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tWDSE ANSWHIYQUR PHONE 

From only 
L50 per week 


riNANCIALTIMES 




No. 27,458 


Friday January 13 1978 


* 

& 


LAINC 

MANAGEMENT 
IN - 

CONSTRUCTION 


OOHUNENTAI. SELLING TOfgfc AUSTRIA SAIS; - BBJSiUM frjy ; PBfHJUUC KfJ.5; FRANCE FrJ.D; GERMANY DM2.0; ITALY U500; NETHERLANDS Fl.i.0; NORWAY KrJ.Sl PORTUGAL Esc JO; SPAIN Pm.40: SWEDEN KrJJS; SWITZERLAND Fr.2.0; EIRE ISp 


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IAIN POINTS OF 
WHITE PAPER 


■H Wtfublic spending projected to grow by 2$ per cent in 
1 1 me terms in 1978-79, compared with planned level for 
eat financial year, and by much more when compared 
likely outcome for this year after further substantial 
■rspending. 

' - total spending increased by nearly £lbn. in 1978-79 to 
■' iobn., compared with previous White Paper, as- already 
T ..iuticecL Main changes are additional spending on em- 
.‘ "-^ment measures, increased child benefit and morn on 
"“.riruction, offset by lower debt interest 

r t. f 

lanned growth in spending in 1979-80 and 1980-81 of 
[ ' it 2 per cent a year with rise of under l per cent, in 

... ‘ -82, but later years are increasingly provisional. Large 
. *• growing contingency reserve to provide flexibility. 

1 rejected rise in spending is within expected growth of 
js Domestic Product and ratio of total expenditure to 
'* is likely to be lower than peak .levels of mid-1970s. 

jtw / 

' • v 'nnti nued. growth in current spending, especially social 
• rify benefits but only partial restoration of earlier-cuts , 
; . apital investment. ' 


PLANS TO LIMIT GROWTH IN PUBLIC SPENDING LEAVE ... 

Room for fax cuts in Budget 


BY PETERfRIDDELL, ECONOMICS CORRESPONDENT 


ERAL 

?ven 

lied 

gales 


BUSINESS 

Gilts and 

equities 

unsettled 


GOVERNMENT plans to limit the growth in 
public spending during the next few years 
provide room for a substantial cut in direct 
tax. starting in the spring Budget 

This is indicated by tbe Government White 
Paper on its expenditure plans from 1978-79 
to 1981-82 published yesterday. 

The stated aim is to permit a sustained 
improvement in the standard of public 
services, while allowing a substantial expan¬ 
sion in personal consumption after four years 
of no growth. 

Total public expenditure is projected to 
increase quite sharply in 1978-79 compared 
with tbe likely outcome in the current 
financial year. This is mainly because there 
has again been significant underspending— 
more than 4 per cent, in volume terms— 
below planned levels. 

But tiie total level of spending next year is 
still expected to be lower in real terms than 
in the peak year of 1975-76, and only modest 
growth is planned for 1979-80 onwards. 

The intention is to keep the increase in 
spending within the growth of the economy 
as a whole. Consequently, the ratio of 
expenditure to Gross Domestic Product 
should be lower than in the mid-1970s, 
though still well above-what it was at the 
start of the decade. 

Details of White Paper Pages 14 


Announcing the plans yesterday, Mr. Joel 
Barnett, Chief Secretary to the Treasury, 
said the aim was to: 

• Leave open the option to cut the burden 
of direct tax. 

• Provide stability In public expenditure 
programmes by avoiding over-ambitious 
plans which have to be out later. 

• Include a large contingency reserve in 
later years to provide a measure of 
flexibility in planning. 

Mr. Barne tt comm ented merely that he 
hoped for income.tax cuts of a u reasonable 
size ’’ in the Budget, depending both on 
progress on the pay front and on new 
Treasury economic forecasts in the next few 
weeks. 

The White Paper does, however, include 
illustrative projections of Government 
revenue and spending over the next two 
years which point to a continuing fall in the 
borrowing requirement even after taking 
account of the planned growth in expendi¬ 
ture. This partly reflects the increase in tax 
and royalty revenue from the North Sea 
operations from now on. 

The widespread City view is that borrow¬ 
ing could be even lower than indicated by 
the latest estimates, so there may be scope 
for reductions in tax of over £2bn. in the 
Budget, with more to come next year. 

and 15. # Editorial comment Page 


The whole emphasis of the White Paper is 
on caution so that expenditure does not *' go 
beyond what the economy can safely be 
assumed capable of sustaining." 

Unlike some of the While Papers of the 
early and mid-1970s, an improvement in the 
rale of growth of the economy and of 
industrial perf©nuance is not being assumed 
as a basis of planning. The aim is to avoid 
what happened then when the economy did 
not expand as hoped and the relative share 
of the public sector rose. 

The growth of expenditure reflects an 
expected rise in GDP of 3j per cent, a year 
in real terms. The While Paper says it 
would be “ disappointing " if this rate of 
growth were the limit in view of present 
' unemployment and the bonus of North Sea 
oil. 

The latest plans are also intended to 
ensure greater stability with the aim of 
minimising the possibility' of suddpn disrup¬ 
tive cuts in spending. 

The options have, however, been left open 
for a further increase in spending after 
1978-79 and the Cabinet discussion on the 
use of North Sea oil resources may result in 
additional spending on some programmes. 
But some of this could be absorbed by tin* 
large contingency reserve for the later years. 

16. • Features Pages 15,16 and 17. 


The White Paper confirms the changes to 
plans for the coming financial year 
announced last October. These amount to an 
addition of £1.6bn. to the major programmer 
hut Of less than £lbn. to total expenditure 
after taking account nF a reduced iMiuiatc 
of debt interest and other items. 

The plans show that current spending is 
expected to rise steadily in the next lew 
years and to be well above the level in the 
mid-1970s. 

For example, current grants in persons, in 
particular social security benefits, are pro¬ 
jected to be 18J per cent, higher in real 
terms in 1979-80 than in 197.V76. This partly 
reflects demographic changes. 

Over the same period, total capital 
expenditure Is projected to decline by nearly 
20 per cent, in real terms. 

The White Paper also highlicht.- tin* cun- 
tinued substantial underspending in the 
current financial year, and this cre.iirs a 
confusing picture when looking at the rate 
of growth in 1978-79. 

The Treasury. Tor example, states th.it 
total expenditure, including all programme^, 
the contingency reserve and nationali>ed 
industry borrowing, will show a ri-e »>f 2 2 
per cent, between the planned level?* fer tin- 
two years. 

Coni i nueil on Bark Pav 

• Lex and reactions Back Paso 


IPW. • GILTS were unsettled by an 

- initially unfavourable, reaction 

to the White Paper on Govern- 
peopie died on land and ®*e®t spending {dans.' Tbe FT 

a when gales battered ^ov^ent Secnrll^^ Index 

. „ ... edged down 0.02 to 77.25. . 

n. The final toll could be 


Benn to urge building 
of two AGR plants 


Firemen call off strike 
as violence erupts 


BY ALAN PIKE, LABOUR CORRESPONDENT. IN BRIDLINGTON 


BY ROY HODSON 


sene services said. Roofs O EQUITIES, initially firm, lost 
H nn «rf fWw, hnncAc t ground on lack of follow- MR. ANTHONY WEDGWOOD When the Cabinet considered mints so that a design will be, 

ripped from houses, trees on iac&or zouu BENN, the Energy Secretary, the nuclear options at a pre. available if required. 

fed, cars overturned, v fa -th -tf,. mu. «». will shortly ask the Cabinet to Christmas meeting It was split Although the PWR is basicallyi 
s flooded and lowland SfSzL-J aoo 1 approve immediate ordering of between supporters of the a U.S- reactor, both Rolls-Royce 1 

, i, __. 3 ^ s “*f c at >479.4, two advanced gas-cooled reactor BritishrdesigDed AGR and of the and Kraftwerk Union, a Siemens 

ped. At sea, 11 ships sent off 7.8. Gold Mines gained a stations which wili cost about PWR. Mr. Benn was asked to subsidiary in West Germany, 

tayday distress calls. further 3.1 for a five-day rise of £ibn. provide more information. have recently offered their ex- 

rtnn mrrnwiv evaned KJ- - , 'The Cabinet will also be asked The supporters of the PWR in perience in this type of reactor 

'undin^ S the ThS^ rame ^ .. to authorise work to go ahead on the Government and in the design to Britain. 

iSes of bUS SS • STERLING closed at development and safety studies nuclear industry may now have It 3s thought the Cabinet will 

: PeoDle livtoeaafr wort W-922S* down htt.'fpfrjfter for the U5_ designed pressurised outflanked ..by Mr. Benn. he *d -ii>at the involvement 

n European and U^. oȣiLai^ter--water reactor so that * third They arc sot expected to mount of -Wifc-r nr both those com- 

"u"fat have toleavE. mention helped , the dollar to nuclear power station order, not strong opposition to a plan which panics, would not be a solution 


night have to leave. 


recover The oouraFS' -trade- tu be placed before 1982. can be 
ids, accompanied by blind- re vIT\ . " decided on the relative merits of 

-■ ™ hcd more 90 


France, a dredger was tlo ° tiaimwed to 4.64 (4.88) per I ag^tein^over a^fifture^ational on 3 code of safeguards 


The major unclear exporting, 
countries have reached agree- 


. / _ ' " . _ nguuBuiK u«w a luiiuc uhuujui 

into Dieppe and two men cent. nuclear reactor policy has 

"iV*wfei fieMftad dykes • G0U> *•» 75 cents to £f q ii! ntIy 5-l n ^ c S liased ^ 0W 
‘A- wa\es nreacnea he has modified his opposition 

■ • l° w land. In Switzer- * «• o. tu importing U8. - technology 

. -^ urst sn owstorms for » 1 STREET recovered enough to be reasonably sure 

•a# n 4jj >' eai 7 ® ul f. 03 ^- aD , d 2 to 77gja in active tra ding his new P lan wil1 have 

S disrupted eJectrlcity 235 to 778-15 in active trading. backing in the power 

cs farced scnools to AUthoritltf QQd. tiie nuclear 

• !l ; Page 6; Forecast, Back • VS. MONEY SUPPLY: Itl fodusm- 

" ' S339.8hn. (SJ©5.7bn.); .M2 -wArVon Hflniet.pe wnnciHor ♦>*«» 


designed to reduce the likeU- 
hood of nuclear technology 
being put to military uses. 
Back Page 


at; this stage, on the grounds 
that licence money would 
eventually have to be fed back 
to the U.S. 

A decision to build two AGRs 
and defer any decision on a PWR 
order would have : a consequent 
effect on development of the fast- 
breeder reactor. * 

Development of this is being 
carried out by the Atomic Energy 


tve*?* 

£* 






'% disrupted electricity 255 to 778A5 in active trading. JSkli In Se power s ti,l leaves the door open for a “ P '° 

'• Cb Page B^ForeCTs^Back 9 VS. MONEY SUPPLY: Ml JSSSuy* aDd ^ n - UClear t0 htijild^sUtion^n^a vPr auU,ority is ansi ? us lha1 

• -i S339 8bn ($®5.7bn.l; M2 - .. ome a s the ^ird station in a the Government agree to a proto- 

SSI2.6bn. (5807^); commercial When Ministers consider the new national strategy. type fast-breeder reactor^ being 

. and industrial loans at major technical decision for Nevertheless, there is nothing built as soon as possible.’ 

ie bombs . banks, down $661m. (down co ??!f rc, 1 ®‘i tangible for them in the Benn The argument is that the 

ive of incendiary bombs ?273in.); fed. funds 6.58 (6.69) [“JJ*, P lan - No desj 8 n contracts or British nuclear industry will 

i throueh Belfast damae- -per cent.; 90-119 day dealer- ”, I ° * t ^ 1 P - C f°P J trat of ^ other contracts of an indns- have the capacity to work on a 

ine separate Stilling™ A placed commercial paper, 6.69 51 ma J° T mdustnal decision. trial nature for PWR work are commercial prototype of this in 

"r and a doI iceman elearine (6.68) per cent Page 3 . The Department of Energy envisaged between 1978 and 1982. the 1980s. It is concentrating 

reawerewSlSse7 sees the next round of reactor The intention is that tbe substantially upon one conven- 

„ : 9 GREEN POUND devaluation orders as the start of a £20bn. National Nuclear Corporation, tionol reactor design for the 

/ . is widely expected to be nuclear power station ordering the Central Electricity Generat- power-station programme. 

EtlCian held . announced bv Mr. John Silkin, programme which will equip ingBoard, the South of Scotland But if it divided its attentions 

Vin-iniict- Agriculture liinister, on Monday Britain with between 24 and 30 Electricity Board and the between both the AGR and the 

h M rf nTriw. week. The change would ral^ additional nuclear power Nuclear Inspectorate should PWR then the prototype fast 

wh ° ? a 5S»"Sf the prices farmers receive for stations by the end of the work up a PWR design suitably breeder reactor might be de 

l possession of arms Sen their produce and increase retail century.- modified to meet British require- ferred. 

undo Pedro wax .detained food P rices - Page ’ . ---- 

a raid by Customs men in- .. qwtvwfnt ii 

•ating smuggling of • UJL GOVERNMtNi is / • • 

r appi,aDcK - Carter s warning on energy 


THE FIREMEN'S two-month 
strike was called off yesterday 
amid bitter scenes described by 
Mr. Terry Parry, general secre¬ 
tary of the Fire Brigades Union, 
as “ anarchy of tbe worst kind.” 

Delegates representing men in 
the 63 fire brigades who for 
almost oine weeks have been 
involved in Britain's first national 
firemen's strike voted 2S.729 to 
11,795 io favour of accepting a 
peace formula presented by the 
local authority employers. 

’ A return to work will be made 
on Monday. !t will, however, 
take several days before many 
brigades are back to full opera¬ 
tional efficiency aDd tbe troops 
who have been providing emer¬ 
gency fire cover with “green 
goddesses" will not be with¬ 
drawn immediately. 

Last night Mr. John Lewis, 
leader of London’s 6.300 firemen, 
warned that his members would 
be unlikely to attend fires with 
troops during the interim period. 

Yesterday’s vote in favour oT 
a return to work was by a larger 
majority than the original 2-1 
decision which called ihe stop¬ 
page in November in support of 
30 per cent, pay rises. 

While delegates were debating 
the return to work, about 200 
firemen who favoured continua¬ 
tion of the strike kept up a 


continuous barrage of chanting 
and pushing outside the Bridling¬ 
ton conference hall and were 
held back by police. Smoke 
bombs were thrown inside and 
outside the halL 

As Mr. Parry arrived, demon¬ 
strators surged forward and ho 
fell as police officers helped him 
force his way into the hall. 

Mr. Parry said many or the 
demonstrators had gone along to 
lobby in support or a genuinely 
held point of view but others 
had “ behaved like animals with 
violence that we cannot stand 
for. and cannot condone.'* 

Inside the hall. Mr. Parry and 
the union executive came in For 
more subdued criticism over the 
way in which the strike had 
been conducted. 

Mr. Parry gave a long report 
on the progress of negotiations 
leading to last week’s executive 
recommendation in favour of a 
return to work although the 
union has failed to achieve 
immediate pay increases outside 
the Government’s 10 per cent, 
guideline. 

Under the formula, which has 
been guaranteed by the Govern¬ 
ment against future incomes 
policy restrictions, firemen’s pay 
will be related to the wages of 
skilled manual workers in indus¬ 
try by November 1979 and aulo- 


matically adjusted tu keep it 
there from then un. 

Mr. Parry said afier lue con¬ 
ference that many.trade unions 
and general secretaries wished 
that they could achieve a deal 
like Iho firemen's formula. “ N«/ 
negotiations could have achieved 
.the Government's uuarastee. The 
strike achieved that.” 

It was unpalatahl.- that the 
firemen’* immediate p:.y 
increases would be ros:neted ra 
10 per cent, hut it was clear 
after nearly nine weeks of strike 
action lliat the unuiu wj.- cut 
going io improve un Dial 

The formula winch will at.-o 
reduce the working week of fir» 
men from 4S io 42 hour? this 
-November should, said Mr. Parry, 
give qualified men pay increases 
of at least £15 per week in the 
autumn. 

Nearly 20.000 tronps ha\ r been 
directly involved riurtny lue 
sirike. About 11.000 soldiers 
were actively lighting fires: 
another 5.000 were involved in 
administration: and between 

2.000 and 3.000 acted as n.T-duiy 
relic-rs. 

By Tuesday niaht. I9-1 peon!* 
had died in fires in the 59 ua>s 
since the strike started, accord¬ 
ing to the Home Office. This was 
17 more than might have been 
expected from the aieragi*^ 


modified to meet British require- ferred. 


50m. boat order $3Sp?itt 0 ^sSges 0i io fi by jure* martin, us. editor 

fast patrol boats worth that all fields arc .^P*°5*ed -to 

,i. are to be built by Vosper the full, in line with depletion PRESIDENT CARTER warned 

oyernft for the Egyptian policies. Page 6. North Sea oil the American people to-day 

. Back Page review. Page 9 that failure so far to control 

UJS. energy consumption was 
9 SWAN HUNTER shipvaros oTL ' weakening international eoo- 

eTiy « • ■ the Tyne will, after all, build ftdence In U.S. leadership and 

, hr -_ dnmetfir. f°« r ° f seven bulk earners "undermining the integrity of 
.esias three domestic orig j na u y allocated to them to the dollar. 

□alzst parties were reported . -pniioh thins deal, now that nu. P»dHonr innfc <hp 


Carter’s warning on energy 


WASHINGTON, Jan. 12. 


SWAN HUNTER shipyards on 


that failure so far to control 
TJJS. energy consumption was 
' weakening international eon- 


u ’S£ u ?r^ t t«* 

•Imp Sth Mr 6 Smith, outfitters have caUed off their opportunity of his first Press 
filter, on f^hSA OT ? rtime bat *’ ^ 7 ,— 

s Parliamentary representa- m ALLIED BREWERIES will be Itoktog 

in an independent Zim- unable t0 g0 ahead with ns pro- dollar Md 

.■e. Page 3 posed 2p a pint beer price rise impact on the domestic 

or Korchnoi won his 18th ay, becatbe. “ l0 ^ ce economy, 

e against Boris Spassky to he inyes Hflated by tne rare ^ Carter has not pre- 
me the challenger to Commission. Alhed wu* JVV viously made public remarks 
roly Karpov, world chess next week for an in nm to - a ^ andience on these 
•npion. Increase while the inquiry IS; 

i it M «ai Turin* Mx»ii u^oerway- .Page o , ..Though other members of 

1 Cbarrcellor saw Judge rfcil _'■ li i i_r.»" h-ntiflp ||««;a jn 

.innoo, the man at the centre « THYSSEN of West Gcnnany Ms A have m 
ie “niggers, wogs and coons" has launched a $2445m. (£l26m.) recent dws 

^ o^er f 0r Badd, tbe V.S. roann- the President’s assertions to- 

ae on defence spending to 5S^to£ot^^filSS P o3J- net sensitivity in Wash- 

arg a ?f i— «^ 20 . - 

nda, ^ ENGLISH CHINA CLAYS 

rmon Market more unpopular ■ ' ' ' CO * 

Britain than in any other (£24.47m.)in tiie year loS P 

nber of the EEC. poll said, her 30. Page 19 and Lex European news . 2 


energy policy, the dollar and 
the impact on the domestic 


ington to the international in America 

economic and monetary inrpli- qualities." 

cations of the lack of an Stewart Fie: 
energy policy. New York: \ 

.. Mr. Carter did not say In ence of what i 
so many words that the dollar was Central Hi 
had to be stronger, nor did he dollar flnetna 
attempt to characterise the range to-day i 
extent or the Administration’s Deutschemark 
new commitment to stabilise Traders In 
the value of Us currency. Rested that it 

But he did speak of the a ? 

“alarming" messages he bad rising to DjjL 
received on his recent foreign openea .in Nt 
travels of a 'fear that the U.S. Lale in th 
lacked the. “wUl and resolve" dollar was qt 

to curb its appetite for energy. ——- 

Failure to act on the energy £ in New York 
front, he said, could mean that .. 

the VS. would have cooserva- “ j6ni 

tion forced on tt by an inier- __ 

national oft price increase, {si.rea 

over-which the U.S. had no i month jo.oao. 
control, and would farther im- 3 month* 
pair international confidence 


in American “ leadership 
qualities." 

Stewart Fleming writes from 
New York: Under the influ¬ 
ence of what dealers suggested 
was Central Bank influence, the 
dollar fluctuated over a wide 
range to-day in relation to the 
Deutschemark. 

Traders to New York sug¬ 
gested that it had been as low 
as DM2.0650 in Europe before 
rising to DM2.1450 as trading 
opened in New York. 

Lale in the afternoon the 
dollar was quoted at DM2.13. 


Jeanuy 12 


fl>.ri80«M 1 81^490-9500 
(0.09-0j5 prem pUtULMrim. 
b.<145.47ppem I0JE4X37 prem 
1.10.1 Jo firtm.il.Cf\1.20 prvn>. 


vA^ v ' 


W- -4 




CONTENTS OF TODAY’S ISSUE 


IEF PRICE CHANGES YESTERDAY - 

rkk Stiffen tein - 254 + 7, 


European news . 2 

American news . 3 

Overseas news .. 3 

World trade news . 4 

Home news^general . 6-7 

—labour . 7 

—Parliament.... 9 




! C'A- 


RISKS _■ , 

S»d. 21pc '65-70.-. + 4 

, n Rubber ..IJJ + | 

•*’ ker McConnell -.. 228 + 5 

lan Profile . + 7 

ibee-Corabox . 147 . 7 

i (Wimbledon) ... 74 + 4 
ness Withy ...... S4S + 4 

■don Gotch - 92 *e • 

•tair . 118 + 7 

ktron and Welch... 563 +■ S 

^<uion Pavilion . 325 + 2a 

f hZorquodale. 24a + * 

■ ; 1 ^ford Docks . so + 4 

cadilly Theatre ... 82 + .' 
_.-^ l xlinsaci Construct. 300 + 34 

ce Group . .3® + JJ 

iHh Cftrb. A . ITS + » . 

Leod Russel ...... 186 + 4 


FALLS , ' ' T 
Allied Breweries ... 85i - 4|. 
AssaL Dairies 232 — 17 

Glaxo . 597 ■“ 8 

Guinness (A.) -—ISJt 5i 

I a . 343 — 6. 

Zntnl. Timbec . ^ ?n 

KwikSave Discount... 202 - w 

%85m (J-> . ISZS: 

Thomson Org. 660 - 

Thorn Elect . ^72 | 

TiAc Invs. . 3f® 

Turner and Newall ... 210 — 6 • . 


The Public Expenditure 

White Paper-.14-15 

Economic assessment ... 16 

Industry aid & jobs . 16 

. Political impact .. 1" 


Technical news .11 

Alanagement news . 11 

Arts page . 13 

Leader page ..16 

U.K. Companies.18-19 

Mining . 19 

FEATURES 

Nationalised industries... 17 

Local authorities .17 

Finnish President’s fifth tern 2 
Opening up the Amazon: 

End of lie bandit era ... 5 


Inti. Companies.29-21 

Euromarkets .20 

Wail Street . 26 

Foreign Exchanges . 26 

Farming, raw materials ... 27 

UJi. stock market.28 


North Sea oil review; 

Depletion policy. 9 

Around Britain: National 

Exhibition Centre . 12 

The Farm Review: No basis 
for expansion . 27 


Vickprs 


1ST - 5 H 


bp 810 * 

Siebeng (UiC.) . 290 — 8 .. 


Appointments . ...... 

Amldmcnlf AOvts. 
Bull Return ....„ 

. Bulnssnt f**" s»l« 

Cressword ._... 

; EaMrlairnuntt Colds 
.Food Prices _—_ 


Foreign Cscbu 9 « 
FT-Acnmries Indices 

Loiters . 

Lex ..-.— 

Lombard .- 

Men and Matte/* ... 

Mono Market .. 

Property --- 

Radas .. 


Sham Infer mat Ian... 30-33 
Todaji'i Erenit .. 7 

TV and Rsdle .... U 

Unll fro sis _ 3* 

wealhfir - 32 

INTERIM STATEMENTS 

Haiou . 22 

SeaL ircasUn Brew. 20 


ANNUAL STATEMENTS 
Joint Carr (Dncstr.) IA 

W. J. Pjrfce . 21 

Trans-Ocewric TsL U 

Bon Lending Reie* 2Y 


Without doubt 
one of the finest major office 
developments in the South East 


For latest Shore Index 'phone 01-346 9026 


May & Bowden 


77 Grosvenor Street, LONDON WIA 2BT Tel. 01-629 7666. 


/■ 





























































3 


Financial Times Friday ’Januar^ 



EUROPEAN NEWS 



U.S. is opposed 
to Communists in 
Italy Government 


■ - • • a 

French Left seizes on rupture in Majority 


BY DAVID CURRY 


PARIS. Jan. 12. 


THE PARTIES of the raptured 

Union of the Left to-day seized THE NATIONAf 
gleefully on the Gauilist decision 1 unML 

to withdraw from their tactical a ^ 

al lian ce with the other members ASSEMBLY IN 1973 

of Prance's ruling conservative-——— 

coalition. While the government- _ 

supporting parties, including the Outgoing Incoming Vot 


BY JUREK MARTIN _ WASHINGTON, Jan. 12. ^ importance of the conflict. SodaUm 

' " 1 ■’" the Left heralded the “serious 

THE CARTER administration in resisting the temptation of compromise” of the union of The 
said to-day tfcai it opposed the finding solutions in noa-democra- Maj ority as a chance to challenge Extreme 
participation of the Communist tic forces.*" the growing conviction that the ^ 

Party in any new Italain Govern- Never before has the Carter government is heading for a Gaullists 


--parties forming the majority— supported by the majority parties of the division in JJ*** ”}2fe r jSt' 

IF N/iTinwAf Gaullists, Republicans. Centrists, and the parties of the majority Is IMe important ***"£,” that ‘ 

ic. NATIONAL and the small indepaidents— a fundamental point of principle, split is not as moorum •» uw»j 

# decided to reach a modus vivendi. When they failed to get "satis- *» the left. Tn«* majo * , 

EMBLY IN 1973 Each party would be tree to faction” about the “anti-united In cl^uunR tnai u « ^. 

-propagate its own policies and Gauilist front" they walked out tecimtcaldiffi*renw- p . , , 

First Round programme io line with the Gis- of the liaison committee end though this i«a> ipnon *»«—i r i 

Outgoing Incoming Vote % cardien concept of majority announced the intention to Gauilist disaffei hiin oen : 

lists 34 73 21 3 “pluralism.** present new candidate®. Sfe*" *}£5LiLS Sectoral 

e 41 so T7.7 if r. u .. willinancss to minimise eievwai 


; 34 

73 

213 

41 

S? 

17.7 

S 

12 

1.4 

1 

3 

13 

273 

1S4 

24 

41 

54 

7 

24 

23 

3£ 

15 

31 

125 

24 

19 

—* 


The parties agreed that in more Although JI. Guena stressed willingness 
than 100 seats they would put his party's loyalty to the majority “"page. 


3 remainder “plurality" would pre- infl 


paIV. II U1I|HJSCU LUC uuuiujj auiuuuiu lu uuuveuivuh 1 (M3] Drily 2S « COaUCC LU cuaucu^c -— - _ UI31 ITOUU w. —" ft hfcausc Hit? 1 

participation of the Communist tic forces.* ” the growing conviction that the Left _ ' 3 _frL_ remainder “plurality" would pre- inflicted in the periodic warfare .- ar >in d because of j 

Party in any new Italain Govern- Never before has the Carter government is heading for a Gaullists 273 184 24 vail initially but tile best-placed between the GiuHista and their ■ ““i dfon of the two* 

meat and preferred a redaction administration gone so far as to general election victory in Republicans *1 54 7 candidate would carry the joist allies which has been waged ir“ fa -r&e centre parties 

-in Communist influence through- imply that the Italian Communist March. Centrist 26 23 3-8 colours in the run-off. since VL Chirac quit the premier- w^iT tD decide whether to 

out Western Europe. Party, in particular, is “non- Tbe majority leaders will meet Radial* IS 31 12-S The uun-GaulIist parties then ship almost IS months ago r own candidates In 

Although the State Department democratic. Nor has . it sug- p^ideur Giscard d*Estaing next Others 24 IP — put together their own pact. In arguing that the President was SsES^nnes reserved . M 

claimed, in issuing its prepared gested. as it did in another part wee b after his return from - -n. m,: .-hr _ t.ju. ..luttcr more than 300 seats titty agreed hamstringing his attempts to get an d they will probably 

Statement, that no change in U.S. of tbe statement that the ^Sca forteeir electionsend-off. ^TSSShSSS^ *° P« forward a single non- the majority into fighting shape SS to if there is a chance 

policy had taken place, today's It?, an Communists were un- “S wm a good one JSLJSJE. SoaaBrt/com ^ Gauilist candidate who would for the elections. Sf SeonriUation before they take 

announcement nonetheless “to meet the aspiration fn ^ SnSent M. Ravmond munirt aUianc * stand against the Gauilist candi- To these quarrels over specific KiPS!? ... 

stands in sharp contrast to the of their people for effective, just Rrr _ ^. e pri me Minister, dale as well as against the left issues like Europe and the According to the Gaullists 



K- 

id 


Sr. Pandas* Casxttto 


£ "SjSfc* to .ho Gaulliots 


Dissident 

dilemma 

confronts 

Carrillo 


until now. were apparent last week when moderate reform and economic sidered themselves free to oiiiup which bad refused to subscribe Tbe Gaullists have a perpetual against other majority parties- | O fYl I m - 

Mr. Richard Gardner, the U.S. President Carter warned M. pru dence earned enthusiastic their own candidates ever>~» sere, to the majority pact, was brought suspicion that President Gfeeud Some 100 seats would have had, v/Mi - 

ambassador lo Italy, was recently Mitterand in Paris against enter- notices. If the Gaullists gave At the same time M. Yves into the noo-GauIlist pact The d’Estalng Is hoping to create a single non-gaullist candidal«. { RDh . rt Grtbam 
recalled for cousutlatian when it jng into an alliance with the ^ Q t praise they offered equally Guena. the Gauilist spokesman, radicals are outspoken opponents centre-left alliance, grouping his It remains to be seen in how j *>r 

became clear that the Italian French Communist Party. Al- only faint criticism- said that his party would observe 0 f the Gaullists and the party own party, other centre move- many of these the Gaullists will J M ADRID, Jan. ij, 

'political crisis was reaching a though last year the U.S. made in Paris, the Communists tbe agreement to support a single most tempted by the idea of a ments and moderate Socialists, now put forward their own man. j THREE invothe of ftw 

head. He conferred with Presi- no bones of its preference for we re finally interring the union joint candidate in the second centre-left coalition with the with tbe aim of isolaing the Hie most reliable poll—pub-.' uJ1 s .the RpanMi Co^. 

dent Carter yesterday morning the centrist party of Sig. Suarez 0 f the Left with tbe Socialists by round of France's two-tier voting Socialists. Gaullists on the right and Com- lished by Le Point ma&Hlne ^' Tta U ni<c I’jrtv hat derided u> 

and the administration had in the Spanish elections, it did declaring that they would not system, the leading candidate in They were also annoyed that munists on the left. early December—gave the left. eba n PnS e the lUmolug aiMr, 

planned to issue a statement not direct at the Spanish Com- agree to present joint candidates the first round, irrespective of the Prime Minister had helped Having lost the presidency In 51 per cent, of the popular vote | llons ^ a book written by a 

shortly after, bat this was monist Party’ the sort of criti- 3n the March general election, party, receiving tliis acolade. put this pact together, since they 1974 and the premierebip In 1978 against 45 per cent, for ™ c jf nnn( i r member of the ptny*| 

delayed, presumably until the cisms implicitly levelled at its They made clear that for them 'What went wrong? In the face regard M. Barre a caretaker with the Gaullists feel frrnnwn—>Vy majority (the rest going to the i { , , en trdl Cuminknee. 
results of last night’s delibera- Italian counterparts in to-day's the real battle was against the of the apparently . triumDhant no electoral role. The distinction threatened by this manoeuvre, ecologists who will stand in •» | interest lies not io —^ 

tions by the Christian Demo- statement (indeed it recently Socialists to represent the Left mar ch of the united left the between the Government What will be the consequences reate). The p«H suggenea ioaij 

cratic Party became known here, allowed Sr. Carrillo, the Spanish and that only if they came near - if the left had its own electoral; jn tm. a Party’s iSCf 


To-day. the State Department Communist chief, to make a to 25 per cent of the vote would 
spokesman refused to go substan- speaking tour of. this country) or they consider co-operation' with 
lially beyond tbe official policy the explicit warning given by the Socialists, 
statement itself, which, though the President himself to M, With an uneasy peace among 
worded with care, contained a Mitterrand last week. tbe parties supporting the coali- 

i rt,. Today’s statement contained tion government (“ the majority " 
Recent developments in Italy, reference to the security nrob- 10 French jargon) and the Left 
il M id.-have increased the level ?°Js Xd “ C encaged in^'full-blooded fratrici- 

mdtdst P °^artidpatfon Yn tte W «£ ,*• ^elections 


Pre-poll industrial calm likely 


it the" left had its own electoral in the a 

pact the second round of voting niore •JSfc 

wmld result in a 242 against 231 which reflects mclnmtknt 

v5S?y Sr the majoW. and CnjflWiVSMTiiS ** 
that if there irere no left-wing «*«« «* if 

pact a 274 against 199 majority The? AUTrtyo«w phy_ of 
Thft Gaullists would! tcdCPItfO bartcJiC* WM VClMubv 


BY OUR OWN CORRESPONDENT 


PARIS, Jan. 12, 


victory. Tbe Gauflists 

win 144-163 seats, tearing them ^h^mn 

the biggest or shortly behind the j *™™1**. J? 


Socialists as the biggest party.-been «Vf iWriuaid, 

en/i nnv mom than■ pniiscd J-td ovcii awarded-a 


"U.S. was not intending to inter- n^rament Jf P a Nato Miintrv began to look much less of a THERE SEEMS likely to be elections and certainly nothing causes of the breakdown of the and, in any case, more than{{"Wed •»»« 
fere in the sovereign affairs of rhis was a heme often taken ud' mountain for the conservatives, relative calm on the industrial approaching nationwide activity. Union of the Left, has put outnumbering the combined jHAWrj pure UMUiiy 
-European countries, “we beheve n revious Ford andNhoa Yesterday M. Jacques Chirac's relatione front durins: the two- ^eir aggressive relations between the two under strength of their allies. j wgclj* 

•we have an qbUgation to our a^d one which GauUists. the biggest party in _? ID French 3an S“ase, M. Georges Seguy of severe strain, quite apart from The immediate damage mwht j -- K Jp* , *i; 

friends and allies to express our a °f' the National A^mblv (with month , 10 “• Frenca the Communist-led CGT and their different approarii to he felt in marginal scats which «*‘nu* lh.« Sr. Sintp^ 

.SLrfJSSiSJSr SZ more than a third of ‘the «0 . . . M. Edmond Maire of the purely industrial questions. would have had a single candi- 


not believe the Communists m ® 1 ? t * r Y he f®* "They announced that their va g^ e call for workers to fronL , to keep thedr heads below the relatively harmonious right—! member of the central wwj? 

share those values and interests. Nor is mere any suggestion a n: es - m th e coalition had broken “ multiply" their efforts at local The whole-hearted CGT support parapet and let the strain be differing on policies hut nntjniittw. Since hi* rtpiilsirin from 

Ail tho Drnci^nnt CntJ tit Pnvie hprP that tnP I HTTPf 2fflTl ITH<%I HI- . _ _ 1 ____ T --* -4_ rv____ 2 __ _ _ * *_« «_■ W___ > _ ■_—_r ' I GhnimiriArt C%> Cm 


call for workers to fronL 


<UU wiwiuij w wswwuwu vi uic uuu, IU -* -■ - -.— - 

approadtiing nationwide activity. Union of the Left has put outnumber!ug the combined j iM-rjrj P 1 U!*U“‘«y reuema lot 
Despite their aggressive relations between the two under strength of their allies. j . .. . 

language, M. Georges Seguy of severe strain, quite apart from The immediate damage might; eeuerira 
the Communist-led CGT and their different approarii to be felt in marginal scats which n ; ,ni \* l* 1,1 * „ 

M. Edmond Maire of tbe purely industrial questions. would have had a single cnndl- riantfesjinu party wotk *ntTth® 

Socialist-leaning CFDT came to The only way to preserve at date. But the more important Civil war. br. >rjuprun um up 

the expected decision to mark elast a facade of solidarity was effect is the psychological through Die part)’ hieramnr to 

time on the industrial relations for the leadership of the unions damage done to the image of a j become Madrid organwr and a 
fronL to keen thrir heads below the relatively harmonious right—! member of the Central Ctwb 


against difficult challenges that does not vitiate the fact that the 
'its leaders must show firmness caaege in approach is starts 


No reply on compromise 


BY PAUL BETTS 


ROME, Jan. 12. 


Irish aim 
to cut 
jobless rate 


Arrest is blow to Portuguese Socialists 


; consist of aUcitufums that U » 
(present party leadership sottuta 


BY DIANA SMITH 


A POLITICAL bombshell has 
been dropped Into the lap of 
Portuguese Prime Minister 
Mario Soares at the very 
moment when talks on the 
formation of a new Govern¬ 
ment seemed to be moving 


ITALY'S RULING Christian party, envisages a broad agree- lf|ni£SK 1*1 IE ™ ““J 

Democrat party wa s to-night mtfnt ou economic and social X €t Portugu^e Prime Minister 

* waiting for a nossible r^uonse issues. It would represent a step _ M _ aiano Soares at the very 

-■ fmm tho rnmn!!nict nort nr% * forwar ^ from current inter- Gil« Merntt moment when talks on the 

from the Communist party on a party accord maintaining the TiTrRT tv t-»h t*> formation of a new Govern- 

compromise agreement, having minority government in office by . „ J™ ' meat seemed to be moving 

-firmly rejected Communist giving the Communists greater THE IRISH GOVERNMENT has towards completion: the arrest 
demands for direct participation political weight and influence. outlined an ambitious economic 0 f g r . £ dm undo Pedro, yrho is 
. in government. Such an agree- Tn th t f th r programme for halving the s former HP, a member riT.fir. 
•raent could advance the Com- ra Statare£S % LiSfS Republic's high unemploymral Soares' Socialist Party’s 
-munists’ role in tbe governing rate ^ 1980 and sus 1 to * mnR GN ? national secretariat and chair- 

process but would still exclude lJS ^ man of the Board of the siate- 

Present mkrority^government ° V £ ^ Wte^pe^titled ZSgjff"* 

■o ™e cS ItemoJrSI^ ? £ Andreotti may National Development 1977-80. Sr . Pedro „ 

leadership late fast Sht'Ed ^ DubI % g S° n I e ™ en n t f ^ charged wilh possession of 

■ indications of dLsam^ment^' Altliougli the Christian Demo- ages an inflation rate of 7 por flTenl weapons and wos 

rffe-jffba-aac 

"“SiiJroMM SfJi5Sfnt- 0r 311 P act —thus avoiding the pros- inflation will steady at 5 per __ . . 

eraer^ncy government pects of eariy elections at this cent T T 17^ i-iw/va# 

One possible compromise for- delicate time—they rejected any Government borrowing as a I J IV Hi ffPl 

mula, which is bang resisted by substantial alteration in the percentage of GNP is to rise this XXI. tvl 

-•a vocal mlDOrity ot the ruling country’s political balance* year to 13 per cenL from the 


man of the Board of the slate- 
owned national television net- 


Sr. Pedro was 


charged with him, was also 
refused bail. 

Sr. Pedro was detained in 
his car yesterday morning by 
customs agents as he was 
leaving a warehouse of the 
domestic appliances company 
of which he was the proprietor 
until recently. 

Sr. Pedro’s arrest took place 
as Portugal’s Judiciary police 
(equivalent of the CID) moved 
to round up a suspected ring of 
smugglers thought to be deal¬ 
ing in large quantities of 
domestic appliances. 

However, a judiciary police 
communique this morning 
reported that the swoop 
uncovered 105 kilogrammes of 
explosives, 66 detonators, 1,000 


rounds of ammunition, and 
several caches of revolvers, 
repeating rifles and sub¬ 
machine gnus, as well as 
forged identity documents and 
passport stamps. 


piO IlClTC to stifle debate over doctme, 

L^JlcXXJU j particularly un what has bm 

iicetmip known us Eurbcom- 
LISBON, Jan. 12. mtimsin. Sr. Semprun elates 
that his cspou&f! of Euroara* 
morning, also issued a com- munism led to his dismissal 


munlque, concerning Sr. j from the Central Committee in 


Pedro's arrest and the dlls- J1964 at the instigation »rf Sr. 


eoverv of weapons. These jSanttaso Carnllh. th»* prwwt 
weapons, the party communl- i leatU T °f ,he P art >- bt ‘ ro ^ 1 / 

weapons, mic pariy cmuaiDiit munisn , now ,j, c Wn tral pltek 


There have been persistent rque.iaid. were used in “anti- jSsTo^tT^SilSnS 


rumours for some time about 
tbe imminent break-np of a 

sr S-fSkT 

trrt&srSjrsFS. &•« - 

domestic, appliances, using/ hood of a. firm agreement SS .. r,nTh'' 

illegally obtained foreign on a new Government by the SSfmiw-i t ' n‘.rtiM.Hr * 
currency to pay for refrigera- end of this week has become “J™io ,J 7. iJiui' 0 
tors, television sets, washing remote. There are still points 

machines and other gadgets to be straightened out between v ^ u Jum wiMl 

brought Into Portugal by tbe Socialists and Christian j was P™. d ^ by the jhfee 
unorthodox means. / Democrats on tlie one band ! and excculed aft«twt 

An embarrassed Socialist and the Communists on the was considered tbe bfchiil 
Party, which met urgently this other. j based on_ Civil War rocflflpii*. 


i hlrawlf enshrinrd in a Irnok^ 
£!fr» : ,uheti *■■»«■ ycaf ontitlcil Ew»- 

Of Novecyher -5 that tear. ! L*otnnwjnLsm and !ht» State. * 


[ comnninism and the State. * 
The Scmprun hook also utaNi . 
several insmuatiuns about 


U.K. urged to stimulate economy official resigns 

__° over Oslo 


Ecevit promises an 
active foreign policy 


BONN, Jan. 12. 


year to 13 per cent from the 

1977 figure of 11 per cent to BY ADRIAN DICKS BONN, Jan. 12. 

help finance the new Fianna Fail . . 

Administration’s promised AN APPEAL to Britain to join taken without pushing up prices, duct West Germany was 
£100m. job creation programme, the ranks of countries under- Although he did not creation hindered to a greater degree 
But the White Paper envisages taking stimulatory measures in the UJC. by name, Dr. Schlecbt than either tire US. or Japan iD 
borrowing to fall progressively the interests of tire international left no doubt of his meaning acting as a “locomotive" at a 
to 10$ per cent of GNP in 1979 economy was issued to-day by when he said that, “ In particu- time of weak growth in world 


oil spill policy 

By fiijr Gjester 

OSLO, Jan. 12. 


’based on Civil War 
! rums. The insinuation 
book is that Sr. Grnnjlt ini 
known by the party to be 4dfck 
but that it knowingly failtft to 
organise hts escape from Spain! 

Since publication Sr Scmprun 
has claimed that lie has witnesses 
and even documents for these 
allegations, but the party con¬ 
sistently refused to acknowledge 
the book. Only two weeks ago’ 
Sr. Carrillo was still saying he 
had not read it and.' moreover, 


to 10* per cent of GNP in 1979 economy was issued to-day by when he said that, “ In particu- time of weak growth in world AlsI mrvrrTAT 5° L . ? l ! “?“* 

and 8 per cent, by 1980. _ West Germany’s top economic lar, countries which have made trade. The U.S. was deepen dent t!™ !!i hinted that he had no Intention 


od » percent, oyisau-. . west Germany’s top economic lar, countries which have made trade. The US. was dependent "I" 1 *** 

BiS2L nr - OttoScWecht.StjtB progress^ in hal«lcing ttax ex- to only 10 per cent, end Japao SfffiteiS 


Republic’s serious ^emplo^ent Secretary ,t '“the ToS S, t. U « t£S£ .asal nst whathe believe both kWg 

problem is envisaged. The While Minist ry room they have for expansion— trade as a onmortion of GNP are J sen0 ,? s deficiencies in Nor- party and from oulsidett is being 

Paper sees the present jobless ^aSteodiretory remarks at a So? fift is DrScUftitS. way’s^poUcy for coping with the brought to bear on Sr, Owfllo 

mefetin 2 of..federal and State ...Dr. Schlecht warned, that tire As a result both countries 


BY METIN MUNIR 


ANKARA, Jan. 12. 


„c 4 V,~ „„„ i,i_,j ,_. ««“• wuautjui «i» bvuhu». read the book but also to reply 

££ St SSS. fiSt.'IJSS Stale .Eshelaud. »bos. to .It For tho^haBBuher of 


vjke ^ Aajnum a=a 5 %SS -“ 2==33 £ *»S vsbIsss**- 
« iFSTSS b’ssa-K smtswm sssit-^sSFS SS%SrSS 

rnrmulate a new "national spa re^arts needed for these jgJjjJL, ^tracted^^loyei- demand, pressures, there wfire higher dependence cm for^ riew of export prospects had also tte^GSSrmnt cSrrilU? 0 will C 'rep^ STcwE 

defence concept' articles even from its allies and SS?n e SS 0 is on a new opportunities in several eoup- trade, which accounted for 27fi had a dampening effert on to give prioritar to a setentifij sidered IrSy aStiwftatim 

P ro4S^o ParUamS? C M? feSSt Mr Ecevit ^thmal wage agreement liStit- taes for stIrauJat0 ^ action to per cent 01 *»" national *+ domestic Jnwtaent . activ ^- analysis of the risks NoJwaJ Hints that be XJ?U counter the 

Ecevifalso sSd that Se of the will “8 wage increases in 1978 to faces as the result of the oil allegations were made, yesterday 

too “oals o/h£ AdJnin&tintion settlhre manv around 5 per cent show no sign JT^a' , .. __ _ ^ "Tto II • compames’ activities. in one of Madrid's leading papers 

S anassra *SS of being resolved, the Irish Gov- OTTIWC AVAT MAHIISIIII J* Wc ^ totaUy elementary but the Communist Party has 

to stabilise the ailing Turkish ^yprus^e^U^wSbi^Se eminent appearsi confident that kjIUllli U 7 Cl l UUlldlll knowledge about how large a wate^n theidea. 

economy eontinmtei sheS dismrt!%ith it can count on the wages mod- ° sptil can be expected, where the Sr. Carrillo seems to 

. The 47-oaae Drosramme was Grace* and rriatinns with the eration on which its White Paper . by tOMATMAN r*»n wwm io oil would hit the coast what kind hiding behind the editor of 


programme to Parliament Mr. It is expected that Mr. Ecerit ? 

Ecevit also said that one of the will take the initiative in ™ 

top goals of his Administration settling many long-standing a ^°^ n . d ® n . Q 5,^? 

would be to fight inflation and Turkish foreign policy problems °* being resolved, the msh Gov- 
to stabilise the ailing Turkish —Cyprus, the US. embargo—the eminent appears confident that 
economy. continental shelf dispute with 11 C * Q coan* on the wages mod- 

The 47-page programme was Greece and relations with the eration on which its White Paper 
couched in general terms, con- Common Market. is based. 


Storm grows over PouUain 


BY JONATHAN CARR 


TJ/WM Tun 19 wu wuuiu wi iue linui, wuai DUQ , * 

jsuitit, oan. w.. of consistency ft will have— 1110 party newspaper, Mundo 


mg suuaied in one oi ine most operate m tne mierests ot our oe fouowea in June oy a ureen menroeis ox ure ijamenfarv onoosition leader hoan «i n A,(»H n r inMrfmh™, mat prepareaness is 3,T S ’'_ r 

sensitive regions in the world, country and economy “ said Mr. Paper containing detailed pro- state Parliament by revealing SSSSto d«n*nded HeS Sto adequate. ££"■ or parliamentary deimK 

it could not “let its national EceviL porals on public spending Uiat be had been told by- his rerimSSnT d C0D ‘ • Norwegian electricians doing ZZ? free public debate on 

defence rely on the decisions or This is the first public indica- revisions, points out that while Justice Minister in November s nectea witn il installation work on the Statfjord 11 h i, n ^ s ?n tetermu 

indecisiveness of other States." tlon that Turkey will attempt to Ireland’s private sector will that there was an investigation Herr Poullain had stepped Leading politicians have A platform in Norwav’s sector “ 1S P U *°- Clearly embartaww 

Obviously referring to the UR. re-negotiate its treaty of asso- “assume a more dominant role by the public prosecutor’s office down, saying that he had been become Involved in tee affair of the North Sea have threatened Dy a ‘tegatioas, the. party 

tmbargo on arms supplies to elation with the Community, a in the growth process," from involving, among others, Herr accused of taking an advisory because tbe West LB acts as to strike if their spells of duty appara tes has- appeared unsure 

Turkey, he said: “ Turkey, which decision which will not go down 1979, considerable public sector Ludwig PouUain, who stepped post to the detriment of the central bank for North Rhine- <m the platform are not shortened £ 0W to ^ 

has been making contributions well in Brussels which favours growth will be required this down just before Christmas as hank. But he insisted that his Westphalia, and the state has a to conform with Norway's new " owever - Seems that the'fnu 

much above its economic possi- adjustments. year. chief executive of the West- activities bad not nm counter to substantial stake in it. worker-protection legislation forces oF condemnation ir® 


been conducting investigations adequate. ditions of parliamentary demo- 

ided Herr into tee rempany and those con- # Norwegian electricians doinc Z ney and freo P«“*e debate on 

nected with it installation work on the Statfjord il h «, m *!S s ?Tr . lnterl “| 

had stepped Leading politicians have A platform in Norwav’s sector “ S P U *°- Clearly embartaww 

he had been become involved in the affair of the North Sea have thraatpnnrt Dy toe allegations, the panj. 


iV'.lK-vj 
**/?} 



DR. URHO KEKKONEN STARTS A FIFTH TERM AS FINLAND’S PRESIDENT SOON 


Where foreign policy means maintaining ah active neutrality 


BY LANCE KEYWORTH IN HELSINKI 


forces oF condemnation if® 
being brought to bear on. Sr. 
Sempruo - - - 
David Salter writes from 
Moscow: The Soviet Union hu 
issued a new attack on the Euro* 
communists, criticising tboir 
advocacy oF ideological »» ld 
economic pluralism as a formula 
for preserving capitalist property 
and tee ideology of tee 
bourgeoisie. 

An article In New Tunes*, tee 
Soviet Foreign affairs wcekl>. 


certain as anything can be, years later he was re-elected by Together with the late President, Finland’s economic prosperity of Soviet crude oil in lieu of own words in 1962), this is a dis- Leninism ■«mi hiu enndemnation 

barring some accident or Illness, a comfortable majority. The J. K. Paasikivi, Mr. Kekkonen is closely dependent on the convertible currencies which appointing admission. It explains of existincsoclaltem! ^rtirulariv 

but the country will first go same thing happened In 1968. has given his name to the foreign market economy countries, hut Finland would have had to why the six major parties of the the cswrieftM nf Qavict 

through all the trappings of a By 1974, before his third term of policy line pursued by : the its security and political future borrow.. country from Communist to Union - 

Presidential election. office had expired. President country: the Passikivi-Kekkonen are even more closely dependent Equally certainly, tbe policy Conservative, put him up as Recent re mirks bv Sr Azearato 

On January 15-16, the Finns Kekkonen was “persuaded” to line is peaceful neutrality and upon remaining on friendly exposes Finland to untoward their candidate. They want to that the liberal Snaniah Coin- 

will go to the polls to return a serve another four years (instead friendship towards all countries, terms with the Soviet Union, pressures. In 1973 Finland give evidence to the Soviet munlsts have lone ^considered 

college of 300 electors. The of the normal six), but stipulated particularly neighbouring states. The result has been that there wished to si@i an agreement on Union that the country is behind manv aspect* of Leninism 

electoral college, in turn, will that he need not fight a cam- and especially towards Finland’s is only one man in Finland upon free trade in Industrial goods Mr. Kekkonen's foreign policy obsolete and dn nnt rccarii 

assemble on February 15 in the paign. That required a special eastern neighbour, the Soviet whom the Soviet Government with the EEC but kept holding The only worry now is whether Marxism ns nhani.it* truth are 

granite building of the Parlia- act temporarily amending the Union. , feels it can rely for the con- hade because the Soviet Union there will be a sufficiently big “es^ntiallv anU^onVmuniBVstate¬ 
ment to elect the President of constitution. He has now been Deliberately and progressively, tinuity of the Passikivi-Kekkonen thought it would lead to a turn-out at the polls to lend ments.” the wid ' 

the country for a six-year term Head of State of the Finnish President Kekkonen has nur- line of foreign policy. change in Finnish foreign policy, credibility to this testimony Mr New Times aim arid that stale- 

ending in February 1984. There Republic for 22 years, over one- tured and developed this policy. This creates, of course, a state Only when Mr. Kekkonen agreed Kari Suomalainen, the leading ments hv Mr Awnrvte ihnt -the 

are four opposition candidates, third of its existence. Little did He has moved from Mr. of affairs which would be con- to the special arrangement for Finnish cartoonist, summed it up Communists of' WiUt^rn Europe 

put up by four splinter parties the Finns realise in 1956 that Paasikivi’s inactive policy to an sidered unusual, to ay the least, a four-year fourth term in office beautifully in the dialogue to must oncnLv criHrtw^he 5 toviet 

which between teem command they were electing a president active neutral policy, one in in a Wastem democracy. But were the difficulties ironed out one of his drawings: “It would Union if thov wnwi inwork out 

13 of the 200 seats in ParllamenL seemingly for life. which Finland is prepared to as long as Finnish-Soviet rela- In addressing the Conservative be silly if the poll in the Presi- their own eonceutof Communism 

The six major parties backing The Finnish President has take initiatives. Essentially, tions remain as good as they are Party in his election " cam- dential election were less than indicate that he is be In a *• sucked 

Mr. Kekkonen command the rest great powers under the constitn- Mr. Kekkonen has pursued his just now, it must be called a paign" Mr. Kekkonen said that 50 per cent But that would be Into the nuas<niiri» anti' 

In 1956, Mr. Kekkonen was tion. In particular, the foreign course at the personal level. He successful foreign policy, Cer- M relations with tee Soviet better than if it were 99 Sovietism "■ * ^ ; . .. 


.teao 



j 


s 


I. 















3 



•:.v 


"Fiai^ncial Times Friday 7d&eary '13T978 


AMERICAN NEWS 




V l 

-a 


U.K. may give Guatemala 
aid to drop Belize claim 


BY HUGH CSHAUGHNESSY 


; BRITAIN is understood to be State at the. Foreign Office, re- adjure its 130-year-old claim to 
w^-iTr-Noffering Guatemala a very large turned to Loudon last night after Belize, formerly British Hon- 
‘ ■'‘."' aid package, and the cession of an unexpected one-day visit to duras. 

a stretch of Belizean territory' Mr. Cyrus Vance, the U.S. Secre- ^ whieh j, thought to 
' ^-thought to - contain rich -oil tary of State."in' Washington, * £ 

deposits in return for Guate- during which a possible settle- ^rruchires as those of RnbeJ- 
4;s Umaia abandoning its claim to went of the long-standing U.K.- g™?* nMect of 

. _ sovereignty over .the. British Guatemala dispute about_sover ; SLSHnS 




colony in Central" America. “ eignty w the remote and 


The way would then be open lightly-populated territory 
or Belize to move quickly to Belize was discussed, 
dependence. At the same 


. oil companies. This led to a 
01 multi-million dollar lawsuit 
which was settled in the Beli- 
Britaio is' believed to have zean courts in 1875. 


timo tha riTi n rf,-« n • SjriULLU IS UDUCVCU iu uaic eJZUll CULLTia 111 laid. 

t'mia'SSttSS" “ ““ ve ¥ sassr«z&r sar ss 

-rOtl Gu.Een.al.;, i,alm.. <he con- , oUtefS SS’*^JSSSf ’JSJSSSr’.-Si 


stantly-repeated -threats by suc¬ 
cessive military regimes In 
tty Guatemala City to invade Belize. 

_ together with British reluctance 
to give Belize a defence guaran- 
.. tee against Guatemalan incnr- 
Asians after the Belizeans had 
’ •'■•r.graduated to full independence, 
N'have held up constitutional pro- 

• 1 . gress in Belize, 
j.-. Mr. George Price, the Belize 

.Premier, has refused to ask 

• r /.Britain for independence in the 
" :k absence of defence guarantees. 

Britain has said it would be 
happy to grant Belize indepen- 
■. V^dence but cannot garrison a 
... newly-independent country with 
" British troops. The present ' 
British garrison was strene- °f 



POSSIBLE 

TERRITORIAL 

CONCESSION 


GUATEMAUV'^toAi 

r' 

City* i HONDURAS 

Vx __ ■- • 

EL SALVADORw^ / ; 

Rubelsanto. ’ International 



the Belizean government and 
people. Mr. Price, strongly sup¬ 
ported at the UN. has constantly 
opposed any cession of the land 
to the Guatemalans, and he is 
unlikely to change bis mind, 
particularly in the light of the 
oil search in the area. 

On question of the sale of 
£850.000 worth of British arms 
to El Salvador, whose govern¬ 
ment has pledged itself to help 
Guatemala in any invasion of 
Belize, reports from San Salva¬ 
dor, the capital, quote ministers 
as saying that the government 
there has lost interest in acquir¬ 
ing British weapons, if they can¬ 
not be used against Belize. 

Or din al Basil Hume, the 



.'.package came astheWashington Merest * the Rubelsanto field. 

' P - v 1 Star- ran a ronnv* "Rrif a In Thfe 71 AW installation is SC 


of the bad human rights record 

Star ran a report that Britain The new installation is sche- of the Salvadorean government, 
was preparing to cede the duled to produce same 40,000 to-day published the text of his 

• j southern tip of Belize as part barrels a day of petroleum pro- correspondence with Mr. James 
;_;of a final agreement. This was ducts and L000- tons a day of Callaghan, the British Premier, 

presumably a reference to the ammonia, which would go far and Dr. David Owen, the Foreign 

• • where Exxon Is currently drill- towards satisfying Guatemala’s Secretary, on the subject and 
- _ -ing a series of wells on behalf domestic fuel and fertiliser repeated his “distress and con- 
. ..of a consortium which also in- needs. For more than a year, the cern" that the government is 
•..•/eludes International Nickel. Foreign Office has been indicat- not cancelling the deal. 

Weatherford International and. ing that Britain would be will- Owen letter, page 9 

, .Canadian Superior. ing to provide Guatemala with - 

'• Mr. Ted Rowlands, Minister of capital aid, if it- would .finally Editorial comment, page 16 


7 Nicaragua riots 
follow killing 

*. MANAGUA, Jan. 12 

NEW rioting against the govem- 
-~ment broke out in the 
- Nicaraguan capital to-day shortly 
"‘before the "funeral of Dr. Pedro 
Joaquin Chamorro, an opposition 
newspaper editor who was 
assassinated on Tuesday. The 
. leading campaigner for demo¬ 
cratic reform here, he was 
regarded by many Nicaraguans 
as a potential president . . 

Crowds estimated at more than 
30,000 ran wild in the streets 
for hours. Buildings and cars 
were set ablaze. .The national 
guard, which Js hath army and 

S o lice force, stayed mostly in its 
arracks. 

Demonstrators raced through 
the streets chanting, “ who killed 
Chamorro?—Somoza,” meaning 
-President Anastasio Somoza, the 
head of a family which has ruled 
■■ Nicaragua for 40 years. 

Several Somoza family buai- 
iesses were attacked last night 
.. Deluding a plant which processes 
.."loman blood plasma for sale 
• •ibroad. 

The national guard has 
. arrested four men on suspicion 
^ if murdering Dr. Chamorro. He 
had devoted bis adult Bfe to 
- opposing successive Somoza 
regimes. He was five times 
. jailed, twice for involvement in 
. coup attempts, and three times 
exiled. . 

He built the circulation of his 
newspaper La Prensa from 3,000 
to 60,000, making it the largest 
selling daily in the country, and 
maintained outspoken • criticism 
. of the Government 
• Reuter 


Ecuador to go to polls 

BY SAR 1 TA KENDALL . QUITO, Jan. 12. 

ECUADOREANS will have the complex road back to democracy 
chance to choose ! between two chosen by the armed forces, and 
constitutional projects in a calls for an immediate constitu- 
referendum on Sunday, using tional assembly, 
their votes for the tot lime in ^ junta president vice- 
near ly ten years._ If aU goes Admiral J Alfredo Poveda Bur- 
accordingte tbemOrtary govern- b ^ j 

cent’s plan Preindtmtel elec- ^at unitary com . 

tons wdl follow in July and a ntitment to hand over govern- 
new civilian President will ment u genu^e. but several 
assume power before the end political i ea ders have voiced 
of the year. . their doubts. - Following the 

But three Right-wing-political arrest of its national director, 
movements have been; running a one party alleged that sectors of 
strong.. well-financedVc&rapaign the armed forces are trying to 
for voters--to abstain;.mafflsome sabotage the referendum itself. 

In spite Of the political and 
'SS Iffi practical problems which have 

P*f,P : referendum organisers. 
5*!L - one er-President. Sr. Galo Plaza. 

who is responsible for the voting 
%2£S£JSLn$i wemment and procedure, is hopeful; “I 
party propaganda. believe the people want it. A 

For a relatively nnpoliticjsed minority does not want it, but 
electorate.: the choice between I am optimistic.” Unfortunately, 
two lengthy constitutional docu- Sr. Plaza, will not be able to 
ments &-• baffling, especially as vote—the computer has acciden- 
there are few fundamental differ- tally left him fJIke many others) 
ences. . The new constitution is off the electoral rolls. 

generally considered to be more _ 

progressive, and would allow ■ 

greater popular participation in Bolivian amne sty 
Sie' political process than the J 

revised 1945 constitution. Most More than 600 people, who are 
trade unions, students, and on 15 hunger strikes in four 
Centre mid Left political group- Bolivian cities, won a concession 
ings recommend their supporters, from the military government yes- 
to vote for. the new project terday when the regime 
. _ • announced an expansion of its 

Those in favour of the rexeren- amnesty, for political exiles and 
dmn argue that a substantial null prisoners. UPI reports from La 
vote will serve, as a pretext for .paz. The offer came two days 
the ruling military junta _ to after the declaration of a state 
retain power. They claim that of emergency because of the wide- 
any chance of a return to civilian spread protest movement, which 
rule must be seized. But the anti- had drawn support from students 
referendum platform rejects the and tin miners. 


Surge 
in U.S. 
money 
supply 

By Stewart Fleming 

NEW YORK. Jam 12. 

A SURGE in the U.S. money 
supply is the latest banking 
week has -Injected a new and 
potentially unsettling factor into 
U.S. financial markets already 
disturbed by the dollar's perform¬ 
ance on the foreign exchanges. 

In the "banking week ended 
January 4, Ml fuse rapidly by 
$4.1bn. to $339£bn. and M 2 
increased by $5.6bn. to $812.6bn. 

Money market analysts, in 
assessing the implications of the 
latest figures, must also now 
take into account any reaction on 
the. foreign . exchanges. The 
money markets and bond mar¬ 
kets took the statistics calmly, 
however. One analyst suggested 
that the markets were anticipat¬ 
ing a big increase since this has 
been for sometime the estab¬ 
lished, but unexplained, pattern 
in the first week of a new three- 
month period. 

In addition, interest rates have 
risen quite sharply over the past 
week in response to the Federal 
Reserve Board’s derision to use 
rates to support the dollar. Thus 
the markets are not expecting 
monetary policy to be adjusted in 
response to the domestic money 
supply which has been growing 
moch-more slowly over the past 
two months. 

Finally, and perhaps most 
importantiy, one week’s figures, 
particularly at the beginning of 
the month, are recognised as a 
most unreliable guide to 
economic decisions. For this 
reason some foreign exchan g e 
traders were also rejecting the 
suggestion that foreign exchange 
markets might respond adversely 
to the statistics. 

On the other hand. anaiystB 
pointed out that any signs of the 
money supply getting out of 
control again as it did last 
autumn would add a new com¬ 
plication to the task of defending 
the dollar, particularly if it is 
seen abroad as pointing towards 
an increase in inflationary 
pressure. 


THE OPENING-UP OF THE AMAZON 

End of the bandit era 

BY SUE BRANFORD RECENTLY IN PARA STATE 

c FOR CENTU RIES , enormous tied beside the road, despite tbe this region, it is too early to 
tracts of the Amazon forest were total lack of medical assistance, assess theimpact of this large- 
r left undisturbed, isolated from shops, public transport anff so scale destruction of the forest 
the hustle and bustle of Brazil's on. But the region was very ^ other parts of the Amazon, 
process of economic growth. The largely uninhabited. Just a very where the cattle ranches were 
region was only marginally few small towns had sprung np. ,«t up earHer, extremely serious 
linked to the market, through 'like Redencao with its 5.000_problems of bush invasion and 
• SSiAB ambterS! inhabitants. This was toe period ;«>ti nutrient leaching have 
and collecting Brazil nuts. The. when Antonio Delfim Neto, then arisen. Over-grazing by man 
Amerindians 8 were toe main finance minister, commented:, toreatens the Amazon jungle, for 
cron-erowers. anolvine - the “The Amazon is still in -the modern farmers have apparently 
aboriSnal" method ' 5 of^shiTtinn bandit stage. It is only 1 atm:-that lost the wisdom of the Amerin- 
the on» tte sheriS will be eeeaei”. Mm; wbo rigoryly respected 
successful form of agriculture in Ne w there sre uumermu, the ftre^s ecosystem.^ g ^ 


the humid tropics. Ecologists 
estimate that this form of agri¬ 
culture can support indefinitely 
only about 25 people per square 
mile. 

This pattern Is now. being 
violently shattered: Roads have 
been pushed through the forest 
Not the 3,500 mile Trans-Amazon 
"highway alone which runs from 
The poverty-stricken north-east 
'.westward to the* frontier with 
Peru, but also roads that make 
■ much more economic.sense. They 
link the Amazon with the pros¬ 
perous South, which provides toe -j 
region with most of its essential ■ 
supplies, including foodstuffs. 

One of these roads, nearing 
completion, will run south from 
the port of Belem, near toe 
• mouth of the Amazon River, - 
through Maraba on the Trans- - 
Amazon and eventually link up 
with toe network of roads that 
leads to Sao Paulo. Called toe 
. “ cattle - integration road,” 

! because it passes through the 


a 11 Aim 
oeai. 



arrived, violence continues. If in 
Jess open fashion. Throughout 
the area land rights are ex¬ 
tremely confused, with numerous 
forged documents, issued by dif¬ 
ferent government authorities. 
In these circ umstanc es, mi ght is 
Still right, particularly as the 
police forces are notoriously 
corrupt 

The pace of change Is furious. 
Eighteen months ago. Xinguara 
did not exist There was just a 
tiny unnamed hamlet of a few 
peasant families, about 150 miles 
south of Maraba, at toe junction 
with the semi-completed road 
that will eventually run to the 
rich.mineral deposits and fanning 
land beside toe Xingu River. 
Xinguara now has 1,800 houses, 
with about 15.000 inhabitants. 
The explanation of this popula¬ 
tion explosion, which is startling 
even by Amazon standards. Is 
simple. As an electoral gambit 
before toe municipal elections in 


heart of the cattle ranch country, peasant settlements beside the November 1976, toe Bara State 
this 2,200-mile long road Is of road. Small incursions have been Government announced that 

Crucial importance. to the large 'made into the forest, with, the armlnBland was to be distri- 

companies lu the region, such as' vegetation cleared in the tradi- buted free to landless peasants 
Volkswagen, Caterpillar and tional slash-and-bnrn method and However, after toe elections 
Uquigas, whidb are planning to the ground then sown with rice: tog Popticians lost interest In 
use it to transport cattle' and* and cassava. The cattle com- the project. ' 

eventually corned beef. •' panies have arrived too, clearing .As the peasants wait, the social 

The changes that the road Is toe land on a much grander tension in Xinguara grows. Most 

was?tberough track- above all a diluted fonp of for jobs on the neighbouring 
.'w£ hemmedto on bothsidSby orange agent which isimpqr^ cattie ranchej. or travel 150 milts 
thick forest Already .* few from the U.S. frpnJ stocks IaEt to Sao Felix do Xingu to work 

lough peasant families had set- over from toe Vietnam war- In m the tin mines. 


NY mayor 
rallies support 
on financing 

By John Wyles 

NEW YORK, Jan. 12. 
BUSINESS and labour leaders 
in New York have rallied behind 
a new mayoral initiative aimed 
at publicising at federal level 
the case for a new long-term 
‘financing programme for the 
city. 

The formation of the mayor’s 
coalition represents a determined 
effort to communicate a public 
message to the nation that New 
York has made severe sacrifices 
since its fiscal ersis broke in 
1975, and that it merits Jong- 
term help. 

Members of the executive com¬ 
mittee formed yesterday in¬ 
clude Mr. Walter Wriston, chair¬ 
man of Citicorp, and Mr. Richard 
Shinn, president of the Metro¬ 
politan Life Insurance Company. 
Also on the committee is Mr. 
David Garth, a celebrated media 
consultant who was responsible 
fdr advertising during the elec¬ 
tion campaign last year of the 
new mayor, Mr. Edward Koch. 

The prominent union leaders 
include Mr. Victor Gottbaum, of 
the Municipal Employees' "Union, 
and Mr. Albert Shanker,. presi¬ 
dent of the teachers’ union. Pay 
negotiations covering some 
500,000 city employees are due 
to get under way by the spring, 
and it is feared that the out¬ 
come of these could substantially 
increase the city’s projected 
$40bm. deficit this year. • 

Reuter adds: Moody’s Investor 
Service said it raised the rating 
for Municipal Assistance Cor¬ 
poration for the City of New 
York 2975 series B First General 
Resolutions bands to triple-A 
from B-double-A. - *" 


New wholesale 
prices increase 

By Jurek Martin 

WASHINGTON, Jan. 22. 
WHOLESALE prices in the U.S. 
continued to move up in 
December, largely because of 
higher food prices. 

The Labour Department which 
issues . these statistics, is now 
putting out two indices—the 
traditional wholesale price index 
-and a much newer finished goods 
price index. 

The Department is convinced 
that the latter is much more 
accurate than toe former, 
since it does not duplicate price 
changes is various stages of pro¬ 
cessing. However, debate over 
which is the best yardstick is 
likely to persist for some time. 

The old wholesale price index 
rose in December by 0.5 per 
cent, less than toe 0.S and 0.7 
per . cent, of October and 
November respectively. 

But the finished goods price 
index went up by 0.7 per cent 
last month, more than Novem¬ 
ber’s 0.4 per cent 
For the year as a whole, under 
this measurement wholesale 
prices rose by fi.fi per cent, 
which is almost exactly the same 
as toe underlying rate of in¬ 
flation in the economy. 

Meanwhile, toe Commerce 
Department announced to-day 
that its preliminary surveys 
showed that American corpora¬ 
tions were planning to increase 
capital investment by only 45 
per cent in real terms in 1978. 
substantially below last year’s 
levels of closer to 8 per cent 
which was itself considered 
barely adequate. 



NEWS 



RHODESIA SETTLEMENT TALKS 


Agreement reached on white vote 


6Y TONY HAWKINS 


SALISBURY. .Lin. 12 


MR. IAN SMITH, the Prime morning. The talks are expected Howeves, in many respects, deaths of in white nriluas— 
Minister, and Rhodesia’s three to resume—probably in full this is seen as a somewhat aca- mainly h omen and ihiUircn. 
domestic nationalist parties were plenary session—early next demic issne since neither of toe Thirty-four Mack eiui;an> h.i\e 
to-night reported to have reached week. two nationalist leaders engaged been murdered In guenibs u!.» 

agreement in principle .on the ^b- leaders have still * n ta ^ s ^ as any measurable have also killed nine uil-duty 
critical issue of white Partiamen- apparently to a'-ree on how long support from the guerillas, who members of the socuritj. forces, 

tary representation in an tl l£ «hioctarw mechanism ” wifi are °n behalf of the Six Rhodesian security iurtv 

independent Zimbabwe. tbeNwo main nations- Nkomo-Mugabe Patriotic Front, members have died in action ami 

Sources close to toe talks said list par tj es Mr. Sithole’s African However, even ir this matter ovcr „ jwrt"d toe 

x> Blsh ^ u Ab l- National Council and Bishop can be solved quickly and Stwrtoas haie lost o9 dead. 

Muzojwa. toe Rev. Ndahanmgi Mnzorewa’s United African amicably, Rhodesia’s problems Michael HuUnau writes from 
Sitoole and Chief Jeremiah National Council wanting the wil lstill be far from over. The ^ usal ^ J : President Kennel)i 



for 15 years. sabotage any political agreement , “* ,ns P'arv iwiwv-n man* 

This would give whites their J mjnht be reached in the Minister lan smith and internally 

“blocking quarter" (plus two or 0nce this problem has been “ , g£J ,c rcached m based black leaders. “The 
three extra seats 1 , thereby enabl- overcome, there is only one ■ manoeuvres fur the su-cal'c;: 

ing them to reject any attempt ma J or issue to be solved the The war has moved closer to internal settlement are tactics lu 
to .erode or abolish white question of toe security forces. Salisbury in the past fortnight divide the nationalists and the 
min ority safeguards—in respect Mr. Smith is insisting that the last week-end's murder of masses." he said, 
of property, jobs, pensions etc.— Government of Zimbabwe retains rwo whiles—a mother and He also accused Souih African 
that might come before Parlia- the existing security force struc- daughter— on a farm at Norton Prime Minister John Vnrster of 
ment after legalised indepen- ture while the nationalists some 30 miles from Salisbury an “act of double dealing diplo- 
deoce. already under growing pressure and last night's murder by ter- macy " by ** talking to toe croup 

Speculation that agreement from some of their more mili- rorists of a 15-year-old white boy of five i Britain, Uanada, France, 
will be announced soon followed tant supporters are demanding only 15 miles from the centre of West Germany and the I S t 
another three-hour session that there should be integration the capital . while maintaininc h< ilelermiR.i- 

between the four leaders at Mr. of guerilla units within toe So far this year, official com- tinn tu instal the puppet? in 
Smith’s official residence this armed forces. muniques have announced the Windhoek (tapiul of Namibiai.” 


THE MIDDLE EAST 


Egypt, Israel closer on Sinai issue 


BY ROGER MATTHEWS 


CAIRO, Jan. V. 


Japanese 
force issue 
on islands 


By Charles Smith 

TOKYO. J.m. 1L\ 
JAPAN to-day accused the 


ISRAEL AND Egypt began a close toe gap on Sinai on the wanted to link any concessions 

detailed study of each other’s part of both sides, and the it might make to the size of the 

security needs in to-day’s second General added! “We are not too Egyptian armed forces. An 

session of toe military com-far apart.” agreed and progressive reduc^_. 

mittee that is designed to reach His views were echoed by the lion in Egyptian troop numbers j Soviet Union of “unilaterally 
as .agreement on the occupied leader of the Israeli delegation, could produce greater llni- negating " an a-^reeiiienr reiichci! 

territory of Sinai. Mr. Ezer Weizman, the Minister bility by Israel and could speed h n 1*73 be 1 ween Mr Gror.ltnev 

„ , . . . of Defence “Both Egypt and toe pace of withdrawal front -—* »*- •*■—-•- - --- 

At a news conference toe head ^ ra ^%% tal ^t he i r potions Sinai* 

Ah£i Pt rh.«i d °n toe settlements and think A third session of the comnut- 
hi fiXUWL toere can be a closing of toe tee was held this evening after 

said ne thought there was not h which it adjourned to allow the 

too much distance between toe .. .. _ _Israeli delegation to return ln i(in 

two sides, despite reports of a The Jgf Jerusalem for consultations and 10 

near deadlock over the issue of trast with the impression that ro co . ord i nri , e with those 

Israeli settlements. had been bmlt in the past feu coneayues . headed by Foreign 

He added that Sinai, occupied hy the ^harp ex changes Minister Moshc Dayan, who will 

by Israel iD toe 1967 war. was between Mr. Menaheni Begin, ^ attending next week’s open- 
one of many topics and should Israels Premier.and President j n g of the political committee. No 
not be concentrated on to the Anwar baaat ot further meetings of toe military 

exclusion of other issues. Military committee sources committee are expected before 

However, there was a wish to said the Israeli delegation next Tuesday or "Wednesday. 


Iranian dissidents form body 


BY ANDREW WHITLEY 


TEHRAN. Jan. 12. 


A GROUP of 30 leading Iranian have traditionally been wary The announcement made fre- 
dissidents . today publicly of foreigners. The first action of quent reference to the constitu- 
announced toe establishment of toe new group was to deliver a tion and the popular will of the 
toe Iranian committee for the letter personally to Dr. Kurt Iranian people. The basis of the 
defence of liberty and human "Waldheim, the UN Secretary- committee’s activities would be 
rights. The announcement was General in advance of his cur- toe constitutional principle that 
made at the first open Press con- rent trip to Iran, complaining ** toe country’s power emanates 
ference to be held by opposition about toe violation of rights, ”" om toe people. At no stage in 
politicians in Iran for 15 years, arbitrary government and toe toe statement was reference 
The committee, composed silencing of independent opinion. }° “te bhah. 
mainly of academics and lawyers. At to-day’s Press conference, a - Condemnation of last Mon- 
was set up with toe avowed pur- committee member said Dr. “ ea tos m Qom, 

pose of making dear to interna- Waldheim had told them he 
tional opinion what to-day’s would take the matter up AmnrnfiT«^ n 

statement said was “toe general A spokesman for toe commit- Minister A The^ uooffirial de^lh 
lack of freedom and continuous tee. Dr. Karim Sanjabi. told Monda^ nmv s ands ^ 

violation of human rights” which foreign journalists that the new L. ound 70 - now stands al 

Stemitv 1 * 3 * 1 t0 a “ serious ^“isanon was not a political The letter demanded that 
ca jf“*y - ... r body. Its policy would be mod- those responsible for toe police 

The public appeal to world- erate. he said, within toe frame- firing, as well as the aulhor of 
wide opinion is an, important work of the international declar- the original newspaper article 
new development ^ Iranian atiou on human rights and the which provoked the disturbances, 
nationalists and dissidents alike Iranian constitution. be brought to justice. 


Arafat message 
for Carter 

By Rami G- Khoori 
MR. YASSER ARAFAT, leader 
of toe Palestine Liberation 
Organisation (PLO), is sending a 
personal message of “a warm and 
conciliatory nature” to President 
Carter, according to Rep. Paul 
Findley, an Illinois Republican, 
in an interview here to-day with 
the Financial Times. 

Mr. Findley feels Mr. Arafat 
concedes that any Palestinian 
state to be established in the 
West Bank and Gaza Strip will 
have less-than-total independence 
Initially. 


Russia condemns Sadat 

BY DAYID SATTER MOSCOW, Jan. 12. 

MR. ALEX EI KOSYGIN, the Arab countries, Mr. Kosygin 
Soviet Premier, to-night said toe praised Algeria and several hard 
Soviet Union will continue to line Arab states for their con- 
side with Algeria and other “ pro- denrnation of Egyptian President 
gressive Arab states’’ but re- Sadat’s separate peace initiative 
iterated Soviet support for a re- which he compared to “grovel- 
convened Geneva peace confer- lina before the aggressor.” 
ence and negotiated Middle East Mr. Kosygin, however, did not 
settlement, both of which Algeria endorse the rejectionists 1 un- 
and other ■ rejectionist" slates yielding stand on the nature of 
oppose. the Middle East contlict. Hy re- 

Speaking at a Kremlin banquet stated Soviet support fnr a com- 
for Mr. Houari Boumedienne. the prehensive Middle East peace 
Algerian President who arrived settlement, which he said must 
in Moscow to-day from Damascus, be achieved at a reconvened 
after completing a tour of 10 Geneva conference. 


Syria boosts defence spending 


BY IHSAN HIJAZI 


BEIRUT, Jan. 12. 


PEURCU2. Tina pnbltabed daily 1 in.ni Sun¬ 
day* and holiday*. U& m lm-tiflti Mi &2D0.00 
tair rrdsbu S 30 QJM (al/ main per atmnm. 
Soeood class annsan paid al Nw ink, H,X. 


SYRIA has increased its defence may have to defend itself against Algerian leader, renewed his 
spending for this year by 10 per Israel without Egyptian support efforts to eliminate the obstacles 
cent amid more speculation and is not yet sure of immediate in way of a Syrian-Iraqi recon- 
about a new. arms deal with toe Iraqi military backing. Accord- ciliation during his talks in 
Soviet Union. ing to diplomats, Iraq, though Damascus. His Foreign Minister, 

The 1978 budget submitted to still maintaining its own terms Mr. Abdel Aziz Bouteflika, 
the Syrian People’s Council, or for cooperating with the regime visited Baghdad for a few hours 
parliament, by General Abdel of President Assad in Damascus, yesterday. 

Rahman Khletfawi, toe Prime has made contingency plans for As well as maintaining large 
Minister, yesterday put the rushing to Syria’s help in toe numbers of troops on the Golan 
defence allocations at about event of an Israeli attack. Heights confronting Israel, Syria 
4 . 4 bn. Syrian pouads (approxi- The Iraqi forces, numbering has 30,000 troops in Lebanon 
mstely 51-lbn.). This constitutes about 160,000, were reported where they make up the bulk 
about one quarter of toe total recently to have built concrete of toe Arab League Peace- 
budget allocations of 18J2bn. bonkers on toe border with keeping Force. Svria is also 
Syrian pounds ($4£bn.). Syria where new weapons reported to have concluded at 

Damascus RSdlo said the boost recently acquired from the toe beginning of this month a 
in defence spending was because Soviet Union have been stored, deal with toe Soviet Union dur- 
of toe new developments In the and would be ready for use at ing talks in Moscow led hy 
Middle East short notice. Major-General Hikmat Chebabi, 

Informed sources said Syria Col. Houari Boumedienne, toe toe Syrian Chief of Staff. 


and Mr. Tanaka, tiicn Japan's 
Prime AIhiinUt. m »r!ilu 
resolved qiic-lion> ” left ihit 
from 1 h«.» Second World War m 
Ihe cnur.v of their nc-uti.ilini;-* 
peace ireaij. 

The accusation, made m the 
name nr Mr. Snnudj. The Forci-Jti 
Minister, came im mediate i\ 
after Mr. Sunodn's retur-i from 
three days of talks in Moscow 
during which Japan attempted 
unsuccessfully in press its claim 
to four Soviet-occupied islands 
north of Hokkaido. 

The Soviet Union rejected tho 
Japanese claim as it has in¬ 
variably done in the past. On 
this occasion, however, tho two 
sides did not even issue a jom: 
communique pledging their de¬ 
termination to continue talks on 
a peace treaty and referring in 
general terms to the existence 
or “unsolved problems.'’ This 
provides the formal justification 
for Mr. Snnoda’s claim that the 
Soviet Union has “unilaterally” 
gone back on the Tanaka- 
Brezhnev agreement. 

In accusing the Russians of 
breaking their word. Japan is 
taking its stand on the Japanese 
record of a conversation which 
took place between Mr. Tanaka 
and Mr. Brezhnev towards the 
end of their October. 1973 talks. 
According to tins. Mr. Tanaka 
gave his opinion that "un¬ 
resolved problems” between the 
two countries which were to he 
discussed as part of negotiations 
op a peace treaty included the 
Japanese territorial claim. 

Mr. Brezhnev, according to Ihe 
Japanese Foreign Ministry, 
nodded and said something which 
was translated by the interpreter 
as “Kekko desu" (Japanese for 
‘That's all right"». The 
Japanese version does not 
appear, at any stage, to have 
been fully accepted by the Soviet 
side, but toe disagreement has 
been glossed over during pre- 
vious official meetings between 
ihe two sides. 

In this week's talks it seems 
that the Japaneso side decided 
to force the issue and insist 
either on an explicit statement 
by Moscow of its willingness lo 
talk about the islands, or un a 
diplomatic showdown which 
would give it the opportunity in 
accuse Ihe Russians uJ bad faith. 

The negative outcome of the 
Sonodu-Groiuyko talks makes no 
difference to Japan's prospects 
of recovering the disputed 
islands. What it docs mean is 
that Japan has given up trying 
to pretend that it is making 
progress in furthering its claim 
and is instead doing its utmost 
to make the Soviet position on 
the matter appear unreasonable 
and inconsistent. 

This policy switch could he 
related to another major foreign 
policy venture on which Japan is 
about to embark—the negotiation 
of a peace and friendship treaty 
with the People's Republic nf 
China, which is expected to 
include an “anti-hegemony'* 
clause pledging both countries to 
oppose efforts by third powers to 
establish hegemony in Asia. 

The Soviet Union claims to 
see this clause as an attempt lo 
align Japan with Chinn in the 
Sino-Soviet dispute and has 
repeatedly warned Japan against 
signing too treaty. 

Other Japanese news. Page 5 


New offer on 
Namibia talks 

UNITED NATIONS, Jan. 12. 
THE FIVE "Western members of 
toe Security Council have made 
new proposals to South Africa 
and Swapo to try to save discus¬ 
sions on ‘ Namibia, informed 
sources .said to-day. 

A date is the week of January 
22 was now under discussion, 
they said. .. 

The five were advised by 
Swapo on Monday that January 
17. accepted by South Africa, 
was not acceptable to Mr. Sam 
Niijoma, the organisation’s presi¬ 
dent, who is understood to be in 
poor health. 

Reuter 


ON OTHER PAGES 


International Company News: 
Thyssen bids for Budd 
Mitsubishi- motors in 

Australia -—... 20-21 

Farming and Raw Materials: 
Botswana beef problems.27 


Ogaden negotiations hope 


BY JUREK MARTIN 


WASHINGTON, Jan. 12. 


PRESIDENT CARTER to-day to Ethiopia and the increased 
said that the U.S. hoped that number of Cuban personel sup- 
Somalia would shortly eall for porting the revolutionary 

negotiations to end its current Government in Addis Ababa, 
war with Ethiopia over the m ha _ . . ... 

disputed Ogaden territory. ^etUmwb be said, bad 

This may provide a clue to an S* amounts of 

oblique State Department refer- 5822 ^9 1 ™ “ d 

ence earlier this week to the fact , now 

that the UB. believed that “pro- an( ? 

gress” had been made during the Perhaps to become 

President's foreign tour towards themselves. This, he 

resolving problems in the Horn „ was .** “unwarranted 

of Africa- interference in African affairs.” 

Mr. Carter said that such, nego- f?.. assessmen t toared by U.S. 
tiations could take place In toe ailies - 

UN but probably ought to he Reports in Washington are that 
conducted directly between toe Sr. Raoul Castro, brother of the 
Ethiopians and the Somalis. Cuban President, is currently in 

At the same time, be said that Ethiopia directing the Cuban 
the UE. had conveyed to the support operation. As many as 
Soviet Union “in very strong 3.000 Cuban personnel are said, 
terms “ its concern both over the by some sources to be assisting 
Soviet airlift of military supplies the revolutionary Government, 


Vietnam call 
for discussions 

By Richard Nations 

BANGKOK. .Tan. 12. 
MR. VO DONG GIANG, Vietnam’* 
Vice-Foreign Minister, to-day 
re-iterated his country's call for 
“urgent and necessary negotia¬ 
tions ” to settle its month-old 
border war with Cambodia. The 
appeal, which he made at. a 
Press conference here at the 
end of a four-nation tour of 
South-East Asia, was also re¬ 
peated On a Radio Hanoi broad¬ 
cast this morning. 

Cambodia underscored the 
dilomattc stalemate, however, 
with a Radio Phnom Penh broad¬ 
cast which repeated its 
apparently contradictory position 
of clainfinq “an historic great 
victory over all Vietnamese 
aggressors ” while demanding 
that all Vietnamese troops with¬ 
draw from Cambodian territory 
as a precondition of negotiations. 














WORLD TRADE NEWS 


Japanese farmers threaten 
Government over U.S. deal 


THE JAPANESE farm lobby has livestock and dtrus farmers. 1,000 tons to 2 GOO tons. Wash- M 

stepped up its opposition to agri- Mr. Fujita and other farm ington has asked for a much % Tgg K -« ■■ Ba MoB 

cultural trade concessions in fee leaders spent Thursday morning jareer quota of 10,000 tons but 2? • Sa v t 

£""?* ™und °f trade talks in a meeting vith the agricul- the Japanese Government is not ori „ ^ . M H \W%ZPWA 'Mi . K ‘S »|||%|« 

between the t».S. and Japan. In .tore minister. Mr. Ichiro Naka- expected to so beyond 3.000tons 80* £ 'M K MFT K W H K K 

a public statement addressed to gawa, who reportedly briefed Tho . .,7 _ % Mfr *iW& Md *3 -.<K3 LSz 4^3 

Mr. Robert Strauss, the UJS. them on details of what conces- -^f^ e J .i na . y w . h ° l l T ?? e . on % with -W& [ ‘Wte aK Swft rfSi 

special trade negotiator, who sions Tokyo plans to make in Jl ! I lc « e ’j r “S. To * yo *70" % Ml* ggBg Kg I -Kj ' «a fMa 

arrived In Tokyo last night, order to put a stop to present o fSo e toe < * uota J° || ■'■Wfr. fifS? Bj ,J w3 ‘ MB £n 2j«| UK 

Japan's two major farm federa- trade frictions between Japan rr 00 t0 ? s ~ u « 8621113 , rea ? y ^ K4 rk*3 tMa -^K £3X2 £X2 

tions warned that any large an^ the U.S. t0 P e S jt a t 3,000 tons. In the -jjX? £.3X2 ^Xg 

increases in Japan's import Reports circulating’ for the «jL , 2? I,8 ? s L *£ e 19 ? <I n ®f* ^ g wtff'' umu cpmEc cii r giKMiuM n iw naaS eutnra siieBF” 

quotas of beef, oranges and past week indicate that Tokyo is ?'22,000 tons is to be unilaterally Jwl tuuSH luffiwC tuL bwWW IMLI lUMS iflutfl MoiflM.. 

citrus juice might force Japanese willing to go one step further ^. ncr ® ascd *« 29,500 tons, hut may ‘ aOXlH IMS UflL *S5£S EEE2E Sl 

S3“«.r- rt jSd^ssss-sss‘ssr&swswW£j**ss ««-«*«•*=«««w. 

present Government liberalisation package Mr I0_da Y* dollar, from a position in I97o where exports outstripped imports by 11 per cent, to a deficit 

Simultaneously, Mr. Saburo Strauss and other U.S. uegotia- While Mr. Strauss may not be la JanuaryJune 1B77 when exports paid for only 83 per cent. of imports, (holy the Japanese 

Fujita, president of the Central tors have been, pressing for a happy with the farm concessions, steadily increased import cover, though the West Germans remained at solitary heights with 1- 

Union of Agricultural Co-opera- major increase in import quotas ** ^ not anticipated that he will a cover of 116 per cent, in the first.half e€ last year, 

tives, presented Prime Minister on beef and citrus. write his displeasure into the . 

Takeo Fukuda’s personal a»de In December. Tokyo offered to ^ oint communique which he and m U.S. -newspapers placed by tion of 400,000 ions to 3.5m. tons imporis of feeds.** 

with a petition calling on the unilaterally increase the quota his counterpart External Econo- u *f- interests asking for whole- which remains 10 per cent over i n ip76 Jnnan imported 

Government to reject VS. on hotel beef (a quota mainly *“0 Aff^s Minister Nobuhiko Mle , protection from foreign anticipated demand. The petition than 16m. tons of TJ.S f^d 

demands and protect Japan’s taken up by U.S. exporters) from Ushiba - a L e expected to sign to- steel, foreign shipping, and so on. reads. “If the import quota for grains, so the farmers' associa- 

moxTow afternoon. By effectively The arguments for protection oranges is to be increased under tions conclude with a warning to 
yN| • J rn m tripling the import quotas on put forward by the Central Union these circumstances, it -would Mr. Strauss : “ In other words, 

f hina flQ pf ClOTIinrT CAAT1 oranges, hotel beef and «ttus 0 f Agricultural Cooperatives and sorely mean the death knell for you have a choice between a 

V-'UJJLIm. Udtl MUIlillH MJUO juice.the Tokyo Government has the National Federation of Agri- our tangerine growers." policy of selling beef to Japan 

° T-nirvn i*> gone farther than most political cultural Co-operative Associa- Third, the Japanese cattle Qr selling feed grains. It is for 

. TOKYO, Jan. 12. observers anticipated given the tions are severaL First, the indnsS is^ vntaerS^o aSiS son to choose** 

THE Japan-ChinaAssoaation on the signing of the trade pact fact that Japans farming Com-farmers blame the trade im- crease in imports becauM it is The farm lobby has hem 
Economy _and Trade said its Under the pact, Japan is to nramty is considered the back- balance on Japanese mannfac- a small-scale, high-cost business especially virulent about trade 

chairman Mr. Yosbihlro Inayama boost its oil imports from China bone of Mr. Fukndas rnlingUJP tured exports. The agricultural The average number of cattle concisions in the Strauss-Ushlba 

and other top-level Japanese busi- to 15m. tonnes a year by 19S2 party. trade balance, they point out. raised per farmer in Japan is talks because the present 

nessReaders hope to sign a new from the 6.8m. tonnes this year. The threat of “radical politi- showed a Japanese deficit of 4.7 head, and the farmers rely Government appears more open 

eigm-year smo-japan trade the first year of pact in return cal action ” (made in a full-page more than S3bn. in the Ann: half on imported feedstuffs (nearly to U.S demands than past ones: 

agTeement worth more than for sales of eight industrial advertisement placed in the of 1977 alone. three-quarters from the U.s!) Nevertheless, if Mr. Strauss does 

y^bn. ^Md mid-Febnw plants to China. Japan Tunes this morning and -Second, Japan’s tangerine for between 40 per cent and 50 not manage to twist the Govern- 

inayama told Japanese Meanwhile, export ship con-.addressed to Mr. Strauss) has farmers would not survive au per cent, of beer production ment's arm Into larger quotas 

be wishes to go to tracts received by Japanese com- not been taken Ughtly by the increase in the quota on oranges costs. Thus, the advertisement on beef and citrus and had to 

•TnchfiL P* 1 "®; “SmmJ F el1 by 39 - 2 ,_ per Fukuda Government. Neither and citrus juice. Tangerine states, “an increase in the im- settle for the planned conceti- 

Mp»L?° k0, president of the cent to 3,545^82 gross.tons from will the point be lost on Mr. prices have already dropped 30 port quota for beef would destroy sions these are unlikely to cost 

nSShnn, SSte lt0 tons m 1976 Strauss who has had to face a per cent from the 1976 level, these small-scale cattle fanners the Government the farm vote in 

organisations (Aeiaanren) for Reuter__daily barrage of ’ advertisements despite a cut in planned produc- and consequently reduce the" the foreseeable future. 


1002 


COVER OF IMPORTS COST BY EXPORTS 

-ft-(TEN LEADING NON-COMMlMSTil 

a EXPORTING NATIONS) | 


The chart shows the decline of the UJS. trade balance, main cause «f the weakness of the 
dollar, from a position in 1975 where exports outstripped Imports by 11 per cent, to a deficit 
in Januaiy-June 1377 when exports paid for only 83 per cent of imports, (holy the Japanese 
steadily increased import cover, though the West Germans remained at solitary heights with 
a cover of 116 per cent, is the first, half of last year. 


Antf-Tte Fttday 3aima Xf 38' 


Ushiba plans EiBrope 
trip to discuss 
new trade package 


China pact signing soon 

TOKYO, Jan. 12. 

THE Japan-China Association on the sig ni ng of the trade pact 


MY CHARLES SMITH 

JAPAN'S Minister for External 
Economic Relations. Mr. 
Notndliko Ushiba, win visit 
Fra&ce, Britain and Vwt Ger¬ 
many after attending the opening 
of fee final .phase of GATT talks 
in- Geneva on January 22 , fee 
Foreign Ministry here said 
to-day. 

t(h» p ur po se of his visit wiH 
be - to explain to European 
governments the contents of fee 
second “ mini-package “ of trade 
liberalisation measures which 
Japan is expected to offer the 
UJS. to-morrow in order to settle 
the trade dispute between the 
two countries. 

Mr. -Ushiba will he ready to 
exchange opinions with European 
governments about the contents 
of fee package, but will not nego¬ 
tiate, fee Foreign Ministry says. 
This constitutes an indirect reply 
to the demand made by the EEC 
C ommissi on on Wednesday that 
Japan should come up wife a 
further series of import liberali¬ 
sation beneficial to Europe to 
balance fee moves it will be 
m*iriv| g to placate the U-S. 

The Japanese view seeius to be 
that any further concessions must 
form part of Japan’s hand in the 
GATT negotiations themselves, 
rather than he given away in 
response to bilateral pressures. 
The Ministry apparently has no 
intention of sending Mr. 
Ushiba to Brussels, where he 
went after the announcement of 


TOKYO. Jib. 12. 

Japan’s original Jlhcr aHsat l o a 
package to explain its contents 
to the Commission. . 

Japan’s reluctance to be 
poshed into a situation where it 
faces leap-frogging demands 
from the U.S. and Europe for 
trade concessions may explain 
why the Government h aj 
apparently been lea than 
generous in its respo nse to U s 
demands during the discussions 
which will formally end t»* 
morrow. . 

UJS. demands for further series 
of tariff cuts, beyond those 
offered in fee original Japan*."e 
package, appear to have been 
mostly selected, and increase* hi 
agricultural import quotas, have 
been held to a minimum. Japan 1 * 
toughness has had the effect of 
reducing fee trade talks with the 
U.S. to a diplomatic exercise 
leading to a predestined settle¬ 
ment rather than a genuine bar* 
gaining session. 

Sen. Edward Kennedy who *u 
asked to comment on the rigmfi* 
canoe of to-morrow’s settle- 
ment. said in Tokyo to-day 
feat it would he premature to 
talk of a peace settle ment in 
the trade dispute unlit the reac¬ 
tion of the U.S# Congress 
had been tested. 

Mr. Kennedy implied that there . 
was a strong probability that Con¬ 
gress would pass protectionist 
bills during fee session due to 
start in late January. 


“We’re a small company, but exporting is vital to us. It gives 
us a wider base of customers to help us live with the peaks and 
troughs of the home market. 

“Although we do only about £25,000 export business a year 
we have found our ECGD policy invaluable over the last 20 years. 

“With individual products like ours we have to be careful 
with new overseas contacts^ especially when we have to give credit 

“Our ECGD policy gives us the confidence we need to export 
worldwide in the knowledge that our c ommit ments are covered” 
Michael Watson is the fifth generation of the family to run 
Henry Watson’s Potteries at Wattisfield in Suffolk, where there has 
been a pottery industry for over 300 years. 




U.S. ‘eases Pakistan 

Turkish insurance 

repayments’ j row settled 

The U.S. Export find Import Bank 1 Sy Richard Evani 

is willing to postpone payment for amabau Jan l” 

some Turkish import debts that f , - laLAHnunu, jan. i„. <# 
have reached maturity, informed PAKISTAN'S military ruler On. 
sources said in Ankara yesterday, 2j a ui llaq to-day confirmed 
reports AP-DJ. They say Turkey p i artJJ t0 se t up a £60m. tractor 
has. imported about $3Q0m. worth plant j n association wife Massey 
of goods from various companies f >rguson iU.KA following 
und “ Eshnbank cuaraniee- a*«J lenthy and difficult negotiations 

V&tSUsS £«• « oae 5W£C sw ™* a llltels 

to four years for this debt after u-fth 

consultations with Turkish Central during private talks with 

Bank officials, the sources said. z,a - . 

The talks, on the last stage of 

Iran AP/lor lhe Prime Ministers tour of 

Aiui uruci ihp Indian sub-contuient. proved 

Foundry* Equipment International much more successful than the 
M& won an £SS4,565 contract for British team had dared hope, as 
tbe supply of foundry equipment Gen. Zia also disclosed that .1 
to fee Iran Tractor Manufacturing satisfactory conclusion to the 
Company's 'hew Tabriz casting lengthy dispute between Palo- 
centre.. When completed in early 6 tan and leading British msur. 
1979, fee-new foundry is expected ante companies is now in sight 
re be the largest in Asia outride i n 1972 Pakistan nationalised 
fee USSR, and will havo an annual life assurance and froze the 
output of 70.000 tonnes of iron assets of Norwich Union. Pearl 
casting for melon produced and Prudential. Now Gen. Zia 
under licence -from Massey told Mr. CaHaghan that his 

rovp5rmnpnt and Kumaiuan government fully accepted Its 

Government obligations and would do its 

r' • . best to see that proper compen- 

soviet textile plant sation is paid. The figure men- 

Stork- Brabant, of the Vmf-Stork j 2®"^ 2? e 5 

group, has secured a contract • settlement of the frozen assets 
worth DFis.9m. (f2m.) from the i *s £3.5in. . . . „ 

Soviet Technoprom Import, for! A further clement in the talks 
equipment destined for fee was Gen. Zia's desire for British 
Russian textile industry. The con- participation in the exploitation 
tract was secured in close and development of Pakistan's 
collaboration wife the Peja Export] natural gas fields, particularly 
Company and its Moscow office, in Baluchistan, and this will be 




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merchants and overseas sub s idia ry of UK firms. For certain business ECGD also offers bank guarantees for export finance ar favourable races (to the ex por ter or his customer); guarantees for pre¬ 
shipment finance and performance bonds; and cost escalation cover. Full details from your local ECGD office. -- -‘ Jm ' - 

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Company and its Moscow office, in Baluchistan, and this will be 

followed up with British Gas and 
Export credit talks U.K. companies interested In 
_ _ participating in : an industry 

Representatrow from fee VS. with great potential. 

“J 19 J?*** “dustnalired The British team was pleased 
nations yesterday resumed dis- ^ xetieved after the two hours 

SS of talks between the leaders. Be- 
a comprmmse on export credit rnrp the tnur Pakistan had been 

differences, on whether to harden P the 

the existing 'terms- as sought bv that the presence 01 tne 
the U.S., or to renew the current B . rit ish Prime Minister wnild 
consensus for another year. The « JV ? ^ en - n*llitM> regime 
U.S. is also said to be seeking undue recognition- and res peel a- 
agreement on a ** notification bility. and because qf, in the 
system " -under which member even t unfounded, fears of demon- 
countries would Inform their Strattons by the supporters _ or 
partners prior to fee conclusion Mr. Bhutto, fee fWiner Premier, 
of new contracts. now facing murder charges. 

, The Massey Ferguson contract. 

Venezuela Visit regarded as particularly im- 

portant because of the dominant 
1 ILK. Energy Minister, Dr. Dickson position of British equipment in 
| Mahon, is. to head a delegation to Pakistan’s agricultural machin- 
Venezuela on Saturday .for talks ery market, is for a factory in 
on possible export of British hard- the Karachi area to produee 

10.000 vehicles a year. Total 
^ foreI .sn exchange costs in setting 
up the factory of £25m. will he 

VeSela ^Show co 2 e ?« d w by a loan from l h l- U ,' Kl 
to sell British experience buBti up , 5 ^ re _^?V.^ ns«niitp 

in the quest for North Sea oil. 

bad intensified since 2974 when 
Gtpal nriroc the Government settled compen- 

olwci piiu» sation terms wife U.S. companies 

The Department of Trade yester- > n a similar position under 
day isued a list of basic prices for threat of a withdrawal of Ameri- 
imported steel The list Is com- ean aid. Continued failure to 
piled by the European Economic settle the elaims of the British 
Co mm ission, whose basic price companies was regarded as dis- 
system for steel imports is now in criminatory- 
full operation. This system— The Prime Minister told Gen. 

which has the force of law— Zia that British aid to Pakistan 
imposes an obligation on steel was to be increased to £2Qm. in 
stockholders not to sell certain 1978 and would be raised by 
products at prices below those of annual instalments up to 1980-81. 
the domestic producer. The Mr. Callaghan emphasised that 
National Association of Steel fee value of the aid to Pakistan 
Stockholders said yesterday that was that it was in the form of 
It supported fee EEC's action. a grant and not a loan. 

East Germany on target 

BY LESLIE COUTT BERLIN, Jan. 12. 

EAST GERMANY reports it was ficit In East German foreign 
almost on target in its economic trade. 

plan last year. National income. Likewise, no statistics are 
roughly equivalent to gross jx*tie with the West, 

oatiomd product in the W^t ?££ * IgSS^JS 

orinus services rose by 5.2 per “Foreign trade wife capitalist 
rent, compared wife the target industrial countries was made 
Igure or 5.5 percent. Industrial more difficult by the capitalist 
production increased by 5.4 per crisis and the resulting trade 
cent compared wife a goal of restrictions imposed by some 
5.1 per cent. The latter target countries.” 
was lower than the 5.9 per cent Investments were up 8 per 
achieved in 1976. _ cont. last year, including East 

Total East German foreign German investments in Soviet 
a-ade rose by 7 per cent last raw materials extraction and in 
fear, wife exports to the Soviet other Comecon industrial pro. 
Union and other Comecon coun- jects. compared wife the target 
ries up by 10 per cent'. No of 6.5 per cent. The target 
Igures were given, however, on figure was a high-one rafter the 
tie percentage rise in imports 4-1 per cent Investment-growth 
rom the Soviet Union, which rate in the last five-year tAan 
lave ied to an ever-widening de- from 1971 through..1975. . 


BY LESLIE COLTTT 

EAST GERMANY reports it was 
almost on target in its economic 
plan last year. National income, 
roughly equivalent to gross 
national product in the West 
minus services, rose by 5.2 per 
cent compared with the target 
figure of 5.5 per cent. Industrial 
production increased by 5.4 per 
cent compared wife a goal of 
5.1 per cent. The latter target 
was lower than the 5.9 per cent 
achieved in 1976. 

Total East Gentian foreign 
trade rose by 7 per cent last 
year, wife exports to the Soviet 
Union and ofeer Comecon coun¬ 
tries up by 10 per cent- No 
figures were given, however, on 
fee percentage rise in imports 
from the Soviet Undos, which 
have led to an ever-widening de- 












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6 


Financial Times Friday January lartflrs 


HOME NEWS 


Van and 
[lorry 
makers 
do better 


Plan for 2p on beer 
to be investigated 


BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


THE PRICE Commission is to Commission ordering an investi- stantiaiiv in February. 

I investigate the 2p a pint beer nation of _other beer price jsro* One estimate is tbat this would' 
[price increase notified by Allied 
Breweries, the Double Diamond, 



North Sea oil 
groups 
tighter rules 

BY RAY DAFTER, ENERGY CORRESPONDENT 


[Electronic 




venture 



posals. Two companies—Scot- have added i per cent, to the 
tish and Newcastle Breweries cost of living index. 

_ . T . r __ ruk . rr, „ and Courage, tbe Imperial Group Undoubtedly, the three big' 
Skof, Ind Coope and Tetley subsidiary—have already noti- brewers waiting on the sidelines, 


By Terry Dodsworth. 

Motor Industry Correspondent 

U.K. commercial vehicle sales! sroup- . ... , fied the Commission of planned will think again about their pro- 

reached their best level since | T his means Allied will not be increases. posals and the effect of the 

1974 last year, but were still I able * Q g° ahead on Monday with As a result, the Stock Ex- reference will be to spread the-, 
below figures reached in the the increases it proposed to im- change reacted adversely in late Impact of the beer price increases * 
peak seven-year period starting piement. These also included dealings last night Allied’s shares over several months. 
in 1968. I higher prices for food and dropped 4j|p to 854p, Bass was Therefore _the reference will 


The figures, released yesterday 
by the Society of Motor Manu¬ 
facturers and Traders, show a 
continuing increase in commer¬ 
cial vehicle imports, which rose 
to take 16.5 per cent, of sales, 
compared with 14.1 per cent in 
tbe previous year. 

Japanese commercial vehicles. 


which only compete in the light)visions. 


accommodation at its managed down 5p at 152p, Guinness lost please Mr. Roy Hattersley the 
outlets. SJp to 181}p. Whitbread “A” prices Secretary. He is still 

Tbe Commission is allowed shares fell 3p to 91p and Scottish negotiating with tbe brewing 
three months for its investiga- and Newcastle, which also an- indnstrv as a whole about the 
tion and in the meantime Allied nounced interim results yester- report from the old Price Corn- 
will next week be submitting an day, were 3p down at 64p. mission which implied that some 

application for an interim price The Commission gave no structural changes &ould be 
increase in accordance with the reasons for its decision to investi- made. 

established “ safeguard ** pro- gate Allied’s proposed increase. Allied 63 id last night tbat the 


Piper 
reserves 
estimate 
is cut 


TOUGHER CONDITIONS for perted to be invited this year.! 
North Sea oil companies an although the Government and) 
likely to be Imposed by the Gov- the British National Oil Corpora* | 
ernment this year. - tion arc still some way from! 


BY KEVIN DONE 


and medium van market at pre¬ 
sent, recorded a marked expan¬ 
sion in sales from 3-8 per cenL 
of the market to 5.7 per cent. 

Overall sales amounted to 
225,222, an improvement of 7.8 
per cent, on the previous year. 
This momentum was maintained 
In December, when sales were 
1 LB per cent higher at 154186 
than the previous year. 

'Ford was the market leader 
last year with 70,265 sales (31-2 
per cent, of the market), fol¬ 
lowed by British Leyland with 
57,403 sales (25.5 per cent). 
Bedford with 43,047 (19.1 per 
cent.), and Chrysler with 14,461 
‘(8.5 per cent). 


Encouraging 

One encouraging 


feature for 


However, with three major reference would enable it to 


Since the new Price Code came breweries already notifying price demonstrate tbat it had pegged 

into operation, companies in increases and three more—Bass increases on 95 per cent of its ^ .- 

Allieds position generally have Chamngton, Whitbread and beers for between nine and 12 coveries in the UK. sector of Department hopes to ensure that seeking tbe nght — so *ar un 
been able to get more than half Watney Mann-Trnman, the Grand months. covenes in me l.a. sector or) aU .... *-■- 

a t «utiq► tViaff rtTlcrinollv Matvnnnlifin rremlri crfhcMioru “TV- 


THE ESTIMATED recoverable 
oil reserves from the Piper Field, 
one of the roost important dis- 



stages. Offshore groups Would Bl „ t . 1(1 bl . D fr cr ed will in- 

SJ ftifflrwsrSjS .a? ■ —r wy:, 

&,y weald have Appro.rte. drilHng! 

mata e prodiu}Son?Kige lh»°p«rtM There has been eonsidcrahle1 ot 

during whi«* the field is yielding WJment over the sphere of; 
oil at the peak rate, and a sep*£ BNOC’s influence under fifth -1 ‘,, 7 , 

- - -’ - — — particular thc; WDU,u 


for the merger* 

ate consent for the final deple-' round terms, in particularthc;imwMOn 7 ™ abnut 
tion plan. At present companies Corporations abihiv n 5S.-Il S2.OT more for rrwareh mi 
are given consent for a total field ****** tBluro ftcld ckvt development Into larvc+cal* in- 
development programme. »eot plans. j , wraU ^ cir euits. The Govern- 

Through these changes . the The Corporation has also been | nient hopes industry will back 


the North Sea, have been down* 


of what they originally planned Metropolitan group subsidiary— " The planned increase of some mAtA senousiv after a review 


under the “safeguard” provi- on 
sions. 

There is nothing to prevent the 


the point of doing the same 7 per cent in price is therefore 
there was a likelihood that most exTremely modest compared with 
beer prices would go up sub- the rate of inflation last year.” 


Scots biscuit factory closes 


FINANCIAL TIMES REPORTER 


THE Co-operative Wholesale ployment subsidy. But the proposed investment 

Society yesterday announced the Tbe society Is seeking aid is unlikely to mean new jobs for 
closure of its last biscuit factory under the Industry Act to ensure tbe 330 workers made redund 3 nL 
at Clydebank. Scotland, with the that production is continued at The closure at Clydebank j 410m. barrels to 404m. barrels, 
loss of about 330 jobs. 20 other Scottish plants, involved means the end of the "chieftain”;' The Piper Field bad been per- 


carrfed out by independent 
consultants. 

Thomson North Sea, which has 


yesterday tbat a recent study 
made by Degolyer and Mac- 
naughton now estimated the 
recoverable reserves of Piper at 
618m. barrels, an 11 per cent 
reduction from their earlier 
estimate of 695m. barrels. 

The estimate for the Claymore 
Field has been reduced from 


the industry last year was that: plant had been making substan 
sales rose across the board in all ‘ 

.sectors, from the lightest vans 
to the heaviest trucks. 

Registrations of light, car- 
derived vehicles rose by 5.7 per 
cent, for medium vans weighing 
less than 3.5 tonnes by 1242 per 
cent, and for heavy trucks of 
-more than 3.5 tonnes by 7.3 per 
cent 

The worrying feature for the 
domestic industry was that im¬ 
ports rose in all these sectors, 
partly because U.K. production, 
although higher last year, did not 
keep pace with the rising market. 

' In tiie heavy lorry sector, there 
'was a big surge in imports from 
DAF, Fiat and Mercedes, and 
the Japanese scored heavily in 
the lighter weights. 


The Society said that the in a range of products from tex- line of biscuits which have been forming better than expected in j 
tan- tiles to fish curing and employ- made in Scotland for tbe last' recent months and the down- 
tiai lasses even before it took ins 8.000 workers. 75 years. ward revaluation of the field’s 

over the Scottish Society in 1973. Talks on the aid, expected to Last July. Ranks Horis, recoverable reserves came as a 
Losses of nearly £500.000 re- total several millions of pounds, McDougall closed its. Beanies,big surprise. Tbe Thomson 
suited in spite of the help of are expected to be finalised biscuit factory at Drumcbapel Organisation’s share price fell as 
the Government’s temporary cm- shortly. with the loss of 600 jobs. 


all fields are exploited to' the successful!v — to art’ as spokes 
full, in accordance with future man m all future operating 
depletion policies. groups, irrespective of whether it 

The U.K. offshore operators’ j S the main operator. Trad Hi on- 

__„ Mwctatiim has 1 strongly opposed ally, the operator or lead com- 

a 20 per cent share in both the “®JP* 4 ** w «*ch would affect Mi pany of an offshore consortium 
Piper and Claymore Fields, said I “ e *"* 5 un °. J**®*** has acted as spokesman. 

- 'issued after the fourth round ni . vesterdav eom*' u P wllft dcveiopmcnw is well 

Mr. George Williams, the ..S' 1: J M 9EP% a ^onSUK J beyond the capability of any one 
director general, said yesterday in nosMblechSices! v K - I’ompany. except possibly 

that it was impossible for com* ftJSSS'ennJniS was delav.“ fi EC. As rireurts beetwne smaller, 
ponies to agree on an investment SlSSne* ft*aci* ; expensive electron beam micro- 

plan for a field without knowing 2® cXLramcnt ^adviser in an 1 scopes and other equipment are 
its likely development profile. 2* f nSitiiSoET I "^eil w well as a heavy invest- 

“ If we invest £lbn. in a field J^KlSOntmsition! in manpower, 

we have to do so on the basis fln 1 mmS? 108 said i Th** possibility that Britain 

of total production. We cannot 2!S3S n ih-„ ,, i»in W fflSerwiii v p couW J<lin ,be u s - awi 

money into a scheme in f v ,S*h£iin competing r»r the hujh 

he said. nf ^Corporation 0 1 v0,un,e n »a rb « f rt, ‘ filandard com- 

The Government is also con- 3 ponents has now been ruled mu. 

sidering newtemix for Mie next SfiSZ 

round of exploration licencas, of “* 1,5 ^sponstwlines. 

Applications for them are ex- North Sea oil review. Page 9 


put 


Aerospace exports near record 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


a result by 30p to 660p and at 
one time was as low as 656p. 

The operator for the Piper and 
Claymore Fields is Occidental 
; Petroleum, which has a 36.5 per 
cent sha rp, and other interests 
in the group apart from Thomson 
are Getty Oil (23.5 per cent) 
and Allied Chemical (20 per 


EXPORTS from the aerospace in- Exports of aircraft engines the total to £89,114,000, up £llm. ce ° t -V, ..... 

dustry are expected to exceed and parts continued at a high on November 1976. Occidentals drilling 

£lbn. for last year, an all-time level in November. The month’s Exports of aircraft and engine sramme for Piper is still 
record. The Society of British R EUres were boosted bv exDorts P 2rts exceeded sales .of new 

Aerospace Companies said that “? UreS w ® r * ***?** equipment Aircraft parts 

the total might be as much as. of ^round flying training simu wor tb more than £27ro. were sold 

£l^bn.. after a record for the l«*tors for £ 2 . 2 m.. and instru- compared with new aircraft 

first 11 months of £950m. meats valued at £5-5m^ bringing worth £17^m. 


pro- 

far 






This announcement appears as a matter of record only. 
December, 1977 



The State of Spain 

U.S.S 300,000.000 


Medium Term Loan 

Managed by 

Compagnie Financiere de la Deutsche Bank AG 


The Bank of Tokyo, Ltd. 


Banque Nationale de Paris 


Compagnie Luxembourgeoise de Ta Dresdner Bank AG 
- Dresdner Bank International - 


Credit Suisse IBJ international Limited 

Mitsubishi Bank (Europe) SJL 


Manufacturers Hanover Limited 
National Westminster Bank Limited 


Co-Managed by 

Amsterdam-Rotterdam Bank N.V. Bank fur Gemeinwirtschaft Aktfengesellschaft 

Banque de Paris et des Pays-Bas The Dai-lchi Kangyo Bank Limited 

European American Bank & Trust Company Midland Bank Limited 

Societe Generate Societe Generate de Banque SJV. Toronto Dominion Bank 

Provided by 

Compagnie Financiers de Ta Deutsche Bank AG The Bank of Tokyo, Ltd. Banque Nationale de Paris 

Compagnie Luxembourgeoise de la Dresdner Bank AG Credit Suisse The Industrial Bank of Japan Limited 

— Dresdner Bank international — 

Manufacturers Hanover Trust Company Mitsubishi Bank (Europe) SA Internationa! Westminster Bank Limited 
Amsterdam-Rotterdam Bank N.V. BfG Luxemburg Banque de Paris et des Pays-Bas 

The Dai-lchi Kangyo Bank Limited European American Bank 8c Trust Company Midland Bank Limited 
SocMte Generate Societe Generate de Banque SA Toronto Dominion Bank .The Sumitomo Bank, Limited 
The Fuji Bank, Limited The Mitsubishi Trust and Banking Corporation Tokai Bank Nederland N.V. 

The Bank of Nova Scotia Channel Islands Limited The Daiwa Bank Ltd. Gulf International Bank BS. C. 

Japan International Bank Limited Hie Kyowa Bank, Ltd. The Nippon Credit Bank. Ltd. 

Bank Melli Iran, London Branch The Bank of Yokohama Limited Dai-lchi Kangyo Bank Nederland N.V. 

Internationale Genossenschaftsbank AG Softs Limited Hie Taryo Kobe Bank Limited 

Zentralsparkasse der Gemeintie Wien Banco Arabe Espanoi SJL Crddit Agricole (C.N.CA.) 

Saltama-Union International (Hongkong) Limited Trade Development Bank London Branch 

Agent 

Compagnie Financidre de la Deutsche Bank AG 


■M»WWM«M»MWWWWWWM mH HM «WM »WHI 


from complete and it is expected 
that as the remaining wells are 
sunk, further revaluations of the 
reserves will take place. Each 
well allows the company to draw- 
up a more complete picture of 
!he underwater geology. 

Degolyer and Macnaugbton 
has used a recovery factor of 
40 per cent, in its estimates. In 
its first study, it suggested a 
figure of 642m. barrels for Piper, 
but this was then up-graded last 
August 

Using a recovery factor of 50 
per cenL. Occidental engineers 
first estimated recoverable re¬ 
serves at 750irL-800m. barrels, 
and this figure is still quoted 
by some oil industry analysts. 

Oil production from the Piper 
Field is expected to peak later 
this year at 300.000 barrels a day. 
a flow which should be sustained 
for some three years. 


GEC awarded £4] 
telephones order 


BY JOHN LLOYD 

THAN £4m. worth of phones have heen ordered by the \ __ 

for push-button tele- Post Office from the two major | a joint working parly set up by 


Instead, thr GiuiurnaiiMit want* 
1 ro promote research and deveiop- 
: men I into the prndmliun of 
higher value specialised cQiupmv 
cats for use sn defence, com¬ 
puters and telecomm uni cad inns. 

one possibility is that the 
three British-owned companies 
should set up a co-operative 
laboratory with Government 
help. However, many people m 
the Industry would nuw rather 
see the establishment of a new 
company involved in manufac¬ 
ture as well 

The idea is being discussed m 


MORE 

orders . _ _ _ _ 

phones have been placed with suppliers. GEC and Pye Telecom-! the Department (if Industry At 
GEC Telecommunications bythemunicat ions. 300.000 being self- • present. GEC. Ferranti' and 

Past Office. contained keyphones, and the J Plpssev a ri* joekeying f«»r jmsi- 

Tbe orders bring the number remainder inulti-frequcney. itinn. since it is not clear bow 
of these telephones ordered from The self-contained phones!the new enterprise would be 
the company by the corporation incorporate advanced micro-) controlled, 
since 1974 to 285.000. This figure electronic technology, includingi previous talks between Plcsscv 
iacludes self-contained key* a metal-oxide semi-conductor,; and Ferranti on a merger of 
phones, which are directly inter-and a large-scale silicon chip micro • electronic interests 
changeable with ordinary dial incorporating 1.200 transistors. | foundered partly because 
phones, and multi-frequency This circuit lists push-button i Ferranti was. at that lime, in 

phones, which are compatible keying permitting a ton-digit | financial difficulties. AW 

with a specially modified private number to be selected in five Ferranti is well on the-road to 

automatic branch exchange. seconds, compared with 14 recovery, the chances of agree- 

In all. more than 450.000 key- seconds on a rotary dial phone, imont are much brighter 


Company 
report 
changes 
opposed 

By Christine Moir 

! OPPOSITION to proposals in tbe 
Government’s Green Paper, The 
1 Future of Company Reports, is 
rapidly being marshalled by 
[professional bodies. 

After Wednesday’s strong 
attack by the Stock Excha ng e, 
| farther detailed opposition came 
yesterday from the Consultative 
Committee of Accountancy 
Bodies and the Institute of 
Chartered Secretaries. 

Like the Stock Exchange, the 
accountants approve of the idea 
of disclosure of information 
regarding source and applica¬ 
tion of funds, leasing and hire- 
purchase commitments, and 
short-term borrowings. 

The secretaries are also in 
broad agreement on these mat- 
iters, though they would like to 
make sure that any breakdown 
of short-term borrowings does 
not identify the lender. 

The secretaries believe that 
there Is a case for an employ¬ 
ment report, though some of the 
details proposed for inclusion in 
it are rejected either as irrele¬ 
vant or as overloading the annual 
report. 

Tbe accountants agree with the 
Stock Exchange tbat inclusion of 
an employment report is both 
premature and canid be better 
covered by separate legislation. 

All three bodies are unanimous 
tbat disclosing details of a com¬ 
pany’s international balance of 
! trade could lead to political 
pressure abroad which could 
jeopardise trading relations in 
| some countries. 

Proposals for geographical 
breakdown of financial results 
also came under fire because, it 
I is said, they could give competi¬ 
tors information which would 
lead to “ an unfair advantage." 

Both the secretaries and the 
accountantx-also take the oppor¬ 
tunity to point out that some of 
the Green Paper proposals relate 
directly to the forthcoming 
I Second and Fourth Directives 
from the EEC on a tiered system 
! of disclosure requirements for 
companies. 

The accountants would like to 
see large private companies dis¬ 
closing as much as public com¬ 
panies. but the secretaries 
concentrate on small private 
companies whom they think 
I should be exempt even from 
some existing requirements. 

When it comes to comment on 
the concept of ** public account¬ 
ability” which lies behind the 
I Green Paper, there is once more 
I virtually complete concensus. 



Taking to the boat yesterday at flood-hit Deal, Kent 


Shipyard debts case 
not for Ombudsman, 

THE 2,000 unpaid ordinary ere- The decision was ** appalling, 
ditors of Upper Clyde Ship- Unpaid suppliers still felt so 
builders are not to have their bitter because everyone else in 
case -investigated by Sir Idwal the Upper Clyde debacle had 
Pugh, the Ombudsman ended op with something. 

In a decision which may end The workers had kept their 
the creditors’ seven-year cam- jobs and the shipowners with 
paign to prove government vessels on order at the time of 
liability for their lost £7m.. Sir the collapse in 1971 had in every 
Idwal has said that after tak- case except one received their 
mg legal advice he found that ships at the original price, 
an Investigation would be out- “ it is only the poor sub-con- 
side his jurisdiction. tractors who have been left 

He had been asked by Mr. Ales without a single penny. I do not 
Fletcher, BSP for Edinburgh think people generally realise 
North, representing the Upper that the equipment which went 
Clyde liquidator, to investigate Into those last ships and whieb 
alleged maladministration by the is now working satisfactorily 
Department of Trade acd In- round the world has never been 
dustry In its relationship with Paid for.”, 
the ill-fated shipbuilding con- Hie liquidator recently lodged 
sortium. _ a suit against the Ministry of 

The creditors saw this as vir- Defence in the Court of Session 
tually their last chance of fore- in Edinburgh for more than 
ing the Government to accept £lm. alleged to be due for re¬ 
moral - responsibility for the fitting and repair of Admiralty 
debts. vessels. 

Legal advice has ruled out the . The court has already reserved 


possibility of a court action 
against Whitehall, and the 
Department of Industry has re¬ 
fused to cover the debts. 

The decision will be discussed 
by the creditors’ committee of 
inspection in Glasgow this 
month, following which letters 
will be sent to the affected com¬ 
panies by Mr. Robert C. Smith, 
tbe liquidator. 


judgment on a previous action 
by Mr. Smith against the Depart¬ 
ment of Employment involving 
f322.000 said to be due in repay¬ 
ments of Selective Employment 
Tax and Regional Employment 
Premium. 

Both these cases arise from 
the decision of these two 
Government Departments to 

set off" the sums against 


Sharp reaction to the Ombuds- money owed hy Upper Clyde to 
man’s decision came yesterday other Government Departments, 
from Mr. Don aid Maxwell, direc- mainly the Inland Revenue. Mr 
tor of the British Marine Equip- Smith contends that they do' 
ment Council. not have right. 


Prospect of plant deals 

BY KEVIN DONE, CHEMICALS CORRESPONDENT 

THE prospect of major chcmicJl chemicals and chemical engineer- 
plant deals with East Germany ing sectors and also visit Shell's 
could be opened up by the visit chetnicul research centre. 


to Britain next week of 
Gunther Wyschofskv, the 
German Minister for 
Chemical Industry. 

He will be in Britain 


Herr But the main interest could 
East focus on his meetings with Davy 
the International, Petrocarbon and 
Catalytic—oil chemical plant 

from contractors looking to gala a 
next Monday on a five-day visit share in forthcoming construc¬ 
ts the guest of Mr. Edmund Dell, tion projects in East Germany, 
the Trade Secretary, and will Herr Wyschofsky will also 
meet leading companies in the meet several Ministers, 


Insurance 
men go 
into action 

Insurance companies swung 
Into action yesterday to aid 
householders who . suffered 
damage in Wednesday night's 
storm, writes Eric Short 

In many cases, this meant 
advising policyholders how to 
proceed, alerting. local builders 
to prevent farther damage and 
generally providing a shoulder 
to cry on. 

Norwich Union reported that 
damage at Kings Lynn was 
likely to be as bad as two years 
ago, only this time there wax 
more flood damage. Extra staff 
have been drafted Into the 
branch in the town to cope 
with additional work. 

Bat the general impression 
is that this time, the bulk of 
the damage Is confined lo 
coastal areas, in the the 1976 
January storms U was also 
widespread inland. 

Eop Rees. head or the 
home division of Son Alliance 
and London Assurance, said 
c on ?P* n . v Put stair on a red 

to „ cope with claims 
resulting rrom the storms. 

r jP? 1 ? 3 ** In coastal areas of 
v n ”^ s sl,i^e, Humberside and 

£ ft? re-, C0 £ ,d > »*d as 

in the 1953 floods. 

Royal Insurance's branch at 
Canterbury has iffnjady 
« v *r 4«0 notification 
of claims, mdstly Trom flooding 
u* Kent and Sussex. But 
to"*,“Hons were that the sire 
oi claims was not large enough 
to justify interim payments. 

Hie company had informed 
"tobere to settle claims of up 
to £200 without making prior 
reference to the main office. 


authors wanted 
BY N.Y. PUBLISHER 

Le * dl n < . bD J* MBUrtcr seem 

Of all typ«: Bert on. noa-AcTimi. 
wWf ^boUriy gnrt- rubirtous woriur, 
etc. Hew author* weknnnA. Sena 
Vantam Press, 

51« W. 34 St Now York 1QM1. 



.BY MAX WWUNSON 
ESTABLISHMENT of a company 


and the three mam British com¬ 
panies involved in the field. 

The plan U to s« up a com¬ 
pany rather like International 
Computers. Limited (ICL). to be 
! formed from the micrwriectromp 
Pleuwy. GEC and 


the programme with -on. equal 
amount. ' • w . • 

It is also anxious that Britain 
should have a long-term capa¬ 
bility in this fast growing tech¬ 
nology. where L’ S. companies 
dominate at present. 

Hie investment heeded to keep 
with devcTopmrnbt Is well 






ji 

ii 


* 

■! 




































_ : _r-. financial Times Friday Jannaiy *3 3978 


societies 
urged 
to stay 
in line 


*y Michael Cassell, 

Building Correspondent 

7 A PREDICTION that a " free for 
, 'V all" in building society interest 
v, ■ rates wouW probably lead to 
more expensive mortgages came 
yesterday from Mr. Ralph Stowe, 
chairman of the Building 
Societies Association. 

His warning came on the eve 
of a decision from the Assad: 
ation on a new interest rate 

- structure. The present home 
*• loans rate of 9( per cent Is 
•' expected to fall by i per cent, 

or even 1 per cent to-day, while 
the Investors’ rate of 6 per cent 
■ .net is also expected to be 
; v’" trimmed. 

i Writing in the Building 
i Societies’ Gazette, Mr. StoWe says 

that the movement is deeply 
l ; . involved in a re-think of its 
,•,.'7 comm ®rcial Tates policy con¬ 
sequent on the decision last year 
of some societies not to follow 
the interest rate structures 
recommended by the Council of 
; the Building Societies Associa¬ 

tion. 

•• The challenge that we face is 
. £ the suggestion that the system 
’*• . of recommended.rates Is a cartel 
: >• operating, perhaps, against the' 
n ‘:. best interests of the consumer 
""st- and cushioning the least efficient 
U:? building societies from the full 
•" j ; effect of economic forces. 

“ This is a serious challenge 
•i-.r and heeds to he examined with 
■iir care.” 

. • If the existing system was 
•. abolished it was reasonable to 
.expect that, in the short term, 
it would lead to higher interest 
on-share and deposit accounts. 

“Such a development must, if 
it is sustained over a period, put 
. an upward pressure on mortgage 
'" interest rates and the borrower 
■, . must, therefore, see any threat 

- of the removal of the recom¬ 
mended rate system as a pro¬ 
bable disadvantage so far as he 

, “ is concerned. 

“Nevertheless, if it is prac¬ 
ticable for more flexibility to be 
L introduced into BSA recommend¬ 
ations that wiH benefit the coo- 
sumer, then this must he 
seriously considered. 

“The question Is, do we wait 
for one of the 1 big boys' to set 
- the level and then follow, or 
do we, as we have usually done 
7 in the past, confer in Council 
and arrive at a recommended 
level of interest rates which we 
believe to be in the best Interests 
generally of both investing and 
borrowing members of societies? 

“ I have no doubt, where the 
consensus of opinion lies.” 



HOME NEWS 


tool sales 
rise by only 12% 

BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 

THE MACHINE TOOL Industry's experts Leyland Cars fo order plant project being carried out 
difficulties last year are ilm- about £ 55 m. of machine tools by Perkins and which should 
strated in statistics which show this year. result in more than £ 100 m. of 

that sales rose onlyl2 percent, There was a 31 per cent-machine tool orders.. 
in value compared with 1976 to improvement in the positive Actual deliveries to Poland 
about £400m. trade balance of the industry moved up to £ 10 . 1 m. in the first 

It suggests that -in volume last year with exports worth 11 months last year compared 
terms output might have been £45m. more than imports, against with £7.9m. for the whole of the 
down because there were sub- £34.4m. In the previous year. previous year, 
stands! price rises from the UlK. _i 0 _* While the U.S. and West Ger- 

manufacturers last year. 1 raciur piam many remained the best cus- 

British Leviand’s car division That must reflect to some tomers’ for UJC, machine tools, 
although &te in starting ta exfeat A* difference in prices new markets which showed sig- 
orderimr SffiuS its premise for U-K-mannihctured machine nificant demand included Iran, 

tools and most imports. Turkey and Nigeria. 

t£an P £4(ta °frrircrchine ^ool Exports last year, at £185m., Imports were marginally down. 
Sders laS'vMr 00 represented 46 per cent of total from £i42.4m. to £140m. 

iI.IL, „r deU reries compared with 48.4 With deliveries lo the home 

-to® -i” toepro- pe r cen ^ j n X976. There was only market from UJL manufacturers 

deliveries should be a 4.5 per cent. rise in the value up by 19 per cent, to £215m., the 
in ?J n X- year. r _ of exports from £176.7m. association estimates that total 

rne Machine Tom Trades Asso- The main, influence on the machine tool “ consumption ” by 
nation, which has produced esti- industry’s export performance British users last year was 10 per 
mates of last year’s performance, promises to be the Polish tractor cent, ahead at £355m. 








Nine bombs 

blast 

Belfast 

ULSTER SECURITY forces think 
that the concentrated bo mb id gs 
iu Belfast yesterday were ah 
attempt by the Provisional IRA to 
sharpen conflict in the province 
after collapse of political talks 


s v 


tion. 

Nine bombs exploded within in 
*• • • hour at breakfast time, destroy¬ 

ing the premises of four com¬ 
panies and badly damaging two 
other buildings. A hotel on the 
rm . :'■??!#r outskirts of the city was saved 
i k '< *. - -* 1L * from serious damage. 

The terrorises, attached cans of 
petrol to their bombs. Army fire¬ 
fighters were stretched to the 
limit 

In two cases, the bombs were 
strapped to butchers’ hook's and 
hung on the protective grilles 
over shop windows. 

Security forces said that It was 
believed that the Provos. were 
stepping up the bombings in the 
wake of Mr. Jack Lynch's week¬ 
end remarks which led to with¬ 
drawal of the Unionist Party 
from the discussions initiated by 
Mr. Roy Mason, the Ulster Secre¬ 
tary. i 


fc <4 r 






iii' 1 • 


Man-made fibres output 
reaches two-year low 

BY LYNTON McLAIN, INDUSTRIAL STAFF 

A RECOVERY in performance clothing, helped by a strong the fourth quarter last year. They 
and prospects in Britain’s textile export performance, reached a had been reflected in the falling 
industries is shown, in figures new peak, 12 per cent up. By rate of increase in textile output 
released to-day by the Depart- value, exports were up 50 per prices. 

ment of Industry. cent. That rose by only 1.3 per cent 

Output is up in most sectors The crude trade balance for between the second and third 
except n’tan.rrmftfl fibres, where clothing and knitwear further quarters last year, against a 3.3 
production is at a two-year low. improved in the third quarter of per cent, rise for all manufac- 
Exports are improving with a last year.* The £27m. deficit was tured products, 
farther cut in the clothing.and toe lowest for any quarter over Total employment in mid¬ 
knitwear import deficit . Cotton the past three years and com- August compared with June last 
prices are falling, employment pared with £S2m. in the first year was 3,000 lower for textiles 
prospects are slightly better and quarter and £50m. in the second and 4,000 lower for clothing. But 
demand is rising. quarter last year. in both sectors it was marginally 

Output rose 2 per.cinL in the . f alls ^ toe wholesale price higher than a year previously, 
third quarter last year compared ‘? de3i: °f materials and fuel pur- The largest falls in employ- 
with the second quarter, but it c&a ses by the textile industries ment between June and August 
was still “well below" the 1976 continued after the peak in the were in man-made fibres and 
leveL Hosiery and other knitted l^tquarter of 1976. cotton spinning, 

goods rose 14 per -cent and . There was a. 2 per cent fall Consumer demand for clothing 
carpet output rose 10 per cent. m the third quarter of last year, recovered strongly in the third 
Man-made fibres production That was a result of the sharp quarter last year; to finish 7 per 
fell by 8 per cent;to its lowest 30 per cent fall in the price of cent up on the second quarter, 
level for more than two years, raw cotton below the peak quar- Demand for household textiles 
Woollen and worsted, doth pro- terly figure at the end of 1976. rose 9 per cent Further rises in 
dnction fell by 4 per cent The department said that the consumer spending are forecast 

But deliveries joI made-up downward trend continued into for this year. 

Motor-cycle sales fall again 
after boom in oil crisis 


Swan Hunter 
orders agreed 
as dispute ends 

BY PHILIP BASSETT. LABOUR ST A FT 

THE SWAN Hunter shipyards tions so that their claim could 
on the Tyne are to build four of now be progressed through the 
the seven bulk carriers originally proper negotiating procedures, 
allocated to the group in the “to end once and for all the parity 
r:i i Sm_ Polish ships deal, follow- problem in the Swan Hunter 
ing a decision by outfitters at group." 

the yard to call off a five-month- He said they were looking for 
long overtime ban. further talks on the issue and 

British Shipbuilders is also hoped for a solution In a matter 
to set up an immediate investi- of weeks. 

gation into wages parity for p ut the settlement which the 
hourly-paid trades in Swan out fittcrs will be offered later 
Hunter. this month could, with the £5.40 

The decision to build the ships « wases •» award which is 

at the Swan Hunter yard was exempt from the Government's 

_ ,_ announced last night, after out- _ ay guidelines, reverse the posi- 

PnOinppi'C fitters’ leadere signed a written rtons an d put the outfitters well 



Sir Monty FLuniston 

Electrical 


BYTERRY DQ; 


J: 


MOTOR INDUSTRY CORRESPONDENT 


SALES of motqrcycles. mopeds not sold in quantity, and this one It is also spending extra in- 
and scooters fe^in the UJt last factor accounts for the seven per come on road safety projects 
year “by . seven per cent to' cent fall In moped registrations" after widespread criticism of the 
256,513, but-tlfi industry expects says, the Institute of. Motor- safety of two-wheel machines. 

registrations/to rise again this-cycling. - 

year. / Sales of commuter-style _ 

Last years -dip comes after a mopeds, many -capable of more Vvolcll 
period ov rapidly rising sales than I25mpg, have not been ▼ * vli5U vuuiqt 
followinwthe 1973 oil crisis. In affected adversely hy the legis- 
1976. thfe led to registrations bf.latian, although overall moped laUHCQvCI 
272^61/the largest total since registrations declined from 
the.rdfeord. 331,000 was achieved 83,768 to -77,409. Robm R « y ®* 

in yl59. . - In'the motor-cycle sector pro-THE WELSH language went 

of the decline last year per (vehicles of more than 50cc). commercial in Cardiff yesterday 
mAr have been caused by the registrations fell from 188,627 in with the launching of a course 
poorer weather compared’with-1976 to 176,Q3L while scooter for Welsh learners by the Lin- 
„ j.-.,., hfiie previous year. In addition, registrations went up from 2,866 guaphone Institute, 
mmed at agreement on devolu^ mop ^ ^ were Mt hard by to 3.073.- THe course, for home study. 

the Introduction of the new To'try-to maintain the sales with cassettes records and a 
restricted-speed vehicles for 16- momentum this spring, the in- textbook of 30 lessons, coincides 
year-olds in-July. “ dustry plans to launch a national with an upsurge in Interest in 

“These slower models have Bull advertising campaign. learning Welsh. 


Plastics consumption stagnates 

BY KEVIN DONE, CHEMICALS CORRESPONDENT 

THE UJC used 2m. tonnes of chloride) and polypropylene a rise of between 5 and 7 per 
plastics last year, almost the stagnated last year, compared cent. 

same as 1076. In depressed with a 20 per cent, rise in 1976 European Plastics News also 
trading^ conditions throughput when the industry was climbing says that optimism has been 

Western Europe, production out of recession. boosted by the high rate of in- 

dropped by some 2 per cent Imports remained high last vestment in plant and equipment 
European Plastics News says, - year and account for about 40 by plastics processing com¬ 
bo we ver, that exports continued per cent or total domestic con- panies. 

at a high level reaching 900,000 .sumption at some 830,000 tonnes. Processors reported an im- 
tonnes. This was '7 per cent Because of the more optimistic provement in trading conditions 
up on 1976. forecasts on the UJv. economy towards the end of the year and 

U.K. demand for plastics, such ibis year, consumption of plastics a number of projects should 

as polyethylene, pvc (polyvinyl is expected to pick up again with come on stream this year. 


favour 

register 

THE Institution of Electrical 
Engineers has told Sir Monty 
Finn is ton's committee of 
inquiry Into Lhe engineering 
profession (hat it Is in favour 
of a statutory register of 
engineers, writes Kenneth 
Gooding. 

" It adds the proviso that it 
favours a register only if it 
were coupled with a ronn of 
licensing and administered by 
an independent authority. 

The 71,000-strong Institution 
is the second of the three main 
engineering societies to come 
out in favour of a. statutory 
register of engineers to 
replace the present system of 
voluntary regulation. The 
Institution of Mechanical 
Engineers put- the same idea 
to the Finniston committee 
bat suggested that compulsory 
registration be supervised by 
the Council or Engineering 

Institutions. 

The Eiectrieais, who suggest 
the public would benefit from 
statutory registration “ not 
dramatically, but by a cumu¬ 
lative effect over a period of 
years ” want Independent 
supervision. 

The last of the “ big three " 
institutions to put forward 
recommendations, the Insti¬ 
tute of Civil Engineers, is 
expected to opt for the status 
quo and not statutory registra¬ 
tion. Adoption of the system 
would-— 

• ‘Restrict the activity of 
unqualified people who offer 
engineering services to the 
public; 

. # • Enable standards and 
= methods of qualification to be 
adapted more easily than at 
present to meet changing 
. requirements; ' 

• Provide a more effective 
discipline of the' profession. 

Vigilance \ 

“We would hesitate to claim 
that statutory registration and 
licensing would avoid major 
disasters and mlsjudgmentsT 
the Electricals state, v 

“However, we believe that 
the increased care and. vigi¬ 
lance of engineers, brbnght 
about by consciousness of their 
persona] legal accountability 
under a statutory system, could 
do nothing but good.” 

Statutory registration with¬ 
out licensing would not be 
worth the cost and effort 
needed to Introduce H, accord¬ 
ing to the Institution. 

14 There can be no doubt that 
transfer from the present 
system to an effective statu¬ 
tory system on the lines we 
are advocating would be a 
difficult, lengthy and expen¬ 
sive process. 

“However, we believe lhat 
similar difficulty, time and 
expense would be involved In 
trying to remove the weak¬ 
nesses of the present system 
while retaining its essential 
structure. 

“ We believe that transfer to 
a statutory system would have 
a greater chance of eventual 
success.” 


. in-’ 
:sr” 


\-c 




r- p 




Pensions Board warning 
on contracting out 

BY ERIC SHORT ' . . 

EMPLOYERS were again warned scheme actuary. The ouiy ex- 
yesterday- by - Lord Alien of ception was if the pension 
Abbeydale, chairman of the scheme was of a standard pat- 
Occupational Pensions Board, tern agreed between the BOttiti 
that those not submitting appli- and an insurance company.^-- 
cations to contract out of the Without these undertakings 
new State scheme in the proper the Board could not issue the 
form incur the risk of paying necessary contracting o ut c ert> 
double pension contributions in fleate and without that certificate 
April A significant number are employers would have to pay 
failing to make correct submit the full contributions to Upe 
sions. National Insurance scheme from 

He pointed out that , all. April until they obtained a ceril- 
schemes now being submitted fieate. If the relevant documents 
should be under the emergency were not -enclosed, then further 
procedures' announced By the delays would be incurred. ■ -. 
Board last November and con- Employers In doubt should 
tain the necessary specific-under- .first seek advice from their pen-, 
takings and statements' from sions adviser and in the last re- 
the company and the company's sort from the OPB iteelL 


... - r*--- 


Tenneco Inc. 


HOUSTON, TEXAS 



©- - 


1978: 
isour32nd. 
consecutive 
year of cash 
dividend 
payments 


The 1978 first quarter dividend of 50fc'- 
per shareontheCommon Stock will be 
. paid March 14 to stockholders of^ 
record oh February 10. More than. 
233,000 stockholders will share in our-. 

earnings. ‘ • 

• M.H.COVEY.Secrefa/y : 


.. Natural GmP ipelines' •* Oil • Automotive Parts " 
Shipbuilding - Construction & Farm Equipment - Chemical* 
■ - Packaflinu ■ Agriculture & Land -Management 


Fewer company 

reports 

qualified 

Financial Times Reporter 
THE IMPROVEMENT in the 
business climate last year led to 
a drop in the number of British 
company reports qualified by 
accountants, a study of the maga¬ 
zine Accountancy Age shows. 

This fall disguised an increase 
In the number of qualifications 
caused by breaches of accounting 
standards. 

- Accountancy Age's annual 
survey-showed the qualifications 
fell to 140 last year from a record 
173 In. 1976. This fall was good 
news for industry as it was 
caused by a sharp reduction in 
the number of reports qualified 
on a going concern basis — that 
is because of doubt about a com¬ 
pany’s continued viability. 


Arms deal case 
summing up 

MR. JAMES Miskin QC. the 
Recorder of London,* began his 
KTirnmingr up yesterday in the Old 
Bailey trial of an Army colonel 
and two other men who deny 
corruption charges in connection 
with a £4m. arms deal with Iran. 

The accused are Lt -Col David 
Arthur Charles RandeL 40, of 
the Garrison Officers’ Mess, 
Aldershot, Mr. Geoffrey Elliott 
Wellbum, 40, of Woodside Road, 
Beacontfeld, Bucks, and Mr. 
Frankr'Perci’val Nurdin, 60, of 
Barnett Road, Arkley, Herts. ■ 

It is expected that the jury will 
retire Jto consider its verdicts 
early next .week. 


Out-of-court settlement 
by estate agents 

BY JOHN BRHnJNsAN, PROPERTY CORRESPONDENT 

WEST END estate agents announced that a settlement had 
Herring Son Daw avoided a pro- been reached. No details of the 
tracted High Court battle yester- payment have been made, 
day by settling a claim for Herring Daw is only one of a 
damages from the First Chicago number of surveying firms that 
UB. banking group. have been changed with profes- 

lt m "sLis-nt SSSSSrS 

Herring Daw’s valuation of a SSESSSf ^SSHLif ^ 2£i 
multi-million pound town centre **£1500,000 jSd£ 

g2?"SL B 5L“i ,l S5a aefiStaf j&m A 

Bucks. xn& site, on Oxford wqoi] 3 KGnc 7 last vear 

^ -*> ^"Lt'for'the Firxt 

the agents in mid-1973- Chicago case,- bankers Singer 

At the start of the High Court and Fried lander successfully 
trial yesterday, Mr. Andrew sued Wood over the valuation of 
Leggatt, QC, for the bank, a development, site. 


To-day’s Events 

GENERAL ter for-External Economic Affairs, 

Prime Minister ends tour of expected to make joint announce- 
Indian sub-continent in Pakistan ment following talks in Tokyo on 
and. then meets President Sadat reducing Japanese trade surplua. 
of Egypt at Aswan an route to European Commission and 
London, Distillers- Comp any diam igs Scotch 

Building Societies Association whisky prices, Brussels, 
considers reduction in mortgage Sir Jeremy Morse,- chairman, 
interest rate on same day that its Lloyds Bank, speaks on the 
receipts and loans for December Scottish economy. North British 
are published. Hotel, Edinburgh. 

Dr. Dickson Mabon, Minister of PARLIAMENTARY BUSINESS 
State, Energy, leaves for Caracas House - of Commons: Private 
at head of team of UJC uidus- Members’ motions, 
trialias tn bid to obtain share of _ 

Venezuelan offshore market 

President Giscard d’Estaing of .. •» Electrical Industries 

France on five-day official visit to 

Ivory Coast COMPANY MEETINGS ” 

. Mr. Robert Strauss, U5. special , Ca f r !f Muling, Carlisle, 1130. 
trade representative, and Mr. Mitchell Cott^ Winchester House, 
Nobuhflco Ushiba, Japanese Minis- E>Cn 22® 


LABOUR NEWS 


— LIUUh dliu JIUI IIIC UULUlltl * 

guarantee for Bntisn Snip- ahead of the boilermakers- 


builders that the Polish ships 
will be completed on time.. 


The Boilermakers’ Amalgama- 


‘The dSn bV a big majority *tan. which has now put in its 

A r v 7AA c u *4ti iTiiYiter out- own fair 'misw claim ^nd 

of the 1.700 S«an Hunter out termlQated its prcsent 

long-standing asreement with Swan 


at SSS7 Tn s ^e 

Negotiations since outfitters ^on of their pny differentials, 
received a £5.40 a week “fair Swan Hunter said they were 
wages" award from the Central “delighted " the overtime ban 
Arbitration Committee have still had been lifted. British Ship- 
not bridged the remaining £l v .S7 builders also welcomed the lifting 
«*ap to achieve complete parity of the ban, and said building the 
with the boilermakers. Polish ships nn the Tyne would 

Mr. Dave Hanson, chairman of improve future prospects for lhe 
the outfitters’ stewards, said the shipbuilding industry in the 
men had ended all work restric- area. 


Gas workers’ leaders 
reject 8.9% package 

BY PAULINE CLARK. LABOUR STAFF 

PUBLIC SECTOR employers’ worse than lhe industrial action 
determination to hold pay settle- which caused serious blackouts 
ments firmly within the Govern- last November, 
mentis guidelines has been T * 10 . u ?J on .i 138 . apparently 
underlined in an 8.9 per cent, reduced its lt-point 11 st «<f 
package offer to 40.000 workers demands to seven, but Mr. 
in the gas supply Industry. Chappie has made it clear that 
t, J he will not accept anything less 

The offer, representing a basic for members than the benefits 
pay rise of between £4 and £5 being offered to the miners in 
with longer holidays for short- their area productivity schemes, 
service employees, was promptly The power workers say that 
rejected by union leaders at tbe they have not received the 
industry’s first formal meeting rewards for retrospective produc- 
of the industry's joint negotiat- tivity from a 50,000 to 70.000 
ing council. More talks are reduction of the workforce and 
planned for the end of this that their previous differential 
month. over the average pay for indus- 

Day-long talks on a “substan- trial workers has slipped back 
tial” claim for some 96,000 to between £1-£1.50 because of 
workers in the electricity supply the last two years of incomes 
industry were adjourned last ?ohcy. 
night 'with a commitment to a 

detailed response from the flriinwir»ir nhlhf 
employers early in February VJA u .11 ttiv-jv LlllCi 
ahead of the mid-March pay „„„ * ri 1 o 

settlement date. lO S66 ACAo 

The tough line apparently mr GEORGE WARD, managing 
being taken by the gas industry ,jj re ctor of the Grunwick film 
employers throws into a more processing plant in North Lon- 
0 mi nous light the recent warn- doi ^ has agreed to meet officials 
ing from Mr. Frank Chappie. 0 f the Advisory. Conciliation and 
general secretary of the Electri- Arbitration Service to discuss 
cal and Plumbing Trades Union. ;heir request for ways or con- 
of a “real battle" ahead if any ducting a new survey, conrern- 
ailempt is made to treat the ing all Grunwick workers, about 
power workers like tbe firemen, trade union membership. 

Sowe sections of the power The House of Lords recently 
workers are said to be demand- ruled that ACAS's recommcnda- 
ing pay rises of up to 40 per lion for union recognition at 
cent. Mr. Chappie has warned Grunwick was void because it 
that if their aspirations are had not properly sounded out 
ignored, the results could be the employees’ opinion last time. 


Leyland 
changes 
to cost 
10,000 
jobs 

By Our Industrial Staff 


LEYLAND CARS released de¬ 
tails in senior shop .stewards 
yesterday ol a planned cut nf 
about 10,000 jobs during the 
year. 

Management is understood to 
have made it clear that it 
prepared for industrial disrup¬ 
tion and lost production :n im¬ 
plementing the move. But it is 
hoped lhat the rundown can be 
achieved on a voluntary basis 
and by natural wantage. 

The 197S buaines> plan was 
presented to the Cars Council, 
the top-tier worker participation 
body, yesterday by Mr. Derek 
Whittaker, outgoing managing 
director, and Mr. Ray Homiestr. 
the recently appointed deputy 
who is to av»u:ue control of the 
Cars Group before reorgum-.i- 
ticm. 

But senior steward a will have 
lo wait until Monday, when they 
meet Mr. Michael Fdv.arh.-. 
British Leyland chair 111 an. beion* 
they get more information about 
the longer-term rundown nr the 
Ifin.OOO-Kirong labour force am! 
the proposed shape of ear 
operations. 

A hostile react ton :» Mr. 
Edwardes* plans to reduce em¬ 
ployment ean be expected. Shop 
stewards have called a meeting 
for January 21 t>» form j Cars 
Group combine tn plan and eo- 
ontinati? opposition. 

Management appears deter¬ 
mined to tackle the problem «*f 
low productivity, even at the ciWt 
of strikes am) lost vehicle*. 

Disputes 

Disputes, including the month- 
long toolmakers* strike, meant 
that Leyland achieved anl; Til 
per cent, of its production target 
in 1977. Output this year is ex¬ 
pected to be some 40.000 veh:c!u« 
higher at S25.000. 

Management is thought fo 
have arrived at this figure after 
making allowances Tor industrial 
disputes both within the com¬ 
pany and among eonipunect 
suppliers. 

While hoping for a more peace¬ 
ful year, Leyland is clearly pre¬ 
pared for trouble, not uniy our 
lhe labour culs but over in!re¬ 
duction nf tbe proposed new 
wages structure and incentive 
scheme. The jobs reduction-does 
not involve closure of opera¬ 
tions. 


Threat to pension deal 
that ‘breaks guideline’ 


BY OUR LABOUR EDITOR 


THE Government is considering is reported in the latest issue of 
whethen to impose sanctions on Labour Weekly, the Labour Party 
the Sun Alliance and London newspaper. 

Insurance company for refusing According to Labour weekly, 
to rescind a pensions deaf lhat a letter, to Mr. Jeff Rtiokcr. 
tbe Department of Employment Labour MP for Perry’ Bar. Bir- 
says breaches the incomes policy, mingbam, says: “ We are now 

So far Whitehall has failed to considering whether any discre- 
persuade the company that the tionary measures can or should 
Department's interpretation of be applied to them.” 
the guidelines is correct. The Department confirmed that 

If Ministers decide to act they it still regarded Sun Alliance as 
could, for example, instruct the in breach of the policy. 

Ministry of Transport to refuse The deal was made with the 
any application by the company group’s two staff associations, 
to raise its motor insurance “ 

p Th^iment turns on the Strike threat 

White ” 8 Paper that exempts by electricians 

improvements in occupational By 0ur Labour Editor 
peosion schemes from the 10 per ELECTRICAL contracting com- 
cenL limit on earmngs increases, panies alleged yesterday that the 

Sun Alliance made its pension Department of Employment had 
scheme non-contributory from changed its mind about the 
last September to bring it in line acceptability of a pay deal for 
with that of otber insurance com- 50.000 employees, with the result 
panies. The Department claims that they were now faced with 
that this is equivalent to a 3 per industrial action by union mem- 
cent, pay rise, and that the policy bers. 

allows improvement to benefits The Electrical Contractors 
but not suspension of contribu- Association,- which has instructed 
tions. its affiliates not to risk Govern- 

Suspension was additional to a ment sanctions -— notably the 
pay rise for the group’s 7,800 withdrawal of public contracts— 
staff averaging 9.9 per cent, with claimed the department bad 
a range of 8.9 per cent for those originally cleared the deal, sub¬ 
earning £L500 a year to 20.4 per ject to assurances. Those assur- 
cent for those few earning £9,000. ances had been given. 

The Department’s continued Part of the deal provides '* fall- 
interest in this deal—which has back" payments for electricians 
implications for ail companies not able to secure bonus earnings 
using the pensions exemption— from new productivity schemes, their drivers. 

BBC staff may call for strike 


Tanker 
drivers 
end ban 

By Our Labour Staff 

UNION LEADERS representing 
petrel tanker drivers at a Total 
oil depot in the Midlands have 
called off an overtime ban over 
a dispute about Bank Holiday 
payments wbicb bas hit supplies 
to the company’s petrol stations 
in the Birmingham area. 

The ban started tost week 
when management refused to 
pay 20 drivers at the Total depot 
at West Bromwich their New* 
Year Bank Holiday money 
because the men were on strike 
on the day their contracts stipu¬ 
lator they bad to bo at work 10 
collect it. 

Bill after talks yesterday after¬ 
noon with Total management, 
union leaders have agreed :o 
forgo the Bank Holiday pay in 
return for the drivers having the 
chance to work overtime on two 
Saturdays out of the next four. 

The Total dispute was another 
in a series or tanker drivers' 
actions which have brought fears 
of a fuel crisis. 

Union officials representing 
700 Texaco tanker drivers have 
turned down the company's 
latest pay offer. 

They will put the Texaco pro¬ 
posals before a delegate confer 
once of Transport and General 
Workers' Union shop stewards 
on January 25. hut there has 
been no move by the men to¬ 
wards taking any industrial 
action. 

BP drivers are determined to 
press ahead with their 30 per 
cent, claim which they say would 
mean a £31 increase on their 
present £59 basic wage, and the 
2.200 drivers say they will start 
an overtime ban on February 1. 

Representatives of more than 
2,000 Shell petrol tanker 
drivers will meet Shell manage¬ 
ment and officials from the 
Advisory. Conciliation and Arbi¬ 
tration Service for talks to-day 
because the drivers have rejected 
a 10 per coot, pay offer. 

Esso are still negotiating with 


BY PHILIP BASSETT, LABOUR STAFF 


SHUT ANT members of the 

Association oF Broadcasting 
Staffs in London are likely to 
cal! for an all-out strike by 
BBC staff at a mass meeting 
to-day about overtime working 
by television engineers. 

Tbe meeting was arranged 
yesterday after more than 100 
ABS engineers were suspended. 
A total of 500 ABS members 
have now been suspended. 

ABS told Us members not to 
work their shift because of a 
dispute over payments and 
scheduling for engineers work¬ 
ing before S sun. and after 
midnight 


The engineers were sus¬ 
pended, and the ABS replied 
by ordering all Its members 
in the television news branch 
to stop work at 3 p.m. yester¬ 
day afternoon. 

Latest moves considerably 
intensify the dispute which has 
led to disruption of BBC TV 
programmes. Talks this week 
between the BBC and ABS 
officials failed to reach an 
interim agreement which 
would last until wider negoti¬ 
ations are concluded. These 
are dne to start on January 18 
with the ABS and other unions. 

In a letter to Its members 


ABS has said: “The BBC seems 
determined to challenge the 
whole existence, of the union 
by a policy oF wholesale 

suspensions." 

But Ur. Michael Belt, the 
BBC’s director of personnel 
denied that in a message to 
all BBC staff. He said: “There 
is no challenge to the union. 
The BBC does no! believe in 
nnlon bashing. The suspen¬ 
sions that have taken place 
have only occurred because of 
a deliberately disruptive 
coarse of action taken by ABS 
members on Instruction from 
their union." 




/ 

-» 








APPOINTMENTS 



Financial Times Friday ternary'S8- 


• ■ *.«i£ .7- 


INTERNATIONAL APPOINTMENTS 


f Stockbroker 
T Gilt-edged 


One of the largest firms of stockbrokers 
in the City of London seeks a specialist 
in short-dated stocks to join a highly 
successful and professional gilt-edged team 
servicing major institutions. 

Candidates, preferably 25-35, will be stock¬ 
brokers with several years’ experience of 
dealing in Government securities; or 
alternatively investment managers control¬ 
ling large gilt-edged portfolios. Real 
prospects of a partnership. 

Please write or telephone in strict confidence to 
W. T. Agar. John Coartls & Partners, Selection 
Consultants. 78 Wigmore Street. London WIH 9DQ 
(Tel: 01-486 7442). indicating briefly relevance of 
experience and quoting reference 2030/FT. 


jca?p 


Corporate finance 


• A senior executive 5s re q u ir ed for the corporate finance 
division in one of the principal British banks in the City. 
The division is rapidly expanding and career prospects are 
excellent. • 

• the role embraces: the preparation of capital reconstruction 
schemes; financial viability studies; loan control and recovery 
operations. 

• A chartered accoiintant is needed with a record of 
success in this field, within the profession or with a financial 
institution ofhigh standing. 

• age around 30 . Terms are negotiable, based on a salary 
which is unlikely to be less than £ 1 x 4 x 0 with the generous 
fringe benefits that a large City bank provides. 

‘Write in complete confidence 
toK-ILC. Slater as adviser to the bank. 


TYZACK & PARTNERS LTD 

lo HA11AML STREET LONDON WIN 6 DJ 

12 CHARLOTTE SQUARE • EDINBURGH EH2 4 DK 


OVERSEAS 

DEVELOPMENT 

KNOW-HQWvital to developing countries 


Seychelles 


Adviser in Accountantcy 
Education and Training 


To develop a training programme aimed at providing personnel with 
Recently knowledge to undertake book-keeping, accounting and 
financial management duties in public and private sectors. Applicants 
must have a professional qualification with experience of teaching In 
Accountancy. Appointment 2 years. 

Salary f U.K. taxable) to be arranged, plus tax free Overseas Allowance 
Id rang* £l,l40-£3,27b p-a. (Ref. 328D). 


Accounting Information 
Systems Adviser 


Nepal 


To assist Nepal Industrial Development Corporation In areas which 
in dude reviewing present accounting systems: preparing an Accounting 
and Audit Manual, budget forecasts and financial and business 
projections. Applicant should have Certified Public Accountancy 
Degree with at least 7 years' experience in Aecountlng/Audit firm* 
Appointment 2 years. 

Salary to be arranged plus tax free Overseas Allowance in range £740- 
£2,400 px. (Ref, 32BD), 


International Banking 

Our Client, a leading European Bank, provides total credit and operational facilities 
•world wide. The North West office, currently servicing a substantial clientele in the 
North of England, finds it necessary through continued growth to make the following 
two appointments:— 


Devdopment Officer £6,500-£8,000 

An identification of business prospects on Merseyside prorides the opportunity to 
generate new clients through utilisation of the resources available in the Manchester 
office. The successful candidate must be willing to live within the area and possess 
knowledge of its industrial and commercial activities. 

Applicants, ideally aged 27-35, must be selfstarters who can demonstrate sales 
achievement, preferably in a finance related field. Basic starting salary within the 
nominated range will depend upon experience to date. Ref. AE 615. 


Account Officer 


c. £5,250 


An ambitious person aged 25-30, is required to administer sp ecific existing 
commercial accounts. The successful candidate will be responsible not only for 
satisfying current client needs but must also be capable of generating further bnsinr^c 
through promotion of the banks total facilities. 

A sound financial background, together with a broad knowledge of international 
trade is essential. This appointment is Manchester based. Ref. AE 616. 

Both positions offer real career development prospects. The basic salaries are 
supplemented by the usual banking employment benefits and relocation packages. 

Male or Female candidates should apply in confidence, quoting appropriate 
reference to:— 


'W'Hales & 
: 


Hales & Hindmarsh Associates Ltd. 

Bridge House, 2 Heyes Lane, 

Alderley Edge, Cheshire 
'S'AlderleyEdge (0625) 582992 


i THE UNIVERSITY 
I OF LEEDS 

[ Applications are Invited for lie 

! 808101 REGISTRAR 

[ of the Unlvers&r liar will fed vacant 
| by tie retirement of Dr. J. MacCmo: 
> on 30ti September 1919. The salary 
| will be within (he professorial noi; 
, and the appointment will be tram 
i 1st October 1979. The Universe; 

I reserves tbc right to consider (or 
1 appointment persons other than those 
who submit formal applications. 

Applications uwo copies) statins 
age, qualifications and experience and 
n amin g uvto referees sfaotdd reach 
the Vice-Chancellor. The University, 
Leeds LS2 9JT. not later than March 
1st 1978. quoting the reference number 
119/10/BT. Further partictdire may 
be obtained from the Vlce-aapceQor. 


COMMODITY APPOINTMENTS LTD. 
require traders In Grains. Protein,. 
Cocoa. Co See. Sonar, Metals. At». Also 
Trainees and Assistants for U.K.. - 
Europe. UJS.A. and Konp Kong. Tel.: 
Graham Stewart. 01-439 1701. 


ART GALLERIES 


COLNAGHI'S. 14. Old Bond St. W.l. 499 : 
7408. THE VIENNA SECESSION Inpend- 
statl. Prints and Drawings 1897-1917 1 
(Majority £40-£400) and CHRISTMAS I 
EXHIBITION ol Enslish Watercolours. J 
Until 20 Jan. Moil-FH. 9 J0-6.00. Sat. ; 

10-1. I 


GILT EDGE 
JOBBING FIRM 

requires Manager with good 
money market experience. 
Salary and terms negotiable. 
Please write Box A.6203, 
Financial Times, 10. Cannon 
Street. EC4P 4BY. 


BOND DRAWINGS 

ELECTRICITE DE FRANCE 
6V% 1967-1979 
Loan of U-S.S30,000,000 
U.5.S6.000,000 of the asne doc for 
redemption on 15th February. 1978 
was drawn try lot on 20th December, 
1977 in the presence of a Notary. 

• BOND NUMBERS DRAWN: 

Nos. 3458/12498 iod. 
radn&ag aft the previous redemption. 
Amount oontmdBts after 15th Feb¬ 
ruary. 1978: U.S.56.000.000. 

The drawn bonds will cease to bear 
interest on ISth February, 1978. The 
bonds presented for reimbursement 
rausc be comp l ete with coupons for 
15:h February. 1979 and following 
attached, and will be payable accord¬ 
ing to rite condition shown on the- 
bonds. 

ISch FE8RUARY. 1976 REPAYMENT 
Nos. >3044/19422 met 
15th FEBRUARY. 1977 REPAYMENT 
Nos. 18295/25969 md. 
indenting all previous repurchase*. 

PAYING AGENT 
Unique de Park et del Pzys-Bas 
Poor le Grand-Duche de Luxembourg 


CONTRACTS AND TENDERS 




g Foreign Exchange | 

| Brokers j 

j| Wc require two Foreign Exchange Brokets with at . || 

H least two m three years dealing experiepce. Preference || 

H given to applicants who have worked overseas. = 

§f Write in confidence, giving details of previ o us 1 

== - experience to: s§ 

1 D. G. HERMITAGE, MANAGING DIRECTOR, 1 

8- KIRKLAND-WHiTTAKEB LTD,, | 

I' B7 CRISWELL STREET, LONDON EC1Y4XX | 

sjijuiiiiiiniiiii]i:i:;]iiiiiiiiiiiii!iiii!iii.i;iiii:iiii]i;iii;i!;!iiiiiiiiiiiiimiiiiiimmmnm:»i!nimNimS 


©chequepoint 

CHEQUEPOrNT seeks to recruit branch managers for its 
expanding number of branches in Central Loudon. Can¬ 
didates should be 25-35. have an established financial back¬ 
ground and be able to run a 24-hour branch. Salary to £5,000. 
Apply in icriting to Ref. I-E. 

CHEQUEPOINT SERVICES 
• ■ 47 Old Brampton Road, S.W.7 


LEGAL NOTICES 


No. 0058 Of 1979 

to . the HIGH COURT OF JUSTICE 
Chancery Division Companies Court. In 
the Matter of TRADERIGHT LIMITED 
and- in the Matter of THE COMPANIES 
ACT. IMS. 

NOTICE IS HEREBY GIVEN, that a 
Petition for the Winding up of the above- 
naified Company by the High Court of 
Justice was on die 6th day of January 
197S. presented to the said Court by 
DIRECT FARM PRODUCE AND CO. (A 
FIRM I of torn. Parkway Market. 
Sheffield. S3 4TP Dealers in Fruit art 
Vegetables, and tbit [be said Petition 
is directed to be heard before the Court 
sttiliu: at Ihe Royal Courts of Justice. 
Strand. London. ffCA ILL on the 6rb 
day or February 197S. and any creditor 
or contributory of the said Company 
desirous 10 support or oppose the making 
of nn Order on the said Politico may 
apnear at the tune of bearing, in person 
or by his counsel, ror that purpose: and 
a copy of the Petition will be (tarnished 
by tbe undersigned 10 any creditor or 
eonmbtalory of the said Company requir¬ 
ing such copy on payment of the regulated ; 
charge for the same. 

^ TURNER PEACOCK. 

1. Raymond Buildings. Gray's Inn, 

" London. WC1R SBJ. 

- Ref: MM/Cn '4a. 

„ Tel: 01-405 7898. 

London Agents ton 
Elliot Smith & Co.. 

■" Westsate House-. 

. 1, Chesterfield Road South, 
Mansfield, Nottinghamshire. 

'■ Solicitors for the Petitioner. 

KATE—Any person who intends to 
■ppear on the Iicjrlcg or the said Petition 
must serve on, or send by post to, the 


above-named notice in writing of bis 
Intention so to do. Tbe notice must 
state tbe name and address of the 
person, or. if a firm tbe name and 
address of the firm and must be signed 
by the person or firm, or his or their 
solicitor i if any* and most be served, or. 
If Posted, must be sent by post In 
sufficient time to reach the above-named 
not later than four o’clock hi the afternoon 
ol the 3rd day of February 1973 


CLASSIFIED 

ADVERTISEMENT 

RATES 

Single 
Per cohort* 
tow cm. 
jf £ 

Commercial & Industrial 
Property 4.30 14.N 

Rendeniia] Property 3.00 3.00 

Appointments 4 JO 14.00 

Business & investment 
Opportunities. Corporation 
Loans. Production 
Capacity. Businesses 
For SaWWauted 5.3S 16.00 

Education. Motors 
Cootracts & Tenders, 

Personal, Gardening 4.25 U.B9 

Hotels and Travel 3.73 10.00 

Book Publishers — 7.00 

Premium positions available 
(Minimum da dO column cms.) 

0 -56 par cfngfa cofamn cm, extra 
For limber details write to: 

Classified Advertisement 
Manager, 

Financial Times. 

10, Cannon Street, EC4P 4BY 


LEGAL NOTICES 


NO. 9034 of 1978 

111 the HIGH COURT OF JUSTICE 
Chancery Division Companies Conn. In 
the Matter of T. J. GUEST (LONDON 
FRUIT SUPPLY! LIMITED and in The 
Matter of THE COMPANIES ACT, 1WS. 

NOTICE IS HEREBY GIVEN, that a 
Petition (or the Winding np of tbc above- 
named Company by tbe High Conn of 
Justice was on the Sth day of Ja nuary 
1678. presented to the said Coon by THE 
HOUSE OF HEYES LIMITED whose 
registered office Is situate at Western 
international Martel, SoothalL and that 
the said Petition is directed to be heard 
before tbe Coon sluing at the Royal 
Courts of Justice. Strand, London. WX2A 
ILL od the Gib day of February -1978, 
and any creditor or contributory of the 
said Company desirous to support or 
<g*am& tbe making of an Older on the 
saxl Petition may appear at tbe time of 
hearing. In person or by Us counsel, for 
that purpose; and a copy of the Petition 
win be furnished by the undersigned to 
any creditor or contributory of the said 
Company requiring sneb copy on payment 
of the regulated charge for the same. 

MATTHEW TRACKMAN, UFTON 
& SPRY. 

169. Piccadilly, 

London. W1V OBT. 

Ref: KX. 

TeL: 91-493 9876. 

Solicitors for the Petitioner. 

NOTE—Any person who intends to 
appear on the hearing of the laid Petition 
must serve on, or send by post to, the 
above-flamed notice In writing of his 
imemion so to do. The notice must 
state the name and address of tbe 
person, or. If a firm tbe name and 
address of the firm and most be signed 
by the person or firm, or hls or their 
solicitor <lf any) and must be served, or. 
if Posted, most be sent by post In 
sufficient time to reach the above-named 
not later than four o’clock In tbe afternoon 
of the 3rd day ol February 1978. 


THE COMPANIES ACTS 1948 TO 1976 
NOTICE TO CREDITOR*! 

G. R. DAWES HOLDINGS LIMITED 
fin’ Members’ Voluntary Winding Up) 

_ NOTICE IS HEREBY GIVEN that the 
Creditor? of tlto above-named Company 
are required on or before tint twenty-third 
day of January 1978, to send their names 
and addresses, with particulars of their 
debts or claims, to the undersigned. 
Edward Raymond J ernes ol Pries Water- 
house 8 Co.. 1GS Edmund Street, Birming¬ 
ham B3 2JB. the Liquidator of the 
Company; and If so required by notice In 
writing front tbe Hid Llouldator either 
■sonallv or by their Solicitors, to coma 
and prove their debts or claims at such 
time and- place as shall be specinad In 
such notice and in default thereof, they 
will be excluded tram the beneht ot any 
distribution made before such debts are 
proven. 

Dated this 19th day of December 1977. 

E. R. JEYNES. Liquidator. . 

NOTE—Thai notice Is nurelv formal. All 
known creditors have been or will be paid 
In hill. 

PUBLIC NOTICES 


niSHSAKE FOODS LIMITED 


fS/JjbUjwuf 



SONATRACH 


DEMOCRATIC AND POPULAR 
REPUBLIC OF ALGERIA 

MINISTRY OF INDUSTRY & ENERGY 
ENTREPRISE NATIONAL "SONATRACH " 

MARKETING DIVISION 
DOMESTIC MARKET DEPARTMENT 


Mauritius 

Economic Adviser 

To be Director of intelligence Unit and give advice and anneaner is 
required by Ministry of Finance. Applicants under 50, must have degree 
in Economics with experience in problems of developing countries. 
Experience in banking and finance an advantage. Appointment 2 years. 
’Salary (U.K. taxable) in range £8.350-£ 10.000 p-a. plus tax free overseas 
allowance in range £M65-£3,090 p.a. (Ref. 328D). 

Jordan 

Financial Controller— 
Electricity Authority (JEA) 

Responsible for supervising Financial Department and ensuring correct 
and prompt application of accountancy manuals see for use of JEA and 
for proper functions of accountancy systems. Applicants, aged 35-55; 
must be Chartered Accountants with long experience in management 
of accountancy system of large enterprise and experience of budgeting- 
cost analysis, cash flow forecasts and funds control. Appointment 2 
years. 

Salary (U.K. taxable) to be arranged,'plus tax free Overseas Allowance 
in range of £I,730-£4.78S p-a. (Ref. 328D). 

Thm posts on wholly financed by the British Government wider Britain's 
programmeof aid to the developing countries. In addition to basic salary 
and ove r se a s allowances other benefits normally Include paid km, from 
family passages, childrens education allowances and holiday visits , free 
accommodation end medical attention. Applicants should be citfoni of - 
the United Kingdom, 

For full detail s end application form please apply, quoting reference, 
stating post concerned, and giving details af age, qualifications and 


experience to.-— 


Appointments Officer, 

MINISTRY OF OVERSEAS DEVELOPMENT 
Room 301. Eland House. 


□DM 


_ Slag Place, London SW1E5DH. 

HELPING NATIONS HELPTKEM5ELVES, 


International Invitation to Tender No. 4/77 

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 Arrow 

* 2,000 tons/year in bottles . 

* 2,000 tons/year in tank-wagons 

Interested companies should apply to:— 

SONATRACH. Division Commercialisation, 

Direction du Marche lht6rieur, D Jt.L 
(Base Alcip), 

Route das Dunes. 

CHERAGA (Algiers) Algeria 

Telex: 52.808 DZ — 52.802 DZ — 52.983 DZ 

to obtain the tender documents, against a payment of Dinars 
200 , as from the publication of the present anno on cement. 

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

"A ne pas ouvrir — soumission A.0.1. 4/77” by March 1, 

1978 at the 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. " 


PUBLIC NOTICES 



Shepherd & Wcdderborn. W.S.. 

16. Charlotte Square. Edinburgh, 
Solicitors tar the Company, 

SUFFOLK COUNTY COUNCIL 

£1,000,000 Bills offered 6.1.78 tar 
payment 10.1.78 due 11.4.78 at 
Applications totalled £12t-m. ££m. Ellis 

outstanding. _ 

n197B. due 14 April. T978. at 
Application* totalled £12.15 million. These 
are the only Bills outstanding. 1 


Hydrocarbonlechnology 
Projects- 

Allocation of Funds 

Tho Department of Energy wishes to draw attention 
to the European Economic Community scheme 
whereby under Regulation 3056/73 (published inthe 
Official Journal of the European Communities on 
13 November 1973) support may be given to 
technological development projects in thefields of 
exploration, production#storage and transport of 
hydrocarbons. 

The closing date forapplicatfans under this scheme i» 

28 February 1978. 

The Offshore Supplies Office# Alhambra House. 45 Waterloo 
Street. Glasgow G2 6AS would be glad to advise intending 
applicants on procedures. Please ring Mr. T. G. Crouch on 
041 -221 8777 extension 410»or Mr. P. G. Davies of 
MaTSU on 0235 24141 extension 2541, or Mr. P. M.Topley 
(CIP Division) at the Department of Energy in London 
on 01-2113809. 

Funds of approximately £20mper year are allocated to a 
variety of projects-mastiy concerned with offshore 
■lechno/ogy-at rates of support up to 40%. This support is 
repayable in the event of the commercial success of a 
project 

Department of Energy 


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 

Specialised in soil mechanics for design of earth filled dams. 

ONE ELECTRICAL ENGINEER 

Specialised in hydro-electrical design. 

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

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

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

Interviews with eligible candidates will take place in Geneva (Switzer¬ 
land) at the cost of employer who will reimburse travel and hotel 
expenditure. 

Summary of education and experience should be sent as soon as poss¬ 
ible to: 


Balsam Engineering Division 
of Cofinter Sj\. 

P.OJB. 213 
1211—Geneva 6 
Switzerland 


Telex: 22203 cofge 
Phone: (022) 35-83.60 


COMPANY 

NOTICES 


CHILEAN EXTERNAL LONG TERM DEBT: 
LAW NO, 8962 

CHILEAN GOVERNMENT 6% LOAN 1926 

Nature to Hornby Olrea that unfler the 
Sinning Fund arrangements ol in above 
Loan ail outstanding bonds are eallea 
lor redemption at par on tat February. 
1978. tram which date all intere s t thereon 
will cease. 

Bonos should bo. presented at the 
London Offices ol Lloyds Bank Inter¬ 
national Limited, listed on the appro¬ 
priate forms. 

_ Bonds not assented under Ooerte Law 
8962 of 20Ui July, 1948. Should be ore. 
■anted tor assenting and overstampmg 
prior to being presented for redemption. 
Forma lor assenting mfis be obtained Irani 
the atarernetiptmctTbonK. 

GREATER MANS STORES LIMITED 

■ incorporated in the 
Republic or South Africaj 

NOTICE TO SHAREHOLDERS 
DIVIDENDS ON PREFERENCE SHARES 
NO-HCE IS HEREBY GIVEN that the Board 
of Directors has declared tho following 
dividends payable on tne 28 th February, 
1978. to S«ft. 5%. Second 59* and 
Thlrt 5 «a Pr e f e renc e Shareholders respec¬ 
tively. r eg is ter e d In tbe books of tho 
Company at tne close of business on 
Friday. 27tn January. 1978. 

A. S% Oimplatly* Preference Shares— 
Dividend No. 84. 


A dividend at the rate of 6Ti per 
a on urn for the si* months ending 

3Bth February. 1978 — equivalent to 
_ 6 cents per share. 

■- SJ, Cumulative P in t e r e rne Shares— 
Dividend No. 70. 

A dividend at the rate ot S% per 
annum tor the si* months ending 

28th February. 1978 — equlvalent to 
5 cents per share. 

C. Second S'Ji Cumulative Preference 
Shares DhrldePd Ne. 64. 

A dividend at the rate ol S*i per 
annum lor the Six months ending 

28th February. 197S — equivalent to 
„ S cents per share. 

D. TTrtrd Sty ^ Cumulative Preference 
Shares—OMMBPB NO. U. 

A dividend at the rate ol 5®i per 
annum for tho si* mantle) ending 

28th February. 1978 -—equivalent to 
5 cents per share. 

The dividends are declared In South 
African currency - iM dividends payable 
from the London OMce will he paid In 
United Kingdom currency calculated at 

IE 

, Dividend cheques despatched from the 
London Office to person* resident In Great 
Britain or Northern Ireland will be SublOCt 
to a deduction ol United Kingdom Income 
Tax at rates to tie arrived at alter, allow, 
loo lor relief ill »«> In respect of South 
African Taxes. 

The Company trill, where applicable, 
deduct the Non-Resident Shareholders* 
Tax of 15% Tram dividends payable. 
..for the purpose of -uvlng tlw above 
dividends the Share Resistors, in respect 
of tho above Preference Shares, will be 
closed Nom the J8th January to the 
10th February. 1978. both dan fnclnslvr. 

Dividend cheques In payment will be 
postal an or after the 28th February. 


Notice to Holders of Beerer 
- DeooaKarv Racototo tBDft’a) In 
Common stock of 

HITACHI, LTD. 

We are pleased to confirm that 
rooiea of tno Consolid a ted Financial 
Statements as Of Ihe Ml-rear ended 
September 30, 1977 ol Hltoni. Ltd.. 
and CoftMtaatcd Subsidiaries a/a 
now available to BOR Holders upon 
aoollcatlon to the fatiovring Con- 
verm on A (rents: 

CltttHhU Branches Inn— 
Amsterdam - Frankfurt 
Brussels _ Milan 
Paris 

and act 

Bonouq in ccnMti orate • ; L ux e mb o u rg 
S-A„ Li m oni o w ns. 

Citibank, N.A. 

London Depositary 

January ij. ig7B. . . 
















































Financial 'nines Friday January 13 1978 


NORTH' SEA OIL REVIEW 


BY RAY DAFTER 


Tighter rules for Fifth 





tion 









OFFSHORE oilmen will tell you 
that it is not only the dramatic 
[forces of winds and waves that 
create difficulties during explor¬ 
ation and production. Unseen 
underwater currents also pose 
considerable problems. So it is 
with Government regulations. 

The far-reaching Petroleum 
and Submarine Pipelines Act 
which was so forcefully argued 
out within Parliament and the 
oil industry, now sets the tone 
of offshore operations. The 
political ballyhoo may be largely 
over but quietly the restrictions 
on North Sea operations are 
being tightened. 

This may be understandable 
in the light of growing experi¬ 
ence. What is questionable is 
that for a number of issues it 
takes finely-tuned detection 
equipment to plot the course of 
movements. 

One proposal now being dis¬ 
cussed openly with offshore 
operators is that fleZds found 
under licences issued under thi s 
year’s fifth round and subse¬ 
quent allocations should be sub¬ 
ject to a phased programme of 
Government approval. This year 
the Department of Energy hopes 
"■ to institute a procedure whereby 
development would be author¬ 
ised in three separate stages, 
each reviewed against the back¬ 
ground of latest reservoir infor¬ 
mation. 

The idea is that companies 
would be given initial develop- 
meat consent to dover, say, the 
V( , first two-year period of produc- 
‘ tion when wells are being 
brought on stream. Consent 
v_., would then be given for the 
period of peak production pro¬ 
viding the .Government is satis¬ 
fied that the best recovery 
practice is being applied. 

Finally, approval would have 
to be received for the way a 
field is exploited at the end of 


its commercial life.' This might 
prove to be the most con¬ 
troversial part of the package, 
throwing up a possible conflict 
of commercial considerations 
and ' national interest For 


RIG MOVEMENTS OFFSHORE THE U.K. 


OPERATOR 

RIG 

BLOCK 

OPERATOR 

RIG 

BLOCK 

Amoco 

Aladdin 

15/22 

Pan Ocean 

Venture Two 

16/7 

Amoco 

5edco I35G 

211/27 

Pan Ocean 

Odin Drill 

16/7 

BP 

Deep Sea Saga 

27/1 

Phillips 

Atlantic One 

30/27 

BP 

Sedco 703 

23/26A 

Phillips 

Western Pacesetter 

16/17 

BP 

Sea Conquest 

211/2 

Shell 

Ocean Voyager 

211/16 

BP 

Atlantic Two 

27/A 

Shell 

Stadrill 

217/21 

Elf 

Pcnfagone 82 

206/7 

Shell 

Sedco 700 

3/12 

Hydrocarbon* 

Offshore Mercury 110/3 

Texaco 

Sedneth 701 

15/23 

Mobil 

Mobil 

Kings north UK 
Smbad 

206/9 

9/13 

Total 

Pentagone 84 

14/30 


production by ' advanced 
recovery techniques that ought 
not be commerriably justified 
in all circumstances. 

For this, and a number of 
other reasons,- oil companies 
are opposed to the phased 
development proposals. They 
make the valid point that it is 

difficult to plan a major risk __ __ 

project such as a field develop- more obvious that the offshore well-defined depletion policy. Trade Practices Act. The 
ment without a dear idea of industry may be caught in a British National Oil Cor- Energy Department has been 
the one ratine regime. trap. poration features in most of concerned that option agree- 

... T , . these. meats which provide BNOC 

There seems little chance of " a pipeline complex « con- .... with the right to buy up to 51 

this proposal being dropped, strutted, British Gas will be It Is quite likely that within field’s cutout 

however. After iti/the PetS obliged to buy and resell all tiie nest few months BNOC and J" be challenged unde^tbe 
leum and Submarine Pipelines of the natural gas that is pro- British Gas will be awarded a De “mnenged under tne 

Acf has already prepared the duced in association with batch of exploration licences m " BN0C * S influence in all off- 
ground in stating that field offshore oil. The size of these their ownnght. These blocks, matters ^ growing almost 

operators must submit a devel- Sas deliveries may well be not offered under the normal ^ future 

opment programme-for a period bigger than the premium fuel licensing round w 01 be con- QV ^ o£ the 

specified by the Eneisy Secre- market that the Gss Corporation trolled entirely by the two state si's o5 production- 

tary intends to serve. Consequently, corporations. As private com- "®**J * I . 1 

it has already started negotia- parties will be excluded there £ 2 * SSLriSK 

tions with oil companies in the will be no commereial mente _ a . , ? d Corporations 

southern sector of the North Sea pressure on British Gas or J*? /SUET 

MWiftar 

wood Benn may be prepared to s ^ ith fi ^ a ^ Sly in^nat^S 

provide oil companies with ^afed natural gas reaches tatertst _ axi effective method J M j? en ,* n 5 stlIlg £ ?J£ 0 - 

assurances to allay their worst Britain's shores largely depends f de nletion control. c0nsulted on 311 {arm_in 

fears, he sees the implements- on the depletion policy adopted deals involving possible changes 

tion of a flexible. depletion by Government Will com- b in licence partnership. Oil corn- 

policy as a priority commitment, parties be encouraged to exploit AnVKHrV TfllP parties have apparently resisted 
The phased development of fields as fast as possible, and 1U1V/ a move to give BNOC the right 

fields is regarded within White- thus give the economy an even Applications far such sole of first refusal in all farm-in 
hall as an essential tool of such bigger boost in the 1980s. or licences were received from the arrangements. But the very 
a flexible policy, although the will they be kept on a tight rein two state corporations some fact that the Corporation has 
depletion, rules themselves have so that as far as possible pro- time ago but 1 understand that become involved in deals has 
yet to be specified. Much Unction matches consumption the allocation—a sensitive issue tended to slow-down this side 
depends on the fate of the pro- and reserves are conserved well —is being held up pending the' of North Sea commercial trad- 
posed gas-gathering.' pipeline into the future? The latter passage next month of the ing. And there is a worrying 
network. Now that the Govern- option seems the most likely Participation Agreements BilL side-issue to these delays: the 
ment has received the interim and there are a number of ways This piece of legislation is drilling of “ farm-in ” wells is 
report of the gas-gathering study in which this could be achieved designed to exempt BNOC from also being held up. 
company it has become even without the imposition'of a the provisions of the Restrictive . The Corporation has also 


Assurances 

Although Mr. Anthony Wedg- 


gained the right to play a major 
advisory role in the develop¬ 
ment of Mesa Petroleum's 
Beatrice Field, although the 
commercial partners in the 
venture are still a long way 
from agreeing state par¬ 
ticipation terms. Indeed, they 
are in a group of offshore 
operators that have so far pro¬ 
gressed no further than the dis¬ 
cussion stage of participation 
negotiations. The Hamilton 
Brothers group involved in the 
development of the Argyll 
Field is another. It seemed 
that the Argyll partners would 
escape the participation net 
because of the expected early 
demise of the field. However, 
now that there appears to be 
every sign of revived activity 
in Argyll the Government has 
set the participation process in 
motion. 

This might be unfortunate 
for the Hamilton Brothers 
group, for there is clear 
evidence that later signatories 
of participation agreements are 
having to accede to stiffer con¬ 
ditions than those that were 
first to agree BNOC involve¬ 
ment in offshore fields. For 
example, British Petroleum 
negotiated an agreement assur¬ 
ing the company or the right 
to buy back from BNOC a large 
part of the participation crude. 
The Shell/Esso and Texaco 
groups—later signatories—have 
similar agreements but these 
can be overridden at the 
Secretary of State’s discretion. 
Zt is likely that companies 
which sign participation deals 
in tbe future will have to accept 
such a revocation clause. 

All this is indicative of the 
progressive nature of North Sea 
policies. The offshore licensing 
rounds provide another 
example. The fifth round con¬ 
cessions were offered to the oil 



LORO KEARTON 
. . . seeking a spokesman's 
role Tor BNOC 

industry in July. 1976, but so 
far only 15 blocks have been 
allocated. The operating condi¬ 
tions covering the remaining 29 
blocks remain to be settled—it 
could be summer-time before 
this happens. 

The problem here is that 
BNOC is to be a 51 per cent, 
equity holder in each of the 
blocks and, as such, is faced 
with negotiating individual 
agreements with each group oE 
partners. The oil companies 
have been uneasy at BNOC's 
possible ranne of influence in 
these concessions. For instance, 
companies have been seeking 
assurances that the Corporation 
will not use its power to unduly 
delay field development or use 
information gained in one block 
to gain a commercial advantage 
elsewhere. 

BNOC has also been trying to 
negotiate the right to act as 


spokesman in each nf the fifth 
round blocks, irrespective yf 
whether or not it ts the field 
operator. Perhaps Lord Kcar¬ 
ton. the Corporation’;: chairman, 
has been u-atchinc progress' in 
the Statfjord Field where Star- 
oil. Norway's State oil corpora¬ 
tion. is the mouthpiece for ill 
statements. 

So far. utl companies have 
successfully opposed the concept 
of BNOC becoming ihe 
fifth round spokesman. But that 
is not to say that the Corpora¬ 
tion will not get ns way m the 
end. 

For the Department of Er.erpy 
has now started to prepare ike 
way for the sixth round of 
licences, expected to be offered 
this year. One possibility ts that 
some point.’, that may hove 
proved to be sticky during tha 
fifth round negotiations will 3>p 
published as conditions 
acceptance for further rounds. 
In effect, nil companies would bo 
told: “Take 11 or leave it.” • 


Concern 


Whether this will happen is 
still unclear for ihcrc am signs 
—admittedly only faint ones at 
present—that the Departmontjif 
Energy officials thematic* 
becoming concerned at the paiy* 
with which BNuC’s mnnitonnp 
ami advisory roles arc growing. 

Sixth round licensing condi¬ 
tions. new development 
authorisation proposals, and Hw 
latest batch nf state participa¬ 
tion deals—all uf which arc ex¬ 
pected this year—should giw ja 
clue as to whether BNOG-s 
appetite for more work and i»- 
creasing influence has yet been 
satisfied. 


( 



PARLIAMENT and POLITICS 


... i 

"T. I 
t\\ , 


r.- ■■ 

•V' ■ 


l-u;.: it? 

• c.’rr.'f 

* ■■■■'. 

. : rr.i 


Foot faces shouts of ‘cover-up’ 
over steel industry papers 


Bill proposed to 
reduce court 
threat to AC AS 


El Salvador 
arms sale 
assurance 




• 1 ? 

*1 


BY IVOR^OWEN, RMUJAMjEWARY. STAFF 

I A DETERMINED Mr. Michael tailed that any' profosif ior able to withhold confidential debateon rieetin aeronianc£ 

t_j_ -r tt—-I,, mis iirfnrmatinn from its renort. But with tbe recommendation tbel Mr. George Cunningham (I- a n.. 


BY RUPERT CORNWELL, LOBBY STAFF 


DR. DAVID OWEN. Foreran 
Secretary- has warned that 
British armoured vehicles des¬ 
tined for the Central Americap 
state of El Salvador should not 
be used for “internal repres- 

lelter to Cardinal Humd, 
Archbishop of Westminster, whp 

steel industry to strengthen the industry. / of Commons, which was account- to publish its reply to could arise in■ «“* aftumiU service - ACAS - * n conten - ™ as S o ip ^ la t tes v , tha 1 ! sale. Dr. Owen said that the 

control of the Commons over the Haportantissues were at stake able to the people ' ^SEFSuit won’t do** she oriler reouSSnE papersto“be 1101,8 industrial disputes like henceforth ACASsdutytocbeck British Government had ah j 

Executive through the Select -ny. ^ fulFimplications needed Asprotests continued to flow That just won t do, she 0 ® GrunWick, was published jester- the opinion of workers should stipulated that the vehicle* 

Committee sytem. w b etekrf inti a“ount-a task from the Opposition benches, Mr. gapped, adding ffiar Mr Foot produced or witri^sses to give day * extend only to what is “ reason- sh 0 u1d not be used in any ei* 

Ignoring .shouts of “Cover which ConunlSe wW^hafenqutoS defensive. The Speaker promised to give The measure, which amends a cu . mrta “«^. S caiQst ^ BriUs ^ 




ek. part of the lATO 

ton (Lab.. Protection Act. 


-5 Emoloyment Mr ? etcher declared: “This colony 0 f Belize. 
f. intro- wU1 reduce t0 tte minimum an Dr. Owen said he 

LS employer's chance of mounting archbishop’s coneeri 


shared th5 
concern at “ th4 


7 / 



5 I' 


up” from the Tory benches, hp being .^ertaken oy tne eeiect *** ** Leader of the House > ruling early next 

resolutely refused to promise an Comm^fee on Procedure^ to the m which was adamant The normal proce- Mr. William Hai 

early debate on the deman a by Mr.'Foofs suggestion that the normal^ suuntied to anv dure which allowed such debates Central Fife) said 

the all-party -Select Committee Houfl £ WO u!d te wise to await 10 ^ to be based ^ «« ,-i- - 

on Nationalised Industries for tbaProcedure Committee’s views “gS G^™St and BSC Committee’s 
access to confidential papers on impatiently brushed aside v-JSSJ? thP GoverMnent 

the. financial prospects of the ^TolylSpI They cheered when ™L?Sof?toSisitaationsin followed. ___ 

British Steel Corporation. Margaret Thatcher, Opposi- past y f these conventions When Mr. Enoch Powell (UU, vestigation in hand. “If this is the statute book. removing any requirement on the contractual position it had 

Mr. Foot insisted that the.'tion leader, backed tbe. stend w^to be altered, the House, as Down S.) contended that refusal to be constant practice of the Not only did the Government the arbitration service to con- been decided “with much relue* 

if |j[U nonna I procedure should tyt taken by the Select Committee on a whole, should consider tbe to give evidence to a Select Com- Government, the claim to have make available its own drafts- suit bodies “ concerned with the tance“ to go ahead. 

followed. The Government must Nationalised Industries. matter mittee or to provide “papers” open Govenutaent is a nonsense,” men to prepare it but it comes interest of workers” which are Cardinal Hume said in a state- 

first be allowed to publish'its in its examination of the steel Mr. Foot also won support constituted a contempt of the he declared, amid cheers. first in the queue of private not independent trade unions, ment that he was “ distressed and 

reply to the Select Committee’s industry, she said, the Select from Labour backbenchers when House, Mr. Foot replied that a Other labour backbenchers, members* Bills for this session. Nor will it be obliged to seek perplexed ” that the Government 

strictures and then a discussion Committee bad been charged argued that a strengthening finding of contempt was especially those from steel con- meaning that time for Its debate the views of workers if they should go ahead with the deal, 
could take place on the charges with the duty of making an 0 f tfae Select Committee system, dependent on' the House itself stituencies, cheered Mr. Robert should be available. Tbe second want to be represented by such “The expressions of concern by 
made by the committee and the objective assessment to the with a membership necessarily approving an appropriate motion. Kilroy-Silk (Lab., Onnskirk) reading debate is due on Friday a body. the churches of Britain, by 

defence put up by Ministers. House. “How can it do that if confined to a limited number of He asserted that the action of when he declared: “We on this week. There is also n clause making human rights groups, and by 

With a cfrnnp phorus of sun- vital figures and facts are denied MPs, must inevitably be at the the BSC and the Government in side of the House, are more con- Ministers are likely to view clear the distinction between politicians of all parties, seein 

onrt from a section of tbe Labour to it?” she demanded. expense of the House itself, following exactly the conven- cerned about the protection of with sympathy the measure’s ACAS questionnaires on a dis- to have met with little response," 

backbenches — "instil Left- Mrs. Thatcher underlined the which was composed of all MPs. tions of the House could not in jobs than tha production of docu- progress through the Commons, pute and formal ballots. Mr. he adden. 


wingers—Mr. Foot also main- fact that a Select Committee was Pressing for an early two-day any circumstances, or in any men ts.’ 


Clash on Nationalist Mason rules out protest 
bid for PR voting oygr Lynch remarks 


The main risk lies in the power- Fletcher claimed that courts had 
ful opposition to be expected on occasion held that such ques- 
from the Tories, backed by the tionnaires could constitute ballots 
CBI. Early signs are that the and his Bill lays down that they 
Liberal response will not be un- are not to be 50 treated without 
favourable. prior agreement between cra- 

Mr. Fletcher made clear yes- ployer and union involved on the 
terday that tbe Bill is designed consequences to follow its rcsulL 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


North Sea fishing areas 
lost to oil, MPs told 


Paraguay 
protest 
by George 


AN MP IS to raise in Parliament 
allegations of the “systematic 
and brutal extermination " of the 
forest Indians in Paraguay. 

Mr. Bruce George. Labour MP 
for Walsall South, yesterday 


BY JOHN HUNT 

THE SCOTTISH and Welsh candidate received 50 per cent 

igmtaflyton <gg m A COKClLIAT ORY^b tement' He 1.M the H ome flat he repora ibte for murder. . 

mons in an attempt to get some didate 0 “ t . aD , t Ln 1S Siv^M^n Norttern^SlSd mrtfes^ fte^talS^wSted^o Mr. ASn^Ncave, Conserva- NORTH SEA oil is “ one very big legislation, and the Government ^led 3 . . C “ mmon ^ nuesUon to 

2Sn VSTtfSaUfflE SThriSS 1 * 4r«2t ’ 0,M - 'sSATSw BdSS tive spokesman* 3 ^® Northern heedeele” for Scottish fisher- should aceeBt.ntere respeosiWlity ^ Deed Owco. Fore, S o Secre- 

- “ el6CU0ns “ tte one bad over so per ce ^ ^ bg maMng a ft>rmal £ ot ^ ^ torce ^ pace . Ireland, raid that the 

According to Mr. _«eiu, me te ^ jnsh Government hone that the talks within the Minister should .ask Mr. .... - -- —---- 

Scottish Inshore White Fish _ He has also asked Mrs. Judith 
Buchan,_ vice- -pro^WTS, warned that the 5 art \ M,nlster for Overseas 


European Parliament 


S mem aconi mittee of MPB inverti- for the situation .it created when iN-Mins Jjni te r „ jse the 

-. Lynch gating the fishing industry was « licensed the oil companies. S?, u * at Ri JJ} t e c rVmmf c.?n U 
serious inidtesterri^r^ Mr. WiUihm Hay. chairman of Human Rights Commission. . 


month the House decisively re- a Mr. Mason made it dear that Th^e demissions, he added, »x. areas of the North Se 

jected PR and voted for the ^.SSfin Fjiwineaii Parlla- although the Irish Premier’s provided the best opportimity for of a breach of diplomatic prac- bfii j ost t0 fahermen. 
traditional “first past the post” seatation^n^e Europea had extremely the return of substantial power tice. and. thought it was very TIia TVrtHli Ca 4 J e hi 


traditional 
method. 


the Scottish Fisber- poss jble closure of Norwegian Development, to stop all British : 
Federation, said teat whole {K biag grounds if the EEC faded Government aid to Paraguay. 

North Sea were 10 agreement could be “ the ^ M Q r - ^ e 0 g fiC sa, . d: . “ A recent 

- - — ment. ^ "SSASff’T 1 ESS North Sea is becoming JK^SeSS 2h& nSSSSflS : 

Sw-S-Sas 73 — , 0 £ 5 ^ 22 ?^ 

SjJ re ri^Snamian\ E soon came executives of the parties. In a week-end radio interview, would exercise controfover Ireland. feration of gas pipelines from keep tee fleet going without JfJJj'J?J y J2 e f°5Sf lt Jh 

and Cladanannan) soon- carne -m* ii»«b AnnnsMf hv u» t-.wh*** urao^ ‘Prirain to con- u»es wouju e£ercue cguuu _ ** niatfnrm tn niatfnrm M hp <sairi access to Noru’e^ian waters be As a result, they arc 

added. ° * subjected to brutal manhunfsT' 

sold as slaves, and forced to 
witness the destruction of their 
culture.” he declared. 

Mr. George said that world , 


platform to platform," be said. 

There was a vital need for added. 


under furious attack from Mr. Sr ^ Goy 1 ^! James Molyneaux, leader 

Fric Heifer (Lab.. Walton). . *“ ^ orde , r ’ ^ of the Uto£ vSSSSTi it West- 

*-*fSBSsS19firms on pay ‘blacklist’ 


. sentation. 


suggests, all Labour voters 
do uol want Tories as sr 
preference, will vote SNP 

Pf ° He must think we were born It gave no clear advantage in Ulster on the establishment of tuge "the"TaTki/lSldhs 
yesterday. We are not stupid, over a smipie majonti^ sj.s^ a new ?ssemb]y for some_ form QI * „ But he t o be 
They 
On this 

As- „ 

with his speech, Mr. 


. ~ +h». foiir-nartv talks “ au lv called for an increase in the " WT *1 opinion must be mobilised in 

clear advantage inlSSeronthe establishment of wen°t fsecurity forces in there ARE 19 firms on tee ment discretionary action varies ^ 

—-*-bage the talks, J4r. Mason went the province. - Government's “blacklist" for from day to day. as up to date Indl “ ns " erc t0 survive as a 

pomeiy An opposite view was taken by having made pay settlements information comes in 'about P e °P ie - 

.. Belfast above tbe 10 per cent, guideline, their pay settlements. 

of the in a Commons written reply, “The number of firms Tl ^ 4 -^ 4 . 

Heffer none of thc compensating factons and the'Rev: Ian Paisley's Demo- SiM'pMt'of 'tK^STITlinl aroused_ by u what Bt. Robert Sheldon, FTnandal currently blackUsted is.l^’A * JvJlCC Statement 



shouted across the Caiamber: of familiarity, 

“ You are stupid. You are daft" 

Mr. Reid explained that under --- ... , 

his suggested method, voters and bad been widely ^cntitMea, 
would number 
in order of preference 


to IK adopted “““ « «« mjority of the people in n ^"in&TIf'flSTKrTS 7 

by^any 5 trther^Jopean c^try so decree. merely restating his party’s time being affected by Govern- to give the name! of these firms.” 

vnt P « MdXd bSi3y critiSei He was pleased to see that in policy and was not giving Chancellor, is to make 

rhL e i?°«ndSrtS Sen by tSi lSSaSrS& ™ no U« «*on& statement, Mr. Lynch Credence or support to the IRA -■ k a. • r j .. 

SS It broken l»d removed most of the amhi- in Northern Ireland. Irr£ek PM tO VlSlt LOTlflfm 

■eference. If a used It ... . waaoa why,^they should not-con- ^ abtrat ^ anmesty. It was. The Ulster Secretary pointed VXtvCJL X IV1 l*/ YIdli XJUliUUil 

Ulster Unionists meet to-day 


Mr. Lynch had said. He thought Secretary to the Treasury, said: Treasury spokesman said later: 


BY OUR BELFAST CORRESPONDENT 


bnue. 

During . the 
exchanges, there 
denunciation of 


FINANCIAL TIMES REPORTER 


therefore, not necessary to make out to him that Mr. Lynch’s 
. Commons any more representations about remarks had certainly caused 
was angry tb e matter. reverberations in the Republic, THE GREEK Prime Minister, fmm London for discussions 

Mr. Lynch's All tee same, he thought that in Ulster, and the UJC Mr. Constantine Karamanlis, is with Belgian leaders and the 


Financial Times Reporter .* • 

Hie Lord 
a state-*’ 

ment to-day about the contrp- . 
versia! remarks of Judge Neil v 
McKinnon, in the “ niggers, woes- ' 
and coons ” race case. 


Aid for jobless 


action. Mr. William van Strao- Mr. Lynch must have been aware To The surprise of MPs. Mr. to visit London on January 25 for EEC Commission in Brussels, a FIFTEEN more job creation 
a mpptim* of Ulster was “ not satisfied “ with Mr. Roy benzeei. (G. Wokingham) accused that- there would be Unionist Stan Thome (Lab, Preston S.) talks with Mr. Janies Callaghan meeting with President Giscard schemes to aid ’JOS young unern* 

Unionists ihriudine tee West-Mason’s statement in the Com^ him of -having shown all .. the reaction to his-remarks. ' said teat Mr. Lynch had said about-Greece’s bid to join the d'Estaing in aPris, and talks with ployed people have been 

mister MP. «S» h% btt\A to-dav mons vestertoy. finesse of “ an educationally snb- There were cheers from-MPs, nothing which offended against EEC. , , Chancellor Helmut Schmidt in approved on Merseyside by the 

to Z(i* fhi future of Dotitical Although Mr. West has limited normal elephant.?. . as the Ulster Secretary empha- traditional Lahour Party sup- The talks come at the begin- Bonn. Manpower Services Commission, 

talks in thp orovince his oublic comments to tee ritual But in his replies,. Mr, Mason sised that, as far as Britain was port for a united Ireland. Mr. ning of a four-nation tour by the During: his visit to Brussels, he The schemes, totalling £518,000 

Mr Ham* West, who this week calls for majority rule, .there is went to great lengths to take the concerned, there would never be Thorne argued that the Unionists Greek Prime Minister designed will also have' talks with Dr. in grants, bring the' number of 

■witedrewhis official Unionists a growing demand within his heat out of the row and to limit an amnesty in Northern Ireland had merely used the statement to speed up negotiations for EEC Joseph Lun$, Secretary-General Merseyside schemes so for io 

frnm th* nrM»nt caries of dis- party for total integration with the damage which had been “ for those criminals who have as an excuse to torpedo Ulster membership. of NATO, about Greek relations 907. at an overall cost of ■ 

cushions - said last night that he the UJL .... done. been sentenced and who have talks. Mr, Karamanlis will go on with the alliance, ; 












r 


TRADE WITH INLAND EUROPE 


Financial Times Friday Janwary; 


Shrinking costs with 
shrinking ships 


A NEW type of vessel has 
appeared on the Thames at 
Deptford capable of running 
cargoes from points on Britain's 
inland waterways right into 
the heart of the European canal 
system. Its design was specified 
by a youngish Swiss business¬ 
man, Mr. Mu Heinimann. now 
London-based, who for the last 
seven years has run Union 
Transport of Deptford. 

The Dutch-built vessel of 
1,025 deadweight tonnes, the 
Union Gem. cost half a million 
pounds. Her ■ design was 
unusual: when laden she drew 
a maximum of only 3.2m. and 
when in ballast — that is to 
say unladen— she could have 
a height above the waterline of 
only 5.5m. In other words she 
could pass under quite low 
bridges and other obstructions 
fn much the same manner as a 
canal barge because of an in¬ 
genious system of folding down 
mast and bridge house without 
in any way interfering with 
navigation. 

Union Gem was the first of a 
scries of four such vessels to 
he built in Holland for Union 
Transport and when she arrived 
in London her owner said that 
she was to sail almost immedi¬ 
ately to Basle with 1,000 tons 
of sugar from Tate and Lyle's 
Thames refinery at Silvertown. 
It would be the first time that a 


BY ROBIN BURTON 

single shipment of such size had 
been made direct and it would 
set the pattern for future opera¬ 
tions, the aim being of course 
to transport cargo direct from 
inland ports in Britain to ports 
even further inland in Europe 
where there is a much better 
system of waterways capable of 
floating bigger vessels. 

Charges cut 

Extra benefits to be gained by 
the new method include shorter 
transit times and less risk of 
cargo damage or loss; shipowner 
and shipper alike can only 
benefit from the fact that hand¬ 
ling charges are greatly reduced. 
There are certain areas and 
cargoes which will attract 
greater benefits. Any cargo 
which would normally require a 
lot of handling will qualify, as 
will ports such as Rotterdam 
where labour charges are now 
very high. 

These specialist ships will be 
able to sail between the Rhine, 
the Seine and British waterways, 
a typical voyage being a run 
from the Mersey to Paris, a 
return cargo from a Seine port 
to Loudon. London to Duisburg 
on the Rhine and then back to 
a British east coast port 

Not only will the elimination 
of costly transhipment pro¬ 
cedures prove an immense boon 


—to shippers if not dockers— 
but also the ships have been 
designed to be as labour effec¬ 
tive as possible. This means 
that the hatch covers for in¬ 
stance can be operated by one 
man with an hydraulic gantry 
crane, and one only needs to 
be removed at a time instead 
of the whole hold being exposed 
during loading. This is a great 
help when taking cargoes such 
as sngar or cement which must 
not be allowed to get wet. As 
soon as the single hatch is re¬ 
placed there is a watertight seal, 
but on the other hand the entire 
hold can be exposed when load¬ 
ing, for example, long steel or 
pipes for platform construction 
sites. 

Another feature of the vessels 
is their considerable manoeuvr¬ 
ability in confined waters made 
possible by a special type of 
rudder which can swing the 
ship in her own length of 60 
metres. 

Union Transport has no mono¬ 
poly of the new breed of vessel. 
Another London company. 
Freight Express Seacon. also 
recently took delivery of several 
purpose built vessels intended 
to trade between various inland 
British ports and European 
destinations well up the Rhine 
or Seine. 

Freight Express Seacon 
already has several vessels 






The Union Gem : collapsible bridge and shallow draught puts Basle within reach. 


drawing as little as 2.4m. which 
can sail as far inland as Basic 
but the latest ships built for 
them in Japan can carry up to 
1,500 tons of cargo, while draw¬ 
ing only 3.5m. of water. 

This move towards utilisarton 
of such cleverly designed ships 
was not made lightly and Mr. 
Heinimann says that his own 
decisions were taken only as a 
result of extensive marker 
research into all the facrors 
involved. There are certain 
physical limitations to Lie 
usefulness of such vessels in 
British inland waterways as 
these have been little* used 
since the industrial revolution, 
and in addition there are points 
beyond which it is no longer 
possible profitably to sail inland 
because of competition from 
other forms Df transport 

In Europe, the vessels are 
subject to the same limitations 
as the very large can?] barges 
which ply the Rhine. Estimat¬ 
ing the profitability of a par¬ 
ticular voyage is not easy as it 
may rely on how much rain 
there is. In the upper reaches 
of various inland waterways 


there arc rocks which have less 
water covering them at times 
of low rainfall and which as a 
result make it difficult to sail 
upstream :n a large vessel. This 
means that smaller barges 
would normally be employed 
and this in turn would affect 
the freight rates quoted on tire 
Rotterdam or other barge 
exchanges. While able to err- 
cumvent the official minimum 
and maximum rates applicable 
to European barges by sailing 
direct to German ports, for 
example, a company must be 
able to anticipate water depths 
very accurately if its ships are 
not to run aground. 

Good use is made of 
European canals and rivers. 
Could not better use be made 
of British waterways? There 
are some 2,000 miles of these 
waterways including roughly 
350 miles which are thought to 
have some sort of commercial 
future. 

It has been calculated that 
the inland waterways of Britain 
could cany perhaps ten times 
as much freight as they do now, 
but governments have not been 


willing to plough in the neccfe 
sary cash. According to Mr. 
Heinimann the waterways could 
be made more viable to a 
limited extent. This would 
enable certain companies to 
have access to the sea and cut 
their transport costs. In the 
meantime, it seems likely that 
the usefulness of h;s new vessels 
will be seen more in Europe 
than at the British end of their 
voyages. 

This trend may not always be 
regarded with favour in 
Holland where barges currently 
line dock basins, waiting for 
cargoes made scarcer by the 
present recession in world dip¬ 
ping. 

Dock labour charges are con¬ 
siderably higher in Holland 
than in Britain, and there are 
rumblings about more pay 
demands which may well lead 
to a strike in the near future. 
Such a development would only 
add to the usefulness of ships 
which can haul cargo direct 
from British A to European B, 
hardly stopping for breath 
before returning, and able to 
cope with a North Sea Force S 
or 9 gale on the way. 


AFLNANCIALTOU5 

TANKER SAFETY 
AT SEA AND 
ANTI-POLLUTION 

February 6 

The Financial Times is planning to publish 
a. surrey on Tanker Safety at Sea awl Anti- 
Pollution. The main headings of the pro¬ 
visional editorial synopsis are set out below. 

INTRODUCTION 
Since the spectacular Torrcy Canyon spillage* 
there has been a steady flow of incidents in¬ 
volving losses of cargo by oil and chemical 
carriers. How serious is the pollution problem 
and what measures can be taken to alleviate 
the danger from both spillages and routine 
discharge of pollutants through, for example, 
tank cleaning? 

The scope for international regulation and 
improved emergency procedure. 

INDUSTRY VIEWS 
FLAGS OF CONVENIENCE 
INTERNATIONAL AGENCIES 
INSURANCE 
TECHNOLOGY 
TRAINING 

For further details of the editorial content of 
this survey and advertising rates please con¬ 
tact. Richard Turpin, Financial Times, 10 
Cannon Street, London KC4P 4BY. Tel: 01-348 
800(1. Ext. 232. Telex: 883033 FINTIM G. 

FINANCIAL TIMES 

EUROPE'S BUSINESS NEWSPAPER 

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lished sales organisation, forward order book and approved 
applicator network. Suitable for integration with larger manu¬ 
facturer or marketing company requiring good products with 
growth potential for new and refurbishment work. 

Further details apply Box No. T.4802. 

Financial Times. 10. Cannon Street. ECdP 4 BT. 


FOR SALE 

Well Established Structural Engineering and General Steel 
Fabrication Private Ltd. Co. 

Looted West of Scotland. Annual turnover in excess of £300 (X)0 
Gogd current order book. Sale to include 10,000 sq. ft. Freehold 
factory and offices. Principals only. 

Write Box G.III5. Financial Times, 

10. Cannon Street, EC4P 4BT. 


PROPERTY COMPANY 

Private limited company for u«e own¬ 
ing three freehold commercial proper¬ 
ties with vaunt possession and tax 
lasses approximately f100.000. Offers 
in the region of £150.000 cant-dered 
for quick sale. 

EnquirftM f principals only or named 
events):— 

SMITH * CO., 3 Easton Street. 
High Wycombe. Bucks. 

Tel: High Wycombe 3SS71. 


BUSINESS 

WANTED 


CARAVAN PARK 
RESIDENTIAL 

Highly developed and smallholding with 
buildings, also fresh water fishery. 
Ideal holidays, touring and camping. 
Superior modern bouse in private 
grounds overlooking trout fishery. Lend 
extending to approx. I ?l seres. 
Midlands area. Write Box 0.1230. 

10, Cannon Street 


CARAVAN CHALET PARKS hOLIDAY. 
Apertmenti-Fidts Sale or Purchase. Con- 
suit the Specialists Frank J. -taraould. 
fifi. Baooacombe Road. Baotoacomba. 
Torquay. Phene Torquay 19a7S.fi, 


RETAIL FURNISHING 
GROUP REQUIRED BY 
CUENTS 

Prtlerably bastd «n south east. Mini, 
mum 20 units. Substantial shareholding 
in quoted company considered. 
Prlneipotr only reply 
FOSTER LEWIS & CAVURIN 
427B High Road. Wembley. Middlesex 


CLUBS 


1 „? 34 S67S. A le 

■ carte or All-In Menu. Three Spectacular 

i t'T y.«5 *** MS and 

| muss or Johnny Hawkeswortn & Friends. 

SARCOVle. bv. Dean Street. London. W.1 
NfW STRIPTEASE FLOOR SHOW 
pit CHEAT BRITISH STRIP 
Show at midnight also t ajn. 
Man.-FrL. Closed Saturdays. 01-437 MU 




fe.T 


.! 11 ■ 1 

lv - ; . ■ v : 


yyi^YJSb 















nd 


• A • 


CO- 


v.' • ' 

, br\ ' :t v/' 1 l% A PALPABL Y real array of 
0 » ■ N Jmodern factory and office 

1 Ifo Jbuildlngs, collectively desig- 

|>| f "‘HijWed as an Industrial and 

, ' * *0\ "commercial Co-operative 
"* , **n , i t Qentre, has been built over the 

ll! * ES‘.„ ; few years on the edge of 

l u 5 ” „.» industrial estate on the out- 

«?ir ^ h y rfc*Wrt» Qf “red" Bologna. It is 
• ia t:,! [.I 1 "" |ir, 1 J : de<?essary to emphasise the 
h 1 !«• of. this complex if only 

!■» ^ ''> 1(1 % be{ ^u» the official government 

■ !1 inr on Italian co-ops are 

'J^regarded as substantially ficti- 
,, tious ev ®a by the co-ops them- 

.f«•■Hi-,,- selves. 

‘■Mi;,- ‘ lu|1 % Twelve separate co-ops. 

W .. employing, nearly 4,-000 people 

A in tOto, and including two 

% I major building concerns, a 

*1 N||-'\p r printing works and an enter- 
. i v r. prise specialising in refrigera- 

* * - ■Ci ! 1 \pir tion. ventilation and hydraulics, 

“ ^ lES have been associated in the 
development • of the Bologna 
complex. In effect it is a 
rtiajor showpiece of Italy's 
largest co-op grouping, the 
Conmumist guided Lega 
Nazi on ale delie Cooperative e 
,i '“‘ •■»* : h»n a | Wntue (the Lega for short). 

; -.tli v Syi ' Since 1952. when a splinter 
• t in‘n*;-j ji -p.'"‘c^group of coops with social 
ill !? .'v jdemocratic and republican 
*n: 0 j.^P o litical loyalties split away 
■ •••■ i INflMf,/ from the Lega to Form them- 


As the annual congress of the Italian League 
of Co-operatives closes, Robert Oakeshott 
analyses the system’s prospects there 


Industry’s enduring 
educational gap 


' * ^ H:\cf. 


« « selves into the Associazione 

f-\ I li 1 \\ lY Generate delle Cooperative 
^ ‘ ’ ltd Italiane, the .Italian coops have 

i'-v.S NtW^P'tDrn been divided into three, along 
'■-uaKAPfl! political lines. When the first 
' •••.., Qoops began to appear in the 

_ '1880s. there was only one 

y ” - 1 ——■ ^^■^central organisation, the Lega. 

; 5which. embraced enterprises, of 

—_any ideology—nr none. Biit 

otiose with strong catholic 
--__^_lov allies split themselves off as 

^TTF*r TnPJlfti^ IntI S a ”° a 8 - 1919 and formed 
— ■ I I JrflURlIjjthe Confederazione Co-opera- 
tive Italians. The current divi- 
’i : . . .. . sion into three is. of coarse, a 
••I* * ; , ru;,, - more nr less exact parallel .of 

the three confederal trade 
. ... union groupings in Italy. 

; ‘ • i- >i \i- Divided as they are In this 

.way, each of the three co'.p 
’"groupings has its nwn sectoral 
, ; l# .. divisions. Each includes, for 

.. 11 example, sectors of cons liner 

i., co-ops. agricultural co-ops. hnus- 
1 ing and credit co-ops as well as 

of what the Italians call “ co-ops 

...of production and labour" 

(co-operative di produzhne *> 
lavoro) and what we may think 
--- h of as industrial or workers 

‘OH SALE 


. In quantitative terms these 
industrial co-ops represent no 
more than a small part of Ibe 
Italian cooperative effort On 
the other hand there are ilmost 
certainly more people empl iypd' 
in the Italian industrial cu-rps 
than in similar enterprises in 
the whole of Western Europe 
together. A reasonably re!iahle 
Lega estimate puts the'figure ai 
dose on 110,000 people. A'nre- 
over, their activities, w.Mch 
used to bef largely 1 ignored 
have lately begun to attract 
attention. The three groups 
together are, in fact, currenrly 
engaged in a series of - a)ks 
with, the Italian Government 

The authorities are known to 
have been considering for some 
time whether some of the 
country’s heavily indebted pub¬ 
lic sector enterprises might 
-somehow be converted into 
industrial co-ops—and. might 
then enjoy more success in 
their new form. Though these 
talks with government' are not 
expected to' be conclusive—at 
any rate in the short term— 
and -though the coops would 
obviously be reluctant to assume 
responsibility for a v bunch of 
sick and actively unpromising 
businesses, what is striking is 
that official thinking should bave 
moved in this direction at alL 
It clearly reflects an - apprecia¬ 
tion by government that the 
industrial co-ops are reasonably 
well managed, and efficient 


its affiliated ^'industrial.-.eirter- 
prises. 

The significance of this Lega 
policy can only be iully appre¬ 
ciated when the traditional 
character of its industrial enter¬ 
prises is understood. Essentially 
these were traditionally artisan 
or “ cloth cap " co-ops—what the 
French call Les Entreprises 


probable output rttix of doors 
add windows on the one -hand 
and dental equipment on the 
other. 

- The modern,- seemingly 
efficient and expansionist 
policies of the Lega's industrial 
co-ops are also reflected by their 
recent entry into the export 
business and' by the ambitious 


Co-operatives in Italy are now split into three 
politically aligned groups^ Many of them are 
old-established, the industrial , ones now 
employing, .more people than all the others in 
Western.Europe together. 


Assessment 


That such an . assessment is 
'possible results very largely 
from the efforts of the indus¬ 
trial co-ops associated with the 
Lega. particularly since 1971. 
It is not only that h> quantitive 
terms the Lega’s industrial 
co-ops are much more important 
than those of the. other two 
groupings. With an. estimated 
labour force of .85,000, they 
probably account for" not much 
less than 75 per cent of all 
employment of this kind in tile 
country. Moreover, * with the 
odd exception, the only really 
large scale enterprises-^employ- 
ing more than say 500 people— 
are Lega ones. And-'^that has 
not happened by accident; since 
1971, the Lega has been pursu¬ 
ing a policy of amalgamating, 
consolidating—and ' effectively 
modernising anff transforming— 


Ouvrieres. Typically they were 
small or very small. And they 
were heavily concentrated in 
the building and civil engineer¬ 
ing industries. 

But whereas each of those 
co-ops traditionally employed 
no more than st handful of 
people average employment in 
the Lega's building and civil 
engineering enterprises;. had 
reached 185 by 1977. And its 
largest single industrial- co-op. 
Co-op Mura tori Cementistv 
(CMC) in Ravenna, currently 
employs more than 3.000 people. 

Tile Lega’s policy of amalga¬ 
mating smaller units into larger 
ones has not'been confined to 
building and civil engineering 
— in which sector it now claims 
to account for 8 per cent, of 
total Italian production (and. 
of course, for much more in 
the M red ” regions of North/ 
Central Italy, Emilia Romagna. 
Tuscany and Umbria where, its 
enterprises are heavily concen¬ 
trated). The policy has been 
applied with equal vigour to its 
□on-building industrial enter¬ 
prises and particularly in those 
other sectors — building 
materials and building plant — 
in which it is strong. 

Building plant and materials 
apart, these non-building Lega 
industrial enterprises include 
three foundries, two in Modena 
and one in Florence, and a 
co-op with the apparently ira- 


three-year . (1978-80) develop¬ 
ment plan to which they have 
just committed themselves. 
They claim that their export 
order.book, largely for building 
and civil engineering work, and 
exclusively confined to third 
world countries, has risen from 
nothing in 1975 to $80m. in 1976 
and $150m. in 1977. 

Algerians said to be their 
most important market. But 
they also -claim-to have impor¬ 
tant contracts in Tanzania, 
Somalia and Mozambique, and 
—ideologically the odd man out 
—in Iran. Their Iranian work, 
which involves rhe reconstruc¬ 
tion of the Iranian port of 
Bandarabas, is a joint operation 
in which they are collaborating 
with both private and state- 
owned enterprises. 

The ambitious three-year plan 
of the Lega’s industrial co-ops 
has a target of 20,000 new jobs 
by the end of 1980: a manifestly 
formidable task. The associated 
investment is put at L370,000m. 
(about £222m.). According to 
Sr. Carpanelli, 30 per cent, of 
this total will come from the 
co-op's own cash flow. 

Aside from the goals of job 
creation—and the continuing 
policy of amalgamating into 
larger units—the main objec¬ 
tive of the plan will be to 
diversify the geographical 
spread of the Lega’s industrial 
co-ops, particularly in the 


.'Mezzogiorno, the area south -of 
Rome.; ' 

Sr. Carpanelli sees the differ¬ 
ence of outlook between the 
Lega’s industrial co-ops and 
those of the Confederazione and 
of the Associazione as having to 
do with basic economic objec¬ 
tives, as well as with narrower 
and more ideological political 
allegiance. Essentially, he 
argues, the industrial co-ops 
affiliated to the other two group¬ 
ings see their role as one of 
operating in the interstices of 
the mixed private and public 
economy. 

The Lega, on the other hand, 
he argues, sees its enterprises 
as' developing into a fully 
fledged “third institutional sec¬ 
tor,” competing on even terms 
with capitalist and public enter¬ 
prise alike. 

.Zt Is not clear that either the 
Confederazione or the Associa¬ 
zione would accept that their 
industrial enterprises can look 
forward to playing no more than 
the rather dwarfish role to which 
Sr. Carpanelli believes they are 
committed. The three groupings 
are working jointly in a number 
of ways—and not only in their 
coiTent talks with government. 

Moreover, some may choose 
to doubt whether the communist- 
guided Lega is genuinely com¬ 
mitted to the survival of a 
mostly market economy which 
is clearly implied by its picture 
or three competing Italian 
sectors. 


Committed 


The industrial co-ops of the 
other two groupings, of the 
Confederazione and of the 
Associazione. have remained for 
the most part in the small or 
very small category. The Con¬ 
federazione, for example, claims 
a total of 1.703 enterprises (of 
which 900 are in the building 
sector). Given that these 
undertakings employ together 
not more than about 20,000 
people, It follows that the 
typical unit must be very s r <tali. 
And in the case of the Assn- 
ciazione’s industrial co-ops, the 
figures tell the same story—only 
more so: the claimed total is of 
652 enterprises and a total 
labour force of a somewhat un¬ 
certain size; the Associazione’s 
claim of 50,000 seems difficult 
to reconcile with the much 


lower estimates which have 
been made by other soua-es. 

Admittedly the enterprise 
totals in both these cases prob¬ 
ably include co-ops which have 
gone ou; of business, unknown! 
to headquarters, and yet still i 
remain on the register: And 
that brings us back to the 
statistical and reality problems 
involved in any objective assess¬ 
ment of the Italian industrial 
co-ops. An official government 
publication records a total of 
5.9S3 of such enterprises m 
1977. Yet the three groupings 
together show not more than 
3,000 on their registers—and it 
is even said that a few -enter¬ 
priser are affiliated to more 
than one grouping. 

New legislation is being pre¬ 
pared which will tighten up the 
conditions for registering with 
the Government as a co-op. But 
for the present the reality at 
least 2,500 industrial cn<ip> 
shown on the Government'* 
books remains far from sure. 

Perhaps the more interestinc 
question is about the reality of 
the Communist-guided Lega's 
commitment to the survival of a 
market system and to genuinely 
independent and democrat!' 
co-operative forms. The lallci 
question may perhaps be-it be 
seen as the enterprise-level 
aspect of that much v.-ider 
uncertainty ahnut the objective? 
of the Italian Communist Party 
(the P.C.I.). A visit to “red 
Bologna,’’ in which the town 
centre seems, from the 4 ualMy 
of its shops, like a senes of 
intersecting and colnmined 
Bond Street, and where even 
jewellers are said to vote com¬ 
munist, does nothing to resolve 
this puzzle. 

But it does seem plausible to 
suppose that at least m the 
short and medium term the 
Lega’s industrial co-ops will 
grow more powerful and 'hat 
their ambitious thTce-year plan 
targets will at least partially be 
met. This prediction could 
perhaps be upset if the pro¬ 
gressively closer involvemsn* of 
the P.C.I. in the Italian Govern¬ 
ment is suddenly reversed. But 
unless that happens it must be 
a fair bet that the Lega's co-ops 
will enjoy that access to official 
credits which, in addition to 
their own resources and money 
from the market, they will need 
if they are to meet their invest¬ 
ment targets. 


By Sue Cameron 


DELEGATES AT this week’s 
British Institute of Management 
Symposium on education and 
industry were told that people 
have now been trying to 
improve the relationship 
between education and industry 
for over 100 years—though 
without success. Unfortunately 
it is highly unlikely that the 
BIM symposium will take us 
any further along the road. 

The speaker.-, were strong on 
analyses, of the problem and its 
origins. But as Sir Alex Smith, 
char man of the Schools Council, 
pointed out. eminent men and 
women have heeu analysing it. 
documenting ii and generally 
chewing it over since the start 
of the industrial revolution. 

The symposium also brought 
impassioned pleas from the 
platform fur such vagaries as 
“better communications.” But 
hard, practical ideas were 
extremely thin on the ground. 

The BIM, to be fair, is 
planning to set up au action 
committee in conjunction with 
the CBI and it hopes to produce 
a list of firm prnpusals by the 
end of the year. Perhaps the 
committee will prove to be less 
of an empty talking shop than 
the symposium. 

The best of the suggestions 
put out tihs week came from 
Keith Lockyer, professor of 
operations management at 
Bradford University. He said 
that if more high calibre people 
were to be attracted into pro¬ 
duction work the pay would 
have to be increased. This was 
one sure way in which com¬ 
panies could show that they 
valued their production engin¬ 
eers. 

Professor Lockyer provided 
ample evidence of how able 
sixth formers were uninterested 
in industrial careers and he laid 
the blame for this “very heavily 
with industry.” He said indus¬ 
try's current attitude was 
epitomised by a recent adver¬ 
tisement in which one company 
sought both a commercial man¬ 
ager and a production manager. 

The commercial manager 
would be a “king pin" in the 
organisation and he would be 
paid £7.500 and giren a car. 
The production manager, who 
would have to be a member of 
the Institute of Production 



n.viiu.c‘\fc 

vM\i. SU s,Ntv EDITED BY ARTHUR BENNETT AND TED SCHQETB& 



Engineers and who w:nihr de:* 1 . 
with industrial cn^nwr::.. in¬ 
dustrial relations, materials con¬ 
trol and handling, distrihuti in. 
quality production pLmmr. 
incentive schemes and cap:t:-! 
projects, would be paid Id Out 
a year and would ant be r.v.-n 
a car. 

Mr. Kenneth Cortield. 
chairman and man an in.: d:rec;;<r 
of Standard Telephones an.; 
Cables, called for more toe - 
nieians and engineer* - i 
boardrooms. He .d>i» su.-n iVa 
that good, practising uvhn:e::.n; 
and engineers should be 
acquire degrees on the streti 
of their years in imlu-^ry .n l 
their post-M-hoo! training. TV-, 
he said, could help to mn'iwo 
people who had fallen tnreif. t 
the higher education net a: tire 
age of 1 H or 1 H. 

Sir Alee Smith rev«e.n:nc:i.i'. , .i 
more day release :n 
education, a belter mum: 
in industry—no more lir.hv* 
slush money and slick >e!.:ir r 
shoddy goods—and more :i- 
inp about industry in »e:i,>»! -. 

Yet it could be uryiivd 
that professions file:' ,•> 
medicine. which 
thousands of bright - v i 
formers every year. <V ...» wi 1 .li¬ 
mit the aid of prop.t j.inu.: 
the schools. A desperate c'.fi’r; 
to sell industry to vuiing people 
could easily end by w.ir:i;n-. 
them off what is dearly ^ -gni - 
ing ship. 

Alastair Munt. who siiRtmcd 
up the symposium, look up t hi j- 
point. He said an indu>! 
career could be a “stinker of z 
job in many ways" and in¬ 
stated that it would be a ’’ cun ’’ 
to sell industry as being more 
attractive than it really is. " TV* 
need . he said, was to “ get 
indust o' right." 

Perhaps the most disturbing 
comment was made by Mr. 
Corflcld during one of the open 
discussions. 

He said that people who 
wanted to reach the top hud to 
be prepared to be available :n 
their companies “ 100 per con;, 
of the time." And he added 
with a wave of his hand that 
“families just have to suffer” 

In the meantime, is it any 
wonder that young people do 
not queue up for careers :n 
industry? 


r* i it riirr 



tvcmiM 


m GLASSMAKING 


• ENERGY 


Closer control of 

j . 

domestic heating 


. to set a 

iPOS.U'T, 


DECEPTIVELY simple in appear 
ance but embodying the latest in 
.electronics is a programer to be 
used in conjunction with a home 
thermostat which will allow users 
to set a complex heating pattern 
for the whole 24'hours. 


i. f : " - 


By touching the appropriate 
areas of a calculator-like device 
at the appropriate time of day 
the householder may: for In¬ 
stance, specify 65 degrees for 
7 a.m. till 9, when he leaves the 
house, . whereupon the level is 
reduced to—say—55. At six In 
the evening it would be. raised 
to a “leisure'* temperature of 
65/70 degrees, dropping again to 
50/55 on retiring. 

- Inductive switches of a. new 
type are used with integrated 
circuit logic to provide the 
temperature settings and timing. 
Reprograming U simplicity itself. 

The program will last through 
a two-hour power failure. 


What the device actually does 
to , switch the thermostat _ is 
literally deceive it by generating 
a small amount of heat in proxi¬ 
mity to tile thermostat sensor, 
whereupon the latter turns down 
for as long as the program speci¬ 
fies. Notional cost of -the device- 
.made in quantity is about £15 
and cost saving for no loss of 
'comfort would be about 10 per' 
cent, of heating bills. Another 
blanket could mean 15 per cent. 

The Canadian National Re¬ 
search Council designers wbq r 
evolved the idea and have 
patented both the system and 
the touch-sensitive switches, are . 
working on a further develop¬ 
ment wbich will permit complete 
pre-programing at any time. 

Canadian Patents and Develop¬ 
ment, a Crown Corporation set 
up by NRG. is handling the 
licensing aspect. "■ . 

More from Science Dimension;. 
CNRC, Ottawa. K 1 A OR 6 , Cenada. 


iiSS 


jAllflt 9 WOODWORKING 

Cuts timber components 

DEVELOPED BY De Pauw 450 mm, and the timber can be, 
International is a machine called 150 mm section by 4.5 nietires 
.a universal web saw which can long (optional larger capacity ,is- 
cut all the components needed available). When the pieces of 
for the production of wooden timber require two an£ied\cuts 
floor and roof trusses. at each end (all four saws slmul- 

The new machine is a develop- taneously in • operation 
meat of the - company'^ Quadri- minimum component lengtn is. 
cut which cuts timber -for roof 300-mtn—the shortest component 
. trusses and its Flortnifi machine in normal use for floor trasses. 

which cuts the components for Where only two cuts are required 
floor trusses. . .there is na minimum length - • 

The .universal web saw has Setting up time vanes trom 
**'• four blades, one of 550 mm dia- 30 seconds to three minutes, and 
meter and three of 410 mm the change from cutting floor to 
diameter, powered hy one 7.5 hp roof trusses .takes 15 minutes, 
motor and three 5 hp motors. Cutting speed is variable up .to 

The angle of the . blades is 30 pieces/minute. - 

adjusted ‘by push-buttoD con- Trusses . are subsequently 
y trolled motor-driven quadrants, assembled with steel connector 
.-•V Saw angle is shown on digital plates and a press. ■ ‘ • 

- .it readouts in degrees and tenths Details from De Pauw Inter- 
,, a 1 * of a degree— cutting angles range national SA. 44, avenue Leqmrne, 
from 90 to 7 degrees., . I 6 M Rhode. ■ Saint - Geoese, 
Maximum length of cut is Brussels, Belgium. • 

9 . METALWORKING 

Brazes in short runs 



An engineer at Winget’s 
Rochester, Kent, factory 
makes final adjustments to 
a glass manufacturing con¬ 
trol panel destined for 
Ghana. It is part of a 
£$m. order and enables 
complete automatic con¬ 
trol of eight different 


COMPUTING 


materials as they are 
weighed, mixed and dis¬ 
charged to furnaces. 
Winget normally makes 
concrete batching plant, 
but because the require¬ 
ments are similar it is able 
to offer its expertise to 
the the glass manufactur¬ 
ing industries. 


Cutting to shape 


ANY FLAT glass shape within 
a maximum area of - 7 feet 6 
inches x 3 feet 8 inches can be 
cut on a £50,000 numerically 
controlled machine . now in 
operation at Doulton Tempered 
Gioss, Ripley Road. Bradford 
BD4 7 TP (0274 390702). 

Built in the U.S, the machine 
uses either a scale drawing or 


S. SMALL VARIED batches of 
brazing .and soldering can be 
’ carried - out on a machine 
•' developed for short run work by 
. ‘ Elga, a Degussa Group company. 

The machine has two work 
-• tables, mounred on a'..rotating 
frame, "and these are moved 
J manually. Each table canries an 
S identical jig unit, in which the 
• work is fixed. 

While' the torches, which are 
controlled by timer relays and 
magnetic valve®, are operating at 
one station,--dosing down to-a 


pilot flame when the work..has 
been completed,- finished' parts 
are removed from^ the .opposite 
table and the jig is reloaded. 
Parts are placed 'in the' jig. com¬ 
plete with pre-formed soldering 
alloy and flux, then the .operator 
turns the. work table frame 
through 180 deg. 

Cost of the .equipment depends 
on the type of gas and the 
torches that are fitted. • 

Details from Degussa, Post- 
faeh 2644, D-6000 Frankfurt am 
Main 1, West Germany. 


Building society service 

EN A MOVE to enhance its new equipment offers- the advan* 
services and make them more tage that should tiiere be any 
accessible >td those building terminal malfunction, the user 
societies which are still in the can go back on line immediately 
quill pen era, so to speak. Centre- to the central machines at rom- 
file is introducing more advanced pany headquarters, simply by 
data capture equipment as an switching over to the data, pre- 
alternative to the paper tape pa rati on equipment 
units now installed or on offer. This is a precious fallback, 

a* 

which, with Intel JMO m cr^ h neither ^e. staff nor the 
processor POwer. wlll^emulate ^nence to cope with eom- 
acd replace the IBM 39W term b equipment emergencies, 

nals now in use, and is based ■ ... 

on magnetic tape cassettes. The new equipment will pro- 

Mlcroproceasors axe being pro- cess transactions and inquiries, 
vided by Real Time Computer but also.give facilities to effect 
Systems and the software by the interest rate changes, produce 
company*Itself. notices quoting revised mortgage 

Due to be in operation with repayments and terms, carry out 
customers in a * short time, the all interest calculations and pro¬ 


duce periodic statements and 
warrants. 

Centre-file now has some 78 
building societies on its books 
ranging from units in the £ 2 m_ 
class up to £400 ql companies. 
Of the 78, 14 larger societies 
come under the Housemaster 
arrangements whereby Centre-file 
has installed local PDP pro¬ 
cessors linked to its own three 
IBM 370/1558. 

Assets of the companies served 
amount to £3bn. and Centre-file 
management anticipates that the 
updatingr of the services now 
decided an will bring' in more 
of the smaller organisations who 
are facing the same problems as 
many High Street operators, 
namely staff shortages and 
escalating costs. 

Further details from David 
Stranach, Service Manager, 
Building Society Service, Centre- 
file, on 61-638 616L 


a full sized template to obtain 
the co-ordinates for the prepara¬ 
tion of a punched tape cutting 
programme. Single large shapes 
or multiple smaller ones can be 
cut in the same cycle from one 
sheet. 

Next month the company is 
taking delivery of a Swiss NC 
cutting machine costing £ 200 , 000 . 


Predicting 
next week’s 
weather 

EUROPEAN centre for medium 
range weather forecasts is to 
have a £3m. CDC Cyber 175 to 
be installed in the ECHWF com¬ 
puter complex to be built at 
Reading, which will provide a 
daily forecast service of four to 
ten days In advance. 

In addition, to the forecasting 
activity the centre will establish 
a data base for research purposes 
and provide advanced training 
for meteorologists. 

The machine will be installed 
in February; 

Control Data Corporation on 
01-930 7344. 


0 INSTRUMENTS 

Keeps watch 
on power 

consumed _ 

COMBINED maximum demand supplied with a built-in 
indicator and instantaneous read- saturating transformer with 
ing ammeter from Crompton 5/5 , am p 0 r 5/1 amp ratios as 
Instruments is housed in a required. The' movement is 
96 nun square case and is designed to withstand up to l.“ 
designed to provide the power times rated current for 2 hours 
consumer with a ample and and jq times rated current fnr 
efficient method of monitoring Qne second. Nudels incorporai- 
the maximum average demand j n g saturating transformers are 
over a period of 15 minutes. protected against overloads up 10 
It can be used as a d > rcc j 9.000% for one second, 
replacement for a standard 

ammeter in distribution systems The built-in instantaneous 
or feeder networks. It permits reading ammeter employs a 
the most economical use of fuse- fast response, high accuracy, 
gear and cables in low-voltage moving iron movement wluu-i 
distribution systems by indicat- Incorporates an oil damped tout¬ 
ing the thermal/tirae eharac- band system. This provides 
teristies of the load. exceptional resistance to damage 

The maximum demand indi- from mechanical vibrational 
cator has a directly heated shock. The self-shielding move- 
bimetal thermal movement with ment is unaffected by panel 
a resettable slave pointer which thickness or material, 
indicates the maximum value Crompton Parkinson C Hawker 
reached over a given period. It Siddeley Group). 50 Murefnir. 
incorporates a 5 amp rated Northampton NN1 1XY. UiilH 
element as standard hut can also 30201. 

* REFRIGERATION 

Cooled by sea water 

FOR THE small boat owner, who feet, and deep fret 
already has almost everything, tion with capaciti 
air conditioning and refrigeration cubic feet, 
plant which uses sea-water cool- The maker say: 
ing has been developed by largest units ret 
Simpson and Simpson. hours engine run 

The advantage of using sea hours—the units 
waler instead of air cooling is or direct engine t 
that less power is needed. Units More front the r 
are available providing air con- Street, Michel 
ditioning for about 656 cubic Winchester, Haul 

• SECURITY 

Counters the bugs 

PROFESSIONAL bug detection SR7 can be set 
equipment to be used against tion with an exist 
industrial espionage incorporates TSR7 ts the coi 
the existing “Tracer" trans- The equipment 
mitter detector, as well as a leasing basis ir 
facilities for detecting other costs work out a 
types of non-transmitting listen- month over a th 
ing devices. for the combin 

The equipment is designed for “ sweep " service 
speedy operation: with a single able on an ad 1 
test probe and a master selector, basts for smaller 
the operator can carry out 12 Further details 
test steps. Accessories, a check and services on 0: 
list and a step-by-step instruc¬ 
tion manual are provided, and a 

half-day familiarisation pro- |.. 

gramme ia available for pur- {&lgfwr| 

chasers. » 

Customers are offered a choice lA/ISY^raf 

.of units which can be Tracer wwmw**.* 

alone—for those who already 
have some detection equipment 
and wish to widen their 

frequency range 10 counter ThMiBawteaitvnwa 

recent developments in the type 
of transmitters now in use. par- <• Nomhmum order ■ 
tieularly sub-carrier devices. London OM 

™ e D r valuable for moni- Aberdeen IG22 

wring meetings when it is 
suspected a transmitter has 
been hidden in the room. 


MWSON-mTH%| 

generators of power-.- 
, worldwide'' : ; 

From 2kVA to2o6ofe'/A.\ > -s£' 
V For sale and. hire'.' 
Telephone: (070?) 474122' 
Telc:-: , .’864S]peeJcaj G -;£‘~ 

to 

—a-K—1 1 • a 


feet, and deep freeze or refrigera¬ 
tion with capacities from 3 to 24 
cubic feet. 

The maker says lliat even the 
largest units require only tv. a 
hours engine running in any 24 
hours—the units can bo battery 
or direct engine driven. 

More from the maker at Church 
Street, Micheldever. near 
Winchester, Hants. (0703 2S23Q1. 


bugs 


SR7 can be set up in conjunc¬ 
tion with an existing Tracer. 

TSR7 is the complete unit. 

The equipment is available nn 
a leasing basis in the ILK- and 
costs work out at about £100 a 
month over a three-year period 
for the combined unit. A 
“ sweep" service is also avail¬ 
able on an ad hoc or regular 
basis for smaller companies. 

Further details of the devices 
and services on 01-W2 7533. 


eiectrBca! 

wire&cabte? 


"nxjuaands ol types and iiflcs Bialock 
tar tfttm«£ate delivery 
■No minimumontef ■ Nominmumltmolh 
London 01-561 8118 
Aberdeen (0224) 323551/2 

fcn u i ti inif t—-cmm-KnjBouuB 


v- 
































12 

LOMBARD 


[AROUND BRITAIN: THE NATIONAL EXHIBITION CENTRE 


Financial Times Friday January W ; 




Generating heat, 
not power 


Looking hopefully towards 1984 


BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 


PV AWTunwv uaodic THE BRAVE decision of the three-day week. When the T~ 

by ANTHONY HARRIS Birmingham City Council to first exhibition was staged, in I 

EVERY television viewer knows than twice as fast as the growth EJJJS-J® . - tDl S CWSl =" 

that Germany is having trouble of output in general, as has been * „ s ’- 

in canning out its energy policy, the American habit. However, 81111 suppor t a national charges, had risen to £39.6m. ■ 

because the objectors riot in simple economics suggest that .exhibition centre is expected to jj ot on jy were costa under * j 
near-military force across our price controls are probably as be vindicated in a report to be pressure but the centre was / 
screens. Our own problems with much responsible, for' creating published soon by the Depart- f nP ped to make its *»>,»* a S 
matters like the Windscale in- the American problem as for ment of the Environment hieh nTtpmnin™ B nt ^ 

quirj-seem rather less pressing, preventing its solution. Allow : ^ HLShTSi ^1222?^ * • ■ 

because we have at the moment prices to rise adequately, and .A two-year _study. co m mis - international recession. < . 

a huge surplus of generating demand would quite possibly fall sionea by the Department from Despite the setbacks, the ?■> 
capacity—a comfort which is into line with existing growth Aston University, is believed to centre managed to achieve a p 
largely deceptive, because the plans for the electricity industry, conclude that the National tra ding surplus of just over 
lead times involved are so long What America races is not so Exhibition Centre, which £103 000 in its first vear of ■ 
that what is at stake is the much Doomsday as Bureaucratic opened in February. 1976. has operation. Bat the release of I 
adequacy of capacity in the late JSSS 1 811 kn ° W not suffered unduly from the the full balance sheet to the I 

because ** “1 “ 100 f*W CouncU W-jEt- rf I 

__...... *« „ miles irom London. last year nromoted P«*« srwu. ■ 


1 charged 
i affecting 


without significantly is not expected before th* NFc'5*lh? nicfittSr 

demand. For cxhibi- 197930 season. The increase i> fjnm ALVirilJrJ!-- : 




l ancrang uemgnu. rw vxniui- season. *««- the Couihut mr 

] tors, the rent is calculated to expected to result from the At . j t o (he fact foot 
represent, on average, around natural upturn of what is a hJ <*£££ *1 

j one-cighth of total costs after cyclical industry and from the Birn gti a ^rojiueo 

j taking into account factors such expansion of the U.K. economy- ‘ t JJ- 

as erection of stalls, publicity, But the issue which more jMe^importance at no con u> 

j an* entertainment. than any other Is lifcdy to deter- tneraic-• a „ 

j Following two sizeable rent mine how «?lckjjy the is^n^v fl.75m.. which would 


Little fuss 


because ^ergfVn^tment w^ould “3“ some 100 the end of 

be a sensible way to get the T -**!,. £rom London. last year prompted Press specu- 

European economy moving, but LilUC IUoS The NEC won 51 per cent of lation that action might have to 

it is hardly an immediate _ .. . . .. the total exhibition and con- be taken to lighten the debt 

menace. JS 1 -™ f erenee market available from burden. The figures showed 

Tn the U.S.. however, matters mlstSs as the Aniericros dSs British industry in 1976-77. that any profit was swamped 

are very much worse, if the ex- not mean that we bave found ^ according to the study. Nearly completely by interest charges 

perts are to be believed. Brown- right answers: and there are 1.2m. visitors to the 350-acre more than £3.5 ol, which took 

outs and black-outs will, accord- s on j C good reasons for thinking parkland site, to the south of the accumulated deficit to 

to«“- 11184 11 the u - s - 13 running into Birmingham, put around £25m. neariy £6.5m. 
and snread inSorKw t ^ ouble by keeping ® ner » y 100 into the local economy, and Management has been set the 
across all the iSdurfrialised parts £££*.,, CTeated nearly 3 ’°°° extra jobs * ***** °f achieving an operating 


SIR ROBERT BOOTH 
... radical reform. 


now on a par wren European * hk k“>. --—~r ~ the level of local> 

competitors. AccorfinglyT « ***#00 difference to the debt “JJf m ‘TRr. 

pledge has been given that lur. b ”J«- . . Any appeal for entity finner? 

ther rises will do no more than O*the origtaad £396m^ st. practical to the extent' 

keop pace with inflation. 4h * t - a,fIwUffh lw ** terra 

The complication here Is that 55^2?^ ™,,i ?ocil authoriiv P^ts may be good, there waul*- 

rents must be announced two 2JSSS be little l.fccl.hoo.1 of a retmst- 

years in advance, which makes stock- the centre is ,,n thc im ‘ cs ’ niom ior ■* 

fairly crucial the judgment ^iStidated 4l * first live years, 

taken by management about the flind P of interest. It is alwaj-s a possibility thaf; 

likely movement of prices. The Because tiiis rate is merely the the Council might kmk to ; 

NBC _ is currently S^g?of a number of different Government fur • 

exhibitors of the proposed of interest which will but there is no likelihood that : 


of the country by about 1985; t ^ daBBe r was illus- But timing of the municd- profit sufficient to wipe out the trator. Sir Robert instituted an been no outcry suggests its fore pact the cost of servicing its As far as the City concerned, 

and if this is true, it is prob- by frightful fuss P®1 venture, managed jointly by defidt by March 31, 1984. efficiency audit of operations judgment of the market may debt Birmingham took the risk in. 

nvi? t?? la4e JL which the Central Electricity the Council and Birmingham To that end costs within the and appointed consultants to be correct deariv should the burden building the centre and any’ 

aoour It A Speed up in con- Un„4 Tr,n1r«^ ,,n rh.mhAV i-nntml nr 1 __ -JiSea nn ctKnmlininfr tha ».ta fa m M.. 1 ' .... ...._u-hii>h rnil-llf rMIlIl mint 


ahi y t t ?f J la A C m! 0 rt d °mi a ? 7th!n n which the Central Electricity the Council and Birmingham To that end costs within the and appointed consultants to be correct deariv should the burden building the centre and any' 

atrneHnn nians nnw will nradnnl Generating Board kicked up Chamber of Commerce, could control of management have advise on streamlining the The occupancy rate fear the ever approach the point where Profits which misltt result no*, 

5 [rue Lion plans now wm produce ,u m , t hnilHinv Hrav R nnwpr hnntlw knna hau on* nr, A tl,. Mn. -L._ A ~,n<>nam Qn « & fntnlv ..hlhlrinM L. .J). .. " ... ... 1% _Ann' h.rV til fhf> HJ1IR11V nulllv 


power in the second half of the aboilt buildill « °rax B power hardly have been more unfor- been cut and the rent charged management structure. A fairly centre’s seven exhibition hails it appeared to place the viability flow back tu the municipality. 

1980 s at best station a couple of _years early, tunate. Planning consent was to exhibitors pushed to the limit, radical reform was implemented is not disclosed by management of the centre at risk, the Any surplus would be a hom» 

Like all scripts for Imminent indSsSTJiSft to "be able to a4 tbe end of 1972, Sir Robert Booth,.NEC chair- and staff cut from 280 to 240. but it is known that 1976-77 city could choose to write off over and above the economic 

doomsdav, this one needs to be raise and service finance on wfaen building cost was put man and source of much of the On the revenue side. It is a bookings were 20 per cent up the whole or parr of the dcM. benefits to the region expected 
read with a suitable amount of muC h the same terms as the at £l7m - then came rapid inspiration for the venture, took matter of market judgment in the first year. However, a or defer thc payment nf interest, in he identified in the Aston 

scepticism. What the industry’s Government—and indeed, if the inflation, the energy crisis and control as chief executive in about the rent that can be further upsurge in real growth However, that would merely University study. 

experts are trying to do is to market put a proper value on the ————-— — - ' ---... . » —— »•, 

set. public opinion mobilised ability to produce a saleable m _ m . . _ , _ —_ 

SS5S ="'S'“3 ■£” Straight Row improving fast Letters to the Editor .k 

bureaucracy the need to provide yield gap continues to measure l 


technical nsks — the the market's distrust for all THE FAST-IMPROVING Straight Chase at the beginning of this My Friendly Cousin, a two-and- 

c fl a °,H^ e governments. Row comes over from Ireland for month. a-half-'encth winner from Never 

mvmihI ° n miS sme of 1116 Now if the Government could to-day’s Thunder and Lightning There, Tommy Carberry' 1 Rock over tta'.s course and 

nLldnllC. 1__ n __. ■ _ _..C1. Phaco at A ennt nnA if i, /Ii'Kniill nni.nt n.n. mA kinirntr n,.nn t..-r,nwi in n.t nnnr- i, ,V. M |», 


Letters to the Editor 

rrnnotx recommended in the 1931 Weir his expt 
rVtcp lUC gCCciC Report and the provision of a future e 


tlanttp ° D miS S Qe 01 1216 Now if the Government could to-day's Thunder and Lightning There, Tommy Carberry’ 5 Rock over th'.s course and IninrifT 

borrow at 3 per cent in stable Chase at Ascot and it is difficult mount proved himself an even distance in October, is the sefec- lAj Uig 

, conditions, as it once used to do, to envisage the home contingent more formidable opponent thjr :ior Frrvm th*> wP rnrmnalli* 

wTIPP 1 rpaillflfmn so Could the electricity authori- of Persian Camp, Jackadandy at Navan. wilh a five-length vie- Whatever their Rite with My 

A i cguiaiiuil ties; and if they were allowed and Nagari holding him. tory. assured a long way from Friendly Cousin, Bob and Andy Sir,— It seems quite_ext 

The Americans also face one to sel1 efiuRy- or a bond indexed . Straight Row, who gained many home- \ Turneil shoo’d collect at least ordinary to me that a Gove 


Sir, — It seems quite extni- 


recommended in the 2931 Weir his expression of concern o 
Report and the provision of a future energy policy in ralat 
modem, airbraked wagon fleet to transport, I find this conei 
within the foreseeable future, at odds with present British S 
Some of these negative decisions studios on the future of the el 
were taken at a time when the trifled rail line between She® 
prospects of long-term under or and Manchester. 


trouble which is not so pre- 40 future electricity prices, they admirers last season when run- i n the belief that to-day'* -me sxd prize, for Mr. Jim Joel’s ?l e Q ^ n ^ r ‘fLif ing industries were clearly the enh 

valent here, even in our own would pay still less. At such nin* his country s leading older stiff two-and-a-half-mile trip will Tudor Melody five-year-old. Peter ***«discernible. tion are reported to'be'under 

nationalised industn- Drice rates wou,d make l| ttle fuss hurdler. Master Monday, to two- suit him ideally. I take Straish: ‘'rimes does not have a stiff task apparently setting out to assist . ronsWeritinn In view nf Sm 

regulation. In their health/dis- over a question of a year or two and-a-half lengths in the Sweeps Row to put himself firmly !n in rhe opening division of the rhreaie??/ser^forth ConSenf rod m Scandinav ia ns pre^ent rod %ten?fal role of this 

trust of all monopolies, and " a construction programme. _ the Cheltenham picture with a silver Doctor Nonces* Hurdle. ” m a e JJSJL®? VZJSS? -»t mn?eth?l one line in lenns of hulk freight 

especially of natural monopolies. Jiw k? n!Sl.«fi*5v clear-cut victory over Persian Peter Grimes, a length War- policy of stealthy annihUa- ng down at mor c possible re- 

thu the> WQUld be much more read\ n ■ Camn UlW„ CIrlolin^ EtaKln tv Tina, fmm RiMiir laet l,on - _ lQ f™ or ‘ ,,n “___ 


regulation. In their healthy dis- over a question of a year or two aiid-a-half lengths in the Sweeps 

trust of all monopolies, and a construction programme. _ 

especially of natural monopolies. J? 1184 15 u mo L* ‘mportant, 

the Americans have put their ^ wo “ ld be ° lucl1 more F ea< ?>‘ DAPIMD 

public utilities under t0 s P? nd on futu .re economies in KALIIMU 

restraint oF a series of Com- ^ * !f?u. 5 ; BY DOMINIC WIGAN 

missions which have to approve 2* " m . p .^5 ve L.f 0S .?.°L n , u 5L“ r 

any increase in charges: and the KS* - 

»S d ?rtf y ve,? fc “ atura,1 -v , lhlnks able to Charge less now. The Hurdle at Leopardstown. achieved 
that they are being too reluctant industry would grow faster bis first success over the bigger 
10 ■ so - it ic h~. a „« nr tTlic obstacles at Navan in November 


r. C 5i, W ^!L fr °T ; „. B , a Jf Ur . 'L 5 ! Does no one in this Govern- minimum of'70 per cent, of'all activatedI pawcnwMarrylBK sfr 


BY DOMINIC WIGAN 


■ It is because of this built-in oDsracies ar in a van in .\ovemner »*«■-**•* -iw. >u ------- — — —- country. I reign r raics ;n meac c.mnrnw lively ins: 

How much does all this bias aaainst investment such as —beating Our Baloo by two-and- 100th race, won at Worcester la^: A Among the multitudinous have been ke;*r helnw the level denre nn 

matter? The Morgan Guaranty power generation which has a a_ balf lengths in the two-mile timeout. Hmvever, the prospect ;.' c • a 11 - even 0 ei «=>bt crying out for more in- of infiation.iry price increases A operation 

Trust, whose monthly economic very slow payoff that I am in- Kilteel Chase. seems somewhat remote. ■- expec.ea. vestment, is there not a single recent Gcnnan university study bahly the 

survey has alerted me to the dined after all 'to swallow the T bat was a particularly en- Sonny Somers has not won in - one that realises that no one is estimated the share of all trans- nort mod 

problem, paints a grim picture complaints of the industry about couraging display by Jim such strong company as this ASCOT going to invest their money in port investment in GNP at abuul The Irons 

of what it calls an energy-limited inadequate programmes with Dreapers handsome No Argu- afternoons for a long while, and l.BO—Peter Grimes*** expanding ur modernising their 10 per cent. This state of ail airs quire tnv 

economy, and it undoubtedly very little seasoning. Whatever ment gelding, and it came as no it will be a surprise if he prove* 1 n3—Le Jer* company in order lo land them- has by no means led to the ruin traction s' 

makes a convincing case for the plans may be which they are surprise when he was made a 9-J capable of dealing wilh either R ., ch __ r „ selves and their families with an of local car and lorry industries, but it «! 

thinking that present construe- unable to carry out. they are on favourite to take advantage the underrated course and £‘,_y . “ „ . ever-increasing (through infla- while fostering a growing share that the li 

tinD programmes win not enable likely to appear too low in .□ of a 5 lb concession from Sand distance winner, Conlishall. «ir ™ Mraignt Row tion Wax hurden? or the world market for modern i* effect) Vi 

the.U.S. to go on raising its future in which we have learned Pit in Fairyhouse's two-and-a- the year vounger My Friendly 3-03—My Friendly Cousin Is this the road to the capital- railway equipment. pquivalrn' 

electricity consumption . more inflation accounting. quarter-mile Sweet Dreams Cousin, who also goes well here. 3.40—Night Porter intensive prosperous society m»v nnw h.m* t nr rrCnt repl 


ASCOT 

1.00—Peter Grimes*** 

1.35—Le Jel‘* 

2.05—Rush mere 
2J35—Straight Row* 

3.05—My Friendly Cousin 
3.40—Night Porter 


Among the multitudinous have been kept below the level denre on a single fuel for thrtr 
voices crying out for more in- of inflationary price increases A operation, indeed they are pr<v 
vestment, is there not a single recent Gcnnan university study bahly the only ilevrlnpp.l *r,ipv 
one that realises that no one is estimated the share of all trans- nort mode with such flexibility, 
going to invest their money in port investment in GNP at about The Irons-Pennine route does re»’ 
expanding ur modernising their io per cent. This state of ail airs quire investment to modernise 
company in order to land them- has by nu means led to the ruin traction stock and infrav.ructurn, 
selves and their families with an of local car and lorry industries, but it should he re mo inhered 
ever-increasing (through infla- while fostering a growing share that the lif-soan of electric unil* 
tion' tax hurden? or the uorld market for nutdern effectively double that of diesel 

Is this the road to the capital- ralKvav equipment. equivalents. The level of emilo- 

intensive prosperous society Peri a h , . ment replacosm-n? and refurbish- 

ss? we arcw w ^ 



BBC 1 

-t Indicates programme in 
black and white 


(except London). ' 3.55 Play All Regions as BBC-1 except: 

School. 420 It’s the Wolf. 425 BBC Wales—1.45-2.00 p.i 

Jackanory. 4.40 Clangers. 4.55 Sioncyn Sboncyn. 3.00-330 Trar 
Crackerjack. 5J5 Fred BasseL mitters Closedown. 5^5-6. 
5.40 News, Weather. Wales To-day. 720-7.45 Heddi 

5.55 Nationwide, Weather. 7.45-7.55 Tom and Jerry. 7.55-8- 

6J20 Nationwide. Sykes. 1020-10^0 Kane on Frida 

7.00 The Pink Panther Show. 10.50-10News for Wales. tlO-5 


Over To You. 11-31 Stop, Look, Box.- uo Tha is Your risk. 


rag? . n.orc sound "political judgment" he* „nhnl m W 

We are already in a situation ^^^1 J!nim? 11 iml ii l< r S ' Sr>pod Train. I would siiecest 

where income-tax often has tn lanning and be| a ^'d re- that in terms nf cost and cncrcv 

Sioncyn Sboncyn. 3.00-3JO Trans- 12.00 Handful of Songs. 12.10 p.m. 'Ca ^ £2 b t- P 2 id out ° f ®SJ° d 'a Sri fSciUtli? PU effectiveness the refurhi.hmcnt 

mitters Closedown. 5^5-620 Pipkins. I2J0 Cuckoo in the Nest, in "Siaa of KooiV- ’ 1 ^hich we have both iTI and „ R * or the trans-Pennine route would 

Wales To-day. 720-7.45 Heddlw. 1.00 News. FT Index. 120 Help: UTU CGT—isnl wealth alreadv being be a better option. 

7.45-7.55 Tom and Jerry. 7^830 130 Money-Go-Rcund. 135 Beryl's . H1 v destroyed quickly enough? ' Philin V Mortimer 

Sykes. 1020-1030 Kane on Friday. Lot 235 Matinee: " Blithe Spirit." » * *«•« ’*>4- 125 Ror>in Somewhere when I was a c¥M I•> 

10.50-1031 News for Wales. tl031- starring Rex Harrison. 4.15 Place Saar 8 ' i? H 3 r U rn r 1 seem t0 remember a story - ' Wntr floacl 

11.57 Sherlock Holmes: "House of To Hide. 4.45 Magpie. 5.15 « crSlr^ - S about geese and -olden eggs. Mtrlew. Southampton. 


9.30 a.m. Schools: Athlete. 10.00 t730 Sherlock Holmes: “ House 


Look and Read. 1033 Hwnt ac 
Yma. 10.45 You and Me. 11.05- 
1235 p.m. Schools: Out of the 
Past. 1130 Law and Accountancy. 
12.0o p.m. Economics of the Real 
World. 12‘.45 News, Weather. IjQO 
Pebble Mill. 1.45 Mr. Benn. 2.05 
Schools: In Spite of Deafness. 
233 General Studies. 3.00 Vatican 
Treasures. 330 Sky at Night. 
3.53 Regional News for England 


of Fear,” stai 
Rathbone. 

830 Porridge. 

9.00 News, Weather. 
935 Gangsters. 

1030 To-night. 

1030 Regional News. 


starring Basil Fear.” 1137 p-m. Weather. 

Scotland — 1033-1135 a.m . 
Schools. 3.00-330 p.m. Trans- 

ier. mitters Closedown. 535630 Re¬ 
porting Scotland. 8366.00 

current Account. 1030-1030 
tvs. . Spectrum. 1030-1031 News for 


1031 Filnu "Rough Night in Scotland. 1230 ajna. Weather. 


Jericho," starring 
Martin. 

1230-1231 a jr. Weather. 


F.T. CROSSWORD PUZZLE No. 3,566 


. Northern Ireland—1033-1035 
a JO. Schools. 3-00-330 p-m. 
Transmitters Closedown. 333- 
335 Northern Ireland News. 535- 


Emmerdale Farm. 

5^5 News. 

6.00 Thames At Six. 

635 Crossroads. 

7.00 Mind Your Language 
730 Maggie and Her. 

8.00 G.enerai Hospital. 

9.00 The Professionals. 
10.00 News. 

1030 Police 5. 

10.40 Sairetta. 

1140 George Hamilton. 


Repart w>,i. tis Krr-n waiev sjo Prosperous and efficient small 
Emmerla^. Fi “-35 R«prei _Wc: firm? could n rod UK many golden 
5?o£r*. u .43 C °" s:c eses in both employment .rod 

htv Cymru Wales: as Hre General enterprise. Why kill off thc 
exc-pt: X30-US pjn. "cnait-dau Newrd- eeese? 

* ft ji- . '-a'ra^ Can:am«l. SJB- p m \\r p nrn wall« 

MS .1 Dydd. 7J04L00 Sho-4-ca-i*. ltu»- . 


Peripheral 

activity 


U35 News Report Watev UJ5-ILQ5 
■Onto*. 

MTV West: As HTV General excepi: 
930-10.03 a.m. Work. 12S-XJ0 p.m. 
Repon Wesi. M54JB Repqn West 


Guidelines on 
accountancy 


630 Scene Around Sue. 1030-1030 i 2 - 10 Buddhist poems by 


SCOTTISH 



Gallery. 1030-1031 Nei 
Northern Ireland. 1234 
Weather. 

England—535-630 pan. 
East (Norwich); Look 


News for 
1230 a-m. 


Christmas Humphreys. 


US P.m. News. Road. Weather. U5] 
Matinee. •■The wrong Box." 525 Prn-| 


Ai] IBA regions as London. re * i0f KtoL 121 Croairoads. too 

-JzL. reguma as LKmaqn, 5 ^- 0 ^,^ Twlwi ^jo Pteltts. 10 JO Wan 

tiAKc pi. - an H Means. 11.00 Furores. 1125 Late 


ANGUA 


Mandiester, Newcastle); JJP^SJST® ifj RS!' 2s 


S?t FTom toe Executive Director. 

' Lotfan MuckeU and Co. 


SOUTHERN 


S»SS|rCBI Small Finns Council.) «r. Af. Edwards. «wi.u«uuuaj 

129. St. James's Street. S.W.l. f am sure that everybody From Mr. R. Bullard. 

__ ' v 'til be please to see so much Sir,—Referring tn the letter 

. energy and money expended on by Bernard Cox (January 10 1 { 

1,1 Vincr Wltfl SI * 1,r bv h a if study the needs would agree with his concluding 

A-ziYlllg VTILII a for unproved roadways. But statement that the purpose nf 

j when, oh when, will I be able to inflation accounting is to show 

Strong DOUna drive , or s ? nd 800ds by D10t0r - how inflation distorts company 

b r uuu way from the north to our main results. 

■om the Executive Director. air P°. rt or southern ports? Am Accountants have the respond- 

jgan MuckeU and Co. 1 being too naive in thinking bility to produce accounts, the 

Sir.—Mr. Murphy (January 11) “at _many ox London s ^over- purpose of which is to measure 


Living with a 
strong pound 


day (Southamoton); • Spotlight «"■' JgTO* BUu{ CrtIsb7 - Baaxcric. xsn Ben>r» lol sjd week- an out-dated and dangerous L.vi'Sr’ * * Lum i' uier 

South West (Plymouth). 1020- ““ ft SSfSJt VS ^ thesis. I have just returned from moaeU 

10.50 pjh. East (Norwich) News- A TV ujo^mhem* Rnan! aSo a Continental business visit and M A. Edwards. 

cue; Midlands (Birmingham) Gar- w*. atv Newadeft. is lodoor Kewa gjtra. iui Kongo's B«ck (a was once more impressed by the White House, 

den Game; North (Leeds) York; o□“ict^ so/ivi^ K Yon Town - 1135 **“■ Wc * ttw - prevailing standard of Living Chester Road, 

North East (Newcastle) Sports- were Here? loo atv Today, xojo TYNF TEES coupled with high salaries and Mere, Cheshire. 

S? s £L, r i? rth ' V 0- 5t (Manchester) ru«: “Up P» Juacbon.- starring Snzr 9Ja Good WortTnorth East wages. 

Sit Thi Deawn; South (Southamp- KEndflI1 - News, ua pjn. Norm East News. Look- a strong pound is most desir- rm « « 

ton) One for the Road; South BORDER around. 100 wish Yon Were Here. tx» a bi e for this country but this I hl*niH7rl 51 OIQCC 

West ^ Ml- N ~ s - « M^too Nstrength must be matched with 1 nrOUgU d glHSS 
(Bristol) Public Lofe. S2?S„- 2J "t*i2hS!2i e: bme. u.os romr "Dr. pm be* Rises higher productivity, which will J-J3- 

BBC 2 wSSSSf-wS' A ^ ta -" Epitogue. bring down the manufactured UaTKiy 

. , 1X30 Andr wuiums show, li-oo Film: III5TER cost per unit, so that we can _ _ 

«"■ 3^°°^ “ WUbrt -” uo tun. umdtoue. lx Money t3o retain our competitiveness From Mr. F. Roycroft. 

7 ns CHANNEL MaonreiDeiwrahKerr^ abroad. This process will be Sir,—Mr. Pen will (January 10) 

730 Patefaworfc ua w OI un vSS ? dditi ° na H y assisted by cheaper should realise that Mr. PaSe?s 

8.10 KUvert’s Diary. Dovm^alref* *J» N^AvISen. mo Cr ^°^' p .ygJ WgS ’ c^mncv* 3 * reSUit ° f & stronRCr “ y ? a J , of to e dean window *' 

835 Money Programme. Can cam*™. 525 Enunerdaie Farm, wo cu 5^u Cy ’ j . *. * ■ ended ten days ago. Regular 

Britain Mantle-* *•«»« At Su. uus channel News. "2^“ ***5ii»2S55S - ‘ Higher productivity is what we commuters to the City could tell 

930 SnUkiSf " 1 wpciwTSn sus:*- Mr "“rS-low »S? SSSL u! 

930 Horizon. Red Planet weather in French. . WESTWARD_Reduced wages will further staff took of his exhortations, on 


1L06-1L25 a-m. Play School 
7.00 pja. News, Weather. 
7.05 Discovering Patchwork. 
730 Newsday. 

8.10 Kil vert's Diary. 


its wj^rui.ry. sSaJT' SS!'N^A.tS,S w S "TSf-gt, ^}*XS- SC," * of a >m>nKer “>“I , of T c,e “ 

•* ssffi ^ u w ha , w. s*s.a t ^g,^ J3F £g 

930 Horizon. Red Planet, weamer m French. . Reduced wages will further staff took of his exhortations, on 

1035 Benoni and Rosa, part 5. GRAMPIAN wart*NcJ£. D^nmin. the Perhaps optimistic assump- 

1U5 News, Weather. -a, .^ „ Sb Awwm. *m cSS™! sos^Smer- and wea ^P internal purchasing ti 0D u, al they understood him. 

1135-1130 John Westbrook reads pUn News, las indoor teagoe +225 ikU* Farm. 6J0 Westward Diary. HUB POWer. Tbis in turn will depress j these davs of well oairi Hlq. 

“ Sunday Afternoons.” by Fmn Matinee: caneroH^idre^ westward News, nus Late with Dmton. demand and push back any hope *“ 5 be ®® “ a 5 ft °L^®‘ 1 'P. a * d 

Anthony Thwatte. sas Emmerdaie Farm, too Grampian L Movie: McCtood. ua ajn. FaUh of investment in modern imemrployment in the 

__' Today, two welcome to the ceflhih. ^ Lire. machinery. In such a climate puWic sector (see the recent 

LONDON YORKSHIRE the rare bird of higher produc- 

w’oS iSiS GRANADA " bS! VS SSSf *mei5 c?g SttriSS“ rtal1 ^ S o?r 

Work. 1040 I^ok Around. 1030 IJI pmu raia Is Your Right. UB Alive.” 525 Calendar Sport. SM Calen- - and nav in Silence lest Public 

The Land. 1130 My World. 1148 Manure: Mtcbael CUne In -The Wrens dar. 1BJ0 "Ship of Foola" (Sfan). . orient House. £**vumvc 

___ Granby Row, Manchester. pr ?te 


ACROSS 4 Bury one Frenchman in tbe L '- 

1 Retirement i take on when meantime (7) 
trade is bad (9) 5 East Anglian jacket (7) Work. 1040 

6 Polish family accepting 6 Throw players in shed (4) The Land. 1] 

Oriental (5) ' 7 Banish to former French _________ 

9 Go away for holiday (5) island (5) 

10 Hiding article about eruption 8 What shift-workers do with RADIO 1 
l 9 ) drug for entertainment after <s> sun 

U S’fi&MlS) 1 ^ * 3 “ & « uprising (10) sSfliTJ 


LONDON 


930 ul Figure It Out, 930 
Work. 1040 Look Around. 1030 


realise it is our duty to suffer 
and pay in silence lest public 
servants are forced into produc¬ 
tive enterprise. The unpunished 


functions and when the adjust¬ 
ments are applied they will dis¬ 
tort company results. 

(a) Measure performance— 
this is generally accepted in 
the cost of sales adjustment 
and depredation adjustment, 
and has been well reported in 
the financial Press. 

(b) Present worth — All 
balance sheet Items should be 
revalued at worth to the com¬ 
pany, and as such, should 
include stock revaluation, 
fixed assets revaluation and 
back-dog depreciation. Such w"' 
adjustments must be clearly. 
reflected in the P & L accounts.''' 
fc) Preserve substance—a . . 
company only makes a profit' 

If it has increased its ’real 
worth. Therefore, monetary-- % 
items adjustments are ueces-- ^ 
saty representing the amount- w 
of money needed to finance 
the- growth in monetary assets ' 
as that obtained from mono’" 
tary liabilities. Snch adjusb 
toents are c4early not depen-" 
dant upon gearing. 


R ADTD 1 2471H rind. Seltier. 2 M Violin Sonatas <S)r Suubtiw (S). 1 20 Any Questions? 025 

* ■ _ ■ , ShoMtttrvWv Prekofie-*. 525 Interval l*ner man America. 520 XateUoKnpe. 

(S# mreo^aaic nrawrcwt Reading. 320 VIoHn Sonatas, Baric*. 029 Westfier. 1020 WorW TonWM. M20 

M0 a-m. As Radio 2. 748 Noel *20 In SHort: Talk. *20 Finn's Hardy Week Ending . . . 1025 My Dell girt 114B 
Edmonds. 44B Simon Bates. 1UL Peter <Si. 4SS Yoang ides <Sj: Reqoests. “Soy Who Came la from the Cold” 
PowelL 1220 pan. NewsbeaL 220 Kid 525 Homeward Bound <S>. US News, rserial!, m ta Financial World. Ti m 


»u u e <u L 1,1 Floi/WaH crowd in mi/ldta nf , wewsueau ivju nomewara no ana <s>. ms News, fsenail. «J5 Financial World. HJ9 

12 OpenittB event has no Open- crwwa 01 Jensen. *21 Dave Lee Travis. 520 News- *20 Homeward. Bound. $*30 Lifelines: Today In Parliament. UMO News. 

1 no act I 9 ) beat- 720 Joe Lobs (Jvoa Radio 21 . U22 Leisure and Recreation. 720 Music from Weather. I2.03-12JH am. Inshore Foro- 

ing isl 1g Friend and senior officer John Fee! fgi. i? 00- 77 , 05 a-m. As Radio X Pohble Mill 1 S 1 : Bartok, Debussy. Profco- cast. 

14 Sketch to help back former ininirw* aUianee fOl Rad i2*„ 1 *-»"• With Her. «J The Unimportance of Being _ 

monareh before monrine (7) «« aiUalKe 1** Radio X 125 Good Listening- 2022 p-m- Right 125 Music from Pebble Mill (Si: BBC R&dlO London 

.. «®“ arc n q«“re rnomug W4 IS Nobleman on eastern ship is With Radio L 2220-1225 a.m. WWi Ltet SOS CenPe Majesty: Poems. 02> 


15 Joint cover for madly keen deat / 7 j Radio 2 . Run weni isi: omcen 

17 Tyne from cards 19 m obtrude, like RADIO 2 LSOOm and VHP ” 

17 Type or deal trom cams Thomas? (7) W» a.m News Weather u> n„ Radio 3 VHF only: 62 

taking a long time (7) 21 Delightful but small in a way Mowe isi. us Pause for Thought. 7 ja urT 

19 Doctor going to work allowed ( 5 ) J2 IT „ WoBan , ,s ’- tM *^<* 1 = Bulletin. 01 LUe - 

a small amount of liquid (7) 23 Deal with free entertainment ^‘njougM- ji™ RADIO 4 

20 Language at the heart of (5) iubpmLmSX 12 # I & Sroti 434 m, MOm,: 


T Z~ , - anti^ocifrl tendendJT^nal. a djSta«u|roZVSS.pSS^ 

Investment in sSSSk '«« 

tvnncnAvf anything ta- monetary liabilities must be 

LrdlihpUri BR’s captive customers on treated separately; It is possible 

^ London commuter routes seethe to have net monetary assets and 

From Mr. R. Bamoit with barely controlled anger at produce an inflation profit. 

Sir.—A highly relevant con- being ripped off as If we were Thte situation arises because the 
elusion in your editorial on the wealthy customers of a sleazy inflation effect In the liabilities 


From Mr. R. Bamoit 


206m and 943 VHF j Leitoh Report (January 11) was strip joint intent on giving the is generally experienced earlier 


20 Language at the heart of 
verses (4) 

22 Deceitful German woman led 
hut astray (10) 

35 Last course before entree 
could be a confection (9) 

•28 Fireplace to be seen in 
] pertain glebes (5) 

•27 Cockney wife could be a. 
continental (5) 

26 Being posted round 'Herts 
town is rigorous (9) 


(5) 12201 Feu Murray iSv Sports dS* 434m, 330m, 285m and VHF Track Record. lzooX to— As 

24 Desire to out ft on church (4) ^ 30 DavW HamUioa cat. 3JS. MS Sports *25 a.m. News. A27 Farmltm Today. T^nrlnn Rrnariw uti ng 

10 y rl Desk. 4J0 WaBEonere' Walk- i.c Sports *J5 Up to the Hour. 622 VHF Reslonl LiOnaon CroaOCuSUllg 

SOLUTION TO PUZZLE Doafc. 427 John Dunn (Si. 525 Sporu News, weather, 72* News. 720 Today. 261m and S 

No. 3365 7J2 . J “ *-°ss 1 Si. »22 John 7J5 Up tu to Hour. 722 VHF Residual 529 ajn. Morning Music. 621 










DOWN 

1 Soldiers left in charge, of 
oouverar (5) 

2 -Coach horse with outside 
, chance? Not quite! (9) 

: 3 Cloying staple food of animal 
Origin (10) 


SITCESEjHE 








Radio 2. Run weni isi: Concert- 1030 interval juwnanosu »nr LeUon Keport (January 11) was strip joint intent on giving the » generally experienced earlier 

Hke Ranrn *7 1300m and vhf S51£? rt c WcilL 1125 News - «£?°, ■5 a ? 10 L-V? Ru ^ 1 , toe observation tbat the appor- minimum of service to undiscern- than that in the debtors. To 

SL T "fadfo^V 50 ^: 420-720 p. m . 0 peo H£*SBb lament between investment in ing drunks. The opacity of the cteutal* such adjustment it is 

wav Moore ?sT' 6 jjTp»ii»^^ rhn.££ Utoersirp. 520 a Month to co. sicwa. 24» 2 M showcase, us Home road and rail transport must be windows is the outward and not beyond an accountant’s iw 

s Tenr wo»n is». 827 RactoBnUetin^ The Flm Year 01 tire. Run. uo London Sporu. 625 Good "essentially a matter for visible sign of BR’s state of mind, gentuty to create Indices using 

lent P *S* £ r „ Thou * h - “- 02 Jimmy RADIO 4 ia!m political judgment in which Sooner or later the customer the 80/20 rule. 

ESrV&’mSSW: iTEK 434m,3J0m,!«5n. M a VHF ^STS ««" economic calculeUons can play must sorely win. When Se doc*. stock has a monetary Item 

(4) Pavid Hamilion (Si. 2JS, 3AS sports 625 a.m. News. 627 Farm in* Today. London RrnariradiriF 011 y a part - Hitherto it had us have co winning from characteristic by requiring 

' 1 w 2 lk - ** VRF neaiaMi 1X11111011 croa “® :asT ™6 _, been accepted wisdom that rail those who now glory in their finance to support the monetary 

ssk. s si: vtis srv'cr-nS? 5 r«yvaa ^ a r„ rt iUSSSJSS 

Gregory conducts .s». 125 Music NJsu New*, weather. B26 News. >20 Today. Jth HoSSS* uSo B rt« discounted cash flow calculations ^"Psuffenng oody of over- covered, by the cost of sales 

*S’- *-» Sports peak. 2 S 22 treble remerday in Paruamcm. qj» Ne>*v pboaMn i353 S». i 4 » tun. i5c yielding a stated rate of return charged and over-taxed comma- adjustment, especially after in- 
1122 ° Brtan ?«ns f™ Ee'RreSS Ge uM vSrflrt* on c^vtai. irrespective of their corporatlng the revaluation 

Matthew. 12.00-1225 un. News. Wealher. Owatpolnt. UJO Dally Service. nOJB Gndtr^^JoOiOoajar'^hAiita^ ^ potential impact OH traffic COndl- F. B. RoyCTOR profit. 

Motor lo*. sroty. tu2o Nm. JU25 Lifeiinre la - , tions on other modes, environ- 8. Hove Park Villas, The aim* musrt ha m »R.tahliKh 

RADIO 3 464m, Stereo & VHF ? e ]0C A &tim of Uo0e ‘ SuSSeX - rul« 

O Kwoom wavs) Music isi. *1225 weator. proKramme 194 ™ and 9s -8 VHF offices and industries and general appropriate to the above head- 

6-55 ml Weather. 720 News. 725 new. VHF tercept London and SS> *30 a.w. .Al tern a rices 'St. 420 Nluht land Use. - j nB5 sn ri thi>KA ntuwl h» 

Beethoven. Bdcta, Haydn iSl. 820 RejdouaJ News. Weator. U» World at » ‘S»- A-W Crafty Cook recipes Q n the around Of ■* wnmenlr" 1 rtOtlC PmininQ ivS?* 7“° BelUier M 

News. 825 Web or, Bartok, Rachmaninov One. 120 Thc Archers. 125 Woman's (SI. 420 Capital Commentary »S». 420 . *»ir un “ eCOr ?°? l “; X 1 iillS - X CllOlUC difficult HOr arduous, «nd then 

isi. uo News, 525 juts waok's com- Hour r: only from s.ooi *225 Liaen with wichi Kiudit in tsi. 620 Graham Dcnc shortcomings, we nave ruled out propose a tncanincfui presenta- 

puaere-. The Bologna School (S>. 528 Motor. 328 News. 525 Theatre (Si. 320 Michael abm! is>. 1220 Cash Or indefinitely postponed such lion of such Scures thereby re- 

Orcbestra iSl: Telemauu, Dvorak. U25 “ DeUvery - iSl. 4.00 News 425 Thomas on DeUvery (SI. 123 pjn. Quiz. 12® yjtal oroiecte 85 the Channel 1T2M1S nnrrina 

Modem Guitar Music (S): Marco, and Emma Hard* >S>. 4J5 Sioty: " ManP Lovell ne (calls from 2.00 on 01-388 1255'. i <41110 P° rtl fSthe impact inflation OB 

Behread. fji*, BamottL xuo s trios am* Lucia." 520 pm Repone: 52i 320 RoKer Scon’s Thro? O’clock Turin tunnel ana its Berne-gauge link M _ how it distorts company, results. 

Quartets (S>: Bardwell, Bartok. 12.IS Serendipity; Hishun? Cemefvnr. J525 (Si. 520 Rltllnr <OIOB3 TBtiV LOO Crols- to London, the Manchester and rrom BIT. IT. BSOnxmer, Rll ,. . . 

P-m. Hktday Prom: Monrt. Britton. Weather. proBraamr news VHF Regional Ins. 720 London Today. 120 Your Mother London Inter-terminal rail - - o wua «* 

120 News. 125 Playhffl IS). 129 Mi«- News. Weathar. 620 Nrwj. L30 GoiM Wouldn't Uke It iSl. 11.00 Tony lljm * h „ « r T W w n ™ 

day Prom; Dvorak. Poulenc. Z25 Pan- Places. 720 News. 725 The Artore. (S'. 220 a.itu London Link Inter- rUnnelS ' “* e implementation of letter from BIT. P. Parker OQ Abbot Is Asm. - - 

Son* Repertory (5j: Arne. Dowiaad, 720 pi* of to week (S)- mo insunt futioiiai iS). main line electrifications first petrol prices (January 10) and Nr. Andover Ha n tp , ' J 









Hnancial Times Friday Jantiary 13 1978 

Cinema f 




retribution 


by GEOFF BROWN 


* 4 ; . . 
ail 

!h. . 

, ■ 

' > I- 

‘i i i. 

a *r: 


. in Hollywood, where so many tion of Reicbsprotektor “Hang- outrageous horror opus Rabid. self, stalking the corridors of his 

. 1 hang, season emigre artists hit the dust Lang, man" Heydrich. “I just don’t want to become Government department in a 

National Finn Theatre however, had surprising sue- B - T the Colonel Sanders of plastic dashing wine-coloured suit (all 

■ • *- • -V Rabid (X). • General release fi&SW® dnatkil wwk is t! i “oundta suiBW 1 "the splendidly named other males are in black or grey) 

i ■ ^ ment and styLlsuC flaWt? to his • _T n r Dan Keloid remarks early or climaxing his infatuation with 

' .... viFardon, Mon Affaire (X) Curzon new environment and found JJJ ™ 8 no overt political con- ■ foliowin „ a proposal that his a suave young thing (Anny 

r., - - Servant and Mistress (X) congenial material in the ^ the AnhnT guitts SU™2\Jto tbVtealtb and Duperey) by standing® on the 

.- S. . Minema^S?™ 0 ^ 0 ^ 00118 ^ Jeisure market And there’s leffee outside her apartment 

■**_. r „. . _ Minema. —westerns, melodramas, tbrit- Hollywood melodrama. certainly no chance that Cronen- (overlooking the Are 

: East of Elephant Rock (AA) lers. He found fresh opportuni- repressed desires _ of mild- SnTeouM become the Colonel TVimnoh). his “£« 



A . 



’ tfJ'SFff iSS jLang’s are among the few stodio- life has been made difficult by previous independent, films 

* ^ MizoznchL h baf bound films which seem .alt the a mountain of copyright rules. Stereo and Crimes of the Future. * 

w better for their confinement). but which has been temporarily As before, the horror in Rabid . . 

■■■--i'T^snheen in the nineline Far innowr Even 1:116 odfliti es command resurrected for the NFT season is centred on the innermost parts One of the rakish foursome, 

i , , b !|u than North SM Oll_a ™rrn«5,T. respectful attention. Take You in a rather murky 16 mm. print ana innermost thoughts of the Victor Lanoux, also appears in 

. devotedto the late Kicz" and Me (January 17)-^ most But .Scarlet Street is a film norr human body. The luckless another French import, though 

■ '■i ivLang, German maLr of the fascinatin fi and Peculiar affair, anyway, and a few more dark heroine (Manlyn Chambers) con- of a much different kind. Seroral 
. Hollywood master of the ^ch.looks much as a Brecht- shadows on the rainy streets do brand of rabies mid M«trew. directed by Bruno 

■ . «: 30 -s, 40’s and fiOwSomA hi* Wem theatrical collaboration not make that much of a differ- following an experimental opera- Gantiltion from a script by 

1,1 -vr:' ■'naaes^inSericl ^ bSn^ would ,ook ** * had been ence? CemirSy nothing can ? r - »“ < s . h6 bad JkafMtn *•*«. offers artistic 

■‘■f. - some dispute). The German a daptdd for the screen by Frank hide the uncharacteristic eco- badly -damaged in a road ponderousness in place of 

•:, •; i•iv.films, heavy With myth £S&£: <**»» < Welu * fact contributed n «, my an d wit ^ Dudley Nichols’ 2*iw onented 

,... , 'Cure and the foolish fantasies of 501116 m usic to the. film; the sprint (based on the same source bombly allied with sex. lust, frenzy. One gathers this lmmedi- 
• r Capra asoerf orebablv stems T^JzSSPr and something very strange lurks ately from the slow opening 

m her armpits; sh 
biting people, wt 
bite others. Tbe be 

____ __ disease end up in T 

^‘•^SSTSKSh.llSf^iS- St&SSttTOSTwSS d^cara M the open sir. The .plot i, 

• ■/ • version of Ferenc Molnaris fan- finned philanthropist): some of horfM ! the streets Df its rabid si m ple: a nch old man dies and 

rJ'tasy play Litiom (the basis for the employees, George Raft in ?I bls ‘ £?*** ° f a !i CaD hord cs. his maid (Andrea Ferreoli is his 

l)1 . 1 . r ^-‘iCarpuselJ,- youngish Charles particular, can't forget their old H ,1Dg J lld J e the assured control- Bat Cronenberg, unlike some mu ^l, t0 i^ e 

.. nite .Boyer plays a -suicide whose calling and a half-didactic, half- ing h311(1 0f . ^? s> . ^ 15 3 other workers in the field of c ^ ia ?™ J 1 ® 6615 ®* 13 sadjly 

i, „ " u! i Vafterlife in Heaven, Purgatory sentimental tug of war. begins. car c® r ~ ond this is a season bnjTO r exploitation, isn’t merely , re,u ’] T3S borne after 

— J *--*•». —-■ —v. JSJ -— worth anyone’s attention. content with attackine the the.funeral to a demeaning life 

* stomach. He also aimi. with of running the bath, cooking and 

' * great success, at o£r funiyb™ g™* f e r « ev C ‘^ n f n ge 

Febru^ twhen Lang’s Last in- melodrama serin Crechbsiovakia stMdshea^Sid^uld^aboSe ^ciSSfaUve'eSStoMhe cSS her crS? S self-faceraUon? 

(l -®? “ Pfoductions where the underground is. in the rest for sheer energy and narrative than from any incid- ^the? auXnc?s wiT oer^ 
emerge), the director is at work turmoil following the assassma- impudence—David Cronenberg’s ental details of playing and ^re is another matter- deSK 

SC1 ? pt iu 8 1 , 1 b? ugil y 16 ?*. ex ! st: some splendid playing, it’s that 

note the chnic patient bearing vagae kind “ here ^ 

«“5“ lese K d suddenly realise that you’ve 

kills ). And the combination of ctnnned navinp iMontinn tft thn 


- ^.wisuuii uj ncaveii, rrirgaiory tufi ui war. uegms.- , -,— — -- 

ihr ^and Earth (he. is allowed briefly Brecht did in fact work with worth anyone s attention. 

ft *Dr-~*°- rBt ® ril > -is reviewed in tragi- Lang on a later Hollywood film 
oAcomie terms. But from thereon. —Hangmen Also Die! (January 

u right through to tbe end of 22), a harsh but rousing political 


. ' ' “ n d «U» 

! ■ (! i! lire k? 

:; '* t **ah 

• * * rr 



Comparing notes: a scene from.f* Fkrdw, Mon Affaire” 


... _ J . SJ stopped paying attention to the 

ludicrons comedy and msiduous screen and have begun to plan 
horror proves uncommonly yonr week-end shopping, 
potent; the film is best followed 
by a stiff drink. * 

* Finally. East of Elephant Rock. 

Besides Rabid everything else SSPSWifi *£^^2 
looks anaemic, though Yves «St lit. 

TtoherT'q Pardon Mon AITnin* hnc 11115 B ntlfi h offering, shot in 

its moments, as most Robert Bov^tSfeh 1 the^hoii fi ? im 
comedies do. But one always has 5S°S“^ 

the uneasv f«*nrn» that the something of a white one. Not 
i« that the main actors involved— 
John Hurt Judi Bowker. Jeremy 
way, to secure a laugh—whether K emp-fall down on their joh, 

but ^ material they’ve been 

“ e . nta J SSyjELtTffJSa given by their writer/director 
and no matter what the expense proves 8uch a handicap tbat tteir 

to the control and purpose of his g0 for noth ing. We’re told 
narrative or the talents of his that the story is set a Far Eastern 
performers (which are usually colony in 1948, though it seems 
considerable). Pardon, Afon Kke Hollywood, 1948. to me. Cer- 
Affurre tells of four frustrated talnly all the events and all the 
middle-aged Romeos gallivanting attempted style suggest it—the 
about Pans; one (Guy Bedos) is muS j C (Peter Skellern) which 
hamstrung by his lunatic pinpoints the moods with Max 
domineering mother, another Steiner subtlety, the plot in 
(Jean Rochefort) by his own in- which two teaspoonfuls of Red 
nate respectability, another Dust are mixed with shredded 
(Victor Lanoux) by his send- portions of The Letter. What the 
mental regard for the wife who’s recreation simply lacks is con- 
deservedly deserted him. In the viction and imagination: surely 
best parts of this bumper curate’s there's a large enough stockpile 
egg Robert shows a keen eye for of bad old Hollywood movies 
the absurd, and Jean Rochefort without anyone making bad old 
throughout is his usual excellent new ones? 



Elizabeth Externen, Eleanor Bron and Caroline Langrohe 


Riverside Studios 


The Cherry Orchard 


by B. A. YOUNG 


The main auditorium of the 
new Riverside Studios in Ham¬ 
mersmith is unlike any other 
theatre, though in general plan 
it resembles the Mermaid. A 
broad single tier of seats holding 
about 400 leads down to a stase 
that is a broad wood-parmieled 
area bounded downstage by Row 
A and upstage by a fiat wall 
parqueted in the same design. 
There is no accommodation in 
the wings or backstage and no 
provision for flying scenery. Tbe 
sight-lines and the acoustics are 
immaculate. 

Such an arena makes a logical 
space for Peter Gill to work in. 
for his recent production of 
Twelfth Night indicated that his 
thoughts were moving in such a 
direction. Before the action 
begins, and while the audience 
makes its laggardly way through 
the somewhat cramped 
entrances, a bunch of Russian 
peasants sit or lie at either side 
of the stage. When the house- 
lights go down, they turn 
casually to the task of taking 
a table, some chairs and an in¬ 
laid wooden bookcase to tbe 
centre of the stage. 

This all the scenery there is. 
yet within five minules, as 
Dunyasha and Lopakhin sit 
waiting, at 2 o’clock in the morn¬ 
ing, for Kanevskaya and her 
party to come in. we know that 
it is all we need. 

Firs leads them in. an octo¬ 
genarian Jeeves to whom George 
Howe gives a look of Clemen- 
ceau in the statue in the Champs 
Elysees. Then those immortal 
non sequiturs begin, with Judy 


Parfin’s Kanevskaya at the focus, 
disdainfully uncomprehending 
of anything but her own pleasure, 
vet radiating kindness to ail. 
Miss Parfiti looks young to he 
Varya’s mother: but Julie 
Covington's Varya, her hair 
scraped up to a bun on the top 
of her head, her face and her 
voice drained uf emotion, cares 
nothing for youth. Anya, her 
sister, though, is little more than 
a schoolgirl in Caroline 
Langrishe’s performance: clearly 
Varya isn't as old as she chouses 
to look. 

There is an interesting ci-o- 
trast between Michael Klphiek's 
Lopakhin. a man schuolcd in 
the ways of discipline, and 
Stephen Rea’s Trofimov, who 
might be a student of our own 
times. Mr. Rea is very positive 
and takes charge when he has 
anything to say. bul Mr. El pluck, 
though he plays a man of wealth 
and power, can only command 
servants. 

There an* pleasant perform¬ 
ances by Wcnsley Pithey as 
Pischik, fat and Pickwickian. 
Philip Locke as the talkative 
Gaev. David Pugh as Epihodov in 
his squeaky hoots. The dramatic 
patterns are formed entirely h> 
the players: even the bail in 
Act 3 has no scenery- but a row 
of seven chairs along the wall, 
though an enjoyable fiance 
passes over the stage to !w»®hi it. 
Eleanor Bron as Charlcuta. 
changing into male drag to do 
her tricks, contrives to be very 
funny and yet quiet and 
restrained. 


Only at ibi* end d;d I 
omul nuts uudctjuali'ly .-r.Ucii. 
Mivi Purlin, nh« h.i'i 'JU'M 1 
masterly •■\hi!ulu»u e; in¬ 
difference through the ncr!::v.;. 
nuke-, Kanevtkuy.t's !;irewc'L t-' 
the house sound routine a- 
she were .umniis in uct it oiiv 
and if she h..d lvcn. -he w -u'd 
HOI hjve dune it. \nvj |,iI!.-a- 
her with an equally empty 
farewell. Varya’.-.isi -ceneu:'. 1 ! 
Lupakliiti. eoinpn-M-d oul\ ><f idle 
lalk. i> mure ir.iivin.: .:i!-i Ksr*'- 
la«t >cvne with himself inure 
moving Mill. 

Allngeihcr this i< a very ji.-e.'I 
product ion indeed, j wort by 
si art tu a wurliiy project. 


George Orwell 
Memorial Prize 

For the third year of tin* 
George Orwell Memorial Prize. 
Penguin is offering an award of 
£750. The award will be given 
for an article or essay, ur series 
of articles cum men ting nn cur¬ 
rent cultural, social nr pnltica! 
issues anywhere in the world. 

Thu work must have been pub¬ 
lished in ihe l : .K.. either :n a 
newspaper, periodical or pam¬ 
phlet in the preceding year. 

The closing dale for receipt 
of entries is March :’.l. 197*. 
Entries should be addressed tn 
Georcc Orwell Prize. Pen tain 
Bonks Ltd., Ila mionds worth. 
Middlesex. 


Purcell Room 


Young Musicians 

by DAVID MURRAY 


Cu 


Ol 


j* , rj Andrew Watkinson and Olivia 
;”«l' 1*Sinclair. Wednesday's soloists in 
the excellent Park Lane Group 
nf series "Young Artists and 20th 
it-.••ill, Century Music,” are both Scots 
(though not Simon NichoUs. who 
. accompanied Mr. Watkinson 
strongly and with attentive 
’. precision). Both can boast solid 
. -credentials, and Watkinson^ 
were In a way reflected in -his 
, choice of music: he has worked 
not only with Szigeti and 
Menuhin, with whom he has 
"'presumably studied Bartok’s 
second Violin Sonata but also 
' with Yfrah Neaman, who gave 
• • the premier of- Gerhard's 

"'Gemini. 

.i "7 Gemini makes stringent de¬ 
mands on the colour-resources of 
''“both violinist and pianist, and 
they met them brilliantly. Not 

- 'merely with technical assurance, 
. but with panache: this is highly 

dramatic music, and it was 
‘ ’ properly exciting throughout^ 

- Watkinson fully commanded the 
sweep of the .single elaborate 

... -movement — his impressive 
■" security did not for a moment 
1 .. -suggest playing safe. There was 



pbyingat 

theManiott 

Btrtf he Amsterdam Maniort is a 

hoteUThafs nflhLButewiy oneof 
our400 rooms has closed orcuit 
colour TV showing great fii ms tJi ee 

of^targelV^inidMdualfUF- . 

conefiboning and Minibar too. now 
that's hKuyTheie's mo®; 3* hour 
room-service, two restaurants^and. 
Sve enledadTment in our 
lounge and bar;and a heated lerrace 
«eriooking the Lfiidseplelri .. right 
in me warm, beating heart ol/vreref- 
■ dam MamotL me 6^3' hoiel where 

buaness becomesapteaswe! 

^ms terHam / Harriott 

Siadhouderakade 21 Amsictdani 
•The Netherlands , 
Phone 02Ofi35t5lTyex 1508*- 
Cafr. Marrtoa National Sates 1 Office 
LnndonPhone-OMgS8^2 
Of call yotrlocal Supranational 
Reasrvotions. . 


comparable dash and conviction 
in his £artok: if it had a weak¬ 
ness. Jt was that his view of its 
second part foil of sudden 
reversals, was not lone enough 
yet to scotch a suspicion of stop- 
go. More public performances 
should cure that Alone, he gave 
the first performance of Helen 
Longworth’s Un Mon en Flor, an 
affair of vernal trills and cbir- 
rupings, with some lyrical 
ardour. 

Miss Sinclair brought a firm 
touch and good rhythmic control 
to the Plano Sonata of the 18- 
year-old Richard Rodney 
Bennett, and shaped Hugh 
Wood’s op. 5 Pieces expressively 
(it was good to meet that very 
well-made set again). She re¬ 
appeared later with some 
Kabalevsky prelades and two of 
Rakhmaninov’s Etudes tableaux, 
which displayed her strengths 
more generously: a clean attack, 
confident judgment about weight, 
a sharply etched line. It was 
playing of great candour, some-' 
What short of the half-lights 
which this Romantic music in¬ 
vites—something to do w)th her 
pedalling, which is plain and 
efficient rather than subtle. Her 
musical intelligence promises 
more. 


Last night’s Young Musicians 
were four: an exceptional 
guitarist (Darko Petrinjak) and 
oboist (John Anderson, with 
Trevor Hughes as his pisn° 
partner), and the excellent cellist 
Melissa Phelps who also appealed 
on Monday. The programme was 
expertly contrived to minimise 
the fact that there were a lot of 
short works—more of them than, 
can be individually mentioned 
here. ~ 

One element of success was 
that some of the short pieces, 
being both pithy and 'well- 
written, held the attention more 
firmly than their like always do' 
—among these one may include 
Lutoslawski’s Sacfcer Variaiirm 
for -solo cello, the Hungarian 
Attila Bozay’s Tetelpar for oboe 
and piano, and the Solo for oboe 
by the Soviet composer Edison 
Denisov which Mr. Anderson 
added as an extra. 

Three more of the shorties, 
though of slighter musical: in-; 
terest, were good vehicles for- 
these good performers: • the 
Cuban Leo .Brouwer's La espim 
etema, the Catalan Xavier -Ben- 
guerel's Versus (the latter new 
to Britain—both for solo g uitar) 
and Mr. Anderson’S own Improvi¬ 
sation for solo . oboe. A longer 
work for guitar, which had on- 
amount of substance not often 
expended- on this instrument Was 
Solus by Michael Blake Watkins 
just the kind of music, serwua 
without going ponderous, effect 
tive without being obviously con¬ 
cerned with effects, tha £ -2 1 ? 
guitar.repertoire. needs so badly. 


Coliseum 


Rigoletto 

by ELIZABETH FORBES 


Rigoletto. more than any other 
opera in the repertory, with the 
posible exception of Madama 
Butterfly, depends for its success 
on the protagonist At the Coli¬ 
seum on Wednesday the ENO 
production of Verdi’s opera, 
originally directed by Michael 
Geliot and how carefully re¬ 
hearsed by Steven Pimlott. was 
revived with a new Rigoletto. 
Nell Howlett has sung several 
other Verdi roles with the com¬ 
pany, but all of them pale into 
Insignificant hillocks when com¬ 
pared with this Everest among 
baritone ascents which can de¬ 
feat even the most experienced 
singer. 

Mr. Howlett has the voice, he 
has the notes and he has the 
sheer stamina to last out the 
opera. He also shows that be 
has some interesting and valid 
ideas about the interpretation of 
the character. What he has not 
yet - acquired is the ability, on 
top -of all the rest, to fill tbe 
music with passion^ to use tbe 
vocal line as a means- of expres¬ 
sing the inner anguish that tor^ 
meats the Jester. He sings “ Pari 
siamo ’’ (" We nre equals." in 
Andrew Porter's forceful trans¬ 
lation) with much feeling, hut 
at present without a great deal 
of the genuine terror that Mon- 
teroue’s curse should inspire 
in him. 

In " “ Cortigiarii ” <“ Filthy 


rabble”) his appeal to the cour¬ 
tiers is heart-felt and moving, 
but again it just- lacks the final 
ounce of desperation. The duets 
with Gilda are tenderly phrased 
and neither in them nor in the 
arias is a single word lost Lois 
HcDonaU as Gilda, does not dis¬ 
play quite such good diction, hut 
her creamy-TOned, soft-grained 
voice is used to beautiful effect 
both in the scenes with Rigoletto 
and, particularly iu the quartet. 
It is a pleasure to hear a lyric 
soprano in this role, and Miss 
McDonall proves bow touching 
“ Caro nome ” can sound when 
sang simply and reflectively and, 
above all, with sincerity. 

Derek Blackwell is unconvinc¬ 
ing In appearance as the liber¬ 
tine Duke, while his singing, 
though often pleasant in timbre 
and warm in colour, would 
benefit from more elegant 
shaping, a smoother line and 
clearer enunciation. John Tom¬ 
linson makes a splendidly 
dangerous ruffian as Sparafucile, 
while Gillian Knight offers a 
Maddalena full of vitality. 
Christian du Plessis is excellent 
as Marullo and Linda Finnie 
impresses as Giovanna. Charles 
Groves conducts with a loving 
blit rather too indulgent hand. 
He brings oat much fine detail 
in the score, but too often allows 
the tension to drop through lack 
of a strong inner pulse. 


Elizabeth Hall 


Brendel 


by NICHOLAS KENYON 


RONALD CRICHTON 


. Behind Alfred Brendel’s in¬ 
tellectual dissection of the music 
he plays—have the fruits of 
thorough .and original analysis 
ever been more evident in a 
great pianist’s performances?— 
mere lies a penetratingly simple 
emotional response to that music. 
At times, one has suspected him 
of; wilfulness, of casually argu¬ 
ing against obvious musical 
truth in the. way tbat a great 
philosopher might argue a false 
syllogism, iu order to stimulate 
a restless'intellect 
But in last night's recital (the 
second of four Wholly Schubert 
concerts he is giving in the 
course of the current Mainly 
Schubert series) the clarity of 
his emotional response quite sub¬ 
dued any such wilfulness He 
played Schubert for all the icy,, 
deadly seriousness which his 
music contains. I bad never 
thought to hear all four Op. 90 
Impromptus bo brooding,, so full 
of tension as Brendel made them 
sound: the first which in other 
hands can be rambling, was uni¬ 
fied into one powerful vision; 
tbe second, which can so often be 
sentimental, was-, utterly, -plain. 


the serenity just hinted at, never 
comfortably in repose. Even the 
arpeggios of the fourth Im¬ 
promptu were restless,' driven 
onwards by yearning. 

To regard this cold approach 
to Schubert as evidence of 
Brendel’s detachment is, I am 
sure, wholly mistaken. Even 
when the musical material at his 
disposal is less concentrated, as 
in the evening’s two 1825 
Sonatas. Brendel is profoundly 
involved—hut he never allows 
that involvement to disturb the 
quite chilling balance which he 
strikes between Schubert's 
moods. Hinting at insecurity, in 
the military rumblings of tbe A 
minor Sonata's first movement; 
hardly daring to breathe tbe.joy 
of the Trio; awkwardly pounding 
the cross rhythms of the D major 
Sonata’s slow movement; treating 
tbe final Rondo with deadpan 
seriousness (in spite of all 
Schumann’s advice to the con¬ 
trary)—in all these moments 
Brendel was wholly in command. 
His playing was direct in com¬ 
munication' and revelatory in 
content 1 


ENTERTAINMENT 

GUIDE 

CC—These theatres accept 
certain credit cards by telephone 
or at the box office 

OPERA & BALLET 

COLISEUM. Credit cards ob-240 5250 
Reservations D1-U36 1161. 
ENGLISH NATIONAL OPERA 
Tonloftt ft Thor, nnxt 7.30 last peT+s. of 
Janacok's From the House or :le Dead: 
Tomorrow ft Tuet neat 7-30 ftlgoletto: 
Wad. next 7J0 Orpheus toi tM> under¬ 
world. 104 Balcony seats always avail¬ 
able On day of performance. ' 


COVENT GARDEN. CC. 240‘1066, 
(Gardenchargc credit cards 83G 6905) 
THE ROYAL OPERA 
Tonight 7 p.m., Mon. ft Wed. 7.30 ®.m. 
La tancluila del West. Tomor. 2 pjn. 
ft Toes- 7.30 p.m. Dio Flederauas- 
THE ROYAL BALLET 
Tomor. 8 pan. La Fills mal pardte. Thors. 
7 pa La Bayadere, a Month In the 
Country, .EHte Syncopations. 65 Ampul* 
seats lor all pern, on sale from TO a.m. 
on dav Of oerf. 


ROYAL FESTIVAL HALL. 928 3191. 
LONDON FESTIVAL BALLET 
List Peris. Tonight 7.30. Sat 3 ft 7JS0 
THE NUTCRACKER 
Tonight NtcolfMcComtHn 


SADLER'S WELLS THEATRE. Roseherv 
Ave.. E-C-1. B37 1672. Until Feta. IB. 

O-OYLY CARTE OPERA 
In Gilbert ft Solllvan. Ew 7J0 Mat. 
Sats. 2-30. Until Wed. next*. THE 
PIRATES OF PENZANCE. Jan. 19. 20. 
21- PATIENCE. 


THEATRES 

A DELPHI THEATRE. CC. 01-836 7611. 
Evgs- 7-30 Mats. Thurs. 3.0. hats. 4.0. 
"LONDON’S BEST NIGHT OUT. 
SPECTACLE. CAPTIVATING TUNES 
AND RACY .COMEDY." S. People. 
IRENE 

THE MUSICAL MUSICAL .. 
"SLICK. SUMPTUOUS — IRENE HAS 
EVERYTHING." Daily Express. 
INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-836 7611. 


ALBERT. 836 3876. Cred'l card blew 
BIS 3962 (ex. SatO- Mon.-Frl 7.45. 
Thurs. mats. djo. Sats. 4.30 and. 8. 
A THOUSAND TIMES WELCOME IS 
LIONEL BARTS 

MIRACULOUS MUSICAL. Fin. Times. 

- OLIVER 

- ROY HUDD*S Splendid performance. 
5. Tel. “Talented JOAN TURNER." D. 
Ma<i- Capital Tun . . . the show Is ■ 
detignt." D. TeL OLIVER I RETURNS 
TRIUMPHANTLY . . CONSIDER YOUR¬ 
SELF LUCKY TO BE ABLE TO SEE IT 
AGAIN.".D. Mirror. 

NOW BOOKING THROUGH 1978. 


ALDWYCH. B3B 6404. Ini. 836 5332. 
ROYAL SHAKESPEARE COMPANY In 
repertolra. Tonight 7.30. Tomor. 2-00 
6 7 JO JOBSOB'Z THE ALCH EMIST 
■■ masterpiece of rampant knavery. EL 
Teiegraoh. with: THE COMEDY OF 
ERRORS (next pert. ManJ. HSC >to 
at THE. WAREHOUSE Nee ander W> 
ane at Piccadilly and Savoy Theatres. 


AMBASSADORS. 01-B3G 1171- 

Eros. 8.0. Mitt. Tues. 3. Sats. 5. 

SI OSH AN MCKENNA 
as Sarah Bernhardt In MEMOIR 
with NIALL BUGGY _ 


APOLLO. 01-437 2663. EvBtL 3.00. 
MatL Thors. 3.00. Sat. 5.00 and 8.00. 
■■ DONALD SINDEN IS SUPERB." NOW. 
SHUT YOUR BYES »ND 
THINK OF ENGLAND 
-WICKEDLY FUNNY." Times 
GREAT ENTERTAINMENT. NoW. 


ARTS THEATRE. » 01-836 2132. 

- TOM STOPPARD'S 

DIRTY LINEN ^ „ 

- Hilarious . . . m It." Sunday Times. 

Mondays to Utorsdav n 30 
Friday and Saturday at 7.0fl and 9.15. 


ASTORIA. Chafing X Rd. 01-427 6239 or 
01-437 5757 or 01-734 4291. Nearest 
Tuba Tottenham Court Road. Mon.-Thurs. 
B.DO- Frl. and Sat- 6.00 and BAS. 
“ ELVIS " 

THE STAGE SPECTACULAR 
Tievets E1-S0-E5TO. Instant Credit Card 
Res. Eat In. our fill hr-licensed Restaurant 
or Buffet Bar lynch-ttme and before and 
after sho w ■b ocfeohle in advance. 

" ELVIS ** 

infectious, appealing taot-mmoin* and 
heart thnitHHiw.- Observer 
“ELVIS “ 

■■ i was absolutely caught up in *. earned 
■Ions by. Jt. relnvtgornwd by the sheer 
varve and-nectacle of It.” Sun TO- 
^ . “ ELVIS " 

SWBBcrtnuj*c.“ Times. 

- Performed with a verve rare In British 
musicals. The show literally bad the 
audience' dancing In the ■ Idea- This 

- Elvis ” ts marvellous Sunday Express 


CAMBRIDGE THEATRE. 01-836 
Last 3 Perfs. Today 2-0. Tomorrow 11.0 

Ri cha rd GMMiic’ Ian Talbot 
TOAD OF TOAD HALL . 


CAMBRIDGE. CC. 01-636 6606. Mon. to 
Thor. 8.00. Frl. Set. 5.4S B-30 
_ -IP1 TOMB! 

“PULSATING MUSICAL." «vo News. 

, THIRD GREAT YEAR 
Seat prices E2.oo to CB.OO. 
p.nner and tod-price seal E7.75 Inc. 


COMEDY, 01-930 257B. Evenings 8.0. 

5 -°- 

HT w ELL^NNETT f I^SImST GRAY'S 
LA5T w^eks. Most end Jan. ai.- 


THEATRES 

CRITERION. CC. 01-836 3216. 
Evenings 8. San. 5 JO. 8.30- Thurs. 3.00. 
LESLIE PHILLIPS 

“ Impeccable . a master." 5 n. Times, 
m SEXTET 

"HILARIOUSLY FUNNY." N. of World. 


DRURY LANE. 01-836 BIOS. Every 
mght B.OO share. Matinee Wed. and 
Sat. 3.0Q. 

A CHORUS LINE 

" VOTED BEST MUSICAL OF 1976." 

DUCHESS. 836 8243. Men. to Thur 
Evgs. 8.00. Frl.. Sat. 6.15 and 9-00 
OH 1 CALCUTTA! 

" The Nudity is Stunning,' 1 D. Telegraph 
8th SENSATIONAL YEAR 

DUKE DF YORK'S- CC. 01-B36 5122 
Mon.-S4t. 6.00. Mats. Wed. 3.00 and 
Sat. 5.00 

SIAN PHILLIPS 

PAUL DAN EM AN 

In 

_ , SPINE CHILLER 

Tickets trom £i.flo_£3-ao 

Instant Credit Card Reservation. 
Dinner and Too-prfce Seat £7.30. 

ELLE et LUI CC 01-437 2561. 

Walker's Court. Brewer Street, w.l. 

Twice Nightly 8.15 and 10.15. 

PAUL RAYMOND presents 
. PENETRATION 

An erotic adventure in French porno¬ 
graphy. '■ Good-looking men and women 
pertorm various permutations of the 
sexual act.' Evening News. You may 
drink and smoke in the auditorium. 

FORTUNE. 836 223B. Evgs. 8 Thur. 3. 
_ Sacs. 5 and 6. 

Muriel Pariow as MISS MARPLE In 

_AGATHA CHRISTIES 

MURDER AT THE VICARAGE 

Third Great Year. 

GARRICK THEATRE. 01-636 4601 

Evs. 8 o. Wad. Mat. 3.0. Sat. S.1S ft 8.30 
JILL MARTIN. JULIA SUTTON. 
DAVID FIRTH and Specla Guest 
appearance lor thn week only 
BERNARD BRADEN Hi the 

brilliant musical 
ENTERTAINMENT." People- 
SIDE BY SIDE BV 5DNOHEIM 
'■GD TWICE." S. Morlev Punch. 

GO THREE TIMES." S. Barnes. NYT. 

GLOBE. CC 01-437 1 592. Evenings 8.1ft. 
_ Sau. 6.0 ft 8.40. Mat. Wed- 3.0. 
PAUL EDDINGTON. AMANDA BARRIE 
in the SECOND YEAR of 
DONKEY'S YEARS 
_ by MICHAEL FRAYN 

THE BEST COMEDY OF THE YEAR. 

GREENWICH THEATRE. 01-858 7755. 

7-30- Mai. Sat 2.3a PINCH-ME- 
NOT. A new comedy bv Richard O'Keene 
An oxeetfent first play." Times. " A 
considerable achievement." O.T. Weeks 

g* 1 , 1 ? J* 1 *; 17-28. Evgs. 7.30. Mat Sats. 
2.30 LEONARD ROSSITER s THE 

IMMORTAL KAYDON. "A Stupendous 
vehicle tor Rossi ter . . . com pell-no ana 
hugely entertaining.” Pancn. 

HAT MARKET. 01-930 9B3Z. 

Evgs. 7.45 Wed- 2.30. Sat. 4.3D ft 8.1 S. 
CLAIRE DANIEL 

BLOOM MASSEY 

MICHAEL ALDRIDGE in 
ROSMERSHOLM 

DIRECTED BY CLIFFORD WILLIAMS 

A MURDER PLAY MORE EXCITING 
THAN ANY BY AGATHA CHRISTIE." 
J- Baxter. D. Telegraph. 

LAST 2 WEEKS 

HAYMARKET. 01-930 9832. 

Previews Jan. 24 -Charity) and -an. 25. 
Opens Jin, 26 7.00. Subs. evgs. 8.00. 
Mat. Wed. 2.30. sat. 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 

HER MAJESTY'S. CC. 01-930 6606. 
Evgs. B.OO. Wed. and SaL 3.00 and 8.00 
„ GLYNIS JOHNS 

LEE MONTAGUE HELEN .INOSAY 

In TERENCE RATT 1 GAN'S 

CAmp CELCBTIC 

“ RATTIGAN REVEALS HIS MASTERY." 
S.T. "A sower!ni drama." E.N. 'GLYNIS 
JOHNS plays britllasnly. ■ D.T. 

HER MAJESTY’S. CC. 01-930 6606. 
Opening March 28 

BRUCE FORSYTH 

In <-KUflnantt AMhody New ley's 
TRAVELLING MUSIC SHOW 
Previews from March fi. 

KING'S ROAD THEATRE. 152 7486. 

Mon. to Thurs. 9.0. Frl.. Sar. 7.30 9 30. 
THE ROCKY HORROR SHOW 

NOW IN ITS 5th ROCKING YEAR 

LONDON CASINO. 437 6877. 

4 P*rf*- Today 4 Sat. 2.15: 7.30. 
SUSANNAH YORK. RON MOODY 
__ PETER . PAN 

The best Christmas entertainment in 
town." Even!no Standard. 

LONDON PALLADIUM. CC 437 7373. 
E*9*- 7.30. Mats Weds, and Sats. 2 45 
LIMITED SEhRON TO FEB 25 ONLY 
, TOMMY STEELE 

SALLY ANN HOWES 
and ANTHONY VALENTINE 
in The Fair* Tale Musical 
lkl „ HANS ANDERSEN 

INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-734 8961 

LONDON PALLADIUM. CC. 01-437 7373 
___ OPENING MAY. 25 

FOR A SUMMER SEASON 

THE TWO RONNIES 

BOOK NOW: Theatre and Agents. 


THEATRES 


MAYFAIR. CC. 629 3036. 

Opens Tun., rob. 7. at 7.0. 

GORDON CHftTER in 
THE ELOCUTION OF 
BENJAMIN FRANKLiN 

" Outrageousty S, ?unnr' . SD ^ i ”‘Preroundtv j 5C £;„®Vf m, 68 c i3 , a , 
moving." Variety. 


THEATRES 


ROUND HOUSE. 26? 25bJ last per's. 
Ton 1 ft Tomor. at 6 
ACTORS COMPANY ,r 
THL IMPORTANCE OF 
BEING EARNEST 


Previews from Feb. s«. 


MERMAID. 248 7656. Rest <46 2835 
Evas. 8.00. Mats Mon Wed Fn ft 5ai 5.00 
DAVY JONES. MICKY DOLE NS 
in HARRY NILSSON'S 

THE POINT . —- -■ - 

A dozen delightful songs which linger l * ni1 Piecad'llv Theatres, 
in the memory.'' D. Express. ' - 

Stall tickets £1.25. £3.50 Combined 
Dinner.Theatre ticket £5.95. 


NEW LONDON, Drury Lane *05 0072. 
International Spectacular witn ihc 
magical ingredients o< Theatre 
Cabaret and Circus. 
SURPRISE. 5URPRI5E 
Today at S.O ft 8.0. Sai. 2.0. 5.0. E.O. 
£1.50-£3 50. 

Last 2 Days. Must eng Sat. 


NATIONAL THEATRE. 928 2252. 

OLlViLR (open staset Ton't • .30 ft 
Tomorrow 2.30 ft 7.30 THE MADRAS 
HOUSE by Hatley Granville-Barker. 
LYTTELTON (proscenium stage)' Ton't 
7.45 Tomorrow 2AS ft 7-45 BEDROOM 
FARCE bv Alan Avckhourr 
COTTESLOE (small auditorium* Ton't ft 
Tomorrow 7.30 Last ports of THE 
HUNCHBACK OF NOTRE DAME bv Ken 
Hill. 

Many excellent cheap seats all J theatres 
day ot perl' Cir park Restaurant 928 
2033. Credit card Dkgs 928 3052. 


OLD VIC. 928 7616. 

Christmas mats, tor children. 

' Snrlcks pi .-iclmnl 

THE GINGERBREAD MAN Is a hit." 

_ Daily Telegraph 
'■ SpiendMi.*' Tnc Times 
*' Lovolv stufl.' Daily Express. 

Today 2 p.m. and 5 p.m Seals available. 
PROSPECT AT THE OLD VIC 
In repertoire Jan. lfi-March 25. 

. HAMLET 
ALL FOR LOVE 
SAINT JOAN 
ANTONY ft CLEOPATRA 
_Bookings now ooen._ 


Mats Thurs. 3.00 Sar S.UO b 3C. 

ROYAL SHAKESPEARE COMPANY 
RICHARD PASCO. SUSAN HAMPSHIRE 
NICKY HENSON JAMES COSSINS .n 
Bernard SnaWs MAN AND SUPERMAN. 
Directed bt CLIFFORD WILLIAMS ’ I 
sat in a cloud u« lov from beginning :q 
end " S. Times. RSC also jr Alowy-rn 
and plccad-lly Theatres. Crco r Cars 
bookings jcccptcd. 


PALACE. . _ 01-037 BB34.1 

MoiL-Thur. 0.Do. Fn.. Sat. 6.00 ft B.40. 
_ JESU5. CHRIST 5UPESSTAR 


j PHOENIX 01-336 3611.1 

Evgs B DO. MaL Wed 3.00 Sal. nerts- 

4.30 and B.OCL 

MICHELL KEITH 

NIGEL STOCK 

JUNE JAGO ROY DOTRICE 

in the Chichester Festival Theatre's ! 

_ Production gi ; 

THE APPLE CART 1 

by Bernard Shaw ] 

Outstanding revival Of buoyant Shaw." 
_ ' Dally Teiegrapn i 

Directed by PATRICK GARLAND. • 
_ L AST THREE W EEKS_i 

PHOENIX. 01-B36 8611 ' 

Opening March 1 
FRANK FINLAY In 
The. Leslie Bricuss Musical 
„ KINGS AND CLOWNS 
_ReP price prevs from Feb. 16. 


SHAFTESBURY THEATRE. 01-356 6596-7. 
E*S. a.OD. Mat. Tliur> 2.32 hat. 5.00 
and 5.00 

TICKETS C1.50-CJ00. 

PAUL JONES 

A NEW 16th CENTURY ROCK MUSICAL 
DRAKE'S DREAM 

’* Many Merry Retrains.** Evening News. 

Bouncing vigour.' C-ening Srand.iru. 

'■ Spectacular Presentaiion." stage Dnr. 
and Top Price Seal £7 75. Instant Cred'l 
Card Reservations __ 

SHAW.' 01.353 1S9j" 

Opens Mon. 7 00 Subs t«os 7.50. . 
Mats Thur. Fn. 2.30. 

AN INSPECTOR CALLS 

bv J D Prlcslle, _ 

STRAND. 01-336 2660/ Evenings 3.QD^ 
Mat Thurs 3 00 Saturdays 5 50 ft 6.30. 
NO 5EX PLEASE— 

WE'RE BRITISH 
THE WORLD* GREATEST 
LAUGHTER MAKER 

ST. MARTIN'S. CC SI6 1443 Evgs S.OoT 
Mai. Tues 2.4 5. Saturdays 5 ana 8. 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD 5 LONGEST-EVER RUN 

_SblA YEAR__ 

TALK OF THE TOWN. CC 73J 503r. 

B.T5. Dinmo Dancing. 9.30 Super Revue 
RAZZLE DAZZLE 
and at 11 n i" 

_BUDD Y GRE CO_ •- 

THEATRE UP5TAIRS. 730 255*.' 

UnM Sat. Eves. 7.30. Pirate Jenny in 
j_OU R OWN PEOPL E b» Da».q Edga r. 

| VAUDEVILLE. 656 9988". "tVOk. di 3. 
Mats Tues. 2 45. Sar,. S ana S. 

Dinah Sher.djn. Dulcio Grav. 

Eleanor Summon hold James Grout 
A MURDER 15 ANNOUNCED 
THE NEWEST WHODUNNIT 
bv AGATHA CHRISTIE 
rf-pnter AqjvIki .lnpctior who- 

dunnit hit . . . Aoorna Chnir..- is stj.'L- 
ing the Wcl End vet again with anotnrr 
o* hrr tiendisnlv ingenious murder 

_my Meries ^ _ fnl.y_ B«Lrr_ £y. News 

i/1 Cl OR IA PALACE. "" 01-334 131“.."" 

Twice Da.lv ai 2 30 and 7.30. 

BASIL BfUSH-5 NEW REVUE 
ROOM! LOOM ! BERT WELDON 
BOBBY CRUSH AND 5TAR CO. 

' A irtiL- family show." □ Tel 


■■■*!*- uiw», aone tvs o.u. 

Mats- Thurs. 3.0 Sets. S.n and 8.30. 
JOAN PLOWRIGHT 
COLIN BLAKELY 
■l*d Patricia Have* In 
FIUIMENA 

bv Eduardo de FHIppo 
01 IVCl ed by FRANCO ZEFFIRELLI 
“ TOTAL TRIUMPH." Ev- News. " an 
EVENT TO TREASURE." D. Mir. - MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS.” Sundar Tiit»s . . 


^jCtAOILLY. 437 4606 Credit Card bko. 
836 3962 CEx. Sat.i Mon to Frl. 8 00. 
S*t- 5.15. 8J0. Wed 3.00 

ROYAL SHAKESPEARE C COMPANY In 
RAUCOUSLY FUNNY 
TBth-century comedy 

WILD OATS 

WHd Pan Season finishes Jan. 28. Peter 
Nlcnols s A warn winmnn rnmodv. Privates 
on Parade peris. Tram Feb. 2 


PRINCE OF WALES. CC. 01-930 8681. 
Moo. to FrL 8. Sats 5.30 and 8.45. 
-vSff'.PwN** 41 3-00- 
“ THE STAGE IS AGLOW." 
THegraph 

RICHARD BECK INSALE 

„ t.-LOYE MY WIFE 

HILARIOUS COMEDY MUSICAL." Sun., 
Directed by Gene Sake with " Bounnlu) 
invention and wit.- Flnanrlai Timey. 


YfA RE HOUSE. Donmar Theatre. S3D 6C-0S. -■ 
ngvJl snaLuCPuare Company. Ton't. 8.00 
premiere Edward Bond's THE 
MNDLE. All scats £1.50. Adv. BkS*. 
Miawycii 


La-.t oerts. 


WESTMINSTER. B34 02tf3 

Today A Tomor. it 3 _ 

RUPERT'S CHRISTMAS ADVENTURE 
_Tne Fa mily Muhtal. " I: * d hit." F.T. 
WEMBLEY EMPIRE POOL until Fea 2sl 
LAVISH ICE PANTOMIME 
MUMPTY DU MPT Y 
ShetT sparkling ssectJtle. ' D. Tel. 
Mon to Fn. 7 45 Mats. Weds.. Thurs. 
4t 3 Sats at 2 5 ft 7 Chinn, ft Sen.or 
Cits, half price except Sal : ft h p„ 
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_ _ car park. 

WINDMILL THEATRE. CC 447 63l£ 
Twlre Niantlv at B.OO and 10.00 
OPEN SUNDAYS 6.00 and 3.00 
Paul Raymond nrese»-s 
, RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

TaV« tn uuor-.-redemen limits wnat ig 
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YOU may drink ann sinoLe in fhe 

,NST Srvsir "CREDIT "CARD j wVHnHA MH;" -VTI- 

BOOKIN GS ON DI *930 0846. I ! ? fc3 V CJr B 

boohing 836 S6P2 .Fx int i Mon - 
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ENORMOUSLY RICH 
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Marv 0 ^’iievs -.iT-ath.hit comedy 
,. c t ONCE A CATHOLIC 
Surehre nn md rgtiaionJ* 

Daily Telegraph 

"MAKES Y«" SHAKE WITH 
LAUGHTER." Gdn. 


THIAftt 01-734 1166. 

Evgs. 8 . 0 . Sal. 5.0. fi.30. Mat. Wed. 3.0. 
ALEC GUINNESS in 
. „ TN? OLD COUNTRY 
A W*Y_ by ALAN BENNETT. 

Dlri nrd by CLIFFORD WILLIAMS. 
PLAY OF THE YEAR 
!7M*. an ? l^ondon Crit<£& Jw«r4- 

D1 .™ motit noiablo th^rrlcal 


wnr j ygp, Sf, jsafir'^«TEa: 


"fYUSBAR. CC. 01-734 1S93. 

** 7 B i!ru* 11 D - m - ,0Den Suns.) 

PAUL R AYMO ND pretenis 
the festival of 

AIR CONDITIONED. You may 
_a nne and amolw m the auditorium 

REGENT. 

M. T.. 


CC. 01-637 9862-3 
W- Jed F. B OD Thurs and 
kev,... s<i £.-_§JS and 8.45 
5EXU *C PERVERSITY IN CHICAGO 
AND DUCK VARIATIONS 

O'* the oeople are KM . . 

h"* 1 NV D,v Ww "t- 
Daily Td Student 
e"oSl b available alter 7.30 o m. 


JM 1745. From Thure. 
at B. Jan. 24gt 7. Subs. 6. Sat. S ft 6.30- 
Worid Premier o* 

LAUGHTER S 
py Pet»r Barnes. 

_r***!£OThcatre Uostatrs. 


’“yfL'TY. CC, 01-405 8004- 

t twrinas a.o. Friday 

S-3D aml B.4S. Saiurdav 3 0 .mo 8.0. 
minPISS!!** emits vote 
BUBBLING • BROWN SUGAR 
T.I Ol 1977 

t«i. Mss- accesied. Major oreoil cards 


CINEMAS 

* 2 SHAFTESBURY AVE. 836 
8861. Sep. Pcr+s. ALL SEATS BKBLE 
V ^E&AUNTLrr . Xl r,k. s imi 
2.00 5.00 B.oo Tonipht ft Sat. if 00 - 
2: THE LAST REMAKE OF BEAU GERtb 

“X° 1N 48 P S LA ^« “-Tay^r pAS ,. 

P - Ca 5 nne P s A ^ : 


CURZCN. Cureon Street. W.l, ago n.," 
PARDON MON AFFAIRE iXJ* ie 3 r I2 V- 
pwoanc—Enohsh Sub-Ufcj 1 Proos 
2.0 rent Sun.j. a 05. 6.15 and KsoT" ** 


8:iS SS L IS. 2 * : 

Leicester Saturn, a’ib - 6111 rue 
“EP tAj_Sep grgj*. every mv'-JSS - 
4 50 7 as! 0,,Pd - D ° 8 ^ ^ at iSS? “ 

‘ in-- 

tzvvTsu.’*-- - 


,'L 


A 






14 


PUBLIC SPENDING WHITE PAPER 


Mtiacdal Utiles Friday Jama# If! 

report by Peter ffi 



Expenditure should expand from 


PUBLIC SPENDING should start quiremeot, and hence in the fixed rate export credits com- of total expenditure of 15 per peeled to decline from an.esti- In addition, the Government 
expanding again in real terms decisions on expenditure. pared with earlier estimates- cent in 187&8Q. of 2J. per cent, mated £5J5t»a. in the current now aim at a greater degree of 

In the financial year starting in The White Paper points out: There has. however, been only in 19S0-81. and of OB per cent financial year fat 1970-77 oat-tarn stability than has been achieved. 

April after a sharp decline in “ How completely plans will be a very modest restoration in in 1981-82. prices! to £5.4bn. is 1978-79 and in recent years, so that expend!- 

the past two years. achieved in any one year is herd 1978-79 of earlier rats in capital This Includes a sizeable con- £43bn. in 1979-S8. _ ture programmes can be man- 

This is shown by the Gove *" s “ J= ““ 

ment's plans from 1978-79 

198182 in the two-volume aDD w . _- - ___„ „- _ -- __ ___ 

Expenditure White Paper pub- to over-estimate the extent to However, current subsidies and 1981-82. cuts in public espendttare plans - Both for ibis reason and in 

lished yesterday which expenditure can be in- grants are £868m. higher in real Following proposals from the which preceded last years white ort ter to leave room for 

creased rapidly in the short rum terms than previously planned. Commons Expenditure Com- Paper made an important con- manoeuvre on taxation, it Jd 

_ necessary that the planned 
"""""" 1 ' ■ . growth rate for total public ex- 

PUBLIC EXPENDITURE PLANS £S£&.*T£JS "S? * 


The til a nc an> intenHori in «-resu»eu lapiu.* iu iub suuti ruu. 

a susteinS 1 fmMOVfr But increasing familiarity with 

ment in standards. whi“S?o£ S5SfiSJS??S!S 

ing at the same time a substan- 

tiai growth in personal consump- ^. etween estimates and 

at - er f °“ r 1W * af 110 ^Consequently the rise in spend- 
Total nublic exDenditure in- in S between this year and 1978- 
cludtog *U bSSSS* 1 by lp9 is likely to .be lower than 
nationalised industries, % pr l 

jected to rise by 22 per cent ?/ 5 * P er cent ; exceptional 
in 1978-79 to £58.55b n. (in real items are excluded and account 
terms at 1977 survey prices) « taken'of daw to re ative 
compared with the original plans costs and possible shortfall, the 
for the current financial year in increase could emerge at around 
the White Paper of 12 mouths 3 per cent, 
ago. The White Paper also con- 

However. substantial under- firms that the total change in 
spending below planned levels programmes, contingency re¬ 
arm unforeseen shortfall in serve, and net overseas and 
1977-78. as last year, means that market borrowing of nation- 
a much larger rise in actual alised industries in 1978-79 is an 
spending in 1978-79 is being pro- addition of £970m. compared 
jected. with the last White Paper. 

The addition to programmes in 
Shortfall 1978-79 is £ 1 . 6 bn. compared with 

kJjJvM.ai.au a year ag0> an( j this is partially 

The Treasury now estimates offset *>y a £275m. reduction in 
that the volume of public spend- ^®£. ontmge ° cy r eser ve and a 
ing in 1977-78 will be £2.4bn„ or £500ra - cut in estimated debt 

«.£?:« sus. rav » *«■ «shl ■» 



1977-78 
as in 

last year's as 

White estimated 
Paper. now 

1978-79 

1979-80 

1980-81 

1981-82 

Expenditure on programmes: 

Central government 

Local authorities 

39J572 

15.407 

38^33 

15,165 

41555 

15.493 

41,980 

15,719 

42.418 

15590 

42570 

15,992 

Total general government 

Certain public corporatiom(') 

54,979 

993 

53598 

922 

57,148 

95 2 

57599 

7512 

58508 

1502 

58562 

1515 

Total expenditure on programmes 
Contingency reserve 

ssjm 

750 

54520 

58,100 

750 

58511 

1500 

59510 

1,750 

'59577 

2500 

Total 

Debt interest 

54,722 

2500 

TJ90Q 

58550 

2500 

60511 

1500 

61560 

1500 

61577 

1500 

Total public expenditure 

59.222 

56,220 

60550 

62,111 

62560 

63.177 

Total programmes, contingency reserve and 
net overseas and market borrowing of 
nationalised industries 57,247 

54550(0 

58550 

59511 


61527 


£ imEBon *£ 1977 survey prices national income. 

14 The Government want to im¬ 
prove and in many cases, expand 
the provision of public services, 
and will do so as circumstances 
permit: but they do not intend 
to set up plans which go beyond. 
what the economy can safely be 
assumed capable of sustalntog. 1 * 


Overseas 


(’) Corporations whose capital expenditure is included in public expenditure; mainly the water authori¬ 
ties, the housing corporation and the new town development corporation*. These corporat i ons do not 
include the nationalised industries. 


—■a drop of 43 per cent, on the described by the Treasury as 0) Net of £559m. proceeds of sale of shares in BP. 


outcome for 1976-77. 


firm plans ~ and they will pro- 


The ratios of total public ex¬ 
penditure, and of general Gov¬ 
ernment expenditure on grads 
and services, to Gross Domestic 
Product ore estimated to have 
been 44} per cent, and 28 per 
cent, respectively, in 1976-77. In 
the period ahead, they are ex¬ 
pected to be lower. 

The White Paper focuses 
attention on a planning total 
which excludes debt interest but 
includes total net borrowing by 
the nationalised industries (not 
just what the Government lends 
to them). 

Over the next few years, the 


Even if the once-for all pro- vide the basis of estimates, cash uver me hew i««* u*v 

ceeds of the BP share sale lumts and 016 support grant, with an even larger rise in the puttee, the White Paper includes txibusioa. enables the Govern- industries are due to repay sub- 

(£559m.) are added back to the _* _ jJfestrative - . projections_of ment now to plan for resumed stantisd amounts borrowed front 

^ ----- - .. and continuing expansion of overseas lenders in the mid- 


Subsidies 

n um p terms uemjuiure uu kuuos auu huviixs «uiu «»euub up lu mivqu uoacu _____, . io—<v. u- l.. 

at financial The White Paper shows that continues to rise slowly over the on the assumption of a 3} per ** JSrine^om toe^GovSiunenL^ 

ill Indicated the largest addition to pro- next few years. Transfer pay cent, growth of Gross Domestic P u JlV5.- espc ?^ t ? , _ r ^_ T * 3 .*. pIa . ns ro S.° g 


Within the totals, present ex- general Government 
penditure on goods and services and revenue up to 1 


diture 

based 


estimated outcome, an increase 
of 5.6 per cent in volume terms 
between the current 

year and 1978-79 is Still uxuicaucu me laraeai buuiuou io wro- «=»» jwuo. nwiiiiGi vein, jinnui v* wiusa i/uuiuuk ; —*—r-~rr.-—.— n-v,-' 

by the latest plans. grammes compared with pre- meats also increase with higher Product mdl f ate , an expansion within the T&e multing ^ 

This would only occur if spend- vious plans has been in social payments to individuals more This indicates the General SISHS* rJKSJ 1 ^ross 

rag in 1978-79 emerges exactly security payments (notably the than offsetting some continuing Government borrowing require- - enough to influence the yeawo- 

at planned levels. In the past rise in child benefits) in special fall in subsidies. ment which differs from that of ex P“o s *®° m es Pe°- year path of expenditure signiflr 

tbere has often been some short- employment measures and in The later years of the spend- the public sector as a whole bv . P| ans smst be governed cantly, and for the purpose of 
fall below planned levels as a spending on construction. ing plans are regarded as in- excluding borrowing from Governments broad eco* planning public expenditure it is 

result of the system of limits on There is also a large reduction creasingly provisional and will sources outside Government by P® 31 *® objectives of containing convenient to work with totals 

programmes. This is taken into next year, as in 1977-78, in the be renewed in successive annual nationalised industries and other inflation, reducing unemploy- which are not influenced by this 

account in the forecasts for the provision for the refinancing of surveys. But the White Paper public corporations. ment and promoting industrial aspect of balance of payments 

economy and the borrowing re- home shipbuilding lending and projects a rise in the volume Borrowing on this basis is ex- efficiency. management. 



PUBLIC EXPENDITURE BY PROGRAMME IN COST TERMS 


£m. 


At 197 6-77 p rices, including the relative price effect 
1 Defence 

Overseas aid and other overseas services 
Agriculture, fisheries, food and forestry 
Trade, industry and employment 


Share of GDP should be 
lower than in mid-70s 

THE SHARE of public spending The White Paper notes the- “The aim must be to achieve 
in gross domestic product in the progress last year in removing such an improvement; but it 
next few years should be lower the financial imbalances which cannot be assumed In advance as 
than in 1976-77, according to the proved so disruptive in 1976, a basis for planning public 
latest plans. But the growth of though the real economy was expenditure. With the current 
transfer payments in the total sluggish. - degree of unemployment and the 

is likely to keep the ratio well The discussion of the economy bonus of North Sea oil It would 
above what it was in the early stresses how uncertainty over be disappointing if a 3} per 
1970s. both the future rates of infla- cent growth rate were the limit 

. The sharp fail in public spend- tion and growth of productivity, It should bring down unemploy¬ 
ing in real terms in the current and hence of the economy’s pro- ment but the reduction would be 

financial year as a result of sub- ductive potential, pose the major gradual.” 

stantial underspending will pre- question marks over the medium- _ m 

sum ably reduce the ratio to a term prospects for the economy. KOYTOWItl? 
lower level than expected in The White Paper says that in J: ” U1 P 1 J 

1978-79. This is not discussed the 25 years to the start of the The White Paper includes pro¬ 
in the White Paper. No attempt recent recession the trend rate jections of the revenue and 

is made to project the ratio for of growth of GNP- was 2} per expenditure, and of the financial 

1977-78 onward, unlike last year’s “n 1 - t a . ^ar. balance and borrowing reqnire- 

White Paper But w the past four years out ment, of general government for 

In the first half of the 1970 <= Put has been virtually fiat, and the next three years. This relates 
public expenditure continued to there has b . een a . lmost 00 grewth to borrowing requirement of 

grow at much the same rate as 1D recorded productivity. general government (that is ■ ■ ■■ . 

in the previous decade while “ impossible to say how central and local government) 

national disposable income grew much *¥ s . absence of growth rather than the more familiar jections for 1978-80 assume exist- the experience of the previous “These account for about y’ ear a S<>. a difference of 42 per faster than had been allowed for 

very little partly because of the or Productivity in cyclical—and concept of the public-sector log tax rates and an increase In two years, but assuming some £1.4bn. of the £4Jbn. projected cenl - when tb© cash limits were set 

slow growth in output and partly 50 mbe d ? s<Jod out Put borrowing requirement, which personal allowances in line with improvement in the match rise in tax revenue between One major difference between Expenditure on new measures 
because of the deterioration in recovers—and how much it re- mditoes borrowing by nation- the forecast rise in retail prices between outturn and plans as a 1977-78 and 1979-80. The fall in Plans and out-turn was in govern- to .promote employment turned 

the terms of trade. The ratio of fle< H, ts downwa f£ *hift in the alwed industries and other public during 1978, following the provi- result of greater familiarity with the real value of social security ment lending to nationalised out less than the original esti- 

total public expenditure to GNP u ? de ,r Jying growth of product!- corporations from sources out- S j 0nfi 0 f the 1977 Finance Act the new control and monitoring contributions between 1976-77 industries. This is a particularly mate, and there was over-pnnd- 

Vil y- siae government - urn._ —„ t — —,.?*_ — systems and 1977-78 is largely accounted difficult programme to forecast ®on. for refinance of export 

for by the movement of real The 1976-77 outturn figure of credit,; unavoidable ; delays in 


1 

3 

4 

5 

6 

7 

8 
9 

10 

11 

12 

13 

14 

15 


Government lending to nationalised industries 

Roads and transport 

Housing 

Other environmental services 
Law, order and protective services 
Education and libraries, science and arts 
Health and personal social services 
Soda) security 
Other public services 
Common services 
Northern Ireland 


Total programmes 
Debt interest 
Contingency reserve 


Total in cost terms 
Less relative price effect 


Total in volume terms at 1974-7 7 prices (rounded) 
Ch an ge in relative price eff ect over previous year 


Relative price change over previous year (per cent) 


1976-77 

1977-78 

1978-79 

1979-80 

6,192 

5547 

5,759 

6519 

1.046 

1,160 

1.453 

1565 

1521 

819 ■ 

654 

606 

3,061 

1,772 

2,772 

2,457 

288 

367 

1,178 

1552 

2.758 

2550 

2513 

2547 

4500 

4570 

4549 

4,648 

2,646 

2519 

. 2.446 

2523 

1528 

1.766 

1,778 

1519 

8,169 

7,649 

7549 

7545 

7.113 

6,926 

6560 

7,175 

11,194 

11570 

I 2517 

12557 

834 

791 

784 

810 

842 

800 

804 

852 

1.673 

, 1,646 

1594 

1,701 

53,465 

50,453 

53510 

54,174 . 
1,650 ■* 

1,450 

1.650 

1,750 

— 

— 

650 

1500 ■ 

54,915 

52,100 

55.600 

57,150 

— 

-1,200 

—1,850 

-1,450 

54.900 * 

53500 

57,450 

58,600 

+300 

-1500 

-650 

+400 

+05 

-25 

-05 

+0.7 


Ur. Joel Barnett, Chief Secretary to. the Treasury. Intro- . 
' during the Government's White Paper yesterday: expected - 
growth “ leaves open the option to cut the burden of direct 
taxation.** 

State industry 
lending hard 
to forecast 

THE SUBSTANTIAL under- such overseas borrowing as bad 
shootiny of expenditure below already been undertaken when 
planned levels in both 1976-77 the figures were prepared, 
and the current financial year is In addition, both the trading 
highlighted in the White Paper, results and the capital expendt- 
The volume of expenditure on. tare of the nationalised mdua- 
programmes other than nationa- tries turned out differently from 
Used industries is now estimated previously assumed. ' • 

to have been about 3 per cent: Mimy fact °re contributed to 


—- belpw the last White Paper 


when 


the general undershoot. The 


5tpm . Qf exceeding their limits. 

- tQ tal expendi- the central government 


Oo 

pro- 


total spending, including the below those limits. In volume 
contingency, reserve, will be terms the difference was some* 
£2.41bn lower than planned a what greater, since prices rose 


at market prices increased from 


After 


noting the rise in energy S “Tie projections for 1977-78 pe ^JJj re ;fi |^ e baSd on b cmrent ^“The* 
nd the low level of in- and 1978-79 are consistent with °° ? UTe “I __ , 


projections assume 


3S per cent, in 1971-72 to 46 per nP Ctl B c 

SS t cenL 1 in 5 i97ft.“ d ^ ‘° W in the“ 7o'SiLrC'fo'r"“Se"tubK a ™*" °' f»WJ j? ea ™ ng! 


Sluggish 


£330m. was not only much lower obtaining some defence equip- 

Srior 10r bS^winT SSaSSS and“an“Tff^ “The' reason for the further 

msbk aria Saar ^ mrtSi & aaaSBRrcssr 


importance of the public sector 
in the economy as a whole. potential 
-For some purposes a more y ea r.” 
useful ratio is that for general 


3nr? ri«?no Mnrth Cpa nil ntitniit sui »io« art hggpri nn th«» aqa nm n. allowance for the likelihood that Both expenditure and revenue National Insurance runa is --■ r ~ j— - —- 

— the White Paper sav S '• In^e tion that GNP will continue to ‘2J5 I J?JS2! ir J’ ° f f SS*? dltU T« w™ esp ^ sa ? d »i t 19 ^ 6 ' 77 T)Tl ^ 8< expected to show an excess ol fnduart^^was^S’Sef bJ th?n 

This ratio is not a wholly lisht of available evidence il grow at 3* per cent and that J™*™ w, i 11 ^ or ® casts of bow* 1 ®* require- receipts over outgoings this year. issum^whiS^omSdM 

satisfactory indicator or the be imprudent lo count on- private sector^^expenditure will somewhat below the planned meats are subject to a wide but in future years receipts and aasumed » w*”™ pf owded onJy for 

. -r i.i.- f aS | er growth of productive be sufficient to produce a level level - - marpn of error since the figure outgoings are assumed to be 

*' ■ than 3 per cent a of demand consistent with that Past experience shows that this J 5 aifrerence between two roughly in balance. 

growth rate. The figures for kind of underspending varies large Hows. “Total general government 

Provided inflation is con- 17979-8Q are thus not forecasts, considerably and cannot be “The projections show total receipts are projected to rise by 
government expenditure on tained and there is some but illustrations of what might closely predicted for any partlcu- tax revenue (at 1976-77 prices) about S per cenL between 1977- 

goods and services. This ratio recovery in world trade, the be’ consistent with one assump- lar year- For 1977-78, the expen- declining in the current year, re- 1978 and 1979-80, and total 

rose from 22J per cent, of GNP economy should be able to grow tion concerning the growth of diture figures in this White fleeting the changes in tax rates expenditure by 5 per cent. Thus, 

in 1971-72 to 27 per cent, in at above its past trend rate. But GNP. Paper have already been revised and allowances during 1977. but at unchanged tax rates, the 

1975-76, and fell to 26 per cent, on present prospects a marked “The figures of revenue for downwards on this account For thereafter increasing faster than general Government borrowing 
in 1976-77. On either basis there improvement in industrial per- ; 1977-78 and 1978-79 are based on 1978-79 and 1979-80, the allow- GNP. An important element in requirement, at 1976-77 prices, is 

was a sharp increase up to 1975- .formance would be necessary to the existing tax rates and the auce represents only a very this rise is the growing volume of projected to fall from about 

76 followed by some fall last sustain a growth rate above 3} levels of personal allowances an- broad judgment about the pos- tax and royalty revenues arising £5{bn. in 1977-78 to about £4jbn. 

year. per cent, oven the next few years, nounced on October 26. The pro- sible outcome, having regard to from North Sea oil. in 1979-80. 


Continued on 
Next Page 


Big rise expected in bill for social security 


CENTRAL GOVERNMENT ex¬ 
penditure is projected to rise by 
nearly 9 per cent in real terms 
between the current financial 
year and 1978-79. 

.Within lotal programmes of 
£41.65bn. next year (at 1977 sur¬ 
vey programmes), the largest 
item is social security. 

This is projected to show a 
rise of 6.3 per cent, in real terms 
next year. Defence expenditure 


is expected to increase by only 
i per cent, next year and by 
3J per cent, in 1979-SO. 

The White Paper says 
nationalised industry total net 
borrowing (other than on a 
short-term basis) declined from 
£1.76bn. to £950m. In the current 
financial year (both at 1977 
sur;ey prices). 

The total is projected to rise 
to £1.05bn. in 1978-79 and £950m. 
in 1979-80 with figures of £lJ.5bn. 


and £850m. in the last two years 
of the planning period. 

Within this total net lending 
by central Government is ex¬ 
pected to rise to a high level in 
the next few years — from an 
estimated £42Om. in the current 
financial year to £1.35bn. in 
1978-79 followed by totals of 
£1^5bn^ £l-35bn. and JEl-lbn. 

The differences between the 
two sets of figures reflect the in-' 
dustries' net borrowing from, or 


PUBLIC EXPENDITURE BY. PROGRAMME AND IN TOTAL 

£ntu at 1977 survey prices 


Defence 

Overseas aid and other overseas services 
Agriculture, fisheries, food and forestry 
Trade, industry and employment: 

- refinance of home shipbuilding and 
fixed rate export credit 
other 

Government lending to 
nationalised industries 
Roads and -transport 
Housing 

Other environmental services 
Law, order and protective services 
Education and libraries, science and arts 
Health and personal social services 
Social security 
Other public services 
Common services 

Northern Ireland _ 


Total programmes 
Conti ngency reserve 

Total 

Debt interest 


Total 


1976-77 

1977-78 

1978-79 

1979-80 

1980-81 

1981-82 

6561 

6555 

6,289 

6,494 

6,660 

6,660 

1,188 

1551 

1,722 

1560 

1,958 

1,962 

1,133 

899 

706 

654 

649 

642- 

636 

-174 

145 

-44 

-174 

-30 

2542 

1,970* 

2598 

2532 

2509 

2547 

330 

420 

15 S 0 

1550 

1,350 

1,100 

2,784 

2590 

2563 

2583 

2572 

2554 

4*70 

4,475 

4,702 

4514 

4,948 

4,995 

2557 

2,682 

2532 

2594 

2526 

2.643 

1595 

1,906 

1,948 

1547 

1,970 

1,992 

8593 

8510 

8,102 

8,143 

7552 

8305 

8355 

7587 

7590 

7537 

7,776 

7327 

12,717 

13526 

14,063 

14,172 

14.458 

14,602 

886 

848 

844 

854 

865 

865 

896 

883 

910 

952 

986 

1522 

1,737 

1,742 

1515 ' 

1511 

1,796 

1508 

56501 

54520 

58500 

58,711 

59J10 

59>77 

— 

— 

750_ 

1500 

1,750 

2500 

56501 

54520 

58550 

605211 

61,060 

61.CT7 

1,662 


2,000 

1.900 

1500 

1.600 

57,863 

56520 

60550 

62,111 

62560 

63,177 


rtal programmes, contingency reserve 
and foreign and market borrowing 
of nationalised industries 


57,635 54,850 58,550 59,611 60,860 61,327 


Net of £559m. for proceeds of sale of shares »n the British Petroleum. 


repayments to, the market and 
overseas, and in particular the 
major programme of foreign cur- 
rency and market debt repay¬ 
ments which the industries are 
expected to make between 1978- 
1979 and 19S043L 

The precise timing of this pro¬ 
gramme is uncertain. If repay¬ 
ments were made sooner than 
assumed, that would affect the 
figures for net Government 
lending, but total net borrowing 
by the industries would not be 
affected to any great extent - 

The fall in the industries’ over¬ 
all net borrowing requirement 
after 1976-77 marks an improve¬ 
ment in the financial position of 
mast of them. After the deficits 
caused bv price restraint in .The 
early 1970s, most of the Indus¬ 
tries are now profitable again as 
a result of the progressive return 
to economic pricing. 

They are therefore able to 
make a substantial contribution 
to the financing of their own in¬ 
vestment. which is expected to 
amount to about £3{-bn. in 1977- 
1978 and in 1978-79. It is part 
of the Government’s medium- 
term expenditure strategy that 
this improvement In the indus¬ 
tries’ financial position should be 
maintained. 

The White Paper also high¬ 
lights the efforts made by local 
authorities to rein back current 
expenditure in the past three 
years. 

A year ago it was still feared 
that the adjustment was not 
being achieved as quickly as the 
Government had hoped, and that 
an absolute reduction in the 
volume of expenditure might be 
required in 1978-79. In the event 
a rate of growth which had 
reached nearly 10 per cent In 
the 1974-75 has been succeeded 
by an increase of only about hall 


that amount over the whole of 
the following three years. 

Current expenditure by. local 
authorities is now estimated to 
■have risen by only just over 5 
per cent to £ll.S4bn. during 
1977-78 (at 1977 Survey prices). 
The capital expenditure of coun¬ 
cils estimated to have declined 
by nearly 22 per cent, to £3.08bn. 
this year and by 36 per cent, 
compared with 1975-76. 

It is no longer necessary for 
the total volume of current 
expenditure to be cut in 1975-79. 
After taking account of demo¬ 
graphic factors and of the con¬ 
tinuing revenue effects of capital 
projects, there will be little scope 
for improvements in the level of 
service provision, and continued 
restraint in local authority 
spending plans will be necessary. 
However, the rate support grant 
settlements for 1978-79 provider 
for some resumption of growth 
in the total of current expendi¬ 
ture, up 1 per cent, in real 
terms. 

Similarly, last year’s plans for 
the capital expenditure of local 
authorities also provided for a 
reduction in 1978-79 compared 
with the current year. Now It is 
possible to look ahead to a small 
increase (of 6.4 per cent.) follow¬ 
ing the special measures to assist 
the construction industry an¬ 
nounced during 1977. 

The figures for total public 
expenditure include debt 
interest. Last year, a new con¬ 
cept of debt interest was intro¬ 
duced, including only those 
payments which have to be 
financed from tax on further 
government borrowing. Pay¬ 
ments met from interest receipts 
os money lent or For which pro¬ 
vision Is made from trading 
surpluses or rents, are excluded. 
There has been a significant 


reduction in the estimated level 
of debt interest as a result of the 
fall in interest rates and the 
lower public sector borrowing 
requirement projections. 

For 1977-78, debt Interest (on 
the new definition) is estimated' 
at £1.9bn. (at 1977 survey 
prices), which Is £600m. lower 
than in last year's White Paper. 
For 1978-79 the estimate is now 
£2bn.. a decline of £500m. The 
total of debt interest Is expected 
to decline in real terms in the 
later years of the planning 
period after'the sharp rise of the 
lost few years. 

On the old definition, total 
public sector debt interest pay¬ 
ments are estimated at £?.4bn. in 
the current financial year and 
£7.5bn. in 1978-79. 

An analysis in the White Paper 
shows that balance of spending 
by economic category is noi 
expected to change much over 
the planning period. Current 
expenditure on goods and 
services, which now accounts for 
nearly half the total, continues 
to rise slowly. . 

Public expenditure on fixed 
'Investment increases over the 
planning period but remains 
relatively low compared with the 
years up to 1975-76. Most of it 
is construction' work, and the 
extra spending on construction 
announced during 1977 means 
that a steady level of direct 
public spending on construction 
in the next four years is now 
planned, ar about £4£bn. a year, 
if construction expenditure by 
the nationalised industries and 
housing associations is included, 
the total planned level of public 
spending on construction rises to 
some £6}bn. in 1148-79 and con¬ 
tinues at a similar level through 
lo 1981-8*2. 


SUMMARY OF CHANGES SINCE LAST WHITE PAPER 

— — —■—— -£nu at -1977 survey prices 

March 1977 Budget measures 
Employment schemes( 3 ) 

Inner cities (construction) 

Effect of tax changes on child 
benefit tax. offset 

1978-79 

+66 

.+74 

+4 

1979-80 

.+* 

'+4 

1980-81 

.+4 

+4 

Statement of 25 May 1977 

+144 

+10 

+8 

1977 uprating of serial security 
benefits 

+120 

+1 20 

’+120 

Statement-of 29 June 1977 
Employment measures 

Associated education expenditure 

+131 

+4 

+200 

+12 

+198 
+ 18 


+ 135 

+111 

+216 

Statement of 15 July 1977 



- 


Electricity- discount scheme 
Additional assistance to industry 
Extension of eligibility for free school 
meals - 
Child benefit 
Construction 


' '+3 
+14 

+» 

+374 


+H 

+32'. 

+308 


+? 

+» 

+302 


Statement of 26 October 1977 
Construction 
Overseas aid 
Assistance to small firms 
Law and order 
Education, science and arts 
Health authorities 
Local authorities, personal social' 
services 

U prating of mobility allowance 
Effect of tax changes on child benefit 
tax offset 


+361 


+356 


+340 


’+369 

.+200 

+20 


+2 

1 — " 

+ 10 . 

+ 11_ 

+10 

+10 

+12 

• +12. 

+6 

+6 

+14 

+18 

+14 - 

+ 14 


Other announced changes 
Other changes 


+457 


+ 1 » 
+10 
+12 

+6 
+ 19 

+14 


+271 


Total changes to programmes 
Change to contingency reserve 
Total change 
Change to debt interest 
Change to total public expenditure 
Total change to programmes, 
contingency reserve and net 
overseas and market borrowing 
of nationalised Industries 
Summary of changes . 

Current: good* and services 
subsidies and grants 
Capital: goods and services 
grants 

net lending to nationalised 
industries and some 
other public corporations 
other net lending and 
__capital transaction_ 


+165 

+23 2 

+1.414" 

“275 

+1,339 

-500 

.+839 


'+970 

+144 

+868 

+424 

+118 


+319 


+ 155 
-34* 


+137 

+937* 


+.1,090* .+1,830* 


-259 


+136 

+1,043 

-141 


+43 

-3'' 


+514 

+1300 

-101 

—20 


+50- 

+87 


+U14 +1,090* '+1A38* 


* Exdudes refinancing of home shipbuilding lending and fixed rate 
export credit*, government lending to nationalised industries and:debt 
interest for which no estimate* were published in Lat White Paper. - 






15 




DEFENCE 

The soldiers press for more 




PUBLIC EXPENDITURE BY SPENDING AUTHORITY AND ECONOMIC 
. CATEGORY AND IN TOTAL 

- '• _• fin. at 1977 survey prices 

■ • ■ 1976-771977-78 1978-79 7979-80 1980-81 1981-82 


■Central government 
Current: 

. Goods and services—. 

' Subsidies and grants —.1.—.. 

Capital r 

Goods and services'.... 

Grants ......... 

Net. lending to nationalised industries and 
other public corporations .. 

Other, ne t: lending arid capital transactions. 

■ - Tota lexcluding debt interest .... ....... 

Local authorities _ . ~~ 

-Current: 

Goods and services... 

Subsidies and grants ' . 

Capital: 

Goods and.services .. . . 

Giants • .......... 

' ' Net lendin g and "o ther .capital transactions "!!!! 
.. - - Tota l excludi ng debt interest !7!7!7!!!!! 
Certain public corporations. ™ 

Capital:-•• -.••■*.- 

Goods and services .. 

. Grants .... 

Net lend ing and ot her- capital transactions . 

‘ Total ~... 


_ 16.187 16,381 16,626 16^46 17,267 17,431 

....... 18.789 18.969 20,024 20,103 20,489 20.624 


1,518 

1^47 

U93 

1322 

1,450 

1319 

1,418 

1393 

1393 

1396 

1.415 

1311 

552 

945 

727 

-459 

1,737 

499 

1397 

322 

1,678 

300 

1,418 

371 


39J3& 28J33 41,655 41,980 42,478 42^70 


10,789 

10,792 

10307 

10,997 

11,085 

11,157 

1,136 

1347 

1355 

1300 

1340 

1364 

3380 

3,016 

3.132 

3,194 

3320 

3315 

128 

157 

229 

240 

241 

241 

-16 

-47 

-30 

-11 

5 

14 


15,916 15,165 75,493 15.779 15,290 15.992 


970 890 869 878 868 877 

4 6 8 8 8 8 

72 26 75 127 126 130 

1,047 922 952 1,012 1,002 1,015 


NATO Headquarters in 
Brussels, which only four 
months ago sharply rebuked 
Britain for defence cuts 
announced at the end of 1976. 
In a letter to Mr. Muliey last 
September, Dr. Joseph Luns. the 
Alliance's Secretary : General. 
said the cuts could only be detri¬ 
mental to the effectiveness of 
the country's forces “inasmuch 
as previous cuts practically ex¬ 
hausted the possibilities of find¬ 
ing savings in areas which could 
be considered as not directly re¬ 
lated to NATO." He urged the 
Government to reinstate the cuts 
as soon as possible. 

While the three per cent, 
increase will not fully rcsinre 
the 1976 cuts, it is in line with 
the NATO commitment under¬ 
taken by Defence Ministers 
shortly after last May's summit 
meeting of the Alliance in 
London. Following President 
Carter's call for a strengthening 


EipMftrTrrRF j DEFENCE spending is always a NATO Headquarters in of the West's capabilities, the The British announcement 

-3m- PUBLIC EXPENDITURE BY SPENDING AUTHORITY AND ECONOMIC sensitive topic for Labour Gov- Brussels, which only four Defence Ministers agreed io try means that five countries have 

• .««m-:' rOTJWBhi r m? r«TP/.«m/ .... ... ernments. and the decision to months ago sharply rebuked to raise spending by three per now stated they will meet nr 

v ^.^danse since- the^lsiMWlSe . CATEGORY AND IN TOTAL raise it by 3 per cent, in 1979-80 Britain for defence cuts cent, in real terms in each of the exceed the three per cent, 

ji has been the agreement ' fir>- at 1977 survey prices ’ has already provoked an angry announced at the end of 1976. five years starting in 1979. target in Ihcirnexl budgets. Thf? 

^ 'Niched by ; Nato .Ministers last : - - :- ivta-t? vm- 7 * 197^79 ivTo-gA imo-ri 0UtbUI ^ fr ? m ,. the Party5s Left i n a lelTer to Mr * Mulley last The commitment is explicitly others are the U.S.. Canada. 

J that: they should aim at =--—=-—- : —- 1976-77 1977-78 1978-79 1979-80 1MO-81 1981-412 wing. The Left has denounced September, Dr. Joseph Luns. the re f crre d to in the White Paper Belgium and Norway. V\ c-f 

,.*>■ : rwl '^crease--in defence ^ tral 2° vernn wnt.. .. the move as a surrender to pres- Alliance's Secretary-General. which provides for a Iur ^ er Germany is expected to do the 

4 ■ \\ re li° n . «T «7 sure ^ NAT 0 and military said the cuts could only be detri- three percenti inc sein !980. same, but under Bonn's 

- - - gg IgS 3 a£J IKS 2 £» JJS “ mmMderS - - “S XJ*' effectivegess of £.^ h P flJtter budgetary procedures the 

S®^ : ‘cfcterioration' in the rela c *P !ta,: ' The increase, however, falls Jjj 1win be 5 ub i ecr 10 review in the precise rate of increase will no: 

#^®^ente ^bnit?es^f Nato Goods and services....-..1,518 U9J 1,450 1,418 1^93 1.415 far short of the boost the K.K ne5rt pub,ic ^'"diturc survey be known for some time yet. 

-Jp Jffct&eTffaiS^PacL Grants .... 1,247 1322 1319 1393 1396 1311 military would like to seen in 'JlShiPhr™!* laler lhis >' ear “ >n the light nf The British decision ha* 

W 'Mm J«wrisronah Defence N Sbir ,I Shnc t ^oS!r£oI^ d ,ndust "es and * ome response to the continuing L S J? nS j d ered a^ot'dlreciiv 1 ^ economic circumstances.” This already been welcomed i»y the 

figorffl* for 1978-80 and other caoitai tra^M.'.“. oat JL lf S2 build-up of Warsaw Pact forces. , . d . NATfi" h*i lirnpH^th^ reflects the Ici-uu: clause in the Liberal Party, whose spoki**- 

revised In the —^ ^ ^.transaction, ■.945_-459_ 499_ 322_ 300_371 ^ has , # bp se( against a tattfl to NATO Be "Wj Defence Ministers* agreement, man. Mr. Emlyn IM^n. 

agreement .And they ---Total excluding debt interest . 41,655 41,980 42,418 42^70 budget for 1978-79 that has been _ nossible B allowing countries to miss the claimed that it showed another 

annual ^ Local authorities .. heavily cut over the past 18 targctifiheirecnnomiescannotsuccessfulcxampleorchcwork- 

S ^ ‘ ‘ „ noc months. Nevertheless. Mr.Ered While the three per cent. sran d the slrain. NATO, ing of the Lib-Lab Pact. Detail 

- to- review In this year’s .—. l !’IS Mulley, the Defence Minister, is increase will not fully restore however, has already made it of how the money will l»e siK-nr. 

oSSf^ gr “ ;r. . 1,247 ,t2 “ U0 ° ,l340 1,364 clearly pleased that he has man- the 1976 cuts, it is in line with abundantly dear to Britain that however, have not yet been 

UHl^E . .of-. tbe U.K.'s economic *. Goods ami.services ... 3^80 3,016 3,132 3194 ^ ,??n 3 715 aged to steer the figure he the NATO commitment under- with North Sea oil it has no worked out. These should be 

HBHv Grants ....—.!!!!!!!!!!!!!!!!!!!!!!!! 128 '157 229 240 241 241 wanted through the Cabinet. - taken by Defence Ministers excuse fnr not increasing announced m the Governim-nt's 

villi' ^'5 N«t tendin g a nd "o therjciphal transactions . —16 —47 — 30 —11 5 14 The decision, widely fore- shortly after last May's summit defence spending. The White usual Defence Policy White 

TV repeat Of the To taj cxcTu£ng debt interest . .;.:! 15.916 15,165 15.493~15 719 15590 1M92 shadowed in Press reports over meeting of the Alliance in Paper makes no projections for Paper later in the year. 

jA HBK^m*g^for l98l!^ wiilbe Certain public cor^p^ 1 -- P«t few days, has also re- London. Following President the latter pan nr the five-year n M * H naU 

in^ue cmirse in the ■*CapitaL-- . ceived a warm welcome at Carter's call for a strengthening period. Reginald Uaie 

JhM derelopineDts. in the Goods and services .. 970 890 869 878 868 877 

Uie - planned- Grants ...:.... 4 6 8 8 8 8 

IllHWijlT#IWQgrajnpie: • Net fend ing.and other-capita transactions . 72 26 75 127 126 130 EDUCATIUN 

‘ '''• y *■ '' '' '• ... • T otal " ... • 1,047 922 952 1.012" L002 1J)I5 

aid • T otal e xpenditure o n program mes - 56 J0 1 543 20 58,100 58.7lf 59.310 5*577 /f A ^"1 d 1, ^ 

i * ' v iVlore teachers on the way 

|V' -- W^mii’ttmipared with £5^n. in Debt interest .. . .. 1^62 1.900 2,000 1,900 1,800 1^00 ** 

Wfr v*,;ein^ent.financiai year (both fotal ....... 57j863 56J20 60350 62,111 62360 63.177 A BONUS of 9,000 teachers in cenL of the total expenditure— Treasury's insistence that the The While Paper aU, dis- 

!?T. / ten ? 1 * *P. 1577. Survey _ H ^^ —— ^^^»» British State schnols will be the inevitably benefit most from the provision nf teachers should be closes a Li.4 per cent, fall m the 

V— d f in - - -- most tangible evidence of a promised return to modest im- determined according to a pre- net cust nf school meals, inuii 

-■to^Se m SSdilv hJ compared with last yearis White figure of £L17bn in 1976-77 and Total expenditure on education budgeted rise of 4 per cent, in provements." And while there ordained ratio to the number nf £453m. in 1075-76 tn £397,n. this 
. ^ \|p«- cent, a year thereafter, so Paper with net additions ot £68m. £lJbn. in 1975-76. and libraries is estimated at recurrent spending—from will be more money for school pupiis. The DES is quietly dc- year. Local authority economy 

j^S wt - by 'lP^-l-82- it is planned to ■™ 2978-79, £35m. in 1979*80-and Estimates are Included of the £7.65bn. in the current financial £7.5bo. this year to £7.Sbn. in books and suchlike and pro- lighted that the teaching force campaigns have proved more 
..... -' . vSJT'oveir .40 per cent larger in *38m. In the foil owing.yea:. capitalised costs to local autho- year, rising to £7.73 bn. in 1978-79 1981-82—on education including vision for a good many more will no longer have to shed staff effective than the DES expect e. I. 

‘ ' Jume terms-than, the estimated includes' the roai and rities and the Land Authority for and £7.77bn. in 1979-80, and libraries, civil science and the students on sub-degree courses now the child population is Tall- The 25p charge fur a school 

t-turn^for the current financial transport element of _t4e assis- Wales of purchasing land and slightly higher in the last two arts. Annual capital expenditure in further eduction, the major ins as fast as it added them dinner, however, still cover- 
Ttolarv j,. ({lJ . -1 "ar. • ^ ce l ° *be consmi^cnpn m making it available for private y ears ° f the planning period. i 5 set to fall from £529m. to share will go to making the when pupils were increasing. only half the average i\i>r of 

h,i«* I’-'i*. r ji M l R i r ,B!Tbe . Government thereafter Qf thfi increase ^ been development in their areas. £473m. - teaching force nearly 2 per cent. The other 1.500 jobs will be providing it. and the depart- 

lum i.. ;l;1 ,'j. . ““Umicd progress a j locale[ j t0 | 0cal roa cl-bnilding Tbe estimates are net of Health Science funds are to have an bigger than was previously in- additional and arc intended to ment is keen to reduce this sttl*- 

Jltoi ■ % U^*'*£J? TS *12-utl mere hav, also b«n d.«.g« "W from IMd disp^ds The __ . , extra £4m. . year, the first tended. benefit “ disadvantaged " sidy. A further Incl-eate tn the 

jfional Product, which the^J in lbe level of sn PP° rt for tfae ijjj? projected to increase P SQC - , s-rvic-g has b een annual injection being for con- About 7,500 nf the posts children, allbough central gov- charge this September evidently 
~rn Lve accepted in principle but *S? P iS to £Mm te IOTAS’ increased compared with the Iasi struction projects, as announced represent salvage because the eminent cannot order local cannot be ruled out. 

-J J ithout commitment as to the 1 5“f“ ,, r rSSinJioiiM £S3m in 1979^0 and £10’m. in White Paper—by £lllm. in real in October. But education—with Department nf Education and authorities huw to spend their 

which It w be capable Si lWt tio^rs of ie^iaS terms in imn mainly as a libraries, accountmg for 96 per Science has overcome the educational funds. Michael DlXOn 

, uu5uj iS « ro(BciiL d„ e] n,nsp ' rloi - i^awam ... . 

■ , U ^ban programme SSKSK. ! AID, OVERSEAS AND EEC 


DEFENCE spending is always a 
sensitive topic for Labour Gov¬ 
ernments. and the decision to 
raise it by 3 per cent, in 1979-80 
has already provoked an angry 
outburst from the Party’s Left 
wing. The Left has denounced 
the move as a surrender to pres¬ 
sure from NATO and military 
commanders. 

The increase, however, falls 
far short of the boost the 
military would like to seen in 

response to the continuing 

build-lip of Warsaw Pact forces. 
It also has io be set against a 
budget for 1978-79 that has been 
heavily cut over the past 18 
months. Nevertheless, Mr. .Fred 
Mulley, the Defence Minister, is 
clearly pleased that he has man¬ 
aged to steer' the figure he 
wanted through the Cabinet. - 

The decision, widely fore¬ 
shadowed in Press reports over 
the past few days, has also re¬ 
ceived a warm welcome at 


of the West’s capabilities, the 
Defence Ministers agreed io try 
to raise spending by three per 
cent, in real terms in each of the 
five years starting in 1979. 

The commitment is explicitly 
referred to in the White Paper, 
which provides for a further 
three per cent, increase in 1980- 
Sl. The latter figure, however, 
will be subject to review in the 
next public expenditure survey 
later this year “ m the light nf 
economic circumstances.” This 
reflects the lci-ou; clause in the 
Defence Ministers’ agreement, 
allowing countries tn miss the 
target if their economies cannot 
stand the strain. NATO, 
however, has already made it 
abundantly dear to Britain that 
with North Sea nil it has no 
excuse fnr not increasing 
defence spending. The White 
Paper makes no projections for 
the latter pan of the five-year 
period. 


The British announcement 
means that five countries have 
now stated they will meet nr 
exceed the ihrce per cent, 
target in their next budgets. Tho 
others are the U.S.. Canada. 
Belgium and Norway. We-r 
Germany is expected tu do the 
same, but under Bonn’s 
budgetary procedures the 
precise rate nf increase will not 
be known for some time yet. 

The British decision ha* 
already been welcomed by the 
Liberal Party, whose spokes¬ 
man, Mr. Emlyn llin^un, 
claimed that it showed another 
successful example of (he work¬ 
ing of the Lib-Lab Pact. Detail*. 
nf how the money will he spent, 
however, have not yet been 
worked out. These should be 
announced in the Government's 
usual Defence Policy White 
Paper later in the year. 

Reginald Dale 


EDUCATION 


1 More teachers on the way 

130 0 ** 

63.177 A BONUS of 9,000 teachers in cenL of the total expenditure— Treasury’s insisience that the The While Paper ;,l-u rita- 
British State schnols will be the inevitably benefit most from the provision of teachers should be closes a 12.4 per cent, fall m the 
" most tangible evidence of a'promised return to ” modest im- determined according to a pre- net cost of school meals, inuii 


idustry 


hard 

asf 


J UB 1 US reacneu. Thorp haa heiprr <ripniftrant nine nprinrt r «u,i aumuonai cunairucuou 

In 1976, U-K.- official develop, re^ti^STthe 8 P * spending* and the withdrawal of 

ent assistance represented 0.38 main raadoroajS^e Urban nrtwamme the National Health Service road 

ir cent, of Gross National Pro- "Sr^wnphfta™’motorway UrDan Programme traffic accidents charges scheme. ■ 

ict. There has been substantial trunk road programme As part of the Government's The White Paper estimates that ._ 

iderspending below previously spending was £ 4 lmJless than policy for the regeneration of U p until the early 1980s current rTll 

anned^leveU In both the last estimated in 1976*77, when there loner city areas, the urban pro- expenditure on the hospital and ■ HA fTi 

id current finance! years—of WB re unfavourable weather con- gramme has been widened to community health services will .. ■ lift - " I 

/ per cent, and 6g per cent, ditions. cover economic and environ- nee d to grow by around 1 per 11V W 

.■spectively. . In the current yjeaiv-expendi- mental pipjeds as well as social cen t. a- year, merely to cover • - ^ 

. . lure is also expected to be about projects and substantially in- the effects of demographic Tff&£26M iTu>r«»a«A in thp 1 Q 78 - 

kencuture £40m * below provision at^438m.. creased from its 1976-77 level of change and to make some 

I™ ^ , v, P'arUy because of deUys to the under £30m. to over £115m. from allowance for the cost of con- ^foreign aid programme goes 

Expenditure plans are roughly start of a number of. major 1978-79 in England and Wales, stantly improving medical tech- onI y J ust over haif wa ? towards 

-je same as set out last-year with schemes. In Scotland the urban pro- niques.' ' restoring the £50m. cuts an- 

-ae exception of certain food sub- Expenditure on motorways gra mme will be similarly ex- F™»niiitiir»» nn ™.«onal Kocial b 7 the Chancellor in 

-idles which have been slightly a0d trunk roads is projected to pan dS from under £4m. in 1976- se ^es nee^ to srow at December 1976. That, from the 

There ^al^crS ex rise 10 ^ ? .iKLrtS 1877 to about £20m. by 198081. *^ 2 ^er cent a vear in ^^try of Overseas Develop- 

• elditure in 1978-79 oTmarket t^oUo^neWA^ 1 A * Spec * ial °J? “fit 1 Particular because of the grow- ment’s point of view, is the bad 

regulation uMer the Coutraon '“LiS, aufboW^ MMOfiiture IS 0 ”^™™= f In e i£e rIy PC ° l>!e "IS’jlSim™ 

lencultura] Policy, partly offset j»n transnort in Great- Britain in .t ,* na iSGs-re enrougn xne and or children m care. mitment that tfae aid programme 

^-increas^-retSpKtom^the EflESi. .OmlL tte Progremme pro- will thereafter rise steadily by 

SC.' the level forecast ip last-year's ^8®®* allocated durin CT 1977 for vides for this minimum growth. 6-per cenL a year in Teal terms 

WhltI V paph^ C Late»t Estimates aM rt ^AnL 8 ^H i -nla^v l in 0 lflfflUS*^ 01 ^ figure slightly higher than 

industry jobs r -ff“g* SI?a^utV.crigtauy 

The main change in these pro- bit, the. current,,pending will irheT^to^eTieif'“White Paper says that 


AID, OVERSEAS AND EEC 


The good news and the bad 


U.K. CONTRIBUTION TO EEC BUDGET 

(latest estimates) 


ra dimes com pared with previous be below planned levels. -.-— -—.-- - - 

;.-iiahs is a £237m. reduction. In - Reflecting the new transport mg of priorities within existing tinmediale pressure on services, this rate of increase should 




£m. 



Gross 


Net 


contribution 

Receipts 

contribution 

1973 

181 

79 

102 

-1974 

181 

150 

31 

1975 

342 

398 

-56 

T976 

463 

296 

167 

1977 

750 

335 

415 

1978 

1,120 

460 

660 

1979 

1335 

470 

765 

1980 

1320 

490 

830 

1981 

1380 

490 

790 

1982 

1395 

495 

800 


Property Svrvu-o Ajciify 
originally warned to spend on 
the upkeep ol emba-Nios and 
housing. The incrca.-c partly: 
reilcels reduced rusts m 1P77.7S, 
when a mnratnrium on butUiuu 
saved £4m. The While Paper 
says provision for diplomatic 
service manpower has been 
reduced by about £lm. a year 
from 1978-79 onwards “as a, 
result nf a revision o[ future 
staff requirements.” But it 
points out that future spending 
will be subject to the Govern-, 
ment’s decisions nn the Think 
Tank’s report on Britain's over¬ 
seas representation. 

The same goes for the over- 


,97879 in the provision for the policy,. expeqEuture on local expenditure programmes supple- Planned capital allocations have mean that the aid programme mmmM , , ———«— 1 11 seas representation, 

efinancing of home shipbuilding transport is ejmected to increase mented by £20^Jm. of additional also been increased. # . will by 1980-81 be over 40 per „ oe - s f 0r over . 

?nding and fixed rate export by £33m. inr J97879. rising by resources from 1979-80. cent larger in volume, than the Britain’s contribution to the £20m. higher. In the subsequent information orn^nmme 

■ redits following the renesotla- £81 m. at tip Wd of the derade. Although the tn ajor part of Welfare . estimated figure of \ 1977-78. EEC budget are already out of years, the net contribution will *.. . thp bbc< evternaL 

; . lonof the arrangements with the compared v-with the last White this provision is within the other • “The Government therefore ex- date a s they lake no account nr be down by amounts ranging J 

. , ,-anks. There are also some Paper. / . .environmental services pro- The general pattern of *odal ect 00 ^,,^ ss towards .Tth! »J.!Znlj frnm £10m t ^0 £ 30 m as a riult sen,ces ' 

. . ,".'dditions from next year on- TY ' / -gramme, some provision for security benefits has not altered S:' Na5on^5d^tw™t ? ec , 5,ons the Brussels suroran frmr Em » ™ share D f British Ci>uncil espen* 

, ...j/ards in expenditure on employ- Housing roads and transport, education from a year ago but the increase ™ e « eent orGNP Which ! ® sl ™ on - th °, n J. he i U I! e , S J f SL«n«ii JLI rSurat! diture - Fnrei - n «»f«nna- 

v . ... . ... aent measures. . . ; T u blic expen diture on and health and personal social »? spending compared with pre- JJJ p **“ nL Seeeoted Re S ,0QaI Pund and the in ‘ Rc Sinnal Fund and reimburse Uon slaff and suppnrtin: , 

■ „ mism fs.v«.i vBV p i jtbu s srasayrsm ™ -rrr,r^S: 

' •*’ :.:$&& °^WdSd?2piS a, tfthJ gSrtta-.ttaM White Pget vaM functional Programmes. .j“ p^^y, offices ££ beca^Jf ? ctions ' t T . he pob L^ e ? , p HMSO. The White Paper shows 

n. -. • • / 13168 0n ^ State industry • &?g wriod er ,MrS ^ ** SewS?men t r er ftltUre GNP ^nded in'the light of the repr^entation will ° rise'Trom whic^Still^ 

'»•••• ' ‘""d take account of the expected __ pr , rt i ne , s h Vm • U__ s . , .„ nrf} __ w v The total change in social Qf the Western industrialised su™™! 15 decisions, released by fi56m. in 1977-78 to £163m. in the same as in 1977-78. falling 

-’.SSSSI * 1977-78 and - l0aa l*eiy. to Se ?ead^Iy comp£S alSd ^dnlffi^ll project^S to ^^ countries, only the Netherlands, the Government yesterday. i 97 879 and £172m. in the fol- , n £7Im. thereafter. The BBC 

1 : " irndersDent in lF78 With'the .current financial year, ru* only fractionally from SSJSL’SJflSE SSom! Sweden and - Norway have The new figures show that the lowing year. The coming years external service, ir points out. 

f^Tl vear of onera- There was a shortfall in total f3.49bn. to £3.58bn. between the Jlf^i^San «n di98oll resoec! reached the UN target. Britain, summit’s outcome should reduce increase, partly accounted for currently broadcasts in English 

i V:!{:illli'u | S(! n 1K or j n( »p a ]iy y because the bousing expenditure of around current financial year and 1978 L j v at o.38 percent, in 1976, is way the U.KL’s net contribution.com- by a bigger contribution to the an d 38 other languages for over 

\<’Vf f'jiV eauirements of. its major su8 P 61- rent % in ^ 9 ?' 6 'I 7 . ^J 9 ;, T , he Projected totals ror the ^ d , ^rity budget is down the international league pared to the White' Paper esti- UN Emergency Force In the 700 hours a week. 

V fcUarles anS the demaoil hJS erjeeted^Vo rl« from £13J3bn. table. mates, in every year except Middle East, is in spile nf redne p ■ ■ 

_jidustry for assistance under the I^Js_expect^d to be ,. ^A-p-Wba but die figures for in ^ e curren t financial year. The White Paper's figures for 1978, when it is expected to be tions in the amount the KCginald L/ale 

---Machine ’ tool stockbuilding SLi U n ter eXClude Bnnsh almost exactly as planned, up to • 

• .-.^7 WHit! r cbemeB were substantially less *This_ os mainly explained by steel. Corporation. . £l4.06bn. in 197879 and fl4.17bn. 

.*. I®’' Vi.!. « -MnciiiDnMp a result "of lower interest rates, exDenditiire^on fixed assets is ^frv:. > .... HOUSING AND CONSTRUCTION 


The White Paper's figures for 1978, when it is expected to be tions 


amount 


Reginald Dale 


Only slow growth ahead 


-IhMantiditet^ : reduced spending on subsidies, as sete 'largest increase ip following year . UnilCIhir AMn mMCTPlirTION 

'• ,e ' "Sei?hS been' considerable a result of lower interest rat^, expenditure on fixed assets * . tJJ. contains a separate item HOUSING AND CUNSTKUCTII/N 

■cy-ii ephasing' of Government ex- J25®* llt SL.SS!J , “ SIS” 1 ! 6 K 016 ener ^-!° dl1 ^ of £350m. in 197879 and £500m. ^ _ ' _ — 

* 0 h?dMdual l^fdurtries^^^flras a1 ^ ve j? ^£ 23 £L59h ^ Q nbi^^thiTSfowing^^'ea 3 ^ 1 \T & 1 #^’1717 gTfV| CJk Vft A€1 fl 

- f ave« vjiiiy slow growiii aneau 

V^orecast mainly .berause Indus- b J^^ ri “° f s jjj t 78 benefit levels. This is because •/ ' w 

roffit of kmnarly reducedl,tion . are expected to increase EXTRA SPENDING on con- White Paper paints a pjeture of ture figure of £4.47bn. repre- The White Paper shows that 

was S SvSro estimates of subsidies and pf their expenditure sharply (in to raise pensions and other long- struction announced during slow growth from 1977-<S on- sents another, though smaller, gross public sector housing 

hanhad been exnected, increased capital spending. each case more than double tfae term benefits at least annually in 1977 in an attempt'to soften the wards. The figures reflect the reduction on the original investment in Great Britain by 

'3„. Tbe result is that spending ■ rbe detailed figures for the current year totals by 1980-81). line with earnings (or prices if blow of the current recession extent to which Ministers have budget. This Is mainly accounted local authorities, new towns and 

an selective assistance is ex- ^ ter a: T® described as . a * in contrast, little change is they rise faster), and the main means that a steady level of become alarmed at the reduc- for by reduced expenditure on housing associations will grow 

;.v lected to have been only £90m. m ® r ®. than e7e ^J® n l a “.’® in the spending of Uie short-tenn benefits in tine with direct public spending on con- tion in housing investinent and subsidies expected as a result from £2.4Gbn. this year (against 

,md £91m. respectively in ' ar struction in the next four years output but also underline their of lower interest rates, partly £2.79bn. in 197877) to £2.64bn. 

>nd 1977-7S. , . . Gree ” Papers m mriace mas V° n is P l > IU,ed » »»°“* «-Sbo. a desire tn see a gradual improve- offset by increases in construe- in ,978-79 and tu £2.74bn. ,n 

:>! But a nse to £166m is pro-‘““■J'E- ^j- - ; 197SS j‘"““fr 1 ®- SS2S!^r p SSS!f,7 fS year. ment in the situation, rather tion programmes announced , 979 - 80 . 

Education «•««*» _. „ j,The document also spells out 


ind 1977-78. ' “ houdng Creep Papers are con- or-. ef the surface transport 

Bat a rise to £166m. is pro- 5n 1979^0 

iected next year, but the total an T 0ta lflS ^T ^ nrojected^ai 
:s then expected to fan. back to. « 2 t m p, SS? than* “UCatlOn 


- ^ r n : 72 

7, 'iSSid* 0 ' ' y?ars 0f P Housing P subsidies are pro- although there 

cm- 3 «ted to remain Bat from 1378 ^Provtog the 


inflation adjustment inherent in involving other areas, such, as According to the White The minor downward adjust- 

.. -ri . a_;_ i__-_:__a flien, u,_e- e ehnrtfill in ment enntainail in vV... 1 OTB.TQ 


The document also spells out 


planned 


ineiTlntinn itrmrntjprttPTilc in local auLIJUi-HJes ^ cuuuuuu \ ‘ I IU.WU in liHO-IV DBIUfK UeCIlU-; 

-it' hMlThand from £L78bn this year to £l-^bn. the growing numbers of 16 to 19- ing to 630,000 in the following 

" 197879 and just over £2bo. yeawilds and others who are year. . 

" ™!3™ ri nr?dv isSi sewi^ ia 'the remaining years of thelike^ .to seek non^dvanced This Is described as merely ai 
nr Fnprev itself Pining period. : ^urtiier education. working assumption and is not an 

' ™ ItepartmMf or MWgy mite Papei . also contains , The pupil-teacher ratio is. for unemployment forecast since the 

S?n h8s a 510311 01 estimates of the tax receipts example, estimated at 19.4 in the percentage of the unemployed 

programme. forgone -through relief on more- current financial year and should receiving benefits varies^ This is 

D j . j . nnnrf gage interest for owner-occupiers, decline to 18.9 in 197879, 18.6 because unemployment benefit Is 
! Koaas ana transpon This total is projected • at in. 1979-80 and 18.3 in the a short-term basis and those out 
the chances io expenditure on £1.05fan. in the current flnan- remaining two years of the of work for a longer period 
this programme are fairly minor cial year, slightly lower than the. planning period- would receive other benefits. 


with expenditure on similarly reduced estimates of I 1 ™ 0 !? 3 iSe !? .. ,n dusiries. In 
al programmes and subsidies, again offset by -some a further rise of 4 per 

below original esti- increase In capital programmes cenL is envisaged. 

announced as part of the efforts ... , , ... 

r8, the total expendi- to stem the recession. JVUCliael LSSSClt 

TRANSPORT 


Underspending on the roads 


State industry lending hard to forecast 


this programme are fairly minor cial year, slightly lower tnan tne planning period. would receive other benefits. EFFECTS of the Govern- last night about these Agues reconstruction of the National the observation in the White 

meat's policy-review on trans- which, some said, were evidence Freight Corporation is shown at Paper that current spending by 

" r - ' ' port, combined with the impact of incompetence by Department £50m. over the next four years, the authorities this year will be 

Continued from pass 14 of a moratorium on trunk road of Transport officials who had but grants to British Rail will below the planned level. That is 

r ° spending in the early part of not kept a steady flow of pro- be reduced slightly during the a reference to the dispute be- 

- _ "ti • ” ' 'l 1 j £* a last year * haTC caused substan- jects moving through the plan* period from £476ra. to £452m. tween Mr. William Rodgers, the 

C4>n4<A lvaniicfn? 1 lAfinltin 1 rfeOT"fi tA mrDPQCl tXaJ underspending in the motor- ning pipeline. One apparent anomaly in yes- Transport Secretary, and a num- 

nlllLc H1 11IIJ Li V ICUUlllU llill 11 Ivf llfi CLAiJi ■ way and trunk road budgets. Total resources available for terday’s figures is the freezing her of rural or “shire” county 

** Yesterday's White Paper refers roa d building, reduced in of spending levels on local road councils about the extent oE 

Fnr 10777 ft fha volume of initially,' and refinancing of .eat-in'defence works and procure- of departments that the volume ro delays caused by unfavour- tfj e Transport White Paper in maintenance at £468ra. to their support for bus services. 

ARi ner nort and ahibbuildlne credit, ment programmes and, in some of their expenditure over the able weather conditions in push- favour of increased spending on rother than making a One county, Oxfordshire, has 

spending is estimated t 1 p' ® nartlv owinc io^the ueW caw®, flraier estimates of^xpen- full year will be somewhat ing expenditure £41 m. below ^ revenue support, are now SSOttL cnt (at 1076 prices). This, cut off support to its local 
cent, of the last White Papers wmen, parity 0 * 0 . . , diture in 197877 have led to nearer the initial plans. For estimated levels in 197877, hut expected to remain fairly con- according to the Department of National Bus Company operators 

provision for programmes apd arrangemeolsj«to revised estimates for the current local authority current expend!- in the current year a £40 m. s , ant UD l0 tv, e eod of igei^. Tronsport is merely due to the entirely. Others, too, are uh- 

contiogency reserve, in addiUon, w«d toTs year yB ^ ; # ' tan the figures now given are shortfall is expected for which JT ’ ,ZZ. fact that maintenance spending willing simply to agree, a s th ey 

Sisrr s "US &sv^?sss. £ t&F&Ts ssssz 

P .« o, si as ~ a 

difference -is attributable to two The changes reflect many, per cent-.below what departments IL™* -nuhiiiw^ 011 ace support a around £155m. a year * ulbonties ^ , cas e that cutting service spending should go up. 

major items: government^ lending n» For of S..®™* S?wU?2Si unW 1882. ' SfLf" "2222I2S. T^LSSS “ •»»“»* 


major nems: Eovernmeni ieuiimg Hyai». —j.u.-.uos...y»i S ...» «»** whito u-.. , ... until 1982 ^- ... — "... 

to nationalised industries, which Interest rates have reduced tie the year. For the year as a Plans 197879 to 1981*82 f Cmiut. p0 Ii,^ i ^^ aper ,ast June - ^ foolish stewardship with 

Is again-expected to he substan- scale of housing subsidies, some whole the estimates given in this 7049 --volumes I and 11, prices There wag some angry com- The cost to the taxpayer of valuable assets. 

tially lower- than ' planned delay is still bebg .experienced/Wltite Paper reflect the belief 70p and 4235), SO. ment from the road industry the recently proposed financial What is more interesting is 


with as inefficient. 

is is Ian Hargreaves^ 




/if ' ( 





















16 


Financial Tiines Friday. Jsura&v 131OTI 


FINANCIAI.T1MES 

BRACKEN - HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finantima, London PS4- Telex: 886341/2, 883897 
Telephone: Ot-248 8900 


Friday January 13 1978 


PUBLIC SPENDING WHITE PAPER 


ECONOMIC ASSESSMENT 


Main clues to why taxes can toe cut 


IN A NORMAL year the Public White Paper of a year ago. Two ■ — ■ 1 - ' —— 

/v Expenditure White Paper important special factors are the GENERAL GOVERNMENT 

Ifllllir ■■ f-* >■ r should be regarded as the real shortfall in the borrowings o£ 

llUvI J.J.WAAJL Budget. The over-publicised J5X! Ml !“ d and - 

ritual exercise of March or April arranKemcntsfor L>muv rr«d‘tjf R *** i P |S 

il *1 • merely fills in the details of a A^from^ i.S," "mafn Jnj "■{ 

rnA AA1 UTlfT tox buTden whose size has factor is probably the effect r*£ m£otLi insurance contribution*') «j 

8 .11 FT &.ITI I IIIM already been largely determined the cash limit. Central govern- Ocher receipts 3.1 

m by public expenditure decisions ment expenditure covered by interest re ceipts_2 A 

oreviouslv made If wmilrf hp oash limits js about 3} per cen*. Total receipts SiO 

THE new White Paper on year’s out-turn.and next year. P ™1 “ d ?! below estimates. The White - - --== 

public spending addj up the This is closely in line with pro- pam fV~ rly appropriate to p aper remarks that some under- E *£*™£* „r 

cost of the policy changes jeered national growth. regard the present White Paper spending is to be expected in a ^ralttjiid sobsidicsP) T 9 J 

announced by the Chancellor The burden on the tax payers, in this light For at long last control system working with Contingency res«rvT 

in his numerous budget state- according to the Treasury, is and after much Parliamentary ceilings rather than targets, and short&ril 

meats in the last year. In that- likely to increase rather less an( j other oroddina the ““S' shortfall is taken :n‘.o interest payments 5.7 

sense it represents no further than this. The reason is that Treasury has taken a very ienta- account in the borrowing re- Total «am*ncfitor* 57J 

change in policy. The Govern- what is known as the relative „ t *f en * '*** quirement projected for the - -=~LgSS5ST* - 

ment is now broadly committed price effect—the difference be- tIve j step towards putting period ahead. Another factor 

to keeping the growth of public tween the rise in public sector expenditure and revenue has been the steeper than ex- Net fending and misedbneeta capital 

spending - comfortably within casts and inflation in general— together—albeit on a “funny Parted fall in interest rates, receipts, etc. —-U 

the expected growth of output is still thought to be working money ” basis different to that This not only reduces the debt General government borrowing 

over the next five years. This in the taxpayer’s favour, as the 0 f the Financial Statement interest item, but also the scale requirement _—7-3 

is an acceptable profile, though explosive increases in relative _ *■„_ *. of housing subsidies. 1 Indudes national health service and redw 

there is some room for doubt pay in the public sector, and c «*“ort«uateiy *or Its The public expenditure short- contributions. 

about whether this good inten- in land and construction costs, authors, the present White fall is at best a once-for-ali 3 Include* increase in book value of stocks, 
lion will in fact be achieved in continue to unwind after reach- Paper was overtaken by the effect. The White Paper has - 


- .. .I, - . .— *■■» 1877-78 with estimated total ex* measurable . productivity m- 

GENERAL GOVERNMENT ACCOUNT penditurc in 1978-73. shows a creases in many public services. 

an, at 197W7 price* spending increase of Si per Nevertheless the Treasury cx- 

--- Wfa - - ■ - ■ ~ -j-. pt-cts a negative relative price 

1974-77 1977-78 T97IW9 1979-80 . . Jftei of 0* per rent, HI 1978*79 

1 income and expenditure 34.8 312 38J, 40.4 by the nationalised industries SS,Q ire 0n * 

a-S,__ 2 S3 & u 

recipes 3.1 3.0 3.1 3-7 5ScS^elimination oi **““•** 

i5S£^?-M- 2 ~- ^the effect or rhe BP shares sales motrierly 

!^P5!_ szo 51*0 _5L4 54 .9 io 2977*78 brings the perrentage San pf? i,« SPffi 

e down further to Si per cent Jg"™ i wnuld b^ safer m 

are on good* and services 3ZS 30.2 30.4 37.4 Farther allowances for export i 0 S^reStive nrire 

ad sobsidM 1 ) 19-3 19.7 20.9 21 is credit distortion, the prediction i S Z in r.S 

!nejrres * rv * K jpublic-sector costs *ill 

e _ “J'® "”H rise less than private sector ones ^ „#- 3 

»g”g?-**-“-- 5 * 9 --« (the •! relative prire effect") "JJJf *2? 

«p*ndjrere _57 JS _55. 7 54.9 583 an allowance for shortfall SS if L ^ 

_ ~5J ~AJ r_43_ —23 reduces the increase to about woaW fa ^ # few ^ 

E and miicdbnt wii capital -a per cent. .spending decisions (such- 

etc. _ —LB —0 *8 —1*0 The White Paper takes n those looming on the horizon &% 

vernment borrowing .different route. It compares a result of the steel industry 

>cnt -7J —5-5 —5.4 -A3 public expenditure plans in crisis) not being met from the 


J73 _K.7 

-SS -4J 

-1J -0^ 


acceptable profile, though explosive increases in relative R . Ia , .. of housing subsidies. 1 Indodn futkmrf health service and redundancy and maternity fond 5978*79 and later years not with contingency re-serve for puUir 

is some room for doubt pay in the public sector, and 15111 unfortunately ior its The public expenditure short- contributions. the estimated outcome for 597i- expenditure to rise by ttie full 


mainstream Treasury 


National 

rent 


about whether this good inten- in land and construction costs, authors, the present White fall is at best a once-for-ali J Includes increase in book vata* of stocks. 1978 (as was previous practice) a* per cent, national growth rate 

lion will in fact be achieved in continue to unwind after reach- Paper was overtaken by the effect. The White Paper has -- ' but with the estimates for 1977- which is used as a working 

the next financiai year, when ing their peak two years ago. Chancellor’s mini-Budget of a table showing public expend:- ^ {t .. KMi _ 1lw „ IlWio onru ». 1978 giwn in the correspondiiig assumption, 

the two growth rates will be If this hope is borne out, the October 26 when he forecast a ture rising from 38 per c^nt .. Tnis cr> fact 11 *“ J* ot Dasica “y puouc gooas white Paper of a year ago. This It is worth noting, incident* 

very much the same. rise in costs over the coming Public Sector Borrowing Re- of GDP in 1971-72 to a peak of a Th«U*v h P nha«.d givesa ris0 of 27 P* 1 * wnt - Bul al! - v * this growth rtte is 

It is very much to be hoped year may he less than 3 per quirement of £7bn. for 1878-78 46 per cent hi 1973-76. I: projections_ stop at These aims rould be plv^d stil j not qurte dn j. nr on |y. j prt . cent, above the roti. 

then that the White Paper is a cent: hence the hope that the in actual money, compared with fell to 444 per cent in i&7fi- *^MMrha aSd ^h^Shnleo? th? iri order *° preVL ’ nt nalionaU * l!d ™ teU firowth or productive 

declaration of a settled strategy, programme is compatible with an expected £74bn. this year and 1977 in spite of the sta^na- -ELilS!^ d ’ JSu i" du str>’ borrowinsw from inflat- rapacity, and provides for a re. 

ratlier than a policy liable to a further cut in the public sec- a reaffirmed IMF ceiling of tion of national outout which Enau ^ trea ? 1 Trea !V! y ,t, devoted l ? , tax in S public spending, the Trea- duetion in unemployment of no 

frequent change without notice, tor deficit as a proportion of £8.6bn. The new White pkper p^riSes the taLSSte of approach through concentrated ob Umr^income them Iast year nut more than I00.0U1 a y«r at 

national income-or more real- is consistent with these esti- S the PS ® R financing as taxpayers, to child benefits and of ^ puhlic spcn ding defini- most, which would Mil! leave 

Zigzag course istically with further tax cuts mates, but does not take into somewhat further and then so mvch mu^,bo *J | ? ^Il, ®; other cash pa>ments to_mdm- ^ new definitiun, the total at above a million in 

^ ^sult of the zigza a course ta the coming year. account the evidence Se fiSToff at n ^S^ffied t0 ^ flr finaM ^ du , als ’ h ^ result SS* the switch nr nationalised in- five year’s time, which is a pro- 

which the Cha^Sr hS For future years the planned PSBR is again running below rentage “ wifi a^what it "f? effnrt f stiU y2L.*» ■ ?l r !dbstries from overseas to dent assumption, 

steered before the storm which 8 TOwUl raVe Ialls t0 about 2 per even the raised estimates; and was in the early 1970s.’' 5065 mto na ' l0nal income fore- distribution towards the poor Exchequer borrowing would in- The arbitrariness and political 

mw »p»n to hafe Sted.'s cent - annuall - v ’ and i4 »■ e P« ur - that tax cuts or further public 5 ca ^PS « one hand and than the present hapbaard ^ p 2 b]ic spcnilinR: „ for pur- sensitivity „f all public evpcn 

summed up in the figures for ,a 3 iD S t0 see ^ at a realistic and expenditure increases in the '1VT«44 1 public expenditure control as a industrial and housing sub- of comparison the White diturc dctinitloiis underlines 

this vear and next. Programmes risi °S provision is made for Budget may therefore be £2bn. NatlODEl self-contained opexatioia 1 on 1the tfto.. It Paper goes back to the old the need to switch attention to 

for the current vear were cut contingencies—which could in- p i USt rather than the £2bn. , other; the meagre expenditure beneficial to employment. The < j e j n | t j (in anc j includes all the fiscal balance instead 

by £ 1 . 6 bn. since the last White c ' ude ' P° lic y, changes and minus which semed likely, in F0Dt and revenue . for ‘JJSSf!-2 ?!,^1 nationalised industry- borrowing Questions about the treatment 

Paper was published, while changes in relative costs. October. This would be stxffi- ... . which we are expected to be so fpe at * bu t b> indnxduals. and to arrive at its “official" figure of the nationalised ind'istnr.v 

those for next year have be<»n 7^,1 » j cient to cut the basic rate bv ^ at th ^ re grateful are less advanced than the ensmns. tax and of 2.2 per vent, as the increase the sale of . BP shares, nr the 

raised bv about the same Ltote headroom 2p and raise the personal allow- ^1? 1 JS* ^[5$-« 111050 l °^ Ih iSfl^S aSUr H SE^^iJSU?* in expenditure in 1978-79, and aliwaDun of probable n.i.ier 

amount above the figures set Though the growth in the ances by about £100 with just V^ cut f f ^l e h r a 19 £'® 104 ^ was committed ra 19®-*0, and the an j* projects increases of around 2 spending become much less 

out a year ago. This suggests at total burden seems supportable, a little over. Indeed a 3p or J?®?. jf t hS«nnSv 9 ° B fS!t»*« Wh T IC ? a ^ te ^' anls o J t l . Per cent in two subsequent important if expenditure and 

first sight that spending was cut its composition can still be even 4p relief would be possible ^?n U, l2 I ^„? r rt l ha {°! leed the methodology M low down m income scale, y®^ revemu* are put together and 

savagely during the crisis, and criticised; in broad totals cur- if the Chancellor made this his ?“? t e h r SSfU? d *,?u- publ » c e3cp 5™*f!“f e “! as ^: Si5i«S W ?f £, ? n r™ the Inain vra^iasis placM on 

that the deferred spending will rent spending, especially on prime objective, indexed the 5 rowth . 1 ^° t ., real '‘ ment 1135 ® ore and a - frcc !, l6SS T» J Li fhcir net e,fe «t »n the bilancr 

take place next year, but this is transfers, sets the pace, while specific duties and took a stern °L the f w “ dI 4 U J. n m0T i ^ t6fIC “ d , cbangeS fh S ! su ^ s,dlse<1 hmaing market PrOQUCtlVltV “f «h© budfiet. But if th.s 

in fact wildly misleading. Much capital investment lags behind, line on further spending re- r ?. ven “? , sld K e f .™ n | 1 he . a m ucl ? ff 001 . l0 . year that But in the rarefied world of ^ * balance is to he an eff**c*‘W 

of the change is due to in-and- However, the growth of trans- quests. oil which should climb towards keepmg up with its inmcacies public expenditure such large Ifl CreaSeS control device, both receipts and 

out running across the peculiar fers is partly due to the EEC, ^ ^ ite PaDer doe , how . ‘ n +v . th ® <*?}* J 9S,)s ; > s job. whrj leaves Uiemes are a digression; and 1 * ° ui outgoing will have to be put in 

financial boundaries now used partly to the child benefit eV e r D roride tife main ctu^ m Alt ^ oue J thls K l s ^ n0 fo r astansfimd8mentol must get back to the raetapl^ Tliwc peramms probably aeUial mnney ralh cr Uian- 

to define public spending scheme, which will bring worth- ^1' ifTrhatL^tion be , rent . f and ought 10 **^9 Questionsabout public expend:- sical question of how much pub- understate the likely cost ofpuh- volume terms, even if this 
These financial distortions while relief to poor families, and 1 5 “ at 13X30011 ““ M to citizmis in special North Sea ture itself. What for instance Is lie expenditure is really" liesspendme in future. From mcan s usinq an official inflation 

mar what is in manv ways an partly to demographic forces. U dividends unrelated to income, the justification for spending expected to increase. The pre- 1968-1976 Lite cost of a given forecast together with a note 

Improved presentation of public The capital budget totals con- ^ mast important reason is politicians and their advisers £2.8bn. (in soiled '* 1977 sentational devices adopted are volume of public expenditure 3 b out o,e probable t«f 

spending plans and upset the ceal a promising improvement that spending programmes for persist in treating it as revenue survey prices”) on "trade, likely to lead to maximum rose on average by 1 per cent, upward or downward deviations 

markets yesterday A certain in quality with a sharp cut in t® 77-78 (excluding debt inter- available for normal tax reduc- industry and employment’’and statistical disputation to no good per annum more than the j ro m the expected rate 
amount of guesswork is re- local authority spending the end est) ^ running at 4J per cent tion for which they can gain the staggering amount of purpose. A simple comparison general price level. This largely c™„~1 •** 

auired to extract meaningful of Concorde, and a fairly below what was ex P ecled in the credit £4.7bn. on housing, when these of the estimated outturn in reflects the difficulty of securing jamuei orman 

figures, especially for the com- ambitious energy programme; 
ing year. Broadly, the White and there is no provision at all 
Paper shows a rise of £4.6bn. beyond next year for the much- 
between this year and next, debated steel industry. 

leaving out the effects of infla- In general, then, the White INMISTIPY AID AND EMPLOYMENT 

tion — a combination of the Paper can be welcomed as a H1UW3IIU wnrLVimtnl 

planned increase in pro- plan to give long-term priority ■ • ^ 

grammes, tile fact that this to the growth of the private A % A • 1 # ”T <1 

Awnifina q nn ipv nn North Sad ml 

Anaiiuig a MUiitj uu liuiut oed uu 

for about fl.Tbn. of the rise; It must be remembered, w 

present high level * roendfna TW0 KEY factors have in ' crea sed regional aid, all of assisiance to- the shipbuilding ing of the three-month delay on decide soon whether to extend its sort. It subsidises emptoyors 
lated into cash ceilings are has been paved with restrained fluenced ^ Pap er’s which has already been industry and to deal with the payment of grants any or all of these schemes in in the tune of £20 a week for 

likely to be underspent in White Papers- what will be most financial locations over the announced. fluctuations, m other projects, announced by the Chancellor on their present, or a revised, up id a year for every employee, 

future years as well as this welcome is confirmation from ae3rt - few years for mdustiy - ^ “ oney ^ Iocated t0 . tfe In the longer term, the NEB’s December 16. form and the cost of these deci- scheduled to be made redun* 

year, though by a smaller the Chancellor at the next ^ ne ^ Ulat Government current industrial aid projects annual allocation of £2(am., The rapid increase in - the sions will be taken out of the dant, who is kept at work. 


casting on the one hand, and than the present haphazard pu bji C spending: so for pur- sensitivity «f all public evpcn 
public expenditure control as a industrial and housing sub* 0 p comparison the White diturc definitions underlines 
self-contained operation on the sidies. It would be positively p^pej. j, aes back to the old the need to switch attention to 
other; the meagre expenditure beneficial to employment The definition and inc i udes a ll the fiscal balanre instead 
and revenue projections For present amounts would still b® nationalised industry borrowing Questions about the trnatmcnf 
which we are 1 expected to be so spent, but by individuals; and to arrive at its “official** figure of the nationalised industries, 
grateful are less advanced than the ensuing, tax and social n j oj per cent, as the increase the sale of . BP shares, or the 
those to which*, the Treasury security- changes would remove ; Q expenditure in 1978-79, and alimraQun of probable under 
was committed in 1969-*0, and the poverty surtax and p^e^ increases of around 2 Spending become much less 
which afterwards it abandoned, increase the net gain from work pg r cont jn subsequent important if expenditure and 
Indeed the methodology of low down in the income scale. ye arSi revenue are put together and 

public expenditure measure- quite apart from the effects on |he Inain ^phasi* pbc-d ,»n 

ment has become more and mobility of a freer and less thpir net eirevt on ^ hilaocc 

more esoteric and changes so subsidised housing market. Pl<Q<IUpf|y|fy (lf thc budget. But if th.s 

much from year to year that But in the rarefied world of , * balance is 10 he an effective 

keeping up with its intricacies public expenditure such large VnCr£2IS£S control device, both receipts and 


Samuel Brittan 


INDUSTRY AID AND EMPLOYMENT 


Awaiting a policy on North Sea oil 


cent in real terms between this room. 

The protection 
of Belize 


^ -m% revenues, which are expected 

‘ ■ J ^ I ^ to amount to £3bn. a year by the 

B H B || A* II# mid-1980s. There is a basic 

argument about how this cash 
should be divided between, for 

BELIZE, Britain’s remote colony party in Belize 'would take the example, using cuts in direct 
in Central America, has bounced same attitude. taxation to motivate industry to 


dustry. The other is that duced. There was, however, a extended up to 1981-82. But so The White Paper rays that their Z . Z t o \tu 1 twu J CT* 

unemployment will remain at rush of applications from com- far the NEB has not been spend- build-up was “slower than anti- .^ 0 . 7 . J0b 

high levels for at least the next parties for grants last month ing its full allocation and its ex- cipated.’’ The Government was f n t-h h,C 5rSrf U ? etfi r? atf r* 3 *J 1, 1Q -!S?L V>J1 peak at £1&n - 111 

two or three years and that when five sector schemes were pected total expenditure for the over-optimistic in its initial 

cash must be provided to offset about to expire, so final calcula- current financial year is put ai assesment of how lone it would , J . u 19,8 " #9 * as the 

the effects of tins. tions have yet to be made on £207m. The NEB does its own take them to build ud their bl ^ 8est ltem °* expenditure of JOiUl H-lUOtt 

The Cabinet is still divided the current state of how much accounting on a calendar year work. — ~~ —~ ■ 

over how to use North Sea oil money is still available. The basis and during the first 11 Employment plans are based 
revenues, which are expected on the expectation that unem* 

to amount to £3bn. a year by the ■MMBMBMBMBMHaaMMMMwnMHBWM ployment will stay at a high n A/ _;_ .rf,,..-»p 1L .v._ Itff 1 w 

mid-1980s. There is a basic level for the next few years. D6QII1 VOUT 1/0111111011 JVicirKBtlOQ 

argument about how this cash TRADE, INDUSTRY AND EMPLOYMENT with more young people and a • 

should be divided between, for * women looking for work. This nr.rmr.nii rt. - <1 n .1 

- in Germany. Start in the South, 


MM-'tmd time in six months. Last 
July when there was an 


republic 


ViMbVU WW l bUUXV nuuiu UC uu I , “ 

cession of territory to Guale-1 selective industrial aid. 


Belize. So in aH rhe clrcum- 


present 


kuwmuus, luc ruieigu ana , . . —- real seiecave senemes are 

Commonwealth Office junior oasis 10 austory. gradually reduced, 

minister in charge of the o » f Nevertheless, In the shorter 

problem, to see Mr. Cyrus Vance •*»«« term, the effect of the industrial 

in Washington has sparked off Intimately linked to the strategy emerges io the White 
reports that a solution to the Belize issue is that of the pro- Paper, which raises the Depart- 
quarrel between Britain and posed sale of British arms to ment of Industry’s own esti- 
Luateniala is in the offing. El Salvador whose Government mated budget for the years 
A large British aid package has backed Guatemala against 1978-79 and 1979-80 above the 
and the cession to Guatemala of Belize and pledged its support levels that were envisaged in 


TRADE, INDUSTRY AND EMPLOYMENT with more young people and 
_____._ women looking for work. This 

1974-7 1977-8 1978-9 1979-80 is being taken into acc0un ' 

£m £mt Cm. £m! when new schemes are designed 
gional support and ’ which we mostly run by the 

regeneration 704 564 654 445 Manpower Services Commis- 

lustria! innovation 3DT 254 249 238 Sion, 

ineral support for industry 428 353 589 516 Two major employment 

pport for nationalised industries schemes now coming into force 

(other than transport) 140 104 96 83 are the Youth Opportunities 

:emational trade 804 -41 .250 96 sc heme (YOP) and the Special 

ncooning of the labour Temporary Employment Pro- 

=f«,«work “ ”f ” « gramme (STEP). The y. uU , 

gulation of domestic trade ^ tal f in l° Ve f from the 

ind industry and consumer existing work experience pro- 

irotection -5 2 1 -3 gramme and is budgeted at 

ntrai and miscellaneous services £48m.. in the current financial 


the permanent community in-' 
dustir scheme for putting dis¬ 
advantaged young people on 
socially useful projects, which 



1976-7 

1977-8 

1978-9 

1979-80 

Regional support and 

- £m. 

£m. 

£m. 

£m- 

regeneration 

706 

564 

654 

645 

Industrial innovation 

301 

254 

249 

238 

General support for industry 
Support for nationalised industries 

428 

353 

589 

516 

(other than transport) 

140 

104 

96 

83 

International trade 

Functioning of the labour 

804 

—41 

.250 

96 

market 

652 

946 

952 

859 

Health and safety at work 
Regulation of domestic trade 
and industry and consumer 

38 

41 

41 

42 

protection f —5 

Central and miscellaneous services 

2 

7 

—3 

Employment ,* 

47 

43 

46 

49 

Other 

68 

90 

66 

63 

Transactions in BP shares 

— 

—559 

— 

— 

TOTAL • 

3,178 

1,796 

2,943 

2J588 

(Figures at 1977 survey prices) 




A large British aid package ^ backed Guatemala against 1978-79 and 1979^0 above the delay in industry’s reaction to months of 1977 spent some 5 %*?**** Sirtoe lh* 

and the cession to Guatemala of Belize and pledged itx support levels that were envisaged in the schemes has meant that £19Sm. n^/nnilloJ 

a piece of Belizean territory for any Guatemalan invasion of last February’s White Paper, expenditure . totalling some Left-wing activists in the ^ J.™ lf B ? h 5 y 

which is potentially rich in nil the territory. The British Gov- Although these totals do not £ mom. has been rephased Labour Party would .like it to f a f ' "JJ " r L a „ “ _ f 

have been mentioned as the eminent has raid that it has appear in a collated form in the between the financial vears. become a much mnre interven- * fjH , ‘ ‘ ^ 1 pp "^‘ 

mam components of a deal received assurances from the pa Per. « can be raicu- in total the sectoral schemes tionist organisation with as between !6 and if tneam whai 

under which Guatemala would authorities in Sad Salvador that ! at ® d . , fig W e ® whicb ar , e and a separate selective invest* much as £lbn. a year to spend. .. d . _ nd 

for ever abandon its highly the arms will never be used included that the Departments ment - sche me have been alio* But the NEB. under its chair- work preparation. 


questionable claim to the rest against Belize but since those budget for 1978-79 has been gated £390nu. of whicb £107ni. man. Sir Leslie Murphy, is p p , 

»if the territory. This would assurances were given there boosted, at 1977 survey prices, jja^j been offered to companies showing no signs of coveting v -r « I . 

leave the way open for Belize have been reports that the by 3^ per cent from £1.15bn. to by the end of last October. An such a role and has not put any US61U1 W01*K 
to move to full independence. Salvadoreans have changed their £1J20bn - ^ for 19J9-S0 by 33 overall estimate io the White pressure on the Government for « • 1 _, 

Hitherto this path has been m j nds md m reserving the 25 r , CL . cenL £rom £1 - 01bn - t0 Paper of £l66m. expenditure in large increases in its finances. lOT 10D16SS 

blocked by the unwillingness of right to use them in anv wav £1 - 15bn - 1978-79 on such schemes also Instead, it would rather ask for . , 

Belizeans to accept independ- thev choose, even against Belize _ ■ „ includes £16m. for a Depart* increased funds when they are T °e fecial temporary em- 

ence without a British defence The proposed saletjfthp arms SpIpPtlVP ment of E ner sy offshore oil needed for specific projects. ployment programme wtijj 

r‘' ar i"‘-h.rS.SL” selective 


Whitehall’s 


supplies scheme. 


unwise by MPs of all parties in 


guarantee, against Guatemalan has been ^dely criticised as kJCICLlIYC supplies scheme. The amount allocated for section of ^ 

incursions and Whitehall’s unwise by MPs of all parties in aid On top of this, the Depart-regional development grants 

unwillingness to extend such a view of the danger that a British d,U ment of Industry has its own goes up from £3S0m. this year 

guarantee. garrison in Belize could one day Much of these increases stem special contingency allowance, to 438m. in 1978-79, because of projects spoored or weal 

see itself confronted by invadirrs from the introduction and ex- which is put at £24m. for the higher demand expected for 1 

• vjppusuion equipped with British weapons, pansion of various selective aid 1978-79, rising to about £55m. a them as the economy picks up. . ana ® uaer f ™ Py oviae socially 

1 The big problem of a deal with These critics have been backed schemes which have been year in the following three The rise follows the better work ror the unemployed. 

;Guatemala is that it is unlikely by others in Parliament and in announced during the past year, financial years. The main use of trend of investment intentions budgeted at £10m. in 

iiu be acceptable to the present the British churches who dislike They include a £30m. product these funds will be for specific shown recently by companies. 19 <8 -i 9 and £6Sm. in 1979-SQ. 

smornment in Belize —or the idea of Britain helping to and process development scheme projects of industrial support Two big projects which should but both these figures and those 

indeed m any Belizean govern- arm a government which has a aimed at helping companies with which have yet to be finalised figure prominently in the total f° r .the youth scheme are lo be 

i ment in the future. Mr. George bad record in the field of human design costs, a £10m. scheme to and announced. They include are fhe catalytic crackers to be re viewed annually ia the llghl 

Price. the Premier, has rights. Whatever the strength of encourage investment in the five or six sectoral industrial built at Milford Haven, one by ®f unemployment developments, 

repeatedly expressed his opposl-.the second criticism there can instrumentation and automation schemes now being planned Gulf-Texaco costing £290m.. the Money is also provided in the 
tion to any cession of Belizean be no doubt about the weight industry and £5m. for the drop with a total expenditure each of other by Amoco-Murco costing Whire Paper for the older tern- 

territory to Guatemala. He is of the first. The Government forging industry. There is also not more than £20m. They may around £75m. Both should porary employment schemes 

particularly unlikely to agree to should think again before ship- considerable help for the ship- include a scheme for the micro* qualify for large regional grants, which at present are scheduled 

the aLienation of land which ping the weapons to one of building industry, a small alio* electronics industry. Some of the Another £2Qm. has been to fade out during the next year 

Could contain oil. The opposition Belize's potential enemies. cation for small firms, and in- money will also be spent on written in because of the end- or so. The Government is to 


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17 




<jrpil'c^u 



Fi n ancia l Times Friday January 13 1978 


SPENDING WHITE PAPER 


-£• 


>e 


cm 


POLITICAL IMPACT 




If only it would last 


■‘ir. ■■ 


l-'T • 


., ■•-■ i MOST telling political pas* release documents to parlia- programmes." But the general :— should come down in favour horrifying figures about the 
^e Expenditure White ■ mentary committees. There-is emphasis is on containment, and of the modernisation of the ratio of public expenditure- to 
■i 'J ’.t. r comes.at the end. The something pathetic in seeing the on keeping the planned growth steel industry at appropriate Gross Domestic Product having 

. c expenditure plans des- “libertarian Mr. -Michael of spending within the prospec- {that is, efficient) manning risen to 60 per cent.—the 

.. ' h'.d here, it says, “should standing in the way of calls live growth rate of the national levels, and against the preser- danger mark foreseen by Mr. 
.• it a sustained improvement * or P®Ttiamentaiy reform and income. The Government vation of existing jobs, and also ^°y Jenkins. But it was only 
- ; andards, while allowing at open government as r.e assumes that the battle to con- that form of juggling in the-White Paper of January 

-i iJsame time a substantial .throughout; yesterdays tain the public side while m- as “finim- last year-after the IMF—that 

.. |; - *:th in personal consumption Quezon Time. Like tte^old Mr. creasing private consumption^ rBCOnst ruction” This the full seriousness of the 

.. . '-V ■ jour years of no growth ” Hen f y Brw * e - Mr - Foot is be - bas ***** been won. Within ktter ^ of Govemment ^ situation came across. “The 

• italics are mine; the politi- I^p Lab0Ur Part7, 006 isTSxAS0 is actually dismissed with con- two or three years,” .it 

■ ' -•. anphasis will be the Con- ^ "P 0 *? -522? 2' tempt as amounting to a "post «*» mas \, be essentially a 

the. pressures on the Govern- -The only real sop to the Left j act l suhwdv” Bun will thev Period of adjustment in which 


tives'. 


there i», a n Ur« a n3entTo do' something about the is the increase of overseas aid, m ir , ' ' ‘“ S ' T we get the balance of payments 

1 = 1 L £ i£l2S * eel mdustry before rather yet th e aid Lobby is terribly “ * right, as well a S carry through 

,1 ^ ** teT eIection - ^ m small and is not, in fact, con- As for the fi^n^ture White ^ ^ agaiQst iaflation » 

iext general election. It is turn raises the possibility of re- fined to the left wing of the ?* p , er - °° e on ^ has . to look T he latest miblicatinn is an 

- ; ;i . the collective memory- Dewe d inter-government and Labour Party. For the rest, the ****£” P^u&Jhree over ™ ‘atwt P^xotioa is an 

very much a T? 1 ? Pb**® 6 inter-Labour Party quarrelling, keynote is one of cautious con- whl <* Mr. Denis Healey has bS^ meaaSS 

ie moment—of four years Forget that the Tories’ own servariam down tn thp wel presided as Chancellor to see ™ measures 

growth that .the par* ie »2don steel is 1.2 .than pebul to*' 1 * « «» «■& ■?* £"£? ^ nn “ 8 

' ^“ 0St completely relying. blameless; . the collective expenditure m^OTamnies, far b ? a circuitous route. The first, ™ 

r ■ «f.ft has to be admitted after memory probably does not go from nv*r«hrtfvrtn Jthair rareets Published in January 1075, now “ “ . 

, ;f ; publications of the past two *** £ far The TorieTiiow OTtSdSSSdStlSSIb “«• almost unbelievably *• > retaUv * nearncss ° an 
" .tiiattte jojy Papeete de iught t0 ^ coTenaaent ^ ^ “ irreapeneible. It acted that *£» oFEFEZ 

■on the run on. some of .-the , hat nf Mlirse _ ^ absorption of resources in the tends tt suggest utat it takes 

there were, the two themes dearest to -Mrs. T-TCI1- — “ previous year had exceeded a 


MEN AND MAHERS 


. n;' . a little better. . «« uig tun un. &uiub th,* „£ course. — 

' : S Jtt«bS£ &KXfJS.b SSSoSS b7no 1 era"than m 

- TW °aly 10 add, 


. ..Is (meaning the Press and, defence spending which has n i Dmjc realism. It is remarK- borrowing,' .. -- -, - 

; ; would have thought, the already aroused the Left, the able, after all, that a Select simply have to be followed by 


worse—have 
back in 


• • r ; ■ TVuLU« LlctVC UUlU^m, -U1C OUtttUJ ftiuuocu UlC AJCAVf UIV ' _--- . ---r-rf - —- —-- ^ t_ _ j _ J . 11C L..1 

of informed opinion out- White Paper promises that It is Committee which includes two finding more resources “later ,andet * ° a ^ 
• the House of Commons) on now possible for the .Govern- of the most Left-Wing Labour on." 0f reai P° llucs - 

'•'*> ^question of the Government ment “to plan for resumed and MPs — Mr. Kussell Kerr, the A warning note, was sounded 
-•: ^ he day being obliged to continuing expansion of ■ many chairman, and Mir. Neil Khmock the following year with some 


probably 
the world 


Malcolm Rutherford 


• ns,. 


•VI .. 

i‘V -r.*- 
: pv..' 


NATIONALISED INDUSTRIES 


Less need for outside cash 


a 


... ;.'U THE notable exception of 
Steel Corporation, British 
:and one or two others, the 
. ocial position of the nation- 
• i ;d industries has improved 
" ‘~ieasurably in the last , few 
‘ ■ rs. This largely, reflects the 
' sent Government’s decision 
?nd its predecessor’s policy 
( rice restraint in tie national- 
^.tmueii sector and to allow a pro- 
ssive return to economic 
ring. Indeed, so sharp has 
n the turn-round that three 
hese industries—the Gas Cor¬ 
ation, the Post Office, and the 
.■ports Authority—are now 
wring the whole of their 
lital requirements from 
enue and have, enough left 
•r to pay off part of their 
ital debt, white a fourth— 
Transport Docks Board—has 
:un paying Corporation Tax 
well. 

Tiis has had the welcome re- 
,t of sharply reducing' the 
tor's net call for external 
ds in the form of grants, 
os, and public dividend 


NATIONALISED INDUSTRY FINANCING 


Capital requirements 
Investment 
Working capital 


1777-7* 
Est. outturn 
£m. 

3,853 

33S 


1778-77 

Forecast 

£m. 

4,009 

358 



Lest Internal finding . 

External funding 
Less Government grants 
Net borrowing 1 

Brit Aerospace. ■ t' 

Brit. -SbqAunders ' - 
Short-term borrowing. ( . 
Leasing ,J 

Est..shortfall . J..i. ; - : -- 

Adj.'net longterm borrowing* 
Overseas loans/ 

UJC. loans y 


NET GO 
Loans 
Public 



ENT BORROWING 


idend capital 
* Rounded off. 


4,188 

4367 

2,062 

2*099 

2.126 

2068 

760 

732 

1,366 

1,536 

80. 

35 

-301 

-130 

-200 ' ■ 

-400 . 

950 ' 

‘ 1,050 

1 530' 

-290t 

— 

-10t 

420 

1,350 

-mt 

918 

531 

432 


recently made by the Commons On the whole, the system of 
Expenditure Committee. This cash limits appears to have been 
time, however, the authors have working in the nationalised 
adjusted the overall expendi- sector. It has. in effect, become 
ture figures- so as to include the the Government’s principal 
nationalised sector’s overall net form of financial control, for so 
borrowing requirements and not far. only slow progress has been 
Just that part which is met by ma 6e .with resetting financial 
the government ««sets f?r P™ods longer than 

. . „ . : , the commg 12 months. This, 

If the financing of the pr^^ably, will be the next 
external capital requirement of j n t b e tas k of restoring a 
the nationalised sector is sub- proper framework of control 
ject to considerable uncertainty, 0V g r the sector, a matter which 
so too—at least to some extent ^ t0 he dealt with—one hopes 
—is its overall need for capital comprehensively—in a White 
finance. The Government ex- pap er to be published in an- 
pects the sector to continue to other ^upie of mon ths. 
provide almost half its overall. 


t Nat repayment. 


7 


requirement from profits, de¬ 
predation, and asset sales. But. 
as the recent performance pf the 
Steel Corporation has. demon¬ 
strated, the rate of self-financing 
within .each industry depends 
upon market demand, its pricing 
policies, changes of productivity 
and also upon the actual level 
of investment spending. 

After falling relatively 
sharply in the last few years 
investment by the nationalised 
industries is now set to start 


Colin Jones 


Catering for 
financial tastes 

Sir Charles Forte could soon 
emerge as owner of a business 
magazine which has just 
awarded Johnny Rotten and the 
Sex Pistols the title of “Young 
Businessmen of the Year." The 
magazine is the Investors 
Review, the small fortnightly 
City journal at present owned 
by a staff consortium. Sir 
Charles admitted lu me yester¬ 
day. wearing his hat as .a 
director of Sidgwick and Jack- 
son. book publishers, that he 
“has been interested in the 
Investors Review." 

The trouble for Sir Charles 
is that he seems to have some 
opposition. I gather there is a 
rounterbid from a company 
called Alpane. Those.who fol¬ 
lowed the Trafalgar House bid 
for publishers Uorgan-Grampian 
last November will remember 
that Alpane is owned by Messrs. 

Pegg’and Abramson. They have 

just sold their 27 per cent, stakp _ 

in MG and departed from the not he To ° concerned about 

board, hut their counterbid Barrow’s fee. It has now been Seat for Sale 
shows that they still want a established that he paid 
Oncer in London's business Trumans ill ioJUKI for the port- 
publishing circles. 



“ lif’rp just facing farts, 
even when we do plan to 
build more cars we build 
less." 


for a very simple reason; “There 
is no cigarette advertising m the 
USSR.” 


Giscard's gloom 

President discard d'tisiaing's 
“little blue book”—Democratic 
Franeaise—has just come out 
in cheap paperback complete 
with a new preface. U con¬ 
tains this apocalyptic thought: 
“ Under the pressure of popula¬ 
tion and the acceleration of 
certain sciences the history of 
the human species in its present 
form seems likely to come in 
a fairly early close if it does 
not establish a new global 
visiou of mankind’s problems, 
new disciplines and a new 
human solidarity.” This appears 
on the morrow of the break-up 
of the election pact between 
the Government -partners and 
while Giscard himself is in the 
Ivory Coast. Clearly the need 
for “ new disciplines ” and 
" solidarity- ” will be very much 
on his mind. 


dries one have the 


rait a year after the Grand Met chance, these days, of buying 
takeover of the company in 1971. a property and acquiring a par- 
This personal purchase turned a lament ary seat to go with it. 
“lazy asset" inio funds for all politicians who happen 
development for the brewers, to have £200,000 on hand should 

and while Joseph never hasten lu Sark and look at the 

Hi* intended to sell it. the portrait 52-guest Stocks Hotel. It stands 

2?"!JSdliSi has pr°wd a profitable invest- in 32 acres nf farmland named 

S? "lent for raising t ome of the Gin* do Dixeart, one nr the 40 

funds he has needed to pay his tenements into which the island 

tax bills. 


True to Truman? 


Dortrait of Ben Truman to a 
United States' collection that its 
owner. Maxwell Joseph, has 
taken an unusual step. He has 
commissioned a contemporary 
artist to make a copy, to hang 
in the Truman Boardroom in 
place of the Original—which has 
been there For 200 years. 


Marlboro USSR 


was divided by us cnIonisers 
it 1563. 

On the basis of this, the owner 
is entitled to a seat m the isle's 
parliament. As a further induce¬ 
ment. the hotel revels in the 


A Soviet factory is now turning .unforgettable telephone number 
The artist. 37-year-old Julian ° ut a Western brand of . ____ of StQpk , 

Barrow, was selected by the cigarette. Marlboro by Philip In :fi lh S fomerlv S w 
Grand Metropolitan chairman Morris is now racing along ihe ^ s bTaskinir ahLut 
without any publicity. He has Pepsi-Cola trail in true cowboy j®* vj' iSn*renuted Sim omhE l 
ntfw almost completed the task, style. Under a unique arrange- h 

for an undisclosed fee. and is ment made early last year. 



and*Pleading P, ^rounTT>^h6u , se" mbacro: tiie'^^TSdTtim 
painter, Barrow is well equipped import by PM inlo the United f l J edal d uS known ^as the 

S; St3,eS ° f S ° me S ° Viet t0bttCC0 * treizieme. a 13th of the selling 
The question arises as to what Distribution of Marlboro to price, in this case around 
Joseph might do with the copy uj e Moscow kiosks began just £15 000. 
lf-T-as looks increasingly un- before the New Year and since ' 
j Gallery finds the Russians are quite keen on 
the £450,000 needed to save the cowboys, it might seem that the EXD©rtiS0 

Shn! *** Apnl 5 ‘ ,Come ?° Marlboro County" The chairman of a large Birra- 

. ' . - _ image would prove handy to j ng ham company tells me that 

Perhaps he could offer it, as boost sales. The technical assist- ? h *- 8 deMr tmental 

a kind of consolation prize to ance was supplied by a PM sub- , 

the intended buyer. Mellon sidiaiy in Switzerland, so I in °J 

Centre for British. Art in Yale, asked their office there how the 

to hang alongside the eight “Wild West smoke” is doing in * lon ’ fi ' e of hem sent their 
original Gainsboroughs it the east But it seems the Rus- a e P uUes - 
already possesses. Whichever sians will never see those lean 
way matters go. Joseph need and handsome Marlboro men. 


Observer 


t * 


UiJii ^ 


; in ill: 


: r 


ital from the Government hn _ rnuri Z !S have varied erratic- payments. In addition, a large rising again, mostly in the fuel 
! borrowings from the mar- j B tfl i-rgn, extent, utt- dice of old'electricity stock will sector. The forward estimates in 

at home and abroad. In the nrP Hi^mhfv from a high of more have to be redeemed in 1979-80. the White Paper, however, are 
: two years the net external ^ £2 bn / at 1977 survey As a result, net borrowing very much subject to whatever 

ding requirement —which nricefi > ^ 1973.74 to £880m. in from the government is ex- decisions are taken about me 

• .ms the basis for the annual J§£ 5 . 76 fln( j then to more than, pected to be significantly higher v=f„ e . e i 

h limits imposed upon each ^ 197B-77 and- down in tbe .next few years than in hitherto one of the biggest 

ionalised industry—has been ^ ’ estimated £530m. in the last two. But these expects- capital spent dera In the Pjtt 

-placed by more than half. gfS55 Sdal year. ’ . lions are very much subject to 

;ut this does-not necessarily prospects for next year any forthcoming decisions about managed to keep cutUn « 

" equa?.y y uni «trMb»t ■( fdU. *ctor j™»- 

m the ■ Government will aia> ---..ij, «ph e iar°e amounts overseas debt, and also aDout »___ _» WO rkinff capital Biit 

borrowed abroad iiTthe last few derice can only be used 

nanonan a once ^ For yearj th e 

working capital requirement is 
uncertainties are about to rise again and the alio- 


sksh? “'sssssj"' ?“ 

porations’ foreign nurrency up . 


i.mwings which »eS* redemptions ore allowed for m. ■ These - . -- 

^ iim to markpt conditions Gov- ^e White Paper estimates, to- aniong the reasons why it is so cation for- investment has been 
^ men^polhy ^nd thrir par- gether with an aUowance for hard to establish the true year- reduced to a provisional £500m. 


Ifar finanrin’e needs. Indeed possible new foreign currency, to-year. path of public spending at outturn prices, sufficient U is 
the last few years the nation- borrowings.to spread out more asset out in these annual White reckoned to meet existing com- 
? -.ed industries’ net overseas evenly^ the pattern of debt re- Papere, a point which has been nntments. 

LOCAL AUTHORITIES 

measure of relief 



1 * * 

/ct* 1 


n«; 


C-" 


TER THE cut-backs of the 
t few years which brought the 
)wth of-local authority cur- 

ufit spending to a shuddering 
lyt and drastically curtailed 
sir capital programmes, coun- 
s can now look forward to a 
jdest increase of both revenue 
;: ’ d capital spending. The White 
.per foreshadows an increase 
about 1 per cent in volume 
current expenditure, during 
e coining finan cial year; and 
somewhat larger increase of 
me 6-7 per cent of capital 
-^■ending. 

Both figures mark a change of 
)licy since last year’s While 
iper. The increase of current 
v tending was announced at the 
id of the irate support negotia- 
ons last November. The higher 
■vel nf capital programmes 
eins from the measures de- 
gned to assist the construction 
■; idustry which the Chancellor 
nnounced in October and from 
it energy conservation 
measures announced in Deeem- 
«r, 

..The overall increase of.just 
Jto 2 pear cent between 1977- 



3978 and 1978-79 is broadly in 
line wi* the adjusted figure set 
out in the White Paper for the 
nest increase of public expendi-. 
ture as a whole in the coming 
.financial year. Whether those 
local councils which have been- 
champing at the. bit during the 
years of restraint will be 
appeased by this offering is an-- 
other matter. 

To some tixent the wide¬ 
spread Conservative wins in 
recent municipal elections may 
help to keep' spending on the 
leash for, as -a study in the 
latest Review of the Centre foar 
Environmental Studies showed. 
Labour - controlled authorities 
tend to spend more than Con¬ 
servative-controlled ones. The 
fall of the school population, 
which is now. starting to come 
through, may also be of some,, 
albeit as ydt modest help. But,- 
as the White Paper says, there 
•will still be little scope for 
improvements in the level of 
service., provision- Continued, 
restraint of local spending plans 
.will still be necessary. 

As-:the -law stands, Ministers 
have no powers directly to con¬ 


trol what local authorities 
choose to spend. 'Every council 
still has the freedom to vary 
.‘its expenditure at the margin, 
and -to call upon ratepayers to 
meet the amount which is not 
financed by Government grants. 
In., the past few years .the 
Government has relied partly 
bn its powers of exhortation— 
both within and without the 
Consultative Council of Minis¬ 
ters and local leaders—to mus¬ 
ter local governments' co-opera¬ 
tion, and partly iipon the 
improved leverage provided by 
the rate support grant' This 
last point' has been accom¬ 
plished by imposing cash limits 
on-the grant and . by basing it 
<m „ an expenditure target, 
derived, not by extrapolating 
past trends* as used to be the 
£ase but by negotiating for a 
.figure nearer to the level 
Whitehall has considered 
acceptable. 

..-.Wiese- changes, have., been 
taken -a •' stage further in. the 
past year or so by restructur¬ 
ing the expenditure sub-groups 
of local council, and Whitehall 
-offlclala, which- meet in the 
spring to autumn as-part of. the 


annual rate support grant nego¬ 
tiations, so as to link them with 
the annual PESC review which 
takes place at official level dur¬ 
ing the same part of the year. 
As yet it is not easy to judge 
what influence these changes 
have had on the preparation of 
the PESC forecasts. The provi¬ 
sion for police and police sup¬ 
port services appears to be one 
instance where a direct effect 
can -be traced. The increased 
provision for capital spending 
on local transport and housing 
services-and for current spend¬ 
ing on local personal social 
services could be .others. 

But what local authorities are 
more .interested in Is their total 
share of -the cake rather than 
a more realistic allocation 
between programmes. On' that, 
however, they will have to 
remain disappointed. Lncal 
government, can hardly expect 
to - be excluded from the 
Government’s- aim to- keep the 
growth of public- spending with’ 
in the overall economic growth 
rate which it is reasonable to 

assime. -'••• 

Colin Jones 


A REMARKABLE 

WORK OF REFERENCE 

\ 

A new book of 

FINANCIALTIMES 

MIDDLE EAST 
SURVEYS 

Published between November1976 & August 1977 


Twenty Financial Times surveys on the 
Middle East, published in the newspaper 
between November, 1976 and August, 1977 
have been reprinted and bound in a single 
volume' contairiing over 200 separate articles. 

Principally written by Financial Times 
journalists, the surveys are factual, objective 
and topical. Maps and statistical tables 
complement the extensive editorial coverage. 
Because the surveys were published in the 
recent past in a dally newspaper the informa¬ 
tion in them is up to date at the time of 
originalpublication. 

The Financial Times book of Middle East 
Surveys is a .remarkable work of reference, 
containing data and detailed information un¬ 
obtainable in any other single publication. 


f V <• 


n 

I 
i 
i 
i 

^O'annon street London EC4P 4BY. Please print clearly in English. 


ORDER FORM 

Financial Times book of Middle East Surveys 
To: Financial Times Promotions Department 
Bracken House 10 Cannon Street 
London EC4P 4BY. 

Please send me.copy/copies at £20 or 

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I enclose remittancefor..made payable to 

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The book contains all Middle East surveys 
as published in the Financial Times and the 
subject titles were: 

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The surveys are reproduced in a reduced format 
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FINANCIAL TIMES 

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Please print dearly in English. 
















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.Financial. Times Friday January 13 : 1978 


DIVIDENDS ANNOUNCED 


Hickson & Welch up £2.2m. to peak £10m. 


Belt Brothers 


English China Clays 
Gordon and Gotcii . 
Hickson and Welch 


AFTER BEING ahead by £l,SSm. 

ai halfway Hichxin 
Wcldi (Huldin^i) (ini.she. I 
iho jear in .September 30. 1077 
wiih taxable profit* or £in.I4ni. 
compared with £7.92m. last time. 

At the interim -stage the direc¬ 
tors said that Tor la-ti year ’there 
was a substantial increase in 
■second half profit compared with 
the find. Trading conditions 
improved significantly in that 
period and the weakness of 
sterling gave art exceptional boost 
to profits. They added that these 
factors would nnt apply for the 
1076-77 year and so they drd not 
expei-t .such a wide disparity 
between the profit figures for the 
inn halves, all hough an improve¬ 
ment for ihe full year was 
expected 

■Stated earnin'*-! are up from kS’p 
In 113p per 5fip share and the 
dividend is stepped up to inn7Kf,i> 
tfi^004pj. ihe maximum allowed, 
with a K.74RHp net final. Also pro- 
pored i-r a Ivio-fornnu serin issue. 

The accounts incorporate 
chances in accounting policies 
regarding the valuation nf stocks 


INDEX TO COMPANY HIGHLIGHTS 


Company 


Baker's Stores 


Page 
~1S ~ 


jCoU 

3 


Bert Bros. 

19' 

5 

Cap. & Counties 

19 

1 

Cap Ian Profile 

19 

3 

Casrleficid Rubber 

19 

2 

Drake & Scut! 

18 

7 

Eng. China Clays 

19 

4 

Gordon & Gotch 

19 

1 

Hawkins & Tipson 

13 

5 

Hickson & Welch 

18 

1 


_Company 

Manchester Garages 
Mercantile Credit 


Page 

"is 


19 


M & G Group 


IS 


Midlan d bid s. 
Nash (J. F.)' 


18 


Col. 

7 

6 

4 

1 


0 42<44p. taking the total to 
U.S477+4 I0.73tlpi. 

The company is tu muke a one- 
for-two scrip issue. 


Janes Stroud 
HI and G Group 

Midland inds. 

•I. F. Nash . 


-I M & G Grp. 


Raybiwk . 

Scottish & New 
Stroud Riley .. 
Syraonds Eng: 




Date 

Corre- 

Total 

Total 

Current 

of spending 

for 

last 

payment 

payment 

div. 

year 

year 


0.44 

— 

-0.4 

0.S5 

0.76 


1 92 

Mar. is 

0.9 

1.7 

1.52 

Iries 

1.56 

Mar. 7 

1.39 

1.56 

ns 


3 Jit 

— 

2.79 

4.79 

4.23 


I Jit 

Apr. 10 

1.34 

3.55 ) 

2.44 

.int. 

2.64 

Mar. 3 

1.19 

— 

2.4 


6.75 

Feb. 20 

5.90 

10.38 

942!) 

jrs 

4.06 

— 

2 03 

6.5 

4.06 

.int. 

.1.6 

Apr. 7 

1.6 

— 

4.IS 


2.OS 


1 .So 

3.46 

3.1 


OSl 

A nr. 3 

0.44 

0.09 

OSS 


2.68 

Mar. 2 

2.64 

5.18 

4.64 

....int. 6 

— 

6 

— 

16 

.int. 

1.01 

Mar. 3 

0.01 

— 

3.01 

int: 

1.35$ 

Apr, 12 

12 

— 

3.05 

.inL 

0.5 

Feb. 17 

Nit 

— 

1 

inL 

0.43 S 

Feb. 28 

0.38 

— 

12 


Drake & Scull sues 
Tarmac but faces 
counter-claims 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


13 


Natl. & Commercial 


Raybeck 


19 

18~ 


recovery 


Gadek Malaysia_ 

Scottish Sr N ewcastle 
Stroud Riley 


19 


Jones Stroud 


19 


4 Symonds Eng. 


19 
19 ' 
19" 


ON TURNOVER of against 

£2.R7m. pre-tax profit of M. & G. 
Group (Holdings) for the year to 
September 30. l'Jai. rn*e Trom 
il..!tm. to £1.54m. after j down¬ 
turn .11 halfway front £6* 10.467 to 
£430.7.81. 

The director.-; sa.v that the con- 

ilitUiiod profit include? only such 


ajri - chemical manufacturers 
(herbicides, etc.). The U.S. has 
been a particularly buoyant 
market. Timber preservation also 
held up well for the group. How- 


Completion of the purchase Tor 1 of ^nuhv f.md nv t- aviu- MB. J- E- HAWKINS, chairman of the group had 
£2.hom. or Bon Marche rUond Me and annuity 'l—JjL Hawkins and Tipson, is confident £5.53ra. to £8.5m. 

Green) is expected shortly. able fur distribution^ Coniparau'e that lflT7 . 7S will equal or EILerman Lines 


© comment 


figures have been adjusted. 


-Stjted earnings per 5p share are 


Dividends shown pence per share net-except where otherwise stated, and Cubitts. - £1.7m. last time. 

- Equivalent after allowing for scrip issue. t Oo rapital The two companies have been The company reported that it is 
increased by rights and/or acquisition issues. £ Additional O.OMSap in dispule ever ^ ncs - lt ^ to sel , foP £i_i5m. its 73 per cent, 
for 19.6-77. 5 Increased to reduce disparity with final. revealed last September that shareholding in Drake and Scull 

■ 11 .. 1,1 ■ Tarmac faced an estimated him Africa, excluding Drake and Gor- 

of losses arising out of work ham Zambia which is being trans- 
being carried out by Cubitts ferred to the group's U.K. owner- 
Nigeria. Since then, both sides ship. The buyers are the group's 
have been unable to agree on two principal South African 
whether or not the warranties tn directors, who currently hold the 
the sale agreement cover the balance of the shares. Pre-tax 
Nigerian situation. profits for Drake and Scull Africa, 

A working party comprising excluding the Zambia operation, 
two senior executives from each were £687,000. 
increased from group was set up to try to resolve Mr. Michael Abbott, chairman 
the situation but no agreement or Drake and SculL yesterday 
owns 21.23 per was reached..- A suggestion of stressed that there had been no 

arbitration was pressure from the British Govern- 


Hawkins & Tipson 
chief confident 


_ — profits will equal _ 

exceed the record £l.23m. of last cent, of shares while Sun Alliance independent 


t up at 3.46p i8.37p) and a j h ,- 0 mm" vears 

5.J1: dividend of 2.0S4p tI.S47p) Itft.s ,n ‘ ne tora,n » years 



and the tax charge 

which is 

now 

A 

m>’ amount cxom'lcd lo he 

nas- 

M 

able on lhc profit 

for iht* 

} car. 

n 

The com p.in live 

figures 

have 

w 

hp'-n ad in-led arrordinglv. 



Thn ".roun hai 

inrcro'ls in 

M 

chemicals and timber nmdui'ti. 




Ir 





<^r<inri tiirn«v-r . .. 

1<«V 

~,S J-<l 

In 

iirji-raiins i.r,.*)T . . 

in 

f li"T 

Jn'i-r-- pa-ah.'i- 


A 

S| 

lnv. an*f rtih.-r rriciini>' 

CT 


'-mii- i-iiiipnm's 



re 

nrfm before lax . . . 

i" 

7.<i»S 


Th* ... 

•j *-.i 

n i-“ 

tr 

Sri profir . 

7..114 


tl-rtorl’I.-i 

i 

_ 


n—f ih-rt-ni . . . 

fi 

s 

>a 

MaVtnts ... .. . . 


5 ‘* T .T 


Evliane.- l-i's* 

IT 

».‘"n 


nrd - 1 l>i<l-ri.l . 

SOI 


i a 

To rps.. rvv; 


."> "fir 


' On nci of oversea* sut>*tdijri<.-< 

in 

t Cam. 



nr 

T; 

• comment 




ever, there were signs toward the First-half profils 23 per . 

end of in,/ that volume sales were hisher at Raybeck reflect another ,.- n - npt 

coming under pressure as sterling strong performance from the re- l . h * loal i£.?i2 p 

.strcngiiiencd. particularly against tailing interests. Bolstered by the ^ -roun 

the dollar, and this mu-t cn’sl booming touri.sl trade, particularly £>'A-360 iHl mt profit tJnie out 0U P 


final year and expects Further growth and London Insurance Group hold nimed down by Tarmac, 
unai ., _ to ..... a Di.isnM.it ..... 


renre^-nu jo neTront^nf on February 9 afuo announced a doubling’ of pre-tax political a®d'economic. factors 

represents aOOUt 4U per cent. 01 „ m orofils. said that an „r ««thi-r with thu nmhihiliK- r»r 


division still 


7.3 per cent 
Meeting, 


G rosvenor 


A statement', yesterday 
House Drake and SculL which 


doubt- about projects Tor ihe in Oxford -Street, retailing now 
current year. Meanwhile. Lhc accounts for about 6U per cent. 
—.■rii» i**ue should improve the of group profits a gain si about SO 
marketability of the shares which per rent, last year. Once again 
v-^i.i 2x nor coni, wiih rh? d i‘‘i- the star performer has been the 
dend covered almost 11 times. Lord John menswear chain and 

profits are now running at an 
annualised rate of around I2m 
The tourist trade in Oxford Street 
mcr the past eight weeks or so 
has been below that of Inst year 
hut overall volume is still better 
than expected. So although 


.3! IS26.723 l£730.707). 

9 comment 

At first sight the figure 


sales and production and 
the position here has improved. 
With the big rope machine fully 
at work directors are confident of 
rroin long-term prospects. 

M and G Group i Hold my.si far the Marlow Ropes continues to 
vear to enri-Sentember Inuk none break its own records, and the 
too impressive. After all. sm IS new joint venture begun in 
per cent, improvement in trading Australia on beptemher 1 last, is 
profits hardly reflects “a success- already profitable both locally and 
ful vear for unit trust*.’’ *'-nd a with exports from Britain. 

The wire division has had inte- 


p.m. 


J. F. Nash 
down by 
£186,000 


• Y 


midway 


Hickson and Welch's 28 per cent, 
pre-tax profit increase was 3i ihe 
lop end of market expectations 
and the share price rose 8p to 
-IfiSp. Profit growth in the second 
half slowed to 7 per cent, taftcr 
62 per cent, in th e first six 


CLOTHING manufacturers and 
retailers. Raybeck. raised jirc-iax 
profits from £22im. to 12.76m. for 
the 26 weeks to October 29. l;i77. 
on sales of £{7i.29m. against 
Du.40m. 

The directors say that trading 
results since October have been 
belter than expected and full year 
results should be excellent. Profit* 
for all 1976-77 came to a record 


not 1 *even match the 1 rate >-f infia- ^ration difficulties and suffered FOLLOWING a substantial fall in company had- received a writ in Michael^Abb'otTfeit that since the 

tion. Appearances are. however, from the downturn in the L^>. tradliu Profits at caravan disiri- connection witla the £730.000 ont- exchange or con tracts l had Ce been 

trading remains highly competitive someuhal deceptive. A change market, hut it expects to maintain butor subsidiaryLai ley. J.F. Nash standing and that it would be effected on the South African 

on the manufacturing side P.a;.- in the treatment of the surplus profits this year. J® contesting the action. It would divestment on Tuesday morn in- 

beck could be heading for about earned in the life and annuity The domestic division has been September 30. 1977. 'wth tauble be making a counter-claim against and that there could be further 

£0m. pre-tax rnr the vear. That funds tnow included only insofar much more profitable since the earnings depressed by £186,000 at Drake and SculL speculation about oSke and 

puts the shares at Tip on a p e as it is available for distribution) relocation of Rainbow and the £ii<.000. A corapan y spokesman added: Scull’s financial position following 


of SS while the y leld 
cent. 


is 7.1 per 


Record £0.23m. 


months) as exchange rales turned £4.67m. 

against the group. which They add that John Stephen of 
generates around 60 per cent, of London which was acquired with 
sales oversea.-. However, the coni- effect from June 23. 1977. made a 


Bakers Stores 


After raising profit before tax 
£23.78# io £136.389 at halfway 
Bakers Household Stores (Leeds) 


of Rainbow and Lhe £717.000. 

has reduced the figures: hut the **5S? ec 5?? Sales were ahead from £ 1457m. “Tarmac understands why Drake issuing of the writlo’Tarmac! 

contribution from M and g > ow n On exports Mr Hawkins says TQ £i7 ig m _ Midway profit was and Scull was taking legal -action was timely to make an 

trusts i Wh'ch last year Chipped m e^orters should be able to com- marfiinal j y down at £14LOOO but it will make no difference to announcement. Drake's cash 
JUnl short of ha!f £h ^ trading pete in world markets at present (£14S-00fl)j the claims currently being formu- Glances have improved by over a 

A decision * the compon, no. SSL* SS&J& 

in? some two-thirds of the group's 

investment nro^rammes will con- added: “Tarmac bas always ™ ar ^ ei capitalisation. Liquid 

roup’s Swedish company tinue at current or higher levels f e,t t |‘ at xhe best fS^h^ e b, W £iJ6m e from^thi^lale 

doing better after ex- for the foreseeable future, left the interests of its sharehoidera that per mol ■hSSoMto?£ 

g difficulties, the French tax charge lower at £197.000 J documented case_ of_its Drake anr^Smill Africa*h«i riMba 
£438,009). Earnings 


profitsi continuos to rise The rales of exchange, and points out 
Esmce Fiiirhairn Charitable Foun- that apart from the rise against 


parison is with a strong second small contribution to group profiis has ended the 33 weeks 


to 


half a year ago. while the interim 
figures were inflated by an 
unusually large dividend 
i £230.000) from Australian 
associates. <n 'comparisons are 
perhaps a little unfair. 

The group doe-> not provide a 
profit breakdown at this stage 


months and 
profi Lability 


should 
tu the 


October 1. 1U77 £20,476 higher at 
a record £225.101. 

Turnover in the period 
increased from £2.17m. to £2.51 tw¬ 


in the six 
increase ils 
second half. 

After tax of £1.43m. (£T.]5m ) 

first half earnings per lOp share . . 

are shown at 3.S4p C».H1(M. The and after tax of £112.18# |£2-..«1SI 
interim dividend is lifted from and other charges, profit emerges 
0.9lp to l.Olp net. and it is at £112.913 i£181.097). Last year's 
but there is thought to have been intended to raise the final by the lax figure has been reduced bv a 

liille change Trom a year ago same percentage. The payment £86“72 adjustment for deferred 

when chemicals provided 74 per for 1076-77 was 2.103#p. las. 

cent, of profits. Here lhe group First half figures exclude an Earnings per share arc shown 

has done ivbll with its inler- exlraordinary gain of £(.46m. net down from 9.fi5p to 563p. and the 

mediate chemicals, particularly from the sale or 3u'.t. Oxford final dividend is lifted from 

0.4ul5p net per inp ilia re to 


T9 


ihr»e supplied to detergent and .Street. 


c rmin- ilia4 a|iau nu«i me ^ hul . r n r tf . 

dation uiul Kleinwort Bcn.on, the U.S. dollar most trading cur- to make provision for deferred tax ^^,.7 wtr.1^,4 
which between them own almost rencies have remained little because stock levels and capital ---i 

75 per cent, of the shares, get changed over the year, 
niu-i of ihe benefit: vwth the yield The group’s 
at l!4p ton a dividend incensed is now 
by the maximum permuted* at pericncin 

only 4.6 per cenL, outsiders operations reflect local conditions 
would do better to go for an and while the Trinidad company share 
M and G fund. is small it is profitable. 

In the year ended on August 31. 
the margin of profit to sales 
improved from 6.2 per cenL to 

twentlv * S Per COnt - but 1110 SrOUp’S 

objective is to achieve the 10 per 

a hn , I? niav J: cent, return achieved in 1975. 

its headquarters to Cornwall 

Terrace. Regents Park. \V„ has 
now rc-lei its former offices. 

The group acquired its former 
HQ. at 33. Portman Square. W.. 

!>w.nT‘rf' 1 ,.nnn ru,!j '' 11 ' fr i m ^ morp efficient’and fuller early summer,'the'directors say. 
nu-nt work created *>4.000 -ouare of opacity arising from 

rcci or modern, air-condmoned acquisitions and from the larger 
off.ee srjace. fixad asset base. 

Brillsh Ijnd has nnw signed up 


BRITISH LAND 
RE-LETS 
British Load, which 
announced its decision 


ahoiiid hp nrpnanwi -pwif Draft * and Scull Africa, but Drake 

.. .. - -- per 2ap involve^SSlw pJ 52 *“* Mtth#n«d some £687.000 in 

showed unprovement to Jf f ! ™ y rt S^ nv0lv * m eiCes3 Profits. The immediate priority is 

lo.54p <13i!9p). f DrakiTnd Scull said that final repl r ace l ^ e reda «'on ol a third 

The net total dividend is lirted accounts mw mine forSl fa *" Profits with acquisitions. Mean- 
to a maximum permitted 5.175p ?SSsoMdaJon fi s£wed weSx £. h,,e ' ffrowp has not ruled out 

•«*' ° r2 - s75 »- zspzrvSzs? ijsiTta S5dSd 

The reduced trading result at October. 1977, would amount to with the Department of the 

... - Gailey was caused by both a not Jess than £2m. against Environment in the near future 

Present trends indicate there forced change of distribution and »ra*000 in the previous 12 At 25p, the shares are at their 

are good reasons for feeling some franchise policy. and an months. Sales turnover, exdud- high for the year, 

progress toward this end will be abnormally low level of retail 


sales of caravans throughout the 
Larger output is being achieved country in the late spring and 


All other subsidiaries satisfac¬ 
torily increased their profits 
during the year and the group 


Erin-ii unci nas nnw signed up stability in production and raw aur,1 ‘* > ear anu inc . sroup 
.Marathon Petroleum U.K. io toke- material costs is becoming SL * r P ,us includes £74.000 share of . 


Manchester Garages 
calls for £650,000 


Inds. 34.5% rise 


ts own space in the building, apparent in sonic divisional profit post-acquisition taxable earn- 
sin;; ihe block s sri)^ rem- r-pnires and the recently corn- ^ Reliant Motor Group, 

The move and pic-t^-d capital spending pro- " u ~ “ “ 


over its 
increasin 
roll to £920.0011. 

lhe reletting, are expected to jn- 


During the year the 


Manchester Garages is pro-’and Henriques, stockbrokers to 
posing to raise £650,000 by a two- the issue. 

ETOup for-three rights issue of Ordinary Prudential also holds dose to 


AFTER RISING from £602.009 m investment in now buildings, plant castings. Midland foundries bnve 
£803.090 in the first half pre-tax and machinery. The order book also been increasing their mvolve- 
profits of the engineering and iron throughout the group looks mem with the currently fast 


... . gramme now allows the group to disposed of all its associated com- lOp shares. The price, is 21p..each 18 per cent, of the equity which 

SS?r;S» Br,mh Lands ‘ nL '" me bj meet the needs of the business as P 3 "* and minority interests with while m the market the shares. leaves around half the comnanv's 

£2fin.onn a year. far as L . an bc . foreseen, he says, one small exception. These dis- held steady at 34p after touching shares in the hands of 

ivr» ddudc Accounts include a current coat posals have enhanced fiquidtty 3ap. small shareholders. 

NO PROBE .statement which shows that after and streamlined the management With the rights issue MG reveals An EGM ia called for January 27 

r . , . ... . - Mr. Roy Halterslev. Secretary additional depreciation of £S4JMM. organisation, they say. figures forthe first 11 months of to consider an increase in th* 

foundry group Midland Industries encouraging, he tolls member,. growing sector of diesel engines, of Slate for Prices and Consumer .« £505.090 cost of sales adjust- ig77 Sales for the neriori were authorised-caoital “ 

reached £!.8m. r.»r the vear ro The chairman, vesterduy heavily .Meanwhile iu £2m. investment Protection, has decided not t .. re- mem and a £166.000 gearing nrniip gllle * . itt? “J?!". 0 22 •».S7 DSSSsSrton January 30 

.September 30. 19<». an increase criticised the Government for over the past two years ia fer ihe merger between John adjustment pre-tax profit would pnswx pmfit ... 717' ^f0.63m, compared with £9.<m. gs start January 30. 

i*r 34.5 per cent, on the £1 34m. turning down the company's latest further £3m. to £4m. to be spent Muuteni and Co. and .McTay En- have bei*n £602.000. In 1075-76 the Tasao-m . 

fur 1975-76. Turnover expanded application for a gram of X8U0.000 by 1980) has increased roundr.v gincering Company to the £844.900 profit would have been S CI •"’CS* .. 

by 2S.6 per cent, to £ 19.55m under the foundry aid scheme, capacity b) 50 per cent. The only Monopolies and .Mergers Commis- slashed to £186,000. ' vtiribulablc . 

Mr. Eddie Mar-lend. the chair- The money was needed to support disappointment over h continuous sion. At babnee date net assets of ' .t Debit.' 


117 

338 

-14 

534 


man. slates that the iron foundry a £3m. to £4ni. expansion and period of grow th has been the 


side h.ns again provided the main- modernisation plan at the group’s performance of 'ns small engineer- 
stay of lhe group’s prog res- This Bing ley foundry. mg division The shares al 42 p 

i- due in pari tu lhc benefit- of Air. Marsland sjid that Lhc i'^d 3.6 per cent, on a p e of H. 


the substantial investmeni pio- «.*xpansion plan would now bc 


gramnie jvliich has been going on funded without Cm eminent aid. 


since 1972. 

The engineering division 


tinued tn «hnw further improve- would 
ment. Exports, both direct and capacity 
indirect in both the iron foundry* Midland 
and engineering divisions repre- group 
sented a significant proportion of being 
sales, he adds. 


He said that the application had 
con- been turned down because it 


olher “lame duck “ 
Earnings are shown to be ahead j, a d been granted aid. 
from 4 97p to H.S3p per 5p share 
and Ihe dividend is raised from ® COITlTOCni 
0S84SHn to the maximum per 


milted 9.9S?274p net with 
of D..10S274p. 

Dividends for th 
waived by the 
family, and a dim 


TAM ESI BE STOCK 

create too much excess OVERSUBSCRIBED 

in the areas in which The offer for sale nf Mil. of 
operated and that the 10| per cenL Redeemable Stock 
was being punished for 19S4-85 on behalf of the Metro- 
too successful: whereas pnlitan Borough of Tameslde 
operations c \ oset j yesterday heavily over¬ 
subscribed. 

The ba.-is of allotment K a.s 
follows: applications for up to' 
£5.001) have been allotted in fuli: 



Centreway offer for Blakey’s 


Midland Industries has averaged 


final nc „ ,il-x.i.uim nave oevn anoitea in run: ! ■ ■■■-• 

.1., per Lent, prolil _rowth a year !in „i , „.. 1 |, nn . r^r- rr. nnn m nn rum mss). 


Centreway. lhc 
holding company with interests men trusts currently stand aL 
from shoes to rubber mouldings 
and metal pressings, is mailing a 
hid for r>ne of us a«.,r»chte com¬ 
panies. niakey’s (Malleable Cast- 


--. compared with £9.7m. 

45R for the whole of 1976. while profits m 
^ rose to £398,945 against £268^86 w comrn ® n ‘ .. 

347 for the 12 months. Manchester Garages*, rights issue 

The company is paying a second looks rather demanding from a 
interim dividend in lieu of a shareholder's poini of view. But 
final amounting to 0.565p per without h MG Is unlikely to be in 
share making a total of 0.99p per a position to go ahead with its 
share for the year- • hopes to acquire another Ford 

For the current year ending main dealership when one comes 
December 31. 1978, the Board Is on the market. As a Ford dealer 
forecasting an increase in the its own profits are reflecting that 
dividend to XJp per share. Asdivi- company’s success in the U.K. 
dend restrictions under current fFord registrations were up 5 per 
regulations expire on July 31 an cent, in 1977) Also mg i«s c*»«.in£ 
n5S£SS n t0 the TreafiCUT “ not a buHd-upof’profits frSn its” ew 
Gl^ng thelr rnr th* 54-acre truck centre. This cewre 


of 4.241.612 


reducing the 

cost by 

l £37.000). 

ITh-~ 


tlNht 

Tiiraorer . 

W vt: 

Pi-prvt union 

411 

TMdlnfi proln ... 

2.11'S 

vh-tr-es 

.... 

Prallt bcrorc tax 

I.S01 

TAsalinn 

sir 

profit 

!->i 

Exiraord. debit .. 

. .. — 

Lcnviue 


dividend 

. - 

Ordinary dividi-nd 

s-fi 



Mr. Marsland. 

looking 



yhiire rash 
cent, of 


division m S2®?. 1,on . 
has reduced 


cult period Tor faunilrie*—par- 
•'V.r licularly those heavily geared to 
f: Mt heavy engineering and the motnr 
■177 mduMry. Over ilic past live 
1 years the foundry 
ijfl ,1eP ,enl - nI prolit.v 1 
th 7 its dependence on the ear in- 
dusirj’ from 35 per rcnl. of uirn- 
Jjfi over to 10 per cent.—during 
which time U.K. annual car out- 
.,7 pur has dropped from l.Pm. 

■nn vehicles to 1.3m. in 1977. The bc made on ihe redemption 
rhe group nnw has a broader produi-t dare—January 7. 19SS. 
current year, expects furlher pro- m.ix with tractor manufacturers The first payment next July will 
gross. The group wit! continue —which had a good 1977—taking be £:;.743S per cent, 
with expansion and with further around 40 per cent, of group Brokers In the Kmjc are Mullen-. 


FARMERS LOAN 

The Agricultural Mortgage 
ijsmng £3m. of 
Variable Rate Bonds da led 
January 7 1963 at par. 

Interest wili be payable half- 
yearly on July 13 and January 13 
at the rate of 1 per cent, over 
Libor. The final iniere.st payment 


Birmingham that the majority or listed invest- mending terms of the offer follow- js S ue the directoi^stote tha t the rae ? ns a totai investment of close 

■ L - -* ” --- ~ the addition of share aiterna- expansion of turnover plus the probably the main 

live based on four shares in need for further investment in the JHLJS!™! 

Bevan for every three shares m tn, c jt centre, car hire and the Aoomledly, about £300.000 of this 

Berner. The cash offer for the development of a utility vehicle In « covered by transferring 

Ordinary shares is I7ip per share, conjunction .with the National stock - elc r fro 1 ” its Parrswood 

Research Development Corpora- centre, which bas been closed.' and 

r ccisirv cr T c up tion has placed an increasing another. 000,000 has come from 

on 4jr demand on'financial resources. As *hc sale of its Wiimslow premises. 

MORE OVERSEAS at January. 6 the group had out- so, MG-has to find some 
COMPANIFS standing borrowings of £l.l37m. £400.000 From its own resources at 

Turning to-the current year the a time when stocks are increasing 
r - n— ■ L,_ c __ : nl . n , inB nf . further cxpansionof overseas chairman,. Mr. R. A. Stoodley, and it.is expanding its car hire 

n f ::.,p. Y ,IS : ls ,. jnd U-K* V v,” interests is announced by Lesney states that he is hopeful that it business. Debt has been held In 

' v-' n? - h, 2ber dccepn.u.'s oner ur its products, the Matchbox toy group, will reflect a continuation of the check so far„ , Borrowings are 

with the formation of three sub- company’s growth. only £200,000 more than a year 

sidiarles. in Italy, Denmark and Mercantile Credit and A. ago, and then they only accounted 
Singapore Ouilisoiti which respectively hold for 50 per cent of shareholders’ 

« fiu(hnrlw . «Hp nmounr. ,f ..form.,*, PjyMjd Aj2 Sr'S? S aST* S W! SSt, SS^JSSS ^SLSSS: 


SCOTT. PROVIDENT 
HITS OUT AT 
\PG MERGER 

Scottish Provident Institution 
1 already yesterday accused the chairman of 
offer com- Allied Polymer Group of “a clear 
price for contravention of Rule 15 of lhe 
yerter- Cily Code on Takeovers and Mer- 

uav< -u^pens: “ 

frir-i: it self i- : 

ihan xn- 1 share price ln«i August 300.000 
v hen bid rumours firsi began. looks as though -Scnttish Provident 
Bbkej 's already has an extra- w ill bc forced to give way. 
ordinary meet in j called for to-day The poini of comention is the 


to 





The Trans-Oceanic Trust Limited 

Managed by J- Henry Schroder Wagg & Co. Limited 


The Annual General Meeting will be held at 120 Cheapside. London EC2 
on Thursday 2 February 1978 at 10.30 a.m. 


Extract from the Report of the Directors for the year ended 37 October1977. 
The Directors would like to bring to the attention of shareholders that the current year 
marks the Jubilee of the Trans-Oceanic Trust Limited. The Company was incorporated 
on 24 January 1928. It seems appropriate to point to various landmarks which have 
been achieved for the first time by the Company as it enters its Jubilee year; namely, 
the total net assets have exceeded E30 million; the net assets have exceeded £2 per 
share; revenue available for Ordinary shareholders exceeded £600.000. and finally the 
dividend is at a new high level of 5 pence per share net. 


Salient Points 


At 

31.10.77 


Year 

ended 

31.10.77 

O' 


Net Asset Value 

(assuming full Conversion 
of the Loan Stock) 


224.50p 


+34 


Middle Market Price 

(Stock Exchange Daily 
Official List) 


159p 


+62 


Dividends per share (net) 

Retail Price Index 


5.00p 


+19 

u 




Copies of the Report and Accounts are available from the Secretaries. 

■tm Schroder Wano & Co. Limited 43 St. Martin s Lane. London WC2N 4. 


J. Henry Schroder Wagg 



i.^-liv Cenrrcway ’■> orf«?r is condi- 
•ional upon that resolution not 
being passed. 

Yesterday CensrvaayVs advisers 
G. R. Da\>es (Management Ser¬ 
vices i. explained that on the cun 
rent capital base the offer of 41n 
08n be dcrijrau-ly compared with 
current .share price of 3ap. If 
lhe caniiai i- expanded by a scrip 
Silo **iwrc price ad in >■ merit might 
rot be complete! - m line and this 
••miM cause copruunn For share¬ 
holders. 

. G. J?. riu.-o« lAlanngemcni 
Spv :i;e<» a «<ihsirtiarV of 

mereirint banter.- G. ft. Dawes 
and Gcmpany parent cam- 

ny is in '.olunUuy liquidation. 
\ r:>r kesinan said yesierday that 
ihe management services com¬ 
pany Mill 


tinne novi- knnvi-n rn inehirip , 7, .V V, i no oBiasce oi inom. snares nas. - mane more of an impact; 

if and G and Britannia Arrow. Sv^den'the"^^ 0115 ’ Norway ’ underwritten by Illingworth forecast yield is S per cenL 


consider the information iriade- over SO per coil* of the group's 


quote Tor the purpose of ctecidin^ sa i cs are made overseas, and the 
whether the offer, uhicn has three new companies will be re- 
aiready gone unconditional, is sponsible for sales in excess of 


fair. 

Mr. P Falhnrly. cliairman of 
APCi. said yesterday that he 
sympathised with Scottish Provi¬ 
dent’s point of view but he con¬ 
sidered the information ghen 
hart been sufficient in view of the 
practical difficulties of providing 
more. 

The interim statement had been 


tn 


m excess 
the first year of opera- 


£3.5 m. 
lion. 

Lesney plans to export from the 
L'.K. around £50m. for foreign 
currency in 1978. 


ELECTRONIC 

MACHINE 

Mr. T. M. Palmer, joint acting 


■ Li 


made just two months before th* 

.. bid: moreover any forecast of managing director of Electronic 

not be affected by this, die full year's results would have Machine, said yesterday that the 

had tn be audited, thus delaying purchase of 150,000 .shares in the 
,, „ rn , ihe takeover. In any case it was company by Mr. J. P. Lobbenberg 

rt v K Alblib C \SH not usual for a profit forecast to had come “out of the blue." The 
OFFER FOR H4RCROS be made a hen bids are agreed purchase takes Mr. Lobbenberg's 
Harrisons an.l f>., s ficld vester- and the Panel did not insist on total holding to 225.000 shares, 92! 

’ them. per cent, of the equity. 

The managing director of BTR. Mr. Palmer said he did not know 
Mr. O. Green was sorry that Ills anything about Mr. Lobbenberg. 
company had inadvertently But lhe deal had nothing to da 
become involved in die dispute, with ihe recent resignation of Mr. 
2.04q.22i» -in-res’ ;-r S'ip each The information given hy APT. N. J. T, Munrn from hts position 

.■rid ra;.-inv rh<- jencrai <-«h offer had been no responsibility nr his ernef_execulive. In the first half 

and .vet if enough shareholders pf 19*6-* j. they incurred a pre-tax 
refused to budge men BTR would Ioss °* £162,000. 
be the " innneent sufferer.’’ 

However BTR seems unlikely to 
have to suffer since ils nccept- 
moumed to SS per cenL 


cm mti ii- nir.-r documenrs 
"■r fi'-ih Malayaiam Plantations 

■ :-d Ha rents InieMiiK-m Trust- At 
’he -am-.- rune it mml • micco-- tn 
ld;:i-r bid more likely by buy- 


111 .; 


>harc offer 
;■« H and 


tue same Jet el 
i - unchanged. 

Tin. la ten mirth j*e lak 
L’s stake in Harem.- up to 39.4 
pvf cc ni. a rut persons acting in 
concert with II and C own another ances 
per cenL 


DCM PURCHASE 

iu ^ Dunbec - Combex - Marx has 

yc.-terday. Furthermore Britannia nSSi5. ie , t0 . a ^?I^ re ^ 

..Tala. aiam s chairman. Mr.F.W. Arrow has finally agreed lo 
iiarper. points io uncertainties in nccepL thus bringing the figure ‘ v aJP?T. t ^rera fitself 

tne tea price, dimai.c condition^. U p to 89.7 per cent. It s.ecms “SL 

laoour unrest and negotiations far odds-..n that BTR will therefore has 

;he " rupcei-a;i.>n " of ihe Indian obtain the 90 per cent accept- ^ 

ances it needs to enforce by law J,nb ® d l0 . .^ e value of the Decco 
the nurehase of the rest. assets, which are understood to be 

Mr BrSn %r Bntanma “[^Sf°Dre« aSi P f rn * 

Ar™ ; . «UI. -I d. n„l » .te 5S, r r°i| D »ffl.':.Ji£rtart5S; 
bcnolit of lighting a long uph.ll an£ , gartlL , ninR prod ' uct5i an r ^ 

which has 17 depots throughout 


rz s 


Weekly net asset value 
on January 9th, 1978 - ■ 

Tokyo Pacific Holdings l\LV. 

Uls. $40.07 


Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. $29.21 


Listed on the Amsterdam Stock Exchange . . 

InlormaUan: Piereon, HaWrlng & Pierson N.V„Her*ngrBCht 214. Amsterdam 


interests and i»r. make- no profit 
‘orcca-r. Uovcvcr. demit-, of lhc 
crop and prices r.-c. iwd so Tar 
•.in- :-ar c nnv.1,1,.,1 together 
C-1l~:.i10.1 ■ -ip foj- iho full 
V -*r. rhc-.- iwire- -h.r-.i -lighlli 
^• v -.ron ;,r.«i igin!:..-.,nir\ higher 


p-n- 


in 


ih.. - 

It 


•ir. 

li-irc-o- ••ffer dncunicnr. 
rerra;.-! m liar-.m-. Mr. 0- •’>. 
•_ r I; i;s |1 lc . , j| ( i|r.;r 

‘■.on ' r.M-,% r ii-ed r,-, i- 5 

:c:’ Lbnvc ih>; gmn:- concern 
•.:ilsi ; » nf the company 
ihe _-jIu.i1 in'i lip ,;on- 

'b'- vsi:? ih- .-.ubxlaniial 


l.ising battle; the ttinney invested 
in API., f.iiuld be better employed 


'» «.h f r .ijualinns." He Siid "lhe ~ '* ■««» 
point had been made. 


While the value of assets is not 
_ significant in relation to Dunbee- 

LEON BERNER CombevMarx. the .icquisition of 

Detnii« of D. F. Bcvan'5 offer Decco is seen as a major move to 
fr.r the shares n dne«>. not already strengthen the group’s interests 
iiv n in Lcun Berner Group hau? in D-I-Y, Further details will be 
been <cni ‘»ui t«» shareholders, released on completion Of the 


•v'unL- Li their net J--5CI values Leon Berner directors are recum- dcaL 


JOHN CARR (DOMASIM) 
LIMITED 


JOINERY MANUFACTURERS 
Extracts from the accounts for the year ended 
30 th September, 1977 


Sales to Customers (excluding VAT) 
Earnings before Taxation 
Taxation 

Profits after Taxation • • 


Earnings 

Ordinary Dividends 


1977 
£000s 
16414 
2.523 
1.096 
1,427 
P per 
share 
12.94 
153 


1976 

fiOOOs 

13^233 

2,021 

994 

1.027 

pper 

share 

9.31 

1.639 


-^r Another record year in spite of reduced housing 
starts • . • 

ic First year’s exports £775,000 
jc Following revaluation of Land and Buildings 
net assets per share now'96p 
+ Greatly increased capital investment planned 
for 1977/S 

Satisfactory start to current year 


tf: 


LEGAL ACTION Is being taken ing associates, was approximately 
by Drake and Scnll Holdings £56m. (£49^00.). All three major 
against Tarmac, which in 197B subsidiaries achieved record 
agreed to pay the group £53m. profits, resulting in a strong liquid 
for its building and civil engineer- position. Cash balances at the 
frig subsidiary Holland, Hannen year end stood at £2.3m. against 


ment. which has a stake in the 
from group, to dispose of its South 
also - African operations. “Significant 


profits, said that an Instalment of Sether with the probability o>r 
£750.000 became due from Tarmac more stringent Exchange Control 
on the sale of HH and C but that measures in South Africa had led 
it had refused to make the pay- to a reappraisal of the group’s 
ment on the ground that it had operations there. Black Africa 
a number of warranty claims interests had. be said, expressed 
against the company. their concern about the group's 

As a result, Drake and Scull involvement in tbe region, 
had found it necessary to issue ■ ' 
proceedings against the W'olver- '• Comment 
ham pton-based group for payment Drake and Scull's preliminary 
of this further instalment results were not due unS 

Tarmac said last night that the February 14; but chairman Mr 


tv. 


£#.• 

£5: ■' 


'H 


£?'.*• ■ 


5...-1 


y 


i,r-v 

it r > 

'• 

S'.V‘ 


Sr 
fi ‘ 


. - _ __._* j ^.,.7 


zt'j ~* r \J 







19 


sSc u ,i , 

a Thu mdxX’Thries Friday January 13 1978 

"it f^sScottish and Newcastle 
' c,a »ms at £22m. mid term 




English China 
reaches £30m. 


MININS NEWS 


^ T t? at he said that the Government's 

BOARD MEETINGS 

w an increase from £20.49m. The ionowiiw companies ban amued bantu will provide a greater share 
23.1m. on-turnover Of £l84.75nL ft** * Board meetings w tor Stock of total finanL 

1 'Blared witit fi?t otw B artian ge. Sucb muptiro t an nmatip ?* toiai nuan ce, would be 

‘STrectors^vrtS; c«w, nrt ** the pZ»T^rbTZ. important for business in the year 

r Jw 1 **-° nd ' <*“*• Official indications ire not ivau- to come. 

:>'■£ ssues have suffered from able whether dnuami concerned are _ _... . . . 

PMgftS fisd go-slows in October towFins or finals suid ibe- sobdtiisioiis recent changes in exchange 
;■ 4 November. Thcruelr showing shown Mow are based mainly on last controls would also have an effect, 
' .encouraging: recovery there will year>s nmw aM ft the greater freedom for 

some effect on mniti r» t, - ___„ . T 0 ™* .. • _ capital transactions and the end 


luragug recovery there will 
oe effect on results. Can 


:- 4 >Iies have returned, to norraS Dlora of the 25 per cent surrender rule, 

VI lager sales continue to make ftaife-fim National Finance Corpora- 'Y ere both acknowledgments of 
‘ • igressw don. Grange Trust.- gtoiaw industries. the new strength of sterling and 

.Mtret-half earnings are stated at Tnrner MjmfactnrlIia - - °ur obligations to the'EEC 

: -ip (3.46p) per 20p share and imcrims- FUTURE ^ ATES -' The strength of the ixrand' and 


. :l :WBt-haIf earnings are stated at TurMr MffiHlfactnrtn *’ . our obligations to the EEC. 

; ip. (3.4«p) per 20p share and imerims- FUTURE 0X1153 The strength of The ixnracl' and 

, v i interim dhddeiid is lifted Associated Tooling industries_1 Jan. is the fall In the inflation' rate and 

'• m to L3ap net An add!- (James) steel —:— Jan. a public spending provided an argu- 

v, .ial 0.04695p wall also be said Japan investment Tina ... Jan. 2a meat for stimulating the economy. 

"7 if^TTsfoSowliig the reduc- SSL -- but before taking expansionary 

Acr - Last year's final London and Montrose invest. Tim Jan. is measures Britain must be con- 

. tctend was L8522Sp and pee- Marston Thompson and Erensiwd Jao. is fldent that the outlook for 


profits came to.JE35.llm. 

25 weeks 


1KT ISW 

--*8«a am 

, :V - 1B4.TS1 171 yn 

ratfn* profit _ . JW89. . 1M45 

U-, •Mfjm assoc. - JJ3S " 1.497 

.. -C racial Income'-. 1.0V7 • 1,844 

- -.-.v'inda) expenses. 1.818 2J04 

■ , ^ [fc before «x _ 22.103 ZV49Z 

.',i ** U.G7B 10.804 

. profit - 1IL533 • 9.688 

•. . 1 ‘ L dividend —- 265 285 

... . :ib. to OnL_ 10.268 9,423 

1 '--rfm dividend _ 3.774 3J288 

■“i ,ving _ e.et .BAST 

tales of ale and lager by 
• ;- i ume for the 129 weeks were 4 

... j* cent down reflecting the trend 
.• , :v'the industry. For Scottish and 

"■ wcastle, the shortage "of cans 
Comai. s a major contributory factor 
■"lent this decrease. The wine and 
-Kill w rit subsidiary . showed- an 


FnDsuux |H_ »nH J.i 
Finite- ■ 

Associated Somers 

hank-Lemnl • <U.K.) .— 

British WnlraTiiji _ 

Urals s . ... u 

Urartu —.- ,,.__ 

Lookers _—... 


National and 
Conuncl. on 
quarry failitre 

By Ray Perman, Scottish 
Correspondent 


Jin.M inflation was not mad e worse. 

II Caplan 
— Proffle 
1 expands 


OFFICE FURNITURE and ex¬ 
panded polystyrene manufacturers 
Caplan Profile. Group reports tax¬ 
able profits up from £437,821 to a 
record £652,658 for the year ended 
August SI, 1977. after £302,390 
against £201,611 at halfway. Turn¬ 
over was ahead at £A02m. com- 


THE FAILURE of Amalgamated p^d with 
. Y proved performance in both Quarries (Scotland), which was . * - . 


i • * ne and export markets, and nm n-.K— After lower tax of '£148,052 

*' :f See Lex ' 11x0 ROya * Scotland or Its oer lOo share and th« dividend 


10p share and the dividend 

5®"25: **** Cmamer - is lifted to 4.78P (4^9p) with a 

dal Banking: Group. fin al of 3J9n net. 


t Ciaraiifi 


chu oamong mroup. .... final Of 3J9p net. 

V Panifal & ’ . “SJUi month the rereiver TiJe directors say that current 

^Lapital GC indicated that the bank’s sbm-e of production and sales are running 

y r* J. ' ***• 1«» codd be a “seven-figure at a much higher i ew »l than the 

■> [.OUntV ' __. but “swenug a share- corresponding period last year, 

... 1 # holders' question at the National which, if maintained, should result 

, T qunrlrioc and. Commercial AGM in Edin- in a record growth percentage 

0.11X1 III 1C3 burgh. Sir James Blair- and corresponding profitability. 

. ,‘ 1 ’, with turnover ahead from Cunynghame, the chairman, said All divisions, including the 
1 . l - , j 4 a. to £ 2 ^!lm. taxable profit t ^ at “e loss was covered by the Canadian associate, are trading 
• Capital and County Laundries allowance already made in the profitably and they add that while 
mped £149^214 to a record accounts against had debts. No n would be “Irresponsible to 
, 53,922 in the 53 weeks, to Octo- extraordinary provision, is shown ignore the possible obstacles,” the 

r 1 , 1977 . i n the balance-sheet of enher probability of rapid growth in 

After ail charges including tax company. real terms should become a reality 

. 1 £132,000 (£53,500) profit is Sir James declined to say how within the foreseeable future. 

, ’ 21^22 (£5L208); much the loss from the failure of After a provision of £27,449 for 

"' Earnings per lOp share are Amalgamated Quarries might be. 50 per cent of the group's 
"- ited at 10.62p (3.SSp) and a It had not yet been finally Canadian associate’s losses, the 
"'^ st and final dividend of 1.556p determined. amount attributable came out as 

-t against L393p is proposed. In his remarks to the meeting £477,157 (£197,048). 

Gordon and Gotch climbs: 
wexpects to pass £lm. 


m?. e , 


ommon! 


US-TAX profit of Gordon and 
itch Holdings for the six months 
September 30, 1977 rose by 
■ per cent, from £362.000 to 
•08,000 despite rising costs, and 
is been achieved, the directors 
ate, because of the group’s suc- 
fss in developing additional ton- 
ages for overseas;markets daring 
ie period. . * -• 

The stronger level of trading, a 
tature of the second half of the 
.176-77 year, continued in the cur- 
•nt year and they confidently ex- 
*ct the full year’s profits to ex- 
:ed Sn. for the first time. Profit 
r last year was down .friftn 
06,000 to £801,000. 

Group turnover was ahead by 14 
■r cent to £1 5.75m. and associate 
•mpanies* turnover was up by 78 
. t cent to £17.6m. The directors 
y that the figures, to some ex- 
nt reflect rising prices. ' 

. The interim dividend Is in- 
eased from'l.l9193p to 2.64p net 
•r 25p share, as forecast, and a 
cond dividend of the- same 
nount is intended after July 31 
78 when Treasury restrictions on 
vidends will cease. Last year’s 
xal was L21026p. ... 

SixmosHbs Year 

1977 1976 1976-T7 

• row ctm im 

tWP TUVDOVM 1 ... 15.."n0 U5J4 2U1S 

. toc. cos. turnover lT.fiOS 9.PU 3D.757 

Max pruftt . 508 362 .881 

X . 2M 188 -. .379 

i profit - W 174 «3 

. norKy Inrerest .... 5 . 1 .3 

ribnrable 239 - ITS 419 

t Including share of associates am 
: kJc lnresftnenrs. 

The directors say that results 
dicate clearly that their policy 
developing diversified-activities 
Ithin the overall. framework of 
ie group's'traditional export pub- 
ifaing and distributing business 
ive proved roost successful. . 
Almost three-quarters of the 
rmpanys final net profit derives 
cm five major diversifications, 
<nrprising the computer bureau, 
roperty rentals, Hachette Gotch, 
enrury Airfreight and . the trade 
vestments in' publicly quoted 
impanies. ..... 

It is these also which-show the 
reatest prospects-of-growth for 
,*e future benefit of ^shareholders. 


the directors say, and income from 
quoted. investments aad. internal 
rentals on owned properties is 
sufficient by itself to cover entire 
dividends, they add. ~ ; 


362 MU 

188 -..379 

171 423 

1 3 

179 419 


Newspapers 
tops £2m. 

GROUP TURNOVER for 1977 of 
Dublin-based ^dependent News¬ 
papers expanded from ns.49ra. to 
£2257ra. anfi pre-tax profits 
advanced from £1.3Gm. to £2.09m. 
after £0.sam. (£0.57iu.) for the 
first half..' 

. The directors say ■ the sats- 
factory/results are due to higher 
rei'enye from advertising and 
newspaper sales reflecting both 
price, increases -and additional 
advertising volume. 

The figures mean that earnings 
have reached the level at which 
the remaining 900,000 of the 
deferred convertible Ip shares; 
held by Mr. A. J. F. OTteitly, 
vice-chairman, are convertible into 
Ordinary shares. 

Basic earnings are shown at 
18B2p (13J5p) per 25p share and 
the dividend is stepped up from 
4.0625p to 6.5p net with a final 
of 4.0G25p._ • 

- 1977 JS76 

£ 1 

Group tunrorjT_22.27C.0W) ?6.4S7.DM 

Profit before uix . 2JN3.0M L3&U39 

Taxation .. 835.M7 *®,«38 

Nei profit ..— liS5.W7 897.192 

Extraordinary debits 373,000 — 

To minorities .. 81,795 — 

Attributable -979.354 697.192 

Interim dividend - 15S.363 _ £0588 

Final dividend _ 253,957 '155;835 

Castlefield 

Rubber 

Mr. -Jack Addinsell the chair¬ 
man of Castlefield (Hang) Rubber 
Estate states in the annual report 


that, for the. current financial 
year directors estimate that the 
rubber crop wiU be about 4 per 
cent, lower than that for 1976-77 
and the harvest of oil palm fruit 
will increase by about 8 per cent. 

Rubber prices have been moving 
in a fairly narrow range either 
Side of JM2 per kilo during 1977. 
The pakn oil price,' after declin¬ 
ing from the high figures obtain¬ 
ing early in 1977, may not improve 
substantially during the next six 
months. 

’ Investment income received 
during 1976-77. benefited from 
higher interest rates on deposits 
than those now obtainable. Re¬ 
sults for 1977-78 may not, there¬ 
fore, match last year's record 
figures, when pre-tax profits 
jumped from £403,145 to £706,957, 
as reported on December 9. 

Gadek drop 
at nine 
months 

- Estimated pre-tax profit of 
Gadek Malaysia for the nine 
months to September 30,1977, is 
shown as £104,000 compared with 
£128.600 on turnover of £456,200 
against £419,700. Profit for the 
period to end-1976 was £207,900. 

Due to severe drought condi¬ 
tions the rubber crop fell from 
L52m. kgs to 1.19m. kgs for the 
II months to November 30. 1977, 
but oil palm FFB. Increased from 
291 to 839 tonnes. The directors 
say this reflected* the start of 
harvesting of the first oil palm 
-planting at Gadek estate together 
with the normal increase in yield 
from' the Kupang area in its 
second year of bearing. 

Estimated trading profit is 
shown as £137,100 (£155,400) and 
pre-tax profit was struck after 
replanting expenditure £23.400 
(£19,300)- and depreciation £9.700 
(£7,500). Net profit is given as 
£49,900 (£61.700) after tax £54,100 
(£66,900). • 


AFTER RISING from £ 9 . 93 m. to 
£23.0Gm„ excluding acquisitions, 
in the first half, pre-tax profits of 
English ni™ Chi vs finished the 
year to September SO, 1977 ahead 
from £24.47m. to £30.48m. on 
external sales of £203.74m. com¬ 
pared with flotsam. 

The clay division contributed 
£2Z.26m. (£3 6.61m. J to profits, 
quarries £5m. (£5-59m.), budding 
£827,000 (HJTdl), and transport 
and services £2.4m. (£Llm.). 

~ Earnings are shown at 9£6p 
(&57p) per £5p share and the 
final dividend is LSQSSp net rais¬ 
ing the total from ±43S7p to 
3.5538p an capital increased by 
last February's one-for-six rights 
issue. 

Depreciation is stated after 
crediting profit on sales of assets 
of £L48m. (£41,000). The bulk of 
the sales was of mobile plant and 
the proceeds - were used to 
purchase replacement plant. 

Figures for the quarries divi¬ 
sion include the results of the 
Roddy Industries group, and of 
Norton Luneworks, both of which 
were acquired during the year. 
The vendors received the interim 
dividend, paid in July, in respect 
of the shares issued to them in 
pan consideration, and the 
results of both businesses have, 
accordingly, been brought into 
group results for the year from 
October 1, J976 in the case of the 
Boddy Industries group, and 
January 1. 1077 -in the case of 
Norton Limeworks; their profits 
before tax for the 12 months and 
nine months respectively were 
£897,000 and £59,000. 

See Lex 

Stroud Riley 
trebled to 
£0.2m. so far 

Pre-tax profit of furnishing end 
worsted fabric makers, Stroud 
Riley Drummond, more than 
trebled from £65,000 to £201,000 in 
the September 30. 3977 half year 
Turnover rose from £3.00m. to 
£3.49m., and the result is subject 
to tax of £76,000 (£69,000) and 
extraordinary debits of £15,000 
(£47,000 credit). Last year's profit 
was reduced £5,000 by minority 
interests. 

Interim dividend has been re¬ 
stored at 0.5p net per 25p sharp. 
A lp final was paid last year, and 
an interim was last paid in 1974- 
1975. FuH year profit last time was 
£0.33 m. 

First half fall 
at Symonds 
Engineering 

Following a fall in profits for 
the 1976/77 year from £266£41 to 
£201,573, precision engineers, 
sheet metal workers and jig tool 
manufacturers, Symonds Engin¬ 
eering Company reports a drop 
from £10UU to £92,278 in taxable 
profits for the half year to 
September 30, 1977. 

Turnover was ahead from 


£804,786 to £833,927 and the direc¬ 
tors say they are hopeful that 
the present state of the order 
books will enable the company to 
show a continued increase in 
turnover for the full year. Every 
effort is being made, they add, to 
improve profit margins, which 
adversely affected the six months 
results. 

First half earnings arc shown 
.at 0.7S9P. (0.9p) per 5p share and 
the interim dividend is increased, 
to reduce disparity, to 0.42np 
(OFTap) net—last year’s final wag 
0fi2985p. The directors intend to 
recommend payment of a maxi¬ 
mum permitted final. 

Net profit emerged as £40,778 
( £46,311) after tax of £51,500 
against £58,000. The company has 
dose status. 

Bett Bros, 
turns in 
£2.86m: 

DUNDEE BASED building and 
public' works contractors Bett 
BrotheRl lifted profits from 
£2.34m. to £2.86m. for the year to 
August 31. 19(<. subject to tax of 
£1.49zn. compared with £12m. 

In June, reporting first-hall 
profits, of £3.71m. against £lJMxn„ 
the directors said that full-year 
profits should he in the region of: 
£3m. 

The final dividend is 13>15p per 
20p share for a 3.7018p (1.5236p) 
total.- Certain shareholders have 
waiviMl final dividends totalling 
£47,203. 

• comment 

Latest results from Scottisb-hased 
housebuilder BeU Brothers arc 
creditable when seen against in¬ 
dustry trends. Most housebuilders 
have reported falls in profitability, 
as completion and .starts have de¬ 
clined. Vet even during the 
weaker second half. Bett managed 
to push up pre-tax profits by 4.6 
per cenL to 11.15m. against an 
average industry downturn t»T 
nearly a fifth in starts and 5 per 
cent in completions. But Bett 
has suffered fairly common prob¬ 
lems. The average price of a Bett 
house only rose 8.7 per cent, to 
-£15,000 while costs rose by 12.5 
per cent. But three-fifths of turn¬ 
over still came from the more 
resilient Scottish local authority 
work which probably explains the 
increase in margins from 11.3 to 
14.7 per cent And nearly a 
quarter of the latest profit Im¬ 
provement has been accounted for 
by ihe strong performance in 
property development which rose 
to - £350,000. Bett Brothers has 
the strongest balance sheet among 
housebuilders, and therefore does 
not have to worry about any 
interest charges. Borrowings are 
minimal and the group has a five- 
year land bank. At 67p. their 
high for the year, the shares stand 
on a p/e of 3.6 and yield 35 pec 
cent. The rating is only pegged 
by the tightness of. the market 
The directors hold, over 50 per 
cent, of the equity. 


Uranium contract may 
gross RTZ $2bn. 


Jones Stroud lift 
at six months 


MANUFACTURERS of fabrics, repayment of loans £19,000 (nil): 
accessories, and materials for the less provision for revaluation of 
textile and electrical industries, land and buildings £425,000 (nil); 
Jones Stroud (Holdings) lifted add pre-acquisition reserve not 
pre-tax profits from £918,000 to now required £22,000 ''(nil); 
£1,166.000 for the six months to exchange' losses £10,000 (£3Sj000). 
September SO, 1977, on turnover of For 1976-77 there was also a >pro- 
£ 12 m. against £8.48m. vision for losses on reorganisation 

Mr. Philip Jones, the chairman, and disposal of group companies 
anticipates that the percentage of £670,000. 
increase in first half pre-tax pro¬ 
fits will continue for the rest of A rn mment 
the year. The pre-tax result for 9 comment 
all 1976-77 was £2J3m. Jones Stroud continues to ride 

First half earnings are given as out the recession in the electrical 
7.36p (5.lSpl per 25p share. The and textile industries, with first- 
interim dividend is held at 1.6p halT profits . some 27 per cent, 
net. Last year's total was 4J8p higher. This figure, however, in- 
paid from stated earnings of chides little Inherent growth as 
lL22p. most of the increase is accounted 

six months Year for by the contribution from 
1®^ J- and J- Gash (name tapes), 

Tumorer _ «jSS s?a 15JK ***** consolidated in the 

profit before ux ... loss via second baH of last year. In addi- 

Taxation . ££ «s l.iti tion margins have been kept under 

Net P rn ®f .— 644 433 Ml pressure with factories working 

uSSl Srtiur « - mi « or,1 y three-quarters capacity. 

vvaOahie . BBi 453 u*3 There was some apparent Increase 

bni. dividends .— 139 im .363 in the electrical division (half of 

Results of Ji and J. Cash Group profits)—demand for electrical in- 
have been included from October suiting materials nose towards 
25, 1976, the date of acquisition, the end of the period and this 
The minority bolding in J. and J. seems to be continuing in the 
Cash Pty. was acquired in April, second hatf. With the drop in 
1977. interest rates expected to help 

Extraordinary credits comprise: to the tune of about £0.1m., about 
Profit on sale of shares in Fother- £2,5m. (£2Jm.) seems possible for 
gill and Harvey £322.000 (nil): the full year. The shares, at 88p, 
surplus arising on consolidation are on a prospective p/e of 6.6 
of new interests £119,900 (£857,000 whHe the yield is 8 per cent, on 
for all 1976-77); surplus arising on a maximum dividend. 


fabrics, repayment of loans £19,1] 


Turnover ........... 

Profit before tax ... 

Taxation .. 

Net prndi .— 

To minorities- 

Extraord. credits . 

Available . 

Ord. dividends ..... 


87 PAUL CHEESERIGHT 

THE POSITION Of Rio Tfnlo-Zinc 
of London as an international 
uranium producer has been sub¬ 
stantially enhanced by an 
announcement yesterday from its 
Canadian unit, Preston Mines, of 
a sales contract with Ontario 
Hydro which is likely to be worth 
more than 52bn. (Il.Orhn.). 

The sales contract, which is 
subject to the approval of the 
Ontario Government, provides lor 
Preston Mines to supply 72m. lbs 
of uranium oxide over a period 
lasting more than 30 years and 
starting in 1984^ 

The uranium will come from the 
Stanleigh property at Elliot Lake, 
the area in which RTZ's major 
Canadian company. Rio Algom, 
has for long been active. Stanleigh 
will be reactivated to meet tiie 
sales demands. It was in produc¬ 
tion between 1957 and I960, when 
2.5m. tons of ore were processed 
giving 4.9m. lbs of uranium oxide 
at an average recovered' grade 
of 1.96 lbs per ton of ore. 

Preston's agreement with 
Ontario Hydro makes a pair with 
the sales contract signed with 
Canada's Denison Mines, another 
Elliot Lake producer, just before 
Christinas. Denison is in provide 
126m. lbs of uranium oxide 
between 1980 and 2011. 

The pair of contracts have in 
common provision for pricing and 
development costs. The price for 
the uranium oxide will be deter¬ 
mined on an annual basis taking 
into account costs, margins and 
world prices. Last month. Mr. 
Stephen Roman, the Denison 
chairman, made it clear that this 
would mean Ontario Hydro wonld 
always be buying at a level below 
the prevailing world price. 

Nuclear Exchange Corporation 
in the L f J5. has latterly been 
reporting a current world .-pot 
price of 84320 per lb of uranium 
‘oxide. On the assumption that 
Preston receives a notional S3U a 
lb-—and this could be a conserva¬ 
tive estimate—the value of its 
new contract would be S2.T6bn. 

Ontario Hydro is to advance the 
development costs to both Deni¬ 
son. for the expansion of its 
facilities, and to Preston, for the 
re-activation of Stanleigh, and 
the funds will be re-paid os the 
uranium oxide is delivered. 

Preston was carrying out studies 
on bringing Stanleigh back to pro¬ 
duction last year. Development 
work will start later this year 
and the aim is for output to start 
in 1984. The designed mill¬ 
ing capacity will be 5,000 Ions of 
ore a day or l.S25m. tons a year. 

This milling rate is lower.than 
that anticipated by Denison, which 
hopes to process 5m. tons of ore 
a year by 1985. 

Although Preston's planned pro¬ 
duction at Stanleigh represents a 
marked extension of the RTZ 
group's Canadian uranium 

capacity, presently based on Rio 
Algom. the new development looks 
as ir it will be only about one- 
third of the size • of the group's 
operation at Ross ing in Namibia 
(South West Africa). 

Rossing's designed capacity pro¬ 
duction is 5.000 tonnes a year or 
lL02m. lbs of uranium oxide. If 
Stanleigh achieves the grades of 
its earlier production period, its 
output could be about 3.5m. lbs 
a year. 

RTZ shares were ISOp yesterday. 

ARAB MINING'S 
CAPITAL CALL 

The 12 Arab Governments back¬ 
ing the multinational Arab 
Mining Company have been asked 
to pay up another 10 per cent, of 
the company's authorised capital 
of 6400m. (£20S.6m.) within the 
next two months, reports Rami G. 
Khouri from Amman. 

The money will be used for 
four new investments which 
follow earlier decisions to invest 
in a Moroccan lead foundry 3nd 
the Dead Sea potash extraction 
project in Jordan. 

Mr. Tliabet Tahcr. Arab 
Mining's general manager, said 
the new Investments were: 

• A 25 per cent stake in a new 


Moroccan copper mining project; 

• A 5 per cent, shore in the 
$100m. Jordanian phosphate ferti¬ 
liser plant under construction at 
Aqaba; 

• A 25 per cent, interest in a 
new North Yemeni company, in 
which the local Government will 
hold 51 per cent., lo exploit 
mineral rocks like gypsum and 
feldspar: 

• Co-opernlion with the Somali 
Government in a new company to 
exploit mineral deposits the 
nature of which thn Somalis have 
so far refused to disclose. 

Jwaneng mine 
may earn more 
than Orapa 

WHILE De Beers is maintaining 
silence on the Jwaneng diamond 
development in soulhern 
Botswana, details c.intinue to tiller 
through from the Botswana capital 
of Gaborone. reports our 
Johannesburg correspondent. 
Jwaneng is prcdu-;pd, when it be¬ 
comes operational m 19S2, to earn 
more than the eum-nl revenue 
from the big Urapa mine. 

Botswana Government .sources 
indicated yesterday that diamonds 
earned Botswana- Pula 54m. 
(£32.4m.) in 1977 and all or this 
was from Orapa, making the mine 
The territory's biggest foreign ex¬ 
change earner. 

The Goverment has also indi¬ 
cated that De Beers has been ex¬ 
tremely generm:> in the iisral 
arrangements for Jwaneng, with 
76-70 per cent, of the mine’s earn¬ 
ings set to flow to the Govern¬ 
ment. One spokesman has opined 
that by not publicising this deni 
De Beers *'is missing out on a 
major public relations oppor¬ 
tunity." 

It is speculated in Johannesburg 
that one reason may be De Beers' 
unwillingness to establish a prccc- 
dcif for the expected new Govern¬ 
ment in Namibia (South West 
Africa) to apply this year lo the 
big Consolidated Diamond Mines 
operation. 

Further evidence of Jwaneng's 
attractiveness is that, in an un- 
ufiual move, commercial bank 
lending will finance much of the 
R50nu-plus (£30m.) project, with 
First National Bank of Boston act¬ 
ing as syndicate leader. 

Port hold-ups 
hitting Zambia 

ZAMBIA'S Minister of Public 
Works, Mr. Haswell Mwale, and 
senior transport officials left 
yesterday for Tanzania to attend 
urgent discussions on the increas¬ 
ing congestion at the port of Dar¬ 
es Salaam, which carries potenti¬ 
ally serious consequences for the 
Zambian copper industry', reports 
our Lusaka correspondent 

Meanwhile, the reopening of 
the Benguela Railway was dis¬ 
cussed by representatives of the 
Zambian and Zairean Govern¬ 
ments during their two-day meet¬ 
ing in Lusaka. The 1200-railo 
line, closed since August 1975 as 
a result of the Angolan civil war, 
links Zambia and Zaire with 
Africa's west coast port of 
Lobito. 

A communique yesterday urged 
the Benguela Railway authorities 
to attend talks on “technical and 
operational problems" while 
“ political problems are being 
looked into.” 

There is an estimated Zambian 
cargo backlog of 100.000 tonnes 
including wheat, fertiliser and 
coke for the Copper-belt. Short¬ 
age of coke has forced the 
temporary closure of the Imperial 
Smelting Furnace at the Broken 
Kill lead and zinc mine, part of 
Nchanga Consolidated Copper 
Mines. 

In addition there is evidence of 
hold-ups in Zambian copper 
export*, the bulk of which arc 
cnrTied on the Tanzania-Zambia 
railway to Dar. According to a 
spokesman -for Roan Consolidated 


Mines, 35.000 tonnes nr' KCYJ 
copper and 22,000 Tonnes of 
NCCM copper is awaiting trans¬ 
port from the mines. 

Zambia needs to import about 
100,000 tonnes of coke a ; ear for 
the Cop per be consumption ,if 
about 3u0 tonnes a day. 1 . r.t;| 
the Rhode-sum border lI nsure in 
January 1973 this came t'rnrt 
tVankie Colliers. Official! v[ 
.supplies from tiiiit snare:- were 
cut off. and Zambia now import.* 
her coke from Germany and i^iy. 

HIGHER SALES 
AT PALABORA 

One of the first of the wurM's 
copper mines that proivd it wr.s 
possible to operate profitable with 
a low ore grade—and winch sti'I 
manages to make iimney jr i:i.» 
currently depressed meu! price 4 
which are putting a large propor¬ 
tion or other copper pr.nhi.-er. n 
the red—is the It in Tiniu-Zine 
group's 1 “a In bora nper.il ion 

The big South African open-**!!- 
producer reports thin la-: M-.-r 
increased iis milling to 24 SU::v 
tonnes of ore grading a modc-t 
0.52 per cent, copper. Copper .-.de! 
totalled lH4.2::i tonnes ••oirp.ircj 
with 96,305 tonnes m I97ii. S :'r •: 
of magnetite were tonne: 

1591,12*.* tonnesl. .sulphuric .ioi.i 
120,615 tonnes (UnuKi't iun*n.- • 
and verniiculitc 154.:Wn 
(193,596 toil ties t. 

Although the mini* am! 
expansion w;is completed la- T year, 
production was less than plant:::! 
owing to defer Is in the two m. u 
autogenous mills. Lower grade «>:v 
was mined, according to plan, j.i 
jear. Mangnclilc sales ueie h r 
by shipping problem.', but uti>' 
improving in Up.* fin.d 
while those of vermieiiiitr fell 
line with the world rcci-.s-aj:; :n 
the building industry. 

As already reported. P.m.iLh.-.t 
has paid a third quarterly interim 
for 1977 of 7.5 cents H ,*ip) loHov.. 
ing a first interim of J5 
a third of 7.5 eenrs. The veer ’4 
final declaration is due ‘ ra*\; 
month. Pabbora were ::gup v-. 
lerday. 

ROUND-UP 

The value of Canada's mine pr>** 
Auction last year rose to a record 
SCan.S.Shn, i£4J!bn.i from 
SCan.i.Otihn. in 1976. These 
figures, however, du nut include 
uranium the addition or which 
would lift the laiest total ue jt 
least a further 5Can.2atmi, ;t 
thought. 

* * * 

South Africa's Leslie Gold 
Muies has been classified a* 
Stale-assisted mine with effect 
from October 3 last. As a.result 
the possibility of early clo-ure h is 
been postponed and the necessary 
steps arc being taken to prolong 
the life of the mine. 

* * * 

Israeli exports of pnli-ched 
diamonds last year reached a 
record value of over Slbn. 
(£522m.) compared with jusr under 
3709m. in 1976. About Ut» per 
cent, of the export total i., value 
added in Israel hy the polishing 
and marketing or rough diamond-:, 
all of which arc imported. Ex¬ 
ports to the I'.S. climbed 50 per 
rent, to 8320.9m. while tho>e u* 
Hong Kong increased hy 75 pc* 
cent, to SlS4m. Beijiutu tnei; 
SI 13m., Holland $tl5.4m., Japan 
SSfl.Gin., Switzerland «75.8m. West 
Germany S59m„ France $3S.3m. 
and Great Britain $36m. 

MFINING BRIEFS 

AUSTRALIAN MINING AND SMELT- 
INC- 



j:>t r wv.. 

to o-fpi 


j!,U,77 

a:.u.r.; 

On* frojiuil «rnnni si. 

. i»+i !!•» 

liW.Sd' 1 

Lead i-pcr com.*. 

. >.’! 

7 'l 

Silver i trams jonne- 

. >. 

r« 

Zinc idit ot-nt.i . 

PnxIiK'iioii 

Lead coim-Dirato 

H' 7 

113 

uounns* .. 

Cunramiru:: 

. Ci:.™--. 

i»!P7 

Rims lead iionnc-st 

. -dl •iT’i 

44 ';■> 

SilVi-r iklloirains* .. 
Zinc coHLYiurato 

. :lh Wijr 

74.433 

iionn>'.t> .. 

L'DaUiiiin*:: 

. t-D.Uij 


7.1110 naun.st . 

. »'C.7T5 

CI.'NT 


Mercantile Credit upsurge 




MONEY MARKET 


Signal on interest rates 


NEW LIFE BUSINESS 


[O ' 1 


Hawk of England Mlnimnm 
Lending Rate 6} per cent, 
(since January 6,1978) 

Day-to-day credit was in short 
■Vtipply - hr' the—London money 
^fr&rket again yesterday, and the 
Authorities took the final .oppor¬ 
tunity this -free* to give the 
[fP|iarket a signal on Interest rates. 
I 1 ' Kscount houses buying rates for, 
hree months Treasury ■' bills 

*&ed slightly to 5s£-5i per cent- 
nit still remain wefl above .the, 
rigger point for a further cut in 
fi lank of England Minimum Lend- 
E 1, ng Rate. 

The authorities gave a largo 


JdsjTinoCicc— 

{•Uyior 

"•lemooth-.., 

4 * P m nny.hu, 

. * 'im muoth& 
SlX nrnUi, 
Sms Bhintli—, 


amount of assistance, but prob¬ 
ably not enough to take out tbe 
full shortage. They bought a 
small number of Treasury bills 

from- the houses, and lent ; a 
moderate amount for seven days 
at Minimum Lending Rate of BJ 
per.cenL to three or four houses, 
as an indication that the Bank of 
England wishes to see no 
in MLR at to-day’s Treasury bffi 
tender. J 

Banks brought forward surplus' 
balances and .ihe market was also 
"helped by a ferriy large 
the note circulation. On nie otna-. 
hand there was a fairly large net. 
take-up of Treasury bills to. 


finance, revenue payments to the I 
Exchequer exceeded Government 
disbursements, repayment was 
made of tim funds lent to the 1 
market overnight .and from last 
week, and there was a further! 
slight drain caused by the call on| 
101 per cent Treasury 1999. 

- Discount bouses paid "65-61 per; 
cent for secured call loans 
throughout In the interbank 
market overnight loans opened at 
.6J-41} per cent, and eased to 6f-6i 
per cent, before rising shaqply 
to 1W5 per cent, in the after¬ 
noon, and dosing at 6-7 per cent 
Rates in the table below are 
nominal .in gome 


Equity & Law single 
premiums advance 


Sterling 

Certificate 

ofdejnalu 

Interbank 

Loral 

Autbority. 

rteprelM 

Lnrol A util 
ncKortoMn 
bonda 

Viaaoce 

Boom 

' Dnpi *ilfl 

Company 

Deposits 

D bourn t. 

nuka 

deposlG 

Treasury 
Bills 9 

Bo ok 
Bills # 

eiai* 

6A-&A 

Sit 

66o 61* 

&l4-6(i 

6-16 

61J-6 1 * 

6886k 
6k-68a 
6l»6U 
68e 6 k 
•S-6* 
6TB-7rfe 

6 

65*-6k 
6k 6k 

6k 

6k-6k 

67^7. . 
,7Te-a 

7k-6Sa 
Bk-6 
65J-6IB 
654 5 k 
781* 
r .7-6if 

6k-6k 
6k-6 s * 
638-6 k 
6M-6k 
• 6 k -63* 
6^8 

71a 

7’. 

6T», 

■w”. 

63* : 

6U41| 

. 6k-6k 
. 6U 
6-6k 

. ®. 

■ 

3»-578 . 

3S-57* 

II l^feolll 


Local ambortiles and finance tawsw seven days’ notice, otters &e yen dm" Lobwmmw local awtem* «norrsa«p 

rates no minal ir Him yours 9 per! cent.; lour yesrt M-IB per ceoi.. 0** t*®* 101-lBi per-««L ® BankblU raieBte 
table era taorto* tsics lor wime paper. Buy-JW l*r (our-naraUi bank Per cem.; four-month ^do bUls 


M A^aSiaie Mlllns rate fw one-n»BUi .TYeaany blUe Hiper 5r nl : : nv !*S a ^ ,; BXsxSUx Percent.; and U m ynooih 
Aoprowmare seJHne rate for one-month bsofc -boa J^cenU two-monlb *i» per cent; and 
ceSLCmSatTirSde bfll M per eem.: twnattilh■ ■!*» throMnomb U per cenL 

Fhuue himih ■— Ratos ipoblKbed by the Finance Hihuks AwMinteJ S wf cent, from J anuary l, 19T3. tkMdu 

ii wtSSu .dais’ notice 3 per cenL Ciparim Bv* R*l« far IomUas H per cent. 
T tosumj piHi; Av e rage lender rate?, of discount P* 1- ‘ 


I Equity and Law Life Assurance 
Society reports new annual pre¬ 
miums for 1977 virtually un¬ 
changed at £l42xo. (£i 4.1m .> but 
single premium business advanced 
by one-third to £15.1m. from 
Him, in 1876. But the pattern 
of new business has altered sign!: 
fleantiy for the company. 

New annual premiums on indi¬ 
vidual life business have fallen 
to £8,9m. from £92m. reflecting 
the swing away from whole-life 
non-profit business as a result of 
the change in commissions to a 
premium related basis. Although 
tiie company is not a member of 
the Life Offices' Association, it 
rhjmgftrf to a premium-related 
system, albeit at a higher rate, 
in October, 1976, at the same time 
as other LOA hfe companies. This 
meant a trig reduction in the 
amount of commission paid on 
whole life policies and business 
has fallen off in consequence by 
about one-quarter last year. It 
is being replaced by with profit 
endowment assurance and term 
assurance. 

Individual annuity bosiness 
annual premiums rose by one-half 
deflecting the buoyant market in 
self-employed-and executive pen¬ 
sion contracts Annual premiums 
from group pensions business In 
1977 almost doubled, in marked 
contrast to the general pattern 
which was static, but from a low- 


base in 1976. They amounted to 

£lm. from £&5m. 

Hie buoyancy of single pre¬ 
mium business came in tbe first 
place from the company's unit- 
linked venture launched last year. 

■ This took In. £2.Bm. of single 
premium business. Single pre¬ 
miums an' both group pensions 
and individual pension were also 
buoyant New life single pre- 1 
miums rose to £0.1m. from 14m. 
and on -individual - annuities to' 
£ 7 . 6 m. from Him. Group life 
pensions wrote £l_3m. of business, 
against fiJtn. 

Overall new sums assured were; 
down substantially to 1778m. £row : 
1892m. reflecting the swing away! 
from whole-life non-profit business., 

IMPERIAL UFE ASSURANCE COM¬ 
PANY OP CA NAJQA—New annul pre¬ 
miums in respect of life, health, tmit- 
limccd ana group buane&e issued in Great 
Britain parm* 1377 repmented record 
With total of JES£74£94. to addition, single 
premiums In respect of Untt-Liated plans, 
wsether wtth new angle premium life 
annuities amonmed to £34S^SS. An 
overall sain in premium income of SO 
per cent. 

national employers life croup 

—New annual premiums Id respect of 
life, health, pensions, and unit linked 
business rose to £&£m. net of reassurance 
(£5*9 zb-) single DTcmfmns from life 
and penslora bmrtOMB increased lo £LBm. 
(Ql.7Sin.i- In addition, group received eon- 
sl do rations to- immediate mmdties 
loot lT lna £L7in, companp also ransoU- 
daied its position as the largest under¬ 
writer of new group permanent health 
Insurance otHnosa m m e u.K. market 
with an incrrjuc In -nev orem hnns In 
respect of these rseteroes of as per m* 
iso per rotiLj. 


INCREASED consumer business 
and the merger in January last 
year with Barclays Export and 
Finance Company boosted pre-tax 
profit of Mercantile Credit Com¬ 
pany, a Barclays Bank subsidiary, 
from £6.95m. to a record £1S.1 ul 
for the year to September 30,1977. 

Operating profit of £15Jlm. 
included the surplus for nine 
months from the export and 
finance company which for 1976 
separately showed taxable earn¬ 
ings of £5.Gm. There was also a 
credit this time of £ 2 .2m. from the 
release of exceptional provisions 
made against the property port¬ 
folio in 1974 and 19o. 

At year-end group net borov- 
ings were up from £3 11 m. to 
£401ni., customers' and other 
accounts stood at £332m. (£247m.) 
and assets out ou hire or lease at 
£214m. (jESOmj- 


BANK RETURN_ 

i IVplBr |, *f j Im."- i+J w 
— | Jan. II i IM'.i—) 

_ 1 197t 1 lo r»Ccfc 

BANKING DEPARTMENT 

UAIMLITUB* : I £ 

Capita i... : l«.»J.ao — 

Public Urpm.ita...; 24.K5.SOO- ZMlMi 

Special — 

UajiKeni. 561,601,491'+ 4i.l®,£{2 

HenerreB & Other 

A jo. _[ 673rft9,2*.- B.7E9.KI2 

(2JSJ.S24.557 +40flW.eS8 

ASSETS I ‘ ! 

Clovt. Securities1,720.16 W3E;+152J20JM0 

Advani'ed AOihcr ; 

..! .373,765,418 - 77.796J72 

Premisw. Biuip'n , 

l other Secs...-..j 153.364^56— 195.738 

Noun. 11.M3.13I - I4.03o.322 

-[ 190.3E7— o£T3 

:2J2a^24.ht7 4 -.0.244.1x3 


ISSUE DEPAKTMKAT 
LITlii £ J 


LIABILITIES) 1 £ j £ 

Noire I»imi.|<,K 75 JDOC'JXK'- 325 .WO.Oftf 

la t’jiwtetk'n,‘7,66S,lf*JB74 — 410,9fi*.v7 J 
In Bank’ll iiei>i| 11,643,1^'—14.050.322 

ASSETS ; { 

jort. lletitr.11.015.100 • — 

OtherG.w*. 

Other Saeurltto.[ 9JL662^aij+77,bU>.7ts 
_l?^6.ixo.c«i-3a5,ocio,aoj 


In his annual statement Mr. 
A. Victor Adey, the chairman, 
points ont that a substantial pro¬ 
portion of the company's lending 
portfolio is now linked to finance 
house base rate with the result 
that it operates on more stable 
mars ins in that section. 

The remainder of ihe portfolio 
is on fixed rates causing the com¬ 
pany to suffer narrower margins 
when interest rates rise. 

Against a background of low 
consumer expenditure nationally. 


the consumer finance division 
showed continued expansion, 
during the year. For the indus¬ 
trial finance division, due to 
reorganisation, the grow th has not 
been as great as the director-i lir.d 
hoped but they now look forward 
to improvement. 

The motor division again pro¬ 
duced satisfactory results and is 
sot fair for what Lk hoped will be 
an expanding activity in the nest 
two years, he says. Here the main 
change during the period was the 
sale of Hatton Group, British 
Ley land distributors. 


This_ advertisement Is issued In compliance with tha 
requirements of The Council of The Stock Exchange. 
It does not constitute an invitation to any person to 
subscribe for or purchase any Preference Shares. 

Centreway 

Limited 

(Incorporated under the Companies Acts 1862 to 1890) 

ISSUE OF 439,759 11 PER CENT. (NET) 
CUMULATIVE PREFERENCE SHARES 
OF £1 EACH 


The Council of The Stock Exchange has granted a listing 
for the above-mentioned Preference Shares. Particulars 
of the rights attaching to them are available in the 
Extel Statistical Service and copies of the Statistical 
Card may be obtained during usual business hours on 
any weekday (Saturdays and Bank Holidays excepted) 
up to and including 21 st February, 1978 from: 

Le Mare Martin & Co. 

Regina House 
5 Queen Street 
London EC4N 1SU 

13th January, 1978 













20 


Financier&aua*T 


international financial and company news 



AMERICAN NEWS 


Utd. Merchants disposals! 


• NEWS ANALYSIS—THYSSEN FOR BUQD 

Bidding on a recovery 


stoke with two I 


UNITED MERCHANTS and September 1977, the subsidiaries’ the British and French subsidl-' BY JOHN WYLES ft* NEW YORK AND ADRIAN DfC BONN j 

Manufacturers Inc., currently lending banks withdrew their aries, the report says. In • . . - ' . 1 

operating under Chapter 11 of credit lines. This resulted in a addition, in fiscal 1977 the com-’ix SELECTING the Eudd Com- In the late sixties and early S35L Speculators ^ we l!£ * P«r eont. *“* ,*"" vEl 

the LT.S. Federal Bankruptcy Act, programme to liquidate the pany provided a loss reserve of. panv as a takeover target seventies, Budd came dose to decided whether the Thysaeft French steel w»[«niw w » j 

is liquidating the assets of its assets of the subsidiaries, the S1.7m. for completing the cl whig Thyssra AG, the major West Ger- moving out of this business but bid is a friendly offer which ambitious ros-prejeci «»• 

Brazilian subsidiaries and in- report said. of Canadian facilities. AF-DJ :man steelbroker, has focused on a revival of railway investment Budd directors will gracefully Marseille- *ny*»w_s wc 

tends to dispose of its units in The net loss of the Brazilian ^ ^ . i a business which has made con- in the UJS. coupled with an accept or whether another aritor patio , i** 5 van*,. Sint. 

Britain and France. subsidiaries in the fiscal year $1 bn. IOC Bank Of Isiderablc strides over the past expansion of business abroad may appear to start a bidding mum. «» _* ..v »relta* 

in i, pnriM June 30 was S9_3m rnm- _ _ ! won vears in inrninn round has heloed revitalise the railway battle. symboliseu J jf p ^ 


In addition, last summer it ended June 30 was $9-3m. com- 


sold 7.4m. shares of an Argentine pared with earnings of Sim. a Canada -loss-making Jwyilw. JK2 K2^J??!Ln , i! , S£U£ « ? *5» «ti» S&ur JSswSfi?'«i5 1 53K 

subsidiary for Sl.Sro . with more year earlier, the report Mid. The THT 3 BANK of Canada will an-. developing new high added value Amconsortium wh#ch » building below, the company's limglhte £**.'"> si eels business witboin 

than half, or 3.9m. shares, being fiscal Ip* 7 ,' 06s _ a P 1 * 0 * nounce refinancing plans to-day. operations. underground rat.wav coaches *PT book value- Budd's total debt WBn .i n A m raise its Investment 

sold to directors, officers or vision for losses of S19_m. on an d dealers generally expect the a major supplier to the auto Ri° de Janeiro and amounts to $211.3m. uf which thl , \ rpa ans higher, 

employees of the subsidiary. disposal. reduced . b £,, „ a0 Bank to disclose plans to raise: industry. Budd has returned Brazil, and elsewhere the com- ggg g ra j, due in five years. • tvuiocsn 

=srss sssssjfifXit & — “:s-js ertr-5 -a£SSSwS 

added, SES eSTJTSt sAszzzzssz 

(SEC). proceeds of Sl2.8m. including the three or four issues, with about, auto industry is expected to the backbone of its activities and JP™*? i nTe E rhu [ axe raSi *L2* ftSEaESSI *10 

The report noted that United S4m. advance, will be received SC5Q0m. to be offered publicly; suffer a fall in sales in 1S7S. Budd numbers- all of the Amen- wirtS Awayfrom 2?^ii* L of 1 lh!F»3din tta 

Merchants' Brazilian textUe sub- in fiscal 1979. and the balance to be taken down; might be seen by some observers can car manufacturers among its * , SSfi^Sirnnean community. In 

sidiaries incurred "significant" The company provides a S1.4m. by the Bank &f Canada, the, as reducing Budd’s atractiveness customers. The company has put *!« with niher larne steel 

operating losses and that in loss reserve for disposition of dealers said. (as an investment, but some eonmderable effort into develop- The®ovchw seen 


operating Tosses - and” that in loss“reserve For disposition of dealers said. fas an investment, but sorae considerable effort into develop The move would airo gre ^mun with ot^r large j 

$60m. acquisition by Pirelli SSKSL 

nuAumi ’nupc rvpopted ^ auto industry recession. When Budd revealed at the a turnover of around $C25m. a ll.Tm. tonnes In 1976-77. while draw from ttdtt»• credit Bat'' 

FINANCIAL TIMES REPORTER » Since 1971 Budd's earnings per end of !ast week tjm a mystery year. most other measures of its #cti- muds require^ tar 

GENERAL CABLE Corporation which about S85m. was attribut- President, Mr. Rowland C. Frazee ‘ share have riMn impressively buyer was interested in acquiring Thp timing of the announce- vi,y ,eI1 a siinUar tale - export oger aHoM. latewrtK;* 

is to sell its electric power able to operations at. the five Mid the;annua! meeting reports. from *g-£ fig? the company. Wall Street memtbat Thyssen is indeed the J Thyssen has nonetheless given 

cable operations to Pirelli Wire plants which are being sold. Robert Gibbens from Montreal. .“{JSJl? 1 arbitrageurs began to take an bidder for Budd comes only 24 the firm impression for several | ajely for each 

and Cable Corporation, a wholly- General Cables sales in 19<6 Both Mr. Frazee and chairman f L u ^.“ a *. * a ®J. or . immediate interest and Budd’s hours after it had been con* years uf being able to ride -out \ iug- 

nwnpri \PW Ynrk.hased s,.h- were S349m. W. Earle McLauehlin said the elimination of losses by ns rail- i tv. tvZi Ik-” ..mnr better than; The • ommum* between - 


Olivetti 
extends * 
its short¬ 
term debt 

By M Betti • 

__ BOMB.JWL W. 

ouvrm tntaM 

that !( tad Bwdtad vtav t 
regards as ad ta pwtatf fbuE 
ctat epmtltt ImMu ft 

consofldAtten «rTtt* indvbtwl 
ness with the ttAtfrn taukta 
system by tiuaff«uhig *om 
UBbo. (About «r thott 

term debts tota Jtadhnhtwji 
ucs.. / - 

ST M M W k them 

dale ItaMana, Bata Tta.ilutaW 
del Lav ere, Gtattto tag 
and Isttteto' Uaeub^ 
Pae le- wi the ce ovmle tt.il 
LMbn. Short tan ' m 


$60m. acquisition by Pirelli 


tx tap Iw 


credit. 

Olivetti vS) 


ho aWe tfl .mH 


FINANCIAL TIMES REPORTER 


owned New York-based sub- were S349m. W. Earle McLaughlin said the' 

sidiary uf Society Internationale Bank was worried by some impli-. 

Pirelli (SIP) of Switzerland for p n( , Q | Rgnlr c ta cations of the French Language. 

some S60m. Koyai name to Stay Charter (Bill 101) for its goods trucks. 

Mr. Robert Jensen, president : n IVfnnfragl employees and operations, and' 

and chief executive of General VdT R v ., , r . by the present climate of politi- EUROBONDS 

Cable, said that before costs THE ROVAL BANK of Canada, ^aj uncertainty in Quebec. 1 

associated with the sale, net which has &34bn. assets and is j ■— - gi 

operating earnings in 1977 are Canada’s largest bank, plans to j 

currently expected to be in keep its head office in Montreal. R, J. Reynolds outlook i TjIH 1111 
excess of S21m. ( up from $165in. “We intend that the head office owNm nc ! 

in 1976. remain here, ra the confidence il j. REYNOLDS Industnes Inc. \ 

■'The company said it anticipates that it can continue as a fully “J???® es ? I 2^ 1 5ll nv u&by riuviu 

1977 sales will exceed S600m., of effective functioning unit" the to range tetween S8.15 and S8.25. BY MARY. CAMPBI 

a fully diluted share, including; 


le McLaughlin said the dj v jsion which manufactures share price on the New York firmed that the German group is the current crisis better than j 
^womed by some imph- • !SntaH^^55l Stock Exchan.cc rose from S23 pullina out of Solmer, the con- most other German steel com- 

o* ^ ren fh Language. trUC te 3 io a high earlier this week of sortium in which it has held a panics. _• 


Eurofima price upsets market 


BY MARY CAMPBELL 


CHEMICAL NEW’ YORK 


Fnorth quarter 

Net profits . 

Net per share... 
12 months 
Net profits ... 
Net per share... 


1977 

s 

2S.5m. 

I.S2 

105m 

7.03 


FIRST NATIONAL BOSTON 


Fourth quarter 


efiU'jRg&ofiss 

wvhtMned beta « am Indica¬ 
tion of t - JttJtaa h—ktvg 
__ .. system’* wi fflatatai ta vappen 

Sacilor sees MSTS^SjETVft 

1977 deficit Slf £^*552? STS: 

PARIS. Jan. 12 . P«tedly b e t a fwmd to Inter 
FRENCH STEELMAKER Soeirtej 

d’Acierics et Lamintava de Ut-\ teS? oStaS*^ 

nine iS.iciiori said Hs final. F<h , lla taRowlB* Oe 
resulls for 1977 will show a large removal of ttoio-eaffet&aHatt 
e ia 1 deficit. Tn 197fi the parent com-- risk, Olivetti lias beta active 
ling;pany made a not loss oT over the hot Mttmath* out&i 


NATIONAL DETROIT CORP. 

1977 191 

Fourth quarter S S 

Net profits . 17.1m. 14.1 

Net per share... 1.41 1 . 

Net share dil ... 1128 1. 

12 months 

Net profits . 56-Sin. 52J2 

Net per share... 4.71 4. 

Net share dil ... 4.28 3. 


- Net profits . 

Net per share... 

12 months 

Net profits. 

Net per share... 

li2m. 

1.16 

46J8ni. 

3.85 

11.3 m. 
0.93 

43.0m. 

3^5 

J. P. MORGAN 




1777 

1976 

Fourth quarter 

S 

S 

Net profits . 

63.6m. 

62.7m. 

Net per share... 
12 months 

1.56 

1^4 

Net profits . 

218.3m. 

202.8m. 

Net per share... 

5.36 

5.04 

KAISER ALUMINIUM AND CHEMICAL 

Fourth Quarter 

1977 

1978 

Revenue .— 

552m. 

433m. 

Not prosts . 

Net per share 

39m. 

UU 

loss 23m. 


V Share ^rom^ fi iil ^nTtionafiLrd 'THE DOLLAR SECTOR of the were identical with initial mdieu- issues. However,If allowance la j deficit. In I9.fi the parent com-- risk, Olivetti .fets beta actiVv 

7ST Stroleum operations^ to KnwS’ Enrobond market tumbled yet tions, despite the sham detenora- made for the ll point selling ; pan y made a not loss of ( over Ihe l«t eutfcq 

T SSTbST?“ m ^wS?tnn.; further yesterday - dealers tion in market conditions since group discount, the yields arc, Frs.722.Sm. mil a consolidated I fntertattoaal matket. nffshiM 

l-3m. Salem In 1WB Te enmoanv : quoted falls of up to three- the issue first came on offer, slightly higher. I loss of Krs.MShn. • i total of nwre than 

0^3 had earnitas of STfuUy^ers of a point in individual Dealers expect it to start trading ^ Deutschemark sector badi The company to-day reportwi; In the fir* eight months o| 
e . ar ^_ 1I1 * s 01 a luuy ricetioc This niMm: th^v said, lo-dav at a steen discount. „ iU ,.j a-... imiiuA rfuL i net cunsolidaiod turnover fnr vear. OBvettni hinM» 


H| lUlUICi JCOiCIUKJ. \j-***v. * ^ ■^"'"7’ - -- - L - f ^ . ---- , * w i tal M U B — H ■ 

quoted falls of up to three- the issue first came on offer, slightly lumber. t loss of frs.MShn. \ total of tMre thio VJ&Skifim. 

\'quarters of a point in individual Dealers expect it to start trading ^ Deutschemark sector badi The company to-day reported; In the ftrta eight umtiu at 


, year. otherw-ise unchanged. These 0 f a point on the day on many {Rcoh-T 

- Norsk Hydro issue The market .reacted very pricings put the yields on both issuer an d the strength of the 

l ? 1 . -m adversely to the pricing of the tranches at slightly lower levels mar kct was further reflected in n- l 1A f A |e D mnn 

7 ra plans postponed , Eurofima issue—the final terms than comparable outstanding EIB ^ e f act t ft at t h e World Bank ^»g a HUicw g*wu|/ 

« no « sk >- ««to:-is: a'sajs? 4 ..': s Ss^^sJssi^e 

o m postpone plans for a new share, count of i-2 uoint from its ITALIAN A tiKAM/i ALBr- 

5.04 issue, writes Fay Giester from; SELECTED EURODOLLAR BOND PRICES indicated price. lfl—Va^endar 

— Oslo. This was in view of lhe : __Norway. Sweden and Areentina ^5“ , ‘ 1 1 *■!?„*! i 


depressed state of the stock; 

markets. Hydro spokesman, Jon ‘ finAicins bm 

Storaekre, told the Norwegian j Alcan Australia Sine isss set 


MID-DAY INDICATIONS 


good day with very active deal-<net consolidated turnover for but ye«r, Ottvettrn turnover ... 

C BFCE was priced at 99}.<1977,, •'* t Jrs.7.95bn. against laerrattd by MU per cent, W - { 

ices were up by as much as }]Frsi-bn. in enters rose hy 

a point on the day on many j Rciilw nearly 25 per cent over the 

mes, and the strength of the saffie jttriod tbc^ previous y«r. 

arkttt was further reflected in n- „ mim the company said to«ay. 

e fact that the World Bank ^*g a ” ote,s g rou P *2!*?*' • , I tbe ***' 

sue was being quoted in pre- hmke even last Vfcar panrv nn anetei regy htaitms 

za? rte &± t —Sa™, ™rT h rin » Ha !s 

dinted pnra P * f (CULM, the hirttd group, broke j Oddity, there still appeSs to 

_. . . . .. even in the 19 <• calendar year.! a need for it adjustment 

^ e . r J!!‘ kinK 3 nct Ios * or l “‘ 5m ‘i <* OlIvtttt'.cMte*. 


issue date quotations at a dis¬ 
count of !-! point from its 
indicated price. 


plan to float yen denominated 1 ^ 


news agency. 


Scottish &Newcastle 
Breweries limited 



INTERIM REPORT 

26 weeks ended October 30, 1977 

For the 26 weeks ended October 30, 1977 the Group profit before 
taxation was £22,103,000 [1976: £20,492,00’0). The Directors have 
declared an interim dividend of 1-35p (1976: 1-20p) per ordinary 
share in respect of the year ending April 30,1978. Arising from the 
reduction of 1 percent in the rate of advance corporation tax for 
1977-78, the Directors have resolved to pay a supplementary final 
dividend of 0-04695p per ordinary share making a total dividend for 
the year ended May 1^1977 of 3-09920p per share. These dividends 
will be paid together on April 12,1978 to shareholders on the register 
at the close of business on March 16,1978. 

The unaudited results for 26 weeks ended October 30,1977 were as 
follows: 


26 weeks 
ended 
October 30, 
1977 

(unaudited} 

£000 


26 weeks 
ended 
October 31, 
1976 

(unaudited) 

£000 


52 weeks 
ended 
May 1, 
1977 


Tumovei 

194,751 

171,973 

345,897 

Operating profit 

Associated companies 

Financial income 

Financial expenses 

21,589 

1,235 

1,097 

(1,818) 

' 19,445 
1,407 
1,844 
(2,204). 

33,732 

2,205 

3^86 

(4,410) 

Profit before taxation 

Taxation 

22,103 

11,570 

20,492 

10,804 

35,113 

17,646 

Earnings after taxation 
Preference dividend 

10,533 

265 

9,688 

265 

17,467 

530 

Earnings attributable to 
ordinary shareholders 

10,268 

9,423 

16,937 

interim dividend 

Final dividend 

Supplementary final dividend 

3,774 

3,266 

3,266 

5,041 

131 


6,494 

6,157 

8,499 

Earnings per share 

3-69p 

3-46p 

6-22 p 


Sales of ale and lager by volume for the 26 weeks ended October 30, 
1977 were 4 percent down on the corresponding period last year, 
reflecting the trend of the industry. Forthis Company, the shortage of 
cans was a major contributory factor in this decrease. Our wine and 
spirit subsidiary showed an improved performance in both home 
and export markets. There was a good increase in hotel profits. 

in the current half year, sales suffered from the effects of stoppages 
and go-siows In October and November. Though showing an 
encouraging recovery there will be some effect on results. Can sup¬ 
plies have returned to normal. Lager sales continue to make prog¬ 
ress. 


amevspcjk; . mj 

{ Australia Sloe 1992 . B5i 

Australian M. and S. 9ipc 

19K .. 98 

Barclays Bank Slue... 1992 Sal 

Bowatcr flijw 199S . 96 

Canad. Si. Rnry. sloe 1SSG 96 
Credit NatlooaJ ft!pc 1 US 6 97 

Denmark Sloe 1 M . Sbi 

ECS 9nc 1995 . 9S1 

ECS SIpc 1997 . 9BI 

EIB Sipc 1992 ..'. K| 

EMI 91oc 19SB . 96 

Ericsson Sipc 1089 . 97 

Esso Spc 1988 Nov. .. .. BU 

Gl Lakes Paper Sjpc I9S4 Hi 
Uamerstey 93 pc 1992 ....... 3&i 

Hydro-anebec 9pc 1992 — 95i 

ICI Bloc 1987 . Sri 

I5E Canada 9Jpc 1986. 1911 

Macmillan BJoedel 9PC I9K 9Si 
Masey Ferguson 9.pc 1991 101 j 

Mlcbclln 9JPC 19SS . - 100 i 

Midland Int. Fin. 8 Jpc -$i 97 

Xat. Coal Boar! 8 pc 1997 9- 
%aL WcBimlnsier Bpc 1396 lo’i 
Newfoandlaml 9j»e I8r9 . 9s. 

Norses Komm. Bk. t-Jpc *9C B.i; 

Norpipo Slpc 1989 M 

Norsk Hydro 9ipc 1992 ... 95: 

Oslo 9pc 11® 9>; 

Poru Asnnomn 9oc 1991 M 
Prov. Quebec 9pc 1995 Vn 
Prov. Saskatch. Sipc 1986 9SJ 

Reed Litnl. 9pc 1987 .. 91 

RHM 9pc 1992 ... HI 

Selection Trust Sjpc 19S9 91 

Stand. Enskllda 9pc 1991 fts: 

SKF Spc 1987 . 93i 

Sweden tK'dotni Bipc 1 SSI 94; . 
Coned Biscuits 9pc 1989 — 98 

Volvo 8 pc 1997 March .... 93 

MOTES 

Australia 71 pc 1984 _... 93 

Ben Canada 7jpc 1987 . 94 

Brit, Columbia Hydro Tjpc 

U85 . 934 

Cao. Pat Sipc IBM . 9J>1 

Dow Chemical Spc 19S6 ... 981 

ECS Sjpc I 8 S 2 . 967 

ECS UPC 1989 . Hi 

EEC 7Spc 1982 . 96 

EEC Tipc 1SS4 . 95 

Eoso C Pixel I 81 pc 1934 ... 98 

Gotaverken 71 pc 1982 __ 97 

Kockums Spc 19BS . 97 

MIcbeHn 8 Spc 1983 . 9B1 

Montreal Urban Sjpc 1 <S 1 971 

New Bronasvrtck Spc 138-1 Hi 
New Brunswick Prov. Sjpc 

1983 . 1011 

New Zealand Upc ibss .. 97 

Nordic Invest. Bk. 7jpc "S4 942 

Horde Hydro 71 Pc 1982 .. Wj 

Norway 7jpc 19S2 . 96 

Ontario Hydro Spc 19S7 ... S 4 » 

Singer Sipc 1983 . 991 

S. Of Son. EKx. Sipc mi 89 
Sweden iK'domi 7tpc 1932 BU 
Swedish Slate CO. 7jpc 1982 S&i 

Telman 9*pc 19S4 97i 

Tenoeoo 7Tpc 1897 May ... 921 

Votkswageo fine 19S7_ 92j 

STERLING BONDS 

Conrtanlds Sjpc 1989 _ 98 

ECS 95pc 1989 . lDDj 

E7B 9jpc 1892 . 97 ; 

Finance (or Industrie Sipc 

1987 .. 9S 

FlSOOS lUpc 1997 .:. 9SJ 

Total Oil 9iDC 19S4 . 83 

DM BONDS 

Aosiria 6 Spc 1985 .—. 106) 

BFCE 7pc 1237 —. IKy 

Denmark Sipc 1833 . 104 

EIB 6Spc 1994 loa; 

Grand MeL Tpc 1984 . 10H 

Hydro-One bee Sipc 1987.. soo; 

ICI Sipc 19S7 105i 

Montreal Tpc 19S7 . he 

Norsca Gas Tpc 19S9 . 1031 

Norsk Hydro sipc 1989 ... umj 

Norway Ksk 1982 . in; 

Shell Sjpc 18S9 . 107j 

Spain Sipc 1984 . 1003 

Sweden Sjpc 1384 . ivfi 

World Bank Sipc 18S7 . 1031 

FLOATING RATE NOTES 

Bk of Tokyo 1934 TISupc IK: 

BFCE 1984 7 PC . 971 

BNP 1933 Sjpc . 991 

CCF 1983 Spc . 991 

CCMF 1984 5I316PC . 98 

Crediianstlt 1984 7gpc .. .. s#j 
Credit Lyonnais 1SS2 s;pc 09i 
DC Bank 1983 713]&pc .... Wf 

CZB 1991 71 pc . 100 * 

i aim. Westminster iusj 

715ISPC . 9S‘ 

Lloyds 19SJ 7}Pc .. B9; 

LTCB 1932 Sipc . MJ 

Midland -1993 Spc . m. 

Midland 1937 TU»pc _ 9s* 

OKB 1963 6ipc . 99j 

SNCF 1883 8HI6PC . 975 

Stand. A Chart'd 1934 fi.pc 93. 
Wins, and Glyns 1SS4 7pe . pp- 
Source: While Weld Securities.. 

CONVERTIBLES 
American Express 41 pc 'S7 7* 

Ashland Spc 1938 ... S 9 

Babcock & Wtlcos ear '97 98 
Beatrice Foods 4}pc 1B92 .. 84 

Beatrice Foods 4Ipc 1992.. ltd 

Beech am 6’pc 1992 . ItHli 

Borden Spc 1992 . 

Broadway Hale 4Spc 1337 72 

Carnation 4pc 1987 . .6 

Chevron Spc 1D38 . Ill 

Dart 4Ipc 1887 . 78 

Eastman KM3k 4'pc 19SS 82 
Economic Labs, l.pc 1387 77 

MrcBtonc 5pc 1838 . 79 

Ford Spc 1989 . yl 

General Electric 41 pc 19jt7 75', 

■ •iliulta 4^w JSS7 . Tji • 

Gould 5pc 18SJ . UW 

Gulf and Western Spc 1988 74 

fl arris Spc 1992 12s 

UopepvcU fipc 1W6 - 84 ' 


m: c:p: ig?2 -- 

BM 

Sn; 

Offer 

sn 

I.VA :?97 - 

s•; 

911 

inchcaw &.>: 1MC . 

■07 

504 

ITT l>~ . 

7.1 ‘ M 

T.7j 

Jos:o «»>: *73: .. 

V-4i 

Wti 

Komatsu 7;a«. -9M 

IlW* 

Iftti 

J Bay STaD-.-rmott 3:oc 'j7 

ii.; 

tw 

**a:sushiT3 o.tx Wj 


117i 

ViZsii: 7j ac iSW . 

m 

Irifi 

J. P. Storaan tw !9»7 — 



\ab.SC0 ISrri .. ..... 

w» 

■Wl 

Gwvcs V.'iwus W7 ... 

U2 

U4 

J. C. Por-jwr 4: pc 19*7 

m* 

7.-W 

Horror. +;pc :9>7 

;nfi 

llis 

Hyynolls Metals 3ae I9SS . 

WI 

IKS 

Sactivfl; O-Ipc 1W5 ._ . 

JA2i 

IMS 

Sperry Rarsd 4jpc I9S7 ... 

Ml 

Hi 

SttnlbS JltKT J4ST .. 

74* 

7*1 

Texaco <:5C !9F* - 

7* 

771 

Toshiba 6IPC 1992 .. __ 

sa 

971 

L'nioo Cartrf-* -Lpc ISSI . 


mi 

Warner Laabert 4:-rc :7*7 

77; 

79} 

Warr.«r Lasttw-n 4ip= l!JRa 


74 

X^rot 5pc 19 s *' . 

73‘ 

77} 


L41bn. 


be rawing j-obn. racn wmiei rnil!M UL -v U pnnry rate wae 
Argenona will he raising ^15bn.! 6 4 ^ wnt> In thc first twl 


• Slg, Alberto Clrandfi, the 
former exeetatve vfce-clwir- 
oum of MontefiUta, tm been 
BPSToloted vice cbBirnun bwI 
nuiu^hnr dbwtor of one of 
Italy's leading private financial 


Yen bonds to be noaled ‘months, u^unst 60 per cent. ui| jtAhTiSdSrnrivatefimneial 
foreign issuers in the first al! 

quarter of this year are expected Tht . ji nan mi positiun of CIGA, ^£5^ ^ H,taa ^* s<d 
to total \200bn.. a figure sub-Lj. dfseriirtid by the president, trom 

stantwlly higher_ than the Fran ee-c«i Coseatino. in a letteri 


Norway will offer SlfiSni. uf 


siderahly last year, 
ln\i'8imem ruse, and the group 


r the giant chemicals ctmglomrr- 
h | ate at the tad of last year; 

mainly as > result of what are 
Pj understood to have been 
■; creasing disagreements vflm 


Sdonc: Raider. PejhmtV Sccurirjra 


sii per cent and due on January 15,) paocy break-even point, which the Montedison chairman,3 £l 
1983 at a price of 99.625 in the; he put at (U percent. ' t former Christian Democrat 

New York market. Lead In addition; there had been a l Senator SI*. Giuseppe McdTci. 

an* managers of the underwriting' consolidation of debts and an | si*. Medici was coutrovenially 

•3i group include Salomon Brothers, increase in capital that greatly j appointed chairman of Monte- 

~i Goldman Sachs. Lehman Brolhers eased CIGA’s financing costs, he dison last year following the 

Vnhrt T nah Tno nrf \Taii*pitl ' eniri 


Kubn Loeb Inc., and Merrill: said. 
Lynch Pierce Fenner and Smith. : AP-DJ 


This announcement appears as a matter of record only: 


resignation of Big, Eugenio^ 
Cefis. 


SOCIEDAD ESPANOLA DE AUTOMOVILES 
DE TURISMO, SA. (SEAT) 

US$60,000,000 
6 - YearTerm Credit Facility 


Managed by 

BANQUE EUROPEENNE DE CREDn (BEC) AMSTERDAM-ROTTERDAM BANK N.V. 

BANCO ARABE ESPANOL, SA. BANCO URQUUO HiSPANO AMERICANO LIMITED 
CREDITANSTALT-BANKVERE1N LLOYDS BANK INTERNATIONAL UMfTED 


Provided by 

BANQUE EUROPEENNE DE CREDIT (BEC) * AMSTERDAM-ROTTERDAM BANK NAC 
BANCO DE LONDRES Y AMERICA DEL SUR *. CREDITANSTALT-BANKVEREIN 
BANCO ARABE ESPANO L, SA. * BANCO URQUUO HISPANO AMERICANO LIMITED 


Alsd provided by 

BANK OF MONTREAL ♦ CH 


CHEMICAL.BANK 


THE ROYAL BANK OF CANADA * BANK OPPENHEIM PIERSON INTERNATIONAL SA. • BfG LUXEMBURG 
CREDITOITAUANO, London Branch • EUROPEAN ARAB BANK (BRUSSELS) SA. * FIRST NATIONAL BANK IN DALLAS 
ITALIAN INTERNATIONAL BANK Limited * SOCIETY GENERALE DE BANQUE SA. * UBAFBANKUmtad ^ 
BANCO HISPANO AMERICANO, SA. . BANCO URQUUO. SA * BANOUE GENERALE DU LUXEMBOURGSA 
BANQU E INTE RNATIONALE A LUXEMBOURG Soctete Anonyme * EURO-PACIFIC FINANCE CORPORATION Lirnttncf' 

IRAN OVERSEAS INVESTMENT BANK Limited * NAGRAF1N BANK Limited . NEDERLANDSECREWETBANIcr? 
PIERSON, HELDRING & PIERSON N.V. ♦ SOCIETE EUROPEENNE DE BANQUE * SOC1ETE GENERALE DE BAN^eTKPAQNE 


November 1977 


Agent Bank 

BANQUE EUROPEENNE DE CREDIT (BEC) 


mm 

BEC 























































mk 


H 


exte 


bishi to expand in Australia 


TERRY DO05W0RTH, MOTOR INDUSTRY COKRCSPONDENT 


' V rtV\ 1 1 ®OTISHI MOTORS, Japan’s nlng to sell. Chrysler vehicles in content by 1980. in 1977, when it achieved a 19.4 

flgf* car manofh^nirer, Japan. Mr. Kubo said yesterday that per cent, increase. But in the 

& vrconsioenng plans to take a Mitsubishi’s move in Australia the company is also aiming to longer term, it is expected to 
“ *»•* *. ta V 8l ™ B m Chrysler is one part of the company’s tighten its relations with Chrysler reach a car production level of 

,,, 1 rtraiia as part of a wide- ambitions plans to develop its in the U.S. in order to increase about 800,000 units by 1980. 

.. 1 ft | eaort to expand, its over- overseas business. •. Chrysler sales of Mitsubishi cars, which go Exports are also expected to 

:,. 11 Iijj'V 8 * 168 ' Australia, 90 per cent-owned by through the American group’s increase by 7.8 per cent, to 

o%. disclosing the talks with ^bryfiler Corporation, manufac- dealer network. The aim is a 300,000 units in 1978. They rose 

•... Cysler, Mr. Tomio Kubo, ^ ures 46»000 vehicles a year, in- 70 per cent lift in exports to the 233 per cent to 344,000 units last 

,|u a *sideat .of Mitsubishi, said In ducting about 27,000 Mitsubishi U.S. to 180,000 traits over the year. 

‘"Hi *fiJP 0 yesterday that Mitsubishi 1313 *t present next three years. Although there have been 

, i,. Ihr fc? studying the plan for partici- < ^ ie Australian market has rn In addition, Mitsubishi plans questions asked in Japan as to 

’ ' "'it !, j^on in Australia because more recent years been moving rapidly to strengthen its production how long the Chrysler and 
half of. the vehicles manu- tffwards the medlnzzMize four* facilities in the Philippines, Mitsubishi links will be main- 
'' • inured in the Chrysler plant cylinder endued type of car in Indonesia and Malaysia, and is tained, the talks about a new 
Te were to Mitsubishi designs w Mch the Japanese manufac- gradually increasing its sales in deal in Australia are an indicar 
h.i. J iii. +U-. turers specialise creating oppor- ‘Western Europe. tion that the two companies are 

•'“ Min' . °v C0 ?t tunities for companies ■ like These plans have been under* still working ‘ harmoniously 

; i* '"V a , 15 Mitsubishi - taken partly, Mitsubishi said, be- together. 

'■* i S. Dy rv ? 76 . But to increase its share in this cause of the sluggish Japanese Mr. Kubo also said that 

-•■u; “• ¥ .j, sector, in a market-, which is car market. But they are also Mitsubishi was intending to sell 

l\i.,i n .. ^ ors ' * su bsid iary already buying a large number a sign that the company is deter- Chrysler cars in Japan if the 

i•»»«>„,ii V"™ 1 oKhr Heavy pidustries. 0 f Toyota and Datsun vehicles, mined to grow fast in inter-UA company could pass the 

., . ' Mu* llf “* Stake, taken in 1971, has Mitsubishi needs to have a local national markets over the next stringent local emission stan- 

.’"uv ^ led to marketing agree- manufacturing facility.. Australia few years as its production dards, and produce suitable cars 

Vts between the two orgasisa- has now moved to a position of capacity expand*. which did not compete with its 

" * ! m.-M.,* 5 )'!®- Chrysler sells a large strong protection for -its car It is intending to increase its own models. 

* "a>nber of Mitsubishi cars m the industry, and is demanding motor vehicle output this year Chrysler sold about 1,000 units 

■i "' hi h,i, ’-'.and some other parts of the that domestically assembled cars by 5.9 per cent to 820,000 units in Japan in 1976 and 1977, and 
. »u.in .v . 1 while Mitsubishi is begin- must have an 88 per cent local (Including trucks) from 774,000 intends to sell 2,000 this year. 

1 * ' ■■ ... 

control - I ■ ■_>; • __ 


,''Changes hands I OCE-Crosby 16% increase I 

H ’ F ' *■** .BY JAMES FORTH ' - SYDNEY, Jan. 12. 

J-..;, SINGAPORE, -T un 12. ... - 

lh( - lijbHAirs STEAMSHIP Company OCE42ROSBY, the reprographics. The group traded at a satis- The reprographics division 

• •’* ■ uU lllliflr *nbsidiary of Ocean Transport merchandising and . transport factory level during the second recorded a substantial increase 

• •• nf ' Hfi Trading of the U.KL, has sold group, boosted profit 16 per cent 4x1 turnover during the final 

" 1 “ -T«s,,, fl . r It per cent, of the equity of its from SA727.9BQ tir SA847 762 in v?e5eml^traluL toe"fierce months of year. which sug- 

‘ * , , llk n v . 1 , R , 3 Uy-owned subsidiary; Syarikat the year to November 30. For w«tern Austiaii^ the neree gested both M tacreagi aris t 

Sto. Bhi toe SSS^Sr^SSSSeA^ share in the sales of Its sensi- 

!o *Shababuddin!^ Syed occasion ?rom^^Cents’a^hare demand experienced by many tised papers and similar pro- 

i: . . .. Shahabufldin. : . to 6 cents. The latest result industries serviced by the group, ducts, and an indication of a 

)' 1 l5i, «‘.it f^trajte however, did not dis- equaig earnings of 936 cents a The tileB division contlnned as general upturn in planned capital 
1 Pin J 5 ,® “>5 P rice or !? rn “ . , * share, compared with 838 cents a market leader despite a reces- investment projects 

■" , M 1 ; "“f«l'i 4 L wlnch waa i* 1975-76. sion in the bnilding industry ^™ 

“ *■. •>!,,„« “ntura agreement with Dato .._. and severe competition, which OCE-Croshy is 58 per cent. 

..it: ^ahabuddin. ' ™ directors ssed they were “““ kn -dramte *nd tm. owned by the Dutch group OC& 

** **JSSSaWt W2&2Z MJSSa. 

,^»hahiiddin has been appointed economy would allow:; OCE- The group's transport division of a local rival, Ozapaper, follow- 


“titure agreement with Dato 
i.,. i * ahabuddin. • ■ • 


The directors said they were 


w ‘ • confident that the expected im- iEPSfTfi JSS J 1 

“ ;"jimiiji^A s.a. result of the. deal, Dato provement in the' Australian Pnucjpled, said the directors. 


and severe competition, which 
•was often “desperate and ua- 


,^ahabuddin has been appointed economy would allow: ■ OCE- The group's transport division of a 1 
chairman of Kris. Kris-.was Crosby to condone its . growth made sure and steady progress ing i 
filn^- up in.Malaysia in 1960 pattern during 1978. in Melbourne, its major base. U.K. 

•'Mil |,t - . . . in .... ■ .i 


its takeover in 1977 of the] 
group Ozalid. 


Good year 
for South 
African 
unit trusts 

By ftkfard RoKe 

JOHANNESBURG, Jan. 12. 
THE - SOUTH African unit 
trust movement produced Its 
best performance for a long 
Ume in 1977. According to 
figures - released loklay the 
market value of the 'll trusts 
in the Republic rose from 
R282 ul to R320m. over the 
year. This 13.7 per cent 
Improvement was below the 
ISA per cent, rise in the Rand 
Dally. Mall Industrial share 
index* which appreciated from 
164.3 to 2123. 

Against that, (he nnit trusts 
had an outflow of R73m. for 
the year, with sales of R213m. 
and repurchases amounting to 
R29m, Local managers do not 
regard the outflow as particu¬ 
larly -serious in view of the 
squeeze on Incomes in the 
country 

At the year end, the funds 
were more jot less fully in¬ 
vested, with cash holdings 
amounting to R313m^ near 
the statutory requirement. 
Gold* shares accounted for 
5 per cent, of total assets, 
mining financials 12.6 per cent, 
and other mining—mainly base 
metals—15 per ccnL Overseas 
investments accounted for 
1.6 per cent, with industrials 
filling the remainder of the 
portfolios. 

Interest from the small 
Investor, however, imnains at 
a low ebb. with insurance and 
linked policies making up the 
bulk of the inflow of new funds. 
The main grounds for optimism 
In the movement at present 
are that 1978 is expected to be 
a better year in the markets 
and that overseas experience, 
particularly in the U*„ suggest 
reviving public interest 


NIGERIAN BORROWING 


’•w-atOLVO' CAR BV 

■' prr ,» 


I" ri, 'j Ihr tj 

. ' '""Will s’# 
m I* 

' ' I'HJW-oi,. 


i, ; ,l ; Tr ‘‘)LVO has run into serious made in Sweden have ’• been uncompleted, and fitting the Investeriagsbank (NIB), effee- 

„• r :>blenis in trying-to export its Profitable. • v. missing parts later did not lively the State itself, will pro- 

‘ ‘^-eddsh formula to Holland. The Volvo Car does not -expect to improve the quality of finish. vide FIs. 80.3m. lo expand the 

• ' tihi-n* .nnnnpinnuni nf a resenp nark- break even until 19SL Volvo Car is holding the price company’s capital to Fls.301in. 

• . r-TttZZT&SZ What went wrong? The main * , ThI * *}" #'* *£ NIB « 

“ “ CJU > riMwui. vmuuub M the ehoien -of a 1Dcludin E Mx while competitors interest of just over 26 per cent 

■'•■l iioiSm.* for Volvo BV »:* Kbte c^r to to?low S aKins prices are n * ia ft “ d toere ^ in Volvo Car and leave Volvo 
.in,** comment on its hopes, of dap ^nSte. vSvo eted the plans f0T a more P° w erfuU five- with 55 per cent compared with 

:■ -ou. -.rnmg the former DAF Car 343 , a 1.4 litre thm-door. car door ^ ersi0 ° with an optional 75 per cent, before. The State- 

• lir tapany into an efficient pro-with automatic transmission. It ov f° ed . ciiemical . company. DSM. 

: ce r of m iddle-ranue -'Volvo was‘meant to replace the DAF sees a lxrrnted potentialIfor the will also control another lt» per 

»- 1 r- ' L ° f “ 1<w,e - ran « e 0 46, wMcb was retteVd in 1976. Mr a ? d 15 L^ ea S. workm fi »” cent plus. The plan is for the 

• • •> •li.r.c ? de s ' .. • - and the DAF 68 now renamed a . rep J aceme,rt ' F,°? r NIB to withdraw when Volvo 

. ^,Losses_m the past three years, !£?• ^i V o 66 Which^ te^bSnc ot ® eant Volvo Car Car makes profits again and-for 

. ,7; ice Volvo acquired a: majority ^oivo oe, vutn.v.Mmg has not ^ able t0 reach its Voj7Q l0 r ^ erl t0 75 er ccnt 

.. . , :.«e tn the. company, are at •• break-even production level of and DSM to the 25 per cent, it 

. ‘ ast Fls.lSfen. although the final Overorieed " ; • 100.000 cars a year—sates in 1977 hdd before the capital reorganis- 

, , '^lcu]atipns Tor.^ 97 ^ .haVf ’.not V.;f ,ri were.under.70,000.- sition. 

■'' " ' -.‘eh dtrhe.' Ldsaes oVer'iSe next The 343 proved.overodeefiand This Dutch government has now Th* ctatA will alcn 

,lri ; -ree years, are expected to reach underpowered and conldrhot find come up with an extensive r* aT vi f Qfiimi n tp«ctFrw ,12 

.1 : ls^37.m. Losses on the produc- its markeL Delays in. the rescue plan for Volvo Car, hav- ^ ‘ arra neement« to in 

side have been even greater delivery of components meant ing already made several size- ^,,0 rhli; hv nn tn FUiRm T-f 

1 .tex -nj ^555 figures suggest, since that the first models produced able loans, including Fls.lOOm. 1077 if™, pu" i 1 a kn. 

1 ■ " ; Jtdi sales'of the larger models came from the production line last Augnst The Nationale ^ Stockholm wili stump 

”" . _ .. . lup a further FIsJ02.5m. to cover 


The formula that failed to travel 


BY CHARLES BATCHELOR IN AMSTERDAM 


DViLES 


NOTICE oy REDEMPTION 
. to thu holders of 

SUNDSTRAND FINANCE 
INTERNATIONAL N.V. 

9%% Guaranteed Sinking Fund Notes Due 1983 

NOTICE IS HEREBY GIVEN, that pursuant to the Fiscal Agency Agreement dated as 
of February 15, 1976, there has been selected for redemption on February 15, 1978, 
through operation of the Sinking Fund, 81,000,000 principal amount of SUNDSTRAND 
FINANCE INTERNATIONAL N.V. Guaranteed Sinking Fund Notes Due 1983. 

The following are the serial n umb ers of the Sinking Fund Notes which will be redeemed: 

Definitive Shi long Fund Notes in I be principal amount of 51,000’ 

-/bearing the-prefix DM to be redeemed in wholt.- 


:iav 
C. AM"' 


^Mk 



4026 5131 
4031 5178 
— . 4076 5180 


expected tosses. 

The details of the rescue plan 
for Volvo Car coincide quite 
closely with figures released in 
October by Holland's Metal¬ 
workers' Union. The Industrie- 
bond NW then claimed that 
Holland was being blackmailed 
by Volvo into providing 
Fls.250m. of aid. Volvo had said 
that only if the money was forth¬ 
coming would it guarantee the 
future of its Dutch subsidiary 
for another three years, the 
union claimed. Volvo was 
offended at the suggestion of 
blackmail, although the negotia¬ 
tions were dearly going along- 
the lines indicated by' the 
unions. 

Weak position 

In fact, the Dutch position was 
not strong in any negotiations 
with Volvo. Volvo Car's factory 
at Born in South Eastern Hol¬ 
land employs 3,930 workers in 
an area of high unemployment 
The Government had pledged to. 
provide alternative jobs when 
it closed the area's coal-mines 
and Volvo Car ts an important 
employer. 

The retraining of mineworkers 
has been ■ a problem for the 
company and this has contri¬ 
buted-to a high level of absen¬ 
teeism at the factory. Volvo 
Car’s total workforce is 5,970, of 
which 770 work over the border: 
at St Trulden In Belgium mak¬ 
ing automatic transmissions. 

Despite the substantial injec¬ 
tion of funds, Volvo remains in, 
ultimate control of the business. 
The state will appoint one mem¬ 
ber of Volvo Car’s seven man 


726 1 S 1 2976 4080 £224 6326 7«1 «76 B 68 O 10824 41926 13031 M176 WgMMH 17S26 IBgl 19776 


1 Wf U i ii - am 


5325 6431 7376 8680 9824 10826 12021 13176 14280 1542* 165ZS 17631 18776 13880 



dAPK S-31 B67S 7780 8924 1002S 11131 12275 13380 14624 15626 16731 17876 18080 

imn ££'4KS 4431 5576 66SO 7824 £926 10031 11178 12280 13424 14626 15831 16775 17880 TK«4 

1124 2226 3331 4476 5580 6724 7826 8931 10078 111B0 12324 13426 14681 15875 16780 17824 19025 

Accordingly,on February 15.197$ the Sinking-Fond 
tion will become and be due .FW^d^snbject to^ 

Agent, at one-hundred percent {100% V of Ihe prmci^^^thKrof in Uiuted StotM 
dollars- at the option of the holder* either (a) a VS.t 

Trust Company; - One Bankers Trust Plaza, New York, New.Tm:kl0006 or <b) snjyect. 
to any applicable laws-or regulations.in the comstry where each of the following offices 
ia located, at thfeanain offices of Bankers Trust ComMny mixadonand Paris, or at the 


is located, as Memam maces u* ——. •— — — — 

xnahtoffices of Banque International a^LuxembourgS^, m Luxembourg-Vme. 

The redeemed Definitive Sinking Fond Notes should be with aU onrwms 

maturing after February 15,1978. Coupons maturing cra FebmaiyTS, 1978 should be 
detached and surrendered for payment in the usual manner. _ 

From and after February 15,1978, interest on the redeaned Sinking Fund Notes will 

Ce ffifcateTmjporary Notes which were caBed for redemption on FebruarylB, 1977 have 
not been presented for payment. Temporary Note numbers TM1661 and TM1692 were 

with Section 3 (B) of the Fiscal Agency Agi^nt. payment of interest 
due nn the above Temporary Notes which were selected for ^redemption, on February 
35, 1977, will not be ma d e unless the ownership declaration jas setforth on such Note 

h ^ l lStafn C D^itiv© Note which was called for r^emptiMLOT[February 15. M77_ hda 
not been presented for payment. Defimtrve Note n^berD^& was called in whole. 
The Definitive Note In this paragraph should he presented with aH coupons maturing 
after February 15,1977. 

' BANKERS TRUST COMPANY, Fiscal Agent 

Dated: January IS, 1978. 


mi 


W. J. PYKE 

(Holdings) Limited 

(Wholesale butchers) 


Saffent points for the year to 30th June, 1977 by W, J, Pyke, 
the Chairman. 

e i am pleased to advise you that the company has 
now returned to profitability and we are able to 
recommence paying dividends to our shareholders. 
The Board recommends a final dividend of O.60p per 
share, and after waivers this will cost £2,487. 

•.The current year's figures indicate fiiat we are on our 
way to overcoming our past difficulties, and I feel that 
given a reasonable trading climate in this extremely 
competitive industry, we shall maintain, and probably 
improve, our trading position. 

Our sales emphasis is maintained by providing a high 
quality product and service to our customers. 


Comparative results Yr(o 30.6.77 Yr(a3o.8.7s 

Turnover £5,835,160 £5,068,558 

Group profit (loss) before 

taxation £24,558 £{84,431} 

Group profit (loss) after- 

taxation jft £3,837 • £{49,589} 

Cost of dividend ~ £2,487 — 

Surplus carried forward £7,367 £6.017 


Copies oftho Report and Accounts are available /mm the SaentBry; 
W.J. Pyko (Holdings) Ltd., 10 Berkeley Street, London W. 


First step of $lbn. 

BY JAMES BUXTON AND FRANCIS GHlLES 


THE BIGGEST-EVER medium 
term loan for an African bor¬ 
rower is to be signed on Monday. 
Nigeria, with SOm. people by far 
the most populous country in the 
continent, is raising Slbn. for 
seven years on a spread of one 
per cent, over the Inter-bank 
rate. 

Some 71 banks are participat¬ 
ing in the Loan which is co-led 
by Chase Manhattan Ltd, 
Morgan Guaranty Trust and 
Compagnie Financiers de la 
Deutsche Bank. The commitment 

fee stands at i per cent, as does 
the management fee. Both are 
average in this market. 

Nigeria, the world's eighth 
biggest oil producer, is raising 
the loan to finance its large-scale 
development plans. It is part of 
a plan by which Nigeria pro¬ 
poses to raise a total of S5.5bn. 
abroad over the next three years 
from banks, supplier credits, the 
Euromarket and multilateral 
organisations. 

The geographical spread of the 
banks in the management group 
points to the strong presence of 
Japanese. U.S., Arab and West 
German banks. This Is only the 
second time that Nigeria has had 
recourse to die market. The first 
loan—S20m. raised in 1974 for 
Eko Hotels of Lagos—was a very 
small operation. 

English law will govern the 
current loan, but jurisdiction 
will be vested in the courts of 
England. New York and Nigeria. 

Sovereign immunity is the 
legal doctrine which gives for¬ 
eign governments absolute im¬ 
munity from litigation. The U.S. 
Foreign Sovereign Immunities 
Act, which became effective just 
under a year ago states that 
foreign governments and their 
agencies do not have immunity 
when the dispute relates to com¬ 
mercial rather than governmen¬ 
tal issues. 


In the U.K. a Bill designed io 
have a broadly similar effect is 
at present before Parliament 
Last year tbe Court of Appeal 
rejected a claim of sovereign 
immunity by the Central Bank 
of Nigeria in an action brought 
by the Trendtex Trading Cor¬ 
poration, which arose out of the 
Bank’s suspension of payments 


Nigeria's filbn. loan on the 
medium term Eurocurrency 
market—due to be signed on 
Monday—is the largest ever 
raised by an African borrower. 
The loan, at a spread of I per 
cent, over the inter-bank rate, 
will be used lo finance this major 
oil producer’s large scale 
development plans, and is part 
of a proposed S5bo. overseas 
borrowing programme to help 
finance capital spending. 


totalling $14m. under letters of 
credit for cement imports in 
1975. Tbe Central Bank of 
Nigeria has appealed lo the 
House of Lords and judgment is 
expected soon. Both the Lords 
decision and the passage of the 
Bill through Parliament could 
affect English financial institu¬ 
tions in their dealings with 
foreign governments. 

This loan has taken nearly five 
mouths to conciude from the 
time the mandate was awarded. 
Such a delay is not unusual, 
particularly for what is 
effectively a first lime borrower. 

Nigeria is turning to external 
sources in order to finance 
specific projects in its develop¬ 
ment plan, which aims at a public 
sector spending total of N26.5bn. 
(S41.34bn.l over a five-year 
period ending in 1980. Rapidly 
rising recurrent expenditure has 
reduced the surplus available 


for development spending, and 
the government's income from 
nil is lower than original 
estimates, which were based on 
a production level of 3m. barrels 
per day compared with the actual 
rate of abouL 2 m. b/d. 

The Government estimates that 
it can meet Nl£.5bn. of its 
capital spending requirement out 
of revenue, leaving a balance of 
Nl4bn. Of this, it hopes to raise 
N10-5bn. by domestic borrowing 
and the remaining N3.Sbn. 
t?5.5bn» overseas. Tbe Slbn. 
syndicated bank loan is the first 
nf a series of such loans whirtj 
tbe Government hopes io raise 
over the coming year and which 
may bring the total to as much as 
Slbn. it also expects to raise 
S1.5bn. hy means of supplier 
credits. Slba. from the World 
Bank and iLs affiliates and $lhn. 
in project-related market loans. 

Tbe Nigerian Government ex¬ 
pects lo devote the Slbn. loan 
to basic economic installations 
and foreign exchange earning-or- 
saving projects whose total value 
Is about $ 2 bn. 

Nigeria expects a budget 
deficit of about N3hn. this year, 
after recurrent expend)tn r e «•? 
N4.9bn. and development spend¬ 
ing or N5.Sbn. Abuut 80 per cent, 
of the N7 7bn. revenue ss 
expected to come from «ul. The 
Stale registered a balance of pay¬ 
ments deficit of ggSfini- in 1970 
and of $4!Sm. in thr first half 
of last year. Reserves, which 
stood at S5 Sbn. in December 
1975, were 84.t!bn in August 
1977. New incentives for oil 
exploration are expected to rat<e 
productive capacity by tic* end 
of the decade. Proven reserves 
arc pul at almost 20 bn. lurrvi.;. 
equivalent to 25 years' produc¬ 
tion at current levels. There are 
also very large gas reserves. 


Supervisory Board; but he will 
lake a scat previously held by 
DSM and Volvo will retain four 
men on the Board. 

The government is clearly 
conscious that it must at least 
appear lo strengthen its hold on 
Volvo Car. Economics Minister 
Gijs van Aardenne said in a note 
to - Parliament that major 
decisions over layoffs or mergers 
must now he approved by six of 
the Supervisory Board members. 
In fact, this requirement was 
already laid down in the original 
statutes of Volvo Car. 

A State watchdog will be 
appointed in the person of Mr. 
Joseph Molkenboer, the Director 
General of Industry at the Eco¬ 
nomics Ministry, while Dutch 
accountants will have access to 
Volvo's books. 

Firm hands 

• Volvo has agreed to deliver 
components to Holland), at cost 
price and has promised\ not to 
produce a model comparable to 
the 343 outside Holland. But the 
day-to-day running of the factorv 
v.ili be more firmly in Swedish 
hands with the appointment- of 
Mr. Helga Caste] 1, ot present pur¬ 
chasing director of Volvo's car 
d^sinn at Gothenburg, r.s 
managing director. The nresent 
managing director, a Dutchman. 
Mr. Aart van de Padt, will 
become his deputy. 

What does the future hold for 
Volvo Car? Sales of the 343 arc 
recovering and an entirely new 
model is planned to replace it in 
1983. The company should break 
even by 19SI on production 
levels between 100.000 and 
120 . 000 . But all sides are under¬ 
standably modest in their expec¬ 
tations of profits. 

The latest State loan and 
Volvo's set-aside to meet losses 
will be paid back if profits 
exceed Fls^Om. pre-tax in any 
year up to 1989. Any money not 
repaid by then will be written 
off- 

Volvo’s management and the 
Dutch State have produced 
detailed forecasts of performance 
in terms of both cash and cars. 
But however convihcing the 
detail may appear there is no 
guarantee that these expectations 
will be met. Volvo Car's optimism 
in the past has not always been 
fulfilled and there are many un¬ 
certainties. It is likely to be 
several years before the 
managers in Gothenburg stop 
worrying about' their Dutch 
venture. 



Hine (pronounced to ifayme with the English 
‘fine’) has special claim to be one of France’s finest 
Cognacs. Hine Cognacs have been distilled and 
blended beside the Charente by six generations of 
the family. 

You will hear litde from Hine of die 
irrelevant myths that have attached themselves 
to Cognacs. Connoisseurs wili even know that 
designations like VSOP mean little more than 
what die distiller chooses to make them mean. 

So why Hine? Well those same 
connoisseurs will tell you that Hine VSOP is 
a shade more delicate, a shade more pleasurable 
than many ocher VSOP s and that while it is • 
known that Cognac is blended from many 
rare and old distillations, then matured in casks 
ot Limousin oak, the real secret lies in the taste 
of the distiller. 

So why Hine? Ask a connoisseur. 

Betrer still, become one. Try Hine, 

Hine 

TlieConnoisseuis? 

Cognac. 


For an informative leafier on Cognac, send a postcard ttx 
Dept. FT, 6 ch Floor, 1 Oxendon Street, London SW1Y 4EG. 


HINE 




Vieux Cognac 

1 JKNiCMU" 



halma 


Sales + 26% 

Net assets/share + 37% 
Profit/share +137% 

Dividend +107% 


^Interim results show further major advance 
. .... profit for full year will be 

significantly higher than last year's record? 

David Barber, Chairman 


Half year to September: 1975 1976 1977 

Sales turnover (£000s) 2,898 3,643 4,579 
Pre-tax profit (£D00s) 65 8 170-1 403-7 


Halma Limited 

Safety and Environmental Control, 
Specialised Engineering 


Copies of the Interim Report 
ere available from 

The Secretary, Halma Limited, 
Halma House, London NW9 8UU 
Tel 01-235 0038 













































































































































































































* -4 '• 


BY JOHN BRENNAN 


West LB to Moorgate 


SHAREHOLDERS of merchant 
bankers Antony Gibbs may have 
been pleased to hear that the 
group has sold its embarrassingly 
expensive office development at 
22 Bishopsgate, EC3. Those 
shareholders should pause before 
cheering. 

The block has been sold to 
Credit Suisse and Credit Suisse 
White Weld for a gross f 11.7m. 
—£11.25m. net of stamp duty, 
agency fees and so forth. On 
the face of it the sale price 
represents an initial yield of 
5.55 per cent, assuming, as 
Gibbs did, a nominal rent of £1B 
per square foot for the 30,000 
square foot of offices, £22 for the 
5.000 square foot banking ball, 
and £6 for the 10,000 square foot 
of basement area. 

That apparently impressive 
low yield does not stand up to 
close inspection. 

The nominal rent of £650.000 
a year for the block is based on 
a net usable space figure of 
45,000 square foot. But initial 
plana for the building suggested 
that around 48,000 square foot of 
the 70,000 gross square foot block 
would be usable. This marginal 
difference in space becomes in¬ 
creasingly relevant when the 
notional rent is considered. 
Banque Beige, a neighbour of 
Gibbs, has managed to let com¬ 
parable office space in Bishaps- 
gate for £18 a square foot and 
banking hall space for £25 a 
square foot Those variations 
alone would increase the effective 
initial purchasing yield from 5.5 
to well over 6 per cent 

The mathematics of prime 


property yields are of less 
immediate relevance to Gibbs’ 
shareholders than a comparison 
of the sale proceeds and the 
development's cost Although 
Gibbs’ initial site cost Is believed 
to have been only £75,000, its 
total building, financing and 
capitalised charges for alterna¬ 
tive accommodation are under¬ 
stood to have topped £ 11 . 5 m. 

The sale of 22 Bishopsgate 
may not have been an outstand¬ 
ing deal for Gibbs. But it seems 
to have been a notable coup for 
the Swiss purchasers, who beat 
a Banque Beige client tn the 
mark, and who have now taken 
their first freehold office outside 
of Switzerland. 

John D. Wood and Jones Lang 
Wootton acted for Gibbs rn the 
sale. Dron and Wright acted for 
Credit Suisse, 

The backwash effect of the 
Bishopsgate deal will be felt for 
some time. Now that the two 
Swiss banks have found a 
common home. Credit Suisse’s 
net 23.000 sq, ft development at 
41, Moorgate, has . become 
redundant 

It appears that the German 
banking house, Westdeutsdhe 
Landes bank 1 Glrozentrale. is now 
negotiating for the purchase of 
the Moorgate scheme. 

West LB, Germany's second 
largest bank, recently hit the 
headlines following the surprise 
resignation of its chief executive. 
Dr. Ludwig Foullaln. West LB 
is in competition with a Far 
Eastern bank for the Swiss 
bank's development. But despite 


the competition, the Germans 
are expected to buy the new 
building within the next few 
weeks. 

Savills, who acted for Credit 
Suisse White Weld in the 
Bishopsgate deal, now have the 
task of disposing of the bank’s 
existing office space. The agents 
expect to ask for a .premium 
equivalent to around' £15 a 
square foot for the bank's 10.000 
sq. ft of offices in the P&O. 
building on Leadenhall Street 
A long leasehold on 3,700 sq. ft 
of - offices at 148, Leadenball- 
Street, will also be offered at 
£11 a square foot 

Pressure to cut 
office taxes 

In its annual.suomisslon to the 
Chancellor of the Exchequer the 
British Insurance Association has 
added its voice to calls for the 
extension of capital allowances to 
all commercial buildings. 

The BIA, which .acts as the 
insurance . companies' trade 
association, argues that office 
buildings contribute as much to 
the country's prosperity as indus¬ 
trial property and have as much 
right to tax allowances. The 
argument has been reinforced by 
revised accounting rules wnich' 
now oblige all companies (other 
than property investment groups') 
to make provision-for deprecia¬ 
tion of property assets. Now 
that depreciation charges will be 



Financial Times Friday January 13:3978 

' if offices wece-botnfe^q^lMjM 
Brussels last yeer. 

-.rather mpte tbaHr^KKkgQgrjJ 
metres of empty space. Af&ET 
of that overhang of unlet sp 
suggests that around a third 
the empty buildings are 
secondary quality or in second- 
locations. The Belgium le 
structure, allowing break dau 
every three years in favour 
tenants, permits occupiers 
swop offices and'upgrade th 
accommodation. JLW expe 
that this shift from older to mi 
modern space will mean that 
the end of the year, although l 
gross amount of unlet space 
the city is unlikely to be a 
nlficantly lower, more than h 

10 rue Montoytr Sdcomn, ru, Mluni 3W» *|» d. SicontouTuS 

In a pre-Christmas race to beat office. They take demand on prime offices eou 

higher value added taxes three- Af A ttw 1 1 sales in during therefore, have a relatively eai 

SMSaSS £10m. Brussels sales 

£l0m. ... before the year-end followed the Prune office development e* 

Leading British institutions North America has taken Tarmac Nationale du Ducroire, of the Belgium Government's ^decision run to around SO BF a sq. met, 
back to Brussels The Pen- Properties* 5,900 square metre 2,650 square metre -38 to -39 - 10 regroup all value added rax and 50 until prime rents doub 
sion Fund Property Unit Trust Bel comm block further along the Square de Meeus development r**®* at cenL i P“ to the 6,000 to 8.0M BF a i 

has bought the smaller of Com- rue du Commerce at the rue Llewellyn and Saunders, the one- P er f eat - mcrease m tne metre j eve j new building w- 
mercial Union's two develop- Bernard junction. The Americans time Hampton partners’ Private charge. for most buumng saxes ananclallv imnratffr-. 

ments in the city,-the 630 paid £4nu the equivalent of development-company, achieved and Cor professionalfecs, The 

square metre comer block at 10 B.Frs.35,000 a square metre. That -BJTs.38,000 a square metre for higher rate may deter raveanng The financial limitations, ad* 
rue Montoyer and rue du Com- is marginally less than the price the vacant block, which will .be institutions for a time. But jijW to recent office zoning la, 
meree. PJPJ.U.T. paid £4m., a per metre achieved by Barclays occupied by the Government echoes a recent Brasses marKet w bich restrict the areas of nt 
buying yield of 7.85per cent for with its £20m. sale of the Tour body. ■ , ' report by “S?"!* ^.*2 HUS ^ office building, are creating tl 

the block which is fully let at Astro earlier in December. It is understood that all three thusiastic view of the local in- conditions for a lone tor 

around BJFrs^.750 a square The third deal was the £2m. sales, none of which has yet been vestment market. 

metre. purchase by the Belgian export made public, were negotiated by On JLW*s figures it appears supplj-demana jmBalance in tl 

The Insurance Company of finance authority. Office-Jones Lang Woottun's Brussels-that around 250,000 sq. metres city. 




Bricomm, rue Beffiard 


£10m. Brussels sales 


identified! it would be adminis¬ 
tratively'far more simple to cal¬ 
culate tax allowances on all 
property holdings. 

-The Institute of Actuaries and 
the accountancy profession are 
discussing ways to overcome the 
problem of double counting of 
depreciation on insurance com¬ 
panies' life, funds under the new 
rules. It is expected that, either 
■the actuaries will Ignore depre¬ 
ciation of properties -in their life 
fund reviews, . or' that the 
accountants will permit exemp¬ 
tion from the rules because of 
the regular actuarial checks on 


these funds, checks that already 
take account of property 
depredation. 

That leaves the insurers’ own 
properties and property assets of 
their general funds. The com¬ 
panies go along with the 
accountants in wanting to depre¬ 
date p roperty, end as they are 
already obliged—by asset valua¬ 
tion legislation—to commission 
regular revaluations, the calcu¬ 
lations of a depreciation charge 
on buildings are unlikely to 
cause any difficulties. But the 
companies would- obviously be 
far more enthusiastic about the 


idea if they could claim- tax 
relief on all these charges. - 
The BIA feels that The-Trea¬ 
sury is not hostile to the prin¬ 
ciple of extending capital 
allowances to offices. " But -the 
concession, which would clip 
around £ 200 m. a year from the 
Corporation Tax take, has. a low 
political priority. Given the 
growing pressure for reform of 
tite tax law in this-area exten¬ 
sion of allowances would be a 
popular way of redistributing 
North Sea oil revenue within the 
corporate sector. * ■ 


IN BRIEF 

Angel Court, the 175,000 square 
foot octagonal office tower behind 
the Stock Exchange, represents 
nearly half of all the new offices 
due to be completed In the City 
this year. 

The unique scale of the deve¬ 
lopment, and its position in the 
heart of the City’s prime hanking 
area means that joint letting 
agents, Richard Ellis and St 
r foinnn r Son and Stanley, are 
asking £17.50 a-square foot for 
tiie offices, a total rent role for 
ti>e scheme of £3-275m. 


Rates, expected to be arout 
£8 a square foot plus another . 
or so for service costs push t! 
total -accommodation costs 
£27.50 a square foot, over £ 3 . 1 , 
a year. 

The agents are already talkie 
to one bank interested in occup 
ing the whole building. And 
the asking rents are achieve 
Electricity Supply Nominees - 
who funded the £15ra. buildlr 
—and . The Clothworkers Cor 
pany—who hold the freehold- 
will have a development with 
capital value of over £50m. 


INDUSTRIAL AND BUSINESS PROPERTY 


By order of Gravesham Borough Council 


G 


T 


Wakefield Street 

CENTRAL AREA DEVELOPMENT 

with benefit of 

OUTLINE TOWN PLANNING CONSENT 


ftvBi 

O -T*SE 




Applications are 
invited from 

Developers, Institutions, 
Building Contractors... 
to undertake 
this comprehensive 
redevelopment comprising 


1 :/ ^L--wssfijeT d ;stbee£^~— 




Retail floor space totalling up to 
150,000sq.ft (gross) 

Approx.400Car Parking spaces 

Office accommodation15,000sq.fL 

Applications in writing for preliminary particulars 





FOR SALE 

CANNOCK. STAFFORDSHIRE 

SINGLE STOREY 

WORKSHOP/WAREHOUSE PREMISES 

Floor Area: 26.000 Sq. Ft approx, 

together with 

LAND FOR EXPANSION 

Within easy reach of the M6 (Junction 12) 
and the A5 Trunk Hoad 

SITE AREA: 9.5 ACRES 

Enquiries for sections will be considered 


^K) for Industry 

EDMONTON, N.18 

Mainly Ground Floor Factory 
• 85.500 sq. ft. 

FREEHOLD FOR SALE (May Let) 

HORNSEY, N.8 

Single Storey Factory 

10,500 sq- ft. 

FOR SALE 

HALESOWEN, W. Midlands 

Last remaining Unit 
16,400 sq. ft. 

TO LET' 

ILFORD, Essex 

Main p6ad Car Showroom/Garage 
Nearly 20.000 sq. ft. 

FREEHOLD FOR SALE 

ORPINGTON 

tingle Storey Factory 28,000 sq. Ft. 

TO LET—IMMEDIATE OCCUPATION 

STAPLES CORNER, N.W.2 

Warehouse/Office Scheme 
20,000 sq. ft. to be built 
TO LET 

UXBRIDGE, (M.40) 

New Single Storey Unit 
12J300 sq. ft. 

-TO LET Ready Spring 1978 

WEST MOLESEY • 

Factory and Offices 
32*500 sq. ft. 

TO LET 

King 8-Co 

Chartered Surveyors 
1 Snow Hill, London, EC1 

01-236 3000 Telex885485 
Manchester, Leeds and Brussels 




To let 

Twickenham’Middx...30,000-48,OOOsq.fL 

Orpington, Kent-17,300 sq.ft. 

Dyce.Aberdeen. Z.L _6.000 sq.ft. 

Norwich_*—-.../.units from 3,800 sq.ft. 

GreatYarmouth ../....units from 3,700 sq.ft 

Haverhill, Suffolk..units from 3,600 sq.ft 

Chelmsford....../.. ...3,100 sq.ft. 

Droitwich, Worcs units from 2,000sq.ft 

Clients'requirements 

S.W. London_50,000 sq.ft. or3 acre site 

Norwich__ .10.000 sq.ft 

Plymouth.... 6,000 sq.ft 



TO LET 

PRESTIGE OFFICES 

4,200 SQ. FT. 

BERKELEY 
SQUARE ROUSE 


x\i | ^ lK PL I 


448 Kings Road, 5.W.10 
01-351 2383 


§£l(ing&Cli asemore 


An Importan t Portfnffa of 

. INVESTMENT PROPERTIES 
Comprising mainly 
BETTING OFFICES 

Sonra with Residential Accommodation. 

Lee to Ladbrnfce (Central) Ltd. 
For Sale by Public Auction bt 17 Lots 
(Unless previously sold) 
on Thursday, 14tfa Ftbrvary, 1*7*. 

ConiiKtiif' of Prooorrlei in. 
LONDON; BRIGHTON. BOURNE¬ 
MOUTH. LEWES. CHELTENHAM. ST. 
LEONARDS-ON-SEA. TEDDINGTON. 

For i(i|fnrai*rf-Partlcuto's ot'Wv: 

13 Carfax, Horsham, West Sussex. 

Tali (IMIS) 64441. 

2/3 Chordal! Court, 172 The Stmt, 
B mflmtun . West Sussex. 

- Tab (07062) 73991. 



EXPERIENCE 
HOUSE BUILDERS 

With own . money fully com¬ 
mitted. seek Finance Partner 
for further sites available tc 
them. -Mainly Home Counties. 

Writ* Box T.4799. FftraffcM Time*. 
10. Cannon Street. E C*P «T. 




ARTHUR J. LLOYD 

& PARKER, 

22 Market Street. 
LICHFIELD WS13 6 LH 
(054 32 23493) 


Apply: 

W. H. ROBINSON & CO, 
79 Mosley Street, 
MANCHESTER M2 3LP 
(061-22S 6411) 


SP#*' \ 



REDUCED RENT 
£40,000 pax 

4Q0OOsqft - 
Offices can be sub-divided 

Weal as computer centre design research pubfchera 

To be let 

33-39 Bowling Green Lane London EC1 

Debenham Tewson 
& Chinnocks 

Chartered Surveyors 
Bancroft House Paternoster Square 
London EC4P 4ET 
01-2361020 Telex 883749 


STROUD, Glos. 

Modern tingle Storey 

FACTORY & WAREHOUSE 
78.000 sq. ft. 

on 3JJ acre site 

Central hearing * Good loading 

EDWARDSYMMONS TeLOl-834 8454 








By Direction of Mills Building Services Limited 

BRISTOL 

Netham Works, Feeder Road 

About 195,000 Sq .Ft. 

. of single-storey industrial space 
occupying a site of about 

5.8 acres 

With considerable scope for rationalisation, 
refurbishment or partial redevelopment 
For Sale with Early Possession 




Chesshire, 
Gibson & Co. 


Alonzo Dawes 
&HoddeU 


63, Temple Row. Birmingham 
B2 5LY. 021-643 9351 
and London 


29, Orchard Street, Bristol 
BS15HA. Bristol 27222 


56/52 Wilion Road. London SW1VI OH 


NORTH LONDON 

10-30,000 square feet 

NEW SINGLE-STOREY FACTORY- 
WAREHOUSE 

Principals only write Box T.4793, Financial Times, 

10, Cannon Street, EC4F 4BY. 


17 UPPER GROSVENOR STREET and 
19 CULROSS STREET, LONDON WL 

Substantial property in Mayfair. Previous use 
residential CLUB, suitable for refurbishment and 
part redevelopment. 

Approx. 11,300 sq. fL—Head Lease 56$ years- at 
£3,750 p.a. (Subject to reviews.) 

FOR SALE BY AUCTION—19th January, 1978. 

Details: 

7 Lower Sloane Street, 
London, S.W1 01-730 3435. 


WILLETT 


Grail Russell St. 

WC 1 

A self-contained 
Period 

Office Building 

To Let 

Approx,5,000sq.ft 


For details apply to: 



Chartered Surveyors 


103 Mount Street 
London W1Y6AS 
Tel: 01-493 6040 , 
Telex: 238S5 J 


WATFORD 

OFFICE SUITES 

TO LET 

2,500 — 5,400 SQ. FT. 

★ Central, location New |sue 

' 1 .-Sofo -Agents. - ' - '-\ 

. . ■ PROFFITT 8c GOUGH: 

37 5L -Albans Raid, Watford!!. td: (92) 24235. 








































































o L® 1 ; 

. 5 , 000 s * 


SLANG 





ATF^ 


me s ", 

TO lE \ 


Chartered Surveyors ■ ■ 

Vintty House, Queen Street Place, London EG4R1ES 
Telephone; 01-236 4040 





Chartered Surveyors 
64 Comhill, London EC3V 3PS 
Telephone: 01-283 3090 






























































































































































































































































































































































































































































































































































































































































































































































Financial times Friday Jantoy 



Norfolk House, Sidcup 
New offices to let 


Shops& 

Offices 

Peterborough 

Offices-7,265 sqft 

Three shop units-approx1,000sqft 

Bradfieki Houseisanewdeveiqjment— 
designed and buiftto a very high standard— 


20^825 sq ft on ground and 
three upper floors 

parking for 63 cars 

gas central heating 

2 lifts 

fully carpeted 
double glazing 
impressive entrance hall 


DG 


adjacent to station and local amenities 
available for immediate occupation 


All enquiries to 

Clive lewis 
^partners . 

16 Stratton Street 
London W1X5FD ■ 
Telephone 01-499 zooi 

HALES & PARTNERS 

60 Gloucester Place 
London W 1 H 4 ET 
Telephone ox -935 

Bovis ^ 

Bovis Property Division qm % 
14 Hans Road ^ 

London SW 3 iRT * - 

Telephone 01-5811531 4 









wm 


iH' 






Centre, (a £ multi-million re^xial shopping 
centre to be completed in 1 981). 

A three-storey building with accommodation 
on first and second floors suitable for use as 
traditional or open-plan offices. Double 
gazing, central heating, an automatic lift; 
carpets, and toiletfadlrties included. 

.Ring; John Case Chief Estates Surveyor 



Jackson-Stops & Staff 

14 CXJRZON STREET LONDON W 1 01 - 499-6291 


By direction of Howard Rotavator Co. Ltd. 


0733-68931 

orwrite: Peterborough Development 
Corporation 

POBox3 Peterborough PEI 1UJ 


IPSWICH 

modern factory 
premises 

in ail 108300 sq. ft. 
ifcdudifig Office/Canteen Block 
92TT sq. ft. 

Site area £ acres 

Long Leasehold Interest 
for Sale by Private Treaty 



I.A$SII=II=I 

SMM1SR 


NEED SPACE TO EXPAND ? 

TAKE THIS SPACE FOR A START! 

If you are seeking—or selling—office space, business, 
commercial or industrial property, thi> is where to get good 
results at a reasonable cost At as little as £4.50 per line, 
these columns get your advertisement in front of the most 
widespread business audience in Europe, in a business environ- 
men where decisions are made. To start things moving now, 
contact Diane Steward on 01-248 8000 (ext 252). 


Tononfc •fall Pcler and Co., paid close 

X vlld-IIld ldli to the £875,000 asking price for 

the former Gharri ngtons Indus- 
fflf Snlpnf vipw triaJ HoIdi ngs site. Charringtons 
vieTr were represented by Healey and 

DUKES KEEP, English Property . ._ . 

ssbsk ns? 1 

ing empty since its completion 

earlv in 1976 But now Deben- re ‘* ined hy CIS—are looking For 

tafAi!?;Jtfa*S£?5 fJS” 11 tte “- 50 5 ^ 

local agents Denford and Son, 001 # 

have signed up tenants for over w 

a third of the building and are 
talking rents on another 30,000 
sq. feet. 

EPC's 14 storey tower, which 
looks out over the Solent, was £ 
initially marketed as a single 
unit. But Southampton firms 
baulked at asking rents of £3.50 
a sq. foot and EPC was unable 
to attract a London exile to take 
up the space. 

So far the agents have let 

10.750 sq. feet on two (loors to 
Overseas Containers, who were 
advised by Suttans. Another two 

5.750 sq. foot floors have been 
taken by the Post office and by 
the Industrial Tribunal and 

Pnwell DutTryn has signed for_ 

4.200 sq. feet. There is no com- Knightsbndge rents tradi- 
men rent for the lettings but the tionaMy command a premium to 
agents say that rents have been the rest of the West End office 
in sight of it he £3.50 asked. market- Now BP Oil has helped 

• to confirm this rating by sob- 

DEMAND for industrial property letting 27,000 square feet of 
in North London is having an surplus space in its Mercury 
impressive effect on local rents. House offices to Texaco for 
In a report on the North West of around £9 a square foot. BP, 
the Capital Edward Symraons.and advised by Phillips J. Sinclair 
Partners comment that rents for and Co. has let the space on a 
warehouse units have firmed to 15 year lease with five year 
over £2 a square foot. That hades reviews. 

well for the private group Dims- Texaco plans fairly extensive 
dale Developments (South East!, interior refitting before moving 
which has joined forces with Into the 20 year old block later 
Haringey Council to develop a this year. _ Mercury House, 
1 acre site at Willoughby Lane, 195 Knightsbndge SW7, with its 
N.17. twin at 197 was one or the late 

Dimsdale is to build 19,500 Gabriel Harrison’s developments, 
square feet of industrial and The Gas Corporation acquired 
warehouse space on the site, the freehold of the whole block 
which is half a mile from the when Mr. Harrison’s Amal- 
North Circular Road. Symmons eamated Investment and Pro- 
are agents for the scheme which Perty group collapsed, 
takes Dimsdale's total develop- ^ 

ment programme to £S.5m., more TWO OF Haslemere Estates' 
than 400.000 square feet of refurbishmenis have found 


FARNBOROUGH 

and H3 

NEW UNITS 
FROM 1978 

INDUSTRIAL 

Factories 

Warehousing 

Semi-Commercial 

COMMERCIAL 

Offices 

(ODP not required 
in some cases) 

Interested public or private 
companies are invited to 
discuss their requirements m 
the strictest confidence 

Predesigned Industrial 
and Commercial 
Developments 

One The Ridges 
Clockhouse Road 
JFarnborough, Hants. 

Tel: (0252) 513751 


Brochure and particulars for the above property available on application to the Sole Agents 

JACKSON-STOPS & STAFF 


14, Curzon Street, 
London, W1Y 7FH 
Tel.: 01-499 62 91 


168. High Street, 
Newmarket CBS 9Aj 
TnLs 0638 2231 


i ni i i r ri r mr 


32,000 sq. ft. OFFICES TO LET 

OR FREEHOLD MIGHT EE SOLD —- ALSO ADJOINING PROPERTIES 
(IF REQUIRED) 10,000 SQ. FT., PART MEDICAL AND DENTAL, IN 
COURSE OF CONSTRUCTION. 


LONDON EC4 

NewAr-ConcStioned 
Office Suite 

10,000sq.ft. 

Rent £8‘50persq.ft. 


Write Box T.4794 

Financial Times , 

10 Cannon Street, EC4P 4BY 


Marvltbone Boat! 






iirntMiii 


> •T*7iT| fc : 


■mwater | Rood 


O*lord Street 


MAJOR CAR PARK ADJACENT 

IMPRESSIVE COLONNADED/PORTICOED EXTERIOR 

PARTICULARLY-CONVENIENT FOR:— 

HOTELS—LONDON AIRPORT —MOTORWAYS 
MAIN LINE AND UNDERGROUND STATIONS 

PRINCIPALS AND AGENTS WITH NAMED CLIENTS ONLY 
Write Box T.4804, Financial Times, 10, Cannon Street, EC4P 4BY. 


Martin& Pole, John D.Wood 


Gartered Syveyors,Cha^^ 
& Estate Agents 


VALZAN HOUSE CAMBERLEY 

OFFICE BUILDING TO LET 

7033 sqft 


This superbly located building provides accommodation 
of the highest standard including: 

★ HIGH SPEED PASSENGER LIFT 

★ CARPETING 

★ PRIVATE CAR PARK 

★ GAS CENTRAL HEATING 

★ INSTALLED ELECTRICAL TRUNKING 

★ UNDER-FLOOR ELECTRICAL GRID 

★ RENT £32^00 PA. EXCLUSIVE 

★ COMPLETION FEBRUARY 1978 

Joint Agent; 

MICHAEL MAYHEW 
178 Oaelands Drive, Weybridge 
Tel. Weybridge 49773 


EST 1827 











Vartneor 

M.S.H.OwrFJU.C!x 
D. L Wan F.RLC.S. F.S.V.A. 

J. S. BouyCTF.RICS. 

M.H. Roberts FJUCS. 

M. W. Gilbert A.RJLC S. 

V. A. E WoodFJU.CS. 

A. Maunder FjtLCS. 

Associates 

P.Gnxninnd 
P. Egerfort-Warburion 

Consabonrs 
R.E Bariev FS.VA 

K. A.Ar>aw3yFiU.CS. 


Offices 

THaphooc (07341502b6' ' 

193 Wctotfwn RmLReash«Ba6iLr. 

Tek^honeiU734)b633Tl ' . 

9 Budge Strest Qmntom RCA BAA 
TdfphowlOTMJ <172877 
5i High Street. PingbounK RGB 7AE 
Telephone ID7357) 2213 . 

4-a Hyi Sbeet. Gortn9snTHHWs9CS WtT 

Td»rAor»(0»9l«aS2L 

55 The Broadway. Thudum R013 flHP 

Trtyhaw (06351 fiZSW ' 

SAbomPwade.MorftBerCorami.RtukiaBHfe*. 

Tcbphonc (0734) 333080 

CWndoo Houw, Lor«fcn Road, Navtay, Bfria. 

Tctphooc[0&35J 46487 -• 


oyffAij 






industrial space. 


tenants in the New Year. Even 







The North London industrial without air conditioning or lifts 
market continues to attract the group’s latest restoration, 
institutional buyers. Merchant 146 Fleet Street, E.C.4, has been 
Investors Property Fund has taken at £7.50 a square foot 
added a £1.3Sm. warehouse in The Liverpool Daily Post and 
tho area to its portfolio. The Echo has moved into the upper 
Fund, advised bv Richard Ellis, office floors or the listed build- 
has bought a new 80,000 square in 3- 146 stands nest to the en- 
foot scheme at Mollison Avenue, trance to Wine Street Court and 
Enfield, on an initial yield of just to that magnet For tourists, Ye 
under 7.4 per cent. Qlde Cheshire Cheese. 

Staying North, the Wolff Collier and Madge, with 
Charity Trust has paid £245,000 McDaniel and Daw, have let the 
for the former J.A.P. engineer- former snuff shop at the front of 
ing works in Tariff Road, Totten- the buIRUng to Handies, the 
ham, N.17. sweet shop, for £4,000 a year. 

De be nil am Tewson and Chin- The agents are asking £2,500 a 
nocks, acting for the Trust, plans }’? ar f° r the tiny shop space at 
to refurbish the site to create the side of the building, facing 
55.000 square Feet of light indus* the Cheshire Cheese, 
trial and warehousing space. Two Haslemere s refurbished 
U.OOO square foot units on the offices at 32. Portland Place, WJ., 
estate have been let at £1.50 a have also just been let. Inter¬ 
square foot, which is tho asking national contractors A and P 
rent for remaming space. Paraskevaides have taken the. 

South of the river another 5-130 square feet building, pay- 
private developer, backed hy the around £7 a square foot for 
Co-operative Insurance Society, is the office content. Richard 
buildinc 114.000 square feet of anA farmers advised the 

industrial space on a five-acre contractors Langley, Slater, 
off the Old Kent Road. SE1. Graham acted for Haslemere. 
FJaxyard Limited, advised by JJ5. 


Commercial Office 
26 Greyfriars Rd, Reading, Berks. 
Reading 586833 


PRESTIGE AIR CONDITIONED 

BANKING PREMISES 

BISHOPSGATE, EC2, 

LEASE FOR SALE. 

GROUND FLOOR 4»500 sq. ft. approx 
BASEMENT 4,000 sq. ft. approx 


Apply Sole Agentsi 


[TlEWIStTUCKEi^ 


16 Hanover Square. London W1R 0AU 
Tel. 01-629 5101 


CITY OF LONDON 


Clients require 

40 - 50,000 sq. ft. 

OFFICE BUILDING 

Vacant Possession 
by iate 1978/79 


Dton 01-626 9681 

• • & 

UTfkYhf 15 ;ARTHUR STREET ' 
WWi-lJJlM LONDON EC 4 R 9 BS 


JOHN D.WOOD 

. S»SunT^^W.Llift , *^Hiir>cn&T>. Part EAobuiJi aod 


BURTON-ON-TRENT 

STAFFORDSHIRE 


29.70 ACRES OF 
RESIDENTIAL LAND 


RIPE FOR DEVELOPMENT WITH _ 
DETAILED PLANNING PERMISSION 

Available as a whole or in 5 lots ranging 
from 2.32 Acres to 935 Acres. 

FOR SALE BY PUBLIC TENDER—Closing Dais’ 14/2/78 

For full details apply 


EDWARDS 

BIGWOOD 

&BEWLAY 


78 COLMORE:RpW, 
BIRMINGHAM B3 W G - 
Tel: 021-236 8477 (RflfiBHS) 


Joint Agents: John Timson, 18 BenriettM* 
Birmingham B2 5QJ. Tel: 021-643B007‘ 


COMPANY NOTICES 


CITY OF OSLO 

1972/1987 FF 100,000,000 Loan 

We inform the bondholders that the annual redemption 
of FF 2,500,000 due on March 1, 1978 has been effected by 
purchase on the market. 

Amount outstanding:* FF 85,000,000, 

Luxembourg, January 13, 1978. 

. ... the PRINCIPAL PAYING AGENT 

KREDIET8ANK 
- S.A. Luxembourseou* - 














































































flips; |r 






Friday Jansaiy 13 1978 

W^&&y SOUTH CHARLOTTE STREET 

i^EDINFURGH 

t v # Centrally located renovated property 
v 1 affording 14,900 sq.ft, of superior 
. .Ay V office space to be iet ' 

rC$ ■ -r 

A vCfj* Two new passenger lifts. 

P° ! New central heating system. 

New toilets on all floors. 

- *' j 2v |- Acoustic ceilings with recessed lighting. 

Offices fully carpeted and decorated. 


appointments 


. ^ 

Modmi^igieStoiieyFactoiyvrithOffices 

ROMFORD essex 




Christopher Soames joins NatWest 


. • § .• vO. 


~«v 

a*i*a 



*9 Brpcbura available from either of the joint agents 

^Qaintiii Jl' Kenne&^aen ’ 

, saa&staaky - JofTT ; andPartners 

CHABTCTED EURUEyOHE . . fetlmg CHARTERED SURVEYORS 

mtryHDcaB.OiiMnStn«PtaC*AgeniS'. *' 71 Hinnr Snwt 

| - Lorelon EC4R1ES - — - 

01-23S99S1 /V 




about 

100,000 sq. ft on 3.5 acres 

* Covered tailboard loading bays 

* Heating throughout * Attractive Offices 

* Canteen facilities * Spacious yard areas 

* Employees car park * Early possession 

Rent only approx £1 per sq. ft 

JOlwr SOLE AGENTS 


and Farmers 

CHARTERED SURVEYORS 


[RAIMT 

' & pflanvERS 


71 Himw$tn« 
Edinburgh EH2USF 
-031-2256533 


&WU 10 WS 

Eata*eAvn»-SunrTOS-VUocn 

01-8824633 


IDON E( 


^r-Ccntii . 

nice Suite HOPS AMP. OFFICES 

300sqf T - * LBA " S P=L 

^.11 HERTFORDSHIRE 


c:i.assii=ii=d 

CCAWMERCIAI. 

property 


Iir^rc^QOGOQ) 0 


iTfi 

1.111 

nil 

1 1 UL 

[o0DOQD? 

-^inanaaQ. 

Qrifn 

OQaQDl n 

in cm □' 


QDDQQ 

wo on 


;8 ‘ 50 ^: 


RIOD COUNTRY 
HOUSE 


100 sq. ft Offices 

o be fully refurbished 

LET OR FOR SALE 


Full details from 
Joint Sole Agents 

Lin hill & company 

Tel: St. Albans 63TH 
iUMBALL SEDGWICK 
Teh Watford 24Z75 


nn.-r-, v _ TRADE CENTRE, LONDON. 

i.i.viTl . . Sell-contained suite*, 607, 3JJ0O. 

If It 1 { A. ■vri’.rl 50 - ft- Immediate occupation. 
»%.« fl •} -t-iiTuIliange of facilities available Inciutf- 

1 .. - —-24-hour telephone, telex and 

arlal services. Far further details 
• r -ti Marketing Department. 01-468 

ICe (:K’R)rrac 


NEW OFFICES 

TO LET 7330' sq. ft.. 

" (Suites from IjQO sq. ft.) . 
HARROW ROAD, 
LONDON W.10 
Overlooking Grand Union 
Canal 

STURT & TJVENDALE 
1261 High Road, London N30. 
01-445 0301 . 


KNIGHTSBRIDGE S.WJ. 
MAGNiHCENT H.Q. 

comprising ■ • • 

Approx. 1300 sq. ft. OFFICE - 

u+l uberb luxury res. acoan. 

To rent £30.000 p.iux. Must be'seen.' 

BRACKENHURST 
PARTNERSHIP ’ 

" Tel: 01-499 0393 ” 


CITY. PRIME POSITION. Insurance! 

- banking area. Ground ADor l.lAO wj. ft. 

Tel. 01-248 3751. 
CAMBRIDGE. 47.400 M. «- sdperb 
ofbces- Units from 6.000 sq. ft. AveH- 
. able immediately, cm. prestige entrance 
hall. HEALEY & BAKER, 01-629 B292. 
BRISTOL. CLIFTON. OAces < COMlliHnfi 
rooms plus two sen-contained flats. 
Lewis. 1. Harley Place. Clifton. Bristol B. 
LONDON wet. near Grays Im. office 
Mite S50 m. ft. to let, Ideal for 
.. professional company. Apply Henry 
: Butcher & Co. Tel. 01-406 8411’. - 

.'. • ' n 


FOR INVESTMENT 

FOR SALE 

URGE VALUABLE 
PROPERTY 

ON LONG LEASE (18 YEARS) 
INCOME £15300 PA. 
with rent reviews every three 
years. Situated in the centre of 
one of the major shopping areas 
in Hull. 

Write Box' T.4803, 
Financial Times. 

10. Cannon Street, EC4P 4BY. 



FACTORIES AND 
WAREHOUSES 


A5HFORD, KENT. 6.000 so. It. Indus, 
tnaI/warehouse. Tel. Ashford (0233) 
24561 or 01-236 3000. 


INTERNATIONAL 

PROPERTY 

EAST OF DORTMUND 

adjacent to Autobahn. 

Lease For Sale or Sub-Let 
Single Storey 1.BO0 sq. metres. 
FACTORY/WAREHOUSE 
with possibly office accommodation. 
Modem promises. Ample Parking. 
Conner:— 

YORKSHIRE PRESS & FUBUK3TY. 
9 Quebec Stmt. Leeds.. 


WANTED 


CITY REFUGEE 

FOR FREEHOLD 
OFFICE BUILDING OF 
6,000 SQ. FT. AT 
LONDON BRIDGE 

Write Box T.4801. Financial Times, 
10 Cannon Street, EG4P 4BY. 


WANTED—SOME 5.000^,500 sq. ft. 
of Modern or Renovated Office Space 
4 Preferably in 5W1 or W] 
and on one or two floors: easily 
partitiofuble with good reception area, 
conference room and garage or park¬ 
ing space. Either for acquisition or 
rent. Only principal agents are asked 
to send details to:— 

The German Chamber of Industry A 
Commerce, 11 Grosvenor Crescent. 

London, SW1 


Sir Christopher Soames, who 
from 1573 to 1977 was one of the 
first two British members of the 
EuropedD Commission, has been 
appointed to the main Board of 
NATIONAL WESTMINSTER 
BANK. 

Mr. Robin Leigb-Pemberton, the 
chairman of NatWest, said: “I am 
delighted that Sir Christopher has 
agreed to become a director, for 
I feel that his international ex¬ 
perience will enable him to make 
a most useful contribution to the 
bank’s future growth, particularly 

overseas." 

Sir Christopher was a member 
of Parliament from 1950 to 1966 
and held various ministerial 
appointments in. Conservative 
governments. He entered the 
Cabinet in' 1960‘and between 1961 
and 1966 was chief opposition 

spokesman first on defence and 
then on foreign affairs. 

From 1968 to 1972 he was British 
Ambassador to Fra ore, at the time 

when Britain negotiated entry to 

the EEC. During his period on 
the European Commission, he was 
a trice-president responsible for 
external relations. 

Last June Sir Christopher 
became a nonexecutive director 
of the merchant bank N. M. 
Rothschild. 

■* 

Mr. Bernard H. Tubbs has been 
appointed to the Board of 
BREMAR INSURANCE SERVICES. 
a member company or the Bremar 
Holdings--group. Mr. Tubbs, a 
member of Lloyd's, joined Bremar 
18 months ago. 

* 

Mr. -David Cobb, formerly a 
director and publisher in the 
Women's Magazines Group of 2PC 
Magazines, has been appointed 
managing director of IPC BUSI¬ 
NESS PRESS (SALES AND 
DISTRIBUTION). Mr. AIT Raven, 
deputy direct sales director has 
been appointed to the Board of 
that company. Mr. David 
Montgomery, at present on 
secondment to Sales and Distri¬ 
bution from Computer Data 
Processing, has been appointed 
distribution and development 
director of Sales and Distribution 
and joins the Board. 

•k 

Mr. Ronald H. Nethercott has 
been appointed a part-time 
member of the SOUTH WESTERN 
ELECTRICITY BOARD for a 
three-year period. Mr. Nethercott 


r 455 



Sir Christopher Soames 

has been south-western regional 
secretary of the Transport and 
General Workers’ Union since 
1957. 

* 

Mr. A. F. Close has been 
appointed secretary to the 
DONALD MACPHERSON GROUP. 
His appointment follows the 
retirement at the end of January 
this year of Mr. Kenneth 
Walmsley, group secretary since 
1968. Mr. Close was previously 
with a firm of solicitors. Prior to 
that he was director, group secre¬ 
tarial legal division, with Ocean 
Transport and Trading in 
Liverpool. 

* 

Mr. D. A. Newton has become 
a director of DUGDALE (UNDER¬ 
WRITING) and Miss Cbandrika 
Patel has been appointed 
secretary. 

Mr. D. M. McLachlan Clark, 
director of Henry W. Peabody 
Grain, has been elected president 
of the GRAIN AND FEED TRADE 
ASSOCIATION in succession to 
Mr. D. G. Turner. Other officers 
are: deputy president: Mr. W .H. 
Defoe, managing director of T. A. 
Jones and Co.; U.K. vice-president: 
Mr. P. A. Metaxa, director of RHM 
Flour Mills; European vice-presi¬ 
dent: Mr. L. Meunler, manager of 


the international section ofMultipie Brokerage by CHAKFER- 
SEDIPA. (Ste. Europeanne de HOUSE MAGNA ASSURANCE 
Distribution do Produits Aliroen- COMPANY. Mr. J.P.Xcttleton and. 
zaires) and vice-chairman of the Mr. C IV. T. Johnston ham been 
oilcakes section of Synacomex, appointed directors of the latter 
Paris. .. company. 

★ * 

Mr. James Redmond, director of Mr. M. R. Barlow and Mr. C W. 
engineering, BBC, is to be presi- Yeldhani have been appointed- 
dent or the INSTITUTION of directors or DEV1TT LANGTON 
ELECTRICAL ENGINEERS for AND DAW MAY DAY. 

Ihe 197S-79 session. He will take * 

office on October 1. Mr. Ronald W. Hewlett has been 

* appointed general manager of. 
Professor George Clayton has CWMBRAN DEVELOPMENT COR- 

been appointed a non-executive PORATION. Mr, Hewlett joined 
director of the PIONEER MUTUAL the Corporation as deputy chief 
INSURANCE COMPANY Professor engineer in 1969 and became chief. 
Clayton served on both the administrative officer in 1974. He 
Crowther Committee and the succeeds Mr. Ronald Monday, who 
Scott Committee. Mr. S. H. Leckic has retired, 
has been made actuary to the * 

company. Mr. Stephen F. H heat croft, 

* director subsidiaries of Brmsh 
Mr. John Loudon, a director of AIrway*. ha* ^n e!£_ied p rew-; 

N M Rothschild and Sons, has dent OX the CHARTERED LNSTi- 
been electedlli t£ StS^isory TUTE OF TRANSPORT from 
Board of HEINEKEN XV. October 1. 19.K. 

* * 

Mr. Reginald May has been ap- Mr. Drsmund Matthews., 
pointed a director of the JOINT managing director or Daigety 
CREDIT CARD COMPANY Frozen Foods, has been appointed 
(Access) Mr Mav has been chairman of the FOOD FREEZER 
general manager, operations, since AND REFRIGERATOR COUNCIL, 
joining the company in 1974, and succeeding Mr. A. w. I rrrj. 
he will continue to be responsible .... „ * . . ‘ 

for the Southend operations Mr. Han?- Robinson has been 

centre appointed deputy man.igin^ direc- 

* lor of E. THOMAS AND CO., and 
Mr. Jack Morgan has been ap- « r - Frederick T y rQ ‘\ r has joined 

pointed assistant managing direc- ’f® 1 . The 

tor of \\AFI thp nfliriil irndin" the \cwlon Abbot omCt.. The 
irganisaifon^ 5fc Parent concern ,s.lohn Mow lent. 

Morgan was secretary to the cor- M , T . Vr „ r 

a PP° intmcnt McQueen hafe been ap P iinlS : 
to the Board in 19i4. additional joint nunaging direc- 

.. . v u tors Of I. J. DEW HIRST. 

Mr. A. E. Davis has become ^ 

lubricants controller of the Euro- |^j;-nTUTL‘ OK CREDIT 

d ij lB1 °£ °. f >L\NAGEMENT has appointed ttV 

ceeds Mr. B. J. BaldwiiL whose firs>t woman hr3nch L .i lairman . she 
appointment as managing director. M „. j udy Boyd, i« ho ha* 
Castol (Thailand), has already ^come chairman or Hie North- 
been announced. For the past East h raiu .}|. 
seven years Mr. Davis has been 4 

manager of the U.K. Lubricants jt| r . j a ,\gcr has been appninteJ.' 

marketing services department, a assis t an t managing director. LPT 
post in which he is now .succeeded INTERNATIONAL F1NWCK. a 
by Mr. C. J. Robinson, previously subsidiary of United Dominion* 
assistant manager. Trust. 

■* + 

Mr. Ralph H. Richard has been Mr. Francisco Yalrncia has lw.-en' 
appointed to the Board of ALLIED appointed managing director of 
MILLS as sales director. The GONZALEZ BYAS'S 1 L.K. 1 , 
company b: a Uiusion of Asso- * 

ciated British Foods. Mr. J. R. Trotman has been 

* appointed managing director of 
Following the acquisition of TUFNOL. 


NOTICE OF REDEMPTION 
To the Holders of 

Conoco Eurofinance N.V 

8% Guaranteed Debentures due February 15,1986 


aw Partiiersii" 
thr Tiinmest 


AHNANCLALTIMES SURVEY 

The Finandal Times is plaiMiing tp publish a Survey on Industrial Property. The provisional 
editorial synopsis and date are sew out below. 

DATE: Wednesday, ^15tli February, 1978 

INDUSTRIAL PROPERTY 


-j» ; •• *!’ 


\| - crJ-TB { 

1 » c *f s u 5 

ENTIALJ;^ 

• ■ ,. kLN t' v ;. 

• ,r,,lir c >; V 1 ' 
A**-'**’ ‘ 


: - 4 .(M 


OTiCt 5 




,v;n .. 


1. INTRODUCTION 

Industrial property has outpaced offices and matched 
prime shops as' the most fashionable sector of the 
property Investment market oveT the P 85 * year- Invest¬ 
ment demand has spilled over into development activity, 
and new building of factories and warehouses has pro¬ 
vided a badly needed lifeline for the contracting 
industry. But the sluggish pace of industrial recovery 
in the economy as a whole casts a shadow over the 
industrial developers. Could the enthusiasm for indus¬ 
trial property survive any. further delay in the long- 
awaited revival of industrial activity? 

2. INDUSTRIAL' DEVELOPMENT 

a. The Land Crisis 

Property, legislation has severely reduced the supply 
of suitable industrial property development sites. The 
price of freely developable land is rocketing, and the 
rising spiral of land costs threatens to halt.the - industrial 
building boom. 

b. Building Costs 

Contractors, anxious to keep their work forces together, 
have been .paring profit mar gins to the bone in the ,r 
efforts to "win building contracts. The builders' subsidy, 
has artificially reduced development .costs . and kept 
asking rents-for new space unrealistically low. 19io 
.could see true costs flowing through to rents. 

c. The Contractor Developers 

Civil engineering and-contracting companies are increas¬ 
ingly willing to take on the role of developer. Inter¬ 
national contractors’ strong cash flow enables them to 
act as both development and investment holding groups, 
and property investment'is becoming an increasingly 
important revenue source for leading companies in the 
building sector. But not all builders' property operations 
have been a success. 

d. The Traditional Developers 

The industrial property development groups have been 
riding the crest of a stock market wave for eighteen 
months; There is more to go for in the shares, although 
property legislation casts a long-term shadow. 

3. BUILDING AND DESIGN r * 

a. Industrial Buildings Past and Present - 

Factory and warehouse design has come mil circle since 
the first industrial revolution. From hastily converted 
buildings .to purpose-built mills and back towards the 
most-flexible factory/warehouse/part office sinictures.- 
and the shape and standards of industrial building have 
radically altered over time. 

b. Industrial Buildings of To-morrow 

Industrial buildings have to mirror the changing needs 
of industry. Will to-day's industrial estate be an aban¬ 
doned relic by the end of the century? 

4. INDUSTRIAL ACTIVITY . 

a. Finance , ' - 

Moves towards financial recovery have yet to be matched 
by a similar'recovery in industrial output. Until industry 
follows the CUy. out of recession, factory building 
remains a speculative business. 

b. Institutions 

The institutions funding industrial building stron'Sdy 
favour warehouse rather than factory schemes because 


' of the relatively stronger demand for modern motorway- 
linked 'storage space. While consumer demand remains 
buoyant, and industrial activity slack, warehouse 
; properties will continue -to edge ahead of factories in 
* rental, development and investment terms. 

5. THE REGIONS 

a. London 

Industrial development sites In the capital are com¬ 
manding premium prices. Proposals for revitalisation 
of--inner city areas may eventually help to ease the 
scarcity.problems. But in the meantime local planning 
delays endanger efforts to bring blue-collar jobs back 
to London. 

b. Docklands 

London's docklands are the largest inner city wasteland 
In .Europe. After twenty years of delays there are at 
last signs that the immense potential of the area will 
berealised. 

e. Manchester and the North West 
Despite local and national efforts to revive the region 
industrially, only Greater Manchester retains the spread 
of business to ride oat the recession. 

d. The North East . 

Advanced factory building by the British Estates 
Corporation heavily subsidises industrial users and 
threatens, to. squeeze the private developer from the 
market. 

e: Scotland ' 

North Sea oil sparked massive industrial building pro¬ 
grammes that created a supply of modern space now 
overhan ging a disappointingly sluggish letting market. 

f- Glasgow " • 

Glasgow has- attracted a fringe of successful industrial 
.developments: The City stands out in an otherwise 
depressed industrial market 

g. Northern. Ireland . 

1 National Government efforts to maintain the Province's 
-industrial base in the face of loeal conflict have spawned 
-a rash of new, and too often, empty industrial buildings. 

h. The Sooth East . 

Outride London the' motorway-linked industrial com¬ 
muter areas have been the scene for the most active 
factory and warehouse building in recent years. 

••L -The New Towns 

New Town Corporations, although now facing a gradual 
run-down, have an exceptional chance to take advantage 
of .tiie shortage of industrial sites by releasing land for 
'.private or joint development. 

J. The South West 

Motorway and high-speed rail links have turned a one- 
time; backwater into a selectively strong industrial 
- property, market,. But here'again the lack of suitable 
land: for development is slowing the pace of building. 

lL Wales 

Government-sponsored Industrial building programmes 
■have undermined the private development market But 
selective: schemes Jahaw..that the Welsh /market is still 
alive; if struggling. 


EUROPE’S BUSINESSvNEWSPAPER 

raa cement and pnumtam «R«U ®r Survey* is Uw FimucW Timw tj* sBMfler us ciuwee K. tfie CttKretkm'or o» tailor. 


NOTICE IS HEREBY GIVEN, pursuant to the provisions of the Indenture dated as of February 15,1971, among Conoco 
Enrofinance N.V., Continental Oil Company, Guarantor and Bankers Trust Company, Trustee, that $2,500,000 principal 
amount of Conoco Eurofinance N.V. 8% Guaranteed Debentures due February 15, 1986 has been selected by the Trustee 
for redemption on February 15,1978 through operation of the Sinking Fund provided for in Section 3.02 of the Indenture 
dated as of February 15,1971, at the principal amount thereof; The following axe the serial numbers of the 8 r .b Guaranteed 
Debentures which, mil be redeemed in whole. 

8% Guaranteed Debentures in. the principal amount of $1,000 bearing the prefix M 

M14 1942 4242 8401 8494 10474 12S3B 14574 16774 19074 21374 23714 2S842 27874 29794 31942 34138 36401 38442 40401 42342 44294 46242 4S174 

38 1974 4274 6414 8514 10494 12542 14575 16938 19094 21394 23736 25B74 27894 2981+ 31974 34142 36414 38474 40414 42374 44314 46274 43194 

42 1994 4Z78 6436 8536 10514 12559 14594 16942 19114 21401 23742 25894 27914 29836 31994 34174 36436 38494 40436 43394 44336 46275 4S214 

74 2014 4294 8474 854Z 10636 1257+ 14614 16974 19136 21414 23774 25914 27936 29842 32014 34194 36442 38514 40442 42401 44342 46294 46236 

94 2074 4314 6494 8569 10543 12575 14638 16994 19143 21436 23794 25936 27942 29374 32036 34214 36474 38536 40474 42414 44374 46314 45242 

114 2094 4336 6514 8574 10559 12594 14642 17014 19174 21442 23S14 25942 £7974 29894 32042 34236 36494 3S542 40494 42436 44394 46336 48274 

136 2114 4342 6536 8575 10574 12614 14814 17074 19194 21474 23836 25994 27994 29914 32074 34242 36559 38559 40514 42442 44401 46342 43278 

142 2136 4374 6542 8594 10575 12636 14836 17094 19214 £1494 23842 26014 2S0T4 £9936 32094 34274 36574 38574 40536 42474 44414 46374 48214 

174 2142 4394 6559 8614 10594 12642 14842 17114 19236 21514 23S74 26036 23036 29942 32114 34Z7B 36575 38575 4D542 42494 44436 46394 43314 

194 2174 4401 6574 8636 10614 12674 14S94 17174 19242 21536 23894 26042 28042 29974 32136 34294 36594 38594 40559 42514 44442 46401 43336 

214 2194 4414 6575 8642 10636 12694 14914 17194 19274 21542 23914 26074 28074 29994 32142 34314 36614 38614 40574 42536 44474 46414 43342 

236 2214 4436 6594 8574 10642 12714 14936 17214 19278 21559 23936 26034 28094 3C014 32174 34336 36636 33536 40575 42542 44494 46436 48374 

242 2274 4442 6614 8694 10674 12736 14974 17236 19294 21574 23942 26114 28114 30036 32194 34342 36642 38642 40594 42559 44514 46442 4S394 

274 2278 4474 6636 8714 10694 12774 14994 17242 19314 21575 23974 26136 28136 30042 32214 34374 36674 38674 4081+ 42S7+ 44536 46474 4S401 

2 78 2294 4514 6642 873610714 12794 15014 17274 19335 21594 23994 26142 28142 30114 32236 34S94 36694 38694 40636 42575 44542 46494 48414 
294 2314 4536 6674 8742 10736 12814 15036 17278 19342 21614 24Q14 26174 28174 30136 32242 34401 36714 38714 40642 42594 44559 46514 4842S 

314 2336 4542 6694 8774 10742 12836 15042 17294 19374 21774 24074 26194 28194 30142 32274 34414 36736 38736 40674 42614 44574 46536 48436 

336 2342 4559 6714 8794 10774 12842 15074 17314 19394 21794 24094 26214 28214 30174 32278 34436 35742 38742 40694 42636 44575 46542 48442 

342 2374 4574 6736 8814 10794 12874 15094 17336 19494 21814 24114 26236 282S6 30194 32294 34442 36774 38774 40714 42642 44594 46559 48474 

374 2394 45m 6742 8836 10814 12894 15214 17342 19536 21836 24136 26242 2S242 30214 32314 34474 36794 38794 40736 42674 44614 46574 48674 

394 2401 4594 6774 8842 10836 12914 15236 17374 19642 21842 24142 26274 28274 30236 32474 34494 36814 38814 40742 42694 4463S 46575 4S694 

401 2414 4642 6794 8874 10842 12936 15242 17394 19559 21874 24174 26278 28278 30242 32494 34514 36836 38836 40774 42714 44642 46594 43714 

414 2436 4674 6814 8894 10874 12942 15274 17401 19574 21894 24194 26294 28294 30274 32514 34536 36842 3S842 40794 42736 44674 46614 48736 

436 2442 4694 6838 8814 10894 13014 15278 17414 19575 21914 24214 26314 28314 30278 32S36 34542 36874 S8874 40814 42742 44694 46636 46742 

442 2474 4714 6842 8936 10914 13038 15294 17436 19594 22094 24236 26336 28336 30294 32542 34559 36894 38894 40836 42774 44714 46642 43774 

474 2494 4736 6874 8942 10936 13042 15314 17442 19614 22136 24242 25342 28342 30314 32559 34574 36914 38914 40842 42794 44736 46674 43794 

494 2694 4742 6936 8974 10942 13074 15336 17474 19635 22142 24274 26374 2S374 30336 32574 34575 36974 33936 40874 42814 44742 46694 45814 

514 2714 4774 6842 8994 10974 13094 15342 17494 19642 22174 24278 £6394 28394 30342 32575 34594 36994 38942 40894 42836 44774 46714 48836 

536 2738 4336 6974 B014 10994 13114 15374 17514 19674 22194 24294 26401 28401 30374 32614 34614 37014 38974 40914 42842 44794 46736 48S42 

542 2742 4842 6994 9036 11014 13136 15394 17536 19694 22214 24314 26414 28414 30394 32636 34636 37036 38994 4C936 42374 44814 46742 46S74 

559 2774 4974 7014 9042 11036 13142 15401 17542 19774 22236 24336 26436 28428 30401 32842 34642 37042 39014 40942 42894 44836 46774 48594 

57+ 2794 4994 7036 9074 110*2 18174 15414 17559 19914 222+2 24342 26442 28436 30474 32674 34736 37074 39036 40974 42914 44842 46794 48914 

575 281* 5014 7042 9094 11094 1319* 15436 T7574 1993B 22274 24374.26514 £8442 30494 32694 34774 3709+ 39042 40994 42936 4487+ 4681+ 48936 
59+ 2836 5036 7074 9114 11114 13214 15442 17575 19942 22278 24414 56536 £8474 30514 32714 34794 37174 -39074 41014 42942 44894 46836 489+2 

614 2842 5042 7094 9136 11136 13236 15474 17594 19974 22294 24436 26542 28494 30636 32736 34814 37194 39094 41036 42974 44914 46842 46974 

636 2874 S074 7114 9142 11142 13242 15494 17514 20C36 22314 24442 26559 28514 30542 32742 34836 37214 39114 41042 42994 44936 46874 48994 

642 2894 5084 7138 9174 11174 1S274 15514 17636 20042 22336 24474 36574 28536 30559 3277* 34842 37236 39136 41074 43014 44942 46894 49036 

674 2914 5114 7142 9194 11194 13278 15536 17642 20074 22342 24494 26575 28542 30574 32794 3+874-37242 39142 4109+ 43036 44974 46914 49042 
694 2936 5136 7174 9214 11214 13294 155+2 17674 20094 22374 245T4 36636 28559 3057S 32814 34894 37274 3917+ 4111+ 43042 4499+ +6936 4907+ 

714 2942 5142 7194 9236 11236 13314 15559 17694 20114 22394 24559 266+2 28574 30594 32838 34914 37278 39194 41136 43074 45014 469+2 4909+ 

736 2974 5174 7214 8242 11242 13336 15574 17714 20136 22514 24574 26674 28575 30614 32842 34936 37294 39214 41142 43094 J5036 46974 49114 

742 2994 5194 7236 9274 11274 13342 15575 17736 20142 22536 24575 £6694 28594 30714 32874 349+2 37314 39236 41174 43114 45042 46«9* +9136 

774 3014 5214 7242 9278 11278 13374 15594 17742 20174 2Z542 24594 26714 28614 30738 32894 3497* 37336 39242 41194 43136 45074 47014 49142 

79+ 3036 5236 7274 9294 11294 13394 15614 17774 20194 22559 24614 2*736 28636 30742 32914 34994 37342 39274 41214 43142 45094 47036 4917+ 

814 3042 5242 7278 9314 11314 13401 15636 17794 20214 22S74 24636 267+2 £86+2 30774 32986 3501* 37374 39278 41236 43174 45114 47042 40194 

836 3074 5274 7294 9386 11336 13414 15642 17814 20236 22575 2+642 26774 2867+ 30794 32942 35036 3739* 39294 41242 +3194 45136 +7074 49214 

842 3094 5278 7314 9342 11342 13436 15674 17874 20242 22594 24674 26794 £8694 30814 32974 35D42 37401 39314 41274 43214 45142 47094 49236 

874 3136 5294 7336 9374 11374 13442 15B94 17894 20274 22614 24694 26814 28714 30836 32994 3507* 37414 39336 41278 43236 45174 4711* *92+2 

894 3142 5814 7342 9394 11394 13474 15714 17914 20278 22636 24714 26836 28736 30842 33014 85094 37436 39342 41294 +32+2 45194 47136 49274 

914 3174 5336 7401 9401 11401 18494 15736 17936 20294 22642 24736 26842 26742 30874 33036 3511+ 37442 39374 41314 43274 45214 *7142 49278 

936 3194 5342 7414 9414 1141* 1351* 16742 17942 20314 22674 24742 26874 2877* 30894 330*2 35136 3747* 393D4 41336 43278 45236 47174 4929* 

942 3214 S374 7436 9436 11436 13536 15774 17994 20336 22694 24774 26894 28794 30914 33074 35142 37494 39401 41342 43294 45242 4719* 49314 

974 3836 5394 7442 9443 11442 13542 15794 18014 20342 22714 24794 26914 28814 30936 33094 35174 37514 39+14 41374 43314 45=74 47214 49336 

994 3242 5401 7474 9474 11474 13559 15814 18036 20374 22736 24814 26936 28S36 30942 33114 35194 37536 39436 41394 43336 45278 47236 49342 

1014 3274 5414 7494 9494 11494 13574 15836 1B042 20394 22742 2*836 26942 28842 30974 33136 35214 37542 39442 41401 43342 4529+ 472+2 4937* 

1036 3278 5436 7514 B514 11514 13575 15842 18074 20401 23774 243+2 26974 28874 30994 33142 35235 37559 39474 41414 4337* 45314 47274 49394 

1042 3294 5442 7536 9536 116S6 13694 15874 18094 20414 22794 24874 26994 28894 31014 33174 36242 37574 39494 41436 43394 45336 47278 49401 

1074 3314 5474 7542 9542 11542 13614 15894 18114 20436 22814 24894 27014 28914 31074 33194- 35274 37575 39514 41442 43401 45342 4729+ 49+14 

109* 3336 5494 7559 9559 11659 13636 15914 18136 20442 22836 24914 27036 28936 31094 33214 35278 37594 39536 41474 43*14 *537* 47314 49436 

1114 3342 5514 7614 B574 11574 13642 15936 18143 20*74 22842 24936 27042 28942 31114 33286 3529* 37614 39542 41494 43+36 45394 47336 *9++= 

1135 3374 5536 7636 9575 11575 13674 15942 18174 20494 22874 £4942 2707* 28974 31136 33242 35314 37636 39559 41514 43442 45401 473+2 49494 

1142 3394 5542 7642 9594 11594 13694 15974 1B194 20514 22894 24974 27094 28994 311+2 33274 35336 37642 39574 41536 43474 45414 47374 49536 

1174 3401 5559 7694 9614 11614 13714 15994 18214 20536 23914 24994 27114 2901* 31174 33278 35342 37674 39575 +1542 +349* 45+36 +7394 +95*2 

1194 3414 5574 7714 9636 11636 13736 16014 18Z36 20542 22942 25094 27136 29036 31194 33294 35374 37694 39594 41559 43514 45442 47401 49559 

1214 3436 5575 7736 9642 11642 13742 16036 18242 20559 22974 25114 27142 29042 31214 33314 35394 37700 39614 41574 43536 45474 4741* 49574 

1236 3442 5594 7742 9674 11674 13774 160*2 18274 20674 22994 25136 27174 2907* 31236 33336 35401 3771* 39636 41575 43542 *549+ +7+56 49575 

1242 3474 6614 7774 9694 11694 13794 16074 18278 20575 23014 25142 27194 29094 31242 33342 35414 37736 39642 41594 43559 45514 47442 49594 

127+ 3494 5636 7794 9738 11714 13814 16C94 1829* 20594 23036 25174 £7214 29114 31274 33374 3S«6 37742 39674 41614 43574 45536 +7474 4961+ 

1278 3514 5642 7814 9743 11738 13836 16114 18314 20614 23042 25194 27236 29136 31278 33394 85442 37774 39694 41636 *3575 45542 4749+ 49636 

1294 3536 5674 7836 9774 11742 13842 16136 18574 20636 £3074 25214 27242 29142 31294 33401 35474 37794 39714 41642 43594 45559 4751* 496*2 

1314 3642 5694 7842 9794 11774 13874 16T42 18394 20642 23094 252S6 27274 29174 31314 33414 35494 37B1* 39736 +1674 43614 45574 47536 49674 

1336 3559 S714 7874 9814 117B4 13894 16174 18401 20674 23114 25242 27278 29194 31336 33436 3S514 37836 39742 41694 43636 45575 475+2 +9694 

1S42 3574 5788 7894 9836 1181* 13914 16194 18414 20694 23138 2SZ74 27294 29214 31342 33442 35536 37B+2 39774 41714 *364= 45594 47559 *971* 

137+ 3575 5742 7914 9842 T1836 13986 16214 18*28 £0714 23142 £5278 £7314 29236 31874 33474 35542 37874 39794 41736 43674 45614 47574 49736 

1394 3594 B774 7936 B874 11842 13942 18236 18+36 20736 23174 2529* 27336 29242 31394 33494 35559 37894 39814 41742 43694 45636 4757S 49742 

1401 8814 6794 7942 9894 11B74 13974 16242 18442 20742 23194 25314 £7342 29274 31401 3351* 35574 37914 39836 41774 43714 4564= 47594 4081* 

141* 3638 5814 7974 9936 11894 13994 16274 18474 20774 £3214 25336 27374 29278 31414 33536 35575 37936 39842 41794 43736 45674 4761* 49S36 

1436 3642 5836 7994 9942 11914 14014 16278 18494 20794 23236 25342 Z7394 29294 31436 335*2 35594 37942 39874 41814 +3742 4569* 47636 49S+2 

1442 8674 6842 3014 9974 11936 14036 16294 18514 20814 23242 2537* 27401 29314 31442 33559 35614 37974 39894 41836 4377+ 4571* 476+2 4987+ 

1*74 3694 8874 8036 9994 11942 14042 16314 18536 20836 23274 25394 27414 29336 31474 33574 36636 37994 39914 418*2 *3794 45736 47674 49894 

1494 3714 6894-8042 10014 11974 14074 1B3SB 18542 208*2 23278 25401 27436 29342 31494 33575 3S6+2 38014 39936 41674 43814 45742 47694 49914 
1514 3738 6914 8074 10036 11994 14094 1 6342 16559 20874 23234 25414 27442 29374 31614 33594 36674 28036 39942 41694 +3836 45774 47700 49936 

1536 374 2 8036 8094 10042 12014 14114 1 6274 18574 20894 23314 25436 27474 29394 31536 33514' 35694 380+2 39974 41914 43642 45794 4771* 49942 

377* 5842 8114 10074'12036 14174 15394 18575 20914 2333G 25442 27494 29401 31542 33636 35714 38074 39994 41936 43874 45814 47736 49974 
1559 3794 8974 8136 10004 12042 14194 16401 18594 20936 23342 25*74 27514 29414 31559 33642 35736 38094 40014 41942 43894 45836 47742 49994 

1574 2515 6994 W4 2 10114 12074 14214 1M1* 18614 20942 2S374 25*94 27536 29436 31574 33674 35742 38114 40036 41974 43914 458+2 *7774 

157 ? 2555 8014 8174 30136 12094 14236 16436 18636 20974 23394 25514 £7542 29442 31575 33694 3593B 38136 40042 4199* 43936 45874 4779* 

159 t 5U? 6036 »W 10142 12114 14242 16442 186+2 20994 23401 2S536 27559 29474 31594 33774 38942 38142 40074 42014 43942 4589+ 47314 

161+-3874 6Q42.3214 10174 12174 14274 16474 18674 21014 23*14 25542 27574 29494 31G14 33794 35974 38174 40094 *2036 43974 45914 47836 
.1636 3894 6074 8236 10194 12194 14278 16494 18694 21036 23436 26559 27575 29514 31636 33814 35994 38194 40114 4204= *3994 *5936 478+2 

1W3 391.4 6094 2242 10214 12274 14294 36514 18774 21042 23442 25574 27594 29536 31642 33836 36014 36214 40136 42074 44014 45942 47874 

18 If 2£?5'S m 8674 10236 12276 1431* 16S36 1879* 21074 £3474 25675 27614 £9642 31674 33842 36036 3S236 401+2 42094 44036 459T4 47S94 

169 f IM36 3278 mAZ 12294 143S * 16542 18814 21094 23494 25594 27636 29559 31694 82974 360+2 38242 40174 4C114 +W2 45994 47914 

171* 3974 5142 8294 1D274 12314 14342 16559 16836 21114 23514 25614 27642 29574 31714 33694 36074 38274 40194 42136 44074 46014 47936 

17 ?6 4014 6 174 8314 10278 12336 14374 16574 18842 21136 23536 25636 27674 29575 31736 33914 36094 36278 40214 42142 44094 46036 479+C 

1742 4036 6194 8336 10=94 12342 14394 16575 18874 21142 23542 256*2 27684 £959* 31742 33936 36114 38294 40236 42174 44114 46042 47974 

1774 4042 6214 8342 10314 12374 14401 16594 18894 21214 £3659 25674 27700 29614 31774 33942 36136 38314 402+2 42194 4+136 46074 47994 

W 4074 6236 8374 10338 12394 14414 16B14 18914 *236 33574 26694 27714 29636 31794 33974 36142 3W36 40274 42214 44142 46094 4801* 

18,4 4094 6248 8394 10342 12401 14436 16636 18936 212+2 23575 £5714 27738 29642 31814 33994 36174 383*2 40278 42236 44174 46114 48036 

183; 4114 8274 8401 10374 12414 14442 16642 18942 21274 23594 25736 27742 29674 31B36 34014 36194 3B374 40294 45242 44194 48136 48042 

1S42 4136 6278 8414.10394 12436 14494 16674 1B974 21278 23614 25742 27774 29694 31842 3+036 36314 38394 40314 42Z7* 44214 46142 48074 
187* *142 6294 8428 10401 12442 14514 16694 18994 21294 £3636 £5774 2779* £9714 31874 34042 36336 38401 40336 42278 44236 46174 48094 

I 894 4184 014 8436 10414 12474 14536 16714 19014 21814 23642 £5794 27814 29736 31894 34074 36342 3S414 40342 42294 44242 46194 48114 

1914 4214 8374 8442 10436 12494 14542 16736 19036 21336 2367* 25814 27838 2974= 31914 34094 36374 33428 40374 42314 44274 46214 48136 

1936 4236 £384 8474 10442 12514 14559 16742' 19042 21342 23694 25836 27842 29774 31936 34114 36394 38+36 40394 42336 44278 46236 48142 

Accordingly, on February 15,1978 the Guaranteed Debentures so designated for redemption will become due and payable, 
upon presentation and surrender thereof, at one-hundred percent (100ft) of the principal amount thereof in United States 
dollars; at the option of the holder, either (a) at the office of Bankers Trust Company, Corporate Trust'Division, One 
Bankers Trust Plaza, New York, New York 10006 or (b) subject to any applicable laws or regulations in the country where 
each of the following offices is located, at the City Office of Bankers Trust Company in London, at the Main Office of Bankers 
Trust Company in Paris, at the office of Banque du Benelux S.A. in Brussels, at the office of Banque du Benelux-La Luxem- 
bourgeoise, ELA. in Luxembourg, at the office of Deutsche Unionbank, Gjn.bJH. in Frankfurt/Main, at the office of Bank 
Hees & Hope N.V. in Amsterdam, at the office of Credit Suisse in Geneva and Zurich or at the office of Banco Nazionale del 
Lavoro in Milan and Romo. - 

The’redeemed Guaranteed Debeutum should ho presented with all coupons maturing after February 15, M78. Coupons 
maturing on February 15, 1978 and prior thereto should he detached and surrendered for payment in the usual manner. 
From, and after February 16,1978, interest on redeemed Guaranteed Debentures will cease to accrue. 


Dated: January 13 ,1978 


CONOCO EUROFINANCE N.V.. 

By BANKERS TRUST COMPANY, Thwfea 














































26 


Financial Times Friday January 13 t978 



WALL STREET + OV ERSEAS MARKETS 


+ FOREIGN EXCHANGES 


,.pn" 


Rally on bargain hunting falters 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK* Jan. VL 


A SEVEN-DAY slump on the Wall after the Fed apparently inter- adversely affected by the dis- of stock (DMl0.7m.). Mark Foreign -weaker at a new 1977-78 low of 
street stock market ended today vened. and the ■ dollar also agreement on election tactics Loans were steady. 96J8. Among Industrials. SEAT 

as investors snapped up some bar- strengthened in New York as the among members of the ruling AMSTERDAM_Market shed 4 points more to 87, but 

gains, encouraged by a firmer Fed sold marks. coalition and the renewed Femsa provided a firm spotai 74| 

dollar on Foreign Exchange mar- However, the stock market volatility of currency markets. Dmch SerSffnnaLs' were «P Si- 

ken and improved unemployment started to pull back after Presi- Aquitaine retreated 6.0 to mainly w£]SUnilever Hnvr K n\sr—Further 

s sS® v >*aSSHffiS 

trn;: ssf* 35 *a - t -: 

Averace was finallv 25i un at Rmtei* akn anrihimH ht» » BRUSSELS—Local issues mostly antl KLM FlsJ).60 higher, but cents to SHK16.2Q, Jardine 

77S.15, after earlier rising 6 points. trenebmwir to ?Bem ^about P lo J: ted a downward course in |md J'fiJJ^^gound.- «« 

while the NYSE All Common reports that the • Money Supply trading. . SJ?£S2 l pSSSa decUned Fis - 4 pBcffic A 5 061113 

Index recorded a net improve- would show a substantial rise. t0 sHh,-ned. W SHKo.00. 

ment ol S cents at S49.60, after After the close, the Fed reported S ohra y *0 to ^“J^^astrenatheaeii. . TOKYO—Shares dosed lower 

touching $49.76. Gains out- that the basic U.S. money supply BJrs^IiO. and__Trartiog_Electric COPENHAGEN —Nar row ly after a firm start, with some 
numbered losses at the close by jumped ftttra. In the latest state- 60 t0 BJre2^70. but Hectrobel- mixed .after moderate activity, export-orientated issues falling 
745 to 594, while turnover ex- ment week; while the broader M2 advanced 50 more to BJYs.6.010. although Burmeister and wain amid caution over the Yea’s re- 
panded to 23.73m. shares from measure soared S5.6bn. „ U-K.docks were mixed, while Dewed appreciation. Tbe Nikkei- 

ycsterday's level of 22.88m. Cnlligan advanced 3 to $13} on U/L French. Gentian and Dutch SWlxEBLAND—Pnces ae- Dow Jones Average declined 

Before the market opened, the Beatrice Foods* offer to acquire shares weakened. Gold Mines were dined followin g the fres h, fall in 1L25 to 4^5^ Volume 240m. 

Labor Department reported -that the company. little changed. the dollar, but recovered hterto shares (280m.). 

the Wholesale Price Index in THE AMERICAN SE Market Value GERMANY—The market closed “cements. However, some video tape re- 

_Index regained 0.73 to 120.46 on 0 n a mixed note. — “ 

volume of 2.07m. shares (L94m.). Hoechst lost DM2.40 in easier 

Chemicals, while Kanfhof led 
Stores lower with a fall of DM4. 

However. Conti Gnmmi advanced 
DM2.60 more in Rubbers, while 
firm Banks had Deutsche DM3 

Volkswagen were heavily traded 8 at SwJrs.792. 

_ in • Motors, rising 90 pfennigs, but MILAN—There was 

Canadian Stock Markets cod- Mercedes fell DM3.50 spread improvement 

tinued to show an easier bias On the Bond market demand dealings, 
yesterday with the Toronto Com- was strong for the new Federal 


THURSDAY’S ACTIVE STOCKS 

Change 


Budd . 

Slocks Closing 
traded price 

an 

SK.im 

311. 


Vicrerhdeus>.T . 

440.100 

25J 

_ J 

Squihb . 

20,380 

311 


General lloiors . .. 

SW.30A 

5Si 

+ 1 

lien. TeJ. and Elect 

SIT^OO 

291 


Gulf Untied . 

207 000 

131 


Texas ULib lies 

IS6JB0 

20 

-} 

British Petroleum .. 

191.600 

13} 

-1 

Exxon . 

159.900 

441 

+ 1 

Georgia Pacific . 

132.900 

23 

—i 


OTHER MARKETS 


im- 


Canada easier 


Landlsand Gyr Registered and ct>rder sh ares, such as Sony Y20 
Participation Certificates rose M M yi 770 Victor of Jaoan and 

SS^nSFhtfSS." ° f ** plan ' kotobnkl ros^vfaile 

o* Foods and PharmacentiSls 
Nestle ended 40 higher at nroved in dI 

£222" 1 « d qn SWi ^n JoM^RG - Golds 

SSSSho generally improved in quiet 

SwJFrs.4^50, bat Swissair closed trading on the higher Bullion 

1 uHHo- P 1 ^ 06 - Advances of up to 100 
, ® jzl cents were scored by Heavy- 
in active weights while, elsewhere. 

M„w.n- ■ __w, ranged to 40-cents. 

Magneti Marelli firmed on coppers had Pahunin SO cents 


poslje £><j« shedding 0.7 to Railway Loan, which was quoted announcing proposed scrip and fir^r at R6.50 but Asbestra issae 
1,009.6. Golds came back 18.2 to around 100JO to 100.45 in pre- "Shts issues. ^ ^ n/ Gefco 5 cents to R?,.5Q. 


December gained at a 05 per cent- L379.4 and Banks declined L41 to issue dealings against a par issue fiat moved ahead 24 to L1JH4, Industrials 


adjusted rate, down from 0.7 per 228J2S, but Oils and Gas strength- price, and this firmer mood was Olivetti Privileged 18 to 


were occasionally 


cent, in November. 

The dollar surged in late Euro¬ 
pean trading apalnst the Swiss 
franc and the West German mark 


ened. rising 11.1 to 1,348.7 on reflected in prices generally. 


index, and Utilities put on 0.31 to Public Authority Bonds gained 


160.65. _ 

PARIS—Shares slipped Further, Authorities sold DM30.6m. nominal 


and Anic 9 to U24. 

_ __ SPAIN — Market sustained a _ 

up to DM0.30 and'the Regulating fresh decline across a broad front.,maveltower on wneenTover^the 
airthnrittaMMnimfa, nnmi n9 i the General Index closing 1.22 dollar’s SrataSs, stock 


L74S, easier In a thin trade, althi 

Rembrandt rose 10 cents to_ 

AUSTRALIA—After tending to 


Indices 


N.Y.S.E. ALL COMMON 


Hi—a BTiit g aPa 


NEW YORK -DOW JONES 




1977-78 

ftflncecoE 

npilatlun 

i 

12 j li ; 10 5 9 | 6 1 6 \ 

High J 

| tew 

High 

Low 

ln>la*truil..J 

m.\i 775.30, 751.53! 7B4Jfij 753.4s| 804.921 

1 1 1 i 1 1 

839.75 

775.90 

1(61.70 

! 41.22 


(3/1/771 

(11/U78); 

(11/1/731 

(2/7/32) 

H'ltieB’Dils." 

83.70 83.89; 88.16' 80.18; 80.52i 90.781 

aSM 

(7/91 

89.70 1 
(18/1/7?) 

— 


Tranipurt_ 

207.64 205.691 205.74 206.61: 210.17' 213.97' 

246.64 

laa.EU ; 

279.99 

13.23 

. j 1 1 

1 1 

(25.10) | 

(7/2/69) 

(8/7/321 

Inline-. 

106.46 106.60' 107.04' 107.50| 109-24; I10J?| 

'• ■ i : 

118.67 

W4.97 

166.32 

1Q.S8 

1'rm In i* i*u 

i (22/S) 1 

1 

VSiAlSi) 

(2614/421 

W« 1 i 

I 23,730 22.880 25,180 27.590, 26.150. 23370; 

i — 

— 




Jau. j 
12 ] 

l 

Jan. | Jan. 1 
1 11 1 io- j 


1977-78 

9 ; 

1 High 

lew 

4S.B0i 

J 

i 48.52j~«L77| 

1 I 

! 50.06- 

| 67 JIT 
<4/1/771 

49.62 

(11/1/78) 


Issues traded_ 

Ktem... 

Falls .... 

Unchanged- 

New Highs- 

New tows — 


Jen.. 12 


L834 

745 

694 

485 

13 

86 


Jen. 11: Jan. 10 


U3S8 

542: 

862 

454' 

5. 

. .108' 


1.882 

429 

1.031 

428 

4’ 

185 


MOBTSEAL 

Ioduatrial 

tiomblneil 

Jan. 

12 

Jan. 

11 

1977-7 


10 » Qlg£ 

. Low 

187.03 

173.41 

167.16 

173.5G 

TSfl.lO; 166.2& 108.47 (17/3) 
174i5| 174.96| 107J6 (19/1/7T, 

158JJ2 12), 10) 
16&JB0 (05/10) 

TOROBTO UmipMltr 

10O6.e| 10061012.3, 1012.61 1067.4 (19/7) . 

06I.V i2b/10i 

D0RANKE5BURG 

(iol.i 

Industrials 

211.4 j 209.5 ! 210.2 200Jl, 214.7 (17/10) 
211.8 | 212.0 j 213.1i 215.li 214.4 (4/1/78) 

133.4 IX4/&J 
169.1 (22/41 


Hails or index chanced Prom Annas* H. 


Jim. 

12 


Prev- 1977-78 1977-78 

• ioud 1 High ‘ Lux 


Jen. 

12 


1 Pre- -1977-78 .1977-78 
nous High Luw 


I ml. iliv. virlil % 


Jan. Is 


Dc-. SO ' Dee. H4 I Year ago lapjmHU 


5.80 


5.55 


5.54 


4.16 


STANDARD AND POORS 


Australia rti>; 46L66,483.40 479.45 1 41b.B& 
I 1 (3/1/78)' OS/21 

Belgian O' 90.43 ' 91.14 : 99.121 90.43 

j 1(10/1/77. (lS/Ii 

DemsarkC*), 96.99 , 97.18 ■ 107J2 96A4 


Jail. 

12 


Jail. 

I 11 


Jan. 

10 


Jan. 

9 


Jen. ; 
6 


Jan. 

5 


In". I.'iH Sln.~ I ■in.j.il.l -n 


France 


Low 


Miiilusinalr 9B.8S: 


(It) 1 9U. 52.4 
Germany* J?) 796.3 
Hnlland l$$l 


797:1 


(28rll) 
56.4 ; 43Jj 
(7/1/771' (10/61 
8133,71 2J> 
(17/111 (lO/oi 
93.2 76^ 

(4/5) | (29/91 


Ufli 9A98 9630 10X00. 96.98 
l 1(31/12) (I2;l) 

l*i:339 AS 33736 I 4UL6S; 1 2*6.68 
■ (ZJysi) ;>M/ lij 

Switerl’di'V 296£ 295.0 \i]SJU I 2t(La 
[ I (14/101: 13/3) 


Spain 

8weden 


J 


High i Low • High 

_ _A» 99.27 99.86; 1 K^M, I 0 1.371 1IB.99 . 98.7B I I34.b4 I 6.B2 HoUand lWl ® 3 ! 80 6 

»CMipMtv. 63 . 82 ' 89 . 74 , SO.If 60.69 91 . 62 ' 92 . 74 ^ loVS f l «LW ! ‘| 'iBL®'Hong Rons 384.41 388 ^ 9 . 4 &A 7 j». 4 l 

-- ' • ' - ' - - 1 1**!*? 7 * IflUlfTBl . (11/1/73)! (1/8/321. Ita | v 56.73’ 55^5 73^1 , 04^0 

■lau. It ! Jau. 4 Dec. 2a : Yearagu lunmu (b/1/77)(22/12) 

1 -i-,-:-—- Japan te) 372 J 8 373 . 74 1 590 JU, 3 D 0.48 

ln.l. fin. VMM« ; 5.18 \ 4.96 . 4.90 ) 3.77 . . (29/9) .(24,11) 

------- — ■ , - ---- i ---;-—- Singapore 265.63 263.3112B8.U2.342£i 

lm», l*. - B Kalin 8.65 1 9.01 • 9.13 ; 11.21 (3) , • (29/8) • (3/56 


U'Ui (mV!. (Sin 1*l \ivhi 


8.1.9 


8XJ4 


a.02 


5.81 


Indices and Dace dams (all ease values 
160 except NYSE All Common - 60 
Standards and Poors —10 and Toronto 
30O-1.6M, me Iasi named based on lS73i 

t Excluding bODdS. t400 faHaatwla 

1400 inda. 48 uuimes. <0 Finance and 
20 Transport. if] Swines AH Ord 
INI Belgian SE 31/12/81 <*•! Copenaateo 
SE 1/1/73 (tn Paris Bourse 1981 
iU) Commenoanlc Dec.. 1053 ill> Amster 
dam. mdntrul I9T0 ill) Hanx Sena 
Bank 31/7/94 «DUI Milan Vim >ai Tokyo 
New Se 4/1/88. (6) Straits Times 1994 

(Cl Closed. <d> Madrid SB n/l!/77 
StoddMlm industrial 1/1/98. (f) Swiss 

Bank Com 31/12/58. m* UouuaUahle 


OVERSEAS SHARE INFORMATION 


Investment premium based on 
$2J>0 per £—665% <66}%). 


NEW YORK 


SrUvk 


Jhii. 

12 


Jan. 

11 


.\Ma4- Iwllr-. 

litres.. 
A ■■Ilia Llte.v t’H‘» 

Air I'n-lii 1*.. 

Air. 

Alcan Viiiininiiiiii 
Al ti. 

AlIVSKi’IIV Irfhll.. 

AlliMtii'in l’«M»ei, 

A1 In-'i I’heini'-ni.. 

A Mini Sl.in-. 

Alh" UitinuTK... 

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Amer. Airline... 1 
Antef- UcaniU....- 
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Airier. L'no.1 

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Amer. Kkv. IV«. 
A iner. 1 xfirtf-...! 
Aiiu.r.Hi«iiePn»i| 
A liter. Moilnnl...| 
Amer. )li4«t.... 

A’tier. Nm.Us...... 

A tiier. Mnwbni.. 

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An. Kr-lilii'H- 

A.il.i limn Pn'. .. 

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lln.vicr Tmioiul. 
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(/inil li.in.lnl|tli— 
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1 iui-iiii in uk. N\ 
t .n^. iiri*! 14*1,1. 
I iRi'll'MSIl'III . ’ 

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.. 

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t vljia<c Psltn—. 
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Com. luiL'ikOlAinl 
Cnmiar-lion Eu^.! 
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1 'niVili biiaou- 
i.nni'w ll> Oil licl' 
CitKiMi. Mlelile.... 
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11 


t’lirum/: Uben... 
CPC Inl’u'tiuna 

Crane. 

Cricket Sat 
Crown Zeilerlwtl- 


“l 


Luniniin»2nionr 
Curt'U’rtabl.j 


Dana.... 

Mari liriiudnea. 

Her iv.j 

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Llprii.ipl.v Inter... 

Uvtruit ImIimii... 
Uiamuni 1 Sluunrk 
LUrUi/ibraic^.^... 

Ul/^Uvl Cqui[t.„. 

Uimuy tWaSt) 

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Uymu ImluaUiee, 125a 
La^le l*icfier.._.; 
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«7s 8 | 
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117„ 

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109k 

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18k 

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34 k 


6 . (i. A k.j 

bl Ikro Sal. Ua*' 

KKnt. ; 

binen.nl Kleelnr 1 
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h..M.I.■ 

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r*limrk.1 

kii*v i.— 

bvinn.. 

rmivlili'l l'»iiii'n | | 
r'cil. Dept, suin' 
Flrvnlnnv nnr.... 

KbI. XbU Hnaton.l 
Ek-vi Van.1 

fill Ilk. Me. 1 

t'Uirliia l J uwer....| 

(Tmir...I 

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►'mil Uilot.I 

F.HrnHHii lick....: 

Fiistano . 1 

Frnuklln Mint....! 
r'rrv|inrt Miueialr 

Fmeliaui.! 

t'ai/UH Imluelne-i 

li.A.V. 

uanneil. 

■en. Amer. 111 „..., 

(j.A.l.A.• 

Vieil.CMljlL'.. 

Liell. U| lUunhu-.J 

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>Jeu. I'uiu ..I 

um rfieORi. 

Gen. Tei, Bled...; 

Gcu. Tyre..• 

UencMK.......j 

GborIiv Iki'lbr.....' 

licit) on.164k 

Gillette.' 24k 

(’•i.hhIik-Ii F.F... 

Uualyciti Tire...., 

VuhiM.> 

Grave W . U.. 

(.•i.AUmu lk>- r«a. 
lift. Siwtb litHJ....' 

Kreylb.mibl...... .i 

Gull 4 Western...! 

Gull Ul.. 

Halil nu mil...| 

liaiiin Uiuin»... 1 
tlami*.'liteKU....! 

I Lin I- L. i-|«i. 

Ill-Ill/ H.J.! 

tletilNeiii.i 


17 

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8318 

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163, 

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32 k 
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27 k 
20 
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147 8 

24 
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Hen id t IV-kaiO' 
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Housuiu Sol. Im 
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lugervolKand_ 

I aland Steel- 

lualb.v..I 


69 J] 
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23k 
25k 
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12 
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38 
53 k 
38k 
15k 


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431, 
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24k 
Ilk 

22k 
387. 
53k 
377a 
131 8 


lutercuni Bnwxyl ^,71^ ’• d 

IBM.. M J266se ‘266.12 

lnt|. Flavours.— 41k ; SI 


lull. Harverier...! 2803 

I nil. MliiXClK-ni 39k 
lull. Multilraale.. 1 21k 

II ICO.I 

lliu. .I 

ll’U. 

UK. K*stlrt«- 

Inc. Tec v Tel.| 

Iuvent. 

(um> Beet-- -j 

1C ■ menial lunal.i 
Jlui Walter..4 


16k ' 
39k 
26k ; 
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877 8 ; 
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287 4 j 


2638 
40 
2H 3 
16 k 
39 k 
a6i 4 

6k 

30 
lk 
27ig 
11 
29 k 


ritiX'k 


Jan. 

12 


Jsn. 

11 


Joliua Manvllle... 
Johnson Johnson 
Ji'lmsun Control.' 
Jii.VllauuLolurk 

h.ilaitCorji.. 

Kaiaei AlumtnlTn 

IvhIsw luduaiiies. 

Kai«erBteel~. 

K».v..! 

Keunw-utt. 

Ken iL-Gee.:.—| 
Ktdile IVute...., 
(vlmbeuey Ckik. 

Ivop/iaro.—. 1 

Kjhii...: 

Kroger I**-_! 

Levi Stnusa-.i 

Libby OwJ’oorL..i 


28k 
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25k 
31k 
26k 
29 
4 S B 
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7 

23k 

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31k 

25 k 
29 

4k 
23 k 
6k 
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27k 
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22 
443e 
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27k 

26 k 


Liggett Group.,.. 

Lilly (Ell)..1 

Litton 1 ud ust_... 
Lockheed Aircr’ft 
Lone Star 
Low* UUuuJ Ltd.j 
Lnulsisna UiL 

Lubriscd.. 

Lucky s't.irea.j 

L‘ke*Y'iuuiA'wa| 

lUcMillan. ’ 

ilacy Ii. H.—, 

Mira Harnirer- .. , 

)l*|ui.. 

Marathon Uil. 

AlHrme Mhilauu.; 
Uarsliall Kk'I.i ...’ 


267 8 ! 
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14k 


13 k 
19 
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21 
34 
13k 
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10k 

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12k 
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14 
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19 k 
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34 
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6 
10 
363. 
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36k 
4438 
1236 
30 


Slav Dept.i>ti»r» 

MCA. 

Al. Deniicu. 

MvUwnneii Duus' 

SIX,row Hill. 

Mcoi.irox_: 

Meivk. 

Merrill Lym-lu .... 

Mena Petroleum .' 

ucu...... 

Alina Mlngk. Altg. 

Alobil C'orp..i 

Mou-ianto_—.... 

Morgan J. P. 

Motorola__; 

Murjihy Oil_ 

.Nabisco.. 

Naira Cbem leal...: 
Ji aCunai Can. 


2466 
35 k 
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25 
17 k 
273. 
54 k 

146® 

363] 

26 

463. 

6«k 

313] 

411. 

35k 

53Sa 

47k 

26 

15k 


24k 
35 
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27 
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14 k 

363. 

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69 la 

6158 

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33 

4758 

253. 

15U 


Nat. Distillers....' 
.Nat. Service Inn. 
.Naliouai Steel.... 

Natoums. 

.VCK.' 

Si/iiuiii' Imp. 

New Bneianrt El.' 
Aew bugtiuiii Teii 
AMgarn Mohawk 
A lagan ahare...'. 
A. L. Imuhtrtna.' 

NurialUWeltrra 

Aortb iNai.Uos... 
-Nihn stole* Pwrj 
A llinest Airlines 
Nthwm Baucurp: 
Noruiu ainam—i 
Uodilental PMme 
Ugilvy Mother...; 
Ohio Cdlaon. 

ona.i 


20k : 

135s 

31k j 
3658 ' 
37 k | 
147 8 , 
22 ! 
347a | 

Ink 
103, : 
165, ' 
2758 . 

37k l 
26 k ! 
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19 

207 fl . 
371* ’ 
19 k j 
16k • 


20 k 
15 k 
31k 
365s 
37 U 

15 
22 
3b 
1658 
10&8 
i67 fl 
26k 
378a 
26 
2lk 
2178 
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21 
371- 
19 

16 


Overseas ship.....' 
On ens Corning- 
Or-elm lllinoh...: 

Iki-ili.- On*..| 

I’aurV- Uitliuo-.. 
Phi-. Par. ft U....! 
PUtAinWur'iiAiri 
ISrlw Uaunilin^ 
Pan-it., Im,— ' 

1*611. Pn-Ji Lj .i 

npnrie.V J.C. 

I'euiuuli..J 

Peojrtes Drug.] 

Pe>>pie*G'*K. 

..„.J 


227g 

61 

205a 

23 k 
20 k 
2138 
5 

2158 

BO» a 

533, 
27 k 
75 u 
33v 8 
2Sk 


22k 

60i. 

20k 

23k 

20 k 

sik 

213« 

XOrg 

2i.au 

ii-9 

27k 

7k 

433. 

25?fi 


Perkin Elmer.....) 

Pet.. 

PTUer...^..._.J 

PlielpH Dodnn.-.. 
PhU*rleii£ta Kle. 
Philip Murrt*— 
Phillips P«nrl'm 
Pltabiuy 


Pitney Bgw«_. 
Pl«nev LM ADU! 


I83fl * 

32k 

265* ; 

aai 8 | 

19 k ' 
86k \ 
271* | 
37 k ' 

lasg ! 
22k 
17k 1 


18k 

321* 

26Sa 

20k 

19 k 

56&a 

277 B 

37 

18S 4 

22k 

17 


Pblanild.j 

Puouiae bine.... 1 
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Prnaet (ranifie.^ 
Puh Serve biea..] 
Pul ...../ 

IW...—j 

(J in her Oils..I 

lM|i*l )iuene>4.- 

l(a^The,tfn.„.| 


BCA.... 

KetHibiic Steel... J 


Z4k ; 
151, 
26k I 
81 

38k ' 
25 
16k 
231* ! 

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295] ; 
23 
221 b 


241* 
lb k 
26 k 
ol3a 
£2 
25 k 
lt5e 
23 
613 
29 k 
225» 
22I 8 


Stock 


Jan. 

12 


Jan. 

)1 


Bevlon.. J. 411* 

teynaliU lletaJs.l 295s 
Ueynolds 1C J-...' b5k 
KfctiVm Merrell.; oa 
Uockwell Inter...' 

Kobm A Hasv 


22 

29 

29 


405] 

296a 

S5k 

22k 

29 

29 


Kovai Uun-h... M . 

KTK. . 

Buss Liw.. 

Ryder System ...J 
saicwa.v Stores...; 
St. Jue -Minetals. 

St. Regia Pa pet.. 

Santa Pe Imta._ 

caul Invest-- 

Saxon In da. 

Scblitz Browing.. 
Sctilumberi! 

SC.1L... 

Sratl Paper-_ 

Scovll Airs.. 

Sflidr’ Door Vest 


5S? g 
125] 
Ilk 
14 
39k 
285] 
293, 
c6 k 
*»k 
4k 
107 S 
67%, 
17k 
135] 
20k 
6k 


S6k 
13k 
Ilk 
15k 
39k 
29k 
297 8 
37 k 
4k 

4k 

IU« 

67k 
167 B 
13 k 
206a 
6t» 


Sea Cantalnero..] 

Seagram._I 

Searto (Q J}.).—] 
Sean Roebuck...., 

SUDCU __| 

Shell Oil_..; 

SbellTratupon... 1 

Sign* | 

Mg node Cor p..j 

Suupilcitv Pat.... 
Singer... 

Aulll trill 


bvilimu__ 

MiulUVown.j 

Southern Cal. bd.! 

Sajibeni i'iv m j 

Sthu. .Nat. Ite*... 

Soul hem Hatafic. 

MuthernKallnay, 


23 
207 8 
12k 
26i a 
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29 
39 
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11»] . 
197a : 

467 g ; 

lk 

18 i 

25k ; 
17 k | 
29Tg I 
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48k ! 


23k 

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12k 

26 ig 

355] 
29 
396a 
28k 
35k 
115, 
19k 
465, 
1*8 
18 
257b 
17 k 
29k 
33k 
47 k 


Soiiihlanil. 

S' w’tr Bawoharer 
Sperry Hutch.—. 

Sperry Ihail. 

Squib. ..— 

Standard Brands 

Std.01 (California 

Std. Oil Indian*., 
Std. OU Ohio._I 

StautT Chemical. I 

Steriloc. Drue ! 

Studebaker-1 

Sun Coy._| 

Sundauaud—...; 

syntex.. 

r«* od.-i dor....... 

t'ekucnix_ 

I'eledyne__ 

Ton..... 

■men.. 

leaoruPetroteoiD 

1’exAtv...—_ 

rexaBgull.. 

lexaa 1 

TeaaaOll >t Oax..| 

Crsaa UUIltiee.... 

Time Inc. 

rimes Mirror_| 

runxea ... 

Crone...j 

rranaameru*_ 

r nmo-o -.. 

Jtane Union. 

ftaiMwiy Int’roi 

1'rans World Air.. 

I'ravdlera.....i 

fri Cun tin en to l... | 

I.K.W. 

4»ii Cenuirv Pox 

CAL... 

Largo_ 

Li Li i.. 

LOP... 

Unlever.I 

Uniievcr ,N\ 
mum dauL-rop.J 
Iniun CaH«i.ie....| 

l uion Cun i me ret*! 

Onum On Calu...' 

Liiiuu Pan He_J 

LuirtiyaJ._.. 

Unite! Brands _ 

United Com- 

US. Bancorp uu. 
US. Gyprom..... 
US. Bh oe . 

US. Steel_ 

t*. TecfanotogteM 
UV Industries.^. 
Virginia UlacL... 

Walgreen-._ 

Warnet-CofTirnn. 
M'arder- launtert. 
IVaate-Mnn’inetii 

Weli'r-Fars,. 

tt’cSUrti Sail in] 
Wraltrn S.Amci 
M’ericrn Luiuk...i 
Kretiii<*liae tie i| 

NVei*avciv._. .j 

U'ayerliaeuaen...,[ 

Whinudi. 

Wbltr Con. Ind.,' 
W111 in m Co..... t 
Wlacunaln KlcciJ 


23 

24k 
16 
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215, 
26 k 
355] 
447 8 
66 
35k 
13k 
45 
39k 
a3k 

19 k 
95* 

34k 

577g 
27g 

29k 
7*8 
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18k 
706g 
30 k 

20 
a6k 
23 k 
47Sa 

33 
135* 
20k 

34 
22k 
10k 
28k 
20 k 

29k 

bik 

2058 

19k l 

20k i 

14k 1 
40 • 

b3k 
12k I 
391* 
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45k 

7k 

7k 

10k 

30l 8 

2l7g 

217g 

30k 
35k 
18k 
14 
17 k 
2978 
85k 
17lg 
24k 
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24k i 
167a ' 
17k ! 
26 5 
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20k 

20k 

18k 

285] 


23k 

23k 

161 S 

35k 

21k 

247a 

35k 

45k 

65k 

35 

13k 

437a 

40k 

33k 

19 

9k 

34 

57k 

27a 

29 


26k 

30 

20k 

35k 

23k 

47k 

33k 
13 k 
2Dk 
33k 
22 k 
9k 
28k 
20 


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2078 

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191, 

21k 
14k 
4 u; 3 
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12k 
39k 
63, 
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46 
7k 
7k 
10k 
30k 
21k 
21k 
SOig 
33 
18k 
14 k 
173* 
30k 
25k 
17 lg 
24k 
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24k 
lbk 
17k 
26 
26k 
005a 
205, 
18k 
295* 


Stock 


Jan. 

12 


Jan. 

11 


Won worth._I 

Wylv...1 

Ajerox..—. 

^tpata-- 

AetiLh Kaillo. | 

L^.TrouiHlSW, 


"Rl 

45k 
19*8 i 
lak : 
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LS.Trom»if7bi7r; t8ik 


IB ’ 
07b 
45 
173* 
13k 
i93k 
T81k 


U.S. JO Day blllh., 6^4g | 6.67J 


CANADA 


Abililii _ 1 

AicuHv Ragle- 1 

AlcaoA I un 11 m um! 

Algo ma Steel—] 
kMn -- - i 

Sank of Montreal! 
Bank KovaSradal 
Uaato BonoorcwJ 
BeUTetephoM_-| 
Bow VaiJev Inda./ 


10k 

578 

26k 

141* 

39k 

20 

185] 

7 

52k 

805] 


10k 

Gig 

26k 

l41j 

t38k 

175« 

185$ 

71g 

62k 

805] 


BP Canada _ 

Braai&n .. 

Hrtnra 

Calgary Poner„.. 
Uauada Cement.. 
Canada NW Land 
Can ItnpbnkConi 

CaiMda Iniluai_i 

Can. lVlfl.-.! 

Can.Pa.ihi Inv.J 
Can. au|<cr On.... 
honing U'Keeie.. 


Caaaair Aalieaioa. 


16 
14k 
t3.25 
36 
9k 
11 
233] 
tlbte 
16k 
17k 
53k 
3.10 
9 k 


16 
14k 
13.26 
56«e 
V* 
ilk 
23Tg 
. l«k 
163] 
175, 
525, 
a.oo 
8>* 


Cb let tain .; 

Cum* l»ithiinu....i 
Consumer Gw...' 
Ccweka Keacmreev 

Contain Ktcb.I 

Denlwo Mines...I 
Dome Miuro. 
Dome Pterrteunji 
Dominion Bridge 
Dorn tar_....._., 

Falcon'ae JNickei 
7on! MotorCan.J 


J8k 

27k 

21>* 

16k 

Z'» 

77 # 

52k 

75k 

56 

22k 

14J* 

12k 

18k 

80k 


183] 

28 

21k 

16k 

Si* 

a!* 1 

76 

54 

1C2 

145a 

12 

18k 

aou 


Gennar.. 

Ulani l’el'wknle.i 
QuinJu Canada... 
tiawker Sid. Cau 
Hotilnger.. 

Home (4. *A_ 

Hudaou Bay Mug 

Hudson Bov_ 

Hudson O H A Gab 

IJtX.'_.j 

Jm**®. ) |29 

Imperial Oil ......I 193, 

^.I 17/g 


253, 

12k 

287a 

6k 
29 k 
40 
16k 
16 k 
43k 
Ilk 


25k 
121 * 
aai, 
61, 
129 
.40 
165s 
.163# 
46 k 
171 S 
29k 
190, 
175* 


lndai..__.| 


inland NatGanJ 

lna‘pr*y Pipeline; 

Bower KccDurero^l 


8k 
10k 
14 k 
13k 

Launn'iPlD Ccrpf Tjg 
UAoawCum.'b'J f3.6a 
Me’mlll’n Bkedd 17 

M*«»y Ferguson) 
JU-lDtyre Porpce) 
•MooroCorpii_._..j 
Motamla Miuea...’ 

Noreeo Kneqo'„.l 

Ntlm. Tele.-om^..! 

Aurav Oil ts Uar) 
Ushnooi Petr’nij 
PambcCopper Ai 


161] 
23k 
29 k 

22lg 

16k 

2big 

14k 

4.75 

139 


85* 

105] 

14 

Id 

7k 

3.78 

I67 ( 

167« 

241] 

B9W 
22 
16k 
26 4 
14 

4.90 

1.90 


HwifirPetroleuuj 1 
Pan. can. PcCmj 


Pallia 
People* Uupt. o.. 
P ate Uai k Ul .. 
rl.CirOevekjpoit 
pi iu ai Curpotitt ’n] 

Price__J 

l/orbec Slurgtoi 

Hanger Oil_ 

Keu Straw_ 

tllo Aipun __ 

Hoyai Bk. of tuii.l 

Bqyai 


38k j 

31k ! 

19>2 

4.15 

0.97 

20 

10*4 

10k 
1.40 
26k 
Bk 
263] 
26 k 
1630 


37ie 
313, 
l=i- 
4.2u 
0.98 
20 k 

io>a 

luiO 

1.60 

26 

9 

27 

25k 

1658 


bseptreBwxixees] 6is 


beagromn-j 22k 

SteJl Canada—| lbl 8 


SbSRlttG. Minn 
dlebeaaO.G„^. 

Sim [ami.. 

steel ol Canada.. 
Sleep Krah Iron. 
1'eiiKuCeiiailB... 
Toronto Dora. hi. 
tTnuaCauPlpcUil 
I’raua Mu nit Olh, 

I'ltaee...,-.• 

UuluuGBb...._| 

W vine Hirom-..; 
Wear Ciwat Tin.- 
WeHimiierv.^....' 


4.70 

23k 

t4.se 

S070 

2.4b 

33 k 
1018 
145* 
0*8 
rlw 
10 
29*a 
33*2 
14k 


Big 

227a 

16sg 

4.60 

2B&a 

4.53 

253a 

K.45 

355] 

168a 

143; 

10k 

tlw 

lU*a 

29*a 

335* 

Ink 


’ Assented, r Bid i Asked, 
a Traded. 1 Mew suck. 


prices met late bargain hunting 
to finish on a mixed note. 

Bank of NSW lost 4 cents to 
£Aj. 26 i n eas ier Banks.* Industrial 
leader BHP were jost 2 cents 
down on the day at $A534, while 
Oakbridge managed an improve¬ 
ment of 5 cents at SAL 65 and 
Nicholas were 3 cents harder at 
93 cents. 

Consolidated Goldfields were 
notable for an advance of 15 cents 
to- SA2T50, while fellow Gold issue 
Central Norseman rose 6 cents to 
SA7.56. Uraniums bad Peko- 

WaDsend 10 cents up at SA520. 


ROTES: Overaeas uncca shown oeMw 
exclude t iiremimn. Betelan dtrideods 
art After wfthboidiiui rax. 

4 0MM deaom uni use otherwise stated 
^PtaaSOadenom. anlesa otherwise Hated. 
4 Kr.lOO deooio unless otherwise stated. 
• FrxSDO iteoom. tad Bearer shires 
unless otherwise soued. 1 Yen SO deoon 
unions otherwise stated, g Price at tuna 
ol wimeniliwi a Florins, h Schillings, 
r Cents, d Dtridrod after Dendlng rights 
and/or scrip Issue, e Per share. 1 Francs, 
o Gross, dv. %. h Assumed dlrldend after 
serfs nd/or rifbts tame- h After iocs) 
esses, a, % tax free. ■ Francs: Inctedlag 
UnUac dlv. pNom. q Share snllt. t Dlv. 
and yield exclude medal payment, i indi¬ 
cated dir u unofflasl trading, v Uinortty 
holders only p Merger pending. -Asked, 
t Bid. 5 Traded, t Seller, z Assumed, 
xr Bx rights, xd Ex dividend. xc Ex 
scrip Issue. xaEx aEL a Interim stops 
increased. 


Dollar erratic 


GOW MARKET 


The dollar moved very erratic 1 flaenced by movements of the 
ally in the -foreign exchange doHar In the foreign exchange 
market yesterday. Initial sent*- market 
ment was heavily against the 
dollar, following indications that 
Saudi Arabia may not be happy 
to receive future payments for 
oil in dollars, and adverse reac¬ 
tion to comments made by Mr. 

Michael Kuementhal, the U.S. 

Treasury Secretary, about U.S. 
policy. - 

Support from the authorities in 
Germany and Switzerland helped 
the U.S. unit to recover, and there 
may also have been some inter¬ 
vention by the Bank of England 
when sterling touched a best level * 
of 31.8665-1-9675 In the morning. 

At the same time the D-mark 
rose to DM2-0S against the dollar, 
and the Swiss Crane to SwJTrs. 

1.9200. 

European central bank Inter¬ 
vention pushed up the dollar, but 
the sharpest rise occurred after 
substantial intervention by the 

Federal Reserve when the New CURRENCY RATES 
York market opened. The D-mark 
fell to DM2J.5 in terms of the 
dollar, and the Swiss franc to 
SW.FM.L8950, before dosing at 
DM2.1375 and Sw_Frs.L885Q 

ively. Bbortuur • 

lerling also fell sharply to c^4. dollar-_ 


(taM Bnllfonj 
(a fioeouovey 
Ch*e» 
Opening ..... 
Mi*ralngflx'e 





Jan.1 



S172k-173ls.pi72-I7: 
S1745*-175k!S172k-l 
13172.90 
',£89.711 
6172.15 


i«£89J220 


,»m.20 

[(£89.665) 

Aftom'nflx'glS 173.65 
| (£89.436) 

SaW Gotau..l 
dawwdaiUy * - 
{CmgtnaniLJSl 78-180 

|i£9254-9Ji*) ttMU-M 

New{tovjpw. S523] 54J] SBaij-M. 

(£B7l3-2Si»l jl£27k-2€ 
Old 8av*xm» 851-53 55 VS5 

ji£26k-27»5) .(£36*3-37 


'S178-18C 


Ooiil Cdloa...! 
(Imvmat'lly)! 
KfOgerramL-ls 178-180 

<l£923]-935 4 ) 

N*WSu«T , (n»S52-W 

(£27-281 

0)6 Sovr’Kn«,6Ql-55 

£26k-27I»l 


S178-1S0 
|.£92 *]-9S 
iSS3 k-88I 
;i£271j£8 
(S51-83 . 
II £26 *3 57 


820 Bag Lea ■■.|S354k-857k|Sfl63k-2a 


foreign exchanges 


respectii 

Sterlrn 



SL9000-L9100, before finishing at Guuuitaa- 

$1_9200-L9250. a faU of L6S cents Purina wt*- - 
on the day.. Dealing spreads were &SS2SZ. 
very wide for all currencies, ikonchenmrk 
reflecting the very nervous state notch guilder 
of the market The pound's trade- Ft**** n*«*~ 
weighted index, as calculated- by I r a *‘* n 
the Bank of JMud, was nn- jfefSe 
changed at 65.8. Kp.in ^e*A. n 

Gold rose S} to $172J-I73i in Btredlab krone 
nervous trading, strongly in- franc.— 


0.627789 

1^1791 

1.33727 

18^966 

39.6917 

6.96645 

2.66553 

8.74882 

5.70956 

1069.68 

292.298 

6^1743 

97.9248 

5.63222 

2.39441 


0.655135 

1-85100 

U8B34 

18.6206 

40.1183 

7J36255 

2^9569 

8.77864 

5.77386 

1071.95. 

296^57 

.5.30789 

99.0511 

5.71688 

8.41987 


Jan. 13 

' Market fiatn . 

Bankj-i- — 

Itaieiu Day* i 

■a 1 Hpriad ; CIdm 

Now York... 
Montreal.... 
.tjiriteniam 

Bmnsela. 

Cupenhagen 
FraOJefurt— 
Llrtvin .. 

Ria 

7lg 

41» 
8 *1! 

8 

S 

15 

A 

1.9000-I.MIB 
Q.n75-2.IG3« 
4.35-4.40 
82.50-63.80 
1099-11 JO 
4.04-4.12 
7030-78 JH) 
164 JV 167.76 

Udfift-rj 

2.107317 

4A6MJ 

6330-83. 

11580-11. 

4JH*k.l 

76.76-78, 

Milan- 

1 Us 

6 

1.672-1.709 
0.84 8.96 

1.672-1J 
9.84-9J 

Faria.—. 

Btuckhulm- 

ai a 

g 

4k 

8.00-9.17 
0.92-S.OS 
. .468-475 

8-68-3 J 
8-324-8.3 
4E3-4GS 

Vicnna. 
Zurich.-. 

&is 

He 

29JK+2S.60 

5.77-3.83 

28JHJ-23, 
5. BO-5.8 


mates Riven are tor convertthte fra 
Financial franc KL33-S3.5S. 


EXCHANGE CROSS-RATES 


"JanHS 

Franuun 

New If of* 

Alfa’ | Jirtuoela , iemlun j AuralM'in 

'Zurich 

Frankfurt .j 
N ew Xork 

Paris,_ 

Bnuael,.... 

London.. 

A out ffam.. 
Znrich_ 

46-30+7.00 
222.46--35 
13.43-48 
4.084-111 
lOT-OO-li 
93.213492 

2-1040-55 

4.682494 

32-Efi-57 

L9S0050 

22667-82 

L964O80 

44.60-75 

g) IRJR 

a.QX-na 

ROB-08 

48.12&-175 

4L906-829 

6-465465 ■' 4.U70090 9330-56 

— IL9290-934043J8044.00 

14J87-4CI y.0?754»75 207.7-S^ 
— 16250-63.09 U.4&-46 

85e04« — 4J6t384 

6.9325-76 '4^5745-3796 — 

S.0190-0568 5-8D72-8179 87JUR035 

107.15-7^ 

60^345 

238J&65 

16-5056 

3.80-82 

114^75-626 


OTHER MARKETS 

[ .Notes Rat« 

Arcrutiua.i 11S0.60-.70 ‘AnntitinaJl 160-1 
Australia .J 1.6901- l.7071|Auutrtav.Z? SSk- 

Ura/il_| 50.7450.94 lBri/*ium.J 6U4 

PtnlMHl.-.J, 7.74-7.77 iUxa^'iL.t 12-4 

Greece.|fiBJ75/0.062t'iinula... S.JM 

Hone ffRBJBMJBiPHWlrtfcJmii 

■ . !Franee._...:«J5^. 


A' 


Crjs. S in ToronteF-S. 8 sl0B^7-89 Canadian rente. 
Canadian 6 in NearA'ork = 9L03-04 cents. U.S. 5 in Mlhn B7Q.005(L 
Steeling lB Milan 1887.00-162? .00- 


bingapore 
6 . Ainca~.| 
Tj.S. ....... i 

Canada....: 

C8L. 

Uj?. (.-ontvj 


Germany J4.0M 


Kuwait_QA42-0.S47 

Luxemb'g. 65.30-63.50 

Maiav-Bhv.. 4.67-4 JU , .. _ 

N. Zealand 1^7SM.8a7SJnf®n_ 

tiandlArah G.71-6.B1 iNHheri'ndj 


766 


sireewi- . 

Italy-.(1700-1- 

46M 


: 4.&55^4^2BCK-N'orw»y...J9.W-lC 
1.6BS7-1-hS56jNirtugal...| 8M 
Spain.168-1 
WwiL/Taml 58W 

[UJi..^.[l.91j-. 

91.01-91.04 iVugvmiavia; S7j-i 


EURO-CURRENCY INTEREST RATES 


Rate given lor Arecurlna is a free ra 


Jan. 12 

Sterling 

Canadian 

D-jljar 

UjS. Dollar 

Uou-h 1 Swfcw 
liuilijer . franu 

n .German 
mark 

fahort term.... 
7 ilay* notice. 

Month. 

Tliree monthe. 
Six montlu.... 
One year.. 

63g-653 

6ag-6Sg 

*»ii-6i'' 

71d-74b 

6-7 

63g-78g 

6Sg-7 

67g.7k 

7 t ;-7,\ 

63]-7 

67g-7tg 

718-7J8 

71fl-73] 

754-8. 

770-Slg 

5 k-5i a 
514-5 is 
’ SAj-Sse 
538-558 
548-558 
558-5*8 

liar-ig 

ti 

laS’-ii* 

ll£-2ftr 

2T&-3 

27a-3 

2V27 8 

2 \l-2\s 

*lB-3k 


FORWARD RATES 


l - One miMiih i Three'iu«iil 


i0.37-0.47 c. 

_ j0.204L50r. 

AnistMara 4] L-.pin-k v.di, 15,-kc. inn 
‘ ‘ 30-40 c. ill* 


Sew Viirh0.05-fl.15 r. itu 
Miinireal..(rer 10 v-.ili* 


JJnwb... 


Cop'nltRO .| 

Frankfort 


Euro-Frendi deposit rates: two-day Sl-Sl per cent.: seven-day 9F9} per cenL: UaUm.—(55 


ons-monch lli-lli per cent.: three-manth 121-121 per cenL: six-month 123-121 per Madrid..-]! 
cent.; one year 131-131 per cent. Milan.—. : 

Long-term Eurodollar deposits: two years 8-Si p>.-r cent.; three year* Si-Si per Oslo_I; 

cent: four years 3F61 per cem.; five yean 81-Si per cent.' Paris_:p 

The loOowing nominal rates were quoted for London dollar certificates of deposit: sjtnekh'Imf 
one-month 7.15-TJ5 per cent.: three-month 7.35-7.45 per cent.: slx-monUi 7.65-7.73 Vienna... J7-17 sn> dis" 

per cent.; onc-year 7JS5-7J5 per cent- Zurich.IBln-laa c. imt 

* Rates are nominal dosing rates. .---*— 

Sborttma rates are can for sterling, Q«S. dollars and Canadian dollata: two Stx-mnnth forward d&UaT 0S7-»97r n 
clays’ notice for fiirtlders and Swiss francs. 12-month lJHJSc dls 


11-20 r. din 


16k-18k ore* di«361-38i ure 
lS]-4 4 pf. pm (41-33 jn pin 
.156 c. T 


. ills 


90-160 C. dh, [420-520 c. >i 
16-22 lire diH *45-62 lire Ui 
ISk-Mk ore dia 321,-34: ore 
12=4-33] c. ilia 121-13/ p. (1, 
(43*-63; ore dis 18-20 on* dj* 
(24-44 gro .11 
l57 a ^: ai 


3U0-600 c.H 


i P"f 


GERMANY ♦ 


Jan. 12 




Allianx Veroich„- 

BMW--- 

BASF- 

Bayw-.—. 

Bayer. Hypo.- 

Barer. 1 erelnabh; 
C1halnc.h'eJ.wrt» 
Commenb ank. .. [ 
Conti G n mm I 

Daimler V Wir. i 

lk«wra-! 

Demag._- 

Ueuttebe Bank...; 
DrewInCT Bank 
LlyckerixWT Zemi! 
Guleboirziiiiu-.-...' 
Ha|M|> Uuyd 
Hitrpener 
Himoin...] 

Huaa-fa.. 

Horten,...-• 

Kali und 5ai/ 
Karttad(—_...~... 
haul hot .[ 

aiuckner Urn lOuj 

KHD--j 

Knin>.- 

Lutde-I 

UTWlibraoDm 100- 
Urfthanra_i 

ma»n~ 


Mwroligea. . 

Muncbene r Hack, 
5 eefcar mamt ^. 
HroauaeOtnlSO 
UhelnWestKlect 

__ 

rfiejnm,_— 

bud ZiKier..._. 

rfaysoen .\.G—J 

Varta..,.....,_ 

VKBA_,._J 

v'erein 1 West Bk 
• ijlkinroaen. 


193 


90.0-+0^ 

_ 

_ 

479 j+1 

jiis 

1.9 

227.5. 

20 

4.4 

135.0 —L7 

17 

63 

151.?.—1.3 

16 

6.1 

28lJd. + 4 

20 

3.6 

314 i+4 

20 

3S 

135 1.. 

—* 

— 

219.0.-1.2 

18 

4.1 

73.8 +2.6 



321.7-0.8 

19 

2.9 

268 —2 

18 

3.3 

150 :. 

14 

4.7 

305 +3 

20 

3.3 

243.8+3.3 

20 

4.1 

154.8, 

4 

1.3 

209 »-2 

12 

a.y 

113.5—3.0 

12 

5.3 

234 +2 

*9 

3.8 

124.6-2.4 

16 

6.4 

+4.0 +0.1 

4 

4.5 

127.5 —1.5 

10 

3.9 

152.7+4.2 

9 

2.9 

333 —2 

20 

3.0 

212 ,—4 

20 

4.7 

89-8+0.8 

— 

— 

170-5.—0-5 

12 

3JS 

100.5. 

— 

— 

236.0|+0-5 
1.540*—B 

16 

20 

3-3 

1.3 

11L5!—0^ 

7 

3.1 

202.5| +LO 

12 

3.0 

163.ft|—0-4 

14 

_ 

238-5)+2.5 

10 

2.1 

480 [-6 

18 

IS 

121.0j+0-3 

— 

— 

118.5[—O.B 

7 

5.9 

20B.7[—L3 

lb 

3.9 

264.0—3.5 

20 

3* 

29L7I—0.3 

16 

2S 

246 L.. 

17 

3.5 

117.5;—0.1 

11 

4.7 

176 t. 

14 

4.0 

115.8—0.1 

12 

6.2 

294 . 

20 

3.4 

217.3;+0.9 

10 ! 

2.3 


| TOKYO 1 






•Price, 


Div. 

m 

Jan. 12 

lea 



* 

Arab! (iia»»- 

316 

-i 

14 

2.8 

||l I,'. —w 

423 

-5 

12 

L4 

Caaio-- 

545 

—1 

25 

8-3 

ChinoD_ 

395 

-8 


If 1 

Dai Nippon Print 

525 

-8 


E£j 

Pun Photo_ 

492 

+ 1 


ITJ 


186 

-2 

12 

3.2 

Honda Motor*_ 

456 

-4 

18 

2.0 

House Food _ 

869 

+ 1 

35 

2.0 

G. Hob. - 

237 


12 

2.6 

tto-Iotesdo_ 

1,250 

-40 

30 

1-2 


490 


13 

L3 

J-A.L_ 

2.690 

-40 



Katuai Kler.-r.Piv. 

1.110 

1-40 

!0 

4.6 

Kubota,.. 

270 

-2 

15 

2.8 

Kyoto Ceramic.... 

2.330 

+40 

3b 

0.8 

UarwmhitM iu.i_. 

568 

-4 

20 

1.8 


279 

-l 

10 

1.B 


138 

-3 

12 

4.3 


412 

+4 

13 

1.6 


312 

—4 

14 

2.2 


518 

—2 

20 


Nippon Dense— 

976 

+3 

77 

0-8 

-Nippon Shin pan. 

560 

-5 

T 7 

w 

Nlsriuj Muon_ 

697 

+b 

Tr 

■f 

Pioneer.. .. 

1,360 



If: 

danyr? Electric- 

200 

-i 

t' 

iri 

3eki*ui Prelab_ 

1.000 


TI 

y 

Shlseddo_ 

955 

-3 

77 

fi 

Sony™.... 

L770 

+20 

s 

y 

Talaho Marine.— 

256 

+1 

J 

j 

Takeda Chemical 

262 

-3 

r 

7 m- 

TDK - 

L400 

+ 10 

re 

T 




t 

T* 

l’oklo. llariuo_ 

600 

»-5 

rp 

lit 

DoUo JHect Pcnr’r 

1.160 

—20 

8 

3.4 

Lokyo Sanya- 

226 

-10 

E3 1 

ra 

Loityu ShibancB— 

121 

—2 

10 

4.1 


120 



Cv.TT^i'.W 

cat 

+ 1 

20 

1.3 


AMSTERDAM 


AUSTRALIA 


J4n. 12 


4-.«- 


Aunt. S — 


ACMIL r» cent)__ 

Acrow Aorfmlia™^, 


Allied Motg-Tfite-lndo, 81 

Ampol Kspk>mtioa_...... 


Ampol f¥troie*iai_ 

A woe. Uinfim li.-- 


*-~£L p S£ sl - 


Assoc. Ccxl. IndiuOne*™... 

AukV..Fotmdatita> Invert.. 

A.N.I 


Andiiwoo- 


Snoree Nilcko SscuriDes Tokyo 


BRUSSELS/LUXEMBOURG 


Jan. 12 


Peii-e 

FL»- 


+ or r Di*. |YUI 

-1*1* 


Aho« i Pi. ug-1 

Aktf» tFlJO)- 

AlgemBatrFi.lUn 
hmev. (FI. I0).„„i 

Amro 8aok{P).20)| 

Hijeakort (Pl^CA.j 

BohaWeat'mfFJ.Uf 
Bohrm -Tetterodel 
KJsevlpr(PUO),... 
Knpfai N.V.Bo 

BaroComlatFl.lOj 

GlstBroeaaeriF.PCl 

Heineken (FUtbl J 

Hnogovena iFOOril 

Htun» D. (P.BXW 

l H U. Hoilaod...' 

KLMlPUOO).-- 

inu Muiier |12t 1 

Kaarden (PHOl—J 

Muh’edlo,.(FL.iU 

NedCredBk (FUa 

.Ned.awBkiFilbCl 

Oce (Pi jail-1 

V*h Orameron._.| 

tAikboed iFi JUiu. 

Philip* (Pi. 10) J 

KIjnSuhVarFl.iod 
Kobecu CFIJ)(^..[ 
Kowco-(FLoQ). 

Brown to (Fi 40] 
KoyBiOnicfaCFiJOj 
a lav cajharg— 
Stevin G rp (F> jA))| 
CokyoPac H«d*6J 

Unilever |F)^0)._ 

VikingKes.Jnt.si 
Westlaod/u. Bank 


6.0 


324.0—1.5 I 
74.1+0.3 


67.1'— 


80 +1 
119.6-0.7 
64.0+0.4 


96.0—1.5 
23.1,—U.S 

' 6J 
6.0 
224 6-7 
23 6.8 
70 5.6 
26 7 JB 
121 1.8 
32J 4.6 

-_19 4 J 5.7 

+0.8 22 6.5 
103.2*1-1.2 | 14 3.4 
+0.2; 10.26 8.2 
12 I 4.9 


242 

128.8! 

61 , 

40.41 


24.81 

24.41_, 

15.91—0.1 

123-8+0.6 

39.6;.I 

37.0;.! 

100-3'—0.7 
49.8:+0,1 

181W'. 

161-5j—0-2 
134.5+1.5 

41 *.. 

25,9 


10 


62 , 

165.9 


+ 1 
-2.2 


114-8—1.8 

189-S{—. 

126.2—0.4 
239.0 +0JI 
146.6;—0.1 

88.0. 

1213-0.7 

42.6!. 

399 +14 


6.3 


46.2 I 4.6 

20 j 8.0 
20 5.9 


A44 

8 

21 

16 


6 

*9 

A5J 

19 

27i! 


4.8 

5.9 
10.2 
6.1 


A254; 7.6 


8.2 

3.0 

8.0 

IS 

3.7 


30 * 0.8 

MLBj 6-9 

20 LI 
32 4.0 


COPENHAGEN * 


Jau. 12 - 


'Price [ + or i tiiv. ■ YM. 

Kroner! — I * i 4 


uunq'virW^jB ...I 
Dans He uana. i 

oaoL Asiauc tan.. 

Plnansbaiiketu—.i 

Pbr.Bryaterier 

Fro.Papir^_ 

Handflkfaank J 


UJN'ib'n R.tXrtCj 

.lord Kobe 
Olktebrik 


140k. 

424 |+12 
130 k 

343 '—23] 
116k — ij 

344 :—l*n 

79k! 

134 I- 


10 j 7.1 
16 ! 3.5 

11 I 8.3 

13 | 5.0 

1L2 
3.5 


Ftiratbank „_| 

thiirinahank_ 

aopb. berecdBen.j 
snperfoo—. 


254 

255 
98ls 

137k 

144 

3693* 

190k' 






+k 


10.0 
8.2 
4 J& 
4.7 


7.9 

7.6 

3-2 

6J 


VIENNA 


Jau. 12 


’ t 


iliUustati _l 350 ....... 

Pen.niuceer .. 260 

deu*cu._..i 578<r—1 

dem peril.-__i 93 1—2 

die)/ Daimler.... 162 !—2 

Veit Maenerit.| 221 j-4 


lu 

*9 

48 


2A 

3.4 

SS 


i7 

14 


3.7 

6.3 


Jan. 12 

’ 

Prtoe 

Pro. 

+ m 

dir, 

Kre, 

Net 

TkL 

* 

Arhal.. 

2.050 

-10 

_ 

_ 

tiq.tirxJ^irab..._ 

1,438 

+ 6 

60 

4.2 

Hekari“8"_11.780 

-20 

112 

6.3 

C.ti.U. Cement 

1.194 

-8 

90 

7.S 

Cockariil 

390 

+ 10 

— 

— 

Htibn_ 

8335 

—20 

177 

7.8 

Hteccrobei- 

5,010 

+60 

430 

7.2 

Fahrlque Nan._ 

2.486 

—B 

170 

63 

U-B.lrmo-Bm.._ 

1306 

—10 

130 

7.0 


2,635 




Intercom^ ....... 

1,790 

-5 

142 

7.9 

Krodlethank- 

5.330 

—20 

866 

3J9 


5,290 

l—10 

305 


Pan Boldins_ 

2.600 


5?-76 

EH 

1 V - J 1 TiTWIPI 

5.680 

-90 

174 

4.8 


2.665 

r 10 

189 

7,1 


1,890 

—50 

135 

EH 


2.950 

—6 

205 

tlri 

Solvny... 

2.170 

-70 

A <00 

9.1 


2.370 

-60 

X62 

6.8 

UCti -J 

1.000 

+ 20 



Ii]%UWI^rnp| 

724 

— 16 

60 

8.3 




100 

6.7 


SWITZERLAND 


Jan. 12 


Price 

Fro. 


Aluminium —. 
BbC-A'. 


LlhoGelgylFV.ldffl, 105 


860 
, 610 
|2.190 
1.575 


Do. Pt. Oerta_. 

bo. lieu-- 

Lted’it dutipe 

Bieetrowau.--- 

Piouber (G eorpe).J 720 .. . 

Hoffman Pc.Certa' 86,0001+1.' 

Do. (troii)...; 8.575 J + 60 

InterToml ti.. 3.225 u.. 

Jeimoil (Pr.luOi. 1,410 !—5 


1.260 

1.590 


+ or 


, +S 

tl 

+20 

.+6 

-30 


+ 10 


Jeiinoii (rr.iuOi. 1,4 lo .—5 

Mettle (Fr. IQQ)....i 5.570 +40 
«». Keg. 2.190 l—b 


Ure^Xkt. 


6 

10 

22 

22 

22 

16 

15 

5 

5501 


2.3 

3.0 

2.0 

2.6 

3.6 

3.6 

3.1 

3.6 

0.6 


*-".N IU^mn.h. |-U 

tkellLon-d.iF.du 2,430 .. 

Pirem iPr.lUJi.... 349 |-1 
rotidoz. (Kr. £30i_| 5,900 '—... 
Drv. Pan Uertb—I 470 1—8 
acbtiidicrOUiFliX 

su.rer (Ct*.K.luC.L 

swuealr (FJCM _.[ 

4wha Bank (FJOQ 

awl* (HeJ.ffiCi J 

Union Hank. 

Zurich lira— 


65 I 0.7 
20 | 5.1 
20 j 1.4 
>86.B| 2.4 
(att.a'i 3.s 
. 14 J 6.8 
15 6.0 


300 !-5 
372 1-3 
792 


426 

4,850 

3,245 

111,325 


1+3 

+90 

pl5 

Uas 


, 26 
i 26 
9 

! 14 
'8.67 
10 
4 
20 
40 


L7 
2.B 
1.5 
5.8 
3 & 
2-2 
2.1 
5.1 
L8 


MILAN 




+ W 

Die. 

lire 

rw. 

Ante 

124 

+9 

__ 


.Min'd. - 

377 

+ 16 



fy* . .1.914 

+ 24 

150 

7.8 

Du. 

1.B08 

+ 13 

150 

9.9 

Flnsiiler 

71 

+ 2 




9.800 

+ 70 

200 2.0 


104 


__ 

- 

M e> > lubaii'ra. 

30.880 

+480,1300 3,9 

tii»le>lt-On_ 

130 

+ 4 


_ 

U liver cl Priv 

748 

+ 18 

- 


Pirem *C__ 

L960 

+85 


5.6 

Pirelli Spa_ 

1302 

+6 

80 

8.0 

3 ala Yiacosa_ 

400.0 

+10,6. 

"1 

— 


Auat. CHI A Oat—._ 

blue Metal Ind.. 

dourainvOln Unpper.— 

urokea Hill Proprietary... 

till South.. 

'-kritan United Brewery... 

C.J.CoIm. __..... 

L*H(»l)--- 

Com. GoWfieVlii Am*.— 
Croitatner (JU— 


Uoaeac Hlotinto 
CoKaln Aod alh— .... 

OuntopHubbee [$!)..._ 

KSOOK-.— 

Ukler Smith, 


KZ. Indratrius. 


Hen. P ro p ert y Trust. 
Hameroisy—. 

Hooker- 


4-UJL Intel HfcrawHmH— 
latertaraier-. 

J enulDga lndc 


Jeoulnga lndotrin—, 
Jones (David/ 

Metal, B 

Ml M 


Myer Kmportam.. 

hews 

Michafas Lnrernatiooal_ 

!) orth Braksa R’.iing* (tiOp-| 

iJaabndae.__— 

Oh a rrh —.— 

Pioneer Coucrate. 

KeuauL 4 Cnlman—.I 

ti* t’- oietgh 
sou 


metgn 

itlxianif Minina...—._ 

lootii /«!)_. 


-1 


—... 

Western Uinine (SO rants).. 

Wrul worths..—I 


10.72 

10.80 

18^6 

fl-25 

f0.79 

t0-8« 

ti-03 
1L78 
fLOO 
tl.53 
tO-36 
10^5 
jO.95 
11.02 
f5J4 
-10415 
tl.88 
71.87 
12.97 
12.45 
12.18 
12.15 
11.31 
11.34 
10315 
1L85 
12.12 
fl.40 
12-80 

10.76 
tft.04 
10JI9 
1L31 

11-00 

10.17 

tL72 

tLBU 

12.15 

10.93 

tuo 

11.65 

10.09 

11.41 

(3.30 

10.77 

10.19 
11.80 
10.92 

11.19 

11.59 


-0.01 


4u:o2 

1-0.05 

M-02 


1 - 0.02 

+ 0.02 


- 0.02 
+4.01 
- 0.02 
+0-0 T 
-OJE 


BRAZIL 


Jna. 12 


\«us~—. 

danra nraut tsP. 

deign lllnetra OP 1 

DocasOP^. 

tein Amer. Of. 

Mamwman UP_ 

fW«*ra- PP_ 

Pirelli UP. 

sroua Cruz UP _| 
Vale Kin U>« ppi 


f - Price"! + cr • Div7|V 
t’nu —• A+uz 


1.40 !+O.0C0.12'B. 


4.15 |+0.16.4. IB 4. 

1.69 -O.0Blfl.ial7Jftr.TV 
0.97 +0.020.14 liuww . 


3.62 

2.68 

2.95 

L96 

3.36 

1.63 


.ii 


+ O.C2.0JO a 
+o.fl5;j.iB fii|;: 

>0.16J0.10 Is •' 

+ai0(o.i6 k 

+0.0510^3 6 
.10.13 7 


- 0.02 

+002 

+0.12 

+0.15. 


l+0.« 

40.01 

;+aoi 


—0.03 

-0.05 


HUH 


1—0 ill 


-0-02 

40-02 


VoL Cr.US.0n1. Shares 55.3m. 
Source; Rio de Janeiro SB. 


OSLO 



Jan. 12 j 

Prira 1+ t-r 
kronor; — 

Div.il 

"0 • 

ncryefi unri,_,..,j 

99 1 

iu .T 

tiredl ibe ok.__ 

113 [-1 ; 

111 • 

Hal 

111.51—1.0 1 
185.0!—2.5 I 
88.25|. 

111 ■ 

12 I 

9 1- 


JOHANNESBURG 

MINES 


Rand 

5.15 


1+0-051 
1 + 0.02 
40.i« 

I-O-Ol 

1+0.01 

+UJJb 

1-0.01 


Jan. 12 

Anglo American Corpn. 

Charier ConsoUdated _ 

East Drieftmtein 11+3 

KMwr* - 

HarmonT ww,.ss,.. t ..«., IM ^,. 7,00 

mnrw» - ejj 

Woof' —.... g 

Rusteohuig Pla tinum LJ3 


+«-. 


1+0.04 


i+O-OI 

40.01 


SL Helena. . tl?.B0 

Smith Vaal .. gJJ 

Hold Fields SA ijljo 

Utunn Corporation . j.m 

Dc Beers Deterred ...._ S.M 

BlyvnorulKlclit ... 

East Rand Pty.. 

Free Slate Geduld . 

President Brand _ 

President Stem .. 

Stllfonicin .. 

WcBtom .. “ 


"Nd c< 

sfepert 


PARS 


Western Deep 


Jan. 12 


BiLN.Gervais. 

CureMr ..— 

U.Q.K.- 

CJJT. Alcatel— 

tiie tiancalre.. 

Club Meittter..... 

Lrelit Com FPra 
Crenaol Loire..... 

uumer_ 

■■ r.Peuole*.. 

Gen.OocMebtaie J178.0sd 


Iranian. 


-J iH-qae, BomL— 

IaUnsB.__ 

L'OreaC 


Lesrsnd. 

Hu, 


sen* Pheolx.. 
Michniln “B’ 

Meet Himmrre 

lloalinox 


I'nrlban— —- 

Peihlney--— 

Peraoil'itMaanl^ 
Peii^eot-Oitroen- 
Pauain--- 

Kailio Tocbnlque.l 

tiadonto 



AECI ... 

Anglo-Amer. Industrial 
Barlow Rand 
CHA 


Investments K „ _ 
De Beers Industrial 

Edgars CmsoUdated mV. 


Ever Ready SA 
FftteraJe Volksbeh?EainBs'. 

Greatermans Stores . 

GuartUau Aasorauca (SA) 

Hnletts ... 

LTA .. .— 

McCarthy Rntfway""!“.’I!!! 

NedBank .. 

OR Bsxaars _”’ . 

Premier Milling 

Pretoria Cement . 

Protea Holdings .. 

Rand Hines Properties' !" 
Rembrandt Groan 

Retco .' 

Sage Holdings 

SAPPl .; - 

C. Q. Smith Sugar „ __ 

sorec . 

SA Breweries . 

Tiger Oats and Mat. tiiite. 

Unlsee 


6.50 

!i.U 

“l 

16j0 

13.00 

“1 

*A0 

35.35 

■H 

158-50 

-H 

13.00 

S 

1.30 

+r 


»JH) 

3.S3 

-ffl 

1.33 

. “9 

K.40 


1A5 

tlO.afl 

+0 

, ti.aEd -k 

l.u 

12J9 

LTa 

-v 

2.15 


tl.TO 

-0 

0.03 


2.33 


5-SO 

-O'- 

6 JO 
3.D 

-0 

l.W 

+0 

2.48 

-«■ 

3.55 

+9 - 

040 

1.43- 



Securities Rand Discount 32? 



- - SPAIN W 


Kbooe PouieuL- _.l 
ai. Gobtin—.—! 

^kia KmlgnoL ...i 1.610 [—12 

sua ..I 208.01—3.11 

l'einineraniqiie....| 657 —23 
nirmuon HranHi.i 130.8:—3^ I 
Unluor..J 16.85. -O.SS) 


STOCKHOLM 


300.12 

Price 

Krone 


Die. 

Kr. 

XhL 

z 

AG A Ao (KrJO)-. 

169 

+4 

6.6 

3.8 


149 





94 

-0.5 

6 

5.1 

AliaatiopcodvrJ® 

116 

+ 1 

6 

&2 

uliierud , -- 

71 

—3 

46-8 

9.6 


106 

+2 •' 

4 


tiardo--- 

562 

-3 

12 

3^ 

vieuultea--- 

200 


10 

SJD 


182 

-1 

riJ 

4.5 

Kiicasan* D'lKr-n. 

132 

-1 

6 

4.8 

fconteite “B”—.— 

217 

-1 

8 

3.7 

PnifUiMa.— . 

It 

+-1 

8 

10.8 

Uninge, iiree). 

45 


— 

— 

HnO'lBlHfani^n .. 

268 

+ 2 '14.37 1 

5.6 

MproOxu.... 

110 

_ 

8 

7.3 

Alii deb Umn>4n. 

63 

.! 6.5 

10.0 

SandviK A_B_ 

205 


5.03i 

2.6 

RPp JOiJ 

64 

—1.5 

4.5 

7.0 


151 

+ 1 ' 

8 

6.2 


86 

~13 

5 

5.8 

pf 1 

42.5!+1 

— 



67.51+2.5 

6 



Jannary 12 

AsUnd __ 

Banco Bilbao. 

Banco Attnnnco (i.odo> 

Banco Central . 

Banco Exterior 

Banco Ccneral ." 

Banco Granada u.inj'i 
Banco Hlsnann .. 

Banco Ind. Cat. o.oooi 
8.. Ini, Mcdiierranco... 

Banco Popular . 

Banco Santander i250i 
Banco UnniUo (Lanai 

Banco Vtacaya _ 

Banco ZaraBonum 

Bantamton . " 

Bonus Andaluefa 
Babcock WBcox M “ 

QC .... 

Inmoboirff . ~ 

E. L AratoaesaE , 
Esoanola 2Inc _ ’ 

Bxpl. Rio Tinm 

F«m 0.0081 _' 

Ptenora ( 1 . 000 ) . 

Gal- Precludes .... 



! Cnmo Velnaquca 

! HirtrnJa .„.... 

] lbertinero 

| Olarra . 

I Papeleras Rcunldas 

Petrolibi-r __ 

Petrolew . . . 
ISarrio Pspolcra 
Solace .......... 


(400) 


Telefonica .. 

Tubaoox ... 

Unioa Elec. __ 


2W 

•=il 

2X3 

-4T 

2M 

wh ' 

151 

mrn | 1 

200 

— 

31 

V.. 

12b 


126 

__ k 

» 


102 

. 

xoua 

- 01 

M 

-LI 

7X-S0 

- Oi 

IM 


165 

_ 

70 

- 1.1 

8K2S 

- OJ 

01 

+1 

■ U 

■ - 2 

141 . 


186 

— 2 . 

W 

— 1 v 

96 


142 

— . 

15 

- 2 , 

101 

+ 0.74 

6K2S 

+ 0.X 


















































































































































































































































































































% Y Financial -Times Friday January 13 1978 

ar3»W "i • •.-•.•••••••.. - - ■ J . 


■ "'-I 


^eea grain 
Deluded in 
fheat talks 

: Our Commodities Editor 


New forecast of Cal L fo 1 r 

control on 

cocoa surplus land sales 

By John Cherrington 

UCHARD MOONEY FOREIGN BUYERS of farm 

land in Britain should face the 

J COCOA production is Coast and the Dominican same restrictions as UJC 
d to exceed consumption Republic. citizens who want to buy Farms 

W tonnes in the 1977*78 The secretariat puts Ivory to other EEC countries. This 
according to the latest Coast production at 245.000 *s one of the central demands 
published by the Inter- tonnes, 25,000 tonnes above the In the British farm onions' 
fl Cocoa Organfeaticai. previous estimate, and Domini- evidence to the Noithfield 
i latest Quarterly Stamtl- ^ Republic production 10,000 Committee inquiry into land 
letra toe organisation puts tonnes higher at 40,000 tonnes. ownership, 

production at 1,428,000 Brazilian 1977-78 production is The unions also claim that 
after a l_per cent, allow-, now put at 245,000 tonnes against individual fanners are at a 
)r loss, of weight during 240,000 In the committee’s fore- disadvantage with Institutions 
rag, and' cons um ption at cast and Nigeria’s at 200.000 to competition for land 
©tonnes. . tonnes against 195.000. because of the effects of 

fmm 11 Thp d $srSn ‘formes Most of these new figures are '“Pj * 1 to«tion- 
SSLjF bv' a- 51111 w ell below the Cill and T The National Fanners' 

Duffa5 forecasts. The London demands a mitigation of 

■ SST? stm^^Sie^w merchants put toe Ivory Coast hotir capital transfer tax and 
r tSI c rop at 255.000 tonnes and capital gains tax, and suggests 

LttafaS°^°b? 5ndm Nigeria’s at 220,000 tonnes. that toe latter should he 

and Duto hS The ICCO forecast had vir- "nLSELFlNF" E? 

tually no effect on sentiment in P 01 °® lifetime gffts, par- 

production foroenn is cocoa .futures m,r- u< 5£r££“““g 


SEPARATE sub-group on by richard moomfy 
je grains will be included in : T RJCHARD MO «NEY 

■’■•f... conference which will start WORLD COCOA production is Coast and 
Geneva - next month to expected to exceed consumption Republic. 


Dominican! 


geable in. .some uses, 

: Sl de to l seek stTbmr* in- h^fh 45,000 tonnS'higher than ftepre- bet. where the GiU and Duffiu 

: - : ps St ir$ ™us ICCO figure and indicated « generally .preferred. 

VfSryof aJSSS?’'' 55 consumption 27.000 tonnes lower. Traders were similarly un- 
‘■fdTbowii The latest figures have been com- moved by the Ghana Cocoa Mar- 

: «' ]g hta Piled by the organisation’s secre- kenng Board’s ronfinnation of its 

lD g B £ tariau whereas the October figure of 120,415 tonnes for main 

• : * 5L K,^ e Stains to be estate resulted from negotia- cr ®P cocoa purchases to Janu- 
’ - lSf.«vS Ut olher wb £ at expor V Sons among its members. ? . ary 9. Most dealers still believe 
:■ Muntnes were still opposed, &m%rence between the the up-to-date total is more than 

- : TS U dPh« the i? e ^ eV 5 con ' committee’s figures "and the 139,000 tonnes. 

«£r^« e J :0D - even secretariat’s is mainly doe to.esti- Cocoa trading- was quiet 

ler negotiations m the Tokyo mated prodnetion in the Ivory throughout the day. 
of multilateral trade 


U.K, FARM PRICE REVIEW 


tiate a replacement for the by 39.000 tonnes in ihe 1977-78 Th e secret ariat puts Ivory i 
national Wheat Agreement season, according to the latest Coast production at 245 0001 
h expires on June 30. - figures published* by the Inter- SSL. SSo^es above* 

- is was deaded after Jengthy national Cocoa OtganfeatioD. previous estimate, and Domini- 
le at the twiMlay meeting . In its latest Quarterly Statistl- can Republic production 10,000 
the International Wheat cal Bulletin the organisation puts tonnes hieher at 40 000 tonnes 
-<•’? ,cU X} London, which ended world production at 1.428,000 Brazm^ WTf-re’pSSduction is 
~ u - on Wednesday night.' tonnes, after a 1 per cent. allow-. now put at 245.000 tonnes against 
« meeting endorsed a pro- ance for loss, of weight daring 240,000 In the committee’s fore- 
V. I to call a negotiating con- processi n g, and - consu m ption at cast and Nigeria’s at 200 000 
ice from February 13 to 1,389,000 tonnes. tonnes anainst 195 000 

23, but several member The * balance differs, .signlfi- are 

tries were strongly opposed «ntly from the 33,000 tonnes g^} 0 *‘Jf a^d 

including coarse deficit_predict al by the tyj- Duffus forecasts. The London 

.. -tiaiin ? 6 wheal agreement 8SS? JSSnffSSTJj SSfTffuS*SSL'S 

. . ... e EEC argued strongly that JJjJ* ^^ at S'^h? M 5ndan Nigeria’s at 220,000 tonnes. 

v-e a C nd r barle^were n °inter me«*aSS^Gill^and b Da^5 last ^ ICCO forecast had vir- 
zJh£ fi y cZI 6 „£?. month. ' 00 effect on sentiment in 


tiations under GATT 
ie other fundamental dis- 
^in^ement between member 
itries on the price provisions 
■ •; f r the proposed new agree- 
' t was left for debate "at 
Geneva conference. 


’hina seeking 
J.S. cotton 

NEW YORK, Jan. 1 L 


Botswana’s beef 
export setback 


BY BERNARD SIMON 


JOHANNESBURG, Jan. 12. 


' - -C * * 1 Via BOTSWANA’S BEEF industry. Commission, estimates that earn- “ March 1979. 

NEW YORK, Jan. 1L . which is the country’s second ings from beef totalled 53m. Pula Sr. Calarens. who became IBC 
NA IS «eekint» to ht,o an largest export sector and a major (about £34m.) in 1977. But bad president 10 March 1974, said 
etfrmLd“SSJug oFvs P™viderVf employment, is in the abattoir stayed open, the five years wu 11 . good t me for 
in. accord?ng 11 to leadiS serous difficulties following an figure might have been higher 10 head institute. 

chants here. & Thev beUevS outbreak of foot-an*month than the previous year’s record Reuter._ 

might already have con- diseafie tost year. earnings of 56m. Pol a. 

.ed some business. The country’s only abattoir, at Exports at present are “very P Q « nrf l ¥TC 

^ fiftijjlds from China are low “ but Lobatsi, has been idle since early limited," according to Mr. JYClUlU U-kJ- 
verv likelv that uim» uIm November. Since most of. Bots- Harvey. He says stocks to Cape ■ 

develop^ ? wS S3 w ana’s beef production Is ex-Town will “shortly be ex- SOVabeail 
' chant said. - ported to the EEC, slanghtertog hausted.” South Africa, for * . , 

ptton futures tradere at the cannot begin again until Com- instance, bought only 59 tons of COWITIO HOSSIl) 6 

/ York Commodity Exchange “unity health inspectors are Botswana beef last week, com- 3UTT lu ir> 

tre reported China was bid- satisfied that the foot-andrmouth pared with the normal weekly HUDSON, Jan. 11. 

; 53-50c a lb for prompt outbreak has been contained It quota of 200 ton-Total pur- govABEAN acreage this 
' very cotton. Tt was rumoured was originally hoped to re-open chases by South Africa during ^ , orabahlv ljual or 
• 000 bales might have been toe abattoir last wee^ but con- December amounted to less than lS'ySf record’accoiS- 

• Rht tinutog problems in the northern 400 tons. exceed last yew s recora, acrara 

’ prominent Texas merchant Orapa region have flayed a The Botswana Meat Commis- toe Amenc^ Soyabean 
id: “ foreign cotton prices are decision until early February. sion is taking steps to ensure Association s publication boya 
tins into line with UE. Meanwhile, Botswana's • beef that any future outbreaks of bean upuate. , . , 

tations and this should exports are dwindling.. Up to foot-and-mouth disease do not 

Italise the export maiSt to midrDecember, the export pro- debilitate the .industry. It has 2.S!K5*SS^J! 0 ^iJ2 7 tS US* 

coming months.” gramme was maintained at near- bought an engineering workshop matedat 59.3m. Th® 

_be lower value of the dollar normal levels, thanks to large in Lobatsi close to the abattoir 

relation to other currencies stocks in the cold’storage depot which has been converted to a toe ar^^entoally haxve^ 
made U.S. cotton much more in Cape Town. .. . canning plant The Commission 5 ^. acre& vtoich prodnred an 

active to foreign buyers. Mr; Bill Harvey, deputy hopes to have this plant to opera-estimated crop of i.wsz./nL 

Her manager of the Botswana Meat tion by April. busneis. 


chants here. They believe ouioreaK or 
■ia might already have con- di “ afie tost year, 
.ed some business. , The country s c 


No basis for expansion 


BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


Comparable relief from such 
taxes should be given to bona 
fide agricultural landlords. 
Tbe unions completely reject 
any nationalisation of land. 
They say it'would make farm¬ 
ing dependent on political and 
administrative whims and 
wonld breed mistrust and 
cynicism among farmers. 

Brazil coffee 
chief hints 
at retirement 

RIO DE JANEIRO. Jan. 12. 
SR. CAMILLO Calazans. presi¬ 
dent of the Brazilian Coffee 
Institute, said be thought the 
institute should have a new head 
when General Geisel's term of 
office as President of Brazil ends 


THE ANNUAL REVIEW of 
Agriculture — out yesterday — is 
generally regarded by farmers 
as an inaccurate reflection of 
their position, it is apt to be 
used by governments as an 
excuse for keeping prices down. 

Ministers, ou the other hand, 
interpret the findings in most 
cases as a justification for past 
policies.' 

Overall, the results do not 
support toe cries of disaster and 
lack of confidence endlessly 

reiterated by the National 
Farmers Union. 

This is because the year trader 

review whlcb ended in Novem¬ 
ber, 1977, has shown a dramatic 
recovery in yields'from the low 
levels reached in 1975-76. Output 
is back to the level of 1974. Since 
the last review agricultural net 
income^ excluding stock apprecia¬ 
tion, has risen from £l.i5Sm. to 
£1^48nL This represents tittle 
change in real terms but in the 
context of other branches of 
industry could be considered 
satisfactory. 

Fanners will point at once to 
the fact that this leaves them 
standing still, and will point to 
the forecast that investment in 
new fixed equipment, especially 
in buildings and works is likely 
to faU- 

Cost increases have fallen from 
£895m. to 1976 to £322m. Gross 
capital formation—that is tbe 
investment by landlords, tenants 
and owner-occupiers bos risen by 
£250m.—which in real terms 
means a period of marking time, 
bearing to mind inflation. 

The reason for the fanners* 


distrust of the findings is timt 
it is extremely difficult to relate 
tbe figures in tbe review to the 
actuality on the average farm. 
A great deal of the review is no 
more than an estimate of what 
is in store to be sold, such as 
grain, and an estimate of the 
price which it migbt fetch. 

Bearing these qualifications 
in mind the review ooes provide 
some interesting differences 
between various sections of the 
industry. 


Beef herd 


Sheep farmers have obviously 
had a good year with net income 
up by 29 per cent, in England, 
54 per cent, in Wales, and 43 per 
cent, in Scotland. This is a 
reflection of much better prices. 
The recovery of pastures from 
the drought will have had some 
influence although the year re¬ 
ferred to—in this case the end 
of April. 1977. Conditions since 
have been even more favourable 
and sheep farmers should be 
happy. 

There are no separate figures 
for beef production, but the net 
income results for farms where 
cattle and sheep are Kept do not 
show anything like the increase 
that they do for sheep. This is 
reflected by an expected decline 
of 4 per cent, in the beef breed¬ 
ing herd, while the dairy herd is 
showing a slight increase. 

It is probable that the pure 
beef herd will be showing a con¬ 
tinuing decline. Farmers are 
finding that the beef animal Is 
difficult to produce economically 


at present costs and returns, 

Miik production is likely io 
show an overall increase of 
4.5 per cent, in 1977. But market 
prospects are rather poor,-with 
a slight fall in the liquid market 
and a very difficult competitive 
situation for milk products. 
Milk is no longer price guaran¬ 
teed by the Government and 
farmers’ returns are based on the 
liquid and milk product markets, 
the latter supported by EEC 
intervention. 

Dairy farmers du more than 
held their own in the year to 
last April, but this covered a 
difficult period in the 1976 
drought. This yenr increasing 
yields, good fodder supplies, 
cheaper feed and an increased 
price should enable a sizeable 
increase in net income next year. 

Arable cropping farmers 
showed no greai (inferences over 
the past two years because ol 
the influence of high potato 
Prices during both of them. This 
section could show a decline in 
net income in tbp L ureot year as 
potato prices have collapsed as 
a result of a much bigger 1977 
crop. Pure cereal cropping 
farms should show some 
improvement. 

The only sector in real 
difficulty is pigs. The While 
Paper seems a tittle too 
optimistic when n believes that 
profitability wiU return to this 
sector. There are two reasons. 

The effects of monetary com¬ 
pensatory amounts on bacon and 
ham imports have been well 
publicised, and unless rectified 
wilt undoubtedly inhibit expan¬ 


sion. The pork n:ark»-r, while 
showing signs r,f improvement. :s 
still vert- fragile. There dues not 
seem tn be much expansion «*f 
consumer demand m prospect. 

The main facinr in improving 
margins has been a fall'in the 
ensi of feed, particularly home¬ 
grown barley due to the good 
harvest. 

Few- farmers realise that a com¬ 
bination of some devaluation cf 
the green pound, plus a more 
normal harvest, could help push 
current UK. grain prices up t-> 
EEC levels, which are at least 
25 per cent, above those ruling 
here at ihe moment. 


Feed costs 


The possibility of these in¬ 
creases in feed costs could 
materially affect the fortunes of 
the whole livestock industry. 

To sum up, while tile White 
Paper presents the picture of a 
relatively viable fanning inriu— 
try 11 does not to my mind indi¬ 
cate any .solid grounds for expan¬ 
sion in production. In new nf 
the problematic nature nf de¬ 
mand for (he main products this 
is probably jtu-t as well 
O Britain's livestock industry 1 * 
in jeopardy because uf the 
Government's failure ti« "cume 
to terms with facts.” Mr. John 
Peyton. Tory Agriculture spokes¬ 
man. said yesterday. 

Air. Pe.vton. Ml* fur Ycm.il, 
told the Kent Conservatives 
annual meeting he wax 
“astonished” by a bland state¬ 
ment from to-day's Agrieuitur.il 
White Paper that fanning showed 
a “dramatic recovery” last >ear. 


Gloomy outlook for base metals Rubber butfer 

BY JOHN EDWARDS, COMMODITIES EDITOR StOCfc plcHl 

LOWER PRICES for lead, tin ties such as copper, the review A big surprise is the prediction 

and zinc in 1978. and a setback says. that there will be .1 surplus of Sn61VCa 


■ prominent Texas merchant Oropa region have delayed a 
id: “ foreign cotton prices are decision until early February. 


LOWER PRICES for lead, tin 
and zinc in 1978. and a setback 
for. copper to the second half 
of tbe year, are forecast to the 
annual review issued by the 
Amalgamated Metal Corporation 
to London yesterday. 

The somewhat gloomy review 
says the recent low growth rate 
of the world economy has pro¬ 
vided an insufficient base for real 
increases in commodity prices 
to occur. 

The balance between growth 
worldwide, even of modest pro¬ 
portions, and a recession starting 
to appear by the end of 1978 is 
finely drawn-. 

' It is becoming increasingly 
recognised that measures will 
have to be taken to redress the 
revenue shortfalls of developing 
countries dependent on commodi¬ 


ties such as copper, the review 
says. 

It predicts that both develop¬ 
ing and industrial countries 
might support the proposed 
“ dispersed stockpile ” scheme, 
under which limited national 
stocks are held by producing 
countries but financed by inter¬ 
nationally-backed “soft" loans. 

The ultimate success of the 
scheme depends on linking it 
with production controls, the 
review says. 

Dealing with ' individual 
metals, the review forecast an 
increase in the world copper 
price to about 65 cents a pound 
in the first half of 1978. But it 
believes a price fall is in pros¬ 
pect after mid-year unless there 
is a significant improvement in 
production discipline and further 
major closures. 


A big surprise is the prediction 1 
that there will be a surplus uf 
about 70,000 tonnes of lead pro¬ 
duction over demand this year, i 

“ Surpluses of this size in 
previous years have caused major 
declines in lead prices so that a 
fall to under £300 a tonne is not 
inconceivable.” 

On zinc it is claimed that 
further falls in prices this year 
“would seem unavoidable.” A 
surplus in supply of about 
385,000 tonnes is predicted and 
it would seem that further 
closures in smeller and mine 
capacity arc likely during the 
year. 

The stogie most important 
factor in the tin market this 
year is expected to be the pos¬ 
sible sale by the U.S. Govern¬ 
ment of about 30,000 tonnes of 
stockpile tin. 


KUALA LUMPUR. J;in. J2. 

LEADING NATURAL rubber- 
producing countries have decided 
to shelve plans to establish a 
rubber buffer stock because -:f 
the current bullish market 
trend. 

The decision was reported in 
a joral communique at the end 
of a three-day meet tug of the 
International Natural Rubber 

Council. 

It said the council felt that Tor 
the immediate months ahead, the 
market certainly. would oe 
bullish and there wouldn't be 
any occasion for buffer stock 
operations. 


OMMODITY MARKET REPORTS AND PRICES 

1ASE METALS . S, 000 !, ^ ^ 

s^sioSnir o * w -^ _ _ sssvsja att 

S a ^_.5?T e " cy «_®?y e 5£5 B -.. F S? a ^ * AnraJcamaied ieu^Tradln* reran ed_ middle of the days range, reports GUI 


rATA A Dtadnlsbln* demand broosbt a llmlled off- 

LUUUA take, small pnrcbascs were mentioned 

Prices remained within a modem range ta "Cdflle Eastern Qualities. 


PRICE CHANGES 

MEAT/VEGETABLES Prices oer room unless othc 


Middle Eastern Qualities. SMITHFIELD tprices m pence per stated. 

pound i—Beef: Scotch Killed sides KM io _ 

nvmnrn 50.n. Ulster hlnduuartt-rs 59 0 to 62.0. 

K 11 nnr.K foreouancre 31.0 ib 34.0. Eire bmdnuoners 

_ 59.0 u> 6i.o. rorvnnancrs 31 0 id 33.0. 

EASIER openlng on the Uondon pliystcoi Vm( . DBtdj hlBds and sso ro M o. 


■ KSw n™, USE"* -EE-fps-fxr-s+5 gHg ygigg SJTLSS S RUBBER SS«£5K.irniitito 

aa^^SLajBi.ay-if: -sar S a — 

— - l Offli'iiftl — 1 Unofflrial 1 — Kerb: Wirebara. toree months K74 -j. 78. . _«k. ctoa k _ 7 c M3P-4SI-17J5 - - - ' [ Poai reported that Malaysian goaoicn scotch modium 47 0 to 54.0. heavy 3S u in v^ia 

--!-«_-- Afternoon: Wirebars, cash £650. three “fS? Zm „ f Cntr’ti 'I PHcc was 103 i2W. rents a Ulo (buyer. ^Tlmpored frozen: NZ n* «.u io 

I £ I £ £ t £■ months *873. TOT. 73, 74. TOT. 73. _73-5- 6310 I . 1 T«OJin !_«n IwnJULD um. 

llan |Esn . ,! I Cathodes, three'monfla ra. Kert: WeffV MU bjoq.jd .6 63S5-50 L-27J Olay_II612.0-1SJ1 (-4.0 ! 1628.M6.0 | ; Ports: English, less than W0 ths. 37.0 c ; 

........ 660^-1 1 660-.5 —1 Wlrebars. threc_months £875. 70. 75A 77. , . crnfLi _sv, Mias LJS .it570Jl-7SJl U-2.5 <1582.0^3.0 Xn. 1 Pn-rimn .Yeaerdnv’i' Business to 41.8. 100-12D lbs. 38.0-40.0. 130-160 ttw. . 


per tonne unless otherwise 

| Jnii. +-H I M,nil 11 

197S — ' K5» 


U:s. Markets 


1 £ 1 £ £ 

9 bar& I 

;7i^" SSSsliLlX Pa bbom l-as 6520-5 !-bs Juiy-ns70J»-?ajo 1+2.5!muu x«. 1 1 

flths.. 674.5-5 (—.5 6754 —2 77A 77. 75, 75, 7R 75- 75J. SettlamlJ 8310 —120 — .. 7 .- Sept. _ I1640.D-48-0 1—1.5 1BB0.WBJ K.S.S. 

tnnt 661 |- — - TIM—Lower «n balance with cummer stmltn H..I 161730 +15 — 1_ Dei-..11608.8-100) (—4.5 '1620-MflJ- 

“ d “ m c K moremenK nnd trade seUtaB and lending Sow YwkJ - _ — I.— March.|1488 .(W»jO |—7.0 1490.0-85.0 

........ 649-50 1-.75 650-.5 —domineUns U» ntarheL The Bast was ---:-=— - Mar-.'1460JWBJ) 1-6.0 1470.0-85.0 Feh ..„.| 

? ,I “ - p* - 883-6 -1-5 higher ore-might and forward metal Morning: Standard, cash £5410. three - ~ 7WM ^~T' in TMmM . ~ March..: 

• • ’m’nt 650 j—.5 - - opened- In London at £6450 and rose to months £8455, 40. 35. 20, 15. 10. S3. !■*»_***. 'gjn ^AprJm- 

?rat.J_— I. 6Q-62 .S - HUSO on hear covering before trade md High Grade. caA £5410. Kerb: Standard. ,,..t- n if Jlr-Se|iJ 

-- stop-loss selling caused a decline to £5J«L Aren months fiUOO. £6.285. B0, 85. £5.3M. LflSeSST O^dJcI 

£676 in fairly good volume during U4. and currency, hedge buying Uftjd 06. 15. 30. 15. Afternoon: Standard, three bSS fwo^i-^-SSr Jnn-Mr.' 

second morning ring, tn the after- tbe price to 16478 before a dose on the, months £8420. High Grade, cash £8430. J-- JJ"- 80 _-oay Jlie ; 

— | Kerb: Standard, three momhs £5.350. 30. avert “ 1 «- 8B »«■«». Jljr-Se^ 

Index Limited 01-351 3466. ■ Three months gold 175^-1775 ci™d after a day of COFFEE 


.VI 111111 ii 111 in .£680 ._.£6BO 

Fw Market iciM'SBBO 10.'$960-70 


NEW VniiK, Jan. 12. 
Cocoa-Nut jtailablL-. 

C0»ce—-I’" c.xiiuci- V» jvjJjM,. 
Copper—Jan .'eutf i.»9 50« I ,-b. 3«4d 
1 llurch ai.s»l. i-i.m. July i.'..;u. 
Su-Pl. Kt.Wl. iK-tf. irl.Ofl, Jail. '-i.'Ji. Mar. b 
uj.w. .Mar wi4d, Jnij o;.jn. Sep:. b' !u. 


rj> llav__ 10 IZ.O-I3JI —*f.u , inzo.iww-u 

5 July-115704-7641 1+2.5 ! 1553.045.0 

.„ SerpL_I1640.IM841 1-1.5 1BB0.04B4 

Dei-.„...;1&DJU1-1QJJ (—4.5'1520414104 

... March.]1488_B-flBJ 1 —7.0 1490.D-55.0 

— May.,.'146041554 |-6.0 1470.0-85.0 

« B Sales: 3.084 14.7171 lots o' 10 tonnes. 


Xn. 1 Pitriow iYenerdsy'i; Biwlnnu 
close dose iloue 


j£665.25—l 


LAO; 53454S40, 


.-r, L ,r; Index Limited 01-351 3466. .- Three months gold 17JL5-177-5 
Ml . Lam 001 Road, London SW10 0HS. 


World Commodify 
Report 


LEAD—44tde dnoped after a day of tit/rrEli ___I_;_ 

subdued trading to the taco ^‘vnm Coffee remained steady throughout the Sales; 380 f428) lots of 15 tonnes. 
P 0 ”™”! 8 - ™ 0x8 lm ™ irenr 5°°-°; morning aUbomft It was expected to open Physical closing prices < buyers) were: 

lower, rewra Dread Burnham Lambert. Snot asp: Feb. «.Sp; March 4£.75p. 
til the afiernoon, however, dian-lnsoired 

KBrt at £Sa ®' 23 ’ seUtng caused a marginal dedlne and at c( -v V . DCAlhT UCiV 
Turnover S,SSS tonnes. .inr, rfv> marirpr vac fnsr off the \l lY AKr'.AJv lMr*A I , 


TLard—'ClniUKH Iini-c ru.iMi isattic. 
cm Ynrk prime su-ani Ul.jii a-ked il'l..V) 


itv-s/i, amp uuwu *«*•■ aiimniiix.aswi.bj. +o.Sb^37.ap 

averane price 127.5P {“OTK PlB* doHti Tin La*h.£6,527.5 ^27.5’C6,913 IMalre-Man.li X-U-rN May 

!4 7 per oeni.. average Price 574p i*0.2i. 3 m.nub*..£6,322.5-25.04:6,717 S3Sl-2Sb: Julj- !»:. Sept. i.»i. Die. 



FT?5fi5£ 


I Cftdi-- 364.6-.7Bf—. 

3 moncha.. 369^-.75.—. 

*9“ ^ p™| r— 3K“SS.F. SZaSESr - ZSTESrS ! ! 

I —-I _ ‘ : yw'A i rr lYacfenlW + or I liueJnen Wlos 3.00440; Jaffa: 20 Hlos 340-3.65. 1 , S mi Phillm.IS3B2.S- -2.5 S39t 

M orning: Cash 8 8U. 51.73. mid-Jan. Clone or Bimlnem Clow | — < l>aue Sours—Spania: approx. 404b 5.30. Clemen- <1 .i'.i.....S2Si K - ';.S2-V 

£3®, three months £370. 684. 70, 08.73, COFfSh — _ r _ __1- 1 -J_dues—Moroccan: 348-340: Spania: 3.00: 1 

WJL Kerb: three montba £3*9.75. After-. £ per tonne! IXpettrano: I Portugnese- 3.00. Satsumas—S panu: III 

nom: Three months £3584. 69. Kerb: _I l -—_J--—. Fetinwir..... 116.08-15.5— 0 .B 31 116.60-1640 2.00-34*. Apples—French: 40-lb Granny GrainB | ) , 

three month# £370. J«jun«y„... 1051 1963 (—25.0 1990 I960 A pnl.....11540-137—040:114.00-52.80 Smith 6.50-74®, Cnlden DeUfiMli 540-S.n: Harlnv hf.1.. * ...— ; 

ZINC—SflakUy lower in more icUve March.._>1803 1803 :~2l-5 1B25 iBBO Juiib .11240-124 +0.5B111240-11.70 2JMb 72n«0 Gratmy Smith -.=0-14*8. U.wio Futures...£7a« -0.1 £70. 

trading, tbibor tale. Forward metal May..il740 1742 :-22.0 1764-1756 Aunuat.112.80.154+0.10115.00-12.20 CrttenDeUclOBs 2.40-948. Star* Crimson 51 «im> \ 

moved down from 1235 10 £2834 in the July.. 1697 169B |-M.o! 1725 1695 OcSwr.11140-164 +O.70 1 , - 3.30. Mft PM*- »«>«•*• GoUcn Ireucb .Nn.3 Am;£97i ;.£94 

sataasarMrassssiasasaa-t* i!sss=iKsa:sa = gg ,a* 0 'a-ag'-i.;.» 

ftT^?c e 'h l<e i l £3834 aa d ^4. ctMing Sales: 3443 C4.076) lots of 5 tonnes. ,y~, . n 8S-3 2d " AnrtCBls—S. African: Prr C«m Shipment....'£1,804 — b.O — 

«erb at £283.75. Tnrnom 4,030 ico Indicaur prices for Jan. II (U.S. SUGAR ^>ond 043+145 Plums—S. Alncan: Santa Future May.£1.8124—4.0 C1.9I 

- . cents per pound!: Colombian MM Are- ,_ MnnM ..... Mlrr Rosa per Pound 0.30-840. Mcihlcys non. f.JTce Future*... 1 

—:--—- - ; Wees 205.50 (Barnet: llmrashed Arablcaa J-p D **‘*- l = crapes—Spanish: Napoleon 11-lb S.30. llan-li.£1.604 -2I.6'£1.72 

■' ,(+ ojr 259 80 ,ajone > ! °8» r Miu Areh | ca* 51° l “ n , n^. l i W ^Jv L rt'.\bni-na 128-2.40: CalHnnnan- Red C.ai.ei "A" Index... 6S.fc 1. 69.4! 

-ZIKO Official — Unofficial — *0840 (209431; Robustas 17740 (176.001. daUs prt “ uaa Emperor per pound 0404.45. Bananas— JuioLJ ABC. S 437 I. S43 

T---h- TT- -- Ouor average 10345 (1£8J2>. Tun and nrlce tor Jamaican: Per pound 0.1& Tomatoes- ltubberkik.. 48„ 1-0.2548-5| 

flnh 8761.75 -1475 27 6 |5-7 -L J- Q A T1UC ' *rS5at^ ttOttWSv wS?C42.40 -. 

js grains .sa^,— %% tf»i awas ftssa-ac:i-v.6 1 £ 2 “ 

276.75 —MS . - - CRAIN FIXTURES (GAFTAl—17ie mar- O.S.OO Jsamei^ior expon._ fi Mas 2 . W . Cueumbers-Canary: — -- 1 - - 


Chica go, rcpnria BN W Com modltleB. 

jl’estenlV*: + w I buslnes 
j Clow | — \ ltouo 


Italian: IOff.'UO 3.50040: Cypriot: 3.204.7P. | 

Grapefrnii—Cypriot: 13 Kilos 2.40*2.60, 20 Seeds 1 1 

kilos 3,00440; Jaffa: 20 Wlos 340-3.65. 1 , Hra Phitliii.15382.51-2.5 S390 

Sours—Spania: approx. 404b 5.30. Clemen- (1 .S.i....;S25l«- :.S244.5 

lines—Moroccan: 340-340: Spania: 3.00; 


If your business interests demand 
regular information on aiiy of the 
world’s commodities, just clip your 
business card to this advertisement and 
return it to" the address below: we will 
send you a sample copy. 


Send to: " 

Subscriptions.Dept (WCR), 

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10 Cannon: Street, London EC4P 4BY. 


INVESTMENT IN METALS 

the LJW.E. provides a medium for investment in Copper, Tin, 


IfpciMmie! I Portuguese; 3 . 00 . Satsumas— Spania: 

t—J lT6.00-lB.5-0.BSl 116.50-1640 2.00-248. Applcs-Frcnch: 4IHb Granny Graina 

■llT Vn ,TW H RA.4.4 na m <in C m lth B Cfl.T 2f» rnlrf^n FhwIlflrtAtlB C dflA Ol' Hnrlnl KM 


Peaches—S. African: Per iny la.^ia 1 

2.98-3.20. Apricots—S. Afncnn: Per Uw >bipincut....^'£1.804 -b.O- — j sunar—No II 

pound 0434143 Plum»-S. Alncan: Santa Future May.£1.812.6—4.0 Cl,93841 TTn ^l tl l'j Tj' 

Rosa per Pound 0.3M40. Mcihlcys n4Il. >'>4Tce Future*... ■ Saskuin 


aud llarnuii bullion »>■! 49l.ju .ratlin*', 
g Soyabeans—J.in. ant-Sew *59i.>. Mur.-h 

| tMj-MHi luOjli. ll.|f hl2!-<il3!. Jul\ >-17i- 
•■ls. aiig. oiomit., >cpi. jIHi, K«. 

J -AH. oH.ft-593:. 

iiSoyabean Meal — .lau. !•*! 70 -|m'I to 
_ ilui.MOi. March Utri.sii. M.,»■ 

7 tcfijM. July ltM.St). Auu. lttS.nn.iti& 2 .,. Scpi. 
lhj.ot), ut-l. lUi.UII, Dec. ti-4.Ull-Iuj.lW. 
Soyabean Oil—Jan. .'1.33 «SltV‘, 
0 March 2).4j-l'14l> tJl.la'. Mai Jl.rttl-l'l.-u, 
Julv Jl.t'i5-21.7u, Auk. 21.M). Rrpl .'I 
25 2I.JS, Oci. 20.43-^0.30. Dec. 20.40. Jjii. 
JU.33. 

...I Sugar—No. U: N,u at ail able. 


Q«h—-_j27B^-.75 -14751276.25-7 -.575 CD A I1UC 
dmrathaJ 28S.&-4 —1 2834fi--76 —.75 WIvAllva 
tiTamut-J 276.75 -1J5 . —- GRAIN FUTUR 


Cawd am M Canary: Supir IRa.w>. £1X0 


£107 H11411'. July 107.31' a-Acd ilUs.jU bid.-. 


_ — _I —J 30^-31 ket opened 40 higher in wheat and 30 Sugy 


luninie CoA raa. 774. 77 Ibren WBhef “ barley. The whear complex 

J* 1 ?® war HnvMwM mm nn_nartlmlartn 


rhrES gptte heavy fiqnhlatkm of Ibe spot month -1--1-1- Jersey: 5.8M.D0: French: 5.W. Fmuioj*— 

sot’S t 3 " 5 " ' large-scale profit-taking, values closed £ pertrane i'm 

^Sts <3S Lr SC m»^. ton prevtou Potma hlgher Mt^ of ihe March.. 120.16-2045l2045.2O.75il2t.10-19.7B isM-GO^*' LM ‘ 

■mu^ddon. SSBnper plcuL atrength can be arafbntod to a wrong 12S.40-2S.46125.75^sV'2B4&24.75 P^r se.m 

ooee. *nk w country market. Kev crop wheat rest*- / J,... 12845-28.40128^5-28.7^ 

n ' • _ tered gains of 25<s oomts by the dose o«7.... 151.40-3140H1.80-6I40 

SIT VFR ta flUlet iradlB8 - Barley option* were . 1 54.00-54^165.0045.25 


Sugar 

Prel. YeBtardayii 

Proriou* 

BurineM 

Cmnm. Clooa 
Conn. 

-ClOBA 

bone 


O KUOS B.BU. --“"‘j- - l —■‘•“t .. . 

2.50-240. Onions—Spanttb: 2.60-340: Nominal, t UnquotM. o Seller'* uu-H«- ahkitj 1 76.30 bid'. UCL <u.jti a>Kitl. 

Polish: 1.70. Brazil*—Per pound No. 1 firm, c Cents a pram] n Er-tnnK uinrten- JBartcy—May 7S.70 17rt.rui. July ,,40 
LWM O.U. Tocantins 0^4)Jfi. Walnuts— HuJL m Feb. pJan.-Fcb, rPec.-Feb. bid tTTSU j-kcdi. i'll. 7u.ji' bid, 


£ pertenoe 


OtlDcse: Per potmd 040. CaadtfhHrers— ■ Feb--Mar. a Feb^AprU. 
Jersey: 5.80-0.00; French: 6.80. Potatoes— v Jon.-March. x Per tun. 
Italian- 29-lb 2 .JO: Canary: 25 kilos o.M. 


Enflllsh produce: Potatoes: Per 56-Ib. 
Whum/Reds l.io-t.30. Le»t««fc-Per 12. 
Indoor 1.00-1.10. Cabbaae—Per 4-hag . 
primo 0.60 Caainoircrs—-Per 12. Kent 


-SHIVER SSS o.m”'SniBtei^=-ptr'i2. xt» 

^ Heady wUhom tht-aunc interest as wheat. 31^-1,.. liS.BM8.T0:l«./54946hifl.re-M4D ncouonu rcr rg-Ih O.TM.sfl. 

• Slhror was Bssd-045p an oumca higher Cains of up to o5 points were seen as i40.BW14011*1.0M1.75n41JO rJrrMs—PrrhacSlb g 5 MM Onloos- 

s«w«asrui is - ?*■**-**--*- zttwvfargt w 

eqntvalents of- the Axing levels _were: crop barly options dosed off the MAw. international sugar agree- nai AraW 


INDICES 

FINANCIAL TIMES 

JiiQa IS. JbDa II’Month hisi» Ymr atn 


_ . . - mr— umrKei yenerawr. ml cent prana auno£ ue mrernoDa ipu, um -- ^ in _ n ifiK 1 ■» . -" 

taSSTiL'WSZft s ss ss jsssspufiass,’mi k e jrts «« 

:« »^pMiSiit-A k-i ss-*sf ■«■-« - jti,a-ssasss ss ^ sS 

fabricators, metal stockists etc. Option trading also available. opewa aral WME * T barlbv average 825 i843i. REUTER’S 


|t'!abricators, metal stockists etc. Option trading also available. 
' L/ Contact R. J. Wylde orP. D. Crabbefor further 

information 

HENRY BATH & SON LTD. 

< Metal Brokers stoce 1794) ' •■ - nT i, 

Market Buildings, 29, Mincing Lane, JEC3R 7DA 
01-626 19S1 Telex 887700 


NEW AND EXPANDED 

WEEKLY COMMODITY 
CHART SERVICE 


BARLBV average i843). 


GILVHJi 

Bvllkm ' 

4- « 

i-'sr.K. 

per 

troy oa. 

firing 

pricing 


close 


JV’eswitlay , B( + or Yesterday'el + 

vaf ckm 1-1 dh. 1 - WOOL FUTURES 


Pamilp*—Per 2 ft-Ib 0.70-0.80. Turnips— 
Per 28-lb 040. Rbqbarti—Per pound 6120. 


256.9p t-0.55; 256.7p 
260J5p rtL2S;260.4fip 
264.6p +04 - 

274.1p +04! - 


_ Jan. 

Mar. 

- 31aj 

SepC. 
-0.7 bov. 


82.50 +1.0 

84.55 +14 

-8545 +14 


Baafmna 

Done 


0 L . 8 U, n. aoj.. 

JUTE 

DUNDEE JUTE—Vary nriu, but no 


New Orleans 


market plan 

HOUSTON, Jan. 12. 
THE NEW Orleans Cotton and 
Commodity Exchange expects to 
launch trading to rice, cotton 
and soyabean futures by tbe end 
of tbe year, Mr. Robert Wright 
the exchange president said here. 
He told the American Farm 


REUTER’S 

Jan. ill; Jan. IllMoml7 a"+ Year up 


jM83UJ_145i,* | 1585.4_ 
(Ease: SeplaabQy is. 1831 =IDO> 


DOW JONES 


w March. BFIaaHwd—May riu.UH hut'. 

July "15.no a..hud -21li..VI j>Li.-dl. ucl. 
*•1.00 bKl. Nmv. —O.'HJ bid. 

Wheat —scwks us pit tvsn. p:-it,'iii 
ciintcpt elf 51. Luu reiiix* nut available 

' 3 ^i|‘ conH |ht pmiiid rv-narctynis: 
■ “ ' • ■ " ‘ I uhIlm nilK+vrlsi* siati-d. mr irny 

□unci—1W1 .ipnit' l.iK. Claca^-i :■«>«! 

5 6s iht lull lb-:.—Dcpi- "f 4: 1 - prio.'s nr>- 

. __ riniis ila) Frlnn- Sli-jnj 1 •• b NV bulk 

aragii ranli nr.. ' Pml: aiT 3 1 ' 111 hn.!ad r\- 

- i u-andviiiv:. s.imm bn-lii-1 l>iir P\*r 

b^83 I ir,<\ ■uiiici' fi'i " ||1 noil - -'f I'S-'J |»v 
, j evut. linniy dt-hu-ri-d NV. ' Hcnls wr 

j ir.iv miniv ct-wari-h'inw. !! Ni-h ” H " 
iumruL'i in ss a -h.*ri i«n l,«r hulk lut-i 
j nf lOu >h»n »»iia driven rt f.o b. rar-i 
I Chicaau. T.'lMl'i. St. I nuri and .Mum. 

_ «Cbnm prr «B> Ib. buahcl In aiiirr. 

585.4 K CcnN pur 24 lb. hu*hcJ. “ Out, prr 

nun— 45 IK buslicl wwan-lmiM-. 5*. Ci-ms prr 

jrt ib. budicl. os-warehoasc. l.MM baMtcl 
lots. 


Dow | Jan. 
June* ! 12 


Jacu l Moth 111 i mr 


Spot ....{ 550 . 78 Q 51 a» 562 . 92 j 578.47 
Fuiurw| 540 ^Ij 540 ^ 4 jj 3 5 . 48 ^ 571,94 

(Average l02ts&Sfi=!n» 
MOODY'S 

.. Jan- Jan. jl.mriii 1 i-ar 

Moralyu 12 U r^,> [ b-ii 


N»ne.... 


EUROCHARTS INFORMATION SBIVICE 
15-19 Ffeh Street Hill, 

London EC3R6BY. 


Tet01-2B3229B 
■Tetoc587954 


' per firing — ohm — Jfb- 82.50 +X.OO 70.45 +0.10 LOUDON—Ml and featureless. Bache “ —(KaseTSeSMnbSMSriMis 1M> _ « 'K ex-wareiwu-i-. new wr 

tewos. Mar- 84.85 +LS5 72^5 +0.SB renoned- www B. 3 « lb. buidicl. cs-wjrehoasc. 1.0W basM 

- ■ -,..t:.rrr. K -May ■ 86J5 +U5 74.45 +0S0 BRADFORD—The muter remains |\ P\V I )rlP211S DOW JONES lots. 

Sept. 8L30 +0.58 76^0 +0JtS muci and topmakem could sell only at l^CVT WUtittUO uwn __—- 

flpot,__ 2B6.9p. f 55 256.7p +0.7 »ov- 83.40 +D^5j 78J50 l+OJfl pneauiomJc.Brices ahhongb currency Dob- | jiiTTJMj. u'.raTlirirer _ , 

3mpmJn„ 260JSp rtL2S;26a46p ftU8 —_ J factors tinwwenMm IM nlUirCS Jot** ! 12 U J «... 7J n r, fIIfill*AC 

Bmonth*- 264.0p +OJ - - M^ LEf 1 ™ 8 W S. te *? *1 ,UlUIW —-j--!- ^ — LilUC iUlULC^ 

..... sss “ ” ot rnarkpt nlan fsrdgSSSSSasl'JSKfi . , 

LH*-5?uiB0v«r MS 03!) lots of man'lots,. Baiter: Jut 70.75-70.49, March (Pence per kflo> iUallkCl pWH Furure»|540^ JjjMq ; B4jo33.4<^32jbg? rlnfn cpf 

ounces. ■ Morning: Three months 280. 7145-72.15. May 74.fflJ-74.45, Sept. 7125- _n. 1 ^-v L>Zi „ 4 r ^— M (Average 102445 ^ 5 = 100 ) Udtv ovl 

«hS,-OJ. Knta: Three nmnths 260 . KM. Nov. n(L Sales; 125. UnrineM HOUSTON, Jan. 12. ZZ 

BOA AftaraewTbree months S39J. 8.4. ■ IMPORTED—Wmd CWSS__No. L IK Gna ** w<lul - _ 0Wm ~ _ pone THE NEW Orleans Cotton and MOODY'S NEW YORK, Jan. 12. 

tortSf^Th^mMwAslKiSS:^^KsfroteU^aSlioSISSS „ Commodity Exchange expects to J «- «bl THE Commodities Rxchun ? e 

ou tu, cl sot Wo. 2 . ii per «nt, Jan. 181 . 50 , Feb. SAMS'S — launch trading in nee, cotton Mwri - ^ ti a»:.' ■»« inc. will begin trading atnc 

' SSt oKS S&'SSS!* 1 " ■*“ is - and soyabean futuresiby the ,end a „ le Ln, up ,n jaei^.s^g.o futures on February S, a spukes- 

JUTF "ADO! u.s./Kr«S Jam av^o. Feb- October.. ..9MJM0.B .lb — of the year, Mr. Robert Wright 'Difii*Tn«s»“' “ man for Comex confirmed jester* 

", .. . isaso.- Marc*' oeas, transhipment East '-I'S ■ “ Tflf prpaiflnnt aairi har^ - day. 

Dundee jute— vary rbri. mu no ..'Son Iii “ He told the American Farm „ He said the dale was finalised 

SES^^r a aai5 lc tS. B fo? t pSi -other minhw -tiSSl s uh»h» bb'jwF *»|y““";" 1 2oc.M7:itt.B _ Bureau Federation meeting that . * at a meeting of the exchange. 

aitnmam- io**. 4 ikuu3i £ 10 . 13 . im*. Feed w** 3 * 1 s. uncoin £73.so. wiTrebire s ^ s: “mi (gamefiou ofTsoo wios ” the Exchange had submitted pro- vt n 1 * governors this week. 

wutSatnoaa? rler: UDW,D “ 3J0 ' Sydney greasy-ciou (ttl s rtcr P osed % contracts in rough ripe, IJ S Elllmmillffl Trading hours have been 

miftor ibe r^£ tSe u.k.' monetary compensatory ^55* milled rice and cotton to the UlUIUlUMl initially set from 10.15 to 124S 

Sndi£.KdX vSE« MdrtS f* 0 ™* .^SL*”** f ™ n > J “- 15 Commodity Futures Trading TWO U.S. companies have a.m. with delivery months in 

M nioa. m, Gnn. decrease to uaa. . Commission for its approval. announced that they plan to May. July. September anfi 

Londo n palm oil—OoEtog: Jan. - * 35«j._354.!WW*..i|0; Dec. 35 ot 399.7. It was also preparing a soya- resume, production at four December 197S. 

^ which wer ! . Deliv^ablo grades include spe- 

Jaoe'2m.«.7Bj» 1 jniy soMfrTMOi An*, dw total for d» week so far to 2,433 July s«6 0, wt.o, 3S0.MS5J), s, Total would call for oMivery at the closed last spring because of cial high grade zinc, and high 
M04 o-7bj», sept 260 .mwqj»l sales: No. tomes, reports p. w. T aftma it fa . aaley. 14*. XJ-S. gulL energy curtailments, grade 2 inc at a half cent diocouat. 


apie L~ niunin| 8 fll. 4 i 892 . 9 'a 72.0 1073 J 
iPwvrWhM- it. T03t=unt~ 


U.S. aluminium 


Zinc futures 
date set 

NEW YORK, Jan. 12. 
THE Commodities Exchange 
Inc. will begin trading sine 
futures on February S, a spokes¬ 
man for Comex confirmed yester¬ 
day. 

He said the dale was finalised 
at a meeting of the exchange, 
governurs Hus week. 

Trading hours have been 
initially set from 10.15 to 12 4S 


SS *1™ J “’ 15 YriTl Commodity Futures Trading TWO U.S. companies have a.m. with delivery months in 

decrease to L 2 K. 35 t." a sstiMsi^afoet. Commission for its approval. announced that they plan to May. July. September anfi 

JML _ ' * „ _ _ Pee- 35 ot 339 . 7 . It was also preparing a soya-resume production at four December 197S. 

70.00- COTTON—Uwpaol: Spot and sblpiwm 35OT357.9. "> MftCh 3&L0. 36OT 301.7- hean futJireK contract which aluminium imita ,,-nM rinliir^nhln nr-irtiic 











28 


Financial Times Friday January 13 1978 ' 


t 


STOCK EXCHANGE REPORT 


u 


Gilts uncertain after Government spending report 

Late turndown in equities—Index ends 7.8 lower at 479.4 


Account Dealing Dates tial buyers became confused and off on the day at 64p. Losses of H4p after 118p, and Gussies “A" lectionery, however, moved up 5 selling and, apart from MEPC, 

Option this frustrated attempts to steady around 5 were seen in Bass cheapened 2 to 300p. Elsewhere, to 148 p. down 2 at 128p, final quotations 

•First Declare- Last Account mar ^ et - w *th the result that Charrington, 152p, and . A. WearweD rose 2 to 20p in Further eoorf «ains were re- were . altered on balance. 

Dealings tions Dealings Day the longs surrendered all their Guinness, JSlfp, while Whitbread from of to-day's interim figures ro rd™m sfm^s^ondary lndvm- 

Jan. 3 Jan. 12 Jan. 13 Jam24 g"" a " d . ™«« ed SSSK.£°S * A " fintahtd 3 cheaper at 81p ' ** demand “ a imFa rSSS tfSettfita V^STS^SSfLSSSt’ 

i&S S*! JSS flSSSBSffi ,- 

jan. .w reo. s i-en.io reb.Jl day ^ despite a mixed appear- 

. u «™ ’ ecaiiufls may take pirn ance at the 3.30 p.ra. dose, were _ 

UO I. M— nays earl.cr. beading lower ta the after-hours' 1 - \ IflirmKX * III XT K I KIITHR S I I 85*3-5 SETi^lSSte %£&* DHe of 

^^ Js . ca ? s ?? the few features & Shippings im- 


Erratic fluctuations in currency trading. The Bank of England 
markets provided an uncertain signal regarding an unchanged 
backdrop to stock markets yes- Minimum Lending Rate to-day 
terday. but the factor which un- made no impression on market 
settled the dominant, and firm, sentiment Corporations advanced 
gilt-edged market was an initial and in first-time dealings Thame- 
unfavourable interpretation of side Variable 1083 closed firmly at 
the Government’s White Paper 100 ft, after 100ft; dealings in the 
on its planned expenditure £Tm. issue of 10} per cent. 1984-85, 

A continuation of Wednesday's gj* ^TSSBfS^ 

iR n n nf d nF C0 S m fc^S by &Ir. Smith’s compromise at 
quotations oE the long-dated .u. current neace talks took 

wilted from° abo^t* 11 " in Ut £* lces Sonthern Rhodesian bonds higher. 

offerings™by & weakbolder* 1 ";and ?* 0 % per ^ 1965 ' 7 ° »" tata8 

the sudden turndown unnerved * 1 ‘ . 

the market. Ibices, however, held Renewed institutional support 
steady throughout the afternoon f° r the purpose of mvestment in 
at levels in tine with those ruling U.S. securities and the effects of 
at 3.30 pm. on the previous day. sterling's early firmness yester¬ 
day created a two-way pull on the 


130h 


MOTORS & D ISTRIBUTORS 

If.t.-actuaries index 


120 b 



130b 


lOO 


APB HAY JUN JUL AUG SEP OCT NOV DEC JAN 


£ eature< * dollar premium, imuan} »un» v.™ hkuvp—-» 
which to G5 per cent. It rallied in brisk at 104p, reflecting its substantial Elys 

VylliCQ occurred on the first two ro AQ nar pant harnrp hrpwino intAYftSfS FknwhArA A- _ 


SUTfJHTi £ ml: gyati** * ***** 

Drfecred^ened 81 ?^ 

of up to 300p a share, London 

Pavilion gained 25 further to 325p SSSS 

following the Board's strong re- and sharply unproved first-half 
jection of these terms as too low. Profits. John Hagps moved up 4 
Piccadilly Theatres rose 7 to 82p to 102p, but. RKT. at Tip, lost 4 
in sympathy. Restmor, at 129 p, of the previous day's rise of 7. 
recorded a Press-inspired improve- _ _ . _• 

mem or 3 and English China Clays Golds rnnnime film 

hardened 2 to 8lp on the results. _ -__ . 

Drake and Scull hardened a peony , South African Golds continued 
to 25 p in reply to the chairman’s their recent upwart movements 
statement: the price in yesterday’s a * t* 1 ® bullion P£L ce further 

issue was incorrect Leading issues a !*£?!? ol L 0 c,ose 7o rents ^ gfler at . 
fell, away after a firm start and 3173.125 per ounce, 
were looking distinctly dull after- J’* iarp Sams in both the metal 
hours. Glaxo ended 8 off at 597p, price and shares in overnight,U.S. 


FINANCIAL TIMES STOCK INDICES 


- 

Jan. 

•18.. i 

Jan. 

- U 

Jan. 

.ID 

Gw cm meat Boo*--— 

77J3BI 

7757 

77.29 

PUed IntertBt.,— 

80.8o| 

80.58 

atL93 

Industml Oriloaty — 

479.4 

4875 

484.6 

GnW Mines... 


139.3 

139.3* 

Ord. Dir. Yield 

• 5.50 

B.S2> 6.53 

Burnings Y’ktXlhtllK*) 

17,03 

16,78 

16.82 

1*/H Itatio met) (*t*— 

8.38! 

8.45J 

8.43 

Bmlincs nmrkovl... 

6,266’ 

6.9781 

7.130, 

Bqnitr turnover Au~. 

_ j 

69.83 

98.23 

Ktuliv Iwnffiui" (real. 

— ' 

14.399p6.641i 



*WLOfi| 03.1 
81.23| 81.19) 6M-‘ 
497J3] 494JS; 563. -' 
236.9; 150.6} 130.3 j 110.' - 
9.47, 5.41] 5.42; 6.1- 

ie.es| 16.45; 16.47 I9.i ; 
8.53! 8.621 8.51] 7.$r' 


66.19 67.28) 76.98 6SJ* 


10 am. 


HS8J. 11 a.ra. 4SSA NOW «fi.t 1 pJn, *5.T. 

2. p.m. 488-1, a mb. 4S4.0. 

I.HiQlt Index 81-246 RQk 
•Based oo K per cent, rtwrallon tax. tNfl*427. _ ’’ 

- Basts 100 GOVS. Sees. Unm Fixed lot. 1838. tad, QnL 1/T.35. Gold 
Mft yc 12/9/55. SB Activity JnlyOeC. 1843. 


highs and lows 


S.E. ACTIVITY 


Govt. Sees— 


Fixed Infc... 


lad. OrvL._. 


Gol.i Mines. 


IOTI/78 


jStace L'cuepUatiQB | 


High 


79.86 

{SOffl 

81.27 

ra/i/rai 

549-2 

lUIS) 

174,8 

as/icn 


Law 


60.40 

rt/i> 

60.49 

<4/li 

3S7.6 

(lS/ll 

95.1 


High 


127.4 

fl;i .46) 

150.4 


Law 


49.18 

{3»l/T5J 

50.53 


(Sill l)47)i lid/JW 

649Jl 1 49.4 

i L4/d;7?4 126.45/40) 

442.3 i 43.5 

'7b iiCfi/10 41» 


Jus. 

12 


Ju. ■ 

11 


—Dally 

fills-lilRed—i 170.1 
JuiiHtnn.*— j 182 JO 
Siircatoclve.- 35.0 

Tiitate..119.9 

h-dAV Av'nnpi 
Oiti-KflRpA-. 1 205.0 1 215JS ; 

I miuatrUis _l 221.6 1 227.0 - 

StperiibOlv*...- 45.0 J 47.t~ 
■rm»i«.:.i 144 Jl i 1488' 


207*j 

SOM.’ 

484. 

136.1- 


Initially down Grand Metropolitan were 4 easier prompted a gain of 4 to 74p in Beecham 10 easier at 655p and ma rketo _ saw j»nces_ m 5 r ] ce d up 


._ , . , ™ trading to 68 per cent before brewing interests. Elsewhere, A. added o ta Tif} on the higher first 

ill* lr£ e ? veek - The r^ 5 softenhig again late on the ex- Bell attracted fresh speculative SI “ e ^ 

tFiJS? SSSfT.tttt <*>« at 661 per interest _ and_ closed Shighff at “« 


(Wimbledon). Bsylteck Tn™rnndKeisaB6 lo«eratS10p. m^Mtialls^at Jhe^onteet^of First 


OPTIONS TRADED 

DEALING DATES International Timber, Law Lu' 


Pride “dOarke cametc) the d two-way trade which took 
fore in Motors and Distributors, f„^h*s- ai»6iA until ♦>«,!«♦= 

1.4 «• «=4n irt 


Deal¬ 

ings 



as reflected in the FT 30-share Official London dealings com- Buildings displayed no set trend lower at 268p. Movements else- equity leaders. 
index: up a point at 11 a.m^ it menced yesterday in Dana following a small trade. Rowlinson w jj Pre fa the sector were mixed. After-hours’ 

was a net " ' " ' .... - — - -* - 

the clone 
This is a loss 


news 


3.2 off at 3 p.m. and Corporation Common stock: the Construction were notable for a B _ whwalte werG sumDrte d a t downward revision oF the Clay-or up 
was 7.S down at 479.4. shares opened at £14i and closed speculative gain of 14 to 100p in Shtamford. more and Piper North Sea 9,' 1 £17 ^ 1 

- of l7s on th =«* «*■ LSSLTSSSJfS FL%£ Hsc-b.'s^W-UE? ssa 


Last Last For Highland Distilleries, GK 
Deal- Declare- Settle- Conrtaalds, ICI, RTZ, Lu' 
^ ings tlon meat Securities, Bo water. Burnt; 

a Vh£ Pnces further ahead untilJtelate j jan.23 Apr. 13 Apr.25 Oil. Second City Proper*: 

a UUD afternoon when the modest down- £“£££ Feb. 6 Apr. 27 May 10 Crouch Group, J. Brow 

__ --- — — Furness Withy, Hay’s Wldd 

Duple Int, M. P. Kent, Lol 

__ _ Dunlop, British Car Anctio 

m Calls were dealt in Warner Excalibnr Jewellery, Burton , 

of the Heavyweights registered : .gains Holidays, British Land, Thomson GEC and Ragland Proper! 

--i to i as in West Drtefontetou Organisation, UDT, Town and Puts were done m C. R. Dawt 

and Free State Gednld, Hi City, Fairview Esates, G. R. P and 0 Deferred, Dunlop, GKJ 

lower-priced stocks like Dawes, Lonrbo, English aud Coral Leisure, while doubt 


=n n D nvpr c qlrn uiuu^ul auuwi. a will 1C iuwci>pu»:u UAC pawPS, JLiUUitiv, uuguau 

^T' WnMihonv decline in Thomson Organisation, Doorafontein, 257p, Stilfontein. Overseas. Cons. Gold Fields, were arranged m Britton 
in Wooanouse . --♦ -----«•--^ - - -- Arrow, UDT, Town and Clt 

TricentroL Loreine, Shell Trim; 
port, RTZ, and Crouch Group- 


so far. 

Falls in the index constituents FNFC harden 
ranged to 6 and occasionally more A penny or bo firmer at the 

with Allied Breweries falling 41 house close, the major clearing _ vji . .. . 4VKW1WU 

JL 85 ^" th ! ann ^i C | DieiU ^ aI Banks turned down late to close remark that recent bid hopes are t ‘£“' 860p. ~ Other Newspaper North that the miie has been classified 

the company s proposed price in- with losses of 5. Barclays were unfounded. AP Cement cheapened J^d reausiries, unaltered at up, sea-oil orientated stocks eased in as a State assisted mine East _... bum i mur fad iott/vo 

i?_Siestjgated by that much easier at »Mp, after Slate to 266pand London Brick sympathy and Associated ended 5 Jtond Proprietary attracted a cSn- NEW HIGHS AND LOWS FOR 1977/78 

f- ? 46 1 P- , whlle ^? ra “J™ 1- receded 1* to 73jp. JJ to off at 165 P* wWte Daily’ Mafi A slderable demand from the The foiiowino quoted injhe vort». aim. s m ithB™. 

to larly lower at 290p, after 29_6p. r/n Inu> „ frnm , flTO1 ^ shed s to 340n Elsewhere, Continent and advanced 13- to sis.™ uuonSSttop s«vk* yratwdav Fashion * General 


attained new Htate and Lows (or 1977-78. 

NEW HIGHS (69) 


tailers became vulnerable to lariy lower ar zwip, alter asop. rrn ‘ 1 ’, lw ^ 4 tn -uon Elsewhere r*nnti 

Ev&Mpxt sSSKSStSiS. ESEKSSaS %L ^ «.—^ 

fir.T&sF*SSs ^ »up b 1 s $EmV&*£B?JSTL jneNM^nawsw. 

affi ?si t tr ?z aSS5 ETjESfi&SStlSS SUSS gJ&ZJB isussns'UStASi — «nW"■ 

SiS meB L S the cur - b, * b ? r . £141- Favourable com- per ^ issue p ^ 8 6 P-Fafis of aiwmd 3were a^j profils _ Wace Group thTprile to I88p, a nrtgffluof 3. „ Ban .."S* 

rent speculative favourites. ment in front of to-day s prelim in- in front of to-day’s interim re- Simon EnidneermK *”^ 0 ’ a nd jtimped 8 to 30p following news GFSA, however, encountered J Hanks <11 

Rises and falls in all FT-quoted a !7 results helped First National su j ts Thorn Electrical traded unnor* esn Blake’s iMflUtuhle that substantial shareholding had further strong support which left Midland 71 -pc -ss-m 

Industrials were evenly matched, fi^” c l, n 2 > ^ 0 S [ tfol1 harden 3 around 380p before easing in the Castings) weretSporarSy sus- changed hands. the shares another J higher at 

and official markings amounted shade more 10 3 P- late dealings to finish 6 down on pendedat 35 p- nSreoftte prJ JEUi as take-over rumours TJSjfy* 

to 5^60 as against 5.97S the pre- Mora interest was shown In In- the day at 372p. GEC were also po^ b i d from'Centreway Securi- BP down refused to lie down. Similarly, Beattie fj.i a Ravbecic 

vious day and 6.231 on Thursday suranees. Phoenix receded 4 to noticeably dull in the Electrical jjg- we jj after market hours. bid rumours lifted Consolidated MMrs Seore ». 

of last week. 284p as did Sun Alliance to 600p. leaders and fell a similar amount A useful two-way trade devel- Gold Fields of Australia, which 

while Commercial Union gave up to 267p. Elsewhere, Mairhead be- _ Further consideration 01 J-'oped in British Petroleum, which closed 12 to the good at ISOp. 
riflte nricpttlpri 3 to 150p. Matthews Wrigbtson, came a better market at 181p, up Salnsbury s plans to cut prices held up well prior to easing in 

uuw unaeuieu however, hardened 5 to 2I0p. 3, with the new shares 4 higher °ver a wide range of products the late dealings on currency in- 

Encouraeed bv a favourable at 24 P Premium. Still reflecting an reured fresh dullne^ in Food fluences to end 10 cheaper at 

Press. whK* included the latest RrewPTC dull late investment recommendation. Retailers, the latter fimsbing 10 810p. On the other hand. Shell 

Government SSne wS » rewers auu Automated Security put on 3 down at ISOp despite claims that were relatively quiet, but held 

ments, British Funds soon ex- News that Allied Breweries’ further to 51p. Cableform it.had introduced its new cut- steady at 518p. Elsewhere In Oils 


NEW LOWS (67) 

FOREIGN BONDS (21 
Greek 6 pc '28 Stafe. Greek 7pt An. 
Ass. 

AMERICANS HU) 


RISES AND FALLS 
YESTERDAY 


Dam. and 


H 8 ' 10 54 


«•«*,»>, ... 4 -uiiwa ouuu a- that Allied ___ __ _ r _ _ ___ _ _ _ __ 

tended Wedne^aVTrecovery with application for price increases is encountered buyers at 89p, up Price programme from a position Ofi Exploration rallied to 288p snosn Funds 

gains approaching J among the to be investigated by the Price 2J, while Jones Stroud responded of strength. Associated Dairies after the previous day’s late re- cunws., d« 

longer maturities. However the Commission caused a late flurry to the increased half-yearly profits stood out with a fall of 17 to action on rumours of a dry well . *"55, Bmul5 . Ji J® 

movements soon proved to be of activity in Brewers which with a rise of 3 to 88p. 232p, while Tesco eased 14 to before reacting afresh to dose nSSumit" Rrw— vu uo zn 

none too soundly based when a closed widely lower. Allied were Store leaders dosed mixed after 42iP aud Kwik Save IQ to 202p. unaltered on balance at 276p. ous __ sin 

bout of selling attributed to first finally 41 cheaper at 854p, after a smaH turnover. W. H. Smith Elsewhere, British Sugar Slebens (U.K.) met with profit- mutattons .— a a a 

reactions to the Goveruraent’s 85p. Stightly easier at 6Wp “A" hardened 3 to 167p and dropped 10 to 480p despite the taking and fell 8 to 290p. . .. ® « » 

White Paper on Public Erpendi- following the interim figures. Burton rose 9 to l2Sp but the big improvement in last year's Property leaders drifted back .. 

tore, unsettled the market Poten- Scottish and Newcastle closed 3 latter’s “A” softened a penny to sugar beet crop. Bluebird Con- from a firm start on scattered Total* _ sss m un 


Wmrwell 
ELECTRICALS (4] 
ENGINEERING (81 
FOODS 111 
INDUSTRIALS US) 
AUoc. Spraven Halm* 

-Barr ft W.A.T. A 
Boivtatt Inti, 
caaun Pro till* 

Carlton rndi. 

COwan de Groot 
n- Drake ft Scull 

UpDowaSame Fpm *i, ornw.1 

MOTORS (61 
PAPER (2> 
PROPERTY (61 

Clarke N idea lb . Dorr!notort 

Control Secs. McKay Secs. 

Dares Estates Reoalian 


Honeywell j 

I.B.M. Core. 

I.U. Internal. 

Kaiser AlumlnaM _ 
Moroan (J. P.) 
Norton Simon Inc. 
Owens-lillnot* - 
Shell Oil 
TRW Inc. 

Tennceo 

Tesoro Petre l wm* 
Texaco 
Transsmerlca 
United Technolopy - 
UJS. Steel 
Xerox Core. 

Xanlcs Inc. • 


Hamas (J.). 
Jerome 1 


TRUSTS (7) 

~MSG , 2ad > D , | C ‘ Kl*ek«« Taylor 


Asarco Inc. 

Baker Inti. Core. 

8arrooDhs Core. 

Chase Manhattan 
CiUcoro. 

City Inv. Cum. Prf. 

Col sate-Palmolive 
Colt Intis. 

Coot. Illinois 
Cone. Oil 
Crown Zellorbach 
Eaton Core- 
Firestone Tire 
First ChlutM 
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Ford Motor 
Genl. Elect. 

CANADIANS 111) 

BANKS (31 

HK ft Shanghai Wells Fargo 

Nat. Bank A use 

INDUSTRIALS (41 

.. Continental Group Franklin Mint 

WStmnstr Cntrv Props Em hart Coro. JaoJine Matheson v 

INSURANCE (21 

Comb’d Ins. Amer. AnstraUan Agrici, 
PROPERTY ( 1 ) 

HK Land 

TRUSTS RD 

G.T. Japan Land. Aberdeen Pfd 

Jardine Japan Mass. Mart. Retltv 

Jardine Secs, 

OILS (1) 

Ranger OH 

OVERSEAS TRADERS (2) 

MINES (21 


lagali Inds. 
LonHlMe Universal 
Paul ft'Whites 
Silvertborne 
Sttig^Furnlture 


Ribbons 


TEXTILES (31 

Stroud Riley 


Inc. Scot, ft Merc. A 


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RECENT ISSUES 


EQUITIES 


Issna 

Price 

P t 

1 = 3 3 e S 

a-5 g -2 9$ 
;=*2 

IS 

1 Higfa 

177 • 

—-- Stock 

Low • 

1 

!»- 1 1 

jS-=^+ or] 

-jS. | - 

i -I iai' 

“*.1 \U\ 

pSI 

psl 

Cl 

104 ! 
{53 
92; 

F.P. 1 — ; 
P.P. j20/l 
P.P. 61 I 
T.r. 27/1 

470 

1Z5 

57 

M 

552 iE 8 QO(ROJjO. 

109 Parmer (B.W.).! 

67 .Holden (A)__ 

55 l.M.I.&ppd. 

470 i +6 

122 ;. 

65 i. 

1 58 .+U S 

Fffic 1 - I 
67^9. 24 
A3.3 ! 3.6\ 
| o3Jflj2.7 

3.61 — 
9.4 7.0 
.7.7i 6.5 

8 - 6 ' B _2 


FIXED INTEREST STOCKS 


n 

3 = 
2- 

E§3 

3|* 

IOT7 


$** 
■g Cl 

+ or 


li 

High 

Low 




£98ig 

!£&0 

3/2 

Ml« 

401s 

Bath Hik I3£6_.... 

533* 

+ l 2 
+ «4 

+ to" 

£100 

£50 

26/1 

52 

4714 


£100 

£99 

PJ*. 

£60 

27/1 

3/3 

90 

91 

SO 
67li 
06 Is 
8971* 


60 

■M 

P.P. 

F.P. 

— 

99 


981& 

S971* 


£10 

P.P. 

24/3 

9931* 

l&a*j 

10Oi s 

100 

3971* 

III* 

. WJg 
99ls 


6971* 
147 b 
lOO to 

—h 

+to 

9 

F.P. 

£10 

P.P. 


LOO 

un 2 

SBtii., 

U»i 2 

Ilia 

597 


100 

1211 


£98 la 

£100 

£30 

P.P. 

P.P. 

F.P. 

F.P. 

3/2 

27Tl 

Gil 

64 

9971s 

101 f . 

IM,! 

lU/pl 

BiwWBI 

53to 

596to 

lOll* 

100.J, 

1054^1 

+ to 
-to 


“RIGHTS” OFFERS 


iaauo 

§5 

Larexi 

Uenunc. 

1077 


Chniue 

+ or 

P! 

Is. 

• 

ULl 

High 

law 


p: 

“ 

95 

mm 





Arlington Motor... 

26pm 


2d 

p.p. 

15/12127.1 

3U 

32to 



SO 

p.p. 

6/1! 10(3 

73 

th 


66ia 

16pm 

36pm 


32 

180 

Dti 

ail 

23/1 

24/2 

27/2 

10/3 

19pm 

&2ls 

6pm 
36 pre 

Ubrirty Btm 

— 


mi 

13d 

10/3 


lopm 

Blber Ithluatriei.. 


L2is 

nil 

24/1 

6/2 





no 

p.p. 

29/ Ik 

27,1 

63 

M 



10 


6/1 

10/3 

7fl 

71 


.78 

261a pm 


nil 

nil 

ail 

FJP. 

26/1 

17/2 

23/12 

9/3 

3,3 

18/1 

fflipm 
3Upm 
63 pm 
331j 

K 



5AL7B 

17to 

«pm 

National Bk. or Airntraliiata_ 

Paw-oa W. L._■__ 

24 pm 
43 pm 

+4 

32 

7U 

IO 

Pi 

16/12 

19/11 

27/1 

16/2 

6pm 

eu 

zS m 

43 

! 

K.CJ_____ 

House! Kidewmv. . 

6 pm 
86 


165 

30 

F.P. 

F.P. 

12/lK 

3/1 

18/1 
27/1 

; - 

292 

41 



Renuuciaooo date usually ust day tor dealing tree « -ramp duty, o Fimoea 
o° prospectus estimate, a Assumed dividend end yield, u Forecast divkktoc- 
corer based on previous year's camJBBS. r Dividend sad yield based on prospectus 
or other official estimates for 1VT9. o Gross, t Htg ares assumed, t Cover allows 
_? ,arcs "01 now ranMra for dimdend or ranging only for ratneted 
dividends. "> Ptactoft once to public. Pt Fence unless otherwise tndtca’ed. S honed 
by lender, u Offered ro holders 0* Ontmanr shares as a - rights ” ** Rtghrs 
by way ol capliallsauon. rr Minimum tender grlce. ReRxraduoPd. ff lacued 
in connection with renreanisarion mereer nr takeover, [ftf fniroflucnon, n Issued 
to farmer Preference holders, ■Aflouneat hirtere (or fuQy-pahti. ft Provisional 
or nartly-naU) aifounem letters. * Wltb warrants. 


FT—ACTUARIES SHARE INDICES 


These indices ire the joint ctmipilata el the Blmdai limes, the InsUtnte of Actnaries : 

and the Fseulty of Actuaries 


EQUITY GROUPS 
GROUPS & SUBJECTIONS 


ngmea In panentfcetw Aow number of 
stocks per section 


CAPITAL GOODSam. 


Baflding HsterialaCZT). 


Contracting, Coutncfion OS). 

EtodriadsQJ)... 


Engineering Contraetars(13). 

yeehan icil fti g in « oring(7g^ r 


Metals and Metal Forndn^l7)_J 

CONSUMERGOODS 

(DOMBLEim 

LL Electronics, Radio TV &5) 

Household Goods 0®, 

Motors and DUtafijaton(2fl) 

amSUMEK GOODS 

(WMMN7RABLSK27M_ 

Breweries CM) 


Wines and Spirit (© 


fiitertainment. Catering Ciaj 

Food MnnnfartiiTing ffig ) 

Food Hrtailing (lfl). 

Newspapers, Publishing (13). 

PackRring and Paper (15)— 
Stores (38)—:- 


Textiles (25). 


Tobaccos (3). 


Toys and Carnes (ff). 


OTHER GROU PS (S7). 

Chemicals Q0)-■ 


FbarmaceutlcH] Prodocts{7)_J 

Office Bqtdpment (B) 

Shipping 

Mlseenaneotts (5€_ 


IMDOBIB1AL CBOPP (Offi 


OUaM). 


SW SHARE INDEX 


FINANCIAL GROUP (UO. 

Banks (6). 


Discount Houses (MX- 

Hire Purchase (5)- 


Insnrance (life) (10). 

lusarance (Composite) (7). 

Inaarancc Brokers (10). 

Mochant Banks (ML 

Property dj. 


Msrdlaneon«(7). 


Investment Trusts (50). 


Mining Ptoanee (4). 


Overseas Traders OS). 


ALL-SHARE INDEX (« 3 


Thors., Jan. 12,1978 


Index 


Qunffei 

% 


210.M 

194 JM 

339J7 

451.96 

I29&33 

164351 

16232 


193JJ 

23134 

119.49 

117.44 


28029 


22033 


299.79 

258-86 

197 JM 
196.99 
344.82 
13226 

19L91 

174JM 

224,89 


M2A9 

192J6 

25450 

2S62*> 

333-12 

47253 

205:71 


286.94 


45430 


228.03 


174.91 

20014 

21659 


17055 

34SJ9 

138.35. 


32027 

|84J2l 

249.92 

10958 


19356 

190.91 

27064 


21727 


-05 

-II 

S3 

-16 

SJ 

-02 

—05 


-04 
SA 
+0 A 
S3 


-LI 

-3.4 

-1.9 

-L4 

- 0.6 

S3 

-Z7 

-05 

-05 

+0A 

-0.4 

+112 

-0.7 

-L2 

-L2 


-HU 


-OO 


S3 


SB 


S3 

-12 

-L2 

+L2. 

-OO 

-LI 

S3 


+02 

+02 


+OJ 

SA 


S3 


WnJ 


1688 
15.81 
17JO 
14.78 
1951 
17.77 
19.46 


1726 

1524 

16.99 

2054 


1544 
14.78 
1750 
3327 
20J7 
13.62 
9.49 
19.95 
30.05 
19.88 
2L48 
20 JO 
1623 
1942 
10.74 
17.41 
2044 
1521 


16J1 


15J9 


35.98 


2452 

30.92 


12.94 


275 

2926 


322 
3725 
1751 


Grom 

ntv. 

YleU% 
(ACT 
at 34%) 


556 

541 

324 

3.92 

633 

624 

8.70 


478 

335 

6.40 

652 


559 

5.96 

5.76 
6.61 
557 
454 
3.63 

8.77 
4J2 
757 
851 
5.79 
552 
657 
356 
438 
620 
5.95 


557 


427 


538 


541 
5 JO 
7.64 
458 
558 
5.82 
4J7 
557 
273 
718 


4.74 


654 


554 


PUS 

Ratio 

OtaL) 

tm ant 


837 

9.04 

851 

9.74 

6.91 

822 

650 


845 

948 

855 

729 


936 
10 J4 
852 
1L0Q 
7J3 
1058 
1553 
721 
1556 
638 
621 
655 
859 
726 
11.95 
750 
558 
952 


8.79 


8.00 


856 


620 

1355 


1153 


68.09 

652 


3158 

678 

753 


Wed. 

Jan.. 

11 


Index 


No. 


21139 
195 J2 
34038 
458.42 
29834 
164.73 
36351 


193.97 

23271 

18277 

11751 


28252 
22839 
24438 
26258 
19959 
20772 
35352 
133 J2 
19211 
174.09 
22S58 

110.42 

199.42 
25756 
2S931 
13158 


472JB 

285.70 


28857 


4030 


229J8 


17656 

20267 

21879 

16831 

14654 

139.91 

328.94 

8428 

24934 

18952 


19253 

9126 

27133 


21350 


Tnea. 

Jan. 

10 


Index 


No. 


zn.it 


195.76 
34256 
45556 
299J2 
16453 
16150 


1920 

23836 


11324 

11756 


210.73 

227.86 

21352 

25198 

19859 

20738 

35222 

133J7 

15175 

17253 

22291 

38070 

19286 

25572 

25939 

129.05 

47214 

20612 


280.03 


46454 


22932 


17456 

19852 

220.41 

1*5.90 

146.75 

13875 

330.49 

8120 

24954 

UAH 


19172 

19243 

28L53 


21343 


Jan. 

9 


FYL 

Jan. 

d 


Index 

No. 


21357 

19757 

34837 

46170 

306.96 

16632 

16283 


19551 

23554 

18133 


31856 


28618 

33150 

24732 

26454 

282J3 


22258 

36821 

334.98 

19750 

ITUS 

22444 

38L93 

394.78 

258lB 

26115 

13029 

47643 

28853 


2U34 


46173 


23293 


17838 

20285 

22635 


16948 

150.93 

14223 

33371 

8517 

253.45 

1UL87 


19638 
19L87 
284.93 


216.71 


Index 

No. 


21454 


19756 

350.75 

46434 

387.85 

166J1 

16247 


19657 

235.96 

18432 

11951 


20725 

231.1? 


24955 

26937 

20338 


22322 

36852 

13559 

197.95 

17537 

2K11 

18074 

19656 

■ MJW 

26296 

13272 

48381 

20936 


21232 


47254 


23432 


178.96 

283.04 

22611 


16934 

15139 

14346 


33452 

8522 

25352 


118.82 


20848 

9259 

28459 


217.99 


(affix* 


lnd« **•' ■* v 

No. 


136fe— 

1153 


2773;*, . 
2785’ 1 -; 
1312 
1264 

1172. 


1191 

UL« 

127JJ 

79JJ 


13751 
25851, 
15731 
17773 
15231 
2329! 
201Jf 
92 X 
309JS 
12731 
20924 
7951 
246* 
28629 
051 
8259 
41751 
IttB 


14351 


166JS 


322J7 

35554 

15652 

81* 

m55 

9758 

7BJ3 

85 

vast 

7242 


15633 

18731 

mr 


ACTIVE STOCKS 




No. 


__ 



Denomlua- 

Of 

Closing 

Change 

1577-78 

1977-78 

Stock 

tion 

marks price (p). 

on day 

high 

low 

BP . 

£1 

11 

810 

-10 

966 

776* 

Burmah, Oil ...... 

£1 

11 

53 

+ 1 

83 

41 

Grand Met. 

50p 

10 

1(H 

- 4 

109 

62 

Bank Oik, . 

25p 

9 

258 

— 

276 

128 

Shell Transport... 

25p 

9 

516 

— 

635 

454 

Coos. Gold Fields 

25p 

$ 

18S 

+ 3 

224 

137 

ICI . 

£1 

8 

342 

- a 

446 

325 

Marks ft Spencer 

2op 

8 

154 

— 

173 

96 

BATs Defd. 

25p 

23p 

7 

232 

— 

260 

202 

EJLF. ............ 

7 

148 

+ 2 

155 

34 

GEC . 

25p 

7 

207 

- 6 

284 

103 

Glynwed . 

2op 

7 

100 

- 2 

121 

74 

GUS A. 

25p 

7 

300 

- 2 

347 

176 

GKN . 

£1 

7 

288 

- 4 

369 

260 

Highland Distil. 

-Op 

7 

152 

.+ 3 

152 

52 



FIXED INTEREST PRICE INDICES 

/ 





Day's 


xd mdj. 

British Government 

Jan. 

12 

change 

% 

Today 

1977 
to date 

1 

Coder 5 years 

109.49 

+0.01 

■ — 

069 

2 


12415 

13236 

+B.93 


060 

3 

Over 15 yean 

— 

060 

4 

Irredeemables 

34611 



060 

5 

All stocks-_ 

77MA 

+061 

- 

' 064 


FIX ED Pm EBBST 
YIELDS 

Br. Govt at. Gross Red. 


Low 5 years. 

Coupons 15 years. 

S years. 
Medium 5 years., 

Coupons 15 years.. 

_ 35 yean.. 

High 5 yean., 

Coupons 15 yean. 

' 25 years.. 


Irredeemables. 


Than. 

Jan. 

12 


733 

9.47 

1857 


937 

1030 

1854 


1052 

1143 

1132 


im 


Wed. 

Jan. 

11 


7.26 

936 

1851 


934 

1844 

1039 


1052 

1143 

up 


3131 


as# it; 

I ii i 


Year 

«80 

UPP»W 


939 

U87 

32.99 

12.42 

D5I 

3334 


3332. 

TA3h 

Wj 

3434 




Thnre, Jan. 1£ | 

We*L: 

Jan. 

n 

* 

Tom. 

Jan. 

10 

Monday 

Jan. 

0 

Friday 

Jon. 

8 

Umre. 

Jan, 

6 

Wed. 

j«L 

4 

Turn. 
Jan. . 
3 | 

Tear 

agn 

(approx 

Index 

NO. 

Yield | 

£ 1 

15 

|2(Fyr. Red. Deb. & Loans (15) 

63.19 

111.75 

I 89.99 j 63.43 

53.31 

63.31 

63.36 | 

68.89 

[ 62.60 

48.9* 

15 

jlovestxnent Trust Prefs. (15) 

87.58 

12.24 

07.711 

( 57.67 

57.S7 

57.59 

5733 j 

56.08 

! 55.73 

47.30 

17 

jcoml. and Indl. Prefs. (20) 

78.34 

11.53 

78.80' 

| 78.33 

j 79.91 

77.71 

77J59: 

77.38 

l 

76.93 

B6.9B 


t Rcdfimpilon yhHd. Hlgbx and tours record base dates anti vain** and constituent dimuRS am pobflstoffi In Eawtiffi 
Isaacs. A list of Uw umstitiums to available Irons um PobUifiere, 0» FmMdal Tlntec. Bra dual House, Cannon street 
London, BGL price Up, by post 22p. 



O0 





V.JI 


















































































































































































































































** ft; 


l fc»v > 



bandar TUnes^ Friday Jairasry ET1973" 


OFFSHORE AND OVERSEAS FUNDS 


ka >. n&Kuxu ' 38 

■ ( j. -gJK — 


t »ADEd 


RE IN! 




INSURANCE, PROPERTY, BONDS 


Tiaw*. 


lactintt? 


CLIVE INXTSSTMENTS LIMITED j 
oyal Exchange Ave., London EC3V- 3LU. TeL: /1-283 1101 
?x Guide as at 11th January, 1978 (Base 10? at 111.77.) 

‘Clive Fixed Interest Capital.— 134.97 

Clive Fixed Interest Income...127.53 


CORAL INDEX: Close 480485. 

INSURANCE BASE RATES 

t Property Growth ......i....... 8}% 

Cannon Assurance... 4|% 

t Address shown muter Insurance and Property Bond Table. 


BASE LENI. 

j?:5‘£AN. Bank .64% 

^.. : a*.tied Irish Banks Ltd. 64% 
;st5 aerican Express 13k. 61% 

U. aro Bank. 64% 

U-St ■ *" ; P Bank Ltd. . 7 % 

mry Ansbacher. 6}% 

^* :nco de Bilbao.. 64% 

v ; wj? of Credit & Cmce.il 6*% 

■ , ; *it^ ;hk of Cyprus.64% 

* • nk oF N.S.W. ..... 64% 

.,,' ^ Tuque Beige Ltd.. 64 % 

• s t^nque du Rhone. 7 % 

■ ■' lmlAlfA DnnU <E 


BASE LENDING RATES 


I Hill Samuel..;..S 7 % 

C. Hpare & Co. ;.t 61% 

Julian S. Hodge . 74% 

Hongkong & Shanghai 64% 
Industrial Bk. of Scot 7 % 

Keyser Ullmann . 

Knowsley & Co. Ltd.... 

Lloyds Bank . 

London & European,... 
London Mercantile ... 

Midland Bank .. 

i Samuel Montagu ...... 


^.rJrcJays Bank ..... 61%** Morgan Grenfell 


;i Z ^ fraett Christie-Ltd....-84% National Westminster 64% 

J r ;:-j Samar Holdings Ltd. 74% Norwich General Trust 64% 

". * e a-it. Bank of Mid. East 64% P.'S- Refson & Co. ... 

iaf' town Shipley 61% Rossminster Accept’cs 

■;; , u j ftiada Permanent- AFI 64% Royal Bk Canada Trust 6 
: r * ^irol C&C Fin.Ltdj 9% Schlesinger Limited ... 

*[ f . ■ ;. a s I’yxer Ltd. .. 7 % E. S. Schwab . 

• iyji >dar Holdings .. 8%. Security Trust Co. Ltd. 7 

, : ;l-o Sarterhouse Japbet... 64% Shenley Trust. 

1 E - Coates .i- 7|% - Standard Chartered ... 

• !aii>nsolidated Credits ... 74% Trade Dev. Bank . 

Ljf iVoperative- Bank ... .64% Trustee Savings Bank 6 

^ • :Mf:?»rlnthian Securities... 8}% Twentieth Century Bk. 7 

‘ c *" • ^edlt Lyonnais- 64% United Bank of Kuwait 6 

■* ' fl . : $e Cyprus Popular Bk. 8*% Whiteaway Laidlaw ... 

v :•* ?mcan Lawria .64% .Williams & Giya's 

-: 1 ■ "pvgil Trust--...—- 64% Yorkshire Bank- i 

Transcont -'8% j, Menlliera «* &e Acceffta* Hems 
■ :-.v-irst-London Sees. ... 6J% comomw. 

-.T^'^rst Nat Fin. Corpn. _ 9 .% vr-day deposits 3%, i-morah deposits 

j.tStNjL Secs. Ltd. .... 8 % -f 7 -tjay deposits on. sums of ns .080 
, - :.'J;i^3tony Gibbs .64% -and nmler tti. op to £25^00 3f% 

;;' “!;■S^eDunant'inirt... 7}% aWSKtfS* re. - 
,-i -cTeyhound- Guaranty... -64% g Demand dwodu 4%. 

’s, ;C» iirhidlays.Bank ...._164% 4 Rite also *w»es to swung ma. 

; * v--.;. tfeinness Mahon 64* ***18-31%. ms or dopooK 

• 1 SUblM Bank . 64% . orer SUM negotiable. 


. .-Ti' ^rstNat. Secs. Ltd.8 % M 

Gibbs ..64% 

; ^ 1 !*«■;• j$ode Durrant Trust... 74% . 
. s greyhound Guaranty... 64% i 
: s :i-]; 'iffrmdiays Bank ......i 

• ^ V-; ;, thinness Mahon ..........' .64% . 

1 ,‘^anibros Bank . 64% 











P 


__ 4-12 

= -a 

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FINANCIAL TIMES 



British! 

precision 

bearings 


Friday January 13 1978 


BELL 

SCOTCH WHIS 



Nuclear safeguards Sflkin expected 


THE LEX COLUMN 


agreed by exporters 


BY JUREK MARTIN, U.S. EDITOR 


WASHINGTON, Jan. 12. 


THE MAIN NUCLEAR exporting from the fact that France is the guidelines demonstrated that 
countries have reached agree- seking to insert additional safe- the suppliers “are not a secret 
roeut on a code of safeguards guards in her contract with cartel, but a group of countries 
designed to reduce the likelihood Pakistan. interested in putting their inter- 

of nuclear technology being put The code does not specifically national safeguard obligations 
to military uses. require full op-site international above short-term commercial 

The guidelines are being sub- advanti « e " 

mitted by each of the 15 coun- ^? s . 0 ^ p VL Cbasm ^ ctrantrles or ^ p nn cipal provisions of the 
tries-the U.sl the Soviet Union, ar r e . known ** “ full-scope - impart code are: 

Britain, France, West Germany, s egn j n th e event of a disagreement 


to devalue 
‘green pound’ 

BY CHRISTOPHER PARKS AND PHILIP RAWSTORNE 


Italy, Belgium, the Netherlands, __ 

Sweden. Switzerland. Canada, IN Ot SCCfer 


itional safeguard obligations MPS expect Mr. John Si!kin, 
love short-term commercial Minister of Agriculture, to 
[vantage." announce a devaluation of the 

ie principal provisions of the “green pound'’ on Monday 
16-part code are: week—a move that would raise 

, ... _ the prices fanners set for their 

the event of a disagreement pr0 d U< * ^ uad to further 

be r wee “ SStt ■ an f^T t0 “l r to creases in retail food prices. 


customer-nations hare so 
Slovakia and Poland— to the f resisted such requirements, 

EaCrgy thoughMr. Joseph Nyi. the State 
Commission in Vienna* n_ 


over safeguards, other sup¬ 
pliers are prohibited from 
interfering with the negotia¬ 
tions by making counteroffers. 


Speculation grew at West¬ 
minster yesterday after the 
Government resisted Tory 
pressure for a debate on the 


Department's special assistant on Limited on-site inspection, in- nex , Thursday 

_I,_-— * - : __a ,u._ oluninff naniuiio mnaTlIanM 


They are the product of two nuclear trade, "implied that two, eluding periodic surveillance 

and a-half years of intense neqo- Egypt and India, would probably of the materials and facilities i 

tiations by the suppliers’ group acquiesce in the near future. covered in a particular agree- 

at a series of secret meetings. The Indian Opposition was ment, and of materials pro- 

mostly in London. evident in the course of Presi- duced locally by the same 

The new code will not be dent Jranny Carter’s State visit to design, 
applied retroactively. This India last week. Mr. Nye sug- Purchasing countries must pro- 
means that two controversial Bested that the U.S. would press v, de formal assurances that 

deals vigorously opposed by the later for inclusion of more stria- material or equipment will oot 

U.S.—betweeiiWest Germaoy gent controls. be used to produce a nuclear 

and Brazil, and France and While clearly it falls short of device, whether as a weapon 

Pakistan—will be allowed to go absolute U.S. goals, the UB. or for a peaceful explosion. 


duced locally by the same 
design. 


ciuiuug pcnuiuc surveillance Inctead. Mr cniHr, will 

of the materials and faculties wl ,„ 

smmbstbs SS-sS 


day to reply to an Opposition 
motion calling for a. 7.5 per 
cent devaluation In the arti¬ 
ficial agricultural rate for 
sterling against the EEC's unit 
of account. 

Opposition clamour for a 
change—the “ green pound ” is 
some 30 per cent adrift of 


threut^TtfaouRb the code would ioie the less °^co^d the Purchasing countries murt agree some per^cent adnft ot 
h,n rimilar .aU, «f mnwaMAminA OOTPPmPnt tO-flaV n « “ a major that an T resale or other re-| ?i?rUng proper—arose after the 


bansimilar sales of reprocessing agreement today aa “a major CoueO ' o iSSaSi to 

a «e"a iV , rep— a — «* KSWKS 

ss ’ skst ? sS'&zx’Zzz 

ffiPW nuclear dS ”!USfSSESSSSi 

officials take some consolation He added that publication of conetsaon. Page 3 _ a rSveli P mod“ 

drought burned up crops and after a record 20 per cent. 
_ _ !___ m dried up milk yields. jump in 1976 of £$95m. Invest- 

1 / A/N-M/vna r I But farmers’ real Incomes meat i a new machinery, build- 

V A6HA1* I TT ^Af ITIC remained unchanged, although tags and stock, however, fell 

T U3Uvl A llvJJL JU T VA vri V ▼ ¥ JLMlkJ they did increase 16 per eent by about 5 per cent to volume. 

MT v in cash terms. Mr. SUkto claimed the 

Ur. Peter. Tapsell, Tory recovery in output “illustrates 
A -4 av/k —v j m "■ finance spokesman, said the toe underlying strength of the 

A ■ mLm |w| ftj iYvrt\ri mm A1* only deduction to be made Industry which offers a sound 

X. I VI11 ■« *5-1 will I >1 II III II r*| from the Government’s tactics basis for some further expan- 

Vfllli T |^ Was that Mr. SUkto intended to sion to future years.” 

reach agreement to a devalua- During 1977, the national 
tion at the Brussels meeiL*.m dairy herd increased by 1 per 
BY RICHARD JOHNS Government sources said the cent The average cow yielded 

debate had been deferred 3-5 per cent more milk, and 

VOSPER THORNYCROFT will siderable proportion of the con- or previously ordered from the hcavy to ^e^SSr^Ssntnp^daSg 

build six fast patrol boats for tnpt value would not accrue to U.K. since the October War of the «£?WUtn taS 

the Egyptian Navy under a the U.K. 1973 including helicopters and JS *"22^.22! toe last year, tne wmte i-aper 

£150m. order recenUy concluded The Egyptian award to Vosper radar as well as a large variety if It were to Farm Prices Page 27 

m Cairo. Thorny craft coincided with toe ^peripheral equipment with its majority it it were to - b- 

Last night toe Hampshire- visit 0 \ Fred Mulle , Minister British Aircraft Corporation 
based shipyard refused to give of n efence to Cairo last week and Rolls-Royce are overhauling _ 

details of toe specifications, during which he signed a and maintaining Egypt’s MiG2I ni. A _| wvMvrvwsn nvt/rHTT 

which are said to be“advanced,” mSanto^ of ^deSing Agbters. StPPl 11111008 2D2TY 

at the Egyptians request witb toe Arab Organisation for Vosper Tbornycroft's order ^ IllllVfllkJ J 

It is understood, however, that industrialisation. would bring total Egyptian orders 

Mlrin^Scb vS”' made “5 5K wLn K t bf C So“« t;; fp/ n ff pr 

^ "Tisas" %is i, sv off iupp,ies ' io dl ° /0 ouer 

Br CHRISTIAN TYLER, LABOUR EDITOR 

f^ce of Soviet-built vessels of {^ u ®J*J | ® gypt bwingflre antl Government there seems tittle 

the Egyptia. Beet on a long-term and Rolla- ” »« ch *”« °! '?« , OK - UNION ANGER at Urn British spelt Odt the Gevernmenfs 

Negotiation'? are taking nlaee Royce are to an advanced stage lng Ee ^ p a® strategic require- steel Corporation's 6 per cent hostility to an early debate on 

wiSSTK SSS order S°S|Sfi m ST M *5 Jrs 

for fast patrol boats. and then manufacture to Egypt J Bl f ein « US aaa Daule w toe public sector under toe .and to its demand for eonflden- 

It is known that Kuwait would of Lynx helicopters. % <eems orobable that the AOI 1° ? er cea K e ^ deha1 T~ ma L^l ^ pap . ers . or L ^ 

want the vessels equipped with Over eight years toe value of wi f x rhe FriocoiermS b , aclt ne f° tia ^ ops f J or , Corporations financial prospects, 

the French Exocet surface-to- the deals is put in WhitehaU at ^Satoer/aroMd mmSrt e os “ re of hl ^ h<ost ^eelmatang In so doing he made dear his 

surface missiles manufactured by about £#>0m. at present prices. J at her tha? BAC’q ItoSk p!aT,ts ‘ ° wn imp a ” ble opposition to any 

r>_ 1 * _ 1 nr_. n._1 iPL.t «i.._aiTCrail ramer man DAV,SnaWK. __ . .__=f*»n u*hich wnn H inf rf»aCP I np 


workload next week. 

The Government could 
experience some problems 
with Its majority if It were to 


face a vote on toe * green 
pound.” 

Tory officials claimed that 
the Liberals, the Scottish 
Nationalists and even Plaid 
Cymru bad promised to vote 
with them for a “green pound” 
devaluation. 

A 7J> per cent, devaluation 
of the “green pound” would 
increase official support prices 
for key commodities such as 
beef, hotter and cereals fay 
about the same amount. 

The change would almost 
certainly increase further the 
already substantial food price 
rises brought about by Britain’s 
final step to full Common 
Market prices on January L 

These, which include 7p per 
pound on butter and 4p on a 
pound of cheese, are still work¬ 
ing their way through to toe 
shops. 

On top of these, the EEC 
Co one Q of Ministers Is 
expected to agree move across- 
the-board farm price increases 
for toe fall range of Com¬ 
munity agricultural produce to 
March. 

The White Paper shows the 
industry's input costs rose by 
a relatively modest ttatsm , 
after a record 20 per cent, 
jump in 1976 of £$95m. Invest¬ 
ment in new machinery, build¬ 
ings and stock, however, fell 
by about 5 per cent to volume. 

Mr. SUkto claimed the 
recovery to output “illustrates 
toe underlying strength of the 
industry which offers a sound 
basis for some further expan¬ 
sion to future years.” 

During 1977, toe national 
dairy herd increased by 1 per 
cent. The average cow yielded 
3J5 per cent more milk, and 
milk production was expected 
to be 4.5 per cent up daring 
the last year, the White Paper 
says. 

Farm Prices Page 27 


Deciphering the j 
White Paper 3 id 

The public spending White a restricted part of the 

Paper has a broadly reassuring T nf J PY fall 7 8 to 479.4 rangc ', “ d ma ^ 
message for the securities mar- " amounted to much 


kets. But it takes some deci- 
phering, and the first reactions 
Ld the markets were nervous, flp 
Gilt-edged lost their early gains 
and the 30-Share Index slid 82 
away through the day although 
for equities as a whole rises and 8 ( 
fails were evenly matched. 

What disturbed sentiment 71 
was toe projection for 1978-79 
for toe first rise in the vohiine 7S 
of public spending for three 
years—a jump of as much as 821 . ^ 

per cent on the current year. 

But this is not representative - 72 
of toe trend, for two reaso ns. 

The figures for 1977-78 have 7C 
substantially undershot the 
original targets, by some 4} 6a 
per cent; and switches to the L- 
sources of finance have dis- 


'F.T. GOVERNMENT- 
SECURITIES INDffi 


amounted to much mori [ 
per cent, overall in.| 
terms. And volume in 
months has declined i . 
though ECC blames the^ 
of the early winter tify. 
shipping, and some tog 
volume is still expected 
year as a whole. 

At least there is no f , 
that the U.S. product 
stepping up their expo 
on the back of a weak 
their home market has 
fairly strong. And ECC 
price at 81 p is backed 
by a p/e of 7.9 and a : 
6.8 per cent. 

Scottish & Newest 

Scottish and Newcas; 
terlm pre-tax profits an 


Steel unions angry 
at 6% offer 

BY CHRISTIAN TYLER, LABOUR EDITOR 


own implacable opposition to any i 


German That is roughly toe value of 


meaning that a con- military equipment supplied by Aerospace exports. Page 6 


Thyssen 
bids £ 126 m. 
for U.S. 
company 

By John Wylcj 

NEW YORK. Jan. 12. 
THE FIRST major foreign take¬ 
over bid for an American com- 


Spending figures 
‘doctored ’—Howe 


Weather 


BY PHILIP RAWSTORNE 


Dassault and West German That is roughly toe value of aircratt ramer man baos nawx. Mr Bm SJr& cbairman of the stop which would increase toe 
engines—meaning that a con- military equipment supplied by Aerospace exports. Page 6 njC steel committee, told BSC control of tne Commtms over the 

■—- - -- management vesterday he would executive through an enhanced 

not attend talks at East Moors, role for Select Committees. 

__ 1 j_~ Cardiff, planned for next week. ■ Parliament, Page 9 

iNnPnmilP TICIHTP^ "We have held it back because.--- 

kJ 1/ vUUJLU^ m 1 LtX of the unions^ concern about toe 

wage deal,” he said after leading 

6 -m j a a tt a meeting of the steel committee 

rfl AATArDn 7 I—1 AIirA at BSC headquarters in London. 

V* 1,U Jl JL I If T? C This setback to BSC and Gov¬ 

ernment hopes of progress on WINTRY - SHOWERS to SJEL, 
by phiup rawvfornf to e closure of plants came the dying out 

r'nmntinv day ^. e London, E. Anglia. Cent. S^-S.W. 

i/UIllliuilJ THE Government was last night party was committed to income- committee investigating British England, Midlands, S. Wales 

accused of “doctoring" the tax cuts as the first priority for Steel had called for early Frost early and late, mostly 
By John Wylcj figures in toe expenditure White getting Britain moving—but closure of a number of the older, dry. Wind N. to N.W_ light or 

Paper for election purposes. these need not be entirely so-called Beswick, plants. moderate. Max. 3-5C (37-41F).- 

NEW YORK. Jan. 12. sir Geoffrey Howe Torv econo- financed by cuts in public spend- East Moors, which has been S.E. England, Channel Isles 
THE FIRST major foreign take- mic spokesman’ declared* in 8- 7110 down t0 3 * 200 men one Snow showers at first.. Wind 

over bid for an American com- « This ^ ^ election White Mr. Geoffrey Drain, general °P en bearth furnace, is scheduled n.E. backing N„ moderate or 
pany tois >^r has heen launched Paper> .. aod continued: “The secretary of NALGO. criticised tor closure in 198° fr^h. Max. £-5C (37-41F). 

by \\est Germany s Thyssen AG g gures have been doctored, in the “timid and unimaginative" . It js next on the Corporations E_ Cent. N. NJE. Englan d 
with a S2«8m. (£lJ6m.) offer an extraordinary and unprece- poticy outlined in the White bst for eari y closure. foUowing Frost early. Wind W. or N.W.. 
for toe Budd Company, a leading dt? nt e {i way , to cover up a mas- Paper which, he said questioned “ . agreement just before light or moderate. Max. 3-5C 
manufacturer of railway equip- sive planned increase in public the Government's expectations Christmas at Hartlepool. There. N. Wales, N.W. England, Isle of 
ment and components lor the spending, so as to avoid damage for a rapidly expanding closure of steelmaking was Man, S.W. Scotland, N. Ireland 
car industry. t0 confidence.” economy, and seemed certain to brought forward by a year, with Sunny intervals, mostly dry. 

Budd's directors are to meet The Government was planning keep unemployment at 1.5m. the loss of about 1,500 jobs and Wind W., moderate or fresh, 
early nest week, when they will a real increase in public spend- compensation ranging up to about Max. 7C (45F). 

consider toe S34 a share proposal ing of 8.2 per cent—exact?? ^ th^uSodaSm^MeS^taS ^ J °ngest-serving Edinborgh^ Dundee 

to merge their company with large as before the election of auHmSSm e*u!d thP WhiK steelworkers. A^rdeen, Glasgow, Moray Firth 

wbat would be a specially created October, 1974. Mr. Sirs said: “We told them Sunny intervals, mostly dry. 

U.S. subsidiary of Thyssen. The “if persisted in. it could well how can you expect our co- Max. 5C (41F) 

altitude of one director. Mr. have precisely the same disas- SlJSSSIfi £SZ?< operation when you are making Cent Highlands, Argyll, N-E^ 

David Ginsburg, could well be terous results,” Sir Geoffrey said. offers to us that are far less N.W. Scotland. Orkney, Shetland 

crucial, since he and his wife The purported increase of 2 to t0 other areas of the public . Some drizzle and hill fog. Wind 

own 563.000 shares, or nearly 3 per cent, for 197S-79 announced publ,c ^ a whole ‘ sector.” W. moderate or fresh. Max. 6-8C 

S per cent, of Budd’s 7.2m. In the White Paper on which to spite of the Tory claims Mr- Sirs' own union—the Iron (43-46F). 

Common shares. projections for the public sector about the true size of the in- and Steel Trades Confederation Outlook: Mainly dry at first, 

The offer from West Germany’s borrowing requirement and dis- crease in public spending Labour —is demanding 10 per cent, plus occasional rain later in N. and 

largest steel producer maintains cussion of the scope for tax cuts Leftwingers last night criticised consolidation of the last pay Central areas. 

the firm momentum of foreign were based, assumed that total the Government’s proposals as policy supplement, making 11.5 --- 

acquisition in toe U.S. established Public spending next year would-Inadequate for dealing withtoe per cent, in all BUSINESS CENTRES 

last vear. Three of toe top seven fall short of the planned total by unemployment problem. They Asked for his reaction to the Vdw vd» 

acauisitions by non-U.S. com- something like £3bn. renewed their attack on the in- Commons reports, he said he mw-day 

ponies In 1977 were made by “This critical assumption is crease in defence speeding, agreed that closer ties or a c 4 m Madrid f *s 7i 

West German companies. The uiade despite a number of which, they said, would be merger between toe 1STG. toe Athens cun uanebstr. s i m 


torted the scale of next year’s So as a framework toe White per cent higher at £22, 
increase. Paper should be acceptable to this disappointing outti 

Allowing for such special the financial markets. But with overshadowed by yes 
factors, which include the a give-away Budget and prob- news that the Price Coir 
impact this finaq ci ai year of toe ably an election to the offiiig ^ going to investigate 
BP share sale, the . public there are bound to be some Breweries’ proposed 7 p 
sector’s demand oh real awkward political hurdles still increase. The question 
resources is being kept roughly to jump: these numbers could whether the Price Coir 
in balance with the growth of badly out of date in a j s going to content itsi 
the economy—at least if (as year’s time. investigating Allied or 

seems likely) spending con- _ . r .' it will also pick on th : ' - 

tinues to undershoot the White English China Clays brewers’ applications. S 
Paper estimates. An expression with a rise in pre-tax profits S and N popped Jn its 
“ financial terms is pro- from £24.5m. to £30.5m. English tion only a few days aftc 
vided by a table projecting Chj na Clays has matched City and althongh it is bein; 
general Government revenues expectations, but there must be coy about the size of i 
and expenditures. This excludes a measure of doubt about posed increase, it will i 
nationalised industries, and where the group goes from be wanting at least an « 
shows a declining borrowing here. Last year the clay side a pint if it is going to ■ : 
requirement in real terms over performed very strongly, with profits moving ahead, 
the next couple of years. profits up more than a third price increase, of aroui ' 

A wild card in the pack, to £22.3m. in response to gen- pint, was implemented 
however, is the large jump erally firm demand from the end of June but since 
shown in Government borrow- paper industry — production has had to digest a sizeal 
ing on behalf of toe nationalised rose from some 2.3m. tons to settlement and sales voli 
industries. By far the greater 2.6m.. only a little short of 4 per cent, down in 
part of this—£820m.—is not to 1973’s record. But toe quarry months to end-October. 
finance spending but .to re- and building divisions found tedly, the major cont! 
finance Eurodollar borrowings, the going hard, and it looks as factor was the shortage 
Whether this turns out to be a though exceptional factors— stemming from dispt 
burden on the sterling markets credits from sales of plant. Metal Box. S and N has 
depends on the Government’s fitst time contributions from depend quite heavily 
approach to intervention on the toe Boddy and Norton acquisi- hotel side (swelled by las 
foreign exchanges. •' tlons,. and the interest benefit Kensington Palace aeqa..'.'" 

If the Government is inter- of toe rights issue—could have for what profit growth th 
vening in the currency markets &®* 11 worth about half the over- been during this period, 
and chooses to regard dollar 311 S 3 * 0 to pre-tax profits. On present form S 

purchases by nationalised This year prospects in the should be heading for 
industries for debt repayment building industry look a little profits of £37m. ( 

as a contribution to the funds better. In day, however, the £35. lm.) in the current yi 
used for intervention then there combination of a rising sterling a price increase over to 
is no change: the authorities exchange rate and a sluggish month could add perhap 
wind up with lower dollar debts economic growth rate in Europe to this year’s profits. . 
instead of higher reserves, and poses problems. Price increases the shares are on a J 
there is no net switch. posted this month were only on yield of 7.3 per cent • 


NOTICE OF REDEMPTION 

to the holders of bonds payable hi American Currency 
of the issue designated 
9% Bonds due February 15,1985 
(herein called "Bonds") of 

The Norwegian State 
and Municipal Power Consortium, 
Sira-Kvina Kraftelskap 

&^^lSE«p^ntoi5s I fcs y aml V llU^rrtera*for 0 OTN^SQ t ^niD n pi^S>osm 1 o PO ?' e hw Ctoa, ii? U TMit B * r BT«« 

to the provisions of the bonds, the XolIowinB boads as Indies °“ February JS, W», 

of principal amount plus accrued interest to thendm^d °n^ r ? bOVe ~ m?aupne<l 1 “ ue > *' m 

11 799 1RU iMcn iu.. __ __ _ * ’ ... 


V’day Vd» 

mid-day mid-day 

•C *P *c °p 

C 4 as Madrid . F S 41 
C 14 67 Uancbatr. S 1 34 
S 30 69 MeDxmroc C 17 63 


-- ---—-- —io mo redemption date, namely: .- _ 

24 739 1438 l«1 2870 3637 4345 §205 llll ells 7419 llnl Iff 8 10555 

33 746 1461 2183 2898 3&W 4362 5277 M34 ImI IVZ £ 45 9715 1Q5CT 222 

50 763 1477 2200 2906 3662 4375 6230 M5D III? 3953 9722 10582 11} 

64 785 1491 2205 2918 3674 4394 5245 fo« «« 2974 9736 10697 11; 

788 1507 2223 2940 3697 4407 5261 5984 irol SI 4 8996 9760 33? 

804 1518 2236 2949 3703 4419 5278 5MR £5° 9010 0772 10618 W 

.. 2 823 1535 2248 2064 3720 4431 5294 mi? 9038 9783 ' 10fia5 3H 

118 836 1547 2267 2971 3734 4446 fill 6023 8273 9049 9797 10648 225 

128 848 1569 2284 2995 3744 4460 i!?i Kf? £1? ^40 8230 9057 9811 10656 1« 

143 854 1586 229S 3011 If53 447? 1^ |&7 S51 2 55 f H 96 9073 9818 KW3 

!|7 876 1596 2307 3023 3770 4434 &35Q 6799 7664 8311 9084 9843 10674.1 

168 898 1611 2321 3041 3795 aSS 5555 6807 7575 8324 9100 9882" 10685 - 1 

188 907 1628 2335 3049 3810 451s lift! 1215 fUS Z 594 ' 8345 OU3 M71 107M 1 

194 924 1643 2349 3062 '»'» m2? 6097 8® 9 7605 8359 9128 9B80 10718 1 

208 943 1650 2362 3074 3836 4550 H4?l S25 7617 8390 914 « 8919 10729 Ilf 

221 950 1664 2380 3100 3848 4566 Ull S255 SIZ? Z 832 8398 9159 9927 1 0734 

2^5 960 1678 2397 3114 3856 4578 5435 S22 Z?IS 8411 9171 9948 10758'. 

971 1695 2408 3128 3881 4600 5449 site Z? 67 8425 9180 9962 10769 1JJ 

171 1 2422 3143 3^9 IJ 49 6931 7674 8440 9196 9971 10774 -ifl 

1°14 252 2436 3150 3911 4^3 53^ 7691 8457 9212 9994 10790 

3C4 1023 1737 2450 3156 3924 4S2a 54qf S5Z ZZlf 8479 9220 10013 10806 TM 

321 1037 1745 2460 .3172 3931 4^ 55ol t§22 Sli ZZ 29 8492 9089 10020 1QB18 1« 

?38 1050 1758 £462 '3196 3943 5??? Z 74 ® 8513 9262 10033 1DSM 


purchase 


Thyssen’s offer for Budd is jgys" he added, 
about S2-S3 a share sbort of the s; r r;p^,frr»v 


be substantially less than in 1977- 19S0- Management Asso 

197S,” he added. Sir John Methven, director help toe industry. 


according xo soni^ aaiwyisi* was j Q0 high, allowing too little critics of the White Paper. Department of 

esmnaies. dui mr. scope for tax cutj . cons j Stent y^th “I am deeply disappointed toe Commons 

Silverman, l nisscn & the essential rerlnefinn ir> ThB with the firveernment nlanc ac Hemnmlin" In ce 


analysts 


committee 


book-value, after allowing for 
dilution. 

It was by no means clear what 
implications Thyssen’s acquisi¬ 
tion attempt has for its corporate 

strategy. The company it is Continued from Pasre 1 
seeking to acquire has just ° - 

achieved record profits for the 
second year in a row .and is 
regarded by some analysts as 
one of Wall Street’s sounder 
investments for the next five 
years. 


ment. give a pledge that toe CBI will Rupert Cornwell writes: Mr. capnSan 

Mr. John Pardoe, Liberal be campaigning for early Michael Font, Leader of the Dublin 

economic spokesman, said his changes,” be said. House of Commons, yesterday gflnbrgiu 


Barcelona 

P 

9 

48 

Mexico C. 

S 

20 

as 

Belfast 

V 

o 

S 6 Mhazi 

R 

7 

.14 

Beta-ado 

F 

3 

4.8 

Montreal 

C- 

-15 

s 

Berlin 

V 

4 

39 

Moscow 



33 

Rtmrphm 

s 

3 

36 

Munich 

SI 

1 


BrlBol 

F 

1 

S4 

Newcastle 

F 

0 


Brussels 

C 


41 


S 

-3 

*7 

Bndnocst 

s 

. 3 

37 Oslo 

S 

-a 

*7 

B. AJrcs 

5 

ss 

77 Paris 

R 

4 

39 

Cairo 

C 

14 

S3 

Perth 

c. 

42 IDS 

Cardiff 

S 

* 

ns 

Prasue 

c 



Cbfcaso 

c 

-5 

ia 

Reykjavik 

c 

S 

41 

Coloene 

c 

2 

3d 

Rio dc J'o 

c 

no 

SS 


SI 1 H RtUfie R 15 59 

S 3 36 Singapore R 28 aa 


'House of Commons, yesterday £d lH ?r* h - P -i .so Stockholm f a 

, -j Frankfun p 4 38 Slrasbrg. C 3 .17 


Room for Budget tax cuts 


Geneva 

Clamour 

Helsinki 

ELKonff 

JoTmry 

Lisbon 

London 


So 0 3 Sydney 
S 1 34 Tebnn 
Sn-1 38 Td Avtv 
C 30 88 Tokyo 
C 34 75 Toronto 
S 10 50 Vienna 
Sn 3 36 Warsaw 


Luxembrg. C 2 3a I Zurich 


investments for the next five ” ra *9 S 

years. Biarritz R 6 43 

■RtifM'n sales oassed the Slbn However, since spending to shares to BP for £559m., the re- This figure would be reduced by Blackpool s l 34 
mark for toe first time in 197®. K n „°* expected to be negotiation of the agreement a further point if - a further 5 5 2 

and are r thoueh” likely to have or P er cent, lower with the banks on the refinan- adjustment were made for the KfStn s e n 

annroached Sl^bn last year S 1311 P 18110 * 1 ln toe last White ctog of home shipbuilding lend- Treasury’s estimate that public corfo cub 
pp „ . . ‘ .. ‘ Paper the increase up to next ing and fixed rate export credits sector costs will rise more slowly £ ufcn,vnik ^ « 

While toe majority of its sales, year’s level is much larger— and lower debt interest. than prices in toe economy as a nSL c 9 « 

ranging from chassis frames to 63 per cent. , Consequently if these are who!e next year. ni&ronar s u si 

tfve todSSrv^has b?comi°toS ^ rather misleading since deducted and 'some account is The underspending in the SSSS3: Sn i m 

b a . az ? able «B?££ of toe apparent taken of possible under-spending current financial vear means Inverness cox: 

S?C rise in 197879 merel y ^fleers or shortfall next year, as nor that .total expenditure Ss JSS" | i g 

rlr oE . “^to financial nlally occurs, the increase declined by an estimated 7i per 1 

yelopment of other products, adjustments which applied this between the two years comes out cent In real terms since the peak 
News-Analysis-Page.-0 year. These include toe sale of at between 3£ and 4 per cent, level of 1975-76,