
American forecasting models, 
where dollar depreciation is 
given a negligible weight in the 
forces determining the.domestic 
price leveL The argument for 


occasional depredation is the 
argument for conscious accept- 
ance of some inflation as a 
rational response in certain cir- 
cumstances, not one for denying 
the inflationary impact (Readers 
who feel that this can never be 
right might invest in John 
Flemming’s Inflation, published 
by the Oxford University Press). 

From the point of view of 
world inflation, exchange rate 
fluctuations between different 
currencies offset each other. 
What matters far more is the 
purchasing power of the world’s 
main currencies taken together 
over Teal goods and services. 
The main disturbances to the 
world economy in the last few 
years has been hot- the changes 
in currency relativities but the 
five-fold increase in oil prices 
brought about by the action of 
the OPEC cartel in 1973-74. This 
led to a prolongation and. inten- 
sification of an inflation which 
was already well under way. 
The . rise in OECD consumer 
prices reached .a- peak- of -13.4 
per cent, in 1974, a good deal 
higher than would have been 
expected from the preceding 
rate of monetary expansion. At 
the same time the oil revenues 
accrued in large part to coun- 
tries such- as Saudi Arabia, 
Kuwait arid the Gulf Emirates 
with limited spending outlets. 
Thus there .was a rise in the 
world savings propensity with- 
out an immediate and offsetting 
rise in investment opportunities; 
this probably led to the first 
real post-war recession to which 
something like Keynes’s 
diagnosis applied. 

The rise in Budget deficits 
was not enough to offset 
increased OPEC and private 
savings without a contraction in 
activity and employment But it 
was quite impossible to curb 


World inflations Consumer Prices 


30% 


20% 


10% 


0 

PI 

EGO Total - month on sfac months earlier 

rcaXaga cbgtges, at Knud m*Vl* ,SBa# lb BdjiBIld 


average tH52-*72 




._ — | .r 





6X 

5Z 

4Z 


Unemnknmient _ ^ 

- in OECD 

' WEIGHTED AVERAGE ON 

COMMON DEFWmOK J 

/ — " 



/ 



wmzA 




paH| 





2 Z 

° 1973 19TO 

UM*Ct dU BUCOK CMC OUTL OW -Utrf » 


1975 

»vn 


1976 


1977 


the prevailing double digit infla- 
tion without a recession. To 
have attempted.. to spend one’s 
way out of the recession — as the 
so-called Keynesians were in- 
clined to do — at a time when 
world inflation was in finable 
digits would have been playing 
with fire and ultimately destruc- 
tive of employment as well as 
of financial stability. 

The first priority after the oil 
crisis was to make sure that 
inflation fell back from the 
double digit rate. A large part 
of the total unemployment prob- 
lem — at a guess perhaps 12m. 
out of the 15 or 16m. registered 
workless in the OECD — reflects 
not slump or demand deficiency, 
but a structural increase, due 


for instance to the interaction 
of tax and social security on 
work incentives, or to increased 
rigidities in relative wages, or 
to a shift in the skill patterns 
demanded. To try to spend one- 
self into a target rate of unem- 
ployment in disregard of these 
changed circumstances would 
lead not just to inflation but to 
accelerating inflation, and 
eventually not just to exchange 
rate adjustments but real cur- 
rency collapse. 

The world’s governments in 
fact muddled through to roughly 
appropriate policies. Duriflg the 
recession of 1974-75 they went 
slow on demand stimulation, and 
when world recovery began in 
1976 they erred on what they 


thought was the side of caution 
to prevent another inflationary 
take-off. Towards the end of 
1977, when the feebleness of 
the recovery became evident 
and the world inflation rate was 
clearly well into single figures 
and falling slightly, there was 
a shift to stimulus, partly as a 
result of U.S. prodding but 
mainly for internal reasons. 

The size of the ve'ry latest 
stimulus is probably under- 
estimated. Governments of 
countries such as Germany. 
Japan and the U.K. all tend to 
predict that much of their 
planned expansion in spending 
will leak abroad in imports, 
which is true of any one coun- 
try on its own but not of all 
taken together. 

It is possible to argue that 
some Governments, such as the 
American or German, persisted 
too long with anti-inflationary 
policies in 1974 or that the 
expansionary measures of 1975 
were too quickly reversed in 
1976-77-in view of subsequent 
developments in output, employ- 
ment and prices. Even with 
hindsight the validity of this 
criticism is far from certain; but 
in any case the assumptions on 
which it is based illustrated 
much of what is at fault with 
economic thinking to-day. 

It is quite wrong to evaluate 
either government policies or 
the behaviour of private 
markets by comparison with 
what might be possible given 
perfect foresight. The judgment 
must be in terms of feasible 
information and likely risks. To 
have switched off anti- 
inflationary policies in 1974 
when inflation was well into 
double figures on the basis of 
mere forecasts would have been 
quite the wrong way to react 
to the available indications. 

A more worrying matter is 


tiie creeping, ea.so-by-caso pro- 
tectionism infecting the world. 
The surprising feature is that it 
has not been even more severe 
than it has, given the severity of 
the world recession and the 
producer bias of modern 
politics. Unfortunately the pro- 
tectionist threat is being used 
by people who still do not under- 
stand why post-war full employ- 
ment policies hove broken down 
as a pretext for urging 
infiationary policies on the 
so-called stronger governments. 
The levelling off or slight fall 
in world inflation — which 
remains even if erratic food 
price movements arc allowed 
for — suggests that unemploy- 
ment may be above its sustain- 
able rate: it is reasonable to try 
to stop the rise and adopt fiscal 
and monetary policies which 
might bring about a modest and 
gradual decline. But anything 
more ambitious would require 
tackling The rigidities of 
national labour markets. 

Old mistakes 

At the moment not only are 
most government easing their 
fiscal policies. The conventional 
indicators are also understating 
monetary growth. In the U.K.. 
for instance, the normally 
quoted M3 increase is much 
lower than that of other 
monetary' measures or of the 
reserve assets of the banking 
system. Such “errors" may be 
benign for a very short period — 
providing expansion without 
regulating inflationary expecta- 
tions. But if they are persisted 
in once their existence is 
realised we will risk repeating 
ail the old mistakes. 

The immediate danger is of 
rising world unemployment 
giving a handle to protectionism 
and wasteful make-work pro- 


grammes. The luugcr-term 
danger is still that of excessive 
financial stimuli triggering- u7 
another round of world inflation 
as in 1972-73. The main country 
where the underlying rate of 
inflation has starred to rise 
again, and to which the case for 
a boost least applies, 1* the l’.S. 
But it is paradoxically now the 
country whose Administration 
is still most in the grip ot tin.- 
outmoded Bnti.sh-si.vle demand 
management philosophy which 
proclaims that government can 
spend their way to target em- 
ployment levels. 1 Indeed the 
Carter economic team is very 
much (he Lyndon Johnson one 
with a new name at the 
summit.) 

For the limp being, llie pre- 
occupation with tin- uverseas 
value of the dullar and threats 
of the Saudi Arabians are likely 
to lead to policies not very 
different from those which a 
re-elected Ford Administration 
or a reappointed Burns might 
have followed. Indeed, Pro- 
fessors Friedman and SuimteL-in 
are in almost word-for-word 
agreement in the current issue 
of Newsweek that future 
historians Junking only al finan- 
cial or economic charts would 
not know that there had been 
a change at the Fed. 

Thus lucky accidents and the 
offsetting effects of conH»» 11:15 
political pressures and 
dices and the effects of nv-irke* 
forces on currency values have 
led the Western world’s econo- 
mic managers to polici**, rn 
advance of their own under- 
standing. Bur for the lotmer 
haul we cannot rely on Mich 
good fortune; and we will need 
both better understanding and 
long-term guidelines to ’.educe 
the impossible load of discre- 
tionary decisions now placed on 
world leaders. 


Letters to the Editor 


Living with a 
strong pound 

■ rom the Senior Economist, 
■ . ankers Trust Company. 


exchange markets. 'A shift of spending in shops in Britain and Central Vermont Public Service The B]C has produced a very 
sentiment away from Irifi U.K. rightly emphasises ' Oxford Company. Because of trie war. comprehensive document which 
might . be expected, . - either Street's claim to be the premier however, the designer had prob- states the case for importing 
directly, or through ■ induced shopping street in Europe as lems getting all trie right footwear. If Mr- Calvert would 
pohey measures to lead to. both well as the “Heart of British materials and was forced to cut care to study this, in conjunction 
a contraction in domestic shopping." ' corners to get the generator with Its own annual review on 

demand and a fall in Ube'ikmnd Harry Shepherd. — ■--- * **- — *- * - 

v Sir,— Mr. Tim Congdon’s ex- in the -short-run. More expan- 43. South Street, W.l. 

osition of the . reflationary sionary domestic deroand^man- 

inaulus from currency appreci- agement policies. on . th#otoer A lnmirn n 
lion (January 9) is strongly hand might be expected fo lead /\JW3YS A 
* r* sinn*!W r S ued - But I do not understand to both a higher level. oL output . 

* :i “lower inflation will raise and a fall in trie pound. ... . lOSCF 


1 * 

i. : 


ie real value of money balances In the third situation, trie 
rid other liquid asset holdings.’* direction of trie short-run effects From Mr. J Cawdry. 


finished before supplies were cut the British footwear industry, 
off completely. As a result stress there is nothing which would 
cracks appeared around trie rivet indicate that this protectionism 
holes and although these were is of benefit to employment in 
noticed very early on, Mr. Put- the British footwear industry, 
nam could not get any more The system adopted in the 
materials to replace the blades. United States has proved far 
To nobody’s surprise the blade more successful where the onus 
eventually disintegrated. The was pot on importers to make 


it rely, ail that a lower rate of on demand of a fall in the pound Sir.— -Along with friends and project was later, abandoned orderly reductions by voluntary 

illation does to the existing is not clear, the expansionary relatives I have_been trying to because windpower -could not quotas." 'This is what should 

ock of monetary balances is effects of the ihducta increase hf 'Win your Saturday pnze cross- then compete with cheap fossH have been offered to British 
.1 slow down the rate of decline net exports being offset. by -thA word ever since it started. Alas. f ae is. importers and perhaps then 

„ 1 their real value, not to in- contractionary effects,- of the* not one of us has been success- This situation no longer everybody' would have been 

•ease it. It would require lower real incomes and. possibly. luL Multiple entiiw and a applies and we are likely to see happy and the consumer bene- 

. ;gative inflation (that is, fall- tighter monetary policy, although variety of postmarks have been a rapid expansion of the use of filed, which must be the ultimate 

.g prices) to bring about a rise the orange -m tw degree of or no avail. windpower. both privately and aim of anyone in a retail service 

.- the real value of monetary Government interaction in the . Urasequently, i have done a publicly over the next ten years, industry. 

fiances, and I am sure that Mr. foreign exchange rparket to give geographical survey of ajl the Using wind to generate elec- G. R. Adler, 

ragdon does not., expect Mr. a lower value ofAterling would winners m 1977. London comes tririty is nothing new of epurse, international House. ’ 
ealey’s fight against inflation to tend to have expansionary mone- out on top with iz. followed by we are just rediscovering long 19 Colindale Avenue. NJW.9. 

j quite as successful as that, taiy effects. J Sun-ey (81. There 18 forgotten skills. Few peoole A 

•. Perhaps what Mr. Congdon is The argument in Mr. Cong- winners irom the whole of Scot- know, for instance, that by 1916 
... itting at is the possibility that don’s letter appears to refer to land. The rest were evenly Denmark bad over 1,100 wind 

.-flation has now dropped below the thirdl cafe but his example scattered, while Nottingham- generators producing electricity, 

e rate at which nominal mone- of trie TLK.jferformance over toe shire. Cornwall. Derbyshire, etc. Pan! McClory. 

ry balances are being built up. P®** two years appears to refer were barren areas. The Natural Energy Centre, 

‘ ' that the real value of incre- to trie first case. The “exchange. Incidentally, excluding Christ- m, Clarence Street. 
ental monetary balances will rate debate,” however, at the mas. there were 48 crosswords, Kingston-vpon-Thames, Surrey. 

■ crease. If so I should think moment. largely concerns the hearing in mind that there was 

at the effeet-j nf thin ehsmee second case, where a fall in the no Financial Times for a short 
•U be by no means as strong poond would be associated with period. Out of the 144 winners, 


Saving 

fuel 



he suggests. 

F. V. Ashby. 

.inkers Trust Company, - 
Queen Victoria Street, E.C.4. 

Exchange rate 
debate 

Mr. D. McWiUiams. 


an expansion of demand, rather 88 were men and 55 women, 
than trie - two cases implicitly which holy goes to show that it 


referred to by Mr. Congdon. 
D. McWilliams. 

392, Shakespeare Tower. 
Barbican, E.CiJ. 


is still a man’s world- 
J. A. G. Cawdry. 

" HiUstSe,’’ 11. Blackleu Road. 
EUahd, West Yorkshire. 


Imports of 
footwear 


From Mr. J. Goodland. 

Sir, — Professor Thring's letter 
C* Fuel saving structure.” 
January 9) is perplexing- 
His third paragraph seems to 
suggest a general fuel tax 
(which he calls a tariff), but in 
- the last paragraph he proposes a 
high penalty imposition only on 
domestic and vehicle fuels, used 


In the heart 
of London 


r— Mr. Coogdrin’s comments' ,. 
tary 9> ctonotrie allowed to 
' Unchallenged, for his sug ■ 
on ifcat a lower exchange 1 

-fe contractionary in the rouns * 


Natural 
power 


From JHr. P. McClory. 

Sjr, — Id “Men and Matters' 


From the Chairman. 

Ethcard Adler. 

Sir.-T read Mr Calvert’s lettw; Tn^ess ZTmhtaS “o7 retion. 
(Derember 21) with some amus*^ A composite energy ration can- 
ment because many salient facts no , be fair (even if it could be 

administered) : every person 

.T° am l® jj 1 « « i f °n household, establishment or 
sion one musl . first ask foej quca- faclory has its own peculiar mix 
tion why are our . *™P5 rte ” of different fuels, needs and 
successful. The answer is 

because they provide a reliable lt ’would sure j y be better t0 

of 


. (Jabuaiy 6) there is a very mis- service and a competitive pro- non-oremium uvp* oi 

Tourist Authority, magazine leading piece about the large duct It is the British Importers Lemium fuels (Sid the^eauio- 

:-term and his assertion that **^^“H£* ^ ment when purchased), say 



vip-w at tho maioritv of “d *h e overseas shopper" in structed many years ago in Ver- unfair trade and dumping. Like- natural ~jTas“ for“sDacT‘hea tine 

Ss '’iTaa Sert il was stat « d *»* “5 raont Your »P<« states that wise the BIC is bitterly opposed preS for bSh 

?£re seriously raialSSSr • 0xford Stteet *® tailer ^ machine was built in 1945 to and will continue to oppose SmierJation Szctoas the usefS 

ttat about .70. per cent of I97B and “worked beautifully until protectionism. SaiS oSe Sat from 

Jts ' of M Brent mSaSe summer sales business was with one of the 80 feet long propellers Many Types of footwear com- ^wer stations, S the devK 
.Sis wndJcteaSif Se overseas Tourists. Arthur Sandies, came adrift.” Apart from the ing from the Far East cannot'. 0 T2wfble 

iSL dlte^edi^a in discussing 1977 tourist figures date being inaccurate the impli- be produced in either the volume 01 renewaDIe source5 01 

cuura Because be ieriore* the (January 4) translates this into cation that an unexpected struc- or at a price comparable to that reserves of coal (so 

li factors that affect “London’s Oxford Street stores tural- fault occurred, about which of home man ufactiired footwear, the Coal Board's chief geologist 

XtaL te U to too* u tourists for ss muchss oothJog coold be done, is just Barring iudiKrtaiueoUy certain S^urt ^o -SfiaUy limlV- 

itineuish between the different 70 per cent of their business. - not true. . articles which are not currently i.j__ w „ C ould onlv pain access 

I would be obliged if the ^ The facts are these; In 1939 produced in the U.K. will create {f 5 * aem 

nts and Trie different conse- record could be clarified, not toe ^encan engineer Palmer shortages and tb® public mechanised mole would be a far 

associated with them. ' least because' our regular British Putnam designed a 1-25 MW the ngbt of free choice and better wheeze than taxing coal. 
„ main potential causes of customers, still provide the vast wind' generator wrtfc two 87 feet above all be inflationary. Mr. rationing electrifity or printing 
in the pound are a shift -of biilk'-of our : business. Of our steel blades, each weighi ng e ight Calvertts observations about b ] a ck market petrol coupons. 
_iai sentiment away from members’ .total turoover of tons. Tb is machine was commis- trade markups Is not correct Give|J eaoufi h coal (together 
UBL, expansionary domestic :£Lfibn.-I1.7bn. in 1977, some sioned at^ Grandpa’s Knob on because the same markup Is conservation and renewable 
jand mwagenieht policies, or E 250 m-, that is about 15 per cenU August ■ 29, 1941. and began a PP'J®^ ^ 00 ^ vear ' sources of energy) we would 

h&nge in the, extent of Govern- came from tourists. This equiva- generating, electricity which was whether it be British made or enjoy all the solid fueL oil gas 
^ht v /-Jbrierirezition . in the lent to one-third of all tounst fed directly into the grid of the of foreign origin. atJ ^ electricity we could possibly 

need. 

e cost, of index-linking public sector pensions fl/oMrie Coi^vative^oStiS 

® : • Centre’s booklet on energy policy 

omtor 4 Fuhh> • 13 uer cent. ■' 'average annual where the end 1976 employment there not a ease for restricting even more perplexing, and 

_ increase. flgurre show;— 000s guaranteed pension .increases to ambiguous about coal. If the 

Sir, — Eric Short’s article g n bas js that interest rates .Public corporation 1551 the figures used by the Govern* future of the coal industry is 

anuary 10) on the P-O. pension av eraaed 10 per cenL over the Central, Govt. ment actuary when estimating really so hazy, indeed “ a declin- 
ed. deficiency is valuable Eor - period, the proper actuarial H.M. Forces ... 0.336 the analogue costs of the public ing force in energy supply”— 

s .light it throws on astro- charge for funding pensions and Civilians 2.006 sector schemes? If the GA once uranium, oil and natural 

mical differences that must ^ var j(,us other benefits of a Local authorities 3.021 predicates Si per cent interest, gas have run out— it is difficult 

ist between the actuarial cost Don .f U nded scheme like that of 7.per cent. Inflation, 5 per cent to know which major energy 

index linking public sectOT the c j v jj service — would be 7.314 increase in KPI in suggesting (to source could be called clear: 

•--.»■ •’ - * ' ' J the Elxpenditure Committee) a certainly not nuclear. Give me 

feat there were “ contribution ” of about 3 per Thring’s coal-mole any day ! 

i . employees and that cent by civil servants for indexa- J- H. Goodland. 

on ^nd; pension ’ funfeng- p 0r - c ‘ent~* and the return on their actuarial deficiency of tion — «nd this is the correct Domri House. Tyleigh. 

lue_ Book L10 reveals that investment was at best -3 per £Z.fl2/btL is representative, the figure in the circumstances — Taunton, Somerset. 

iveen 1970 and 1976 toe per- . total, dafleieney, if ail' public pension increases should be 

: outage rise in the number em- To the extent that the public sector schemes were funded on limited to 5 per centi, and only r T , __. nn « 

‘ wed in the public sector and sector has failed to. fund their the same inadequate manner, the first 7 per cent, of salary JL d.A UU a 

" — * — ,J be ruture benefits over the last six would be £28.086bn. What wrll- increases should be eligible for 




sir emoluments could 
alysed a5;follows: — 


No. employed 

nf ' 

% 

increase . 


, actual^ 



blic corporation 

htrai Government— HM Forces 
* Civilians ... 
cal authorities 


(decrease) 

% 

% 

(4> 

1S1 • 

192 

(10) 

132' 

157 

31 

223 

147 

IS. 

212. 

. iw 


25 ’SfS 1 s«h « “s^.sLrHK a»f 


wouiu oe xee.uaoon. wnai wm ■ iucrpaj»e5 uiouiq ue eugivie ior j > 

be fee. figure ^in 19S4? In. fact, pension unless interest rates rise DFOCIUCr 

Income from the civil service scheme is uu- abruptly. If more is wanted. _*T u , T w l. . . . 

.’employment funded, and many of the should not salaries be adjusted . *#- 

adjusted nationalised industries have to “ pay ” for it? , t0 /T Mr ’ 

funds dating from pre-acquisition The rest of the public sector f*J er e i3„2 on ? II l eil ^ s ^ aa_ 
day's so that the appropriate could be treated in the same way 0 , D v b,S ta« r0p 11 t0 increase 
deficiency will be higher for the If the coat of contribution for pe t ro ‘^ y ‘ 

Civil Service and may well be -increased pension was borne for ™®? chairman of. a 

lower for the others.- equally by employer and em- well known gi lass company, l 

With, minimum lending rate ployee, but of course the private would like 10 have heard his 

at 6-7 per cent, RPI increases sector would have to be allowed Tjachon ir ir naa been proposed, 



per, cent. per. equivalent tax concessions to ^*1 i° t0 conserve natural 
■ ~ resources, nis company products 

would be levied with a 20 per 

are man if urr - - „ , , — . .^. cent tax. Hw competitors would 

nt over the six years W.e P 1 ® difference, ‘anually,. for the a 0 per cent, rise In real incomes can the public sector's. privileged {J av E I a ufi* ,ed aU the way to the 
from Parliamentary replies last six years. ' . and, a' 4per cent real return position be justified to the E^ W3{nwrich t 

at toe increase In public sector . What Is terrifying however, is on ravestment by the actuaries electorate? T. A wajowngnt. 

fusions over toe same period -to put the P.O. figures against looks optimistic. ..If so. toe A. W. Furse. . M Pippms, 8. uermttage Drive, 

a* more than 115 per'ccnt^-a toe rest of- to'e public', sector -deficiency is ^ even greater, la Werquia, Mold, Choyd: Twyford, Berkshire; , 


GENERAL 

Government White Paper on 
public expenditure. 

Prime Minister on visit to 
Pakistan. 

Recalled Fire Brigades' Union 
conference at Bridlington con- 
siders recommendation, by its 
executive for return to work. 

National Union of Mineworkers* 
executive meets. London, 

Talks aimed at resolving strike 
at Ley land's Speke. Merseyside, 
factory resume at London offices 
of Advisory, Conciliation and 
Arbitration Service (ACASl. 

Mr. Robert Strauss. U.S. special 
trade representative, holds talks 
in Tokyo on ways to reduce 
Japanese trade surplus. 

De-briefing meeting of London 
Chamber of Commerce trade 


To-day’s Events 

mission to Philippines and Singa- 
pore, 69, Cannon Street, EC4. 
11 a.m. 

Lord Mayor of London and his 
Sheriffs attend presentation of 
Letters Patent to Company 
of Chartered Secretaries and 
Administrators. Mansion House, 
ECU. 

PARLIAMENTARY BUSINESS 
House of Commons: Mr. Roy 
.Mason, Northern Ireland Secre- 
tary. makes statement on Govern- 
ment attitude to- Irish unity, 
following comments made last 
week-end by Mr. Jack Lynch, 
Irish Premier. European Assembly 
Elections Bill, committee. 


Select Committee: Expenditure 
(Trade and Industry sub-com- 
mittee). Subject: The Fishing 
Industry. Witnesses: Scientists 
from RIAFF and DAFS Labora- 
tories; Shellfish Association of 
Great Britain; Shellfish Processors 
Association and Scottish Fisheries 
Federation (10.15 a.m.. Room 16). 
COMPANY RESULTS 
Erplish China Clays t Cull yean. 
Scottish and Newcastle Breweries 
Ch.’ilf-yeari. 

COMPANY MEETING 
Nnlionai and Commercial 
Banking, Edinburgh. 12. 

SPORT 

Tennis: King’s Cup. Great 

Britain v Spain. Sheffield 
(6.45 p m ). Tab'p tennis: Inier- 
narional championships, Brighton 
(9 am.). 



WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 


Vety prominently indeed in South-East Asia. For instance, we 
have a major network of Group branches and offices in Malaysia, 
Singapore, the Philippines, Indonesia and Thailand ’ In this area we are 
long-established as a domestic as well as an international bank. 

That's why we can transactyour business with these countries so 
quickly and cheaply. In London, ring Keith Skinner on 01-623 7500 to 
find out more. 


Bank Limited 

helps ycintlnmighavit the world 

: Head Office; 10 Clements LSflC, London EC4N 7AB - Amis even’d £7,WC million 


1 1 11 





" -T ’ll? 

Financial Times Thursday January 12 19781 1 


McCorquodale soars to £3m. — confident 


ALMOST TREBLED taxable profit 
from a depressed £1.0am. to 
record £3.03m. is reported by 
printers and stationers MeCorqoo- 
dale and Co. /or the year ended 
September 30, 1977. 

Total sales expanded by 17.36m. 
to £52.4Im. including a £3.19 m. 
(£2.9Sra.'j share of associates* 
turnover. Midway the surplus was 
ahead at £1.73m. (£318,000). 

Mr. A la stair McCorquodale, the 
chairman, said that there were 
several areas where he was still 
seeking substantial improvement. 
The North American companies 
had made progress and this was 
continuing although at a slower 


l HIGHLIGHTS 


from Indonesia 
Philippines). 


and -the 


Lloyds Bank International profits are 34 per cent, higher 
with all the growth coming from Latin America. Lex also 
takes a look at the Stock Exchange response to the Green 
Paper on company reports as well as the central government’s 
borrowing requirements. Ke name's profits are m line with 
the rights issue forecast but the 190 per cent, profits rise at 
McCorquodale took the market by surprise and the sliares 
were pushed up lip. ERF has turned in a strong performance 
with profits 41 per cent, higher and production up to peak 
levels, while AGB Research continues to show solid growth. 


Record 
£1.75m. at 
Reo Stakis 


INLUDLNG A £333.000 contribu- 
tion from o recently acquired 
subsidiary pre-tax profit or Ren 
Stakis Organisation rose 39 per 
cent, to a peak of £ 1.75m. in the 
year to October 2, 1977. 


rate than had been anticipated. - — . — -• -- , 

For the future be sees improve- 38,500 recorded as beneficial by more than a third reflecting Turnover m ' aec .“ 

i- interest of Mr. G. H. C. Needier fee increases of about 10 per cent. Afaim. agwnst £2=Um. Jor ine 


dents in difficult areas, a con- inierui ui .TIT. u. ja. memicc jer uicnrasca m iiuuut i u|i» «*•>. — , ■ — , , 

tinuing benefit from the invest- increased by 22.000 to 60,500. and additional volume. Most 33 weeks last time. At naireay 
ment programme and generally Bry court Investments: On progress came from In to mart in rnore tlwn oajoieu 

reasonable prospects for most of December 30, Sahara Investments Holland {one-fifth of sales) with f ro™ *® f ’ 6 ” 0U Y- 

the group's activities. Overall, transferred its holding of 2.5m. new contracts obtained from Directors say that on »ne notei 


On progress came from Intomart in Profit J£j}, s r 
silts Holland {one-fifth of sales) with " 22, ° 

Wiv nivupa awutHico. w»tuui, udiiaicucu LUi UOiUUig ui 5m. new contracts obtained from Directors _ . . 

therefore, he has some confidence Ordinary shares {33.71 per cent.) Government, semi-state organ isa- f. n “ ra I erm ^si ae ^ no . e^s ma- 
in the company's ability to to its holding company. Oasis tions and universities, but there turned to prosper a]UJoae,npoor 

l " i i ■ . ■> ■ - . v - v - i mnimpr inoinfr anenipo resutu 


enhance profitability. Investments. were also gains in the U.K. by 

Earnings per £1 share are shown Cambrian and General Seam- psGB (from mainly motoring and J n . 

up from 15J2SP to 43.31p before ties: Moorside Trust has sold commercial radio sectors) and Routed to profits nut smrerea 

extraordinary debits of £422,000 70,000 Ordinary shares, reducing jmR, which has increased its over- “®" . * 

(credits £505.000 j. The net total its interest to 150,000 shares rep- seas business, especially in Ger- 


consumer 

recently 


dividend is stepped up to 1424p resenting less than 5 per cent of many.' There’ is a trend for more arS'hs* 

(12.75p) with a final of 9.74p. that class. companies to use independent S 


Total sales 

197B-77 

£000 

33.409 

1973-Vfl 

£000 

43,043 

Group 

49.24 

42J2G 

Share of associates 

3.1S5 

2.917 

Trading profit 

3.0K6 

1.310 

Investment income ...... 

■7T9 

311 

Inicrest 

90C 

ifir 

Share assoc, profits 

4&9 

133 

Pre- la* profit 

XOB 

um 

Tax- 

S19 

23S 

X« profit 

2.213 

7SS 

Mlimnties * 

" 

« 

Extra-ord. debits 

422 

4393 

Available 

1.7S* 

1.267 

Preference dividends .. 

4 

4 

Ord. dividends 

T24 

MS 

Retained 

1.060 

63j 


Barget: Bunting Estates (a sub- research rather than develop" hi- ■" *** 

idiary of Greenbrcok .Securities) hnuse facilities. so with about a FFSZl’ffjL 


bouse facilities, so with about a ~ casino and betting turnover de- 


shares 


per cent) 


Eneineerine- “ w^H placed TO prosper; there of Quce n Bookmakers in May. 

CDRUHtUR. 9» hirrh hniu>c fnr a mw «b»pvi«> _ , : Cl. 


M *3M5 slm"? ™ - 

SSE and SSen International: "H? JEL? 6 *? - IniUal V*“E oI ^olesale 




on 



with 48% jui 


Alastair McCorquodale, chairman of McCorquodale 
and Co. 


and the P/,e “ 9,5 t 33 ® 11 - 

TVTTT 


DIVIDENDS ANNOUNCED 


Halma up 
£230,000 
so far 


firmed the Board's confidence 
that this new division will be a 
maior profit contributor, they say. 
The current vear has begun 


ins £3ra. on acquisitions in 


ther expansion and 


The fire that destroyed 



Current 

Date Corny 
of sponding 

Total 

for- 

Total 

last 


payment 

paj-ment 

dtv. 

year 

year 

Abbey 

Int. 0.81 

Feb. 27 

0.49 

— 

1J3 

AGB Research 

inL 1.1 

Jan. 20 

13 


2.06 

ERF 

inL 2.4S 

Feb. 10 

1 j 

— 

338 

Halma 

1.13S 

Feb. 20 

0^6 

— 

12a 

Hellas 

inL 0.9SF 
2.85 

March 31 

O.R!> 

— 

4.13 

Kenning Motor 

April 3 

2.42 

4.15 

3.72 

McCorquodale 

9.74 

Feb. 23 

8.75 

I4J24 

12.73 

M & G Dual Trust ... 

633 

March 2 

5.6 

1L35 

9.9 

Reo Stakis 

0.77t 

May S 

0.65 

1.04 

0.92 


January 3. - Merchandise 
Investment Trust and 
Securities are now beneficially 

* After iiKi-nment grant ■ Credit, interested in a total of SS9.697 
The company has adopted the Ordinary shares (9.6 percent), 
accounting treatment of deferred Northern Securities Trust: Lon- 
tax as proposed under ED19 and don and Manchester Assurance 
comparative figures have been, has acquired a further 39.933 
adjusted accordingly. Ordinary shares and now holds 

21.30 per cent. 

• Comment Brownlee: McLeod Russel pur- 

__ _ J chased a further 50,000 Ordinary 

McCorquodale s 190 per cent, pre- shares on January 3 and now ON TURNOVER ahead from Grosvenor House, Glasgow, on Dividends shown pence per share net except where otherwise slated, 
tax profit jump last year wis holds 758,000 shares (10.69 per £3.64 m. to I4.5Sm. taxable profit January 7 is not expected to affect • Equivalent alter allowing for scrip issue. tOn capital 

underpinned by a soud perform- cent). of Halma jumped from £170,107 forecasts for the year. increased by rights and/or acquisition issues. J Includes additional 

ance from the v-h- printing John L Jacobs: Jacobs and to £403,661 in the half year to . A fina * dividend of O.infip has o.009p for 1975-76. § Includes supplementary 0.01Q5p for last year, 
operations— while losses from the Partners now has a beneficial September 30 1077 been proposed and an additional 

U.S. security printing subsidiary, interest in L425.000 Ordinary Full year profit is expected to , for .l 975 * 76 ." in P** 1 - 

Folconer, were reduced from shares (6.18 per cent). be ij-ii£antl7 w5» thaiTthe 7,1,5 13,465 ^ total t0 I037 P P« 

around flR to around £600,000. Bifurcated Engineering: Mrs. «co?d£0 56m. renortS for a U of 10 P « ain5 t b*t year's 

However Falconer (bought 3i j. K. F. Warren sold 146,486 jlr^rr DJ-oBm. reported ft or all of 0-fl21p Earnings per lOp share are 

years ago) may still show losses shares. Holding now below 5 per 4S - shown at 3.77p (2.67p). 

of around £im. in the current cent of £1M,724 last time, 

year. Group pre-tax profits, Davies and Metcalfe- Central Profit was struck after interest - 
excluding the U-S. losses, rose bv Manitfacturtno- ol £55.715 (£30,069) and is sub- Tl !5!!!!’5 r 

around 77 per 
benefit*; from 


WITH THE benefit of- a strong devciop Kenmng lyre 
second half (profits rose from expand contract biro. and 
B.am.. to £4.4luU results of the tain ti»e car hire fleet, and d 
Venni ng Motor Group are spot on some rortHitvrs tu new franc 
target for the year ended Sepiem* Pre-tax. profit doe* not in 
her 30. 1977, the pre-tax total reMrtts from the Rhodesian 
showing a jump of over 43 per wiiartox- For -the year tn 
rent to a record £7J»m. 3d. 1WT they made a pro-tar 

The results- reflect a sharp of *1.5lm. comjwmi with I 
increase in profits or all sections RomiRs of the suu 

of the business. Tyre services Kenning* Estates For 1 
were the major, profit source show pre-tax profits marj 
followed by contract and car hire, lower at £l.4Un. auamst g 
Although motor depot* Increased T)«s IncVudos Interest roee 
their profits the total contribn- lower *r £374,000 <I4 j8.ooo 
tion here was about 22 percent., was xcrack after Deb. 
leaving Leylaittl'i share at atightly t^.OJ 

under 19 per cent. _ . amortisation 1 4j^000 WWt 

With Lcytand rattomdtstnR it* requires £7a4,000 i£7SaflOO 
franchise srraeture tbo group's £312,000 (£359.000) is ret 
share of L^lxnd'x sales wall be A fired dividend of S per 
further reduced. Kenning ha* make* the total 12} per a 
already obtained tbo Chrysler 
franchise at Colindale. London, • COIfiffietlt 
and the Peugeot _rrancMse *t Kranlnx forecast £7a 
AVretcUff, Essex.. A ntwBhcr ot tax with Its £3Jtm. nghta 
other deals are m the offing, U» tafl moxU h these figures ho 
directors iitate. surprise*. Growth from tit 

-Vs regards the current year ]&n {T distributorship waa - 
they report that proBts for the inspiring, but this side t 
first quarter will not differ business now only aeroun 
significantly from the comparable 22 per cent, or profits. Ttf 
period of 1976, vices is the largest sintria 

tm tm Pon^nt of the gmup and 

Tnrnovrr mum us,9M growth has been steady 1 

Trading profit — 13.M tw claimed increase in market 

c ]ii But tire big boost to or 
up 48 per cent, on the yea 
t ra been the fust growing ta. 

. w operation. With a- peak ft 
12.000 vehicles, against SJg 
y*w year Kenning can riaim - 
\i the UJC. Obviously fleet sin 
the biggest hire fleet o petti 
3 throughout the year but"Bg 
tk i5 certainly battling it « 
i.4« the top slot with icevdft 
The year's batik earnings per Godfrey Etevis. The tmwttk 
share are shown to be up from has been a big factor fox 
10flp to 14.4p mod from 8.9p to mns's hire business *0 any j 
12J8p fully dllured. As forecast in overseas vittiran ia .as? 
at the time of the rights Issue have some impact. Rut eta* 
in November the dividend is the expansion ol car fru 
raised from 3,7l62p to 4.l3p net, could benefit csr sales and k 
w-iih a final of 2.65p. The new charges should be lower I 


Depreciation 

Int<TC*( 

Tn pensloa hmd 

LrjiVltu; 

Share <4 Mandates M ...» 
Profit More tax 


5.B3 

493 

3J0 

tjn 

M 

7MS 


Ta\atH>9 

Net iH-nUt « 

Minnriltos 

Atintwtablc 

. Extrsnrdmiry credits 

Prcfon*tu.v divs 

ordlnarv — — 

BdalRt’d 


S.8IS 

....» 

11 

&3S 

til 


Mfi 

3£« 


shares do not rank for this divi- to tile rights issue. Ai M 
dend. fully diluted p/e of 3 9 . 


The directors explain that the of 8.3 per cent, is a rating 
object of the rights issue, which perhaps puis too much ent 
raided some £3.Sm„ js to Xupflbcr on the Ley land involvemb 



1977 :ws 
luW HW3 
X.IM 

r..>tr 19.142 


ERF profit 
climbs 


Hollas well up midway 
despite Bonas setback 


programme in 1975-76 (costing 
almost £400,000) and the group's 
decision to concentrate its invest- 
ment in specialist printing areas 
where demand is less likely to be 
affected by economic recess on. 

Security printing (almost entirely 
cheques), educational and special- 
ist book printing and packaging 
now form the three main profit 
arms while the group has been 
gradually reducing its investment 
in the more volatile area of print- MARKET RESEARCH group AGB 


AGB 40% 
higher at 
halfway 


compare with extraordinary debits Pre-tax pram 

The interim dividend is doubled - 

to l.lflp and a supplementary wlnSu’eic ~ 

0.0 105 p will be paid. On the Tax an mi 

assumption that dividend control oruc: 

will not extend beyond July 31, £* t ?°”i 1 ll } ,ry deWls - 

1978, directors intend paying a pwiffis 

doubled final dividend of L39Sp Reunited 


•;.4iS 

•.•J.973 

I. 707 

J. nTS 

r^s 

■*033 

B7 


SJC8 


vsa 

959 

3U 


market share to 15.5 per cent 
1 12 per cenL). 

S weeks Year 

ronl m? DESPITE THE absence of any at March 31 1877 had rift 

Sato alswi ifttro contribution from the newly considerable shortfall ol 

Trading' profit i,sm m isso acquired Bonas Webb, profits or tanpible ussels due mitt 

imprest ft* 9c 179 the Hollas Group expanded trading losses. At that tit 

Pre«x profit — u» « » sharply from £285,737 to £455,078 expressed confidence Out! 

Ncf profit J.4* 4H7 in the six months ended Septem- changes made at B\\ should 

Dividends .......1- 111 «. iw ber 30, 1077. And Mr. Tony a^bout an improved posipoa i 


zu 


to £1.56m: _ 

Rciaiord 1.304 4S1 Era Lawson, chairman, is confident the end of 1977-78. 

„ MAINLY THROUGH increased t Ro«ar«l in aocordantc wiih Jbf com- that lhjs momentum will be main- The interim dividend ir 
■ vehicle sales in the U.K., improved !gL^»* gJtg » M ““ iained in U^Tiood haU. The mKtim dlu,l ™ d “ 

margins and more efficient , Referring to Bonas We 

utilisation of production facilities 


a* 

560 


. . by 10 per cent, from Q89£- 

Webb he q. 983 p— the total for 1976-7 

_ Comment states that while certain benefits 4^3^ paii f rom profit 

than . . have come from tbat company, its rnw.m * 

net per lOp share. tTnuUn® results far d. and a. flridow doubled taxable earnings from ERFs interim ligures look. impres- lading performance was far 

Earnings per share are shown f,or mi,Dths - £628.000 to £1.56m. for the 28 sive with sales up 41 per cent UO rse than had been anticipated. Ui -y ^ 

at 5.1p (1.73p) and net assets per m comment weeks to October 15, 1977. and pre-tax pronts^almost 150 per Despite changes to greatly ira- i 


sa' ERF (Holdings) more 


whoso cent- bfeher. Production is pr ove the BW management no Group turnover ifcj«8 l H8'f 

WHUSV CA nahlaUi a uiulr . .. .n — — wm -■ 


roirmereS currently up to 60 vehicles a week contribution can be expected until 3^Xn Pr * m 1552 ; 

commercial <*omnares with a Drevious id-to to Taxation - -*-*•* 


. • tiHurlm dividend 

August the chairman re- Minmny 
that the BW balance sheet Retained 


M.57! 
M#.-! . 

U6.4ti :■ 


current year sales totalled 9 
compared with $404m. 0v» , 


share are at 60.3p (42p). hy the crouo 

... „ . . . . - • _ ^ The increase in asset backing Adjusting the 1973-76 pre-tax inrimte 

ing contract work. Meanwhile Research boostedpre-Lax profit 40 ^ ems from a £250,000 surplus on figure to a 52-week — ! J interests lnnuae 

associate earnings are up by 135 per cent from S380J76 to S32.661 the revaluation of freehold latest advance from S 

per cent, reflecting a continuing »“ W* October 31, 1977, half year properties in Leicester, a release hotelier and caterer xveo outrun cio oc m n.Qi m ' a 

strong recovery in BraadL The an burnover 38 per cent ahead at of £330,000 of deferred tax, as well rises from 39 to 42 per cent. .£L,p for the first 11 months of 

shares at 23Sp (up lip) yield 9.4 £ *^ 1ul 0 , . . as retentions from last year of Nearly WMhirds of that gain ® cnp ^ so 1977 indicate 53 vehicles against 

on a p/s of 5.3. Mr. Bernard Audley, chairman, £189,000. comes from an initial contribu- announcea ‘ 39 last year, a better rate of icciir MFIlifC 

. . says the picture for the remainder tion in the second half of £333,000 Mr. Peter Foden, the chairman, advance than Fodens 38 (S3) and H£wl» 

iriTn'iuin - f looks good, and satis- • comment from the D. and A. Haddow off- say's that the improved profits Atkinson unchanged at 63. ERF 

IJL1KAMAK - - factot? progress on last year’s licence chain, purchased in July, reflect a return to levels attained is making headway on the back T 

total ^-008,879 profit is expected. Halma's impressive growth record The outurn from the hotel and before the depressed years of of increased demand in the UX JuUIlllUll (IlIUlv 

in iSJSShS Kiflhor profits are normally pro- has continued with first half catering side was creditahle 1974 and 1975. The Supis aiming to win back „ ' “ H _ 

£1,696,499 7 per cent unsecured “ H 1 * s “° nd **** because profits shoving a 137 per cent enough during the cradal Apnl- 5^ ^ remained heallfiy to some of its market share lost to for Da 119 **** t0 * 33 - lm - <S242m.) «M 

Lo^stock ia^TS on AxSTso of^sonal factors. increase. The investment pro- October summer penod-pre-tax da ro but he warS thatSdiis- the Europeans and Scandinavians. AUA MJMIA InRs per share increased f« 

^ hare gramme started in I9i2 us now Proffis rose from £714,000 to disputes could still have an Registration figures for the last A London listing has been cents to SI, 03. 

stated at 3.49p (2.67p) as pre- paying off handsomely, e^eciaily £824.000— although the number oi -, pH ?wnf £ on -the fulltime results, few months tend to indicate that arranged for Dana Corporation. On the basis of a recent 

SHARE STAKES vtousiy announced the interim with many group products selling overseas visitors, particularly year pn> g t a record ERF is having some success. In- Klein wort Benson has arranged in .New York of 623 per 

C, R DawM att a Cn - T nminn ? , 1 7id ^ ls down * £rom to *n growth markets such as indus- from Scandinavia, vuvefl £L7m. J due trial troubles at some of its' for the company’s 33.13m. of SI market capitaJhntion of 

Tru’rt uicnntdS nf'iit SniT 1 - 1 F' represents some 50 per tri^ safety and environmental Jubilee Year attracted much of ^ t interim dividend is suppliers have 'caused problems' Common Stock to be quoTed as Common Stock amounts t 
2-f 4300M OrftaarJ shJ? £?■&-■" L ^ -*» h^Hig Jhe tgritt trade to ^London 1 md g “iSJoW “ aii but ElS 4s^aintainhig P prodS from to^iay . S750m. . . 

3 Rriich 'prinHne Qirnoraiion- A 2-058p total was paid particular success with its CasteU jS* share. The final last time was tion though a slight easing in Dana is a major corporation in Dana is offering UX- 

£W r 2SSS; last year. range of interlocks (which pre- SS™?® iJf 8 5 L776923p. registration - figures recentl? is the U.S. Involved in ^engineering the same unique service 

vents expensive machinery being Mixed performance was disquieting. But unless there is vehicle components. The com- American shareholders em 1 


same period net income aftt. ^ 


operated m the wrong sequence) ES" Jo tl Sfl?SE^u?£' achieved overseas with South a dramatic change in demand ERF pany’smajor interests ta the UX is- its Freephona- aervice 

and fire alarm systems; also the &de of O um n BooSkerl in Africa remainiiig strong but should be getting dose to £3m. are its 69 per cent, stake in Brown investors- can; .ting n 
legislation has boosted such pro- ^ut SrSnSnof the Europe suffering from the con- profit for the full year. This Brothers Corporation anda 35 per recorded.:., message con 


British 

Dawn Estates now holds 66,710 " Hair year Tear Casinos and betting suffered 

4 ~ per cent, cumulative Prefer- iwt wm lsrs-rr ' ™ tSPffSe w^e^S «mreV profit ' fal1 “■ ^e second 

ence shares and 8a, 000 per 1 1 1 operatea m me wt^r^ ^quence) from £299,000 to £127,000, due u> ----- - 

cent, (formerly 6 per cent.) "B” Tnrwvw T'Sog'wr? n4.° the saie of Queen Bookmakers in jinica 

CU H^e^hM f GroS.: S SS>any Set profit mjn omItS K» du ? L8 ®* wId fttm « f£?J odds r ac^^ ti ensu?«i th a tinSd - recession in thT'heavy induatesap/e .of 4fl'or 2.4 taking holding In Turner Manufac- 'auv^My 

has been advised of the foOow- to minortues ... twia <349 14.133 and greater awaren^s of the p 0S jtive contribution. With Had- vehicle market a line tbrou^ the low interim taring- ^ 

ing changes in directors interests AarftwribJe ... 222,031 ito.ikt -«s,M7 working environment has created dow more mn irfn F ^od -the Registration figures for heavy tax charge. The yield 15 3B per . The group breaks down Us sales munber is Freephone zn*. 

in Ordinary shares resulting from -H'SS 2'^? a ^ m * rket f° r acoustic covers summing down ofthe book- goods vehicle tractor units over cent, at 146p though the company mt0 111310 divisions: high- Brokers to the London 1 

the partial winding up of estate ^ uc ’™' i for typewriters and telex making operations, analysts are 28 tons gross for the most recent Is hoping to pay out more if it way vehicles, service parts, and are Cazcnove. 

of the late Mr. Harold Needier— • comment machines. The home market has now looking for £2Jfcn. In the three-anonth period show that the can. On a full tax charge the in “ u ^" al Products. In the year 

470.000 recorded as interest of Mr. w been flat f or speeiafeed current year. At 32p' (up lp) the company has increased Its UJK. cover is 8.7, ’ 1 ' * " 

its recent engineering division (shoe making shares stand on an undemanding 



G. H. C Needier as trustee and AGB has continued 


Mrs. H. Needier and her family, growth trend with first half profits machinery). But this has been prospective p/e of 6.6. The pros- 
reduced by 66,000 to 404,000; up 40 per cent, on turnover ahead offset by overseas demand (mainly pective yield is 5.5 per cent. 


We have Just listed our shaves 

in london 



Being heavily engaged in the worldwide highway 
vehicle, service and industrial markets we are well 
aware of the value of after service, especially 
to shareholders. That is why we have decided to 
introduce here the same facilities which are 
available to Dana shareholders in the United States. 

What facilities? A unique FREEphone service 
providing the latest information about our 
company. Dial the operator (100) from anywhere 
in the United Kingdom and ask for FREEphone 2258. 
You will hear a brief recorded message, updated 
every month, with the prior month's financial 
results and any important news about conditions 
affecting Dana. At the recording's end you 
may leave a question which will be 
promptly answered by mail. 


Follow us on FREEphone 12f8 


This is the first time such a service has been offered 
to investors in the United Kingdom. 

And, it is free. We sincerely hope you will use it. 


DANA 


DANA CORPORATION 


A mj[or corporation involved in the. worldwide design, ensmeerin&aiar.utactijrc and distribution’ 
ot components- for the highway vehicle, service, parts and industrial markets. 


EDINBURGH 

DRYDOGK 

Edinburgh Diydodr. pvt < 


ended August 31, 1977 sales of the 
highway division were 31,156m, 

• service parts $3S5m. and industrial 

NPI bonus unchanged ^ «. ^ 

fe sales have risen from 8580m. to Independent Shfp repairers o 

National Provident Institution, all policies will continue at the ~ p ^5°^. n j\| sation formed In January Iff! 

a leading mutual life company; is same rates as previously. irn^wn^f^ executives of London . Gr-,^ 

To 1 ? TEfc iKreoMd its per sfsSS io’ Tirom TESfg JSaff g *BritiS W 

8S C £ S «^r in oe“ 76 o E a S=^ ^vidoods dodged for ft, year ^SS^STSS 

ttus is ^^o jpe ce t of f rom a simple to a compound ended last August amounted to 97 further 89,000 Ordinary A * 

u bonus senes. Since then it has cents per share. — brin ging the present fnSj 

kept bonuses at the same level In the first quarter of the capital up to £100,00(1 


assured and attaching 
For policies issued before 1976 
the scale relating to sum assured 
only is £6.25 per cent for whole 
life contracts, £5.75 per cent for 
endowments maturing at age 70 
or above, £5.50 per cent, maturing 
at age 65, £525 per cent, maturing 
at age 60 and £5 per cent, matur- 
ing at age 50 and below. 

On self-employed pension con- 
tracts the rate is maintained at £6 
per cent, of the basic benefit and 
attaching bonuses.- For contracts 
issued before May 1, 1971, the 
bonus system Is changed to a com- 
pound basis, with a declared rate 
of £5.50 per cent Bonus interest 
on the visible growth fund and 
capital pension plan contracts is, 
however, fixed at 4J per cent, 
making a total addition of 10§ 
per cent compared with 11 per 
cent for 1976. This reduction 
reflects the lower interest rates 
available in 1977 compared with 
the previous 'year. 

Terminal bonuses, payable on 
claims for life policies issued 
before 1976, remains at £2.50 per 
cent, of the sum assured for each 
policy year up to and including 
1969. No terminal bonus is paid 
on policies issued later. The above 
rate also applies to the old a elf- 
employed pension plans. Vesting 
bonuses and interim bonuses on 


NEW LIFE BUSINESS 


PIONEER MUTUAL INSURANCE— Now 
buslncu, 1977, shows ordinary branch 
net new sums adored rTj.7m. (Bs.-tnO. 
not new ajtaual premiums JE7B3.0W 
<1435.090), single premiums SSOSBJM 
>£98,000). Industrial branch new sums 
assured ns.Bm. flS-Sm.). new annual 
premiums fi.M&dOO i£Sl5.000i. Total net 
new sums assured £92. 6m. (fUJm.i, net 
neu- annual premiums 11 ,909,000 
i i l . 253.000 ) . slnsta premiums £3^239.000 
(£98.000 1. 

NATIONAL PROVIDENT INSTITUTION 

—Record new business sales in 1977. 
Annual premium* rose 14 por cent, to 
£l3£m. i£iijm.) and now sums assured 
increased by 23 per cent. 10 E42.71B. 
£ 197.0m.). Single premiums were £8. Dm. 
ifMllLl. 

NATIONAL MUTUAL LIFE ASSOCIA- 
TION OF AUSTRALASIA— In Croat 
Britain and Ireland new assurances 
totalled C(32 di. vi»6^m. (or tB7d\. New 
annual premium^ £0.95m. <£1.4ni.>. 

HEARTS OF OAK BENEFIT SOCIET v 
—Fo r 1977 now annual premium income 
£972.038 iS4S2am. conskstlna pnoapaUr 
of £S3fi.OSO IE436.07S1 in respect of con- 
umilonaJ life btoiucss and £330.000 
fJS95.ua' uv respect of prop er ty, linked 
business. Ib addition, new siPdte pretninm 
income £37.720 (££3,679), 


This advertisement is issued in compliance with the requirements of the Qfflpol of 
The Stock Exchange in London. It is not an invitation to any person to subscribe 
for or purchase any securities of Dana Corporation or its subsidiaries. 





DANA CORPORATION 


(Incorporated with fitofted .liability Tender the laws of the Commonwealth of 
■Virginia* United States of America) 


SHARES OF COMMON STOCK 
(U.S. Sx par value) 


Authorised 
So^ooojooo shares 


Issued and fully paid at 
. 23rd December, 1977 
33**44)150 shares 


The- Co un cil of The Stock Exchange in London has admitted to the Official List all 
the issued shares of Comm o n Stock of Dana Corporation. 'Particulars relating to 


Dana Corporation are available- in the statistical service of Karrel Statistical Services 
Limited and copies of such, particulars may be obtained during: usual business hours 
on any weekday (Saturdays and public holidays excepted) up to and iwrfwriing 
3isc January, 2978 from: 


KLEINWORT, BENSON LIMITED 
ao Fenchurch Street, London, EG3P 3DB 


CAZENOVE&Co. 

-12 Tokenho use Yard, Lond on, ECzR. 7AN. 






23 






yt&amriaTTimes Thursday j hnuai y 1 2 IS7S 

side 



° J > boosts LBI 


Abbey near 
£lm. at 
haJftime 


BOARD MEETINGS 




'.l 33J) PER CENT, advance m 
' tax profits from £32.2m. to 
43J2m, is. reported by Lloyds 

r tanfc International for tire year to . The -uaiovimt oma*an now notified 
.eptember 30, 1977. dales of Board meetings to the stock 

Operations related to LsSn SS"^ «££ 

5, menca contributed some- 55 per divWewJa. pefoai tsdtcaiHms an not 
jnt. (40 per cent.) and those of anflibie whether dnidewia Mncerued 
■ urope and the U JC. some 33 per ^srims « finals aad the mtb- 


(44 per cent). The balance 
, ;«ne from operations related to 
-;.'her parts- of the world, approxi- 
' ately the same percentage as 
l-.‘ st year. . 

A direct 


WITH TURNOVER £U6m. higher 

latter figure was given as £643 « «*£*£ 

in yesteniav's resort industrial group Abbey almost 

>Wl ^ layS repCn ’ doubled from* £472,000 to £924,000 

In the six months to October 31, 
1977. 

The result is after interest of 
£567,000 (£654.000).. and is subject 
lo tas of £823.000 (£236.000). 

Directors are confident that the 
group wifi sustain the progress in 
the months to come. Profit last 
year was £im. 

They say the Board reviewed 
the valuation of development land 
owned by the group at October 31 


divisions shown below are based tiuitnly 
on last year's time-table. 

TIMMY 

Interims— Jones Stroud, Kaybeck. Scot- 
tish and Newcastle Breweries. Stroud 

RDey Dnanmond, Eymonds Eagtoeena*. _ 

Floats— Bakers Household Stores MR. JOSEPH PALMER, chairman 


Fenner 
maintains 
uptrend 


?IA a Fenner -»« *. W* and is ^eTtiiat £ prions 


: ; :j. suits for last year and those for togs) told the annual general 

- "i mis should take into account sub- t£k uSEt- 1 ImS* i f!*^ meeting that performance of the 


■~^:ential exchange movements in Securities. 

>th years, which have affected ■■ FOrtutE dates-. 

: ;; ,, e sterling value of the bank's ' 

vjrfcing capital. Last Sn * WB 


v . ■ v ■* .tzt — ■ — ■ — year’s Courts it—wiw) _ 
’ change differences added £6_7 bq. uaw lujsnraifcnral „ 
d ^^?bi whereas this year there Dmfcswje 


Kr- 


'us a reduction of £7.1 m. 

W*,. 

'-*« before, ax 


l r»,t profits 

Mj.. Mflty profits ...... .. 

: lmrtlnory. credits? 

. * l-Mlable 

"“•r'WMdS .. 

■■ j.aiMd __ 


lflrwr 

son 

U3425 

24.248 

13^73 

388 

. -235' 
i s.m 


Dittos pboioprapblc 

. MXM, Holdings -w 
1975-3S Ifb&ud Trust .2-. 

SOOO MJnia rcbrlsumlKTl 

Priest tBenJamJn) \ 
Property Security "Invest. 


against book -value are necessary. 
... The interim dividend is up from 

U-K. companies In the early 0.4S73p net per 25p share to 
month of the current year had 0^i25p and wifi absorb £190,734 
Jan. 27 continued the trend of the latter (£114,441). .. • 

Jan. ir part of the previous -year, and 
£"*2J their aggregate turnover and pro- 
j~ $ fit for the first quarter were 
Jan. 3* ahead of last year. - 

Jan. 5« The order 'book remained good 


wjm 


• Provincial. GUfis Trust 
Sierobwg 

SterBus Credir ....... 

Flnab— 

-Abbey Panels 


t Amended. 




35.058 
-17.144 
' SS£ 

•J^Sl 
ISSI 
1M 
ujn 

■'< .. Dabbs. fMade to. of net profit on 
." of certain snfirtdlary and associated. 

r. names J4M.000- (£527.000 loss), net 

• . ' Change and-, valuation deficits on .fixed 

,i ' v .4.*t» 027,000 (nui. nod expenses rotated 
' • “ i.. i, be tesoe of loan capital nil in.B54.cwoi. 

' /' ' r. rbe main reason far an appar-' 

. " increase in the tax charge 
,. Lyra 47 per cent to 56 per cent. 

.. . 3 that exchange profits, last 

... -’-r^rand losses this year on the 
1 ‘ • Ov.^rftmg capital of overseas sub? 
i.i Ciary companies were Included 
i-..y k • the profit before tax • Without - 
■ ■■ s- K se amounts, . which are Dot 
’• . --'.uctlble or chargeable for tax 

v .poses, the charge in .1977 
■.-• ’.hi r, 3ld have differed from that in 
.ii-V-5 by I®** than 1 per_cenL 

, dividend is recom m ended vide business information services 
•i*r w “°f net P£Qfit wifi be by electronic transmission to UX 

•’ 111 - and international markets. 

• ansion of LBL • 

See Lex 


^ in all sectors of - ILK- business. 

Trust Jan. 17 Export business for the first 


_ Jan. u three months had been substan- 
jSm tiaHy increased. ..but margins 


remain . depressed due to hiefajy • rae airectors at piasoe mo 
"cnmnortHTO hudhiff condittoiM in man ofacturers Frederick 


F. W. Evans 
very optimistic 
as orders boom 

The directors at plastic mould- 


_ Jan. is competitive trading conditions, in 

BUrndeflawD0gla« *D overseas markets along with “*■■*» l00 ^. ^ t he J2£ 

5SS?g-5” k Metai lndttStriea - ^ ^'Sie.^^g^Trepo^ed. ‘ - Jntake owr ** six months 


a U iW currently in band np 25 per cent 
Africax>_ companies bad faffed to on ^ ~ i--. Mr 


has been a record with the volume 


FT and Extel 
to form 
new company 

The financial Tiines' and the 
Exchange Telegraph Company 
(Holdings) will establish shortly 
a joint , venture company .to .pro- 


mateft their previous year's profits 
in the first qnartpr in- very duff 
trading 1 -^ndStions, which were 
expected to^mDwve-nr-itofe^ooin- 
ing months. - The 


on the same period. last year, Mr. 
“ tells 


R.- W. Evans, tha chairman 
members. 

. Because -of the large spread 

, iftover industry of its 1,300 eus- 

perfonaances tomers thfiurise-and fa»4n market 


elsewhere had been much in line conditions is tempered allowing 
with expectations said Mx. Palmer - 


It will be known as FtateL and nnnT ,j mu w* caiwuss. 

will be mined 53 per dent by the Sfu f nif A* reported on December 7. for 

FT and 45 per centby Extd, with SSSP* ^ year t0 September SO. 1977, 

annal mmAMBiilltr (a, TnonawA. engineering gTOUp. has decided taxable omfir advanced 1 


the company to make solid steady 
progress he says. 

The current year’s performance 
will benefit from investment in 
new automatic machines and new 
cooling systems have been con- 
structed for the injection shops 
and the DMC compression shop 
wifi allow considerable expansion 
_ . . _ x,. .. . m both departments. As in the 

Taking the rfgw that the^ Swi» past all this expenditure is being 
likely to remjuti financed 0 ut of earnings. 


Tubes to 
redeem Swiss 
loan early 


Franc 


••Vy 


■ "-f. 

U-J 


Revenue ahead 
-it Investors 

ell up nii£ apital 
lonas setlil 


jss . revenue ; of 
itaf Trust ’for the 
.ember 30, 1977. 


2S tStSSSm its B ^Jn5to. 6} per 

ment - cent, loan 1971-1986 in April. 

The chairman will be Mr. Jnstin The Swiss loan will be re- 
Dukes, joint manag ing director of financed with a multi-currency 
the FT. the deputy chairman will borrowing, including .- a smaller 
. be Mr. Alan Brooker, Extel quantity of Swiss Franc revolving Ar Vear 

Group mana ging director, and the credit and some P-anaHian dollars. 1 y 

other directors wDl be Mr. Alan A significant part of the Swiss 

Investors Hare, FT chairman, and Mr. borrowing in 1971 was earmarked 

year to Michael Dineen, a director of for capital spending In Canada 

advanced Extel chlefiy to increase Tube’s 50 pe: 


taxable profit advanced to £320,402 
(£196J279) on turnover of £1.5Bm. 
(£L2lm.). The net dividend is 
lifted to 0.533-p per lOp share 
compared with an * equivalent 


end net liquid funds 
were up £28,632 (£71,599) with 
bank balances and cash was lower 
at £34,616 (£115.984). 

During the year plant worked 


. £2 - 62ra - to m*m. and net The new company’s fim activity clnada to lOO * ttere was 30 added advantage of 

■nue available to - holders to the Post Office- vreWdata ser- Sd -Safthe Swiss neater efficiency and productivity 

• £' 4X»yed from £0.77ra. to £i-12m. vice, which Is launching a market h SLiSvVS from 0BW 

• . net final, dividend of 1.0 Sp JSSS^lII tSST?dS Mt’ tiS tt 

Saturn opens 
in Scotland 

Saturn Management, the lease 
constoJfancy arm of M. W. Mar 
shall' Investments Group, has 
opened an office in Glasgow. 

The' new office will service 


M. & G. Dual 


-yn to be ahead from 12 4p to . t . he , varied demands of 

j • . . LUC. -and International - sttb- 

-- . . scribe rs, receiving the infannation 

r- November 30 the net assets on : visual display units and/or 

e per share was 95.4p (835p). printers. 

New services will be developed 
.primarily from the existing activ- 
ities and data bases of the FT and 


Kmg&Shaxson 

Limited 

52 Condi itl EO 3 PD 
. - illt Portfolio Mamgmnt 

' . Stnla Index 11.1.71 

Hollo I locanm Offer 93.43 
Bid vino 
Hollo II Capital Offer 137.21 
Bid •' 135.96 


improves 

For 1977, revenue of M. and G. 
Dual Trust shows an improve- 


M.*£r P «c^f” SBLrt? JWLSJF** S,«m-»”c.le n rs OJS 


REAJBROOK TRUST 


Revenue, before, tax. of Rea- 
brook Investment Trust expanded 
from £11578 to £44,643 in the six. 
months ended November .80/ *977? 28S.48p against 175fi6p 
Due to a typographical error thp£ $rte 'a year earlier. 


subject to tax of £337.370 
pared with £306,603. 

The net final dividend is 6-35p 
raising the total payment from 
9.9p to ll-3op. 

At December 31, 1977 the asset 
value per 10p Capital share was 
'on that 


_ and 

the North of England and will 
specialise both in equipment lease 
consultancy for the public sector 
and money management. 

Saturn's Glasgow office is the 
first branch to be opened by a 
major leasing Intermediary and 
underlines the growth potential 
of the equipment leasing market. 


ThisannouiKcmeDtappcarsasaittattcrofrecoixloflly. 

30 

AUTOMSTAS DEL ATLANTICO 

C.E.S.A. 

DM 65,000,000 

Fixed Rate Loan Due 1984 
guaranteed by the 

STATE OF SPAIN 

This financing was arranged by 

BAYERISCHE LANDESBANK GIROZENTRALE 

as Manager 
and 

BADISCHE KOMMUNALE LANDESBANK GIROZENTRALE 
LANDESBANK RHEINLAND-PFALZ GIROZENTRALE 
NORDDEUTSCHE LANDESBANK GIROZENTRALE 
WESTDEUTSCHE LANDESBANK GIROZENTRALE 

as Co-Managers 


V. 


and provided by 


BADISCHE KOMMUNALE LANDESBANK 
GIROZENTRALE 

BANKHAUS DAGHOFER & CO. 


BAYERISCHE LANDESBANK 
GIROZENTRALE 

DEUTSCHE LANDERBANK AG 


GRUNDIG BANK GMBH 

INYESTmONS- UND 
HANDELS-BANK AG 

NORDDEUTSCHE LANDESBANK 
GIROZENTRALE 


BANK OF TOKYO (DEUTSCHLAND) 
AKTIENGESELLSCHAFT 

BARCLAYS BANK INTERNATIONAL 
LIMITED 

BREMER LANDESBANK 


GIROZENTRALE UND BANK DER 
OSTERREICHISCHEN SPARKASSEN AG 

HESSISCHE LANDESBANK 
GIROZENTRALE 

■ LANDESBANK RHEINLAND-PFALZ 
GIROZENTRALE 

WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 




AUTOPISTAS DEL ATLANTTCO, C.E.S.A. 
has been advised in fee negotiafiona by 

BANCO DE BILBAO, BANCO HISPANO AMERICANO 
and MANUFACTURERS HANOVER LIMITED/BANCO PASTOR, 

in cooperation w ith the following shareholders: 

Caias de Ahorros de Vigo, Ponlevedray Santiago de Compostela; Banco del Noroeste; Unr6n Industrial Ban earn; 
BancaMas Sards; Banco Occidental; Banco Industrial del Meditenaneo; Banco Inlemaciosul de Comeicio; 
... Banco de Baicdooa; lira Finandoa; Plurinwr. 

November 3rd, 1977 


rt" 1 


A FINANCIALTIMES SURVEY 


/ 


EUROmdRKETS 


The Financial Times is planning to publish a survey on Euromarkets on MONDAY, 6th FEBRUARY, 1978 
The provisional synopsis is set out below. 


1 1)1^ 

\W\* 








Introduction.. 

1977 was the third successive good year 
for the Euromarkets. A record amount of 
new funds was raised.on both the Eurobond 
and Eurocredit Markets. Flush with funds 
. and faced with stagnant domestic loan 
- demand, banks continued to expand their 
international lending rapidly, pushing down 
margins to levels not seen since early 1974, 
and extending maturities-Towarris the end 
of 1977 there was a sharp faU in Eurobond 
activity, as a result of currency uncertainties 
and higher U.S. interest rates. In the 
Eurocredit sector, however, there was no 
let-up and some bankers were becoming 
worried that the mtemational banking 
system might be over-extending itself.. 

International Liquidity- 

. , The origins arid extent of the rise in 
international liquidity in 1977 were the ; 
subject-of a fierce debate- 

Currencies and Interest Rates. 

The sharp fall in the dollar, combined 
with’ the increase in U.S. Interest rates were, 
along with the rise, in international liquidity, 
the most important elements in the inters 
national capital market activity of 1977. 

Central Bank Supervision! .. 

The thrust of official policy continues to 
be towards increasing the information 
available on the market However, the - . 


authorities took further steps to increase 
control of U.S. banks’ international lending 
in 1977. In the U JC the main development 
was a challenge to the Bank of England’s 
technique of controlling the London money 
markets, as a result of the complaint to the 
European Commission by the money brokers 
Sarabex. In Switzerland further steps were 
taken following the Chiasso affair. 

Medium Term Lending. . 

New loans in record volume were 
extended in 1977. However, the pattern of 
lending shifted markedly away from the less 
developed countries and towards the small 
European countries. The squeeze on margins 
caused some banks to slow down their rate 
of lending, but there were still a sufficient 
number involved to ensure that rates 
continued to be cut By the end of 1977 
maturities had lengthened to ten years, and . 
thespread for prime borrowers was down 
to | per cent. Both of these were still more 
favourable to the banks than the conditions 
that had ruled in 1973. However, with a 
' number of past borrowers facing problems 
in repaying their loans, the volume of new 
.lending was. undoubtedly causing some 
concern. 

The International Bond Markets. 

While activity in the Eurobond Market 
reached new records last year, the amount 
raised on the international bond markets as 


a whole was somewhat lower than in 1976, 
as a result of the fall in foreign bond issues, 
particularly in New York and Switzerland. 

In the last quarter of the year. Eurodollar 
bond activity was running at low levels, but 
D-Mark issues continued apace. The year 
saw the first Euro-Yen issues and the develop- 
ment of a fledgling Eurosteriing bond 
market. 

Export Credit 

This large sector of the international 
financial markets became the arena for 
international competition in 1977, as 
Governments sought to expand foreign 
demand for their goods in order to provide 
some compensation for low domestic 
demand. 

Legal Issues. 

The suits launched against European 
American Bank and the suits concerning 
Nigerian cement contracts, were among 
developments which have focused Euro- 
market attention on legal issues recently. 
Jurisdiction other than English law has 
increasingly been used for loan agreements, 
notably U-S, law and, in the case of Comecon 
international bank loans, German law. How- 
ever, this may change if the State Immunity 
Bill, currently passing through the British 
Parliament becomes law. 

International Debt 

There was a considerable improvement 


in 1977 in the volume of information avail- 
able on individual countries’ foreign debt 
and debt servicing capacity. The position 
varies considerably from country to country’. 

Sectors of the Market. 

U.S. Banks 
German Banks 
Japanese Banks 
Euro DM Bonds 
Swiss Bond Market 
Yankee Bond Market 
Eurosteriing Bond Market 
International use of the Yen. 


For further details concerning this Survey, 
contact Robert Piper 

Financial Times, 

10 Cannon Street, London , EC4P 4BY 
Telephone 01-248 8000 L Ext. 389 


:1 V 


FINANCIALTIMES 

EUROPE? BUSINESS NEWSWPER 

The content and publication dates of "SunT&s -in “Eb^ Financial 
Times are subject to change at the discretion: of the Editor. 




24 


MONEY MARKET 


Large assistance 


Bank of England Minimum 
Leading Rate 6] per cent, 
(since January 6, 1978) 
Day-to-day credit was in short 
supply in the London money 


the market overnight and for 

seven days. 

Discount houses paid around G 


houses at Minimum Lending Bate 
of 6 1 per cent. 

Banks carried forward surplus 

balances. Government disburse- per cent, for secured call loans in 
ments exceeded revenue payments the early part, and closing 
market again yesterday, but the to the Exchequer, and the market balances were found at 5-6 per 
scale of assistance given by the was also helped by a fairly large cent 
authorities was rather less than fall in the note circulation. On In the interbank market over- 
on previous days. The total the other hand there was a slight night loans opened at 6j-GJ per 
amount of help was large, taking net take-up of Treasury bills, and cent., and increased to 62-6J per 
the form of moderate purchases further funds from the call on cent, before easing to 4-5 per 
of Treasury bills and a small 10!- per cent Treasury 1999. cent., but rising to 6-7 per cent 
number local authority bills from The market was also faced with in very late trading, and then 
the discount houses. The Bank maturing local authority bills closing at 5 per cent, 
of England also lent a small held by the authorities, and Rates in the table below 
amount overnight to two or three repayment of the money lent to nominal in some cases. 


Jan. 11 
13(3 

Sterling 

Certiiiiate 

■ ■r >le]i->vits 

lnierbanb 

Lc-ltl 

Am!i«ntv 

ilfpNI" 

L-k 1 A nth 
ntrs- -liable 
>»>nda 

Finn nets 

Hiiu-ie 

Depo*ila 

CompniT 

Depneita 

Ll inn amt 
niarWtt 
dc pintt 

T»e«5iirv 
Bills <f> 

EliCtiJe 
ban 1 . 
B-.IU 4- 

T;ne Trade 
Btlin 4> 

■ 1 verniclit 

_ 

A-7 


_ 

_ 

7 

5-6 '2 

_ 

— 

- 

2- tarn net ice... 

— 

— 

6ia 

— 

— 

7 

— 


— 

— 

7 days nr 
7<lav*DntHre... 

__ 

6i 2 -6i, 



6l 2 -67 8 

_ 

6L«-6>2 





One moirth 




7-6is 

6 1 - -63, 

67b 

6U 

5 --S 

63g.6 V 


T«n mnnrb«... 

63b - 6 ij 

6i(-6,i 


6*5-6 

63e-65e 


b-felg 

9{i-5:s 


6i; 

Tliree miinthi. 

6,„ 6t a 

613-8.'.: 


6t >6 

6ie^i3 

65fl 

6 

6r a -5r‘ 

ee 6 - 

65* 

muni by 

63b^ U 

6U-6IZ 

6U 612 

6 I 5 S7g 


— 

— 

— 

6^,-6-i 

6* 

Nine month... 

aa-6.4 

6is-67g 



6»*-6ta 

67 B 

— . 


— 

— 

— 

One, rear... „... 

Sii'Sjj 


6-‘« -6 -a 

6-B-6>s 

7i« 

— 


— 

— 

— 

Two ten re 

— 

— 

7mj 

— 


— 


— 

— 



Local auihDn'.Ks and finaaci: Vratucs seven daw" notice, niton seven days’ fired. * Lonser-txrm local amhonts tnenaage 
rales nominally three yean 8t-9 per cent.: four years 91-10 per coni.: five rears IBi-IOi per cent. <J» Bank bJI rates in 
table are hnyLu rates for prune paper. Burma rale (or four-mu tub bank bills 6 Hs- 6 Lu> per cunt.; foar-manUi trade btSs 
&; per cent. 

Approximate sell Ins rain fur anc-momb Treasury bills 51-32S 32 per cent.: two-month a;-vl5u> per cent.: and three-month 
5Ui6-32732 per cent. Approximate scOins rate for one-month bank bills 8HJ5i6 per cant.: two- month 6 'jz-C*!: per cent, 

and three-mouiti jiSifi-Sls: per cent. One-moodi trade bill 62-61 per cent.: two-month 62 per cent.: a n d also three- 
month 62 per cent. 

Finance House Base Rates 1 published by the Finance Houses Association! 6 i per cent, from January 1 . tun. a earing 
Bank Deposit Rates ‘for small sums at seven daes* notice 3 per cent. Clearing Bank Rates for lending 64 per cent 
Treasury Bills: Averasc lender rates of discount 3.SS38 per ©me. 


NOTICE OF REDEMPTION 
To the Holders of 

Honeywell International Finance 
Company S.A. 

6 % Guaranteed Sinking Fund Debentures Due 1981 

iS’OTICE IS HEREBY GIVEN 7 that, pursuant to the provisions of the Indenture dated as of 
February 15, 1966 providing for the above Debentures, §534,000 principal amount of said DeJien tores 
bearing the following serial numbers hove been selected for redemption on February 15, 1978, through, 
operation of the Sinking Fund, at the redemption price of 100% of the principal amount thereof, 
together with accrued interest thereon to said date: 


DEBENTURES OF U.S. $1,000 EACH 


31-63 1137 3501 3488 4374 5003 5947 7160 7841 

96 1138 2522 3574 4334 5014 5966 7174 7081 

108 1482 2583 3625 4412 5017 6024 7204 7902 

219 1534 2628 3662 4422 5060 6031 7249 790 9 

220 1546 2746 3671 4429 5073 6048 7310 7965 

266 1703 2748 3683 4430 5140 6049 7313 8019 

1741 2754 3768 4*39 5163 6079 7332 8033 

1745 2756 3769 4478 5168 6111 7355 8034 

1756 2858 3772 4494 5176 6156 7357 8067 

1781 2875 3777 4524 5269 6S6S 7377 8070 

1833 2891 3782 4530 5318 6309 7382 8073 

1839 2897 3894 4551 5325 6329 7394 8074 

1899 2918 3912 4561 5339 6404 7420 8152 

1900 2325 3938 4584 5342 6410 7421 8169 

1941 2930 3966 4618 5415 6422 7440 8206 

2031 2395 3976 4633 5430 6463 7485 8341 

2039 3119 3979 4634 5452 6533 7908 8342 

2160 3161 4078 4655 5464 6550 7539 8414 

2162 3176 4105 4701 5472 6644 7556 8416 

2169 3192 4106 4711 5485 6649 7588 8507 

2229 3241 4130 4718 5502 6650 7628 8522 

2233 3246 4165 4724 5518 6723 7653 8533 

2246 3304 4201 4746 5588 6779 7654 8540 

2266 3317 4224 4776 5595 6780 7660 8571 

2279 3341 4246 4795 5597 6782 7666 8581 

2314 3380 4262 4856 5599 6989 7667 8598 

2334 3385 4277 4904 5609 

2375 ' 3387 4293 4928 5780 

856 2448 3389 4295 4933 5858 

929 - 2450 3399 4322 4946 5889 

1046 2466 3472 4343 4980 5903 

1124 2475 3478 4367 4984 5921 


284 

286 

306 

307 

329 

330 
339 

422 

423 
438 
446 
451 
643 
648 
652 
688 
712 
717 
779 
818 
819 
838 


8786 

8806 

8935 

8940 

8949 

8952 

8954 

8957 

8971 

8974 

8978 

9028 

9031 

9146 

9180 


9803 10567 11170 11822 
5801 10809 11175 118C2 
9811 10625 11187 
9828 10634 11191 
9836 10643 11196 
9852 10645 11215 
9885 10845 11218 
9929 1085 1 11227 
9942 10854 11229 


12357 
12383 
11863 12366 
11914 12404 
11935 12406 


13359 

13375 

13380 

13421 

13510 


7010 7671 8604 
7051 7701 8644 
7071 7727 8707 

7076 7731 8728 

7077 77B7 8739 
7134 7803 8757 


14366 
14373 

14380 

14381 

. 14492 

11939 32458 13530 14502 

11940 12511 13541 14619 
11965 12523 13547 14529 

11990 12524 13553 14542 

9960 10856 11234 12001 12527 13575 14630 

9974 10871 11253 13008 22571 13668 14632 

9980 10902 11267 12020 12598 13682 14633 

10035 10308 11272 12029 12599 13690 14639 

10049 10923 11282 12041 12640 13725 14640 

. ^ 10052 10385 11294 12073 12703 13748 14842 

9185 10072 10990 11417 12099 12710 13765 14844 

9285 10073 11008 11430 12141 12716 13772 14848 

9291 10089 11016 11436 12163 12767 13773 14918 

9293 10156 11018 11440 22173 12768 13778 1492S 

9345 20232 11036 11444 12192 12788 13815 15017 

9445 10233 11041 11460 12193 

9448 10236 11052 11549 12205 

9510 10283 11072 11557 12218 

9523 10301 11075 11669 12257 

9580 10338 11108 11677 12277 

9657 10437 11114 11678 12379 

9681 10440 11134 11707 12286 

9702 10459 11139 11735 12395 

9707 10499 11145 11738 12297 

9724 10543 11152 11768 12300 

9738 10547 11157 11770 12341 13273 14092 

9744 10556 11161 11797 12344 13276 14104 


12812 13817 1503L 
12817 13850 15044 
12863 13853 
12869 13873 
12915 13888 
12917 13901 
12947 13973 
12955 13991 
13072 14081 
13092 14082 


On February 15, 1978 the Debentures designated above will become due and payable in such coin 
or currency of the United States or America as at the time of payment shall be lepii lender for the 
payment of public and private debts. Said Delientures will be paid, upon presentation and surrender 
thereof with all coupons appertaining thereto maturing after the redemption date, at the option of 
the holder either (ai at the corporate trust office of Morgan Guaranty Trust Company of 
New York. 15 Broad Street, New York, New York 10015, or (b) at the main offices of Morgan 
Guaranty Trust Company of New York in London. Brussels, Paris or Frankfurt; Amstcrdam-RoUer- 
dani Bank N.Y. in Amsterdam: Banca Comiuerciale Italiana in Milan; or Banque Internationale a 
Luxembourg S.A. in Luxembourg. Payments at the offices referred to in 1 1/) above will be made by 
check drawn on a bank in New York City or by a transfer to a dollar account maintained by the payee 
with a hank in New York City. 

Coupons due February 15, 1978 should be detached from the Debentures and presented for payment 
in the usual manner. 

On and after February 15, 1978 interest shall cease to accrue on the Debentures selected for 
redemption. 

HONEYWELL INTERNATIONAL 
FINANCE COMPANY S.A. 

By: MORGAN GUARANTY TRUST COMPANY 

OF 1CEW YORK, Trustee 

Dated: January 22,1978 


NOTICE 

The following Debentures previously called for redemption have not as yet been presented for payment: 
DEBENTURES OF U.S. $1,000 EACH 

3793 3964 3968 4116 5275 7263 7438 7492 7504 7517 10603 12836 


Notice of R edemption 

Mobil International Finance Corporation 

U.S. $35,000,000. 7% Guaranteed Bonds 1986 

NOTICE IS HEREBY GIVEN" that pursuant to Condition 2 of the Bonds, $620,000. aggregate 
principal amount of such Bonds of the following distinctive numbers has been selected for redemption 
on February 15, 197S at the redemption price of 100% of the principal amount thereof: 

St.000 COUPON BONDS 

At 78 2703 5381 7821 
92 270* 5384 ~ 

129 2710 5385 _ „ 

148 2997 S444 8177 10115 11825 13338 14792 1G489 18690 20641 23284 25180 27431 30167 32131 33633 

179 2999 5447 8179 10135 11834 13408 14803 16501 18781 20659 23307 25209 27522 30220 32180 33688 

278 3000 5944 8287 10136 11839 13S13 14813 16516 18798 20796 23381 25246 27564 30267 32209 33696 

281 3159 5582 8288 10186 11949 13523 14955*16368 18890 208 LS 23411 25274 276S4 30319 32257 33753 
307 3161 5585 8290 10203 21960 13532 14964 16582 18902 20946 23479 25310 27694 30369 32286 33757 

400 3162 5649 8380 10249 11964 13628 15103 16596 18992 30968 23509 2S341 27783 30416 32361 33821 

414 3256 5666 8461 10267 12079 13643 15358 16663 15002 21095 23579 25372 27825 30466 32417 33884 

490 3257 5881 8462 10272 12173 13648 15370 16672 19090 21117 23604 25409 27909 30511 32438 33887 

521 3461 5883 8466 10405 12185 13763 1S376 16737 19103 21244 33673 25436 27957 30561 32617 33946 

539 3464 6388 8532 10427 12186 13756 15483 16744 19164 21261 23696 25473 28036 30608 32568 33949 

721 3577 6396 8533 10567 12276 13847 15494 1680? 19203 21386 238S2 25502 28084 30S54 32591 34068 

763 3695 6450 8534 1056B 12285 13856 15506 16817 19278 21401 23B84 25533 2816S 30707 32641 34069 

833 3821 6455 8592 10t>32 12286 13861 15602 16874 19295 21623 23942 25563 28208 30749 32664 34129 

884 3823 6598 8691 10695 12383 13945 15615 16890 19373 21541 23973 25593 28288 30801 32716 34134 

956 3825 6599 8695 10636 12455 13953 15626 16941 19386 21680 24033 25622 28329 30846 32735 34193 

987 3956 6600 8829 10799 12464 13963 16715 16956 19461 21789 240S9 2S65S 28452 30893 32793 34294 

991 3358 6709 8832 10810 12470 14047 15734 17009 19471 21813 24143 25779 28527 30938 32808 34352 

1056 4099 6710 8870 10817 12534 14056 15740 17019 19546 21922 24202 25819 28647 30983 32866 34452 

1676 4103 6792 8950 1Q90S 12611 14123 15644 17071 19558 21942 24228 25937 28695 31028 32884 34509 

1099 4254 6793 9052 10918 12624 14139 15936 17079 19627 22049 24283 25976 28811 31075 32937 34608 

1196 43X9 679B 9054 10923 12696 14143 15949 17229 19646 22067 24315 26095 28884 31169 32955 34663 

1219 4320 6859 9086 11001 12761 14208 15956 17240 19727 22172 24369 26130 28925 31206 33006 34765 

1236 4507 6863 9143 11019 12758 14223 16037 17381 19792 22192 34396 26247 29040 31258 33078 34819 

1414 4509 7130 9172 11091 12766 14225 16049 17531 19805 22411 24449 26280 29106 31298 33092 34934 

I486 4637 7132 9220 11177 12812 14301 16062 17547 19869 22437 24475 26396 29157 31345 33152 34977 

1530 4638 7133 9226 11188 12821 14306 1C 133 17678 19880 22631 24627 26431 29334 31385 33162 - 

1602 4664 7300 9291 11189 12828 14366 16147 17690 19956 225S3 24552 26583 29443 31430 33221 

1672 5052 7361 9295 11252 12968 14375 16160 17930 20159 22645 24630 26638 29483 31470 33289 

1701 5054 7362 9310 11261 12983 14385 16225 17962 20173 22666 24677 26835 29543 31638 33355 

1743 5057 7366 9499 11267 12985 14437 16245 18078 20226 22756 24785 26872 29633 31725 33368 

2858 5136 7634 9737 11397 13117 14448 1G2S3 18096 20291 22778 24830 26976 29704 31773 33423 

2567 5139 7636 9769 11398 13131 14457 103 16 1B209 20306 22864 24857 27012 29759 31854 33432 

2574 5140 7816 9873 11540 13132 14503 16335 18222 20353 22892 24902 27114 29309 31 BBS 33494 

2578 5286 7819 9877 11563 13260 14520 16341 18343 20374 23000 24927 27153 29969 31937 33499 

The Bonds specified above are to be redeemed (a) at Citibank, N.A„ WCG Band Services, 
111 Wall Street, New York, NY 10015 or lb) subject to any applicable laws or regulations, 
at the main offices of Citibank, NA, in London, Frankfurt/Main, or Milan, at Citibank (Belgium) 
S_A. in Brussels, or at the main offices of S. C. Warburg & Co. Limited in London, Dcutscbc Bank A.G. 
in Frankfurt or Kredietbank S.A. Lnxcmbourgcoise in Luxembourg. Upon presentation and surrender 
of said Bonds, together with all unmatured coupons appertaining thereto, payment will be made on 
February 15, 1978. At the offices referred to in (b) payment will be by a Uni led Stabs dollar check, 
drawn on a bank in Neu- York City or by a transfer to a United States dollar account maintained by 

the payee with a New York City bank. On and after the redemption dale, interest on the selected 

Bonds’ will cease to accrue. The amount of any misang umuatured coupons will be deducted from 
the sum due. Coupons maturing February 15, jg?s, however, should be detached and presented for 
pavmcnt in the usual manner. 

MOBIL INTERNATIONAL FINANCE CORPORATION 

By; CITIBANK, N.A., 

Principal Paying Agent 


January 12. 1978 



EIS £1.4m. purchase 
from Weir Group 


Financial Times Thursday ^ Jaamar^ 12 W7B - 

Gulf Asia buys ' 
more 

.i 

In connected deals worth over the local nunuclna director. ndl' 
£650.000 «;nir Asia Pacific, a J. W, D. Cooper. Subsequently tit’* 
Private company registered in xharehqWlnKB in Sanger AurtraiG 
Hon* Kong, ha-t token a 95 per will be 51' per vent. Sanscr, 40 pc . 
vent, stake in J. K. Sanger, the rent. Uulf. and 1) per cent, ill ’ 
meat trader, .and a 40 per cent. Cooper 



stake in Sautter's Australian iwb- 


In the stock market ycsteriU 
Sanger's shares fell 2p to -tup. 


ANGLO-1N DONEMAN 
BUYS JENKS & 
CATTELJL STAKE 

The Anglo- Indonesian Corpor- 
tton has acquired I86JM0 siwrt 
in .tank* ami Cattell at so,Vb 


Electrical and Industrial Securer France and follows Urn recent reached on arrangements to sell 

ties has bought C. F. Taylor launch of its FreshFiclds camping Federated** 15LS2 per cent, stake *“*•«>■ , - 

(Holdings) from Weir Group for and caravanning holidays. in Tloxide Group. Mr- -fames S-inger, executive 

JEl.4ra.eash. Irrevocable undertakings to -^auwan vt jMUWjiaM , yc^ter- 

Of this Xlm. is payable on com- _______ r , Dr:j accept the offer of 33 Dalgety day that tlie *£2|S; 

plction, and the balance in eight CARLESS CAPEL Ordinary for every 100 Federated ^ <*f ® u, ®5f ■J2” 1 

equal instalments spread over two Carless. Capet and Leonard has have been given Tor 22.9 per pent, companies, aim- 

years. An additional ccn?:dcr3- allowed its bid for S- A. Richard- G f (he Federated capital. ,m .° 

Hon. which is limited to £500.000. son to lapse after receiving Documents containing - the- P * c Eas * a iVL, JSfli « 

is payable on the basis of £L50 acceptances in respect of 29,109 formal offer wilt he sent to where the demand tor _ meal w 

for each additional £i by which shares. Federated shareholders *s soon as ® u! P"£ *£■ .**T u . , 

average pre-tax profi:s and in the opinion of the directors possible. . the jack of stripping wmen s j,arc. being thi* H4ke forrarf 

interest of Taylor exceed £700.000 of Carless, no information about Gulf would be able to supply alon S . held by Catcl Trust. This will gn 

annually for each of :hc years Richardson has been released nonoCC with sood representation. tht* . Corpora Mon ML38 per «nt ; 

1978 and 1979. Net book value of since the offer v-as made which IsvJ rKUOCo Gulf i> a ** substantial shipping Midlands based garden to 

the assets being acquired by EIS would cause them to alter thwr Mr. Roy Hattersley. Secretary of and trading company with about general engineering huaimi 
is approximately £I.75m. view of the fairness of the state for Prices and Consumer 40 offices worldwide but par- illK . ' 

EIS will continue the policy £55X000 offered. Protection, has decided not to tfealarly in the Far East. Australia, 

initiated by Weir dorms 1977 or refer the following proposed New Zealand and the Middle East, gentn^ ™mcr Ce^oiirT, 

concentrating the activity of . rr ~ mergers to the Monopolies- aftd u has had trading links w«h HnWin-*?: n»* 

Taylor on the manufacture and APG ACCEPTS Mergers Commission: Harrisons Sanger for about nine month*- and bwm. the nnu two 

sale of aircraft galley equipment. The offer by BTR for Allied and Crosfield and Malays lam was looking to make c(om»t links coraprnvaiMn liw. S 

the sub-comract manufacture? or polymer has been dddared wholly Plantations; Harrisons and Cros- with a meat procurer. * Srt Ganna uevenunem uunt 

air frame parts, the manufacture unconditional. It remains open, field and Hareross Investment Gulf already held L5U.000 shares 

and distribution of filters, valves Acceptances have been received Trust; BTR and Allied Polymer j n Sanger and has now bought 

and pumps and production pi i n respect of I6.3*j.40t Allied Group; Ladbrokc Group and another soo.ooo at 303 p per share. 

of which 170.000 shares came from 


M 1 DHLRST WHITE 


metal and plastic bonded panels. Polymer shares. BTR, therefore. Leisure and General Holdings. 

onus or has acceptances for a 
AT urpT uri DTrv total of !G,tSj,i04 (87.1 per cent. 1. vAViecr 
ALtstKT MARTEN Mr. Peter Fatharly and Mr. NOVACEL 

EXPANSION G. A. Lemon hare been appointed In a tidying up operation, 

Albert Martin Holdings to the Board of BTR. Mr. Novacel SA. and Pricel SA. hone 

announces that its sub. Albert Fatharly. chairman of Allied agreed to an exchange of shares 

Martin and Co. has completed the Polymer, has also been appointed whereby Xovacel will become a 
purchase of an 18,00 sq. fL factory a deputy managing director of wholly owned 
in Barnsley. The factory, which BTR. 
will ultimately employ some ISO 
people, has been acquired to- 
gether with machinery and 

fixtures for the sum of £149.000 Midhurst White Holdings has 
payable cash. sold its interest in Midhurst 

This additional production Whites, its brick-making sub- 
capacity will be used to raanufac- sidiary, to Bardscy Investments 

lure blouses and leisurewear for for £314.000 cash, 
the group's major customer, The audited net assets of Mid- 
Marks and Spencer. hurst Whites as at March 31, 1977, 

weoe 1297.000 and the trading 
_ . profit before tax amounted to 

RANK ORGNSN. £20.0Q0. Following this sale, pro- 

Rank Organisation has bought ceeds wSI be used to reduce TOid- 
for 11-25 rn. the French assets of hunt White Holdings’ borrowings. 

Beaver Fleet, which consist of 86 Further details of this disposal 
purpose-built self-drive cabin wili be circulated to the share- 
cruisers. The company is the holders with the half year results 
leading operator on the Canal du by the end of the month. 

Midi. 

The French operation, which 
has been bought from Mr. Tom 
Watson, will now be run by 
Richardsons (Pleasure Craft;, 
which is managed by Buthn's, a 
Rank Organisation subsidiary- 
The move will establish Butlin's Federated Board, 
as a major cruiser operator in Agreement has 


Government 
1977 . and . Ansio-ludnneslffn fe 
increased. Ks stake in May Fan 
Holdings, which has tea intern 
in Kenya, from 44.6 per rent *. 
M.M percent. . - • 


the directors. Mr. James Sanger's 
personal holding lias been reduced 
bv 70.900 to L723.S13 shares (171 
per cent.) but the directurs say 
they are not contemplating any 
further sales of shares. ._ _ 

As far a* the Australian opera- Eye Pee Company, a subsktU 
subsidiary of tj 0 n is concerned. Gulf will pay uf Rockfield t inaitw uunpuqr* 
Pricel. Novacel and its sub- about £ 202.000 for a 29 i»cr cent. Leed*. and v. J. and J. R. Sad 
s Hilaries own 75.4 per cent of interest from Sanger and will announced jn July will -b 
V iscose Development. obtain a furihcT ll per cent, from proceed. 


eyf gee/smith 

It has been mutually 
that the proposed merger tatw* 


FED. CHEMICALS 

The terms of Dalgety’s £l03m. 
bid for Federated Chemical 
Holdings have been agreed and 
will be recommended by the 


also been 


London Pavilion turns 
down £3 offer 

London Pavilion, whose main chased. 100,000 shares. Mr. 
activity is running the cinema of Bency's interest is now 346,875 
that name in Piccadilly Circus, has shares (D.aa per cent.), 
given a sneak preview of a pos- 
sible future attraction. ccnrT . Trc . r c 

The chairman said yesterday: AobULWlto UtALh 
A number of approaches has On January 10 S. G. Warburg 

been received and one of these bought on behalf of United 
has indicated that an offer might Medical Enterprises 300,000 Allied 
be contemplated of up to £3 per Investments Ordinary at o3p. 
share." valuing the company at W. L Carr. Sond and Co. pur 
£390,000. chased on behalf of Charterhouse 

But the directors do not think Japhet, advisers to Coral Leisure 
£390.000 is enough. Ln fact, they Group, the following shares in 
are publicly rejecting the offer Pontins: 250,000 at 42 Ip cum-divi- 
before it has even been made. dend. 230,000 at 421p cum-divi- 
The site in Piccadilly Circus is dend, 50.000 at 42Jp cum-dividend, 
obviously worth quite a lot, 200.000 at 42p cutn-dividend. 
especially now that the develop- 50,000 at 42p cum-dividend and 
raent of the area is at last under 75,000 at 40Jp special ex-dividend. 

way. In due course the cinema 

will probably be converted inio 

two auditoriums and perhaps Accountants Drobfi 
some extra shops as welL . r . 

AJI this makes the book value Mr - Martln ” a rns. former 
or nil look pretty ridiculous, director general of the Takeover 
Unnamed chartered surveyors in- Panel and finance director of 
sisted that it had no measurable Reckitt and Cofcn&n, is to head 
value since the lease is subject to a chartered accountants’ inquiry 
six months' notice. But since the into Sir Charles Hardie, his firm 
lease has recentl>’ been renegoti- Dixon Wilson, and other ebar- 
ated for another five years and tered accountants who were 
London Pavilion Ltd. has bad it criticised in the Department of 
for getting on for a century, the Trade report on Mr. John Stone- 
notice seems unlikely to be given, house's London Capital Group. 

Anyway the Board and the 
property developers obviously do 
not think so. A stream of “un- 
solicited approaches" have been 
made over the years but this 
latest one is being taken quite 
seriously. It could he from one 
of the major leisure groups. 

The list of major shareholders 
of London Pavilion is unusual. It 
consists of two deceased people 
who between them control ju; 
over 40 per cent, and one of whom 
is the famous Prince LittJer. Th' 
third major shareholder with 19: 
per cent, is Abrahams Con 
solidated. 

Yesterday, the shares rosr 
smartly to the level of the re 
jected non-offer. It could be thr 
beginning of a long run. 


ThbatoriMmct* appeanasa matter of (ccvnlmhi 



JUGOSLOVENSKA 1NVESTICION A 
BANKA 


US $11,400,000 


MLDiL'M TERM LOAN 


Manapdb? 

GnndiayBraxidts Limited 


airiproriJcdhy 

Banque Intercontinentale Arabe 
GrindlaysBaaJkUmited 
International Resources and finance Bank SLA. 
Iran Ov erse as 

MTBC & Schroder Bank SLA. 

Ktfionat Bank of North America 
UBAFArah American Bank 
Western American Bank (Europe) IJmtted 


Aysnt 

Grindlay Brandts Limited 


B&- 


SHARE STAKES 

Harris Lebus: Bunting Estates 
has purchased a further 10.000 
Ordinary shares bringing total 
interest to 225.000. shares (J0.43 
per cent.). Bunting's ultimate 
bolding company is Greenbrook 
Secs. 

United Kingdom Property: 
Having sold 100.000 Ordinary 
shares, Lazard Brothers are 
beneficial owners of 2,150.000 
Ordinary shares (3.12 per cenL). 
This holding Ls in the name of 
Minden Secs. 

Toye and Co.: J. B. Hayward 
and Son (medal specialists) bene- 
ficial holders of 127.500 shares 
(5.87 per cent.). 

Wilson Walton Engineering: On 
January 6 Captain G. B. Downs, 
managing director, sold 200.000 
Ordinary shares at 72p leaving 
him with 8S2.500 (17.63 per cent.}. 
This transaction was the subject 
of an institutional placin 
through the market. 

Also Wilson Walton Inter- 
national (Holdings) sold 200.000 
Ordinary shares at 72p leaving 
1,207,500 (24.15 per cent.). This 
transaction was also the subject 
of an institutional placing through 
the market. 

Capital and National Trust — 
Abbey Life Assurance has sold 
135.473 Ordinary shares and now 
interested in 730.000 (4.97 per 
cent.). This holdinu is registered 
in the name of Midland Bank 
Trust Co. 

Second Great Northern Invest- 
ment Trust — Abbey Life Assur- 
ance has sold 40,843 Ordinary 
shares and is now interested In 
900.000 ( 4.92 per cent.). 

Oiamberlain Group — Mr. L. F. 
Chamberlain has disposed of his 
beneficial interest in 60,000 Ordi 

nary shares. 

Comet Radiovision Services— 
Mr. M. J. Hojiingbery, a director, 
has ■sold 200.00(1 Ordinary shares. 

Fidelity Radio— Mr. J Dickman. 
a director, has sold 20.000 Ordi- 
nary shares: Mr. S. C. Dickman, a 
director, 25.000; and Mr. £. Quak- 
nm, a director, 30.000. 

Associated Sprayers— Mr. H. E. 
Newton-Mason, chairman, has 
sold and Mr. 5t. W. O. Beney pur- 


Thk announcement appears as a matter of record only. 

TRADINVEST BANK 

& TRUST COMPANY OF NASSAU LIMITED 
NASSAU/ BAHAMAS 

DM 100000000.— 

FLOATING RATE MEDIUM-TERM LOAN 

guaranteed by 

SNAM S.P.A., MILAN 

Managed by: 

SODme S.A. 


BANCA COMMERCIALS ITALIANA 

HANDELSBANK N.W. 

INTERNATIONAL COMMERCIAL BANK. 
LIMITED 

KREDIETBANK (SUISSEJ S.A., 


BANQUE INTERNATIONALE 
A LUXEMBOURG S.A. 

INDUSTRIEBANK VON JAPAN 
(DEUTSCHLAND) AG 

TRADE DEVELOPMENT BANK 


and provided by 


ALLIED BANK & TRUST COMPANY iBAHAMASI LTD. 

BANCA NAZIONALE DELL’AGRICOLTURA 

BANK OF YOKOHAMA LIMITED 

BANQUE EUROPEENNE ARABE (BRUXELLES) S.A. 

BAYERISCHE VEREINSBANK INTERNATIONAL S.A. 

THE DAiWA BANK LIMITED 

HANDELSBANK N.W. 

INTERNATIONAL COMMERCIAL BANK LIMITED 
KREDIETBANK (SUISSEi S.A. 

PKBANKEN INTERNATIONAL (LUXEMBOURG) S.A. 
ROYWEST BANKING CORPORATION LIMITED 
THE SUMITOMO TRUST &. BANKING COMPANY LTD. 


BANC \ COM M ERCI ALE ITALIANA 
THE BANK OK ADELAIDE 

RaNQL’E COM MERC I ALE. POUR L ‘EUROPE DU NORD 
BANQUE INTERNATIONALE A LUXEMBOURG S.A. 
CENTRAL WECHXLL-UND CREDITS AN K AG 
GLOBAL BANK AG 

INDUSTRIEBANK VON JAPAN (DEUTSCHLAND> AO 
INTERNATIONAL ENERGY BANK LIMITED 
NATIONAL BANK OK ABU DHA81 
ROTHSCHILD BANK AO 
SOQITtC S.A- 

TRADE DEVELOPMENT BANK 


Agent! 


0 soDrric s.A. 


Deccmbcr 1977 


iM 





MINING NEWS 


BUSINESS AND INVESTMENT OPPORTUNITIES 

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


tighten their belts 


8Y KENNETH MARSTON, MINING EDITOR 


111 v', ' 'voritTs Mines (87.3 per cent), while bring? the Three months’ total <tt 

, Ji \ JSKSw vf? Sn P erior Oil of Houston, Texas, 430 tonne® against 493i tonnes « 

■ ' ^ U I | ^':SS^I t X d y £?S. 0f () ? 1 S ““ 38 ^ 01 ” Cto,yre ' ’XT' h« suffered 

■ BP ACQUIRES A * £u™ 

. te. - NEW s. AFRICAN “£ 

V ?b^J8aW-Sa-j£ COAt INTEREST 

iufttee which is JookingiDto- the SowJl Africa's, Kanfcym Invest- the foflowaug table: 
proposed production eiw taflm ents B “<*i * listed group in which net Nor. Oct 

• w-iricb have been announced by Union Corporation , is a maiw tomes 

. loco and FalcontorWge, the Imp shareholder and whose Mtivi ties Gu«a* „ 

.> .Jhainnan, Mr.-J. Edwin Carter, ? m&race C9®1 r ^ niD g andfarm- - a sy 17 

'■.. pointed out that bis company’s confirms that the. BP oil Paa^iuien a* iu i« 

. . futback would not become really tfWft has exwcised its lonst- 

• iffective until nest month. - standing option to acquire a 50 pnTTVWITP 

AjsttannonriTiwiMrfAra W cent interest m Kanhym's flUUlTlTUr 
• - wnunht^^ras^the coal rish^ These mainly consist Malaysia's Selangor State 

j. SSffif ^ vSiP^oSS! * a small operating .-colliery GovS«it intends to take over 
. : -fe cited “a crmticiiinp weak E^eboor^. and coal nghts of the mining leases of foreign firms 

femand for nickel compounded a ^2 0t 100m. tons of coal in situ, when they expire, the State CiueJ 

.'Jf ™ HpiiStaSon ETTthS ? P J“* a ?I l fi,ter “ t ,B *»® ™U° r Minister Datuk Hoimat Rafie is 
•• VAfintn-M export colliery. Ermelo Mines, reported to have said. The leases 

'" the ^tb Ceneral Mining and Total, ar^io be taken UP. by the wholly 

{ . , iroblems faring SSSm and but »**, ph J*J?”vlM*t develop- owned state mmmg company, 
t \ | i.i i ro emriovees.” ^ merit of a further large colliery. Kumpulan Perangsan Selangor, 

• 1 ^ He MrimatMi ' tfine P r oducing about 4.2m. tons of With foreign companies being 

• power station feed sick* for ex- allowed to take part in joint 

•'••• --2S, mm? P° rt - centred on Eikeboom. The ventures although their equity 

, " 1 W - 90 nno 1 t> ° n ffroap has acquired substantial participation will be reduced to 

:v35l!r^SSS®5^5»^ .g«“s£. ” aI h ’ he » »»V ■ * * 

‘ ’■ -1 7 7 m°]b£ e 1877 third-quarter were Apart from demand. to world Jn Lusatalt Mt Kenneth Kaunda, 
The company has set its 1978 project* v5S?be "whether ** .Zambian President^ Allowed 

■n — - tsw-s feSTS^s-w Asgsajs^w 

~5^f as S5SS source 

Mr.. Cooper. In effect JESTS' sl cJv£>. 

*fX*%? n ope * ut 

a -JwS pa A*Y ' . ^ , Bay, BP is believed to be cnnsid- mao tonne uroduced at 

While Friconbndge cannot fore- eri7 ^ financing extensions by it- current iieS? 

1 st when it wnTI be able to return . . current prices. ■ 

• Its previous high lex-els of pro- ' * * * 

jetinn and has prepared ** for nflPPlVfi T IPT<iI First shipments of rutile were 

te possibility of two or more «vrtiiu leaving the South African R250m. 

fflcult years" ft remains TTTV OUTPUT <£150m.) Richards Bay Minerals 

rtimistic for the longer term and „ " ; . - ' . , . project destined for Europe. The 

ipes that production levels may The Malaysian ' ton pTWrucrng prst zircon shipment Is expected 

* restored more quickly than group. Gopeng- reports r further ihe first manganese shipment in 

»war at the present showing, improvement- in tin concentrate April. Partners in the project are 

7pCT iriftVi Meanwhile, the share price has production for December follow- Quebec Iron and Titanium, Union 

jjen to around SIS m Toronto Ire the record rainfall and flood- Corporation. South African Indus- 

rnn its high of StiQiiO in I97t). ire of ihe previous two months, trial Development Corporation 

ic major shareholder is McIntyre The latest output o£ 1824 tonnes and SA. Mutual Life Assurance. 

00 RTZ £40m. potash sale 

IE STATE-OWNED Potash Cor- petaling tim— D ecember tto ourpw yesterday that the bank loan 
ration of Saskatchewan has WI 'November 881 lonnu). agreement reached with a con- 

Teed in principle to buy a 60 anglo American corporation— \ e ' | 

r cent, stake In the Allan potash coai dividmi sale* oatput for DMcmber, and the U.5. Export-Jmpori nanK 

he near Saskatoon. The stake isrr <i«aim in meuw tonsi:- .uewtiiic last year provided for drawings 

11 be brought from UJS. Borax 01 * ovU only to meet maturing amortlza- 

d ChemlcalT tlmRio Ttato-Zinc SSfSnSS iSSSSd fSSS« tion lj«vrnent£ to banks advancing 

oup's American subsidiary, 2B4.MS. AntUo Power iAmoi> 45MU. new funds. 

- lich holds 40 per cent, of AUan -Knci. 2 «^. bw U.J Asarco does not expect to meet 

KimSCtt d from Swift Canadian, Which SS^E^Pm/SSi' aS&Sfltt,* u conditions for drawing on the 

Ids 20 per cenL . SStSTsa^'wffl orSBS loan, but its statement did not 

rhe covt to PCS will be 'W»ii iroke* ' 4U23. oumr explain why not The reason may 

«Rm in each b«r coiitoJw: vierftmtfin ws55. Mneuin be linked to Peruvian Government 

Bf-'SSW S, c p*Si*™ Bru^iarMWB s: sss« a s 
jrWvsicfh^oS*^ ss sssffiji 

- . . pn uwVpd oiit *—*• Morupuie 22 , cw. . Grm - Mt*i: mentation ' from the Peruvian 

Jjlf Ar.lbC pn women out. »<raa« lonnea. • ■'_ ••• Government to meet the 

- rhe move was announced cscji esmato nhrtn aiaoin sbn^u euoto conditions. 

itlttCii vterday by Mr. Allan Blakeney, - • About 280m (£10.4m.) of amor- 

•»•■»*« iz&'sSz is 

lank 'follows ■iT < lI5liflTl£ x ioatl ’ . \fnterest payments and $8m. of 

n u s.\. a rsfe^eimv^ ^uaione W tT ~ 

1 A*v».’*-rra »t to buy the interests of Amax rano VTTIpnt C n«ainno 

l A, ‘ ” W rash in the province Tor SCS5m. . * vP<*T UlCIIW SSLgSSS 

ss.5*s=; S3MHSS SSrSTaSiS 


brings the three months’ total t» 
430 tonnes against 4931 tonnes a 
year ago. • • _ , 

Taojong, however, -has suffered 
a fall in December production 
which leaves the 12 months* total 
of 2334- tonnes well below last 
year's figure of 2933 tonnes. The 
latest outputs are compared -in 
the following table: 


Gopenv — — 

Taajmut — 

Idris . 

Panghalen ... 


ROUND-UP 

Malaysia’s Selangor State 
Government intends to take over 
the mining leases of foreign firms 
when they expire, the State Chief 
Minister Datuk Hormat Rafie is 
reported to have said. The leases 
are to be taken UP by the wholly 
owned state mining company, 
Knmpulan Penungsaa Selangor, 
with foreign companies being 
allowed to rake part in joint 
ventures although their equity 
participation will be reduced to 
30- per cent. 

* * * 

In Lusaka, Mr. Kenneth Kaunda, 
the Zambian President, followed 
up international proposals of a 
cutback in copper production with 
the pledge of an unspecified 
reduction in Zambian output. 
Earlier Government Ministers had 
pointed out that 1 Roan Consoli- 
dated's Luansbya mine was losing 
£142 per tonne produced at 
current prices. 

★ * * 

First shipments of rutile were 
leaving the South African R250m. 
(£150m.) Richards Bay Minerals 
project destined for Europe- The 
first zircon shipment la expected 
the first manganese shipment in 
April. Partners in the project are 
Quebec Iron and Titanium, Union 
Corporation. South African Indus- 
trial Development Corporation 
and SA. Mutual Life Assurance. 


am icu 


jlf «\ sv.be 

mitccS 


dry are now approaching half 


isitm'ii 


-ration from Hudson Bay . uncertain as ever now as for the 

ting and Smelting and the | |V11 • TO ^ few T*?™- Bnt P e 

-man -French owned Alwinsal *■” group's period of consolidation 

ie. after a series of acqut«tions and 

■he Rio Tinto-Zinc group’s IHiprOVv capital expenditure Mr. Hickman 

jadian Preston ftHnea-has now __ phriTMAN ' rhainnan is confident that CMT It equipped 

^ied a contract with Ontario J? 1 * ^arnlfacrurinE and t0 ““Prove on the record £354m. 

iro for delivery to the- pro- P™?* thieved in the July 31, 

^:\a] Government-owned utility Tra 55* 1977 year, 

tbout ram. pounds of uranium ^^Slitfili^^for^ndus- a divisloDal analysis turn- 

le beginning in 1984 and con- j55|“tJ£E? ll, ^2MnninR to over and e® 1 ®® of sxoup were 
-.ling for more than 30 years. services, continuing to ^ £oqq: — Industrial sendees 

duction will come from the unprove ; 20,495 and 2.135 (15,212 and 1,605), 

•ently dormant Stanleigh mine It is impossible to predict the ^ en gin Bering 4-200 and 376 
miU at Elliot Lake, Ontario, future trend of profitability with. f^Aij^and Stt), metal processing 

much degree of certainty, particu- io,678 and 148 (11,431 and 613), 
XJOVPP^ Jarly in the steel stockholding and steel stockhbWUbog 16J624 and L069 

-urn iielittniL' nro . engineering sectors. (14055 and 918) and tubes, 

ra of Iln "re The economic and political fittings and forgings 4.320 and 876 

35 tonnes'. prospects of the U.K are as (3,781 and 644). 


some 10 cents above current 



Finance 

forGrowing 

Companies 

If you arc a shareholder in an established and 
growing company and you, or your company, 
require between £ 30,lXX) and -fl,0<KUXX) fur anv 
purpose; ring David Wilk, Qiarterhou.se Development. 
Investing in medium size companies .ls 
minority shareholders has been our exclusive- 
business for over forty years. We arc prepared ru 
consider new investments in both auoted and 
. unquoted companies currently making over 
.£50,000 per annum pre tax profits. 

9 CHARTERHOUSE 


Qianerhouse Development, 1 Paternoster Row. St Pauls, 
London EGfM 7DH. Telephone 01-2-18 3999. 


This is m unique opportunity to share in a new growth market 

Wanted Stockist/Distributors 

to market ffurvini|f PVG Cladding Systems 

We wish to appoint selected specialist Stockist/Distributors who 
will successfully maricet and sell this established brand leader in 
various regions of the U.K. 

Murvmyi is a high quality product already meeting the approval 
of Architects for its excellent design possibilities, Builders for its 
ease of fixing, and Property Owners for its maintenance-free long 
life, permanent whiteness and good looks. 

-Principals only of established con pan! ex should nppiy 
. fa the itrfctMt confidence 

The: Director, Plastics Deceurtinck SA, PO Box 10, 
Bognor Regis, West Sussex. 


PUBLIC COMPANY 

. .wishes to acquire 
BUSINESS WITH POTENTIAL 
Existing management could be retained. 
All replies treated in strict confidence. 
Please apply to: 

Box G.1219, Financial Times’, 

10, Cannon Street, EC4P 4BY. 


MAGNIFICENT FREEHOLD 4 STAR HOTEL 

SOUTH WEST COAST 

PREMIER SITE FRONTING BEACH 

(WITH P.P. TO CONVERT TO APARTMENTS) 

92 Lettifife Bedrooms majority with private Bathrooms. 
50 Staff Bedrooms. 

18 Self-contained Flats totalling a further 100 Rooms. 

Splendid, hotel facilities on Ground Floor. 

Site area 5.3 acres. Swimming Pool. Direct access to the 
beach. 

Price upon application to Owners’ Sole Agents: 

CHRISTIE A CO. 

32 BAKER STREET, LONDON, W.L TEL: 01-486 423L 


ENJOY YOUR ADVERTISING 

AND EVEN HAKE A PROFIT I 

Name a racehorse after your business product or service and race 
it in company ownership. 

Imagine the publicity on TV and in all national and local papers. 
EDDIE REAVEY 

established and reputable trainer, has available- for lease well-bred 
fillies by Lorenzaccio. Supreme Gift. Hotfoot and Ribera. 
Orchard Stables, East Hendred, nr. Wantage, Oxon. 

Tel: 0235 88297 


SOLE U.K. DISTRIBUTOR REQUIRED 

Manufacturer of Revolutionary Holiday Boat with 
Enormous Mass Market Demand seeks Distributor 
of substances capable of handling all UJK. sales. 

Write Box G.1225, Financial Times, 

10, Cannon Street, EC4P 4BY. 


FOR SALE 

PROFITABLE COMPANY 
manufacturing established range 
of stationery and promotional, 
products. 

Cash or share exchange. 

WNi« doji u,!2i4, Finwiiaar i rnei. 
10. Cannon Strew. £C4P 4BY. 


Luxembourg sIa. in Luxemburg. Payments at the offices referred to in I b) above will be made by 
check drawn cm, or by a transfer’ u> a dollar account maintained by the payee ■with, a bank in 
New York City. ‘ ... 

, Coupons due March 1 , 1978 should be detached and collected iu the «msl manner. 

On and after March 1, 1978 ijurrest shall cease to accrue on the Bonds herein designated for 
redemption. 

QUEENSLAND ALUMINA FINANCE N.V. 

WILLIAM HOBBS;. Managing Director 

■ Dated: January lfi, 1978 


DO YOU NEED MONEY ? 

Wa cm arrajin finance from both 
institution: I and private sources tor 
all typat of Industrial and commercial 
property Including hotels, facsonet. 
home and overseas devetopotams. cam-' 
party acquisitions, torpor* c» finance etc. 
CL J. DAUBY CO. 
suite 29, 71 SockMau Cate, 
London 5W1. Tell 222 40(2 


CARPET WANTED 
FOR EXPORT 

Regular production first and 
second quality, lob stocks, fac- 
tory over-runs and salvage. 
PHONE: 0733 51801 


MACHINE SHOP 

• Precision Engineering 
Subcontractors, fully staffed 
(20). Compact unin convenient 
Heathrow Airport,. Available as 
going concern. 

Write fie* 6.12.27, Financial Times. 
IP. Cannon Street, £C4P 4BY. 


FINANCE AVAILABLE ter exoart e-ners. 

Tel.i 01-995 34*1. Mr. Jordan. 
FINANCIAL FACILITIES ter MUMS. 


and cemmertlal toane reaulrea bv an 
office on GnsiorM'i HI oh Street, now-' 
ceerie noon Type, whiijins to -*«t uo 
M Financial Broken, Writ* Box G/ 200 
rtoanciar Times, ID. caaooa scrant, 
EC4F 48Y- 


PR1YATE INVESTOR SOUGHT 
Substantial captiti is required tc 
increase our stocks of a rare 
commodity with a. sure market. 
W» afiar an exteHaM rainm, guaran- 
teed security *nd whMreyml Facliitic* 
wldiln a reasonable period. 

Write Boa G-T223. Flamdal Times. . 

ID. Can imp Street- EC4P 4fir. 


MIDDLE AGED 
SCANDINAVIAN 

wWi excellent htteraatleiial eaqtwO 
bi FlnandnX end <ooaoodttJ« 
with couipany m Lncatensuin ind 
I ivlnjy office in Home Carla needs 
investment of UJ.SS8.saa against 
partnership. 

Write flos Financial Timm, 

10. Carman Street, EC 4P 4tY. 


OTY OfFIce <n Bankia»- am ra snare 
ulus **rei2P- «"■!< 

btulnoes. etc. J*>L, 0^-84* 2256. 

HaSLtMIM KCURmB UD, ’hhl ana 
*«v*rN «hw wwOpnei coifpmv 
names B .°. ”*«» , no. i.aauna. 

All suitable a* SMlItotovwt- 

IBUt hides. FIkmo. - 01-S72 8272 
tor lot. 


LICENCE SOUGHT FOR 

ELECTRONIC PRODUCT S 

A medium size company with modem premises in 
southern England seeks a licence for the manu- 
facture and distribution in UiC and Europe . of 
professional-grade electronic products. The company 
has up-to-date facilities and experienced staff for the 
manufacture of its current range of minicomputer 
based products. 

Write Box G1220. Financial Times 
JO Cannon Street. EC4P 4BY 


BRITISH MANAGED 

Portuguese import/export company interested in 
enlarging its representation in Portugal for British 
exporters, especially in new and second-hand plant, 
industrial and domestic equipment, etc., also to act 
as buying agents for U.K. importers of wine, textiles, 
clothing, etc. 

Portuguese, English, French and German spoken, 
full telex/telephone facilities and trained staff at all 
Portuguese ports. 

Please write to: 

SEIPAM LOTTED. 

Ave Infante Santo 23-5 • B, 

Lisbon. Portugal 

or the U.K. representatives: 

WILLIE* COMPANY, 

134S The Exchange, 

Mount Stuart Square, 

Cardiff 


EXPORTING BOATS AND YACHTS 
TO GERMANY 

We wish to secure exclusive importing rights for 
Germany for boats and yachts from British yards. 
We run a new yet major water sports centre of around 
350,000 sq. metres. Including a marina with a capacity of 
around 1,500 yachts, firm moorings number 700 at present. 
Attached to the water sports centre is a yard of 10,000 sq. 
metres covered space, which provides servicing, though not 
production, facilities. At weekends id summer we frequently 
have as many as 4.000 visitors. It is from these that we get 
a large number of people interested in boats and yachts. 
It goes without saying that we have our own cranes and 
slipways. 

On the basis or these facilities we can offer the most suitable 
conditions for promoting sales or boats and yachts 
We are anxious to introduce our range of hoaLs and yaehls 
from Britain if possible in the spring of this year. If you 
are interested in working with us, please write withuut 
delay to: 

Potrafke-Werft 

Potra-Marina Wassersportzenlnim 
West Germany 4240 Emmerich /Rhein 

Telephone enquiries to: 

Werner Potrafke. Spezialfabrik (02324) 31003-5. 

Telex: 082299S0 


FIRST LEVEL AUTOMATION 

FOB EXPORT TO IRAN ' 


We are looking for relatively simple tape/computer 
control machine tools and kits for converting existing 
machine tools. 

Manufacturers only please contact 

X" 'V' Roy Jenkins, Managing Direct or 

f \ QUANTUM SCIENCE LIMITED 

1 \A J 27 St. George's Rd. Cheltenham, 

\ \Y/ GIBS. GL503DT. Phone (0242) 33030 


EXPORT ORDERS IN 
SAUDI-ARABIA AND MIDDLE EAST. 

Team of professional marketing experts based in 
Saudi-Arabia, returning shortly, wish to promote 
additional British products and contracts within the 
Arab states, size of orders immaterial. If you want 
to increase your capacity and profits for 1978 and 
feel that your commodity can attract the export 
market then please write* to us now. Commission 
payable on results only. 

Write Box G.1221, Financial Times, 

10, Cannon Street, EC4P 4BY. 


PREFABRICATED BUILDINGS 

MAJOR FACTORY WITH ESTABLISHED 
SYSTEM HAS IMMEDIATE CAPACITY 
FOR LARGE CONTRACTS 

Available as main contractor or on a leased 
basis to client 

Capacity 90,000 sq. ft. per month 
Plus furniture section if necessary 
Contact UK Telex 5S329 for details 


SMALL FRENCH ELECTRICAL COMPANY 

which has ceased trading for sale. Assets: favourable lease of 
office and small workshop in Paris — ideal for starting an 
effective -export operation. 

IVrire Box G.1218, 

Financial Times, 10, Cannon Street, EC4P 4BY 


Large, well-established London and Provincial Hotel Group 
desires to acquire 

HOTELS 

(minlaam about SO ileeparij 

either company or privately owned, for quoted shares or cash, 
or both. 

Ftcasc tend portico Ian. la confidence, ta; 

Box FTJJDS, e /0 Hwm House, dark's fibc. 

BishopscaU. London, EC2N 4B]. 


IBM ELECTRIC 
TYPEWRITERS 

Factory roeancJitioned and guaranteed 
by IBM. Buy, »»* up » *0 p-c, 
Lease 3 yean iron* £3.70 weekly. 
Rear tram £29 » r "’With. 

Phone: 01-641 2365 


BUILDING STEEL FRAME 
approx. 150ft. Jong * 50ft. wide 
x 15ft. to eaves steel frame 
Only £6,000. 

Far Intptaian contact : — 
Georee Cohen Machinery Ltd-, 
23/25 Sunbeam Road, London. 

• NW10 tjP. 

Tel: 01-PM 1 fiSSS Ext Telex 922569 


PUBLISHING 
COMPANIES WANTED 

Publishing company would like u 
consider purchase /merger arrangements 
with others with view w quicker 
growth — quarter million pound 
turnover upwards. 

Write Bo* C.1224. Financial Times, 
ffl. Cannon Street. EC4P 4BY 1 . 


Established Coapany 

with Head Office near London has 
capacity to run sales agency far home 
or cwerscaa producer. Wide connec- 
tions with construction industry end 
plastic moulding but interest not 
restricted to then fields. Ample 
storage space available. 

Write, fiox G. 122 &. Financial Times. 
10. Cannon Street, SC* P 48 Y. 


LIMITED COMPANY 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 
EXPRESS CO REGISTRATIONS UD. 
30. Gty Road. E.C.l 
01-628 S«4/S/7MJ, V03$ 


ELECTRONICS/RADIO 

HI-R/T.V. 

.. . w *. repruymt one ol »he m-umi 
nunulacturers in the Par East mu, we 
wish to acquire wholesalers Bn0 d - G . 
tr-but'on comaanies in tuts held, Esisi- 
inO management may b* retained. All 
Information will be treated i n strict 
eortftwnn 

COMINOR LIMITED 
B romar House. 27 Sale Race. 

_ London wa tPf ’ 
Telephone Or -351 9000 


INVESTMENT BROKERS required r« help 
promote Mir secured Investment Plan 
o fieri ng uo to 15% return. Gooa 
cemmtawon. write- Braoiore ,nwsi- 
menta. CMasmtoc cmmwis. « 3 , cheao- 
*lte Bradford T. W. Yorkshire. ' 


FINANCE COMPANY 
UNITED STATES 

Servicing New Tfltli am} su-rouud n; 
States. Specialising ,n secured ho.-> 
impiosement finsrt;ifi j (or over 35 
years. 

Intrusted m sale or secured pa»t- 
folios or i - cured tor rewinds. F.stec 
nc;oiia0le. 

Senous mv«tori can inquue at to n'-e 
Of interest in this substantial tinanee 
company. 

Write in coniidenee eo: Set f ,5>5/!, 
FiiMiKiaf Times, ffi, Cunitct S.'ee:, 
EC- fP 4Br. 


POOL TABLES 

FOR SALE 

ON BUSY LOCATIONS IN 
LONDON AND THE 
HOME COUNTIES. 
Takings up to £80 per week 
per cable, 

AND ITS . . . CASH 
Pride: £8500 
for Ion of 10. 

h ji: j, » •.* — 

UNICORN POOL, 

- 243 Resent Street, 
London W1R 8PN. 
01*870 4299 (24 horns) 


PRESTIGE CARS WANTED 
TO ALL COMPANY DIRECT Oa5 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Arc you ouui,i*»2 the t>.St . >o r 
your low-milease prcstiji.- -na:or..-a- * 
We urgently require Kolli-T o, J.-- 
Morcrfei, Daimler. hyiu r > 

Plas. BMW. Pors hc. rerra,-. li- 'i:,. 
Lamberchini, lenten Can»ert<blc, 
no«V'. i tumpii . .J V« . . m-j 
O pen 7 days a week 
Collrction anywhere in U.K. Giih or 
Bankers' draft available. Telephone u> 
for a Him price or our buyer trill call. 
ROMANS OP WOKING LTD. 
Bnmlcwood (04*67) 4S67 


YORKSHIRE ENGINEERING 
COMPANY 

wuhet to r«)itDii too (iwMibitiCics e* a 
takeover or merje* with a ijrj. :r 
orginiaation or mreitmenc y 

Esubluhed in 1970. bas .cntmuai., 
expandrd, rctamins net pr-aiin o- 
18 p th'ouRhour. baccllenc o j-.t in 
modern 15.000 sq ft trccho'd 'usto-y 
with substantial further pl*nr,n; 
mission obtained. Full order bcos 
servicing a wide variety or industries 
on a 1977 turnover of M50.00D 
Excellent expansion prospects. A'l 
maniErntent retain a pic 
Write Boa G.f709, F,iMne>dI Ti-nri, 
10, Cannon Street. F.CaP 4 Hr 


OLD ESTABLISHED 
CHEMICAL FACTORY 

ALEXANDRIA. EGYPT. 

Has capacity to produce modern 
!■ -lie in- ■ • . :a. ■ 

sort drinks etc. Seeks joint venture 

w.i.1 w.n./u.a, -w.niia.iy hav.uj 

established product! s) a id olrers 
Alextndria premises, cxpc-i-ncvd man- 
a^ement, loyal labour to'tv *->i io;al 
capital. Also sales know. bow in EjrP: 
lisa oil rich mid -cast areas. Consider, 
able ax sdvant»2W unaer ij.ptun 
■nveitment law. Please -tply initially 
to co-owner resident London. 

Write Boe G. 1222 . Fwawat Times. 
10. Cannon Street. ECaP * 8 Y 


OPPORTUNITY TO 
PARTICIPATE 

in a first-class energy conser- 
vation system, use I inter- 
nationally for 15 years crouole 
free. Exceptional scope in he 
U.K. for participation with a 
mm. ot £5000 to a maximum 
of £500.000. 

Interested parties should tel Sir-on 
Lynch an O6f-J0r IIS9 lor tre- 
ilmriMry Jetcuis. 


HOUDAY CRUISING 
CENTRE 

In the heart oi uk Wo-ta'k Broads 
(Great Yarmouth 5: mis; Lawescof; 
6 ' mis. | with 300 ft. direct nver 
frontage to River Waveny with K.-.nna 
inlet. Brick and slate Clubhouse with 
2 bars, ei ft/ provisions shop, chicc. 
kitchen. 3 bedroom apartment. Mcat-rn 
shower block. Ftshmj tacUe shop. 
Consent for additional dwelling and 
4 static caravans. Mooring tutting. 
About 5 Acres. Freehold for sale. 
Dvcn.'i: — 

HUMBERTS. 

6 Lincoln's lim Fields, London WC2. 
Tel: 01-242 3121. 


ARABIC 


TRANSLATION -TYPESETTING 
Qualified Aran Translators 
TVDeseners and prmnnq for same 
Literature ExnitutionMatmiifor 
rhe Middle East 
Pan-arad Publications limited 
Telephone ci - 35 SBS 1 G 


EQUITY OR 
LOAN CAPITAL 

Required for small expanding Bu>.'d<ng 
Company m Lincolnshire jro.i. Good 
order bo^k with ngnrd I u cure :an. 
tracts. Shorugc of Work in j Capital 
retarding progress. 

Replies to: 

DALTONS. Solicitors, 
l. Bit" Hill, Stamford. Lines. 


We wish to acquire a 
SMALL UTHO PRINTING 
COMPANY 

whieh is situated m the Greater 
London area. Must have SR *2 mo 2 

and/or 4-colour printing Machinery. 

Profits not important. 

Strict confidence assured 
Please write to Atenoging Dimeter. 
Boa £. 9 * 43 . F natKia! T-mcs. 

10. Cannon Street. EC4P <2 Y. 


MANUFACTURERS OF 
GARDEN— OUTDOOR SEATS 
& TABLES 

for domestic & commercial use, seek 
selling agents with exudne isles 
organisations n U.K., to take ad. 
vantage of a countrywide demand lor 
their products. Area Franc bier >-ivcn. 

5.0. R. stocking plan available. 
Swan Seats, ■ Bank Street. BriogiviMli, 
Shropshire. Telephone Bridgnorth 2MS, 


Old established privately owned 
Business Group in London Wall 
with u diversify their .ntvrttu. 
Existing management cou:d aarcisipste 
in equity and profit sharing. A- oil sable 
established businesses in non-iahour- 
intensivc areas sought. Cash invest- 
ment of up to noo.QQQ wiinsirttd. 
All replies will be treated <n the 
uric me confidence. Please write ta: 
do/ G.I0J7. Financial T.mes, 

10. Cannon Street, EC4P 45iy 


PLANT AND 
MACHINERY 


roRK .. LIFT TRUCKS — usca ,neaeli. 
CveeUent enatce of over too trucks. 
LeacHne makes liiustiea m manuucrurers 
colours Picsel, electric or a as 
operated. List sons naan r«qu«st. 
Trade and export cmsuir.re wr teamed. 
Urae raadction on bulk ourthaacs, 
Deliveries arraiHjeo anvwtiere U-rm- 
tnauam Fort* Ltiv Truck Ltd., a. a Hnma 
Road- Saltier. B>rimn0h3fn, bb lOU. 

K&'awlSz.” 44 8r ,705 * 


















26 


Financial Times Thursday 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 



Thyssen withdraws from Dutch 

insurer 

French steel venture i expands in 


AMERICAN NEWS 


Humana wins 


BY DAVID CURRY 

THE FRENCH steel industry has 
been quick to point out that 
Thyssen’s decision announced on 
Tuesday to withdraw from its 
participation in the ultra-modem 
Fos plant on the Mediterranean 
coast reflects a chance in the 
German company's development 
strategy rather than dissatisfac- 
tion with the progress of Fos as 
such- 

After all, Thyssen ts heavily 
in the red in its steel-making 
divisions and is unable to see 
any scope for increases in basic 
steel-making capacity. Hence, 
its stake in the Fos plant, which 
last year produced 2.78m. tonnes, 
representing 80 per cent of 
capacity, was superfluous. 

Nonetheless, the Thyssen with- 
drawal does murk Hie formal 
end (the informal end came with 
the recession) of dreams of 
making Fos an example of inter- 
national co-operation in the type 
of basic Industrial activity which 
is still central to the European 
economy. 

The Fos plant, which first 
started producing in 1974, is 
owned by a company called 
Solmer. In this company the 
two biggest French steel-makers 
Usinor and Sacllor (the latter 
via Sollac) owned 47.5 per cent 
each and Thyssen the remaining 
5 per cent 

The idea was that the first 
stage of development would take 
production capacity up to &5m. 
tonnes a year, and that from 
1975 to 1980 this would be 
doubled. At the same time the 
German company would step up 
Its stake from 5 per cent to 
25 per cent in the capital. 


The doubling of capacity has 
to ail intents and purposes been 
abandoned. The Government's 
rescue plan for the tottering 
French steel industry, unveiled 
last year, placed the emphasis on 
, replacing elderly plant with 
modern equipment in the tradi- 
tional steel-making areas of 
Lorraine and the north, where 
the problems of job-loss were 
greatest. It also made clear that 
there would be no overall in- 
crease in French steel-making 
capacity, because of conditions in 
the European and world markets. 

Although the second stage of 
Fos development is now a remote 
possibility, a much more modest 
programme of investment has 
just been agreed at Fos to take 
capacity from 3.5m. to 4m. tonnes 
a year by 1979. the increase being 
achieved without requiring new 
purchases of heavy plant. 

The last capital Increase at 
Solmer took place a year ago, 
when the three partners sub- 
scribed Frs.450m. in new money 
to take the capital to Frs.I~95bn. 
Thvssen's stake will be bought 
equally by the two French steel- 
makers so that they will end up 
with a 50 per cent stake each 
in Solmer. 

Last year French steel produc- 
tion declined by 4J3 per cent, to 
22.1m. tonnes, some 10m. tonnes 
below capacity. 

Adrian Dicks writes- from 
Bonn: Thyssen stressed to-day 
that it hud made clear to Us 
French partners in the Solmer 
project ever since its early stages 
that it was leaving open its 


PARIS, Jan. 11. 

option to take part in the next 
phase of expansion of the Fos 
steelworks. 

The company plainly feels that 
the outlook for mass steels of the ' 
type for which the Fos plant is I 
designed has changed so radically 
for the worse that its own 
original hopes from the venture 
cannot now be fulfilled. 

By far the largest of the West 
German steel groups, Thyssen 
has also been among the most 
successful in its efforts to ride 
out the current crisis in the 
industry. At the end of Novem- 
ber it predicted payment of an 
II per cent, dividend for the 
1976-77 business year— slightly 
down from the previous year's 
14 per cenL, yet very much 
better than most of its rivals. 

This relatively satisfactory per- 
formance has been achieved 
partly by substantial rationalisa- 
tion in the mass steel-producing 
area, but also by early diversifi- 
cation away from this problem 
range of activity. Thyssen is 
heavily involved in the much 
healthier special steels area, as 
well as in engineering, trading, 
services and sundry manufactur- 
ing. 

The group's decision to pall 
out of Solmer (on terms that 
have not yet been settled) leaves 
it with no outstanding steel- 
making activities outside West 
Germany, apart from a 42.6 per 
cent stake in Cosigua, at Santa 
Cruz, Brazil, which it regards as 
serving the Brazilian domestic 
steel market from a present pro- 
duction of some 500,000 tonnes. 


Belgium 

By Charles Batchelor 

AMSTERDAM, Jan. IL 
NATIONALS . Nedcrlanden. 
the largest Dutch Insurance 
group, has acquired two Bel- 
gian finance companies. 
Nationale-Nederlanden’s life 
and general Insurance subsi- 
diary' De Yaderlandsche in 
Belgium has taken over the 
BLFrsJSLSTm. capital of Sotie- 
finas and the BJFrs_5Cm. capital 
of Societe de Finance me nl 
Bufa. 

The two associated com- 
panies are primarily engaged 
in personal loans and instal- 
ment credits. They bad a com- 
bined balance sheet total of 
around B-FrsJbn. at the end 
of 1976 and loans outstanding 
of BJFrs^Jjbn. The office 
of the Sodefina group is in 
Brussels and there arc 
branches in Antwerp, Liege 
and Charleroi- The total work- 
force is 100. 

De Yaderlandsche is based 
in Antwerp and bad a balance 
sheet total of about B-Frs. 
6-5bn. at the end of 1976' and 
income of more than BJ?rsJ2bn- 
Nationale Nederland en’s other 
Belgian activity comprises lhe 
Insurance company De Nieawe 
Yaderlandsche which had a 
1976 income of BJ'rsJ.OOm. 

Nationale - Nederlanden 
recently reported that its 
international activities contri- 
buted 37 per cent- of its 
FlsJL4bn. revenue in 1977 
compared with 32 per cent the 
year before. 


All these securities having been sold, this announcement appears as a matter of record only. 



Caisse Nationale de Credit Agricole 

U.S. $50,000,000 Floating Rate Notes 1977/84 


S. G. Warburg & Co. Ltd. Banque de Paris et des Pays-Bas London & Continental Bankers 

Limited. 

Bank of America International The Bank of Tokyo (Holland) N.V. Credit Suisse White Weld 

Limited Limited 

European Banking Company First Boston (Europe) Salomon Brothers International 

Limited Limited Limited 


Algemene Bank Nederland N.V. 
Andelsbanken A/S Danebank 
Banca Nazionale deU’Agricoltura 
Banco Urquijo Hispano Americano 

Limited 

Bank Gutsroiller, Kurz, Bnngener 

(Overseas) Luniled 

Bank Mees & Hope NV 


A. E. Ames & Co. Amex Bank 

I .i ma cd Limited 

Axnhold and S. Bleichroeder, Inc. 

Banca Nazionale del Lavaro 


Amsterdam-Rotterdam Bank N.V. 
Banca Commerdale Italiana 
Banco di Roma 


Bank Julius Baer International Bank Europaischer Genossenschaftsbanken 

Limited 

Bank Leu International Bank Leumi le-Israel Group 

Limited 

Bankers Trust International Banque Bruxelles Lambert SJL 

Limited 

Banque Frangaise du Commerce Exterieur 


Banque Federative du Credit Mutuel Banque Fxangaise du Commerce Exterieur 

Banque Frangaise de Depots et de Titres Banque G6n&rale du Luxembourg SJL Banque de l’lndochine et de Suez 
Banque Internationale pour l’Afrique Ocddentale (BJJLO.) Banque Internationale a Luxembourg SJL 

Banque Louis-Dreyfus Banque Nationale de Paris Banque de Neuflize, ScWumberger, Mallet 

Banque Populaire Suisse SA Banque Rothschild Banque de lTIruon Europeenne 

Lore m hour q 

Banque Vemes et Commexciale Banque Worms Baring Brothers & Co., 

Limited 

Bayerische Hypotheken- und Wechsel-Bank Bayerische Landesbank Bayerische Vereinsbank 

GirMteatxale 

Bergen Bank Berliner Handels- und Frankfurter Bank Blyth Eastman Dillon & Co. 

International Limited 

Caisse Centrale des Banques Popnlaires Caisse des Depots et Consignations Centrale Rabobank 

Chase Manhattan Citicorp International Group Commerzbank Compagnie Monggasque de Banque 


Baring Brothers & Co., 

Limited 

Bayerische Vereinsbank 
Blyth Eastman Dillon & Co. 

Internationa] Limned 

Centrale Rabobank 


Chase Manhattan Citicorp International Group Commerzbank Compagnie Monggasque de Banque 

lilflUlod Ahwng papWerhil t 

Continental Illinois County Bank Crgdit Commercial de France Crgdit Indus triel et Commercial 

Limited Limited 

Credit Lyonnais Crgdit duNord Creditanstah-Bankverein Credit© Italiano Daiwa Europe N.V. 

rUnderwriiexs) SJL 

Den Danske Bank Den norske CrediCbarik Deutsche Girozentrale DG BANK 

af!87l Ahi«al3kJs - — Dia ntgf'ho Rywnrn iiTmTKaTilr— Deutsche Geaoesemchoftsbank 

Dillon, Read Overseas Corporation Dominion Securities Dr es drier Bank Drexel Burnham Lambert 

Limited AkneageseHschali Incorporated 

Eff ectenbarik-W arburg EuramobHiare S.pA First Chicago 

AMiengesellschaft Limitwl 

Robert Fleming & Co. Foreningsbankeznas Bank Genossenschaftliche Zentralbank AG 

Limited Vienna 

Girozentrale und Bank der osterreichischen Sparkassen Goldman Sachs International Carp. Hambros Bank 

Akt lengeiialkciuft Limited 

Hill Samuel & Co. E. F. Hutton & Co. N.V. IBJ International Interunion-Banque 

Limited Lmtixed 


Daiwa Europe N.V. 


Istituto Bancario San Paolo di Torino 


KansaHis-Qsake-Panldri 


Kjobenhavns Haxidelsbank Kleinwort Benson Kredietbank N.V. Kredietbank S JL Luxembourgeoise 

Kuhn, Loeb & Co. International Lazard Brothers & Co., Lazard Freres et Cie Lloyds Bank International 

UitUKxl Limited 

London Multinational Bank Manufacturers Hanover Merrill Lynch International & Co. 

(Underwriters) Limited Limited 

Samuel Montagu & Co. Morgan Grenfell & Co. Morgan Stanley International 

Limned Limited Limited 

Nederlandsche Middenstandsbarik N.V. The Nikko (Luxembourg) S.A. Nomura Europe N.V. 

Norddeutsche Landesbank Nordic Bank OKOBANK Sal. Oppenheim jr. & Cie. Orion Bank 

Gizo=cutiriIe Limiied Osunspaofcfciea Keakuajvmkhi Oy Limned 

Osterreichische Landerbank Pierson, Heldxing & Pierson N.V. Postipankki Privatbanken 

iUaibicltbb 

Rothschild Bank AG N. M. Rothschild & Sons Scandinavian Bank J. Henry Schroder Wagg & Co. 

Limited Limited Limned 

Skandinaviska Enskilda Banken Smith Barney, Harris Upham & Co. Sodgte Bancaire Barclays (Suisse) S-A. 

Incorponued 

Societe Centrale de Banque Societe Generale Socigtg Generale de Banoue SJL 


Kidder, Peabody International 

Limited 


Kredietbahk N.V. Kredietbank SJL Luxembourgeoise 
‘o., Lazard Freres et Cie Lloyds Bank International 

Limited 

s Hanover Merrill Lynch International & Co. 

id 

ifeD. & Co. Morgan Stanley International 

ed Limited 

Nikko (Luxembourg) S.A. Nomura Europe N .V. 


Skandinaviska Enskilda Banken 


Societe Centrale de Banque 
Societe Sequanaise de Banque 
Sumitomo Finance International 
Trade Development Bank 

London Branch 

M. M. Warburg-Brinckmann, Wirtz & Co. 


Sparbankemas Bank 
Svens ka Handelsbanken 
Tradition International S.A. 


White, Weld & Co. 

tor orpocaiad 


Williams, Glyn & Co. 


Warburg Paribas Becker . 

Incorporated 

Wood Gundy Yan 


Sodgte Bancaire Barclays (Suisse) S.A. 
Societg Generale de Banque SJL 
Strauss, Turnbull & Co. 
Swiss Bank Corporation 

fOverrjMc.} Limitod 

Ve reins- und Westbank 

Aletiecgocetbcliaii 

er ■ Westdeutsche Landesbank 

Giioscatx&I# 

Yamaichi International (Nederland) N.V. 


j BY STEWART FLEMING 

HUMANA. the second largest 
, U.S. hospital operating company, 
has succeeded in its three month 
battle for control of .American 

■ Medieorp, another leading com- 
pany in the industry. 

Humana said to-day that its 
^tender for 60 per cent, of 
American Xedictirp (5.7m. 
shares) was heavily oversub- 
scribed. 

, Humana has been struggling 
. for control of American Hedi- 
rorp against 3 competing offer 
1 from Trans World Airlines 
(TWA) and its hotel subsidiary 
: Hilton International. 

TWA had offered S2Q a share 
. in cash for up iu 6m. of 
American Med icon's 9.5m. 
. shares. But Humana had res- 
‘ponded with an offer of S15 a 
share in cash plus S13.75 In pre- 
ferred stock for each share and 
! valued the sixty per cent, uuer- 

■ est it was seeking at SI 64m. 

Humana has said that it will 
seek to acquire the outstanding 
40 per cent, of the Medieorp 
'Stock through a merger, 
j TWA said that it had dropped 
rout of the contest because it 
’decided that an increased offer 
to compete with the Humana bid 
; would be “inadvisable." 

. Yesterday, directors of Medi- 
| corp dropped their bitter opposi- 
tion to the Humana bid, which 
. they have been pursuing through 
;the courts, and agreed to Lender 
[their own stock. 

An outstanding question, 
-which has yet to be resolved, is 
<the attitude of the U.S. anti- 
trust authorities, who have 
requested information from the 
two companies. Since both com- 
• panics operate hospitals, an anti- 

■ trust action cannot be ruled nuL 

Johns-Manvilie to 
close plants 

IOHNS-MAXVILLE CORP. plans 
to elose or divest four produc- 
tion facilities and write-down 


NEW YORK, Jan. XI. 


certain intangible values due to operating losses and put Scarle 
the discontinuation of a product in a better position to take 
line, resulting in a fourth advantage of future growth 
quarter charge of about S5.7m. opportunity, 
or 26 cents a share. Scarle- said none of the 

It said principal assets in- approximately '-’d businesses in- 
volved in the wnte-down include volved accounts for more than 
a wood flbreboord plant in 3 per cent, of total sales. 

Ontario. Canada, a reflective in- President Donald Rumsfeld 
sulations manufacturing facility said Searie will conctmtrate man- 
in Manvilio. N.J., acoustical agement efforts and financial re- 
ceiling tile facilities in A l ex an- sources on its primary and larger 
dfria. Indiana, and a pro-stressed business areas, fie said none of 
concrete operation with rour U.S, SeaiJe’s pharmaceutical, con- 
producing lncations. ntmer or retail optical lines are 

Also included in the write- affected by the divestiture plan, 
down are certain mrangibte He said Scarle enters IWb in 
values tn conn ecu on with an in- * ‘“‘strong position” and it expects 
legrated ceilings systems bust- to maintain its regular dividend 
ness, the company said. The Policy. 

Total pre-tax charge of all the Reuter 

write-downs is about Slthn. _ , 

The uorapany did not s-iy how CJKTgY Uep&Ttment 

many employees would be r 1 --! 

affected by its decision. 8CCUSCS EXXOIl CJOTp- 

JohnsOlanviile said gains on THE DEPARTMENT of Energy 
dispositions of assets for the said that Exxon Corporation 
first nine months of 1977 in- overcharged customers some 
creased net earnings by about SlSSLSra- for crude oil from the 
S7J2m. or 33 cents a share and, Hawkins Field in Texas. The 
as a result, the entire year will announcement was issued in the 
show an earnings gain of about form of a possible violation 
SL5m. or seven cents a shire notice. 


from dispositions. 


Exxon has ten days la answer 
the allegation. Late last month, 

G. D. Searie disposals the Agency accused Exxon of 

^ pwoio overcharging customers of its 

to bring $95m. boost domestically produced crude by 
G. D. SEARLE and Co. the giant 
store chain group, said it will «® uier 

divest certain businesses as part c- _ p __ 

of a series of cash strengthen! fig 2>p€IlCCr r OOOS OH 
steps it expects will help 1WT arfivitV 

earnings by as much as $95 m. STOCK jciiviiy 

It said accounting reserves re- SPENCER FOODS lot. said in 
fleeting the divestments may total response to an inquiry from the 
$50 to S60m. American Stock Exchange that it 

Searie said it is making special knows of no corporate develop- 
provisions far writedowns of cor- ments that may account for the 
tain other assets and for terming- recent trading activity in Its 
tiun of a profit sharing plan. stock, reports Reuter, 

Searie said businesses to be The company noted it held pre- 
di vested had 1977 sales totalling Iirainary discussinqs. which were 
about SlOOtn. and are expected previously dtslosed. regardins the 
to show an operating loss for the sale of certain of its properties 
year. hut no agreements or under- 

It said the move will relieve standings have been reached. 


Quebec 
Minister 
in Sun 
Life clash 

By Robert Gibbons 

. MONTREAL. Jan. 11. 
QUEBEC FINANCE Ministw 
Jacques Parhwau has confirmed 
that one main issue In the di* 
pute with the Sun Life Assur- 
ance Company of Canada is the 
H matching" of assets and- Uabf 
lilies in the Province. The Gov 
eminent had warned the ineov 
a nee industry that it planned h 
lay down new Euidelines for Ut 
vestment of Quebec-derived pfe 
mium income and of Quebec 
derived pension and group life 
funds. 

Sun Life with assets of $C5bo 
and worldwide Insurance it 
force of SCSI. Thru, iocludim 
over SCBbn. in Quebec, said la*.-, 
week it would move its heat 
office from Montreal to Toronlt 
because the restrictions of fo., 
French Language Charter nxsft 
it Impossible to recruit eooufc! 
Anglophone .specialists and mut- 
agers for HQ operation. 

It only bintod briefly that j 
dispute over investment albc* 
tiun had occurred with tkn 
Government. \ 

Mr. Farizeati is upholding U 
figures that Sun Life strong 
according to Government forma 
lae. have $400 ra. more inveatfi 
in Qucbce than it in fact bfi - 
Sun Life itself says Jrbas neai^ 
$700m. invested iu the Province 
Sun Life had no immedbM 
comment but was understood*' 
be preparing new figures to 
up its position. 

. 

SPCC loan 
draw-down 


Lower profits from RWE 


delayed 


ESSEN. Jan. 11. 


SOUTHERN PERU Coppe 
Corporation (SPCC) h&, 
announced that it docs 06 
expect to meet the draw-do^r 


LOWER profits are reported by position of dominance in West the chairman, Herr Heinz Petry, i™- acreements signed -te»- 
Rheinish-Wes:faeiische Elektriz- Germany’s imported car market, tnld employees in a New Year October in time tu make tfa. 
itaetswerk (RWE). At the net writes Guy Kawtin from Frank- message, writes Adrian Dicks c 4 r3V ..^] nW n scheduled for mSt 
level profit have dipped from furL Last year the French group from Bonn. This is less t han j amiarv This mcanx that it^L 
DM44Sm. to DM411 m. for 1977. sold a record 130.000 vehicle in half the DMliSOm. for the 1977 ^ lhe ftaS' 

Last year tiie utility. West the Federal Republic. business year. which the hanks have Merced W 

Germany's biggest in the According to a group announce- Details of the 1978 investment , ri iT th 
electricity field, saw volume sales ment tthday, demand for its programme were not provided. ^ f “ 
rise by 4 per cent, lo 99 .Sbn. Renault 14 model remained ? ut He f5 nia de dear that It is continuing its efforts fi 
kilowatt hours. Turnover rose by strong and sales totalled 22,000 would be concentrated on oblain the rcqwred docum«ntt 
a similar percentage to units. At the same time, turn* krflPP*' mechanical engineering, tion front the Peruvian 
Qjnifai cnpnd'n't last vear iras a over of file German subskfiarv Pl®hl construction and trading ment lo fulfil the iRiw-dw^ 

Deutsche” 16 Remmtt? “S ^ l Al- 

ES «ve f ° r at a D^ su«^^^>wevef ^came S ^ a tile 

share compared to DM850 iu in the Federal Republie-the 

i976. Renault 20 and lhe Renault 30— 'rSt 

* * * have done particularly welL rC u H _r rr. 

THE FRENCH motor manufac- According to 1977 statistics, or ^ nisa u 0 n q[ the Krupp bauita proSung ^ tile new ftuS 

turer Renault has ma;t>taiped its fff"” ° f J^r nhi^vr^ ^ sroup’s steel making activities Some FJOm. of amortisation! 

i last year, when the recently scheduled to be paid to thofi 
AAfifunl dunng V5L« nal acquired Stahlwerkc Suedwest- banks on January 16, 1978. 

Nat Mutual Ke^Sd30 e modcu^e O l m fale ? was integraicd with Fried, in addition, ^ome S15m. HI 

. . i°r ^ d rvt 3 ^ P c ‘ pal St eehnakjns company of iDterest payments and 58m. 1 

npw hll^inP^Q Dy P * ° + * the group. This process, the other amortisation payments ail 

UCvT UU3UIC33 * * * chairman said, had strengthened •» 


EUROBONDS 


liai. lYlUlUill faien was integrated with Fried. Xn addition, some 815m. HI 

. . ^ P c ‘ paI steehnalons company of iDterest payments and 58m. 8 

now hllisinpv;^ Dy P * * the group. This process, the other amortisation payments ail 

UCvT UU311IC33 * * * chairman said, had strengthened due this month. 1 

n c - et -* FRIED. KRUPP GmbH, the Krupp’s special steels interests qptC exneers to meet tltfi 

By Enc Short ■ holdins company of the West and laid a firmer base for the debt wn-i^bliratio^M the 

THE NATIONAL MUTUAL Life German steel, shipbuilding and future-though he held out little mature with Mshresultinc fm 
Association of Australasia, the engineering group, is to under- hope that there would be any oavmenti bv Cuatanecoo»<>. 

second largest life company in take investments this year worth short-term improvement in the ° y CTPi 4" 

Australia, reports an 8 per cent a total of some DMlOOni. (£24m.). steel industry. uuyera. 

growth in its world wide new 

Xing Ppttmto lo, EUROBONDS Continuous qnote for* !( j 

1977. These totaled SA/lm. Rmvntn chnrec 

(£44.9mJ compared with SA65.9m. Mnllor InW£tr K-OTeHTO Snares 

(Ml .7m.) in the previous year. UUllal dttlUI IUtTCI THE AMSTERDAM Stock Bv . 

New sums assured showed a change will quote the shares o ■ 

much smaller rise, amounting to BY MARY CAMPBELL the Dutch investment fun- 

SA3.567bo. (£2.258bn.) against „ Rorento on a continuous basi 

SA3.553bn. (£2.24Sbn.). ' THE DOLLAR sector weakened This is the lending institute for from, to-day. This is in respons 

Market condition.; for life agwn y es J«rday’ with prices the smaller local authorities. The to the large turnover o 
assignee aSd oetSons biriness f aIlmg ar ° und Jf lia “ * P, oint - A U / A 12m * I <* bout 92Sm.l issue Rorcnto's shares in recen 

Sre “meSat d^^d ^ring ? a 5L nu ?H r ? J? 8 ?]!* 1 ‘ y - offers a , n ind,ca 1 t | d TO «P° n S months, an exchange spobesma 

tho ™iripuT issues, which had been priced in per cent, on a 15 year maturity said Rorento' has freaueotl 

ja ««« -jy w s S?5t. SsJnsE- 

stances regard the results as Yesterday Tuesday 6 ^ stock on ,he Exchange, 

satisfactory. The group operates Medium 99.S . JJl* fe 10 ®***- nu ?^I ^ ^ 


business annual premiums for 
the year eDdlng September 30, 
1977. These totalled SA71m. 
(£44.9m j compared with SA65.9m. 
(M1.7ra.) in the previous year. 
New sums assured showed a 
much smaller rise, amounting to 
SA3.567bn. (£2^58bn.) against 
SA3.553bn. (£2^48bn.). 


not only In Australia, Tasmania Long 93.50 93.65 

and New Zealand, but also in the Convertible 105.95 106.07 

U.K. and South Africa. It is the 

largest group pensions company at around 95 or below. D-Mark 
in Australia, and was the first bonds improved somewhat 
to introduce the managed fund A new unit of account issue — 
concept Results last year were the first for several months — has 
affected by slower growth in been launched for the Swedish 
pensions business. borrower KommunlaneinstituteL 


tin nous ly traded stocks to 21 


PRICE INDEX 3.1.78 

DM Bond* 108.42 

HFL Bonds & Notes 101.19 
UJ. S Strc. Bonds 100.49 


YONTOBEL EUROBOND INDICES 
14.5.76=100% 

, 3 «I' 7 5 AVERAGE YIELD 3.1.78 

108.42 1 07.65 DM .Bonds 6.441 

101.19 101.68 HFL Bonds 6 Non* 8.202 

100.49 100.40 U.S. S Sort. Bonds 8.60S 


Senior 

Gilt Dealer 

Partner Potential 


PINCHIN, DENNY & CO, a leading 
London firm of Stock Jobbers in 
equities and prior charge stocks, intend 
to expand their operations into the Gilt 
Edged Market in 197S. They are 
seeking a senior executive, reporting 
directly to a managing partner, to 
control the dealing section. 

The successful candidate will be 
over 30, have had at least five years’ 
experience of the Gilt Edged Market 
and currently be holding a position of 
responsibility. General dealing 
experience within a City financial 
institution would also be an advantage. 


The position offers the short term . ' 
prospect of a partnership with a' 
substantial remuneration equated to 
responsibility. Initially a total • 
remuneration of not less than £20.000 
pa is envisaged, with normal pension 
benefits. 

•Applicants should apply, in 
confidence if requested, "With adequate - 
particulars of experience to R I Beard of:- 

Spicer and Pegler & Co, 
Management Consultants, 
3BevisMarks,- 
LONDON EC3A 7HL 
Tel: 01-283 2683. 











Ihil 




INTERNATIONAL FINANCIAL AND COMPANY NEWS 


SWISS NEWS 


Standard 


AUSTRIAN BANKING 


’s excellent year links with 


BY JOHN WICKS 

te pin (SWISSAIR had * excellent " 
Mfflpsulls in 1977, it was disclosed 
, ( Nln a speech by airline chairman 
. ! ««-, Arm in Ballensweiler to staff. The 

■*' . year- he said, tod been the best 

»:•!.» in Swissair's history and results 
' lad far surpassed the annual 
-■ budget 

:: Net profits for 1977. 
V. Saltensweiler stated, will permit 
1 -.adequate interest on- equity and 
the same time a strengthening 
“■v, .jf the company's financial posi- 
v. ion. . There had been a suh- 
'V l -tantial iroptovement in the 

?v wenue level as expressed by 
average yield, per ton-Wlometre 
■ J i*w what had hcen anticipated. • 
The. reinforcement of the 
' ■ nanda! situation of the airline, 


he added, would permit moderni- 
sation and expansion of the 
Swissair fleet “ in good time.” in 
the coming six years, this would 
call for well over Sw.Frs.2bii., a 
large part of this , to come from 
Swissair's own funds. Only lo a 
small extent would .the company 
have to rely on borrowed money. 

In September shareholders had 
been told that a good result was 
expected ' for 1977 after gross 
income had. risen" sharply in the 
first half. Swissair then said it 
was aiming for about- the same 
financial' result in 1978 as in 
1977.- - - 


Lief Hoegh 
-beats 
the trend 

• ■ By Fay Giestcr 

1 nJ OSLO, Jan. 11 . 

\ LEADING Norwegian ship- 
!“' vying group has reported its 
S: ' 3 : xest-ever year in 1977, despite 
he continuing world shipping - 
.. .‘ ;■ rrisls. Leif Hoegh and Co. says 
• 'operating profits for the year 

■ ; 3 ^-eached Kr297m- — Kr.77m. 
'i.- 1 : iigher than in' 1976~~while 
j;ros* freight earnings totalled 
L.tr.l.8bn. Seven new vessels 
rare ordered for the concern 
'Muring the year, bringing 
Vv £)/*'/"» • hips on order for its aceount 
v V iOJjo ten at the end of 1977.- 
j , Hoegh’s strong economic 

ill -Q Opposition will enable it to coh- 

, inne taking advantage of 

(fCtaVCd ,resent favourable 'conditions 
u * u or ordering new ships, says 
./sanaging director C. Olsen. In 
i?he first instance, it plans to 
: rder two roll-on, roll-off ships 
1 ' ■ or Hoegh-Ugland Auto Liners, 
or delivery in 1979-80. 

" The gxoup attributes its 

ood results to its 1 wide spread 

,”f interests, embracing profit- 
“ ble fields like car shipments, 
■" -s well as the less remnnera- 
‘"'!ve tanker and bulk sectors, 
-diere returns on invested 
;apital have been unsatisfac- 
• . Jry. .Hoegh’s engagement in. 

. . v as carriers still represents, 

- verall, a burden on the group, 
.. ad It is uncertain how soon 
mployment can be found for 
. iese ships. Over the. longer. 
J inn, however, Hoegh expects 
.' * s investments in this sector lo 
eneflt the concern. 

anque Rothschild 
xjuisition 

INQUE ROTHSCHILD is 
gotiating to take a majority 
Jce in Cie Eurppeenne de 
' . nque. At present Cle Euro- 

• June’s Frs-30m. capital is 99.3 
e cent held by Trans America 
rp. Cie Europeenne has a 
lance-sheet total o l Frs.600m. 
uter 


Norwegian 
bond issue 


THE NORWEGIAN mortgase 
body Norges Hypotokforening 
for Naeringsiivet is to float a 
Swiss capita] marker issue of 
Sw.Frs.80in. worth of bo’nds with 
a 4.25 -.per cent coupon on 
January 13. The public .offering, 
to handled by a banking con- 
sortium led by the Scandinavian- 
controlled Nordflnanz - Bank 
Zurich, will be at a price to be 
announced on Friday. - The 
maturity of the issue is a maxi- 
mum 15 years. 

Credit Suisse 
Molini plan 

THE SWISS Bank Credit- Suisse, 
of Zurich, intends to carry out 
a large-scale injection of -funds 
into the Italian milling concern 
Molini Certosa. The company, in 
which Credit Suisse has had a 
95 per cent, stake since last year, 
lost some L1.7bn. in 1977 after 


ZURICH, Jan. lL 

sales of about Lfibn. and its debts 
amount to a figure in the region 
of L4btL The losses are under- 
stood to have resulted from real- 
estate investments by the former 
management, production inter- 
ruptions and wheat transac- 
tions. 

The entire capital of Molini. 
Certosa. is intended to be writ- 
ten off and other measures taken 
m the financial reorganisation of 
the company. Former credits 
granted to Molini Certosa. in- 
cluding those made by an ex- 
deputy general manager of 
Credit Suisse in excess of his 
authority, will be converted and 
payments made from reserves. 

There could, however, he some 
delay in the financial aid 
measures, it is understood, due 
to the investigations currently! 
being made by the Public Prose- 1 
eulor's department in Milan. I 

Nestle bid 
succeeds 

THE SWISS foodstuffs group 
Nestle, working through its U.S. 
subsidiary Delaware Bay Com- 
pany, has now acquired J)7.4 per 
cent, of the B-STm. shares of 
Alron Laboratories Incorporated, 
of Fon Worth. The offer period 
expired on January 6 after hav- 
ing been extended. 

The acquisition of control over 
Alcon. which specialises in 
opthalmic products, had been the 
subject of a bid of $42 per share 
announced by the parent com- 
pany Nestle SA, or Vevey, in 
October. This is the Nestle 
group's first real incursion into 
the field of pharmaceuticals. 


Eastern Asia holds 
half-time payout 


BY PHMJP BOWftlNG . 

EASTERN ASLA Navigation, the 
principal quoted arm of V. K. 
Pao's World-Wide (Shipping) 
group to-day announced . an 
interim dividend maintained at 
19 c, and forecast that results for 
the full year ending - in. March 
should be at least as favourable 
as last year, when profits were 
JHK164 hl - 

It said that any effects of the 
financial crisis at Japan Line— 
which has asked for rescheduling 
of Its debts — -would be unlikely 
to ' materialise before next 
financial year. 

Japan Line is Eastern Asia's 
major client, with, according .to 
its last annual report, approxi- 
mately 35 per cent of the . com- 
pany’s tonnage of A25m.!‘-tbbs: : 
This is also roughly the percen- 
tage of the total World Wide 
fleet, believed, in the peglon of 
16m. tons, on charter ito Japan 
Line. ' / 

Another substantial portion, 
thought 'to be a littife 'under 20 
per cent, is on charter to Sanko 
Steamship, another major 
Japanese line. " •/ 

Hongkong and'Shanghai Bank- 
ing ■ Corpora don owns about 20 
per cent of Eastern Asia, and a 
larger percentage of the two 


HONG KONG, Jan. 11. 

major unquoted World Wide 
companies. 

Eastern Asia’s first-half group 

net operating profit was 

SHK87.45m., compared with 
$HKS2.4m. a year earlier. 

Since the end of the flr«st half 
the company has acquired a 
137323 long dwt tanker with a 
long term charter attached, and 
has disposed of a 69,525 long 
dwt tanker, and of its interest in 
the shipping investment com- 
pany, Liberian Independence 

Transports Inc. 

Abestline Products 

TOKYO, Jan. 11. 
ABESTLINE . , PRODUCTS. a 
'major “pyramid type" sales 

Icempany in Tokyo, faces bank- 
ruptcy after failing to honour 
bills with estimated liabilities of 
about Y5bn„ Teikoku Koshinsho, 
a private credit inquiry agency, 
said. The Japanese branch of 
the Hong Kong-based company 
had been investigated by police 
for suspected violation of foreign 
exchange and trade laws and tax 
evasion. The company sells 
chemical detergents and cos- 
meties. 

AP-DJ 


building 

society 

By Richard Rolfe 

JOHANNESBURG. Jan, 11 
STANDARD BANK or South 
Africa, in which Standard 
Chartered holds a Slake of 67 
per eeni.. has negotiated H a 
close business relationship ” 
with the Prudential Equity 
Building Society, the eighth 
biggest society, on an asset 
basis. In the Republic. The 
name of the society is to be 
changed to Standard Building 
Society. 

The agreement wilt enable 
(he bank to expand its range 
of services locally by making 
tax-free and other building 
society shares available to cus- 
tomers. In addition, but 
initially on a limited scale, 
bank customers will be able to 
oblain building society loans. 
Other local banks have com- 
parable relationships with the 
building societies, but only 
Trust Bank, with the Trust 
Building Society, is connected 
with a building society of the 
same name. 

Prudential Equity had com- 
bined assets of more than 
BlOOm. in March 1977, and has 
10 branches. The society 
believes it will acquire a 
broader base for its operations 
and expand more rapidly than 
would otherwise have been the 
case, ft expects to attract more 
investment and so to be able to 
expand its lending. Standard 
will put In a certain amount of 
money, although the prerise 
amount has yet to be deter- 
mined. Both parties believe 
that with the increasing 
sop Justification of the local 
money -market, it Is necessary 
for building societies to 
develop closer relationships 
wilh tbe banks. 


Controversy— in public and private 
—over new credit law proposals 


BY PAUL LENDVAI, IN VIENNA 


THE DRAFT of the new Austrian 
credit law, published just before 
Christmas by the Finance 
Ministry, is bound to lead to 
major shifts within the Austrian 
banking world. It should replace 
legal provisions which Stem from 
1939, wd also strengthen 

competition. 

Though the fruit of many years 
of labour and discussions, tbe 
Draft Is still a subject of intense 
public and private controversy. 
Under- the assumption .that no 
new major stumbling blocks 
emerge, the new banking legisla- 
tion, involving one law on the 
credit system and one on the 
savings banks, should come into 
force on January 1. next year. 

“Tbe central place, occupied 
by. the credit apparatus within 
the ■■ overall economic develop- 
ment demands a clear-cut and 
flexible legislative foundation 
which would also take into 
account future changes." This 
was stated by Vice-Chancellor 
and Finance Minister. Dir. Hannes 
Androscb, □□ submitting the 
draft to the various institutions 
wbicb have the Constitutional 
right to evaluate and to suggest 
changes in Bills before they are 
presented to Parliament. 

Tbe .provisions which most 
directly affect the clients are the 
maintainence of tbe system of 
anonymous savings deposits and 
tbe , change-over to paying 
immediately interest on savings 
deposits as against the current 
practice under which in teres* 
uegins to accrue 14 days afl^r 
the deposit is placed. 

The main results of the new 
legislation will be, above all. 
even sharper competition and an 
accelerated trend towards 
universal banking. The balance 
of forces both between and 
within . the so-called main 


"sectors" will undergo import- 
ant changes. The difference 
between the joint-stock banks, 
savings banks and the farmers 
credit co-operatives will become 
less and less pronounced. 

Tbe opening of new branches 
has now been practically freed 
of any constraints and it remains 
to be seen whether profitability 


sparkasse and First Vienna 
Savings Bank, both in Vienna. 
Savings banks with total assets 
exceeding Sch30bn. (just over 
£lbn.) will henceforth be able 
to engage in every form of bank- 
ing business except for issuing 
mortgage and communal bonds. 
Zeniral sparkasse is expected to 
report a consolidated balance 


Changes in banking law proposed In Austria should produce 
major alterations In tbe shape of Austrian banking, replacing 
legal provisions dating back to 1939, and strengthening com- 
petition. Tbe proposed legislation, expected to come into 
force next January 1, will involve one law on the credit 
system and one on the savings banks. The provisions most 
directly affecting customers are that they would earn interest 
immediately on savings deposits — instead of from 14 days alter 
deposit, as at present — while the system of anonymous deposits 
would be maintained. Above all, however, the new legisla- 
tion implies sharper competition and a speeding-up of tbe 
trend towards banking bouses offering a comprehensive range 
oT services. 


considerations will in the final 
analysis prove stronger than 
prestige factors. Only two days 
after the release of the text of 
tbe draft law, Dr. Hellmut 
Kiauhs, director general of 
Genossenschaftliche Zeniralbank, 
the central institute of the credit 
co-operatives, candidly remarked 
that neither small savers nor 
borrowers have really profited 
r .^(n tbe liberalisation 
tendencies. 

Aside from provisions with 
regard to more stringent control 
of balance sheets and a higher 
degree of protection for deposi- 
tors, the new draft law provides 
for the fully equal “universal 
hank ” status of Austria's two 
largest savings banks, Zentrai- 


sheet to tbe tune of Sch.fiQbn. 
for 1977, and the First Vienna 
Savings Bank one of Scb.42bn. 
The other 164 independent 
savings banks arc all much 
smaller. 

Another important change is 
the projected freedom of estab- 
lishment for all savings banka 
in towns with more than 20,000 
inhabitants. This last minute 
surprise in the Draft is said to 
stem from concern that the 
abolition of regional restrictions 
only with regards to the two 
major Vienna savings banks 
could have violated the principals 
of Constitutional law. 

In any event, the two Vienna 
savings hanks have already 
acquired their own banking out- 


lets, wbich in turn allow them 
to operate well beyond the 
Vienna area. Zentralsparkasse 
acquired last summer a majority 
holding in “ Wien-KrediL" a hire 
purchase bank with 23 branches. 
Its rival In Vienna, the First 
Vienna Savings Bank, has just 
announced the takeover of 
Bankhaus Roessler. which has a 
nominal capital of Scb.lOm. and 
a balance sheet of Sch.SOQra. 

The potentially most signifi- 
cant shift, however, may well 
occur within tbe savings banks 
sector itself— more precisely in 
the relationship between the twn 
large Vienna savings banks and 
Girozentrale, tbe umbrella insti- 
tute of the savings banks. Until 
now the two banks, like all other 
savings banks, have had to keep 
10 per cent, of their savings 
deposits and 20 per cent, of their 
deposits (excluding inter-bunk 
deposits) at the Girozentrale as 
obligatory minimum reserves. 

Under the now law, Zentral- 
sparkasse and First Vienna 
Savings Bunk could, far example, 
switch their liquidity reserves 
with one year's notice from the 
Girozentrale to the Nationalhank, 
the central bank. In turn Giro- 
zentrale, with u balance sheet 
of nver Sch.tOObn. last year, and 
taking a proud second place 
among Austrian credit institutes, 
would be faced with a potential 
threat to its underlying financial 
strength. 

These are the reasons why the 
draft of. the new hanking law 
should produce crucial changes 
in the world of Austrian banking. 
In view or the potential implica- 
tions, however, the Draft may 
well be changed during the 
coming period of further public 
and private debate and' power 
struggles. 


This announcement appears as a matter of record only. 




NEW 






US$ 500,000,000 

7 year 

multi currency revolving credit 


OMESTIC BONDS 


•Bundesbahn opts for 12 years 


managed by 


jjj i * slU® BY JEFFREY BROWN 



ANDLNG FIRM against 
>ther round of coupon cuts, 
issuing authorities behind 
new loon by. tbe. German 
lera.1 Railways have opted for 
. lengthened maturity. The 
850m. offering will be priced 
par, carry a coupon of 6 per 
t. and run for 12 years.. 

- ‘oil owing a dip earlier this 
3tb to coupons of 54 -per cent 
--'the foreign bond market in 
■" nkfurt. It looked* conceivable 
t dealers in the domestic 
aa were about to be con- 
ned with a similar move. Yes- 
lay there was obvious market 
ef when the - Bundesbahn 's 
^■sion to hold Its.- coupon at 6 
cent, was announced. Last ' 


May the Bundesbahn raised 
DM700m. by way of a 12-year 
loan which was priced at par and 
carried a coupon of 6} per cent 

As it Is. the new offering looks 
like being readily accepted. Issue 
yield of GJfS per cent, to Institu- 
tions slots neatly into the current 
market range for maturities of 
12 years. It compares with 
around 5.9 per cent for the 
three 6 per .cent, coupon stocks 
{two by the Federal Republic 
and one by tbe Bundesbahn) 
issued since last autumn. The 
new offering goes on sale next 
Monday. 

Reuter reports from Parte that 
French domestic bond dealers, 
who "are already finding new 
paper hard to place, fear a glut 


of issues ahead of the March 
elections may exacerbate their 
problem. This week's Frs.lJbn. 
Credit Foncier de France Bond 
issue is apparently going "very 
slowly.” 

Major borrowers — among them 
Credit National, Caisse Nations le 
de Telecommunications, B anque 
Francaise du Commerce Ex- 
terieor— are lining up to tap 
tbe market. These borrowers are 
expected to seek between 
FrsfiOOm. and Frs.l-5bn. each. 
Ther issuing banks already have 
a very large volume of unsold 
bonds on their books- 

Institutional investors are now 
taking some 50 per rent, of new 
-issue volume against the 60 to 
.70 per ceqt seen in less con- 
gested times. 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


hAuatrallj Mpc IB89 371 

y. thw lag: ..... . . »a 

wn SI pc istc ■ ... B5J 

AUu a. and s. atpc 

\L\ - SSI 

M Bank fljpc IMS .. Mi 

ter sipo is#! n 

a?- . Rwjr. Saac 1BBB-. M* 
RNMionid Stec 1386. „ 97) 
Brt Silpc OKH . . 99 

Sjfc !V» 9Ni 

BPC 1997 w. Ml 

WCIW5 Bit* 

Hoc UM «S 

wa ft pc less - • bs 

SOP-19B9 Nov P9J 

&RM Paper K pc 199* K>3 

Wtoy sjpe IKK XDU 

Wnotoee tpc 19W ... M 

h?C 1987 m 

WDC 1986 163! 

mbit Blot Jv) 9 dc Hi 87* 
■ Ferguson flipc U91 iOS 
ftp ®iDC IMS ... . 101 

Fla. S;k UM 373 
End Board Stic JW7 W 
ftStaUDSUT 9* 19M JKt 
fraud 9pi; 1869 .. m 
raraun. Efc. Si pc -BS Ml 
Rjtoc us* « 

KgMro SJpc UK ... 9H 

gfe-ass .... #91 
jftfrnttBta Stic UB1 9U 
HWttee »Dc 1*93 Ml 
gjutatch. Kipc .1996 tot 
gnat toe 19S7 ...- ... 931 
RC IBS . .. . Ml 

H-Ttust Sjpc 1353 85 

ft* “I 
He us? . . . ..sat 

gkOCdTOil Ope l«r Ml 

KBlKults 9pc HS9 i . *9 

RK 1887 March 9K 


> 7I9C I KM 96 

rada ;Jpl- 1997 . ... 94) 
Mrabla Hrdro "tpc 

■■ hi 

t 8»pe ISM Ml 

frmiral 6pe .. 9i\ 

c Us: <W| 

p US* ....... 06 

K 1352 «! 

k ite4 ■*:<« 

fJseh SJpc.iM4 W) 

Woo Tlpc 1SS 971 


PS Koekitma Rpc 1S8S. — 

« Mlcholffl 8) pc 3963 
SM Montreal Urban SJpc 1BS3 
* . New Brunswick. £pc UM 
9M .New Bruns. Rtqv, ajpc TO 
87) New Zealand Shrc ISM - 
: Ml- handle Invest.- Bfc. 7.*p? 'S4 
971 ' NDh£ Hsdro ftoc l*B ... 
991 ' NDrwM Tipc 1955 
98} Ontario Hydro spe B6< 

«2- SihJW «W'. 1882 •; ... 

974 -S. of Scotland Else. 8 !pc 

Wi 3981 

Kl Sweden (ITdonr) 7’vc 1982 
to! Swedish swie Co. 7»c 'B 

109) TrHrac* 94 PC 1964 

99 j Ti-nnueo tine i«7 May ... 
UU Vfi&swasfin 7Spc U87. ...... 

Kl 

971 STERLING RONDS 

199 Ctmriaulds 9}pc UD 

« ECSiSPC.Uffl 

10S1. EIB HPT 1992 ... • ■ 

161 1 Finance for Industrie SJpc 
»1 1987 

98) Pisans IMdc 1967 ' 

luJ- Tola] OH 81PC.19S4 

189 . 

97) DM BONDS 

ST I Austria Use 1535 

17! BFCE 7dc 3987 — 

109} Denmark 1983 

1H EIB 8«w 18Bt . : 

06) Grand MeL Tpc 1984 

904 Hi dre -Quebec 64 PC 1867 — 
U TCI «Ipc UK 

96 Montreal 7pc 1997 

Mi Norsca-Cas 7PC-19M 

1 M> Norsk Hydro Mpr 1989 ._ 

..941. . Norway 'Hpc 1889 — 

96) Shell MDC 1989 

B6t Spain B'jtc 1984 

94} Sweden Wre 1884 . — 

World Bank 0)pc MB7 ... 

M) FLOATING RATE NOTES 

99) Bank of Tokyo 1984 7iZni»c 

BI^CE 1984 Tpc - — 

941 BNP' MB* MPC .— 

99) CCF W8S-8PC 

Mi CUMF T0M 6UtfpC ... - 
97!'' rJVdliailHBM 1984 tipc . 
90} Credit LronnaU 1992 68pc 

97 DC. Bank I9S2 7131&PC 
W} «71B 15J<1 74pr 

971 lmcrnat. Woatmlnster 1384 
93« 71SMPC- i 


r Lloyds 1969. 7} pc 091 . 

LTCB J0te 61 pc . 991 

MWliM 1K2 Sue - 101) 

-Midland. 1987 7 ll] 6 pc ..... »9i 

DKB JSSS 9ipc m 

gtCF IW5 BWispc .... .97) 
Htynd: and Chan. 'M s.’pc 9SI 

WHO. and Glyns -7pe WS 
Sonrw: White Weld Sccuriiiea. 

-CONVERTIBLES 
AmerfCBD' express tipc W 781 
Ashland Spc ItoS ffli 

Bahcoek-* Wilco* Kuc ‘87 04 
Beam** Foods tipc 1392 94) 

Beatrice Poods tfpc i99t.. HO) 
Bccctom «|pc 1892 106) 

Borden :Sdc. IBM ■ 09 

BroUdWay' Bale tipc 1997 73 , 

Carnation- ipc 39S7 77 

Chevron 'Spc 1988 116 

"Dan tipc 1997 78 

Eastman Kodak 4ipc 1998 84 

Economic Lab*. 4}pe mso 77) 

Firestone, toe 1988 80 

Ford Spc 1B8S . . SO) 

General Electric tipc JB97 70 
Gfl!cHa'«pe 19S7 .. . . 76) 

Goo Id toe -1887 • 1M 

Guk and /Western Spc 1998 Tj) . 

Harris 5 dc 1993 • 131 

Honeywell Soc 1986 86} 

IC1 63pc OW 86 

INA 6pc 1997 93} 

Inchcape Upc tws 1041 

ITT 4!K ma . 74) 

Jnirij spc 1992 . : nm . 

Komaun Tipc 19M lPOf - 

J. Roy McDennoii tipc '87 ljfli 
Metsdahtta 6ipc 1990 . , US) . 

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' J F. Monran tipc 2987 . 94 '. 

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Owns Humus tipc 1967,. m 
3. C. Penney tine- IB67 711 
Revlon 4|pc 1987 . ... IDT 

. Rcyntida Metals spc US RH 

sandvik-tioc ms in 

Sperry Rand tipc 1987 .. ssi 

Squibb tipc 1987 - 79i 

Texaco tipc UBS . 76 ■ 

Toshiba UU - 
Union QubWp iJpc 19M .. SO 
. Warner Lsnrlwri 4|pc 1»7 79 
Warner Lambert 41 pc 1983 731 
Xerox 3 pc 1986 ... 7» 


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BOOKS 


Financial Times : Thursday 5am*a*y 1£ 1978 



Constructing our world 


BY C. P. SNOW 


• — every prospect for the ultimate with Rousseau that the evil ini 

Russian Thinkers by Isaiah success of plural societies. It man comes not from himself but, 

Berlin, edited by Henry Hardy, would be encouraging if he entirely from what society does'- 

and with an introduction by would give us reasons for such to him. Very odd. It made them : 

.Vi Seen Keiiv. The Hogarth a hope. both cherish the great Russian 

Press. £6-95 336 pages One last quibble He has- a romantic passion, for the good- , 

' ■ - - taste,- which he is liable to dis- ness of the Russian peasant Yet ! 

approve of w others, for Jarce when Tolstoy wrote about Lenin’s • 

This is the first of four volumes ' cheerful journalistic * Uicho* peasants in Anna Karenina, he I 


in which Dr. Henry Hardy is t Qm | eSi such is his well-known saw. them ruthlessly -for what | 

collecting Sir Isaiah ■ Berlin's division of thinkers into Hedge- they were. , 

essays. Even by itself, .Russian hog and Foie.' Such dichotomies ■ rc conies naturally so Berlin; 
Thinkers would justify die enter- C an be fun, "and can- even tnimu- to- be at one with Herzen. Give! 

prise, certainly for anyone, even ^ te useful thought but he does or take a century or so, they , 

remotely interested in Russian puS h 0 ne rather too far. c°uld have conferred happily to- 


literature. The complete collec- Aocf even granted the validity setter. It must have taken more > ?$ 
“ ” ' — ’ 0 f 1,15 of an exertion of empathy to be; h\ 


tion will give us all access to one of tlze division, some ... ...» - . 

of .the most lucid, eloquent and samples seem oddly choseh He as affectionate and admiring with ■ ^ 

humane of minds, and that will ranks Dostoevsky, with whom be sterner and more! 

be a blessing. ^ never so much at ease as with radie!ri Vissanon Belinsky. That ; 

To judge by Hussion Thinfters the other 19th century Rus- ou sh* to be read aloud I 

which probably isn’t unfair, for sians. as a Hedgehog, that is, s 3 ®® term t0 ,.® vei ? class 
here Sir Isaiah is on one of his one who knows one thing and literature extant, j 

home grounds, there will be left has his own invulnerable men* 05 ^ „ T 35 ; n h a?”*! ' 

some minor dissatisfactions at the ta i cosmos. I am sure that this ““ }*,** £> * 

end. Perhaps it is better to men- is , misnnderstandmg. At the “g“ ^ralure his tad' tay-i W 


tion these first, before we go an root of his nature it is true i-» ■« 

to what- can be learaed from this Dostoevsky was a whole and 



Pirates and others 


BY STUART ALEXANDER 


— Hood. Hoyt again seems to ml; 
by heavily- «n the ship's Inn -inc 


The World Encompassed 
Derek Wilson. Hamtah Hatoil- court records lor his material, 
ton, £S.95. J40 pues in (jwihB so ho hai pro«lu«*i 

■ _ ' a slightly “liuhuluncwl n’cmmt « 

BSetry Morgan's W«y by Dudley the life Df this great Miic 
Fopo. Seeker. and Warburg, Although the bonk lack* hn t 
379 pages because it shies away Imm ask 

log the critical qurstiun. j 


.i*-- IW.V hmo .provides a coinorcheuMv.* sun 

mar >' «f » Vsaedsr that h fr ih| 
by .Edwnn c^mtry rn«*r 1.40 

«ad Warburg, £6.90. 370 pages ^ Mrc ff, s t aMl | un-m uvr 

only three survivors when ah 


! 




The Mitchell Beazley Atlas of the went down, 

ifilS * 11 Bc,x,ey ' Fur thusc who would it- , 
£14.95. dOS pages spend all llteir book .tokens mf w * 

— * Brst-ciass laantniu?. refer© 

Good Enough for Nelson by John book, then the IfifrJir/l , 

Wxnton. -Michael Joseph, £4,5U. Atlns of -the MriMu.* is u j 
239 pages answer. If will appeal in u , ; S 

youncentbiiMdSi .is an McygS'ii* 

d 1C 


Panorama of Gaff Rig by John pavdia which is presented. 


Leather and Roger Smith, Bar- modern. wclkwriUvti way .fc 
rie and Jenkins. £7.95. 112 without -hring t«*« ac;idei, M 


pages 


Trcror Hi u a p l m e j 


It is ninrr practical than nm- 
nf its i-offec-tahir rivals. hutfj 


w uohwcvsh.' Weds a wuuie ana holrwt 

cannnfbp learn^From^nv niher create a literature which conldl Conor Crab* O’Brien presents the Duff Cooper Memorial Prize to E. R. Dodds, formerly Regttu Professor 

{aanot De^iearaed jrom anj otber wasn i: but this at the root of P„ c >,uin r.rwni Hpj r* ^ ^ 

humanity as well as social cofr 1 


book in English. The mumble of his nature, bis emotional depths, im^iy^elMd ^ea^e® it' but 
dissatisfaction is that, on paper, in particular his sexual nature £e ^ ^a^ dStata 

a sprinter, not a fjll st compare his marriage with hSuf.nitv 8 as well a^riaTcon- 


of Greek at Oxford, 'for his autobio£iapinai volume “ Mining Persons’* published last you-' by 
the Clarendon Press. The prize is awarded for the book which, in the opinion of the judges. Duff Cooper 

would have most enjoyed reading. 


distance runner. Tolstoy's!- There -was nothing rr/* which *s tin ' VrTd urt-jT 

This doesn t matter Tunda- like such a wholeness, or hedge- a s 

mentally: his hundred yards is jjos quality, in Dostoevsky's W g S 


WmM^^zt^^MThose -double standards 


at once, provided that they were paeL He was ^ ^ most ( 


Uiese short and brilliant pieces both extreme. Did he believe penerons nurse of others’ talent • 

TZ iZ\°L b i s ™ s? . wonderful judge of.it. >e|BY RACHEL BILLINGTON 


from being combined into^ SJ*£22 e So on U S has *** distinction of having!. 

In The pro. hers Karamazov, he spotted the genius in the first- 1, 


taSe ■ » anStta" 0SB ctap?e? "UlS" §?'■ ^s joHowed 


have been declaimed " more or * uuluc ‘ demolishing by another fine poet and 

less off the cuff. No one else S^SS^ splendid talent-spotter, Alexan- 


ficiaiity. These Include Sterne, created out of their own needs 

Jane Austen. Thackeray. Mrs. and cannot survive reality. This I graphy, Derek Wilson has written 
Gasket!. Hardy. Gissing, Law- idea seems near the classic des- 1 ' “ ‘ * ‘ * 

rence and Forster. cription of Tailing in love^-as 

Mr. Cockshut is stringent distinct from simply loving— but 
about, the double standard of Mr. Lucas supports it with per- 
morality out of which were suasive quotations and points out 


There an he tew dunam lr5s ■ ,nd 

In England’s history to rival Sir On a much brighter n«He Jo| 
Francis Drake us a romantic Wmton has prnduretl the late 
hero. His mixture of bravado, of his hgtiT-hoaried books b«u 
gallantry and rule-bending can- on lif»‘ at Ilariinnuth uaval mj, 
not fail to appeal to every school- mg college. J 

iboy, while his place in history .Wfam lmu is aionp in ihe 
{as an adventurer and navigator hut wickedly barlim! style n C . 
puts him at one.oi the turning expected oi a man <vh»ha$lfe. 
points 10 Britain's emergence through it all hiniM-IX amlJif 
as a great power and the erosion to tauqh at ihe laic I.ife | 
of Spanish dominance in central moved on since the orieutal f 
and southern Amenta. Joined the Maty and John Wi 

For those who ean face tucking ton does: not hesitate to b 
into Vet another historical bio- present -day service ernimn ^ 
rvi-ok w.lcnn has WTitten defence spending cuts ti>. 


fam* to -lose credibility and fe 


Sli 4on e tern so {SSf vs £ e der ^ovsky T^t part^iTr 

lately, but Berlin knows the costs “ JE? tradition, the passionate desire 

of thLs method, and makes this J,' to find talent, is the thing I 

clear in his preface. Even with T°* TuL^f.Ktc may most envy In Iiterar >' Russia, 

so disciplined and orderly a ba X e -z?? more than doubts. When one reads Berlin on the 

mind, oral disquisitions, which Qurboles dismissed. these liberals of the 1840s and then 
are far more agreeable to hear 55^— a S ain of t^ e 1S60s and i870s, 
than the hest-read lecture, do Uie -', are 5*5f n P^ an ^? n ® wha one realises, if one hasn’t done 

really wants (a) to understand so before> that there is no pro- 
Russia n literary development, awc in political 


tend to ramble. 

Afore seriously, 


it would be «“« ian r mei yy aeveiopmeni. gress ^ 
both before and after the Revolu- 


£4.50. 217 pages 

^ “ S?V teuipiatum M tyfef: 

carefully researched and well Wjjom* u,wad w,,h a **•? 
constructed. en il n ''' , 

On the other side of the Thm h st« 1 » ^ 
central American isthmus on the HamhU*. and a® dan 
another Englishman was making else where. ; 

,his name, more as a brigand contempt thi. uWmcr of t 

A hundred years ago women English fictional tradition is to JanV'fo^ SSi™ As^ra?' aTthcy ire 5 

r^ nt I ree t ?iJ ay wna f, ?■? f0un S m the Iact tha . t ' °J ten ' even Tessl may lose some or{J ffic ij, Unction. Harry Morgan cerned yacht-racinj* h a »E*q 

attitude i Uk V 1 STi?* H^ at n fr Sf S 0 .**?***","®^ confused as their romance when shown to be more ^soldier 'than sea- business which should be luff; 

attitudes. | to write what they liked. Both their characters.” obsessively concerned with their p s 


rm,* lifanhin nF rhnnw- n5 “ ^UiUIVC l(UUMllUUa iUlU puiUlS IIUI 

Sfndi« 5 i£L iiLh creaIed “ heroines whose mentors how * nebulous ’ used in eonnec- 

pSvi^iaT nLi hv- SS had never seriously asked them- tion with * a loved woman * is one 
EEf‘51, bSSLow P^/ *■«* *“=!> “f ttair precepts „{ Hardy’s favourte adjeainr. 

BaZSs and \Jblt £850 “4 we I* aad l ei]ly H ® is on firmer ground with his 

napps aDQ *^ 00ie ’ ia - iW - and which were dictated by examination of the social move- 
page5 worldly prudence.” He tells us monts in. for example. The 

that, “The weakness of the Mayor of Casterbridge. Elizabeth 


an enjoyable yet detailed account additional capital out nf pott 
of Drake’s circumnavigation of fun at Labour pnlitujJiK B 
1577 to 15S0. un fortunately he allows t 


n nrv ) tn coo Crr icolah orontna UUU1 oeinie cLUU alter Uie ivevoiu- _f th - .f * , ^ ■ . . , UUM.-&&1VC-1J- LTJUCLTUUU w*Ui LUt»L 

goott to see bir Isaiah arguing .. (there -, g no aen uine dis- of , radicals of the < restrictions are now lifted. A This stem view, coupled with social oosition but there is no 

out his case about the merits poQ^y^v,- fb) to get some idea 1870s mad ® utterances which | married woman is free to say the disarming declaration that he doubt that this concern was at 
and demerits of plural or ^“S^mury hSat^ught W u ere ^disU“8ulshable from j she wants a lover, take a lover, has been “a convinced Catholic SS in th? ; - 

moms societies, and plural or « ^2*. ^ to “S a S5 those of our own Tribune Group. | say sh e has a lover and then, for over thirty years and a koines wage 

monist individual minds. It is itfea of today’s liberal thought J5 e Same ' often t 2“ chu,a * hopes - 1 If she fancies it, ask the state happily-married man for nearly S j 0nate nature 

clear enough and we should all in Russia; fd) to realise the pos- sam , e contradictions. Sub- 1 to endorse her position with a twenty-five” made me slightly .. r , 

atrree. that olural societies have - ^ Stltute “niftTlnno nenttle" snviniM frvr tlio friiliwu, nf inn, “*r. IiUCdS ai 


“ haV ^ sil>le future if our w™ present 
overwhelming advantages in nnlirirn! attitiirfec Ptertin ic nc 


stltute 
peasants. 



societies are steadily losing Turgenev, one of his favourite equality? Equality i s what the 
ground both m numbers and writers, and the much stronger peasants in their wisdom know, 
influence. Not many observers an( j more sympathetic person*- w ka* « excellence? It is what 
would like to bet that in a nty. Herzen. the peasants in their goodness 

generation they won't have lost Berlin performs the astonish- will decide. The 1870s Radicals 
more ground still. Berlin, for lag feat of putting at least a didn't come to anything, and 
all the power and acuteness of persuasive gloss on how Herzen, finally were assimilated into a 
bis critical mind, sometimes j n general full of deep realistic new party, the Social Revolu- 
seems to retain the hope of pessimism, and Tolstoy, the tionaries. One of Lenin's first 
the old Russian liberals whom greatest expert at seeing the lie steps was to eliminate the Social 
he understands so well. He sees in life, could manage to believe Revolutionaries. 


well. 

‘Indeed in ail three novelists 
there seem to me to be splits, 
anarchic tendencies that fight 
against conventionalities and 
out of which important 
literature comes.’ 

This view seems to be sup- 


Glory of Bramante by ». 


Bramante, by Arnoldo Bruschi, 
translated ■ into English by 
Peter Murray. Thames and 
Hudson, £12.50. 200 pages 


This is a meticulously 
researched book on the work'.oE 
a great Renaissance architect oE 
whose wide-ranging creations 
relatively little is known. There 
are, for instance, some 3.000 
books on Michelangelo between 
1510 and the present day and a 
relatively small bibliography on 
Bramante. The present book is 
an abridged version of the Italian 
original which ran to over 1,000 
pages. Even so the abridgement 
bulges with extremely condensed 
detail which does , not make for 
easy reading and must have pro- 
duced much difficulty in lucid 
translation, here ' successfully, 
overcome. 


la a critical foreword . Peter 
Murray considers that “The. High 
Renaissance was dominated by 
Bramante even more than by 
Raphael or Michelangelo." • Sir 
Nikolaus Pevsner, in hrs Outline 


of European Architecture, does 
not go quite so far as this and 
writes that they were * 4 the three 
greatest architects of the Renais- 
sance, and none of them,” be 
adds, “ was an architect by 
training.” 

Bramante ’s great patron 'Vas. 
"Pope- Julius II who “sought to 
emulate , the greatness of the 
Roman emperors oh -a. political 
level, white Bramante tried, with 
a ‘universal’ architecture, to 
restore the physical atmosphere 
of ancient Rome, with. all-Hs- 
signs of greatness." _.•* ■ 

Bramante was, architecturally; 
something of a contradiction. 'jOn 
the one hand his earlier works 
show an amazlna skill in the u-e 
of false perspectives external 
as well as internal which contri- 
bute both in scale and decora- 
tion to- the interest of his designs.. 
In toe . most outstanding, the 
church of S. Maria Presso S- 
-Satiro -he devised - a false choir 
beyond the crossing by, a very 
slight-recession at the east end 
which, .with pilasters in echelon 
create the complete illusion of 
a barrel vaulted choir and apse; 
“if you; stand in the right posi- 
tion,”. says Pevsner. 


working people” for 'divorce. The' novelist ’is free to anxious for the frailties of Lovt wnlJmSmS 

■" a “d an idealistic follow such a woman into bed- Luckily. Mr. Cockshut (apart ^ a Q ke ” l " d SSSSrf- 

tor rana,tc iuK-it I — n— « L-.u— . — .. .. j. from nrp statement that **“® wrote as niarjv ixuvuerioro. 

Catherine^ lovf for HeatocUffe Mr. Cockshut. he notes that 
nam, even uuuaiurai inuugms no ^ sexual on which any teen- . ® itan’^nnl'u n iq 

Woman is no longer intrinsically age reader could put him right) Lot f Gently to thJS- wStore 

virtuous, the novelist is no * »« sympathetic to beauty b f Sp Jut 

longer expected to sit in moral “d passion. Becky Sharp and as wel1 * But he con«nues, 

judgment Bathsheba Everdene have never 

This change has affected the had a greater admirer. Indeed 
two major areas in which the his sections on Hardy’s heroines 
novelist works: the basic human .and. even more, on Thackeray 
relationship between man and are particularly inspiring Un- 
woman and the relationship be- conscious hypocrisy, he suggests. 

tween woman (and man) and is the clue to why poor Amelia . .. ...... 

society. It is appropriate to find will always pale when Becky PJJ 2?i I .^LS e J552I. 1 Siii *5.^ 

two hooks of literary criticism comes on stage. most current readers still choose 

reviewing the restricted novels In his discussion of Ruth by a favourite novel from the last 
of the past from each of these Mrs. Gaskell. he shows how a century Mr. Cockshut . says, 
angles. Mr. Cockshut deals with personal morality tangled with referring again to \ ictonan 
the human heart in Mon and the conventions can produce an double standards, Tne price of 
Woman; A Study of Love and uneasy alliance. Rnth’s sexual Decency can be too high- Yet 
the Novel 1740-1940 and Mr. awakening is glowingly described what have we put in Its place? 
Lucas deals with woman/man to but only in terms of admiration The voice of the present-day 
society in The Literature of for the mountains of North heroine seems either stridently 
Change. Wales. Airs. Gaskefl could never self-justifying or whiningly self- 

Both books are readable, bring herself to uncover enough pitying compared to the heroines 
academic in their information of female sexuality to decide of the past. The uncomfortable 
but not in their approach. Mr. whether she wants Ruth "a idea arises that it may be better 
Cockshut. ..-in particular, tri- noble penitent or virtue un- to be • saddled with an unreal 
umphantiy avoids the critic's sullied. • convention than too much free- 

nedd to' announce that be is Mr. Lucas also finds the sub- dam. 

going 'to say something before ject of Hardy's heroines Perhaps Mr. Cockshut would 

sayftog it Perhaps because, of irresistible. He explains their not have been so strict with the 
this concentration he is able to attraction in terms of a vision, 'weakness* of the novel past if 
cover a wide spectrum of writers Man (and also woman) falls in he had continued his fascinating 
without any feeling of super- love with a vision which is self- study into the novel present. 


A. N. BROCKMAN 


Upon the other hand his most 
famous work, the Tempietto o f S. 
Pietro in Montoria, on the sup- 
posed site of St Peter’s cruci- 
fixion, is a severe and perfect 
exercise, using the Tuscan Doric 
order, a smalL circular colon- 
nade surmounted hy a dome, ex- 
n.eustingly - analysed ■ • by ' the 
author. 

- ‘Bramante's. greatest ■ Wbrk. 
□ever came to fruition; the de- 
sign for. an. entirely new St 
Peter's. Some of his design was 
built! but the ' whole -was greatly 
altered into .the .ungainly mass 
that . is there now. 

'His influence Was undoubtedly 
very great but during the St 
Peter's development he was con- 
stantly harassed by the jealousy 
of Michelangelo who observed 
him with contempt and envy. 

. Bramante was a -nervous - and 
arrogant man who, according: to 
Vasari “lived in. the- greatest 
splendour, 'doing honour to'-hfm- 
sel£r He cared' not according 
to a contemporary, what be spent 
on gpod Jiving. 

The book ends with a list of 
his known works of which there 
are 75 properly autheuticated, 
and a bibliography. 


In Shorty-Brave girl and crews 


Pocahontas by Frances Mossikcr. 
Victor Gollancz, £7.95. 396 
pages 


Pocahontas was the first 
merican girl to twist .her doting 
addy . rouiid her little finger, 
erhups for ihat reason alone, 
ic has pawed into her nation's 
ilklore. Gahe It was who saved 
aptain John Smith From the 
icrificla] clubs of her father 
owha tan’s braves.) 

She “has become all things to 
J Americans — the subject of 
[numerable burlesques, novels, 
ays. •" To Vachel Lindsay .she 
the Groat American Earth 
other: more eiaborn.tHv. tn 

an Crane, the Natural Body of 
merican Fertility. 

The facts oF the case are, it 
iems,r mure erotic than we 


learned at school.. Those First 
Fathers of Virginia took more 
than an anaemic interest in 
other things besides tobacco, and 
only with the Puritans came the 
ban on racial intermixture. 

^Not su welWuiown'. is 1 the 
English connection: how, as Lady 
Rebecca Rolfe, Pocahontas came 
to London, met Royalty, endured 
our Northern fogs, .died and was 
buried at Gravesend. 

Frances Mossiker tells a good 
story with scholarship and sen-, 
siiivity. 

When she writes “The white 
man; and red woman, aswoon 
with love and terror, remind us 
that at least once in our TU.S-] 
history there came a flicker of 
hope that un this continent there 
would be no cause to mourn 
man's inhumanity to man,” the 


sentiment Is >' valid, -the style 
feminine — which, after all, best 
befits her subject. 

JOHN DUNSTAN 


Battleship by Martin 
Middiebrook and Patrick 
Mahoney. Allen Lane, £5.95. 
* 3JS& pages . : . 


Cut. it outS 

and said it today to HMSO (PM IQ. FREEPOST, London EC l P 1DD 
(no stamp required) . 


The Monetary Approach to the 
Balance of Payments 


k set'of research paper*, written over the pa>i 20 years by the 
rofessional staff of the International Moneuuy Fund, describing the 
^sterns IMF have developed to discharge their main task of helping 
1 ember governments with balance ot payments problems. 

3BN. 0 1 1 932562 7 £22>0 (by post 1 6) 


lease ?end me this book. 

[enclose £3.16 OR 

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(EH) 



. The subtitle of this book is 
“The Loss of the Prince Of Wales 
and the Repulse,” but its title Is 
a. fair representation of its con- 
tents. The )o&s of those two 
ships off the coast of Malaya on 
December 9, 1941. was the most 
shattering single piece of news I 
remember in the whole course of 
World War II and, even though 
Vanguard was' started sub- 
sequently, their sinking by 
aircraft alone represented the 
end of the battleship era. Much 
of the blame for the loss has 
been attributed to Admiral Sir 
Tom Phillips, and it does seem to 
be the case that if he had broken 
wireless silence and called for 
aerial assistance at . an earlier 
stage, the result of the. engage- 
ment might have been different 
However, this is not certain. The 
pattern of the war In the Pacific, 
between the Americans and the 
Japanese was that battles be- 
tween battleships and aircraft 
boardly resulted in the loss of the 
battleships. There is evidence of 
much research here, in particu- 
lar in digging out the vivid 
descriptions by survivors who, in 
tho case of toe Prince of Wales, 
numbered nearly four out of 
every five members of the crew. 
Doubtless, people will continue 
to write about these tragic mat- 
ters. but it Is not easy to see 
what more they con add. 

ALLAN TODD 


man who* became accepted leader the professionals, 
of a fearsome band of cutthroats Although they do not meaif! 
only to fall from grace after a John u-atiier lai his ifarnpu 
knighthood, lose his position of and R 0 « er smith lhrouah i 
power, and end his Ufe in com- ^xtonsivr Iibrarv nf photticra^ 
parativc ignominy. hrini , back t h a f largely pns* 

Morgan's organisation of can- PTa m n .•(onimslv noshtUdeii 
stant, wide-scale harassment of of folklore amt tllustrsa 
the Spanish empire is ably re- untitled Fu >.■*>«»* *u nf 
constructed by Dudley Pape. . . . 

Harry Morgan’s Way is a vivid To be fair, it alw> hnna- 
account of a larger-than-life up to the present, though* 
period in England's overseas dwindling m of the to 
history. It teems with both involved is a sad relteri um un| 
adventure and pathos, with glory rig’s relegation to the realms 
and despair. the curiosity, rhe hunk is,*B( 

Still on a historical note the *v®r. warm and enjoyable; « 
ill-fated Hood is the subject oF to pick up again and agauL, 
Edwin Hoyt’s latest naval history, only tn wonder at racing * 
l n Die Life and Death of UMS over 10.000 square feet of S* 


Irish bard in song BY AUGUSTINE MARTIN 


Tom Hoore, The Irish- Poet by 
Terence de Vere White. 
Hamish Hamilton, 7 £7-50. 281 

pages . .. 


- There was almost , always a. 
vivid Irishman at the^cestre of 
literary Lon dod— Swift' Gold- 
smith,; Sheridan, Moore,- Wilde. 
Shaw* MacNeice . .'.'Several 
of them like Swift, Burke, Sheri- 
dan and Shaw, were political 
too. -Moore, who was musical as 
well, took up- -the running from 
-Sheridan — who died tif drink-and 
debt in 1816-r-and Lived to write 
his biography. No pariy - at Hol- 
land House was complete with- 
out-Moore at the piano mourning 
the fate of Erin in his plangent 
Metodie!. He was the satirist 
of the Regent, the friend and 
biographer of Byron, the author 
of LaUa Rookh for which he 
received the staggering payment 
of £3,000 before a copy of it 
was sold. 

The bicentenary of Moore’s 
birth will occur in 1979 and it 
is splendidly heralded by Ter- 


ence de Vere White’s brilliant 
and thorough biography. What 
emerges -from his book is a 
judicial and balanced estimate 
of Moore’s literary achievement 
and an affectionate but just por- 
trait of the man. .Of the work 
Mr. White sensibly .concludes 
that "the Irish Melodies, in which 
words and music are so exqui- 
sitely fused, are bis most salient 
triumph. After these comes his 
Life- of Bprxm. Without these, 
the critic rightly insists, Moore's 
claim to fame as a .writer would 
have been modest enough. 

As a personality, as one who 
moved easily among the. most 
dazzling circles of his time, as 
the intimate of Robert Emmet, 
of Byron, Shelley and Scott and 
of nearly every significant figure 
of the Whig Establishment, this 
grocer's son- from Dublin was 
in any human sense remarkable. 
It is in his relationships that he 
reveals himself best, and it Is 
in the intricate account of these 
relationships that Mr. White's 
book excels. Moore .clearly was 


a maxi who combined incompar- 
able charm and touching sin 
eerily, .with a fatal capacity for 
being misunderstood and 
maligned. Byron’s playful jest 
that Moore “ dearly loves 
lord" has passed into folklore. 
We never hear of a passage like 
this from Byron’s journal: 

There is nothing Moore may 
' nor do, if he will but seri- 
ously set about it In society 
he is gentlemanly, gentle, 
and altogether more pleas- 
‘ tog than any individual with 
whom I am acquainted. For 
his honour, principle and 
independence, his conduct 
-speaks “ trumpet-tongued. 
He has but one fault — and 
I that daily regret — he 
hot -here. 

Mr. White does not neglect 
the poet's failings and defects. 
He - puts them In a just perspeo- 
tlve. When in doubt he is nobly 
and delicately partisan. He likes 
Moore, he understands him. and 
to my mind he gets the story 
right- - 


Crimes BY WILLIAM WEAVER 


Death of an Expert 1 Witness by 
P. D. James. Faber. £3.95, 265 
pages 


Mrs. 1 James allows herself 
more space than the average 
crime novelist, but in her books 
—and especially In this- new 
one, arguably the finest of the 
series — there are no wasted 
words, none of the self-indulgent, 
digressions about socialism or 
the policeman's ."lot or public 
morality that ma* even, some of 
the most successful works of 
other authors in ‘the genre. 
Here, the 'additional words are 
used to refine the portrayal of 
characters, to adfrnuance to the 
distinctive setting; to extend the 
context of the malefactions. 
Commander DalgleiSh, her 
detective-protagonist.- has his 
individualizing features (he 
writes and publishes poetry, for 
one thing), but they are not 
mere quirks, tacked on for 
colour: they are essential to his 
understanding of the suspects 
and to his perception of the 
crime’s genesis. 

The East Anglian Forensic 
Laboratory— as the author in- 
sists in a prefatory note— is a 
complete invention. Well, it is 
also a brilliant one; and the 
various scientists and staff who 


people the place have toe some- 
times " jarring ring of reality. 
There is only one problem for 
toe reader: he becomes more 
involved with toe characters, 
precisely because of their excep- 
tional humanity, and he is really 
unhappy when they are killed or, 
inevitably, caught 


Murders Anonymous by Eliza- 
beth Ferrars. Collins. £3.25, 
195 pages. 


Another of Mrs. Ferrars’s de- 
ceptively gentle domestic stories 
nf hatred and -murder. Matthew, 
a somewhat bumbling professor, 
did not kill his wife; but some- 
one anonymously accuses him of 
having cooked up his iron-clad 
alibi with his brother-in-law. 
The accusations pursue him 
even when he leaves London for 
a stay with his sister and her 
husband. In their isolated seaside 
village, passions still run high, 
murderously. Once again, the 
reader is grateful for Mrs. Fer- 
rars’s neat prose, as carefully 
laid out as her plot. 


Clarkels previous novels, most of 
them- with a period setting and, 
the ^ best, with a literary 
ambiance. Actually, there is a 
writer in this book, and a nasty 
piece of work be is too; but 
happily, he is not the central 
figure. For the most part, we 
are in a country vicarage, where 
the widower vicar lives with his 
outspoken, nubile daughter. The 
plot has a certain Victorian 
quality (there is a purloined 
letter, and a matter of mysterious 
parentage- is central to the 
story), but it 'is convincing and, 
as .always with this writer, 
delightfully, crisply written. 


The Boss Forgery by William H. 
HT alla h an . Gollancz. £3.75, 204 
pages. 


Letter from the Dead by Anna 
Clarke. Collins. £3.25, 180 

pages 


This book represents some- 
thing of a departure from Miss 


Most of this book is wonder- 
ful. Ross, a master artisan, a 
printer with a passion for type- 
faces,’ is - engaged to produce a 
literary forgery. At first it seems 
a mere rich man's whim, harm- 
less if dishonest But strange 
things start happening. Every- 
body is shadowing everybody 
else. Shots are fired. The solu- 
tion. when it co Dies, is too rapid, 
confusing , and unsatisfactory. 
But the novel is well worth read- 
ing for. the splendid -chronicle 
■of the -forgery itself. ' 


U.K. ECONOMIC INDICATOR! 


ECONOMIC ACTTVITY --Indices of industrial product inn. nihil 


factoring output engineering ard*re, «*»** 

100); -retail sales value (1971=100); registered 
(excluding school leavers) and unfilled vacancies (0QP 
seasonally adjusted. " 

Indl. Mfg. Eng. Retail Retail Onem- 

prod. output order val. value ployed 


1976 
4th qtr. 


103.2 1W.8 106 


108.5 211-9 


1977 
1st qtr. 
2nd qtr. 
3rd qtr. 
July 
Aug. 
Sept - 
Oct. - 
Nov. 
Dec. 


183.5 

102J2 

102.4 
102.8 
102.7 
102.7 

101.4 - 


105.6 

103- 1 
103.1 

104- 3 
103.5 

103.7 
1024: 


111 

104 

105 
102 
117 
104 


105.0 
103.9 
1U6.S 

107.0 
107 J! 
HML2 
105-4 
106 Jl 


OUTPUIV-By market sector: consumer goods, investment 
-intermediate goods (materials and fuels); engineering 
metal . manufacture, -textiles, leather and clothing (1970:2 
housing starts '(000s, monthly average). • 

Consumer tovst. Intmd. Eng. Metal Textile 

goods goods goods output ninfg. etc. 



1976 
4th qtr j- 


-115.3 

99 j0 : 

104.4 


83.2 

1Q2A 'V 

115.9 

100.9 

1062 

101.5 

84.2 

. - --v 

10S.1 v - 

1UL5 

99.7 



80.8 

99-2 

114-8 

99.4 



. 83.7 


115 

100 


*9|rF?rfl 

87 

104 m 

114 

100 

105 

urn 

79 

101 3g 

114 

99 


l^F jtjfl 

85 

103 .'■* 

114 

99 

101 

H3 

41 

102 » 


1977 
1st qtr. 

2nd qtr. 

3rd qtr. 

July 
Aug. 

Sept 
Oct. 

Nov. „ 

EXTERNAL TRADE — Indices of export and import via 
(1970=100); visible balance; current balance: oil balance; 
of trade 11970=100); exchange reserves. 

Export Import Visible Current Oil 
volume volume balance balance balance 


Terms 

trade 


1976 
4th qtr. 


14L5 

138.2 

-982 

-366 

-1,002 

. 79.1 - 

141.9 

142.4 

-930 

-516 

-816 

i 

80.4 

149B 

144 A 

—698 


—723 

MA ' 

153.7 

14L9 

aB-M.lt m 

+399 

-587 

81-5-1 

153.5 

149.1 

-241 

- 92 

-199 

79.6 


131.7 



-183 

82.0 

155.7 

144.8 

.+ 51 

+201 

-205 

83.0 


KMI 

+ 46 

+ 191 

-231 

83J 

1424) 

133 J! 

+ 73 

+218 

-153 

85.3 


1977 
1st qtr. 

2nd qtr. 

3rd qtr. 

July 
Aug. 

Sept 
Oct 
Nov. 

Dec. 

FINANCIAL— Money supply Ml and sterling M3, bank advj 
In sterling to the private sector (three months' growth at 
.rate): domestic credit expansion (£m.); building societies 
inflow; HP, new credit all seasonally adjusted. Miw 
lending rate fend period). 

Bank: 

advances DOE 


Ml 

% 


M3 

lit, 

rO 


% 


Em. 


RS 

inflow 


HP 
lending 


1976 
4th qtr. 

3.9 

8.8 

14.4 

1.417 

132 

327 

1977 







1st qtr. 

- 3-6 


5.3 

-1,882 

492 

339 : 

2nd qtr. 

16.8 

15.3 

0.8 

809 

1.290 . 

352 

3rd qtr. 

34.4 

LL8 

20 J! 

-236 

1,084 

304 1 

July 

19.5 

12 JO 

26.2 

-293 

mpwTiH 

363 . 

Aug. 

22.0 

9.4 


- 69 

302 

417 

Sept. 

34.4 

14.8 


126 

462 

4(13 . 

Oct 

35.S 

17.5 


299 


386 

Nov. 

Dec. 

41.5 

19.8 

2.1 

289 

554 

420 


INFLATION — Indices Of earnings (Jan. 1976=100), 
materials and fuels, wholesale prices of manufactured prod 
(1970=100); retail prices and food prices .'in 974 - 10fl)d 
commodity index (July .1962=1001; trade weighted valid 
sterling CD ec 1971 =100). 

Earn- Basic Whsale. 
togs* ,matls.'* mnfg.* RPI*. 


FT 1 

Foods* comdty. 


1976 

4toqtr. 

109-9 

329.9 

23W 

165.8 

172.7 

230JS 

1977 






- 

1st qtr- 

112.5 

341.5 

248 J) 

174.1 

181.7 

276.4 

2nd qtr. 

114£ 

347JS * 

259.0 

181.9 

191.1 

250.0 

3rd qtr. 

116.1 

34UL 

267.7 

184.7 

192J 

239.9 

July 

116.2 

344.6 

265.8 

im 

192.0 

• 243J! 

Aug. 

115.7 

339.5 

268.0 

184.7 

191.9 

239.9 . 

Sept. 

116.5 

339.1 

269 J2 

185.7 

192JT 

211.6 

Oct. 

117.9 

333.8 

271.0 

18R5 

102,3 

236,38 j 



330.2 

271JI 

187.4 

UKL9 


Dec. 

• 

.-328-9- 

- 273,3 f 







A’, V( 













. , / ' 'Times niurs'day January 12" 1978 

hi! /u; :.■■■■■■ • ‘ 

1 w i i) - •-•••• --.••• 


>■ 



REPORT 


29 


Thursday January 12 1978 




r 


ie 

ey 

Robin Reeves, 

h Correspondent 


rH-WEST WALES Is. in a 
Der of ways, a smaller v pr- 
of Wales itself. Down in 
south, what were once 
■ibed as the “cathedrals” 
ravy industry dominate the 
cape of West Glamorgan: 
by side with large tracts of 
ict land — witness to the 
hat this area of Wales was 
die of the industrial revo- 
1. Moving towards the 
:.and west, into the new 
y of Dyfed. heavy industry 
tally gives way to sparsely 
ated rural Wales with its 
cterislic small * farms, 
es and towns, set against a 
loth of sheep-dotted and 
'.-covered hills and moun- 

i region is bounded on two 
by the sea to produce a 
ine the beauty of which 
comparison with any in 
orld. and a unique feature, 
rd Haven, one of the best 
water anchorages in 
trn Europe. 

* natural capital of the 
i. Swansea, is situated in 
nth-east corner. Besides 
by Tar the biggest urban 
with its own university 
e. comprehensive shop- 
facilities. a “high-speed” 

“ link with London, and 
wn airport, Swansea has 


also developed very - much 
as a distribution centre for 
the rest of south-west Wales. 
Road communications are much 
better too, with the M4 now 
sweeping past Swansea well into 
south-west Wales/ 

But at the same time; a num- 
ber of -other towns, including 
Aberystwyth, Cardigan, .Car- 
marthen. Haverfordwest. Lam- 
peter, Llanelli, and Milford 
Haven are important/ local 
centres in their own right 
Aberystwyth has the biggest con- 
centration of academic institu- 
tions in Wales. Apart from the 
oldest constituent college in the 
University oE Wales and the 
National .Library of Wales, the 
town also boasts the n ; Welsh 
colleges of Agriculture and 
Librarianship, and the world- 
renowned Welsh plant breeding 
station. 

Carmarthen is the qdmihistra- 
tive capital of the new county of 
Dyfed, Haverfordwest is still the 
commercial centre of former 
Pembrokeshire, though .indus- 
trial development is concen- 
trated around Milford and Pem- 
broke Dock while Llanelli, 
whose industrial experience in 
tinplate goes back more than a 
century and a half, is renowned 
throughout Wales for . its 
staunch local pride, its rugby 
team and unique Welsh dialect 


Politically and . economically South-west Wales represents a microcosm 
of the Principality itself. But its future success depends to a 
large extent on the fortunes' of British Steel at Port Talbot. 


would put up the rale of grant 
from 20 to 22 per cent., mean- 
ing another £6.4m. fn*m Govern- 
ment funds towards the Texaco 
project and another £200.000 for 
Amoco. 


Language 


Politically too, south-west 
Wales is a microcosm of the 
Welsh political speetrum.- indus- 
trial West Glamorgan continues 
to send a strong contingent of 
Labour MPs to Westminster^ 
including Mr. John. Morris, the 
present Secretary of State for 
Wales. Further west in Dyfed, 
the former counties of Cardigan, 
Carmarthen and Pembroke are 
represented respectively by .la 
Liberal, Plaid Cymru and Con- 
servative MP. . , - . 

Culturally, the Welsh lan- 
guage though; under pressure 
remains the first language of- the 
majority in rural areas, with 
the -historic exceptions of~ the 
southern 1 -part of the 1 Gower 


peninsula and south Pembroke- 
shire (“little England beyond 
Wales"). Less well known is 
that Welsh is also still widely 
spoken in the industrial valleys 
of the region, inland .from the 
coastal belt around Swansea. 

When it comes to the 
economy, the experience of 
south-west Wales has generally 
been a little different, and 
certainly less traumatic, than in 
other parts of the principality. 
In the 1920s and 1930s the area 
emerged relatively unscathed 
from the effects of the Depres- 
sion. The markets for iron and 
steel and tinplate stayed rela- 
tively buoyant in the pre-war 
years and even the west Wales 
coal valleys worked on. whereas 
whole towns to the east in mid- 
Glamorgan were laid idle. The 
difference is that the West 
Wales coalfield is rare in 
Europe as a source of top 
quality anthracite for which 
demand never really slackened 
whereas further east dry steam, 
coal was losing out permanently 
to oil. 

The dominant industrial trend 
in the post-war period has been 
the expansion of steel making 
and other metal industries and 
the development of the Milford 
Haven oil complex. Anthracite 
production ' has continued 
steadily, thanks to its having a 
stable market as smokeless 
domestic fuel, even if it now 
provides fewer jobs. Bui it is 
still a significant source of local 
employment and providing the 
necessary investment continues 
to flow, it will remain so for 
many years to come. 

But side by side with the 
growth of these heavy industries 
has always been a need to 
broaden and diversify the base 
nf the south-west Wales eco- 
hbtny. both to reduce local 



.f. •i.j ' ' '** ** '• •' *• *■* 



: y<’ ^ S.r *’ : 


SWANSEA w . 

A 

Port Talbot 


unemployment, which in Dyfed 
at least has always been above 
the national average, and to 
offset the run down of employ- 
ment opportunities in coal 
mining and agriculture. 

Five years ago everything 
appeared to be moving in the 
right direction. Investment in 
a wide range of light industries 
was flowing into the area. The 
long-term fuLure of the -steel 
making industry seemed assured 
when BSC announced its inten- 
tion to double the capacity of 
Port Talbot to 6m. tonnes a 


year by the 1980s. To the west, 
the Milford Haven area, already 
the site of five oil tanker 
terminals and four refineries 
(23 percent, of U.K. capacity) 
was looking forward to the 
arrival of Celtic Sea oil. 

To-day. the picture is some- 
what less rosy. The final go- 
ahead for the Port Talbot invest- 
ment of £835m. — the biggest 
ever by BSG-ha s still not been 
given. This is inevitably giving 
rise to a good deal of anxiety 
locally. The whole future pros, 
perity of West Glamorgan is felt 


to be bound up in a positive de- 
cision. Tile plant itself employs 
13,000 and at least another 40.000 
jobs are estimated to be depen- 
dent. either directly or in- 
directly, on the expansion for 
their long-term security. Linked 
too, is the most expensive coal 
investment ever contemplated in 
South Wales, the sinking of a 
new mine in the Margarn area 
to exploit at least 31m. tonnes 
of coking coal buried right on 
the doorstep of the Port Talbot 
complex. 

As for Celtic Sea oil. the 
experience of south-west Wales 
has been akin to that of an 
expectant mother who prepares 
with some apprenhensions for 
the big day, only to find that 
she is not pregnant after alL 
The prospects for oil and gas 
in the Cekic Sea are by do 
means considered a dead duck 
—far from it— but the reiin- 
guishing of licence blocks by a 
number of companies in the 
past year has inevitably been a 
depressing experience. 

Indeed, the Milford Havcn- 
Pembroke dock area is some- 
thing of an unemployment black 
spot at the moment with 15 
per cent, of the workforce on 
the dole. Local councillors have 
been pressing the Government 
to designate it as a special 
development area. However, the 
request is not expected to be 
granted, not least because of 
the extra cost it would entail 
in Government grant toward* 
major developments which 
should greatly improve local 
job prospects. These are the 
Gulf-Texaco decision to invest 
£290m. in e new catalytic 
cracker and Amncn’s announce- 
ment yesterday that it will spend 
about £75m. on its cracker. 
Special development status 


The other important develop- 
ment is the proptwai by the 
B and L shipping line to switch 
its Cork car ferry terminal ir-«m 
Swansea to Pembroke Dork 
The plan is the subject of stivng 
rearguard lobbying in Swansea. 
There is also some concern in 
the Milford area that, cnmnincii 
with the cracker project, rapid 
building of the new term'r.al 
will produce n shnrt-ieTi 
swelling in the labour force 
for construction, only to leave 
the area eventually with an 
even higher level of unempt \v 
inent. This has been past 
experience. 


Boost 


That said, it is widely recog- 
nised that the terminal project 
is the best piece of employment 
news Pembroke Dock has 
received since its naval dock- 
yard closed in 1926. It wou'd 
provide not only direct employ- 
ment. but give an all-the-year- 
round boost to the service and 
accommodation industry in Ihe 
town and surrounding areas. 

Elsewhere, local authorities 
and the range of Welsh 
economic development bodies 
which sprung into existancc in 
■recent years arc soldiering on 
with the task of trying to creale 
a greater diversity of industry 
in south-west Wales. The 
Welsh Deve'opment Agency — 
the equivalent or the National 
Enterprise Board in the 
Principality — has industrial 
sites and advanced factories 
available, and cash to back anv 
enterprise it thinks will 
strengthen the local economy. 
But the agency makes a point 
of emphasising that it is not 
in the lame-duck rescue busi- 
ness. 

Another task assumed hv the 
WDA is the restoration nf dere- 
lict land of which south-west 


'Vales has had more than its 
fair share, though things are 
now improving. Work on one 
of the most vivid pieces of 
land dereliction, the lower 
Swansea valley. is well 
advanced. The Land Authority 
for Wales is also moving 
cautiously into the task of 
assembling sites both for indus- 
trial and housing development, 
while in rural Dyfed the new 
Development Board Tor Rural 
Wales is working nn schemes 
both io a tract new industry and 
help local employers to expand 
their businesses. 

In fact, in the orc;.«»nt 
economic climate, expansion of 
local industries is proving to 
be the most rewarding -oui ;e 
of new investment and 
particularly in the wake of iiu- 
Government’s decision to wi'i;- 
draw the regional empl-tynvn- 
premium which was a hl.i* m 
the whole of south-west \Vi : cs. 
If there have been comtH'M- 
satnry factors, one has been 
the making available of .cgi-mal 
development grants to existing 
employers in the area m-s'i-jc! 
or just incoming industry and 
the other, of course, the >»14 
The M4 motorway has un- 
doubtedly eased one of »ou:!i. 
west Wales’ major drawbacks— 
bad communications, ‘jn ii,e 
other hand, it is now only on 
a par with many other parts 
of the U.K. and Europe. Ford’s 
decision to come to Bridgend 
has increased local confidence 
that south-west Wales can com- 
pete successfully for major new 
investment but it is an uphill 
bailie, particularly to-day. when 
empty factories are avail-ib:* 
everywhere, including all along 
the M4 from the S-*»vn 
Bridge. Persuading new inlus- 
tries to come to Miuth-wert 
Wales, in spile of the enorniou.; 
attractions of the area a* a 
place to live, is never going to 
be easy: which is why. ?\ the 
end of the day, the fu» ire 
prosperity of south-west Wales 
is so heavily tied up to a 
decision to press ahead with the 
expansion and modernisation of 
the Port Talbot steel coinp ,,, .“ 


You Ve heard a lot of talk 


Southwest 

Wales. 


about Wales 


now 


If you are interested in developing 
land.or own land-suitable for development; 
immediate consultation, advice -and action 
- are available from the Land Authority for 
Wales. .. 

The Authority already has, for disposal 
now, land for commercial and residential - - . 
development in the South Pembrokeshire 
and Ceredigion Districts of Dyfed and in 
Swansea; also, proximate to South West - - 
Wales, at Bridgend, Llantrisant Cardiff and. 
in the County of G went.. v; : - 


. in the first instance, please contact 
the Chief Executive at Head Office. 



■ i shouldlike to know more. 

c . ... ' . ■ Development Board for Rural Whies 

financial incentives, j Freepost Newtown Fbwys SY161BR 

Housing. | 

Factories on special terms. ! Name 

i i 5 


! Company 

. management, l 

cetine, accounting I . . . 


LAND AUTHORITY FOR WALES 
AWDURDOD TIR CYMRU 


/ 


Head Office. Brunei House, Cardiff CF2 1SQ. Tel; 0222-499077 ' 

Area Office (Wes!) 20a King Street. Carmarthen SA31.1BH. Tel: 0267 3247 : _ 

Area Office (North; 33 Grosvenor Road, Wrexham, LL1 1 1BT. Tet 0978 5713. ~ 


I Address 

Community and i 
Social Grants. * 

I 


Development Bodrd J 



I 

I 


Ladywelf House, Newtown,. Powys SJ161J6 Z F,T - *2/1/78 

Telephone ; Newtown (0686) 26965 !■ 




30 


JOIIMXWOOl) 


SURVEYORS, AUCTIONEERS, VALUERS AND ESTATE AGENTS 



PROPERTY IS 
OUR BUSINESS 

If you require advice chi 
sale, leasing or acquisition 
of premises, 

we are at your service in South Wales 

Eagle House, Talbot Road. Pori Talbot, Glam. 
Telephone 06 396 20S7 


SOUTH-WEST WALES H 


Rnancial Timies Thursday- Jamiaiy I? 197$ 


Employment uncertainties 

EVEN IF oil one day flows from is committed in principle to ex- employed at Port Talbot The the steel industry have already An important customer* for than it used to. Signifies 

the Celtic Sea in significant pan dins >* to 6m. tonne;- by the expansion is considered vual ted private sector Duport Steel these basic metals is of course sectors iuciude small, hut tocat 

quantities, it will represent no 1980s and the expansion, if it also for the west Wales tinplate to close down its plant at Briton the motor industry, which , lias important engineering coRcer 
more than icing on the indust- goes ahead, win include a new industry where the BSC's Ferry, near Port Talbot in a surprisingly large presence in throughout, the region, shi 
rial cake of sourh-west Wales. 10,000 tonnes a day blastfurnace. Velindre and Trostre plants favour of a new £3Qm. electric S.W. -Wales, even if. most of the building and repairing in M 
In terms of jobs, metals in a hot rolling mill and extra alone provide 5.0U0 jobs. Stan- arc steel-making facility in time, it tends to keep a rela- ford Haven, timber prodiw 
general and steel, in particular, steelmaking capacity at a cost dards in the market for tinplate Llanelli, further west. . lively tow profile. British Ley- from timber which has start> 
are the lifeblood or the region, of at least £835m. This is the are rising constantly and with- The recessionary climate has -land has two plants in Llanelli to eume on stream from plii 
Around one izx five of the areas* biggest single injection of cap;- out the higher grade hot railed also not stopped Alcoa, which employing some 4.500 people, ings over the past 50 yea- 
workforce makes a living from tal ever contemplated by BSC coll which will flow- from the is only one of a number of As fur Ford, it is said that the From this, timber hatidte 
either producing metal or pro- However. BSC have still to Port Talbot expansion, it is aluminium producers in. the good industrial relations it has machinery manufacture is c 

cessing metal products, com- give the formal go-ahead and, in Feared that tinplate will not stay area, from completing a new enjoyed at its West Wales plants veloping. Clothing Is anoth 

pared witb only three in a him- the current crisis conditions in competitive. Beyond direct cm- £35m. aluminium rolling mill at over' the past 10 years were an industry to become well esti 
dred throughout the rest of the the world steel industry, there ploymenr, it is reckrned that at Waunarlwydd. near Swansea, important influence in persuad- lished - in' recent years, wi 
IUC is obviously still a question- least another 30.000 jobs are which it claims is the biggest ing the company to site its new small factories providing tusej 

Centre of the steel industry mark hanging over the scheme, linked, cither directly nr in- and most modern in Europe, engine factory at Bridgend. female employment in a nil mil 

and bedrock of the SW Wales even though it was first pro- directly, with the fortunes of The only nickel refinery i xt. of West -Wales towns. W#j 

industrial economy is the mas- posed as long ago as February steel. Europe, loco’s Clydach plant. 05™** woollens are also holding. thi 

sive Port Talbot steel complex 1973 under the BSC’s 10 -vear In these circumstances, aban- in the Swansea valley, is also OlZC head above water in the com) 


with its tidal harbour for im- development strategy. Obviously donment or very long postpone- investing £3m. on modernisation 
porting up to 7m. tonnes or iron there is a good deal of concern ment of expansion would be a while Imperial Metal 
ore a year and a present steel- locally. At stake 
making capacity of 3m. tonnes, long-term security 
The British Steel Corporation the 13,000 workforce 


titivc fashion market, while." 
Indus- sh ^ er . ! J“p “ f s * u - Wales slmilar vein steps arc in h« 

metal and oil industries tends , hfcl 


» is not only aie veo’ serious blow indeed for the tries, now established in Swan- ‘ P ut Ihe L>Pafl J 
rtty of most of local economy. sea. is investing in a new pro- *■*”»«**■ important i 

rkforce directly The changing economics of duction line for titanium. J: ni :" n» Si u “ * business-hl 


lli« Retailers Choice 



Ladies Fashions, Millinery, Shoes and Handbags. 
Babywear and Children’s Wear. Men’s clothing. Protective 
Clothing (Works and Local Authorities supplied). 
Hosiery and Knitwear. Underwear and Toiletries. 
Bedding and Household Textiles. Soft Furnishings. 
Carpets. Hardware. Electrical. Jewellery. 
Silverware and Glassware. Industrial Undertakings 
supplied. Trade enquiries welcome. 


IHOIMAS THOMAS & Sons 


[EWANUA] LTD, 


Wholesale Distributors and Exporters.. 
Lower Union Street, 

Swansea SA1 3ED. 

Tel : Swansea 50637/8/9. 



£20million 




an investment in 
our future and yours. 

The new arc furnace complex at Llanelli 
represents our largest single investment ever. 

It is also a major investment In the future of our 
customers because it will provide them with new steels 
for the next generation of their products. 

We are the largest independent steel 
manfacturer in Britain and specialise in the production .of 
forging and re-rolling billets to British, European and 
American specifications. 



The reliable name in UK Steel 

Duport Steel Works, P.O. Box t, Llanelli, Dyfed. 
Tel: 055 42 4331. Telex 48217. 

A member of the Steel Division of the Duport Group 
which incorporates London Works Steel Company, 
Wariey; Flather Bright Steels, Sheffield and Bagian 
Foundry, Neath. 




m ra 

economy. The mainly anthracite ~ -—4 ike fo 

coal field ror^nues to provide ^ unCCTtainries 

overha) 

more than 4.000 jobs and i* still lTU , lhe industry and | 
attracting large injections ~ of more difficult economic clirat 
Coal Board capital to increase are serving to underline 4 
produenon. . need for continued efforts 

- They include a £7»n. . diversify so a* to give the sen 

ment at the Treforgan colliery west Wales economy a broac 
at Crynant in the Dulai* valley base. j a west c.Umnrgan, la 
rn new drift tunnels to create authority officials see plut 
whar is in effect a new mine. a< obvious area for devd 
a £2m. renryanisaUon or the menL Jn Dy fedi it i5 felt 1( 
B1 sonant colliery near Neath more could be done iu the iv 
and the sinking of a new mine building field, and in agrii 
at Bettws near Ammanford. j ur ai engineering t» meet la 
There is undoubtedly scope for nee ds. There is also obfif 
further profitable anthracite scope for agricultural proci 
production, particularly by open j llRi Milk is the basis of a« 
cast methods. But the centre of deal of rural employment' 
attention at the present time is Dyfcd’s several creameries, l 
a proposal to sink a new mine more could be done in oil 
(TOURISM IS inevitably, one rise in foreign tourists, who foreign tourists for that in- in the Margan forest. The esti- sectors. A recently annouia 

1 of south west Wales* growth helped to buoy up the industry dustry is that they tend to come matrd cost of £40m. would make modernisation and expansion 

industries. The delights <>r the elsewhere. cither side of the seasonal peak, it the most expensive mine ever a n abbatotr at Lkmybyddcr 

Gower peninsula, the attractive As a result of the drop, the thereby tying in with the main developed in South Wales. Once Ceredigion— witb the* help.! 

resorts of Tenby and Saunders- Tourist Board has decided, for strategy of the past four to five open it would he able to pro- an EEC farm fund grant— is 

I foot and the Pembrokeshire the first time, to spend £100,000 years of trying to spread vkie 4nn permanent jobs and step in the right direction, 

coast of the south, and an a special TV promotion cam- number of visitors either side some fi.Sm. tonnes of coking a Tourism also ha* consider! 

Aberystwyth and other centres paign of Welsh resorts over the of the traditional late July and year n» the steel industry but growth potential, but it is rigfc 

along the Ceredigion coast to coming weeks. August holiday period. a definitive go-ahead may felt locally that, at the end 

in the day. there is no substitr* 
for stable industrial eoipl 


Tourist appeal 
is growing 


assets which give a significant 
injection of funds into agricul- 
ture. 

Across Wales as a whole, the 


„ . , , . rooms looked for by to-day’s 

i Welsh Tourist Board calculates t0U rist. 
that tourism now generates 
expenditure of some £300 tn. 


R.R. 


the north, have long been ippre- Another response to the need To make its maximum confrl-' depend on decisions taken 
dated by the industrial pnpula- for more business has been the button to the south-west Wales relation to Port Talbot 
tion of South Wales. But with formation of the Tenby and economy and provide more Beyond basic industries, S.W. menl. 
the spread of car ownersh*p and South Pembrokeshire Hotels stable employment for greater Wales also has e wider range 

improved road communications and Restaurants Association to numbers, tourism needs, as £ai of light manufacturing industry 

over the past 15 years, the area help promote the area. as possible, to be an all-the 

has come to be appreciated by An unhappy development, year-round activity. The Tourist 

a far larger number of people, however, is that local authori- Board's efforts in this direction 
not only in England, but also ties have been forced, by public include the promotion of cheap 
increasingly from abroad. expenditure cuts, to reduce the winter weekends at selected 
Sn much so m fact, that in a amount.- of money they make hotels and developing the whore 
number of rural areas, tourism available to the Tourist Board concept of the - winter break.” 
has been transformed from for its *°**» which is un- It is also joining the fierce corn- 
something which used .to pro- doubled!}- of some concern to petition for conference business 

vide a little occasional pin those m the industry. but the Tenby area badly needs 

money into an industry second t» x* 2 modem well-equipped con 

only to agriculture in La im- PrOmOtlOn oreT 'veni wUh ,™^^ 

Increased 10 mobility The industry recognises the Welsh' 'JSLTiS? ^ 

particular, spread the tourist vaIue of greater promotion in being explored, as is oul-of 
industry inland, notably to the W8Wy competitive tourist season special rates for old age 
areas able to offer special acti- market and would undoubtedly pensioners and the handicapped, 
vities such as fishing and riding. do more itselE were it; not for But just as Important for 
Besides benefittin° Inland the considerable amount of tourism as any other industry 
hotels and inns, it has brought m ° ne >' which has been absorbed is e^ension of the M4. It 
another source of income to *n recent years modernising will undoubtedly help to expand 
increasing numbers of farmers. fa ®*J*ties. ... . , num ^ er out-of-season 

They have begun to appreciate The hotel industry in south- visitors by paging deepest 
what has been described as the west Wales is not exceptional m south-west Wales within three 
tourist crop" with did f*rm having to work with “ plant and hours dnve of a far larger 
buildings which would other- fixed assets” originally built in number of people. The transfer 
wise lie idle being turned into ** 1860s and 1870s, and a ot the Cork Ferry from Swansea 

massive amount ■ of resources to Pembroke dock, if its goes 
has had to go into meeting more fdiead, will also not be without 
stringent fire regulations and its spin-off effect for the local 
the provision of private bath- tourist industry. 


Robin Reev 


i i 


O Ray James Limited 

The Old Library, 

• 

Pentreguinea Road, 

St. Thomas* 

Swansea 

Tel : Swansea 41847 & 41903 


Main distributor in South Wales for 
Armstrong Cushion Vinyl and 
Tile Floor products 


tti strong 


The same is increasingly true 
of the fastest growing sector of 


| annually and provides jobs the industry — self-catering. This 
equivalent to fuM time employ- includes holiday cottages and 
ment for some 84,000 people, camping but in the main means 
And, contrary to widespread fixed-site caravans. The days 
belief, the industry employs wben Wales was full of scruffy 
almost as many men as women caravan sites filled with visitors 


! — the ratio is 45:55 according 
to research undertaken, by the 
University College of North 
Wales, Bangor. 

Effort - 

The Board expects this num- 


who bad transported a fort- 
night's groceries from their 
local supermarket are happily 
drawing to a dose. The Tenby 
area in particular likes to boast 
of its top class sites with colour 
television and showers In with 
the caravans and well-stocked 


ber of full-time equivalent jobs on-site shops, 
to increase to around 100,000 by A recovery of business in the 
1930 and south-west Wales resorts will be felt generally 
promises to contribute more throughout the tourist industry 
than its fair share to this Resort visitors no longer stick 
expansion; always providing it to the beach with buckets and 
| continues to develop and pro- spades and a deckchair. These 
mote the amenities sought by days some 80 per cent, arrive by 
i Co-day’s tou-rist and sustains car and use the resorts very 
| efforts to spread the tourist much as a touring base to visit 
traffic both geographically attractions in the surrounding 
| throughout the area, and in time area, 
by stretching the season. This investment can only pay 

off in the long run and, given 

, S t U5tel ?f^^S >rt 1116 ihiproving economic diniate 

I wall ilhiS^rt Q h 1 r t ihe ^2^H 1 and ^ ye* 1 ** special pro- 
well LUustrated by the expen- mot i ona i efforts, there is general 

■ of 14,6 past confidence that the resorts will 

occupancy rates in Welsh hotels win back ^ business. 

| at the peak of the season have main worry is that in- 

m fact never matched the <5 suificient resources may hinder 
per cent, rate achieved in 1973 the industry from fulfilling thp 
and last year the resorts— the big potential for growth in 
hub of the industry suffered foreign visitors and out of 
i the shock oT a distinct drop in season tourism, 
the number of visitors and real The increase in the number 
earnings. The weather the pre- of tourists from overseas in the 
vious year was certainly not to past two to three years has been 
i blame since 197B was- the year quite remarkable. Last July, it 
I of the great drought which is estimated that one in five beds 
I south-west Wales enjoyed, or in Welsh hotels was occupied by 
| suffered depending on your a foreign visitor. The growth 
; point of view, to M the full. inevitably owes much to the 

The setback, more likely, re- weakness of sterling but the 
fleeted tbe culmination of the Tourist Board maintain that il 
difficult economic climate in also indicates the success of pro- 
Britain over the past two to motion campaigns in the 
three years. Many families Benelux and Scandinavia. Wales 
which traditionally like to lake offers Continental tourists a new 
their annual holiday at a hotel intriguing destination, some 
or guest house in a resort were thing different from the 
last year forced, through Mediterranean and the 
economic circumstances, either Gadarene track of London 
to forgo their holiday or join Stratford and Edinburgh. For 
the trend towards self-catering American visitors south-west 
holidays- And the resorts were Wales has particular attractions 
not wholly compensated for the in Swansea as the birthplace of 
loss of this clientele by a rise the poet Dylan Thomas and 
in visits by tourists who would Laugharne. his home for many 
normally have spent their holi- years, and burial place, 
day abroad or by the dramatic An added advantage of , 


TO LET 

Factory sites from 2 acres in Swansea 

In pleasant surroundings close to Gower, first officially designated 
Area of Outstanding Natural Beauty. J 

Provided with all main services and easy access to M4 motorway, • 
Inter City 125 rail links, docks and airport. -r 

More information from.: V 

John Bowyer, Public Relations Officer, Swansea City Council, 

The Guildhall, Swansea- "■ 't 


IT'S GOOD FOR BUSINESS, BECAUSE IT'S GREAT FOR PLEASURES 



WEST GLAMORGAN 
COUNTY COUNCIL 

join in the expansion 
of this county 


Advantages and facilities include:- 

• Metal producing industries — 
steel, aluminium, nickel and titanium 

• Petrochemical industry 

• Service distribution centre 

• Excellent Transport links 

• Sites and advance factories 

• Development and Special Development 
Area status. 





M.E.J. RUSH— County Clerk, 
West Glamorgan County Council, ' 
The Guildhall, Swansea SA1 4PA. 
Tel. Swansea (STD0792) 50821. 


Enquiries to: R.A. Wheway,. 
Industrial Development Officer, 
Tel. Swansea 460038. 

Telex 48396. 




31 



Flnancial. Times Thursday January .12 1978 


SOUTH-WEST WALES III 








■ ' :£urilf *^5^5 iSJL JS2 a large houses, shops, pubs, taxi services because even though it had been capacity is being used by A firm of brokers, Fielding, older plant was taken out of Even though this number of 

’ »nd nnHmim JJ: ^ r f esfil ™i7p 11 n V m “ er jobs, m an area and the like. careful to keep a low profile a opponents of further refinery Newson-Smith, has suggested commission and the capacity is people employed is well below 

' ■■ TZ. thn Jji t 7 b x U : ) vhere unemployment When the crackers are com- lot of people had hoped that its building, such as is happening that refinery utilisation in the now 5m. tonnes. Although there the 4.000 that were on the pay- 

•-."T tn thoi maasn J, Ought has remained high, at well over pleted, in the early 1980s the very presence would herald on the. Cromarty Firth in Scot- third-quarter of last year was has been this contraction BP has rolls in the 1950s Llandarey stiU 

' , ; Sn^,wifl n0Iliy - D £f d * ^ce tbe national average. The net addition to the labour force something. land. Around the Haven the downio 59 per cent compared sufficient faith in the works to plays a very important part in 

, v _ 8 iSKJSj™ *S S *. a ^ en « fI 2? 3 five compani®* employ around are likely to be around 450 to Three companies drilled last four companies report that with 62 per cent. in the previous contemplate the spending of the economic life of Swansea, 

realisation tnat the Celtic 1,500 workers, jnost of them 500 people. This may not sound year— Amoco, Conoco end their utilisation hovers some- quarter and 65 per cent in the around £6m. on the site this But then this is true, also of 

Texaco — but aH were dry. To- where between the 65 and 70 first three months of the year, year and a further £7m. next the refineries in Dyfed. With- 

gether with Hydrocarbons GB, per cent mark. During the final quarter of 1976 year. out them, both Swansea and 

— — the drilling arm of British Gas, Obtaining true figures for utilisation was 70 per cent Unlike the four refineries at Milford Haven-Pemrokc Dock 

‘iE* “ttie or no tSOO at Its much larger refinery tial. none has actually pulled out refinery utilisation is almost rh ~ nTlp pvppmion tn thfe Milford Haven Uandarcy is an would be considerably less 

wealth at alL The optimism has Site, at Llandany. The cracker developments will Indeed, sMghtly north of the impossible because they are droo is the BP S integrated plant It produces affluent There are some who 

, ‘ ■' “ om the announcement The decisions to go ahead on certainly help to mask the dis- Celtic Sea. in Cardigan Bay, five closely guarded secrets within Tjandaiw where as a result nf feedstocks for BP Chemicals* argue that the creation of giant 

.... . ' S the crackers has been taken be- appointment felt by the growing Uoc£s have been allocated in the companies. But if the Hosin«some 0 i d the Pl«»t at nearb y Ba glan Bay, industry in the Miiford- 

• * , jPUitly.-tq build -a £2fi0m. cause of the changing pattern of awareness that there is no the fifth round of licences, four Milford Haven four are achiev- -lajmc that its utiiisa which is supplied by pipeline. Pembroke area has reduced the 

. -• uia catalytic cracker on demand for oil products: In the crock of S° ld to the Celtic Sea. firm and one pending, to ing anything near their claimed tio „ nverM ner rent. It also produces a wide range qualiry of life and it is difficult 

s refinery ate, just out- 1950s, the demand was for heavy Last year raw ^ relinqui shin g Texaco, Hydrocarbons GB and utilisation they are doing rather p of down-stream products such as not to agree that the imposition 

r-‘ we Pembroke Dome, and from products and aimed at bulk of licence blocks by a number Atlantic Richfield, the U.S. well. According to official , . butane, a gas sold commercially of facto ry buildings has affected 

" J e fl ©osio“ Of Amoco and buyers such as the Central companies, including Shell, giant which just over a year figures, refinery output of KXDSIDSIOII for domestic consumption: pro- the tenor or life in this port «E 

. 'V-urco to put ap a cracker cost- Electricity Generating - Board which had drilled two wells, ago took over the ailing products between August and r pane, used in industry for metal Wales. But it is also un- 

v..!g around £75m_ (to fuel its power stations) and Shell came to the conclusion as Observer newspaper.. Arco has October was nearly 1.7m. tonnes Uandarcy, sprawling around cutting: white spirit for the deniable that without the re- 

‘ ‘“-.The cracker projects wfll the 'British Steel Corporation. a result of its work that there already drilled one well, but lower than in the same three the outskirts of Swansea, is the pa i nt industry; kerosene, com- fineries and the staros® Plant 

mtribute materially to the . Since the rapid zise in nil prices was very little to be gained from Mid nothing about it. Some months of 1976, with fuel oil daddy of all the British monly known as paraffin; fewer people would be in work 

. Prosperity of the area. Since after the 1073 Arab-Iaael war staying in the area and. quietly, time this year it is expected to output, which accounted for refineries. When it came on naphthas, which axe semi- and more people would have 
-*ie early 1960s, Milford Haven and the consequent turn-down lf also gave up the short leases go ahead drilling a second well two-thirds of the total drop, stream in 1921 it was the first finished oils used by chemical to live at a lower standard .if 

k ' l, _' -r.iund has developed into one of in the. world economy demand ft had on waterside facilities. on a block in Cardigan Bay. down by 14 per cent. Output ma i° r refinery in the UJt for manufacturers; aviation fuel; living than rhey enjoy now. It 

*• .-ie largest oil ports in Europe, from heavy industry has con- r*i . T This well will almost certainly of most oil products was lower the treatment of crude imported and, of course, motor spirit— -or is never easy balancing the 

' ,: Vcond only to Enroport in tracted while that for lighter SGiDHCK turnout to be the only offshore than a year earlier. Over the from the Middle East Even so pe troL introduction of industry into 

J Holland. The deep-water anchor- products, such as petrol, para- activity in the area during the first 10 months of last year the ft was tiny by comparison with This is not the end of the areas of outstanding natural 

! “'••v je has enabled all bnt the very ffin, aviation . fuel and other Other companies which have year. throughput of crude oil went to-days plants and even by the story. The refinery also produces beauty with nffsenins factors 

A,,: ’ 1 rgest of the super tankers to distillates has increased. It is relinquished- their licences Utilisation at the refineries down to 77.7m. tonnes against war had a • throughput of no gas oil, heavy diesel oils, lub- such as the large numher of 

;e its waters and the oil com- to meet thic change in demand luriude Tricentrol, Phillips, Elf- is one of the main problems at 80.4m: tonnes in the correspond- more than 360,000 tons a year, ricating oils, wax, bitumen and heavy lorries on winding, nar* 

• - I’stnies have built their refineries that one cracker will be built Aquitaine, Siebens Oil and Gas, the moment, as it is in the oil ing months of 1976. Demand Expansion at the plant came high-grade sulphurs. With such row country roads. But in what 
‘ !? ongside. Esso was the first, and possibly a second. ^ ^ Their action was industry around the world, for refinery products last year after the nationalisation of BP’S a rounded production profile it was Pembrokeshire »t ha* been 

cv-fith a 1 5m ;-tonne' capacity unit t n * ho not 80 mut * a s* 10 ®* for the There is a large amount of ex- was as bad as at any time since refineries in Iran in the early is hardlv surprising that its done successful! v and to the 

' : v.; ..mpieted in I960, ft was fol- Iocals they had done cess capacity which has led to before the 1973 crisis. 1950s and capacity was pushed labour force, at 1.800. is larger benefit of must people, 

wed by Texaco (9m. tonnes), 5«l e or no work to the area, tiie industry being faced with Unofficial figures suggest the up to 8m. tons a year. Three than that employed by the re- . ,. 

• T-„-;r : 1964, Gulf (5m. tonnes) in S JttL Shell’s withdrawal was a setback difficult conditions. This excess position might be even worse, years ago, however, some of the fineries at Milford Haven. Anthony Morcton 


“ Local labour will be- used as 
.^-68 and Amow . (4m. Wes) much ^ possible ^ S nam Pro- 

► <- K 1976. • In addition, BP put g e tti, the contractor for Texaco- 

r:rj ^ a rf f° ra f e t termi ^?^ 1960 GuU * though inevitably Dyfed 
. ..-.id dupped its crude by pipe- ^ be unable to provide men 

1 ’ ; ^ - ie to S* works ^ for all the jobs, which wffl total 

' - ® outskirts of Swansea 62 well over 2j ooo at the peak of 
, ,. 1;= lies away. building. Even workers brought 

• ^Although these . refinery pro- in from outside will help, with 
-• cts are highly capital intensive their spending on hotelsjguest 


amesLini 


worries 


..i \ . 


LK IS the backbone of south- meats from Ireland until the 
st Wales agriculture. In pre- Government agreed to opt in. 
minantly rural Dyfed some 60 atJeast partially, to the Comnion: 
r cent, of farming enterprises Market's beef market j support 
i still devoted to dairy, beef arrangements. Even •», the 
nunts for some 12 per cent, beef- sector -has faxdd only 
»p production for a further relatively wen since that date, 
per cent while the rest is The industry is more' exposed 
de up of pigs, a few poultry than most to the Government's 
ts, cereals and vegetables, insistence on udng/the EEC’s 
ably the specialist early green currency - arrangements 
ato growing in what used to to hold down official common 
.Pembrokeshire. farm' support ^ prices — a com-l 

The area’s o-m phasffr on milk plaint also of milk producers, 
i meat production, of course. As long as a gap continues tn 
.ects the mild, relatively exist between the Irish and[ 
op, climate whidi Is charao- UJC. green pound rates, Irish j 
istic of the 'western extrexoi-. store cattle will be shipped 
: ; of Europe’s offshore islands, into Welsh ports with the help 
plentiful supply of ' grass of EEC subsidies. - Ihe atten- 
wing much of the year round dant risk is that local cattle 

markets are liable to be , 
depressed by such subsidised] 
imports: : 


Policy 


The EEC’s Common Agricul- 
tural policy also has a very 


rs is' 


the region's chief faming 
it and the basis of its large 
- ry sector. 

yj<jtrOny .t the same time dairying is 
anting tocreasingly spedal- 
cow ‘numbers are rising 
the number of milk pro- 
ers is falling. In common 

i the rest of Britain, the best ^ on the prospects 

tiers are pushing their stock- , z~ ^ “ w ~r 

rates towards the ttftycows- ^nn r 

le-hectare and milk output 

ards 1.300 gallons per cow. <fca£ .? Sie « teap ^ 3 ? n “ 
t said, the average yield in Qnnmundy)s most 

region, at around 825 gal- PWffrMe .- xnaritat for, dheep 
per cow, is still thought by meat * ^asoce, being opened up 
e to be disappointingly low; peraanettUiy to Welsh lamb. To 
^reflection perhaps' both of date. Jamb" producers have had 
caution and the sizeable to live .with & French national 
tuations in profitability of regime which ptrofedbats imports 
Sing in recent years^ ' 'when prices fall betow a pre- 
, /ilk is also toe basis of deteaxntoed level on the Paris 
■ ral hundred, jobs. in local, market This intesference with 
y processing facilities; imports should be made illegal 
. ;ate has creameries at Car- under EEC rules, though the 
toen, Newcastle Emlyn, and •_ posation ait presemt is etifi some- 
Hand, the Co-operative what oonfiused. 
ilesale Society has a plant at 
Jangadod and the MiBc Mar- ^ ^ 
ag Board a large butter and ^ "P® - 

milk powder factory at vromng the marketing of local 
• 1 nfach, Ceredigion. Distance meal production. Tbe expand 
I the wmin centres of popu- 840X1 °* ^ abiwtohr, recently 
n inevitably means that announced at IAanybydder, 
b of the milk produced in Cereddgion, with the aid of a 
area is processed rather Brussels Fazm . Front grant, 

1 ” sold liquid. viewed very mendh as a step in 

: present; local concern is the rigW-dfcection. It pro- 
ily focused on- the post- mnses the kind of modem meet 
titiqn EEC ' arrangements processing . fScsiity.. . which is 
^ting^ nulk. Sootb-West essential f£ the «rea ( is to meet 
•w dairy producers, 'because more ' «apirirtg etendatds of the 
peir distance -from consumer EEC export masked, 
jets, are. particularly k sodM 

,^y opposed to any weaken Wa!€S . ^ potato 

tin the monopoly powers of - ^ _/ aZTL. 

Milk Maricettog Board. It ^l®!*?**** ^ 

1 ’ .^ejy recognised that : the. wiih the 

.a /pUshment of the MMB, in tatan ® ^ rot ^ J”* J* 1 ® 

- . \| I.Ns was instrumental in Now 

( sericulture in the region on retam *> more awnHSd 

- ^riness-Uke footing Ar- the 
time - And, It continues to 
ffl important guarantee of 
we prosperity .of the areas 
Y industry. By the same 


1 , Hit' 


Were putting down more roots 

The new fluid catalytic cracking complex to be built jointly by Gulf Oil 
Corporation and another mcyoroilcompanyatMilfordHaven iriWales, is 
an important long-term investment for Gulf and for this country , : 

The 'cracker 1 will extract maximum value from crude oil coming at 
present from all over the world - and eventually also from the North Sea. 
Gulf will refine the oil into high quality products such as petrol liquid 
petroleum gas, naphtha f jetfuels, automotive gas oil and heating oils, so 
helping to safeguardBritairis long term requirements. 

The new complexrepresentsamassive investment ; a far-reaching 
commitment to the cause of Britain's self-sufficiency 
in refined products; and a valuable fillip to this 
countrys balance of payments. 

m 


two years of 
acute shortage, the outlook for 
this year's crop is dearly not as 
profitable as in the immediate 
_ past Then, early potato grow- 

n. local dairy producers are ing has always been a hazardous 
•led that the end of Britain’s bnsimew dependent bn having 
i transition arrangements soppUes "read? for marketing 
: 't trigger competitive milk, just ec the right time so as ix* 
>ris from Ireland: - Indeed, to eompete^wtth marketing from 
t have -been 'suggestions elsewhere. A • number, of 
the local 'ports wfi!! -be; .growers on tffce Gower Pentostda 
faded should such a move have recently been, growing a 

.ttempted. . .. _ ’ .. . .. udder voraerty-orf vegetables po*-“ 

Issuing -this threat* dairy glibly . setting what may be B 
*rs are following the well traod for’ other parts of south 
Wised precedent of beef .Wales where tiie land if 
■. -.facers .in toe-area who. • : . i- 

of lie collapse if beef - _ • v . JRJELl 


- 1974, halted oatite^hip-*. 


: ; . OuUOilfGreatBiitdn) Ltd^EmpireHouse, dldHighRoad, Chiswick, London W45TF. 






32 


Financial- Times *Rrarwiay 3amrary &$87& 


WALL STREET + OVERSEAS MARKETS 


+ FOREIGN EXCHANGES 



1.5: k 


Dow 5.6 lower on dollar troubles 


BY. OUR WALL SI RLL ’ l CORRESPONDENT 


NEW YORK, Jan. 1L 


Dollar falls again 


GOLD MARKET 


'Ji.il i”" iliiiTli ' 


adequate vigour in the currency 
markets. 

The dollar resumed its steep 

...» ,, decline against major trading , ... 

a feeble rallying attempt on Wall currencies in Europe, indicating Jo 840-3. Banks 1.05 to 220.09, and dined Fls.430. 

- ' ■ ■ — *■— - - - Utilities 2.32 to X60.34. 


INVESTORS. DISCOURAGED by 
more bad news about the dollar 
and a mixed bag of reports on 
the economy, quickly abandoned 


in 


weakened across a broad front which rose FIs.6. Other firm snots COPENHAGEN — Lower 
yesterday. The Toronto Composite included KLM and OCE Grinten. moderate dealings, but Bormebtcr 
Index declined 6.6 to 1.006-3. while with improvements oC about and Wain advanced s to Kr.412. 
Metals and Minerals retreated 11.5 FIs. L 60 apiece, but Elsevier de- 


Street to-day, and sent the mark« to dealers that the Federal 
to its seventh consecutive loss Reserve and European Central 
this year in fairly active trading. hav f. i “ fled *° bring the nTUE . Q MMtsirrTC 

Industrial do,lar cr !*“ undcr _. control. OTHER MARKETS 


advanced 
STOCKHOLM — Firmer for 
Choice, with Mo Oeh Domsjo 


The Jones ^ausiriai Treas Secretary Blumenthal 

Average was SnaJly o^3 lower at ltK , ay that UA interven- 

77ah0. after having jn^Uy ' picked tlon ^ worked, but several 
up to TSo.9o. The NYSE All Com- dealers in London disagreed, 
mon Index finished a further 25 Last night’s Government re«-„.. 
cents down at $49_52 P after a days of a decline in retail sales during 
high of S4953. while declines ex- December and a projection to-day 


GERMANY— Inclined to harden « KrJ 3 

on foreign and local demand. rss ™5 5* “ Z ‘ ... 
vaiiMawm in Mainm mu HONG KONG — Modcslly easier 

DM1.40 oTtke expected dividend ocr ^ t ^J? oard 00 smaI1 scHinS 

— i increase. Deutsche moved ahead a T ^,,. 

. PARIS— Market turned down- DV3S0 in firm Banks while, else- Janltae Haaeson and itong 
Kverai ^ards, depressed by the dollar's where-. Conti Gunml added rcvnet> 

— - - ^SSiSsjSLZ^ && sas*. 


SHK2.05, softened 5 cents apiece. 
Hutchison Whampoa were 2.50 


.w-o*. ueuuira e»- uecemoer ana a projection to-day ~~~ ~ ~ ~ .7, ,~>T ~ — ? , ■ Yi,.. DM6 

ceeded gains by S62 to 542. Trad- by Commerce Secretary Juanita SSJi*" neraIIy firmer against the — 

ing volume decreased further to Kreps of decEning motor sales , . „ , SWITZERLAND — Stock pr*es al SHK3.523. 

— - ... ««=. L’Oreal were notably lower at slipped farther in a light business . . . . 

Frs.490, down 30, while Csrrefonr on the US. dollar’s weakness- TOKYO— Slacks moied ahead 

declined IS to Frs.L262, Mo et Credit Suisse declined :» to over a wide fronton. revived buy 


22.88m. shares from yesterday’s this year were other negative 
25.18m. points. _ __ 

The welcome news this morning «aT e ” Br a f. d Henne^ey *9 to” Frs^T'and SiC SwJtaUlo' "arid BBC*“V* '^0 to «»« interest, reflecting expects- 


from 6.9 per cent, proved in- quarter and full year. 


3 to Frs.106.fi. 


on yield considerations included PJrt* st ? jn *** 

sufficient to sustain ah improve- Budd, also active, _ retreated 2J ^ Golds were mixed , whil e Fo reign f “ p ^„^ r ,2^ enbur *' CKW covered 3 S. 74 0n to 4jMft2S on 


3UUJL1CIH iu nusunn an improve- u “““i ieu«icu *.g - . ■ : onjAnnn p..„- 

ment that began shortly after the to 832 — the issue had been strong Oils and U.S. issues followed Mall ^doopra unen. 
opening. recently on Budd reporting an Street lower. MILAN— Stocks tended 

unidentified suitor, but it later 


BRUSSELS — Shares made a cover in fairly active 


- volume of 2SDm. shares (240m.l. 

, Export-orientated shares led 

tradm*. ;he rise, with Matsushita Electric 


WEDNESDAY’S ACTIVE STOCKS said that the suitor had not made mixedshowlng slack tradhlB. helped by some sho rt-covering Y12 at Y372. Honda Motor 


Middle South Uld 

Brunswick 

Pacific Gas £.- Ek- 

Budd 

American lledicoi 
Tcdmicare 

British Petroleum 

He In lie 

Internl. Tel. it Tc 
Exxon 


Slocks 

didst 

no 

traded 

pnee 

day 

WT^OO 

161 

+ k 

220,900 

141 

-l 

304.200 

Sli 

> 2 

20 , 0*0 

"A 

-25 

257,400 

20 i 

+ 5 

235.600 

8 .’ 

— 2 i 

SH.WW 

131 

_ 

177 J89 

24) 

-11 

176^00 

5Si 

-{ 

168^00 

445 

+ 4 


Change any new overtures. 


» * *?* g grsas*-? 1 * a ,easeains of ■* ws nusss sssss 


A Government announcement of UCB 2$ to B.Frs.980, and in 5 pressnre. 


a tough new programme to dis- 
courage smoking upset R. J. 
Reynolds, down I at 1553. and 


Y747, Pioneer Y50 at YI^60, and 


Analysts traced the retreat to 
a number of factors, including 
growing doubts about the U.S. 
resolve to defend the dollar with 


Electrobel 40 to BFrs^^fiO, but Leading Industrials to advance Canon”YT6 at Y4M 
Basques BruxeUes Lambert included Snb Viscosa, 14L5 higher Nippon Denso were particularly 
rereded IS to B JrsJ,432 and at LOSS-t, Rat, 15 up at LLS30 in good form a: Y973. up Y58. 

and Pirelli, 36 firmer at L. 1-935. ^ VVP , R . 

AMSTERDAM— Share prices Mediobanca gained 125 at L30.400 JOHANNESBURG — Gold shares 

moved irregularly In slow in Banks. 5?°* wlt *i the London 

trading. Bonds were narrowly mixed. Bullion pnee. but finished above 

Philips were FL0.20 higher in SPAIN— Mainly small scattered the day^s worst. Net losses ranged 
otherwise lower Dutch Inter- movements with an easier bias l< ? cents in heavier-priced 
nationals, where Royal Dutch lost were the order or the day. leaving shares. 

FisJLIO. the General Index 0.70 easier at Financial Minings were gene- 

Apart from the Golds sector. In the rest of the market. Banks 9S.20. Union Electric shed 2.50 easier m line with producers, 
which rebounded 20.3 to L397.6 and Insurances were mostly points .to 65.50, but Hidrola picked °ut Gold Fields was a bright 
on index. Canadian Stock Markets firmer, led by Middens tan ds Bank, up 22o more to 75 l 75. feature, up 100 cents at R2L7S on 

quarterly figures. Asbestos issues 
were about 5 cents lower. 


Volume 1.94m. shares (2.58m.). 

Canada weaker 

from the Golds sector. 


Indices 


E.Y.8.Z. ALL COXXOff 


Bum and FoJli 


NEW YORK -DOW JOBES 


1 Jan. 
11 


Jnn. 

10 


Jan. 

d 


Jan. 

6 


Jan. 

b 


Jan. 

4 


1977-78 (Slnoacom pi lotion 




1977-73 

I 1 

' 10 ! 3 ( 6 ; 

High ' Law 

43.62 

> 48.77! BLOfif 63.64 57.07 * «L52 

i ; i ; twmi iaiiii? 8 ) 


Hath 


Low | High Loir 



Jan. 11 

Jan. 1C 

■Inn. 9 

(mure uaded ... 
HI an 

1,858 ixaa 
542: 429 

1.901 

270 

Falls 

B62 

454' 

1.031 

422 

1.309 

322 

New Highs. 

Sem- Lror* 

5 

108 

4 

125 

9 

125 


Industrial.... 775.80 781 JS 7Mfi6 788.43 ■ U4.92’ 8 1JL6B 493.75 ; 77G.U : 1061.70, 41.22 
: ; 1 (3/i/H) onm 

H'me B'nda* 8S.S9 1 90.18 30.15 30.52 90.78 30.86 d&M BdJ9 | — 

| ; j I T9> >t 11/L/7U/I 

Transport-..' 205.63- 208.74 208J1 210.17 218 J7i 215.48 248.64 : laa.GO . 27? ^8 

• , . ■ iis/si : ( 2 s.io> »(7/aeai 

ruilties 106.60' 107.04- 107 fiO- 108.24 110^1110.76 1IB.67 : 104JST i 168^2 

(2&a (S&fii 

Tradlnemi 
0W« 1 


IS. 25 

(8/7^2) 

10.&S 

[(20/4168) &S/4/42) 


li ON TREAT. 


1277-78 



l U : ID ! 9 ; 6 

Higta : 

Inn 

Industrial 

Combined 

167.15 103.10 1E3JB 165.75 
; 17536 174-85 174.95. 176.55 

186.47 (17.® ' ' 
187 & fl9/l,T7|. 

198-02 /2c i .-. 
165.60 i2riv. 

TORONTO Composite, J 006 J5 ifllZB 1012.5 1822-8 

1087.4 (19.-7) 

961 Jl £3 U> 


22.860 K.1B0 27.090 26.150. 28.6711 24,030. — — — 


JQHASIESBURG 

GnW 

indnrtrlalH 


209 .5 
212.0 


210^ 

215.1. 


2081} 208.7 
215.1 2MA 


214.7 (17/10i 
214.4 (4/U73) 


189.4 .£: = 
169.1 rjii: 


AUSTRALIA — Markets relin- 
quished fonher ground, with 
sentiment depressed by the set- 
back on Overseas stock markets 
and uncertainties about domestic 
interest rales and commodity 
prices. 

In the Mining sector. CRA were 
down U cents at SA2.11. while 
Pancoutinental declined 50 cents 
to SAI1.20 and SUM 5 cems 10 
S A 1.70. Ampoi Petroleum receded 
4 cents to u cents in Oils. 


* Hum of Index ctiaiwed from Annas/ 24. 


Jan. 

11 


Prev- 1977-78 JHT7-7B 
Lous High Low 


Jan. 

II 


1're- 13T7-T5 1377-7: 
rwiM - High Lm 


Inrt. div. yield % 


Jan. 6 


tier. 80 1 Lhs-’. 88 i Tear bko lapprox.) 


5.80 


6.58 


5.54 


4.16 


Australian); 465.40. 467.18. 479.48 4143*5 
(8/1/18) (lfi/2) 


STAND ABD AND POORS 


Belgium (I) ! «.14 
Duunukn. 07-18 


Jan. 

11 


‘ Jan. ' Jan. 

10 -J 


Jan. 

6 


Jan. 

a 


Jan. 

4 


W75 aWTo^t-n Fnuu5fl <tw 


High Low • Hijrfi i Ljw 


:industriala 98.75 afl.27, 99.86 100.801 101.97' 102.91 114.9* , 98.75 I IM.b4 4.62 

I (3/1/77) .dl/1.781 (11/1/73)1(80/6/82) 

SCompiBite. 83.74 80.17 90.6S' 91.62 92.74, 95.52 107.00 / 89.74 125.16 1 4.40 

i 1 (5/1/77) f 11/1778): (llii/73)) (1/6/82). 


80.6 



; Jan. 4 

1 *.-- 28 ; 

Do - 21 | 

| Year 03 " (approx.) 

lud. dm. yield % 

■ 4.S6 

; 4-90 j 

4-99 | 

| 3.71 

Inrt. P/E Itatm 

; 9.01 

1 9.13 j 

8-97 

11-36 

Lpiiu (ten. B"«>* vienl 

' 8.04 

• 8.02 ; 

■ 7.96 i 

6.67 


9LS2 99.iv S0.71 
OBlimOOtlZi 
97.66 . 1G7.US 95^4 
(9/6) (29/11) 
62J> b&.« ■ 48 j 

17/1/77) i 10,6) 
795 j4 . 8LS j . 7 ISA 
117)11) Ufl-3) 
fl0_5 9 AZ 75.6 

(4/fi) lS9,9i 
Hoag Bone SBBJ9 390.16 42&JL7 868^9 
rtT) I (11(6) (4/1/78) 
Italy (Eil 65.46 73.71 64.90 

(6/1/77) (22,12) 

Japan (a) 373.74 1 370.71 [ 490JU 390.40 
1 (29/0) (24/11) 

Singapore [ — 262^2/263.02 V&& 

0>K \ • (29/8) . 0/68 


S pain 

Sweden 


uo 93J2D 


98 JO. 1CO.CC 9>.r: 
1 181 /12/ li.l'is 
Ul 337-56 88&4B i 41fij& e-,62 
(2&8, iia.ll/ 

Switarl dC- V 295JJ , 296^;31&x ««.» 

iU.TC. ri Ji 


OennanyUt/; 707.1 
Holland iM): 


indices and base daces tali Due values 
10U axenu NYSE All Canunon-w 
Standards and Poors — 10 ana rarontn 
3TO- urn the last named Based an I9<3* 
tExdudina bonds. X4W Imtosinals 
5 rn lads.. 40 Utdldea. 40 Pbunce ana 
20 Transport. HbSvtiney All Ocd 
mi Bebuan SE SI/32/63 (**) Copemueen 
SE 1/1/73. (ttl Pans Bourse 1961 
Ctrl Coounentunk Deo. UB»_ (Mi Amster- 
dam. Industrial 1976. (Hi Haiu Sem 
Bans 31/7/84. (|[|) MOaO Znm (niTDRyo 
New SE 4/1/68. (6) Straits Times UK 

(e) dosed, (d) Madrid SE n/ 12/77 - 0 i 

Stockholm Industrial 1/1/58. m Swiss 
Rank Com 31/13/38 (B UnavaUaDle 


OVERSEAS SHARE INFORMATION 


Investment premium based on 
552.60 per £-66}% (66}%). 


NEW YORK 


Siwit 


Hlt'l 

ll 


Jan. 

10 


50 

14 


AWrt* La6b- | 

A*1 (rwwouiai'h 
Aetna Lite i Casa) 04 

Air Prwlui-la ! 23 '* 

Airro..- 

A luanAlnmln inmj 

Al .) 

Alleghany LuriLJ 
Allen Kent Wuen 
Al/ieri ChemU.**.. 

Allied Stores 

Allis Chalmers...; 

AMAX_ i 

Amerala Has I 

Amer. Airline ....| 

A mar. Brartdr ....■ 

Aiuer. UmaiUaut. 

Amer. Can 

Amer. CvaJiamtii 1 
Amer. Bleu. Pow. 

Amer. tsprpo... 
AnierJlcmie Prod 
Amer. Mediiwi...; 

Amer. Motors^... 

Amer. Nat. Uni*... 

Amer. Slandanl . 

Amer. Stores--... 

Amer. Tai. A l'ei^ 

Ametek 

AMF - 

A UP- 

Ainpex 

-An -bur Hi«-klni4.' 
Auheusar Su-*-b.- 

Annin Si eel 

A.S.A ' 

Ashdw Oil 


Asarvo 

Asbland Oil 

Au. Bi -hliejd 1 

Auto Data Pro.... 
A VC — 

Av.n 

Avon Ptmlul-'U... 
Ball Uhh Kleri—.. - 
Bank Amerk-a— ' 
Bankers Tr. N.Y.. 

Bar+w Oli ; 

Uaaler Travenol. 

Beatrice Foiri 

Be* son IhLUenatm 
Bell A Howeii. ... 

Buodix — ■ — , 

Beueuet l'«is ‘S', 

BeihteUeni ateei. 

Black a lle.'ker ..l 

Boeim: 

Boise kAsnule ; 

IVinlen 

Bon: Warner 

Branitt let 

Bnucen -A* j 

Brisco* Mvera— -I 
Brit. Pet. ADR — 
BreelrwBvUlw»..| 

Brunswick j 

Buryrua Brie. 

Budd—..— I 

Bubirt Wnteb ....J 
Buriinfjion Ntbni 

UurruuKbs 

Campled Suup..., 
Canadian riwtdei 
Canid Kandnlpb..; 

Cariuu Inn ' 

Camei A General, 
Carter Hawley .... 
Lauaphlei Tracis 

CBS • 

Cetaueae Cotihi— 
Cent mi A: 

Cemlntecrt 

Cessna Air *i*tt 
Cbiute Uonlwltan 
CbemL*ai Uk. NVj 

Cliosebrith P' xl1 ' 


Chosaie Syaiem... 


Chicago Bruise 
Chromalloy— — 
Cbrvaier 

Cinerama. ..[ 

Cine. 51 1 baron ...j 

ClUuorjj 

Citica nervb-e....^ 
City Inveatlnis 

C>ui Cola ! 

C.iLuntt Pann , 

C*i|liu» Aikmau- 

Coluiiilua • iaa J 

Cohimt'ln ttcU...' 
Com.lonCnujJAui 
Inmbintlnn but- 
Combusuou Rcr--' 
C'mVtti hiilavo-: 
(Ww th Oil He). 
Comm. Smetite— j 
Lompuiertsdebee 

Conroe. I 

Con. Bdiaon N.Y.J 
CounX Fw>ia-— 


UimMl Nat. (jaa^j 


UnaumM Pnwe 


Continental Grp.] 

turj 


CiMUinenml oil 
l>.HiUnemal TWo.* 
Control Da 


Cooper ludu* 1 41 


a3S(i 1 

Wl| J 
424 \ 
l0is . 
i9*« ; 
3018 : 

20 4 : 
22/s ! 
34ia ; 
254 i 

to . 

41* 

374 

37 i B ; 

24T 8 | 
24 1« > 

34 l 

27 l B I 
17* | 

434 ' 

337g 

29 58 : 

504 ; 

28 

16* j 

25 >2 ; 
lul 8 ' 
27* 
18* 
56 | 

224 
B7 B . 
13* . 
29* 
46* 
27 
104 
154 
464 
25* 

21 
34 

284 i 
a4>E 
234 ! 

31 >a 
144 , 
30J E , 

2i» • 
204 1 
14* ; 

25 1 r 

22a B 

30 4 

26!g 

9 

134 1 

317g , 
154 I 
294 
w* : 
19 i fl r 

32 

a 4 ■ 

387 B | 
66* I 
Oi/as | 
ltil 8 , 
LO* . 
284 ' 
Ic 
174 
52 U : 
47* ! 

39 V a ■ 
15* 
BO 

sou ; 
274 : 

40 • 
214 . 
3a i 
434 
14* ! 
127» I 

2 

184 

21* 

49 1 

114 I 

354 ; 

197b , 
10* | 
2t* I 
15 4 ! 
14; 8 | 
35* ! 
184 ; 
274 I 
2l S 
294 

J 1 ’ 

204 
234 
23 4 
41* 
23* 
32* 

27 

14* 

254 


52 

141« 

34 

241a 

337g 

24* 

427a 

194 

2u 

3B* 

204 

234 

34* 

254 

9* 

41* 

a8* 

37 

254 

244 

34 

27 4 
17* 

3* 

43* 

34 

29* 

584 

284 

164 

25* 

1 

27* 

187a 

26* 

21 * 

9 

144 

294 

474 

25>a 

10 * 

15* 

464 

B67 S 

207 a 

34 

28i a 

354 

237a 

514 

144 

364 

24 

2c* 

144 

28 4 
23 4 
50* 
264 

9 

134 
314 
154 
294 
15* 
1S7 B 
24* 
64 
384 
67* 
324 
la 4 
10 * 


1JJ4 
17* 
524 
47* 
59 
15* 
BO 4 
30* 
27* 
39* 
*14 
32 
43 
14* 
124 
84 
37t b 
8170 
484 
11 * 
56 4 

J*0* 

104 

264 

154 

154 

354 

184 

B74 

24 

29* 

8* 

2070 

237a 

434 

414 

254 

32 

271a 

143* 

264 

41 


Brock 


Jan. 

11 


Jaru 

10 


Ojruuig IjiaaB.... 

CPC lot Ti' norm i, 

Crane ' 

Crocker A bi ■ 

Crown itenerbauti 


477g • 
4-*4 I 
25 

22Ts ! 
SB 4 I 


LummimKn^inei 35*. 
Curt-lVruthl i 184 


Dana — i 

Dart Indunrlea.. 

Deere ! 

Dei Home 

Dekona ^ 


Demaply Inter...; 
mil & 


Detroit Eiliaon...: 
Diamond dbanirk 

U l.taiihoiie ... 

Dicitai Bquip. 

Disney (Walt).... 

Dover Coipn.— J 
Dow llhoniitl... 

Drewr— ' 

Du Pool 109* 

Dymo In-iuaTriefi iB4 

Ba<le F Idler 

but Airlines. : 

Bamneo Kisiab.. 

Baton 


227b I 

54* 

24 

244 I 
&4 

18la ! 

Ib4 
kfiTg 
117« 
44* ! 
364 ' 
38* > 

w»* ; 

417 fl 


184 

c4 

494 

344 


48 

444 

454 

234 

32 

35* 

18* 

22 * 
s4* 
24* 
25 
5* 
184 
16 
27 4 
113* 
444 
364 
38 
254 
42* 
1114 
12 * 
184 
64 
50 
344 


IS. G. A O. 

Bi Duo Nat. Ghu| 
Hun—. 


Umersuri Kiectricl 
bmcr> Air Fr*|{lilj 

kinliul I 

h.ll.l - ) 

Bofteibanl 

Ha mark ' 

Blbyi ; 

Kaxon 

Nairobi id Camem! 


Pau KttU Horud.; 

Fiexi Van : 

Pilmk'jie ....— .| 
rHindn Power— 
Fluor. I 


16* l 

17 

16* 

15i s 

86 l a 1 

26* 

3210 

32* 

38)4 

38* 

28 

28-b 

a* 1 

olg 

B 6 I 4 1 

25* 

97 Ig | 

27 l fl 

20 ! 

1970 

44i a 1 

43* 

231* | 

4370 

5&i« 

66 * 

14~a 

lb* 

24 

24)0 

17l s ! 

17 

187a 

187g 

31* 

32 14 

32* | 

38*4 


f.U.C [ 

Pont tlotoi..... | 

Foremost Hisk.... 

Pox hum... 

Franklin Mine...; 
rrw|*jrt Mlnenil 

Frncbauf - ' 

Paqua l D-luatner 

U..UF 1 

UannetC 

.•en.Anier.ln 

UJV.1.A | 

Uen.L'abie.. ........ 

lien. Uynamim.. 

Gen. hlatnm , 

General Foods-..; 
Ueuenu Mill* — 

General Motor* | 

Geo. Put*. Utli™ 

Gen. 5 401*1 

Gen. Tbi. Elect. J 
uen. Tyre...—.. .| 
Uenesc.il 

Uetniia pa-iUu — 

Uettv Chi 1 

Uii-eue.. 

IrOiXVb-h F.F— 
Uoa 1 .i-eerTlre.— I 

UouUt- 

Grace W. U. 

Gt. At Inn PaoTeal 
lire. North Iron..., 

Urey hoi ual j 

Gull it Western—) 

Umii On. I 

Haiihuiwn. — - 

Hanna Minltle — - 1 

tUumsubiawr—.l 

Hams Uinm. I 

Heinz tLJ 

Heubtem I 

Hewlett Packard 
Houday Inns— 

Humastaae. 

Honeywell . 
Hoove i 

Ujjti| i CoritlBMt. 
HihiUou Nai.Uat 
Huiili Ph.A .lOboi! 
Hutluu tb'.F-l— ! 

NA - [ 

In^eiaoi Kanrt.....| 
innad 5 tee*— — • , 
ln*ili < u»,» ! 


Bill 

42 4 
171 fl 
29* 
74 
18*4 
25* 
8* 

104 
35 4 
104 
254 
11 * 
41 

464 

30 

277a 

&B4 

204 

26* 

294 

224 

44 

25* 

1663* 

23* 

167a 

16* 

26* 

2t>* 

75, 
25 
124 
114 
25l a 
59 J B 
a54 
154 
391* 
s4J, 
24 


k07 B 

42* 

174 

29* 

7* 

19* 

265* 

84 


10 * 

351* 

10 * 

2b 

11 * 

41 

47 

295* 

284 

BBS, 

2u* 

264 

30 

231 B 

4 

254, 

168 


694 > 
li* | 
394 1 
43* 

115* I 
234 i 
244 
111 , 
iu, : 
22 * ; 

367a j 
934 
37 t 6 [ 
15lg | 


23* 

194 

16* 

26* 

264 

74 

247s 

124 

11 * 

25 

60* 

36 

lo5* 

404 

34* 

244 

70 

14* 

56* 

434 

117a 

23* 

24 

HU 

11 * 

22 * 

394 

33 

377 a 

134 


Intercom Kmweyl 8 


IBM ; 266.121267 


§4 


IntL FVWiWB — 
Inti. HarveWkW..., 
i dll Mm* Ubem 
loti. UultltnCiia.. 

Inoo- — ! 

1 ncL Paper.— j 

1 dl. Hectifler— ! 
lut.Tei.sTai — i 
Invffiii.....-— — I 
law*, Beet.— •~-.J 
IU Intenadkmel., 
Jim Walter— I 


21 


40 

214 

164 

394 

i.63* 

6* 

40 

14 

87* 

11 

294 


*0*4 

2870 
404 
21 * 
164 
39* 
£64 
6 7 8 
504 
14 
277s 
11 . 
295* 


Swk 


Jen. I 
11 1 


Jan. 

10 


Julios Man vilie... 
Jubiisuu Job user? 
JoiiuaoD Uuitrui 
J oy Man uia. <urV 

h.MmtCorp. 

kalaei Ai um ini’m 
naisffl Indiistne* 
Kaiser titeel- 

K-y -! 

kanentL... 

Kei 1 UlOw... 
Kldde Wo-iei 
KlmoerieyClark.| 

Kiafu- 


Kruger 

UvlSti 


Co.. 


bUausa_._. 
Libby UwjKood .,.1 


28»* 

68/a 

245* 

014 

254 

29 

44 

254 

67« 

227 a 

46* 

274 

385, 

*2 

4*1* 

254 

2770 

284 


294 

694 

26 

0 I 4 

25* 

297a 

44 

834 

7 

a2 * 
46* 
27* 
39* 
2 15* 
437b 
26 
277 B 
*65, 


Crrauu....] 

Lilly (Ell) J 

Litton lmiust__. . 
Lockheed Aircr’ li | 
Lpne Star In. in.. -I 
Looa lalan>i Ltd 
foailstana Land.. 
Lulirisot..... 


ucky shores— 
'kesVnnust'wD 


265, 

374 

14 

13* 

194 

18 

21 * 

34 

13* 

b 

10 


Ulan ...... j 

Macy K- H : a65* 

Mtn Hanover.—! 314 

Hapcu .( 

Ultra throe Oil 1 

Atari nr Miiltanti.. 
HarsbaJi tlelil...] 


35* 

44* 

12 * 

50 


267a 

37 

144 

13* 

194 

I 84 

20 * 

33* 

134 

b 

104 

374 

31 

35 4 

45 7g 

124 

304 


■May Dept. Share* 
"CA 


MeDennuct 

ii.-liUU(Klc Dauji 

M.-Orew Hill I 

Meuorex 

Mett* , 

Merrtii Lyni-b — ; 
Hem Petroleum .1 

Muu..— : 

UianMingAMUt- 

Hobi Corp. 1 

Huaauuo. 


Muiysn J. P~ 

Uotonwi [ 

Murphy Oil. 


Naoteuo- — 1 

Naico Chemical. 
Haelooai Gan.-... 


244 J 
35 ! 
52* t 
284 • 
17* ! 
27 
&4 
in 4 
*65* 
264 
»64 
694 

31* 

414 

35* 

33 

47* 

25>* 

154 


24* 

35* 

534 

254 

174 

284 

534 

14 4 
374 
25* 
46* 
594 

niTa 

41* 

365, 

044 

46* 

254 

151* 


Nau Distillers 

Nat. Service lud. 
National ateei.... 
Natuuiaa ............ 

NCK.— 

Neptune Imp — 
New England Bl. 
New tingland T'et 
NiagaOi Mohawk 
Mlajpua atmre... 
N. L Industries. 
NortoUtSWeatarn 
flotth Max. Gas... 
Atnn acmes Pwr 
NtbweM Airlines 
Ntbwest bHitcorp 

Nurtunalmoo 

Ucui lentai Petrol 
Uftilvy Mother... 

Dhlo fell non 

UUn 


204 

134' 

n!4 

46* 

3/4 

15 
22 
36 
15* 
10* | 
164 | 
26* 
37* 
26 
014 
217a 
164 
al 
374 
la) 

16 


20S g 

13* 

314 

36* 

374 

15 

2B 

35 

15* 

11 

17 

B 64 

38 

265, 

2i7a 

214 

19 

214 

374 

194 

1570 


Uvetseoa &bip I 

U wens Corning... I 
Uwens li.loda.— 

Pk-ift-Gaa 

Padttr LLcbUnv J 
IV ■_ Fwr.*LL_ 
PanAHiWorui An 
Parker Hanntltn, 
Pealnidv Inu.... 
Pen. Pw Jl U— 
Pea on' J.U— . . 
Pen moll — — ... 
Peoples Dru«— 
Peoples U 
Pepai.^)— 


£24 

604 

204 

234 

20* 

214 

44 

2154 

20 Tb 

22* 

3JTa 

27* 

7* 

335, 

25* 


225, 

62 

20* 

£370 

204 

21 

o? S< 

21* 

214 

22* 

345, 

274 

74 

337a 

26 


Perkin Ulmer — ] 
Pet 


18* 
324 
26bb 
20* 
19 4 
06 * 


Purer.—— 

Phelps LhVL&e— . 
PbihbieiplUa Uie.| 

-Philip Jloirik— ■ 

Pb ■ 111 pi Petrol' mi 277g 

PUstMity 1 s’’ 

Pitney Bowes—.; 

PUtotofl 

PtemeyLM ADW 


57 

18* 

223, 

17 


18l a 

324 

£64 

2Q4 

lu 

574 

284 

374 

18* 

225, 

16* 


Hotamld - 

Pototas: K<oc— 

PPO ludustriea. 
i*nxaer liamine.. 
Pub Berve biect.. 
Pul. man — 

Puma 

Umiae/rUsts— . 
Uapul American.. 


RCA.... 

Bepubllc BbadL.. 


244 1 
151, 

261g 

22 
£54 
lb* 

23 
64 

894 

223, 

224 


24* 

154 

265, 

81* 

224 

254 

lbi B 

22* 

54 

304 

235* 

224 


Brock 


Jan. 

11 


Jan. 

10 


K» • *»»» »»»».. ■ I 


Kevlou.. 

Ue.VDul.ia Metals.1 

HeyuoMs It J 

Ulcb'ron Uerrell.l 
Hock well Inter...; 
UnfamA Haas — 


405* 

29* 

05* 

224 

29 

29 


40/8 

30 

66* 

224 

29 

294 


Koya> Du 
VtK 


Dutch-. 


Uusa Logs — | 

Ryder Hystem .... 
bale way Stores... 
St. Joe Mineral*. 
St. Regia Paper— j 
Santa Fe Inria—.l 

S*u* Invest 1 

llMI 


354 I 
12* I 
114 . 
134 - 
394 | 
294 ' 
2fl7a i 
374 
44 
4* 


a .R bb’H* »!**»» 

S.-hlltr Brewtan.J Ilia 
Suhinrabereer.—i 674 ! 

SOM ! 

SjW Paper 

Sc<ml JIjt! 1 

Si-mix' Door Vosil 


167 B 

134 

80* 

64 


554 

12* 

114 

13* 

39* 

29* 

30 

374 

44 

4* 

11 

684 

16* 

Id* 

20 

6* 


Sea Ctntemere..., 
seagtam.^.. 
dearie (G.D.).„_. 
Sears Roebuck.—I 
SBDCO 


Sbeu Oft...— t 

Shed Transport...! 
Signa , 


aignudeCoru — J. 
Simplicity Pau..i 

ifiT KlT^.7— 1 463? 


Sui 
Sm. 

Soiliron... 

soaichrlown.. 

Southern Cai.Kd. 
Southern Co 


23* 

kO* 

124 

264 

36* 

29 

39* 

28* 

35* 

U* 




st&n. Nat. Hem J 
Southern FadficJ 
SoMthamBallwnyi 


178 

18 

267a 

174 j 
29* 
33* 
474 I 


23 

214 

13 

26* 

364 

29 

394 

284 

46* 

117a 

194 
464 
17b 
18 
25* 
17 4 
304 
354 

474 


Southland- J 

S’w't BacH-shareal 

Spary Hutch 1 

Sperry Han (1 J 

squib. — 1 

Sunriatd Brudt] 

Std.OllCall romm 
Sul. CHi loitlans. 

std. Oil Obio 

StauB Chemical. 
SterllnK Drug _.i 

Studebaker 1 

sun Co— | 

lSundBi.rsnd 

Syntex 

ftcb 


inlcnior 

fcktronlx.— 

leiertyne. ......... 

Lei ex 

feoeej. 


resoro Petroleum 
renoo..— ... 
feaasgul 

Teatas Inatm 

£esasOliAGaa_. 
rema Utilities — 
rime i nd.. — . 

now Mirror— .... 

limken 

Inane—.— 
Innwimei-lca 

Irsnwnp 

Inns UnlotL... | 

rmomy Int’rnl 
Inna World Air j 
ImveUen — 
trl Con unan lai... 

I.K.W 

Dtti Century Foxi 

UAL. .J 

LAJfGU 

Ut,l 

UOP 

Unilever 

Unilever NY.— J 

Lqioci banurop.,, 

Union CartM.ie^.. 
U mm Cummen«| 
Uiium UtiOalll.. 
mon Part Be— J 


23* 

23* 

I 04 

354 

21* 

247 a 

33* 

464 

654 

43 

13* 

437, 

40* 

334 

19 

94 

34 

674 

** 

29 


77 b 

264 

187g 

70* 

30 

204 

35* 

23* 

47* 

334 

134 

20* 

334 

224 

97g 

£84 

20 


UniroyaJ. 
■led Hi 


United Brands 
United Corm— J 
US. ban. wp 
US. tlyuwmi — 
Ua. Sboe—.„... 
US. St/wi 
U. Tw-bnoiaeiea. 
U V Industries... 
Virginia Blect..J 

IValcrcen — 

Warnee-Commn J 

Warner. lAmberij 

Waste- Mon’menr 

Welle* Fusa- 

Wratern Han.itrpj 

Wpitern N.Amerj 
WMiern llomi.J 

Wifstinnhse bn#i 1 

W«rtBTOO— „ ra _ 

WsyafawiB t 
Whirlpool 
White Con. led. 

Will Mm Co- 

WlKOtmln 


294 

2070 

19* 

19i» 

214 

14* 

4UT0 

64 

12* 

39* 

6* 

474 

46 

7* 

104 

304 

21* 

21* 

304 

33 

18* 

144 

17* 

304 

254 

174 

£44 

31 

244 

164 

174 

26 

96* 

20* 

20* 

IS* 

29* 


23* 

24 

16 

35* 

22 

66* 

s6l| 

13* 

44* 

40* 

33 

19* 

9* 

34* 

584 

25, 

29 


SI uck 


Jan. 

11 


Jan, 

10 


WiMivrorvh 1 

Wyly 

Xprny j 

A»r«c» - 

demth Kiuiio 

U.S.Trea,*® ISA 
US.Traas4l%76r7.- 


18 

070 

45 

17* 

134 


17* 

Oii 

45* 

174 

134 


793* 7935, 
181* (81* 


Uj». SO Day Mhs.; 6.67£ i 6.65* 


CANADA 


Abtuu Paper — 

.Lira lco Eagle. 

AlcanAtumuuum 
A4oma Steei.^-. 

Asbesius 

dankot Mon ires / 
dank Nor* Scot is | 
Basic Kesources- 1 
»e / 1 Telephone....; 
Bow Valiev Inda-i 


104 > 104 
64 : 6 

26* . 27* 
14* 7144 

7*84 t37* 

174, i 17* 
18* ! 16* 
V4 | 74 

52* j 53* 
205, [ 20 * 


16 

14* 


np Cknada. 

Btaaron I 

tlniiHi. 13.23 

Ceigary Power..,/ 36* 
Canada Cement-1 
Canada KW Laodi 
LanlmpBakL'em 
Canada liaiuat— .4 
Can. hiflk t — . a 
Can. Pac-JBc Inv,.; . 

Can. Super Oil 525, 

Carling U'Keete.J 3.06 
Casaur Asbeator.j 


b* 

114 

23T B 

lc* 

184 

17* 


84, 


164 

14* 

)3.2o 

56* 

94 

114 

237g 

18* 

17 

184 

&44 

3.20 

85, 


770 

264 

1»4 

705, 

29* 

204 

35 » B 
234 
471, 
33* 
13* 
205, 

334 

Bir a 

_9* 


1970 

aO 

214 

19* 

19* 

214 

144 

404 

62 * 

12 * 

39* 

6 Ta 

484 

96 

2 * 

7* 

104 

305, 

224 

224 

30* 

334 

18* 

144 

17* 

30 

25* 

174 

254 

dOTa 

243, 

I 64 

17 

87 

26* 

204 

204 

184 

30 


Chieftain [ 

Cammed ... ...j 

Cons Bal liurM I 

Consumer Gas...J 
Cw-efca Uesouroer; 

Custain nidi I 

Denison Mines.. | 

Dome Minn j 

Dome Petroleum. 
Dominion Bridge 

Domtar ..... ‘ 

Uupont.. ;.l 

PaKscm'ire Nlcfee I 
raid MoUm Leu J 


18* 


21* 

16* 

74 

.770 

53 
76 

54 
722 

14* 

12 

184 

8U4 


183, 

284 

22 

16* 

7 

S 

53 

745* 

534 

22* 

145, 

124 

184 

804 


Censtor ......... ...,i 

Uiant TeCwknle,/ 
GulfOl i Canada..,' 
Uawbei Old. Can’ 

Hoiongu 

Home Oi -a : 

Hihlsou Bay Mnjj[ 

Hudson Bay i 16* 

Hudson Oil'* Gav 46* 

LA.C l 

Imaim.. | 

Imperial Oil | 

louo.. 


26* I 
124 j 
28* j 
64 • 
(29 i 
40 j 
16* 1 


174 

294 

19* 

17* 


26 

12* 

28* 

64 

2Sl a 

40* 

164 

164 

454 

£Z l4 

29T B 

20 

1770 


Inland p/au Caa- 


Kaiser Uoaourvea. 
Uurm't Fin Cart 
U/Oiaw ivjiiu "U^ 
iHo'min’n Hiqed 
Massey Ferguson 


floraoda Mines.. ,| 
Ncroen lmer^v,,.' 
J/tlin. Teicvoin.... 


Dikwooi Perr'mj 
Pacine Copper M | 


1 8 S 4 

8 * 

10 * 

10 * 

14 

14 

13 

13 

7* j 

7* 

3.76 1 

13.7a 

1670 

167 0 

16* 

16 U 

£4* 

24 14 

29U 

29* 

- 22 

22 * 

16* 

17 

1 26* 

26 U 

! 14 

13* 


4J>0 

1.90 


4.95 

1.92 


PamAcPetruleuDi 
riao. Can. Pet'ni 

Patino 

PeopiCT Dept. d_ 
Pace Gas /t OI _ 
Paper Devoid pirn 
Power Corponi’n 

Price — J 

kluebec sturgeon 

” BT till 

dbaw. 


itlo Aigurn 
Koyai Uk. oi Can. 


Hoyai , Antt|,„_,J 


37* I 
31* 
134 
4.2U 
0-98 
204 
104 
lu* 
1.60 
26 
B 
27 
25* 
16* 


367g 

524 

1134 

4.1n 

1.00 

20 

104 

ID* 

1.45 

26* 

9 

274 

264 

16ig 


dceptreUeauurces; 

5a«niiiii .—I 

Shell Lanaita..— I 
obemtlU. Mlneii 
dlebensU.G.— 

dimpaooa— 

oteei oi Canada.. 
dimpUock iron. 
Ctonco Canada— 
Taranto Ltom.Hk. 
linns CanFIpelan 
frena Mount Oils] 

Iruec 

UmooGna 


Wuher Hiram— ] 
VVert Coast Tim 
W »ton 'ico..,,.. 


8* ■ 
22f0 ; 
lb* | 
4.60 I 
23* ; 
4.65 i 
23* I 
2.46 ! 
35* 
16* 
14* 
104 

Tlu 

104 

294 

S3* 

14* 


84 

23 

16* 

4.70 

224 

4.60 
£34 

2.60 
36 
165, 
147 8 

8* 

Tld 

10* 

aa* 

34 

144 


1 Asgenrea ffftf 7 ASRaL 

I Traded. !»■ ***• 


ROTES: Overseas Brices Shown be tow 
•meltal' S nrranum. BeUlan dividends 
are after wufthoftunz tax. 

6 DU 36 iksosi unless oilMrwtsr sratM 
¥ FiaxSOO denom. unless otherwise stated. 
•L Kt. 100 denom. unless odwrwae stated. 
S FrsjBC denom- and Bearer shares 
unless otherwise snted. 5 Yen SO dinuxn. 
unless otherwise staled- 5 Price at Ome 
at suspension a Klortns. O Sr bill muv 
- Cents, d Divtdecd after oewuaj: nnbra 
and-' or amp issue, e Per share, t Francs, 
o Cross, atv b Assumed dividend alter 
serin and/or rtztm Issue. Ic After local 
raxes, m v> tax free, n Prams? tmrlndtu: 
Lmiac div v Nora, q Share spitr. it Div. 
and nrid esrimkc special payment, r IndL 
cawd die n Unofficial tradmR. n Mlnarity 
lowers only a Meracr pcndniK. ' Asked. 
' Bid. S Traded, t .Seller r Assumed 
xrEs riahSL xdEx dividend xcEx 
sup issue, xa Ex aJL , Interim since 
increased. 


riivbV BullUn 

The VS. dollar fluctuated quite content widened to 3JB4 per cent. .i>#b#«wkwi; ... 

sharply in nemms trading In the from 34W per cent, far dOTWKiC 


foreign exchange market y ester* and International delivery, 
day. The German D-mark rose to 



the dollar, and was prevented P^tSISTc 
. from moving UlU higher by inter* 
ventian from the West German 
authorities. Other currencies also 
gamed ground, with the Swiss 
franc touching a best level of 
Sw.Frs. 1.9800, while sterling rose 
to Si. 9275 in the momintz from 
the previous closing level of 
SI.U1S5. 

Intervention by central banks 
helped the dollar to recover 
slightly from its worst level 
against most currencies, finishing 
at DM 2 . 1 122 J against the D-mark, 
compared with DM2.1380 on - 
Ipesday, and Sw.Fns.1.9770 hi 
terms of the Swiss f ranc. - 

compared with Siv.Frs2.WB5 
previously. ' - - 

The dollar's trade-weighted 

average depreciation, os calculated . 

by Morgan Guaranty of New York, CURRENCY RATES 
widened to 4.SS per cent, from 
4.47 per cent. 

Sterling was slightly out oT line 
with other movements over most 

of the day. It was not as strong 

as some other currencies dnring - santoa 

the morning, but improved la JhSiar.... 

sharply almost as the London imibii 

market was closing. This tote "4u. 

demand pushed the pound to a 
finishing level of SI .9380- 1J400. a 
rise of 2.03 cents on the day. Its Unroh 
trade-weighted index rose to B5J8 fwn b mm-.. 
from 03.7. after standing at 63J i t * ,u ) 1 , Ll ,rm ' 1 ' 
at noon and in early trading. 

Gold fell S? to SI72-1TCJ in 
moderate trading. The kniger- s««iWikmnp 
rand’s premium - over its- gold s ww iw r.... 


121714-1724 
■3173.00 
Ul'B0.402l 
217310 
7JC9Q.123) 


Orrnlnr - i«172U 173 

Afrrm'nOx VS 172. 15 
k C89.220) 

r/obl I'-nin... • 
rtiwootmUl.v 
KtunUfiiutU. . S 178- 180 

£924-93 4) 

NV« s4mv an*. 3524 544 

iCSTU-284) vi£97i, 28*41 
OH Hot ‘ reai. 7*51-53 651 4 53* 

,« K4474 


61784 180* 
•M3 04' 
9521,-544 


,£27 2B] 


tli>U t'jitiui.., 
ilntonMl'Uii: 

Knigrmuk- 5178 180 
• ' i£884-M4> 

N'w awr'sn'958 * -854 

.1*74-284* !u27lj2ir») 
Old Sair'isilSl Sl 45U} 554 
MC254 27l»* I £284-275,) 
HP Ifcglw . .. ,9a&3* OT64 9a33 286 ; 


61784108*. 
i M3 B4i 
6524-54',' 


FOREIGN EXCHANGES 


Jm. IV 


Hank - 
Umw 
* • 


Marker IfatM 


Day'* 


/'Inrt 


t Spsohd 

Rraviag ; Unitor 
Rtohtrt i AtMMt 

~^iMMuy tl ( 


0.629909 

1.81469 

1.33678 

18.4496 

39.8386 

7,01122 

2JM947 

2.75833 

5.71950 

1060.09 

293.020 

6.25028 

97.8960 

5.64602 

2.39699 


0.835883 

1.29466 

1.34069 

183795 

4a 1688 

7A17797 

2.59306 

2,78136 

8.76703 

1069.74 

294.380 

6.29600 

98.7191 

0.70178 . 

2.42844 . 


Now Varfi .. 
M.xuiraJ-. 
AdMwIipi i 
HtowIb — 

Fnrekmrt.. ! 
IJntmn ( 



i'arirt..-' 

rt|m-Uu4ni..: 

T.4..W ; 

YUnnit.. .— | 
Jtiirh-ii. 


. «* LUI0-I.MH 
74 1. 10SO-2.1MS.H1Y2. OH 
44 4.3M.48 : 4J|i L* 

Bi t st.sa bi.« tiMas *■ 
8 1 11.0911.17 . ti.i7 1f.li: 
1 , rt.M-a.il ; CM| 4. Ul- 
tS 7* 7877.82 : 77.407/70 

a mM IM.»ISS.7A«6 * 
11 4 I.ut-I.BU I.6S74.W 
8 8.908.58 - 88U-9J* 

S4 SLBM 3.I0, ; 3.0* s.Bi- 
e i.ise.oi , SM-8.nr 
44 07 ITS I 4U*4«* 

:** M.UM0.40 : 5*.«l-»4»: 
14 L/dJIi , i lIU.% 


T Pitre slrm art for '-oareniMr fra*. 
FIomkuU franc M a»6l 78. 


0TH8X MARK 873 

Knta* Uaiw 


EXCHANGE CROSS-RATES 


>1011233 \ntn>lina.UU-^ 


Jan. H Kniibturt New* Yttr k 7 *1*11 i fitwMli . ui . -\ nwt - <V in /.ntr<*b 


2.114= 30 i 44. Ei>« 4.^413 


Antretliw, ... . 

Aiinire]*.. r.87»»-t.8»IAii«iia.... : Sftii . 

Hniiii : 8S.U-SI.02 62l4tt 

Finlrtihl.— 7.744.77 Umril \ B4t 

(imw U.43I : 70.IU1 AtcmU ... 2.17-3.2 
HoojrK’tW M»4-B.»1* iVnnMrk..RLaeJi 
Iren • 130-138 F«nre . 


FrnuklmL .. , 

Sew lorfc 47.ib-IJ i - 1 2M044 AlMOJ^V l.B49a-!te33 L 44./6M ,j0.ftWt.«l «lo8LM (iirrce 

Faria 22.19-^9 . 4.703-ilo j - : 1044^7, il.JtClMKSi.-' Ki7.2A.7i ; UiT.imi 

Brti ueL,.... ‘ lb.47^1 32-74-rJ ? R.9MB ; . — • 14.4S-48 ; I6.b4-M - /m lam*' 1^7 79 UtMIS Jarnn. . 

LlUiIihi 4.I.84-U4 ijAiFMOC; O -• ■ 4 ’ 3.W4W M |,,q ^ ra tv BJ9-B.U >i/lirri‘nJ 

Amni dam... I0f. I to- 1LDW-721' 4H. ILt-is fi.82?o3.'0^ — U4,4«0-S29 BiniMnurv. 4.&3 4JU Vww, He.10.8 

!»3.;*2Kj* >AO>Vt27 6.tBKI-Mjtf3.VWS2TJ C»J4l-4M - 


ai'injilfciTvTMe «ren -• i»l» rrenre .... jlafi-Llfi 

Srr;?; Ruwh--: aa2o.5« nm 1 uHv. 44 .u 4 .ii 

17A-MI 


438 JM 


Aiini' 


i .S. S in Toretitn-L'JL 3 — 109.9B- 10.00 LaiiMlUH >vni*. 
Canatlian S in Nen York - W.ttMQ cnn«. 1 A A in Mltanfii2.SMJR 
Merlmg in Milan 168&.W lf rV.to). 


». Aim... 1.6683- 1.6B47 F.<rtu2>I... HSU . 

i.s.. .. ..-mm mu* 

L'anoda ■ SaiU'laihC Sll-SU 

1*1.. .. I.b ,1.9lr.H 

I'.Xl-vllla. M.N 92.01 Y>i|i>nlBi la, 17/ 


EURO-CURRENCY INTEREST RATES* 


Raw luron fur Awnuiu is Irve rau. 


Jan. U blrrlinc 


Canaiqan i 
Dollar TJS. Dollar 


Unn-li 

GiuMvr 


mm 

Irene 


mark 


FORWARD RATES 


tnhort term... 

6*-7la 

6 7 

**■7 

S*.5»3 

l«r >« 

3)0-3* 

7 'lavaimtuv. 

6 * 5.7 

6*7* 

6Ta-7ia 

5* 5^i 

•ir* 

3i»-3* 

Mntllll 

6.;6,i 

6*-7 

6^.7 

5* 5-m 



TIi ree uu -ill lii. 

613.7 

6-C-7U 

714 . 7 * 

5*-Sa a 


ai'-a ; 7 

Six tin ml In, 

6n-7if 

7.;..7,i 

7*770 


llj-ls* 

i-3* 

)iu* vnr 


7„-,-7;* 

7*-8 

5b,i 5.0 

iKi-a.k 

3t|-3U 


Our niL>utti i Th»w miiollf 1 


Km )VO |ar IB r. <«> 
lliNiirorti.^iwr W r.iiu 


■0j6*> 0,40 rjtn 
0.25 0.35r. 4 

AiiihMuiii j, >*!■. inn - 

UniN | l> ..018 t. illi. ,30 40 e. i|i» ■ 
l<»P - n)vjjn. t4*-l5>5j itr'ilivlS/'iSj wry 4* 

Frank lu it 1*-* M- >*»■ '5-6 ih i<m 
srvrfrday 9M1 ncr cent.; tutum .... :S5. 135 c. ill* 30a 600 .lii 
MrtilriU .... 90- 160 . . * 1 ;* 420 S20r..«ia 

;«ii;r two wars 0411 prr rent.: tone years MU per JJIR !? ^‘rihSiSi^Sli 

&±*ZSS'Jr?LXl a. ■ %[•■§}* V. ■!<- ’II* 13* r ill* 


Euro-fri'iicii driMbll rate*: twiHOy SJ-BI |wr win . 

nar-niuftiii IDf-lo) per cent.; iDrcr-mOoth per com.; suc-monii* 13-UU per 

ceni.: imr year iji| h -15 : i» per cent. 

l.amHcnn Eurndnllar depi«i[s: 
cent./ four yean. S-s; prr cunt 


The lutliiHiKE nomuinl rales were rpu4rtl for Lnmtnn dollar rarllAcaire «*/ denosil: sn^-Lh'ii,, xs. So. ,i„ ikI in'. 
oniMUunth 7.10-720 J*t MM.; IhnWMOHli 7Ji-T.43 per cent.; skx-montb 7.60-7.70 V . kVmU, t W > \ 


per cem.: one-year 7J6.7.M per cent. 

• Rair> arc mimlnat cliKiax rates. 

Sbonrcrm rates are call fur sterling U.S, dollars and Canadian dollars: 
days' noilL-e for xiuMera and Swiss franc*. 


/orL’Ii 24-14 ... j.iii 5*4* 


* J '** 
|mv 


two 


Six-uaiHh (nnvanl dollar .ffTT-ojCe oa- 
n-motnb l.K-l.l.'c dm. 


GERMANY ♦ 


Jan. 11 


Dm. 


— ! % 


a kn 

Allianz Yerwctj— 

831 ty 

BASF 


Bayer. 

Bayer. Hypo—..... 
Beyer. Vereinobk 
I'll «1nt. Ned. wrta 

tom m»T7tw ns 

Loan Uuunon 
Daimler Beat . — 
Dtjrussa — . — 

DemaR.. 

DeuiKbe Bank 
Dnsriner Balia ..., 
DsckerboII 2emi 
riuitbaflnDm_.. 
Bapaj Liojfl 

Harpener 

HoeebaL-^^....^- 

doeorti 

Horten _.... 

Kali nod Salr 1 

Kantadt — 

KAtllllUr ■■a.aaMN>*< 

nhxrkner Dn) 1CL 1 

KBU_ » 

Krupp. 


18 


Lind* 

Luw'nbraiiDro 100: 

Uiithonae. 

iLAA ; 


Melange*., 
Muncbener KutA.i 

Ne-kermonn J 

Preusmj; Dm 100 | 
Kbeiii West biecuj 


iJiermj, , 


478 -0.9 aI8 
227^ +1 20 

136.7 -8 17 

133 +0.1 | 16 

277M 20 

310 -*-3 , 20 
13S -15 - 

217.8 +2.t * 
71.2 +2Xi 

322.5 —0.5 I 
270 'tl 
150 -1 
302 * 3.3 J 

240.5 + 1 | 

153 +1 

211 't0.5 | 
116.51-1 I 
232.0 +2.5 
L26.9 +CL2 

45JI +0M 
129 — 1.3 
148J5 +3J 
335 -6 
216 :— 4.5 
. — 1J5 ! 

171 

100.5 
235J 

1.645 20 

112 - + 2 i 7 
201.5+0.7; 12 

1 ttSL 14 

236 f-^8.8 1 10 

485 I 18 

120.7 -0.3 , — 
119 1 + 0.5 7 

208 + 1-5 : 16 


19 
18 
14 

20 
20 

4 

12 i 2.9 
12 
sS 
16 
4 
10 
9 
20 
20 


TOKYO «Q 


AUSTRALIA 


l+a»J 12 j 3.5 
5 —2^5 | 16 j 5 j 


Siero en g j 

diui Zwber.. 

rhysaen A.G | 

Vann 

' KBA._ _....J 

V’erem A Wert 8k| 
«oHmregen — -- 1 


292 1+0.5 ' 16 
245 ' — 3.6 j 17 
117.6-0.3, 11 

176 I ! 14 

115.9+0.9 1 12 

29m • 20 

216.4 + 1.4 10 


AMSTERDAM 


Jan. II 


Priea '.-foe 
FIs. I - 


Div. 


\faOM (Pl_ All 1 

Aa»(Fi^0u 


96.5- — 0.7 ■ 24 
23.4— •/.! ! — 


Alnem dakfFi.lOO; 

Amev. (Fl.iO),—. 

Amro Banin FI JdQi 
Bljenlmrl lP.^0) ' 

Uofca tVeat’miFi. tO- 
Bahrm -Tetterorte; 

Bisevier (F lJcOh..J 
Brmis N.V.Beareri 
KaroConiTa.Fl. 101 
(hsiUtaailertF.K 

Heuiefceo tFiJ*).. 104.4M 

FLongroveiiB (Ft20*)l 


73. S. iA«44) 

67.3 +U-9 : 22d 
79.0 + 0.9 I 23 
12U-3 J— | 70 
63^:— 0.7, 26 
246 i-4.6 121 
122.0.^0.2 32^1 

• 61 9 4.^ 

41.2| + 0l9 28 

14 


Yla, 


5.0 


Hunter D. (F.lOOlj 
land...! 


H C. HvHli 

KLM (FI100) | 

luu Mu.ier (in i> 
Kaojiien(FllO)...j 
NaLNedln.tFL-iCi 
.V'edCredilk (F® ' 
.NcdJJtdUk(Fllf£i 
Dee (Kijah 


12 


24.4— J.l 

16.0. ;--*0 

123.2 + 1.5 1 - i - 
39.6: +0.4 
37-0 - — 0.1 


18 

10 


101.0 +1.3 .46J2 1 


20 

20 




Van Ommeren— . 
Baaboea (Pi JO) 

Fbliipa (Fi JO) 

KgnJfcbVerFl.lOOJ 

Udwco (FLHh 1 

Uoinco (F/^0) 1 

Korentn(Ki^iCn. ! 

BqvaiDntcblFiJSsOj 
atavenDiui;..., j 

nenn UrpiF.Jffll 

Tokyo Prtc HidsS.I 
Unllever(Fi^O)...! 

VlkinBi4ai.int.Si; 

ffatliiwyiL Hank, 


49.7+0.1 
181nl +6 
151.7- + 1.7:A34 
8 
21 
16 


,ULi 
5 
b9 
A50 
19 
27 J 
30 


133 -1 
41 1-1 
25.9+0.2 
61 '—0.1 
167.7i — 0.3 
116.6!— 0.4 

129.6- 0.5 

125.6- 1.1 

238.7— 0.3 

146.7— 0.2 

8B.6- 

122.2 — 0.2 1A9L8! 6.9 
42.6 —0.6 ! SO I 1.1 
385 +7 ! 32 | 4.2 


COPENHAGEN 


Jnn. 11 


Price 


.kmienuuikeu— . 

ttumi’itrWjOT i 

hurt Artatie Co—' 

Plmmulii nltan 1 

Pot. 

Kor.Ps] 


116J,L 
34S« ' 


Hands latiank 

D.H'tb-n 

'•ml Kahe- ..... 

Unctaurtfc 

VllVBtljKllIl 

i > njviiu/«nk 

Soph, tierradaen. 
^uperlak.^. 


991,.. 


+ or 

bW. 

YU. 


At 

«J 

4 

-* 

10 

7.1 

+8 

IS 

3.6 

— 14 

11 

8.3 

l— IU 

12 

4.9 

<-u 

13 

11-2 


12 

3.4 

8 

10.1 

-ll 

11 

8.2 

-14* 

12 

4.3 

-2* 

12 

4.7 

— 14 

11 

7.9 

—ia 

11 

7.6 

—2 

12 

3.2 

—ia 

12 

6-3 



•Pnces 

+ or Div 

.I'M. 

Jan. 11 

; Yea 

; — 

■ A 

. *5 

9 AjmJii Uinta....... 

. 317 


., 14 

2.2 

4 Cnnun- „ 

428 

:+lb 

12 


1 Cnria..^ 

. 546 

+ 12 

2a 

t 2.3 


. 400 

10 

2C 

• 2.5 

6 1 Ubi Aliiiooa Print 634 

. 18 

• 1.7 

1 FunPbain 

. 491 

+ 11 

IS 

1.5 

Hitsihi- 

.. 188 

' + 1 

12 

3.2 

1 Horeia Motors-... 

. 460 

+ 16 

; ia 

2.0 

Hour* Komi .... 

868 

-1 

■ ab 

2.0 

a c. itoh 

240 

• 

1 12 

2.5 


1.290 


da 

1.2 


. 490 

+ 7 

: 13 

1.3 

3 J.A.L.. 

.2.730 

+ 100; - 


1 Kami Eleri.l* 

.1.150 

i+30 

1 ia 

4.3 


. 279 

' + 10 

I 18 

< 3.2 

9 Kuihjm 

272 

— 1 

• 15 

2.8 

Kyoto Lei-uum... 
Hrtlsusliim linL. 

.2,290 

+ 20 

• db 

0.8 

672 

+ 12 

2U 

1.7 

Mltoubiabi Utuik. 

280 
J . 143 


10 

: l.a 

M itei ibtibi H tti vj 
Mitsubishi Uxp. 


12 


-i 408 

—3 

: 13 

, 16 

1 Mitmii A Cm 

; 316 

+ 1 

; 14 

2j2 

1 Milsukurtn 

! 520 


20 

, 1.9 


• 973 

‘+58 

i lb 

! 0.8 

■ nPTrrTj.llli'LW-I-LB 

■+1S 

1 12 

1 1 - 1 

Nunn Motors... 

. 692 

!+ 12 

lb 

1.2 

noaeer 

1360 

! + 5Q 

48 

i L.a 

sanyo M«trtc-„ 

201 

+ 2 

1 12 

3.0 

oekuui Frets b— 

l.UOO 

-20 

1 30 

, 1.6 


958 

+ 29 

1 20 

1.0 



1,760 

:+40 

40 

1 1.1 


255 

l — 6 

11 

2.2 


265 

1 + 3 

16 

1 2.8 

TDK . 





LCJIB 

UO 

! — 3 

i LG 

. 4.5 

1'oklu lianne..... 

505 


! 11 

, 1.1 

lokio te l Pow't 

1.180 

[ + 20 


, 3.4 

lokyaonnyo 

235 

, + 12 

12 : 2.6 

iakyo dblbsun.. 

123 

! — 1 

10 

ia 

4-1 


747 

1 + 26 

20 1 1 . 3 1 

Source Ntwm Racnniter Tokyo 


BRUSSELS/LUXEMBOURG 





I 

div. j 

Jnn. 11 

Price 

! ■+* 

Fra. 

VliL 


Fra. 


Net 


Allied 

2,060 

+55 

— 



Uq.iirx, (Arab.... 1.432 

-18 

60 

4-2 

, «»kert 

!1.800 

+ 3U 

112 

6.2 


[1,202 


90 

7.5 

Lockerili 

! 380 

+ 10 

_ 


KUlftj 

2.306 

+ 5 

177 

7.6 

Ktfrtrobei 

15,960 

+40 

/430 

7.2 


12.490 

-10 

170 

6.9 


1.870 

—5 

150 

6S 


|UU4 

2.535 

-18 

80 

160 

6.6 

5.9 


UAvTJ 

—16 

142 

7.9 





m 




fSI 

Hi 

I l*AJrnrina 

3.670 

+ IO 

174 

4.8 

il- 

2.675 

-20 

189 

7.1 


1.920 

+ 16 

136 

7.1 


2.965 

-90 

206 

7.0 

S.i>vuy 

2.240 

-130 

A rfK 

8.3 

rraclnm bleitU.... 

2.430 

— 40 

162 

6.6 

tiL’H 

980 

+ 28 



nTWfnr^ 

740 

—2 

60 

8.1 


1.630 

+ 10 

I00_ 

6^6 

SWITZERLAND ® 





Price 

tn 

1/lv. 

Yul. 

Jen. il 

Fra 

tat 

% 

< 

Aluminium ...... 

1JS5 

-16 

6 

2.4 

iino -a 1 

1.595 

— 2 j 

10 3.1 

Uiha(ieliu(Pr.lOh 

1,110 

-20 

22 

2.0 

Da Pi. Oils ... 

840 

-10 

22 

2.6 

Do. Ken 

604 

-4 

22 

3.7 

Credit Suisse. 

3.310 

-30 

16 

3.6 

I0.1I..IUJI.IPMM 

1.575 

— 16 

.15 

3.1 


710 

— 6 

5 

5.5 


-1.000) 

560! 0.6 

1 Ua Chduiiii.... 

Ei-llT 

— 75 

55 

0.6 


3^25 


20 I 3.11 


1.4 IS 

T id 

20 

1.4 


3.630 

-10 jiS&.B 

2.4 

Da KeR.., 

2ilsrs 



hBS.0 

3.S 

Oeriilton-U.tPjjaJ 

2.450 

-20 

14 

6.8 

Pirolli (Fr.lOUi.... 

260 

-1 

lb 

6.0 




26 

IY1L 



+ 8 

26 

2.7 

1 1 1 < 1 1 r J Cv* 


—6 

9 

1.6 



—6 

14 

3.7 



—6 

—a 

8.67 

10 

3.8 S 

2-3 



—16 

4 

2.1 




20 

40 



+ 50 

1 

i.a 

MILAN J-^ 


Price 

+ ur| 

Die. 

Yld. I 

Jan. 11 

Ure 


Lire 

£ 

- 


Jan. It 


Auit, $ — 


VIENNA 


Jan, tl 


Price J t or i 


DivJ 

« 


vieditacBtutt .. — ' 350 HJ 

Penmocwer — i 260 f9 

iwwtn. I B79w +1 j 48 

semperit 95 -1 J — 

Srovi Dalmlsr 194 i + 1 | *7 
Vrtt M*sne«iu....i 225 .—3 ' 14 


2.9 

3.4 


3.6 

6-2 


.Vnfc ......... 

uasWXl 


115 

361 


fut — J 1,890 

Do. Priv. j 1.495 

Plnablw | 69 

Ite+xmenEI -—.9.730 


1+2.25 
+ 13 
+ 15 
+ 15 


iuu&uier_„ 
Mmiiobanak— ...' 
MoaieilhKin— 
Olivetti Prir«_ 
Phalli A (L,... 
Llwlli dpa 


dam Vi»xMa... M . 


103 

[30.400 

126 

730 

1.935 

996 

389.51 


ISO* 7.9 


180 


+ SL3 ; — 

+ 270 200, 
+ 3 


+ 125 
+ 4 
+ 4 
+36 
+ 6 


1.230; 


110 ' 

60 


+ 14.6. — 


iao 


2.0 


3.9 


5.8 

8.0 


ACM l£i ,2b cmu i— 

Anna A nr tea la. 

Vlttcai 11 m^TiUij. t ndiw 31 
Anipot KxpA'tmium....— .... 

Ampoi PcTweom 

VOMJC. M mere Hi 


.l*sne. Pnip fti|Mr SL_ ! 

.Woe. Con. IndiMtrie*..., 


A i»*l. Foundaiuv] Invert... 
A.M.1 


Audimco — 

Aun. Oil A Gaa„ 

OHM Motel ItKl j 

UntiplavlUe Copper— : 

Urakw Hill Proprietary.,... 

UH South 

Crtritao United Brewery.— 

• :.J.C1olcrt. ' 

CSB iSl).. 


U'rta-CkiklftHJo Amc. 

Cun to liter (31)— — 

Coaeine Ktotfeno — 

L'muUd Australia..., 


Dunlop Rubber (81). > 

tidCUBL | 


Mdac omlUi., 


KJfi. Inilu»trieo ..„.._. t 

Gen. Property Trust—, 
Homoreley. 


riootei 


I.L'.I, Australia^ 


IntervCopper- 
inion Indu 


JejitUafia indurtrioo 

Janas (DovM) 

lletwa Jupfamilioa — 

UIMHoldlnif* : 

Uyer Bmporioro f 

| 


Xicbdiss iDDernaUaml ' 

artb Broken HMlws (bOc 1 

uubrMse— ; 

uu fieaKb. 


rtoneer Uweme ; 

l teak ill A itetnun. 


H_ (.'..dleub.^..— . 
kda Minlut ..... 


woutb 
UxjOhSD, 


WsuomL.— 

iVretern MlnmuibOc«ita).| 
ffaolwnnhs i 


10.73 

S0.B0 

t2.23 

11.28 

10.77 

to.su 

11.05 

11.76 

ti.oa 

11.53 

10.48 

70.24 

10.95 

11X11 

15.36 

10.95 
11.90 
TL85 

13.96 
12.52 
12.12 
12.11 
tl.dO 

tixw 

10JUS 

11.88 

12.15 
11.40 
t2^0 

10.76 
t2.05 
10.29 
11.32 
11J50 
10.19 
ti:70 
tl.90 

72.15 

raso 
11.08 
tl.60 
10.10 
11.40 
13.26 
10.80 
tO. 19 

11.76 ‘ 
tO. 98 
11.18 
tl.60 


HLflt 


HL09 

-AM 


1-0.04 


i — 8.02 


I -AX I 


i-AOI 

;-&u 


:-cum 


!+HD2 

l r... 


(-0.lt 


j-6.U 
-a. us 
ML02 


•+O.01 

'-0.05 

+O.0Z 

|-fl-0b 


5+0.01 
1 + 0.01 


-4MI1 

1-0.06 


1-0X0 


-OJB 

‘-0.1/ 

- 0.02 

-OJII 

1+0X1 


i-o.oa 

I — 


PARIS 


Jan. II 


Price 

Ft*. 


Keaw 
ArriqueOcrtAVie, 
Air Hfliilite— .. 
Aquitaine...— 
die—.— 


;urs 

iU>.'9l. Oervsli.... 


696.5 

314,9 


319^; 
494 
575 
370 
1X162 
8o4 
846 
27B.0] 
332 
lD4.5j 
56.q 
446 
9S.1 


Gten. Deck ten tale 178.2 ns 


+ or 


+ 1.5 
+&9 
+ 0.5 
1-3.6 
-11 
-7 
-2.5 
-18 
—1.5 
-14 


-3.0 
+ 1.6 
-1 JS' 
-11 
- 1-1 
+ 0.2 


! 490 

=r,296 

*henls.. 750 


58.0,— 0.3 

102 1 

143 


—80 




348 - -9 


168 -4.1 
136sd.— 3 
71JI-1.6 
195 J — 3 
266.5—2.5 
106.5: +3.0 
364 1-1 
494nJ, + 4 
52 j-1 
12i.lU0.6 


211 . 1 , + 0.1 

879 +1 

134«3j — 2.7 
16.8:— 0.2 


Div.im 
Fre. ; £ 


4* 


S1.16I 6.8 


10.51 
24 
11.101 
[3 1^/6 1 
57.1 


U.6 


6.7 

7JS 

2.5 

8.5 
10.5 


60 1 4.6 
27.k'U.9 
59. e] 6.9 
12 4.2 

6.M 1.9 


lLljlD.6 


12 40.6 
10.66] 3.6 
14.10(14.8 
4.6 


8^61 9.1 


isjtJii.7 

, 16.8B 3.3 

151.96! 2.3 
39.91 5.3 
31X61 8.9 
i£® 4.7 
5 < 1.8 
19.96 14.7 
7.6,10.4 
12 ; 6.2 
15 5.6 


26.sl 7.2 
24 j 4.9 
9 IIB.O 
16.661 1-3 
39 2.3 
26^12.1 
21.75) 5.8 


STOCKHOLM 


Jan. II 


Bnxt’iux ■Bdt.aa; 
SricMOU'B’tKrXCi 
Bssette -IT—, 

Fagerate-j- 4 

fnw)„_ [ 
HandeMtMOkm 
MantK*v- .— .. 
Uu Oeb Dorosm.. 
dandeta' A.S..., 
SJLF. -B- Kn — I 
Bkand tfnslrudjuj 
TiUKtebUt ■BUtbO.’ 
Uddebatm —r, 
YolwWKr. bOi— 



BRAZIL 


jRa.1l 


Prlir 

fnig 


+ VT ; Dm .- YM 
— Vrur, % 


— 

uanrt) iwaru UP..; 
•KHtesMiaeireUI-i 

D.W.OI*- 

Amer. DP..: 


t.34 ; fi.12.-U0 

4.10 , 0.1011.18,411 
1.74 1 -0.05.0. 18 ur 

0.9a 0.14-10.. 

- 3.60 +0.160J30L» 

Usum-urtu 2.53 VO.oJD.lBiTXi 

‘I'l? r ‘;. w «“. - a-™ •. +o.M,j.to ;sjw 

HuvUiv*!* 1.86 +O.Ofri.lft/nX 

yi-.rti.. oi-„.: 3 .B 6 '-u.uro.ju Uw 
1 1.63 -0.03 B. 13 -7.M 

VoL Cr^TAni. Shires 40.3m. 
Source: RIO dc Janeiro SE. - 


OSLO 


Jan. 11 


I’ihV” ; + iii 
Kroner ■ — 


D».,nL- 
?. 


i - 


100 lO 

61 -1 ' 4! 6 

iiq i ii ' a. 

300 1 —5 ; 20 I fi, 

„ - u 112.5!-0.a It 9. 

hank Hyitrow-.n , 187.50 -1 12 I 5. 
siurrUraikl 88.2S‘ + 0.75' 9 JiQ. 


Bream uui+H. 
uorrcj-iani— 
v-mlllBank.^..., 

Iusnira in 

Klvtlll 


JOHANNESBURG 


M1HE5 


Jan. U 

Anglo American Corpn, 
Chaner ConsoUdated ...... 

Bast Dricfooicin 

Elaburg 

Harmony 

Rand 

SJ!d 
U# 
1 2J» 
iZl 
7M. 

+0r 



-o.- ■ 

-0,1 

Kloof 

9-05 


KUMcnburg Platinum 

St. Helena 

Gold Fields SA 

1.43 

tun 

21.75 

“# • \ \ ■ i ■ a 

+lJ l \ i i 


•LSS 



5J<S 

-9.- v * 

Blyrtwmalchx 

5-00 

-0.1 

Ftoe State Gedidd 

M M 
IS .« 

* rt A 



AM 

S. 

We&ora 

Wcio Drletomein '. 

.4.35 


Western Btidings 


3^*0 Jj? 

Western Deep 

12.60 


INDUSTRIALS 

AECI 

Angio^uncr. Industrial ... 

Bartow Rand 

CNA Investments 

Currie Finance 

De Beers Industrial 

Edgars Consolidated inv. 

Edgars Stores 

Eser Ready SA 

Federak? Volksbete cninipi . 
Greaterraans Stores . 

Guardian Assurance i SA' 

Hnlens 

LTA ...._^ 

McCarthy Rod way 

NedBank 

OK Buzsare 

Premier UllUng 

Pretoria Cement 

Protea . Haldinss 

Rand Mines PngeRln i. 

Rembrandt Group 

Relco ....... ....... 

Sage Holdings ' 

SAP PI ~ 

C. Smith Sugar ”, 

Sorec - 

SA Breweries .. . 

Tiger Oats and Nat. Millg. 19.50 
UniBtc 1,15 



Securities Rand Discount 32£ 



- z 


SPAIN « 

Jan. U . . 

Afiland 

Banco Bilbao 

Banco A u am i co ti.MQ) 

Banco Central 

Banco Exterior ... 

Banco General . .. 

Banco Granada U.MS) 

Banco Hlspann 

Banco I ml. Cat. (LOOT) 

B. ImL McdUcrraneo 

Banco Popular 

Banco Santander (259) 

Banco UrqnUo (1,000). 

Bauco vtxcwa 

Banco zareaaano' 

BankinMn 

Banna Andatuda 

Babcock Wilcox 

CIC 

Draxadov 

Inmobaalf 

Esnoota -Bnc ... 

ExpL Bio Tlnto . 

Fbwa 1 1,000) .... 

Fcnort* ti.0dO) 
caL ptcaados ., 

Cnrpo Vclaxottea 
Hiflrrta 

DMntncro 

Olarni 

Panelorw Retmldu .„ -46. 
PecroUber ; jq 

PetroIeoB mg 

Sarto PapaJere 75 

Solace 36 

Sonfioa — M2 

Tetefoofea ■ ■MlIrtimM*' 17 ^ 2 

Toms Eogtench iu + 6 

Tutace* «0J5 - L 

Volon Etec. ' *HUN1IH»U . u . so - a 


— 1 w 








































piS 

mm. 


Financial Times Thursday- January 12 1978 


33 


G OlD 


FARMING AND RAW MATERIALS 


'Vew foreign 
buyers for 
U.K. farms 




•> : : 


< ST POTENTIAL overseas 
*ers of British farmland have 
‘‘ far restricted their activities 
y \ vindow-shopping, according to 
n . Royal Institution of Ch ar- 
id Surveyors. . . 

-■ . .ridence presented . by . the 
itution to the Northfield 
amittee investigating' the pat 
*. j,. i of land ownership in the 
. ■■■;•, shows plainly that, although 

• £ *e has been a strong upsurge 

• • interest among foreigners 
e 1974, there have been few 
nrs- 

be institution bases its con- 
'ions on the 30 per cent. 
lm*- onse it received to a questiori- 
sent out to 400 members 
:ialisiog in land sales, wrttes- 
"■slopher Parkes. 

One of the points which 
rged from the survey Is the 
that the number of 
: D airies made by prospective 
! !<i?ign purchasers is far greater 

• • the number' of foreigners 

have actually purchased 
> t mil ura 1 land.” the institu- 

says. - ‘ ' 
i is the institution's belief 
- '{'■ the relatively large number 
• nqniries has misled many 
• . ;, .-le into believing that more 
1 -'Signers have bought . agricul- 
land than is -izi fact the 

•a ... 

' e institution also maintains 
the present methods of land 
'■"tEni^re — the landlord and tenant 
•m and owner-occunancv — 

, 'ital to the farming -industry. 

’ ' Tie institution, evidence 
J Ids the" free market for the 
.. . c> : base of agricultural land. 

- -:..V ; fhe institution feels that any 
. ^.Ference in the market" would 
‘ ‘ v < -,n desirable.” it says. 

- ..‘Ord Northfield’s Committee 

• • • i7,"j hold rwo more Dpen public 
1 ..'ings this month. The first 

■ be at . 8 p.m. on Tue c rtav. 

ary 24 at the Elloe Hall. 
i Holland Centre, Spalding: 


i i;i 


.:.o. 


alts on new 

*AFw RATse heat pact 
heduled 

5GOTIATTNG conference on 
v international arrangement 
place the 1971 International 
it Agreement will be held 
eneva from February 13 to 
; " h 23. M. Jean Parotte, exe- 
.e secretary of the Inter- 
' nal Wheat Council, an-' 
ced in London yesterday, 
s 82nd session of the Inter- 
nal Wheat Council made its 
ion yesterday, but details 
. aw the conference will he 
tured have not yet been 
—‘d. 

2 existing wheat agreement 
c to expire oh June 30. 

\»r 


_ , ■ •“* . 

Tin price rally halted as 
supply squeeze eases 


BY JOHN EDWARDS, COMMODITIES EDITOR 


THE RECENT rally in tin was 
reversed yesterday,, with early 
gains being wiped out and stan- 
dard grade cash tin dosing £50 
lower at £6,355 a tonne after 
trading at £6,430. , 

Trade selling and “ lending" 
(selling cash and buying for- 
ward) triggered "off the down- 
turn after the market had been 
lifted by fresh chartist haying. 
This was encouraged by a further 
rise In the Penang market over- 
night and. ;by news that the 
Bolivian army had been placed 
oa “ red alert." ■' 

The premium of cash tin over 
the three months quotation 
shrank last night to below £10 
a tonne, indicating that the 
scarcity of supplies available to 
the market appears to be over. 

Some traders, -indeed, feel 
that there are" more than 
adequate supplies around at 
present to meet sluggish demand. 

As a' prelude to next week's 
International Tin Council^- the 
Bolivian Ambassador to Malaysia, 
Sr. Carlos Iturralde. called for 
some radical changes in ■ the 
International Tin Agreement. 

Speaking at a seminar on the 
future of the tin industry in 
Kuala Lumpur, Sr. Iturralde. 


claimed that the voting structure 
of the agreement meant that 
major tin consuming countries 
were able to veto what would 
have been realistic Increases in 
the price ranges. 

He said that the present situa- 
tion of the price range had 
become of paramount concern. 
Producers had sought to avoid 
interminable discussions on 
prices at every Tin Council meet- 
ing by . seeking a periodic and 
systematic approach via the 
newly-formed Economic Price 
and Review panel. 

After the first two meetings 
of this panel, however, “we are 
back to square one." he com- 
mented. 

It is understood that the pro- 
ducers' demands for an increase 
of SM200 in the agreement's 
“floor" and “ceiling" prices 
from the present range of 
SM 1,200 to SH 1.500 a picul, will 
be firmly resisted by leading 
consumers. 

The renewed rise in the value 
of sterling, against tbe dollar, 
brought downward pressure on 
all the base metals. 

Copper, which was described 
as virtually a currency market. 


lost ground as speculative selling 
met an absence of consumer 
buying demand. Casta wirebars 
closed £9 down on the day at 
£661-25 a tonne and the price 
was reported to be still lower 
in after hours dealings. 

Despite President Kaunda's 
further him, this week, that 
Zambia was planning production 
cuts, there is little sign so far 
of any easing In the surplus 
situation. Tbe market is there- 
fore very vulnerable to non-trade 
influences. 

Zinc prices fell on some chart 

selling, with the cash price los- 
ing £4.375 to £277 a tonne. A 
special meeting of the Inter- 
national Lead and Zinc Study 
Group is to be held in London 
□n Monday to review the zinc 
market situation. 

It- is expected to convene an 
extraordinary full meeting of the 
study group council in Geneva 
shortly, to decide what can be 
done. 

Meanwhile, 1 lead values were 
steady yesterday, despite sterl- 
ing. buoyed up by tbe impending 
strike by Asarco workers wheii 
the deadline for new labour 
contract negotiations expires on 
January 13. 


Big rise in British sugar crop 


BY OUR COMMODITIES EDITOR 


THE U.K. sugar beet crop this 
season will total about 950.000 
tonnes when processing is com- 
pleted within the next four 
weeks, the British Sugar Corpora- 
tion announced yesterday.. 

This is the biggest crop for 
four seasons— after three 
disappointing years — and' com- 
pares . with an out-turn- of 
700,000 tonnes last season. 

However. This season's final 
crop figure is somewhat below 
earlier predictions of a record 
level of more than lm.' tonnes- 

Mr. Peter Dyke, the corpora- 
tion's director of agricultural 
services, commented that despite 
early promise the size of the 
crop was not likely lo reach the 
10-year average of 36 tonnes per 
hectare. Sugar - content was . up, 
however. 

More than 80 per cent of tbe 
crop has been processed and less 
than 1 per cent is still in the 
ground. This is despite a delayed 
start to the “campaign" -this 
year, due to 8 pay dispute. 

On the world sugar market in- 
London yesterday, values- were 
boosted initially by continued 
reports of renewed Chinese buy- 


ing. China is estimated to have 
brought 250,000 to 300.000 tonnes 
for delivery in the first quarter 
of 1978. Leading world sugar 
sources in New York later denied 
the rumours. 

However, persistent trade sell- 
ing and the strength of sterling 
against tbe dollar brought values 
down again to close £0.90 to £1.60 
higher. The London daily price 
for raw sugar was raised by £1 
to £110 a tonne in the morning. 


In Brussels the EEC Commis- 
sion authorised sales of 58.500 
tonnes of white sugar at its 
weekly export tender. 

Renter reports from Washing- 
ton: Tbe Organisation of Ameri- 
can Stales' special economic 
affairs committee is to review 
the U.S. sugar import situation. 

OAS sugar exporting countries 
are concerned about the level of 
stocks in the U.S. These rose to 
nearly 3.5m. tonnes at end-1977 
against 2-8ra. tonnes at end-1976. 


New appeal 
for potato 
market aid 

By Our Commodities Staff 

THE MINISTRY of Agriculture 
was asked yesterday to approve a 
fresh round of support buying in 
the potato market. 

The Potato Marketing Board 
said that if the Ministry would 
not take part in a new pro- 
gramme, ' perhaps the Board 
could be allowed to intervene in 
the market on its own account. 

Farmers’ prices have stuck at 
an average £55 a tonne — about 
£10 short of the guaranteed level 

— in spite of an earlier buying 
programme, which took 560,000 
tonnes of surplus potatoes off the 
marftet v aad the retention of a 

contentious ban on imports. 

• A lorryload of Dutch potatoes, 
shipped to Britain without an 
import licence, is being held up 
on the quayside at Great Yar- 
mouth. Customs officials con- 
firmed yesterday. 

Journalists from Holland have 
been busily investigating this 
“obstruction.” but embassy 
officials are plainly not prepared 
to make an issue of the thwarted 
shipment. 

A spokesman said yesterday 
that the delivery appeared to be 
“a mistake” made by a trader 
who had not understood that 
imports were banned. 


Soviet-Norway fish pact 


BY FAY GjESTER 

A CONTROVERSIAL agreement 
between Russia and Norway on 
the regulation of fishing in a 
disputed area of the Barents Sea 
—the so-called “grey zone*" — 
was finally signed In Oslo to-day. 
several days later than originally 
expected. 

The last-minute delay was due 
to disagreement between Russian 
and Norwegian officials about the 
wording of a supplementary 
declaration intended to stress 
that the agreement is purely 
temporary and does not preju- 


OSLO. Jan. 11. 

dice either country's continental 
shelf claims in the area. 

Norwegian fishermen have 
favoured the pact, since it ends 
uncertainty about . where and 
bow much they can fish in the 
waters wbere Norwegian and 
Russian boundary claims over- 
lap. Politicians — particularly 
among the Opposition — have 
criticised it. pointing out that 
the “grey zone" boundary ex- 
tends into waters which even 
Russia previously accepted as 
Norwegian. 


Doubts on 
Ghana cocoa 
purchases 

By Our Commodities Staff 
LONDON COCOA dealers 
queried the accuracy of a Ghana 
cocoa purchases figure published 
by the Cocoa Marketing Board 
yesterday. The Board said that 
the cumulative total of purchases 
to January 9 was 120.415 tonnes, 
but London market sources 
claimed this figure 'had been 
reached by the end of December. 

Traders in London believe the 
up-to-date total is more than 
139,000 tonnes, but even this 
would be small in comparison 
with previous years. 

On the London futures market 
prices rase in early dealings, 
with the May nosilinn climbing 
to £1,632 a tonne. Dealers said 
the rise was encouraged by tbe 
emergence of some manufacturer 
demand for cocoa butter and a 
good buyer on the near March 
position. 

Prices fell near the close, how- 
ever, and May cocoa ended the 
day only £13 higher at £1.616.5 a 
tonne. 

Coffee .prices also rose during 
the morning, but by the end of 
the day. March coffee was quoted 
£12 lower on balance at £1,825.5 
a toBne. . - - • .■ . 


MINISTER AT THE FARMERS' CLUB 


Silkin ready for 
show-down on pigs 


BY CHRISTOPHER PARKES 


MR. JOHN SILKIN. Minister of 
Agriculture. yesterday made u 
plain that he Is prepared for a 
showdown in the Common 
Market Council of Ministers over 
the crisis facing the British 
bacon industry. 

He warned the Danes that he 
might be -forced to block this 
year's farm prices package if 
they continued to stand in the 
way of a revision of the monetary 
compensatory amount subsidies 
on bacon sold into Britain. 

In a major policy speech at the 
Farmers' Club in London, the 
Minister explained the extent to 
which his hands were tied by 
“the constraints and limitations 
under which the British Minister 
of Agriculture now operates” at 
meetings of the Council of 
Ministers. 

“To achieve anything that is 
in our own. British interests wo 
have to convince our ciglil 
partners that it is right for them 
to allow us to have it- And what 
may seem fair and equitable to 
us is not necessarily seen in tbe 
same way in other countries." 

Mr. Silkin has been campaign- 
ing unsuccessfully for more than 
a year to win a change in the 
calculation on MCA subsidies 
which, he claims, help the Danes 
and Dutch to undercut the 
troubled British bacon curerv 

British manufacturers say 
that, because of subsidised im- 
ports. they are bavinc to sell 
their bacon at £70 a tonne below 
break-even point. 

Mr. Silkin said that the French 



Mr. John Silkin 

and Italians now supported his 
case. But farmers .-huuld not he 
misled into thinking that there 
was a simple way of perMiudnu*. 
those countries with national 
interests at stake in change their 
views. 

“They have been adamant in 
refusing to accept any change in 
the present arrangements." he 
said. The Commission in 
Brussels, whtch had been study - 
me his complaints fur man v 
months. ho« stil] not rome up 
with a report. 


“Now the question i. ; likely 
to be taken up in the disci:.-, mo ns 
on the price review. 1 taupe the 

Commission’s report will make -c 
dear that chances must ue made, 
fur member countries tinlv 
accept measures they do mu like 
if the pressures on ilieni !w?ei»!:u.* 
irresistible, nr if ihey reeocni'c 
that it is necessary in «1n --n in 
order in achieve a saLisfador.'- 
overall sen lament ” 

For fanners wanin'.- In hear 

his plans for a devaluation of 

the green pound, the Mini- ter 
could offer on«i hrua.l hints *-f 
a change at the price ruvie.* in 
March or April and clear indica- 
tions I hat hi- hands arc fed !<v 
Ills colleagues a I hniue as we! I 
as in Europe. 

Mr. Silkin Mamed iiunv u: h. - 
present difficulties on Tm-v 
tactics when Bril am pun oil the 
EEC. “ I believe that one of 
the cardinal error- uf Uv* il.m- 
Kcrvalite Gov eminent at up- 
time of ruir entry inn* tin- KKi? 
was their failure in reali-i.- that 
the rest of the EEC u anted tip’ 
ti K to join tin* t anti undid* ■>* 
in utli. a i lea si. a- pi'u-KiiiMpe/ns 
did in our mvn coimm " 

As a re-uli uf Ton •.-.i.ern.- . . 
in get Britain m. hi- tub uf *..'l- 
mg nut .< s.itisfaelud li-ln ■*!■■* 
policy had been nude ■ .m,-!- 
mure dtllicull. Britain', p.n-im /s 
had grown to o\tvc! ,:;t :;n- 
cliallcnged i-.iteh .i-catcfi 
poilcv. he said 

‘‘This same philu-urlf «f imp.* 
acceptance dominated *|je out:-.- 
npcntijjtmns u n agnciJltim* ;»>»»." 
he claimed 


Much ado about very little 


BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


AT THE END of Mr. Silkin’s 
Farmers' Club meeting it could 
well be asked why the Minister 
requested the platform, why the 
club provided it. and why at least 
200 farmers bothered to attend. 

In a way, 1 suppose, tbe Minis, 
ter won. He secured a platform 
for a reiteration of his now 
notorious views, was listened to 
in polite silence and willingly 
answered a predictable if faintly 
hostile flow of questions. 

The only moment of excite- 
ment came when Mr. Frank 
Patoa, quoting from Cromwell's 
words to the Long Parliament to 

In the name of God. go,” 
attempted to put a motion Tor 
Mr. Silkin’s dismissal for the 
dub to support. No one else 


agreed with him publicly and 
the proposition failed. 

Mr. Silkin was accused of being 
more a Minister of Food than of 
Agriculture. His jub, according 
to several speakers, should be 
to defend the farming industry. 
Would it not be hetier to split 
off food and consumer interests 
they suggested. Nn. said Mr. 
Silkin A balance of ini crests 
must be maintained. 

He defended his refusal in 
devalue the green pound on the 
same grounds. He hinted at pos- 
sible devaluation, but would not 
commit himself lo any firm date. 
Nor would he predict when, if 
ever, the revised White Paper— 
Food from Our Own Resources, 
mark two — would he published. 

One indignant questioner 


asked ti the Minister tinui.-ht 
it moral or itiimiiral in u.u tip* 
green pound lo previ-nl rurrvsuy 
equalisation. Morality. ri*nla*d 
the Minister, did nm enter into 
such mailers uf natmn.il miere.-i. 
Several cither member cm mine- 
u«et1 the green currencies lor 
their own purposes, he said. 

In the event, the tiny i.f 
farmers, which is ex idem in ih.* 
countryside was hardly present 
in the lull The* is Kv... 
farmers have *w t-.»ni'r«*:** 
evidence of financial In-.'. e\c*.*rt 
in the sector of pigs. « Hher.-. i<e. 
they might be considered almost 
complacently comfortable. 

The Minister had an easy run. 
which, considering he had noth- 
ing really new to say. was jn.-j 
as well. 


tMMODITY MARKET REPORTS AND PRICES 

,cr MCTAI C Amalgamated . Metal Trading femur 

13L. ■JTXJu 1 /aJLnj that la [he morning nwh wtrebafs into 


PER— Easier on the London Me lal 
ige irtfli curreuc-y consider a days 
ns dominant dating ihe day. 
-d metal moved down [ram IfiSl 
i dunne the morning and tonrfted 
lor the day or K74 in the arter- 
The cln»e nn ihe Kerb after a 
- Mibduetl trading was £B7»U. bm 
ice m«v«t lower after hours as 
• birengUicncd. Turnover. 123U0 


. W' 


6K. 

"«.in! ef-i.ri 
iifh-iiu | — ; 

- ~p.ni. jl-H" 
I'uoffjr-ia. j — . 

irs 

£ |x; 

£ 

£ 


660.5-1-9 

661-.S 


IS.. 

67B-.6 , — 8.8 

676-;6 

r9.2B 

'"'i 

os' 

66 Z -9 

— 

r~-~~ 


650-5 ~S.2b 

6S0.5-1 

ta 

to.. 

664-.5 — 8.5 

664.5-5 

’.it 

650.5 — D.B 



11.. 

— ’ 

60-68.5 I 



Amalgamated . Metal Trading reported 
that In the morning cash wtrebus traded 
at £068.5. 8L .three months £677,' 76. 75.5, 
75. T-L5. 73. 755. Cathodes. Cjs|r 1650 5. 
Uiree tnnntlK £664. M-5. Kerb: -Wirebars. 
three months UI5A 75. 74-*' 74. 74.5. 
Afternoon: Wirebars. three j<K<nihs E874. 
74.3. 73. 74 5, 75. 76. 75 i. K. Cathode* 
three months £684.3.- Kerb: wirebars. 
three roomlK M76. <5 J. 

TIN— Elided lower despire advances lo 
the ninraloa. The East wav steady over- 
night and although forward dn in London 

1 a.u». v+ vrj |>.m. ji+oi 

TIN Ufik-lal J — > Unofficial j — 


£ 

— 80 
— 48 


Hurt] Grade £ ’ £ 1 £ 

Catf. | 6425-30 + 2.5 6550-60 

A months.; 6390-40514-20 i 6550-60 

SeMlera'U 6430 I — . — , 

Standard 1 i 

IU ! 6425-30 ! +17J 6350-60 -80 

i ithiuHis— < 6365-90 i+!5 [ 6345-50 — 36 
tfcfcUemVJ 6430 |+15 -r j- — 

Mntiii- K..| $51715 | + 9 | — 


was marked down pre-market from . £8.370 
to £6350 against the background of strung 
sterling and weaker copper, fresh chartist 
buying caused a rally to £8,400. Bm later 
trade selling predominated and sent the 
price, to BUHO before buying at the lower 
levels led to a cJu^t on the Kerb of 
■fGJSS. Turnover, 2JB0 [nones. 

Morning: Standard, cash £6.430. three 
months £&380. £8.400. tO. £6.408, £8.390. 
70. BO. 83. High Grade, cash £8.430. 
Kerb: Standard, three months E8.3S5, 90. 
S3. 88, Afternoon: standard, three months 
£SJTS- 70. 80. 58. SO. 45. 40. 45. Kerb: 
Standard, three months £&34B. 50. 55. 

LEAD— UWc changed In a quiet market 
where ItquMaiion was met whh shnrr- 
covertng. Forward metal started ai C371 
art-market but then traded to Ihe £388- 
£370 Tange before doting on ihe Kerb 
at £389-25. Turnover. 5.630 loupes. 


COFFEE 


Sen Yuri. 


f *571.30 


id ex Limited 01-351 3466. JoIy/SepL Rubber 51.60-52-25 

nont Road, London SWI0 OHS. 


FINANCIAL TIMES 

Commodities 

Appointments 

he Financial Times proposes to publish a new 
action entitled Commodities Appointments to 
ipear within our regular Thursday Appointments 
iliunns commencing on Thursday, 19th January, 
>78. 

ir details of advertising in this new section 
intact: Steve Nevitt or M&e Hills on 01-248 8000 
it. 591 or 588. 

FINANQALTTMES 

EUROPE^ BUSINESS NEWSPAPER 


WESTING IN COMMODITIES I 

on e-day seminar on Thursday, 2nd .February, at the s 
London International Press Centre I 

Hte or telephone jor a bndture: 

CHART ANALYSIS LIMITED ' S 

. : 194-200 Bishopsgate. London, EC2 I 

*' 01-283 4476 ' E- 


.UBS 


Reran street, 73a S675 a ia 
, ir All-in Menu. Three Spectacular 
'Uwwi 10 .45. 13.43 and 1.45 and 
' >t Johnny H in kec worth & Friends. 


’ fLE. 59. Dean Street. London. W-t- 
-> W STRIPTEASE I- LOO R SHOW 
CTIE GREAT SKITtSH STRIP 
how at midnight also 1 i.m. 

' ru Clued Saturdays. 01-437 6455. 


3TOR CARS 


ROLLS- kov cc diver Snaoow 
. ■ Car wanted. Cash earn. Pi e aw 
rrlte O. Nuau. Hcmmstun Haase. 
■ low. Tel. Oertnr 793177 anytime 


5IDENTIAL 

llOPERTY 


•J* coriAGts vo iet. 

-■we monenused. 1 - 2 >i 

HJw Ha<re>3s anfl South Ken. 5tn 


CLASSIFIED 

ADVERTISEMENT 

RATES 

Smpte 
.. . Per cutiann 
line cm. 

£ £ 

Commercial industrial 
Property «-5C j«.oo 

BrndenUml Property , 3 J». 8.00 

Appointments . 4-50 14.09 

BUaineah ft Investment 
Opportunities. Corporation 
..Uui, production 
Capacity, Businesses 
far Sale/Wku/ed 5JJ5 16.00 

Edn cation, U 01 ore 

Ctwttacu * Tenders. . „ 

TTrstmaL Gardening . L15 13.00 

Boiels and Trawl S.7 B 10J» 

Bode Publish ers - 7.00 

Premium posblm avakuMe 
(MMmum vla« 00 r u farnn cm*.) 
Tl.SQ per single eetamiu cm. axtra 
For further details write to; - 
Classified Advertisement . 
Manager, 

Financial Times, 

10. Cannon Street, EC4F-4BT 



a. 111 . ]+ urt, 


j+ 'T 

■ LEAD 

OtflcmJ j — | 

Unofikrisl 1 



£ : £ I 

£ I 


r»^ii 

365. 25-. 5 +-!.!!( 

364-5 | 

—95 

3 montiis.^ 

| 369.6-70 +1.6S| 

3 63-. 5 

+.m 

Svn'Lm’u! 

866^ +1 



X.Y.3|joc] 


*3+-Jj> i 




Morning: Cash ISSS^S. Qa three 
months X370. 89.5. 80. 0.5. 69.73. Kerb: 
TUree mouths £870, 89.5. Ailernoon: Cash 
£380. 84.75. 85. three mouths £380.5, 70. 
68, 60A 89. Mas. 00.5. Kerb: Three 
months OIL 

ZiHC— Lower in a reatureless marhet. 
where ihe easier tendency was produced 
by bgta chartist selUnx. . After sumng 
ai BSM388 pre-market, forward mere! 
held between 1284 and £287, dosing on 
the Kerb near the day's low at £384 -35. 
Turnover. 3,873 immes. 

Moralrut: Three mombB 07. 85. S6. 

I - ' s. 111 . ' 1 4- i u.in. ;-4- or 
OtBcial 1 — UnnfBeisJi — 


Coffee futures nude early gains, reach- 
ing Et.000 for January. Dread Bumliam 
reponed. After lunch, heavy selling at 
the too of the range exhausted the ax- 
day " bull ” move, and ai the clow values 
were up 'o £33 lower on the day. Dealers 
atmbmed the easier zone lo profil-ialung 
exacerbaied by stup-lni'i, -elllns afior Ihe 
market had turned round. 

- Veal erday 'a ' j 

fOFFKJS ) { ' Um * +J ,r j 

.JC per tonne | 

JuinurT ,1985 1-89 +09.0,2010 1085 

Marti. |18Z5 1826 -12.0 jo60 815 

May 1161 1765 —21.3 1V93 760 

July 1785 1788 - 28.5! 1765 -725 

September .. 1690 1705 -24.01 1785- 1W0 
November ..il«6S 1680 - 37 .o! - 

January 1685 1670 -27.5: - 

Sales: 4.076 ■ 3.752' loti of 5 tonnes. 

ICO Indicator prices far Jan. ID ilLS. 
cemx per onund' 1 Colombian Mild 
Arabics* .203 JO <208.00); Unwashed 

Arabics*! 219.00 <313 00 1 : Olher Mild 

Arabhras 200.83 i203.aD': Robnstas 178.00 
<175.00>. Dally average 192.92 HOLTS', 


GRAINS 


I £ - £ ! £ £ 

Caah <277.5-8.5 H5.75 876.6-7 JS -4.57 

SmoAbaJ 864.0-5 I— 3-5i 284 .6 j-4 
S' uuni. -.1 878.5 -3i' - i 

Pnn.UW _ | ; 5D.a-31 I 

8SJ. 85, SlJf. Kerb: Three months CSS. 
M.5. S5> 84J, ATterouun: Cash E77. 

ihree uWmlhs £283. Sii 85. BAS. 84. 
K*rt>: Three months £284. 84 *5. 

* Cunts .. oer sound t on previous 
inofficial tin*. t$M oer picuL 

SILVER 

Sdrer, was fixed 133p an ounce lower 
for spot del tv err In the London bullion 
marten yesterday, at 238.53s. U.S. cent 
equivalents . of die fixing levels were: 
■pot <9L2c. down ajc: lhree-moutb 502.4c. 
down He; dx-anontb 51L4c. down 2 5c: 
and 12-mamh 338JC. down 1.9c. The metal 
opened at 25E.4-S57.4o 14934-4950 and 
dosed at 256-257P ( 4341 -436c i. 


CRAIN FUTURES iGAhTAI — The 
market opened unchanged, ex cep i for old 
m»p barley which was 28 point* higher. 
Barley found good Commercial House 
sbnn-coverlnf! during the day jod 
registered gams of up lo 40 points. Wheat 
old crap options saw pood commercial 
buying interest, particularly In March 
and May wheal. Despite profii-i aUctng 
they dosed firm, between 15 and 50 
higher. New crops were oulei with wheal 
steady at 15 higher, but new crop barley 
options were easier on hedge-selling at 
between 30 and » lower, Adi reported. 


. Physical closing prices (buyers') were: 
Spm 48-25p <48.0 ■ : Feb. 4Bp fwnei: 
March 48 25p namei. 

JO10VBEAN MEAL 

VcsLenTya + i Biwiueaii 
Oiuae : - ! Done 

Xpertunue '• 

Febnwri- JO- 17.5 — u.BO 1 18.08-17.08 

A|wil 11530-13.9 — 9.8a 114.00-16.50 

June !| 12.00- 125 -OJO 1 11S.Q0-12J0 

Aug.i-l 1 12.80- lo.O — 0.P5 116.00 

October 'in.10-12J-8.2ni - 

Deremlier....i1 10.50-11 J — 1J5; — 

■FehruHiy '1 10 JO- 18.5 -0.7i' __ 

Sales: 45 IBS' lots of 100 tonnes. 

SUGAR 

LONDON DAILY PRICE for raw sugar: 
£110 mom a tonne cH (or Jan.-Feb. 
tidpnteoi. While sugar dally price was 
fixed at EU3 U1121. 

The market edged higher over the 
early part or the day. ns reports of fn-sh 
purchases by China— iaier denied— made 
seiners cautious. Any buying was mci 
by only modest scalc-up selling, C. 
Czarnftoi* reported. The picture dumsed 
fate tn the day. when stronger hi or II ns 
Quotations combined with artai irate sell- 
ing drove pncn down again. Prices held 
uultc weB at ihe tower levels. The LDP 
raws was raised by £1 id M 10 . 


SuiBW j 
Prtf. 1 

Yre.lei’lnv'* 

PlWlqW 

UiiBiueu 

Comm. 

L'I.iW 



Cunp. 

r 




WHEAT 


BARLEY 


’Yesterday'* + nr Yederby'H + <(e 
M'ntiii i-hi«e ' : — .-h«e | — 


Man-h..|lM./WB.-2p| 
May '141.00-4 1.75 


Jaii. ! 81.50 

Mar. ; 83.10 


Slay 

tiejg. 

Sis. 


+ 0.15 
+ O.M 
85.10 :+ojy 


80.95 

B3.15 


I + O.I6, 

' + 0.151 78.30 


70.35 1+O.I5 
71.90 l+O JO 
74.15 UOJO 
75.95 ;— D.60 


3.36 


SILYgfi 

iwr. 

iroy ru. 


Bullion 

fixing 

priete* 


t”) ^ ft* 




J months _{ 
0 montlraj 
12nuwtlnJ 


SS6J5u — 2.SB 256p '-2.7 

ZB0.25p |-2.4& 369 J5p ^2.55 
864Jp Ua.4 — 

Sf74p l-a .11 - . 

LME Turnover «2 1113)" tots of 10.000 
ounces. . Musing: Cash 256 .5: three 

months 288.5, 8 DA, GO -3. flO.2. GO. I, 60. 
60-L SOS. 80i Kerbs: ' Three momha 
MOJ- -Aftentotm: Three months 259.3. BJ, 
S-3, 9A*SA. Kerbs: Three mnnitu 239.4. 

" COCOA 

Consumer demand, tn the absence of 
origin telling pmsure. again held prices 
steady. GUI and Duffue reported. 

npuuou' 
Duue 


COCOA 


fYevtorfayV + ur 
- Ohw. | — 


So.b Cart, . 

March ™. —1748. 0-60 J 
May™.™.-. 1 1813 JLIBJ 
July. — — .1663.0-70.0 

Srpt -'.IMS. 646 J) 

Dec.— J IBIS A 16-0 

Maiufa ltiSO-D-82.0 

May :KB5J-72J 


I 

+ 1L5 17B6JLS.B 
+ 10.0 ltS2JJ-0-J) 
+ 6J6 IMB.D-86JI 
+9.0 ,1Mfl JL35J1 
+ 7J 'T527j^B8J 
, + 4.6 lBIOjFhSd 
!+ 1LO 1 468. 6- 75 J 


Salem 4.71T tStiOSl lots of 10 tames, 
laterntnmal Ckh OnmnfauUw (U.S. 
cents f>*r pauudf— Dally price for Jan. 10: 
13B.X5 '137-881. Indicator prices for Jan. 
11: 16-day average 140^8 <ui-54»: 22-day 
avenge 143. IS « 143^9). 


Buatnes^ done— Whoal: Jan. 81.50-81.40. 
March S3.10-KL80, May S5.1IL84.N. Sept. 
81.0fl-88.8S. Nov. 83.10-83.00. Sales- !9B 
lots. Barley: Jan.- 70.68-70.40. March 
72.00-7145. May 74J8-74.05. SepU 70J5- 
78.00. Nov. 7S.G0-7fi.50. Sales: 121 lots. 

IMPORTED— Wheat: CWRS No. L 13} 
per cenu Jan. £S4^0. Feb £84.25. March 
£st2S TUburr. U-S. Dark Northern Spring. 
No. 2, 14 per n-ni- Jan. CfilJO. Fob. 
£82.00. March £82-50. Other grades 
unquoted. 

Main: U.S ./French. Jan. £87.50, Feb. 
I98L50. March £95.25. transhipmcni Gant 
Coast ' S. African wades unquoted. 

KG CA— Location ex-farm spot prices. 
Jan. ll. Feed wheat: Herffonl frtJA 
Feed barley: Hertford £67. SO. Borders 

West £89.50. 

U JC monetary co-efficient for the week 
from Jan 18 Is expected SO fall to L292. 

EEC DAILY IMPORT LEVIES— The 
following EEC levies and premiums arc 
effoctive for January 11 to nails of 
account per tonne in order current levy 
pins Feb.. March and April premiums 
(with previous to brackets). Common 
wheat— 85.25. all. nil. nil (85.87. nH. aU. 
toll: Durum wboat— 117.84, oil. nil. nil 
I11S. 64. nil. nfL nm: Rye— 74.00. mL 
nn. nil i&amei: Barley— 77 jo. nlL nlL 
ml (77.98. nfl. nil mli; Oats— 88.24, nil. 
nil. nil i3B.ES. nlL nil. nil): Malm (olher 
titan hybrid for caedlugi— TB.68. nlL uJL 
nil I77J1. nil. olL toll: Ml Hot— 71. OS. 
nO.nU.tol '71.74. nlL tol. ml': Grain 
sorghum — 79 Jl. nil. nil. nil i&amei. 

Alan for floun: Wheat or mixed wheat 
and rye — 150 .54 imxii: Rye— U4^7 

ll« D8», ... 

RUBBER 

STEADIER opening on the London 
ptayalcaJ market. Fair demand through- 
out the day. rinsing on an coder tune. 
Lewis and Peal reported that Malaysian 
god own price was 204 <2011 cents a kiln 
(buyer, Feb.». 


£ pertuune 

Mareb_lSD.60 20.7o 115JMMB.70il26.EG. 19.75 
May...., Ii5. 75-25. ;D 124.80-24.76, 121.20- S4Jd 

Aug. 128-35^28.75 1 27.50-27 ^ 129 jiO-27. 60 

Oct ilBl.eOml.93 130^0-iJ.»6l 132^0-51 . 00 

net- I l«UJO-i6.2*t 18J.40-5i.80l 135^0-23.73 

lB 7 J 26 -d 7 . 55 .M 8 . 0 Q- 8 B.A 0 
1 5a.d6-40.M- 14 1.50-40.00 
Sales: SAS3 '1.4011 lots" of 50 tnunett. ' 

Tate and Lyle ex-refinery price for 
granulated batik while sugar was CMC.40 
iMmej a tunne for home trade and 
£173 00 I £174 .00 ■ tor export. 

INTERNATIONAL SUGAR AGREE- 
MENT— Indicator price* tUA cento per 
Kiuod fnb and slowed Caribbean porn: 
January 10 daily price 9.S3 f&32': 15-day 
average 8.13 ifi.l9>. 

EEC LEVIED— Effective lo-day for 
denatured and non-deoa lured sugar, in 
units of account per 180 feUos (previous 
in brackets): White 24JS 124.701; Raw 
19.71 (80.101. 

WOOL FUTURES 

LONDON— Dull and featureless, Bache 
reported. 

i Pence per ttklo) 


AurlraJisa VoienlvH* ur, Uualneu 
Gnauj'Wgnl U"*r | — | D>.inc 


Xu. i Vetterday V . Preriwa 


K-S.S. 




flualuees 

done 


JUTE 


DUNDEE JUTE— Prices nominal in the 
absence of offers Calcutta so ode steady. 
Quotations e_ and t. ILK. for -prampf 
Eblpment:. 10-uz. 40-loch £10.17. 7**OX- 
£7.77. .per- UN yards: Jan. jdojso. and 
£7.34: Feb .‘-March £1045 and £/.9f. ,*'B“ 
Twills Cfca..J3tUM and £HL3S ror the 
respective Bhlpmctu tierioda. Yarn Und 
doth volet. -but prices very floa- 


Feb - ...-1 

.Ifarefa..' 

Apr-Jnn; 

J1f-*Wp.: 

Oct- Dec 
Jart- Ur. 
A 
J. 

Oct- Dee 


jart-ur. 

AprJne 

Jly-Sen- 


48-75-43 
49 Zi-43 
50.15 

3l.90-j1.-_, 
53.4 vfifi M* 
56.56-ofi.lfl; 
M.iB-B9fi0 
58.20i8J5l 
59 49-59.nj 


48 J 5 - 40 . 7 B 

49 . 05 - 49 .ai 
49 .tfi-S 8.00 
b 1 .fio-bl. 7 D 
6 i.B 9 -M.i 6 

55 . 05 - 65. 15 
5 S. 75 -H.W 
MJM8J6I 
59^V6V.70 


(8J5-4S.08 

«- 7 S 

5I.D0-50.I5 
62.86-5 LBfl 
54^6-63.48 
SUHffitt 
57JS8-6BJ6 
6BJB 


Sales: 438 <3TSi tots of U tonnes and 
37 .037 Jots of a tflaoes. 


Mnwh SSS.0-40.1 . 

May.. 2S5J1-AG-0 -8.50- 

July 2MJF3/.B .. i 

October 239.IM0J HL50| 

December . .. 240.0-42.0 

Unreh 242. 046 J1 

May 244.D-4B-0 

J illy ^ 244 J 48.0 | j - 

Sales: Nti (Haiti et tout of L500 Kilos. 
SYDNEY CREASY— dose im order 
buyer, seller, business, sales); Micron 
Contract— March 333.7, 338.9. 33SAS38.5. 
27; May 344J. 3+4.!. 344A344.S. UK July 
S3LS. MIA S1X-35L8. 18: Ott. 334.0, 

354.5. 55L«-353fi. 13: Dec. 358.1 S58J, 
358J-35SJ). 14: March 3S1J. 3E2.0. 3B1.8- 
MLS, 4: May 363.5. 304.8, nntraded: July 

365.5, 308.5. untraded. Total pales: 94 
lots. 

MEAT/VEGETABLES 

SMITH FIELD tprieeh »■ pence per 
pound i— Bacf: Scottish killed Sides 47.8 
to flOJ: Ulster hiwtonaners-fu to ss.D. 
forequarters 31.8 <o 34J: are furriJ- 

warters 59.0 to 82.0. mrecmxwa 3L0 to 
33 . 0 . 

Lwnb; English small 44.0 lo n.o. heavy 
38-0 10 48.01 ScotU •■h heavy. 38J to 43.0. 

Part: English, under 100 On 39.0 ro 
41. Ok lOMiO lbs 84-0 10 40.0. U8-I60 tbs 
33.0 10 39.0. 

Hgrcs: English, large. - 180.0 to 200.0 
cadi. 

Partridges; Young. IflOJI to 280,0 each. 
Pheasants: Besi 3064 To 3BL0 - per 
brace. 

MfiAT COMMISSION-JAVcrigc fatsiock 
prices at repres4b*ative . markets oa 
Jan. 1L CB Caitlc =94lp p+r kg. i.w 
1+O.TSi, U.K. SlwiiP 128 8p .p or kg. on. 
dc.v, f— 2.7). CB Pta* BLSp per kg. 
I.W. 4—1.91- Ensto" 1 * Wafas— Cgr»*e 
numbers static, average Price W Me 
Sheep down 1L2, per cem. 


average 12T,5ji f-3.0i: Pigs down XS 
per cent., average 5X3p » — !.«•. Scot land 
— C»Ule down - J4.0 per cent., av.-ruev 
5S.t5p C— 2.1J •: Sheep down 70 8 per Cent., 
average 133.3p '-4.8': Pigs down j»9 
Per cenr.. average 3S.4p i+0.3i. 

MLC forecast rales of U.K. moih-tarj 
compensatory amounts for week com- 
mencing 1S.1.JS 'previous weeKN figurns 
Id brackets i— F resh or chiTled bti*f car. 
cases: .12.40p per kg. dl Mi I’n'-n bacon 
tidies: EMXS per tonne 1253.09'. 

COVENT GARDEN (prices in si -rling 
per package unless stan-di— Imparted pro- 
duce: Oranges — Spama: Xavelinas 1 -KL 
2.50. Navels 1.30-2 30; Greek: 2.30: Jaffa- 
3.13-4.10: Egyptian: 2 20: Cyprus* Oval* 
approx. 10 kilos M sus 5.50; Moroccan: 
2.40 Lemons— Italian: 10" 12u J.30-5MI: 
Cyprus: 340-5.00. GrapcfralL— Cyprus: 

13 kilos 2.40-X50. 20 kJlik, .’.flWM: Jilt i. 
13 kilos 2.20-2.60, 30 kilos 2JU-3.60. Sours 
— Spaa is: approx. 40 lb 5.1(1. Clementine* 
—Moroccan: 3-20-3.3(1: Spanto: 3.00: Por- 
tuguese: 3.00. Sauumas— Spama: !.!»«- 
2.30. Apples— French: 40 to Granny Smch 
8 00-7.00. Golden Delicious 5.40-3.80: 70 to 
72/110 Granny Soil lb x:G-3.»a. Gokton 
Delicious 2.40-2 20. Sort. Crimson 2. 10 
Jnmhlu pack, per pound. Coldco Delicious 
0,10-0.13: Italian: Golih-n Dcliclnps n.t2: 
Danish- per pound Spartans 0.12: U S.: 
Red DrtirJoDS 9.00-9-50: Huncartau R,-d 
Delirious 7.00-7.20. PcacPtis — S. Afru-an. 
per iray IA 24* 2.nO-3 20 Apricots— S 
African, per lb 0.23-0.33. Plums — S. 
African: Santa Rom per pound 0 -8-0 40. 
Mcthlcys 0.38. Gra pe s Spanish: Xapol'-mt 
11 lb 4.0B. Almcna 2J0-3.OU: Californian 
Red 'Emperor per pnunud U.4A-0.4V 
Raaanas— Jamaican; pur pound 0.16 
Tomataos — per 8 kilos, Canary: l-Sn-2 SO: 
Spanish Mahriand: 0.50-1.30 Capsicums— 
Canary: per 13 lb 2.60: Israeli: 13 ih 
2.60: Senegal: 6 kilos 2.60. Cucumber » — 
Canary 2.60-3.00. Onions— Spanish- 2 «i- 
3.2D: Polish: 1 00. Brazils— per puanud 
No. 1 LWM 0.43. Touoiins 8.3---0 76. 
Wto nuts— Chinese: per puuud 0 20. Cauli- 
flowers— Jersey: 5.20-3.50: French; 3.5U. 
Patawas— Italian: 20 Ih 2.70: Canary 
23 kilos 6.N. Lettuces— Dutch; J4's 2-'U: 
French: 0JJMLB0. Celery— Spanish: 24 s, 

3.39- 3.60. 

Eashsh produce: Potauea— per 3G lb 
Whitea.'Rcds 1.10-1.30. Lettuces— per 1J. 
Indoor OJUt-LDO Cabbages — pur ;-bas 
Prbno 0-B8. Cauliflowers— per 12. Kent 

2.40- 2.60. Reetruu— per s ns n :n. 
Carrsic— per bag 281b 0-50-0.60. Onions— per 
56 lb 1.00-1.40. Celery— Prepack is 22s 
3J8. naked 10s 0-S0. 16s 1.30. Swedes— 
per bag. Devon 0 40-0.30. Apples— per 
pound. Derby 0.11-0.12. Cox's 0.!iLfl24 
Brantley's 0.10-0.16. Pear*— per pound. 
Conference 0.16-0.20. Comice 0.16-0.13. 
Sprouts — per pound 0-06-o.us. Pan tops— 
per 28 lb 0^8-1.80. Turnips— per 2S Ih 
D.T0 Rhubarb— per pound 0.20. 

VEGETABLE OILS 

LONDON PALM Oil — Oulcc Clra- 
Jid, uuquuted. Feb- March 270. 00-780. DO. 
Aprfl. 5Igy. June. July. Aug., Sept- all 
260.00-270. DO. Sales: Nil isamei. 


PRICE CHANCES 

Prices per tonne unlt-M. "iherwiw 
►,1 JIM. 


I 1 I 

! Jan. It -4- 1 IIhiiiIi 
' I97d - «a- 



Metals 

A In ■■■'■■ mill LG80 

Free >larkfi ■i-i-i F980- 10 
I i , |i|*'-i*ii^1i " . line. J l' 6'51.25 
A iirnlit !•- -In. it,i. 1*670.5 

l ii- 1 1 I aII'.mI.- £650.75 

3 nn •nth-, iii». ili 1 .. ..'£664.73 

t. "I.l Ti«.v «l. M72J76 

Lea>l t »-Ii £364 fi 

e in- ml In. £369.25 

A h-kri — - 

Fitv Market tin ..SI.78-2JJ 


. .. £660 
. . **!i4aw 
-9.0 £604 
-9.25 £698.75 
-8.-5 lfb73 
—3.5 L'687.5 
—0.75 '157. 62b 
-0.25 £3 7S 
+ .1261^61.25 
.... L2.7a2.S 
.**'.75-2.0 


I'lnt muni imy i»-.. £96 . i'63.5 

Five llarki'l . . ..£100.16-1.7 i'da.l 
V.n.-k-iUi-i • Thill.',. M<!8 3J . - l'Jb-50 
Ailu-rTmi n . .. £56 S5|i — 2.55 JbJ.U3|i 

e ■■■•ntl li- 260. 2&p — 2.4sK37./5|. 

Tin • "ih £6,365 —60 £7.100 

.-l iiiniiili:- £6.547.6— 55.C'il.'6.825 

It nil ntiiigL'.lillt.ti-ii > Idt-l/t : ... -S lb»-7b 

Zmr •■n- li 077 -4.576 t'293.2b 

.■> im nil li* £284. 25 1-4.0 £234.575 

I 'tin 1 1 ii to S6DO ,' .. . . ^dOO'TUO 

Oils ' | 

l ..-.mill 1 1*1.1 1 • 6550r | ^ 567.5 

I ■ n n l III 1 1 1 1 ■ I ■ 597 -j|j7 

LiiL+f I t nnfeiri ..'F265 '263 

I'alni Maiarnu. . Sa02n< +7.0 >a05 


Seeds > 

lepra fin I S335 .ii ,+ 5.0 F400 

Criraliniu it .6.) 5251 rr | + 4.S 6£43 


Grains \ I 

r«rb+ rkc : : 

Hi'uie Fuiuix>... £70.35 ] + 0.15 £7 1.05 

Mnl.-e 1 

I'reiieli Nit. a Am £97.5 '■ £94 

Wlu-sl | 

.\«i. I Kt'l Spring £84.5 [4 0.5 £33.75 
\,i£.H"nltt inirr ; : .. . . : 

Ltigll-li Mtlliug. £93 ! £91.25 


I .i 


vi :■ 
•3 'Jil 


Ci.iw SliiimitMii. . £1.810 

Fill lire iln.i £1.518.6 

FiiBi-i- Future' . 

M mi'li 

l’i "1 1 «*n *A* luilex 
Jim- LJ tBC 

Kublvr Liln 

riejil £ K\»L 

itiigitr iKau-i 

ttinll«|g.Mi _Lilti 

Niiiumal : I'luiiu.ieti u SeUrr 1 :. •ihiii.i 
nmi. «■ Cents a tiutmn r Ex-Uak i j.mi no- 
li nil Wl Feb H Jan pJjlt-Feb ■! lli-i 
■lan » Dec -Feb. • Feb -Mar. u Feb -\urtl. 
w March * ian.-ftlarcti z Per inn. 


2.0 

■ 18.0X1.953.6 


£l.r25.5 + 12. OX 1.769.5 
63.3.- ' + 0.55 aU-2-' 
S+to 7 . . H4A7 

! 4a-25pi + 0JHi49|i 



I £110 1+1.0; £110 
I 26 a ( . j ; 273 1 . 


INDICES 


COTTON 


COTTON— Uverpnol: Spot and shipment 
sales amounted to 888 tonnes, bringing 
I be lotto for tbe week au far 'o 2-348 
tonnes. Bnenarve operanuna cominued 
with renewed pre-ware for suppLe* of 
particular growths'. This centred chiefly 
00 RusMan, Tnrkisb and Columbian, with 
support m African Qualities, F. w. 

Taiiersail reported. 


NICKEL SALES 
‘DISCOURAGING’ 

TORONTO, Jan. 11. 

Nickel sales In the fourth 
quarter of last year continued io 
be discouraging, while produc- 
tion remained rather high, 
according to Mr. J Edwin Carter, 
chairman and chief executive of 
Inco. 

Mr. Carter told a select com- 
mittee of the Ontario legislature 
examining planned production 
cuts by lnco and FaJconbridge 
Nickel Mines that Lnco'ts esti- 
mated finished nickel stocks In- 
ventory at end-1977 was about 
340m. lbs. 

At the end of the third quarter 
last year, the inventory stood at 
308m lbs. 

Renter 


FINANCIAL TIMES 

Im. II Jan. lOiluuih ago \nri*.' 

236.3 2 236.70 1 SMl.OaJ 232.85 
(Bast- -Inli" i IMP-IDfl) 

REUTER’S 

Jan. IV Jhii. U'IIimiUi n-u 1 Year hum 


1423.8 (1430.0 1 1437.4 | 15B6.7 
iBxsc: SeSiuhiwr th~imi^ipa> " 

DOW JONES 

Dim i J*n. | Jan. t Mnnrbi - 
JiHieb [11 lu . agii | ng.f 


3j»4. . IdSl.UO £49.58&s2.9&J?a.47 

Fuuiret{ 34tl.B4-540.41 | 324.6/i37l.94 
I Average i934-!5-28=100) ' 

moody‘’s 

. JanT f Jan, | M+hTi l7l V nr 
.Um»ly‘- . 11 j W [ agii | a-u 

S j.ic- lu imm\ $692.9 393.5:869,8 IB79. 1 
iI1.*remlv>r Tt. luin=lBOi " 


HIDES— London. Stuudy hut wtin vx- 
t rem ely ppnr clears nn.-. Ox 31-35} kiln* 
withdrawn 4S7p pur kilo: JMnj tiln^ 

wlihdrawn S3.3p: *?.«5 Kilo*. wtiMrawn 
6IJto. Lighl cowa Blp pur feljg. No call 
offered. 

* 

GRIMSBY FISH— Supply paw, demand 
B*ad. Prtcu' pvr .tone B | ,bip „ nir ] L . 
•unpmreMMfi: Shelf c^J £3.40-16.70. end- 
hnisv £3 50-14. 00: large to.dn.iek £4.00- £4 jv 
mMlum haddock £3.20-13.88. sma‘11 had- 
dock C.60-E5 2H: larue plaice £4.60. 

medium pinin' 14.20- i'd so. host sniali 
plkicr G4.M-CJ50: *Jun>l dngflvh. large 
13.00- rs J0. ipnllun] £4 . hi: lemon sulci 
16.00; aailbe C.0P-£2.50. 


Metals and 
cocoa gain; 
cotton falls 

\EW Vi'KK. ll*. : I 

FHEi.*li»i:s Mliiui jnd r d 
.iniiitoi "li C-'iiitm- i..n ll.iii c ■ 
mu. J- a r.-Mili I.f u.-jlnc- iji- l. 
Ui.li.ir Tin- u((r j. 1,+1 arhuram- im i.i< 
jod -Hfi ul j tin- .li.iri-i.il i-nnu « 

hm -h.*d in-in mi ir.id* arh:ir.ui' Ini' m . 
S.i^jr ..ud.-d -i.riily »i» rum. .nr- uf u,i.-, • 
bluing i:..|l..n c.v-id i.ii 1). iI.-l- ell:-, 
lid . Iiuri liguuljlli.il 

Cocao— M.inh 1 iiu‘15 Vit 

134 ai . 13J.IHI >. Jills !Uy »ij. Ji. jii. 

Ore-. 12.1 W. Mjrch 121 iw. M.n if-* ii.i 
Sale* !2ae> lut- 
Colfcc— r- i*i.tii: j. i Mjr.fi 

• 2IIII.INI.. Mat iM.lto-lS.. Jn i .I.:'- 

iiiij J74.IHI j-ki-d l'.v P.j.j’ 
J'hi-d. Mjfili IVliat j 1>-d. SI a* iUii|-:->U'.l 
Sail- 7;.n inis. 

Copper— .I ju Wail > j:- 'I"’. F >-i» '.v -U 

• a* 2“‘ March i-UJ" Mj« «■! 20. .full i._- |i*. 
Kepi. C3.IM. Dec. i.l.aii. J.4-1 .4 Si' March 
..j Ji» Slav .hi ini. Jui\ ii; ",ii. .Sep!. 4.1 
Sales. .I.3.1P Ini-.. 

• Coll an— Nn. 2 M.ircli .U.'.ii;.! ..! .. 

I May jj.lij-5j.,a > .n.ft: ■ tub .".n 7!- 

< i >i*l. 5T.S5-5S.IHP. Hiv 1u M ir.-|i 
J W.30. Maj aP.SlI-KU UU sail, 
i ball 

■Gold — Jan. IM :»• • i> l -«*•. 1- ■.■*> i"> 

1 1::*.*!". Marth Hi. Jo. \:.nl i7i.«'" .' i: - 
l».w \m; Is.'.iu. ii.i t'lSu H.- . 

1ST .50. Fell. V.Mi.lU. Vi.ril l!*2 .to'-* 

i!j ii, \Ua 1KL2". I'C. 2mi so. 
v.wm l»i 

[ 'Ur<— I'laiwi l*ai»i* 2i ‘ ihi ■ IJ> .hi. *. .i 

V»rk I'riMie stejiu .'I trail. J • .*. wi 
I iruded' 

I IMaizc — March 224: -2. I '.'.'l. • * 1 ■> 

22s,- 1 2 is . .. julv :m. s. j.i 
D'*.. .-JO -2.UI.. M.ir.-li .*37. 

SPluiinuRi — tan IMS" • tv.' i-i*. \;.:il 

J tn> so- IW.1U • 19.: .:■■ •. July 2u.‘ >ai-:ii ; i n. 

1 lie! 200.30. “liB.-a*. Sprit .‘l"..jli-jl . 4» 

j Sales' I.7SS I.ii: 

| ‘Silver — ,1a:i. 4'i5 su ■ 40" mm. i cli 4 -, T --i 
MVj.Tui. Marrit add Oil. Ma? Si>; "hi. i-::/ 

I 51 42! ll, S.'iu HP W* £»■•■■ .VI .1 ... 

| .vn.ru, March 341 .V. ?.!a' .W* J". I-i:-. 
555.10, Sc i.l . .‘£2.1111 Soli- . IiI2.Ii , i !■! . 
Hands and llaruuii lm1li.<i< j...i 4-t '*1 
I4HII Sin 

Soyabcani — Jan 3PV-SH4* ■ .V'T . ■ Mar li 
GtiO-OuS iOpT'i. Mas •.I2'*i*12. Jul - . '.i;-..lt*. 
AllS. 81 j. Sept. 3Bii. M"» AV' -iW. ,1a. I. 
59B 

Soyabean Meal — Jju I*m mi. |. n . ,n» 

■ 115.91)1. March IU4 »1.4 Wl t li-Uu . M >v 
llii.lU-lii7.3U. .lulv liHliliMttUti. A US. >..'i ;.n 

lfiO.m. Sepi. no. jo 1..:: uim.4 wi. in . . 

llri.SO-lOSUO. 

Soyabean Oil— Jan. '-'I.iki-.'l us • jn *J.* 
March 2l.I5-2l.2n tJI.U'. May 21 '.v.'i.-D. 
July 2I.:»-21.W. Alls-. :t.4H. S.|.» 2u. ,l .v. 
21.00. Oct. .'U.ISa Dec. 20.20. Jati. 2" 

20.30. 

Sugar— >N ii. 11 March 3.23-9 S7 
i May n.rs-R.Tn >9.0!' .Iul» Siuni. <■•:■:. 

, IU.HMIUS. Ocl. UUl-lH.3; Jan. 10.a0-le.re. 
Mjrd) I0.SS. Mat ll. 03-11. M. Sal: : 

■J.sin Inis 

Tin— 502 lUotiT Wl a skt U 1 5TlI.UU .Vm'.-.'O 

i asked i. 

| ■ -Whoa l— March 27s' -.'79 279’'. May 
jfiSXStt .2iiii'. July 2»'I. Scpi 293: 

I Dvr .'413;. Marrh JIU!. 

IVINNIIT-n. Jan 11 ft Rye— May lll..'.il 
1 1 10.50 bid'. Jub' IK. 3o lud .105.30 
asked', rict. 1!0.:0 nuiii-. Nhv. Ul.ro 
inini. 

riOats— May T9.0O i TS.tilJ hul«, Jui. 
hid 1 id.30 bid'. 

IBaricy— May 75.70 Jals 72. .-0 

.wked '77.70 lild>. Ocl 73.iHI nuln. 

SFIaxwcd — May 214311 bid '212.110 1.14'. 
July JM3II asked '214 iw a*keJ». uci. 
220 50 asked. Nuv. 220.0b bid. 

WhCM-SCtt'RS 13 3 piT will, lit'.lelil 
mntcni ill Si. Lawn-niv 39S HER-. 

\U rents per nuuutl CN-uarvInni «* 
unless iiiIptwim' siautf. As uvr imv 
ilillire:— Irt i.ume I'll .. Clm-a.i. 

>s per ino lb'. — Dwi. ..f Ai;. prlivj ur«*- 
vinu'i day. Prune Steam Lu.b. NV bulk 
lank car>. ' Creff' per ini lb. bu-l«.-| cs- 
warehouse. 5.06 hiisli».l I«i». ; f. pec 

in.y vunvc fur 3fl oui.ee unit* if *<j t ii ji,|- 
i-eitl. purify dcilverM NY. r Honi ikt 
troy ounce es-warvhnnse |' N.-v •• |*. ■* 
coniraei in 5> a “Imrt (»n lur hulk lots 
nf 100 shurl lolls (U’livvrcd l.«. b j-orv 
Clliciuii). Tnlertii. Si. I.hUI* and Ali-in. 
■* Cents per UD Ih bushel 111 spire. 

:■ Cent*, jut 24 Ih bu-hei .; i'im> jn-r 
40 lh. bu-liol ex-warehmiM' 5 Cent- pep 
•I', lb. bushel, cx-ta archuusp, i.iiihi ini-l.r*l 
lillK. 



34 


Fmancfal Hines Thmd^ 3faim 12 197$ 



HANGE REPORT 


Rallying Gilts lend firmer tone to leading equities 

Share index up 2.7 at 487.2 after 482.2-Foods steadier 

Account Dealing Dates ment from mid-day onwards squeeze on profit margins, lead- Bristol Channel Ship Repairers, } the full year. Efewfck Hopper falls. Border and Southern were 
Option eventually led to a return to over- ing Stores turned steadier yester- dearer at 8’. On the other hand, hardened a penny to 22p on an again dull. losing 3 to 275p for a 

•First Declara- Last Account night hst levels. A similar trend day. Gussies A rallied 3 to 3Q2p Midland Industries encountered a investment recommendation and two-day fall ol 13, while Dominies 
Dealings lions Dealings Day at the shorter end of the market and Marks and Spencer picked up little nervous selling in front of Leigh Interests returned to favour and General gave up 3 at lfttp 
Jan. 3 Jan. 12 Jan. 13 Jan. 24 saw fal,s approaching 7» at the a penny to I54p. UDS. however, to-day’s results and gave up 2 to with a gain of 4 at l«Op. Dura- and Temple Bar 4 at lTBjx Capital 


Jan. 16 Jan 26 Jan. 27 Feb 7 worsl regained, and occasionally cheapened a penny farther to Olp. 42p- pipe were similarly better at 128p Issues had M. and G. 3 off at XISp 

Jan 30 Feb' 9 Feb 10 Feb. 21 replaced by marginal gains. Elsewhere. Burton A met renewed Following Tuesday's sharp re- and Halt Uoyd International and Dnalvest 7 cheaper at 218p. 

Treasury 8J per cent. 1982, for interest and put on 2 to 113p. versal on fears about the implies- gained 3 to l-Hp. Redfearn RKT figured prominently Jn Tex- 

thin 

comment, 
nd Cour- 
S* and 3 


recent disappointments and a steady with selected longs improv- lery relinquished a penny to 18Jp Kwik Save, 212p. and Vr'beatsheaf and will adversely' affect the mums, nap, put on 

rally from i lower to unchanged ing fractionally. Corporations following the proposed capitalist Distribution, 150p. shed 2 and 3 mteriro profits performance, respectively. Hollas. 

f n long-dated issues spuled oyer were irregular again, the losses lion issue. Ray beck softened a respectively. Bishop’s Stores re- Profit-taking in the absence of finished 2 cheaper at Q3j> des 

to leading equity snares which often occurring in recendy-issued penny to 89p in front of to-day's mained dull, losing 3 to 1S5p for a take-over developments left Stan- the increased first-half profits, 

rec^ered early small losses to ^ips which registered falls to 4. interim results. two-day reaction of 13. Fitch Jcy Gibbons International 7 easier 


dose slightly better on balance. A rerived demand for the 
Short-dated Funds were mixed purpose of investment in U.S. 
at the end. after losses to and securities lifted rates for -invest- 
the Government Securities index ment currency from around 63i 
shed only 0.02 to 7727: this rep- per cent., which was an early 
resents a six-day loss of 131, but reaction to sterling’s firmness, up 
quotations throughout the list to 6SJ per cent, before a late 
were tending to harden in the decline to 664 per cent., a 
Jate trade on a continuation of recovery of only 4 on balance, 
“cheap" buyim* following re- Yesterday’s SE conversion factor 
assuring Press comment about the was 0.8022 (0.8128). 
chances of bringing growth in 
money supply back within the 9 Banks iwinrmw 
to 13 per cent, range. “ 

Equities also started easier, but 
the Two-day shake-out that took 

nPArlv n nnintQ nflT itw* PT oil CleiTBTS D^de prOgTGSH 111 

share index was reversed when 

selling was seen to have abated. 3 i 9 P 'Ju h ^ 

Down 23 at 10 a.m, the index J£ “uS 
was showing a slight rise a couple “S* 1 1 nLUJ?« C L le .\fi 
of hours later and continuing 


firmness in the afternoon left a 
close of 4S7.2 for a net rise of 2.7. 

Second-line equities failed to 
follow the better trend as seen in 
the 3:2 ratio of fans to rises in 


other hand, remained friendless. 
Commercial Bank of Australia 
lost 3 to 167p and the new nil- 
paid shares were 7 down at 36p 
premium. Hong Kong and S hang- 


200 



OCT NOV DEG JAN 


all FT-quoted faMM. bmthe %£***?* 

smaller issues were again attract- reflected ***• sharp recovery in 


at l£2p. Rank Organisation Gold fields active 
attracted renewed support ahead. ... 

of the results due on January 23. b l d J SSSS j" 

and rose 6 to 256n. S-™ ,n S “ e CoosoHdated Gold 

ERF featured Motors and Dis- f!^^StS! a SASS3S tf ^ 
tributors with a jump of 10 l0 . m “hig market*. 6oU FhMs pve 
146 d in reply to the first-half U P » to IS5p in active trading 
prefits increase and^cripiSue flowing Pre» comment playing 
proposal. Dowty closed 3 harder likelihood of a bid for 

at 168p reflecting the award of the company, 
a £7ra. Ministry of Defence con- The company's South African 
tract, while Dunlop closed 2 better arm — Gold Fields of South Africa 
at SSp following publicity given — advanced 2 to GOf on market 
to the company’s major reorgan i- suggestions of a possible take-over 
sation plans. Hennings contrasted for the company by another South 
with a reaction of 2 to 78Jp African Finance House, coupled 
following the results, and other with talk of switching into GFSA 
dull counters included Flight from “Amgotd." The latter were 
Refuelling. H3p. and EL Perry, unaltered at £14*. 

160p. down 5 apiece. Among other South African 

Paper. Printings were note- Financials small scattered selling 
worthy for a gam of II to 238p in an unwilling market lowered 
in McCorquodaie following the “Johnnies" a half point to 
annual profits upsurge. Mills and 1977.75 i ow of GO. 

AHea International, on the other south African Golds displayed 
band, receded 3 to JlOp. a nixed trend. Prices moved 

Oil Ex. weaken ahead at the outset of business 

« ?U co 050,11 oiuoct- instalment credit business "over Racal provided the feature in Lovell, at 63p, recouped 2 of the Trading in the Oil leaders was th^^rnbw hut tho 

£5 tfuirj ssrsz ^rLss: 1 bssiss 

chief prfee changes. Finn features e “ ded 3 U P at 78 -°' "bile Wagon support in the late dealings and p^rolr mrf prompted modest UJS. offerings 

were often in response to trading ^tter Tt** Mu£h Jd°^ave to dosed - 44p following settling at S20p fora lossQt 8 on ilvel^a^he 8 ^^ aeir 

statements and to speculative i l A re hotn *. better -at 9lp and contrast, Murrhead gate up 4 to Tuesday's fail oF n Elsewhere the dav shell moved more opening levels at the dose. 

business in thin markets with ^SuranS' while the new shares dosed Barker and Dobson eased ; to ISip naiTOwIy'and dosed 2 lower at „_ The bu,,lo “ pr ^ 

Lor,d 2 n P?li Iion - out f t ^ ins , at a S s^o^StT’and^ommeS ? fl cheape ^ at fill! blowing unfavourable Press 516p. but among the speculative ‘ J ceDts casicr _ af M ^£J 5 .P er 

near-doubled price of 300p (IHQo) f? 5 ? a n l , ’"’J 81,(1 Lommerciai 19 p premium. Telephone Rentals comment. issues OQ Explorations featured ounce, while the Gold Mines index 

following the chairman’s remarks °“ , n 3 . lo ia4p - . eased to 12Sp before picking up to vague rumours, later denied, late at 276p, down 20, on vague was unaltered at 138.0. 

about unwanted approaches. Brewenes were quietly firm c) ose unaltered on balance .at that Trust Houses Forte (2 off at rumours of a dry welL’ Trfcentrol Rhodesians encountered profit 

The FT-Actuaries three main ^^n!^finn h( f^ UtC 9^ e of - 1S2 P> wW,B Automated Security i8Sp) was considering a counter- drifted lower to close 6 cheaper taking after the recent strong 

indices hardened slightly and * pin _L pn 5 e hardened a penny to 48p following bid for Poulin’s created interest at 166p. but Siebens (U-K.) were £WjM- Falcon relinquished o to 

Further dullness in overnight 
domestic markets led to wide- 
spread falls in Australians 

. . En«inw»rine maiars madp a «**■*«**=“ »nuugs. wmie orano at me tower 1 eve is ana quotations C 01 ™* 1 * dropped 8 more 

latest banking figures; while the * ^ Iittle'progress after° slight initial ^ tr0 ^ 0 !i tai1 fini ^? d 2 beUer al were finally a shade dearer on to 12 ^ p 

Hire Purchase section also made ^ e . ie dullness. 8 A^seful business deve- ? balance. ^lEPC eased to I26p ^^^co^lMa^^which re- 

trading on Mon- 
otherwise 
shares put 
on Eastern 

rHFiga ^ ^ zsvxzxrt irau »• 

Souther^ to ,m„- Xttor? Vickeis rallied 5 to 192p. Else- Secondarj- Industrials again 18lp, Bradford, 227p, and Evans 6 t0 34 p, after 32jp, 

Gilts regain losses interim^4?es are dnJn/J wherc . Davy International P^onde most of the day's features, of Leeds. IMp. Rush and ... n rit ^ 

Uillb regdUi lUbbeb Wedneldav 5 ^^ 8 ° U nwt continued to reflect adverse Press London Pavilion were mar iced up Tompkins shed another 3 to 109p RISES AND FALLS 

Continuing concern about irr nj „i.p'j nMn ■_ thi _ mention and gave up 5 more to *7° to 300p in a thin market on and A. and J. Mucklow were 

money supply following the latest trariin" Eispwhprp in rhomirai« 244p, but renewed speculative the chairman’s disclosure that the similarly lower at llap. In con- 

banking statistics was reflected in Federated htrdpnpd a nennv to demand was seen in Glynwed, 3} Board has received several bid trust, Marier found support at 22p, uvOmSUM 

fresh offerings of British Funds yop on th« ir dearer at I08p, after 1001 o. while approaches in the last few weeks ud 4. along with Regalian. which mfthJi Funds » 1 s» 

which, after opening lower at the Dalsetv 
Tuesday's evening’s late levels, re- latter Mwd 

ceded further. The heavier losses, easea .. . 

extending to 1. were Incurred by Cf nrpc ctporfiAr with the interim statement. Brown Edinburgh Ice Rink, I30p, and and 'Gfll and DuffUs. which QHs 

the longer maturities but at the 3 and Tawse gained 2 more to 93p. Charles Sharpe, 585p. while Raima cheapened to 21Sp. PUwtt a— 

lower prices yield considerations Following Tuesday’s weakness Smaller-priced issues to make moved up 3 to 53p following the Although looking steadier in ^ent tmaaT^ZSSZ' 

began to encourage cheap buying on fears of an increase in' High headway included Wheway sharply higher first-half profits the late trade. Investment Trusts 
and a continuation of the move- Stret competition and a resulting Watson. 2 dearer at 16p. and and accompanying forecast for sill closed with widespread small t*ui« - s» 1 3* U7S 


FINANCIAL TIMES STOCK INDICES 


4«>k 
! 11 

.1 


. Jen. 

i w 


J*il 

9 


Jan, 

6 


inn. 


imu 

« 


■Vs« 


flunnnotdM.^ 77JT7 77*9t 77.BO, 77n« 78.09 76J6 6*4 

n»Jlniimt^ M ] 60A8| 81.37 81^ 81.19 »1.17 ; -« S 

ladwrtrfal Unltecy 487.8; 484.8’ 491.7; 4B7J *Mj' 4S7.8-; 887_ 

Qolil Mian - iSS-3 1SB.&! VStt.9 Lȣ lSQA 158 S tut 


Onb Uiv. Vwa 

bmiam Y'ui^JoU},^- 
i»,k tirtio o»«) rn.....; 
OoUiip oi»Xkni 

Squlty lunww Sb... 
Kqnltr Iwsmh *•*»«.; 


. 8.S 9f. . 6.58' 9.47. .5 41 ; . 9.43. . 5,50 

16.78 16.83 16.63’ 16.45 16A7, 16,74 ij» iE 

8,49; 8.4Sj 8 55 8.6V- 8.HI- 8.48 ^ 

SJ»7» 7.130; 8.89* 9.435 lUi&i' 4,747. 

' - ’ 98. a 5- 66.29 87.85 78.98 68.54 B8{ 

— 116.641- 17.916; 18.131. 15.887 14,7191 U.6f 


» 3 . eel 4tB~ 11 ajq. 903. Korn cM.i. I pm. ' 

3 wm- Wl. -3 wm. «o.W - - 

■ 1 - Wll 1 — (UK S8Bk 
* liascd onUtM aw. cprp44EU»n Uv. t “*il =■;** 

Bail* 180 liiws. S«% VUW/S8. Filed IrvL IRS. iwt OrU. 1.7.11 
UIdc» 13-8.33. SB .VCIIW JBWrDW. IW2. 


% 


HIGHS AND LOWS 

~ ; 1977,78 ■Siia-e O.anptWiuii 

: Hlab - bow 1 High : bur 


S.E. ACTIVIt 


Jan. 

It 


Jaa> 

W 


Govt.Saca... 


79.89 
(JA« 

Fuel InU.. - 81.87 

. l 9 .L W> 

liUOnl..^: 948.8 
f iW«v 


60.49 ' 1*7.4 ( 4U.16 

(</l) ( 8 /lrfhl ; i 5 -/l, J 9 I 

60.48 i 150.4 : 80.93 
t*fl> lantMh iJ.I 
557.6 J 548.3 48.4 


-IbMtY - 

t}tn-lwi R i«l„ 807.6 
809.6 
. 48.5 

txfair. 139.1 


(fuM Mtnra.' 


174.6 

■ tM.-ICi 




95.1 

■ I.Ti 


448.3 ■ 43.5 - 

.•iMi.-Vw.-fl' til JIj : Tnt-,. . 


«7.» i 

148.5 



highest total since mid-October. 


YESTERDAY 



15 

2tt 

65 

5 

4 

U 

X 


22 

4» 

177 

17 

4 

s 

1* 


2U 

U 

26 

52 

53 


OPTIONS TRADED 

DEALING DATES Cons. Plantations Warranted - 

First Last Last For enhams, Law Land, 1£ 
Deal- Deal- Declara* Settle- Property, Tri control P. A flr 
Ings lugs Hop ment ferred.- Ladhroke Wui ; 
Jan. 11 Jan. 23 Apr. 13 Apr. 25 Christy Bru^- EMI, Tn 
Jan. 24 Feb. 6 Apr. 27 May 10 city. Swan Hunter, ICL, 

Feb. 7 Feb. 20 May 11 Hay 23 Land, BP. Fcnlne Motor, 

For rote indications see end ol Empress Sen tew, Slebfi 
Share Information Service and Levex. A put was doo«. 
Honey was given for the call TescO, while double* 
of FNFC, Lad broke Warrants, arranged in Thomson Orn 
Thomson Organisation. Scottish (Ion, Tarmac, Britannia » 
and Newcastle Breweries Christie Tyler, Radley F«M 
Lonrho, SeUnvoart. Cons. GoW TACE. Ladhroke Wwr^ r 
Fields Britannia Arrow, British Law Land. Shnrtdatod caotf 
Vending, Shell Transport. ICL, transacted in Lenrto, KMkj 
Furness Withy, English Property. Swan Hunter. 


NEW HIGHS AND LOWS FOR 

The foUowmo wnrinn oaotvcl in the Mirtar Ext4(ri 


Snnre tnfor m*fion Service 

i ruined new NMfi» end Lows lor 1 877-78. 

NEW HIGHS <Mi 

CORFOBATtOW LOANS (II 

L.C.C. 5>« ‘77-91 

COMMONVIATR & AFRICAN LOANS {4} 
A use. S:oc ai.82 NJt. 6K '76.»0 ... 

Ausl. S»:oc *75.78 S. Atnc* 9>ioc 79-SI 
LOANS (It 
Ultranur 70C *7S-rB 

FOREIGN BONDS (ft 
Ireland 9UK ‘91-96 

BCSRS (2) 

Gough Bros. HigNantf Dot. 

BUILDINGS (4) 

Abivltiaw Cement Ina. Timber 

Howanl ShuucrinB Parker Timber 

CHEMICAL (1) 

K.iuc.d lJ.> 

Liber;y Feten Store* 

Lioertv NV bak^ikSERING (101 

Birmingham PaU«t Mole |M.i 

Bristol Channel Warn <T. W. » 

Chrmrms Wellnssn tno- 

Kunr 4 Moxrop w. Bromwich soring 

Jones Grom Whcwav Watsoo 

FOODS 12) 

Br.t.sh Vending Glas* Gtover 

INDUSTRALS IT9l 


. TKXV1LKS («v . 

Br.gbt (Jgtwii RKI.'. • 

Moottort R,vh*r03 

, TOBACCOS lit - 

Siemuen Hon ter 

_ TRUSTS U1 t : j 
Edinburgh, a Oanctee K^chm Tartar - . 
MSG 2n3 Dual l«r vtot. A | . 

rning 

NEW LOU'S <«I 
AMI RICANS (331 


ArenSOK iA.i 

a»oc Spraver* 

Caolan Proaic 
Ht«)tk.HnKr 
French (Thos.i 
Gibbons Oudler 
Nairn* 

Hewitt «J.) 

Llden 

M.Y Owl MOTORS m 
Arlington 
Indeuendent 

WAFER (11 

MtCoraoMalB 

PROPERTY (3) 
DamngtsB Resaiian 


Madam* TuuawTi 
Rowan 4 Baden 
Sandhurst Marked no 
5WUT» 

Silent night 
Stalls. PotM. 

Do- 9'ipc Con*. Ln. 
West. & CnSry. Pro ox. 
Wood * Sou 


Baker ini . Ccro. 

BurrougiU Coio. 

Cali-red l*r 
Cit* I nr. 

Cily In* Cam. Prf. 

CMtltwhlnQliw 
Coir indt. 

Cant. iHirau 
talon Coro. 
t »nen 

firestone Ti--e 

finer Coro. . . 

_ CANADIANS U3i 

Bank nf Montreal Nucnon ii»y 
Bank of Nriiia Scolu into - i 

Bell Canada 

Braacan ' 40‘iiaiMirffi 

Can. Imp. Bauk * 

Can Pa«4c 

BANKS (91 ... 

4N2 HK 6 ShaMMf 

BaqkAmer.ca N.u Bank Aafc . 

Comm. Bk. d( Auvrot-j T* 

BUILDINGS l» . -w 
Brown 8 Jar (ton 

ENCINCEIUNG 111 . 

Cummins 78-04 

. INDUSTRIALS 15> . 

B.H. eroo. Fimjrt cer*. t . 

CantinenMl Gi a. Monsanto SPtA 


mow 

Hullm IF.. F i ■ • 
IU Mtrmar.ow^.^. 
- Mamilau. Hho j 
Gwen-t-H'IOBO^. 
gre N r. Co*. 

vmii c.1 
Jenneso 

Traava meric* , 


Seagram „ 
Trar, Can. N|| 


Dover Corp. 

MOTORS (1i 

General Motor* * - 

, _ , j TRUSTS, 1l 

US Trust fund 

OVERSEAS TRADERS (II 


*4 


Australian Agr* ujrur w 

Jo'bnro Coos. 

Minorco 

a*. tm«r 


INKS i7i 

M l M. Hid 

Wv-.-.ern 
Con*. Mu 


C. & J. Clark Limited 


has acquired the assets of 

The Hanover Shoe, Inc. 


V\fe acted as the financial advisor 
to C. & J. Clark Limited 



Schroders 


J, Henry Schroder Corporation 
One State Street, New York, N.Y 10004 


FI NANCIAL TIMES 

BRACKEN HOUSE. 10, CANNON STREET. LONDON EC4P 4BY 
Telex: Editorial 886341/S. 883897 Advertisements: 885033 Telegrams: F man time, London PS4 

Telephone: 01-248 8000 

For Share Index and Business News Summary in London. Birmingham, 

Liverpool and Manchester, Tel: 246 8826. . 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFHCES 

Birmingham: George House, George Road. 

Telex 338850 Tel: 021-454 0922 
Bonn: Presshans 11/104 Heussallee 2-lo 
Telex S869S42 Tel: 210039 
Brussels: 39 Rue Ducale. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 26*0. 

Tel: 938510 

Dublin: 8 Fltzwflliam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex 72484 Tel: 051-226 4120 
Frankfurt: im SachsenTager IX 
Telex 416263 Teh 555730 
Johannesburg: P.O. Box 2128. 

Telex 8-6357 Teh 838-7545 
Madrid: Esprondcada 32, Madrid 3. 

Tel: 441 6772 


Manchester: Queens House. Queen Street. 

Telex 866813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza. N.Y. 10019- 
Telex 66390 Tel: (212) 541 4625 
Paris: 36 Roe da Sentler. 75002. 

Telex 220044 Tel. 236£743. 

Rome: Via della Hercede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c /0 Svens ka Dagbladet, Raalambs- 
vagen 7. Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex 212634 Tel: 682698 
Tokyo: 8th Floor, Nihon Keizal Shimbun 
Building. 1-9-5 OtemacM, Chiyoda-ku. 

Telex J 27104 Tel: 241 2920 
Washington: Second Floor. 1325 E. Street, 
N.W, Washington D.C- 20004 
Telex 440225 Tel: (202) 347 8675 


ADVERTISEMENT OFFICES 

Birmingham: George House., George Road. 
Telex 338650 Tel: 021-154 0922 
Edinburgh: 37 George Street 
Teles 734S4 Tel: 031 228 4139 
Frankfort: Im Sachseniager 13. 

Telex 16263 Tel: 554667 
Leeds: Permanent House, The Headrow. 
Tel: 0532 454969 


Manchester: Queens House. Queen Street 
Telex 666813 Tel: 061-834 9381 
New York: 75 Rockefeller Plan, N.Y. 10019. 

Telex 423025 Tefc (212) 489 8300 
Paris: 36 Rne da Sentler. 75002. 

Telex 230014 Tel: 236.86.01 
Tokyo: Kasahara Building. 1-6-10 Uehikanda, 
Cbiyoda-kiL Telex J27104 Tel: 295 4050 


SUBSCRIPTIONS 

Copies obtainable from newsagents and bookstalls worldwide or on regular subscription 
from Subscription Department Financial Times, London. 


RECENT ISSUES 


EQUITIES 


!S- Vi's,: 1377 

SK!iZ*$l* : — 

pi< fl- ; High |Ebw 


Slock 


is-*-"! am 


I 

I - 


! . F.P. : ~ 
104 F.P. J30/1 
S53 F.P. ; 6,1 
52 , Z5p27,l 


47 0 
123 


30 


1*8 EHGO(CtiJa.. 

. 106 Farmer isi.W.)..., , , — 

1 67 Holden t.Vj : 65 ; i bSJt\ 3.61 

! 28 -I.M_T.25p pd I 29ij‘— lj ! yBJS 2.71 


465 —6 , F2Be — 

128 i ! »7_69| 2.3! 



FIXED INTEREST STOCKS 


4f Ct I E 2 

Jills 


12 Si®! 


1977 


£98l«|£S0 
£100 l£50 


ififl 


Hl»h ! Lot 


Slock 


£100 
£99 
£100 
5100 
ti lOO 


FJ». 

|£60 

F.P. 

F.P. 

F.P. 


£100 

£100 

£100 

;f£99 

S99ij 


[ 3/8 
25,1 
71 
5/3 


ElOO L£10 ;24/3 


49l2|fl»tb Ui" 1#S_ 

ft7I<iC«rdiff 112 lJ®6- - 1 

90 [Central a Shcenraod JOS Lea. Ln. 188] — 
aUgfGmnmUn 


Hex JCSS 1335_ 

WlglHon&Alow Vsnmble 1988.... 

'99TI« loco t i% S<*e» EW4 — 

«7l. fW. do> IU. TOM 


F.P. : - 


F.P. 

;£io 

F.P. 


£98lg£60 
PJ\ 
F.P. 
- I F.P. 


| 3/3 
< 3/8 


27/1 

6,1 


l>»- 3 S Del). 1938 — - 

111 * Kensington & CbeJm* ll£%S:- 87 _.... 

39 ?a Da. Dn. Vviahle ' 82 . 

Bui 2 Deed* V arable IbtG 

Leicester Variable 19B2 

UiaiJlW beat Water 1% 1968.- 

887 Nank Hydro 7 « Note* 1988. 

«igist. Helena lltiffied. 198b 

{96 pibell lull. Fin. S/V. 8 i% Cluar. Note* 1990J 

Furniture log Cum. Pret 

lOb^York Ttallet lOgPrct \ WSi; 


fi 

+>>'• 

6SU 

—I* 

5UA« 

— *3 

bO 


bOie 


981* 

-.... 

S973( 


14B, 


lUUte 


loo 

— 

lam 

898 

— 

53 

— i ^ 

S97 


101| 


IWiiE 



“RIGHTS” OFFERS 




■CESS 

1-.UP 



Frw-e 




< 2 

BMl 


95 

83 

29 
50 
32 

180 
lo5 
520 
50 
190 
12 lj 
bo 
64 
158 
3Au/B 

70 | 
10 I 

16a | 

30 1 


ism 


Hjgfa ; Low i 


Stuck 


! p«S ! ! + - 

I p: 


nil 

FJ*. 

F.P. 

FJ*. 

oil 

nil 

P.r. 

K.P. 

FJ*. 

lUl 

nil 

K.l*. 

F.P. 

ail 

III! 

P.P. 

F.P. 

nil 

F.P. 

F.P. 


I 2,12! 13/1 
116,12:27/1 
I 6/1 10/Si 
23/l! 27/9 
24/210/3 
|2a,ll,l3,l 
,29/1113,1 

! 2/121 6<r 
I 13/1; 10/2| 
I 24/1' &2\ 

129/11-1 Stt ll 
\ 6;l 10« 


i 17/a 3/3 84pm; 

; 23 / 12 | 18 / 1 ] 3 iiei 
ib/lA' 7 .X; HO , 
■ 19/11 16/21 imu! 
1 12 , It' 18 , 1 ' 89 i \ 
I 3>1 | 27 , 1 ! 43 I 


22pm Arlington llolor. 

1U# 'Uemtt Development 

i£lj; arid part. GuDdn, 

66 [Cabletorm- 

' hpm Llirhty Urco. 

36pni'Comm. Hank ol Austmlia. 

tools Con.-. Gow Fiekl, 

tgu Ue Ia Kae 

tfl I East HMIamJ Allicl Pma A 

10 pm i Sibar Imlustriai 

igpoi Joimson £ Bames_ 

Jobnaon Firth Unovn 

Ti iKtiaiot Untor_ J 

20pm: 11 ulrbeait 

43piu. .NaUoUA, Bk. ol Amtmluia 

« i Hbwaoa W. L. 

84 iKenRl kklcwsy.- 

lpmiStiiria l Geo.) 

til llifet. bctentiUe 

36 IWIIlmma (J. CazriUt)_ 


-I 1 


I 26|an 
125 
36 

66is , 

I 16pm. — 1 

I Ss-ti 
I “5! B 

■ 18 pm j . — . 
I *SBn ' 

I 68 

| 78 

j 20 pm 
I 4 J |Bl 

86 


i 1 s ^^ n ! +l * 


41 


h- 


Renaocuunn date nsaalij/ last das Mr dealing free o> stamp duty, b Figures 
based on oraspectus esrtmate. a Assumed 'dividend .nd neU. « Forecast dividend: 
cover based on previous, rear’s eammsa. r D/vidend and yield fused on prospectus 
or other ufBdaJ esumuea tor 1919 4 Gross r Figures assumed * Cover allows 

for conversion ol shares not now ranking for dividend or ranking only for restricted 
dividends, i Placing price to public, m Pence unless otherwise indicated. 5 issned 
bp tender, fl Offered co holders of Ordinary shares as a - rights." ** Rights 
by way of capitalisation, ft Minimum lender price. H Reintroduced. 91 Issued 
in connection with reorganisation merger or take-over, (ftl Imr u dnc a on. □ issued 
to former Preference hoWere. ■ ADotmem Ictieis (or fofiy-pald). • Provisional 
or partly-paid allotment letters. *• With warrants. 


ACTIVE STOCKS 

No. 


Stock 

BP 

GKN 

Barclays Bank ... 
ICI 


SheH Transport ... 

Burmah Oil 

Exchange Tgrapb 


Racal Electronics 


Barker & Dobson 
Bee chain 


nomina- 

of 

Closing 

Change 

1977-78 

1977-7S 

tion 

marks price (p) 

on day 

high 

low 

, n 

14 

S20 

- S 

986 

776 

n 

20 

272 

+ 4 

369 

260 

£1 

9 

345 

+ 7 

350 

228 

£1 

9 

348 

+ 4 

448 

325 

lOp 

A 

44 

+ U 

46 

221 

25 p 

8 

2oS 

+ G 

278 

128 

25p 

8 

516 

- 2 

635 

454 

n 

7 

52 

— *» 

S3 

41 

25p 

7 

100 

. 

104 

63 

25p 

.7 

JOS 

+ 31 

121 

74 

2op 

|* 

302 

2 

347 

176 

Zap 
25 p 

7 

210 

+ 9 

270 

118 

6 

232 

+ 2 

260 

202 

lOp 

6 

13} 

- 1 

15 

3* 

' 25p 

6 

665 

+ 3 

693 

372 


FT— ACTUARIES SHARE INDICES 

These indices are the joint compilation of the financial limes, the Institute of Actuary 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Figures in parentheses show number of 1 x 

stocks' per section 


48 


51 


59 


61 


CAPITAL GOODSQ78)- 
Building Materials/??). 

Contracting, Construction £26) J 

Electricals 05} 


Engineering Contract rs<13) . 

Mechanical Engineerings I _| 

Metals and Mrial Fonmng07} 
CONSUMER GOODS 
(DURABLES 


14. Electronics, Radio TV (15). 
Household Goods (12 ) . 


Motors ond Distribators(26) 

CONSUMER GOODS 

(N0N-DUBABLEH175) 

Breweries 04) 

Wines and Spirit (6). 


Entertainment. Catering 08). 

Food Manufacturing (22) 1 

Food Retailing (16) 


Newspapers. Publishing (13) 

Packaging and Paper (15) 

Stares (37) 

Textiles CS) 

Tobaccos (3) 


Toys an d Games (6) 

OTHER GBOUPSfW) 

ChemicalsGl). 

Pharmaceutical Products (7).. 

Office Equipment (6) 

5hipping(10)_ 


MigceUaneonsf54)- 


INDVJSTB1AL GROUP (4961 

otis i4) - ; 


568 SHARE INDEX 

FINANCIAL GROUP (180) 

Banks (B). 


Diacount Houses OOL 

Hire Purchase (5) 

Insurance (Life) 00)~ 


Insmance (Composite) (7). 

Insurance Brokprs (10) 

Merchant Banks (14) 

Property (31) 

Miscellaneous (7). 


Investment Trusts (50) 

Mining Finance (4) 

Overseas Traders (19) 


99 ALL5HABE INDEX (673), 


23139 


19532 

34038 

458,42 

29834 

164.73 

163.01 

293.97 

232.71 


182.77 


22731 

20232 


22839 


24430 

26238 

199.09 

287.72 

35332 

13332 


19231 

174.09 

22538 


101.42 


293.42 

257.66 

25931 

13L08 


47238 

205.701 


28837 


46130 


22938 


176.06 

202.67 


218J0 


162.61 


146.64 

139.91 

328.94 

8430 

24934 


109.62 


19233 

9136 

27833 


213.80 


ed., Jan. 11, 1978 

BH 


E 


Est 

EarniniS 

Gross 

OH. 

Est 

P.E 


■ 

M 

Pfy’* 

Yield* 

Yield**, 

Ratio 




Change 

% 

(Max.) 

Corp. 

TttSCS 

(ACT 
at 34% 

(Net) 

Corp. 

Tn» 

Nfc 

i 

.NG 

+0.1 

16.76 

533 

8.44 

211.16 

213.67 

21434 

-03 

35.79 

5.41 

9.05 

195.76 

19737 

19736 

-0.8 

17.05 

3.72 

833 

34286 

34837 

35675 

+0.6 

14.55 

3.85 

939 

45536 

46L70. 

464 34 

-03 

19.67 

638 

6l96 

29912 

30696 

307.85 

-0.1 

17.68 

6.25 

8.09 

16483 

16652 

U611 

+0.9 

1937 

8.66 

6.83 

16L60 

16283 

36247 

+03 

17.19 

4.76 

8.49 

19293 


19667 

+0.9 

1534 

333 

934 

23036 

235.04 

235.96 

-03 

17.05 

6.42 

8.02 

18334 

18433 

18432 

+03 

20.48 

630 

732 

11736 

118.86 

IMA 1 

+0.4 

1537 

5.63 

9.46 

20173 

20610 

20725 

+03 

1427 

5.76 

1030 

22736 

23100 

SU2 

+03 

16.68 

535 

8.99 

24322 

24732 

249.65 

+L0 

13.67 

632 

1126 

259.98 

264.64 

26917 

+03 

2035 

533 

■ 7.18 

198.69 

20213 

20338 

+03 

3335 

435 

1L15 

20738 

22208 

22322 

+0.4 

934 

332 

1636 

35222 

36021 


— 

1932 

8.77 

727 

13317 

134:90 

135.99 

+02 

10.04 

433 

15.70 

19175 

197JQ0 

197.95 

+0.7 

19.96 

7.60 

635 

17283 

17433 

17517 

+13 

2139 

7.97 

633 

22294 

224.44 

22611 

+0.7 

2035 

5.86 

637 

100.70 

101.93 

100.74 

+03 

16.12 

537 

8.46 

19286 

194.78 

19666 

+03 

1935 

6.49 

,737 

255.72 

S833 

5 ton 

— 

1033 

3.75. 

1236 

25939 

261.15 

26296 

+L6 

1737 

438 

7.68 

12925 

13029 

13272 

— 

20.85 

630 

5.68 

47219 

47643 

483.01 

KalgJI 

■1531 

5.95 

932 

20612 

20863 

FvPfn 

EH 

EO 

E3 

h-F-VJ 

ELV1 


fiTll 

B35i 

EFI71 

■53 

■53 

rm 


fTTTTI 

zi\m 


B 31 

En 

KM 


kxlkvj 

mi 

— 

■572! 

B 


17838 

IV/t-TJ 

+Z0 

2431 

5.03 

638 

Kid 

202.85 

20304 

-0.8 

— 

735 



220.41 

vr 

J9A11 

+L6 

11.05 

4.63 

1339 

165.90 

16948 

16934 

— 0.1 

— 

535 

— 

14675 

150.93 

15139 

+03 

— 

5.75 

— 

138.75 

14223 

143.46 

-03 

12.91 

436 

U35 

330.49 

333.71 

334.82 

— 


536 

— 

8420 

8517 

8522 

-02 


2.74 

67.93 

24924 

253.45 

253.62 

-0.4 

739 

621 

11011 

110J7 

110 J2 

-03 

332 

4.75 

31.05 

193.72 

19658 

28040 

-13 

17.08 

6.42 

6.81 

92.43 

9L87 

92JN 

-13 

1731 

635 

733 

28133 

284.93 



EM 

530 

gg£Ml 


illiU 

MJL 


Thurx 

Jan. 

5 


Index 

Nc. 


212.72 

19539 

34805 

46(37 

304.10 

164.93 

163.90 

19525 

235.12 

18332 

117.92 

2QS36 


228.02 

24950 

26738 

20230 

21957 

35936 

133.49 

19734 

12325 


22453 

9938 

196.24 

261.90 

26235- 

13313 


40288 

20623 




47SJ4T< 


233-^ 
1775513 

294.01 
22631 


167.65 

M8J9 

14242 

332M 

83.67 

25134 

109.93 


20113 
■9J9 ' 
28557 \* 


21722 


V 

J 


13’.. 

U 

IT 

a 

1! 

r 


r 

u?: 

L 




FKffl) INTEREST PRICE INDICES 


British Government 

Wed. 

Jan. 

Day's 

xdadj.’ 

Today 




11 

% 

to date 

1 

2 

Under 5 years — ._. 

109.48 

12411 

13236 

14611 

+0.04 

-0.03 

■ — 

0.09 

0.00 

3 



4 

Irredeemables 

_ , 


0J» 

El 

All stocks — 

12115 

+0.01 


004' 


FIXED INTEREST 
YIELDS 

Br. Govt. Av. Gross Red. 

Wed. 

Jan. 

U 

|g| 


1 

n 

3 



m 

4 

5 

6 

Medium 5 years.. 

Coupons IS year* . , 

25 years. 

9J4 

19.44 

10.59 

936 

10.43 

1039 


B 

High 5 years 

Coupons 15 years 

25 yean 

20.02 

11.43 

1252 

10.04 

’11.42 

1150 

. • 

Q 


1131 1 1231 

~T- 




Wed.. Jan. 11 

Tups. 

Jan. 

10 

Unnrtay 

Jau.' 

S 

FtWy 

Jan. 

6 

Blurs. 

Jan. 

5 

M 

Tuwv 

Jan. 

■*. 

Friday 
Ihv. 
M ' 

Index I 
= Ne- 1 

lieW 

IV 

19 

20-yr. Red- Deb. & Loans (IS) 

62^9 

TU. 7 S 

63.43 

63.31 

63.51 

63.36 

62.80 

62 . 60 , 

62.48 | 

IS 

Investment Trust PreFs. (15) 

57.71 

13.11 

57.37 

57 JS 7 

57.62 

67.33 

66.08 

35.73 

65.72 1 

17 

Coml. and Indi. Prefs, (20) 

7900 

11.45 

7633 

79.91 

77.71 

77.50 

77.20 

76.93 

1 

76.73 1 

i 


t Redempdan yield. Hlgbs and Inn record, base dales and values and eaestHnant Chaims arc po bi ta iwd In Sr 
ssoos. A list ef the coostltaeats Is avaflabla from . tfa« Pobllsbora, J the ' Fhwrcta) rants. Bracken ' Home, I 
Street. London, EC4. price Up. bar post 22 p. 



















































































•••• J. 


Frn^scfal Ttares TfenrsJay Tanaai y 12 19T8 


OFFSHORE AND OVERSEAS FUNDS 


susaoe 

SI 5.15 M 


X 


HS N.Anwrican'TrtL 




INSURANCE, PROPERTY, 




CLIVE INVESTMENTS LIMITED / 

Royal Exchange Ave., London ECSV 3LU. TeL*' 01-283 1J01 
t!ex Guide as at 11th January* 1978 (Base 100 at 14.L77) 

Clive Fixed Interest Capital - r ...., 134.97 

Clive Fixed Interest Income ...: 127.53 


CORAL 


Close 486-491 




INSURANCE BASE RATES 

t Property Growth « 8J% 

Cannon Assurance 41% 

t Address shown under insurance and Property Bond Table 


BASE LENDING RATES 

k .61% BHill Samuel...... 


; 1 -V.BJN. Bank .61% «Hill Samuel......... 9 7 % 

. * Allied Irish Banks Ltd. 61% C. Hoare & Co t 64% 

, ..-‘Vmerlcan Express Bk. 64% Julian S. Hodge 71% 

unro Bank 64% Hongkong & Shanghai 61% 

::•! P Bank -Ltd. 7 % Industrial Bk. of Scot 7 % 

Jenry Ansbacher 61% Keyser Ullmann T % 

-Janco de Bilbao 64% Knowsley Sc Co. Ltd.... 9 % 

. :r lank of Credit & Cmce. 61% Lloyds Bank ...: 61% 

; :-'tank of Cyprus 61% London & European ... 81% 

: :-'-Iank of N.S.W 61% London Mercantile ... 64% 

vianque Beige Ltd ...... 6i% Midland Bank 61% 

. ianque dn Rhone .7 % ■ Samuel Montagu 61% 

;V tarclays Bank 61% MMorgan Grenfell 61% 

:■ tarnett Christie Ltd.... 81% National Westminster 61% 
Iremar Holdings Ltd, 71% ‘ Norwich General Trust 61% 
. f irit. Bank of Mid. East 81% P- S. Refson & Co. ... 61% 
* Jrown Shipley 61% Rflssminster ' Accepfcs 61% 

.%'• lanada Permanent API 61% Royal Bk Canada Trust 61% 
.’ ! :apitol C & C Fin. Ltd. 9 % ' Schlesinger Limited ... 7 % 

layrer Ltd. 7 % E. S. Schwab 81% 

- tedar Holdings ...... 8 % Security Trust Co. Ltd. 71% 

~ : harterhouse Japhet...- S4% .Sbenley Trust ‘ ......... 91% 

. -: T l E. Coates 7*% Standard Chartered 6J% 

: • & lonsoUdated Credits ... 7i % Tirade Dev. Bank ...... 74% 

operative Bank B*% Trustee Savings BMk 61% 

Vorfnthian Securities... 61% Twentieth Century Bk. 71% 

>-‘-redit Lyonnais- 61% United Bank of Kuwait 64% 

iVhe Cyprus Popular Bk. 61 % Wfcteaway Laidlaw ... 7% 
VMucan Lawrie,..:.i — I 61% 8 «!» 

- lagil Trust ' 61%’ Yorkshire Bank ......... 61% 

Relish TransconL .... 8 % ■ Member? of Acceptuw noons 
iilrst London Secs. ... 61% 

Irst Nat Fin. Corpn.- 9 % * gw aw®*® **- 

•' * IS? Na J- , 4 M^f S * Ltd ‘ " ! Il% t 7-day deposits on non* of aflJW 
r -ntony Gibbs and wstStr 3%. nj> io mm W* 

j ioode Durrani Trust... 71% and ovet qs.om 
irey bound Guaranty.-- -61% t can departs over n.o» s%» 

j IrlDdlays Bank J 6*% § Demand deposits a*.: 

. \f Ininness Mahon 61%' 1 Rate also zosttes to steruns tat 

ambrofl Bank 61% seea. . • - 


Q1 COO 0471 
l-CJI - 


41 = 


33 - 


m 


rv 


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\ 


36 



Financial Times Thursday Janusiyi 2 IflTO 

HOTELS-CoBtiimed 


FT SHARE INFORMATION SERVICE 


WTO . 
** !■ 


suck 


•- 


F+fttiMv 
M* 


ICwj 





forBcmerkflflYeBBtrqfled mwlwes . 

WcdBun MocMueTcuk Wfitfedc W<ty, LcVnta- tE4 THU. 
Telephone: .CS33; 769561. M»: 341181. 


AMERICANS— Continued 


W7-n 
£BA Law 


1977-78 | 
High im i 


**BRITISH FUNDS 


Stack 


► oj raid 

— 1 1st. i Bed. 


Eberts ” (Lives up to Five Years) 


I 95*5 {Reset?. 

I Irassrjlifepc'TEct— 

{ Exrir5pc*»T8tT 

r«tf CSSSKr 

' 85** Hmrte4*eT«B-> 

i 92 rrea®irjlfe>cTKJ_ 

84^ 3ectric3'2pcT6-7S 

87^4 Treasn^SpelSety 

i Treasury Sljpc'ffiit — 
i Treasary3VPcT7.«L_ 


I 92a ITOasn? liVpelS8lii- 

H Trensnr^3JaJClff3fll_ 


!-v 




97^ [Each. 9Vpc 1381 


Ejtch.3pclSG... . 
961, Treas. friable Biff- 
96V Esch. ItapelSBUS 

82^s rreEsfiijpc'8&«Si 


zte™! 1 



+i 

3 


129V, 

114*,' 

96 

m 

51V 


Five to Fifteen Years 

JEafa.3pc‘83 

> Treasury 12pcL963i+_ 

i Treasury Shoe'S 

F>mdlng5ijK'tE«t“_ 

Tracery ffape BWEt; 
Fnnriiag^pC&STJJ. 
TreasmyTVpcIS-SJil. 

, TraaiiKnJpcTBffl 

i Treasury 5pcBM0 

Iraamr Up; lfl90}t_ 

104 
73V 

”« 

HIV 

Over Fifteen Years 


llff* 

126* 

112 




i HreasciyB 

; BzcheqnerHL 

i Eedaapdoc^elE&38_l 
i Is -smvlMJHM 

i SxcheqcarHI 

; TteBcry^pc^SCS. 

B Tress. 



5 


!lQ23 
, SLOB, 
110.96 
3.1* 
4.40 
10.05 I 
165 

а. 77; 
9261 
3.69 

iLsa i 
1089 
3.63 
9 671 
8.55 
9.46 1 
3.42 

б. 63 
11-55 

8.62 
, 330 
1223 


325 
10.93 
M0 
622 
829 
7.64 
8.74 
4.48 
6.82 
1148 
9.44 
; n m 
7.95 
2134 
10.79 
1131 


0130 

■837 

M83 

11.94 

1130 

1034 

Ill42 

■5.94 

fio.79 

1139 

10.43 

12.06 

1139 

■620 

0133 

1130 

WL47 

■9.72 

32-03 

1037 

1130 

■838 

1036 

10.00 

1031 


722 

936 

964 

796 

927 

839 

933 

7.63 

8.77, 

10.99 

10.G5 

1132 
9.46 

1125 

1103 

1133 


1131 
9.91 
1149 
1154 
1145 
10.67 
1133 
832 
20.93 
1142 

10.76 
1171 

1148 
839 

1149 
1119 [195 

18.77 
1039 
1175 
1083 
1117 

9.60,.. 
10531315 


1026 

10.40 


Undated 


! Consols 4 dc. 

l {warLoaaaattft...- __ 

pCbJAtt. 



TBt 


10.93 1 - 


1£ 

US. 


_ E38 067 


—11103 | - 

^INTERNATIONAL BANK 

88V 1 7 5V |5pc Stock 7T« | S7V|-V | 370 1 825 


^CORPORATION LOANS 


100 

93V 

107 

112 

V 

m 

1Q2V 

2% 

If 


85V 

79 

79 

Z7V 

,93V 

loo 

■107V 


82' HjeMTnniiOUpe “SJ! 
8112 Bristol 7Wim___ 
" GUC.I2Vpc“ 



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ItosSc®# 

Do3£pc , BH7 

Do6hpcl&33 

, Da-SpcTDAS 

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901, [Warwick UtfElflaB 


98V 


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93V 

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831 

106V 

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1174 

1167 

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622 

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73V* 

% 

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5.95 

1 
C £2 

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932 

lOSVs! 

-V 

1174 




837 


COMMONWEALTH & AFRICAN LOANS 


70 

83V 

93V 

96V 

89 

94 

65 


88*4 f**Antt.5Vpc’75-78 

79ia “Do. 5Wpc 7730 

69V “Du.avS'BME 

86V **N2.4pc 1978-78 

81*2 “Drift* TWO 

66 *-Da%c7B« 

85 Sib. Africa BVpc TOOL 
31 Stb-Rhotajpe 185-70- 
47 DafipcTOBl 


LOANS 

Public Beard and Ind. 


*& 

+v 

a 

556 

g 


+v 

A 

1029 

63 

— 

88 

— ... 



66 
95 

33 „ 
116 [101 


96 

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107 

Ull* 

116 

0534 

99V 

W 

SS 

8s 


44 

S' 


_ lUVptVW 

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C3M.C.^clfl8! 

Da without Warrants _ 
Uttranur7pc75-78 — 


64ai 


108 



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•w 


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kV-St 

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DaUpcCnsJjLV8 — 
[Da 11 ?®cIIbr1h. W~ 
Do. Ti^pcADeh. , £9*3_ 
DriTVpcADb.'8Wt__ 
7 a"91-W.— — 
V387 


111 *. 


70s! 


80 


- “ 74 37 


10.48 

1190 

1114 

730 

1125 

1020 


1035 

10.90 

1151 


10-45 
10.60 
11= M 
1125 
1180 
2130 
1160 
1170 
1210 


FOREIGN BONDS & RAILS 


1577-78 
Kgti Low 


W 

. 93 
355 
60 
58 
44 
42 
77 

% 

287 

7712 

165 

75 

5?* _ 

94 


P2B 
■63 
U50 

F5 

DKnlTorifl 1 


62 


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AoUda^istaFUy 
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(Genoan Yna4 1 tfc. 
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Mata. T4Ass. 

. Icelatkl E? jc ’8M3 
69J 2 Um3Dd7ijpc‘81-03 
65 rOoftpeSloe — 
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InmjiSpclSOl 


Uruguay 


Dfr.M 

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OH 

aos 

ffi.15 
H» 
635 
1030 
10 AS 
1141 




*» 


U-S. S & DM prices exclude inv. $ premium 

AMERICANS 



.2212 

10 

29»* 

131. 

22*, 

:* 

251, 

■31% 

* 

37ij 

» 

979 

1?7 


47V 


251 

66V 

25V 


17% 

13V 

W 

13V 

Be 

n 

191j 

224 

|TJf 

av 




630p 




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’[CatecsKHtatfl— 1 

Chaw MTi&lS 1^5^ J 
Hawaii Si. 
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tili©arp54 , 

ICfty Inv. SL25 

Do.Cm.Pri.B51_ 

Jcdgate-P.Sl 1 

jcolclKb.?: , 

K'ooLDlieasSlO.^.f 

CodLOiiSa 

CramZelLSS-. , 
fcaSa’-HaanoaSS. 
&ato&Q»S050_- 



nvl 


13 

23V»I 

i?p a 
631p 
990p 
43V& 

30% 

28V 

42 

32V 

17% 

13V 

1® 

13V 

JS 

20V 


171; 


FltwrCorpL&. 

Ford Motor a- 


16V HUH 


74 fTAM-CcmSS 

34 — .. 


kTimh 


11V 
*2% 
3^i 

7Mp 1-20 
174 j 
34%! 
75Bp 


Ui«.E5«t53:, 
TcSi^a--- . 

BoaesweUyLSu — 
Hutton Ef-- 


Iel 5<^tcnK4 Con. SI I 
jlU.!Latenadi»alil| 
lEs^rALSs- 


Dtv. 

town 

C\r 



5% 

— 

5175 

— 

SI, .40 

— 

?2« 

— 

50c 

— 

64c 

— 

90c 

— 

S228 


JUKI 

— 

40c 


6Uc 

— 

SI .DO 

— 

S2.00 

— 

52.50 

— 

*0-24 


!Vf 8 

E 

84c 

— 

OOO 


SL06 

— 

5100 

— 

S2 

— 

$100 

— 

S2.7S 

— 

S132 

— 

0 40 

— 

SIM 

. — 

SI 40 

— 

•300 

— ■ 

suw 


5380 

— 

suo 

— 

SUM 


1 


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- 

90c 

z 

5140 

— 


Sbdr 

LHan.CSS73D 
, . jantlPJCSSaS 
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kzTOMsUSS- 

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irrfscroPLUSSUffj- 

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_. . PiSteeia 

938p VetcoSELSS. 

11 ^2 ¥ToolwoithsS3*2 

29 Kcr.sxCorp.51 — 
465p Somes lr& 16c — 
758p (Zapata Cop. 25c_ 


+ orf Dhr. 
Gras 

5192 
5236 
, 76c, 
h£..0ti 

5104 
15c 
5100 
80c 
90c 

hSL60] 
60c 
5112 


a 


5160 

52.00 
1D%1 

51.00 
52 

5130 

80c 


20c 

SL40 

5160 


Cff! 


— [ 4X1 


— I 13 


[SJEL list Premium 2V& (based on *1518320 per £. 
Conversion factor Q£822 (0^128) 


CANADIANS 


1*77-71 
High low 


ft 


JfonfrealS2 — 
^j.NoraSooM$l. 
Bdl Canada 25c — 
Bo^VaUayfl—I — 
itosraaf 

f7fm.Tmp.B fc Q 

Can. Pacific S 

Da4peDeb.£100- 
GaliCmCmi- — 
Hawte-SaCanJ- 

noIlir.Es-S5- 

HnlsaD'sBayy — 
HBiB.oaG.S2V_ 
Imperial — 
Inco 


585p|InLNat.GasSl 

■w 


tasop 


.S2_ 
„CS1_ 
[Tot Dorn. BfeSl — : 
ia- 2 ns.Cn. Pipe 33V: 


12V 

840p 

134otf 


!+ or] Dh. 

- I Gran 


-5 


92c 
54.08, 
10c] - 

sim 

51.44 
80c 
4%] 
$106 
40c 
5194 
65c 
5176 
86.4c 
5160 
80c 
5100 
86.4c 


(TV 

CwlQrt* 


S-E. List Premiimi Z4h% (baaed on *20267 per fi) u 


BANKS AND HIRE PURCHASE 


1977-78 
High Low I 


£114 (£88 La 


Stock 

L4NZSA1 

[AlemndersD-D 
nnawFLIOO 
r JenHarv^fl. 
; Allied lrisbl 

UifauUmotLn- 
|Baak Aaer. 5L56S- 

Bk. Ireland £1 

, DalOpcCmrt— 
BtLeamiI£l_ 
BtLaanrifUlCtfl 
|BLN'3W.SA2_ 
Basi Scotland £1 


£Zt%teajikersN.Y310. 


Pike - 



^ M 


ConlAns-ifl 
Craa’zbklKIlOg 
Ch^n_ffi>kJKrlO 


’i 


■S 


,]Deda*eBxAt_ 

If. C. Finance. 
(First NaLlOo. 
DaWrrls.’SJ 
Prase Ads. Mp-( 
GerrardNaiEL— 
Gibbs [A.1 — , 

G!llf«Broa£l- 
GoodeDIKzyjpl 
Grinfiay*.. 
GninnessPeat—l 




52 


300 
485 
290 173 
100 57 

430 293 

JP 

56 


Dal 

rroynbee^ 
(Jo9C}^i(Leo)£l_ 
{KesoerUlImann. 
iftSbaxSOn. 
rartBX. 

MHml O — 

MflDStn Fin. 20p . 
Mercury Seca — 

Midlaud £1 

Do. 7^% 83-83— 
. tBWB- 
KbstnAaseb- 
NaLfflcAnstSAL 

NoLCom.Grp . 

Nat West. £1— 
Scbrodersli — 
SecoombeMCa 
Smith St Anb— 
StanffdChaitEl. 
Trade DW.SL50. 
UuimDtea. 
UU.T 


i=n t 


BBS 


+ orj DIv 
Net 


-10 


-3 


+3 


sdn tusr 




25 1 - I 83| — 


0.03 

F14.95 

032 


*932 

t432 



tQl^jc 

233 

tlO.42 

10.40 

12.06 


Cvr 


24 


4jJ 


24 


7JJ mZLS 


a 


- I - I -1133 


P ffi 


63 


63 


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= « 


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+2 




hZQ3 

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- 1 71J - I Z1V 


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23 6.7 1 
23 73 (731 

tU2 | U 63113 


BEERS, WINES AND SPIRITS 


4i5 tea 


Allied Brews. , 

AmLDistPtMpJ 
BaaOJarigton— 
B«ll Arthur S0p_ 
BelhifniBreiHy 
BoridiQ ' 

Border 
Brown ; 

.^sto g- 

KSSdShi 

(Clark CMaltbew)- 


GontoOJl 


»a£!| 

Whitley 


hnshrdDfstaipj 


Horiasdf 
5andeniaL_ 

! Scott* New ap- 1 
r^gefccaiJ 

Vssnxtl 

Whidread'A*.. 
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—2 


+3 


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434 

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rJrlr.W M 


*3.91 


42 . 0 ) 69112 

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33I16.4 1 176 1105 


42153. 
6.7119 
5.4 123 
37 9.7 
73 73 
3.0 9 7 
6J1 15-7 
63 7.7 
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10.0123 
12 U3 

TA 93 

Jills 

3.0 2 I 2 

33 di« 
Z 22 I 7 

53113 
65 423 

7.0 18.9 
33166 
41227 
63105 
53102 
43118 

2.913.9 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


3-8(128 


60|!28 


0 42=0 


Aberdeen CotsL. 
AbetbawCem.- 
'Alli ed Plant 10p_ 
LUmftsge Sinks.. 
(A.?. Cement £1— 

bpbS'S 


JEanattDev.lOp. 

{Beasinwodir 
Safeld&L. . 
BenfordH. I0p_ 

iBettBroaSOp 

BlockJevsOOp 

Perm— 

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[ BritD redgl 
Bccwn 


Brownlee 

BryaaTHWia. 

I Burnett 6 H_ — 
Burt BottlWniL- 
{C.Robey'A'Hto,, 

Kal'nderii^ilw-I 

CanJohni 

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iCmwatgnadstoneJ 

fCcffibeaCp-Wp- 

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233 
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3.6 7 2 5.9 

3.7 58 7.0 
61 82 4.1 
12 9.OQ101 
2.4 4.8135 


4.6 43 7.6 

1? 7 d X\ 

2.8 93 4.6 
20 123 63 
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4.4 4.6 7.4 
5.® 35 83 
33 82 63 
27 6.1 93 
19 7.9102 
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21 85 82 

9.9 24 63 
35 8.3 53 
23 92 73 

27 7.4 7.7 

£7 li'7 ?3 

28 52151 

22 62(8.9] 
93 L9 82 
33 03 53.7 

BBS! 

3.1 5.9 82 

3.7 4.7 33 
S3 48 61 

3.4 7.1 53 

5.4 8.4 43 
U 82173 

3.710.4 8.6 
19 9.9 60 
37 52 7.9 


24.9 


BUILDING INDUSTRY— Cont. DRAPERY AND STORES— Cont 


1T7-13 
ffilk Law 


Stock 

[Feb.InC.I9p. , 

1 DaWlQp J 

Fed.Las£fcBV.| 
irmigi-daitte-' 
[Francis Fie. lop. 

Fa=a'G3.;H)?_ 
|Fre»iEer_lJ 

rattst=’i& 
IrjtesopWiJ. . 

Hi'srS’- 

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HewtetSt 10p- 


69 


ni! 

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22 J ftdl39) ITlLr R« 

a L... jtdl59 

37 1-1 | *2.03 
29 t*2 
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DaTbcCcaT— If £220 
SejwdB 


— |d334 


307 
1 65 
134 
13.49 

■ills 

& 

&* 




HfsaaiHJl [ 

Haverinjhxra — 1 
Da Res. V!g - — 
Howard Sic I9p 

75 mean 

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IctTunber 

;3.Ho&5njs3p- 

icfcrrr 

96 JarnsJ-i — __ 


Wm.50pui 65 j-3 | — I - ' - - 


insn-RcbdaSto- 
.JcocsSrtwri. iOp 
_ KeafSLP.itop- 
£19V USa^eSJLBOO 
26 LaSa^etot — 
LaingfJanni".V 


84 aattxafJ.iU _ 
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Leccb(WcL)2C!P- 
IgjtorilVua— 

IilleyFJ.C 

Liner C.STchS^j 
London Brieic — > 

LtrreOfYJ. 

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HfiacetfiSir- 

Ma&injan-Dera?] 
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(iS*SnF 5 h<- 

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tears 2sm 

bldvillettiW.. 
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-1 


i.7>::.5; 14 J 

27' S3 10 8 . 


in:/; 55 

27 2-i, 7.9 
35 - — '0 
22 SS 72 
3 £' fcX; 66 

C.7:i:7:2a3 

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1332 

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ta-7. £4' 54 

is; 2 . 2 : M 

31 t5 62 


dS.49 
15381 
t6 29 1 
ra0.97 
1.51 1 
860 


:? 


0.92 
236 ■ 

42.031 

1 ZJ 6 I 


6j: 2.f 85 

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33 te' 26 
43 : 33- 92 
4.6? 2^213 


-|Tb6.72t Zk Eli 72 


-1 


-2 


Miller < Staajlflp.f 

Mitroncrate | 

Mod. Engineers- 1 

1 Monk(Aj_ 

BttwiauiJ— .. 
NewarthiH£l_ 
NorwEStHobt— 

2 it Brick 50jj— 
i OnneDevaKV- 

RzrterUnber- 
Pboenii Timber. 

POCHES 

RawiingsBros — ( 
£5.1 

D*dlanQ 

trends. Wall IOp 
Eobeni Adlari- 
BcsrilnsraHJpf- 


22 ; 2-3* M 
Li is: 

4Ji 5 C 72 
A j 7.0! » 

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23; 1 4| 83 

27= fci:?3 
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33' 3:120 
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3Ji 9 . 4 ; 52 
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iwl K 7=-Ji 

2& ?.£; ti 

3Ja 5.9 72 
5.4 7.3 7.6 


65 

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CINEMAS, THEATRES AND TV 

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47 HTVN/V__7 

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31 WtftTV'A’lOp. 
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HOTELS AND CATERERS 


Brat walker 3p. 


£ 76 V Do. Upe Cut I 
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^ Relative Strength ^ 

strength is ttae difference between a good 
* n d a .. fed investment. Wo soppiy retalhe 
swkjrui charts for Britain's leading companies. 
WusaHtho i other price information necessary for 
■gprasMBi investment. 

Write or teleph on e for a free sample. 

... CHART ANALYSIS LIMITED 
1*4-200 ■iahopsgaxa, London, EQK 4PE. 

Tel: 01-283 447* 


Thursday January 12 1978 


THE SPACE BANK 


Butiers 


Y/arehousing & 
Distribution Ltd 


The gnalfly dls t rilwillnn smrteefnrtop 
amndicimas ud ro Sail ox*. Bin j 01-578 2311. 
Pfl.Bci U,gocferat Anna. rr. fat, waiimg ttm nftP. 


U.K. car output cut 
400,000 by strikes 

BY TERRY DOD5WORTH, MOTOR INDUSTRY CORRESPONDENT 


$ could trigger 
oil price rise 


THE LEX COLUMN 


THE FULL IMPACT of indus- 
trial disputes suffered by the 
four large British motor manu- 
facturers last year has emerged 
in figures showing a 10 per cent, 
fall in sales of home-produced 
cars while total registrations 
went up by 3 per cent. 

Strikes in the car factories and 
their suppliers deprived the U.K. 
industry of about 400,000 
vehicles during the year, it is 
calculated. so that output 
actually fell marginally while 
the market was rising. 

As a consequence, imported 
cars flooded into Britain, raising 
their share of the market by 
7 per cent, and establishing a 
sales record or 600.600 vehicles — 
a share of 45.4 per cent 

These figures, published by the 
Societv of Motor Manufacturers 
and Traders yesterday, empha- 
sise the problems the Govern- 
ment now faces in trying to 
fashion a policy for the British 
motor industry and revive its 
flagging manufacturing base. 

The market last year, while 
showing none of the buoyancy 
which lias been experienced in 
the rest of Europe this year, was 
higher, at 1.323. 5:14 units, rhan in 
any vear since the record 
1.661.642 of 1973. 


U.K. CAR REGISTRATIONS 
12 months ended December 



1977 

% 

7976 

O/ 

/ o 

Ford* 

340,379 

25.77 

324,659 

2535 

British Leyland* 

322JM7 

2433 

352,679 

27.43 

Vauxhall* 

120,600 

9.11 

114,494 

8.91 

Chrysler* 

79.730 

6.02 

82,905 

6.45 

Total British 

722,947 

54.62 

797^83 

62.05 

Datsun 

82.133 

6.21 

68,853 

5i& 

Fiat 

66,015 

4.99 

48,595 

3.78 

Renault 

55,862 

4.22 

56,855 

4.42 

VW/Audi 

45,958 

3.47 

43JI97 

3.41 

Total im ports t 
.Grand total 

600,577 

1,323,524 

45J8 

100.00 

487,900 

1^85,583 

37.95 

100.00 


“ Includes cars from companies’ Continental associates l 
arc not included in the total U.K. figure, 
t includes imports from all sources, including cars from 
tincncal associates of U.K. companies. 


Shortages 


Vet the British manufacturers 
failed to take advantage of the 
situation, and in the case of the 
multinationals— Ford. Vauxhall 
and Chrysler — were at times 
forced to import fmm their Euro- 
pean plants tn overcome supply 
shortages at home. 

At the same time the disputes 
in the British industry have 
weakened any case for stronger 
limits on Japanese imports than 


those imposed by the informal 
understanding that Japan will 
not go much above the previous 
year’s level. 

Japanese sales last year, while 
clearly reined in to some extent, 
still went up by 15.7 per cent, to 
140.415 units and Datsun 
increased its sales by 13.000 cars 
to a total of S2.000. 

Datsun issued a strong state- 
ment yesterday complaining 
about "misleading" interpreta- 
tion of Japanese car sales 
statistics in Britain, and said 
that Japanese makers' apprecia- 
tion of the problems facing the 
British motor industry was “ a 
lasting one." but fears of a fur- 
ther increase in the Japanese 
share this year remain. 

— British producers hope tn stem 
the imports tide this year having 
got many of the more difficult 
wages issues out of the way last 
autumn. But even if this 
improvement were achieved. 


imparts are expected to drop by 
only about 2 per cent., while the 
multinationals continue with 
their policy of supplying from 
the Continent. The market over- 
all is expected to reach about 
1.42m. vehicles. 

Among the importers, the 
biggest rise was achieved by 
EEC producers, with sales up by 
27.6 per cent, to 412.100 units. 
Japanese manufacturers 

achieved a 15.7 percent, improve- 
ment to 140.415 units, while the 
Comecon countries produced 2 
per cent, expansion to 23.300. 

Ford became the largest single 
importer over the full year, 
bringing in 86.500 vehicles com- 
pared with Datsun's 82.100. 
Vaux hall's imports also went up. 
by 10.000 to 39.900. and Fiat per- 
formed substantially better than 
in 1978. increasing sales hy 
16.000 to 66.000. Chrysler’s im- 
ports went down hy 8.000 to 
15.000. 


BY RICHARD JOHNS 

SAUDI ARABLA has not ruled 
’ out an effective increase in oil 
prices to compensate for the 
1 depreciation of lhe dollar — 
Sheikh Ahmed Zaki Yamani, 
the Saudi Minister of Petroleum, 
suggested yesterday. 

He confirmed the country's 
position that oil prices should 
be frozen for the whole of 197S, 
but added that they might now 
have to be based on “several 
; currencies " if the U.S. dollar 
kept on falling. He was evidently 
referring to the formula applied 
in 1972-73 whereby, after pro- 
tracted negotiations. the 
reference price was pegged to 
a “ basket of currencies." 

Saudi Arabia has conic under 
some pressure from fellow Arab 
oil producers to soften Ihe stand 
it took at last month’s meeting of 
’the Organisation of Petroleum 
Exporting Countries f OPEC l that 
there should be an oil price 
freeze throughout 1978. 

OPEC's economic commission, 
prior to the Ministerial meeting, 
reckoned the inflation In the cost 
of goods imported by member 
States was as much "as 25 per 
cent. In addition, there was the 
loss of purchasing power from 
the depreciation of the dollar in 
1977. calculated by Kuwait at 
over 8 per cent 

Linking oil prices to a " basket 
of currencies" is no easy 
formula because of the difficulty 
of giving the right weight to 
each one. The so-called 
Geneva II formula of 1973. 
which was adopted at the end of 


that year, was based on 11 
currencies. 

Jnrck Martin writes from 
Washington - Mr. Michael 
Blumenthal, the UB. Treasury 
Secretary, said yesterday that 
the new activist UJ5. policy 
towards the dollar had accom- 
plished Us goal. " The main 
purpose (of the •intervention) 
has worked, it has quietened 
things down,” he said. It had 
been necessary to act because of 
M disorderly market conditions.” 

Mr. Blumenthal declined com- 
ment on the Federal Reserve 
Board’s action last Friday night 
increasing the discount rate to 

6.5 per cent- as another move to 
defend the American dollar. 

Michael Blandcn writes: The 
dollar weakened again in foreign 
exchange markets yesterday, 
requiring renewed central bank 
support to bring a slight 
recovery from its lowest levels 
against most currencies. 

The pound showed a sharp 
gain on late demand, after being 
less strong than other leading 
currencies earlier in the day. 
Sterling closed with a rise of 

2.05 cents on the day at $1.9390, 
with its trade-weighted index 
against a basket of currencies 
rising from 65.7 to 65.8. 

The dollar lost ground against 
the West German Deutschemark 
at DM2.1122} against DM2.1360 
on the previous day, and against 
the Swiss franc at Sw.Fr. 1.9770 
against Sw.Fr.2.0085. 

The dollar’s average deprecia- 
tion as calculated by Morgan 
Guaranty widened to 4B3 per 
cent, from 4.47 per cent. 


Shareholders and 
company law 


£75m. project for 
Milford Haven 


JBurrowum u y iro v erameu i by rat dafter an ° robin reevb 

9 ** TWO U.S.-BASED oil companies, concern within the oil industry 

— ~m -a Amoco and Murphy Oil. are H> about the amount of refinery 

SL. 8 yvirr/kln build new oil refinery units at modemintnon and expansion 

liiOffl llW i In rPl 51 v Milford Haven. West Wales, at obat is being sanctioned. 

MVJ.V ff A\/A -H-Ws f an estimated cost of about £75m. More nhan Elbn.-wort-h of work 

Amoco's existing refinery is to is proposed for the next few 
bv uiruici di an dem be expanded with the installa- years. Much of this money will 

MiuMAtu blanuein tjon of a 32.ooo barrete-a-day be spent on new cracker projects. 

THE Government has con- The rise last month appears to cent, up compared with the pre- catalytic cracker, a 50.000 Gulf and Texaco, for instance, 

tinned to run comfortable below have been due to other factors, vious year, but over ihe first barrels-a-day vacuum pipestill are buiHing a £290m. complex 

° Z including possibly continuing nine months as a whole, the rise land a 3.000 barrels-a-day alky la- also at Milford Haven, a project 

me lorecast levels oi us nor- effects of ^ aU | UmD inflow of was only some 11 per cent., an tion unit — facilities aimed at which in the early discussion 

rowing requirement, mainly as a funt j s f rom abroad. increase of £3.02bn. to £31.7hn. ! converting heavy fuel oil into a stage involved Amoco, 

result of the unexpectedly rapid The Treasury figures showed This compared with a 10 per wide range of lighter products The industry expansion is 

growth of its tax income. that the central Government cent, rise forecast in the such as chemical feedstock and going ahead in spite of the large 

The figure* of centra! Govern- borrowing requirement in Decern- Budget. petrol. amount of over-capacity that noy 

went Revenue and erantitura ber was £7S5m - dov ™ from Consolidated fund revenue in As part of the deal Murco exists in U.K. refineries. It is 

published Sftefdav aeain iiidi * l-07bn. in November and from December was 1300 m. higher Petroleum, the U.h marketing estimated that many refineries 

cate that t he horra wi ne reo iii re- £875“>- in December 1976. than a year earlier at £2.81bn. subsidiary of Murphy Oil. is tn are being operated at between 

min. of the nublic seltoras a Over the first nine months of The figure was affected hy the acquire the right tn process 6c , 70 per cent, of capacity, 

whole should P fall substantially tiie 551031 year - 1116 borrowing October income tax rebates, the tb J" 0U3l l tbe ® xl,,tia 3 It is thought that the main 

tinder thii £7 5bn for the current re 9 uirement has totalled £3.8Shn. hulk of which look effect in 108.006 barrels a day refinery- problem could arise in the early 
BnsSii vir fn!w? in is wel1 dnwn froui the December, but also hy the second Both Murphy and Amoco have i9S0s when many of the new 

October £5.37bn. recorded in the same call nf £291m., on the issue of a stake in North Sea oil produc- plants are due to be commis- 

period last year, and is in sharp BP stock. tinn. The new cracking facility sioned. Amoco and Murco in- 

Tney also suggest the impact contrast with the 17 per cent. Over the first nine months of would permit each company to rend that construction work 

oT the tax rebates last month was increase Forecast in the spring the year, revenue showed an in- l,se crude oil most efficiently, should begin early next year so 

Jess than had been generally ex- Budget last year. crease of -E3.97bn. over the ,he - v that the new facilities can be on- 

pected in the City, and the Gov- The major reason for the previous yr>ar. nr nearly 17 per However, there is growing stream tn 1981. 

ernment's borrowing needs were shortfall in the borrowing re- cent. Pari of this is accounted — 

not the main factor behind the quirement has been on the for by the inclusion of Ihe tntaii 

further rise in the money supply revenue side of the Government's BP receipts of H500nj.. but even ' COD till Ued from. PSLS.0 1 

indicated by this week’s banking accounts. Spending from the con- so. receipts have been running j 

statistics. snlidated fund — through which well above forecast. The main; 

These pointed to a level of the tax revenues pa<s—h3S been rire has rom<* from Inland I 

money supply growth still at nr pretty much on target. Revenue receipt*. «om<-vh;i! 1 c*u.NN r intervals and wintry 

above the target range of 9-13 In December, ' consolidate'* higher <o f,r :n spite or subsc: ^ SSS^S^ 

per cent, for the financial year, fund expendnure was 20 per quent lax reliefs. , London. Cent, NVW. S. England, 


stream in 1981. 


The Stock Exchange has 
decided to come out in more or 
less direct opposition to many 
of the more important proposals 
in the Department of Trade's 
Green Paper on company 
reports. In particular, it is 
reaffirming its belief that com- 
pany law should concentrate on 
the responsibilities of com- 
panies to shareholders and 
creditors. If other responsibili- 
ties are to be legislated for — 
and the position of employees is 
obviously the key matter for 
consideration here — this should 
be done outside the framework 
of company law. 

There is a lot to be said for 
the Stock Exchange being con- 
cerned with shareholders’ rights 
in this way. And its submission 
to Lhe Department rightly 
sweeps aside some of the more 
nebulous proposals for social 
accounting and information on 
peripheral matters, like a com- 
pany's contribution to the 
balance of payments. But to be 
fair the Government appeared 
to be putting forward such sug- 
gestions for the sake of full dis- 
cussion rather than out of any 
obvious enthusiasm. 

The disadvantage, however, 
of the uncompromising ap- 
proach is that it runs the risk of 
encouraging the introduction of 
backdoor measures. If the rights 
of employees are to be more 
directly recognised in law then 
it might actually be safer for 
shareholders if tbis were to be 
done through company law than 
otherwise. The Stock Ex- 
change's submission makes the 
point, for instance, that Trade 
Unions can gain a great deal of 
information from the normal 
collective bargaining process. 
It is not unusual for employees, 
whether through house journals 
or employee reports, to be given 
significantly more information 
than goes to shareholders. Given 
that one of the Stock Exchange's 
cardinal principles is that infor- 
mation should, be equally avail- 
able to all. the implications of 
excluding employee reationships 
from company law could be un- 
fortunate. 

In any case, the Stock 
Exchange cannot ignore the 
slow but inexorable progress of 
EEC company law harmonisa- 
tion. The fourth directive, for 
instance, which is due for 
approval within the next few 
months, contains a number of 
disclosure provisions primarily 
geared tn employee interests 
More importantly, the draft 
seventh directive appears to be 


Index rose 2.7 to 487.2 

CENTRAL GflVBMMENT 
^BORROWING REQUIREMENT 

6 Gumufatne total 71 

Financial pars A / 

5 • *r 

„ . I97fi-7v. / V| 


'1977-8 


| aajJASoapj fb| 

far more concerned with em- 
ployee, Government and con- 
sumer needs than with those of 
creditors and shareholders: 

In several detailed respects, 
too, the Stock Exchange's com- 
ments are disappointing. .It is 
less enthusiastic about dis- 
aggregation and about the- dis- 
closure of pension liabilities 
than might have been expected 
from a body which until now 
has been actively seeking 
greater disclosure by companies. 
And there is no direct comment 
on recent proposals for multi- 
tier reporting standards while 
the Stock Exchange has not- put 
forward any view on the merits 
of simplified accounts. This 
could, after all, be one way nf 
hringing shareholders and em- 
ployees within the same frame- 
work of disclosure. 

International, banking 

Against a * background of low 
U.K. interest rates and sluggish 
lending the outlook for the 
clearing banks' domestic hank- 
ing profits is far ftom encourag- 
ing. However, their international 
banking activities are growing 
fast, and are now providing a 
very useful cushion against the 
vagaries of the UJv. , interest 
rate cycle. ' Indeed, there is a 
strong- possibility that in the 
current year two banks — 
Barclays and Lloyds— could, for 
the first time earn more money 
from their ^international opera- 
tions than from their domestic 
activities. 

Yesterday’s 34 per cent, rise 
in Lloyds . Bank International’s 
pre-tax profits to £43 .Iul, under- 
lines the buoyancy of this side 
of the business and follows good 
profit figures from Barclays 
Bank' International and' - Stan- 


dard Chartered Bank last 
month. Unlike EBI, LB I does 
not push exchange rate adjust- 
ments through reserves — it 
takes them above the line. Last 
year this meant that profits were 
inflated by £6.7m.' while this 
year profits were deflated by 
£7.1m. So instead of rising by a 
thiTd profits are nearly doubled. 

Nevertheless the LBI figures 
underline the fact that like 
Barclays and Standard Char- 
tered it is still very dependent 
on its traditional areas of over- 
seas business. Virtually all the 
growth in profits comes from 
Latin America (the old BOLSA 
territory) which now accounts 
for 55 per cent of profits. In 
particular it has benefited 
greatly from a big improve- 
ment in its Brazilian and Argen- 
tinian business, which together 
accounts for over two-thirds of 
Latin American profits. 

By contrast, LBI, in common 
with BBI and 1 Standard, does 
not appear to be nuking much 
headway in the highly competi- 
tive Eurocurrency and North 
American markets. These are 
the. two areas where all three 
groups will have to look for 
their growth in the future. 

CGRR 

Any suggestions that the jump 
in the December figures for 
banks* eligible liabilities could 
be explained by a surprisingly 
large rise in the central Govern- 
ment borrowing requirement 
hardly stand up after yester- 
day's news of a CGBR of £785m. 
That is right in line with expec- 
tations. which had taken into 
account the income tax rebates 
and: pensioners’ Christmas pay- 
ments. The reasons for the trend 
in the banking figures could 
therefore be that money market 
transactions ' distorted the 
figures, or simply that the lend- 
ing of the whole banking v'ecfqt 
has again been climbing . F.; 
than can be deduced froij Jt; 
pattern of clearing :/• 
advances. . 

Meanwhile the Consqrjf ’ “ . 
Fund figures show ''fjJjS j 
growth of expend;,; ' W w | 

accelerated a little, trial 1 

per cent, far the finnsidera- 1 

so far has caught r in the ■ 

growth' rate forec->u was E 

Budget But de&£t risk § 

December- rebates, raved. to a 

tinues to be well, above ta'i. 3 
and the public sector bora, 9 
ing requirement could | 
emerge at around £6.5bn. ffc 1 
the financial year. V 8 


SUNNY intervals and wintry 
showers. Strong winds. 

London. UeiiL, N7W. S. England, 
Midlands, Lake Dist. 
Mostly dry, sunny intervals. 


Inflation slowdown checked 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


: Mr. Ru«e!l Kerr. Labour MP iv „ T‘; oPV , 

•for Hounslow. Feltham and * 1 

jS: ' «i- * W-J L AngH®, 

3c a ,3TF)’ Wi " W Sh ” WerS - M3S - 
’ ‘ . . S.W. England, Wales, Isle of Man 

! The coni in nice believes re- sunny intervals. wintry 


Afew words 

about Tdkai Banks expanding 
internationalc^perations. 


I *'■ 

% h- 

i * 

\ 9 


THE SLOW DOWN in the under- 
lying rate of inflation slopped in 
December, according to Ihe 
latest figures from the Price 
Commission. 

After nine months in which 
the commission's index of price 
ri<tcs notified to it has been 
steadily falling, the rate of in- 
crease in the index showed a 
small rise last month. 

The index — which usually pro- 
vides a reliable advance indi- 
cator of trends in retail prices — 
rose by 2.9 per cent, in the six 
months to the end of Decemher. 

Expressed at an annual rate, 
these six-months figures mean 
that the rale or increase in the 
commission's index is now run- 
ning at fi per ceni. In Nnvemher 


RETAIL PRICE INDEX 

Lid. Seasonal Fowl* 

A 1 


PR!**E ^ 
COMMISSION 
INDEX 


I j . r — . sunny intervals. wintry 

‘hi -vd cos Is must involve im- showers. Max. 3-5C (37-4LF). 
hut the rate per month ros? tn proved manning levels and ihe Cent N N E England Borders 
nearer 400 in December as com- closure of .-i-veral older works. Edinburgh! Dundee. Aberdeen,' 
panies .submitted proposals for • particularly those being kept in Cent. Highlands 

raising their prices in the New production for social reasons as Cloudv wintrv showers. Max. 
Year. a result of the review carried out 2C f36Fi’. 

The biggest fall in the rale nr H :*' Lord Bcsv-n.-k when he was a " Glasgow. Argyll. N. Ireland 
increase in the commission's • Department of Industry minister. Mostly drv. sunny intervals, 
index took place in August and: The rommiUet- wants any staff Max. 2C (36F). 


September, just after the new. cuts to be conducted over several 


... Moray Firth, N.E. Scotland, 
price controls were introduced. . j^r.- in a socially acceptable Orkney, Shetland 

The figures for November and | manner. Snow sbowers, cloudy later. 

December suggest a much, expect’* the corporation to jji\. 2C f36F). 
flatter trend, which from now on ,ose some -500m. in the current jj.W. Scotland: Becoming cloudy 
could he affected by any hunch- [ vear about £350m. in w j t h 5 ] e et or snow. Max. 3C 

in? of increases, as happened 1 13, 8-1 9 ' anrl perhaps £100m. in 137 F). 

this month. ; If79-Sn. with no chance of break- OUTLOOK: Mostly dry in south. 

The commission's lndox. ,na even before 19S0-SJ even if cloudy in North. 

usually yives three to four. carl >' corrective action is taken. — 

months’ advance warning of- cfimmitiw says of the BUSINESS CENTRES 

likely trends in the Retail Price . m: U° r ^twUvurfcv : _ . y ^ y 

Index. Despite this month's ocunlnorpe, Lincolnshire, and niM-dar mid-day 


SIX- MONTH 
MNUAUSLD 


1976 


As you might know. 

Tokoi Bank is one of the 
> leading banks in the world 
uxth over 15.000 employees 
and 200 offices established 
i in Japan itself. / 


It probably doesn't surprise 
you we're modem, 
progressive, and one of 
the first banks in die world . 
’ to utilize, on-line 
computerization in our . 
\barJdng operations.^/' 


What may 
surprise you 
is our commitment 
to irifemafioncri ■ 

, • banking. 


¥ 


the increase was down to 5.S per prices in December and appears small increase in lhe Conimi?- Llanuern, .South Wales: E.vp ac- 
cent. 10 have been partly seasonal. sinn's figures, the annual rate of.sions are almost complcie 

The acceleration was due to a Btween August and October inflation in the shops .stitl looks; ^though Scunthorpe *s. still 
hiq increase in the number or the commission was receiving like reducing to single figures : snort of iron-tnak mg capacity, 
companies wanting to raise their about 220 notifications a month, by the spring. ' Kavenscraiq. Scotland : Expan- 


Alliance to fight S. African racialism 


BY BERNARD SIMON 

A MAJOR new dimension wac 
given to South African politics 
to-day when Zulu, Indian and 
Coloured leaders agreed to 
formulate a common strategy 
against the Government’s race 
policies The alliance could 
become the largest political 
grouping In the country. 

The move came at a meeting 
in Ulundu. capital of the Kwa 
Zulu hanlustan. attended hy 
(he Zulu leader Chief Galsha 
Bnthpleri. also heart or the 
Inkalha political and cultural 
movement, Mr. Sonny Leon, 
leader of the Coloured Labour 
Party, and Mr. Y. S. Cbinsamy. 

who heads the Indian Reform 
party. They agreed their 
movements were “ representa- 
tive of oppressed peoples and 
share common alms and objec- 
tives.** _ _ 

To give practical effect lo the 
alliance, the three— well known 
for their strong opposition to 


a pari he id — also agreed l« set 
up an interim co-ordinating 
committee to prepare the 
ground Tor a national conven- 
tion. in which all South 
Africans could participate ** lo 
create a charter for a non- 
rarial future.” 

The meeting, described by Mr. 
Loon as a turning point in 
South Africa's history, ha* set 
the stage for dose political 
collaboration between Ihe 5.4m. 
Zulus. 2.4m. Cnlonreds and 
765.000 Indians. 

But any attempt In establish 
a fully-Hedged political party 
based on the new alliancr is 
bound to fall Toul of the Pro- 
hibition or Polilicnl Inter- 
fere nee Act which, among other 
things, forbids parties front 
drawing members from more 
than one race group. 

There are already signs that 
the government will strongly 
oppose any arrangement which 


; s i°n should be completed.. E.'irast s 

I Pori Taihnt, South Wales: B?l«rade f 
T here :s a pre-?tin= need for new f^ hm s 

n ___ . :rnn and <tecl making plant. But Hnsim c. 

SlSklTB lnp tnmniiiiee d^i«?s not accept R 

1 uVia&lOill Th a r the works yl/vuld have, as s' 

mu iwTCDi'nr- , n 1 planned, a nc-.v medium-width ciim ' s 
JOHANNESBL RG, Jan. 11. j-tnp mill t^irdiir c 

, ■ • r ' •.■(•«! fur such a mill r 

does not fit nilo ils new c->n- .should treated as J separate oi|>Ti>.wp. « 
slitulionai proposals. und<-r inve.-imem problem Meanwhile nnhiin s 

which Ihrce separate pa rlla- Port. Talbot could he equipped r'Sm r. 

menu Tor Whiles, t.oioureds rc-ativ-ly cheaply with a new k 

and Aslans would contribute | wide-V«riu mill usin- the c.i.iwn-* -s 

members lo a multi-racial r.jun>J.«t 1 .,ns .,f lh o pre5 en t mill'. jJ'-'S s 

council, headed by an executive Red car. Tc-sside: The first “o-bnr= K 
president, which would have : .<{ ;h-: deve'onment should l - L<bnn R 

responsibility Tnr major policy be ' l.'m “he feennd Lnn ' Jnn st 

areas. Africans, whose home- , >>a re. in-.-f.hinj ., n investment of HOI 

lands .ire supposed to proceed U.6i>n. .i: ] :>75 prices should 

lo Independence, would not be ret-'n-id c,, -'-d ^ r 

form part or this arrangement. Th« *.IP> lr*e no justification 

Mr Jimmy Kruger, Jusrk-e 1 -U'.-h j lug increase in olwl- c 


president, which would have 
responsibility for major policy 
areas. Africans, whose home- 
lands are supposed to proceed 
i» Independence, would not 
form part of this arrangement. 

Mr Jimmy Kruger, Just ice 
Minister, recently warned Chief 
Buihelezi (here would he 
" (rouble" if (he Chier 
broadened the base of his 
Inkatha moirmcm to include 
nun-Zulns. Since Iasi October's 
Government crackdown. 

Inkatha is- the only broad-hased 
black political grouping in thr 
country, controlling its nwn 
newspaper and reportedly 
having access to considerable 
sums of money. 


BUSINESS CENTRES 


Y"«lay 

1 


l”day 


midday 


mid-day 


•c 


1 


■°c 

•K 

Auktinrt 

r. gs 

TT 

LnxembrE 

SI 

I 

34 

Amyrdm. 

R S 

41 

Madrid 

F 

B 

46 

AibetLi 

S in 

50 

Mancbsrr. 

C 

4 

3S 

Bahrain 

s in 

62 

Melhonme 

r. 

IS 

64 

Darcnlona 

c is 

.VI 

Mexico C. 

c 

13 

M 

Beirut 

F 1* 

57 

Milan 

Sr 

n 

2! 

E.'ITasr 

S 2 

X 

Montreal 

S 

-14 

T 

B?li;rade 

F -.1 

Hi 

Moscow 

C 


IS 

Berlin 

C 4 


Munich 

r; 

2 

:u> 

Brmchm. 

St 2 

-IB 

Mewcasrle 

in 

3 

41 

Bnunl 

C. 1 


New Vorh 

s 

“u 

27 

Fruwi'i’ 

R A 

41 

Oslo 

s 


lb 

aurtancsi. 

Pn-s 

2.1 

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c 

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R. Aires 

s m 

fW 

Perth 

F 

37 

SS 

Oirn 

s :n 

At 

Praarre 

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l 

:n 

fiardilT 

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37 

Rcyfcjaiik 

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s-ia 

J 

Rio do J'o 

c 

■s 

S4 


R .” 

41 

Rome 


IT 



R .1 

17 

Singapore 

K 

24 


Rnhlln 

s r. 

JS7 

Slurb holm 

F 

1 

34 

F.dinhurcSi 

F 1 

24 

Sirasbrs- 

c 

.1 

41 


•: u 

43 

Sydney 

c 

2 a 

IJS 


K 4 

30 

Tehran 

t: 

;> 

42 

SI-IK" 1 * 

S 1 

34 

Tel All* 

r. 

12 

M 

llelMnl.i 

V 0 

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Tokyo 

s 

H 



S IS 

« 

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c. 

-s 

IS 

lo'bnrs 

r 2n 

fiS 

Vienna 

<; 

~.I 

2m 

[,L<bnn 

R 14 

j" 

Warsaw 

V 

0 

U2 

Lnn>Jnn 

SI * 

37 

Zurich 

c 

0 

.32 

HOLIDAY RESORTS 


YMay 


V 'day 




■XT*. 


/ At present we have over 
' 20 offices and affiliates 
around the world, and 
we opened in 7bronto. 

And recently 

\ opened in / 
Hong Kong. / 




.' Curreritly tiie re serwrtg' 
the world through loans. 
And also lending . • - 
. something as valuable 
“as money*. Financial 
advice -gained, through . 
over 100, years 
of banking . 
experience. . 


f So don't just 

third c of us as 
a Japanese Bank. 
Think of us as a 
bank that serves 
. Japan and . 
the world. : J 






•industry. 


1 M.-i.-ein 

H 

in 

.‘fit 

j lerary 

n 

s 

41 

Meiers 

s 

17 

hi 

Lac Plm.fi. 

r. 

20 

fifi 

fliarriir 

n 

s 

4B 

Locarno 

Sn 

U 

32 

Rlaik(K)i>l 

c 

4 

31 

Majorca 

F 

14 

37 

Bordeaux 

R 

6 

43 

.Malaria 

s 

17 

63 

Rouloane 

R 

X 

41 

.Malta 

s 

16 

Bl 

Cnx.iblfu.-a. 

r 

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re 

Nairobi 

s 

21 

74 

Can,- Ttan. 

r. 

n- 

i. 

Naples 

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to 

sn 

t'nrlu 

c 

n 

XL 

Nice 

n 

o 

4S 

nu*»rm-niU 

r" 

7 

45 

Nicosia 

K 

15 

39 

Flinch jt 

r. 

17 

re 

Rhodes 

s 

12 

54 

fhbr.iJur 

s 

W 

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Salt burs 

i: 

7 

45 

Qoemsi-T 

c 

■1 

41 

Tamrtcr 

F 

16 

01 

Irm-.bpieb 

r. 

6 

43 

Tenerife 

V 

13 

53 

In'emcsi 

c 

.1 

37 

Ton's 

s 

13 

59 

T. nf Man 

c. 

3 

37 ' Valencia 

F 

24 

57 

IiljriTiuT 

c. 

7 

45 

1 Venice 

R 

I 

74 

S— Sunnv 

F— Fair. 

C— CloiHly. 

R— Rain. 


r. { *<y \ \ 


^ v a4 u IV . IShiki 3 ^ hDfT10 ' Naka-ku; Nagoya. Tel.;.OS2-23 1-1 1 lj Ovorae^ Notworic: (Branches & 

Mgen <es i New York, L.os Angles, London, Frankfurn (Rspresamatrve Offices! Toronto, Mexico Citv S3o 
P j r '!| J e !L ra r* Sydney, Singapore & Jakarta; {Subsidiaries) . Total Bank erf California, Tokai Bank 
Sydney nd N ' V ‘* Tok3i Asia (Affiliates & Associates) London, Paris, Bangkok, Manila, Hong. Kong & 

Rosataerwt at five Post Office. . Printed Kb OcmeiirB Ptbub for and iratatlahea 
oy the Financial Times Ud., Baacknfl Boose. Cannon Street, London TJGip «BY. 

I 'O The Financial Hoth .Ltd., 1378